UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21977
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
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: October 31
Date of reporting period: October 31, 2018
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 annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Annual Report to Shareholders
October 31, 2018
ENY | Invesco Canadian Energy Income ETF | |
TAO | Invesco China Real Estate ETF | |
HAO | Invesco China Small Cap ETF | |
PIZ | Invesco DWA Developed Markets Momentum ETF | |
PIE | Invesco DWA Emerging Markets Momentum ETF | |
PXR | Invesco Emerging Markets Infrastructure ETF | |
FRN | Invesco Frontier Markets ETF | |
PAF | Invesco FTSE RAFI Asia Pacific ex-Japan ETF | |
PXF | Invesco FTSE RAFI Developed Markets ex-U.S. ETF | |
PDN | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | |
PXH | Invesco FTSE RAFI Emerging Markets ETF | |
PAGG | Invesco Global Agriculture ETF | |
PBD | Invesco Global Clean Energy ETF | |
PSAU | Invesco Global Gold and Precious Metals ETF | |
PIO | Invesco Global Water ETF | |
IPKW | Invesco International BuyBack Achievers™ ETF | |
CUT | Invesco MSCI Global Timber ETF | |
LVL | Invesco S&P Global Dividend Opportunities Index ETF | |
IDHQ | Invesco S&P International Developed Quality ETF | |
HGI | Invesco Zacks International Multi-Asset Income ETF |
The Market Environment | 3 | |||
Manager’s Analysis | 4 | |||
International Portfolios | ||||
Schedules of Investments | ||||
48 | ||||
49 | ||||
51 | ||||
56 | ||||
58 | ||||
60 | ||||
62 | ||||
63 | ||||
66 | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | 77 | |||
92 | ||||
96 | ||||
97 | ||||
99 | ||||
100 | ||||
101 | ||||
102 | ||||
104 | ||||
106 | ||||
109 | ||||
Statements of Assets and Liabilities | 112 | |||
Statements of Operations | 118 | |||
Statements of Changes in Net Assets | 124 | |||
Financial Highlights | 135 | |||
Notes to Financial Statements | 145 | |||
Report of Independent Registered Public Accounting Firm | 163 | |||
Fees and Expenses | 165 | |||
Tax Information | 167 | |||
Trustees and Officers | 168 |
| 2 |
|
Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. The fiscal year began in the final months of 2017 with several major US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility.
Stock market euphoria continued in January 2018 as US equity markets steadily moved higher. Investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock markets to pull back and volatility to increase.
US equity markets generally recovered in the second quarter of 2018 as strong US retail sales and low unemployment buoyed markets. Throughout the summer, US equities moved higher as corporate profits surged. Several US equity indexes reached new highs despite potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility markedly rose in the final month of the fiscal year. US equity markets suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could mean a more restrictive monetary policy. In this environment, there was a flight to safety, as investors fled to defensive areas of the market and U.S. treasuries.
Given signs of a strong economy, the US Federal Reserve raised interest rates four times during the fiscal year: in December 2017 and in March, June and September 2018.1 In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
1 | Source: US Federal Reserve |
Global Equity
The fiscal year proved to be an increasingly volatile time for global equities. The fiscal year began in the final months of 2017 with several US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility. Despite a sharp uptick in volatility, particularly in October 2018, US markets, in general, still produced positive returns for the fiscal year. International markets, however, were meaningfully less robust, many experiencing flat to negative results for the fiscal year. This divergence between the US and other markets could be attributed to the strength of the US economy and the widely-held belief that the US could win trade wars with other countries.
At the beginning of 2018, markets saw significant turbulence in late January and early February, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve (the Fed) tightening and then, later in the year, by fears of brewing trade wars and geopolitical tensions. After a relatively quiet summer, market volatility markedly rose again in the final month of the fiscal year. Global equity markets (particularly the US) suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy.
Global economic growth, in general, was solid despite weakness in emerging markets. During the fiscal year, emerging markets were impacted by both country-specific issues, as well as, more generalized pressure resulting from the Fed’s tightening policy. In this environment, economic growth unsurprisingly slowed in emerging markets. Within the eurozone, economic growth accelerated, although there was divergence among countries. In Japan, economic growth improved over the latter part of the fiscal year. The US experienced strong growth during the fiscal year due to robust consumer and business spending. In addition, unemployment rates remained low, job creation was strong and inflation remained relatively controlled.
At the close of the fiscal year, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.
| 3 |
|
ENY | Manager’s Analysis | |
Invesco Canadian Energy Income ETF (ENY) |
As an index fund, the Invesco Canadian Energy Income ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P/TSX High Income Energy Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to provide exposure to high-yielding Canadian equity securities in the energy sector. The securities in the Index are selected from a universe of common stocks and income trust units that are included in the S&P/TSX Composite. Those common stocks and income trust units from the universe that are classified as being in the energy sector and have an annual 12-month dividend yield higher than 2.0% are included in the Index. The Index Provider defines sectors according to the Global Industry Classification Standard (“GICS”). The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (10.14)%. On a net asset value (“NAV”) basis, the Fund returned (10.20)%. During the same time period, the Index returned (10.08)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, partially offset by differences in the withholding tax rate experienced by the Fund for dividend income compared to that used by the Index.
During this same time period, the S&P/TSX Composite Index (the “Benchmark Index”) returned (5.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 245 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of Canadian equities.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the financial sector during the fiscal period ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the energy sector.
For the fiscal period ended October 31, 2018, the energy sector detracted most significantly from the Fund’s return, followed by the utilities sector.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included Parkland Fuel Corp. (Canada), an oil & gas refining & marketing company (portfolio average weight of 5.28%) and Gibson Energy Inc. (Canada), an oil & gas storage & transportation company (portfolio average weight of 3.10%). Positions that detracted most significantly from the Fund’s return during this period included Crescent Point Energy Corp. (Canada), an oil & gas exploration & production company (portfolio average weight of 4.47%) and PrairieSky Royalty Ltd. (Canada), an oil & gas exploration & production company (portfolio average weight of 4.44%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Oil, Gas & Consumable Fuels | 89.0 | |||
Energy Equipment & Services | 10.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Cameco Corp. | 6.0 | |||
Parkland Fuel Corp. | 5.5 | |||
Pembina Pipeline Corp. | 5.3 | |||
Enbridge Income Fund Holdings, Inc. | 5.0 | |||
Enbridge, Inc. | 5.0 | |||
Inter Pipeline Ltd. | 5.0 | |||
Keyera Corp. | 5.0 | |||
ARC Resources Ltd. | 4.9 | |||
TransCanada Corp. | 4.9 | |||
Suncor Energy, Inc. | 4.8 | |||
Total | 51.4 |
* | Excluding money market fund holdings. |
| 4 |
|
Invesco Canadian Energy Income ETF (ENY) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — S&P/TSX High Income Energy Index (Net) | (11.72 | )% | (0.79 | )% | (2.36 | )% | (10.97 | )% | (44.06 | )% | (2.68 | )% | (23.77 | )% | (6.58 | )% | (53.76 | )% | ||||||||||||||||||||||
S&P/TSX Composite Index | (5.18 | ) | 6.54 | 20.91 | 0.69 | 3.48 | 6.73 | 91.81 | 1.66 | 20.55 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (11.87 | ) | (0.86 | ) | (2.55 | ) | (10.98 | ) | (44.11 | ) | (3.33 | ) | (28.72 | ) | (7.21 | ) | (57.16 | ) | ||||||||||||||||||||||
Market Price Return | (12.05 | ) | (1.20 | ) | (3.56 | ) | (11.05 | ) | (44.33 | ) | (3.59 | ) | (30.62 | ) | (7.26 | ) | (57.42 | ) |
Guggenheim Canadian Energy Income ETF (the “Predecessor Fund”) Inception: July 3, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.05% and the net annual operating expense ratio was indicated as 0.66%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | The Blended-S&P/TSX High Income Energy Index performance is comprised of the performance of the Sustainable Canadian Energy Index, the Fund’s previous underlying index, prior to the conversion date, July 31, 2013, followed by the performance of the Index, starting from the conversion date through October 31, 2018. |
- | Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect invested dividends net of withholding taxes. |
| 5 |
|
TAO | Manager’s Analysis | |
Invesco China Real Estate ETF (TAO) |
As an index fund, the Invesco China Real Estate ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the AlphaShares China Real Estate Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities (including American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”)) that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, AlphaShares, LLC (the “Index Provider”) or its index administrator compiles, maintains, and calculates the Index, which is comprised of real estate investment trusts (“REITs”) and equity securities of publicly-traded companies that derive a majority of their revenues from real estate development, management and/or ownership of property in China or the Special Administrative Regions of China (Hong Kong and Macau), ADRs, and GDRs. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (20.18)%. On a net asset value (“NAV”) basis, the Fund returned (19.83)%. During the same time period, the Index returned (19.61)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred partially offset by beneficial trade execution associated with the portfolio rebalances.
During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned (22.39)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 460 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of Chinese stocks.
Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the communications services sector during the fiscal period ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s lack of exposure to the consumer discretionary and communication services sectors.
For the fiscal period ended October 31, 2018, no sectors contributed positively to the Fund’s return. The real estate and industrials sectors detracted most significantly.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included Renhe Commerical Holdings Co. Ltd., a real estate operating company (portfolio average weight of 0.41%). Positions that detracted
most significantly from the Fund’s return during this period included Country Garden Holdings Co. Ltd., a real estate development company (portfolio average weight of 4.03%) and CK Asset Holdings Ltd., a real estate development company (portfolio average weight of 4.56%).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Real Estate Development | 50.3 | |||
Diversified Real Estate Activities | 25.3 | |||
Real Estate Operating Companies | 14.5 | |||
Retail REITs | 6.4 | |||
Sub-Industry Types Each Less Than 3% | 3.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
China Overseas Land & Investment Ltd. | 5.8 | |||
Link | 5.5 | |||
China Resources Land Ltd. | 5.3 | |||
CK Asset Holdings Ltd. | 4.6 | |||
Sun Hung Kai Properties Ltd. | 4.5 | |||
New World Development Co. Ltd. | 4.2 | |||
Wharf Real Estate Investment Co. Ltd. | 4.1 | |||
Country Garden Holdings Co. Ltd. | 4.0 | |||
Henderson Land Development Co. Ltd. | 4.0 | |||
Hongkong Land Holdings Ltd. | 4.0 | |||
Total | 46.0 |
* | Excluding money market fund holdings. |
| 6 |
|
Invesco China Real Estate ETF (TAO) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
AlphaShares China Real Estate Index | (13.07 | )% | 10.19 | % | 33.80 | % | 6.49 | % | 36.92 | % | 13.52 | % | 255.53 | % | 3.72 | % | 48.79 | % | ||||||||||||||||||||||
MSCI China Index (Net) | (16.73 | ) | 6.05 | 19.27 | 4.74 | 26.03 | 9.75 | 153.43 | 1.21 | 14.00 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (13.88 | ) | 9.35 | 30.75 | 5.93 | 33.36 | 12.83 | 234.27 | 2.94 | 36.98 | ||||||||||||||||||||||||||||||
Market Price Return | (14.58 | ) | 9.49 | 31.24 | 6.06 | 34.21 | 12.48 | 224.23 | 2.92 | 36.73 |
Guggenheim China Real Estate ETF (the “Predecessor Fund”) Inception: December 18, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.81% and the net annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 7 |
|
HAO | Manager’s Analysis | |
�� | Invesco China Small Cap ETF (HAO) |
As an index fund, the Invesco China Small Cap ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the AlphaShares China Small Cap Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities (including American depositary receipts (“ADRs”), and global depositary receipts (“GDRs”) that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, AlphaShares, LLC (the “Index Provider”) or its index administrator compiles, maintains, and calculates the Index, which is comprised of equity securities of publicly-traded mainland China companies of small capitalization. The Index Provider defines small-capitalization companies as being those companies with a float-adjusted market capitalization of greater than $200 million and less than $1.5 billion. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (27.60)%. On a net asset value (“NAV”) basis, the Fund returned (26.46)%. During the same time period, the Index returned (28.11)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to positive impact as a result of the Index’s methodology which removes long term halted securities at the rebalance date at zero valuation while the fund prices halted securities using fair valuation, partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned (22.39)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 460 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of Chinese stocks.
Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the communications services sector during the fiscal period ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the real estate sector.
For the fiscal period ended October 31, 2018, the consumer discretionary sector detracted most significantly from the Fund’s performance, followed by the health care and real estate sectors, respectively. There were no contributing sectors during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included China
Communications Services Corp. Ltd., Class H, an integrated communication services company (portfolio average weight of 0.88%), and Renhe Commercial Holdings Co. Ltd., a real estate company (portfolio average weight of 0.25%). Positions that detracted most significantly from the Fund’s return during this period included China Shanshui Cement Group Ltd., a materials company (portfolio average weight of 2.68%), and Momo Inc. ADR, Class A, a communication services company (portfolio average weight of 1.79%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 17.0 | |||
Real Estate | 14.4 | |||
Consumer Discretionary | 13.9 | |||
Materials | 10.7 | |||
Information Technology | 10.1 | |||
Health Care | 9.8 | |||
Communication Services | 6.2 | |||
Consumer Staples | 5.8 | |||
Financials | 5.7 | |||
Utilities | 4.0 | |||
Energy | 2.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Momo, Inc., Class A ADR | 2.8 | |||
Wuxi Biologics Cayman, Inc. | 1.8 | |||
China Shanshui Cement Group Ltd. | 1.8 | |||
Zall Smart Commerce Group Ltd. | 1.7 | |||
Zijin Mining Group Co. Ltd., H-Shares | 1.2 | |||
Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares | 1.2 | |||
China Communications Services Corp. Ltd., H-Shares | 1.1 | |||
China Resources Cement Holdings Ltd. | 1.1 | |||
Shenzhen International Holdings Ltd. | 1.1 | |||
AviChina Industry & Technology Co. Ltd., H-Shares | 1.0 | |||
Total | 14.8 |
* | Excluding money market fund holdings. |
| 8 |
|
Invesco China Small Cap ETF (HAO) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
AlphaShares China Small Cap Index | (19.06 | )% | 0.59 | % | 1.79 | % | (0.25 | )% | (1.23 | )% | 9.52 | % | 148.31 | % | 1.86 | % | 21.97 | % | ||||||||||||||||||||||
MSCI China Index (Net) | (16.73 | ) | 6.05 | 19.27 | 4.74 | 26.03 | 9.75 | 153.43 | 2.94 | 36.51 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (18.26 | ) | 1.03 | 3.11 | 1.46 | 7.51 | 9.83 | 155.42 | 1.85 | 21.84 | ||||||||||||||||||||||||||||||
Market Price Return | (19.21 | ) | 0.77 | 2.33 | 1.22 | 6.25 | 9.53 | 148.52 | 1.70 | 19.87 |
Guggenheim China Small Cap ETF (the “Predecessor Fund”) Inception: January 30, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.86% and the net annual operating expense ratio was indicated as 0.75%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 9 |
|
PIZ | Manager’s Analysis | |
Invesco DWA Developed Markets Momentum ETF (PIZ) |
As an index fund, the Invesco DWA Developed Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Developed Markets Technical Leaders Index (the “Index”). The Fund will invest at least 90% of its total assets in equity securities that comprise the Index, which is comprised of equity securities of large capitalization companies based in countries with developed economies excluding the United States.
Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors such as market performance. Dorsey Wright selects securities for inclusion in the Index from a universe of the largest 1,000 constituents by market capitalization within the NASDAQ Developed Markets Ex United States Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (9.48)%. On a net asset value (“NAV”) basis, the Fund returned (9.09)%. During the same time period, the Index returned (8.47)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to overweight allocations to the health care and information technology sectors.
For the fiscal year ended October 31, 2018, the financials sector contributed most significantly to the Fund’s return followed by the materials and communications services sectors, respectively. The health care sector detracted most significantly, followed by the information technology and energy sectors.
Positions that contributed most significantly to the Fund’s return included Wirecard AG, an information technology company (portfolio average weight of 1.94%), and CSL Ltd., a health care company (portfolio average weight of 2.47%). Positions that detracted most significantly from the Fund’s return included BE Semiconductor Industries N.V., an information technology company (no longer held at fiscal year-end), and ams AG, an information technology company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 23.3 | |||
Health Care | 16.9 | |||
Information Technology | 12.5 | |||
Financials | 10.6 | |||
Consumer Discretionary | 10.1 | |||
Materials | 8.0 | |||
Consumer Staples | 7.6 | |||
Communication Services | 5.6 | |||
Energy | 3.0 | |||
Real Estate | 2.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | (0.1) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Ryman Healthcare Ltd. | 3.0 | |||
Constellation Software, Inc. | 2.8 | |||
InterContinental Hotels Group PLC | 2.8 | |||
Royal Unibrew A/S | 2.6 | |||
CSL Ltd. | 2.5 | |||
Wartsila Oyj Abp | 2.5 | |||
Croda International PLC | 2.4 | |||
Howden Joinery Group PLC | 2.3 | |||
Spirax-Sarco Engineering PLC | 2.1 | |||
Canadian National Railway Co. | 2.1 | |||
Total | 25.1 |
* | Excluding money market fund holdings. |
| 10 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Dorsey Wright® Developed Markets Technical Leaders Index (Net) | (8.47 | )% | 3.78 | % | 11.76 | % | 1.97 | % | 10.24 | % | 9.35 | % | 144.42 | % | 2.45 | % | 30.04 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 0.88 | 9.92 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.09 | ) | 3.19 | 9.89 | 1.08 | 5.53 | 8.19 | 119.74 | 1.52 | 17.74 | ||||||||||||||||||||||||||||||
Market Price Return | (9.48 | ) | 3.33 | 10.33 | 0.97 | 4.93 | 8.53 | 126.79 | 1.44 | 16.75 |
Fund Inception: December 28, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.81% includes the unitary management fee of 0.80% and other expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 11 |
|
PIE | Manager’s Analysis | |
Invesco DWA Emerging Markets Momentum ETF (PIE) |
As an index fund, the Invesco DWA Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Emerging Markets Technical Leaders Index (the “Index”). The Fund will invest at least 90% of its total assets in equity securities that comprise the Index.
Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors such as a security’s relative performance against the overall market. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the NASDAQ Emerging Markets Index (except for U.S.-listed American Depositary Receipts or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (15.58)%. On a net asset value (“NAV”) basis, the Fund returned (15.11)%. During the same time period, the Index returned (13.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs and slippage associated with quarterly rebalances.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to underweight positions within the utilities, energy and materials sectors.
For the fiscal year ended October 31, 2018, the consumer discretionary sector contributed most significantly to the Fund’s
return, followed by the information technology and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return included Walsin Technology Corp., an information technology company (no longer held at fiscal year-end), and Yageo Corp., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included My E.G. Services Bhd., an information technology company (no longer held at fiscal year-end), and Macronix International Co., Ltd., an information technology company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 25.5 | |||
Materials | 14.7 | |||
Consumer Staples | 11.7 | |||
Information Technology | 9.3 | |||
Energy | 9.0 | |||
Industrials | 7.7 | |||
Health Care | 7.3 | |||
Consumer Discretionary | 5.7 | |||
Utilities | 4.3 | |||
Real Estate | 4.3 | |||
Communication Services | 0.5 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.0 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Hartalega Holdings Bhd | 3.1 | |||
Inari Amertron Bhd | 2.8 | |||
Shenzhou International Group Holdings Ltd. | 2.7 | |||
Clicks Group Ltd. | 2.7 | |||
Tisco Financial Group PCL | 2.7 | |||
Bangkok Dusit Medical Services PCL | 2.6 | |||
Uni-President Enterprises Corp. | 2.4 | |||
Press Metal Aluminium Holdings Bhd | 2.4 | |||
President Chain Store Corp. | 2.2 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.0 | |||
Total | 25.6 |
* | Excluding money market fund holdings. |
| 12 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Dorsey Wright® Emerging Markets Technical Leaders Index (Net) | (13.61 | )% | 3.60 | % | 11.19 | % | (0.37 | )% | (1.85 | )% | 9.03 | % | 137.47 | % | (0.17 | )% | (1.78 | )% | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 7.84 | 112.73 | (0.05 | ) | (0.52 | ) | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (15.11 | ) | 2.04 | 6.25 | (1.72 | ) | (8.31 | ) | 6.78 | 92.71 | (3.06 | ) | (28.63 | ) | ||||||||||||||||||||||||||
Market Price Return | (15.58 | ) | 2.07 | 6.34 | (1.74 | ) | (8.42 | ) | 6.52 | 88.02 | (3.15 | ) | (29.29 | ) |
Fund Inception: December 28, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.90% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 13 |
|
PXR | Manager’s Analysis | |
Invesco Emerging Markets Infrastructure ETF (PXR) |
As an index fund, the Invesco Emerging Markets Infrastructure ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S-Network Emerging Infrastructure Builders IndexSM (the “Index”). The Fund will invest at least 90% of its total assets in the equity securities of companies involved in the following sectors related to infrastructure construction and development in emerging market countries: 1) construction and engineering; 2) construction machinery; 3) construction materials; 4) diversified metals and mining; 5) heavy electrical equipment; 6) industrial machinery; and 7) steel, and that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is calculated and maintained by Standard & Poor’s Custom Indices on behalf of S-Network Global Indexes Inc. (the “Index Provider”). Emerging market countries are determined according to the Index Provider’s definition, which currently includes those countries identified in the World Bank Country Classification system as “Middle Income” countries. The Index Provider will include stocks only with a minimum market capitalization of $500 million, and it will remove such stocks if their market capitalization falls below $300 million. Historically, the Index has consisted of securities of companies listed on exchanges in Australia, Bermuda, Brazil, Canada, Chile, China, Egypt, France, Hong Kong, India, Indonesia, Israel, Luxembourg, Malaysia, Mexico, Poland, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan and the United States. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (12.77)%. On a net asset value (“NAV”) basis, the Fund returned (12.25)%. During the same time period, the Index returned (11.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the
Benchmark Index during the period can be attributed to the Fund being underweight the information technology sector.
For the fiscal year ended October 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and financials sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the materials sector.
Positions that contributed most significantly to the Fund’s return included Vale SA ADR, a materials company (portfolio average weight of 3.42%), and Anhui Conch Cement Co. Ltd., a materials company (portfolio average weight of 0.85%). Positions that detracted most significantly from the Fund’s return included BBMG Corp., Class H, a materials company (portfolio average weight of 1.56%), and China National Building Material Co. Ltd., a materials company (portfolio average weight of 1.95%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 47.5 | |||
Materials | 46.5 | |||
Energy | 2.7 | |||
Consumer Discretionary | 1.3 | |||
Financials | 0.8 | |||
Utilities | 0.7 | |||
Real Estate | 0.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Vale SA ADR | 3.4 | |||
Gerdau SA (Preference Shares) ADR | 3.2 | |||
Taiwan Cement Corp. | 3.2 | |||
TA Chen Stainless Pipe | 3.0 | |||
China Communications Construction Co. Ltd., H-Shares | 2.8 | |||
Larsen & Toubro Ltd. GDR | 2.7 | |||
ABB Ltd. | 2.4 | |||
China Railway Group Ltd., H-Shares | 2.4 | |||
Caterpillar, Inc. | 2.4 | |||
Atlas Copco AB, Class A | 2.2 | |||
Total | 27.7 |
| 14 |
|
Invesco Emerging Markets Infrastructure ETF (PXR) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
S-Network Emerging Infrastructure Builders IndexSM | (11.61 | )% | 3.05 | % | 9.42 | % | (1.66 | )% | (8.02 | )% | 7.24 | % | 101.15 | % | 6.54 | % | 88.81 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 7.84 | 112.73 | 7.71 | 110.75 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (12.25 | ) | 2.67 | 8.23 | (2.14 | ) | (10.24 | ) | 6.24 | 83.21 | 5.39 | 69.38 | ||||||||||||||||||||||||||||
Market Price Return | (12.77 | ) | 2.89 | 8.93 | (2.00 | ) | (9.59 | ) | 6.21 | 82.62 | 4.17 | 50.70 |
Fund Inception: October 16, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 15 |
|
FRN | Manager’s Analysis | |
Invesco Frontier Markets ETF (FRN) |
As an index fund, the Invesco Frontier Markets ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the BNY Mellon New Frontier Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, the Bank of New York Mellon (the “Index Provider”) or its calculation agent compiles, maintains, and calculates the Index, which is comprised of liquid American depositary receipts (“ADRs”) listed on a U.S. exchange, global depositary receipts (“GDRs”) traded on the London Stock Exchange, and ordinary share classes of equity securities listed on exchanges in Frontier Market countries that meet certain trading volume and free-float market capitalization criteria. The Index Provider categorizes countries as “Frontier Market” based upon an evaluation of macro economic conditions, political stability, legal property rights and procedures, and trading and settlement processes. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (11.15)%. On a net asset value (“NAV”) basis, the Fund returned (11.41)%. During the same time period, the Index returned (10.90)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred and trading costs associated with portfolio rebalances during the period.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (13.46)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal period ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the consumer discretionary and communications services sectors, respectively.
For the fiscal period ended October 31, 2018, the energy sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The materials sector detracted most significantly.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included National Bank of Kuwait SAKP, a diversified banks company (portfolio average weight of 5.27%) and Kuwait Finance House SAKP, a diversified banks company (portfolio average weight of 3.41%). Positions that detracted most significantly from the Fund’s return during this period included KAZ Minerals PLC, a copper company (portfolio average weight of 5.74%), and Copa Holdings, S.A., Class A , an airline company (portfolio average weight of 7.08%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 40.2 | |||
Communication Services | 10.6 | |||
Consumer Staples | 9.8 | |||
Consumer Discretionary | 9.7 | |||
Materials | 8.8 | |||
Industrials | 7.1 | |||
Energy | 6.5 | |||
Real Estate | 4.6 | |||
Utilities | 2.7 | |||
Other Assets Less Liabilities | (0.0) | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
MercadoLibre, Inc. | 8.5 | |||
National Bank of Kuwait SAKP | 5.3 | |||
Copa Holdings SA, Class A | 4.6 | |||
Safaricom PLC | 4.5 | |||
Banca Transilvania SA | 4.4 | |||
KAZ Minerals PLC | 3.4 | |||
Kuwait Finance House KSCP | 3.4 | |||
Bank Muscat SAOG | 3.2 | |||
Zenith Bank PLC | 3.1 | |||
Attijariwafa Bank | 3.0 | |||
Total | 43.4 |
| 16 |
|
Invesco Frontier Markets ETF (FRN) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
BNY Mellon New Frontier Index (Net) | (6.86 | )% | 8.47 | % | 27.62 | % | (0.70 | )% | (3.47 | )% | 3.57 | % | 42.08 | % | (2.28 | )% | (21.26 | )% | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 7.84 | 112.73 | 0.87 | 9.37 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (8.45 | ) | 6.71 | 21.52 | (2.64 | ) | (12.52 | ) | 2.17 | 23.90 | (3.51 | ) | (30.97 | ) | ||||||||||||||||||||||||||
Market Price Return | (7.93 | ) | 6.93 | 22.26 | (2.75 | ) | (13.02 | ) | 1.81 | 19.59 | (3.55 | ) | (31.26 | ) |
Guggenheim Frontier Markets ETF (the ”Predecessor Fund”) Inception: June 12, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.15% and the net annual operating expense ratio was indicated as 0.70%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 17 |
|
PAF | Manager’s Analysis | |
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) |
As an index fund, the Invesco FTSE RAFI Asia Pacific ex-Japan ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE RAFI Developed Asia Pacific ex-Japan Index (the “Index”). The Fund will invest at least 90% of its total assets in equity securities that are classified as “Asia Pacific” within the country classification definition of FTSE International Limited (“FTSE”), excluding Japanese companies, and that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is designed to track the performance of the Asia Pacific companies with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap Index, as determined by FTSE in conjunction with Research Affiliates LLC (“RA” together the “Index Provider”). The Index Provider selects and weights the companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. Historically, the Index has consisted of securities of companies that were domiciled in Australia, Hong Kong, New Zealand, Singapore and South Korea or primarily listed on an exchange in such countries. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (11.41)%. On a net asset value (“NAV”) basis, the Fund returned (11.41)%. During the same time period, the Index returned (11.05)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI Pacific ex-Japan Index (Net) (the “Benchmark Index”) returned (6.17)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 145 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the Asia Pacific equity markets (excluding Japan).
The Fund outperformed the Benchmark Index in part because the Fund employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its
allocation to the energy, financials, and communication services sectors, respectively.
For the fiscal year ended October 31, 2018, the health care sector contributed most significantly to the Fund’s return. The financials sector and information technology sector were the greatest detracting sectors.
Positions that contributed most significantly to the Fund’s return included BHP Billiton Ltd., a metals & mining company (portfolio average weight of 4.48%), and DBS Group Holdings Ltd., a commercial banks company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return included Samsung Electronics Co., Ltd., a semiconductor & semiconductor equipment company (portfolio average weight of 8.73%), and National Australia Bank Ltd., a commercial banks company (portfolio average weight of 2.59%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 29.0 | |||
Materials | 12.0 | |||
Information Technology | 12.0 | |||
Real Estate | 11.2 | |||
Industrials | 9.8 | |||
Consumer Discretionary | 6.3 | |||
Consumer Staples | 5.8 | |||
Energy | 5.5 | |||
Communication Services | 3.7 | |||
Utilities | 3.5 | |||
Health Care | 1.2 | |||
Other Assets Less Liabilities | (0.0) | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Samsung Electronics Co. Ltd. | 8.2 | |||
BHP Billiton Ltd. | 4.7 | |||
Commonwealth Bank of Australia | 3.6 | |||
Westpac Banking Corp. | 2.9 | |||
Australia & New Zealand Banking Group Ltd. | 2.8 | |||
National Australia Bank Ltd. | 2.4 | |||
AIA Group Ltd. | 2.4 | |||
Woodside Petroleum Ltd. | 1.9 | |||
Wesfarmers Ltd. | 1.8 | |||
POSCO | 1.6 | |||
Total | 32.3 |
| 18 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFI Developed Asia Pacific ex-Japan Index (Net) | (11.05 | )% | 7.53 | % | 24.33 | % | 0.72 | % | 3.65 | % | 10.11 | % | 162.09 | % | 4.13 | % | 58.25 | % | ||||||||||||||||||||||
MSCI Pacific ex-Japan Index (Net) | (6.17 | ) | 6.85 | 22.00 | 1.09 | 5.55 | 9.79 | 154.54 | 2.97 | 39.35 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (11.41 | ) | 7.22 | 23.27 | 0.27 | 1.36 | 9.30 | 143.36 | 3.39 | 46.03 | ||||||||||||||||||||||||||||||
Market Price Return | (11.41 | ) | 7.24 | 23.34 | 0.34 | 1.71 | 9.31 | 143.48 | 3.41 | 46.38 |
Fund Inception: June 25, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 19 |
|
PXF | Manager’s Analysis | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) |
As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE RAFI Developed ex U.S. 1000 Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities of companies originating in countries that are classified as “developed” within the country classification definition of FTSE International Limited (“FTSE”), excluding the United States, and that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is designed to track the performance of the companies domiciled in developed markets with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE RAFI Developed ex-U.S. Large/ Mid-Cap Index as determined by FTSE in conjunction with Research Affiliates LLC (“RA” together the “Index Provider”). The Index Provider selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. Historically, the Index has consisted of securities of companies that were domiciled in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom or primarily listed on an exchange in such countries. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (7.92)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Index returned (7.29)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, partially offset by revenue generated by the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care
sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to security selection within the financials sector.
For the fiscal year ended October 31, 2018, the consumer staples sector contributed most significantly to the Fund’s return, followed by the information technology and energy sectors, respectively. The financials and utilities sectors detracted most significantly.
Positions that contributed most significantly to the Fund’s return included BP PLC, an energy company (portfolio average weight of 1.66%), and Total SA, an energy company (portfolio average weight of 1.51%). Samsung Electronics Co. Ltd., an information technology company (portfolio average weight 1.08%, and Banco Santander SA a financials company (average weight 1.15%) detracted most significantly.
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 25.4 | |||
Industrials | 12.1 | |||
Energy | 11.2 | |||
Consumer Discretionary | 9.8 | |||
Consumer Staples | 7.8 | |||
Materials | 7.5 | |||
Health Care | 6.9 | |||
Communication Services | 6.2 | |||
Utilities | 5.4 | |||
Information Technology | 4.5 | |||
Real Estate | 2.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.5 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
BP PLC | 1.7 | |||
Royal Dutch Shell PLC, Class A | 1.6 | |||
Total SA | 1.5 | |||
HSBC Holdings PLC | 1.4 | |||
Royal Dutch Shell PLC, Class B | 1.4 | |||
Nestle SA | 1.2 | |||
Toyota Motor Corp. | 1.2 | |||
Samsung Electronics Co. Ltd. | 1.0 | |||
Banco Santander SA | 1.0 | |||
Novartis AG | 0.9 | |||
Total | 12.9 |
* | Excluding money market fund holdings. |
| 20 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFI Developed ex U.S. 1000 Index (Net) | (7.29 | )% | 4.64 | % | 14.57 | % | 1.93 | % | 10.03 | % | 7.24 | % | 101.22 | % | 1.27 | % | 15.36 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 0.94 | 11.14 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (7.45 | ) | 4.47 | 14.03 | 1.74 | 8.98 | 6.75 | 92.22 | 0.83 | 9.79 | ||||||||||||||||||||||||||||||
Market Price Return | (7.92 | ) | 4.64 | 14.57 | 1.58 | 8.15 | 6.51 | 87.97 | 0.80 | 9.46 |
Fund Inception: June 25, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 21 |
|
PDN | Manager’s Analysis | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) |
As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE RAFI Developed ex U.S. Mid-Small 1500 Index (the “Index”). The Fund will invest at least 90% of its total assets in securities of small- and mid-capitalization companies that are classified as “developed” within the country classification definition of FTSE International Limited (the “Index Provider”), excluding the United States, and that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is designed to track the performance of the small- and mid-capitalization companies domiciled in developed markets with the highest ranking cumulative score (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex U.S. Index, as determined by FTSE in conjunction with Research Affiliates LLC (“RA” together the “Index Provider”). The Index Provider selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (9.36)%. On a net asset value (“NAV”) basis, the Fund returned (9.05)%. During the same time period, the Index returned (8.73)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Small Cap Index (Net) (the “Benchmark Index”) returned (7.81)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,340 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of small capitalization equities markets in developed countries around the world, excluding the U.S.
Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the real estate sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to sector allocation differences and stock selection within the energy and communications services sectors.
For the fiscal year ended October 31, 2018, the industrials sector contributed most significantly to the Fund’s return, followed by the
information technology and utilities sectors, respectively. The consumer discretionary and materials sectors detracted most significantly.
Positions that contributed most significantly to the Fund’s return included Evraz PLC, a materials company (portfolio average weight of 0.18%), and MEG Energy Corp., an energy company (portfolio average weight of 0.32%). Positions that detracted most significantly from the Fund’s return included Suruga Bank Ltd., a financials company (portfolio average weight 0.04%), and Hyundai Wia Corp., a consumer discretionary company (portfolio average weight of 0.09%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 23.2 | |||
Consumer Discretionary | 15.6 | |||
Materials | 10.3 | |||
Financials | 9.8 | |||
Consumer Staples | 7.8 | |||
Real Estate | 7.5 | |||
Information Technology | 7.5 | |||
Health Care | 5.5 | |||
Communication Services | 5.5 | |||
Energy | 4.4 | |||
Utilities | 2.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.5 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
MEG Energy Corp. | 0.3 | |||
TGS Nopec Geophysical Co. ASA | 0.2 | |||
TFI International, Inc. | 0.2 | |||
Nippon Suisan Kaisha Ltd. | 0.2 | |||
TIS, Inc. | 0.2 | |||
GS Engineering & Construction Corp. | 0.2 | |||
Hikma Pharmaceuticals PLC | 0.2 | |||
GVC Holdings PLC | 0.2 | |||
Taisho Pharmaceutical Holdings Co. Ltd. | 0.2 | |||
Israel Discount Bank Ltd., Class A | 0.2 | |||
Total | 2.1 |
* | Excluding money market fund holdings. |
| 22 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||
FTSE RAFI Developed ex U.S. Mid-Small 1500 Index (Net) | (8.73 | )% | 6.37 | % | 20.35 | % | 4.14 | % | 22.48 | % | 11.27 | % | 191.04 | % | 4.21 | % | 58.02 | % | ||||||||||||||||||||||
MSCI EAFE® Small Cap Index (Net) | (7.81 | ) | 6.58 | 21.05 | 5.16 | 28.63 | 11.56 | 198.52 | 3.56 | 47.35 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.05 | ) | 6.02 | 19.18 | 3.77 | 20.30 | 10.57 | 173.25 | 3.66 | 49.00 | ||||||||||||||||||||||||||||||
Market Price Return | (9.36 | ) | 5.94 | 18.90 | 3.41 | 18.23 | 10.20 | 164.12 | 3.54 | 47.05 |
Fund Inception: September 27, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 23 |
|
PXH | Manager’s Analysis | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) |
As an index fund, the Invesco FTSE RAFI Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE RAFI Emerging Markets Index (the “Index”). The Fund will invest at least 90% of its total assets in securities of companies domiciled in countries that are classified as emerging markets within the country classification definition of FTSE International Limited (“FTSE”) and that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is designed to track the performance of securities of companies domiciled in emerging market countries with the highest ranking cumulative score (“Fundamental Value”), selected from the constituents of the FTSE Emerging All Cap Index, as determined by FTSE in conjunction with Research Affiliates LLC (“RA” together the “Index Provider”). The Index Provider selects and weights the securities based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. Historically, the Index has consisted of securities of companies that were domiciled in Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (4.22)%. On a net asset value (“NAV”) basis, the Fund returned (4.44)%. During the same time period, the Index returned (4.40)%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian and Russian securities included in the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index during the period primarily due to the fees and expenses that the Fund incurred and from the impact of the sampling methodology with respect to these Indian and Russian securities.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to an underweight allocation to the information technology sector.
For the fiscal year ended October 31, 2018, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and consumer discretionary sectors, respectively. The financials sector detracted most significantly followed by the communication services sector.
Positions that contributed most significantly to the Fund’s return included Lukoil PJSC, a energy company (portfolio average weight of 2.39%), and Vale S.A., a materials company (portfolio average weight of 2.03%). Positions that detracted most significantly from the Fund’s return included Hon Hai Precision Industry Co., Ltd., an information technology company (portfolio average weight of 1.65%), and China Construction Bank Corp., a financials company (portfolio average weight of 3.87%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 31.3 | |||
Energy | 19.7 | |||
Information Technology | 11.1 | |||
Materials | 10.1 | |||
Communication Services | 8.7 | |||
Consumer Staples | 4.7 | |||
Utilities | 3.5 | |||
Consumer Discretionary | 3.1 | |||
Industrials | 2.8 | |||
Real Estate | 2.3 | |||
Funds | 2.0 | |||
Health Care | 0.6 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.1 |
| 24 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
China Construction Bank Corp., H-Shares | 3.9 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.1 | |||
Gazprom PJSC ADR | 2.7 | |||
China Mobile Ltd. | 2.6 | |||
Industrial & Commercial Bank of China Ltd., H-Shares | 2.5 | |||
LUKOIL PJSC ADR | 2.4 | |||
Vale SA | 2.0 | |||
Bank of China Ltd., H-Shares | 2.0 | |||
iShares MSCI India ETF | 2.0 | |||
China Petroleum & Chemical Corp. (Sinopec), H-Shares | 1.8 | |||
Total | 25.0 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFI Emerging Markets Index (Net) | (4.40 | )% | 12.65 | % | 42.94 | % | 1.92 | % | 9.96 | % | 8.08 | % | 117.48 | % | 1.23 | % | 14.58 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 7.84 | 112.73 | 0.30 | 3.39 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (4.44 | ) | 12.18 | 41.17 | 1.49 | 7.66 | 6.65 | 90.45 | 0.13 | 1.40 | ||||||||||||||||||||||||||||||
Market Price Return | (4.22 | ) | 12.36 | 41.86 | 1.69 | 8.73 | 6.60 | 89.51 | (0.07 | ) | (0.75 | ) |
| 25 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
Fund Inception: September 27, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.51% (0.50% after fee waiver) includes the unitary management fee of 0.49% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 26 |
|
PAGG | Manager’s Analysis | |
Invesco Global Agriculture ETF (PAGG) |
As an index fund, the Invesco Global Agriculture ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ OMX Global Agriculture IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies engaged in agriculture and farming-related activities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Nasdaq, Inc., the Index provider, maintains and calculates the Index, which is designed to measure the overall performance of the largest, most liquid, globally traded securities of companies engaged in agriculture and farming-related activities. The Index may be comprised of common stocks, ordinary shares, depositary receipts, shares of beneficial interest or limited partnership interests and tracking stocks and also may include securities of companies located in emerging market countries. In addition, each security, according to a recognized market data vendor, must have a minimum worldwide market capitalization of $500 million, a minimum three-month average daily dollar trading volume of $1 million and a minimum free float of 20% to be eligible for inclusion in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (2.50)%. On a net asset value (“NAV”) basis, the Fund returned (2.31)%. During the same time period, the Index returned (1.69)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
Relative to the Benchmark Index, the Fund was most overweight in the fertilizers & agricultural chemicals sub-industry, and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to a lack of allocation to the integrated oil & gas sub-industry and the pharmaceuticals sub-industry.
For the fiscal year ended October 31, 2018, the agricultural products sub-industry detracted most significantly from the Fund’s
return, followed by the fertilizer & agricultural chemicals sub-industry. There were no contributing sub-industries.
Positions that contributed most significantly to the Fund’s return included Archer-Daniels-Midland Co., a food products company (portfolio average weight of 8.47%), and SLC Agricola S.A., a food products company (portfolio average weight of 0.55%). Positions that detracted most significantly from the Fund’s return included FMC Corp., a chemicals company (portfolio average weight of 7.99%), and Sociedad Quimica y Minera de Chile SA Pfd Series B, a chemicals company (portfolio average weight of 4.00%).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Fertilizers & Agricultural Chemicals | 53.3 | |||
Agricultural Products | 46.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.4 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Mosaic Co. (The) | 8.4 | |||
Archer-Daniels-Midland Co. | 7.9 | |||
FMC Corp. | 7.7 | |||
CF Industries Holdings, Inc. | 6.8 | |||
Bunge Ltd. | 6.7 | |||
Ingredion, Inc. | 4.2 | |||
PhosAgro PJSC GDR | 4.2 | |||
Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 4.2 | |||
Wilmar International Ltd. | 4.1 | |||
Yara International ASA | 4.0 | |||
Total | 58.2 |
| 27 |
|
Invesco Global Agriculture ETF (PAGG) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||
NASDAQ OMX Global Agriculture IndexSM (Net) | (1.69 | )% | 3.28 | % | 10.16 | % | (0.45 | )% | (2.21 | )% | 6.62 | % | 89.76 | % | 2.42 | % | 27.32 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 4.24 | 52.21 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (2.31 | ) | 2.74 | 8.46 | (0.69 | ) | (3.42 | ) | 6.08 | 80.47 | 1.95 | 21.58 | ||||||||||||||||||||||||||||
Market Price Return | (2.50 | ) | 2.66 | 8.19 | (0.70 | ) | (3.44 | ) | 5.98 | 78.78 | 1.73 | 18.93 |
Fund Inception: September 18, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.77% includes the unitary management fee of 0.75% and other expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 28 |
|
PBD | Manager’s Analysis | |
Invesco Global Clean Energy ETF (PBD) |
As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies engaged in the business of advancing cleaner energy and conservation that comprise the Index, as well as in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by WilderHill New Energy Finance, LLC (the “Index Provider”). The Index is comprised mainly of companies in wind, solar, biofuels, hydro, wave and tidal, geothermal and other relevant renewable energy businesses and also includes companies involved in energy conversion, storage, conservation, efficiency, materials, pollution control, emerging hydrogen and fuel cells. The Index Provider selects securities principally on the basis of their capital appreciation potential as identified by the Index Provider pursuant to a proprietary index methodology, with a bias placed on renewable energy companies. The Index may include securities of companies in emerging market countries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (14.78) %. On a net asset value (“NAV”) basis, the Fund returned (14.69) %. During the same time period, the Index returned (14.45) %. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period partially offset by the income received from the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85) %. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the equities market in developed countries outside the U.S.
Relative to the Benchmark Index, the Fund was most overweight in the renewable electricity sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be
attributed to stock selection within the semiconductor equipment sub industry, and allocation to the semiconductors and heavy electrical equipment sub industries, respectively.
For the fiscal year ended October 31, 2018, the electric utilities sub-industry contributed most significantly to the Fund’s return, followed by the construction & engineering, and oil & gas refining & marketing sub-industries, respectively. The semiconductor equipment sub-industry detracted most significantly from the Fund’s return, followed by the semiconductors and renewable electricity sub-industries, respectively.
Positions that contributed most significantly to the Fund’s return included Saeta Yield SA, an electric utilities company (no longer held at fiscal year-end), and Renewable Energy Group, Inc., an oil, gas & consumable fuels company (portfolio average weight of 0.41%). Positions that detracted most significantly from the Fund’s return included FDG Electric Vehicles Ltd., an automobiles company (portfolio average weight of 0.90%), and GCL-Poly Energy Holdings Ltd., a semiconductors & semiconductor equipment company (portfolio average weight of 1.15%).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Renewable Electricity | 21.5 | |||
Semiconductors | 12.7 | |||
Electrical Components & Equipment | 10.0 | |||
Heavy Electrical Equipment | 9.3 | |||
Semiconductor Equipment | 7.3 | |||
Oil & Gas Refining & Marketing | 4.4 | |||
Automobile Manufacturers | 4.2 | |||
Electric Utilities | 3.8 | |||
Electronic Equipment & Instruments | 3.7 | |||
Building Products | 3.4 | |||
Independent Power Producers & Energy Traders | 3.2 | |||
Sub-Industry Types Each Less Than 3% | 16.4 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
| 29 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Tesla, Inc. | 2.2 | |||
Universal Display Corp. | 2.0 | |||
Seoul Semiconductor Co. Ltd. | 1.9 | |||
Cree, Inc. | 1.9 | |||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1.9 | |||
OSRAM Licht AG | 1.7 | |||
Kingspan Group PLC | 1.7 | |||
Landis+Gyr Group AG | 1.7 | |||
Epistar Corp. | 1.7 | |||
Nibe Industrier AB, Class B | 1.6 | |||
Total | 18.3 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||
WilderHill New Energy Global Innovation Index | (14.45 | )% | 0.50 | % | 1.50 | % | 0.10 | % | 0.48 | % | 0.74 | % | 7.64 | % | (5.27 | )% | (46.01 | )% | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 1.09 | 13.15 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (14.69 | ) | 0.31 | 0.92 | (0.44 | ) | (2.19 | ) | 0.08 | 0.79 | (6.04 | ) | (50.81 | ) | ||||||||||||||||||||||||||
Market Price Return | (14.78 | ) | 0.25 | 0.75 | (0.46 | ) | (2.27 | ) | (0.08 | ) | (0.82 | ) | (6.12 | ) | (51.29 | ) |
| 30 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 31 |
|
PSAU | Manager’s Analysis | |
Invesco Global Gold and Precious Metals ETF (PSAU) |
As an index fund, the Invesco Global Gold and Precious Metals ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ OMX Global Gold and Precious Metals IndexSM (the “Index”). The Fund will invest at least 90% of its total assets in the securities of companies involved in the gold, silver and other precious metals mining industries that comprise the Index, as well as in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Nasdaq, Inc., the Index provider, calculates and maintains the Index, which is designed to measure the overall performance of the most liquid, globally traded securities of companies involved in gold, silver and other precious metals mining industry activities. In addition, each security, according to a recognized market data vendor, must have a minimum worldwide market capitalization of $500 million, a minimum three-month average daily dollar trading volume of $1 million and a minimum free float of 20% prior to inclusion in the Index. The Index may be comprised of common stocks, ordinary shares, depositary receipts, shares of beneficial interest or limited partnership interests and tracking stocks and also may include securities of companies located in emerging market countries. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (16.53)%. On a net asset value (“NAV”) basis, the Fund returned (16.71)%. During the same time period, the Index returned (15.87)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
While the Benchmark Index has some exposure to gold, precious metals and mining operators, securities from these sub-industries represent a fairly small proportion of the securities included in the Benchmark Index. In contrast, the Fund focuses fully on these sub-industries. The Fund underperformed the Benchmark Index during the period due to its focus on these sub-industries and their performance compared to the securities classified under the sub-industries represented in the Benchmark index.
For the fiscal year ended October 31, 2018, there were no contributing sub-industries. The gold sub-industry detracted most significantly from the Fund’s return, followed by the silver and precious metals & minerals sub-industries, respectively.
Positions that contributed most significantly to the Fund’s return included Northern Star Resources Ltd., a metals & mining company (portfolio average weight of 2.83%), and Kirkland Lake Gold Ltd., a gold company (portfolio average weight of 2.34%). Positions that detracted most significantly from the Fund’s return included Goldcorp Inc., a metals & mining company (portfolio average weight of 5.47%), and Franco-Nevada Corp., a metals & mining company (portfolio average weight of 7.13%).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Gold | 86.0 | |||
Silver | 8.7 | |||
Precious Metals & Minerals | 5.1 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Barrick Gold Corp. | 9.6 | |||
Newmont Mining Corp. | 7.8 | |||
Newcrest Mining Ltd. | 7.2 | |||
Franco-Nevada Corp. | 7.1 | |||
Goldcorp, Inc. | 5.5 | |||
Randgold Resources Ltd. | 4.7 | |||
Agnico Eagle Mines Ltd. | 4.0 | |||
Wheaton Precious Metals Corp. | 3.8 | |||
Royal Gold, Inc. | 3.0 | |||
Northern Star Resources Ltd. | 2.8 | |||
Total | 55.5 |
* | Excluding money market fund holdings. |
| 32 |
|
Invesco Global Gold and Precious Metals ETF (PSAU) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||
NASDAQ OMX Global Gold and Precious Metals IndexSM | (15.87 | )% | 8.53 | % | 27.83 | % | (4.46 | )% | (20.41 | )% | 1.05 | % | 10.96 | % | (3.74 | )% | (32.00 | )% | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 4.24 | 52.21 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (16.71 | ) | 7.61 | 24.62 | (5.27 | ) | (23.73 | ) | 0.37 | 3.73 | (4.50 | ) | (37.23 | ) | ||||||||||||||||||||||||||
Market Price Return | (16.53 | ) | 7.75 | 25.11 | (5.16 | ) | (23.26 | ) | 0.25 | 2.52 | (4.52 | ) | (37.39 | ) |
Fund Inception: September 18, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 33 |
|
PIO | Manager’s Analysis | |
Invesco Global Water ETF (PIO) |
As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ OMX Global Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies listed on a global exchange that create products designed to conserve and purify water for homes, businesses and industries that comprise the Index, as well as in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
The Index was created by Nasdaq, Inc., the Index provider. A security must have a worldwide market capitalization of $50 million to be included in the Index. The Index may be comprised of common stocks, ordinary shares, depositary receipts, depositary shares, Dutch certificates, shares of beneficial interest, stapled securities and tracking stocks and also may include companies in emerging market countries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (4.53)%. On a net asset value (“NAV”) basis, the Fund returned (4.45)%. During the same time period, the Index returned (3.56)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to overweight allocations to the specialty chemicals and industrial conglomerates sub-industries.
For the fiscal year ended October 31, 2018, the specialty chemicals sub-industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and trading companies & distributors sub-industries, respectively. Allocations to the building products and industrial machinery sub-industries detracted most significantly from the Fund’s return.
Positions that contributed most significantly to the Fund’s return include Ecolab Inc., a materials company (portfolio average weight
of 8.86%), and HD Supply Holdings, Inc., an industrials company (portfolio average weight of 2.69%). Positions that detracted most significantly from the Fund’s return included Beijing Enterprises Water Group Ltd., a utilities company (portfolio average weight of 1.30%) and TOTO Ltd., an industrials company (portfolio average weight of 2.73%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 47.8 | |||
Utilities | 27.1 | |||
Health Care | 12.7 | |||
Materials | 8.8 | |||
Information Technology | 2.4 | |||
Consumer Discretionary | 1.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Ecolab, Inc. | 8.8 | |||
Danaher Corp. | 8.3 | |||
Pentair PLC | 8.0 | |||
Ferguson PLC | 5.6 | |||
Geberit AG | 5.0 | |||
Waters Corp. | 4.3 | |||
Roper Technologies, Inc. | 4.1 | |||
Veolia Environnement SA | 4.1 | |||
United Utilities Group PLC | 3.7 | |||
Severn Trent PLC | 3.4 | |||
Total | 55.3 |
* | Excluding money market fund holdings. |
| 34 |
|
Invesco Global Water ETF (PIO) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — NASDAQ OMX Global Water IndexSM | (3.56 | )% | 5.07 | % | 15.99 | % | 3.86 | % | 20.83 | % | 8.78 | % | 132.06 | % | 1.68 | % | 20.92 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 1.09 | 13.15 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (4.45 | ) | 4.27 | 13.36 | 3.07 | 16.30 | 8.41 | 124.17 | 1.03 | 12.32 | ||||||||||||||||||||||||||||||
Market Price Return | (4.53 | ) | 4.39 | 13.75 | 2.98 | 15.84 | 8.57 | �� | 127.48 | 0.83 | 9.90 |
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund. |
- | The Blended-NASDAQ OMX Global Water IndexSM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index from Fund inception through the conversion date, March 1, 2012, followed by the performance of the Index, starting from the conversion date through October 31, 2018. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 35 |
|
IPKW | Manager’s Analysis | |
Invesco International BuyBack AchieversTM ETF (IPKW) |
As an index fund, the Invesco International BuyBack AchieversTM ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the NASDAQ International BuyBack AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, the Nasdaq, Inc. (the “Index Provider”) includes in the Index common stocks of foreign companies that are classified as “International BuyBack AchieversTM” pursuant to a proprietary selection methodology. To qualify as an “International BuyBack AchieversTM” and have its stock be eligible for inclusion in the Index, an issuer must: (i) have its common stock included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; (iii) have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year; and (iv) have a minimum three-month average daily cash volume of $1 million. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (10.96)%. On a net asset value (“NAV”) basis, the Fund returned (10.40)%. During the same time period, the Index returned (10.10)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the MSCI ACWI ex USA® Index (Net) (the “Benchmark Index”) returned (8.24)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,160 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the developed and emerging equity markets outside the U.S.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its
allocation to the energy sector, as well as stock selection within the consumer staples sector.
For the fiscal year ended October 31, 2018, the communication services sector contributed most significantly to the Fund’s return, followed by the health care sector. The consumer discretionary sector was the greatest detracting sector followed by the information technology and financials sectors, respectively.
Positions that contributed most significantly to the Fund’s return included GN Store Nord A/S, a health care equipment & supplies company (no longer held at fiscal year-end) and Great Canadian Gaming Corp., a hotels, restaurants & leisure company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Danske bank A/S, a commercial banks company (portfolio average weight 1.11%) and OSRAM Licht AG, an electrical equipment company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Consumer Discretionary | 30.3 | |||
Information Technology | 18.8 | |||
Industrials | 12.0 | |||
Financials | 11.4 | |||
Consumer Staples | 8.1 | |||
Real Estate | 7.5 | |||
Health Care | 7.0 | |||
Materials | 4.7 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Bridgestone Corp. | 5.6 | |||
Canadian Tire Corp. Ltd., Class A | 5.3 | |||
CGI Group, Inc., Class A | 5.3 | |||
Magna International, Inc. | 5.2 | |||
Infosys Ltd. ADR | 5.1 | |||
Astellas Pharma, Inc. | 4.9 | |||
Rakuten, Inc. | 4.9 | |||
Danske Bank A/S | 4.0 | |||
Minerva SA | 3.2 | |||
CAR, Inc. | 2.8 | |||
Total | 46.3 |
* | Excluding money market fund holdings. |
| 36 |
|
Invesco International BuyBack AchieversTM ETF (IPKW) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
NASDAQ International BuyBack Achievers™ Index | (10.10 | )% | 7.45 | % | 24.06 | % | 7.26 | % | 38.72 | % | ||||||||||||||
MSCI ACWI ex USA® Index | (8.24 | ) | 4.37 | 13.70 | 1.59 | 7.66 | ||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | (10.40 | ) | 6.81 | 21.87 | 6.56 | 34.52 | ||||||||||||||||||
Market Price Return | (10.96 | ) | 6.83 | 21.92 | 6.39 | 33.53 |
Fund Inception: February 27, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.55% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 37 |
|
CUT | Manager’s Analysis | |
Invesco MSCI Global Timber ETF (CUT) |
As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) represent securities in the index.
Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “Timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (16.70)%. On a net asset value (“NAV”) basis, the Fund returned (16.48)%. During the same time period, the Index returned (16.59)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the positive impact of the Fund’s use of sampling during the period, partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned (2.77)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,640 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of stocks of developed countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the materials sector and most underweight in the financials sector during the fiscal period ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the materials sector.
For the fiscal period ended October 31, 2018, the real estate sector detracted most significantly from the Fund’s return, followed by the materials sector. There were no contributing sectors during the time period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included Oji Holdings Corp., Class R, a paper products company (portfolio average weight of 2.31%) and Sonoco Products Co., a paper packaging company (portfolio average weight of 2.19%). Positions that detracted most significantly from the Fund’s return during this period included Weyerhaeuser Co., a forest products company (portfolio average weight of 4.88%) and WestRock Co., a paper packaging company (portfolio average weight of 4.84%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Materials | 92.2 | |||
Real Estate | 7.5 | |||
Financials | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
UPM-Kymmene Oyj | 5.1 | |||
International Paper Co. | 5.1 | |||
Amcor Ltd. | 5.0 | |||
WestRock Co. | 4.5 | |||
Weyerhaeuser Co. | 4.5 | |||
Packaging Corp. of America | 4.0 | |||
Mondi PLC | 4.0 | |||
Stora Enso Oyj, Class R | 3.8 | |||
Avery Dennison Corp. | 3.7 | |||
Smurfit Kappa Group PLC | 3.4 | |||
Total | 43.1 |
* | Excluding money market fund holdings. |
| 38 |
|
Invesco MSCI Global Timber ETF (CUT) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — MSCI All Country World IMI Timber Select Capped Index (Net) | (9.12 | )% | 6.17 | % | 19.67 | % | 4.47 | % | 24.47 | % | 11.97 | % | 209.80 | % | 3.91 | % | 52.40 | % | ||||||||||||||||||||||
MSCI World Index (Net) | 1.16 | 7.91 | 25.67 | 6.81 | 38.98 | 10.02 | 159.91 | 4.32 | 59.01 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (8.91 | ) | 6.09 | 19.42 | 4.08 | 22.12 | 11.11 | 186.74 | 2.89 | 36.77 | ||||||||||||||||||||||||||||||
Market Price Return | (9.22 | ) | 6.23 | 19.89 | 4.04 | 21.91 | 11.28 | 191.10 | 2.88 | 36.50 |
Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”) Inception: November 9, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.67% and the net annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers. Blended-Index and Benchmark Index performance results are
based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2018. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 39 |
|
LVL | Manager’s Analysis | |
Invesco S&P Global Dividend Opportunities Index ETF (LVL) |
As an index fund, the Invesco S&P Global Dividend Opportunities Index ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P Global Dividend Opportunities Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index seeks to measure the performance of 100 common stocks that offer high dividend yields and are listed on the exchanges of the countries included in the S&P Global Broad Market Index. The constituents of the Index are weighted based on their trailing 12-month dividend yield. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (0.58)%. On a net asset value (“NAV”) basis, the Fund returned (0.58)%. During the same time period, the Index returned (0.41)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned (2.77)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,640 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of stocks of developed countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal period ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to its allocations to the consumer staples sector.
For the fiscal period ended October 31, 2018, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care and information technology sectors, respectively. The consumer discretionary and industrials sectors were the most significant detracting sectors.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included Hyundai Motor Co., an automobiles company (portfolio average weight of 0.37%), and WP Carey Inc., a real estate management & development company (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return during this period included Amcor Ltd., a containers & packaging company (portfolio average weight of 1.25%) and AusNet Services, an electric utilities company (portfolio average weight of 0.44%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 24.6 | |||
Consumer Staples | 13.2 | |||
Industrials | 11.6 | |||
Health Care | 9.2 | |||
Consumer Discretionary | 9.0 | |||
Materials | 8.7 | |||
Real Estate | 8.0 | |||
Communication Services | 7.4 | |||
Utilities | 5.9 | |||
Energy | 2.2 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
ICA Gruppen AB | 2.6 | |||
Transurban Group | 2.6 | |||
Pfizer, Inc. | 2.4 | |||
Shaw Communications, Inc., Class B | 2.4 | |||
Nippon Paper Industries Co. Ltd. | 2.4 | |||
Procter & Gamble Co. (The) | 2.3 | |||
Exxon Mobil Corp. | 2.2 | |||
Westpac Banking Corp. | 2.1 | |||
Amcor Ltd. | 2.0 | |||
Cracker Barrel Old Country Store, Inc. | 2.0 | |||
Total | 23.0 |
* | Excluding money market fund holdings. |
| 40 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — S&P Global Dividend Opportunities Index (Net) | (0.48 | )% | 8.43 | % | 27.47 | % | 0.16 | % | 0.81 | % | 5.85 | % | 76.50 | % | (2.62 | )% | (26.03 | )% | ||||||||||||||||||||||
MSCI World Index (Net) | 1.16 | 7.91 | 25.67 | 6.81 | 38.98 | 10.02 | 159.91 | 4.25 | 60.36 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (0.85 | ) | 8.28 | 26.96 | 0.12 | 0.58 | 5.76 | 75.11 | (1.92 | ) | (19.75 | ) | ||||||||||||||||||||||||||||
Market Price Return | (0.76 | ) | 8.37 | 27.29 | 0.09 | 0.43 | 5.69 | 73.86 | (1.93 | ) | (19.88 | ) |
Guggenheim S&P Global Dividend Opportunities Index ETF (the “Predecessor Fund”) Inception: June 25, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.77% and the net annual operating expense ratio was indicated as 0.64%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | The Blended-S&P Global Dividend Opportunities Index performance is comprised of the performance of the Benchmarks by Design High Income Index, the Fund’s previous underlying index prior to the conversion date, September 30, 2008, followed by the performance of the Index, starting from the conversion date through October 31, 2018. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 41 |
|
IDHQ | Manager’s Analysis | |
Invesco S&P International Developed Quality ETF (IDHQ) |
As an index fund, Invesco S&P International Developed Quality ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index) (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap Index (the “Developed ex-U.S. Index”) that the Index Provider identifies as being of the highest quality, that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. Strictly in accordance with its guidelines and mandated procedures, the Index Provider calculates the quality score of each security in the Developed ex-U.S. Index based on a composite of the following three factors: (i) return on equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. The Index Provider then selects the 100 stocks with the highest quality score for inclusion in the Index. The Index is modified float-adjusted market-capitalization weighted, weighting securities by multiplying their float-adjusted market capitalization and their quality score. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (8.05)%. On a net asset value (“NAV”) basis, the Fund returned (7.00)%. During the same time period, the Index returned (6.98)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a quality ranking-driven weighting and stock selection methodology, as defined by the Index Provider, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its allocations to the health care and information technology sectors.
For the fiscal year ended October 31, 2018, the energy sector contributed most significantly to the Fund’s return. The information technology sector was the greatest detracting sector followed by the consumer discretionary and materials sectors, respectively.
Positions that contributed most significantly to the Fund’s return included Roche Holding AG, a pharmaceuticals company (portfolio average weight of 4.99%), and CSL Ltd., a biotechnology company (portfolio average weight of 1.74%). Positions that detracted most significantly from the Fund’s return included Bayer AG, a chemicals company (portfolio average weight of 0.94%), and Samsung Electronics Co., Ltd., a semiconductors & semiconductor equipment company (portfolio average weight of 1.70%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Health Care | 20.5 | |||
Industrials | 16.6 | |||
Consumer Staples | 14.2 | |||
Information Technology | 13.8 | |||
Consumer Discretionary | 12.9 | |||
Materials | 8.4 | |||
Financials | 6.5 | |||
Communication Services | 3.1 | |||
Utilities | 2.4 | |||
Energy | 0.7 | |||
Real Estate | 0.1 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.8 |
| 42 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Roche Holding AG | 6.2 | |||
Samsung Electronics Co. Ltd. | 4.4 | |||
SAP SE | 3.1 | |||
Novo Nordisk A/S, Class B | 3.0 | |||
Unilever NV | 2.8 | |||
Diageo PLC | 2.8 | |||
Bayer AG | 2.1 | |||
Canadian National Railway Co. | 2.1 | |||
BASF SE | 1.9 | |||
CSL Ltd. | 1.9 | |||
Total | 30.3 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — S&P Quality Developed ex-U.S. LargeMidCap Index (Net) | (6.98 | )% | 4.11 | % | 12.85 | % | 3.96 | % | 21.40 | % | 9.50 | % | 147.78 | % | 1.50 | % | 18.47 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 1.09 | 13.15 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (7.00 | ) | 4.18 | 13.08 | 3.75 | 20.20 | 8.70 | 130.27 | 0.65 | 7.63 | ||||||||||||||||||||||||||||||
Market Price Return | (8.05 | ) | 4.18 | 13.09 | 3.69 | 19.84 | 8.72 | 130.68 | 0.49 | 5.76 |
| 43 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, and Benchmark Index are based on the inception date of the Fund. |
- | The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception through March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index, the Fund’s underlying index for the period March 1, 2012 through the conversion date, March 18, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2018. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 44 |
|
HGI | Manager’s Analysis | |
Invesco Zacks International Multi-Asset Income ETF (HGI) |
As an index fund, the Invesco Zacks International Multi-Asset Income ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the Zacks International Multi-Asset Income Index (the “Index”). The Fund will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, Zacks Investment Research, Inc. (“Zacks” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of securities that the Index Provider has identified as having potentially high income and superior risk-return profiles by using a proprietary strategy that evaluates stocks on multiple factors, including dividend yield and market capitalization. The Index will be comprised of at least 40% non-U.S. securities and may include the stocks of international companies, global real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), royalty trusts, ADRs of emerging market companies and U.S.-listed closed-end funds that invest in international companies. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees approved a change in fiscal year end for the Fund from May 31 to October 31. For the fiscal period from June 1, 2018 to October 31, 2018, on a market price basis, the Fund returned (9.95)%. On a net asset value (“NAV”) basis, the Fund returned (9.45)%. During the same time period, the Index returned (9.23)%. During the fiscal period, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred partially offset by income received from the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (7.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the market place, and because its performance comparison is a useful measure for investors as a broad representation of the markets of
economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the health care
sector during the fiscal period ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the energy sector.
For the fiscal period ended October 31, 2018, the communications service sector contributed most significantly to the Fund’s return. The industrial and energy sectors were the most significant detracting sectors.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2018, included Inmarsat PLC, an alternative carriers company (no longer held at fiscal period-end), and Electricite de France S.A., an electric utilities company (no longer held at fiscal period-end). Positions that detracted most significantly from the Fund’s return during this period included Noble Energy, Inc., an oil & gas exploration & production company (portfolio average weight of 1.22%), and Nine Dragons Paper Holdings Ltd., a paper products company (portfolio average weight of 0.76%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Industrials | 16.1 | |||
Materials | 12.0 | |||
Energy | 11.5 | |||
Utilities | 10.0 | |||
Closed-End Funds | 9.9 | |||
Consumer Discretionary | 9.4 | |||
Communication Services | 9.4 | |||
Financials | 8.8 | |||
Consumer Staples | 5.8 | |||
Information Technology | 3.0 | |||
Real Estate | 2.0 | |||
Health Care | 1.3 | |||
Telecommunication Services | 0.8 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.0) |
| 45 |
|
Invesco Zacks International Multi-Asset Income ETF (HGI) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Mobile TeleSystems PJSC ADR | 3.6 | |||
China Petroleum & Chemical Corp., H-Shares ADR | 1.7 | |||
Vedanta Ltd. ADR | 1.6 | |||
Beijing Enterprises Holdings Ltd. | 1.5 | |||
Cabot Oil & Gas Corp. | 1.2 | |||
Enel SpA | 1.2 | |||
Mitie Group PLC | 1.2 | |||
Cimarex Energy Co. | 1.1 | |||
Enel Americas SA ADR | 1.1 | |||
Mitsubishi Corp. | 1.1 | |||
Total | 15.3 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Zacks International Multi-Asset Income Index (Net) | (8.69 | )% | 3.14 | % | 9.72 | % | (0.05 | )% | (0.23 | )% | 6.27 | % | 83.67 | % | 0.08 | % | 0.86 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.89 | 94.73 | 0.72 | 8.44 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.26 | ) | 2.84 | 8.78 | (0.22 | ) | (1.09 | ) | 6.00 | 79.07 | (0.26 | ) | (2.94 | ) | ||||||||||||||||||||||||||
Market Price Return | (9.56 | ) | 2.74 | 8.46 | (0.34 | ) | (1.71 | ) | 6.06 | 80.12 | (0.33 | ) | (3.72 | ) |
| 46 |
|
Invesco Zacks International Multi-Asset Income ETF (HGI) (continued)
Guggenheim International Multi-Asset Income ETF (the “Predecessor Fund”) Inception: July 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through December 31, 2020. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.78%, including acquired fund fees and expenses of 0.28%, and the net annual operating expense ratio was indicated as 0.98%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 47 |
|
Schedule of Investments(a)
Invesco Canadian Energy Income ETF (ENY)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Energy Equipment & Services—10.8% | ||||||||
23,733 | Computer Modelling Group Ltd. (Canada) | $ | 142,407 | |||||
26,283 | Enerflex Ltd. (Canada) | 317,818 | ||||||
38,109 | Ensign Energy Services, Inc. (Canada) | 148,867 | ||||||
29,228 | Mullen Group Ltd. (Canada) | 304,910 | ||||||
22,040 | Pason Systems, Inc. (Canada) | 333,474 | ||||||
48,478 | Secure Energy Services, Inc. (Canada) | 316,726 | ||||||
20,782 | ShawCor Ltd. (Canada) | 377,898 | ||||||
|
| |||||||
1,942,100 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—89.0% | ||||||||
94,176 | ARC Resources Ltd. (Canada) | 879,191 | ||||||
78,868 | Birchcliff Energy Ltd. (Canada) | 249,231 | ||||||
100,994 | Cameco Corp. (Canada) | 1,084,345 | ||||||
30,451 | Canadian Natural Resources Ltd. (Canada) | 837,533 | ||||||
162,932 | Crescent Point Energy Corp. (Canada) | 771,702 | ||||||
38,918 | Enbridge Income Fund Holdings, Inc. (Canada) | 902,975 | ||||||
28,573 | Enbridge, Inc. (Canada) | 892,492 | ||||||
27,369 | Freehold Royalties Ltd. (Canada)(b) | 201,529 | ||||||
42,754 | Gibson Energy, Inc. (Canada) | 678,464 | ||||||
59,853 | Husky Energy, Inc. (Canada) | 848,174 | ||||||
54,625 | Inter Pipeline Ltd. (Canada)(b) | 888,059 | ||||||
35,550 | Keyera Corp. (Canada) | 887,904 | ||||||
30,860 | Kinder Morgan Canada Ltd. (Canada)(c) | 372,928 | ||||||
29,564 | Parkland Fuel Corp. (Canada) | 995,259 | ||||||
29,551 | Pembina Pipeline Corp. (Canada) | 958,143 | ||||||
48,906 | Peyto Exploration & Development Corp. (Canada) | 399,962 | ||||||
53,273 | PrairieSky Royalty Ltd. (Canada)(b) | 811,315 | ||||||
25,435 | Suncor Energy, Inc. (Canada) | 855,290 | ||||||
43,617 | TORC Oil & Gas Ltd. (Canada) | 179,683 | ||||||
23,053 | TransCanada Corp. (Canada) | 871,389 | ||||||
30,539 | Vermilion Energy, Inc. (Canada) | 811,815 | ||||||
123,837 | Whitecap Resources, Inc. (Canada) | 607,280 | ||||||
|
| |||||||
15,984,663 | ||||||||
|
| |||||||
Total Common Stocks (Cost $23,340,734) | 17,926,763 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
75,201 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(d) (Cost $75,201) | 75,201 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $23,415,935)—100.2% | 18,001,964 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—7.6% | ||||||||
1,361,740 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(d)(e) (Cost $1,361,740) | 1,361,740 | ||||||
|
| |||||||
Total Investments in Securities (Cost $24,777,675)—107.8% | 19,363,704 | |||||||
Other assets less liabilities—(7.8)% | (1,405,275 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 17,958,429 | ||||||
|
|
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 October 31, 2018. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2018 represented 2.08% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
This Fund has holdings greater than 10% of net assets in the following country:
Canada | 99.8 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Schedule of Investments(a)
Invesco China Real Estate ETF (TAO)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Diversified Real Estate Activities—25.3% | ||||||||
100,685 | Chinese Estates Holdings Ltd. (Hong Kong) | $ | 94,528 | |||||
51,037 | Great Eagle Holdings Ltd. (Hong Kong) | 233,070 | ||||||
416,916 | Hang Lung Properties Ltd. (Hong Kong) | 755,186 | ||||||
315,834 | Henderson Land Development Co. Ltd. (Hong Kong) | 1,470,513 | ||||||
750,054 | Joy City Property Ltd. (China) | 79,412 | ||||||
126,020 | Kerry Properties Ltd. (Hong Kong) | 396,254 | ||||||
1,205,123 | New World Development Co. Ltd. (Hong Kong) | 1,528,041 | ||||||
676,551 | Shenzhen Investment Ltd. (China) | 194,178 | ||||||
126,570 | Sun Hung Kai Properties Ltd. (Hong Kong) | 1,645,213 | ||||||
103,082 | Swire Pacific Ltd., Class A (Hong Kong) | 1,069,689 | ||||||
189,733 | Swire Pacific Ltd., Class B (Hong Kong) | 305,436 | ||||||
243,993 | Wharf Holdings Ltd. (The) (Hong Kong) | 608,784 | ||||||
164,010 | Wheelock & Co. Ltd. (Hong Kong) | 875,554 | ||||||
|
| |||||||
9,255,858 | ||||||||
|
| |||||||
Diversified REITs—0.8% | ||||||||
214,954 | Sunlight Real Estate Investment Trust REIT (Hong Kong) | 129,421 | ||||||
275,380 | Yuexiu Real Estate Investment Trust REIT (Hong Kong) | 167,208 | ||||||
|
| |||||||
296,629 | ||||||||
|
| |||||||
Heavy Electrical Equipment—1.6% | ||||||||
1,496,489 | Fullshare Holdings Ltd. (Hong Kong)(b) | 582,224 | ||||||
|
| |||||||
Office REITs—1.0% | ||||||||
417,933 | Champion REIT (Hong Kong) | 281,487 | ||||||
253,044 | Prosperity REIT (Hong Kong) | 89,734 | ||||||
|
| |||||||
371,221 | ||||||||
|
| |||||||
Real Estate Development—50.3% | ||||||||
304,884 | Agile Group Holdings Ltd. (China) | 347,688 | ||||||
1,807,260 | Carnival Group International Holdings Ltd. (Hong Kong)(b) | 32,736 | ||||||
271,657 | China Aoyuan Property Group Ltd. (China) | 158,710 | ||||||
570,614 | China Evergrande Group (China) | 1,361,135 | ||||||
876,818 | China Jinmao Holdings Group Ltd. (China) | 367,979 | ||||||
295,546 | China Overseas Grand Oceans Group Ltd. (China) | 91,234 | ||||||
675,530 | China Overseas Land & Investment Ltd. (China) | 2,115,501 | ||||||
569,247 | China Resources Land Ltd. (China) | 1,931,522 | ||||||
386,752 | China SCE Group Holdings Ltd. (China) | 131,723 | ||||||
911,243 | China South City Holdings Ltd. (China) | 133,675 | ||||||
277,217 | China Vanke Co. Ltd., H-Shares (China) | 853,993 | ||||||
770,061 | CIFI Holdings Group Co. Ltd. (China) | 322,193 | ||||||
257,310 | CK Asset Holdings Ltd. (Hong Kong) | 1,670,674 | ||||||
1,381,937 | Country Garden Holdings Co. Ltd. (China) | 1,478,997 | ||||||
361,103 | Future Land Development Holdings Ltd. (China) | 207,282 | ||||||
123,503 | Greentown China Holdings Ltd. (China) | 85,702 | ||||||
213,913 | Guangzhou R&F Properties Co. Ltd., H-Shares (China) | 335,629 | ||||||
140,472 | Hopson Development Holdings Ltd. (China) | 107,691 | ||||||
209,157 | Jiayuan International Group Ltd. (China) | 367,120 | ||||||
250,033 | K Wah International Holdings Ltd. (Hong Kong) | 112,906 | ||||||
460,848 | Kaisa Group Holdings Ltd. (China) | 112,281 | ||||||
254,171 | KWG Group Holdings Ltd. (China) | 194,209 | ||||||
265,663 | Logan Property Holdings Co. Ltd. (China) | 245,350 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate Development (continued) | ||||||||
312,782 | Longfor Group Holdings Ltd. (China) | $ | 759,672 | |||||
408,680 | Poly Property Group Co. Ltd. (China) | 121,988 | ||||||
329,119 | Powerlong Real Estate Holdings Ltd. (China) | 112,514 | ||||||
124,717 | Ronshine China Holdings Ltd. (China)(b) | 140,476 | ||||||
224,909 | Shimao Property Holdings Ltd. (China) | 440,098 | ||||||
731,142 | Shui On Land Ltd. (China) | 147,359 | ||||||
681,682 | Sino Land Co. Ltd. (Hong Kong) | 1,069,557 | ||||||
658,368 | Sino-Ocean Group Holding Ltd. (China) | 257,825 | ||||||
483,213 | Sunac China Holdings Ltd. (China) | 1,312,911 | ||||||
112,496 | Times China Holdings Ltd. (China) | 98,011 | ||||||
799,533 | Wang On Properties Ltd. (Hong Kong) | 98,929 | ||||||
138,490 | Yanlord Land Group Ltd. (China) | 126,009 | ||||||
1,306,757 | Yuexiu Property Co. Ltd. (China) | 206,697 | ||||||
372,726 | Yuzhou Properties Co. Ltd. (China) | 133,127 | ||||||
862,288 | Zall Smart Commerce Group Ltd. (China)(b) | 615,967 | ||||||
|
| |||||||
18,407,070 | ||||||||
|
| |||||||
Real Estate Management & Development—0.0% | ||||||||
76,080 | Asian Growth Properties Ltd. (Hong Kong)(b)(c) | 0 | ||||||
|
| |||||||
Real Estate Operating Companies—14.5% | ||||||||
335,576 | China Logistics Property Holdings Co. Ltd. (China)(b)(d) | 111,297 | ||||||
180,653 | Hang Lung Group Ltd. (Hong Kong) | 444,293 | ||||||
247,997 | Hongkong Land Holdings Ltd. (Hong Kong) | 1,468,142 | ||||||
130,323 | Hysan Development Co. Ltd. (Hong Kong) | 610,936 | ||||||
142,050 | Red Star Macalline Group Corp. Ltd., H-Shares (China)(d) | 125,390 | ||||||
4,459,677 | Renhe Commercial Holdings Co. Ltd. (China)(b) | 150,753 | ||||||
394,555 | SOHO China Ltd. (China) | 133,877 | ||||||
222,074 | Swire Properties Ltd. (Hong Kong) | 757,772 | ||||||
242,743 | Wharf Real Estate Investment Co. Ltd. (Hong Kong) | 1,503,326 | ||||||
|
| |||||||
5,305,786 | ||||||||
|
| |||||||
Retail REITs—6.4% | ||||||||
295,550 | Fortune Real Estate Investment Trust REIT (Hong Kong) | 323,471 | ||||||
225,930 | Link REIT (Hong Kong) | 2,002,977 | ||||||
|
| |||||||
2,326,448 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $43,812,383) | 36,545,236 | |||||||
|
| |||||||
Money Market Fund—0.4% | ||||||||
131,725 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(e) (Cost $131,725) | 131,725 | ||||||
|
| |||||||
Total Investments in Securities (Cost $43,944,108)—100.3% | 36,676,961 | |||||||
Other assets less liabilities—(0.3)% | (119,279 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 36,557,682 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco China Real Estate ETF (TAO) (continued)
October 31, 2018
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) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $236,687, which 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 October 31, 2018. |
This Fund has holdings greater than 10% of net assets in the following countries:
Hong Kong | 55.6 | % | ||
China | 44.4 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Schedule of Investments(a)
Invesco China Small Cap ETF (HAO)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Communication Services—6.2% | ||||||||
13,422 | Bitauto Holdings Ltd. ADR (China)(b) | $ | 256,360 | |||||
182,938 | Boyaa Interactive International Ltd. (China)(b) | 42,704 | ||||||
5,724 | Changyou.com Ltd., Class A ADR (China) | 76,587 | ||||||
865,359 | China Communications Services Corp. Ltd., H-Shares (China) | 699,846 | ||||||
514,682 | CITIC Telecom International Holdings Ltd. (China) | 161,507 | ||||||
61,356 | Fang Holdings Ltd. ADR (China)(b) | 124,553 | ||||||
41,392 | IMAX China Holding, Inc. (Hong Kong)(c) | 96,518 | ||||||
466,149 | Leyou Technologies Holdings Ltd. (China)(b) | 106,438 | ||||||
51,224 | Momo, Inc., Class A ADR (China)(b) | 1,719,590 | ||||||
94,188 | NetDragon Websoft Holdings Ltd. (Hong Kong) | 166,524 | ||||||
11,072 | Phoenix New Media Ltd. ADR (China)(b) | 35,652 | ||||||
32,345 | Poly Culture Group Corp. Ltd., H-Shares (China) | 37,257 | ||||||
11,081 | Sohu.com Ltd. ADR (China)(b) | 200,234 | ||||||
206,500 | Tian Ge Interactive Holdings Ltd. (China)(c) | 108,790 | ||||||
|
| |||||||
3,832,560 | ||||||||
|
| |||||||
Consumer Discretionary—13.9% | ||||||||
267,452 | 361 Degrees International Ltd. (China) | 62,092 | ||||||
5,172 | 500.com Ltd., Class A ADR (China)(b) | 37,911 | ||||||
225,306 | Ajisen China Holdings Ltd. (Hong Kong) | 75,299 | ||||||
1,856,837 | Asia Television Holdings Ltd. (Hong Kong)(b) | 58,741 | ||||||
574,419 | BAIC Motor Corp. Ltd., H-Shares (China)(c) | 322,403 | ||||||
10,216 | Baozun, Inc. ADR (China)(b) | 406,699 | ||||||
115,954 | Best Pacific International Holdings Ltd. (China) | 29,582 | ||||||
1,309,655 | Bosideng International Holdings Ltd. (Hong Kong) | 183,767 | ||||||
9,820 | Bright Scholar Education Holdings Ltd. ADR (China)(b) | 121,473 | ||||||
400,559 | C.banner International Holdings Ltd. (China)(b) | 27,592 | ||||||
195,787 | Chaowei Power Holdings Ltd. (China) | 84,165 | ||||||
184,248 | China Animation Characters Co. Ltd. (Hong Kong) | 62,988 | ||||||
1,268,227 | China Beidahuang Industry Group Holdings Ltd. (Hong Kong)(b) | 32,517 | ||||||
6,723 | China Distance Education Holdings Ltd. ADR (China) | 48,607 | ||||||
1,315,271 | China Dongxiang Group Co. Ltd. (China) | 203,010 | ||||||
1,109,311 | China First Capital Group Ltd. (Hong Kong)(b) | 447,154 | ||||||
260,674 | China Harmony New Energy Auto Holding Ltd. (China) | 103,413 | ||||||
164,216 | China Lilang Ltd. (China) | 135,321 | ||||||
539,196 | China Maple Leaf Educational Systems Ltd. (China) | 232,477 | ||||||
201,909 | China New Higher Education Group Ltd. (China)(c) | 94,781 | ||||||
786,823 | China Travel International Investment Hong Kong Ltd. (China) | 210,772 | ||||||
726,670 | China Vanguard You Champion Holdings Ltd. (Hong Kong)(b) | 22,803 | ||||||
438,879 | China Yongda Automobiles Services Holdings Ltd. (China) | 234,572 | ||||||
401,685 | China Yuhua Education Corp. Ltd. (China)(c) | 161,404 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Discretionary (continued) | ||||||||
388,860 | China ZhengTong Auto Services Holdings Ltd. (China) | $ | 185,516 | |||||
485,893 | Citychamp Watch & Jewellery Group Ltd. (Hong Kong) | 99,789 | ||||||
185,824 | Cogobuy Group (China)(b)(c) | 63,289 | ||||||
300,881 | Cosmo Lady China Holdings Co. Ltd. (China)(c) | 126,656 | ||||||
297,412 | Dah Chong Hong Holdings Ltd. (China) | 100,536 | ||||||
382,746 | Fu Shou Yuan International Group Ltd. (China) | 293,429 | ||||||
157,514 | Golden Eagle Retail Group Ltd. (China) | 163,152 | ||||||
4,212,348 | GOME Retail Holdings Ltd. (China)(b) | 419,118 | ||||||
324,568 | Goodbaby International Holdings Ltd. (China) | 100,607 | ||||||
234,999 | Grand Baoxin Auto Group Ltd. (China) | 50,960 | ||||||
476,128 | Haichang Ocean Park Holdings Ltd. (China)(b)(c) | 77,741 | ||||||
131,425 | Hisense Kelon Electrical Holdings Co. Ltd., H-Shares (China) | 94,888 | ||||||
2,430,791 | Huayi Tencent Entertainment Co. Ltd. (Hong Kong)(b) | 57,984 | ||||||
19,074,239 | Imperial Pacific International Holdings Ltd. (Hong Kong)(b) | 148,421 | ||||||
26,914 | Jumei International Holding Ltd., Class A ADR (China)(b) | 52,213 | ||||||
13,540 | Kandi Technologies Group, Inc. (China)(b)(d) | 65,127 | ||||||
594,775 | Li Ning Co. Ltd. (China)(b) | 556,886 | ||||||
384,332 | Ozner Water International Holding Ltd. (China)(c) | 83,344 | ||||||
730,838 | Pou Sheng International Holdings Ltd. (Hong Kong) | 138,907 | ||||||
138,804 | Q Technology Group Co. Ltd. (China) | 65,689 | ||||||
275,301 | Qingling Motors Co. Ltd., H-Shares (China) | 71,289 | ||||||
9,640 | Renren, Inc., Class A ADR (China)(d) | 13,785 | ||||||
449,555 | Shanghai Jin Jiang International Hotels Group Co. Ltd., H-Shares (China) | 104,942 | ||||||
673,180 | Skyworth Digital Holdings Ltd. (Hong Kong) | 155,427 | ||||||
12,064 | Tarena International, Inc., Class A ADR (China) | 104,354 | ||||||
227,434 | TCL Electronics Holdings Ltd. (China) | 92,547 | ||||||
259,999 | Tianneng Power International Ltd. (China) | 207,949 | ||||||
26,901 | Tuniu Corp., Class A ADR (China)(b)(d) | 171,090 | ||||||
580,738 | Virscend Education Co. Ltd. (China)(c) | 331,135 | ||||||
199,209 | Wisdom Education International Holdings Co. Ltd. (China) | 89,193 | ||||||
104,804 | Xiabuxiabu Catering Management China Holdings Co. Ltd. (China)(c) | 131,149 | ||||||
285,072 | Xingda International Holdings Ltd. (China) | 76,728 | ||||||
162,663 | Xinhua Winshare Publishing and Media Co. Ltd., H-Shares (China) | 101,880 | ||||||
340,979 | Xtep International Holdings Ltd. (China) | 187,031 | ||||||
373,988 | Yadea Group Holdings Ltd. (China)(c) | 116,403 | ||||||
180,925 | Zhongsheng Group Holdings Ltd. (China) | 330,029 | ||||||
|
| |||||||
8,628,726 | ||||||||
|
| |||||||
Consumer Staples—5.8% | ||||||||
2,342,219 | C.P. Pokphand Co. Ltd. (Hong Kong) | 203,167 | ||||||
799,221 | China Agri-Industries Holdings Ltd. (China) | 267,107 | ||||||
261,706 | China Foods Ltd. (China) | 122,517 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco China Small Cap ETF (HAO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Consumer Staples (continued) | ||||||||
1,348,437 | China Huishan Dairy Holdings Co. Ltd. (China)(b)(e) | $ | 0 | |||||
222,871 | China Huiyuan Juice Group Ltd. (China)(b)(e) | 14,357 | ||||||
879,311 | China Modern Dairy Holdings Ltd. (China)(b) | 109,922 | ||||||
1,396,578 | China Shengmu Organic Milk Ltd. (China)(b)(c) | 56,117 | ||||||
360,939 | COFCO Meat Holdings Ltd. (China)(b) | 52,488 | ||||||
743,008 | Dali Foods Group Co. Ltd. (China)(c) | 530,761 | ||||||
69,624 | Health and Happiness H&H International Holdings Ltd. (China)(b) | 396,106 | ||||||
583,621 | NVC Lighting Holding Ltd. (China) | 37,968 | ||||||
620,760 | Tibet Water Resources Ltd. (Hong Kong)(b) | 174,998 | ||||||
135,887 | Tsingtao Brewery Co. Ltd., H-Shares (China) | 536,483 | ||||||
453,334 | Uni-President China Holdings Ltd. (China) | 440,068 | ||||||
107,913 | Vinda International Holdings Ltd. (Hong Kong) | 153,898 | ||||||
315,541 | Yashili International Holdings Ltd. (China)(b) | 54,338 | ||||||
151,358 | Yihai International Holding Ltd. (China) | 332,472 | ||||||
1,249,190 | Yuanshengtai Dairy Farm Ltd. (China)(b) | 27,727 | ||||||
214,732 | Zhou Hei Ya International Holdings Co. Ltd. (China)(b)(c) | 110,387 | ||||||
|
| |||||||
3,620,881 | ||||||||
|
| |||||||
Energy—2.4% | ||||||||
758,254 | China Coal Energy Co. Ltd., H-Shares (China) | 339,499 | ||||||
617,011 | China Suntien Green Energy Corp. Ltd., H-Shares (China) | 157,413 | ||||||
810,051 | Honghua Group Ltd. (China)(b) | 52,699 | ||||||
329,231 | NewOcean Energy Holdings Ltd. (Hong Kong)(b) | 119,271 | ||||||
358,917 | Sinopec Kantons Holdings Ltd. (China) | 146,050 | ||||||
779,675 | Sinopec Oilfield Service Corp., H-Shares (China)(b) | 86,527 | ||||||
606,535 | Yanzhou Coal Mining Co. Ltd., H-Shares (China) | 573,312 | ||||||
|
| |||||||
1,474,771 | ||||||||
|
| |||||||
Financials—5.7% | ||||||||
170,575 | Bank of Chongqing Co. Ltd., H-Shares (China) | 98,567 | ||||||
400,309 | Central China Securities Co. Ltd., H-Shares (China)(c) | 96,000 | ||||||
1,991,130 | China Financial International Investments Ltd. (Hong Kong)(b) | 50,544 | ||||||
362,742 | China International Capital Corp. Ltd., H-Shares (China)(c) | 595,979 | ||||||
301,445 | China Merchants Securities Co. Ltd., H-Shares (China)(c) | 341,843 | ||||||
3,650,663 | China Minsheng Financial Holding Corp. Ltd. (Hong Kong)(b) | 111,298 | ||||||
2,198,864 | China Reinsurance Group Corp., H-Shares (China) | 420,733 | ||||||
291,334 | CSC Financial Co. Ltd., H-Shares (China)(c) | 165,003 | ||||||
98,879 | Everbright Securities Co. Ltd., H-Shares (China)(c) | 86,652 | ||||||
14,583 | Fanhua, Inc. ADR (China) | 390,533 | ||||||
1,139,883 | Guotai Junan International Holdings Ltd. (China) | 206,474 | ||||||
195,074 | Guotai Junan Securities Co. Ltd., H-Shares, Class H (China)(c) | 411,080 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Financials (continued) | ||||||||
312,882 | Huishang Bank Corp. Ltd., H-Shares (China) | $ | 134,901 | |||||
2,194 | Noah Holdings Ltd. ADR (China)(b) | 82,736 | ||||||
296,032 | Orient Securities Co. Ltd., H-Shares (China)(c) | 194,474 | ||||||
177,699 | Shengjing Bank Co. Ltd., H-Shares (China)(c) | 78,202 | ||||||
3,937 | Yirendai Ltd. ADR (China)(d) | 61,260 | ||||||
|
| |||||||
3,526,279 | ||||||||
|
| |||||||
Health Care—9.8% | ||||||||
1,701,564 | Beijing Enterprises Medical & Health Group Ltd. (Hong Kong)(b) | 66,201 | ||||||
863,000 | China Animal Healthcare Ltd. (China)(b)(e) | 0 | ||||||
233,819 | China Resources Medical Holdings Co. Ltd. (China) | 160,763 | ||||||
101,253 | China Shineway Pharmaceutical Group Ltd. (China) | 117,922 | ||||||
111,049 | Consun Pharmaceutical Group Ltd. (China) | 76,919 | ||||||
299,408 | Dawnrays Pharmaceutical Holdings Ltd. (China) | 68,747 | ||||||
323,111 | Genertec Universal Medical Group Co. Ltd. (China)(c) | 251,007 | ||||||
346,079 | Genscript Biotech Corp. (China)(b) | 527,988 | ||||||
293,544 | Golden Meditech Holdings Ltd. (Hong Kong) | 30,705 | ||||||
78,654 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares (China) | 286,447 | ||||||
2,279,911 | Hua Han Health Industry Holdings Ltd. (Hong Kong)(b)(e) | 0 | ||||||
795,959 | Lifetech Scientific Corp. (China)(b) | 172,606 | ||||||
43,400 | Livzon Pharmaceutical Group, Inc., H-Shares (China) | 125,947 | ||||||
568,581 | Luye Pharma Group Ltd. (China)(c) | 438,798 | ||||||
158,346 | Microport Scientific Corp. (China) | 189,060 | ||||||
850,893 | Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares (China) | 760,870 | ||||||
14,450 | Shanghai Haohai Biological Technology Co. Ltd., H-Shares (China)(c) | 75,573 | ||||||
1,713,292 | Sihuan Pharmaceutical Holdings Group Ltd. (China) | 347,493 | ||||||
8,978 | Sinovac Biotech Ltd. (China)(b) | 63,744 | ||||||
611,047 | SSY Group Ltd. (Hong Kong) | 513,662 | ||||||
213,846 | Tong Ren Tang Technologies Co. Ltd., H-Shares (China) | 306,063 | ||||||
230,903 | United Laboratories International Holdings Ltd. (The) (Hong Kong) | 160,525 | ||||||
159,609 | Wuxi Biologics Cayman, Inc. (China)(b)(c) | 1,137,098 | ||||||
425,307 | Yestar Healthcare Holdings Co. Ltd. (China) | 110,675 | ||||||
38,252 | YiChang HEC Changjiang Pharmaceutical Co. Ltd., H-Shares (China)(c) | 131,013 | ||||||
|
| |||||||
6,119,826 | ||||||||
|
| |||||||
Industrials—17.0% | ||||||||
8,494 | 51job, Inc. ADR (China)(b) | 521,616 | ||||||
142,778 | Anhui Expressway Co. Ltd., H-Shares (China) | 82,869 | ||||||
971,672 | AviChina Industry & Technology Co. Ltd., H-Shares (China) | 647,005 | ||||||
140,364 | CAR, Inc. (China)(b) | 111,369 | ||||||
102,910 | China Aircraft Leasing Group Holdings Ltd. (China) | 104,362 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco China Small Cap ETF (HAO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
1,053,504 | China Chengtong Development Group Ltd. (China)(b) | $ | 27,549 | |||||
573,936 | China Eastern Airlines Corp. Ltd., H-Shares (China) | 317,007 | ||||||
2,238,108 | China Energy Engineering Corp. Ltd., H-Shares (China) | 216,976 | ||||||
155,855 | China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong) | 145,330 | ||||||
185,612 | China International Marine Containers Group Co. Ltd., H-Shares (China) | 163,843 | ||||||
359,415 | China Lesso Group Holdings Ltd. (China) | 189,349 | ||||||
261,798 | China Machinery Engineering Corp., H-Shares (China) | 119,221 | ||||||
186,510 | China Singyes Solar Technologies Holdings Ltd. (China)(e) | 38,364 | ||||||
215,713 | CIMC Enric Holdings Ltd. (China) | 165,649 | ||||||
867,979 | CITIC Resources Holdings Ltd. (China) | 70,861 | ||||||
1,371,537 | COSCO SHIPPING Development Co. Ltd., H-Shares (China)(b) | 139,963 | ||||||
422,379 | COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares (China) | 231,141 | ||||||
933,862 | COSCO SHIPPING Holdings Co. Ltd., H-Shares (China)(b) | 333,548 | ||||||
192,242 | COSCO SHIPPING International Hong Kong Co. Ltd. (China) | 65,966 | ||||||
92,115 | CSSC Offshore and Marine Engineering Group Company Ltd., H-Shares (China)(b) | 62,629 | ||||||
1,383,540 | CWT International Ltd. (China)(b) | 22,590 | ||||||
613,207 | Dalian Port PDA Co. Ltd., H-Shares (China) | 79,003 | ||||||
126,298 | Dongfang Electric Corp. Ltd., H-Shares (China)(b) | 67,826 | ||||||
73,722 | Dongjiang Environmental Co. Ltd., H-Shares (China) | 72,317 | ||||||
10,708 | eHi Car Services Ltd., Class A ADR (China)(b) | 129,246 | ||||||
145,384 | First Tractor Co. Ltd., H-Shares (China)(b) | 34,309 | ||||||
432,657 | Greentown Service Group Co. Ltd. (China) | 285,884 | ||||||
515,567 | Guangshen Railway Co. Ltd., H-Shares (China) | 192,695 | ||||||
248,001 | Harbin Electric Co. Ltd., H-Shares (China) | 70,230 | ||||||
815,700 | Jiangnan Group Ltd. (China)(b) | 37,979 | ||||||
441,325 | Jiangsu Expressway Co. Ltd., H-Shares (China) | 592,231 | ||||||
586,082 | Lonking Holdings Ltd. (China) | 131,579 | ||||||
1,034,480 | Metallurgical Corp. of China Ltd., H-Shares (China) | 250,722 | ||||||
4,778,487 | New Provenance Everlasting Holdings Ltd. (Hong Kong)(b) | 25,601 | ||||||
397,536 | Qingdao Port International Co. Ltd., H-Shares (China)(b)(c) | 233,266 | ||||||
242,295 | Qinhuangdao Port Co. Ltd., H-Shares (China) | 52,542 | ||||||
23,748 | Seaspan Corp. (Hong Kong) | 212,307 | ||||||
893,633 | Shanghai Electric Group Co. Ltd., H-Shares (China) | 290,681 | ||||||
160,874 | Shanghai Industrial Holdings Ltd. (China) | 338,190 | ||||||
254,507 | Shenzhen Expressway Co. Ltd., H-Shares (China) | 234,073 | ||||||
358,899 | Shenzhen International Holdings Ltd. (China) | 686,722 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Industrials (continued) | ||||||||
2,596,773 | Shougang Concord International Enterprises Co. Ltd. (China)(b) | $ | 57,968 | |||||
306,141 | Sichuan Expressway Co. Ltd., H-Shares (China) | 90,600 | ||||||
438,683 | Sinopec Engineering Group Co. Ltd., H-Shares (China) | 407,939 | ||||||
775,686 | Sinotrans Ltd., H-Shares (China) | 270,126 | ||||||
469,726 | Sinotrans Shipping Ltd. (China) | 156,388 | ||||||
239,897 | Sinotruk Hong Kong Ltd. (China) | 344,572 | ||||||
463,414 | SITC International Holdings Co. Ltd. (China) | 340,493 | ||||||
125,947 | Tianjin Capital Environmental Protection Group Co. Ltd., H-Shares (China)(b) | 46,270 | ||||||
578,521 | Tianjin Port Development Holdings Ltd. (China)(b) | 59,037 | ||||||
365,508 | Xiamen International Port Co. Ltd., H-Shares (China) | 48,489 | ||||||
234,274 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares (China) | 174,524 | ||||||
241,734 | Yuexiu Transport Infrastructure Ltd. (China) | 193,957 | ||||||
518,580 | Zhejiang Expressway Co. Ltd. H-Shares (China) | 434,609 | ||||||
470,385 | Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares (China) | 150,607 | ||||||
|
| |||||||
10,570,189 | ||||||||
|
| |||||||
Information Technology—10.1% | ||||||||
28,336 | 21Vianet Group, Inc., Class A ADR (China)(b) | 308,154 | ||||||
1,142,009 | AGTech Holdings Ltd. (Hong Kong)(b) | 58,999 | ||||||
2,827,938 | Anxin-China Holdings Ltd. (China)(b)(e) | 0 | ||||||
227,561 | BYD Electronic International Co. Ltd. (China) | 266,766 | ||||||
144,984 | Camsing International Holding Ltd. (Hong Kong)(b) | 113,925 | ||||||
14,030 | Cheetah Mobile, Inc., Class A ADR (China)(b) | 133,706 | ||||||
706,769 | China Aerospace International Holdings Ltd. (China) | 47,783 | ||||||
400,175 | China All Access Holdings Ltd. (Hong Kong) | 18,632 | ||||||
304,462 | China Electronics Huada Technology Co. Ltd. (China) | 26,798 | ||||||
513,008 | China Railway Signal & Communication Corp. Ltd., H-Shares (China)(c) | 344,213 | ||||||
774,089 | Chinasoft International Ltd. (China)(b) | 454,220 | ||||||
496,199 | Comba Telecom Systems Holdings Ltd. (Hong Kong)(b) | 69,625 | ||||||
1,155,484 | Coolpad Group Ltd. (China)(b)(e) | 0 | ||||||
3,398 | Daqo New Energy Corp. ADR (China)(b) | 72,547 | ||||||
368,079 | Digital China Holdings Ltd. (Hong Kong)(b) | 176,541 | ||||||
559,470 | FIT Hon Teng Ltd. (Taiwan)(c) | 231,227 | ||||||
20,820 | GDS Holdings Ltd. ADR (China)(b) | 488,645 | ||||||
1,820,336 | Green Leader Holdings Group Ltd. (Hong Kong)(b) | 15,558 | ||||||
675,519 | Hi Sun Technology China Ltd. (Hong Kong)(b) | 78,414 | ||||||
19,868 | Hollysys Automation Technologies Ltd. (China) | 381,863 | ||||||
132,212 | Hua Hong Semiconductor Ltd. (China)(c) | 230,040 | ||||||
9,647 | JinkoSolar Holding Co. Ltd. ADR (China)(b) | 77,755 | ||||||
312,131 | Ju Teng International Holdings Ltd. (Hong Kong) | 78,835 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco China Small Cap ETF (HAO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Information Technology (continued) | ||||||||
277,454 | Kingboard Laminates Holdings Ltd. (Hong Kong) | $ | 212,353 | |||||
655,218 | Kingdee International Software Group Co. Ltd. (China) | 534,913 | ||||||
197,847 | Legend Holdings Corp., H-Shares (China)(c) | 537,559 | ||||||
35,350 | Link Motion, Inc. ADR (China)(b) | 18,948 | ||||||
308,064 | National Agricultural Holdings Ltd. (China)(b)(e) | 0 | ||||||
145,134 | O-Net Technologies Group Ltd. (China)(b) | 62,760 | ||||||
96,198 | Shanghai Fudan Microelectronics Group Co. Ltd., H-Shares (China)(b) | 105,286 | ||||||
981,876 | Vision Values Holdings Ltd. (Hong Kong)(b) | 38,201 | ||||||
170,285 | Wasion Holdings Ltd. (China) | 83,628 | ||||||
111,723 | Xi’an Haitiantian Holdings Co. Ltd. (China)(b) | 28,645 | ||||||
995,026 | Xinyi Solar Holdings Ltd. (China) | 310,969 | ||||||
11,601 | Xunlei Ltd. ADR (China)(b) | 70,186 | ||||||
62,548 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares (China)(c) | 152,393 | ||||||
273,283 | ZTE Corp. H-Shares (China)(b) | 416,928 | ||||||
|
| |||||||
6,247,015 | ||||||||
|
| |||||||
Materials—10.7% | ||||||||
392,753 | Angang Steel Co. Ltd., H-Shares (China) | 334,166 | ||||||
842,865 | BBMG Corp., H-Shares (China) | 232,236 | ||||||
11,458,148 | Beijing Enterprises Clean Energy Group Ltd. (China)(b) | 144,699 | ||||||
144,902 | Chiho Environmental Group Ltd. (Hong Kong)(b) | 42,143 | ||||||
602,733 | China BlueChemical Ltd., H-Shares (China) | 206,052 | ||||||
379,734 | China Metal Resources Utilization Ltd. (China)(b)(c) | 217,976 | ||||||
783,472 | China Resources Cement Holdings Ltd. (China) | 690,588 | ||||||
256,320 | China Sanjiang Fine Chemicals Co. Ltd. (China) | 58,527 | ||||||
2,598,948 | China Shanshui Cement Group Ltd. (China)(b) | 1,090,713 | ||||||
410,681 | China Silver Group Ltd. (China)(b) | 50,815 | ||||||
512,778 | China Zhongwang Holdings Ltd. (China) | 227,628 | ||||||
253,555 | CPMC Holdings Ltd. (China) | 83,123 | ||||||
431,735 | Fufeng Group Ltd. (China) | 182,841 | ||||||
269,737 | Greatview Aseptic Packaging Co. Ltd. (China) | 178,921 | ||||||
290,395 | Huabao International Holdings Ltd. (Hong Kong) | 135,207 | ||||||
478,331 | Lee & Man Paper Manufacturing Ltd. (China) | 409,419 | ||||||
626,766 | Maanshan Iron & Steel Co. Ltd., H-Shares (China) | 335,793 | ||||||
786,767 | MMG Ltd. (China)(b) | 295,060 | ||||||
3,985,082 | North Mining Shares Co. Ltd., Class C (Hong Kong)(b) | 13,725 | ||||||
117,769 | Shandong Chenming Paper Holdings Ltd., H-Shares (China) | 66,100 | ||||||
1,228,514 | Shougang Fushan Resources Group Ltd. (China) | 247,602 | ||||||
2,800,955 | Sino Haijing Holdings Ltd. (Hong Kong)(b) | 91,110 | ||||||
640,568 | Sinofert Holdings Ltd. (China)(b) | 71,906 | ||||||
821,784 | West China Cement Ltd. (China) | 121,600 | ||||||
130,151 | Youyuan International Holdings Ltd. (China)(b) | 43,000 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Materials (continued) | ||||||||
379,515 | Zhaojin Mining Industry Co. Ltd., H-Shares (China) | $ | 335,006 | |||||
2,076,612 | Zijin Mining Group Co. Ltd., H-Shares (China) | 770,842 | ||||||
|
| |||||||
6,676,798 | ||||||||
|
| |||||||
Real Estate—14.4% | ||||||||
1,996,679 | AVIC International Holding HK Ltd. (China)(b) | 46,100 | ||||||
315,534 | Beijing Capital Land Ltd., H-Shares (China) | 106,662 | ||||||
260,546 | Beijing North Star Co. Ltd., H-Shares (China) | 68,798 | ||||||
588,150 | C C Land Holdings Ltd. (Hong Kong) | 139,546 | ||||||
3,089,284 | Carnival Group International Holdings Ltd. (Hong Kong)(b) | 55,958 | ||||||
245,836 | Central China Real Estate Ltd. (China) | 89,687 | ||||||
464,284 | China Aoyuan Property Group Ltd. (China) | 271,248 | ||||||
1,079,986 | China Electronics Optics Valley Union Holding Co. Ltd. (China) | 59,927 | ||||||
572,977 | China Logistics Property Holdings Co. Ltd. (China)(b)(c) | 190,033 | ||||||
506,150 | China Overseas Grand Oceans Group Ltd. (China) | 156,247 | ||||||
466,127 | China Overseas Property Holdings Ltd. (China) | 109,406 | ||||||
662,233 | China SCE Group Holdings Ltd. (China) | 225,548 | ||||||
1,558,052 | China South City Holdings Ltd. (China) | 228,558 | ||||||
131,106 | China Vast Industrial Urban Development Co. Ltd. (Hong Kong)(c) | 50,841 | ||||||
138,758 | Colour Life Services Group Co. Ltd. (China)(b) | 66,729 | ||||||
530,945 | Fantasia Holdings Group Co. Ltd. (China) | 52,828 | ||||||
621,830 | Future Land Development Holdings Ltd. (China) | 356,945 | ||||||
925,508 | Glorious Property Holdings Ltd. (Hong Kong)(b) | 44,862 | ||||||
210,968 | Greentown China Holdings Ltd. (China) | 146,397 | ||||||
686,284 | Ground International Development Ltd. (Hong Kong)(b) | 70,034 | ||||||
262,058 | Guorui Properties Ltd. (China) | 62,845 | ||||||
240,846 | Hopson Development Holdings Ltd. (China) | 184,642 | ||||||
358,273 | Jiayuan International Group Ltd. (China) | 628,854 | ||||||
1,283,093 | Joy City Property Ltd. (China) | 135,848 | ||||||
787,328 | Kaisa Group Holdings Ltd. (China) | 191,826 | ||||||
436,304 | KWG Group Holdings Ltd. (China) | 333,375 | ||||||
456,198 | Logan Property Holdings Co. Ltd. (China) | 421,317 | ||||||
339,856 | LVGEM China Real Estate Investment Co. Ltd. (China) | 95,375 | ||||||
563,025 | Mingfa Group International Co. Ltd. (Hong Kong)(b)(e) | 0 | ||||||
699,164 | Poly Property Group Co. Ltd. (China) | 208,695 | ||||||
561,904 | Powerlong Real Estate Holdings Ltd. (China) | 192,094 | ||||||
242,853 | Red Star Macalline Group Corp. Ltd., H-Shares (China)(c) | 214,371 | ||||||
321,306 | Redco Group (China)(c) | 145,501 | ||||||
7,622,197 | Renhe Commercial Holdings Co. Ltd. (China)(b) | 257,658 | ||||||
214,205 | Ronshine China Holdings Ltd. (China)(b) | 241,272 | ||||||
512,837 | Shanghai Industrial Urban Development Group Ltd. (China) | 76,539 | ||||||
1,158,839 | Shenzhen Investment Ltd. (China) | 332,601 | ||||||
1,249,532 | Shui On Land Ltd. (China) | 251,838 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco China Small Cap ETF (HAO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Real Estate (continued) | ||||||||
771,015 | Skyfame Realty Holdings Ltd. (China) | $ | 132,774 | |||||
677,379 | SOHO China Ltd. (China) | 229,843 | ||||||
191,897 | Times China Holdings Ltd. (China) | 167,188 | ||||||
13,117 | Xinyuan Real Estate Co. Ltd. ADR (China) | 54,173 | ||||||
236,699 | Yanlord Land Group Ltd. (China) | 215,367 | ||||||
2,244,190 | Yuexiu Property Co. Ltd. (China) | 354,976 | ||||||
638,267 | Yuzhou Properties Co. Ltd. (China) | 227,970 | ||||||
1,479,529 | Zall Smart Commerce Group Ltd. (China)(b) | 1,056,887 | ||||||
|
| |||||||
8,950,183 | ||||||||
|
| |||||||
Utilities—4.0% | ||||||||
713,596 | Beijing Jingneng Clean Energy Co. Ltd., H-Shares (China) | 133,810 | ||||||
837,074 | China Datang Corp. Renewable Power Co. Ltd., H-Shares (China) | 102,507 | ||||||
216,338 | China Everbright Greentech Ltd. (China)(c) | 155,643 | ||||||
1,604,849 | China Oil & Gas Group Ltd. (China)(b) | 110,547 | ||||||
148,959 | China Power Clean Energy Development Co. Ltd. (China) | 42,753 | ||||||
1,561,235 | China Power International Development Ltd. (China) | 308,686 | ||||||
308,223 | China Water Affairs Group Ltd. (Hong Kong) | 277,972 | ||||||
2,343,368 | Concord New Energy Group Ltd. (Hong Kong) | 92,666 | ||||||
1,049,879 | CT Environmental Group Ltd. (China) | 47,543 | ||||||
1,012,264 | Datang International Power Generation Co. Ltd., H-Shares (China) | 225,969 | ||||||
731,234 | Huadian Fuxin Energy Corp. Ltd., H-Shares (China) | 131,520 | ||||||
591,216 | Huadian Power International Corp. Ltd., H-Shares (China) | 223,985 | ||||||
1,730,229 | Huaneng Renewables Corp. Ltd., H-Shares (China) | 443,626 | ||||||
322,093 | Kangda International Environmental Co. Ltd. (China)(b)(c) | 35,745 | ||||||
337,184 | SIIC Enviornment Holdings Ltd. (Singapore) | 65,742 | ||||||
147,034 | Tianjin Development Holdings Ltd. (China) | 46,702 | ||||||
124,051 | Yunnan Water Investment Co. Ltd., H-Shares (China) | 33,230 | ||||||
|
| |||||||
2,478,646 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $87,157,509) | 62,125,874 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
182,162 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(f) (Cost $182,162) | 182,162 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $87,339,671)—100.3% | 62,308,036 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.3% | ||||||||
191,034 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(f)(g) (Cost $191,034) | $ | 191,034 | |||||
|
| |||||||
Total Investments in Securities (Cost $87,530,705)—100.6% | 62,499,070 | |||||||
Other assets less liabilities—(0.6)% | (363,597 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 62,135,473 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | Security 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 October 31, 2018 was $9,152,408, which represented 14.73% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at October 31, 2018. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
(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. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 90.5 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Schedule of Investments
Invesco DWA Developed Markets Momentum ETF (PIZ)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.1% | ||||||||
Australia—4.9% | ||||||||
83,059 | Aristocrat Leisure Ltd. | $ | 1,560,004 | |||||
41,345 | CSL Ltd. | 5,509,014 | ||||||
295,458 | Qantas Airways Ltd. | 1,145,450 | ||||||
91,458 | SEEK Ltd. | 1,157,700 | ||||||
81,814 | Woolworths Group Ltd. | 1,648,532 | ||||||
|
| |||||||
11,020,700 | ||||||||
|
| |||||||
Belgium—0.5% | ||||||||
7,423 | Ackermans & van Haaren NV | 1,169,918 | ||||||
|
| |||||||
Canada—14.1% | ||||||||
26,290 | Bank of Nova Scotia (The) | 1,414,345 | ||||||
76,331 | Canadian Apartment Properties REIT | 2,720,772 | ||||||
13,965 | Canadian Imperial Bank of Commerce | 1,208,864 | ||||||
53,828 | Canadian National Railway Co. | 4,612,833 | ||||||
27,103 | CGI Group, Inc., Class A(a) | 1,677,879 | ||||||
8,952 | Constellation Software, Inc. | 6,175,977 | ||||||
59,206 | Keyera Corp.(b) | 1,478,741 | ||||||
56,217 | Open Text Corp. | 1,902,367 | ||||||
46,293 | Parkland Fuel Corp. | 1,558,434 | ||||||
29,231 | Royal Bank of Canada | 2,135,037 | ||||||
77,598 | Toromont Industries Ltd. | 3,662,307 | ||||||
53,492 | Toronto-Dominion Bank (The) | 2,974,697 | ||||||
|
| |||||||
31,522,253 | ||||||||
|
| |||||||
Denmark—8.1% | ||||||||
15,622 | Coloplast A/S, Class B | 1,459,068 | ||||||
15,734 | DSV A/S | 1,265,468 | ||||||
75,586 | GN Store Nord A/S | 3,210,686 | ||||||
91,494 | Novo Nordisk A/S, Class B | 3,958,668 | ||||||
45,245 | Novozymes A/S, Class B | 2,236,586 | ||||||
82,081 | Royal Unibrew A/S | 5,831,320 | ||||||
|
| |||||||
17,961,796 | ||||||||
|
| |||||||
Finland—3.9% | ||||||||
43,317 | Elisa Oyj | 1,725,173 | ||||||
19,178 | Neste Oyj | 1,581,047 | ||||||
321,646 | Wartsila Oyj Abp | 5,486,657 | ||||||
|
| |||||||
8,792,877 | ||||||||
|
| |||||||
France—6.8% | ||||||||
11,503 | Airbus SE | 1,273,500 | ||||||
8,935 | Dassault Systemes SE | 1,122,223 | ||||||
7,900 | Ipsen SA | 1,097,404 | ||||||
3,827 | Kering SA | 1,706,720 | ||||||
4,374 | LVMH Moet Hennessy Louis Vuitton SE | 1,332,162 | ||||||
14,367 | Pernod Ricard SA | 2,194,345 | ||||||
14,742 | Safran SA | 1,905,024 | ||||||
9,298 | Teleperformance | 1,533,910 | ||||||
32,350 | Ubisoft Entertainment SA(a) | 2,914,005 | ||||||
|
| |||||||
15,079,293 | ||||||||
|
| |||||||
Germany—5.6% | ||||||||
16,984 | adidas AG | 4,002,692 | ||||||
9,265 | Hannover Rueck SE | 1,250,276 | ||||||
7,383 | MTU Aero Engines AG | 1,571,004 | ||||||
14,642 | Symrise AG | 1,230,323 | ||||||
23,173 | Wirecard AG | 4,342,768 | ||||||
|
| |||||||
12,397,063 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong—0.7% | ||||||||
173,819 | Link REIT | $ | 1,540,988 | |||||
|
| |||||||
Ireland—1.1% | ||||||||
13,023 | Kerry Group PLC, Class A | 1,335,391 | ||||||
26,514 | Kingspan Group PLC | 1,153,600 | ||||||
|
| |||||||
2,488,991 | ||||||||
|
| |||||||
Israel—1.2% | ||||||||
25,711 | Nice Ltd.(a) | 2,724,308 | ||||||
|
| |||||||
Japan—10.8% | ||||||||
110,600 | Asahi Intecc Co. Ltd. | 4,522,786 | ||||||
24,242 | CyberAgent, Inc. | 1,028,924 | ||||||
44,600 | Daifuku Co. Ltd. | 1,920,659 | ||||||
13,873 | Hikari Tsushin, Inc. | 2,424,133 | ||||||
2,491 | Keyence Corp. | 1,220,613 | ||||||
22,400 | Kikkoman Corp. | 1,232,591 | ||||||
61,400 | M3, Inc. | 989,103 | ||||||
49,182 | MISUMI Group, Inc. | 987,519 | ||||||
24,400 | Nissan Chemical Corp. | 1,154,543 | ||||||
14,761 | OBIC Co. Ltd. | 1,344,584 | ||||||
17,746 | Oriental Land Co. Ltd. | 1,669,167 | ||||||
44,484 | Pigeon Corp. | 1,888,072 | ||||||
5,110 | Ryohin Keikaku Co. Ltd. | 1,349,777 | ||||||
15,300 | SoftBank Group Corp. | 1,226,657 | ||||||
25,065 | Yamaha Corp. | 1,104,943 | ||||||
|
| |||||||
24,064,071 | ||||||||
|
| |||||||
New Zealand—3.5% | ||||||||
128,519 | Fisher & Paykel Healthcare Corp. Ltd. | 1,141,351 | ||||||
847,637 | Ryman Healthcare Ltd. | 6,697,433 | ||||||
|
| |||||||
7,838,784 | ||||||||
|
| |||||||
Norway—1.5% | ||||||||
60,875 | Aker BP ASA | 2,013,486 | ||||||
59,388 | Marine Harvest ASA | 1,441,431 | ||||||
|
| |||||||
3,454,917 | ||||||||
|
| |||||||
Singapore—0.6% | ||||||||
161,134 | Oversea-Chinese Banking Corp. Ltd. | 1,249,696 | ||||||
|
| |||||||
Sweden—4.1% | ||||||||
104,109 | Fabege AB | 1,331,591 | ||||||
49,659 | Hexagon AB, Class B | 2,437,392 | ||||||
28,719 | Investor AB, Class B | 1,246,521 | ||||||
126,193 | Nibe Industrier AB, Class B | 1,319,685 | ||||||
116,175 | Svenska Cellulosa AB SCA, Class B | 1,101,029 | ||||||
159,775 | Tele2 AB, Class B | 1,818,068 | ||||||
|
| |||||||
9,254,286 | ||||||||
|
| |||||||
Switzerland—9.8% | ||||||||
140,100 | ABB Ltd. | 2,827,349 | ||||||
772 | Givaudan SA | 1,875,701 | ||||||
33,798 | Logitech International SA | 1,252,263 | ||||||
4,751 | Lonza Group AG(a) | 1,495,816 | ||||||
3,179 | Partners Group Holding AG | 2,267,554 | ||||||
18,339 | Schindler Holding AG-PC | 3,872,357 | ||||||
11,891 | Sika AG | 1,527,306 | ||||||
12,803 | Sonova Holding AG | 2,094,377 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
1,753 | Straumann Holding AG | $ | 1,198,118 | |||||
16,680 | Temenos AG(a) | 2,296,630 | ||||||
7,830 | Vifor Pharma AG | 1,132,972 | ||||||
|
| |||||||
21,840,443 | ||||||||
|
| |||||||
United Arab Emirates—1.5% | ||||||||
72,415 | NMC Health PLC | 3,268,097 | ||||||
|
| |||||||
United Kingdom—21.4% | ||||||||
66,038 | Compass Group PLC | 1,299,452 | ||||||
85,520 | Croda International PLC | 5,266,965 | ||||||
40,203 | Diageo PLC | 1,391,339 | ||||||
308,744 | DS Smith PLC | 1,549,981 | ||||||
77,654 | Halma PLC | 1,317,673 | ||||||
101,142 | Hargreaves Lansdown PLC | 2,414,094 | ||||||
169,236 | Hiscox Ltd. | 3,520,407 | ||||||
96,207 | HomeServe PLC | 1,169,664 | ||||||
845,927 | Howden Joinery Group PLC | 5,070,421 | ||||||
117,526 | InterContinental Hotels Group PLC | 6,171,937 | ||||||
120,584 | Intermediate Capital Group PLC | 1,466,805 | ||||||
21,526 | Intertek Group PLC | 1,289,427 | ||||||
436,033 | Legal & General Group PLC | 1,401,210 | ||||||
1,952,787 | Melrose Industries PLC | 4,208,109 | ||||||
76,057 | Mondi PLC | 1,792,518 | ||||||
638,830 | Rightmove PLC | 3,690,741 | ||||||
56,014 | Spirax-Sarco Engineering PLC | 4,630,700 | ||||||
|
| |||||||
47,651,443 | ||||||||
|
| |||||||
Total Investments in Securities | ||||||||
(excluding investments purchased with cash collateral from securities on loan) (Cost $217,000,182)—100.1% | 223,319,924 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.3% | ||||||||
786,710 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(c)(d) (Cost $786,710) | 786,710 | ||||||
|
| |||||||
Total Investments in Securities (Cost $217,786,892)—100.4% | 224,106,634 | |||||||
Other assets less liabilities—(0.4)% | (924,290 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 223,182,344 | ||||||
|
|
Investment Abbreviations:
PC—Participation Certificate
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2018. |
(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 October 31, 2018. |
(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.
| 57 |
|
Schedule of Investments
Invesco DWA Emerging Markets Momentum ETF (PIE)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Brazil—3.2% | ||||||||
254,000 | Petroleo Brasileiro SA | $ | 2,073,302 | |||||
81,700 | Porto Seguro SA | 1,196,082 | ||||||
184,975 | Vale SA | 2,824,049 | ||||||
|
| |||||||
6,093,433 | ||||||||
|
| |||||||
Chile—0.9% | ||||||||
20,516 | Banco de Chile ADR(a) | 1,699,340 | ||||||
|
| |||||||
China—17.3% | ||||||||
1,354,451 | Alibaba Health Information Technology Ltd.(b) | 1,095,392 | ||||||
1,228,322 | Angang Steel Co. Ltd., H-Shares | 1,045,094 | ||||||
216,624 | Anhui Conch Cement Co. Ltd., H-Shares | 1,119,125 | ||||||
441,817 | BOC Hong Kong (Holdings) Ltd. | 1,651,305 | ||||||
1,306,410 | China Communications Services Corp. Ltd., H-Shares | 1,056,540 | ||||||
348,976 | China Conch Venture Holdings Ltd. | 979,344 | ||||||
1,148,342 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 931,634 | ||||||
1,934,096 | China Resources Cement Holdings Ltd. | 1,704,799 | ||||||
241,856 | China Resources Gas Group Ltd. | 925,540 | ||||||
597,025 | CNOOC Ltd. | 1,025,073 | ||||||
1,165,478 | Far East Horizon Ltd. | 1,129,887 | ||||||
1,620,134 | Guangdong Investment Ltd. | 2,893,318 | ||||||
514,502 | Longfor Group Holdings Ltd. | 1,249,600 | ||||||
165,497 | Ping An Insurance Group Co. of China Ltd., H-Shares | 1,559,042 | ||||||
1,100,734 | Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares | 984,278 | ||||||
457,909 | Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares | 1,011,683 | ||||||
477,573 | Shenzhou International Group Holdings Ltd. | 5,275,636 | ||||||
3,541,710 | Sinopec Shanghai Petrochemical Co. Ltd., H-Shares | 1,554,135 | ||||||
1,418,943 | Sinotruk Hong Kong Ltd. | 2,038,077 | ||||||
1,293,850 | TravelSky Technology Ltd., H-Shares | 3,135,846 | ||||||
1,009,456 | Weichai Power Co. Ltd., H-Shares | 997,944 | ||||||
|
| |||||||
33,363,292 | ||||||||
|
| |||||||
Colombia—0.8% | ||||||||
69,750 | Ecopetrol SA ADR | 1,622,385 | ||||||
|
| |||||||
India—1.2% | ||||||||
25,700 | HDFC Bank Ltd. ADR | 2,284,987 | ||||||
|
| |||||||
Indonesia—2.0% | ||||||||
13,691,842 | PT Adaro Energy Tbk | 1,486,041 | ||||||
698,433 | PT Bank Central Asia Tbk | 1,086,528 | ||||||
2,441,897 | PT Bank Danamon Indonesia Tbk | 1,192,638 | ||||||
|
| |||||||
3,765,207 | ||||||||
|
| |||||||
Malaysia—9.4% | ||||||||
1,460,500 | Dialog Group Bhd | 1,183,199 | ||||||
3,951,880 | Hartalega Holdings Bhd | 5,912,001 | ||||||
11,362,200 | Inari Amertron Bhd | 5,322,001 | ||||||
3,994,415 | Press Metal Aluminium Holdings Bhd | 4,620,138 | ||||||
326,400 | Tenaga Nasional Bhd | 1,146,632 | ||||||
|
| |||||||
18,183,971 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mexico—1.8% | ||||||||
498,281 | Grupo Aeroportuario del Centro Norte SAB de CV, Class B | $ | 2,615,293 | |||||
416,677 | Qualitas Controladora SAB de CV | 842,160 | ||||||
|
| |||||||
3,457,453 | ||||||||
|
| |||||||
Philippines—4.7% | ||||||||
2,504,549 | Ayala Land, Inc. | 1,856,001 | ||||||
194,715 | Manila Electric Co. | 1,338,495 | ||||||
226,877 | SM Investments Corp. | 3,816,266 | ||||||
3,194,886 | SM Prime Holdings, Inc. | 2,018,263 | ||||||
|
| |||||||
9,029,025 | ||||||||
|
| |||||||
South Africa—7.2% | ||||||||
519,460 | AVI Ltd. | 3,517,887 | ||||||
406,766 | Clicks Group Ltd. | 5,178,837 | ||||||
250,638 | Discovery Ltd. | 2,680,657 | ||||||
131,228 | Exxaro Resources Ltd. | 1,341,052 | ||||||
221,136 | Sappi Ltd. | 1,242,091 | ||||||
|
| |||||||
13,960,524 | ||||||||
|
| |||||||
Taiwan—28.3% | ||||||||
1,478,000 | Acer, Inc.(b) | 1,036,506 | ||||||
869,000 | Asia Cement Corp. | 919,748 | ||||||
692,000 | Cathay Financial Holding Co. Ltd. | 1,095,821 | ||||||
1,065,000 | Chailease Holding Co. Ltd. | 3,035,679 | ||||||
2,009,000 | Chang Hwa Commercial Bank Ltd. | 1,139,448 | ||||||
2,494,000 | Cheng Loong Corp. | 1,591,846 | ||||||
3,108,000 | China Development Financial Holding Corp. | 997,397 | ||||||
2,844,000 | China Life Insurance Co. Ltd. | 2,702,182 | ||||||
2,122,000 | CTBC Financial Holding Co. Ltd. | 1,416,130 | ||||||
3,287,199 | E.Sun Financial Holding Co. Ltd. | 2,177,797 | ||||||
1,145,000 | Elite Material Co. Ltd. | 2,290,518 | ||||||
174,000 | Feng TAY Enterprise Co. Ltd. | 1,045,923 | ||||||
1,785,000 | First Financial Holding Co. Ltd. | 1,127,775 | ||||||
454,000 | Formosa Chemicals & Fibre Corp. | 1,643,280 | ||||||
346,485 | Formosa Plastics Corp. | 1,130,950 | ||||||
1,614,030 | Grand Pacific Petrochemical | 1,087,565 | ||||||
1,126,050 | Great Wall Enterprise Co. Ltd. | 1,095,372 | ||||||
1,193,509 | International Csrc Investment Holdings Co. | 1,334,564 | ||||||
2,978,598 | Lien Hwa Industrial Corp. | 2,931,142 | ||||||
1,526,000 | Mega Financial Holding Co. Ltd. | 1,289,626 | ||||||
443,000 | Nan Ya Plastics Corp. | 1,100,950 | ||||||
372,740 | President Chain Store Corp. | 4,204,061 | ||||||
297,000 | Realtek Semiconductor Corp. | 1,190,188 | ||||||
2,862,000 | Shin Kong Financial Holding Co. Ltd. | 938,800 | ||||||
2,712,000 | Taishin Financial Holding Co. Ltd. | 1,205,119 | ||||||
56,301 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(b) | 5,459 | ||||||
3,067,000 | Taiwan Business Bank | 1,011,001 | ||||||
1,907,000 | Taiwan Cooperative Financial Holding Co. Ltd. | 1,072,352 | ||||||
2,052,000 | Taiwan High Speed Rail Corp. | 2,035,885 | ||||||
516,680 | Taiwan Semiconductor Manufacturing Co. Ltd. | 3,907,285 | ||||||
420,000 | Tripod Technology Corp. | 1,013,929 | ||||||
1,932,000 | Uni-President Enterprises Corp. | 4,676,560 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
3,362,000 | Waterland Financial Holdings Co. Ltd. | $ | 1,091,947 | |||||
|
| |||||||
54,542,805 | ||||||||
|
| |||||||
Thailand—21.2% | ||||||||
1,228,015 | Airports of Thailand PCL NVDR | 2,370,828 | ||||||
3,661,078 | Bangchak Corp. PCL NVDR | 3,644,512 | ||||||
219,004 | Bangkok Bank PCL (Foreign Shares) | 1,367,536 | ||||||
6,836,663 | Bangkok Dusit Medical Services PCL NVDR | 5,052,737 | ||||||
603,689 | Berli Jucker PCL NVDR | 1,015,254 | ||||||
472,765 | Central Pattana PCL NVDR | 1,126,650 | ||||||
298,232 | Electricity Generating PCL NVDR | 2,078,178 | ||||||
2,913,417 | Home Product Center PCL NVDR | 1,309,500 | ||||||
919,905 | Indorama Ventures PCL NVDR | 1,505,425 | ||||||
298,705 | Kasikornbank PCL NVDR | 1,797,636 | ||||||
674,298 | Kiatnakin Bank PCL NVDR | 1,449,283 | ||||||
3,128,299 | Land & Houses PCL NVDR | 971,990 | ||||||
2,095,487 | Minor International PCL NVDR | 2,307,248 | ||||||
1,668,619 | Muangthai Capital PCL NVDR | 2,630,025 | ||||||
337,469 | PTT Exploration & Production PCL NVDR | 1,420,118 | ||||||
939,593 | PTT PCL NVDR | 1,445,528 | ||||||
1,738,036 | Siam Global House PCL NVDR | 980,431 | ||||||
1,487,419 | Supalai PCL NVDR | 982,639 | ||||||
445,909 | Thai Oil PCL NVDR | 1,139,994 | ||||||
675,201 | Thanachart Capital PCL NVDR | 1,074,415 | ||||||
2,161,132 | Tisco Financial Group PCL NVDR | 5,133,911 | ||||||
|
| |||||||
40,803,838 | ||||||||
|
| |||||||
United Kingdom—2.0% | ||||||||
160,923 | Mondi Ltd. | 3,845,696 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $202,141,077)-100.0% | 192,651,956 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.8% | ||||||||
1,588,020 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(c)(d) (Cost $1,588,020) | 1,588,020 | ||||||
|
| |||||||
Total Investments in Securities (Cost $203,729,097)-100.8% | 194,239,976 | |||||||
Other assets less liabilities—(0.8)% | (1,580,001 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 192,659,975 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
NVDR—Non-voting Depositary Receipt
Rts.—Rights
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2018. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
(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.
| 59 |
|
Schedule of Investments
Invesco Emerging Markets Infrastructure ETF (PXR)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Australia—0.5% | ||||||||
2,383 | CIMIC Group Ltd. | $ | 79,870 | |||||
|
| |||||||
Brazil—10.7% | ||||||||
76,587 | Cia Siderurgica Nacional SA ADR(a) | 192,999 | ||||||
128,111 | Gerdau SA (Preference Shares) ADR | 557,283 | ||||||
53,200 | Iochpe-Maxion SA | 277,565 | ||||||
10,600 | Magnesita Refratarios SA(a) | 160,092 | ||||||
39,444 | Vale SA ADR | 595,604 | ||||||
17,868 | WEG SA | 86,586 | ||||||
|
| |||||||
1,870,129 | ||||||||
|
| |||||||
Chile—0.5% | ||||||||
8,982 | CAP SA | 87,361 | ||||||
|
| |||||||
China—22.8% | ||||||||
457,261 | Angang Steel Co. Ltd., H-Shares | 389,052 | ||||||
28,763 | Anhui Conch Cement Co. Ltd., H-Shares | 148,596 | ||||||
983,743 | BBMG Corp., H-Shares | 271,052 | ||||||
543,400 | China Communications Construction Co. Ltd., H-Shares | 496,999 | ||||||
306,081 | China Machinery Engineering Corp., H-Shares | 139,387 | ||||||
445,278 | China Molybdenum Co. Ltd., H-Shares | 165,288 | ||||||
474,639 | China National Building Material Co. Ltd., H-Shares | 339,054 | ||||||
231,903 | China Railway Construction Corp. Ltd., H-Shares | 293,451 | ||||||
476,819 | China Railway Group Ltd., H-Shares | 425,764 | ||||||
142,962 | Dongfang Electric Corp. Ltd., H-Shares(a) | 76,775 | ||||||
92,700 | Huaxin Cement Co. Ltd., Class B | 188,830 | ||||||
146,541 | Jiangxi Copper Co. Ltd., H-Shares | 161,506 | ||||||
199,229 | Lonking Holdings Ltd. | 44,728 | ||||||
1,214,358 | Metallurgical Corp. of China Ltd., H-Shares | 294,318 | ||||||
1,042,855 | Shanghai Electric Group Co. Ltd., H-Shares | 339,220 | ||||||
273,470 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 203,723 | ||||||
|
| |||||||
3,977,743 | ||||||||
|
| |||||||
France—1.0% | ||||||||
3,894 | Alstom SA | 170,527 | ||||||
|
| |||||||
Germany—1.8% | ||||||||
3,580 | HeidelbergCement AG | 243,379 | ||||||
439 | HOCHTIEF AG | 65,161 | ||||||
|
| |||||||
308,540 | ||||||||
|
| |||||||
India—4.0% | ||||||||
27,151 | Larsen & Toubro Ltd. GDR(b) | 476,772 | ||||||
22,192 | Mahindra & Mahindra Ltd. GDR(b) | 229,687 | ||||||
|
| |||||||
706,459 | ||||||||
|
| |||||||
Indonesia—5.1% | ||||||||
1,031,678 | Aneka Tambang Tbk | 46,146 | ||||||
221,304 | PT Indocement Tunggal Prakarsa Tbk | 251,838 | ||||||
1,121,193 | PT PP Persero Tbk | 98,088 | ||||||
357,975 | PT Semen Indonesia (Persero) Tbk | 211,924 | ||||||
37,330 | PT United Tractors Tbk | 82,260 | ||||||
255,942 | PT Vale Indonesia Tbk(a) | 49,160 | ||||||
566,118 | PT Waskita Karya Persero Tbk | 53,623 | ||||||
1,326,634 | PT Wijaya Karya Persero Tbk | 95,991 | ||||||
|
| |||||||
889,030 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia—4.1% | ||||||||
478,474 | Dialog Group Bhd | $ | 387,627 | |||||
257,284 | Gamuda Bhd | 146,949 | ||||||
298,814 | IJM Corp. Bhd | 116,398 | ||||||
199,233 | Sunway Bhd | 65,229 | ||||||
|
| |||||||
716,203 | ||||||||
|
| |||||||
Mexico—4.4% | ||||||||
35,625 | Cemex SAB de CV-PC ADR(a) | 179,550 | ||||||
11,643 | Grupo Carso SAB de CV, Series A1 | 34,369 | ||||||
19,600 | Grupo Cementos de Chihuahua SAB de CV | 105,951 | ||||||
125,100 | Impulsora del Desarrollo y el Empleo en America Latina SAB de CV(a) | 208,181 | ||||||
27,041 | Promotora y Operadora de Infraestructura SAB de CV | 246,842 | ||||||
|
| |||||||
774,893 | ||||||||
|
| |||||||
Netherlands—1.3% | ||||||||
7,754 | OCI NV(a) | 220,872 | ||||||
|
| |||||||
Philippines—0.8% | ||||||||
1,546,094 | Metro Pacific Investments Corp. | 138,702 | ||||||
|
| |||||||
Poland—2.2% | ||||||||
16,719 | KGHM Polska Miedz SA(a) | 379,200 | ||||||
|
| |||||||
Russia—2.6% | ||||||||
8,080 | Evraz PLC | 56,061 | ||||||
3,352 | Magnitogorsk Iron & Steel Works PJSC GDR(b) | 31,643 | ||||||
14,712 | MMC Norilsk Nickel PJSC ADR | 243,925 | ||||||
2,338 | Novolipetsk Steel PJSC GDR(b) | 56,486 | ||||||
4,697 | Severstal PJSC GDR(b) | 72,850 | ||||||
|
| |||||||
460,965 | ||||||||
|
| |||||||
Singapore—0.7% | ||||||||
99,908 | Sembcorp Marine Ltd. | 115,434 | ||||||
|
| |||||||
South Africa—6.1% | ||||||||
10,509 | African Rainbow Minerals Ltd. | 88,883 | ||||||
4,966 | Assore Ltd. | 103,630 | ||||||
669,444 | PPC Ltd.(a) | 269,297 | ||||||
67,880 | Reunert Ltd. | 366,608 | ||||||
22,166 | Wilson Bayly Holmes-Ovcon Ltd. | 229,702 | ||||||
|
| |||||||
1,058,120 | ||||||||
|
| |||||||
Spain—1.4% | ||||||||
6,674 | ACS Actividades de Construccion y Servicios SA | 250,377 | ||||||
|
| |||||||
Sweden—2.2% | ||||||||
15,788 | Atlas Copco AB, Class A | 391,431 | ||||||
|
| |||||||
Switzerland—2.4% | ||||||||
21,114 | ABB Ltd. | 426,568 | ||||||
|
| |||||||
Taiwan—16.2% | ||||||||
269,234 | Asia Cement Corp. | 284,957 | ||||||
307,845 | China Steel Corp. | 242,750 | ||||||
357,000 | Chung Hung Steel Corp.(a) | 135,564 | ||||||
251,000 | CTCI Corp. | 354,075 | ||||||
24,000 | King Slide Works Co. Ltd. | 249,362 | ||||||
62,000 | Run Long Construction Co. Ltd. | 107,598 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco Emerging Markets Infrastructure ETF (PXR) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
375,160 | TA Chen Stainless Pipe | $ | 526,191 | |||||
493,630 | Taiwan Cement Corp. | 553,565 | ||||||
318,000 | Tung Ho Steel Enterprise Corp. | 215,302 | ||||||
83,000 | United Integrated Services Co. Ltd. | 148,334 | ||||||
|
| |||||||
2,817,698 | ||||||||
|
| |||||||
Thailand—5.3% | ||||||||
178,148 | CH Karnchang PCL NVDR | 137,037 | ||||||
710,527 | Italian-Thai Development PCL NVDR(a) | 58,728 | ||||||
7,328 | Siam Cement PCL (The) NVDR | 92,401 | ||||||
10,632 | Siam City Cement PCL NVDR | 76,974 | ||||||
314,337 | Sino-Thai Engineering & Construction PCL NVDR(a) | 235,160 | ||||||
5,636,168 | Super Energy Corp. PCL NVDR(a) | 119,014 | ||||||
255,978 | Tipco Asphalt PCL NVDR | 112,739 | ||||||
222,800 | Unique Engineering & Construction PCL NVDR | 84,684 | ||||||
|
| |||||||
916,737 | ||||||||
|
| |||||||
Turkey—0.6% | ||||||||
27,230 | Tekfen Holding AS | 103,219 | ||||||
|
| |||||||
United States—3.2% | ||||||||
8,812 | Caesarstone Ltd. | 139,141 | ||||||
3,480 | Caterpillar, Inc. | 422,194 | ||||||
|
| |||||||
561,335 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $18,137,785)-99.9% | 17,421,413 | |||||||
Other assets less liabilities—0.1% | 24,311 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 17,445,724 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
PC—Participation Certificate
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 October 31, 2018 was $867,438, which represented 4.97% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Schedule of Investments
Invesco Frontier Markets ETF (FRN)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Argentina—16.5% | ||||||||
30,705 | Adecoagro SA(a) | $ | 245,640 | |||||
6,246 | Banco Macro SA ADR | 279,134 | ||||||
15,624 | BBVA Banco Frances SA ADR | 171,395 | ||||||
18,996 | Central Puerto SA ADR | 181,982 | ||||||
10,132 | Cresud S.A.C.I.F.y A. ADR | 120,368 | ||||||
8,670 | Despegar.com Corp.(a) | 139,327 | ||||||
30,849 | Grupo Financiero Galicia SA, Class B ADR | 711,378 | ||||||
17,773 | Grupo Supervielle SA ADR | 148,227 | ||||||
6,375 | IRSA Inversiones y Representaciones SA ADR | 85,234 | ||||||
15,686 | Loma Negra Cia Industrial Argentina SA ADR(a) | 141,331 | ||||||
13,513 | MercadoLibre, Inc. | 4,384,968 | ||||||
20,905 | Pampa Energia SA ADR(a) | 692,164 | ||||||
13,383 | Telecom Argentina SA ADR | 242,366 | ||||||
12,628 | Transportadora de Gas del Sur SA ADR | 183,485 | ||||||
52,952 | YPF SA ADR(a) | 794,280 | ||||||
|
| |||||||
8,521,279 | ||||||||
|
| |||||||
Kazakhstan—4.5% | ||||||||
45,840 | Halyk Savings Bank of Kazakhstan JSC GDR | 522,576 | ||||||
269,237 | KAZ Minerals PLC | 1,784,763 | ||||||
|
| |||||||
2,307,339 | ||||||||
|
| |||||||
Kenya—10.3% | ||||||||
462,475 | East African Breweries Ltd. | 788,155 | ||||||
3,175,300 | Equity Group Holdings Ltd./Kenya | 1,220,671 | ||||||
2,579,845 | KCB Group Ltd. | 966,494 | ||||||
10,278,187 | Safaricom PLC | 2,340,528 | ||||||
|
| |||||||
5,315,848 | ||||||||
|
| |||||||
Kuwait—16.0% | ||||||||
292,550 | Agility Public Warehousing Co. KSC | 799,133 | ||||||
239,899 | Boubyan Bank KSCP | 415,293 | ||||||
148,619 | Boubyan Petrochemicals Co. KSCP | 498,413 | ||||||
500,053 | Gulf Bank KSCP | 427,888 | ||||||
22,100 | Humansoft Holding Co. KSC | 221,836 | ||||||
913,062 | Kuwait Finance House KSCP | 1,763,921 | ||||||
152,811 | Kuwait International Bank KSCP | 119,694 | ||||||
767,814 | Mobile Telecommunications Co. KSC | 1,127,020 | ||||||
1,019,311 | National Bank of Kuwait SAKP | 2,757,524 | ||||||
25,808 | National Gulf Holding(a)(b) | 0 | ||||||
323,249 | National Industries Group Holding SAK | 164,896 | ||||||
|
| |||||||
8,295,618 | ||||||||
|
| |||||||
Morocco—10.5% | ||||||||
36,201 | Attijariwafa Bank | 1,577,118 | ||||||
34,911 | Banque Centrale Populaire | 991,427 | ||||||
22,917 | BMCE Bank | 439,868 | ||||||
1,448 | Ciments du Maroc | 222,494 | ||||||
28,468 | Cosumar | 497,272 | ||||||
2,989 | Lafargeholcim Maroc SA | 490,856 | ||||||
68,157 | Maroc Telecom | 985,251 | ||||||
13,389 | Societe d’Exploitation des Ports | 233,880 | ||||||
|
| |||||||
5,438,166 | ||||||||
|
| |||||||
Nigeria—9.7% | ||||||||
13,934,665 | Access Bank PLC | 303,261 | ||||||
1,327,684 | Dangote Cement PLC | 764,424 | ||||||
31,069,393 | FBN Holdings PLC | 684,725 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Nigeria (continued) | ||||||||
150,664 | Guaranty Trust Bank PLC | $ | 15,564 | |||||
233,270 | Nestle Nigeria PLC | 886,812 | ||||||
3,225,649 | Nigerian Breweries PLC | 732,213 | ||||||
1,733,187 | United Bank For Africa PLC | 37,720 | ||||||
24,729,641 | Zenith Bank PLC | 1,600,955 | ||||||
|
| |||||||
5,025,674 | ||||||||
|
| |||||||
Oman—4.7% | ||||||||
1,514,814 | Bank Muscat SAOG | 1,652,954 | ||||||
385,460 | Oman Telecommunications Co. SAOG | 801,164 | ||||||
|
| |||||||
2,454,118 | ||||||||
|
| |||||||
Panama—5.7% | ||||||||
32,367 | Banco Latinoamericano de Comercio Exterior SA, Class E | 555,418 | ||||||
32,785 | Copa Holdings SA, Class A | 2,374,617 | ||||||
|
| |||||||
2,930,035 | ||||||||
|
| |||||||
Romania—10.6% | ||||||||
4,065,301 | Banca Transilvania SA | 2,291,423 | ||||||
235,481 | BRD-Groupe Societe Generale SA | 746,033 | ||||||
13,397,890 | OMV Petrom SA | 1,267,852 | ||||||
149,037 | Societatea Energetica Electrica SA | 391,059 | ||||||
97,675 | Societatea Nationala de Gaze Naturale ROMGAZ SA | 808,026 | ||||||
|
| |||||||
5,504,393 | ||||||||
|
| |||||||
South Korea—0.6% | ||||||||
112,506 | Nostrum Oil & Gas PLC(a) | 296,134 | ||||||
|
| |||||||
Uruguay—0.5% | ||||||||
37,704 | Arcos Dorados Holdings, Inc., Class A | 271,846 | ||||||
|
| |||||||
Vietnam—10.4% | ||||||||
102,234 | Bank for Foreign Trade of Vietnam JSC | 243,482 | ||||||
54,434 | FLC Faros Construction JSC(a) | 88,953 | ||||||
369,665 | Hoa Phat Group JSC(a) | 637,340 | ||||||
164,615 | Masan Group Corp.(a) | 585,254 | ||||||
132,151 | No Va Land Investment Group Corp.(a) | 402,473 | ||||||
27,190 | PetroVietnam Gas JSC | 121,127 | ||||||
22,780 | Saigon Beer Alcohol Beverage Corp. | 217,110 | ||||||
118,960 | Saigon Securities, Inc. | 145,990 | ||||||
228,874 | Vietnam Dairy Products JSC | 1,138,218 | ||||||
339,379 | Vincom Retail JSC(a) | 433,209 | ||||||
328,766 | Vingroup JSC(a) | 1,368,831 | ||||||
|
| |||||||
5,381,987 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $52,558,258)—100.0% | 51,742,437 | |||||||
Other assets less liabilities—(0.0)% | (1,096 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 51,741,341 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Schedule of Investments
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Australia—42.7% | ||||||||
6,899 | AGL Energy Ltd. | $ | 88,014 | |||||
11,356 | Amcor Ltd. | 107,046 | ||||||
31,402 | AMP Ltd. | 54,973 | ||||||
11,239 | APA Group | 76,470 | ||||||
1,057 | ASX Ltd. | 44,327 | ||||||
25,154 | Aurizon Holdings Ltd. | 74,877 | ||||||
30,312 | Australia & New Zealand Banking Group Ltd. | 557,070 | ||||||
5,798 | Bank of Queensland Ltd. | 39,655 | ||||||
7,564 | Bendigo & Adelaide Bank Ltd. | 54,843 | ||||||
656,750 | BGP Holdings PLC(a)(b) | 0 | ||||||
40,320 | BHP Billiton Ltd. | 920,459 | ||||||
4,286 | BlueScope Steel Ltd. | 43,652 | ||||||
8,242 | Boral Ltd. | 32,771 | ||||||
14,711 | Brambles Ltd. | 110,729 | ||||||
4,535 | Caltex Australia Ltd. | 90,833 | ||||||
3,792 | Challenger Ltd. | 27,575 | ||||||
1,073 | CIMIC Group Ltd. | 35,963 | ||||||
8,650 | Coca-Cola Amatil Ltd. | 60,755 | ||||||
14,398 | Commonwealth Bank of Australia | 706,463 | ||||||
2,695 | Computershare Ltd. | 37,762 | ||||||
4,362 | Crown Resorts Ltd. | 38,675 | ||||||
1,132 | CSL Ltd. | 150,833 | ||||||
8,819 | Dexus REIT | 63,755 | ||||||
10,278 | Downer EDI Ltd. | 50,409 | ||||||
24,594 | Fortescue Metals Group Ltd. | 69,724 | ||||||
11,798 | Goodman Group REIT | 86,796 | ||||||
16,924 | GPT Group (The) REIT | 61,894 | ||||||
5,463 | GrainCorp Ltd., Class A | 31,904 | ||||||
2,815 | Iluka Resources Ltd. | 16,081 | ||||||
21,688 | Incitec Pivot Ltd. | 59,948 | ||||||
22,767 | Insurance Australia Group Ltd. | 110,210 | ||||||
9,391 | LendLease Group | 117,143 | ||||||
3,127 | Macquarie Group Ltd. | 259,746 | ||||||
24,293 | Medibank Private Ltd. | 48,037 | ||||||
21,979 | Metcash Ltd. | 42,838 | ||||||
49,846 | Mirvac Group REIT | 76,662 | ||||||
26,985 | National Australia Bank Ltd. | 482,157 | ||||||
4,105 | Newcrest Mining Ltd. | 59,963 | ||||||
7,354 | Oil Search Ltd. | 40,498 | ||||||
5,446 | Orica Ltd. | 66,235 | ||||||
25,504 | Origin Energy Ltd.(a) | 131,774 | ||||||
9,614 | Qantas Airways Ltd. | 37,272 | ||||||
24,938 | QBE Insurance Group Ltd. | 200,079 | ||||||
727 | Ramsay Health Care Ltd. | 28,968 | ||||||
4,197 | Rio Tinto Ltd. | 227,261 | ||||||
17,017 | Santos Ltd. | 80,084 | ||||||
57,057 | Scentre Group REIT | 160,948 | ||||||
3,818 | Sonic Healthcare Ltd. | 61,020 | ||||||
25,950 | South32 Ltd. | 66,579 | ||||||
8,019 | Star Entertainment Group Ltd. (The) | 26,940 | ||||||
37,539 | Stockland REIT | 96,047 | ||||||
15,781 | Suncorp Group Ltd. | 156,699 | ||||||
11,897 | Tabcorp Holdings Ltd. | 38,956 | ||||||
100,178 | Telstra Corp. Ltd. | 218,684 | ||||||
9,718 | Transurban Group | 78,106 | ||||||
2,504 | Treasury Wine Estates Ltd. | 26,834 | ||||||
34,616 | Vicinity Centres REIT | 65,015 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
10,564 | Wesfarmers Ltd. | $ | 349,055 | |||||
29,909 | Westpac Banking Corp. | 569,166 | ||||||
14,977 | Woodside Petroleum Ltd. | 369,931 | ||||||
12,857 | Woolworths Group Ltd. | 259,065 | ||||||
7,175 | WorleyParsons Ltd. | 74,194 | ||||||
2,904 | WorleyParsons Ltd. Rts. expiring 11/12/18(a) | 0 | ||||||
|
| |||||||
8,420,422 | ||||||||
|
| |||||||
China—1.1% | ||||||||
33,392 | BOC Hong Kong (Holdings) Ltd. | 124,803 | ||||||
13,668 | China Mengniu Dairy Co. Ltd.(a) | 40,275 | ||||||
30,760 | Semiconductor Manufacturing International Corp.(a) | 25,387 | ||||||
47,294 | Want Want China Holdings Ltd. | 33,784 | ||||||
|
| |||||||
224,249 | ||||||||
|
| |||||||
Hong Kong—15.0% | ||||||||
61,269 | AIA Group Ltd. | 463,851 | ||||||
5,400 | Bank of East Asia Ltd. (The) | 17,496 | ||||||
12,725 | Cathay Pacific Airways Ltd. | 16,167 | ||||||
25,465 | CK Asset Holdings Ltd. | 165,340 | ||||||
28,683 | CK Hutchison Holdings Ltd. | 288,864 | ||||||
13,133 | CLP Holdings Ltd. | 147,255 | ||||||
6,654 | Galaxy Entertainment Group Ltd. | 35,989 | ||||||
3,598 | Hang Lung Group Ltd. | 8,849 | ||||||
29,794 | Hang Lung Properties Ltd. | 53,968 | ||||||
4,926 | Hang Seng Bank Ltd. | 115,368 | ||||||
13,588 | Henderson Land Development Co. Ltd. | 63,265 | ||||||
46,486 | Hong Kong & China Gas Co. Ltd. | 88,710 | ||||||
2,419 | Hong Kong Exchanges & Clearing Ltd. | 64,182 | ||||||
10,506 | Hongkong Land Holdings Ltd. | 62,195 | ||||||
72,219 | Hutchison Port Holdings Trust | 17,694 | ||||||
1,239 | Jardine Matheson Holdings Ltd. | 71,503 | ||||||
1,080 | Jardine Strategic Holdings Ltd. | 36,180 | ||||||
9,000 | Kerry Properties Ltd. | 28,299 | ||||||
88,765 | Li & Fung Ltd. | 17,551 | ||||||
18,500 | Link REIT | 164,011 | ||||||
16,313 | MTR Corp. Ltd. | 79,074 | ||||||
93,309 | New World Development Co. Ltd. | 118,312 | ||||||
49,820 | Noble Group Ltd.(a) | 2,950 | ||||||
40,372 | PCCW Ltd. | 22,144 | ||||||
8,967 | Power Assets Holdings Ltd. | 59,880 | ||||||
21,530 | Sino Land Co. Ltd. | 33,781 | ||||||
18,879 | Sun Hung Kai Properties Ltd. | 245,398 | ||||||
8,610 | Swire Pacific Ltd., Class A | 89,347 | ||||||
15,000 | Swire Pacific Ltd., Class B | 24,147 | ||||||
13,400 | Swire Properties Ltd. | 45,724 | ||||||
6,000 | Techtronic Industries Co. Ltd. | 28,089 | ||||||
74,347 | WH Group Ltd.(c) | 52,066 | ||||||
40,388 | Wharf Holdings Ltd. (The) | 100,772 | ||||||
13,388 | Wharf Real Estate Investment Co. Ltd. | 82,913 | ||||||
4,471 | Wheelock & Co. Ltd. | 23,868 | ||||||
9,698 | Yue Yuen Industrial Holdings Ltd. | 26,535 | ||||||
|
| |||||||
2,961,737 | ||||||||
|
| |||||||
India—0.1% | ||||||||
60,011 | Golden Agri-Resources Ltd. | 11,051 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Ireland—0.1% | ||||||||
1,824 | James Hardie Industries PLC | $ | 24,291 | |||||
|
| |||||||
Macau—0.7% | ||||||||
18,879 | Sands China Ltd. | 74,414 | ||||||
43,333 | SJM Holdings Ltd. | 34,990 | ||||||
10,114 | Wynn Macau Ltd. | 20,874 | ||||||
|
| |||||||
130,278 | ||||||||
|
| |||||||
New Zealand—0.6% | ||||||||
14,449 | Fletcher Building Ltd.(a) | 56,989 | ||||||
27,164 | Spark New Zealand Ltd. | 70,065 | ||||||
|
| |||||||
127,054 | ||||||||
|
| |||||||
Singapore—7.0% | ||||||||
20,951 | Ascendas Real Estate Investment Trust REIT | 38,126 | ||||||
29,902 | CapitaLand Ltd. | 67,802 | ||||||
22,394 | CapitaLand Mall Trust REIT | 34,121 | ||||||
4,030 | City Developments Ltd. | 23,020 | ||||||
31,299 | ComfortDelGro Corp. Ltd. | 50,854 | ||||||
14,581 | DBS Group Holdings Ltd. | 247,018 | ||||||
35,096 | Genting Singapore Ltd. | 22,303 | ||||||
1,116 | Jardine Cycle & Carriage Ltd. | 24,394 | ||||||
24,395 | Keppel Corp. Ltd. | 109,221 | ||||||
21,921 | Oversea-Chinese Banking Corp. Ltd. | 170,011 | ||||||
16,132 | Sembcorp Industries Ltd. | 32,851 | ||||||
5,963 | Singapore Airlines Ltd. | 40,821 | ||||||
25,940 | Singapore Press Holdings Ltd. | 49,640 | ||||||
16,466 | Singapore Technologies Engineering Ltd. | 42,211 | ||||||
89,249 | Singapore Telecommunications Ltd. | 203,659 | ||||||
9,383 | United Overseas Bank Ltd. | 165,192 | ||||||
23,976 | Wilmar International Ltd. | 54,711 | ||||||
|
| |||||||
1,375,955 | ||||||||
|
| |||||||
South Korea—32.6% | ||||||||
5,092 | BNK Financial Group, Inc. | 33,915 | ||||||
144 | CJ CheilJedang Corp. | 40,942 | ||||||
27 | CJ CheilJedang Corp. (Preference Shares) | 2,808 | ||||||
374 | CJ Corp. | 35,774 | ||||||
659 | Daelim Industrial Co. Ltd. | 43,951 | ||||||
753 | DB Insurance Co. Ltd. | 47,445 | ||||||
333 | Doosan Corp. | 34,920 | ||||||
3,582 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 34,420 | ||||||
3,890 | Doosan Infracore Co. Ltd.(a) | 26,285 | ||||||
273 | E-MART, Inc. | 48,992 | ||||||
990 | GS Holdings Corp. | 42,135 | ||||||
4,188 | Hana Financial Group, Inc. | 140,758 | ||||||
1,005 | Hankook Tire Co. Ltd. | �� | 36,512 | |||||
1,088 | Hanwha Chemical Corp. | 15,419 | ||||||
1,059 | Hanwha Corp. | 26,114 | ||||||
489 | Hanwha Corp. (Preference Shares) | 5,729 | ||||||
6,854 | Hanwha Life Insurance Co. Ltd. | 26,976 | ||||||
66 | Hyosung Advanced Materials Corp.(a) | 6,052 | ||||||
47 | Hyosung Chemical Corp.(a) | 5,362 | ||||||
204 | Hyosung Corp. | 9,184 | ||||||
138 | Hyosung Heavy Industries Corp.(a) | 5,129 | ||||||
64 | Hyosung TNC Co. Ltd.(a) | 9,800 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
1,888 | Hyundai Engineering & Construction Co. Ltd. | $ | 75,798 | |||||
341 | Hyundai Glovis Co. Ltd. | 34,113 | ||||||
898 | Hyundai Heavy Industries Co. Ltd.(a) | 98,110 | ||||||
1,082 | Hyundai Marine & Fire Insurance Co. Ltd. | 39,689 | ||||||
1,098 | Hyundai Mobis Co. Ltd. | 183,072 | ||||||
2,430 | Hyundai Motor Co. | 227,103 | ||||||
649 | Hyundai Motor Co. (2nd Preference Shares) | 40,322 | ||||||
390 | Hyundai Motor Co. (Preference Shares) | 22,793 | ||||||
2,097 | Hyundai Steel Co. | 76,828 | ||||||
5,426 | Industrial Bank of Korea | 70,709 | ||||||
4,670 | KB Financial Group, Inc. | 194,250 | ||||||
5,029 | Kia Motors Corp. | 125,333 | ||||||
7,386 | Korea Electric Power Corp. | 175,649 | ||||||
1,151 | Korea Gas Corp.(a) | 52,624 | ||||||
80 | Korea Zinc Co. Ltd. | 26,607 | ||||||
1,809 | Korean Air Lines Co. Ltd. | 43,576 | ||||||
1,041 | KT&G Corp. | 92,722 | ||||||
5,984 | Kumho Tire Co., Inc.(a) | 26,361 | ||||||
395 | LG Chem Ltd. | 120,280 | ||||||
64 | LG Chem Ltd. (Preference Shares) | 11,204 | ||||||
848 | LG Corp. | 49,337 | ||||||
5,803 | LG Display Co. Ltd. | 84,024 | ||||||
2,085 | LG Electronics, Inc. | 115,818 | ||||||
331 | LG Electronics, Inc. (Preference Shares) | 7,480 | ||||||
3,919 | LG Uplus Corp. | 55,541 | ||||||
133 | Lotte Chemical Corp. | 30,637 | ||||||
294 | Lotte Shopping Co. Ltd. | 49,922 | ||||||
465 | LS Corp. | 20,607 | ||||||
250 | NAVER Corp. | 25,120 | ||||||
1,353 | POSCO | 306,326 | ||||||
1,663 | POSCO Daewoo Corp. | 25,976 | ||||||
390 | Samsung C&T Corp. | 37,133 | ||||||
554 | Samsung Electro-Mechanics Co. Ltd. | 57,367 | ||||||
43,542 | Samsung Electronics Co. Ltd. | 1,620,096 | ||||||
7,778 | Samsung Electronics Co. Ltd. (Preference Shares) | 244,012 | ||||||
448 | Samsung Fire & Marine Insurance Co. Ltd. | 109,489 | ||||||
37 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 5,779 | ||||||
7,438 | Samsung Heavy Industries Co. Ltd.(a) | 45,429 | ||||||
878 | Samsung Life Insurance Co. Ltd. | 70,884 | ||||||
368 | Samsung SDI Co. Ltd. | 76,051 | ||||||
5,550 | Shinhan Financial Group Co. Ltd. | 207,233 | ||||||
336 | SK Holdings Co. Ltd. | 77,104 | ||||||
3,484 | SK Hynix, Inc. | 208,511 | ||||||
1,162 | SK Innovation Co. Ltd. | 217,706 | ||||||
5,999 | SK Networks Co. Ltd. | 22,400 | ||||||
373 | SK Telecom Co. Ltd. | 87,722 | ||||||
520 | S-Oil Corp. | 56,584 | ||||||
6,877 | Woori Bank | 95,049 | ||||||
|
| |||||||
6,425,102 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States—0.1% | ||||||||
752 | OneMarket Ltd.(a) | $ | 437 | |||||
2,073 | Sims Metal Management Ltd. | 16,573 | ||||||
|
| |||||||
17,010 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $20,031,369)—100.0% | 19,717,149 | |||||||
Other assets less liabilities—(0.0)% | (6,498 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 19,710,651 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Rts.—Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2018 represented less than 1% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Schedule of Investments
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.5% | ||||||||
Australia—5.7% | ||||||||
52,364 | AGL Energy Ltd. | $ | 668,034 | |||||
86,192 | Amcor Ltd. | 812,478 | ||||||
238,317 | AMP Ltd. | 417,201 | ||||||
85,298 | APA Group | 580,367 | ||||||
8,060 | ASX Ltd. | 338,010 | ||||||
190,882 | Aurizon Holdings Ltd. | 568,208 | ||||||
230,460 | Australia & New Zealand Banking Group Ltd. | 4,235,367 | ||||||
43,965 | Bank of Queensland Ltd. | 300,696 | ||||||
57,404 | Bendigo & Adelaide Bank Ltd. | 416,208 | ||||||
231,466 | BGP Holdings PLC(a)(b) | 0 | ||||||
309,513 | BHP Billiton Ltd. | 7,065,821 | ||||||
203,850 | BHP Billiton PLC | 4,069,571 | ||||||
32,501 | BlueScope Steel Ltd. | 331,014 | ||||||
62,551 | Boral Ltd. | 248,708 | ||||||
111,641 | Brambles Ltd. | 840,313 | ||||||
34,393 | Caltex Australia Ltd. | 688,867 | ||||||
28,744 | Challenger Ltd. | 209,020 | ||||||
8,161 | CIMIC Group Ltd. | 273,530 | ||||||
65,644 | Coca-Cola Amatil Ltd. | 461,064 | ||||||
110,664 | Commonwealth Bank of Australia | 5,429,923 | ||||||
20,430 | Computershare Ltd. | 286,265 | ||||||
33,089 | Crown Resorts Ltd. | 293,382 | ||||||
8,640 | CSL Ltd. | 1,151,237 | ||||||
66,940 | Dexus REIT | 483,926 | ||||||
78,009 | Downer EDI Ltd. | 382,599 | ||||||
186,656 | Fortescue Metals Group Ltd. | 529,170 | ||||||
89,527 | Goodman Group REIT | 658,634 | ||||||
128,457 | GPT Group (The) REIT | 469,786 | ||||||
164,612 | Incitec Pivot Ltd. | 455,008 | ||||||
172,785 | Insurance Australia Group Ltd. | 836,411 | ||||||
71,247 | LendLease Group | 888,735 | ||||||
23,730 | Macquarie Group Ltd. | 1,971,144 | ||||||
184,365 | Medibank Private Ltd. | 364,566 | ||||||
166,797 | Metcash Ltd. | 325,098 | ||||||
378,281 | Mirvac Group REIT | 581,791 | ||||||
205,076 | National Australia Bank Ltd. | 3,664,213 | ||||||
31,143 | Newcrest Mining Ltd. | 454,916 | ||||||
55,813 | Oil Search Ltd. | 307,361 | ||||||
41,319 | Orica Ltd. | 502,528 | ||||||
193,585 | Origin Energy Ltd.(a) | 1,000,212 | ||||||
72,962 | Qantas Airways Ltd. | 282,864 | ||||||
189,273 | QBE Insurance Group Ltd. | 1,518,546 | ||||||
5,549 | Ramsay Health Care Ltd. | 221,105 | ||||||
31,832 | Rio Tinto Ltd. | 1,723,655 | ||||||
91,205 | Rio Tinto PLC | 4,432,490 | ||||||
129,152 | Santos Ltd. | 607,802 | ||||||
432,995 | Scentre Group REIT | 1,221,403 | ||||||
29,009 | Sonic Healthcare Ltd. | 463,631 | ||||||
196,952 | South32 Ltd. | 505,315 | ||||||
60,864 | Star Entertainment Group Ltd. (The) | 204,471 | ||||||
284,893 | Stockland REIT | 728,924 | ||||||
119,750 | Suncorp Group Ltd. | 1,189,068 | ||||||
90,266 | Tabcorp Holdings Ltd. | 295,569 | ||||||
760,261 | Telstra Corp. Ltd. | 1,659,611 | ||||||
73,731 | Transurban Group | 592,593 | ||||||
19,009 | Treasury Wine Estates Ltd. | 203,706 | ||||||
262,708 | Vicinity Centres REIT | 493,415 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Australia (continued) |
| |||||||
80,289 | Wesfarmers Ltd. | $ | 2,652,903 | |||||
227,393 | Westpac Banking Corp. | 4,327,274 | ||||||
113,824 | Woodside Petroleum Ltd. | 2,811,445 | ||||||
97,694 | Woolworths Group Ltd. | 1,968,511 | ||||||
54,442 | WorleyParsons Ltd. | 562,966 | ||||||
22,041 | WorleyParsons Ltd. Rts. expiring 11/12/18(a) | 0 | ||||||
|
| |||||||
72,228,649 | ||||||||
|
| |||||||
Austria—0.3% | ||||||||
5,678 | ANDRITZ AG | 294,395 | ||||||
25,459 | Erste Group Bank AG(a) | 1,038,467 | ||||||
17,349 | OMV AG | 965,762 | ||||||
13,188 | Raiffeisen Bank International AG | 360,118 | ||||||
12,536 | voestalpine AG | 445,861 | ||||||
|
| |||||||
3,104,603 | ||||||||
|
| |||||||
Belgium—0.7% | ||||||||
29,929 | Ageas | 1,499,207 | ||||||
43,168 | Anheuser-Busch InBev SA/NV | 3,186,094 | ||||||
7,544 | bpost SA | 114,625 | ||||||
5,923 | Colruyt SA | 344,411 | ||||||
17,212 | KBC Group NV | 1,187,675 | ||||||
19,055 | Proximus SADP | 486,860 | ||||||
7,021 | Solvay SA | 800,685 | ||||||
5,829 | UCB SA | 489,925 | ||||||
9,716 | Umicore SA | 457,852 | ||||||
|
| |||||||
8,567,334 | ||||||||
|
| |||||||
Brazil—0.0% | ||||||||
111,882 | Yamana Gold, Inc. | 254,732 | ||||||
|
| |||||||
Canada—7.3% | ||||||||
10,948 | Agnico Eagle Mines Ltd. | 387,650 | ||||||
25,279 | Alimentation Couche-Tard, Inc., Class B | 1,210,197 | ||||||
12,922 | AltaGas Ltd.(c) | 162,847 | ||||||
54,284 | ARC Resources Ltd.(c) | 506,775 | ||||||
7,557 | Atco Ltd., Class I | 220,855 | ||||||
60,293 | Bank of Montreal | 4,519,048 | ||||||
109,831 | Bank of Nova Scotia (The) | 5,908,669 | ||||||
73,207 | Barrick Gold Corp. | 919,234 | ||||||
134,360 | Baytex Energy Corp.(a) | 275,217 | ||||||
28,910 | BCE, Inc. | 1,121,618 | ||||||
24,723 | BlackBerry Ltd.(a) | 228,734 | ||||||
171,978 | Bombardier, Inc., Class B(a) | 417,750 | ||||||
60,550 | Brookfield Asset Management, Inc., Class A | 2,476,867 | ||||||
45,415 | Cameco Corp. | 487,608 | ||||||
9,704 | Canadian Apartment Properties REIT | 345,893 | ||||||
37,176 | Canadian Imperial Bank of Commerce | 3,218,098 | ||||||
30,464 | Canadian National Railway Co. | 2,610,637 | ||||||
91,632 | Canadian Natural Resources Ltd. | 2,520,272 | ||||||
4,846 | Canadian Pacific Railway Ltd. | 996,211 | ||||||
5,241 | Canadian Tire Corp. Ltd., Class A | 591,206 | ||||||
10,986 | Canadian Utilities Ltd., Class A | 261,255 | ||||||
14,223 | Capital Power Corp. | 295,886 | ||||||
27,843 | Celestica, Inc.(a) | 289,614 | ||||||
235,573 | Cenovus Energy, Inc. | 1,998,312 | ||||||
12,957 | CGI Group, Inc., Class A(a) | 802,135 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Canada (continued) |
| |||||||
20,549 | CI Financial Corp. | $ | 304,656 | |||||
32,811 | Cominar Real Estate Investment Trust REIT | 273,081 | ||||||
182,462 | Crescent Point Energy Corp. | 864,202 | ||||||
24,845 | Empire Co. Ltd., Class A | 453,103 | ||||||
85,397 | Enbridge, Inc. | 2,667,417 | ||||||
63,990 | Encana Corp. | 654,883 | ||||||
26,950 | Enerplus Corp. | 251,390 | ||||||
1,814 | Fairfax Financial Holdings Ltd. | 883,621 | ||||||
14,863 | Finning International, Inc. | 309,427 | ||||||
31,962 | Fortis, Inc. | 1,058,707 | ||||||
4,523 | Franco-Nevada Corp. | 283,176 | ||||||
7,422 | George Weston Ltd. | 541,143 | ||||||
24,090 | Gibson Energy, Inc. | 382,285 | ||||||
9,003 | Gildan Activewear, Inc. | 269,764 | ||||||
76,098 | Goldcorp, Inc. | 688,982 | ||||||
22,864 | Great-West Lifeco, Inc. | 525,963 | ||||||
36,783 | H&R Real Estate Investment Trust REIT | 557,662 | ||||||
56,636 | Husky Energy, Inc. | 802,586 | ||||||
33,594 | Hydro One Ltd.(d) | 489,873 | ||||||
9,342 | IGM Financial, Inc. | 229,984 | ||||||
28,100 | Imperial Oil Ltd. | 879,857 | ||||||
9,029 | Industrial Alliance Insurance & Financial Services, Inc. | 319,977 | ||||||
9,086 | Intact Financial Corp. | 719,615 | ||||||
32,480 | Inter Pipeline Ltd. | 528,040 | ||||||
12,809 | Keyera Corp. | 319,920 | ||||||
82,771 | Kinross Gold Corp.(a) | 215,554 | ||||||
20,203 | Loblaw Cos. Ltd. | 1,012,881 | ||||||
38,685 | Magna International, Inc. | 1,909,138 | ||||||
187,913 | Manulife Financial Corp. | 2,966,257 | ||||||
5,193 | Methanex Corp. | 337,105 | ||||||
18,820 | Metro, Inc. | 592,008 | ||||||
27,460 | National Bank of Canada | 1,249,579 | ||||||
9,749 | Onex Corp. | 642,510 | ||||||
7,225 | Open Text Corp. | 244,492 | ||||||
11,836 | Parkland Fuel Corp. | 398,454 | ||||||
28,340 | Pembina Pipeline Corp. | 918,878 | ||||||
42,176 | Power Corp. of Canada | 872,906 | ||||||
27,478 | Power Financial Corp. | 593,186 | ||||||
33,169 | RioCan Real Estate Investment Trust REIT | 606,172 | ||||||
30,337 | Rogers Communications, Inc., Class B | 1,565,997 | ||||||
109,181 | Royal Bank of Canada | 7,974,599 | ||||||
11,998 | Saputo, Inc. | 366,449 | ||||||
45,071 | Shaw Communications, Inc., Class B | 841,188 | ||||||
10,672 | SmartCentres Real Estate Investment Trust REIT | 244,442 | ||||||
13,877 | SNC-Lavalin Group, Inc. | 496,645 | ||||||
53,806 | Sun Life Financial, Inc. | 1,975,243 | ||||||
144,784 | Suncor Energy, Inc. | 4,868,579 | ||||||
40,151 | Teck Resources Ltd., Class B | 831,912 | ||||||
18,177 | TELUS Corp. | 623,963 | ||||||
24,451 | Thomson Reuters Corp. | 1,140,767 | ||||||
132,985 | Toronto-Dominion Bank (The) | 7,395,313 | ||||||
24,901 | Tourmaline Oil Corp. | 364,058 | ||||||
58,906 | TransCanada Corp. | 2,226,609 | ||||||
10,090 | Vermilion Energy, Inc. | 268,222 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Canada (continued) |
| |||||||
3,740 | West Fraser Timber Co. Ltd. | $ | 188,360 | |||||
20,264 | Wheaton Precious Metals Corp. | 333,914 | ||||||
6,394 | WSP Global, Inc. | 319,980 | ||||||
|
| |||||||
92,617,262 | ||||||||
|
| |||||||
Chile—0.0% | ||||||||
34,285 | Antofagasta PLC | 343,802 | ||||||
38,897 | Lundin Mining Corp. | 160,238 | ||||||
|
| |||||||
504,040 | ||||||||
|
| |||||||
China—0.1% | ||||||||
255,559 | BOC Hong Kong (Holdings) Ltd. | 955,160 | ||||||
100,674 | China Mengniu Dairy Co. Ltd.(a) | 296,652 | ||||||
234,757 | Semiconductor Manufacturing International Corp.(a) | 193,749 | ||||||
355,947 | Want Want China Holdings Ltd. | 254,267 | ||||||
|
| |||||||
1,699,828 | ||||||||
|
| |||||||
Denmark—0.7% | ||||||||
591 | AP Moller—Maersk A/S, Class A | 703,668 | ||||||
881 | AP Moller—Maersk A/S, Class B | 1,119,061 | ||||||
6,468 | Carlsberg A/S, Class B | 713,723 | ||||||
3,852 | Coloplast A/S, Class B | 359,770 | ||||||
48,760 | Danske Bank A/S | 935,627 | ||||||
5,593 | DSV A/S | 449,839 | ||||||
3,923 | FLSmidth & Co. A/S | 206,079 | ||||||
18,852 | ISS A/S | 620,126 | ||||||
5,467 | Jyske Bank A/S | 223,588 | ||||||
55,544 | Novo Nordisk A/S, Class B | 2,403,220 | ||||||
5,236 | Novozymes A/S, Class B | 258,830 | ||||||
7,019 | Orsted A/S(d) | 446,103 | ||||||
3,644 | Pandora A/S | 228,058 | ||||||
10,299 | Vestas Wind Systems A/S | 646,122 | ||||||
|
| |||||||
9,313,814 | ||||||||
|
| |||||||
Finland—1.1% | ||||||||
9,490 | Elisa Oyj | 377,955 | ||||||
49,266 | Fortum Oyj | 1,037,988 | ||||||
7,733 | Kesko Oyj, Class B | 452,288 | ||||||
17,539 | Kone Oyj, Class B | 854,917 | ||||||
10,025 | Metso Oyj | 317,025 | ||||||
7,506 | Neste Oyj | 618,800 | ||||||
443,956 | Nokia Oyj | 2,515,121 | ||||||
9,316 | Nokian Renkaat Oyj | 296,398 | ||||||
369,867 | Nordea Bank Abp | 3,220,862 | ||||||
31,011 | Outokumpu Oyj | 130,358 | ||||||
31,557 | Sampo Oyj, Class A | 1,453,824 | ||||||
39,528 | Stora Enso Oyj, Class R | 595,893 | ||||||
42,249 | UPM-Kymmene Oyj | 1,359,993 | ||||||
21,382 | Wartsila Oyj Abp | 364,736 | ||||||
|
| |||||||
13,596,158 | ||||||||
|
| |||||||
France—9.7% | ||||||||
8,676 | Accor SA | 397,342 | ||||||
73,979 | Air France-KLM(a) | 717,515 | ||||||
24,742 | Air Liquide SA | 2,999,628 | ||||||
25,242 | Airbus SE | 2,794,548 | ||||||
11,448 | Alstom SA | 501,335 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
France (continued) |
| |||||||
5,831 | Arkema SA | $ | 612,980 | |||||
4,815 | Atos SE | 413,428 | ||||||
285,780 | AXA SA | 7,168,996 | ||||||
134,604 | BNP Paribas SA | 7,035,424 | ||||||
68,133 | Bollore SA | 288,875 | ||||||
28,912 | Bouygues SA | 1,056,141 | ||||||
13,125 | Bureau Veritas SA | 296,682 | ||||||
8,389 | Capgemini SE | 1,026,556 | ||||||
132,853 | Carrefour SA | 2,581,573 | ||||||
22,439 | Casino Guichard Perrachon SA(c) | 991,555 | ||||||
63,900 | Cie de Saint-Gobain | 2,406,638 | ||||||
15,911 | Cie Generale des Etablissements Michelin SCA | 1,635,856 | ||||||
23,253 | CNP Assurances | 519,032 | ||||||
3,286 | Covivio REIT | 330,434 | ||||||
144,394 | Credit Agricole SA | 1,853,324 | ||||||
34,071 | Danone SA | 2,415,846 | ||||||
2,106 | Dassault Systemes SE | 264,511 | ||||||
10,414 | Edenred | 395,640 | ||||||
8,301 | Eiffage SA | 812,818 | ||||||
126,886 | Electricite de France SA | 2,110,516 | ||||||
12,507 | Elior Group SA(d) | 180,397 | ||||||
420,001 | Engie SA | 5,603,510 | ||||||
7,351 | Essilorluxottica SA | 1,005,732 | ||||||
4,495 | Eurazeo SE | 328,757 | ||||||
19,540 | Eutelsat Communications SA | 396,524 | ||||||
6,841 | Faurecia SA | 332,604 | ||||||
2,323 | Gecina SA REIT | 341,380 | ||||||
21,677 | Getlink SE | 272,997 | ||||||
631 | Hermes International | 361,052 | ||||||
2,968 | ICADE REIT | 251,881 | ||||||
2,425 | Imerys SA | 149,747 | ||||||
2,269 | Kering SA | 1,011,902 | ||||||
15,873 | Klepierre SA REIT | 539,547 | ||||||
20,932 | Lagardere SCA | 573,714 | ||||||
11,516 | Legrand SA | 753,403 | ||||||
9,398 | L’Oreal SA | 2,117,967 | ||||||
9,344 | LVMH Moet Hennessy Louis Vuitton SE | 2,845,843 | ||||||
79,828 | Natixis SA | 467,260 | ||||||
9,752 | Neopost SA | 313,806 | ||||||
4,409 | Nexity SA | 211,414 | ||||||
315,206 | Orange SA | 4,935,730 | ||||||
9,338 | Pernod Ricard SA | 1,426,240 | ||||||
65,632 | Peugeot SA | 1,563,881 | ||||||
13,409 | Publicis Groupe SA | 778,492 | ||||||
26,375 | Renault SA | 1,974,448 | ||||||
51,933 | Rexel SA | 663,157 | ||||||
3,825 | Rubis SCA | 198,060 | ||||||
12,583 | Safran SA | 1,626,029 | ||||||
112,497 | Sanofi | 10,049,314 | ||||||
38,019 | Schneider Electric SE | 2,755,231 | ||||||
22,238 | SCOR SE | 1,029,791 | ||||||
132,780 | Societe Generale SA | 4,886,496 | ||||||
7,056 | Sodexo SA | 720,491 | ||||||
69,486 | Suez | 1,006,577 | ||||||
2,303 | Teleperformance | 379,931 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
France (continued) |
| |||||||
5,473 | Thales SA | $ | 700,733 | |||||
325,818 | Total SA | 19,181,965 | ||||||
9,355 | Unibail—Rodamco-Westfield REIT | 1,698,916 | ||||||
16,835 | Valeo SA | 544,588 | ||||||
45,856 | Vallourec SA(a)(c) | 217,856 | ||||||
78,909 | Veolia Environnement SA | 1,575,365 | ||||||
36,039 | Vinci SA | 3,220,984 | ||||||
126,748 | Vivendi SA | 3,064,675 | ||||||
2,412 | Wendel SA | 313,192 | ||||||
|
| |||||||
124,198,772 | ||||||||
|
| |||||||
Germany—8.5% | ||||||||
6,460 | Aareal Bank AG | 240,885 | ||||||
6,768 | adidas AG | 1,595,044 | ||||||
52,945 | Allianz SE | 11,064,427 | ||||||
5,186 | Aurubis AG | 315,423 | ||||||
85,524 | BASF SE | 6,592,306 | ||||||
57,635 | Bayer AG | 4,426,258 | ||||||
49,463 | Bayerische Motoren Werke AG | 4,272,236 | ||||||
8,443 | Bayerische Motoren Werke AG (Preference Shares) | 638,075 | ||||||
2,925 | Beiersdorf AG | 302,915 | ||||||
6,854 | Bilfinger SE | 299,143 | ||||||
12,528 | Brenntag AG | 655,376 | ||||||
23,704 | Ceconomy AG | 121,344 | ||||||
149,738 | Commerzbank AG(a) | 1,414,799 | ||||||
7,199 | Continental AG | 1,190,488 | ||||||
6,508 | Covestro AG(d) | 421,196 | ||||||
140,810 | Daimler AG | 8,353,760 | ||||||
338,673 | Deutsche Bank AG | 3,319,676 | ||||||
7,370 | Deutsche Boerse AG | 934,012 | ||||||
32,991 | Deutsche Lufthansa AG | 663,877 | ||||||
15,443 | Deutsche Pfandbriefbank AG(d) | 205,598 | ||||||
78,483 | Deutsche Post AG | 2,485,457 | ||||||
441,621 | Deutsche Telekom AG | 7,252,985 | ||||||
14,671 | Deutsche Wohnen SE | 672,233 | ||||||
527,839 | E.ON SE | 5,117,067 | ||||||
15,728 | Evonik Industries AG | 488,285 | ||||||
13,136 | Freenet AG | 296,038 | ||||||
11,035 | Fresenius Medical Care AG & Co. KGaA | 866,722 | ||||||
24,477 | Fresenius SE & Co. KGaA | 1,560,850 | ||||||
9,926 | GEA Group AG | 302,085 | ||||||
6,506 | Hannover Rueck SE | 877,960 | ||||||
13,651 | HeidelbergCement AG | 928,035 | ||||||
5,330 | Henkel AG & Co. KGaA | 522,991 | ||||||
8,214 | Henkel AG & Co. KGaA (Preference Shares) | 898,857 | ||||||
2,165 | HOCHTIEF AG | 321,350 | ||||||
5,219 | HUGO BOSS AG | 373,608 | ||||||
31,001 | Infineon Technologies AG | 622,076 | ||||||
22,370 | Innogy SE(d) | 988,506 | ||||||
26,087 | K+S AG | 486,818 | ||||||
3,454 | KION Group AG | 202,331 | ||||||
7,752 | LANXESS AG | 480,979 | ||||||
3,351 | LEG Immobilien AG | 367,003 | ||||||
4,072 | Leoni AG | 148,933 | ||||||
2,987 | MAN SE | 311,367 | ||||||
6,142 | Merck KGaA | 658,479 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Germany (continued) |
| |||||||
53,736 | METRO AG | $ | 809,778 | |||||
2,344 | MTU Aero Engines AG | 498,772 | ||||||
23,896 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 5,142,963 | ||||||
5,040 | OSRAM Licht AG | 204,553 | ||||||
7,075 | Porsche Automobil Holding SE (Preference Shares) | 451,159 | ||||||
24,912 | ProSiebenSat.1 Media SE | 576,386 | ||||||
2,785 | Rheinmetall AG | 241,525 | ||||||
148,647 | RWE AG | 2,900,268 | ||||||
9,713 | RWE AG (Preference Shares) | 161,778 | ||||||
5,916 | Salzgitter AG | 237,156 | ||||||
33,189 | SAP SE | 3,559,668 | ||||||
64,579 | Siemens AG | 7,442,975 | ||||||
14,156 | Suedzucker AG | 218,938 | ||||||
4,060 | Symrise AG | 341,149 | ||||||
7,219 | Talanx AG | 258,635 | ||||||
75,515 | Telefonica Deutschland Holding AG | 293,906 | ||||||
53,447 | thyssenkrupp AG | 1,124,867 | ||||||
41,268 | TUI AG | 684,965 | ||||||
58,312 | Uniper SE | 1,685,455 | ||||||
4,980 | Volkswagen AG | 822,689 | ||||||
32,059 | Volkswagen AG (Preference Shares) | 5,403,623 | ||||||
23,877 | Vonovia SE | 1,093,515 | ||||||
|
| |||||||
108,412,576 | ||||||||
|
| |||||||
Hong Kong—1.7% | ||||||||
466,262 | AIA Group Ltd. | 3,529,945 | ||||||
194,140 | CK Asset Holdings Ltd. | 1,260,521 | ||||||
219,051 | CK Hutchison Holdings Ltd. | 2,206,046 | ||||||
100,211 | CLP Holdings Ltd. | 1,123,625 | ||||||
52,098 | Galaxy Entertainment Group Ltd. | 281,776 | ||||||
222,454 | Hang Lung Properties Ltd. | 402,945 | ||||||
37,264 | Hang Seng Bank Ltd. | 872,729 | ||||||
102,508 | Henderson Land Development Co. Ltd. | 477,274 | ||||||
353,551 | Hong Kong & China Gas Co. Ltd. | 674,685 | ||||||
18,291 | Hong Kong Exchanges & Clearing Ltd. | 485,309 | ||||||
79,913 | Hongkong Land Holdings Ltd. | 473,085 | ||||||
9,560 | Jardine Matheson Holdings Ltd. | 551,708 | ||||||
8,454 | Jardine Strategic Holdings Ltd. | 283,209 | ||||||
67,088 | Kerry Properties Ltd. | 210,950 | ||||||
669,947 | Li & Fung Ltd. | 132,461 | ||||||
139,204 | Link REIT | 1,234,109 | ||||||
123,966 | MTR Corp. Ltd. | 600,902 | ||||||
711,487 | New World Development Co. Ltd. | 902,133 | ||||||
66,373 | Power Assets Holdings Ltd. | 443,226 | ||||||
165,172 | Sino Land Co. Ltd. | 259,154 | ||||||
145,203 | Sun Hung Kai Properties Ltd. | 1,887,413 | ||||||
66,483 | Swire Pacific Ltd., Class A | 689,899 | ||||||
118,710 | Swire Pacific Ltd., Class B | 191,101 | ||||||
101,858 | Swire Properties Ltd. | 347,565 | ||||||
43,900 | Techtronic Industries Co. Ltd. | 205,517 | ||||||
564,371 | WH Group Ltd.(d) | 395,234 | ||||||
310,468 | Wharf Holdings Ltd. (The) | 774,645 | ||||||
102,721 | Wharf Real Estate Investment Co. Ltd. | 636,159 | ||||||
37,333 | Wheelock & Co. Ltd. | 199,299 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Hong Kong (continued) |
| |||||||
73,965 | Yue Yuen Industrial Holdings Ltd. | $ | 202,381 | |||||
|
| |||||||
21,935,005 | ||||||||
|
| |||||||
Ireland—0.4% | ||||||||
40,388 | AIB Group PLC | 195,494 | ||||||
93,135 | Bank of Ireland Group PLC | 661,124 | ||||||
66,709 | CRH PLC | 2,002,226 | ||||||
13,863 | James Hardie Industries PLC | 184,619 | ||||||
4,415 | Kerry Group PLC, Class A | 452,719 | ||||||
3,151 | Paddy Power Betfair PLC | 270,560 | ||||||
20,778 | Smurfit Kappa Group PLC | 681,249 | ||||||
|
| |||||||
4,447,991 | ||||||||
|
| |||||||
Israel—0.4% | ||||||||
82,483 | Bank Hapoalim BM | 558,426 | ||||||
107,805 | Bank Leumi Le-Israel BM | 672,514 | ||||||
351,905 | Bezeq The Israeli Telecommunication Corp. Ltd. | 404,452 | ||||||
76,928 | Israel Chemicals Ltd. | 443,521 | ||||||
151,898 | Teva Pharmaceutical Industries Ltd. | 3,030,451 | ||||||
|
| |||||||
5,109,364 | ||||||||
|
| |||||||
Italy—2.9% | ||||||||
171,821 | A2A SpA | 277,324 | ||||||
255,378 | Assicurazioni Generali SpA | 4,132,002 | ||||||
36,084 | Atlantia SpA | 726,117 | ||||||
296,990 | Banco BPM SpA(a) | 558,934 | ||||||
89,135 | BPER Banca SpA | 339,139 | ||||||
1,198,523 | Enel SpA | 5,885,511 | ||||||
544,878 | Eni SpA | 9,696,472 | ||||||
89,109 | Hera SpA | 246,354 | ||||||
1,479,744 | Intesa Sanpaolo SpA | 3,274,445 | ||||||
69,304 | Leonardo SpA | 753,053 | ||||||
7,199 | Luxottica Group SpA | 452,867 | ||||||
47,443 | Mediobanca Banca di Credito Finanziario SpA | 416,711 | ||||||
28,434 | Pirelli & C SpA(a)(d) | 209,218 | ||||||
91,501 | Poste Italiane SpA(d) | 658,337 | ||||||
16,291 | Prysmian SpA | 316,748 | ||||||
112,564 | Saipem SpA(a) | 616,659 | ||||||
231,436 | Snam SpA | 958,183 | ||||||
27,458 | Societa Cattolica di Assicurazioni SCRL | 222,290 | ||||||
2,236,633 | Telecom Italia SpA(a) | 1,315,765 | ||||||
1,177,660 | Telecom Italia SpA-RSP | 596,186 | ||||||
112,329 | Terna Rete Elettrica Nazionale SpA | 581,007 | ||||||
271,909 | Unicredit SpA | 3,486,305 | ||||||
167,213 | Unione di Banche Italiane SpA | 511,544 | ||||||
158,996 | Unipol Gruppo SpA | 640,975 | ||||||
174,625 | UnipolSai Assicurazioni SpA | 382,065 | ||||||
|
| |||||||
37,254,211 | ||||||||
|
| |||||||
Japan—22.0% | ||||||||
85,891 | Aeon Co. Ltd. | 1,971,181 | ||||||
26,020 | AGC, Inc. | 855,383 | ||||||
14,414 | Air Water, Inc. | 233,858 | ||||||
21,729 | Aisin Seiki Co. Ltd. | 853,911 | ||||||
41,484 | Ajinomoto Co., Inc. | 671,397 | ||||||
24,508 | Alfresa Holdings Corp. | 654,748 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Japan (continued) |
| |||||||
15,177 | Alps Electric Co. Ltd. | $ | 360,413 | |||||
24,589 | Amada Holdings Co. Ltd. | 231,826 | ||||||
11,179 | ANA Holdings, Inc. | 375,919 | ||||||
10,610 | Aozora Bank Ltd. | 366,186 | ||||||
19,000 | Asahi Group Holdings Ltd. | 836,401 | ||||||
110,868 | Asahi Kasei Corp. | 1,333,108 | ||||||
127,418 | Astellas Pharma, Inc. | 1,972,436 | ||||||
13,514 | Bandai Namco Holdings, Inc. | 480,782 | ||||||
6,853 | Bank of Kyoto Ltd. (The) | 309,085 | ||||||
16,302 | Bic Camera, Inc. | 215,665 | ||||||
62,443 | Bridgestone Corp. | 2,414,061 | ||||||
19,081 | Brother Industries Ltd. | 350,155 | ||||||
92,598 | Canon, Inc. | 2,643,664 | ||||||
17,890 | Casio Computer Co. Ltd. | 270,280 | ||||||
14,008 | Central Japan Railway Co. | 2,687,282 | ||||||
55,089 | Chiba Bank Ltd. (The) | 349,508 | ||||||
67,724 | Chubu Electric Power Co., Inc. | 977,259 | ||||||
5,698 | Chugai Pharmaceutical Co. Ltd. | 334,746 | ||||||
21,341 | Chugoku Bank Ltd. (The) | 192,505 | ||||||
42,230 | Chugoku Electric Power Co., Inc. (The) | 543,334 | ||||||
128,558 | Concordia Financial Group Ltd. | 590,076 | ||||||
15,322 | Cosmo Energy Holdings Co. Ltd. | 569,543 | ||||||
19,807 | Credit Saison Co. Ltd. | 315,389 | ||||||
34,760 | Dai Nippon Printing Co. Ltd. | 780,795 | ||||||
34,167 | Daicel Corp. | 361,788 | ||||||
4,698 | Daido Steel Co. Ltd. | 193,573 | ||||||
177,598 | Dai-ichi Life Holdings, Inc. | 3,361,387 | ||||||
34,698 | Daiichi Sankyo Co. Ltd. | 1,326,367 | ||||||
11,551 | Daikin Industries Ltd. | 1,343,378 | ||||||
4,948 | Daito Trust Construction Co. Ltd. | 653,274 | ||||||
53,563 | Daiwa House Industry Co. Ltd. | 1,617,972 | ||||||
193,166 | Daiwa Securities Group, Inc. | 1,107,253 | ||||||
8,697 | Denka Co. Ltd. | 283,594 | ||||||
42,223 | Denso Corp. | 1,889,381 | ||||||
17,897 | Dentsu, Inc. | 830,980 | ||||||
12,226 | DIC Corp. | 361,293 | ||||||
5,061 | Don Quijote Holdings Co. Ltd. | 303,153 | ||||||
28,483 | East Japan Railway Co. | 2,492,310 | ||||||
8,966 | Ebara Corp. | 262,175 | ||||||
16,378 | Eisai Co. Ltd. | 1,365,765 | ||||||
23,387 | Electric Power Development Co. Ltd. | 637,234 | ||||||
4,300 | Familymart UNY Holdings Co. Ltd. | 499,898 | ||||||
6,139 | FANUC Corp. | 1,073,529 | ||||||
1,464 | Fast Retailing Co. Ltd. | 740,335 | ||||||
11,231 | Fuji Electric Co. Ltd. | 344,329 | ||||||
38,877 | FUJIFILM Holdings Corp. | 1,685,571 | ||||||
46,106 | Fujikura Ltd. | 198,960 | ||||||
34,812 | Fujitsu Ltd. | 2,116,698 | ||||||
17,577 | Fukuoka Financial Group, Inc. | 433,292 | ||||||
7,051 | Furukawa Electric Co. Ltd. | 190,871 | ||||||
50,988 | Gunma Bank Ltd. (The) | 231,322 | ||||||
13,500 | H2O Retailing Corp. | 209,698 | ||||||
45,723 | Hachijuni Bank Ltd. (The) | 193,661 | ||||||
23,445 | Hakuhodo DY Holdings, Inc. | 391,806 | ||||||
14,118 | Hankyu Hanshin Holdings, Inc. | 465,367 | ||||||
7,040 | Hanwa Co. Ltd. | 231,121 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Japan (continued) |
| |||||||
24,774 | Haseko Corp. | $ | 314,134 | |||||
35,039 | Hino Motors Ltd. | 336,869 | ||||||
39,283 | Hiroshima Bank Ltd. (The) | 243,311 | ||||||
6,914 | Hitachi Construction Machinery Co. Ltd. | 184,406 | ||||||
144,082 | Hitachi Ltd. | 4,419,936 | ||||||
23,492 | Hitachi Metals Ltd. | 277,270 | ||||||
43,385 | Hokuriku Electric Power Co.(a) | 404,422 | ||||||
181,930 | Honda Motor Co. Ltd. | 5,224,714 | ||||||
15,719 | Hoya Corp. | 893,373 | ||||||
30,407 | Idemitsu Kosan Co. Ltd. | 1,387,586 | ||||||
18,453 | IHI Corp. | 675,299 | ||||||
19,838 | Iida Group Holdings Co. Ltd. | 361,058 | ||||||
130,742 | Inpex Corp. | 1,505,465 | ||||||
53,767 | Isetan Mitsukoshi Holdings Ltd. | 629,358 | ||||||
52,529 | Isuzu Motors Ltd. | 689,805 | ||||||
156,128 | ITOCHU Corp. | 2,898,305 | ||||||
31,860 | J Front Retailing Co. Ltd. | 418,100 | ||||||
13,300 | Japan Airlines Co. Ltd. | 473,405 | ||||||
174,667 | Japan Display, Inc.(a) | 168,701 | ||||||
20,492 | Japan Exchange Group, Inc. | 367,877 | ||||||
46,928 | Japan Post Bank Co. Ltd. | 547,642 | ||||||
286,885 | Japan Post Holdings Co. Ltd. | 3,406,370 | ||||||
17,282 | Japan Post Insurance Co. Ltd. | 412,085 | ||||||
86,316 | Japan Tobacco, Inc. | 2,223,007 | ||||||
83,079 | JFE Holdings, Inc. | 1,568,751 | ||||||
19,299 | JGC Corp. | 374,676 | ||||||
16,045 | JSR Corp. | 239,705 | ||||||
33,573 | JTEKT Corp. | 419,160 | ||||||
616,052 | JXTG Holdings, Inc. | 4,198,903 | ||||||
40,843 | Kajima Corp. | 526,936 | ||||||
6,337 | Kaneka Corp. | 265,036 | ||||||
86,054 | Kansai Electric Power Co., Inc. (The) | 1,319,538 | ||||||
17,488 | Kao Corp. | 1,167,003 | ||||||
19,648 | Kawasaki Heavy Industries Ltd. | 466,413 | ||||||
19,478 | Kawasaki Kisen Kaisha Ltd.(a)(c) | 260,443 | ||||||
162,947 | KDDI Corp. | 4,063,748 | ||||||
14,724 | Keikyu Corp. | 218,013 | ||||||
7,868 | Keio Corp. | 427,370 | ||||||
9,000 | Kewpie Corp. | 207,585 | ||||||
1,098 | Keyence Corp. | 538,030 | ||||||
6,100 | Kikkoman Corp. | 335,661 | ||||||
11,180 | Kintetsu Group Holdings Co. Ltd. | 428,952 | ||||||
56,746 | Kirin Holdings Co. Ltd. | 1,356,866 | ||||||
78,403 | Kobe Steel Ltd. | 630,809 | ||||||
5,157 | Koito Manufacturing Co. Ltd. | 245,843 | ||||||
53,922 | Komatsu Ltd. | 1,406,879 | ||||||
72,844 | Konica Minolta, Inc. | 723,567 | ||||||
69,511 | Kubota Corp. | 1,097,591 | ||||||
34,286 | Kuraray Co. Ltd. | 472,418 | ||||||
27,082 | Kyocera Corp. | 1,472,946 | ||||||
64,764 | Kyushu Electric Power Co., Inc. | 754,064 | ||||||
10,738 | Kyushu Railway Co. | 329,214 | ||||||
3,737 | Lawson, Inc. | 236,429 | ||||||
32,541 | LIXIL Group Corp. | 513,251 | ||||||
9,727 | Makita Corp. | 336,573 | ||||||
286,000 | Marubeni Corp. | 2,322,111 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Japan (continued) |
| |||||||
15,103 | Marui Group Co. Ltd. | $ | 325,199 | |||||
104,473 | Mazda Motor Corp. | 1,133,091 | ||||||
92,358 | Mebuki Financial Group, Inc. | 282,340 | ||||||
18,717 | Medipal Holdings Corp. | 401,854 | ||||||
8,915 | MEIJI Holdings Co. Ltd. | 592,464 | ||||||
17,654 | Minebea Mitsumi, Inc. | 270,156 | ||||||
181,850 | Mitsubishi Chemical Holdings Corp. | 1,419,769 | ||||||
146,357 | Mitsubishi Corp. | 4,124,011 | ||||||
155,105 | Mitsubishi Electric Corp. | 1,970,165 | ||||||
70,115 | Mitsubishi Estate Co. Ltd. | 1,121,728 | ||||||
14,176 | Mitsubishi Gas Chemical Co., Inc. | 238,789 | ||||||
54,106 | Mitsubishi Heavy Industries Ltd. | 1,912,444 | ||||||
26,965 | Mitsubishi Materials Corp. | 747,866 | ||||||
64,251 | Mitsubishi Motors Corp. | 404,789 | ||||||
15,000 | Mitsubishi Tanabe Pharma Corp. | 221,700 | ||||||
1,612,984 | Mitsubishi UFJ Financial Group, Inc. | 9,787,528 | ||||||
228,158 | Mitsui & Co. Ltd. | 3,811,899 | ||||||
22,730 | Mitsui Chemicals, Inc. | 510,572 | ||||||
17,792 | Mitsui E&S Holdings Co. Ltd.(a) | 299,542 | ||||||
70,160 | Mitsui Fudosan Co. Ltd. | 1,581,561 | ||||||
5,756 | Mitsui Mining & Smelting Co. Ltd. | 162,956 | ||||||
25,462 | Mitsui OSK Lines Ltd. | 621,349 | ||||||
3,881,624 | Mizuho Financial Group, Inc. | 6,672,589 | ||||||
69,573 | MS&AD Insurance Group Holdings, Inc. | 2,099,735 | ||||||
9,001 | Murata Manufacturing Co. Ltd. | 1,369,032 | ||||||
17,350 | Nagoya Railroad Co. Ltd. | 419,087 | ||||||
33,459 | NEC Corp. | 960,588 | ||||||
20,311 | NGK Insulators Ltd. | 285,619 | ||||||
14,221 | NGK Spark Plug Co. Ltd. | 288,818 | ||||||
13,719 | NH Foods Ltd. | 474,096 | ||||||
27,793 | NHK Spring Co. Ltd. | 238,884 | ||||||
5,049 | Nidec Corp. | 648,266 | ||||||
29,384 | Nikon Corp. | 512,147 | ||||||
1,430 | Nintendo Co. Ltd. | 445,517 | ||||||
12,152 | Nippon Electric Glass Co. Ltd. | 306,775 | ||||||
10,763 | Nippon Express Co. Ltd. | 681,897 | ||||||
16,915 | Nippon Paper Industries Co. Ltd. | 307,109 | ||||||
41,591 | Nippon Sheet Glass Co. Ltd. | 351,951 | ||||||
123,290 | Nippon Steel & Sumitomo Metal Corp. | 2,279,972 | ||||||
102,130 | Nippon Telegraph & Telephone Corp. | 4,298,591 | ||||||
46,010 | Nippon Yusen K.K. | 744,037 | ||||||
361,792 | Nissan Motor Co. Ltd. | 3,293,973 | ||||||
17,626 | Nisshin Seifun Group, Inc. | 351,567 | ||||||
17,400 | Nisshinbo Holdings, Inc. | 192,263 | ||||||
1,771 | Nitori Holdings Co. Ltd. | 231,232 | ||||||
9,528 | Nitto Denko Corp. | 597,574 | ||||||
16,036 | NOK Corp. | 230,760 | ||||||
388,373 | Nomura Holdings, Inc. | 1,884,136 | ||||||
14,157 | Nomura Real Estate Holdings, Inc. | 265,816 | ||||||
40,586 | NSK Ltd. | 402,066 | ||||||
72,744 | NTN Corp. | 266,856 | ||||||
54,634 | NTT Data Corp. | 704,861 | ||||||
106,741 | NTT DoCoMo, Inc. | 2,690,397 | ||||||
76,163 | Obayashi Corp. | 672,850 | ||||||
19,699 | Odakyu Electric Railway Co. Ltd. | 416,480 | ||||||
123,169 | OJI Holdings Corp. | 877,479 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Japan (continued) |
| |||||||
12,477 | Olympus Corp. | $ | 416,803 | |||||
10,244 | Omron Corp. | 415,733 | ||||||
13,942 | Ono Pharmaceutical Co. Ltd. | 317,742 | ||||||
3,749 | Oriental Land Co. Ltd. | 352,626 | ||||||
117,073 | ORIX Corp. | 1,909,808 | ||||||
40,606 | Osaka Gas Co. Ltd. | 745,160 | ||||||
28,002 | Otsuka Holdings Co. Ltd. | 1,341,853 | ||||||
221,350 | Panasonic Corp. | 2,450,727 | ||||||
41,234 | Rakuten, Inc. | 279,144 | ||||||
34,366 | Recruit Holdings Co. Ltd. | 924,811 | ||||||
31,444 | Rengo Co. Ltd. | 273,886 | ||||||
266,739 | Resona Holdings, Inc. | 1,406,315 | ||||||
114,757 | Ricoh Co. Ltd. | 1,148,028 | ||||||
4,222 | Rohm Co. Ltd. | 297,042 | ||||||
16,412 | Santen Pharmaceutical Co. Ltd. | 243,588 | ||||||
14,476 | SBI Holdings, Inc. | 379,810 | ||||||
12,272 | Secom Co. Ltd. | 1,005,966 | ||||||
19,097 | Sega Sammy Holdings, Inc. | 245,872 | ||||||
16,302 | Seibu Holdings, Inc. | 295,691 | ||||||
27,986 | Seiko Epson Corp. | 452,319 | ||||||
16,376 | Seino Holdings Co. Ltd. | 226,947 | ||||||
31,743 | Sekisui Chemical Co. Ltd. | 498,696 | ||||||
69,189 | Sekisui House Ltd. | 1,018,937 | ||||||
76,420 | Seven & i Holdings Co. Ltd. | 3,313,305 | ||||||
10,168 | Sharp Corp. | 155,959 | ||||||
25,699 | Shikoku Electric Power Co., Inc. | 323,358 | ||||||
2,554 | Shimano, Inc. | 349,420 | ||||||
64,015 | Shimizu Corp. | 519,585 | ||||||
17,851 | Shin-Etsu Chemical Co. Ltd. | 1,497,773 | ||||||
18,494 | Shinsei Bank Ltd. | 282,027 | ||||||
10,156 | Shionogi & Co. Ltd. | 650,819 | ||||||
10,259 | Shiseido Co. Ltd. | 648,784 | ||||||
48,355 | Shizuoka Bank Ltd. (The) | 424,614 | ||||||
8,793 | Showa Denko K.K. | 384,117 | ||||||
38,406 | Showa Shell Sekiyu K.K. | 740,521 | ||||||
1,667 | SMC Corp. | 533,978 | ||||||
65,882 | SoftBank Group Corp. | 5,282,002 | ||||||
263,473 | Sojitz Corp. | 887,154 | ||||||
46,620 | Sompo Holdings, Inc. | 1,933,291 | ||||||
83,487 | Sony Corp. | 4,542,202 | ||||||
19,267 | Sony Financial Holdings, Inc. | 448,149 | ||||||
7,747 | Stanley Electric Co. Ltd. | 229,620 | ||||||
58,108 | Subaru Corp. | 1,571,962 | ||||||
207,682 | Sumitomo Chemical Co. Ltd. | 1,041,584 | ||||||
143,940 | Sumitomo Corp. | 2,185,470 | ||||||
101,822 | Sumitomo Electric Industries Ltd. | 1,391,250 | ||||||
20,560 | Sumitomo Forestry Co. Ltd. | 305,881 | ||||||
10,824 | Sumitomo Heavy Industries Ltd. | 341,922 | ||||||
16,070 | Sumitomo Metal Mining Co. Ltd. | 506,927 | ||||||
183,574 | Sumitomo Mitsui Financial Group, Inc. | 7,179,971 | ||||||
48,529 | Sumitomo Mitsui Trust Holdings, Inc. | 1,932,474 | ||||||
25,234 | Sumitomo Realty & Development Co. Ltd. | 868,226 | ||||||
24,348 | Sumitomo Rubber Industries Ltd. | 350,587 | ||||||
8,181 | Suntory Beverage & Food Ltd. | 333,822 | ||||||
8,242 | Suzuken Co. Ltd. | 417,742 | ||||||
28,393 | Suzuki Motor Corp. | 1,421,474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 71 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Japan (continued) |
| |||||||
72,721 | T&D Holdings, Inc. | $ | 1,172,119 | |||||
15,380 | Taiheiyo Cement Corp. | 454,497 | ||||||
16,405 | Taisei Corp. | 702,833 | ||||||
20,751 | Takashimaya Co. Ltd. | 327,294 | ||||||
52,368 | Takeda Pharmaceutical Co. Ltd.(c) | 2,120,613 | ||||||
10,594 | TDK Corp. | 915,258 | ||||||
23,179 | Teijin Ltd. | 402,559 | ||||||
9,414 | Terumo Corp. | 508,008 | ||||||
16,880 | Tobu Railway Co. Ltd. | 468,910 | ||||||
8,282 | Toho Gas Co. Ltd. | 286,206 | ||||||
39,957 | Tohoku Electric Power Co., Inc. | 505,592 | ||||||
74,812 | Tokio Marine Holdings, Inc. | 3,543,883 | ||||||
305,201 | Tokyo Electric Power Co. Holdings, Inc.(a) | 1,563,122 | ||||||
4,016 | Tokyo Electron Ltd. | 558,158 | ||||||
47,356 | Tokyo Gas Co. Ltd. | 1,166,958 | ||||||
16,636 | Tokyo Tatemono Co. Ltd. | 179,398 | ||||||
42,795 | Tokyu Corp. | 706,456 | ||||||
59,989 | Tokyu Fudosan Holdings Corp. | 338,071 | ||||||
41,850 | Toppan Printing Co. Ltd. | 592,957 | ||||||
129,786 | Toray Industries, Inc. | 922,205 | ||||||
43,701 | Toshiba Corp.(a) | 1,308,842 | ||||||
23,934 | Tosoh Corp. | 316,632 | ||||||
6,819 | TOTO Ltd. | 244,712 | ||||||
26,354 | Toyo Seikan Group Holdings Ltd. | 539,667 | ||||||
6,493 | Toyo Suisan Kaisha Ltd. | 223,807 | ||||||
11,856 | Toyoda Gosei Co. Ltd. | 255,809 | ||||||
16,088 | Toyota Industries Corp. | 791,178 | ||||||
264,089 | Toyota Motor Corp. | 15,479,586 | ||||||
26,731 | Toyota Tsusho Corp. | 967,579 | ||||||
13,425 | Ube Industries Ltd. | 293,588 | ||||||
11,585 | Unicharm Corp. | 315,353 | ||||||
19,571 | West Japan Railway Co. | 1,313,982 | ||||||
58,326 | Yahoo! Japan Corp. | 183,472 | ||||||
99,926 | Yamada Denki Co. Ltd.(c) | 471,053 | ||||||
23,698 | Yamaguchi Financial Group, Inc. | 250,514 | ||||||
7,155 | Yamaha Corp. | 315,415 | ||||||
21,555 | Yamaha Motor Co. Ltd. | 512,064 | ||||||
29,769 | Yamato Holdings Co. Ltd. | 815,083 | ||||||
14,828 | Yamazaki Baking Co. Ltd. | 267,510 | ||||||
13,540 | Yokogawa Electric Corp. | 266,469 | ||||||
12,552 | Yokohama Rubber Co. Ltd. (The) | 243,799 | ||||||
|
| |||||||
280,384,690 | ||||||||
|
| |||||||
Jersey Island—0.0% | ||||||||
3,740 | Randgold Resources Ltd. | 293,895 | ||||||
|
| |||||||
Luxembourg—0.3% | ||||||||
75,833 | Arcelormittal | 1,893,733 | ||||||
4,362 | RTL Group SA | 280,232 | ||||||
56,684 | SES SA FDR, Class A | 1,218,684 | ||||||
36,177 | Tenaris SA | 538,408 | ||||||
|
| |||||||
3,931,057 | ||||||||
|
| |||||||
Macau—0.1% | ||||||||
143,309 | Sands China Ltd. | 564,871 | ||||||
327,441 | SJM Holdings Ltd. | 264,395 | ||||||
76,025 | Wynn Macau Ltd. | 156,911 | ||||||
|
| |||||||
986,177 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Mongolia—0.0% | ||||||||
95,897 | Turquoise Hill Resources Ltd.(a) | $ | 162,110 | |||||
|
| |||||||
Netherlands—4.9% |
| |||||||
38,610 | ABN AMRO Group NV CVA(d) | 949,311 | ||||||
430,956 | Aegon NV | 2,650,462 | ||||||
15,457 | Akzo Nobel NV | 1,300,906 | ||||||
35,118 | Altice Europe NV, Class A(a) | 83,838 | ||||||
5,260 | Altice Europe NV, Class B(a) | 12,575 | ||||||
5,307 | ASML Holding NV | 907,496 | ||||||
16,989 | ASR Nederland NV | 773,055 | ||||||
9,477 | Boskalis Westminster NV | 273,387 | ||||||
5,071 | Gemalto NV(a) | 289,353 | ||||||
7,684 | Heineken Holding NV | 666,036 | ||||||
11,550 | Heineken NV | 1,041,703 | ||||||
375,899 | ING Groep NV | 4,463,560 | ||||||
139,037 | Koninklijke Ahold Delhaize NV | 3,186,949 | ||||||
56,426 | Koninklijke BAM Groep NV | 194,422 | ||||||
10,685 | Koninklijke DSM NV | 936,811 | ||||||
371,301 | Koninklijke KPN NV | 982,761 | ||||||
70,708 | Koninklijke Philips NV | 2,637,408 | ||||||
43,919 | NN Group NV | 1,890,971 | ||||||
10,180 | Randstad NV | 513,860 | ||||||
637,634 | Royal Dutch Shell PLC, Class A | 20,372,487 | ||||||
527,885 | Royal Dutch Shell PLC, Class B | 17,301,048 | ||||||
16,706 | SBM Offshore NV | 289,231 | ||||||
11,502 | Signify NV(d) | 284,105 | ||||||
13,500 | Wolters Kluwer NV | 767,256 | ||||||
|
| |||||||
62,768,991 | ||||||||
|
| |||||||
New Zealand—0.1% | ||||||||
109,789 | Fletcher Building Ltd.(a) | 433,021 | ||||||
206,132 | Spark New Zealand Ltd. | 531,686 | ||||||
|
| |||||||
964,707 | ||||||||
|
| |||||||
Norway—0.8% | ||||||||
92,549 | DNB ASA | 1,679,766 | ||||||
155,212 | Equinor ASA | 4,049,756 | ||||||
17,838 | Gjensidige Forsikring ASA | 277,175 | ||||||
32,497 | Marine Harvest ASA | 788,748 | ||||||
109,545 | Norsk Hydro ASA | 570,341 | ||||||
53,322 | Orkla ASA | 461,471 | ||||||
48,107 | Storebrand ASA | 401,571 | ||||||
61,992 | Telenor ASA | 1,140,645 | ||||||
23,096 | Yara International ASA | 996,665 | ||||||
|
| |||||||
10,366,138 | ||||||||
|
| |||||||
Portugal—0.2% | ||||||||
784,599 | Banco Comercial Portugues SA, Class R(a) | 211,757 | ||||||
371,612 | EDP-Energias de Portugal SA | 1,306,954 | ||||||
46,953 | Galp Energia SGPS SA | 819,015 | ||||||
15,836 | Jeronimo Martins SGPS SA | 194,861 | ||||||
|
| |||||||
2,532,587 | ||||||||
|
| |||||||
Singapore—0.8% | ||||||||
159,024 | Ascendas Real Estate Investment Trust REIT | 289,385 | ||||||
226,694 | CapitaLand Ltd. | 514,023 | ||||||
169,661 | CapitaLand Mall Trust REIT | 258,510 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Singapore (continued) | ||||||||
30,947 | City Developments Ltd. | $ | 176,770 | |||||
237,589 | ComfortDelGro Corp. Ltd. | 386,031 | ||||||
110,808 | DBS Group Holdings Ltd. | 1,877,206 | ||||||
267,354 | Genting Singapore Ltd. | 169,896 | ||||||
185,143 | Keppel Corp. Ltd. | 828,919 | ||||||
166,187 | Oversea-Chinese Banking Corp. Ltd. | 1,288,885 | ||||||
122,382 | Sembcorp Industries Ltd. | 249,218 | ||||||
45,614 | Singapore Airlines Ltd. | 312,262 | ||||||
197,069 | Singapore Press Holdings Ltd. | 377,118 | ||||||
124,826 | Singapore Technologies Engineering Ltd. | 319,997 | ||||||
677,217 | Singapore Telecommunications Ltd. | 1,545,354 | ||||||
71,342 | United Overseas Bank Ltd. | 1,256,007 | ||||||
181,852 | Wilmar International Ltd. | 414,971 | ||||||
|
| |||||||
10,264,552 | ||||||||
|
| |||||||
South Africa—0.2% | ||||||||
74,749 | Anglo American PLC | 1,599,992 | ||||||
60,419 | Investec PLC | 373,650 | ||||||
|
| |||||||
1,973,642 | ||||||||
|
| |||||||
South Korea—3.8% | ||||||||
38,651 | BNK Financial Group, Inc. | 257,436 | ||||||
1,114 | CJ CheilJedang Corp. | 316,735 | ||||||
170 | CJ CheilJedang Corp. (Preference Shares) | 17,678 | ||||||
2,789 | CJ Corp. | 266,773 | ||||||
5,016 | Daelim Industrial Co. Ltd. | 334,532 | ||||||
5,714 | DB Insurance Co. Ltd. | 360,024 | ||||||
2,531 | Doosan Corp. | 265,416 | ||||||
27,203 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 261,395 | ||||||
29,526 | Doosan Infracore Co. Ltd.(a) | 199,509 | ||||||
2,045 | E-MART, Inc. | 366,989 | ||||||
7,530 | GS Holdings Corp. | 320,482 | ||||||
31,777 | Hana Financial Group, Inc. | 1,068,017 | ||||||
7,627 | Hankook Tire Co. Ltd. | 277,090 | ||||||
8,253 | Hanwha Chemical Corp. | 116,964 | ||||||
8,072 | Hanwha Corp. | 199,046 | ||||||
3,743 | Hanwha Corp. (Preference Shares) | 43,850 | ||||||
52,018 | Hanwha Life Insurance Co. Ltd. | 204,730 | ||||||
509 | Hyosung Advanced Materials Corp.(a) | 46,677 | ||||||
379 | Hyosung Chemical Corp.(a) | 43,236 | ||||||
1,505 | Hyosung Corp. | 67,752 | ||||||
1,054 | Hyosung Heavy Industries Corp.(a) | 39,171 | ||||||
493 | Hyosung TNC Co. Ltd.(a) | 75,493 | ||||||
14,372 | Hyundai Engineering & Construction Co. Ltd. | 576,999 | ||||||
2,580 | Hyundai Glovis Co. Ltd. | 258,102 | ||||||
6,843 | Hyundai Heavy Industries Co. Ltd.(a) | 747,623 | ||||||
8,216 | Hyundai Marine & Fire Insurance Co. Ltd. | 301,372 | ||||||
8,332 | Hyundai Mobis Co. Ltd. | 1,389,215 | ||||||
18,455 | Hyundai Motor Co. | 1,724,766 | ||||||
4,951 | Hyundai Motor Co. (2nd Preference Shares) | 307,604 | ||||||
3,001 | Hyundai Motor Co. (Preference Shares) | 175,391 | ||||||
15,904 | Hyundai Steel Co. | 582,679 | ||||||
41,188 | Industrial Bank of Korea | 536,740 | ||||||
35,454 | KB Financial Group, Inc. | 1,474,722 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
South Korea (continued) | ||||||||
38,153 | Kia Motors Corp. | $ | 950,853 | |||||
56,019 | Korea Electric Power Corp. | 1,332,206 | ||||||
8,762 | Korea Gas Corp.(a) | 400,597 | ||||||
613 | Korea Zinc Co. Ltd. | 203,876 | ||||||
13,768 | Korean Air Lines Co. Ltd. | 331,650 | ||||||
7,853 | KT&G Corp. | 699,469 | ||||||
45,415 | Kumho Tire Co., Inc.(a) | 200,064 | ||||||
3,017 | LG Chem Ltd. | 918,695 | ||||||
512 | LG Chem Ltd. (Preference Shares) | 89,635 | ||||||
6,419 | LG Corp. | 373,463 | ||||||
44,009 | LG Display Co. Ltd. | 637,224 | ||||||
15,828 | LG Electronics, Inc. | 879,218 | ||||||
2,525 | LG Electronics, Inc. (Preference Shares) | 57,056 | ||||||
29,758 | LG Uplus Corp. | 421,738 | ||||||
1,036 | Lotte Chemical Corp. | 238,647 | ||||||
2,167 | Lotte Shopping Co. Ltd. | 367,965 | ||||||
3,572 | LS Corp. | 158,296 | ||||||
2,020 | NAVER Corp. | 202,966 | ||||||
10,265 | POSCO | 2,324,049 | ||||||
12,633 | POSCO Daewoo Corp. | 197,330 | ||||||
2,995 | Samsung C&T Corp. | 285,163 | ||||||
4,242 | Samsung Electro-Mechanics Co. Ltd. | 439,258 | ||||||
333,530 | Samsung Electronics Co. Ltd. | 12,409,874 | ||||||
59,088 | Samsung Electronics Co. Ltd. (Preference Shares) | 1,853,711 | ||||||
3,361 | Samsung Fire & Marine Insurance Co. Ltd. | 821,411 | ||||||
236 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 36,864 | ||||||
56,450 | Samsung Heavy Industries Co. Ltd.(a) | 344,778 | ||||||
6,612 | Samsung Life Insurance Co. Ltd. | 533,811 | ||||||
2,750 | Samsung SDI Co. Ltd. | 568,316 | ||||||
42,085 | Shinhan Financial Group Co. Ltd. | 1,571,424 | ||||||
2,546 | SK Holdings Co. Ltd. | 584,247 | ||||||
26,489 | SK Hynix, Inc. | 1,585,319 | ||||||
8,830 | SK Innovation Co. Ltd. | 1,654,342 | ||||||
45,551 | SK Networks Co. Ltd. | 170,084 | ||||||
2,785 | SK Telecom Co. Ltd. | 654,978 | ||||||
3,922 | S-Oil Corp. | 426,772 | ||||||
52,165 | Woori Bank | 720,985 | ||||||
|
| |||||||
48,870,542 | ||||||||
|
| |||||||
Spain—3.6% | ||||||||
4,345 | Acciona SA | 367,165 | ||||||
54,021 | ACS Actividades de Construccion y Servicios SA | 2,026,612 | ||||||
2,461 | Aena SME SA(d) | 393,588 | ||||||
11,498 | Amadeus IT Group SA | 927,319 | ||||||
685,623 | Banco Bilbao Vizcaya Argentaria SA | 3,794,887 | ||||||
642,563 | Banco de Sabadell SA | 848,185 | ||||||
2,571,110 | Banco Santander SA | 12,220,852 | ||||||
126,359 | Bankia SA | 397,872 | ||||||
39,336 | Bankinter SA | 322,862 | ||||||
337,357 | CaixaBank SA | 1,368,809 | ||||||
111,917 | Distribuidora Internacional de Alimentacion SA | 84,530 | ||||||
21,774 | Enagas SA | 578,289 | ||||||
78,126 | Endesa SA | 1,635,861 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Spain (continued) | ||||||||
45,739 | Ferrovial SA | $ | 917,294 | |||||
11,820 | Grifols SA | 337,361 | ||||||
8,984 | Grifols SA (Preference Shares), Class B | 184,653 | ||||||
586,323 | Iberdrola SA | 4,156,067 | ||||||
38,859 | Industria de Diseno Textil SA | 1,097,647 | ||||||
186,520 | Mapfre SA | 558,773 | ||||||
48,660 | Naturgy Energy Group SA | 1,197,515 | ||||||
33,116 | Red Electrica Corp. SA | 686,654 | ||||||
232,563 | Repsol SA | 4,169,973 | ||||||
922,074 | Telefonica SA | 7,561,940 | ||||||
|
| |||||||
45,834,708 | ||||||||
|
| |||||||
Sweden—2.0% | ||||||||
17,343 | Alfa Laval AB | 443,456 | ||||||
37,894 | Assa Abloy AB, Class B | 756,661 | ||||||
25,617 | Atlas Copco AB, Class A | 635,121 | ||||||
15,407 | Atlas Copco AB, Class B | 353,580 | ||||||
15,552 | Boliden AB | 355,887 | ||||||
17,953 | Castellum AB | 310,063 | ||||||
20,320 | Electrolux AB, Series B | 422,865 | ||||||
25,617 | Epiroc AB, Class A(a) | 225,235 | ||||||
15,407 | Epiroc AB, Class B(a) | 127,154 | ||||||
31,938 | Essity AB, Class B | 729,985 | ||||||
22,694 | Getinge AB, Class B | 223,223 | ||||||
118,230 | Hennes & Mauritz AB, Class B(c) | 2,092,248 | ||||||
7,370 | Hexagon AB, Class B | 361,739 | ||||||
23,499 | Husqvarna AB, Class B | 177,714 | ||||||
7,243 | ICA Gruppen AB | 256,683 | ||||||
15,551 | Industrivarden AB, Class A | 332,469 | ||||||
12,318 | Industrivarden AB, Class C | 256,341 | ||||||
603 | NCC AB, Class A | 9,039 | ||||||
13,874 | NCC AB, Class B | 207,206 | ||||||
64,465 | Sandvik AB | 1,022,022 | ||||||
32,379 | Securitas AB, Class B | 556,023 | ||||||
143,194 | Skandinaviska Enskilda Banken AB, Class A | 1,484,629 | ||||||
2,004 | Skandinaviska Enskilda Banken AB, Class C | 20,611 | ||||||
49,221 | Skanska AB, Class B | 775,768 | ||||||
36,807 | SKF AB, Class B | 591,992 | ||||||
22,759 | SSAB AB, Class A | 91,014 | ||||||
48,555 | SSAB AB, Class B | 157,729 | ||||||
27,065 | Svenska Cellulosa AB SCA, Class B | 256,504 | ||||||
135,982 | Svenska Handelsbanken AB, Class A | 1,480,973 | ||||||
3,214 | Svenska Handelsbanken AB, Class B | 35,658 | ||||||
104,254 | Swedbank AB, Class A | 2,350,925 | ||||||
10,309 | Swedish Match AB | 525,957 | ||||||
38,181 | Tele2 AB, Class B | 434,459 | ||||||
5,715 | Telefonaktiebolaget LM Ericsson, Class A | 50,774 | ||||||
455,195 | Telefonaktiebolaget LM Ericsson, Class B | 3,973,375 | ||||||
386,882 | Telia Co. AB | 1,746,529 | ||||||
14,448 | Trelleborg AB, Class B | 261,306 | ||||||
117,624 | Volvo AB, Class B | 1,760,557 | ||||||
|
| |||||||
25,853,474 | ||||||||
|
| |||||||
Switzerland—6.4% | ||||||||
146,382 | ABB Ltd. | 2,954,125 | ||||||
17,546 | Adecco Group AG | 860,642 | ||||||
14,999 | Aryzta AG(a)(c) | 139,925 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Switzerland (continued) | ||||||||
5,117 | Baloise Holding AG | $ | 733,544 | |||||
3 | Chocoladefabriken Lindt & Spruengli AG | 239,785 | ||||||
35 | Chocoladefabriken Lindt & Spruengli AG-PC | 241,823 | ||||||
24,365 | Cie Financiere Richemont SA | 1,785,168 | ||||||
13,230 | Clariant AG(a) | 285,539 | ||||||
10,550 | Coca-Cola HBC AG(a) | 311,394 | ||||||
222,829 | Credit Suisse Group AG(a) | 2,928,521 | ||||||
1,971 | Dufry AG(a) | 222,494 | ||||||
1,156 | Geberit AG | 453,137 | ||||||
180 | Georg Fischer AG | 167,760 | ||||||
411 | Givaudan SA | 998,592 | ||||||
1,528,401 | Glencore PLC | 6,226,865 | ||||||
756 | Helvetia Holding AG | 463,716 | ||||||
8,961 | Julius Baer Group Ltd.(a) | 410,145 | ||||||
3,257 | Kuehne + Nagel International AG | 453,629 | ||||||
44,256 | LafargeHolcim Ltd.(a) | 2,052,433 | ||||||
1,762 | Lonza Group AG(a) | 554,752 | ||||||
184,555 | Nestle SA | 15,617,180 | ||||||
133,768 | Novartis AG | 11,734,455 | ||||||
2,684 | PSP Swiss Property AG | 259,488 | ||||||
41,070 | Roche Holding AG | 10,007,215 | ||||||
1,515 | Roche Holding AG-BR | 369,299 | ||||||
691 | Schindler Holding AG | 143,709 | ||||||
1,467 | Schindler Holding AG-PC | 309,763 | ||||||
251 | SGS SA | 596,871 | ||||||
3,636 | Sika AG | 467,016 | ||||||
1,793 | Sonova Holding AG | 293,308 | ||||||
24,944 | STMicroelectronics NV | 379,287 | ||||||
2,883 | Swatch Group AG (The) | 192,745 | ||||||
1,866 | Swatch Group AG (The)-BR | 632,203 | ||||||
4,030 | Swiss Life Holding AG(a) | 1,523,219 | ||||||
5,679 | Swiss Prime Site AG(a) | 461,818 | ||||||
48,688 | Swiss RE AG | 4,402,685 | ||||||
1,935 | Swisscom AG | 887,572 | ||||||
264,007 | UBS Group AG(a) | 3,698,040 | ||||||
2,078 | Vifor Pharma AG | 300,679 | ||||||
20,998 | Zurich Insurance Group AG | 6,537,999 | ||||||
|
| |||||||
81,298,540 | ||||||||
|
| |||||||
United Kingdom—14.3% | ||||||||
58,491 | 3i Group PLC | 656,339 | ||||||
15,476 | Admiral Group PLC | 398,060 | ||||||
34,765 | Aggreko PLC | 381,310 | ||||||
19,667 | Ashtead Group PLC | 486,381 | ||||||
20,813 | Associated British Foods PLC | 634,528 | ||||||
92,603 | AstraZeneca PLC | 7,087,574 | ||||||
557,020 | Aviva PLC | 3,049,772 | ||||||
32,496 | Babcock International Group PLC | 253,781 | ||||||
289,621 | BAE Systems PLC | 1,945,792 | ||||||
112,979 | Balfour Beatty PLC | 379,808 | ||||||
2,617,988 | Barclays PLC | 5,770,354 | ||||||
86,955 | Barratt Developments PLC | 571,089 | ||||||
57,694 | BBA Aviation PLC | 177,072 | ||||||
39,140 | Beazley PLC | 263,809 | ||||||
8,163 | Bellway PLC | 299,453 | ||||||
11,253 | Berkeley Group Holdings PLC (The) | 503,392 | ||||||
2,903,612 | BP PLC | 21,047,334 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
United Kingdom (continued) | ||||||||
106,725 | British American Tobacco PLC | $ | 4,627,642 | |||||
86,979 | British Land Co. PLC (The) REIT | 657,933 | ||||||
1,175,066 | BT Group PLC | 3,611,714 | ||||||
22,293 | Bunzl PLC | 658,285 | ||||||
25,497 | Burberry Group PLC | 590,002 | ||||||
262,131 | Capita PLC(a) | 430,897 | ||||||
1,334,556 | Centrica PLC | 2,510,096 | ||||||
12,175 | Close Brothers Group PLC | 228,993 | ||||||
91,715 | CNH Industrial NV, Class A | 954,587 | ||||||
171,432 | Cobham PLC(a) | 235,804 | ||||||
90,793 | Compass Group PLC | 1,786,565 | ||||||
5,694 | Croda International PLC | 350,679 | ||||||
76,311 | CYBG PLC | 262,097 | ||||||
7,809 | DCC PLC | 670,019 | ||||||
6,578 | Derwent London PLC REIT | 246,184 | ||||||
107,775 | Diageo PLC | 3,729,861 | ||||||
203,115 | Direct Line Insurance Group PLC | 855,152 | ||||||
193,683 | Dixons Carphone PLC | 419,352 | ||||||
76,201 | DS Smith PLC | 382,550 | ||||||
19,358 | easyJet PLC | 296,816 | ||||||
40,125 | Experian PLC | 924,136 | ||||||
202,080 | Fiat Chrysler Automobiles NV(a) | 3,079,601 | ||||||
182,288 | G4S PLC | 500,775 | ||||||
490,441 | GlaxoSmithKline PLC | 9,470,097 | ||||||
51,752 | Greene King PLC | 319,125 | ||||||
76,715 | Hammerson PLC REIT | 429,829 | ||||||
98,394 | Hays PLC | 206,563 | ||||||
22,103 | Hiscox Ltd. | 459,781 | ||||||
2,136,275 | HSBC Holdings PLC | 17,603,348 | ||||||
23,336 | IG Group Holdings PLC | 180,247 | ||||||
19,111 | IMI PLC | 242,848 | ||||||
95,269 | Imperial Brands PLC | 3,229,495 | ||||||
57,014 | Inchcape PLC | 394,116 | ||||||
71,528 | Informa PLC | 652,194 | ||||||
63,768 | Inmarsat PLC | 371,628 | ||||||
11,041 | InterContinental Hotels Group PLC | 579,824 | ||||||
22,715 | Intermediate Capital Group PLC | 276,309 | ||||||
95,692 | International Consolidated Airlines Group SA | 737,780 | ||||||
4,619 | Intertek Group PLC | 276,682 | ||||||
133,555 | Intu Properties PLC REIT | 334,644 | ||||||
360,246 | ITV PLC | 685,623 | ||||||
435,417 | J Sainsbury PLC | 1,731,373 | ||||||
46,272 | John Wood Group PLC | 422,264 | ||||||
22,574 | Johnson Matthey PLC | 857,530 | ||||||
287,086 | Kingfisher PLC | 934,301 | ||||||
79,979 | Land Securities Group PLC REIT | 871,912 | ||||||
847,048 | Legal & General Group PLC | 2,722,023 | ||||||
6,889,725 | Lloyds Banking Group PLC | 5,037,273 | ||||||
8,200 | London Stock Exchange Group PLC | 452,106 | ||||||
116,213 | Man Group PLC | 230,829 | ||||||
325,114 | Marks & Spencer Group PLC | 1,229,626 | ||||||
70,575 | Meggitt PLC | 477,759 | ||||||
8,922 | Micro Focus International PLC | 138,910 | ||||||
24,293 | Mondi PLC | 572,540 | ||||||
515,835 | National Grid PLC | 5,465,323 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
United Kingdom (continued) | ||||||||
30,422 | NEX Group PLC | $ | 441,582 | |||||
12,096 | Next PLC | 804,312 | ||||||
104,600 | Pearson PLC | 1,201,002 | ||||||
46,457 | Pennon Group PLC | 442,947 | ||||||
17,112 | Persimmon PLC | 501,580 | ||||||
67,794 | Petrofac Ltd. | 500,859 | ||||||
41,910 | Phoenix Group Holdings | 322,642 | ||||||
55,799 | Provident Financial PLC(a) | 363,901 | ||||||
206,573 | Prudential PLC | 4,145,312 | ||||||
186,860 | Quilter PLC(d) | 276,532 | ||||||
30,434 | Reckitt Benckiser Group PLC | 2,462,716 | ||||||
75,129 | RELX PLC | 1,487,939 | ||||||
70,816 | Rentokil Initial PLC | 286,114 | ||||||
6,005,024 | Rolls-Royce Holdings C Shares(a) | 7,673 | ||||||
130,544 | Rolls-Royce Holdings PLC | 1,399,473 | ||||||
325,313 | Royal Bank of Scotland Group PLC | 982,640 | ||||||
132,758 | Royal Mail PLC | 608,977 | ||||||
22,880 | RPC Group PLC | 222,945 | ||||||
92,554 | RSA Insurance Group PLC | 667,464 | ||||||
48,387 | Sage Group PLC (The) | 336,583 | ||||||
5,822 | Schroders PLC | 199,367 | ||||||
50,038 | Segro PLC REIT | 392,951 | ||||||
26,001 | Severn Trent PLC | 618,940 | ||||||
41,936 | Smith & Nephew PLC | 682,388 | ||||||
29,137 | Smiths Group PLC | 520,286 | ||||||
187,783 | SSE PLC | 2,738,911 | ||||||
35,722 | St. James’s Place PLC | 462,600 | ||||||
385,332 | Standard Chartered PLC | 2,705,506 | ||||||
267,365 | Standard Life Aberdeen PLC | 924,097 | ||||||
33,056 | Subsea 7 SA | 418,659 | ||||||
57,467 | Tate & Lyle PLC | 494,320 | ||||||
239,215 | Taylor Wimpey PLC | 493,636 | ||||||
42,229 | TechnipFMC PLC | 1,127,288 | ||||||
1,400,638 | Tesco PLC | 3,817,354 | ||||||
199,345 | Thomas Cook Group PLC | 114,926 | ||||||
30,247 | Travis Perkins PLC | 427,834 | ||||||
80,361 | Unilever NV CVA | 4,327,293 | ||||||
60,026 | Unilever PLC | 3,180,291 | ||||||
87,527 | United Utilities Group PLC | 812,612 | ||||||
4,062,549 | Vodafone Group PLC | 7,673,218 | ||||||
13,798 | Weir Group PLC (The) | 279,618 | ||||||
11,308 | Whitbread PLC | 635,747 | ||||||
82,074 | William Hill PLC | 220,437 | ||||||
428,105 | WM Morrison Supermarkets PLC | 1,357,134 | ||||||
110,349 | WPP PLC | 1,252,912 | ||||||
|
| |||||||
182,851,008 | ||||||||
|
| |||||||
United States—0.5% | ||||||||
55,562 | Bausch Health Cos., Inc.(a) | 1,274,340 | ||||||
9,394 | Carnival PLC | 511,696 | ||||||
20,565 | Ferguson PLC | 1,388,210 | ||||||
5,709 | OneMarket Ltd.(a) | 3,318 | ||||||
7,860 | Qiagen NV(a) | 285,608 | ||||||
42,962 | Shire PLC | 2,569,345 | ||||||
6,600 | Waste Connections, Inc. | 505,786 | ||||||
|
| |||||||
6,538,303 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Zambia—0.0% | ||||||||
45,695 | First Quantum Minerals Ltd. | $ | 457,211 | |||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,274,001,526)-99.5% | 1,269,576,671 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.5% | ||||||||
5,872,105 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(e)(f) (Cost $5,872,105) | 5,872,105 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,279,873,631)—100.0% | 1,275,448,776 | |||||||
Other assets less liabilities—(0.0)% | (27,226 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 1,275,421,550 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
FDR—Fiduciary Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Rts.—Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at October 31, 2018. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $5,897,998, which 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 October 31, 2018. |
(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.
| 76 |
|
Schedule of Investments
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.5% | ||||||||
Australia—5.6% | ||||||||
55,605 | Abacus Property Group REIT | $ | 129,265 | |||||
60,479 | Adelaide Brighton Ltd. | 243,042 | ||||||
71,232 | ALS Ltd. | 411,963 | ||||||
105,823 | Alumina Ltd. | 191,255 | ||||||
18,674 | Ansell Ltd. | 306,792 | ||||||
121,632 | Ardent Leisure Group | 137,931 | ||||||
22,298 | Aristocrat Leisure Ltd. | 418,798 | ||||||
55,048 | Ausdrill Ltd. | 66,911 | ||||||
343,238 | AusNet Services | 415,992 | ||||||
118,875 | Australian Agricultural Co. Ltd.(a) | 111,213 | ||||||
171,973 | Australian Pharmaceutical Industries Ltd. | 186,485 | ||||||
85,272 | Automotive Holdings Group Ltd. | 109,088 | ||||||
22,534 | Bapcor Ltd. | 109,082 | ||||||
130,180 | Beach Energy Ltd. | 162,386 | ||||||
19,361 | Bega Cheese Ltd. | 81,921 | ||||||
11,228 | Breville Group Ltd. | 97,802 | ||||||
9,459 | Brickworks Ltd. | 112,964 | ||||||
65,640 | BWP Trust REIT | 160,967 | ||||||
15,451 | carsales.com Ltd. | 133,601 | ||||||
36,925 | Charter Hall Group REIT | 180,577 | ||||||
65,321 | Charter Hall Retail REIT | 196,759 | ||||||
166,017 | Cleanaway Waste Management Ltd. | 211,796 | ||||||
2,564 | Cochlear Ltd. | 322,705 | ||||||
276,330 | Cromwell Property Group REIT | 201,724 | ||||||
93,001 | CSR Ltd. | 232,678 | ||||||
2,804 | Domino’s Pizza Enterprises Ltd. | 107,336 | ||||||
49,043 | DuluxGroup Ltd. | 257,218 | ||||||
32,804 | Eclipx Group Ltd. | 56,265 | ||||||
21,841 | Elders Ltd. | 112,848 | ||||||
56,993 | Evolution Mining Ltd. | 120,373 | ||||||
404,050 | Fairfax Media Ltd. | 183,277 | ||||||
91,150 | FlexiGroup Ltd. | 99,165 | ||||||
8,113 | Flight Centre Travel Group Ltd. | 266,804 | ||||||
70,845 | G8 Education Ltd. | 102,933 | ||||||
121,603 | Genworth Mortgage Insurance Australia Ltd. | 193,919 | ||||||
84,611 | GrainCorp Ltd., Class A | 494,137 | ||||||
15,059 | GUD Holdings Ltd. | 131,706 | ||||||
48,536 | GWA Group Ltd. | 94,600 | ||||||
96,158 | Harvey Norman Holdings Ltd. | 217,405 | ||||||
287,447 | Healthscope Ltd. | 429,866 | ||||||
43,349 | Iluka Resources Ltd. | 247,632 | ||||||
28,237 | Independence Group NL | 80,852 | ||||||
35,595 | Inghams Group Ltd. | 98,389 | ||||||
81,275 | Investa Office Fund REIT | 319,700 | ||||||
12,535 | InvoCare Ltd. | 107,765 | ||||||
47,104 | IOOF Holdings Ltd. | 227,352 | ||||||
14,988 | IRESS Ltd. | 115,257 | ||||||
18,449 | JB Hi-Fi Ltd. | 300,742 | ||||||
20,263 | Link Administration Holdings Ltd. | 107,710 | ||||||
5,541 | Magellan Financial Group Ltd. | 104,620 | ||||||
8,267 | McMillan Shakespeare Ltd. | 96,677 | ||||||
17,583 | Mineral Resources Ltd. | 177,583 | ||||||
22,682 | Monadelphous Group Ltd. | 231,332 | ||||||
416,981 | Myer Holdings Ltd.(a)(b) | 134,469 | ||||||
37,451 | Myob Group Ltd. | 89,451 | ||||||
47,324 | Navitas Ltd. | 170,052 | ||||||
42,519 | nib Holdings Ltd. | 166,950 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
124,860 | Nine Entertainment Co. Holdings Ltd. | $ | 149,556 | |||||
28,811 | Northern Star Resources Ltd. | 179,286 | ||||||
77,340 | NRW Holdings Ltd. | 101,133 | ||||||
33,359 | Nufarm Ltd. | 134,766 | ||||||
93,195 | OceanaGold Corp. | 268,958 | ||||||
149,641 | Orora Ltd. | 356,355 | ||||||
58,520 | OZ Minerals Ltd. | 374,529 | ||||||
32,776 | Pact Group Holdings Ltd. | 81,073 | ||||||
19,405 | Pendal Group Ltd. | 111,814 | ||||||
5,294 | Perpetual Ltd. | 130,011 | ||||||
316,154 | Perseus Mining Ltd.(a) | 80,667 | ||||||
15,199 | Platinum Asset Management Ltd. | 52,784 | ||||||
13,200 | Premier Investments Ltd. | 153,617 | ||||||
141,792 | Primary Health Care Ltd. | 266,312 | ||||||
124,207 | Qube Holdings Ltd. | 215,678 | ||||||
34,556 | RCR Tomlinson Ltd. | 22,165 | ||||||
1,550 | REA Group Ltd. | 78,679 | ||||||
41,285 | Regis Resources Ltd. | 123,480 | ||||||
108,819 | Resolute Mining Ltd. | 80,210 | ||||||
55,252 | Retail Food Group Ltd.(a) | 14,489 | ||||||
19,854 | Sandfire Resources NL | 93,576 | ||||||
23,226 | SEEK Ltd. | 294,001 | ||||||
14,425 | Seven Group Holdings Ltd. | 181,471 | ||||||
241,850 | Seven West Media Ltd.(a) | 133,701 | ||||||
107,856 | Shopping Centres Australasia Property Group REIT | 196,458 | ||||||
280,958 | Sigma Healthcare Ltd. | 103,547 | ||||||
209,502 | Southern Cross Media Group Ltd. | 169,272 | ||||||
38,419 | Super Retail Group Ltd. | 196,597 | ||||||
84,232 | Sydney Airport | 384,464 | ||||||
33,993 | Tassal Group Ltd. | 99,502 | ||||||
34,952 | TPG Telecom Ltd. | 177,617 | ||||||
112,977 | Virgin Australia Holdings Ltd.(a)(c) | 0 | ||||||
109,455 | Vocus Group Ltd.(a) | 266,086 | ||||||
12,640 | Washington H Soul Pattinson & Co. Ltd. | 258,724 | ||||||
85,665 | Whitehaven Coal Ltd. | 294,468 | ||||||
|
| |||||||
16,403,128 | ||||||||
|
| |||||||
Austria—0.9% | ||||||||
3,360 | Agrana Beteiligungs AG | 67,004 | ||||||
1,161 | ams AG(a) | 45,221 | ||||||
8,241 | CA Immobilien Anlagen AG | 268,359 | ||||||
6,183 | EVN AG | 108,167 | ||||||
18,669 | IMMOFINANZ AG(a) | 445,480 | ||||||
2,149 | Lenzing AG | 195,159 | ||||||
4,019 | Oesterreichische Post AG | 163,388 | ||||||
1,021 | Schoeller-Bleckmann Oilfield Equipment AG | 91,622 | ||||||
15,772 | Telekom Austria AG, Class A(a) | 117,230 | ||||||
22,880 | UNIQA Insurance Group AG | 213,875 | ||||||
5,483 | Verbund AG | 221,165 | ||||||
8,399 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 223,637 | ||||||
18,976 | Wienerberger AG | 436,895 | ||||||
10,073 | Zumtobel Group AG(a) | 91,534 | ||||||
|
| |||||||
2,688,736 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 77 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Belgium—1.3% | ||||||||
2,736 | Ackermans & van Haaren NV | $ | 431,213 | |||||
1,154 | Aedifica SA REIT | 96,627 | ||||||
29,900 | AGFA-Gevaert NV(a) | 133,616 | ||||||
1,326 | Barco NV | 151,144 | ||||||
3,349 | Befimmo SA REIT | 183,847 | ||||||
7,925 | Bekaert SA NV | 171,148 | ||||||
1,053 | Cie d’Entreprises CFE | 111,794 | ||||||
3,384 | Cofinimmo SA REIT | 405,279 | ||||||
4,533 | D’Ieteren SA/NV | 179,456 | ||||||
16,101 | Econocom Group SA/NV | 50,424 | ||||||
2,536 | Elia System Operator SA/NV | 158,612 | ||||||
36,234 | Euronav NV | 337,677 | ||||||
1,970 | Gimv NV | 105,244 | ||||||
847 | Melexis NV | 55,758 | ||||||
24,483 | Nyrstar NV(a)(b) | 44,218 | ||||||
8,472 | Ontex Group NV | 162,610 | ||||||
6,916 | Orange Belgium SA | 124,282 | ||||||
1,773 | Sofina SA | 339,504 | ||||||
6,172 | Telenet Group Holding NV | 299,868 | ||||||
3,553 | Tessenderlo Group SA(a) | 125,200 | ||||||
1,249 | Warehouses De Pauw CVA REIT | 162,179 | ||||||
|
| |||||||
3,829,700 | ||||||||
|
| |||||||
Cambodia—0.1% | ||||||||
133,322 | NagaCorp Ltd. | 121,768 | ||||||
|
| |||||||
Canada—8.2% | ||||||||
50,908 | Advantage Oil & Gas Ltd.(a) | 114,356 | ||||||
17,780 | Aecon Group, Inc. | 256,292 | ||||||
21,558 | Air Canada(a) | 410,066 | ||||||
36,139 | Alamos Gold, Inc., Class A | 144,749 | ||||||
36,624 | Algonquin Power & Utilities Corp. | 366,449 | ||||||
12,933 | Allied Properties Real Estate Investment Trust REIT | 416,574 | ||||||
36,195 | Artis Real Estate Investment Trust REIT | 308,688 | ||||||
9,130 | ATS Automation Tooling Systems, Inc.(a) | 134,595 | ||||||
68,269 | B2Gold Corp.(a) | 168,951 | ||||||
77,307 | Birchcliff Energy Ltd. | 244,298 | ||||||
10,141 | Boardwalk Real Estate Investment Trust REIT | 378,458 | ||||||
27,060 | CAE, Inc. | 478,457 | ||||||
12,630 | Canadian Western Bank | 294,484 | ||||||
11,608 | Canfor Corp.(a) | 167,148 | ||||||
20,174 | Cascades, Inc. | 157,306 | ||||||
7,882 | CCL Industries, Inc., Class B | 332,385 | ||||||
50,643 | Centerra Gold, Inc.(a) | 198,214 | ||||||
37,328 | Ces Energy Solutions Corp. | 99,200 | ||||||
23,113 | Chartwell Retirement Residences | 248,686 | ||||||
12,797 | Cineplex, Inc. | 353,629 | ||||||
1,999 | Cogeco Communications, Inc. | 98,257 | ||||||
2,334 | Colliers International Group, Inc. | 158,888 | ||||||
595 | Constellation Software, Inc. | 410,490 | ||||||
38,804 | Corus Entertainment, Inc., Class B | 146,558 | ||||||
26,250 | Detour Gold Corp.(a) | 194,089 | ||||||
7,520 | Dollarama, Inc. | 208,493 | ||||||
3,948 | Dorel Industries, Inc., Class B | 64,695 | ||||||
21,488 | Dream Global Real Estate Investment Trust, Class Trust Unit REIT | 219,584 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
27,083 | Dream Office Real Estate Investment Trust REIT | $ | 480,513 | |||||
76,111 | ECN Capital Corp. | 202,267 | ||||||
371,994 | Eldorado Gold Corp.(a) | 249,271 | ||||||
75,180 | Element Fleet Management Corp. | 443,666 | ||||||
8,132 | Emera, Inc.(b) | 251,530 | ||||||
11,404 | Enbridge Income Fund Holdings, Inc. | 264,595 | ||||||
19,327 | Enerflex Ltd. | 233,705 | ||||||
45,652 | Ensign Energy Services, Inc. | 178,332 | ||||||
61,924 | Entertainment One Ltd. | 323,615 | ||||||
27,472 | First Capital Realty, Inc. | 410,851 | ||||||
18,563 | First Majestic Silver Corp.(a) | 103,328 | ||||||
1,947 | FirstService Corp. | 143,188 | ||||||
8,342 | Genworth MI Canada, Inc. | 274,478 | ||||||
6,723 | Granite Real Estate Investment Trust REIT | 278,288 | ||||||
4,335 | Great Canadian Gaming Corp.(a) | 139,961 | ||||||
23,606 | Home Capital Group, Inc.(a) | 234,577 | ||||||
28,318 | HudBay Minerals, Inc. | 111,482 | ||||||
52,570 | Hudson’s Bay Co.(b) | 339,058 | ||||||
56,025 | IAMGOLD Corp.(a) | 192,829 | ||||||
14,006 | Innergex Renewable Energy, Inc. | 130,221 | ||||||
36,327 | Ivanhoe Mines Ltd., Class A(a) | 68,602 | ||||||
52,598 | Just Energy Group, Inc.(b) | 171,021 | ||||||
10,062 | Kirkland Lake Gold Ltd. | 197,907 | ||||||
8,097 | Laurentian Bank of Canada | 256,243 | ||||||
8,121 | Linamar Corp. | 337,084 | ||||||
9,309 | Maple Leaf Foods, Inc. | 212,230 | ||||||
26,356 | Martinrea International, Inc. | 228,589 | ||||||
117,079 | MEG Energy Corp.(a) | 938,772 | ||||||
17,579 | Mullen Group Ltd. | 183,386 | ||||||
98,888 | Nevsun Resources Ltd. | 440,506 | ||||||
136,771 | New Gold, Inc.(a) | 109,354 | ||||||
4,695 | NFI Group, Inc. | 158,770 | ||||||
6,105 | Norbord, Inc. | 156,059 | ||||||
10,414 | North West Co., Inc. (The) | 227,589 | ||||||
16,492 | Northland Power, Inc. | 254,303 | ||||||
10,615 | Northview Apartment Real Estate Investment Trust REIT | 204,581 | ||||||
16,629 | NuVista Energy Ltd.(a) | 67,111 | ||||||
256,224 | Obsidian Energy Ltd.(a) | 187,303 | ||||||
8,690 | Osisko Gold Royalties Ltd. | 66,701 | ||||||
15,111 | Pan American Silver Corp. | 223,112 | ||||||
10,834 | Pason Systems, Inc. | 163,923 | ||||||
58,022 | Peyto Exploration & Development Corp. | 474,515 | ||||||
11,246 | PrairieSky Royalty Ltd.(b) | 171,270 | ||||||
126,611 | Precision Drilling Corp.(a) | 306,585 | ||||||
1,830 | Premium Brands Holdings Corp., Class Common Subscription Receipt | 123,366 | ||||||
24,055 | Quebecor, Inc., Class B | 472,949 | ||||||
7,058 | Restaurant Brands International, Inc. | 387,606 | ||||||
8,069 | Ritchie Bros Auctioneers, Inc. | 272,070 | ||||||
15,898 | Russel Metals, Inc. | 294,656 | ||||||
30,404 | Secure Energy Services, Inc. | 198,642 | ||||||
45,227 | SEMAFO, Inc.(a) | 99,184 | ||||||
32,247 | Seven Generations Energy Ltd., Class A(a) | 346,473 | ||||||
12,553 | ShawCor Ltd. | 228,262 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
15,029 | SSR Mining, Inc.(a) | $ | 147,629 | |||||
13,068 | Stantec, Inc. | 340,917 | ||||||
9,888 | Stars Group, Inc. (The)(a) | 206,155 | ||||||
3,363 | Stella-Jones, Inc. | 107,964 | ||||||
26,468 | Superior Plus Corp., Class Common Subscription Receipt | 238,429 | ||||||
19,405 | TFI International, Inc. | 647,351 | ||||||
7,070 | TMX Group Ltd. | 445,707 | ||||||
24,752 | TORC Oil & Gas Ltd. | 101,967 | ||||||
6,575 | Toromont Industries Ltd. | 310,313 | ||||||
72,675 | TransAlta Corp. | 384,612 | ||||||
11,422 | TransAlta Renewables, Inc. | 94,368 | ||||||
16,236 | Transcontinental, Inc., Class A | 267,911 | ||||||
8,640 | Westshore Terminals Investment Corp. | 157,898 | ||||||
68,813 | Whitecap Resources, Inc. | 337,450 | ||||||
3,694 | Winpak Ltd. | 128,464 | ||||||
|
| |||||||
23,905,653 | ||||||||
|
| |||||||
China—0.8% | ||||||||
23,427 | AAC Technologies Holdings, Inc. | 178,256 | ||||||
88,614 | CapitaLand Retail China Trust REIT | 87,667 | ||||||
74,179 | China Gold International Resources Corp. Ltd.(a) | 101,673 | ||||||
149,540 | China Harmony New Energy Auto Holding Ltd. | 59,325 | ||||||
461,529 | China Travel International Investment Hong Kong Ltd. | 123,633 | ||||||
385,613 | FIH Mobile Ltd.(a) | 35,908 | ||||||
49,311 | Minth Group Ltd. | 159,770 | ||||||
203,028 | MMG Ltd.(a) | 76,141 | ||||||
71,974 | Nexteer Automotive Group Ltd. | 100,992 | ||||||
763,069 | Shougang Fushan Resources Group Ltd. | 153,793 | ||||||
1,181,005 | Shui On Land Ltd. | 238,027 | ||||||
106,622 | SITC International Holdings Co. Ltd. | 78,341 | ||||||
3,994 | Sunrise Communications Group AG(a)(d) | 352,190 | ||||||
243,896 | Tingyi Cayman Islands Holding Corp. | 360,894 | ||||||
145,211 | Towngas China Co. Ltd.(a) | 105,582 | ||||||
152,315 | Uni-President China Holdings Ltd. | 147,858 | ||||||
229,674 | Xinyi Solar Holdings Ltd. | 71,779 | ||||||
|
| |||||||
2,431,829 | ||||||||
|
| |||||||
Colombia—0.1% | ||||||||
61,485 | Gran Tierra Energy, Inc.(a) | 188,681 | ||||||
13,866 | Parex Resources, Inc.(a) | 202,407 | ||||||
|
| |||||||
391,088 | ||||||||
|
| |||||||
Denmark—1.2% | ||||||||
11,270 | Alm. Brand A/S | 94,648 | ||||||
3,136 | Chr. Hansen Holding A/S | 317,091 | ||||||
5,961 | D/S Norden A/S(a) | 82,471 | ||||||
3,185 | DFDS A/S | 136,403 | ||||||
611 | Genmab A/S(a) | 83,734 | ||||||
7,890 | GN Store Nord A/S | 335,146 | ||||||
2,314 | H. Lundbeck A/S | 108,097 | ||||||
11,326 | Matas A/S | 109,395 | ||||||
3,416 | Nilfisk Holding A/S(a) | 134,364 | ||||||
3,571 | NKT A/S(a) | 67,247 | ||||||
548 | Rockwool International A/S, Class B | 187,419 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
3,904 | Royal Unibrew A/S | $ | 277,354 | |||||
11,747 | Scandinavian Tobacco Group A/S(d) | 178,309 | ||||||
1,584 | Schouw & Co. AB | 129,540 | ||||||
1,807 | SimCorp A/S | 139,270 | ||||||
10,734 | Spar Nord Bank A/S | 89,006 | ||||||
10,309 | Sydbank A/S | 238,441 | ||||||
4,335 | Topdanmark A/S | 206,720 | ||||||
15,845 | Tryg A/S | 383,089 | ||||||
5,346 | William Demant Holding A/S(a) | 176,016 | ||||||
|
| |||||||
3,473,760 | ||||||||
|
| |||||||
Egypt—0.1% | ||||||||
142,825 | Centamin PLC | 181,582 | ||||||
|
| |||||||
Faroe Islands—0.1% | ||||||||
3,571 | Bakkafrost P/F | 201,133 | ||||||
|
| |||||||
Finland—1.5% | ||||||||
15,057 | Amer Sports Oyj(a) | 560,090 | ||||||
6,291 | Cargotec Oyj, Class B | 261,598 | ||||||
20,575 | Caverion Oyj(a) | 128,802 | ||||||
53,369 | Citycon Oyj | 103,826 | ||||||
9,059 | Cramo Oyj | 172,645 | ||||||
5,500 | DNA OYJ | 107,872 | ||||||
9,782 | Finnair Oyj | 73,539 | ||||||
11,697 | Huhtamaki Oyj | 328,549 | ||||||
19,272 | Kemira Oyj | 236,485 | ||||||
6,944 | Konecranes Oyj, Class B | 249,098 | ||||||
22,711 | Metsa Board Oyj, Class B | 199,042 | ||||||
14,614 | Orion Oyj, Class B | 503,375 | ||||||
20,123 | Outotec Oyj(a) | 77,977 | ||||||
14,206 | Ramirent Oyj | 103,820 | ||||||
17,985 | Sanoma Oyj | 202,862 | ||||||
11,897 | Tieto Oyj | 383,638 | ||||||
8,727 | Uponor Oyj | 94,679 | ||||||
16,977 | Valmet Oyj | 387,024 | ||||||
34,380 | YIT Oyj | 195,940 | ||||||
|
| |||||||
4,370,861 | ||||||||
|
| |||||||
France—3.0% | ||||||||
2,222 | Aeroports de Paris | 465,511 | ||||||
3,723 | Albioma SA | 72,471 | ||||||
21,019 | ALD SA(d) | 313,651 | ||||||
2,634 | Alten SA | 254,126 | ||||||
17,586 | Altran Technologies SA | 174,749 | ||||||
5,482 | Amundi SA(d) | 326,594 | ||||||
2,031 | bioMerieux | 155,102 | ||||||
2,374 | Bonduelle SCA | 84,327 | ||||||
6,690 | CIE Plastic Omnium SA | 186,471 | ||||||
14,581 | Coface SA | 146,046 | ||||||
175 | Dassault Aviation SA | 290,486 | ||||||
13,242 | Derichebourg SA | 63,916 | ||||||
13,204 | Elis SA | 266,751 | ||||||
954 | Eramet | 88,042 | ||||||
18,407 | Europcar Mobility Group(d) | 174,774 | ||||||
3,225 | Fnac Darty SA(a) | 229,842 | ||||||
1,424 | Gaztransport Et Technigaz SA | 105,520 | ||||||
1,969 | Iliad SA | 228,117 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 79 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
4,553 | Ingenico Group SA | $ | 323,146 | |||||
1,374 | Ipsen SA | 190,865 | ||||||
5,481 | IPSOS | 146,189 | ||||||
7,210 | JCDecaux SA | 237,399 | ||||||
9,523 | Korian SA | 375,925 | ||||||
2,182 | LISI | 63,662 | ||||||
3,717 | Maisons DU Monde SA(d) | 93,244 | ||||||
9,470 | Mercialys SA REIT | 138,953 | ||||||
9,823 | Metropole Television SA | 190,433 | ||||||
7,483 | Nexans SA | 216,713 | ||||||
3,398 | Orpea | 419,084 | ||||||
10,301 | Rallye SA(b) | 114,556 | ||||||
1,648 | Remy Cointreau SA | 195,876 | ||||||
2,220 | SEB SA | 318,697 | ||||||
4,771 | Societe BIC SA | 457,329 | ||||||
1,397 | Sopra Steria Group | 155,121 | ||||||
20,025 | SPIE SA | 314,701 | ||||||
5,965 | Tarkett SA | 131,523 | ||||||
128,559 | Technicolor SA(a) | 164,454 | ||||||
25,575 | Television Francaise 1 | 260,800 | ||||||
4,514 | Ubisoft Entertainment SA(a) | 406,610 | ||||||
3,159 | Vicat SA | 170,017 | ||||||
951 | Vilmorin & Cie SA | 56,678 | ||||||
1,983 | Worldline SA(a)(d) | 104,478 | ||||||
|
| |||||||
8,872,949 | ||||||||
|
| |||||||
Georgia—0.1% | ||||||||
5,960 | Bank of Georgia Group PLC | 118,754 | ||||||
5,960 | Georgia Capital PLC(a) | 89,100 | ||||||
|
| |||||||
207,854 | ||||||||
|
| |||||||
Germany—3.4% | ||||||||
2,630 | ADO Properties SA(d) | 155,403 | ||||||
14,395 | alstria office REIT-AG REIT | 207,466 | ||||||
4,926 | Axel Springer SE | 327,628 | ||||||
3,011 | BayWa AG | 87,849 | ||||||
2,611 | Bechtle AG | 232,234 | ||||||
2,210 | CANCOM SE | 90,346 | ||||||
2,780 | CTS Eventim AG & Co. KGaA | 104,450 | ||||||
8,088 | Deutsche EuroShop AG | 251,096 | ||||||
21,341 | Deutz AG | 159,107 | ||||||
8,898 | DIC Asset AG | 96,080 | ||||||
1,794 | DMG Mori AG | 86,898 | ||||||
928 | Draegerwerk AG & Co. KGaA | 45,318 | ||||||
1,820 | Draegerwerk AG & Co. KGaA (Preference Shares) | 97,870 | ||||||
5,682 | Duerr AG | 202,925 | ||||||
7,501 | ElringKlinger AG | 63,658 | ||||||
1,937 | Fielmann AG | 120,380 | ||||||
4,094 | Fraport AG Frankfurt Airport Services Worldwide | 316,824 | ||||||
2,802 | FUCHS PETROLUB SE | 121,595 | ||||||
5,880 | FUCHS PETROLUB SE (Preference Shares) | 272,756 | ||||||
3,921 | Gerresheimer AG | 276,557 | ||||||
10,061 | Grand City Properties SA | 243,724 | ||||||
956 | GRENKE AG | 91,855 | ||||||
3,720 | Hamburger Hafen und Logistik AG, Class A | 78,988 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
7,954 | Hapag-Lloyd AG(d) | $ | 294,521 | |||||
85,805 | Heidelberger Druckmaschinen AG(a) | 199,498 | ||||||
5,564 | Hella GmbH & Co. KGaA | 260,998 | ||||||
1,555 | Hornbach Holding AG & Co. KGAA | 102,895 | ||||||
2,363 | Indus Holding AG | 129,184 | ||||||
3,817 | Jenoptik AG | 115,214 | ||||||
5,193 | Jungheinrich AG (Preference Shares) | 172,399 | ||||||
35,943 | Kloeckner & Co. SE | 302,996 | ||||||
1,226 | Koenig & Bauer AG | 60,010 | ||||||
1,776 | Krones AG | 159,072 | ||||||
20,111 | Nordex SE(a) | 187,763 | ||||||
2,923 | Norma Group SE | 158,044 | ||||||
580 | Pfeiffer Vacuum Technology AG | 72,289 | ||||||
176 | Rational AG | 102,101 | ||||||
4,351 | RHOEN-KLINIKUM AG | 110,035 | ||||||
6,363 | Rocket Internet SE(a)(d) | 183,989 | ||||||
1,020 | Sartorius AG (Preference Shares) | 147,931 | ||||||
17,289 | Schaeffler AG (Preference Shares) | 182,807 | ||||||
6,120 | Scout24 AG(d) | 254,210 | ||||||
1,170 | Siltronic AG | 107,485 | ||||||
1,571 | Sixt SE | 160,202 | ||||||
2,123 | Sixt SE (Preference Shares) | 146,252 | ||||||
4,599 | Software AG | 206,299 | ||||||
1,380 | Stabilus SA | 92,644 | ||||||
1,615 | STADA Arzneimittel AG | 149,464 | ||||||
1,196 | Stroeer Se & Co. KGAA | 62,580 | ||||||
19,646 | TAG Immobilien AG | 449,205 | ||||||
4,389 | Takkt AG | 74,594 | ||||||
6,105 | TLG Immobilien AG | 155,223 | ||||||
7,078 | United Internet AG | 293,362 | ||||||
1,932 | Vossloh AG | 89,423 | ||||||
2,141 | VTG AG | 128,328 | ||||||
1,968 | Wacker Chemie AG | 176,291 | ||||||
3,167 | Wacker Neuson SE | 70,476 | ||||||
2,218 | Wirecard AG | 415,667 | ||||||
4,111 | Wuestenrot & Wuerttembergische AG | 83,284 | ||||||
2,934 | Zalando SE(a)(d) | 113,693 | ||||||
|
| |||||||
9,901,435 | ||||||||
|
| |||||||
Ghana—0.2% | ||||||||
176,531 | Tullow Oil PLC(a) | 509,320 | ||||||
|
| |||||||
Hong Kong—2.7% | ||||||||
22,311 | ASM Pacific Technology Ltd. | 192,675 | ||||||
80,671 | Bank of East Asia Ltd. (The) | 261,378 | ||||||
160,687 | Brightoil Petroleum Holdings Ltd.(a)(c) | 15,373 | ||||||
195,491 | Cathay Pacific Airways Ltd. | 248,372 | ||||||
285,891 | Champion REIT | 192,554 | ||||||
101,857 | Chinese Estates Holdings Ltd. | 95,628 | ||||||
217,187 | Chow Tai Fook Jewellery Group Ltd. | 190,330 | ||||||
44,870 | CK Infrastructure Holdings Ltd. | 327,965 | ||||||
57,566 | Dah Sing Banking Group Ltd. | 109,413 | ||||||
24,374 | Dah Sing Financial Holdings Ltd. | 130,740 | ||||||
40,594 | Dairy Farm International Holdings Ltd. | 366,564 | ||||||
382,012 | Esprit Holdings Ltd.(a) | 86,739 | ||||||
218,158 | First Pacific Co. Ltd. | 97,678 | ||||||
183,846 | Fortune Real Estate Investment Trust REIT | 201,214 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 80 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
4,063,439 | Global Brands Group Holding Ltd.(a) | $ | 225,476 | |||||
316,333 | Haitong International Securities Group Ltd. | 103,300 | ||||||
57,406 | Hang Lung Group Ltd. | 141,183 | ||||||
85,429 | Hkbn Ltd. | 128,153 | ||||||
69,714 | Hongkong & Shanghai Hotels Ltd. (The) | 95,864 | ||||||
115,991 | Hopewell Holdings Ltd. | 358,061 | ||||||
153,641 | Huabao International Holdings Ltd. | 71,535 | ||||||
1,102,012 | Hutchison Port Holdings Trust | 269,993 | ||||||
314,423 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 115,912 | ||||||
70,510 | Hysan Development Co. Ltd. | 330,541 | ||||||
53,460 | Johnson Electric Holdings Ltd. | 119,749 | ||||||
336,164 | K Wah International Holdings Ltd. | 151,800 | ||||||
74,674 | Luk Fook Holdings International Ltd. | 246,234 | ||||||
154,558 | Man Wah Holdings Ltd. | 71,173 | ||||||
284,122 | Mapletree North Asia Commercial Trust REIT(d) | 231,844 | ||||||
75,176 | Melco International Development Ltd. | 128,499 | ||||||
760,360 | Noble Group Ltd.(a) | 45,024 | ||||||
133,729 | NWS Holdings Ltd. | 264,749 | ||||||
741,338 | Pacific Basin Shipping Ltd. | 161,707 | ||||||
108,429 | Pacific Textiles Holdings Ltd. | 109,405 | ||||||
617,914 | PCCW Ltd. | 338,933 | ||||||
71,085 | Road King Infrastructure Ltd. | 109,719 | ||||||
240,659 | Sa Sa International Holdings Ltd. | 92,403 | ||||||
129,755 | Shangri-La Asia Ltd. | 177,103 | ||||||
318,375 | Shun Tak Holdings Ltd. | 101,530 | ||||||
332,145 | Sun Art Retail Group Ltd. | 363,100 | ||||||
39,558 | Television Broadcasts Ltd. | 83,462 | ||||||
615,880 | Truly International Holdings Ltd.(a) | 89,561 | ||||||
49,815 | Vitasoy International Holdings Ltd. | 158,543 | ||||||
18,929 | VTech Holdings Ltd. | 222,143 | ||||||
220,225 | Xinyi Glass Holdings Ltd. | 217,995 | ||||||
197,379 | Yuexiu Real Estate Investment Trust REIT | 119,846 | ||||||
|
| |||||||
7,961,163 | ||||||||
|
| |||||||
India—0.1% | ||||||||
916,784 | Golden Agri-Resources Ltd. | 168,819 | ||||||
1,833 | Rhi Magnesita NV | 88,719 | ||||||
|
| |||||||
257,538 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
34,584 | C&C Group PLC | 128,528 | ||||||
14,184 | Dalata Hotel Group PLC | 87,909 | ||||||
17,029 | Glanbia PLC | 301,383 | ||||||
68,280 | Green REIT PLC REIT | 112,797 | ||||||
98,938 | Greencore Group PLC | 239,183 | ||||||
63,554 | Hibernia REIT PLC REIT | 100,094 | ||||||
8,479 | Kingspan Group PLC | 368,914 | ||||||
23,084 | UDG Healthcare PLC | 186,412 | ||||||
|
| |||||||
1,525,220 | ||||||||
|
| |||||||
Israel—1.4% | ||||||||
7,727 | Airport City Ltd.(a) | 89,991 | ||||||
13,217 | Alony Hetz Properties & Investments Ltd. | 125,700 | ||||||
3,731 | Azrieli Group Ltd. | 181,027 | ||||||
13,262 | Cellcom Israel Ltd.(a) | 83,729 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Israel (continued) | ||||||||
1,781 | Delek Group Ltd. | $ | 299,002 | |||||
2,165 | Elbit Systems Ltd. | 258,832 | ||||||
10,563 | First International Bank of Israel Ltd. | 227,566 | ||||||
21,618 | Gazit-Globe Ltd. | 180,741 | ||||||
24,081 | Harel Insurance Investments & Financial Services Ltd. | 176,425 | ||||||
1,190 | Israel Corp. Ltd. (The) | 348,157 | ||||||
173,342 | Israel Discount Bank Ltd., Class A | 566,754 | ||||||
23,608 | Mizrahi Tefahot Bank Ltd. | 397,547 | ||||||
3,332 | Nice Ltd.(a) | 353,055 | ||||||
349,149 | Oil Refineries Ltd. | 165,842 | ||||||
22,599 | Partner Communications Co. Ltd.(a) | 114,507 | ||||||
1,165 | Paz Oil Co. Ltd. | 174,334 | ||||||
17,820 | Phoenix Holdings Ltd. (The) | 98,670 | ||||||
13,628 | Shufersal Ltd. | 86,553 | ||||||
1,172 | SodaStream International Ltd.(a) | 168,076 | ||||||
6,938 | Tower Semiconductor Ltd.(a) | 107,513 | ||||||
|
| |||||||
4,204,021 | ||||||||
|
| |||||||
Italy—2.5% | ||||||||
9,425 | ACEA SpA | 123,983 | ||||||
6,423 | Amplifon SpA | 113,967 | ||||||
27,228 | Anima Holding SpA(d) | 114,147 | ||||||
8,706 | ASTM SpA | 172,823 | ||||||
18,672 | Autogrill SpA | 183,954 | ||||||
16,189 | Azimut Holding SpA | 199,663 | ||||||
13,012 | Banca Farmafactoring SpA(d) | 67,082 | ||||||
6,792 | Banca Generali SpA | 131,057 | ||||||
2,614 | Banca Ifis SpA | 46,026 | ||||||
38,510 | Banca Mediolanum SpA | 223,623 | ||||||
51,164 | Banca Popolare di Sondrio SCPA | 161,624 | ||||||
208,747 | Beni Stabili SpA SIIQ REIT | 178,691 | ||||||
178,022 | Beni Stabili SpA SIIQ Rts. expiring 11/14/18(a) | 0 | ||||||
13,192 | Brembo SpA | 146,184 | ||||||
8,864 | Buzzi Unicem SpA | 170,486 | ||||||
5,010 | Buzzi Unicem SpA-RSP | 56,312 | ||||||
16,473 | Cerved Group SpA | 131,493 | ||||||
14,455 | Credito Emiliano SpA | 86,313 | ||||||
2,117 | Danieli & C. Officine Meccaniche SpA | 39,578 | ||||||
6,123 | Danieli & C. Officine Meccaniche SpA RSP | 90,328 | ||||||
33,287 | Davide Campari-Milano SpA | 256,279 | ||||||
6,751 | De’Longhi SpA | 178,992 | ||||||
1,176 | DiaSorin SpA | 111,661 | ||||||
32,779 | Enav SpA(d) | 147,892 | ||||||
12,278 | ERG SpA | 229,402 | ||||||
3,563 | Ferrari NV | 417,835 | ||||||
70,604 | Fincantieri SpA | 103,117 | ||||||
23,923 | Finecobank Banca Fineco SpA | 250,622 | ||||||
1,197 | Industria Macchine Automatiche SpA | 71,950 | ||||||
21,052 | Infrastrutture Wireless Italiane SpA(d) | 146,696 | ||||||
4,612 | Interpump Group SpA | 133,253 | ||||||
106,839 | Iren SpA | 231,576 | ||||||
86,394 | Italgas SpA | 446,568 | ||||||
4,758 | MARR SpA | 115,261 | ||||||
75,175 | Mediaset SpA(a) | 226,656 | ||||||
5,334 | Moncler SpA | 185,541 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 81 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
33,300 | OVS SpA(a)(d) | $ | 58,897 | |||||
36,187 | Piaggio & C. SpA | 77,534 | ||||||
77,787 | PRADA SpA | 274,855 | ||||||
6,178 | Recordati SpA | 209,439 | ||||||
85,202 | Salini Impregilo SpA | 188,056 | ||||||
4,002 | Salvatore Ferragamo SpA | 94,816 | ||||||
231,423 | Saras SpA | 451,794 | ||||||
13,205 | Societa Iniziative Autostradali e Servizi SpA | 186,426 | ||||||
2,324 | Tod’s SpA | 142,325 | ||||||
|
| |||||||
7,374,777 | ||||||||
|
| |||||||
Ivory Coast—0.0% | ||||||||
5,010 | Endeavour Mining Corp.(a) | 77,024 | ||||||
|
| |||||||
Japan—34.5% | ||||||||
14,976 | 77 Bank Ltd. (The) | 310,123 | ||||||
2,711 | ABC-Mart, Inc. | 158,545 | ||||||
34,067 | Acom Co. Ltd. | 125,878 | ||||||
6,695 | Adastria Co. Ltd. | 109,037 | ||||||
17,958 | ADEKA Corp. | 266,852 | ||||||
10,434 | Advantest Corp. | 192,399 | ||||||
3,119 | Aeon Delight Co. Ltd. | 104,469 | ||||||
21,139 | AEON Financial Service Co. Ltd. | 415,082 | ||||||
18,178 | Aeon Mall Co. Ltd. | 336,483 | ||||||
5,911 | Aica Kogyo Co. Ltd. | 175,987 | ||||||
2,995 | Aichi Bank Ltd. (The) | 114,514 | ||||||
2,994 | Aichi Steel Corp. | 105,853 | ||||||
8,876 | Aida Engineering Ltd. | 73,144 | ||||||
36,922 | Aiful Corp.(a) | 97,495 | ||||||
2,990 | Ain Holdings, Inc. | 234,209 | ||||||
11,234 | Aisan Industry Co. Ltd. | 84,413 | ||||||
42,097 | Akebono Brake Industry Co. Ltd.(a) | 84,675 | ||||||
5,178 | Alconix Corp. | 59,234 | ||||||
4,775 | Alpen Co. Ltd. | 80,306 | ||||||
9,049 | Alpine Electronics, Inc. | 154,031 | ||||||
7,763 | Amano Corp. | 165,090 | ||||||
17,026 | Anritsu Corp. | 258,283 | ||||||
7,756 | AOKI Holdings, Inc. | 102,401 | ||||||
3,960 | Aomori Bank Ltd. (The) | 108,075 | ||||||
10,334 | Aoyama Trading Co. Ltd. | 313,165 | ||||||
3,707 | Arata Corp. | 168,179 | ||||||
5,890 | Arcland Sakamoto Co. Ltd. | 77,503 | ||||||
7,269 | Arcs Co. Ltd. | 176,355 | ||||||
9,228 | Asahi Diamond Industrial Co. Ltd. | 58,301 | ||||||
6,320 | Asahi Holdings, Inc. | 135,243 | ||||||
28,942 | Asics Corp. | 420,583 | ||||||
2,565 | ASKUL Corp. | 70,685 | ||||||
13,617 | Autobacs Seven Co. Ltd. | 218,997 | ||||||
10,237 | Avex, Inc. | 137,787 | ||||||
5,199 | Awa Bank Ltd. (The) | 141,659 | ||||||
16,876 | Azbil Corp. | 314,327 | ||||||
6,146 | Bank of the Ryukyus Ltd. | 70,089 | ||||||
7,767 | Belluna Co. Ltd. | 77,150 | ||||||
13,141 | Benesse Holdings, Inc. | 366,208 | ||||||
12,681 | Bunka Shutter Co. Ltd. | 88,881 | ||||||
6,287 | Calbee, Inc. | 208,907 | ||||||
8,526 | Canon Marketing Japan, Inc. | 161,598 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
6,941 | Capcom Co. Ltd. | $ | 144,165 | |||||
4,755 | Cawachi Ltd. | 88,270 | ||||||
12,644 | Central Glass Co. Ltd. | 273,372 | ||||||
4,811 | Chiyoda Co. Ltd. | 92,848 | ||||||
32,262 | Chiyoda Corp. | 160,660 | ||||||
5,990 | Chubu Shiryo Co. Ltd. | 73,034 | ||||||
5,332 | Chudenko Corp. | 112,163 | ||||||
12,799 | Chugoku Marine Paints Ltd. | 102,864 | ||||||
61,660 | Citizen Watch Co. Ltd. | 354,591 | ||||||
5,145 | CKD Corp. | 59,266 | ||||||
10,699 | Coca-Cola Bottlers Japan Holdings, Inc. | 280,143 | ||||||
3,553 | cocokara fine, Inc. | 195,509 | ||||||
5,935 | Colowide Co. Ltd. | 144,569 | ||||||
14,247 | COMSYS Holdings Corp. | 397,030 | ||||||
990 | Cosmos Pharmaceutical Corp. | 202,377 | ||||||
6,160 | CyberAgent, Inc. | 261,454 | ||||||
4,530 | Daifuku Co. Ltd. | 195,080 | ||||||
3,386 | Daihen Corp. | 79,268 | ||||||
4,393 | Daiho Corp. | 121,060 | ||||||
5,144 | Daiichikosho Co. Ltd. | 237,019 | ||||||
7,110 | Daikyo, Inc. | 186,610 | ||||||
8,635 | Daikyonishikawa Corp. | 82,635 | ||||||
2,229 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 65,968 | ||||||
16,742 | Daio Paper Corp. | 217,332 | ||||||
3,729 | Daiseki Co. Ltd. | 88,355 | ||||||
2,909 | Daishi Hokuetsu Financial Group, Inc. | 104,652 | ||||||
7,216 | Daiwabo Holdings Co. Ltd. | 426,483 | ||||||
34,456 | DCM Holdings Co. Ltd. | 334,622 | ||||||
23,306 | DeNA Co. Ltd. | 389,070 | ||||||
6,299 | Descente Ltd. | 164,989 | ||||||
7,515 | Dexerials Corp. | 64,659 | ||||||
1,424 | Disco Corp. | 226,745 | ||||||
10,654 | DMG Mori Co. Ltd. | 154,351 | ||||||
4,207 | Doshisha Co. Ltd. | 86,671 | ||||||
4,486 | Doutor Nichires Holdings Co. Ltd. | 79,778 | ||||||
13,460 | Dowa Holdings Co. Ltd. | 392,988 | ||||||
2,589 | DTS Corp. | 89,929 | ||||||
8,144 | Duskin Co. Ltd. | 185,316 | ||||||
2,019 | DyDo Group Holdings, Inc. | 102,511 | ||||||
6,289 | Eagle Industry Co. Ltd. | 73,280 | ||||||
2,428 | Earth Corp. | 110,369 | ||||||
30,219 | EDION Corp. | 317,573 | ||||||
2,737 | Eizo Corp. | 111,561 | ||||||
7,406 | Exedy Corp. | 182,829 | ||||||
6,861 | Ezaki Glico Co. Ltd. | 341,667 | ||||||
2,971 | Fancl Corp. | 131,366 | ||||||
6,703 | FCC Co. Ltd. | 165,949 | ||||||
49,486 | Feed One Co. Ltd. | 84,190 | ||||||
5,995 | Foster Electric Co. Ltd. | 87,278 | ||||||
2,762 | FP Corp. | 141,704 | ||||||
4,772 | Fuji Co. Ltd. | 89,516 | ||||||
8,650 | Fuji Corp. | 121,102 | ||||||
13,657 | Fuji Media Holdings, Inc. | 221,697 | ||||||
53,256 | Fuji Oil Co. Ltd. | 205,747 | ||||||
6,928 | Fuji Oil Holdings, Inc. | 199,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 82 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
4,212 | Fuji Seal International, Inc. | $ | 127,829 | |||||
3,623 | Fuji Soft, Inc. | 166,294 | ||||||
3,394 | Fujimori Kogyo Co. Ltd. | 98,643 | ||||||
13,976 | Fujitec Co. Ltd. | 152,324 | ||||||
9,099 | Fujitsu General Ltd. | 135,854 | ||||||
4,314 | Fukuyama Transporting Co. Ltd. | 166,857 | ||||||
7,776 | Furukawa Co. Ltd. | 96,464 | ||||||
6,705 | Futaba Corp. | 104,685 | ||||||
25,748 | Futaba Industrial Co. Ltd. | 140,997 | ||||||
3,172 | Fuyo General Lease Co. Ltd. | 176,230 | ||||||
10,677 | Geo Holdings Corp. | 163,199 | ||||||
9,130 | Glory Ltd. | 212,930 | ||||||
5,873 | GMO Internet, Inc. | 83,889 | ||||||
25,501 | Gree, Inc. | 106,880 | ||||||
16,510 | GS Yuasa Corp. | 339,402 | ||||||
42,266 | GungHo Online Entertainment, Inc. | 76,027 | ||||||
3,200 | Gunze Ltd. | 142,058 | ||||||
3,358 | Hamakyorex Co. Ltd. | 108,755 | ||||||
7,737 | Hamamatsu Photonics K.K. | 259,145 | ||||||
5,726 | Happinet Corp. | 87,015 | ||||||
48,140 | Hazama Ando Corp. | 331,868 | ||||||
15,033 | Heiwa Corp. | 344,072 | ||||||
7,373 | Heiwa Real Estate Co. Ltd. | 136,674 | ||||||
8,067 | Heiwado Co. Ltd. | 207,009 | ||||||
2,311 | Hikari Tsushin, Inc. | 403,818 | ||||||
3,205 | Hirose Electric Co. Ltd. | 304,724 | ||||||
5,352 | HIS Co. Ltd. | 162,426 | ||||||
5,355 | Hisamitsu Pharmaceutical Co., Inc. | 302,258 | ||||||
8,898 | Hitachi Capital Corp. | 218,557 | ||||||
19,786 | Hitachi Chemical Co. Ltd. | 312,249 | ||||||
8,513 | Hitachi High-Technologies Corp. | 320,968 | ||||||
10,759 | Hitachi Transport System Ltd. | 276,852 | ||||||
70,199 | Hitachi Zosen Corp. | 266,850 | ||||||
2,925 | Hogy Medical Co. Ltd. | 86,308 | ||||||
70,655 | Hokkaido Electric Power Co., Inc. | 413,205 | ||||||
3,427 | Hokkoku Bank Ltd. (The) | 126,021 | ||||||
40,089 | Hokuetsu Corp. | 191,467 | ||||||
30,533 | Hokuhoku Financial Group, Inc. | 379,583 | ||||||
3,739 | Horiba Ltd. | 175,594 | ||||||
3,388 | Hoshizaki Corp. | 273,490 | ||||||
10,415 | Hosiden Corp. | 95,701 | ||||||
8,706 | House Foods Group, Inc. | 250,716 | ||||||
27,626 | Hulic Co. Ltd. | 253,360 | ||||||
33,783 | Hyakugo Bank Ltd. (The) | 124,529 | ||||||
3,277 | Hyakujushi Bank Ltd. (The) | 83,860 | ||||||
30,686 | Ibiden Co. Ltd. | 379,038 | ||||||
5,336 | IBJ Leasing Co. Ltd. | 134,092 | ||||||
3,949 | Inaba Denki Sangyo Co. Ltd. | 159,038 | ||||||
9,280 | Inabata & Co. Ltd. | 124,166 | ||||||
5,292 | Internet Initiative Japan, Inc. | 102,272 | ||||||
5,988 | Iseki & Co. Ltd. | 102,776 | ||||||
12,839 | Ishihara Sangyo Kaisha Ltd.(a) | 153,583 | ||||||
7,406 | Ito EN Ltd. | 315,652 | ||||||
17,626 | Itochu Enex Co. Ltd. | 166,022 | ||||||
13,125 | ITOCHU Techno-Solutions Corp. | 248,881 | ||||||
24,601 | Itoham Yonekyu Holdings, Inc. | 154,771 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
9,426 | Iwatani Corp. | $ | 332,840 | |||||
61,660 | Iyo Bank Ltd. (The) | 366,611 | ||||||
5,557 | Izumi Co. Ltd. | 302,335 | ||||||
20,130 | J Trust Co. Ltd. | 102,920 | ||||||
9,036 | Jaccs Co. Ltd. | 169,583 | ||||||
5,136 | JAFCO Co. Ltd. | 198,422 | ||||||
4,363 | Japan Airport Terminal Co. Ltd. | 167,785 | ||||||
10,462 | Japan Aviation Electronics Industry Ltd. | 139,147 | ||||||
13,461 | Japan Petroleum Exploration Co. Ltd. | 285,191 | ||||||
23,328 | Japan Securities Finance Co. Ltd. | 131,053 | ||||||
8,725 | Japan Steel Works Ltd. (The) | 185,161 | ||||||
10,124 | Japan Wool Textile Co. Ltd. (The) | 80,020 | ||||||
10,466 | Joyful Honda Co. Ltd. | 151,071 | ||||||
6,753 | Juki Corp. | 75,815 | ||||||
6,177 | Juroku Bank Ltd. (The) | 139,791 | ||||||
78,028 | JVC Kenwood Corp. | 192,209 | ||||||
13,586 | Kadokawa Dwango Corp. | 135,553 | ||||||
5,682 | Kaga Electronics Co. Ltd. | 127,732 | ||||||
6,157 | Kagome Co. Ltd. | 164,216 | ||||||
6,084 | Kakaku.com, Inc. | 110,354 | ||||||
3,817 | Kaken Pharmaceutical Co. Ltd. | 191,433 | ||||||
18,584 | Kamigumi Co. Ltd. | 384,343 | ||||||
5,916 | Kanamoto Co. Ltd. | 197,628 | ||||||
23,327 | Kandenko Co. Ltd. | 238,117 | ||||||
31,006 | Kanematsu Corp. | 398,651 | ||||||
17,181 | Kansai Paint Co. Ltd. | 254,392 | ||||||
9,066 | Kasai Kogyo Co. Ltd. | 83,627 | ||||||
4,121 | Kato Sangyo Co. Ltd. | 126,893 | ||||||
4,218 | Kato Works Co. Ltd. | 121,096 | ||||||
12,455 | Keihan Holdings Co. Ltd. | 472,353 | ||||||
14,049 | Keihin Corp. | 277,482 | ||||||
14,669 | Keisei Electric Railway Co. Ltd. | 451,684 | ||||||
15,538 | Keiyo Bank Ltd. (The) | 113,587 | ||||||
15,160 | Kenedix, Inc. | 78,853 | ||||||
4,686 | Kh Neochem Co. Ltd. | 132,871 | ||||||
28,541 | Kinden Corp. | 457,749 | ||||||
9,302 | Kintetsu World Express, Inc. | 144,490 | ||||||
5,280 | Kissei Pharmaceutical Co. Ltd. | 152,287 | ||||||
17,342 | Kitz Corp. | 138,146 | ||||||
9,061 | Kiyo Bank Ltd. (The) | 134,805 | ||||||
3,896 | Kobayashi Pharmaceutical Co. Ltd. | 255,464 | ||||||
6,135 | Koei Tecmo Holdings Co. Ltd. | 97,253 | ||||||
10,469 | Kohnan Shoji Co. Ltd. | 262,432 | ||||||
13,862 | Kokuyo Co. Ltd. | 219,129 | ||||||
6,170 | Komeri Co. Ltd. | 159,970 | ||||||
10,678 | Komori Corp. | 115,906 | ||||||
6,759 | Konami Holdings Corp. | 258,130 | ||||||
7,907 | Konoike Transport Co. Ltd. | 119,808 | ||||||
998 | Kose Corp. | 149,185 | ||||||
35,368 | K’s Holdings Corp. | 446,899 | ||||||
7,468 | Kumagai Gumi Co. Ltd. | 194,947 | ||||||
3,960 | Kurabo Industries Ltd. | 95,548 | ||||||
3,362 | Kureha Corp. | 216,576 | ||||||
16,250 | Kurita Water Industries Ltd. | 400,724 | ||||||
6,736 | KYB Corp. | 161,573 | ||||||
7,052 | Kyoei Steel Ltd. | 127,974 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 83 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
7,081 | Kyokuto Kaihatsu Kogyo Co. Ltd. | $ | 101,206 | |||||
3,401 | Kyokuyo Co. Ltd. | 93,271 | ||||||
10,246 | KYORIN Holdings, Inc. | 223,977 | ||||||
2,558 | Kyoritsu Maintenance Co. Ltd. | 113,558 | ||||||
11,867 | Kyowa Exeo Corp. | 319,664 | ||||||
23,976 | Kyowa Hakko Kirin Co. Ltd. | 466,327 | ||||||
4,508 | Kyudenko Corp. | 164,374 | ||||||
74,535 | Kyushu Financial Group, Inc. | 329,564 | ||||||
59,951 | Leopalace21 Corp. | 250,205 | ||||||
8,862 | Lintec Corp. | 209,820 | ||||||
19,386 | Lion Corp. | 364,169 | ||||||
5,075 | Lixil Viva Corp. | 82,429 | ||||||
5,484 | M3, Inc. | 88,343 | ||||||
6,313 | Mabuchi Motor Co. Ltd. | 224,875 | ||||||
4,970 | Macnica Fuji Electronics Holdings, Inc. | 71,871 | ||||||
26,233 | Maeda Corp. | 296,605 | ||||||
12,070 | Maeda Road Construction Co. Ltd. | 220,213 | ||||||
3,909 | Makino Milling Machine Co. Ltd. | 149,287 | ||||||
3,310 | Mandom Corp. | 92,095 | ||||||
11,045 | Maruha Nichiro Corp. | 400,284 | ||||||
9,716 | Maruichi Steel Tube Ltd. | 280,662 | ||||||
11,298 | Marusan Securities Co. Ltd. | 86,996 | ||||||
12,653 | Matsui Securities Co. Ltd. | 129,047 | ||||||
10,253 | Matsumotokiyoshi Holdings Co. Ltd. | 369,764 | ||||||
9,650 | Maxell Holdings Ltd. | 122,789 | ||||||
12,995 | Megmilk Snow Brand Co. Ltd. | 304,220 | ||||||
11,770 | Meidensha Corp. | 166,348 | ||||||
2,534 | Meitec Corp. | 106,205 | ||||||
10,642 | Miraca Holdings, Inc. | 259,319 | ||||||
14,046 | Mirait Holdings Corp. | 226,767 | ||||||
13,069 | MISUMI Group, Inc. | 262,411 | ||||||
14,528 | Mitsuba Corp. | 114,700 | ||||||
14,260 | Mitsubishi Logistics Corp. | 326,380 | ||||||
4,160 | Mitsubishi Pencil Co. Ltd. | 72,543 | ||||||
4,213 | Mitsubishi Steel Manufacturing Co. Ltd. | 73,953 | ||||||
76,335 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 392,988 | ||||||
6,585 | Mitsui-Soko Holdings Co. Ltd.(a) | 101,528 | ||||||
5,875 | Miura Co. Ltd. | 143,940 | ||||||
2,180 | Mochida Pharmaceutical Co. Ltd. | 172,692 | ||||||
4,536 | Modec, Inc. | 136,657 | ||||||
33,463 | Monex Group, Inc. | 131,948 | ||||||
4,091 | Morinaga & Co. Ltd. | 164,394 | ||||||
11,152 | Morinaga Milk Industry Co. Ltd. | 297,439 | ||||||
5,737 | Morita Holdings Corp. | 109,346 | ||||||
9,074 | Musashi Seimitsu Industry Co. Ltd. | 132,425 | ||||||
4,004 | Musashino Bank Ltd. (The) | 108,566 | ||||||
9,872 | Nabtesco Corp. | 217,638 | ||||||
3,610 | Nachi-Fujikoshi Corp. | 147,305 | ||||||
16,178 | Nagase & Co. Ltd. | 254,307 | ||||||
22,830 | Namura Shipbuilding Co. Ltd. | 101,754 | ||||||
15,995 | Nankai Electric Railway Co. Ltd. | 391,318 | ||||||
7,605 | Nanto Bank Ltd. (The) | 174,196 | ||||||
5,913 | NEC Networks & System Integration Corp. | 128,996 | ||||||
13,380 | NET One Systems Co. Ltd. | 280,037 | ||||||
16,216 | Nexon Co. Ltd.(a) | 184,784 | ||||||
9,037 | Nichias Corp. | 197,308 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
11,167 | Nichicon Corp. | $ | 92,716 | |||||
3,625 | Nichiha Corp. | 79,949 | ||||||
11,350 | NichiiGakkan Co. Ltd. | 106,002 | ||||||
9,626 | Nichi-iko Pharmaceutical Co. Ltd. | 131,440 | ||||||
18,609 | Nichirei Corp. | 449,333 | ||||||
8,746 | Nifco, Inc. | 199,247 | ||||||
9,047 | Nihon Kohden Corp. | 270,155 | ||||||
8,491 | Nihon Parkerizing Co. Ltd. | 102,550 | ||||||
9,438 | Nihon Unisys Ltd. | 206,816 | ||||||
13,580 | Nikkiso Co. Ltd. | 157,754 | ||||||
7,515 | Nikkon Holdings Co. Ltd. | 181,790 | ||||||
11,320 | Nippo Corp. | 186,368 | ||||||
5,313 | Nippon Chemi-Con Corp. | 120,520 | ||||||
4,585 | Nippon Densetsu Kogyo Co. Ltd. | 92,955 | ||||||
9,942 | Nippon Flour Mills Co. Ltd. | 164,474 | ||||||
3,961 | Nippon Gas Co. Ltd. | 119,860 | ||||||
29,822 | Nippon Kayaku Co. Ltd. | 356,210 | ||||||
3,800 | Nippon Koei Co. Ltd. | 85,526 | ||||||
183,886 | Nippon Light Metal Holdings Co. Ltd. | 387,797 | ||||||
11,080 | Nippon Paint Holdings Co. Ltd. | 347,063 | ||||||
2,636 | Nippon Shinyaku Co. Ltd. | 152,057 | ||||||
6,860 | Nippon Shokubai Co. Ltd. | 442,522 | ||||||
12,007 | Nippon Signal Co. Ltd. | 109,904 | ||||||
7,362 | Nippon Soda Co. Ltd. | 192,049 | ||||||
4,518 | Nippon Steel & Sumikin Bussan Corp. | 197,366 | ||||||
93,971 | Nippon Suisan Kaisha Ltd. | 600,355 | ||||||
10,509 | Nippon Television Holdings, Inc. | 167,801 | ||||||
32,602 | Nippon Yakin Kogyo Co. Ltd. | 86,665 | ||||||
27,370 | Nipro Corp. | 348,749 | ||||||
14,405 | Nishimatsu Construction Co. Ltd. | 335,315 | ||||||
9,044 | Nishimatsuya Chain Co. Ltd. | 80,619 | ||||||
27,474 | Nishi-Nippon Financial Holdings, Inc. | 261,947 | ||||||
9,526 | Nishi-Nippon Railroad Co. Ltd. | 235,586 | ||||||
3,350 | Nishio Rent All Co. Ltd. | 107,753 | ||||||
10,868 | Nissan Chemical Corp. | 514,245 | ||||||
14,815 | Nissan Shatai Co. Ltd. | 119,591 | ||||||
4,605 | Nissha Co. Ltd.(b) | 74,999 | ||||||
7,263 | Nisshin Oillio Group Ltd. (The) | 217,848 | ||||||
17,493 | Nisshin Steel Co. Ltd. | 228,786 | ||||||
6,711 | Nissin Foods Holdings Co. Ltd. | 433,505 | ||||||
10,764 | Nissin Kogyo Co. Ltd. | 156,708 | ||||||
1,750 | Nittetsu Mining Co. Ltd. | 74,509 | ||||||
5,154 | Nitto Boseki Co. Ltd. | 102,208 | ||||||
5,337 | Nitto Kogyo Corp. | 92,784 | ||||||
9,784 | NOF Corp. | 277,858 | ||||||
7,149 | Nojima Corp. | 168,819 | ||||||
10,430 | Nomura Research Institute Ltd. | 462,097 | ||||||
2,436 | Noritake Co. Ltd. | 121,741 | ||||||
7,016 | Noritz Corp. | 101,894 | ||||||
97,117 | North Pacific Bank Ltd. | 291,725 | ||||||
3,755 | NS Solutions Corp. | 112,296 | ||||||
4,684 | NS United Kaiun Kaisha Ltd. | 114,138 | ||||||
14,245 | NTT Urban Development Corp. | 211,930 | ||||||
2,969 | OBIC Co. Ltd. | 270,447 | ||||||
10,872 | Ogaki Kyoritsu Bank Ltd. (The) | 241,322 | ||||||
2,162 | Okamoto Industries, Inc. | 97,319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 84 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
15,660 | Okamura Corp. | $ | 213,139 | |||||
42,664 | Okasan Securities Group, Inc. | 204,521 | ||||||
35,817 | Oki Electric Industry Co. Ltd. | 491,292 | ||||||
7,908 | Okinawa Electric Power Co., Inc. (The) | 147,642 | ||||||
4,306 | OKUMA Corp. | 215,577 | ||||||
5,740 | Okumura Corp. | 180,813 | ||||||
31,906 | Onward Holdings Co. Ltd. | 192,247 | ||||||
1,777 | Open House Co. Ltd. | 69,833 | ||||||
2,637 | Oracle Corp. Japan | 178,986 | ||||||
101,459 | Orient Corp. | 159,127 | ||||||
3,960 | Osaka Soda Co. Ltd. | 93,232 | ||||||
8,718 | OSG Corp. | 180,300 | ||||||
8,945 | Otsuka Corp. | 297,229 | ||||||
10,314 | Pacific Industrial Co. Ltd. | 150,888 | ||||||
6,971 | Paltac Corp. | 355,792 | ||||||
2,313 | Paramount Bed Holdings Co. Ltd. | 97,455 | ||||||
12,146 | Park24 Co. Ltd.(b) | 319,753 | ||||||
54,219 | Penta-Ocean Construction Co. Ltd. | 324,771 | ||||||
13,392 | Persol Holdings Co. Ltd. | 254,894 | ||||||
4,408 | Pigeon Corp. | 187,092 | ||||||
1,780 | Pilot Corp. | 98,420 | ||||||
227,076 | Pioneer Corp.(a) | 203,223 | ||||||
5,524 | Plenus Co. Ltd. | 88,351 | ||||||
3,581 | Pola Orbis Holdings, Inc. | 95,828 | ||||||
31,102 | Press Kogyo Co. Ltd. | 142,206 | ||||||
5,638 | Prima Meat Packers Ltd. | 106,360 | ||||||
9,749 | Raito Kogyo Co. Ltd. | 131,737 | ||||||
7,478 | Relia, Inc. | 82,761 | ||||||
4,343 | Relo Group, Inc. | 102,596 | ||||||
39,421 | Renesas Electronics Corp.(a) | 208,885 | ||||||
8,064 | Resorttrust, Inc. | 124,117 | ||||||
4,531 | Rinnai Corp. | 330,024 | ||||||
8,563 | Rohto Pharmaceutical Co. Ltd. | 271,637 | ||||||
7,947 | Round One Corp. | 94,078 | ||||||
3,517 | Royal Holdings Co. Ltd. | 87,041 | ||||||
9,105 | Ryobi Ltd. | 265,836 | ||||||
1,140 | Ryohin Keikaku Co. Ltd. | 301,124 | ||||||
4,882 | Ryosan Co. Ltd. | 140,808 | ||||||
5,331 | Ryoyo Electro Corp. | 76,525 | ||||||
2,828 | S Foods, Inc. | 114,142 | ||||||
3,226 | Saizeriya Co. Ltd. | 61,115 | ||||||
3,401 | Sakai Chemical Industry Co. Ltd. | 78,384 | ||||||
9,679 | Sakata INX Corp. | 96,142 | ||||||
2,781 | Sakata Seed Corp. | 87,973 | ||||||
2,586 | San-A Co. Ltd. | 109,187 | ||||||
14,057 | Sanden Holdings Corp.(a) | 153,331 | ||||||
8,748 | Sangetsu Corp. | 168,208 | ||||||
26,180 | San-In Godo Bank Ltd. (The) | 199,038 | ||||||
4,853 | Sanken Electric Co. Ltd. | 107,591 | ||||||
9,979 | Sanki Engineering Co. Ltd. | 97,619 | ||||||
9,845 | Sankyo Co. Ltd. | 375,550 | ||||||
8,128 | Sankyo Tateyama, Inc. | 91,395 | ||||||
8,831 | Sankyu, Inc. | 417,860 | ||||||
9,735 | Sanrio Co. Ltd. | 195,468 | ||||||
28,263 | Sanwa Holdings Corp. | 331,828 | ||||||
2,510 | Sanyo Chemical Industries Ltd. | 115,208 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
7,854 | Sanyo Special Steel Co. Ltd. | $ | 180,596 | |||||
16,346 | Sapporo Holdings Ltd. | 304,310 | ||||||
3,314 | Sato Holdings Corp. | 98,079 | ||||||
5,797 | Sawai Pharmaceutical Co. Ltd. | 294,332 | ||||||
2,942 | SCREEN Holdings Co. Ltd. | 160,323 | ||||||
5,105 | SCSK Corp. | 216,450 | ||||||
8,239 | Seiko Holdings Corp. | 197,698 | ||||||
6,353 | Seiren Co. Ltd. | 90,576 | ||||||
39,739 | Senko Group Holdings Co. Ltd. | 308,109 | ||||||
63,335 | Senshu Ikeda Holdings, Inc. | 194,739 | ||||||
86,770 | Seven Bank Ltd. | 271,409 | ||||||
11,350 | SG Holdings Co. Ltd. | 286,025 | ||||||
7,886 | Shiga Bank Ltd. (The) | 183,637 | ||||||
2,014 | Shima Seiki Manufacturing Ltd. | 54,430 | ||||||
10,889 | Shimachu Co. Ltd. | 285,311 | ||||||
20,138 | Shimadzu Corp. | 509,093 | ||||||
4,095 | Shimamura Co. Ltd. | 344,349 | ||||||
1,392 | Shindengen Electric Manufacturing Co. Ltd. | 60,624 | ||||||
17,961 | Shinko Electric Industries Co. Ltd. | 124,934 | ||||||
24,776 | Shinmaywa Industries Ltd. | 304,719 | ||||||
8,043 | Ship Healthcare Holdings, Inc. | 291,132 | ||||||
1,734 | SHO-BOND Holdings Co. Ltd. | 123,533 | ||||||
832 | Shochiku Co. Ltd. | 81,169 | ||||||
13,977 | Showa Corp. | 193,576 | ||||||
6,563 | Siix Corp. | 89,034 | ||||||
11,880 | Sintokogio Ltd. | 102,426 | ||||||
39,394 | SKY Perfect JSAT Holdings, Inc. | 175,232 | ||||||
32,004 | Skylark Holdings Co. Ltd. | 498,543 | ||||||
7,154 | Sohgo Security Services Co. Ltd. | 318,857 | ||||||
10,125 | Sotetsu Holdings, Inc. | 309,972 | ||||||
6,028 | Square Enix Holdings Co. Ltd. | 216,058 | ||||||
5,470 | Starts Corp., Inc. | 113,709 | ||||||
4,755 | Sugi Holdings Co. Ltd. | 217,831 | ||||||
14,764 | Sumco Corp. | 199,636 | ||||||
5,479 | Sumitomo Bakelite Co. Ltd. | 198,323 | ||||||
23,688 | Sumitomo Dainippon Pharma Co. Ltd. | 495,778 | ||||||
51,469 | Sumitomo Mitsui Construction Co. Ltd. | 323,349 | ||||||
9,259 | Sumitomo Osaka Cement Co. Ltd. | 344,582 | ||||||
1,967 | Sumitomo Seika Chemicals Co. Ltd. | 98,302 | ||||||
15,017 | Sumitomo Warehouse Co. Ltd. (The) | 176,577 | ||||||
5,912 | Sundrug Co. Ltd. | 214,782 | ||||||
23,023 | Suruga Bank Ltd. | 108,735 | ||||||
2,336 | Sushiro Global Holdings Ltd. | 122,953 | ||||||
4,942 | Sysmex Corp. | 346,998 | ||||||
7,925 | Tachi-S Co. Ltd. | 111,795 | ||||||
18,581 | Tadano Ltd. | 200,537 | ||||||
5,576 | Taikisha Ltd. | 157,613 | ||||||
5,371 | Taisho Pharmaceutical Holdings Co. Ltd. | 573,008 | ||||||
2,030 | Taiyo Holdings Co. Ltd. | 72,580 | ||||||
20,625 | Taiyo Nippon Sanso Corp. | 332,069 | ||||||
21,449 | Taiyo Yuden Co. Ltd. | 433,142 | ||||||
21,766 | Takara Holdings, Inc. | 305,694 | ||||||
6,549 | Takara Standard Co. Ltd. | 101,321 | ||||||
12,086 | Takasago Thermal Engineering Co. Ltd. | 206,690 | ||||||
11,120 | Takuma Co. Ltd. | 141,297 | ||||||
12,674 | Tamura Corp. | 64,799 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 85 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
2,005 | Technopro Holdings, Inc. | $ | 104,820 | |||||
3,765 | Tekken Corp. | 94,079 | ||||||
4,679 | T-Gaia Corp. | 106,138 | ||||||
9,782 | THK Co. Ltd. | 216,781 | ||||||
13,389 | TIS, Inc. | 600,313 | ||||||
6,621 | Toa Corp. | 111,528 | ||||||
22,680 | Toagosei Co. Ltd. | 233,120 | ||||||
47,839 | Toda Corp. | 322,586 | ||||||
1,170 | Toei Co. Ltd. | 127,932 | ||||||
11,810 | Toho Co. Ltd. | 385,626 | ||||||
13,032 | Toho Holdings Co. Ltd. | 342,501 | ||||||
2,818 | Toho Zinc Co. Ltd. | 90,142 | ||||||
10,230 | Tokai Carbon Co. Ltd.(b) | 160,083 | ||||||
20,503 | Tokai Holdings Corp. | 171,320 | ||||||
16,207 | Tokai Rika Co. Ltd. | 296,122 | ||||||
42,927 | Tokai Tokyo Financial Holdings, Inc. | 221,757 | ||||||
1,252 | Token Corp. | 80,985 | ||||||
12,947 | Tokuyama Corp. | 290,707 | ||||||
6,288 | Tokyo Broadcasting System Holdings, Inc. | 116,895 | ||||||
5,317 | Tokyo Century Corp. | 285,037 | ||||||
21,414 | Tokyo Dome Corp. | 188,609 | ||||||
6,863 | Tokyo Kiraboshi Financial Group, Inc. | 111,105 | ||||||
6,201 | Tokyo Ohka Kogyo Co. Ltd. | 166,488 | ||||||
3,888 | Tokyo Seimitsu Co. Ltd. | 93,535 | ||||||
15,390 | Tokyo Steel Manufacturing Co. Ltd. | 121,233 | ||||||
13,841 | Tokyu Construction Co. Ltd. | 125,342 | ||||||
29,841 | TOMONY Holdings, Inc. | 116,080 | ||||||
16,945 | Tomy Co. Ltd. | 197,745 | ||||||
8,241 | Topcon Corp. | 119,904 | ||||||
10,896 | Toppan Forms Co. Ltd. | 99,252 | ||||||
6,955 | Topre Corp. | 144,825 | ||||||
4,095 | Topy Industries Ltd. | 110,308 | ||||||
3,619 | Toshiba Machine Co. Ltd. | 68,689 | ||||||
5,736 | Toshiba Plant Systems & Services Corp. | 117,307 | ||||||
6,580 | Toshiba TEC Corp. | 196,488 | ||||||
4,377 | Totetsu Kogyo Co. Ltd. | 108,092 | ||||||
9,444 | Towa Bank Ltd. (The) | 77,072 | ||||||
21,771 | Toyo Construction Co. Ltd. | 89,125 | ||||||
13,989 | Toyo Engineering Corp.(a) | 112,800 | ||||||
5,499 | Toyo Ink SC Holdings Co. Ltd. | 128,101 | ||||||
26,961 | Toyo Tire & Rubber Co. Ltd. | 451,520 | ||||||
25,158 | Toyobo Co. Ltd. | 358,015 | ||||||
19,343 | Toyota Boshoku Corp. | 323,426 | ||||||
5,511 | TPR Co. Ltd. | 134,338 | ||||||
4,808 | transcosmos, Inc. | 108,937 | ||||||
8,679 | Trend Micro, Inc. | 501,414 | ||||||
5,718 | Trusco Nakayama Corp. | 144,147 | ||||||
12,070 | TS Tech Co. Ltd. | 347,592 | ||||||
23,288 | TSI Holdings Co. Ltd. | 158,686 | ||||||
4,366 | Tsubaki Nakashima Co. Ltd. | 80,469 | ||||||
7,711 | Tsubakimoto Chain Co. | 297,221 | ||||||
7,108 | Tsukishima Kikai Co. Ltd. | 84,020 | ||||||
8,935 | Tsumura & Co. | 278,687 | ||||||
2,812 | Tsuruha Holdings, Inc. | 293,023 | ||||||
5,339 | TV Asahi Holdings Corp. | 99,679 | ||||||
13,078 | UACJ Corp. | 286,579 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
9,382 | UKC Holdings Corp. | $ | 183,392 | |||||
3,615 | Ulvac, Inc. | 118,039 | ||||||
13,127 | Unipres Corp. | 235,426 | ||||||
4,000 | United Arrows Ltd. | 150,636 | ||||||
12,729 | United Super Markets Holdings, Inc. | 139,635 | ||||||
25,572 | Unitika Ltd.(a) | 130,517 | ||||||
3,971 | Unizo Holdings Co. Ltd. | 74,772 | ||||||
18,932 | Ushio, Inc. | 229,321 | ||||||
14,922 | USS Co. Ltd. | 269,338 | ||||||
8,271 | Valor Holdings Co. Ltd. | 177,725 | ||||||
24,472 | VT Holdings Co. Ltd. | 101,917 | ||||||
11,043 | Wacoal Holdings Corp. | 304,317 | ||||||
20,039 | Wacom Co. Ltd. | 93,576 | ||||||
10,861 | Wakita & Co. Ltd. | 117,219 | ||||||
5,530 | Warabeya Nichiyo Holdings Co. Ltd. | 89,868 | ||||||
4,699 | Welcia Holdings Co. Ltd. | 239,832 | ||||||
6,274 | Xebio Holdings Co. Ltd. | 87,059 | ||||||
5,928 | Yakult Honsha Co. Ltd. | 420,746 | ||||||
6,553 | Yamabiko Corp. | 70,608 | ||||||
7,123 | Yamato Kogyo Co. Ltd. | 187,456 | ||||||
12,408 | Yamazen Corp. | 136,004 | ||||||
2,409 | Yaoko Co. Ltd. | 131,491 | ||||||
9,979 | Yaskawa Electric Corp. | 288,702 | ||||||
3,097 | Yellow Hat Ltd. | 76,125 | ||||||
3,623 | Yodogawa Steel Works Ltd. | 78,845 | ||||||
3,944 | Yokogawa Bridge Holdings Corp. | 64,024 | ||||||
11,676 | Yokohama Reito Co. Ltd. | 92,700 | ||||||
6,533 | Yorozu Corp. | 92,216 | ||||||
10,128 | Yoshinoya Holdings Co. Ltd. | 166,384 | ||||||
3,022 | Yuasa Trading Co. Ltd. | 99,211 | ||||||
3,010 | Zenkoku Hosho Co. Ltd. | 109,086 | ||||||
13,589 | Zensho Holdings Co. Ltd. | 263,460 | ||||||
23,302 | Zeon Corp. | 225,680 | ||||||
5,511 | ZERIA Pharmaceutical Co. Ltd. | 103,086 | ||||||
3,401 | ZOZO, Inc. | 81,940 | ||||||
|
| |||||||
100,748,011 | ||||||||
|
| |||||||
Jordan—0.2% | ||||||||
24,012 | Hikma Pharmaceuticals PLC | 583,405 | ||||||
|
| |||||||
Kazakhstan—0.0% | ||||||||
11,689 | KAZ Minerals PLC | 77,486 | ||||||
|
| |||||||
Luxembourg—0.2% | ||||||||
8,264 | APERAM SA | 281,842 | ||||||
363 | Eurofins Scientific SE | 183,603 | ||||||
64,692 | L’Occitane International SA | 121,307 | ||||||
|
| |||||||
586,752 | ||||||||
|
| |||||||
Macau—0.1% | ||||||||
86,929 | MGM China Holdings Ltd. | 122,863 | ||||||
|
| |||||||
Mexico—0.1% | ||||||||
13,459 | Fresnillo PLC | 145,936 | ||||||
|
| |||||||
Netherlands—1.7% | ||||||||
9,835 | Aalberts Industries NV | 361,608 | ||||||
1,994 | AMG Advanced Metallurgical Group NV | 95,523 | ||||||
16,781 | Arcadis NV(b) | 227,214 | ||||||
3,589 | ASM International NV | 154,487 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Netherlands (continued) | ||||||||
3,118 | Be Semiconductor Industries NV | $ | 66,877 | |||||
7,560 | Corbion NV | 229,908 | ||||||
8,748 | Eurocommercial Properties NV CVA | 324,120 | ||||||
4,098 | Euronext NV(d) | 252,824 | ||||||
3,011 | Flow Traders(d) | 95,935 | ||||||
10,234 | Forfarmers NV | 115,608 | ||||||
27,055 | Fugro NV CVA(a)(b) | 349,463 | ||||||
4,531 | GrandVision NV(d) | 114,690 | ||||||
3,781 | IMCD NV | 256,829 | ||||||
5,357 | Intertrust NV(d) | 86,494 | ||||||
7,900 | Koninklijke Volkerwessels NV | 140,532 | ||||||
9,781 | Koninklijke Vopak NV | 443,294 | ||||||
2,628 | NSI NV REIT | 103,771 | ||||||
11,445 | OCI NV(a) | 326,009 | ||||||
96,965 | PostNL NV | 287,410 | ||||||
4,416 | TKH Group NV CVA | 223,458 | ||||||
16,148 | TomTom NV(a) | 135,321 | ||||||
3,426 | Vastned Retail NV REIT | 135,864 | ||||||
9,487 | Wereldhave NV REIT | 326,670 | ||||||
|
| |||||||
4,853,909 | ||||||||
|
| |||||||
New Zealand—1.0% | ||||||||
94,213 | Air New Zealand Ltd. | 172,259 | ||||||
91,234 | Auckland International Airport Ltd. | 416,435 | ||||||
102,047 | Chorus Ltd. | 316,524 | ||||||
115,472 | Contact Energy Ltd. | 421,504 | ||||||
24,326 | Fisher & Paykel Healthcare Corp. Ltd. | 216,034 | ||||||
101,127 | Kiwi Property Group Ltd. | 86,837 | ||||||
43,107 | Mercury NZ Ltd. | 95,706 | ||||||
85,348 | �� | Meridian Energy Ltd. | 174,721 | |||||
23,187 | Ryman Healthcare Ltd. | 183,207 | ||||||
66,244 | Sky Network Television Ltd. | 96,896 | ||||||
111,197 | SKYCITY Entertainment Group Ltd. | 278,103 | ||||||
46,693 | Trade Me Group Ltd. | 147,879 | ||||||
50,501 | Z Energy Ltd. | 201,161 | ||||||
|
| |||||||
2,807,266 | ||||||||
|
| |||||||
Norway—1.5% | ||||||||
4,293 | Aker BP ASA | 141,994 | ||||||
49,643 | Aker Solutions ASA(a)(d) | 328,396 | ||||||
6,510 | Atea ASA | 86,129 | ||||||
22,891 | Austevoll Seafood ASA | 369,309 | ||||||
15,411 | Borregaard ASA | 139,351 | ||||||
14,664 | Entra ASA(d) | 199,243 | ||||||
4,717 | Kongsberg Gruppen ASA | 77,785 | ||||||
38,024 | Leroy Seafood Group ASA | 351,424 | ||||||
4,916 | Norwegian Air Shuttle ASA(a) | 125,752 | ||||||
133,191 | Petroleum Geo-Services ASA(a) | 417,403 | ||||||
6,294 | Salmar ASA | 333,236 | ||||||
6,356 | Schibsted ASA, Class B | 201,911 | ||||||
5,679 | Schibsted ASA, Class A | 197,364 | ||||||
11,222 | SpareBank 1 SMN | 114,824 | ||||||
21,605 | Sparebank 1 SR-Bank ASA | 241,114 | ||||||
19,785 | TGS Nopec Geophysical Co. ASA | 665,938 | ||||||
8,533 | Tomra Systems ASA | 212,184 | ||||||
12,847 | Veidekke ASA(b) | 134,508 | ||||||
11,084 | XXL ASA(d) | 57,234 | ||||||
|
| |||||||
4,395,099 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Portugal—0.5% | ||||||||
65,891 | CTT-Correios de Portugal SA | $ | 253,090 | |||||
34,259 | Mota-Engil SGPS SA(a) | 68,240 | ||||||
53,940 | Navigator Co. SA (The) | 268,913 | ||||||
34,671 | NOS SGPS SA | 194,848 | ||||||
80,788 | REN—Redes Energeticas Nacionais SGPS SA | 215,478 | ||||||
4,534 | Semapa-Sociedade de Investimento e Gestao | 86,717 | ||||||
242,818 | Sonae SGPS SA | 243,348 | ||||||
|
| |||||||
1,330,634 | ||||||||
|
| |||||||
Russia—0.3% | ||||||||
76,690 | Evraz PLC | 532,089 | ||||||
35,840 | Polymetal International PLC | 331,644 | ||||||
|
| |||||||
863,733 | ||||||||
|
| |||||||
Singapore—1.8% | ||||||||
162,571 | Ascott Residence Trust REIT | 123,267 | ||||||
37,329 | BOC Aviation Ltd.(d) | 266,894 | ||||||
43,762 | BW LPG Ltd.(a)(d) | 207,695 | ||||||
234,053 | CapitaLand Commercial Trust Ltd. REIT | 292,397 | ||||||
96,202 | CDL Hospitality Trusts | 100,732 | ||||||
177,436 | Ezion Holdings Ltd. Wts. expiring 04/16/23(a)(c) | 0 | ||||||
1,165,297 | Ezra Holdings Ltd.(a)(c) | 0 | ||||||
76,802 | Frasers Centrepoint Trust REIT | 119,795 | ||||||
105,425 | Frasers Commercial Trust REIT | 104,298 | ||||||
111,832 | Frasers Logistics & Industrial Trust REIT(d) | 82,372 | ||||||
16,967 | Jardine Cycle & Carriage Ltd. | 370,878 | ||||||
234,490 | Keppel REIT | 191,344 | ||||||
264,853 | Keppel Infrastructure Trust | 87,978 | ||||||
227,852 | Mapletree Commercial Trust REIT | 264,906 | ||||||
158,306 | Mapletree Industrial Trust REIT | 211,486 | ||||||
259,256 | Mapletree Logistics Trust REIT | 226,531 | ||||||
367,057 | Netlink Nbn Trust(d) | 206,748 | ||||||
69,203 | SATS Ltd. | 248,867 | ||||||
152,921 | Sembcorp Marine Ltd. | 176,685 | ||||||
39,504 | SIA Engineering Co. Ltd. | 80,731 | ||||||
66,431 | Singapore Exchange Ltd. | 328,125 | ||||||
221,007 | Singapore Post Ltd. | 165,979 | ||||||
209,529 | Starhill Global REIT REIT | 101,375 | ||||||
141,268 | StarHub Ltd. | 191,785 | ||||||
321,483 | Suntec Real Estate Investment Trust REIT | 410,908 | ||||||
73,133 | UOL Group Ltd. | 318,452 | ||||||
24,059 | Venture Corp. Ltd. | 266,164 | ||||||
67,414 | Wing Tai Holdings Ltd. | 93,955 | ||||||
|
| |||||||
5,240,347 | ||||||||
|
| |||||||
South Africa—0.1% | ||||||||
45,086 | Mediclinic International PLC | 216,896 | ||||||
136,653 | Petra Diamonds Ltd.(a) | 68,342 | ||||||
|
| |||||||
285,238 | ||||||||
|
| |||||||
South Korea—5.8% | ||||||||
1,524 | Amorepacific Corp. | 204,618 | ||||||
533 | Amorepacific Corp. (Preference Shares) | 42,096 | ||||||
2,234 | AMOREPACIFIC Group | 121,742 | ||||||
61,471 | Asiana Airlines, Inc.(a) | 196,893 | ||||||
558 | Celltrion, Inc.(a) | 106,503 | ||||||
8,915 | Cheil Worldwide, Inc. | 177,588 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
1,647 | Cj Enm Co. Ltd. | $ | 326,639 | |||||
1,610 | CJ Logistics Corp.(a) | 223,935 | ||||||
5,584 | Coway Co. Ltd. | 344,483 | ||||||
6,731 | Daesang Corp. | 133,196 | ||||||
84,700 | Daewoo Engineering & Construction Co. Ltd.(a) | 336,332 | ||||||
9,140 | Daishin Securities Co. Ltd. | 88,629 | ||||||
6,332 | Daishin Securities Co. Ltd. (Preference Shares) | 49,843 | ||||||
4,370 | Daou Technology, Inc. | 76,697 | ||||||
7,707 | DB HiTek Co. Ltd. | 76,762 | ||||||
39,989 | DGB Financial Group, Inc. | 329,864 | ||||||
35,364 | Dongkuk Steel Mill Co. Ltd. | 219,405 | ||||||
4,697 | Doosan Bobcat, Inc. | 145,087 | ||||||
6,870 | Fila Korea Ltd. | 253,507 | ||||||
16,247 | GS Engineering & Construction Corp. | 595,246 | ||||||
560 | GS Home Shopping, Inc. | 95,238 | ||||||
6,263 | GS Retail Co. Ltd. | 197,307 | ||||||
2,368 | Halla Holdings Corp. | 84,991 | ||||||
408 | Hanil Cement Co. Ltd./New(a) | 42,069 | ||||||
357 | Hanil Holdings Co. Ltd. | 14,489 | ||||||
4,149 | Hanjin Transportation Co. Ltd. | 136,352 | ||||||
18,877 | Hanon Systems | 181,390 | ||||||
7,255 | Hansol Paper Co. Ltd. | 110,778 | ||||||
9,673 | Hanwha Aerospace Co. Ltd.(a) | 241,496 | ||||||
25,470 | Hanwha General Insurance Co. Ltd. | 132,541 | ||||||
4,320 | Hdc Holdings Co. Ltd. | 63,688 | ||||||
6,517 | HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 251,633 | ||||||
8,296 | Hite Jinro Co. Ltd. | 114,661 | ||||||
2,604 | Hotel Shilla Co. Ltd. | 162,929 | ||||||
4,338 | Hyundai Department Store Co. Ltd. | 330,047 | ||||||
9,056 | Hyundai Greenfood Co. Ltd. | 98,145 | ||||||
997 | Hyundai Home Shopping Network Corp. | 85,391 | ||||||
100,675 | Hyundai Merchant Marine Co. Ltd.(a) | 333,949 | ||||||
1,949 | Hyundai Mipo Dockyard Co. Ltd.(a) | 160,770 | ||||||
9,824 | Hyundai Rotem Co. Ltd.(a) | 188,368 | ||||||
9,696 | Hyundai Wia Corp. | 251,855 | ||||||
29,630 | Interpark Holdings Corp. | 55,123 | ||||||
29,283 | JB Financial Group Co. Ltd. | 141,076 | ||||||
1,439 | Kakao Corp. | 115,671 | ||||||
13,776 | Kangwon Land, Inc. | 346,954 | ||||||
1,354 | KCC Corp. | 293,483 | ||||||
3,691 | KEPCO Plant Service & Engineering Co. Ltd. | 89,072 | ||||||
983 | KIWOOM Securities Co. Ltd. | 65,128 | ||||||
2,937 | Kolon Corp. | 78,866 | ||||||
5,491 | Kolon Industries, Inc. | 241,892 | ||||||
5,373 | Korea Aerospace Industries Ltd.(a) | 136,500 | ||||||
4,614 | Korea Investment Holdings Co. Ltd. | 240,104 | ||||||
393 | Korea Petrochemical Industries Co. Ltd. | 53,800 | ||||||
21,351 | Korean Reinsurance Co. | 181,555 | ||||||
3,341 | Kumho Petrochemical Co. Ltd. | 252,433 | ||||||
4,803 | LF Corp. | 92,305 | ||||||
2,436 | LG Hausys Ltd. | 102,609 | ||||||
411 | LG Household & Health Care Ltd. | 376,538 | ||||||
138 | LG Household & Health Care Ltd. (Preference Shares) | 88,646 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
3,299 | LG Innotek Co. Ltd. | $ | 358,980 | |||||
19,612 | LG International Corp. | 269,341 | ||||||
2,160 | LIG Nex1 Co. Ltd. | 55,159 | ||||||
52 | Lotte Chilsung Beverage Co. Ltd. | 62,425 | ||||||
1,609 | Lotte Corp.(a) | 67,139 | ||||||
1,825 | LOTTE Fine Chemical Co. Ltd. | 65,262 | ||||||
3,011 | LOTTE Himart Co. Ltd. | 148,231 | ||||||
3,017 | LS Industrial Systems Co. Ltd. | 130,126 | ||||||
9,659 | Mando Corp. | 258,946 | ||||||
12,751 | Meritz Fire & Marine Insurance Co. Ltd. | 203,649 | ||||||
35,059 | Meritz Securities Co. Ltd. | 122,140 | ||||||
48,290 | Mirae Asset Daewoo Co. Ltd. | 272,480 | ||||||
22,808 | Mirae Asset Life Insurance Co. Ltd. | 91,168 | ||||||
764 | NCSoft Corp. | 287,954 | ||||||
9,112 | Nexen Tire Corp. | 65,328 | ||||||
18,578 | NH Investment & Securities Co. Ltd. | 198,081 | ||||||
1,387 | NHN Entertainment Corp.(a) | 55,806 | ||||||
607 | Nongshim Co. Ltd. | 116,121 | ||||||
34,757 | Nostrum Oil & Gas PLC(a) | 91,486 | ||||||
2,570 | OCI Co. Ltd. | 192,150 | ||||||
8,043 | Orange Life Insurance Ltd.(d) | 216,329 | ||||||
31,993 | Pan Ocean Co. Ltd.(a) | 133,918 | ||||||
4,569 | Paradise Co. Ltd. | 71,770 | ||||||
9,639 | Partron Co. Ltd. | 73,505 | ||||||
5,280 | Poongsan Corp. | 111,897 | ||||||
1,756 | S-1 Corp. | 148,703 | ||||||
8,885 | Samsung Card Co. Ltd. | 262,367 | ||||||
29,630 | Samsung Engineering Co. Ltd.(a) | 474,527 | ||||||
2,111 | Samsung SDS Co. Ltd. | 356,603 | ||||||
9,355 | Samsung Securities Co. Ltd. | 219,601 | ||||||
1,631 | Samyang Holdings Corp. | 123,518 | ||||||
4,553 | Seah Besteel Corp. | 64,726 | ||||||
556 | Seah Steel Corp./New(a) | 28,738 | ||||||
610 | Seah Steel Holdings Corp. | 26,283 | ||||||
4,369 | Seoul Semiconductor Co. Ltd. | 78,405 | ||||||
1,182 | Shinsegae, Inc. | 268,130 | ||||||
2,169 | SK Gas Co. Ltd. | 139,137 | ||||||
5,092 | SKC Co. Ltd. | 148,128 | ||||||
20,760 | Sungwoo Hitech Co. Ltd. | 63,398 | ||||||
9,931 | Taeyoung Engineering & Construction Co. Ltd. | 82,617 | ||||||
17,338 | Tongyang Life Insurance Co. Ltd. | 85,964 | ||||||
155 | Young Poong Corp. | 89,364 | ||||||
6,089 | Youngone Corp. | 191,024 | ||||||
733 | Yuhan Corp. | 107,742 | ||||||
|
| |||||||
16,957,273 | ||||||||
|
| |||||||
Spain—2.1% | ||||||||
31,715 | Acerinox SA | 354,603 | ||||||
10,915 | Almirall SA | 197,999 | ||||||
21,809 | Applus Services SA | 297,022 | ||||||
9,046 | Bolsas y Mercados Espanoles SHMSF SA | 267,924 | ||||||
4,905 | Cellnex Telecom SA(d) | 122,323 | ||||||
15,699 | Cia de Distribucion Integral Logista Holdings SA | 379,235 | ||||||
5,291 | CIE Automotive SA | 140,282 | ||||||
3,713 | Construcciones y Auxiliar de Ferrocarriles SA | 139,673 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 88 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Spain (continued) | ||||||||
11,020 | Ebro Foods SA | $ | 216,511 | |||||
18,600 | EDP Renovaveis SA | 167,333 | ||||||
16,943 | Ence Energia y Celulosa SA | 142,540 | ||||||
14,834 | Euskaltel SA(d) | 124,377 | ||||||
30,835 | Faes Farma SA | 129,793 | ||||||
38,221 | Gestamp Automocion SA(d) | 242,515 | ||||||
4,697 | Grupo Catalana Occidente SA | 194,251 | ||||||
17,336 | Indra Sistemas SA(a) | 171,578 | ||||||
19,735 | Inmobiliaria Colonial Socimi SA REIT | 198,452 | ||||||
445,879 | Liberbank SA(a) | 209,255 | ||||||
20,835 | Mediaset Espana Comunicacion SA | 141,926 | ||||||
13,537 | Melia Hotels International SA | 139,270 | ||||||
30,317 | MERLIN Properties SOCIMI SA REIT | 380,605 | ||||||
24,066 | NH Hotel Group SA | 149,974 | ||||||
75,454 | Obrascon Huarte Lain SA | 86,348 | ||||||
29,894 | Prosegur Cash SA(d) | 59,275 | ||||||
37,125 | Prosegur Cia de Seguridad SA | 206,452 | ||||||
119,146 | Sacyr SA | 288,221 | ||||||
12,798 | Siemens Gamesa Renewable Energy SA(a) | 141,992 | ||||||
9,246 | Tecnicas Reunidas SA | 248,809 | ||||||
215,865 | Unicaja Banco SA(d) | 276,626 | ||||||
4,129 | Viscofan SA | 247,017 | ||||||
11,492 | Zardoya Otis SA | 78,777 | ||||||
|
| |||||||
6,140,958 | ||||||||
|
| |||||||
Sweden—3.3% | ||||||||
15,883 | AAK AB | 239,817 | ||||||
7,763 | AF AB, Class B | 166,732 | ||||||
36,924 | Ahlsell AB(d) | 187,131 | ||||||
12,533 | Attendo AB(d) | 113,473 | ||||||
18,973 | Axfood AB | 338,889 | ||||||
23,780 | Betsson AB(a) | 206,846 | ||||||
23,714 | Bilia AB, Class A | 222,488 | ||||||
30,218 | BillerudKorsnas AB | 358,727 | ||||||
13,090 | Bonava AB, Class B | 148,091 | ||||||
29,425 | Bravida Holding AB(d) | 216,509 | ||||||
8,896 | Clas Ohlson AB, Class B(b) | 74,996 | ||||||
14,814 | Com Hem Holding AB | 231,456 | ||||||
38,693 | Dometic Group AB(d) | 270,945 | ||||||
37,963 | Elekta AB, Class B | 482,030 | ||||||
33,236 | Fabege AB | 425,100 | ||||||
10,217 | Fastighets AB Balder, Class B(a) | 256,887 | ||||||
23,618 | Hemfosa Fastigheter AB | 292,263 | ||||||
1,633 | Hemfosa Fastigheter AB (Preference Shares) | 30,731 | ||||||
30,100 | Hexpol AB, Class B | 278,945 | ||||||
14,717 | Holmen AB, Class B | 337,665 | ||||||
12,504 | Hufvudstaden AB, Class A | 185,104 | ||||||
7,524 | Indutrade AB | 180,779 | ||||||
4,899 | Intrum AB | 125,105 | ||||||
8,159 | Investment AB Latour, Class B | 98,911 | ||||||
15,845 | JM AB | 301,568 | ||||||
74,045 | Klovern AB, Class B | 85,632 | ||||||
1,929 | Klovern AB (Preference Shares) | 64,478 | ||||||
28,305 | Kungsleden AB | 198,358 | ||||||
2,331 | Lifco AB, Class B | 99,211 | ||||||
11,250 | Loomis AB, Class B | 348,343 | ||||||
6,487 | Mekonomen AB | 75,944 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Sweden (continued) | ||||||||
6,900 | Modern Times Group Mortgage AB, Class B | $ | 255,323 | |||||
27,627 | Nibe Industrier AB, Class B | 288,914 | ||||||
20,530 | Nobia AB | 130,844 | ||||||
1,344 | Nolato AB, Class B | 61,982 | ||||||
8,257 | Pandox AB, Class B | 141,295 | ||||||
48,872 | Peab AB, Class B | 430,986 | ||||||
90,153 | Ratos AB, Class B | 243,835 | ||||||
4,614 | Saab AB, Class B | 181,032 | ||||||
83,229 | SAS AB(a) | 188,319 | ||||||
3,097 | SAS AB (Preference Shares) | 186,707 | ||||||
15,565 | Scandic Hotels Group AB(d) | 142,457 | ||||||
6,708 | �� | Sweco AB, Class B | 151,485 | |||||
8,085 | Thule Group AB(d) | 160,378 | ||||||
19,468 | Wallenstam AB, Class B | 175,622 | ||||||
19,397 | Wihlborgs Fastigheter AB | 219,529 | ||||||
|
| |||||||
9,601,862 | ||||||||
|
| |||||||
Switzerland—2.9% | ||||||||
1,975 | Allreal Holding AG(a) | 303,544 | ||||||
1,183 | Alpiq Holding AG(a) | 99,965 | ||||||
961 | Also Holding AG(a) | 109,103 | ||||||
5,675 | Arbonia AG(a) | 71,311 | ||||||
455 | Autoneum Holding AG | 88,205 | ||||||
352 | Banque Cantonale Vaudoise | 263,501 | ||||||
158 | Barry Callebaut AG | 309,277 | ||||||
20 | Belimo Holding AG | 89,572 | ||||||
2,226 | BKW AG | 141,407 | ||||||
736 | Bucher Industries AG | 203,408 | ||||||
381 | Burckhardt Compression Holding AG | 126,508 | ||||||
3,343 | Cembra Money Bank AG | 280,827 | ||||||
129 | Conzzeta AG | 115,547 | ||||||
645 | Daetwyler Holding AG-BR | 98,106 | ||||||
4,396 | DKSH Holding AG | 296,956 | ||||||
211 | dormakaba Holding AG(a) | 152,497 | ||||||
9,378 | EFG International AG(a) | 66,287 | ||||||
207 | Emmi AG | 150,635 | ||||||
423 | EMS-Chemie Holding AG | 233,388 | ||||||
38,309 | Ferrexpo PLC | 102,255 | ||||||
1,423 | Flughafen Zurich AG | 281,799 | ||||||
65 | Forbo Holding AG | 95,571 | ||||||
6,551 | Galenica AG(a)(d) | 351,679 | ||||||
26,298 | GAM Holding AG(a) | 152,941 | ||||||
2,130 | Huber + Suhner AG | 146,108 | ||||||
2,591 | Implenia AG | 144,245 | ||||||
101,446 | IWG PLC | 298,132 | ||||||
9,054 | Kudelski SA-BR(a) | 63,816 | ||||||
4,683 | Landis+Gyr Group AG(a) | 284,453 | ||||||
7,902 | Logitech International SA | 292,780 | ||||||
634 | Mobimo Holding AG | 141,498 | ||||||
21,302 | OC Oerlikon Corp. AG(a) | 253,913 | ||||||
2,733 | Oriflame Holding AG | 64,649 | ||||||
1,832 | Panalpina Welttransport Holding AG | 224,014 | ||||||
616 | Partners Group Holding AG | 439,388 | ||||||
421 | Rieter Holding AG(a) | 56,920 | ||||||
151 | Schweiter Technologies AG-BR | 171,731 | ||||||
1,585 | SFS Group AG(a) | 155,837 | ||||||
337 | Siegfried Holding AG(a) | 135,349 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 89 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
182 | St. Galler Kantonalbank AG | $ | 89,743 | |||||
234 | Straumann Holding AG | 159,931 | ||||||
2,338 | Sulzer AG | 235,218 | ||||||
579 | Tecan Group AG | 130,777 | ||||||
1,157 | Temenos AG(a) | 159,305 | ||||||
1,323 | Valiant Holding AG | 149,674 | ||||||
624 | Valora Holding AG(a) | 156,326 | ||||||
927 | Vat Group AG(a)(d) | 93,262 | ||||||
2,710 | Vontobel Holding AG | 168,382 | ||||||
2,467 | Wizz Air Holdings PLC(a)(d) | 81,043 | ||||||
|
| |||||||
8,480,783 | ||||||||
|
| |||||||
Tanzania—0.0% | ||||||||
48,097 | Acacia Mining PLC(a) | 94,243 | ||||||
|
| |||||||
United Kingdom—9.2% | ||||||||
29,603 | 888 Holdings PLC | 70,090 | ||||||
226,406 | AA PLC | 289,579 | ||||||
29,793 | Ascential PLC | 143,440 | ||||||
43,878 | Ashmore Group PLC | 197,461 | ||||||
159,052 | Assura PLC REIT | 106,492 | ||||||
26,037 | Auto Trader Group PLC(d) | 136,269 | ||||||
7,412 | AVEVA Group PLC | 247,942 | ||||||
54,360 | B&M European Value Retail SA | 289,503 | ||||||
109,545 | Bca Marketplace PLC | 282,042 | ||||||
15,607 | Big Yellow Group PLC REIT | 171,998 | ||||||
24,793 | Bodycote PLC | 252,008 | ||||||
23,337 | Bovis Homes Group PLC | 288,945 | ||||||
30,388 | Brewin Dolphin Holdings PLC | 127,823 | ||||||
41,788 | Britvic PLC | 422,351 | ||||||
25,197 | BTG PLC(a) | 177,719 | ||||||
91,672 | Cairn Energy PLC(a) | 231,339 | ||||||
82,369 | Capital & Counties Properties PLC | 263,433 | ||||||
75,520 | Card Factory PLC | 177,841 | ||||||
59,958 | Cineworld Group PLC | 225,697 | ||||||
134,205 | Coats Group PLC | 138,042 | ||||||
11,695 | Computacenter PLC | 164,077 | ||||||
116,876 | Convatec Group PLC(d) | 241,928 | ||||||
34,576 | Countryside Properties PLC(d) | 132,362 | ||||||
5,273 | Cranswick PLC | 194,716 | ||||||
42,463 | Crest Nicholson Holdings PLC | 184,908 | ||||||
46,252 | Daily Mail & General Trust PLC NV, Class A | 413,394 | ||||||
24,392 | Dairy Crest Group PLC | 149,040 | ||||||
3,225 | Dechra Pharmaceuticals PLC | 94,200 | ||||||
10,911 | Dialog Semiconductor PLC(a) | 288,051 | ||||||
9,311 | Dignity PLC | 118,793 | ||||||
8,928 | Diploma PLC | 150,012 | ||||||
33,278 | Domino’s Pizza Group PLC | 120,462 | ||||||
91,841 | Drax Group PLC | 471,277 | ||||||
18,168 | Dunelm Group PLC | 138,472 | ||||||
54,348 | EI Group PLC(a) | 115,414 | ||||||
41,469 | Electrocomponents PLC | 328,413 | ||||||
79,456 | Elementis PLC | 208,126 | ||||||
25,902 | Equiniti Group PLC(d) | 71,322 | ||||||
48,804 | Essentra PLC | 238,212 | ||||||
64,896 | esure Group PLC | 231,183 | ||||||
173,516 | Firstgroup PLC(a) | 189,562 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
37,538 | Galliford Try PLC | $ | 419,207 | |||||
4,489 | Genus PLC | 126,991 | ||||||
10,294 | Go-Ahead Group PLC (The) | 202,032 | ||||||
34,078 | Grafton Group PLC | 315,252 | ||||||
47,133 | Grainger PLC | 163,207 | ||||||
39,045 | Great Portland Estates PLC REIT | 348,081 | ||||||
12,219 | Greggs PLC | 181,265 | ||||||
48,216 | GVC Holdings PLC | 577,267 | ||||||
56,529 | Halfords Group PLC | 222,757 | ||||||
23,318 | Halma PLC | 395,672 | ||||||
106,460 | Hansteen Holdings PLC REIT | 130,860 | ||||||
10,567 | Hargreaves Lansdown PLC | 252,217 | ||||||
24,803 | Hastings Group Holdings PLC(d) | 58,662 | ||||||
7,700 | Hill & Smith Holdings PLC | 97,452 | ||||||
26,453 | HomeServe PLC | 321,610 | ||||||
57,127 | Howden Joinery Group PLC | 342,415 | ||||||
23,996 | Hunting PLC | 206,961 | ||||||
51,774 | Ibstock PLC(d) | 148,450 | ||||||
62,291 | Indivior PLC(a) | 149,912 | ||||||
11,008 | J D Wetherspoon PLC | 173,709 | ||||||
11,303 | Jardine Lloyd Thompson Group PLC | 272,384 | ||||||
21,887 | JD Sports Fashion PLC | 114,186 | ||||||
52,594 | Jupiter Fund Management PLC | 226,471 | ||||||
11,058 | Just Eat PLC(a) | 85,850 | ||||||
173,671 | Just Group PLC | 196,943 | ||||||
27,183 | Kier Group PLC | 304,435 | ||||||
59,731 | Lancashire Holdings Ltd. | 451,440 | ||||||
67,277 | LondonMetric Property PLC REIT | 154,992 | ||||||
19,078 | Marshalls PLC | 104,869 | ||||||
225,283 | Marston’s PLC | 286,128 | ||||||
83,035 | McCarthy & Stone PLC(d) | 143,232 | ||||||
81,543 | Merlin Entertainments PLC(d) | 336,747 | ||||||
2,241 | Metro Bank PLC(a) | 63,683 | ||||||
40,587 | Mitchells & Butlers PLC | 134,836 | ||||||
119,381 | Mitie Group PLC | 221,639 | ||||||
54,441 | Moneysupermarket.com Group PLC | 204,025 | ||||||
33,188 | Morgan Advanced Materials PLC | 117,040 | ||||||
47,696 | N Brown Group PLC | 82,579 | ||||||
58,178 | National Express Group PLC | 297,496 | ||||||
29,798 | Newriver REIT PLC REIT | 96,328 | ||||||
28,172 | Northgate PLC | 135,636 | ||||||
18,993 | Ocado Group PLC(a) | 207,542 | ||||||
18,129 | Onesavings Bank PLC | 86,449 | ||||||
39,145 | Pagegroup PLC | 251,088 | ||||||
42,581 | Paragon Group of Cos. PLC (The) | 231,560 | ||||||
96,427 | Pets at Home Group PLC | 135,531 | ||||||
44,084 | Playtech PLC | 269,813 | ||||||
19,247 | Polypipe Group PLC | 91,239 | ||||||
263,950 | Premier Oil PLC(a) | 364,243 | ||||||
30,871 | PZ Cussons PLC | 86,385 | ||||||
92,982 | QinetiQ Group PLC | 329,929 | ||||||
2,580 | Rathbone Brothers PLC | 75,888 | ||||||
250,077 | RDI REIT PLC REIT | 105,607 | ||||||
25,294 | Redrow PLC | 170,808 | ||||||
96,766 | Renewi PLC | 63,429 | ||||||
1,621 | Renishaw PLC | 87,282 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 90 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
58,755 | Restaurant Group PLC (The) | $ | 181,079 | |||||
26,277 | Rightmove PLC | 151,811 | ||||||
72,971 | Rotork PLC | 279,530 | ||||||
19,337 | Safestore Holdings PLC REIT | 131,940 | ||||||
282,196 | Saga PLC | 429,446 | ||||||
18,063 | Savills PLC | 167,330 | ||||||
66,410 | Senior PLC | 231,655 | ||||||
315,944 | Serco Group PLC(a) | 387,953 | ||||||
20,703 | Shaftesbury PLC REIT | 237,286 | ||||||
187,375 | SIG PLC | 268,627 | ||||||
11,821 | Softcat PLC | 97,423 | ||||||
13,235 | Spectris PLC | 362,572 | ||||||
5,878 | Spirax-Sarco Engineering PLC | 485,937 | ||||||
63,091 | Spire Healthcare Group PLC(d) | 94,641 | ||||||
60,566 | Sports Direct International PLC(a) | 252,595 | ||||||
34,098 | SSP Group PLC | 290,865 | ||||||
23,601 | St. Modwen Properties PLC | 112,844 | ||||||
134,100 | Stagecoach Group PLC | 261,817 | ||||||
4,499 | Superdry PLC | 46,449 | ||||||
32,516 | Synthomer PLC | 184,470 | ||||||
202,049 | TalkTalk Telecom Group PLC | 309,802 | ||||||
6,666 | Telecom Plus PLC | 103,913 | ||||||
58,619 | TP ICAP PLC | 217,211 | ||||||
100,660 | Tritax Big Box REIT PLC REIT | 183,796 | ||||||
12,143 | Ultra Electronics Holdings PLC | 223,116 | ||||||
24,362 | Unite Group PLC (The) REIT | 265,371 | ||||||
42,071 | Vesuvius PLC | 292,434 | ||||||
7,854 | Victrex PLC | 266,140 | ||||||
11,007 | WH Smith PLC | 273,548 | ||||||
14,256 | Workspace Group PLC REIT | 175,052 | ||||||
|
| |||||||
26,872,302 | ||||||||
|
| |||||||
United States—0.4% | ||||||||
83,844 | Alacer Gold Corp.(a) | 137,266 | ||||||
21,134 | Cott Corp. | 318,961 | ||||||
5,496 | Maxar Technologies Ltd. | 82,362 | ||||||
110,584 | Samsonite International SA(a)(d) | 317,389 | ||||||
30,896 | Sims Metal Management Ltd. | 247,004 | ||||||
73,655 | Tahoe Resources, Inc.(a) | 174,428 | ||||||
|
| |||||||
1,277,410 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $296,483,030) | 290,356,049 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
463,847 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(e) (Cost $463,847) | 463,847 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $296,946,877)—99.7% | 290,819,896 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.6% | ||||||||
1,878,809 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(e)(f) (Cost $1,878,809) | $ | 1,878,809 | |||||
|
| |||||||
Total Investments in Securities (Cost $298,825,686)—100.3% | 292,698,705 | |||||||
Other assets less liabilities—(0.3)% | (836,054 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 291,862,651 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
Rts.—Rights
Wts.—Warrants
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2018. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $9,549,463, which represented 3.27% 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 October 31, 2018. |
(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.
| 91 |
|
Schedule of Investments
Invesco FTSE RAFI Emerging Markets ETF (PXH)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% |
| |||||||
Brazil—15.0% |
| |||||||
1,079,450 | Ambev SA | $ | 4,748,476 | |||||
361,385 | B3 SA—Brasil Bolsa Balcao | 2,582,086 | ||||||
417,491 | Banco Bradesco SA | 3,399,947 | ||||||
1,555,034 | Banco Bradesco SA (Preference Shares) | 14,359,312 | ||||||
1,094,458 | Banco do Brasil SA | 12,596,064 | ||||||
214,800 | Banco Santander Brasil SA | 2,440,318 | ||||||
330,055 | BR Malls Participacoes SA(a) | 1,128,469 | ||||||
103,309 | Braskem SA (Preference Shares), Class A | 1,450,414 | ||||||
377,300 | BRF SA(a) | 2,224,491 | ||||||
410,300 | CCR SA | 1,211,735 | ||||||
224,910 | Centrais Eletricas Brasileiras SA(a) | 1,422,906 | ||||||
165,300 | Centrais Eletricas Brasileiras SA (Preference Shares), Class B(a) | 1,183,734 | ||||||
131,079 | Cia Brasileira de Distribuicao (Preference Shares), Class A | 2,760,264 | ||||||
165,992 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,249,018 | ||||||
164,180 | Cia Energetica de Minas Gerais, Class A | 489,733 | ||||||
1,896,523 | Cia Energetica de Minas Gerais (Preference Shares) | 5,631,619 | ||||||
226,000 | Cia Energetica de Sao Paulo (Preference Shares), Class B | 1,207,726 | ||||||
34,200 | Cia Paranaense de Energia | 239,478 | ||||||
171,608 | Cia Paranaense de Energia (Preference Shares), Class B | 1,211,813 | ||||||
458,082 | Cia Siderurgica Nacional SA(a) | 1,180,198 | ||||||
289,922 | Cielo SA | 1,030,279 | ||||||
77,400 | Cosan SA | 672,002 | ||||||
381,967 | Embraer SA | 2,152,260 | ||||||
74,555 | Fibria Celulose SA | 1,442,126 | ||||||
612,917 | Gerdau SA (Preference Shares) | 2,683,007 | ||||||
1,483,717 | Itau Unibanco Holding SA (Preference Shares) | 19,672,382 | ||||||
928,109 | Itausa—Investimentos Itau SA (Preference Shares) | 2,808,439 | ||||||
194,200 | Klabin SA | 976,097 | ||||||
381,000 | Kroton Educacional SA | 1,171,361 | ||||||
55,310 | Lojas Americanas SA | 208,464 | ||||||
194,020 | Lojas Americanas SA (Preference Shares) | 981,983 | ||||||
112,560 | Lojas Renner SA | 1,139,388 | ||||||
1,438,500 | Metalurgica Gerdau SA (Preference Shares) | 3,074,893 | ||||||
352,500 | Petrobras Distribuidora SA | 2,275,663 | ||||||
1,983,862 | Petroleo Brasileiro SA | 16,193,484 | ||||||
2,544,547 | Petroleo Brasileiro SA (Preference Shares) | 18,920,551 | ||||||
147,800 | Suzano Papel E Celulose SA | 1,506,052 | ||||||
249,043 | Telefonica Brasil SA (Preference Shares) | 2,897,735 | ||||||
361,966 | TIM Participacoes SA | 1,129,408 | ||||||
209,696 | Ultrapar Participacoes SA | 2,498,061 | ||||||
1,499,038 | Vale SA | 22,886,107 | ||||||
|
| |||||||
169,037,543 | ||||||||
|
| |||||||
Chile—1.2% | ||||||||
7,911,171 | Banco de Chile | 1,095,266 | ||||||
13,826 | Banco de Credito e Inversiones SA | 868,822 | ||||||
20,918,924 | Banco Santander Chile | 1,534,430 | ||||||
832,619 | Cencosud SA | 1,732,134 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Chile (continued) | ||||||||
408,143 | Empresas CMPC SA | $ | 1,396,492 | |||||
110,854 | Empresas COPEC SA | 1,552,999 | ||||||
10,239,618 | Enel Americas SA | 1,612,901 | ||||||
12,147,520 | Enel Chile SA | 1,056,754 | ||||||
124,026 | Latam Airlines Group SA | 1,127,352 | ||||||
120,202 | S.A.C.I. Falabella | 906,225 | ||||||
|
| |||||||
12,883,375 | ||||||||
|
| |||||||
China—30.3% | ||||||||
941,823 | Agile Group Holdings Ltd. | 1,074,049 | ||||||
16,927,335 | Agricultural Bank of China Ltd., H-Shares | 7,427,869 | ||||||
22,441 | Alibaba Group Holding Ltd. ADR(a) | 3,192,906 | ||||||
2,889,602 | Aluminum Corp. of China Ltd., H-Shares(a) | 1,046,824 | ||||||
307,205 | Anhui Conch Cement Co. Ltd., H-Shares | 1,587,086 | ||||||
13,087 | Baidu, Inc. ADR(a) | 2,487,315 | ||||||
53,203,011 | Bank of China Ltd., H-Shares | 22,667,303 | ||||||
6,244,763 | Bank of Communications Co. Ltd., H-Shares | 4,683,931 | ||||||
276,552 | Beijing Enterprises Holdings Ltd. | 1,495,753 | ||||||
111,444 | BYD Co. Ltd., H-Shares | 722,167 | ||||||
4,103,180 | CGN Power Co. Ltd., H-Shares(b) | 942,129 | ||||||
6,476,518 | China Cinda Asset Management Co. Ltd., H-Shares | 1,586,207 | ||||||
5,761,899 | China CITIC Bank Corp. Ltd., H-Shares | 3,564,713 | ||||||
3,024,660 | China Communications Construction Co. Ltd., H-Shares | 2,766,387 | ||||||
55,061,958 | China Construction Bank Corp., H-Shares | 43,687,703 | ||||||
2,102,853 | China Everbright Bank Co. Ltd., H-Shares | 936,163 | ||||||
793,224 | China Evergrande Group | 1,892,146 | ||||||
5,276,278 | China Huarong Asset Management Co. Ltd., H-Shares(b) | 955,726 | ||||||
1,931,454 | China Jinmao Holdings Group Ltd. | 810,583 | ||||||
2,047,827 | China Life Insurance Co. Ltd., H-Shares | 4,080,294 | ||||||
2,003,474 | China Longyuan Power Group Corp., H-Shares | 1,523,166 | ||||||
1,414,464 | China Merchants Bank Co. Ltd., H-Shares | 5,448,990 | ||||||
580,479 | China Merchants Port Holdings Co. Ltd. | 987,778 | ||||||
4,437,741 | China Minsheng Banking Corp. Ltd., H-Shares | 3,271,952 | ||||||
3,137,223 | China Mobile Ltd. | 29,333,679 | ||||||
4,100,826 | China National Building Material Co. Ltd., H-Shares | 2,929,386 | ||||||
1,553,441 | China Overseas Land & Investment Ltd. | 4,864,783 | ||||||
779,385 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 2,903,034 | ||||||
24,985,867 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 20,270,699 | ||||||
5,656,238 | China Power International Development Ltd. | 1,118,347 | ||||||
1,944,353 | China Railway Construction Corp. Ltd., H-Shares | 2,460,390 | ||||||
3,045,745 | China Railway Group Ltd., H-Shares | 2,719,623 | ||||||
838,109 | China Resources Beer Holdings Co. Ltd. | 2,913,293 | ||||||
977,827 | China Resources Land Ltd. | 3,317,881 | ||||||
954,498 | China Resources Pharmaceutical Group Ltd.(b) | 1,400,200 | ||||||
1,787,663 | China Resources Power Holdings Co. Ltd. | 3,142,332 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
China (continued) | ||||||||
1,993,462 | China Shenhua Energy Co. Ltd., H-Shares | $ | 4,516,147 | |||||
459,656 | China Taiping Insurance Holdings Co. Ltd. | 1,536,213 | ||||||
13,127,010 | China Telecom Corp. Ltd., H-Shares | 6,195,619 | ||||||
3,709,086 | China Unicom Hong Kong Ltd. | 3,851,310 | ||||||
331,567 | China Vanke Co. Ltd., H-Shares | 1,021,423 | ||||||
1,717,380 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 946,384 | ||||||
1,897,520 | CITIC Ltd. | 2,846,498 | ||||||
647,655 | CITIC Securities Co. Ltd., H-Shares | 1,140,092 | ||||||
11,050,773 | CNOOC Ltd. | 18,973,825 | ||||||
1,230,362 | Country Garden Holdings Co. Ltd. | 1,316,776 | ||||||
140,054 | Country Garden Services Holdings Co. Ltd.(a) | 180,798 | ||||||
21,693 | Ctrip.com International Ltd. ADR(a) | 721,943 | ||||||
1,649,578 | Dongfeng Motor Group Co. Ltd., H-Shares | 1,624,454 | ||||||
178,391 | ENN Energy Holdings Ltd. | 1,516,667 | ||||||
842,160 | Fosun International Ltd. | 1,228,960 | ||||||
9,076,626 | GCL-Poly Energy Holdings Ltd.(a) | 538,387 | ||||||
434,127 | Geely Automobile Holdings Ltd. | 830,664 | ||||||
10,671,653 | GOME Retail Holdings Ltd.(a) | 1,061,802 | ||||||
1,354,184 | Great Wall Motor Co. Ltd., H-Shares | 801,517 | ||||||
839,971 | Guangdong Investment Ltd. | 1,500,063 | ||||||
713,307 | Guangzhou R&F Properties Co. Ltd., H-Shares | 1,119,177 | ||||||
1,206,053 | Haitong Securities Co. Ltd., H-Shares | 1,213,838 | ||||||
183,542 | Hengan International Group Co. Ltd. | 1,453,932 | ||||||
4,718,503 | Huaneng Power International, Inc., H-Shares | 2,630,285 | ||||||
488,867 | Huatai Securities Co. Ltd., H-Shares(b) | 785,739 | ||||||
41,249,595 | Industrial & Commercial Bank of China Ltd., H-Shares | 27,887,702 | ||||||
673,800 | Inner Mongolia Yitai Coal Co. Ltd., Class B | 800,474 | ||||||
29,373 | JD.com, Inc., Class A ADR(a) | 690,853 | ||||||
925,337 | Jiangxi Copper Co. Ltd., H-Shares | 1,019,837 | ||||||
375,952 | Kingboard Holdings Ltd. | 1,007,091 | ||||||
1,805,125 | Kunlun Energy Co. Ltd. | 2,049,342 | ||||||
445,319 | Legend Holdings Corp., H-Shares(b) | 1,209,952 | ||||||
10,427,813 | Lenovo Group Ltd. | 6,637,598 | ||||||
494,530 | Longfor Group Holdings Ltd. | 1,201,093 | ||||||
3,164 | NetEase, Inc. ADR | 657,637 | ||||||
238,102 | New China Life Insurance Co. Ltd., H-Shares | 1,113,151 | ||||||
5,703,522 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 2,328,146 | ||||||
14,500,086 | PetroChina Co. Ltd., H-Shares | 10,616,947 | ||||||
3,498,037 | PICC Property & Casualty Co. Ltd., H-Shares | 3,391,214 | ||||||
980,204 | Ping An Insurance Group Co. of China Ltd., H-Shares | 9,233,878 | ||||||
3,029,674 | Postal Savings Bank of China Co. Ltd., H-Shares(b) | 1,808,668 | ||||||
782,591 | Shimao Property Holdings Ltd. | 1,531,360 | ||||||
2,054,506 | Sino-Ocean Group Holding Ltd. | 804,568 | ||||||
1,019,142 | Sinopec Engineering Group Co. Ltd., H-Shares | 947,719 | ||||||
633,294 | Sinopharm Group Co. Ltd., H-Shares | 3,053,616 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
China (continued) | ||||||||
1,813,068 | SOHO China Ltd. | $ | 615,195 | |||||
299,567 | Sunac China Holdings Ltd. | 813,937 | ||||||
140,981 | Tencent Holdings Ltd. | 4,801,634 | ||||||
957,481 | Yangzijiang Shipbuilding Holdings Ltd. | 857,363 | ||||||
608,809 | Yanzhou Coal Mining Co. Ltd., H-Shares | 575,462 | ||||||
5,794,317 | Yuexiu Property Co. Ltd. | 916,518 | ||||||
|
| |||||||
342,336,255 | ||||||||
|
| |||||||
Hong Kong—0.1% | ||||||||
322,368 | Haier Electronics Group Co. Ltd.(a) | 673,570 | ||||||
2,716,082 | Skyworth Digital Holdings Ltd. | 627,103 | ||||||
|
| |||||||
1,300,673 | ||||||||
|
| |||||||
India—7.2% | ||||||||
86,270 | Axis Bank Ltd. GDR(a)(b) | 3,399,038 | ||||||
30,660 | GAIL India Ltd. GDR(b) | 922,866 | ||||||
60,440 | HDFC Bank Ltd. ADR | 5,373,720 | ||||||
1,296,675 | Infosys Ltd. ADR | 12,279,512 | ||||||
357,567 | Invesco India ETF(a)(c) | 7,884,352 | ||||||
734,073 | iShares MSCI India ETF | 22,161,664 | ||||||
74,412 | Larsen & Toubro Ltd. GDR(b) | 1,306,675 | ||||||
155,918 | Mahindra & Mahindra Ltd. GDR(b) | 1,613,751 | ||||||
414,827 | Reliance Industries Ltd. GDR(b) | 11,843,311 | ||||||
103,292 | State Bank of India GDR(a)(b) | 3,909,602 | ||||||
159,594 | Tata Motors Ltd. ADR(a) | 1,948,643 | ||||||
345,628 | Tata Steel Ltd. GDR(b) | 2,502,347 | ||||||
283,867 | Vedanta Ltd. ADR | 3,162,278 | ||||||
583,126 | Wipro Ltd. ADR | 3,014,762 | ||||||
|
| |||||||
81,322,521 | ||||||||
|
| |||||||
Indonesia—1.6% | ||||||||
5,405,917 | PT Astra International Tbk | 2,809,192 | ||||||
1,272,894 | PT Bank Central Asia Tbk | 1,980,197 | ||||||
5,096,064 | PT Bank Mandiri Persero Tbk | 2,296,204 | ||||||
2,301,009 | PT Bank Negara Indonesia Persero Tbk | 1,108,692 | ||||||
13,636,105 | PT Bank Rakyat Indonesia Persero Tbk | 2,825,439 | ||||||
1,858,131 | PT Indofood Sukses Makmur Tbk | 730,297 | ||||||
8,679,624 | PT Perusahaan Gas Negara Persero Tbk | 1,267,473 | ||||||
15,524,659 | PT Telekomunikasi Indonesia Persero Tbk | 3,931,586 | ||||||
442,230 | PT United Tractors Tbk | 974,491 | ||||||
|
| |||||||
17,923,571 | ||||||||
|
| |||||||
Malaysia—2.5% | ||||||||
1,278,400 | Axiata Group Bhd | 1,041,784 | ||||||
2,473,600 | CIMB Group Holdings Bhd | 3,381,286 | ||||||
804,600 | DiGi.com Bhd | 828,731 | ||||||
613,900 | Genting Bhd | 1,076,837 | ||||||
916,800 | Genting Malaysia Bhd | 983,733 | ||||||
862,500 | IOI Corp. Bhd | 927,530 | ||||||
2,132,300 | Malayan Banking Bhd | 4,835,829 | ||||||
893,300 | Petronas Chemicals Group Bhd | 1,996,022 | ||||||
797,700 | Public Bank Bhd | 4,689,550 | ||||||
7,350,800 | Sapura Energy Bhd(a) | 597,269 | ||||||
2,109,900 | Sime Darby Bhd | 1,109,280 | ||||||
815,300 | Sime Darby Plantation Bhd | 1,024,848 | ||||||
1,688,100 | Tenaga Nasional Bhd | 5,930,236 | ||||||
|
| |||||||
28,422,935 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 93 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Mexico—3.8% | ||||||||
1,884,765 | Alfa SAB de CV, Class A | $ | 1,992,633 | |||||
15,226,224 | America Movil SAB de CV, Series L | 11,060,084 | ||||||
10,273,394 | Cemex SAB de CV, Series CPO(a)(d) | 5,144,053 | ||||||
219,855 | Coca-Cola Femsa SAB de CV, Series L | 1,257,834 | ||||||
1,157,175 | Fibra Uno Administracion SA de CV REIT | 1,247,402 | ||||||
650,974 | Fomento Economico Mexicano SAB de CV, Series CPO(e) | 5,551,168 | ||||||
458,801 | Grupo Bimbo SAB de CV, Series A | 862,050 | ||||||
692,610 | Grupo Financiero Banorte SAB de CV, Class O | 3,822,334 | ||||||
1,516,767 | Grupo Mexico SAB de CV, Series B | 3,510,487 | ||||||
822,148 | Grupo Televisa SAB, Series CPO(f) | 2,377,413 | ||||||
43,061 | Industrias Penoles SAB de CV | 608,778 | ||||||
414,478 | Mexichem SAB de CV | 1,098,261 | ||||||
1,871,183 | Wal-Mart de Mexico SAB de CV | 4,793,688 | ||||||
|
| |||||||
43,326,185 | ||||||||
|
| |||||||
Poland—1.4% | ||||||||
91,054 | Bank Polska Kasa Opieki SA | 2,488,769 | ||||||
87,523 | KGHM Polska Miedz SA(a) | 1,985,093 | ||||||
347,369 | PGE Polska Grupa Energetyczna SA(a) | 953,087 | ||||||
150,273 | Polski Koncern Naftowy ORLEN SA | 3,618,588 | ||||||
667,000 | Polskie Gornictwo Naftowe i Gazownictwo SA(a) | 1,090,032 | ||||||
245,768 | Powszechna Kasa Oszczednosci Bank Polski SA | 2,561,908 | ||||||
297,632 | Powszechny Zaklad Ubezpieczen SA | 3,044,268 | ||||||
|
| |||||||
15,741,745 | ||||||||
|
| |||||||
Russia—9.9% | ||||||||
6,445,828 | Gazprom PJSC ADR | 30,540,333 | ||||||
360,956 | LUKOIL PJSC ADR | 26,963,413 | ||||||
256,413 | Magnit PJSC GDR(b) | 3,421,831 | ||||||
286,101 | MMC Norilsk Nickel PJSC ADR | 4,743,555 | ||||||
485,547 | Mobile TeleSystems PJSC ADR | 3,889,231 | ||||||
25,500 | Novatek PJSC GDR(b) | 4,322,250 | ||||||
1,127,840 | Rosneft Oil Co. PJSC GDR(b) | 7,928,715 | ||||||
1,020,280 | RusHydro PJSC ADR | 799,900 | ||||||
1,057,911 | Sberbank of Russia PJSC ADR | 12,483,350 | ||||||
113,015 | Severstal PJSC GDR(b) | 1,752,863 | ||||||
355,904 | Sistema PJSFC GDR(b) | 821,426 | ||||||
419,679 | Surgutneftegas PJSC ADR | 1,670,322 | ||||||
455,225 | Surgutneftegas PJSC (Preference Shares) ADR | 2,601,611 | ||||||
103,712 | Tatneft PJSC ADR | 7,307,548 | ||||||
2,154,595 | VTB Bank PJSC GDR(b) | 2,714,790 | ||||||
|
| |||||||
111,961,138 | ||||||||
|
| |||||||
South Africa—5.8% | ||||||||
376,112 | Absa Group Ltd. | 3,797,989 | ||||||
216,183 | AngloGold Ashanti Ltd. | 2,090,788 | ||||||
61,647 | Aspen Pharmacare Holdings Ltd. | 651,278 | ||||||
115,978 | Barloworld Ltd. | 942,511 | ||||||
94,833 | Bid Corp. Ltd. | 1,776,981 | ||||||
75,651 | Bidvest Group Ltd. (The) | 941,497 | ||||||
104,995 | Exxaro Resources Ltd. | 1,072,970 | ||||||
846,550 | FirstRand Ltd. | 3,686,896 | ||||||
54,720 | Foschini Group Ltd. (The) | 597,441 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
South Africa (continued) | ||||||||
598,510 | Gold Fields Ltd. | $ | 1,588,461 | |||||
848,038 | Growthpoint Properties Ltd. REIT | 1,300,808 | ||||||
549,792 | Impala Platinum Holdings Ltd.(a) | 1,012,738 | ||||||
104,565 | Imperial Holdings Ltd. | 1,153,623 | ||||||
130,031 | Investec Ltd. | 808,123 | ||||||
468,096 | Life Healthcare Group Holdings Ltd. | 776,660 | ||||||
485,773 | MMI Holdings Ltd.(a) | 587,221 | ||||||
41,748 | Mr Price Group Ltd. | 653,012 | ||||||
826,575 | MTN Group Ltd. | 4,786,060 | ||||||
17,315 | Naspers Ltd., Class N | 3,040,193 | ||||||
95,975 | Nedbank Group Ltd. | 1,617,885 | ||||||
568,581 | Netcare Ltd. | 956,090 | ||||||
1,541,299 | Redefine Properties Ltd. REIT | 1,001,003 | ||||||
110,289 | Remgro Ltd. | 1,420,453 | ||||||
480,318 | Sanlam Ltd. | 2,415,536 | ||||||
258,073 | Sappi Ltd. | 1,449,561 | ||||||
324,451 | Sasol Ltd. | 10,634,676 | ||||||
111,712 | Shoprite Holdings Ltd. | 1,364,034 | ||||||
970,185 | Sibanye Gold Ltd.(a) | 672,797 | ||||||
82,973 | SPAR Group Ltd. (The) | 988,006 | ||||||
490,296 | Standard Bank Group Ltd. | 5,423,181 | ||||||
10,187,472 | Steinhoff International Holdings NV(a) | 1,241,849 | ||||||
253,638 | Telkom SA SOC Ltd. | 921,539 | ||||||
36,535 | Tiger Brands Ltd. | 652,156 | ||||||
129,249 | Truworths International Ltd. | 708,293 | ||||||
215,563 | Vodacom Group Ltd. | 1,816,036 | ||||||
353,810 | Woolworths Holdings Ltd. | 1,220,320 | ||||||
|
| |||||||
65,768,665 | ||||||||
|
| |||||||
Taiwan—15.3% | ||||||||
2,212,000 | Acer, Inc.(a) | 1,551,252 | ||||||
1,583,000 | ASE Technology Holding Co. Ltd.(a) | 3,192,296 | ||||||
1,149,000 | Asia Cement Corp. | 1,216,099 | ||||||
247,738 | Asustek Computer, Inc. | 1,833,436 | ||||||
10,386,000 | AU Optronics Corp. | 4,094,923 | ||||||
235,000 | Catcher Technology Co. Ltd. | 2,365,721 | ||||||
3,338,440 | Cathay Financial Holding Co. Ltd. | 5,286,610 | ||||||
327,760 | Chailease Holding Co. Ltd. | 934,248 | ||||||
889,894 | Cheng Shin Rubber Industry Co. Ltd. | 1,252,460 | ||||||
6,467,000 | China Development Financial Holding Corp. | 2,075,342 | ||||||
1,262,376 | China Life Insurance Co. Ltd. | 1,199,427 | ||||||
3,178,360 | China Steel Corp. | 2,506,285 | ||||||
1,478,000 | Chunghwa Telecom Co. Ltd. | 5,230,294 | ||||||
1,811,054 | Compal Electronics, Inc. | 997,915 | ||||||
7,603,838 | CTBC Financial Holding Co. Ltd. | 5,074,468 | ||||||
825,506 | Delta Electronics, Inc. | 3,468,176 | ||||||
2,653,947 | E.Sun Financial Holding Co. Ltd. | 1,758,262 | ||||||
1,841,000 | Far Eastern New Century Corp. | 1,847,366 | ||||||
618,000 | Far EasTone Telecommunications Co. Ltd. | 1,471,952 | ||||||
2,830,321 | First Financial Holding Co. Ltd. | 1,788,216 | ||||||
1,213,920 | Formosa Chemicals & Fibre Corp. | 4,393,855 | ||||||
410,000 | Formosa Petrochemical Corp. | 1,616,521 | ||||||
1,304,280 | Formosa Plastics Corp. | 4,257,256 | ||||||
591,102 | Foxconn Technology Co. Ltd. | 1,253,152 | ||||||
3,148,928 | Fubon Financial Holding Co. Ltd. | 4,930,536 | ||||||
7,319,064 | Hon Hai Precision Industry Co. Ltd. | 18,638,860 | ||||||
539,233 | HTC Corp.(a) | 585,536 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 94 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Taiwan (continued) | ||||||||
11,114,490 | Innolux Corp. | $ | 3,365,633 | |||||
1,899,000 | Inventec Corp. | 1,531,204 | ||||||
12,000 | Largan Precision Co. Ltd. | 1,299,163 | ||||||
1,435,313 | Lite-On Technology Corp. | 1,646,693 | ||||||
616,091 | MediaTek, Inc. | 4,529,642 | ||||||
3,115,080 | Mega Financial Holding Co. Ltd. | 2,632,561 | ||||||
1,380,940 | Nan Ya Plastics Corp. | 3,431,932 | ||||||
285,000 | Novatek Microelectronics Corp. | 1,257,231 | ||||||
1,946,106 | Pegatron Corp. | 3,540,890 | ||||||
805,740 | Pou Chen Corp. | 816,338 | ||||||
345,200 | Powertech Technology, Inc. | 754,145 | ||||||
151,000 | President Chain Store Corp. | 1,703,099 | ||||||
1,400,000 | Quanta Computer, Inc. | 2,210,193 | ||||||
5,551,998 | Shin Kong Financial Holding Co. Ltd. | 1,821,180 | ||||||
3,112,120 | SinoPac Financial Holdings Co. Ltd. | 1,056,047 | ||||||
2,994,326 | Taishin Financial Holding Co. Ltd. | 1,330,575 | ||||||
56,126 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(a) | 5,442 | ||||||
2,134,697 | Taiwan Cement Corp. | 2,393,885 | ||||||
1,817,980 | Taiwan Cooperative Financial Holding Co. Ltd. | 1,022,294 | ||||||
518,400 | Taiwan Mobile Co. Ltd. | 1,851,249 | ||||||
4,703,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 35,565,459 | ||||||
1,325,000 | Tatung Co. Ltd.(a) | 1,541,544 | ||||||
456,000 | TPK Holding Co. Ltd. | 707,365 | ||||||
1,375,941 | Uni-President Enterprises Corp. | 3,330,575 | ||||||
8,614,000 | United Microelectronics Corp. | 3,284,917 | ||||||
2,173,000 | Walsin Lihwa Corp. | 1,077,968 | ||||||
3,296,875 | Wistron Corp. | 2,013,733 | ||||||
4,369,671 | Yuanta Financial Holding Co. Ltd. | 2,118,252 | ||||||
|
| |||||||
172,659,673 | ||||||||
|
| |||||||
Thailand—4.1% | ||||||||
485,443 | Advanced Info Service PCL NVDR | 2,870,191 | ||||||
850,442 | Bangchak Corp. PCL NVDR | 846,594 | ||||||
219,324 | Bangkok Bank PCL (Foreign Shares) | 1,369,534 | ||||||
2,189,373 | Banpu PCL NVDR | 1,149,173 | ||||||
3,147,737 | Charoen Pokphand Foods PCL NVDR | 2,397,597 | ||||||
786,341 | CP ALL PCL NVDR | 1,595,217 | ||||||
4,561,389 | IRPC PCL NVDR | 839,351 | ||||||
289,291 | Kasikornbank PCL NVDR | 1,740,982 | ||||||
401,931 | Kasikornbank PCL (Foreign Shares) | 2,418,861 | ||||||
3,475,723 | Krung Thai Bank PCL NVDR | 2,107,452 | ||||||
826,018 | PTT Exploration & Production PCL NVDR | 3,476,003 | ||||||
972,918 | PTT Global Chemical PCL NVDR | 2,267,207 | ||||||
8,214,707 | PTT PCL NVDR | 12,638,011 | ||||||
341,507 | Siam Cement PCL (The) NVDR | 4,306,182 | ||||||
948,137 | Siam Commercial Bank PCL (The) NVDR | 3,932,695 | ||||||
535,315 | Thai Oil PCL NVDR | 1,368,565 | ||||||
616,943 | Thanachart Capital PCL NVDR | 981,712 | ||||||
|
| |||||||
46,305,327 | ||||||||
|
| |||||||
Turkey—1.2% | ||||||||
1,190,880 | Akbank T.A.S. | 1,404,836 | ||||||
65,281 | BIM Birlesik Magazalar AS | 925,046 | ||||||
577,849 | Eregli Demir ve Celik Fabrikalari TAS | 934,327 | ||||||
861,752 | Haci Omer Sabanci Holding AS | 1,095,011 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) |
| |||||||
Turkey (continued) | ||||||||
595,013 | KOC Holding AS | $ | 1,654,436 | |||||
83,974 | Tupras Turkiye Petrol Rafinerileri AS | 1,973,725 | ||||||
318,264 | Turk Hava Yollari AO(a) | 798,031 | ||||||
568,054 | Turkcell Iletisim Hizmetleri AS | 1,150,646 | ||||||
1,072,006 | Turkiye Garanti Bankasi AS | 1,337,305 | ||||||
863,261 | Turkiye Halk Bankasi AS | 950,569 | ||||||
1,203,734 | Turkiye Is Bankasi AS, Class C | 857,155 | ||||||
795,364 | Turkiye Vakiflar Bankasi TAO, Class D | 485,454 | ||||||
|
| |||||||
13,566,541 | ||||||||
|
| |||||||
United Kingdom—0.1% | ||||||||
38,598 | Mondi Ltd. | 922,405 | ||||||
|
| |||||||
United States—0.4% | ||||||||
1,482,882 | JBS SA | 4,091,948 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $1,103,973,871) | 1,127,570,500 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
537,146 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(g) (Cost $537,146) | 537,146 | ||||||
|
| |||||||
Total Investments in Securities (Cost $1,104,511,017)—99.9% | 1,128,107,646 | |||||||
Other assets less liabilities—0.1% | 1,225,243 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 1,129,332,889 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
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 October 31, 2018 was $53,561,879, which represented 4.74% of the Fund’s Net Assets. |
(c) | Affiliated company. The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(d) | Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share. |
(e) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(f) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 95 |
|
Invesco Global Agriculture ETF (PAGG)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.6% | ||||||||
Australia—4.0% | ||||||||
45,225 | Costa Group Holdings Ltd. | $ | 195,525 | |||||
19,224 | Elders Ltd. | 99,326 | ||||||
36,691 | GrainCorp Ltd., Class A | 214,279 | ||||||
53,246 | Nufarm Ltd. | 215,107 | ||||||
15,488 | Select Harvests Ltd. | 56,642 | ||||||
|
| |||||||
780,879 | ||||||||
|
| |||||||
Brazil—0.7% | ||||||||
8,400 | SLC Agricola SA | 129,081 | ||||||
|
| |||||||
Chile—4.2% | ||||||||
18,725 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 808,210 | ||||||
|
| |||||||
China—1.6% | ||||||||
416,738 | China Agri-Industries Holdings Ltd. | 139,278 | ||||||
243,736 | China BlueChemical Ltd., H-Shares | 83,324 | ||||||
451,473 | China Modern Dairy Holdings Ltd.(a) | 56,438 | ||||||
336,912 | Sinofert Holdings Ltd.(a) | 37,820 | ||||||
|
| |||||||
316,860 | ||||||||
|
| |||||||
France—0.3% | ||||||||
1,022 | Vilmorin & Cie SA | 60,910 | ||||||
|
| |||||||
Germany—3.3% | ||||||||
33,829 | K+S AG | 631,294 | ||||||
|
| |||||||
Hong Kong—0.5% | ||||||||
1,226,440 | C.P. Pokphand Co. Ltd. | 106,383 | ||||||
|
| |||||||
India—1.2% | ||||||||
1,248,970 | Golden Agri-Resources Ltd. | 229,988 | ||||||
|
| |||||||
Indonesia—1.8% | ||||||||
72,567 | PT Astra Agro Lestari Tbk | 57,281 | ||||||
680,434 | PT Charoen Pokphand Indonesia Tbk | 246,169 | ||||||
535,320 | PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | 45,424 | ||||||
|
| |||||||
348,874 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
16,686 | Origin Enterprises PLC | 107,198 | ||||||
|
| |||||||
Israel—4.9% | ||||||||
132,123 | Israel Chemicals Ltd. | 761,743 | ||||||
624 | Israel Corp. Ltd. (The) | 182,563 | ||||||
|
| |||||||
944,306 | ||||||||
|
| |||||||
Japan—2.2% | ||||||||
5,181 | Hokuto Corp. | 88,466 | ||||||
17,802 | Kumiai Chemical Industry Co. Ltd. | 110,735 | ||||||
7,103 | Sakata Seed Corp. | 224,693 | ||||||
|
| |||||||
423,894 | ||||||||
|
| |||||||
Malaysia—8.9% | ||||||||
126,700 | Boustead Plantations Bhd | 28,613 | ||||||
282,100 | FGV Holdings Bhd | 94,382 | ||||||
45,600 | Genting Plantations Bhd | 105,159 | ||||||
379,290 | IOI Corp. Bhd | 407,887 | ||||||
66,174 | Kuala Lumpur Kepong Bhd | 394,087 | ||||||
498,700 | Sime Darby Plantation Bhd | 626,876 | ||||||
11,400 | United Plantations Bhd | 72,958 | ||||||
|
| |||||||
1,729,962 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Netherlands—2.3% | ||||||||
15,812 | OCI NV(a) | $ | 450,403 | |||||
|
| |||||||
Norway—4.0% | ||||||||
17,744 | Yara International ASA | 765,709 | ||||||
|
| |||||||
Russia—4.2% | ||||||||
61,823 | PhosAgro PJSC GDR(b) | 809,881 | ||||||
|
| |||||||
Singapore—4.6% | ||||||||
71,780 | First Resources Ltd. | 81,898 | ||||||
350,658 | Wilmar International Ltd. | 800,173 | ||||||
|
| |||||||
882,071 | ||||||||
|
| |||||||
South Korea—0.2% | ||||||||
3,612 | Namhae Chemical Corp. | 31,855 | ||||||
|
| |||||||
Taiwan—1.0% | ||||||||
140,099 | Taiwan Fertilizer Co. Ltd.(a) | 190,161 | ||||||
|
| |||||||
United Kingdom—1.3% | ||||||||
842,489 | Sirius Minerals PLC(a) | 248,023 | ||||||
|
| |||||||
United States—47.9% | ||||||||
4,290 | American Vanguard Corp. | 69,069 | ||||||
32,521 | Archer-Daniels-Midland Co. | 1,536,617 | ||||||
20,926 | Bunge Ltd. | 1,293,227 | ||||||
27,245 | CF Industries Holdings, Inc. | 1,308,577 | ||||||
22,671 | Darling Ingredients, Inc.(a) | 468,383 | ||||||
19,181 | FMC Corp. | 1,497,652 | ||||||
5,152 | Fresh Del Monte Produce, Inc. | 170,171 | ||||||
8,104 | Ingredion, Inc. | 819,963 | ||||||
16,074 | Intrepid Potash, Inc.(a) | 63,492 | ||||||
52,417 | Mosaic Co. (The) | 1,621,782 | ||||||
6,273 | Scotts Miracle-Gro Co. (The) | 418,660 | ||||||
|
| |||||||
9,267,593 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $19,359,642)—99.6% | 19,263,535 | |||||||
Other assets less liabilities—0.4% | 85,060 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 19,348,595 | ||||||
|
|
Investment Abbreviations:
GDR—Global Depositary Receipt
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 value of this security at October 31, 2018 represented 4.19% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 96 |
|
Schedule of Investments
Invesco Global Clean Energy ETF (PBD)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Austria—0.7% | ||||||||
8,632 | Verbund AG | $ | 348,185 | |||||
|
| |||||||
Canada—5.3% | ||||||||
44,799 | Ballard Power Systems, Inc.(a)(b) | 167,154 | ||||||
55,280 | Boralex, Inc., Class A | 715,599 | ||||||
46,625 | Canadian Solar, Inc.(a)(b) | 666,738 | ||||||
39,414 | Innergex Renewable Energy, Inc. | 366,453 | ||||||
85,965 | TransAlta Renewables, Inc. | 710,238 | ||||||
|
| |||||||
2,626,182 | ||||||||
|
| |||||||
Chile—1.6% | ||||||||
18,002 | Sociedad Quimica y Minera de Chile SA ADR(a) | 788,668 | ||||||
|
| |||||||
China—10.2% | ||||||||
123,986 | BYD Co. Ltd., H-Shares | 803,440 | ||||||
962,328 | China Longyuan Power Group Corp., H-Shares | 731,622 | ||||||
618,732 | China Power Clean Energy Development Co. Ltd. | 177,583 | ||||||
572,778 | China Singyes Solar Technologies Holdings Ltd.(c) | 117,816 | ||||||
6,491 | Daqo New Energy Corp. ADR(b) | 138,583 | ||||||
9,565,407 | GCL-Poly Energy Holdings Ltd.(b) | 567,379 | ||||||
2,533,171 | Huaneng Renewables Corp. Ltd., H-Shares | 649,498 | ||||||
15,865 | JinkoSolar Holding Co. Ltd. ADR(a)(b) | 127,872 | ||||||
50,848 | Kandi Technologies Group, Inc.(a)(b) | 244,579 | ||||||
511,098 | Wasion Holdings Ltd. | 251,005 | ||||||
731,628 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 545,030 | ||||||
2,250,763 | Xinyi Solar Holdings Ltd. | 703,417 | ||||||
|
| |||||||
5,057,824 | ||||||||
|
| |||||||
Denmark—4.0% | ||||||||
10,798 | Novozymes A/S, Class B | 533,775 | ||||||
11,947 | Orsted A/S(d) | 759,309 | ||||||
11,379 | Vestas Wind Systems A/S | 713,877 | ||||||
|
| |||||||
2,006,961 | ||||||||
|
| |||||||
Finland—0.4% | ||||||||
34,034 | Caverion Oyj(a)(b) | 213,056 | ||||||
|
| |||||||
France—0.3% | ||||||||
7,100 | Albioma SA | 138,207 | ||||||
|
| |||||||
Germany—6.0% | ||||||||
31,085 | Cropenergies AG | 138,594 | ||||||
27,514 | Encavis AG | 186,425 | ||||||
72,704 | Nordex SE(b) | 678,788 | ||||||
21,325 | OSRAM Licht AG | 865,493 | ||||||
65,348 | Pne AG | 179,183 | ||||||
28,061 | Senvion SA(b) | 159,608 | ||||||
19,247 | SMA Solar Technology AG | 449,241 | ||||||
23,132 | VERBIO Vereinigte BioEnergie AG | 136,290 | ||||||
10,377 | Voltabox AG(b) | 187,535 | ||||||
|
| |||||||
2,981,157 | ||||||||
|
| |||||||
Guernsey—1.6% | ||||||||
536,370 | Renewables Infrastructure Group Ltd. (The) | 781,295 | ||||||
|
| |||||||
Hong Kong—2.3% | ||||||||
325,985 | Canvest Environmental Protection Group Co. Ltd.(d) | 173,401 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
659,235 | China High Speed Transmission Equipment Group Co. Ltd. | $ | 614,716 | |||||
20,261,626 | FDG Electric Vehicles Ltd.(b) | 199,013 | ||||||
4,372,491 | Panda Green Energy Group Ltd.(b) | 164,539 | ||||||
|
| |||||||
1,151,669 | ||||||||
|
| |||||||
Ireland—1.7% | ||||||||
19,596 | Kingspan Group PLC | 852,604 | ||||||
|
| |||||||
Italy—0.4% | ||||||||
94,934 | Falck Renewables SpA | 192,326 | ||||||
|
| |||||||
Japan—6.8% | ||||||||
25,350 | EF-ON, Inc. | 242,819 | ||||||
18,569 | eRex Co. Ltd. | 154,666 | ||||||
34,592 | GS Yuasa Corp. | 711,120 | ||||||
56,576 | Meidensha Corp. | 799,599 | ||||||
17,716 | Renova, Inc.(a)(b) | 192,772 | ||||||
43,367 | Takuma Co. Ltd. | 551,046 | ||||||
19,522 | Tanaka Chemical Corp.(a)(b) | 185,784 | ||||||
28,337 | West Holdings Corp. | 286,496 | ||||||
27,500 | W-Scope Corp. | 273,160 | ||||||
|
| |||||||
3,397,462 | ||||||||
|
| |||||||
Netherlands—1.6% | ||||||||
32,058 | Signify NV(d) | 791,848 | ||||||
|
| |||||||
New Zealand—1.6% | ||||||||
103,197 | Contact Energy Ltd. | 376,697 | ||||||
181,763 | Mercury NZ Ltd. | 403,550 | ||||||
|
| |||||||
780,247 | ||||||||
|
| |||||||
Norway—0.8% | ||||||||
437,864 | NEL ASA(b) | 225,055 | ||||||
27,957 | Scatec Solar ASA(d) | 190,927 | ||||||
|
| |||||||
415,982 | ||||||||
|
| |||||||
South Korea—4.7% | ||||||||
7,130 | CS Wind Corp. | 188,957 | ||||||
6,471 | Ecopro Co. Ltd.(b) | 224,019 | ||||||
3,800 | Samsung SDI Co. Ltd. | 785,310 | ||||||
53,455 | Seoul Semiconductor Co. Ltd. | 959,286 | ||||||
116,678 | Unison Co. Ltd.(b) | 199,148 | ||||||
|
| |||||||
2,356,720 | ||||||||
|
| |||||||
Spain—4.4% | ||||||||
33,544 | Atlantica Yield PLC | 657,798 | ||||||
96,862 | Audax Renovables SA(a)(b) | 173,953 | ||||||
76,589 | EDP Renovaveis SA | 689,026 | ||||||
58,256 | Siemens Gamesa Renewable Energy SA(b) | 646,340 | ||||||
|
| |||||||
2,167,117 | ||||||||
|
| |||||||
Sweden—1.7% | ||||||||
78,354 | Nibe Industrier AB, Class B | 819,401 | ||||||
|
| |||||||
Switzerland—3.0% | ||||||||
2,061 | Credit Suisse Real Estate Fund Green Property(b) | 266,359 | ||||||
262 | Gurit Holding AG(b) | 238,063 | ||||||
13,937 | Landis+Gyr Group AG(a)(b) | 846,556 | ||||||
255,557 | Meyer Burger Technology AG(a)(b) | 134,143 | ||||||
|
| |||||||
1,485,121 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 97 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan—4.3% | ||||||||
916,131 | Epistar Corp. | $ | 827,517 | |||||
271,000 | Everlight Electronics Co. Ltd. | 232,964 | ||||||
46,000 | Gigasolar Materials Corp.(b) | 125,915 | ||||||
454,000 | Lextar Electronics Corp.(b) | 242,090 | ||||||
570,000 | Motech Industries, Inc.(b) | 119,736 | ||||||
258,000 | Sino-American Silicon Products, Inc.(b) | 480,264 | ||||||
572,241 | United Renewable Energy Co. Ltd./Taiwan(b) | 127,050 | ||||||
|
| |||||||
2,155,536 | ||||||||
|
| |||||||
Thailand—3.1% | ||||||||
1,068,666 | BCPG PCL NVDR | 602,837 | ||||||
405,586 | Energy Absolute PCL NVDR | 605,626 | ||||||
294,142 | SPCG PCL NVDR | 179,236 | ||||||
7,648,140 | Super Energy Corp. PCL NVDR(b) | 161,499 | ||||||
|
| |||||||
1,549,198 | ||||||||
|
| |||||||
United Kingdom—4.7% | ||||||||
122,974 | Drax Group PLC | 631,034 | ||||||
421,209 | GCP Infrastructure Investments Ltd. | 674,902 | ||||||
469,954 | Greencoat UK Wind PLC | 777,026 | ||||||
24,779 | Ricardo PLC | 224,795 | ||||||
|
| |||||||
2,307,757 | ||||||||
|
| |||||||
United States—28.7% | ||||||||
5,822 | Acuity Brands, Inc. | 731,476 | ||||||
20,491 | Ameresco, Inc., Class A(b) | 335,438 | ||||||
39,272 | Clearway Energy, Inc., Class C | 770,124 | ||||||
23,853 | Cree, Inc.(b) | 925,973 | ||||||
44,566 | Enphase Energy, Inc.(a)(b) | 202,330 | ||||||
13,732 | First Solar, Inc.(b) | 573,998 | ||||||
34,010 | Green Plains, Inc. | 579,530 | ||||||
44,287 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 918,955 | ||||||
14,550 | Itron, Inc.(b) | 758,637 | ||||||
57,684 | LSI Industries, Inc. | 249,195 | ||||||
70,196 | Maxwell Technologies, Inc.(a)(b) | 206,376 | ||||||
6,956 | Ormat Technologies, Inc. | 355,939 | ||||||
38,165 | Pattern Energy Group, Inc., Class A | 683,917 | ||||||
102,419 | Plug Power, Inc.(a)(b) | 189,475 | ||||||
2,280,511 | REC Silicon ASA(a)(b) | 163,612 | ||||||
21,677 | Renewable Energy Group, Inc.(b) | 673,721 | ||||||
16,111 | SolarEdge Technologies, Inc.(a)(b) | 623,979 | ||||||
86,985 | SunPower Corp.(a)(b) | 522,780 | ||||||
54,905 | Sunrun, Inc.(b) | 673,135 | ||||||
57,868 | TerraForm Power, Inc., Class A | 652,172 | ||||||
3,213 | Tesla, Inc.(b) | 1,083,809 | ||||||
27,793 | TPI Composites, Inc.(b) | 702,051 | ||||||
7,913 | Universal Display Corp. | 973,378 | ||||||
25,782 | Veeco Instruments, Inc.(b) | 245,187 | ||||||
38,830 | Vivint Solar, Inc.(a)(b) | 201,528 | ||||||
9,171 | Willdan Group, Inc.(b) | 276,964 | ||||||
|
| |||||||
14,273,679 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $48,163,480)—99.9% | 49,638,202 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—11.3% | ||||||||
5,591,715 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(e)(f) (Cost $5,591,715) | $ | 5,591,715 | |||||
|
| |||||||
Total Investments in Securities (Cost $53,755,195)—111.2% | 55,229,917 | |||||||
Other assets less liabilities—(11.2)% | (5,568,817 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 49,661,100 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2018. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $1,915,485, which represented 3.86% 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 October 31, 2018. |
(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.
| 98 |
|
Schedule of Investments
Invesco Global Gold and Precious Metals ETF (PSAU)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Australia—17.2% | ||||||||
255,951 | Evolution Mining Ltd. | $ | 540,588 | |||||
111,058 | Newcrest Mining Ltd. | 1,622,262 | ||||||
102,804 | Northern Star Resources Ltd. | 639,731 | ||||||
103,508 | OceanaGold Corp. | 298,721 | ||||||
84,598 | Regis Resources Ltd. | 253,026 | ||||||
126,973 | Resolute Mining Ltd. | 93,592 | ||||||
122,084 | Saracen Mineral Holdings Ltd.(a) | 211,991 | ||||||
82,883 | St. Barbara Ltd. | 244,372 | ||||||
|
| |||||||
3,904,283 | ||||||||
|
| |||||||
Brazil—1.5% | ||||||||
149,532 | Yamana Gold, Inc. | 340,454 | ||||||
|
| |||||||
Canada—46.5% | ||||||||
25,802 | Agnico Eagle Mines Ltd. | 913,606 | ||||||
65,267 | Alamos Gold, Inc., Class A | 261,416 | ||||||
140,860 | B2Gold Corp.(a) | 348,597 | ||||||
173,860 | Barrick Gold Corp. | 2,183,096 | ||||||
35,723 | Centerra Gold, Inc.(a) | 139,818 | ||||||
29,346 | Detour Gold Corp.(a) | 216,981 | ||||||
133,179 | Eldorado Gold Corp.(a) | 89,242 | ||||||
28,764 | First Majestic Silver Corp.(a) | 160,110 | ||||||
25,168 | Fortuna Silver Mines, Inc.(a) | 95,823 | ||||||
25,770 | Franco-Nevada Corp. | 1,613,409 | ||||||
136,725 | Goldcorp, Inc. | 1,237,891 | ||||||
72,731 | IAMGOLD Corp.(a) | 250,329 | ||||||
209,562 | Kinross Gold Corp.(a) | 545,747 | ||||||
26,910 | Kirkland Lake Gold Ltd. | 529,286 | ||||||
12,765 | MAG Silver Corp.(a) | 91,953 | ||||||
97,071 | New Gold, Inc.(a) | 77,612 | ||||||
14,932 | Osisko Gold Royalties Ltd. | 114,612 | ||||||
24,153 | Pan American Silver Corp. | 356,617 | ||||||
51,849 | SEMAFO, Inc.(a) | 113,707 | ||||||
20,115 | SSR Mining, Inc.(a) | 197,589 | ||||||
14,236 | Torex Gold Resources, Inc.(a) | 129,975 | ||||||
51,904 | Wheaton Precious Metals Corp. | 855,285 | ||||||
|
| |||||||
10,522,701 | ||||||||
|
| |||||||
China—2.1% | ||||||||
145,947 | Zhaojin Mining Industry Co. Ltd., H-Shares | 128,830 | ||||||
960,916 | Zijin Mining Group Co. Ltd., H-Shares | 356,694 | ||||||
|
| |||||||
485,524 | ||||||||
|
| |||||||
Egypt—1.1% | ||||||||
193,673 | Centamin PLC | 246,228 | ||||||
|
| |||||||
Ivory Coast—0.9% | ||||||||
12,637 | Endeavour Mining Corp.(a) | 194,282 | ||||||
|
| |||||||
Japan—0.6% | ||||||||
6,641 | Asahi Holdings, Inc. | 142,112 | ||||||
|
| |||||||
Jersey Island—4.7% | ||||||||
13,635 | Randgold Resources Ltd. | 1,071,460 | ||||||
|
| |||||||
Mexico—1.5% | ||||||||
30,881 | Fresnillo PLC | 334,842 | ||||||
|
| |||||||
Peru—0.4% | ||||||||
41,826 | Hochschild Mining PLC | 84,226 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
Russia—2.0% | ||||||||
40,363 | Highland Gold Mining Ltd. | $ | 74,627 | |||||
40,964 | Polymetal International PLC | 379,059 | ||||||
|
| |||||||
453,686 | ||||||||
|
| |||||||
South Africa—8.0% | ||||||||
10,397 | Anglo American Platinum Ltd. | 339,330 | ||||||
57,290 | AngloGold Ashanti Ltd. | 554,073 | ||||||
108,853 | Gold Fields Ltd. | 288,899 | ||||||
70,275 | Harmony Gold Mining Co. Ltd. | 132,923 | ||||||
72,663 | Impala Platinum Holdings Ltd.(a) | 133,848 | ||||||
76,954 | Northam Platinum Ltd.(a) | 202,570 | ||||||
239,429 | Sibanye Gold Ltd.(a) | 166,038 | ||||||
|
| |||||||
1,817,681 | ||||||||
|
| |||||||
Tanzania—0.2% | ||||||||
24,760 | Acacia Mining PLC(a) | 48,515 | ||||||
|
| |||||||
Turkey—0.3% | ||||||||
7,667 | Koza Altin Isletmeleri AS(a) | 61,601 | ||||||
|
| |||||||
United States—12.8% | ||||||||
29,472 | Coeur Mining, Inc.(a) | 140,876 | ||||||
75,959 | Hecla Mining Co. | 182,302 | ||||||
57,364 | Newmont Mining Corp. | 1,773,695 | ||||||
8,785 | Royal Gold, Inc. | 673,194 | ||||||
52,495 | Tahoe Resources, Inc.(a) | 124,317 | ||||||
|
| |||||||
2,894,384 | ||||||||
|
| |||||||
Total Common Stocks (Cost $30,721,834) | 22,601,979 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
35,665 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(b) (Cost $35,665) | 35,665 | ||||||
|
| |||||||
Total Investments in Securities (Cost $30,757,499)—100.0% | 22,637,644 | |||||||
Other assets less liabilities—(0.0)% | (9,636 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 22,628,008 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 99 |
|
Schedule of Investments
Invesco Global Water ETF (PIO)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks—99.8% | ||||||||
Brazil—1.4% | ||||||||
314,841 | Cia de Saneamento Basico do Estado de Sao Paulo | $ | 2,369,042 | |||||
|
| |||||||
Canada—0.6% | ||||||||
39,246 | Stantec, Inc. | 1,023,848 | ||||||
|
| |||||||
Cayman Islands—0.1% | ||||||||
8,998 | Consolidated Water Co. Ltd. | 110,675 | ||||||
|
| |||||||
China—2.9% | ||||||||
4,201,229 | Beijing Enterprises Water Group Ltd. | 2,138,289 | ||||||
2,480,198 | CT Environmental Group Ltd. | 112,313 | ||||||
1,381,899 | Guangdong Investment Ltd. | 2,467,866 | ||||||
|
| |||||||
4,718,468 | ||||||||
|
| |||||||
Finland—0.2% | ||||||||
23,506 | Uponor Oyj | 255,015 | ||||||
|
| |||||||
France—7.5% | ||||||||
387,742 | Suez | 5,616,845 | ||||||
338,992 | Veolia Environnement SA | 6,767,749 | ||||||
|
| |||||||
12,384,594 | ||||||||
|
| |||||||
Hong Kong—0.4% | ||||||||
779,060 | China Water Affairs Group Ltd. | 702,599 | ||||||
|
| |||||||
Italy—0.9% | ||||||||
27,214 | ACEA SpA | 357,992 | ||||||
421,378 | Hera SpA | 1,164,959 | ||||||
|
| |||||||
1,522,951 | ||||||||
|
| |||||||
Japan—5.2% | ||||||||
80,134 | Kurita Water Industries Ltd. | 1,976,101 | ||||||
10,851 | METAWATER Co. Ltd. | 278,258 | ||||||
70,525 | Miura Co. Ltd. | 1,727,895 | ||||||
4,264 | Torishima Pump Manufacturing Co. Ltd. | 35,101 | ||||||
125,254 | TOTO Ltd. | 4,494,960 | ||||||
|
| |||||||
8,512,315 | ||||||||
|
| |||||||
Netherlands—1.9% | ||||||||
69,897 | Aalberts Industries NV | 2,569,935 | ||||||
43,674 | Arcadis NV(a) | 591,343 | ||||||
|
| |||||||
3,161,278 | ||||||||
|
| |||||||
Singapore—0.1% | ||||||||
164,928 | CITIC Envirotech Ltd. | 47,640 | ||||||
146,405 | SIIC Enviornment Holdings Ltd. | 28,545 | ||||||
|
| |||||||
76,185 | ||||||||
|
| |||||||
South Korea—1.0% | ||||||||
26,115 | Coway Co. Ltd. | 1,611,061 | ||||||
|
| |||||||
Spain—1.5% | ||||||||
29,798 | Acciona SA | 2,518,015 | ||||||
|
| |||||||
Switzerland—5.0% | ||||||||
21,054 | Geberit AG | 8,252,900 | ||||||
|
| |||||||
Taiwan—0.0% | ||||||||
32,000 | Forest Water Environment Engineering Co. Ltd. | 58,534 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks (continued) | ||||||||
United Kingdom—23.0% | ||||||||
234,291 | Halma PLC | $ | 3,975,570 | |||||
149,195 | HomeServe PLC | 1,813,881 | ||||||
397,903 | Pennon Group PLC | 3,793,833 | ||||||
329,466 | Pentair PLC | 13,228,060 | ||||||
131,852 | Polypipe Group PLC | 625,038 | ||||||
236,598 | Severn Trent PLC | 5,632,091 | ||||||
33,801 | Spirax-Sarco Engineering PLC | 2,794,342 | ||||||
657,775 | United Utilities Group PLC | 6,106,867 | ||||||
|
| |||||||
37,969,682 | ||||||||
|
| |||||||
United States—48.1% | ||||||||
109,100 | A.O. Smith Corp. | 4,967,323 | ||||||
54,641 | American Water Works Co., Inc. | 4,837,368 | ||||||
138,357 | Danaher Corp. | 13,752,686 | ||||||
95,201 | Ecolab, Inc. | 14,580,033 | ||||||
136,981 | Ferguson PLC | 9,246,698 | ||||||
117,906 | HD Supply Holdings, Inc.(b) | 4,429,729 | ||||||
22,982 | IDEX Corp. | 2,914,577 | ||||||
839,200 | Reliance Worldwide Corp. Ltd. | 2,979,862 | ||||||
24,008 | Roper Technologies, Inc. | 6,791,863 | ||||||
37,143 | Toro Co. (The) | 2,092,265 | ||||||
37,802 | Waters Corp.(b) | 7,170,661 | ||||||
84,012 | Xylem, Inc. | 5,509,507 | ||||||
|
| |||||||
79,272,572 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $151,925,557)—99.8% | 164,519,734 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.3% | ||||||||
480,855 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(c)(d) (Cost $480,855) | 480,855 | ||||||
|
| |||||||
Total Investments in Securities (Cost $152,406,412)—100.1% | 165,000,589 | |||||||
Other assets less liabilities—(0.1)% | (84,776 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 164,915,813 | ||||||
|
|
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2018. |
(b) | Non-income producing security. |
(c) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
(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.
| 100 |
|
Schedule of Investments
Invesco International BuyBack Achievers™ ETF (IPKW)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—7.7% | ||||||||
949,491 | Coca-Cola Amatil Ltd. | $ | 6,668,950 | |||||
676,920 | Crown Resorts Ltd. | 6,001,885 | ||||||
1,570,683 | Qantas Airways Ltd. | 6,089,321 | ||||||
|
| |||||||
18,760,156 | ||||||||
|
| |||||||
Brazil—3.2% | ||||||||
5,344,800 | Minerva SA(a) | 7,899,570 | ||||||
|
| |||||||
Canada—20.7% | ||||||||
114,538 | Canadian Tire Corp. Ltd., Class A(b) | 12,920,357 | ||||||
208,143 | CGI Group, Inc., Class A(a) | 12,885,609 | ||||||
358,339 | Dream Office Real Estate Investment Trust REIT | 6,357,737 | ||||||
255,478 | Magna International, Inc. | 12,608,056 | ||||||
85,005 | Methanex Corp. | 5,518,124 | ||||||
|
| |||||||
50,289,883 | ||||||||
|
| |||||||
China—2.8% | ||||||||
8,475,674 | CAR, Inc.(a) | 6,724,838 | ||||||
|
| |||||||
Denmark—4.0% | ||||||||
510,367 | Danske Bank A/S | 9,793,137 | ||||||
|
| |||||||
Germany—4.8% | ||||||||
126,653 | AURELIUS Equity Opportunities SE & Co. KGaA | 5,903,759 | ||||||
188,163 | GEA Group AG | 5,726,498 | ||||||
|
| |||||||
11,630,257 | ||||||||
|
| |||||||
India—5.1% | ||||||||
1,318,615 | Infosys Ltd. ADR | 12,487,284 | ||||||
|
| |||||||
Indonesia—2.4% | ||||||||
279,086,483 | Waskita Beton Precast Tbk PT | 5,837,823 | ||||||
|
| |||||||
Japan—30.4% | ||||||||
768,477 | Astellas Pharma, Inc. | 11,896,055 | ||||||
354,821 | Bridgestone Corp. | 13,717,461 | ||||||
229,773 | Doutor Nichires Holdings Co. Ltd. | 4,086,256 | ||||||
158,976 | JAFCO Co. Ltd. | 6,141,822 | ||||||
334,359 | Nissan Shatai Co. Ltd. | 2,699,048 | ||||||
111,548 | Pilot Corp. | 6,167,733 | ||||||
1,749,232 | Rakuten, Inc. | 11,841,861 | ||||||
143,626 | Ryosan Co. Ltd. | 4,142,507 | ||||||
522,801 | TSI Holdings Co. Ltd. | 3,562,394 | ||||||
316,035 | Tsugami Corp. | 2,842,369 | ||||||
207,503 | Yurtec Corp. | 1,566,546 | ||||||
277,770 | ZERIA Pharmaceutical Co. Ltd. | 5,195,804 | ||||||
|
| |||||||
73,859,856 | ||||||||
|
| |||||||
Mexico—2.2% | ||||||||
4,346,003 | Corp. Inmobiliaria Vesta SAB de CV | 5,322,250 | ||||||
|
| |||||||
Netherlands—2.3% | ||||||||
129,465 | ASM International NV | 5,572,763 | ||||||
|
| |||||||
South Korea—2.1% | ||||||||
8,961 | Lotte Food Co. Ltd. | 5,158,542 | ||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan—4.4% | ||||||||
10,262,000 | Lextar Electronics Corp.(a) | $ | 5,472,094 | |||||
7,799,000 | Taiwan Mask Corp.(a) | 5,330,732 | ||||||
|
| |||||||
10,802,826 | ||||||||
|
| |||||||
United Kingdom—7.7% | ||||||||
5,300,821 | Hansteen Holdings PLC REIT | 6,515,743 | ||||||
1,073,892 | Paragon Group of Cos. PLC (The) | 5,839,934 | ||||||
90,508 | Sole Realisation Co. PLC(a)(c) | 0 | ||||||
1,506,974 | Sports Direct International PLC(a) | 6,284,947 | ||||||
|
| |||||||
18,640,624 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $282,720,622) | 242,779,809 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
54,052 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(d) (Cost $54,052) | 54,052 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $282,774,674)-99.8% | 242,833,861 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—4.8% | ||||||||
11,682,410 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(d)(e) (Cost $11,682,410) | 11,682,410 | ||||||
|
| |||||||
Total Investments in Securities (Cost $294,457,084)—104.6% | 254,516,271 | |||||||
Other assets less liabilities—(4.6)% | (11,143,203 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 243,373,068 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2018. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 October 31, 2018. |
(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.
| 101 |
|
Schedule of Investments
Invesco MSCI Global Timber ETF (CUT)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—6.4% | ||||||||
926,278 | Amcor Ltd. | $ | 8,731,442 | |||||
958,905 | Orora Ltd. | 2,283,536 | ||||||
20,883 | Quintis Ltd.(a)(b) | 0 | ||||||
|
| |||||||
11,014,978 | ||||||||
|
| |||||||
Brazil—6.4% | ||||||||
247,442 | Duratex SA | 765,408 | ||||||
199,500 | Fibria Celulose SA | 3,858,951 | ||||||
559,934 | Klabin SA | 2,814,368 | ||||||
354,053 | Suzano Papel E Celulose SA | 3,607,728 | ||||||
|
| |||||||
11,046,455 | ||||||||
|
| |||||||
Canada—4.4% | ||||||||
56,837 | Canfor Corp.(a) | 818,418 | ||||||
23,334 | Canfor Pulp Products, Inc. | 391,255 | ||||||
56,474 | Cascades, Inc. | 440,353 | ||||||
55,656 | Interfor Corp., Class Common Subscription Receipt(a) | 617,058 | ||||||
33,663 | Mercer International, Inc. | 512,014 | ||||||
30,969 | Norbord, Inc. | 791,646 | ||||||
38,916 | Stella-Jones, Inc. | 1,249,342 | ||||||
48,000 | West Fraser Timber Co. Ltd. | 2,417,453 | ||||||
313,741 | Western Forest Products, Inc. | 420,472 | ||||||
|
| |||||||
7,658,011 | ||||||||
|
| |||||||
Chile—2.0% | ||||||||
993,327 | Empresas CMPC SA | 3,398,744 | ||||||
|
| |||||||
China—0.9% | ||||||||
584,731 | Greatview Aseptic Packaging Co. Ltd. | 387,862 | ||||||
1,251,707 | Lee & Man Paper Manufacturing Ltd. | 1,071,377 | ||||||
296,789 | Youyuan International Holdings Ltd.(a) | 98,054 | ||||||
|
| |||||||
1,557,293 | ||||||||
|
| |||||||
Finland—11.1% | ||||||||
85,633 | Huhtamaki Oyj | 2,405,285 | ||||||
152,531 | Metsa Board Oyj, Class B | 1,336,803 | ||||||
440,451 | Stora Enso Oyj, Class R | 6,639,897 | ||||||
277,137 | UPM-Kymmene Oyj | 8,921,022 | ||||||
|
| |||||||
19,303,007 | ||||||||
|
| |||||||
Hong Kong—0.7% | ||||||||
1,300,212 | Nine Dragons Paper Holdings Ltd. | 1,240,603 | ||||||
|
| |||||||
India—0.1% | ||||||||
10,784 | Invesco India ETF(a)(c) | 237,787 | ||||||
|
| |||||||
Indonesia—1.0% | ||||||||
2,173,824 | PT Indah Kiat Pulp & Paper Corp. Tbk | 1,819,563 | ||||||
|
| |||||||
Ireland—3.4% | ||||||||
180,150 | Smurfit Kappa Group PLC | 5,874,541 | ||||||
|
| |||||||
Japan—5.4% | ||||||||
7,981 | Daiken Corp. | 145,964 | ||||||
53,427 | Daio Paper Corp.(d) | 693,550 | ||||||
99,760 | Hokuetsu Corp. | 476,458 | ||||||
74,595 | Nippon Paper Industries Co. Ltd. | 1,354,350 | ||||||
689,799 | OJI Holdings Corp. | 4,914,256 | ||||||
9,513 | Pack Corp. (The) | 272,691 | ||||||
139,998 | Rengo Co. Ltd. | 1,219,423 | ||||||
6,727 | Tokushu Tokai Paper Co. Ltd. | 259,591 | ||||||
|
| |||||||
9,336,283 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia—0.0% | ||||||||
142,275 | Ta Ann Holdings Bhd | $ | 78,201 | |||||
|
| |||||||
Pakistan—0.0% | ||||||||
24,800 | Packages Ltd. | 73,912 | ||||||
|
| |||||||
Portugal—1.2% | ||||||||
48,902 | Altri SGPS SA | 429,415 | ||||||
31,708 | Corticeira Amorim SGPS SA | 348,489 | ||||||
173,134 | Navigator Co. SA (The) | 863,145 | ||||||
19,374 | Semapa-Sociedade de Investimento e Gestao | 370,545 | ||||||
|
| |||||||
2,011,594 | ||||||||
|
| |||||||
South Africa—1.5% | ||||||||
137,195 | Mpact Ltd. | 194,091 | ||||||
423,792 | Sappi Ltd. | 2,380,382 | ||||||
|
| |||||||
2,574,473 | ||||||||
|
| |||||||
South Korea—0.1% | ||||||||
13,299 | Hansol Paper Co. Ltd. | 203,065 | ||||||
|
| |||||||
Spain—1.1% | ||||||||
108,848 | Ence Energia y Celulosa SA | 915,727 | ||||||
9,846 | Miquel y Costas & Miquel SA | 323,524 | ||||||
35,487 | Papeles y Cartones de Europa SA | 671,482 | ||||||
|
| |||||||
1,910,733 | ||||||||
|
| |||||||
Sweden—4.7% | ||||||||
140,644 | BillerudKorsnas AB(d) | 1,669,626 | ||||||
84,571 | Holmen AB, Class B | 1,940,385 | ||||||
484,473 | Svenska Cellulosa AB SCA, Class B | 4,591,513 | ||||||
|
| |||||||
8,201,524 | ||||||||
|
| |||||||
Taiwan—0.6% | ||||||||
574,000 | Cheng Loong Corp. | 366,367 | ||||||
309,000 | Chung Hwa Pulp Corp. | 90,674 | ||||||
406,000 | Long Chen Paper Co. Ltd. | 206,654 | ||||||
925,000 | YFY, Inc. | 334,809 | ||||||
|
| |||||||
998,504 | ||||||||
|
| |||||||
Thailand—0.1% | ||||||||
258,606 | Polyplex Thailand PCL NVDR | 117,016 | ||||||
|
| |||||||
United Kingdom—8.4% | ||||||||
1,093,196 | DS Smith PLC | 5,488,148 | ||||||
94,019 | Mondi Ltd. | 2,246,841 | ||||||
293,700 | Mondi PLC | 6,921,948 | ||||||
|
| |||||||
14,656,937 | ||||||||
|
| |||||||
United States—40.3% | ||||||||
70,362 | Avery Dennison Corp. | 6,383,241 | ||||||
72,858 | Bemis Co., Inc. | 3,334,711 | ||||||
30,892 | Boise Cascade Co. | 951,165 | ||||||
39,019 | CatchMark Timber Trust, Inc., Class A REIT | 345,318 | ||||||
13,081 | Clearwater Paper Corp.(a) | 315,775 | ||||||
49,930 | Domtar Corp. | 2,312,258 | ||||||
248,329 | Graphic Packaging Holding Co. | 2,734,102 | ||||||
195,464 | International Paper Co. | 8,866,247 | ||||||
69,937 | KapStone Paper and Packaging Corp. | 2,447,795 | ||||||
116,337 | Louisiana-Pacific Corp. | 2,532,656 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 102 |
|
Invesco MSCI Global Timber ETF (CUT) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
13,362 | Neenah, Inc. | $ | 1,075,107 | |||||
34,725 | P.H. Glatfelter Co. | 621,577 | ||||||
75,431 | Packaging Corp. of America | 6,925,320 | ||||||
47,375 | PotlatchDeltic Corp. REIT | 1,717,344 | ||||||
103,558 | Rayonier, Inc. REIT | 3,127,452 | ||||||
46,650 | Resolute Forest Products, Inc.(a) | 525,745 | ||||||
24,440 | Schweitzer-Mauduit International, Inc. | 780,125 | ||||||
128,936 | Sealed Air Corp. | 4,172,369 | ||||||
79,702 | Sonoco Products Co. | 4,350,135 | ||||||
27,265 | Verso Corp., Class A(a) | 766,419 | ||||||
183,037 | WestRock Co. | 7,865,100 | ||||||
290,847 | Weyerhaeuser Co. REIT | 7,745,256 | ||||||
|
| |||||||
69,895,217 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $150,382,063)—99.8% | 173,208,441 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.3% | ||||||||
2,156,266 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(e)(f) (Cost $2,156,266) | 2,156,266 | ||||||
|
| |||||||
Total Investments in Securities (Cost $152,538,329)—101.1% | 175,364,707 | |||||||
Other assets less liabilities—(1.1)% | (1,901,955 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 173,462,752 | ||||||
|
|
Investment Abbreviations:
ETF—Exchange-Traded Fund
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | Affiliated company. The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(d) | All or a portion of this security was out on loan at October 31, 2018. |
(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 October 31, 2018. |
(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.
| 103 |
|
Schedule of Investments
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—13.8% | ||||||||
64,626 | Amcor Ltd. | $ | 609,189 | |||||
114,124 | AusNet Services | 138,314 | ||||||
22,365 | Charter Hall Group REIT | 109,373 | ||||||
11,987 | Commonwealth Bank of Australia | 588,163 | ||||||
81,236 | DuluxGroup Ltd. | 426,062 | ||||||
28,851 | GPT Group (The) REIT | 105,512 | ||||||
68,091 | Mirvac Group REIT | 104,723 | ||||||
28,968 | Sonic Healthcare Ltd. | 462,976 | ||||||
48,594 | Stockland REIT | 124,332 | ||||||
96,582 | Transurban Group | 776,251 | ||||||
71,824 | Vicinity Centres REIT | 134,899 | ||||||
33,089 | Westpac Banking Corp. | 629,682 | ||||||
|
| |||||||
4,209,476 | ||||||||
|
| |||||||
Canada—15.2% | ||||||||
5,621 | BCE, Inc. | 218,077 | ||||||
5,944 | Canadian Imperial Bank of Commerce | 514,536 | ||||||
2,830 | Fortis, Inc. | 93,741 | ||||||
21,920 | Great-West Lifeco, Inc. | 504,248 | ||||||
10,218 | H&R Real Estate Investment Trust REIT | 154,914 | ||||||
4,194 | Intact Financial Corp. | 332,167 | ||||||
25,204 | Power Corp. of Canada | 521,641 | ||||||
27,131 | Power Financial Corp. | 585,695 | ||||||
7,016 | RioCan Real Estate Investment Trust REIT | 128,219 | ||||||
38,922 | Shaw Communications, Inc., Class B | 726,425 | ||||||
9,165 | Sun Life Financial, Inc. | 336,451 | ||||||
5,119 | TELUS Corp. | 175,720 | ||||||
5,965 | Toronto-Dominion Bank (The) | 331,714 | ||||||
|
| |||||||
4,623,548 | ||||||||
|
| |||||||
Finland—0.6% | ||||||||
4,177 | Elisa Oyj | 166,356 | ||||||
|
| |||||||
France—6.4% | ||||||||
4,854 | Cie Generale des Etablissements Michelin SCA | 499,054 | ||||||
1,103 | Covivio REIT | 110,916 | ||||||
7,026 | Danone SA | 498,187 | ||||||
497 | Gecina SA REIT | 73,037 | ||||||
1,231 | ICADE REIT | 104,469 | ||||||
11,761 | Orange SA | 184,163 | ||||||
5,441 | Vinci SA | 486,289 | ||||||
|
| |||||||
1,956,115 | ||||||||
|
| |||||||
Germany—1.8% | ||||||||
2,533 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 545,159 | ||||||
|
| |||||||
Hong Kong—0.2% | ||||||||
24,578 | Hong Kong & China Gas Co. Ltd. | 46,902 | ||||||
|
| |||||||
Italy—0.3% | ||||||||
20,249 | Terna Rete Elettrica Nazionale SpA | 104,735 | ||||||
|
| |||||||
Japan—3.4% | ||||||||
91 | GLP J-Reit REIT | 90,069 | ||||||
14 | Kenedix Office Investment Corp., Class A REIT | 86,713 | ||||||
39,647 | Nippon Paper Industries Co. Ltd. | 719,833 | ||||||
2,635 | Osaka Gas Co. Ltd. | 48,355 | ||||||
54 | United Urban Investment Corp. REIT | 82,252 | ||||||
|
| |||||||
1,027,222 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—2.5% | ||||||||
109,379 | Mapletree Commercial Trust REIT | $ | 127,166 | |||||
81,227 | Singapore Exchange Ltd. | 401,208 | ||||||
100,262 | Singapore Telecommunications Ltd. | 228,790 | ||||||
|
| |||||||
757,164 | ||||||||
|
| |||||||
South Korea—1.7% | ||||||||
8,094 | Hyundai Motor Co. (2nd Preference Shares) | 502,879 | ||||||
|
| |||||||
Spain—0.3% | ||||||||
14,515 | Iberdrola SA | 102,888 | ||||||
|
| |||||||
Sweden—4.3% | ||||||||
22,554 | ICA Gruppen AB | 799,287 | ||||||
30,009 | Securitas AB, Class B | 515,324 | ||||||
|
| |||||||
1,314,611 | ||||||||
|
| |||||||
Switzerland—6.6% | ||||||||
808 | Helvetia Holding AG | 495,612 | ||||||
6,782 | Nestle SA | 573,898 | ||||||
1,148 | PSP Swiss Property AG | 110,988 | ||||||
2,001 | Roche Holding AG-BR | 487,767 | ||||||
1,365 | Swiss Prime Site AG(a) | 111,002 | ||||||
470 | Swisscom AG | 215,586 | ||||||
|
| |||||||
1,994,853 | ||||||||
|
| |||||||
United Kingdom—4.3% | ||||||||
81,008 | DS Smith PLC | 406,683 | ||||||
17,027 | Experian PLC | 392,156 | ||||||
19,511 | RELX PLC | 386,417 | ||||||
9,065 | SSE PLC | 132,218 | ||||||
|
| |||||||
1,317,474 | ||||||||
|
| |||||||
United States—38.4% | ||||||||
3,080 | Air Products & Chemicals, Inc. | 475,398 | ||||||
1,151 | American Electric Power Co., Inc. | 84,437 | ||||||
2,513 | American National Insurance Co. | 309,702 | ||||||
1,812 | Apartment Investment & Management Co., Class A REIT | 77,989 | ||||||
1,532 | Aqua America, Inc. | 49,836 | ||||||
28,203 | Arbor Realty Trust, Inc. REIT | 340,692 | ||||||
435 | AvalonBay Communities, Inc. REIT | 76,290 | ||||||
835 | Camden Property Trust REIT | 75,375 | ||||||
3,525 | Clorox Co. (The) | 523,286 | ||||||
6,843 | Colgate-Palmolive Co. | 407,501 | ||||||
3,777 | Cracker Barrel Old Country Store, Inc. | 599,334 | ||||||
782 | Crown Castle International Corp. REIT | 85,035 | ||||||
1,451 | Dominion Energy, Inc. | 103,630 | ||||||
717 | DTE Energy Co. | 80,591 | ||||||
1,287 | Duke Energy Corp. | 106,345 | ||||||
5,179 | Eli Lilly & Co. | 561,611 | ||||||
1,294 | Entergy Corp. | 108,631 | ||||||
283 | Essex Property Trust, Inc. REIT | 70,971 | ||||||
1,135 | Everest Re Group Ltd. | 247,271 | ||||||
1,291 | Eversource Energy | 81,669 | ||||||
8,392 | Exxon Mobil Corp. | 668,675 | ||||||
5,381 | Genuine Parts Co. | 526,908 | ||||||
4,460 | Hubbell, Inc. | 453,582 | ||||||
3,879 | Johnson & Johnson | 543,021 | ||||||
1,524 | NorthWestern Corp. | 89,550 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 104 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
4,454 | PepsiCo, Inc. | $ | 500,541 | |||||
17,067 | Pfizer, Inc. | 734,905 | ||||||
1,745 | Portland General Electric Co. | 78,665 | ||||||
7,991 | Procter & Gamble Co. (The) | 708,642 | ||||||
459 | PS Business Parks, Inc. REIT | 59,945 | ||||||
1,466 | Public Service Enterprise Group, Inc. | 78,328 | ||||||
763 | Sempra Energy | 84,022 | ||||||
11,051 | Six Flags Entertainment Corp. | 595,207 | ||||||
2,462 | Southern Co. (The) | 110,864 | ||||||
1,041 | Spire, Inc. | 75,556 | ||||||
24,893 | Starwood Property Trust, Inc. REIT | 540,676 | ||||||
4,034 | Telephone & Data Systems, Inc. | 124,368 | ||||||
2,185 | Travelers Cos., Inc. (The) | 273,409 | ||||||
1,997 | UDR, Inc. REIT | 78,262 | ||||||
4,960 | United Parcel Service, Inc., Class B | 528,438 | ||||||
3,905 | Verizon Communications, Inc. | 222,936 | ||||||
2,079 | WP Carey, Inc. REIT | 137,235 | ||||||
|
| |||||||
11,679,329 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $31,412,237) | 30,348,711 | |||||||
|
| |||||||
Money Market Fund—0.3% | ||||||||
101,055 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(b) (Cost $101,055) | 101,055 | ||||||
|
| |||||||
Total Investments in Securities (Cost $31,513,292)—100.1% | 30,449,766 | |||||||
Other assets less liabilities—(0.1)% | (35,027 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 30,414,739 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 105 |
|
Schedule of Investments
Invesco S&P International Developed Quality ETF (IDHQ)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.2% | ||||||||
Australia—7.0% | ||||||||
7,704 | Aristocrat Leisure Ltd. | $ | 144,696 | |||||
4,388 | BlueScope Steel Ltd. | 44,691 | ||||||
1,130 | CIMIC Group Ltd. | 37,874 | ||||||
4,446 | Coca-Cola Amatil Ltd. | 31,227 | ||||||
621 | Cochlear Ltd. | 78,159 | ||||||
4,295 | Computershare Ltd. | 60,181 | ||||||
5,187 | Crown Resorts Ltd. | 45,990 | ||||||
4,483 | CSL Ltd. | 597,337 | ||||||
575 | Domino’s Pizza Enterprises Ltd. | 22,011 | ||||||
15,239 | Fortescue Metals Group Ltd. | 43,203 | ||||||
21,386 | Insurance Australia Group Ltd. | 103,525 | ||||||
31,069 | Medibank Private Ltd. | 61,436 | ||||||
362 | REA Group Ltd. | 18,375 | ||||||
9,853 | Rio Tinto PLC | 478,848 | ||||||
2,862 | SEEK Ltd. | 36,228 | ||||||
42,054 | South32 Ltd. | 107,897 | ||||||
36,635 | Telstra Corp. Ltd. | 79,972 | ||||||
11,730 | Woolworths Group Ltd. | 236,357 | ||||||
|
| |||||||
2,228,007 | ||||||||
|
| |||||||
Austria—0.0% | ||||||||
163 | Lenzing AG | 14,803 | ||||||
|
| |||||||
Belgium—1.3% | ||||||||
540 | Colruyt SA | 31,400 | ||||||
3,171 | KBC Group NV | 218,808 | ||||||
590 | Solvay SA | 67,284 | ||||||
1,049 | UCB SA | 88,168 | ||||||
|
| |||||||
405,660 | ||||||||
|
| |||||||
Canada—5.1% | ||||||||
2,228 | Air Canada(a) | 42,380 | ||||||
7,676 | Canadian National Railway Co. | 657,801 | ||||||
1,448 | Canadian Pacific Railway Ltd. | 297,671 | ||||||
2,024 | CGI Group, Inc., Class A(a) | 125,301 | ||||||
2,103 | CI Financial Corp. | 31,179 | ||||||
262 | Constellation Software, Inc. | 180,753 | ||||||
1,926 | Gildan Activewear, Inc. | 57,710 | ||||||
720 | Methanex Corp. | 46,739 | ||||||
3,077 | Metro, Inc. | 96,791 | ||||||
1,970 | Saputo, Inc. | 60,169 | ||||||
471 | West Fraser Timber Co. Ltd. | 23,721 | ||||||
|
| |||||||
1,620,215 | ||||||||
|
| |||||||
Chile—0.1% | ||||||||
6,087 | Lundin Mining Corp. | 25,076 | ||||||
|
| |||||||
Denmark—6.0% | ||||||||
854 | Chr. Hansen Holding A/S | 86,351 | ||||||
1,007 | Coloplast A/S, Class B | 94,052 | ||||||
1,804 | DSV A/S | 145,094 | ||||||
520 | Genmab A/S(a) | 71,263 | ||||||
556 | H. Lundbeck A/S | 25,973 | ||||||
22,510 | Novo Nordisk A/S, Class B | 973,939 | ||||||
2,546 | Novozymes A/S, Class B | 125,856 | ||||||
1,732 | Orsted A/S(b) | 110,080 | ||||||
1,197 | Pandora A/S | 74,914 | ||||||
2,968 | Vestas Wind Systems A/S | 186,201 | ||||||
868 | William Demant Holding A/S(a) | 28,579 | ||||||
|
| |||||||
1,922,302 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Finland—2.2% | ||||||||
1,493 | Elisa Oyj | $ | 59,461 | |||||
3,490 | Fortum Oyj | 73,531 | ||||||
4,933 | Kone Oyj, Class B | 240,453 | ||||||
1,168 | Neste Oyj | 96,291 | ||||||
1,226 | Orion Oyj, Class B | 42,229 | ||||||
4,451 | UPM-Kymmene Oyj | 143,277 | ||||||
3,700 | Wartsila Oyj Abp | 63,115 | ||||||
|
| |||||||
718,357 | ||||||||
|
| |||||||
France—6.1% | ||||||||
2,161 | Bureau Veritas SA | 48,848 | ||||||
23 | Dassault Aviation SA | 38,178 | ||||||
1,640 | Essilorluxottica SA | 224,378 | ||||||
309 | Hermes International | 176,807 | ||||||
619 | Kering SA | 276,054 | ||||||
2,242 | L’Oreal SA | 505,265 | ||||||
1,956 | Publicis Groupe SA | 113,560 | ||||||
3,668 | Safran SA | 473,995 | ||||||
811 | Thales SA | 103,836 | ||||||
|
| |||||||
1,960,921 | ||||||||
|
| |||||||
Germany—10.7% | ||||||||
1,735 | adidas AG | 408,895 | ||||||
7,789 | BASF SE | 600,387 | ||||||
8,737 | Bayer AG | 670,985 | ||||||
876 | Continental AG | 144,863 | ||||||
1,224 | Covestro AG(b) | 79,217 | ||||||
1,868 | Deutsche Lufthansa AG | 37,590 | ||||||
489 | Hannover Rueck SE | 65,989 | ||||||
201 | HOCHTIEF AG | 29,834 | ||||||
8,747 | Infineon Technologies AG | 175,520 | ||||||
1,186 | Merck KGaA | 127,150 | ||||||
9,222 | SAP SE | 989,100 | ||||||
5,293 | TUI AG | 87,853 | ||||||
|
| |||||||
3,417,383 | ||||||||
|
| |||||||
Hong Kong—2.3% | ||||||||
1,974 | ASM Pacific Technology Ltd. | 17,047 | ||||||
12,407 | Bank of East Asia Ltd. (The) | 40,199 | ||||||
12,650 | Chow Tai Fook Jewellery Group Ltd. | 11,086 | ||||||
2,546 | Dairy Farm International Holdings Ltd. | 22,990 | ||||||
6,828 | Hang Seng Bank Ltd. | 159,913 | ||||||
11,893 | Hong Kong Exchanges & Clearing Ltd. | 315,553 | ||||||
13,441 | Power Assets Holdings Ltd. | 89,756 | ||||||
11,621 | Techtronic Industries Co. Ltd. | 54,403 | ||||||
13,441 | Wharf Holdings Ltd. (The) | 33,537 | ||||||
|
| |||||||
744,484 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
1,792 | Glanbia PLC | 31,715 | ||||||
1,197 | Kingspan Group PLC | 52,081 | ||||||
765 | Ryanair Holdings PLC ADR(a) | 63,342 | ||||||
|
| |||||||
147,138 | ||||||||
|
| |||||||
Israel—0.6% | ||||||||
1,267 | Check Point Software Technologies Ltd.(a) | 140,637 | ||||||
5,406 | Israel Chemicals Ltd. | 31,168 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 106 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Israel (continued) | ||||||||
10,353 | Israel Discount Bank Ltd., Class A | $ | 33,850 | |||||
|
| |||||||
205,655 | ||||||||
|
| |||||||
Italy—1.0% | ||||||||
4,783 | Davide Campari-Milano SpA | 36,825 | ||||||
1,149 | Ferrari NV | 134,744 | ||||||
4,584 | Finecobank Banca Fineco SpA | 48,023 | ||||||
1,664 | Moncler SpA | 57,882 | ||||||
741 | Recordati SpA | 25,120 | ||||||
609 | Salvatore Ferragamo SpA | 14,428 | ||||||
8,174 | UnipolSai Assicurazioni SpA | 17,884 | ||||||
|
| |||||||
334,906 | ||||||||
|
| |||||||
Japan—14.0% | ||||||||
1,759 | Advantest Corp. | 32,435 | ||||||
16,851 | Astellas Pharma, Inc. | 260,854 | ||||||
6,752 | Chiba Bank Ltd. (The) | 42,838 | ||||||
298 | Disco Corp. | 47,451 | ||||||
708 | Fast Retailing Co. Ltd. | 358,031 | ||||||
7,224 | GungHo Online Entertainment, Inc. | 12,994 | ||||||
3,414 | Gunma Bank Ltd. (The) | 15,489 | ||||||
2,468 | Haseko Corp. | 31,294 | ||||||
724 | Hisamitsu Pharmaceutical Co., Inc. | 40,866 | ||||||
593 | Hoshizaki Corp. | 47,869 | ||||||
3,159 | Hoya Corp. | 179,539 | ||||||
4,755 | Japan Exchange Group, Inc. | 85,363 | ||||||
658 | Kagome Co. Ltd. | 17,550 | ||||||
4,444 | Kajima Corp. | 57,334 | ||||||
1,730 | Kakaku.com, Inc. | 31,379 | ||||||
363 | Kaken Pharmaceutical Co. Ltd. | 18,205 | ||||||
3,916 | Kao Corp. | 261,321 | ||||||
10,321 | Kirin Holdings Co. Ltd. | 246,788 | ||||||
1,276 | Koito Manufacturing Co. Ltd. | 60,829 | ||||||
879 | Konami Holdings Corp. | 33,570 | ||||||
310 | Kose Corp. | 46,340 | ||||||
3,518 | M3, Inc. | 56,672 | ||||||
586 | McDonald’s Holdings Co. Japan Ltd. | 25,807 | ||||||
1,593 | Mitsubishi Gas Chemical Co., Inc. | 26,834 | ||||||
621 | Mixi, Inc. | 13,570 | ||||||
1,448 | MonotaRO Co. Ltd. | 31,961 | ||||||
3,917 | MS&AD Insurance Group Holdings, Inc. | 118,216 | ||||||
931 | NH Foods Ltd. | 32,173 | ||||||
1,634 | Nihon M&A Center, Inc. | 39,194 | ||||||
3,200 | Nikon Corp. | 55,774 | ||||||
1,265 | Nissan Chemical Corp. | 59,856 | ||||||
1,232 | Nitto Denko Corp. | 77,268 | ||||||
1,025 | Nomura Research Institute Ltd. | 45,412 | ||||||
10,441 | NTT DoCoMo, Inc. | 263,164 | ||||||
2,369 | Olympus Corp. | 79,138 | ||||||
517 | Oracle Corp. Japan | 35,091 | ||||||
910 | Otsuka Corp. | 30,238 | ||||||
1,251 | Pigeon Corp. | 53,097 | ||||||
207 | Ryohin Keikaku Co. Ltd. | 54,678 | ||||||
3,414 | Santen Pharmaceutical Co. Ltd. | 50,671 | ||||||
424 | Seria Co. Ltd. | 14,296 | ||||||
2,495 | Shionogi & Co. Ltd. | 159,885 | ||||||
3,517 | Shiseido Co. Ltd. | 222,417 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
1,655 | Showa Shell Sekiyu K.K. | $ | 31,911 | |||||
6,037 | Subaru Corp. | 163,315 | ||||||
1,862 | Sumitomo Dainippon Pharma Co. Ltd. | 38,971 | ||||||
621 | Sundrug Co. Ltd. | 22,561 | ||||||
831 | Suzuken Co. Ltd. | 42,119 | ||||||
2,430 | Taisei Corp. | 104,107 | ||||||
1,528 | Tokyo Electron Ltd. | 212,367 | ||||||
2,803 | Tosoh Corp. | 37,082 | ||||||
979 | Toyota Boshoku Corp. | 16,369 | ||||||
984 | Trend Micro, Inc. | 56,849 | ||||||
3,435 | Unicharm Corp. | 93,503 | ||||||
17,372 | Yahoo! Japan Corp. | 54,646 | ||||||
1,448 | Yamaha Corp. | 63,832 | ||||||
2,279 | Yaskawa Electric Corp. | 65,934 | ||||||
544 | Zenkoku Hosho Co. Ltd. | 19,715 | ||||||
|
| |||||||
4,497,032 | ||||||||
|
| |||||||
Macau—0.4% | ||||||||
30,182 | Sands China Ltd. | 118,966 | ||||||
|
| |||||||
Mexico—0.1% | ||||||||
1,559 | Fresnillo PLC | 16,904 | ||||||
|
| |||||||
Netherlands—2.7% | ||||||||
10,838 | Koninklijke Ahold Delhaize NV | 248,424 | ||||||
1,889 | Koninklijke DSM NV | 165,619 | ||||||
8,119 | Koninklijke Philips NV | 302,838 | ||||||
2,673 | Wolters Kluwer NV | 151,917 | ||||||
|
| |||||||
868,798 | ||||||||
|
| |||||||
New Zealand—0.3% | ||||||||
4,948 | Fisher & Paykel Healthcare Corp. Ltd. | 43,942 | ||||||
17,437 | Spark New Zealand Ltd. | 44,976 | ||||||
4,240 | Z Energy Ltd. | 16,889 | ||||||
|
| |||||||
105,807 | ||||||||
|
| |||||||
Norway—1.1% | ||||||||
9,438 | DNO ASA | 18,225 | ||||||
2,718 | Leroy Seafood Group ASA | 25,120 | ||||||
3,349 | Marine Harvest ASA | 81,285 | ||||||
10,218 | Orkla ASA | 88,431 | ||||||
667 | Salmar ASA | 35,314 | ||||||
5,883 | Telenor ASA | 108,247 | ||||||
|
| |||||||
356,622 | ||||||||
|
| |||||||
Portugal—0.3% | ||||||||
3,669 | Galp Energia SGPS SA | 63,999 | ||||||
2,052 | Jeronimo Martins SGPS SA | 25,250 | ||||||
2,711 | Navigator Co. SA (The) | 13,516 | ||||||
|
| |||||||
102,765 | ||||||||
|
| |||||||
Singapore—0.5% | ||||||||
18,038 | ComfortDelGro Corp. Ltd. | 29,308 | ||||||
51,910 | Genting Singapore Ltd. | 32,987 | ||||||
5,484 | SATS Ltd. | 19,722 | ||||||
15,356 | Singapore Technologies Engineering Ltd. | 39,366 | ||||||
2,623 | Venture Corp. Ltd. | 29,018 | ||||||
|
| |||||||
150,401 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 107 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea—6.5% | ||||||||
142 | BGF Retail Co. Ltd. | $ | 20,997 | |||||
562 | Coway Co. Ltd. | 34,670 | ||||||
311 | Hyundai Heavy Industries Co. Ltd.(a) | 33,978 | ||||||
208 | Hyundai Mipo Dockyard Co. Ltd.(a) | 17,158 | ||||||
1,053 | KT&G Corp. | 93,791 | ||||||
83 | LG Household & Health Care Ltd. | 76,041 | ||||||
43 | Medy-Tox, Inc. | 17,599 | ||||||
474 | Orange Life Insurance Ltd.(b) | 12,749 | ||||||
94 | Pearl Abyss Corp.(a) | 16,960 | ||||||
37,735 | Samsung Electronics Co. Ltd. | 1,404,031 | ||||||
5,821 | SK Hynix, Inc. | 348,376 | ||||||
|
| |||||||
2,076,350 | ||||||||
|
| |||||||
Spain—3.1% | ||||||||
2,127 | ACS Actividades de Construccion y Servicios SA | 79,795 | ||||||
601 | Aena SME SA(b) | 96,118 | ||||||
5,293 | Amadeus IT Group SA | 426,883 | ||||||
2,562 | Endesa SA | 53,645 | ||||||
11,551 | Industria de Diseno Textil SA | 326,280 | ||||||
|
| |||||||
982,721 | ||||||||
|
| |||||||
Sweden—3.1% | ||||||||
2,409 | Alfa Laval AB | 61,598 | ||||||
6,981 | Atlas Copco AB, Class A | 173,080 | ||||||
1,157 | Axfood AB | 20,666 | ||||||
2,504 | Boliden AB | 57,301 | ||||||
1,832 | Getinge AB, Class B | 18,020 | ||||||
8,228 | Hennes & Mauritz AB, Class B | 145,606 | ||||||
2,099 | Hexpol AB, Class B | 19,452 | ||||||
11,284 | Sandvik AB | 178,896 | ||||||
3,219 | SKF AB, Class B | 51,773 | ||||||
6,137 | Svenska Cellulosa AB SCA, Class B | 58,162 | ||||||
1,536 | Swedish Orphan Biovitrum AB(a) | 31,393 | ||||||
12,892 | Volvo AB, Class B | 192,963 | ||||||
|
| |||||||
1,008,910 | ||||||||
|
| |||||||
Switzerland—8.5% | ||||||||
359 | Geberit AG | 140,723 | ||||||
65 | Givaudan SA | 157,928 | ||||||
548 | Kuehne + Nagel International AG | 76,325 | ||||||
237 | Partners Group Holding AG | 169,050 | ||||||
8,201 | Roche Holding AG | 1,998,275 | ||||||
297 | Schindler Holding AG-PC | 62,713 | ||||||
52 | SGS SA | 123,655 | ||||||
|
| |||||||
2,728,669 | ||||||||
|
| |||||||
United Kingdom—15.0% | ||||||||
3,112 | Admiral Group PLC | 80,044 | ||||||
4,532 | Ashtead Group PLC | 112,080 | ||||||
7,796 | Barratt Developments PLC | 51,201 | ||||||
1,519 | Berkeley Group Holdings PLC (The) | 67,951 | ||||||
5,242 | Burberry Group PLC | 121,300 | ||||||
17,794 | Compass Group PLC | 350,139 | ||||||
25,482 | Diageo PLC | 881,877 | ||||||
11,191 | Direct Line Insurance Group PLC | 47,116 | ||||||
8,052 | Experian PLC | 185,449 | ||||||
2,718 | IMI PLC | 34,538 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
8,980 | International Consolidated Airlines Group SA | $ | 69,235 | |||||
1,979 | Intertek Group PLC | 118,544 | ||||||
34,004 | ITV PLC | 64,717 | ||||||
74,987 | Legal & General Group PLC | 240,974 | ||||||
2,951 | Mondi PLC | 69,549 | ||||||
41,008 | National Grid PLC | 434,484 | ||||||
1,339 | Next PLC | 89,036 | ||||||
7,130 | Pearson PLC | 81,866 | ||||||
3,084 | Persimmon PLC | 90,397 | ||||||
10,946 | RELX PLC | 216,787 | ||||||
17,880 | Rentokil Initial PLC | 72,239 | ||||||
8,619 | RSA Insurance Group PLC | 62,157 | ||||||
6,923 | Smith & Nephew PLC | 112,652 | ||||||
4,304 | St. James’s Place PLC | 55,737 | ||||||
23,198 | Standard Life Aberdeen PLC | 80,179 | ||||||
29,212 | Taylor Wimpey PLC | 60,281 | ||||||
16,551 | Unilever NV CVA | 891,241 | ||||||
1,412 | Whitbread PLC | 79,384 | ||||||
|
| |||||||
4,821,154 | ||||||||
|
| |||||||
United States—0.7% | ||||||||
2,315 | Ferguson PLC | 156,271 | ||||||
455 | ICON PLC(a) | 62,826 | ||||||
|
| |||||||
219,097 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $33,811,028) | 31,799,103 | |||||||
|
| |||||||
Money Market Fund—0.2% | ||||||||
56,051 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(c) (Cost $56,051) | 56,051 | ||||||
|
| |||||||
Total Investments in Securities (Cost $33,867,079)—99.4% | 31,855,154 | |||||||
Other assets less liabilities—0.6% | 183,918 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 32,039,072 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
CVA—Dutch Certificates
PC—Participation Certificate
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 October 31, 2018 was $298,164, 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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 108 |
|
Schedule of Investments
Invesco Zacks International Multi-Asset Income ETF (HGI)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—90.1% | ||||||||
Argentina—1.1% | ||||||||
1,774 | Banco Macro SA ADR | $ | 79,280 | |||||
895 | Grupo Financiero Galicia SA, Class B ADR | 20,639 | ||||||
|
| |||||||
99,919 | ||||||||
|
| |||||||
Australia—3.6% | ||||||||
34,475 | Alumina Ltd. | 62,307 | ||||||
22,443 | Beach Energy Ltd. | 27,995 | ||||||
24,404 | Fortescue Metals Group Ltd. | 69,185 | ||||||
2,662 | National Australia Bank Ltd. | 47,564 | ||||||
31,500 | Telstra Corp. Ltd. | 68,763 | ||||||
2,462 | Westpac Banking Corp. | 46,852 | ||||||
|
| |||||||
322,666 | ||||||||
|
| |||||||
Austria—0.7% | ||||||||
1,761 | voestalpine AG | 62,633 | ||||||
|
| |||||||
Belgium—0.6% | ||||||||
3,376 | bpost SA | 51,296 | ||||||
|
| |||||||
Brazil—3.1% | ||||||||
3,907 | Banco Santander Brasil SA ADR | 44,266 | ||||||
2,033 | Braskem SA ADR | 56,639 | ||||||
10,554 | Cia de Saneamento Basico do Estado de Sao Paulo ADR | 78,311 | ||||||
1,370 | Embraer SA ADR | 30,510 | ||||||
6,220 | Telefonica Brasil SA ADR | 72,152 | ||||||
|
| |||||||
281,878 | ||||||||
|
| |||||||
Canada—1.9% | ||||||||
3,193 | Canadian Natural Resources Ltd. | 87,233 | ||||||
8,820 | Enerplus Corp. | 81,938 | ||||||
|
| |||||||
169,171 | ||||||||
|
| |||||||
Chile—3.0% | ||||||||
480 | Banco de Chile ADR | 39,758 | ||||||
1,908 | Banco Santander Chile ADR | 56,210 | ||||||
1,246 | Cia Cervecerias Unidas SA ADR | 31,237 | ||||||
12,964 | Enel Americas SA ADR | 102,156 | ||||||
923 | Sociedad Quimica y Minera de Chile SA ADR | 40,437 | ||||||
|
| |||||||
269,798 | ||||||||
|
| |||||||
China—6.8% | ||||||||
24,500 | Beijing Enterprises Holdings Ltd. | 132,510 | ||||||
3,071 | China Life Insurance Co. Ltd., H-Shares ADR | 30,894 | ||||||
6,000 | China Mengniu Dairy Co. Ltd.(a) | 17,680 | ||||||
28,000 | China Merchants Port Holdings Co. Ltd. | 47,646 | ||||||
1,916 | China Petroleum & Chemical Corp., H-Shares ADR | 154,545 | ||||||
44,611 | China Resources Power Holdings Co. Ltd. | 78,417 | ||||||
964 | China Southern Airlines Co. Ltd., H-Shares ADR | 26,414 | ||||||
935 | China Telecom Corp. Ltd., H-Shares ADR | 43,833 | ||||||
1,910 | Sinopec Shanghai Petrochemical Co. Ltd. ADR | 83,753 | ||||||
|
| |||||||
615,692 | ||||||||
|
| |||||||
Colombia—0.5% | ||||||||
1,167 | Bancolombia SA ADR | 43,109 | ||||||
|
| |||||||
Denmark—0.9% | ||||||||
81 | DSV A/S | 6,515 | ||||||
179 | GN Store Nord A/S | 7,603 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
886 | H. Lundbeck A/S | $ | 41,389 | |||||
553 | Novozymes A/S, Class B | 27,336 | ||||||
|
| |||||||
82,843 | ||||||||
|
| |||||||
Finland—1.2% | ||||||||
4,877 | Nordea Bank Abp | 42,470 | ||||||
4,202 | Stora Enso Oyj, Class R | 63,346 | ||||||
|
| |||||||
105,816 | ||||||||
|
| |||||||
France—3.8% | ||||||||
296 | Airbus SE | 32,770 | ||||||
496 | Alstom SA | 21,721 | ||||||
1,084 | Danone SA | 76,862 | ||||||
96 | Ipsen SA | 13,336 | ||||||
540 | Safran SA | 69,781 | ||||||
816 | Sodexo SA | 83,322 | ||||||
2,027 | Vivendi SA | 49,012 | ||||||
|
| |||||||
346,804 | ||||||||
|
| |||||||
Germany—4.3% | ||||||||
121 | adidas AG | 28,516 | ||||||
3,088 | Deutsche Lufthansa AG | 62,140 | ||||||
7,434 | E.ON SE | 72,068 | ||||||
735 | HeidelbergCement AG | 49,967 | ||||||
1,488 | Infineon Technologies AG | 29,859 | ||||||
520 | KION Group AG | 30,461 | ||||||
137 | MTU Aero Engines AG | 29,152 | ||||||
1,933 | Vonovia SE | 88,527 | ||||||
|
| |||||||
390,690 | ||||||||
|
| |||||||
Hong Kong—4.9% | ||||||||
7,620 | AIA Group Ltd. | 57,689 | ||||||
16,000 | Cathay Pacific Airways Ltd. | 20,328 | ||||||
15,000 | Haier Electronics Group Co. Ltd.(a) | 31,342 | ||||||
1,200 | Jardine Matheson Holdings Ltd. | 69,252 | ||||||
67,861 | Nine Dragons Paper Holdings Ltd. | 64,750 | ||||||
137,289 | PCCW Ltd. | 75,304 | ||||||
7,326 | Power Assets Holdings Ltd. | 48,922 | ||||||
29,500 | Yue Yuen Industrial Holdings Ltd. | 80,717 | ||||||
|
| |||||||
448,304 | ||||||||
|
| |||||||
India—2.1% | ||||||||
4,382 | Infosys Ltd. ADR | 41,498 | ||||||
13,028 | Vedanta Ltd. ADR | 145,132 | ||||||
|
| |||||||
186,630 | ||||||||
|
| |||||||
Indonesia—0.6% | ||||||||
2,337 | Telekomunikasi Indonesia Persero TBK PT ADR | 58,892 | ||||||
|
| |||||||
Ireland—2.0% | ||||||||
2,761 | CRH PLC | 82,682 | ||||||
4,253 | Glanbia PLC | 75,271 | ||||||
205 | Kerry Group PLC, Class A | 21,021 | ||||||
|
| |||||||
178,974 | ||||||||
|
| |||||||
Israel—1.1% | ||||||||
8,751 | Bank Hapoalim BM | 59,246 | ||||||
1,365 | Delta Galil Industries Ltd. | 38,212 | ||||||
|
| |||||||
97,458 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 109 |
|
Invesco Zacks International Multi-Asset Income ETF (HGI) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy—1.7% | ||||||||
22,518 | Enel SpA | $ | 110,578 | |||||
21,246 | Intesa Sanpaolo SpA | 47,014 | ||||||
|
| |||||||
157,592 | ||||||||
|
| |||||||
Japan—4.8% | ||||||||
2,300 | Ajinomoto Co., Inc. | 37,224 | ||||||
3,576 | Asahi Kasei Corp. | 42,999 | ||||||
2,300 | Kirin Holdings Co. Ltd. | 54,996 | ||||||
2,500 | Komatsu Ltd. | 65,228 | ||||||
1,800 | Minebea Mitsumi, Inc. | 27,545 | ||||||
3,485 | Mitsubishi Corp. | 98,199 | ||||||
54,800 | Mizuho Financial Group, Inc. | 94,202 | ||||||
100 | Shiseido Co. Ltd. | 6,324 | ||||||
177 | Sony Corp. | 9,630 | ||||||
|
| |||||||
436,347 | ||||||||
|
| |||||||
Jersey Island—0.6% | ||||||||
750 | Randgold Resources Ltd. ADR | 58,905 | ||||||
|
| |||||||
Mexico—1.9% | ||||||||
1,880 | America Movil SAB de CV, Class L ADR | 27,053 | ||||||
244 | Fomento Economico Mexicano SAB de CV ADR | 20,757 | ||||||
895 | Grupo Aeroportuario del Centro Norte SAB de CV ADR | 37,384 | ||||||
754 | Grupo Aeroportuario del Pacifico SAB de CV ADR | 62,492 | ||||||
142 | Grupo Aeroportuario del Sureste SAB de CV ADR | 23,433 | ||||||
|
| |||||||
171,119 | ||||||||
|
| |||||||
Netherlands—3.1% | ||||||||
115 | ASML Holding NV | 19,665 | ||||||
4,133 | Be Semiconductor Industries NV | 88,647 | ||||||
3,600 | Koninklijke Ahold Delhaize NV | 82,518 | ||||||
1,739 | Randstad NV | 87,780 | ||||||
|
| |||||||
278,610 | ||||||||
|
| |||||||
Norway—1.0% | ||||||||
17,903 | Norsk Hydro ASA | 93,211 | ||||||
|
| |||||||
Portugal—0.5% | ||||||||
3,713 | Jeronimo Martins SGPS SA | 45,688 | ||||||
|
| |||||||
Russia—3.6% | ||||||||
40,197 | Mobile TeleSystems PJSC ADR | 321,978 | ||||||
|
| |||||||
Singapore—1.6% | ||||||||
42,100 | CapitaLand Ltd. | 95,460 | ||||||
22,800 | Singapore Telecommunications Ltd. | 52,028 | ||||||
|
| |||||||
147,488 | ||||||||
|
| |||||||
Spain—1.0% | ||||||||
443 | Amadeus IT Group SA | 35,728 | ||||||
2,073 | Grifols SA | 59,167 | ||||||
|
| |||||||
94,895 | ||||||||
|
| |||||||
Sweden—2.1% | ||||||||
3,124 | Electrolux AB, Series B | 65,011 | ||||||
3,724 | Sandvik AB | 59,040 | ||||||
4,308 | Volvo AB, Class B | 64,481 | ||||||
|
| |||||||
188,532 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland—0.7% | ||||||||
1,382 | Adecco Group AG | $ | 67,788 | |||||
|
| |||||||
Taiwan—0.6% | ||||||||
539 | Silicon Motion Technology Corp. ADR | 20,261 | ||||||
934 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 35,585 | ||||||
|
| |||||||
55,846 | ||||||||
|
| |||||||
United Kingdom—17.0% | ||||||||
2,435 | Ashtead Group PLC | 60,220 | ||||||
10,692 | B&M European Value Retail SA | 56,942 | ||||||
13,108 | Balfour Beatty PLC | 44,066 | ||||||
37,828 | Barclays PLC | 83,377 | ||||||
2,120 | Berkeley Group Holdings PLC (The) | 94,836 | ||||||
26,505 | BT Group PLC | 81,466 | ||||||
48,180 | Centrica PLC | 90,619 | ||||||
9,729 | Dairy Crest Group PLC | 59,446 | ||||||
319,524 | Debenhams PLC | 36,418 | ||||||
12,821 | Greene King PLC | 79,060 | ||||||
10,346 | International Consolidated Airlines Group SA | 79,767 | ||||||
15,392 | Marks & Spencer Group PLC | 58,215 | ||||||
56,763 | Mitie Group PLC | 105,384 | ||||||
3,352 | Mondi PLC | 79,000 | ||||||
5,770 | National Grid PLC | 61,134 | ||||||
2,250 | Persimmon PLC | 65,951 | ||||||
145,544 | Rolls-Royce Holdings C Shares(a) | 186 | ||||||
3,164 | Rolls-Royce Holdings PLC | 33,919 | ||||||
8,762 | Royal Mail PLC | 40,192 | ||||||
5,245 | SSE PLC | 76,501 | ||||||
7,111 | Superdry PLC | 73,416 | ||||||
18,902 | Thomas Cook Group PLC | 10,897 | ||||||
5,600 | United Utilities Group PLC | 51,991 | ||||||
37,934 | Vodafone Group PLC | 71,649 | ||||||
15,594 | William Hill PLC | 41,883 | ||||||
|
| |||||||
1,536,535 | ||||||||
|
| |||||||
United States—7.7% | ||||||||
1,693 | Anadarko Petroleum Corp. | 90,067 | ||||||
2,489 | Apache Corp. | 94,159 | ||||||
1,533 | BP Prudhoe Bay Royalty Trust | 48,504 | ||||||
4,575 | Cabot Oil & Gas Corp. | 110,852 | ||||||
1,290 | Cimarex Energy Co. | 102,516 | ||||||
2,542 | Devon Energy Corp. | 82,361 | ||||||
2,309 | Murphy Oil Corp. | 73,565 | ||||||
3,669 | Noble Energy, Inc. | 91,175 | ||||||
|
| |||||||
693,199 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $8,948,151) | 8,160,306 | |||||||
|
| |||||||
Closed-End Funds—9.9% | ||||||||
4,800 | AllianceBernstein Global High Income Fund, Inc. | 53,088 | ||||||
3,900 | Ares Dynamic Credit Allocation Fund, Inc. | 58,383 | ||||||
3,812 | Barings Global Short Duration High Yield Fund | 67,129 | ||||||
5,700 | BlackRock Corporate High Yield Fund, Inc. | 55,974 | ||||||
5,176 | BlackRock Debt Strategies Fund, Inc. | 55,073 | ||||||
3,972 | BlackRock Multi-Sector Income Trust | 64,545 | ||||||
3,752 | DoubleLine Income Solutions Fund | 70,387 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 110 |
|
Invesco Zacks International Multi-Asset Income ETF (HGI) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Closed-End Funds (continued) | ||||||||
3,100 | Eaton Vance Tax-Advantaged Global Dividend Income Fund | $ | 48,174 | |||||
3,102 | First Trust Intermediate Duration Preferred & Income Fund | 63,498 | ||||||
9,940 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 60,833 | ||||||
4,210 | Nuveen Global High Income Fund | 61,382 | ||||||
4,055 | PGIM Global Short Duration High Yield Fund, Inc. | 53,850 | ||||||
6,900 | Templeton Emerging Markets Income Fund | 66,654 | ||||||
4,500 | Western Asset Emerging Markets Debt Fund, Inc. | 56,115 | ||||||
10,611 | Western Asset High Income Fund II, Inc. | 64,515 | ||||||
|
| |||||||
Total Closed-End Funds (Cost $975,208) | 899,600 | |||||||
|
| |||||||
Money Market Fund—0.9% | ||||||||
81,539 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(b) (Cost $81,539) | 81,539 | ||||||
|
| |||||||
Total Investments in Securities (Cost $10,004,898)—100.9% | 9,141,445 | |||||||
Other assets less liabilities—(0.9)% | (81,921 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 9,059,524 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 111 |
|
Statements of Assets and Liabilities
October 31, 2018
Invesco Canadian Energy Income ETF (ENY) | Invesco China Real Estate ETF (TAO) | Invesco China Small Cap ETF (HAO) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 17,926,763 | $ | 36,545,236 | $ | 62,125,874 | $ | 223,319,924 | ||||||||
Affiliated investments in securities, at value | 1,436,941 | 131,725 | 373,196 | 786,710 | ||||||||||||
Cash | — | — | — | — | ||||||||||||
Foreign currencies, at value | 25,980 | 18,282 | 63,540 | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 42,253 | 177,784 | 119,437 | 237,432 | ||||||||||||
Securities lending | 237 | — | 2,961 | 519 | ||||||||||||
Investments sold | — | 53,221 | — | — | ||||||||||||
Foreign tax reclaims | — | — | — | 692,402 | ||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Other assets | 231 | 1,345 | 1,022 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 19,432,405 | 36,927,593 | 62,686,030 | 225,036,987 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | — | 892,223 | ||||||||||||
Due to foreign custodian | — | — | — | 1,092 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 1,361,740 | — | 191,034 | 786,710 | ||||||||||||
Investments purchased | 9 | 128,560 | 164,172 | 133 | ||||||||||||
Shares repurchased | — | 53,222 | — | — | ||||||||||||
Accrued unitary management fees | — | — | — | 157,472 | ||||||||||||
Accrued advisory fees | 9,178 | 18,160 | 44,013 | — | ||||||||||||
Accrued trustees’ and officer’s fees | 3,422 | 2,301 | 3,667 | — | ||||||||||||
Accrued expenses | 99,627 | 167,668 | 147,671 | 17,013 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,473,976 | 369,911 | 550,557 | 1,854,643 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 17,958,429 | $ | 36,557,682 | $ | 62,135,473 | $ | 223,182,344 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 109,002,371 | $ | 46,796,366 | $ | 146,304,489 | $ | 330,506,563 | ||||||||
Distributable earnings | (91,043,942 | ) | (10,238,684 | ) | (84,169,016 | ) | (107,324,219 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 17,958,429 | $ | 36,557,682 | $ | 62,135,473 | $ | 223,182,344 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 2,520,000 | 1,510,000 | 2,600,000 | 9,100,000 | ||||||||||||
Net asset value | $ | 7.13 | $ | 24.21 | $ | 23.90 | $ | 24.53 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 7.09 | $ | 24.17 | $ | 23.50 | $ | 24.47 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 23,340,734 | $ | 43,812,383 | $ | 87,157,509 | $ | 217,000,182 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 1,436,941 | $ | 131,725 | $ | 373,196 | $ | 786,710 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 26,121 | $ | 20,389 | $ | 63,532 | $ | (1,427) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 1,312,798 | $ | — | $ | 189,920 | $ | 754,281 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 112 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Emerging Markets Infrastructure ETF (PXR) | Invesco Frontier Markets ETF (FRN) | ||||||||
$ | 192,651,956 | $ | 17,421,413 | $ | 51,742,437 | |||||
1,588,020 | — | — | ||||||||
— | — | — | ||||||||
56,906 | 32,627 | 107,955 | ||||||||
131,011 | 9,591 | 36,398 | ||||||||
5,119 | 14 | — | ||||||||
685,818 | — | 183,471 | ||||||||
1,804 | 9,606 | 1,176 | ||||||||
3,011 | — | — | ||||||||
— | — | 1,267 | ||||||||
|
|
|
|
|
| |||||
195,123,645 | 17,473,251 | 52,072,704 | ||||||||
|
|
|
|
|
| |||||
324,042 | 15,903 | 29,424 | ||||||||
— | — | — | ||||||||
1,588,020 | — | — | ||||||||
289 | 12 | 107,615 | ||||||||
395,831 | — | — | ||||||||
155,488 | 11,612 | — | ||||||||
— | — | 74,084 | ||||||||
— | — | 2,339 | ||||||||
— | — | 117,901 | ||||||||
|
|
|
|
|
| |||||
2,463,670 | 27,527 | 331,363 | ||||||||
|
|
|
|
|
| |||||
$ | 192,659,975 | $ | 17,445,724 | $ | 51,741,341 | |||||
|
|
|
|
|
| |||||
$ | 320,131,963 | $ | 56,764,459 | $ | 125,420,529 | |||||
(127,471,988 | ) | (39,318,735 | ) | (73,679,188 | ) | |||||
|
|
|
|
|
| |||||
$ | 192,659,975 | $ | 17,445,724 | $ | 51,741,341 | |||||
|
|
|
|
|
| |||||
11,950,000 | 550,000 | 4,040,000 | ||||||||
$ | 16.12 | $ | 31.72 | $ | 12.81 | |||||
|
|
|
|
|
| |||||
$ | 16.08 | $ | 31.62 | $ | 12.75 | |||||
|
|
|
|
|
| |||||
$ | 202,141,077 | $ | 18,137,785 | $ | 52,558,258 | |||||
|
|
|
|
|
| |||||
$ | 1,588,020 | $ | — | $ | — | |||||
|
|
|
|
|
| |||||
$ | 56,855 | $ | 33,317 | $ | 107,982 | |||||
|
|
|
|
|
| |||||
$ | 1,542,212 | $ | — | $ | — | |||||
|
|
|
|
|
|
| 113 |
|
Statements of Assets and Liabilities (continued)
October 31, 2018
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 19,717,149 | $ | 1,269,576,671 | $ | 290,356,049 | $ | 1,119,686,148 | ||||||||
Affiliated investments in securities, at value | — | 5,872,105 | 2,342,656 | 8,421,498 | ||||||||||||
Foreign currencies, at value | 29,099 | 145,083 | 203,294 | 169,034 | ||||||||||||
Cash segregated as collateral | — | 110,135 | 631,581 | 628,831 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 22,823 | 3,793,273 | 695,995 | 1,453,803 | ||||||||||||
Securities lending | — | 34,213 | 8,957 | — | ||||||||||||
Investments sold | — | — | 3 | 3,013 | ||||||||||||
Foreign tax reclaims | — | 2,822,646 | 253,054 | 15,516 | ||||||||||||
Shares sold | — | 110,135 | 95,221 | 50,245,354 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 19,769,071 | 1,282,464,261 | 294,586,810 | 1,180,623,197 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 17,931 | 244,904 | 543 | 26,692 | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | — | 5,872,105 | 1,878,809 | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | 110,135 | 631,581 | 628,831 | ||||||||||||
Investments purchased | 31,992 | 296,760 | 94,746 | 50,194,490 | ||||||||||||
Accrued unitary management fees | 8,497 | 501,829 | 115,413 | 440,295 | ||||||||||||
Accrued expenses | — | 16,978 | 3,067 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 58,420 | 7,042,711 | 2,724,159 | 51,290,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 19,710,651 | $ | 1,275,421,550 | $ | 291,862,651 | $ | 1,129,332,889 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 24,324,533 | $ | 1,360,385,517 | $ | 315,287,540 | $ | 1,212,823,739 | ||||||||
Distributable earnings | (4,613,882 | ) | (84,963,967 | ) | (23,424,889 | ) | (83,490,850) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 19,710,651 | $ | 1,275,421,550 | $ | 291,862,651 | $ | 1,129,332,889 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 400,000 | 31,850,000 | 9,900,000 | 56,400,000 | ||||||||||||
Net asset value | $ | 49.28 | $ | 40.04 | $ | 29.48 | $ | 20.02 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 49.21 | $ | 39.98 | $ | 29.48 | $ | 20.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 20,031,369 | $ | 1,274,001,526 | $ | 296,483,030 | $ | 1,096,719,095 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | — | $ | 5,872,105 | $ | 2,342,656 | $ | 7,791,922 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | 29,383 | $ | 145,065 | $ | 204,886 | $ | 169,073 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | 5,597,176 | $ | 1,798,917 | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 114 |
|
Invesco Global Agriculture ETF (PAGG) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | ||||||||
$ | 19,263,535 | $ | 49,638,202 | $ | 22,601,979 | |||||
— | 5,591,715 | 35,665 | ||||||||
11,150 | 3,835 | 1,291 | ||||||||
— | — | 24,088 | ||||||||
14,301 | 26,026 | 3,259 | ||||||||
— | 25,412 | 97 | ||||||||
— | — | — | ||||||||
82,117 | 49,114 | 201 | ||||||||
— | — | 22,940 | ||||||||
|
|
|
|
|
| |||||
19,371,103 | 55,334,304 | 22,689,520 | ||||||||
|
|
|
|
|
| |||||
6,024 | 48,492 | — | ||||||||
— | 5,591,715 | — | ||||||||
— | — | 24,088 | ||||||||
6 | 4 | 22,940 | ||||||||
12,784 | 32,257 | 14,484 | ||||||||
3,694 | 736 | — | ||||||||
|
|
|
|
|
| |||||
22,508 | 5,673,204 | 61,512 | ||||||||
|
|
|
|
|
| |||||
$ | 19,348,595 | $ | 49,661,100 | $ | 22,628,008 | |||||
|
|
|
|
|
| |||||
$ | 37,843,652 | $ | 149,309,434 | $ | 52,467,774 | |||||
(18,495,057 | ) | (99,648,334 | ) | (29,839,766 | ) | |||||
|
|
|
|
|
| |||||
$ | 19,348,595 | $ | 49,661,100 | $ | 22,628,008 | |||||
|
|
|
|
|
| |||||
750,000 | 4,525,000 | 1,450,000 | ||||||||
$ | 25.80 | $ | 10.97 | $ | 15.61 | |||||
|
|
|
|
|
| |||||
$ | 25.69 | $ | 10.95 | $ | 15.61 | |||||
|
|
|
|
|
| |||||
$ | 19,359,642 | $ | 48,163,480 | $ | 30,721,834 | |||||
|
|
|
|
|
| |||||
$ | — | $ | 5,591,715 | $ | 35,665 | |||||
|
|
|
|
|
| |||||
$ | 11,195 | $ | 3,830 | $ | 1,319 | |||||
|
|
|
|
|
| |||||
$ | — | $ | 5,442,091 | $ | — | |||||
|
|
|
|
|
|
| 115 |
|
Statements of Assets and Liabilities (continued)
October 31, 2018
Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Dividend Opportunities Index ETF (LVL) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 164,519,734 | $ | 242,779,809 | $ | 172,970,654 | $ | 30,348,711 | ||||||||
Affiliated investments in securities, at value | 480,855 | 11,736,462 | 2,394,053 | 101,055 | ||||||||||||
Cash | — | — | — | 1,053 | ||||||||||||
Foreign currencies, at value | — | — | — | 5,438 | ||||||||||||
Cash segregated as collateral | — | 4,797,064 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 381,192 | 555,424 | 361,592 | 52,170 | ||||||||||||
Securities lending | 60 | 123 | 2,114 | — | ||||||||||||
Investments sold | — | 15,432,807 | 62 | — | ||||||||||||
Foreign tax reclaims | 417,807 | 307,060 | 250,752 | 49,999 | ||||||||||||
Shares sold | — | — | 2,763,741 | — | ||||||||||||
Other assets | — | — | 4,452 | 1,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 165,799,648 | 275,608,749 | 178,747,420 | 30,559,451 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 289,446 | — | 40,265 | — | ||||||||||||
Due to foreign custodian | 863 | 60,331 | 306 | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon return of securities loaned | 480,855 | 11,682,410 | 2,156,266 | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | 4,797,064 | — | — | ||||||||||||
Investments purchased | — | 10,951,238 | 2,762,915 | 22 | ||||||||||||
Shares repurchased | — | 4,621,856 | — | — | ||||||||||||
Accrued unitary management fees | 109,030 | 122,726 | — | — | ||||||||||||
Accrued advisory fees | — | — | 93,557 | 19,063 | ||||||||||||
Accrued trustees’ and officer’s fees | — | — | 3,147 | 2,344 | ||||||||||||
Accrued expenses | 3,641 | 56 | 228,212 | 123,283 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 883,835 | 32,235,681 | 5,284,668 | 144,712 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 164,915,813 | $ | 243,373,068 | $ | 173,462,752 | $ | 30,414,739 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 202,980,131 | $ | 296,355,161 | $ | 171,150,482 | $ | 73,140,404 | ||||||||
Distributable earnings | (38,064,318 | ) | (52,982,093 | ) | 2,312,270 | (42,725,665 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 164,915,813 | $ | 243,373,068 | $ | 173,462,752 | $ | 30,414,739 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 6,950,000 | 7,850,000 | 6,200,000 | 2,880,000 | ||||||||||||
Net asset value | $ | 23.73 | $ | 31.00 | $ | 27.98 | $ | 10.56 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 23.69 | $ | 30.96 | $ | 27.94 | $ | 10.54 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 151,925,557 | $ | 282,720,622 | $ | 150,106,735 | $ | 31,412,237 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 480,855 | $ | 11,736,462 | $ | 2,431,594 | $ | 101,055 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies (due to foreign custodian), at cost | $ | (839) | $ | (60,498) | $ | (312) | $ | 5,461 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 460,428 | $ | 11,179,516 | $ | 2,109,938 | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 116 |
|
Invesco S&P International Developed Quality ETF (IDHQ) | Invesco Zacks International Multi-Asset Income ETF (HGI) | |||||
$ | 31,799,103 | $ | 9,059,906 | |||
56,051 | 81,539 | |||||
— | — | |||||
— | 1,877 | |||||
— | — | |||||
84,494 | 21,268 | |||||
— | 501 | |||||
— | — | |||||
108,693 | 13,950 | |||||
— | — | |||||
— | 267 | |||||
|
|
|
| |||
32,048,341 | 9,179,308 | |||||
|
|
|
| |||
— | — | |||||
15 | — | |||||
— | — | |||||
— | — | |||||
15 | — | |||||
— | — | |||||
9,094 | — | |||||
— | 6,462 | |||||
— | 3,238 | |||||
145 | 110,084 | |||||
|
|
|
| |||
9,269 | 119,784 | |||||
|
|
|
| |||
$ | 32,039,072 | $ | 9,059,524 | |||
|
|
|
| |||
$ | 39,801,112 | $ | 40,417,509 | |||
(7,762,040 | ) | (31,357,985 | ) | |||
|
|
|
| |||
$ | 32,039,072 | $ | 9,059,524 | |||
|
|
|
| |||
1,500,000 | 600,000 | |||||
$ | 21.36 | $ | 15.10 | |||
|
|
|
| |||
$ | 21.31 | $ | 14.98 | |||
|
|
|
| |||
$ | 33,811,028 | $ | 9,923,359 | |||
|
|
|
| |||
$ | 56,051 | $ | 81,539 | |||
|
|
|
| |||
$ | (19) | $ | 1,884 | |||
|
|
|
| |||
$ | — | $ | — | |||
|
|
|
|
| 117 |
|
For the year ended October 31, 2018(a)
Invesco Canadian Energy Income ETF (ENY) | Invesco China Real Estate ETF (TAO) | |||||||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 396,035 | $ | 1,025,878 | $ | 1,446,511 | $ | 2,299,160 | ||||||||
Affiliated dividend income | 461 | 19 | 424 | 17 | ||||||||||||
Non-cash dividend income | — | — | 356,024 | 2,156,549 | ||||||||||||
Securities lending income | 2,310 | 15,404 | 590 | 114,714 | ||||||||||||
Foreign withholding tax | (59,405 | ) | (153,882 | ) | (13,391 | ) | (8,244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 339,401 | 887,419 | 1,790,158 | 4,562,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | — | — | — | — | ||||||||||||
Advisory fees | 44,243 | 102,761 | 122,881 | 343,090 | ||||||||||||
Professional fees | 24,249 | 48,087 | 24,366 | 44,448 | ||||||||||||
Sub-licensing fees | 3,836 | 15,272 | 26,887 | 78,081 | ||||||||||||
Trustees’ and officer’s fees | 1,765 | 8,827 | 2,410 | 9,308 | ||||||||||||
Custodian & transfer agent fees | 2,589 | 8,168 | 2,138 | 37,802 | ||||||||||||
Printing fees | 2,980 | 7,444 | 6,715 | 16,557 | ||||||||||||
Accounting & administration fees | 15,627 | 6,235 | 15,627 | 15,541 | ||||||||||||
Listing fee and expenses | 2,097 | 5,110 | 2,097 | 5,740 | ||||||||||||
Intraday valuation fees | 825 | 2,545 | 1,647 | 2,709 | ||||||||||||
Insurance | 559 | 896 | 657 | 878 | ||||||||||||
Other expenses | 735 | 629 | 1,176 | 456 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 99,505 | 205,974 | 206,601 | 554,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (42,001 | ) | (51,904 | ) | (34,752 | ) | (74,314 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 57,504 | 154,070 | 171,849 | 480,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 281,897 | 733,349 | 1,618,309 | 4,081,900 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (1,325,802 | ) | (1,295,006 | ) | (198,007 | ) | (1,530,902 | ) | ||||||||
In-kind redemptions | 127,398 | 450,968 | 6,007,593 | 825,375 | ||||||||||||
Foreign currencies | (895 | ) | 3,317 | (312 | ) | (4,528 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,199,299 | ) | (840,721 | ) | 5,809,274 | (710,055 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | (1,105,399 | ) | 691,715 | (20,176,956 | ) | 10,807,607 | ||||||||||
Foreign currencies | 396 | (819 | ) | (1,936 | ) | (95 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (1,105,003 | ) | 690,896 | (20,178,892 | ) | 10,807,512 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (2,304,302 | ) | (149,825 | ) | (14,369,618 | ) | 10,097,457 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,022,405 | ) | $ | 583,524 | $ | (12,751,309 | ) | $ | 14,179,357 | ||||||
|
|
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco Canadian Energy Income ETF, Invesco China Real Estate ETF and Invesco China Small Cap ETF changed fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 118 |
|
Invesco China Small Cap ETF (HAO) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended October 31, 2018 | ||||||||
$ | 1,491,078 | $ | 2,445,039 | $ | 4,410,960 | |||||
480 | 12 | 1,483 | ||||||||
– | — | 154,391 | ||||||||
14,813 | 435,137 | 24,379 | ||||||||
(63,490 | ) | (89,742 | ) | (452,548 | ) | |||||
|
|
|
|
|
| |||||
1,442,881 | 2,790,446 | 4,138,665 | ||||||||
|
|
|
|
|
| |||||
— | — | 1,976,606 | ||||||||
180,979 | 452,823 | — | ||||||||
24,680 | 49,997 | — | ||||||||
38,113 | 115,138 | — | ||||||||
1,941 | 9,330 | — | ||||||||
1,720 | 83,745 | — | ||||||||
6,700 | 14,770 | — | ||||||||
15,940 | 24,912 | — | ||||||||
2,096 | 5,017 | — | ||||||||
1,654 | 1,504 | — | ||||||||
799 | 1,523 | — | ||||||||
1,200 | 1,221 | — | ||||||||
|
|
|
|
|
| |||||
275,822 | 759,980 | 1,976,606 | ||||||||
|
|
|
|
|
| |||||
(73,166 | ) | (59,308 | ) | (189 | ) | |||||
|
|
|
|
|
| |||||
202,656 | 700,672 | 1,976,417 | ||||||||
|
|
|
|
|
| |||||
1,240,225 | 2,089,774 | 2,162,248 | ||||||||
|
|
|
|
|
| |||||
(1,349,036 | ) | (853,482 | ) | (13,960,373 | ) | |||||
1,278,606 | 10,268,443 | 21,491,945 | ||||||||
528 | (10,226 | ) | (2,470 | ) | ||||||
|
|
|
|
|
| |||||
(69,902 | ) | 9,404,735 | 7,529,102 | |||||||
|
|
|
|
|
| |||||
(24,937,199 | ) | 15,108,601 | (32,104,434 | ) | ||||||
(464 | ) | 1,174 | 18,136 | |||||||
|
|
|
|
|
| |||||
(24,937,663 | ) | 15,109,775 | (32,086,298 | ) | ||||||
|
|
|
|
|
| |||||
(25,007,565 | ) | 24,514,510 | (24,557,196 | ) | ||||||
|
|
|
|
|
| |||||
$ | (23,767,340 | ) | $ | 26,604,284 | $ | (22,394,948 | ) | |||
|
|
|
|
|
|
| 119 |
|
Statements of Operations (continued)
For the year ended October 31, 2018(a)
Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Emerging Markets Infrastructure ETF (PXR) | Invesco Frontier Markets ETF (FRN) | Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | |||||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2018 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended October 31, 2018 | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 8,521,669 | $ | 571,655 | $ | 820,881 | $ | 2,686,028 | $ | 872,978 | ||||||||||
Affiliated dividend income | 5,542 | 305 | 332 | 880 | 344 | |||||||||||||||
Non-cash dividend income | — | 20,901 | — | — | 140,149 | |||||||||||||||
Securities lending income | 29,015 | 723 | — | 12,547 | — | |||||||||||||||
Foreign withholding tax | (985,267 | ) | (75,851 | ) | (55,328 | ) | (212,369 | ) | (46,738 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 7,570,959 | 517,733 | 765,885 | 2,487,086 | 966,733 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 2,343,862 | 149,186 | — | — | 112,632 | |||||||||||||||
Advisory fees | — | — | 123,624 | 352,676 | — | |||||||||||||||
Professional fees | — | — | 25,165 | 47,272 | — | |||||||||||||||
Sub-licensing fees | — | — | 24,724 | 70,535 | — | |||||||||||||||
Trustees’ and officer’s fees | — | — | 2,290 | 10,305 | — | |||||||||||||||
Custodian & transfer agent fees | — | — | 3,960 | 282,382 | — | |||||||||||||||
Printing fees | — | — | 5,000 | 15,397 | — | |||||||||||||||
Accounting & administration fees | — | — | 15,915 | 16,076 | — | |||||||||||||||
Listing fee and expenses | — | — | 2,096 | 5,013 | — | |||||||||||||||
Intraday valuation fees | — | — | — | 7,600 | — | |||||||||||||||
Insurance | — | — | 730 | 1,433 | — | |||||||||||||||
Other expenses | — | — | 457 | 332 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 2,343,862 | 149,186 | 203,961 | 809,021 | 112,632 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (786 | ) | (44 | ) | (31,088 | ) | (317,200 | ) | (46 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 2,343,076 | 149,142 | 172,873 | 491,821 | 112,586 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 5,227,883 | 368,591 | 593,012 | 1,995,265 | 854,147 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities net of foreign taxes withheld* | (1,828,135 | ) | (295,264 | ) | (2,988,977 | ) | 944,464 | 57,815 | ||||||||||||
in-kind redemptions | 1,564,379 | — | 1,290,134 | 3,419,275 | 348,035 | |||||||||||||||
Foreign currencies | (542,147 | ) | (6,605 | ) | (25,251 | ) | (672,954 | ) | (6,519 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | (805,903 | ) | (301,869 | ) | (1,724,094 | ) | 3,690,785 | 399,331 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Unaffiliated investment securities | (47,582,501 | ) | (2,508,656 | ) | (6,089,831 | ) | (2,395,531 | ) | (3,742,505 | ) | ||||||||||
Affiliated investment securities | — | — | — | — | — | |||||||||||||||
Foreign currencies | (1,614 | ) | (766 | ) | (6,041 | ) | 55,275 | (683 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | (47,584,115 | ) | (2,509,422 | ) | (6,095,872 | ) | (2,340,256 | ) | (3,743,188 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (48,390,018 | ) | (2,811,291 | ) | (7,819,966 | ) | $ | 1,350,529 | (3,343,857 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (43,162,135 | ) | $ | (2,442,700 | ) | $ | (7,226,954 | ) | $ | 3,345,794 | $ | (2,489,710 | ) | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
* Foreign capital gains taxes withheld | — | — | — | 1,803 | — |
(a) | Effective October 31, 2018, Invesco Frontier Markets ETF changed its fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 120 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Agriculture ETF (PAGG) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | Invesco Global Water ETF (PIO) | ||||||||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2018 | Year Ended October 31, 2018 | Year Ended October 31, 2018 | Year Ended October 31, 2018 | Year Ended October 31, 2018 | Year Ended October 31, 2018 | ||||||||||||||||||||
$ | 45,057,350 | $ | 6,362,900 | $ | 42,256,449 | $ | 496,795 | $ | 927,633 | $ | 365,333 | $ | 4,946,298 | |||||||||||||
11,892 | 3,070 | 20,500 | 51 | 546 | 384 | 383 | ||||||||||||||||||||
2,179,172 | 769,959 | 2,635,325 | — | — | — | — | ||||||||||||||||||||
512,757 | 94,170 | 2,891 | 2,443 | 389,150 | 2,217 | 41,535 | ||||||||||||||||||||
(4,245,231 | ) | (705,975 | ) | (4,477,883 | ) | (36,623 | ) | (81,224 | ) | (22,144 | ) | (289,136 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
43,515,940 | 6,524,124 | 40,437,282 | 462,666 | 1,236,105 | 345,790 | 4,699,080 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
5,646,833 | 1,167,119 | 5,234,900 | 161,251 | 425,784 | 220,992 | 1,400,044 | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
5,646,833 | 1,167,119 | 5,234,900 | 161,251 | 425,784 | 220,992 | 1,400,044 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(1,494 | ) | (437 | ) | (72,429 | ) | (9 | ) | (78 | ) | (51 | ) | (47 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
5,645,339 | 1,166,682 | 5,162,471 | 161,242 | 425,706 | 220,941 | 1,399,997 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
37,870,601 | 5,357,442 | 35,274,811 | 301,424 | 810,399 | 124,849 | 3,299,083 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (11,657,927 | ) | (1,516,476 | ) | (12,993,583 | ) | (2,222,005 | ) | 411,567 | (2,254,718 | ) | 369,645 | ||||||||||||||
42,285,481 | 22,686,639 | 48,317,471 | 479,600 | 864,208 | (637,241 | ) | 18,113,798 | |||||||||||||||||||
(191,564 | ) | (114,681 | ) | (345,801 | ) | (1,530 | ) | (24,963 | ) | 976 | (85,410 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
30,435,990 | 21,055,482 | 34,978,087 | (1,743,935 | ) | 1,250,812 | (2,890,983 | ) | 18,398,033 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(169,325,564 | ) | (51,689,065 | ) | (121,217,222 | ) | 1,011,932 | (10,592,244 | ) | (3,306,587 | ) | (28,987,643 | ) | ||||||||||||||
— | — | (1,287,242 | ) | — | — | — | — | |||||||||||||||||||
(84,372 | ) | (4,743 | ) | 882 | 849 | (781 | ) | (24 | ) | (9,201 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| (169,409,936 | ) | (51,693,808 | ) | (122,503,582 | ) | 1,012,781 | (10,593,025 | ) | (3,306,611 | ) | (28,996,844 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(138,973,946 | ) | (30,638,326 | ) | (87,525,495 | ) | (731,154 | ) | (9,342,213 | ) | (6,197,594 | ) | (10,598,811 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | (101,103,345 | ) | $ | (25,280,884 | ) | $ | (52,250,684 | ) | $ | (429,730 | ) | $ | (8,531,814 | ) | $ | (6,072,745 | ) | $ | (7,299,728 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | — | — | — | — | — | — |
| 121 |
|
Statements of Operations (continued)
For the year ended October 31, 2018(a)
Invesco International BuyBack Achievers™ ETF (IPKW) | Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Dividend Opportunities Index ETF (LVL) | ||||||||||||||||||
Year Ended October 31, 2018 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 7,832,491 | $ | 1,900,240 | $ | 5,825,546 | $ | 730,295 | $ | 1,998,596 | ||||||||||
Affiliated dividend income | 5,211 | 1,035 | 625 | 545 | — | |||||||||||||||
Non-cash dividend income | — | — | — | 4,955 | — | |||||||||||||||
Securities lending income | 88,145 | 10,420 | 68,956 | — | 6,806 | |||||||||||||||
Foreign withholding tax | (855,528 | ) | (74,315 | ) | (309,186 | ) | (29,379 | ) | (183,748 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Income | 7,070,319 | 1,837,380 | 5,585,941 | 706,416 | 1,821,654 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 1,586,024 | — | — | — | — | |||||||||||||||
Advisory fees | — | 448,728 | 1,085,835 | 72,683 | 269,974 | |||||||||||||||
Professional fees | — | 25,030 | 51,940 | 24,956 | 51,958 | |||||||||||||||
Sub-licensing fees | — | 53,846 | 130,300 | 6,396 | 23,758 | |||||||||||||||
Trustees’ and officer’s fees | — | 2,917 | 15,097 | 2,268 | 9,237 | |||||||||||||||
Custodian & transfer agent fees | — | 2,070 | 69,281 | 2,164 | 25,395 | |||||||||||||||
Printing fees | — | 11,400 | 36,908 | 4,192 | 9,791 | |||||||||||||||
Accounting & administration fees | — | 20,000 | 49,340 | 15,627 | 13,301 | |||||||||||||||
Listing fee and expenses | — | 2,096 | 5,110 | 2,097 | 5,017 | |||||||||||||||
Intraday valuation fees | — | 1,651 | 2,480 | 873 | 6,022 | |||||||||||||||
Insurance | — | 947 | 2,548 | 605 | 1,055 | |||||||||||||||
Other expenses | — | 1,400 | 330 | 938 | 392 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Expenses | 1,586,024 | 570,085 | 1,449,169 | 132,799 | 415,900 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (614 | ) | (76,726 | ) | (255,325 | ) | (39,935 | ) | (70,315 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Expenses | 1,585,410 | 493,359 | 1,193,844 | 92,864 | 345,585 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income | 5,484,909 | 1,344,021 | 4,392,097 | 613,552 | 1,476,069 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (4,494,928 | ) | 643,465 | 2,843,723 | (2,123,438 | ) | 3,286,726 | |||||||||||||
Affiliated investment securities | — | (1,068 | ) | — | — | — | ||||||||||||||
Affiliated in-kind redemptions | — | (1,056 | ) | — | — | — | ||||||||||||||
Unaffiliated in-kind redemptions | 10,782,744 | 11,114,062 | 1,477,955 | 1,419,889 | 816,921 | |||||||||||||||
Foreign currencies | (76,610 | ) | (38,259 | ) | (25,408 | ) | (12,645 | ) | (9,444 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 6,211,206 | 11,717,144 | 4,296,270 | (716,194 | ) | 4,094,203 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Unaffiliated investment securities | (50,577,719 | ) | (48,975,018 | ) | 36,147,593 | 122,594 | (3,384,387 | ) | ||||||||||||
Affiliated investment securities | — | (24,603 | ) | — | — | — | ||||||||||||||
Foreign currencies | (6,357 | ) | (8,733 | ) | 17,571 | (2,553 | ) | (901 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation (depreciation) | (50,584,076 | ) | (49,008,354 | ) | 36,165,164 | 120,041 | (3,385,288 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | (44,372,870 | ) | (37,291,210 | ) | 40,461,434 | (596,153 | ) | 708,915 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (38,887,961 | ) | $ | (35,947,189 | ) | $ | 44,853,531 | $ | 17,399 | $ | 2,184,984 | ||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco MSCI Global Timber ETF, Invesco S&P Global Dividend Opportunities Index ETF and Invesco Zacks International Multi-Asset Income ETF changed fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 122 |
|
Invesco S&P International Developed Quality ETF (IDHQ) | Invesco Zacks International Multi-Asset Income ETF (HGI) | |||||||||
Year Ended October 31, 2018 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | ||||||||
$ | 987,503 | $ | 166,699 | $ | 578,121 | |||||
227 | 455 | 16 | ||||||||
62,576 | 2,679 | — | ||||||||
— | 4,050 | 30,977 | ||||||||
(99,527 | ) | (7,419 | ) | (44,206 | ) | |||||
|
|
|
|
|
| |||||
950,779 | 166,464 | 564,908 | ||||||||
|
|
|
|
|
| |||||
99,725 | — | — | ||||||||
— | 21,635 | 67,051 | ||||||||
— | 25,015 | 49,681 | ||||||||
— | 4,327 | 13,410 | ||||||||
— | 2,078 | 8,088 | ||||||||
— | 1,650 | 16,006 | ||||||||
— | 3,000 | 4,590 | ||||||||
— | 15,915 | 3,203 | ||||||||
— | 2,096 | 5,110 | ||||||||
— | 841 | 4,096 | ||||||||
— | 637 | 906 | ||||||||
— | 700 | 894 | ||||||||
|
|
|
|
|
| |||||
99,725 | 77,894 | 173,035 | ||||||||
|
|
|
|
|
| |||||
(29 | ) | (47,701 | ) | (79,160 | ) | |||||
|
|
|
|
|
| |||||
99,696 | 30,193 | 93,875 | ||||||||
|
|
|
|
|
| |||||
851,083 | 136,271 | 471,033 | ||||||||
|
|
|
|
|
| |||||
(655,879 | ) | (394,449 | ) | 815,995 | ||||||
— | — | — | ||||||||
— | — | — | ||||||||
1,910,906 | 34,264 | 253,901 | ||||||||
9,222 | (3,732 | ) | (2,803 | ) | ||||||
|
|
|
|
|
| |||||
1,264,249 | (363,917 | ) | 1,067,093 | |||||||
|
|
|
|
|
| |||||
(5,174,587 | ) | (726,755 | ) | (910,389 | ) | |||||
— | — | — | ||||||||
(3,426 | ) | (315 | ) | 39 | ||||||
|
|
|
|
|
| |||||
(5,178,013 | ) | (727,070 | ) | (910,350 | ) | |||||
|
|
|
|
|
| |||||
(3,913,764 | ) | (1,090,987 | ) | 156,743 | ||||||
|
|
|
|
|
| |||||
$ | (3,062,681 | ) | $ | (954,716 | ) | $ | 627,776 | |||
|
|
|
|
|
|
| 123 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2018 and 2017(a)
Invesco Canadian Energy Income ETF (ENY) | ||||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 281,897 | $ | 733,349 | $ | 842,025 | ||||||
Net realized gain (loss) | (1,199,299 | ) | (840,721 | ) | (1,483,309 | ) | ||||||
Net change in unrealized appreciation (depreciation) | (1,105,003 | ) | 690,896 | 1,117,587 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (2,022,405 | ) | 583,524 | 476,303 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | (338,012 | ) | (851,464 | ) | (846,327 | ) | ||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | — | 5,443,957 | — | |||||||||
Value of shares repurchased | (1,619,853 | ) | (7,833,765 | ) | (4,407,991 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (1,619,853 | ) | (2,389,808 | ) | (4,407,991 | ) | ||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (3,980,270 | ) | (2,657,748 | ) | (4,778,015 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 21,938,699 | 24,596,447 | 29,374,462 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 17,958,429 | $ | 21,938,699 | $ | 24,596,447 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | — | 650,000 | — | |||||||||
Shares repurchased | (200,000 | ) | (950,000 | ) | (500,000 | ) | ||||||
Shares outstanding, beginning of period | 2,720,000 | 3,020,000 | 3,520,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 2,520,000 | 2,720,000 | 3,020,000 | |||||||||
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco Canadian Energy Income ETF and Invesco China Real Estate ETF changed fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 124 |
|
Invesco China Real Estate ETF (TAO) | ||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | ||||||||
$ | 1,618,309 | $ | 4,081,900 | $ | 1,230,989 | |||||
5,809,274 | (710,055 | ) | 113,449 | |||||||
(20,178,892 | ) | 10,807,512 | 5,911,699 | |||||||
|
|
|
|
|
| |||||
(12,751,309 | ) | 14,179,357 | 7,256,137 | |||||||
|
|
|
|
|
| |||||
— | (3,971,680 | ) | (950,372 | ) | ||||||
|
|
|
|
|
| |||||
1,560,368 | 32,072,370 | 46,360,577 | ||||||||
(35,595,627 | ) | (2,973,908 | ) | (21,118,129 | ) | |||||
|
|
|
|
|
| |||||
(34,035,259 | ) | 29,098,462 | 25,242,448 | |||||||
|
|
|
|
|
| |||||
(46,786,568 | ) | 39,306,139 | 31,548,213 | |||||||
|
|
|
|
|
| |||||
83,344,250 | 44,038,111 | 12,489,898 | ||||||||
|
|
|
|
|
| |||||
$ | 36,557,682 | $ | 83,344,250 | $ | 44,038,111 | |||||
|
|
|
|
|
| |||||
50,000 | 1,100,000 | 2,100,000 | ||||||||
(1,300,000 | ) | (100,000 | ) | (1,000,000 | ) | |||||
2,760,000 | 1,760,000 | 660,000 | ||||||||
|
|
|
|
|
| |||||
1,510,000 | 2,760,000 | 1,760,000 | ||||||||
|
|
|
|
|
|
| 125 |
|
Statements of Changes in Net Assets (continued)
For the years ended October 31, 2018 and 2017(a)
Invesco China Small Cap ETF (HAO) | ||||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 1,240,225 | $ | 2,089,774 | $ | 2,152,602 | ||||||
Net realized gain (loss) | (69,902 | ) | 9,404,735 | (10,352,159 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (24,937,663 | ) | 15,109,775 | 23,609,157 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (23,767,340 | ) | 26,604,284 | 15,409,600 | ||||||||
|
|
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||||
Distributable earnings | — | (3,252,830 | ) | (3,021,200 | ) | |||||||
|
|
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||||
Proceeds from shares sold | — | 11,812,995 | — | |||||||||
Value of shares repurchased | (8,334,088 | ) | (26,614,585 | ) | (21,580,496 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from shares transactions | (8,334,088 | ) | (14,801,590 | ) | (21,580,496 | ) | ||||||
|
|
|
|
|
| |||||||
Increase (Decrease) in Net Assets | (32,101,428 | ) | 8,549,864 | (9,192,096 | ) | |||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Beginning of period | 94,236,901 | 85,687,037 | 94,879,133 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 62,135,473 | $ | 94,236,901 | $ | 85,687,037 | ||||||
|
|
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||||
Shares sold | — | 400,000 | — | |||||||||
Shares repurchased | (300,000 | ) | (900,000 | ) | (900,000 | ) | ||||||
Shares outstanding, beginning of period | 2,900,000 | 3,400,000 | 4,300,000 | |||||||||
|
|
|
|
|
| |||||||
Shares outstanding, end of period | 2,600,000 | 2,900,000 | 3,400,000 | |||||||||
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco China Small Cap ETF changed its fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 126 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||
$ | 2,162,248 | $ | 2,662,258 | |||
7,529,102 | 1,564,741 | |||||
(32,086,298 | ) | 34,477,746 | ||||
|
|
|
| |||
(22,394,948 | ) | 38,704,745 | ||||
|
|
|
| |||
(2,902,784 | ) | (3,037,238 | ) | |||
|
|
|
| |||
120,271,026 | 112,142,200 | |||||
(103,874,858 | ) | (89,616,840 | ) | |||
|
|
|
| |||
16,396,168 | 22,525,360 | |||||
|
|
|
| |||
(8,901,564 | ) | 58,192,867 | ||||
|
|
|
| |||
232,083,908 | 173,891,041 | |||||
|
|
|
| |||
$ | 223,182,344 | $ | 232,083,908 | |||
|
|
|
| |||
4,350,000 | 4,500,000 | |||||
(3,750,000 | ) | (3,800,000 | ) | |||
8,500,000 | 7,800,000 | |||||
|
|
|
| |||
9,100,000 | 8,500,000 | |||||
|
|
|
|
| 127 |
|
Statements of Changes in Net Assets (continued)
For the years ended October 31, 2018 and 2017(a)
Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Emerging Markets Infrastructure ETF (PXR) | |||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,227,883 | $ | 2,844,866 | $ | 368,591 | $ | 230,487 | ||||||||
Net realized gain (loss) | (805,903 | ) | 11,676,978 | (301,869 | ) | (457,957 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (47,584,115 | ) | 19,788,694 | (2,509,422 | ) | 3,825,303 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (43,162,135 | ) | 34,310,538 | (2,442,700 | ) | 3,597,833 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (6,235,039 | ) | (2,687,364 | ) | (515,345 | ) | (226,568 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 74,057,773 | 33,061,149 | — | — | ||||||||||||
Value of shares repurchased | (44,653,680 | ) | (36,050,879 | ) | — | (3,225,135 | ) | |||||||||
Transaction fees | 276,198 | 75,443 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 29,680,291 | (2,914,287 | ) | — | (3,225,135 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (19,716,883 | ) | 28,708,887 | (2,958,045 | ) | 146,130 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 212,376,858 | 183,667,971 | 20,403,769 | 20,257,639 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 192,659,975 | $ | 212,376,858 | $ | 17,445,724 | $ | 20,403,769 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 3,500,000 | 1,900,000 | — | — | ||||||||||||
Shares repurchased | (2,450,000 | ) | (2,400,000 | ) | — | (100,000 | ) | |||||||||
Shares outstanding, beginning of period | 10,900,000 | 11,400,000 | 550,000 | 650,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 11,950,000 | 10,900,000 | 550,000 | 550,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco Frontier Markets ETF changed its fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 128 |
|
Invesco Frontier Markets ETF (FRN) | Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | ||||||||||||||||||||
$ | 593,012 | $ | 1,995,265 | $ | 1,288,584 | $ | 854,147 | $ | 946,819 | $ | 37,870,601 | $ | 32,138,326 | |||||||||||||
(1,724,094 | ) | 3,690,785 | (2,423,085 | ) | 399,331 | 239,616 | 30,435,990 | (25,848,190 | ) | |||||||||||||||||
(6,095,872 | ) | (2,340,256 | ) | 11,742,054 | (3,743,188 | ) | 5,036,106 | (169,409,936 | ) | 238,923,294 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(7,226,954 | ) | 3,345,794 | 10,607,553 | (2,489,710 | ) | 6,222,541 | (101,103,345 | ) | 245,213,430 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | (2,284,088 | ) | (1,546,958 | ) | (1,022,924 | ) | (985,243 | ) | (39,591,975 | ) | (33,332,106 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | 33,925,310 | 17,028,606 | — | 2,699,345 | 325,024,707 | 73,521,216 | ||||||||||||||||||||
(15,424,518 | ) | (24,745,195 | ) | (1,735,744 | ) | (2,958,855 | ) | (5,748,798 | ) | (123,802,230 | ) | (9,202,373 | ) | |||||||||||||
65,946 | 251,008 | — | 3,973 | — | 44,658 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(15,358,572 | ) | 9,431,123 | 15,292,862 | (2,954,882 | ) | (3,049,453 | ) | 201,267,135 | 64,318,843 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(22,585,526 | ) | 10,492,829 | 24,353,457 | (6,467,516 | ) | 2,187,845 | 60,571,815 | 276,200,167 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
74,326,867 | 63,834,038 | 39,480,581 | 26,178,167 | 23,990,322 | 1,214,849,735 | 938,649,568 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 51,741,341 | $ | 74,326,867 | $ | 63,834,038 | $ | 19,710,651 | $ | 26,178,167 | $ | 1,275,421,550 | $ | 1,214,849,735 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | 2,200,000 | 1,350,000 | — | 50,000 | 7,400,000 | 1,900,000 | ||||||||||||||||||||
(1,100,000 | ) | (1,700,000 | ) | (150,000 | ) | (50,000 | ) | (100,000 | ) | (2,750,000 | ) | (250,000 | ) | |||||||||||||
5,140,000 | 4,640,000 | 3,440,000 | 450,000 | 500,000 | 27,200,000 | 25,550,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
4,040,000 | 5,140,000 | 4,640,000 | 400,000 | 450,000 | 31,850,000 | 27,200,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 129 |
|
Statements of Changes in Net Assets (continued)
For the years ended October 31, 2018 and 2017
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | |||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,357,442 | $ | 3,590,145 | $ | 35,274,811 | $ | 22,862,985 | ||||||||
Net realized gain (loss) | 21,055,482 | 4,960,050 | 34,978,087 | 21,358,629 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (51,693,808 | ) | 31,384,621 | (122,503,582 | ) | 95,187,965 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (25,280,884 | ) | 39,934,816 | (52,250,684 | ) | 139,409,579 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (6,547,030 | ) | (3,758,579 | ) | (34,680,231 | ) | (22,154,095 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 183,475,668 | 29,510,803 | 381,359,053 | 224,547,201 | ||||||||||||
Value of shares repurchased | (66,459,873 | ) | (21,884,452 | ) | (132,537,225 | ) | — | |||||||||
Transaction fees | 17,894 | — | 240,894 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 117,033,689 | 7,626,351 | 249,062,722 | 224,547,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | 85,205,775 | 43,802,588 | 162,131,807 | 341,802,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 206,656,876 | 162,854,288 | 967,201,082 | 625,398,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 291,862,651 | $ | 206,656,876 | $ | 1,129,332,889 | $ | 967,201,082 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 5,650,000 | 1,000,000 | 17,550,000 | 11,400,000 | ||||||||||||
Shares repurchased | (1,950,000 | ) | (750,000 | ) | (5,800,000 | ) | — | |||||||||
Shares outstanding, beginning of period | 6,200,000 | 5,950,000 | 44,650,000 | 33,250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 9,900,000 | 6,200,000 | 56,400,000 | 44,650,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 130 |
|
Invesco Global Agriculture ETF (PAGG) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Gold and Precious Metals ETF (PSAU) | ||||||||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||||
$ | 301,424 | $ | 209,296 | $ | 810,399 | $ | 1,084,465 | $ | 124,849 | $ | 71,642 | |||||||||||
(1,743,935 | ) | (1,960,747 | ) | 1,250,812 | 949,697 | (2,890,983 | ) | 19,751 | ||||||||||||||
1,012,781 | 5,168,331 | (10,593,025 | ) | 10,209,481 | (3,306,611 | ) | (3,380,693 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(429,730 | ) | 3,416,880 | (8,531,814 | ) | 12,243,643 | (6,072,745 | ) | (3,289,300 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(286,666 | ) | (410,696 | ) | (989,690 | ) | (928,991 | ) | (530,104 | ) | (431,334 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | — | 1,306,907 | — | 7,661,042 | 6,102,262 | |||||||||||||||||
(2,681,482 | ) | (2,561,617 | ) | (2,624,568 | ) | (6,967,896 | ) | (8,951,578 | ) | (14,601,642 | ) | |||||||||||
761 | — | 1,049 | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(2,680,721 | ) | (2,561,617 | ) | (1,316,612 | ) | (6,967,896 | ) | (1,290,536 | ) | (8,499,380 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(3,397,117 | ) | 444,567 | (10,838,116 | ) | 4,346,756 | (7,893,385 | ) | (12,220,014 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
22,745,712 | 22,301,145 | 60,499,216 | 56,152,460 | 30,521,393 | 42,741,407 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 19,348,595 | $ | 22,745,712 | $ | 49,661,100 | $ | 60,499,216 | $ | 22,628,008 | $ | 30,521,393 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | — | 100,000 | — | 450,000 | 300,000 | |||||||||||||||||
(100,000 | ) | (100,000 | ) | (200,000 | ) | (650,000 | ) | (600,000 | ) | (750,000 | ) | |||||||||||
850,000 | 950,000 | 4,625,000 | 5,275,000 | 1,600,000 | 2,050,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
750,000 | 850,000 | 4,525,000 | 4,625,000 | 1,450,000 | 1,600,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 131 |
|
Statements of Changes in Net Assets (continued)
For the years ended October 31, 2018 and 2017(a)
Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | |||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,299,083 | $ | 2,302,243 | $ | 5,484,909 | $ | 1,980,816 | ||||||||
Net realized gain (loss) | 18,398,033 | 18,350,136 | 6,211,206 | 21,925,567 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (28,996,844 | ) | 13,710,436 | (50,584,076 | ) | 9,039,820 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (7,299,728 | ) | 34,362,815 | (38,887,961 | ) | 32,946,203 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (3,250,758 | ) | (2,385,041 | ) | (5,721,629 | ) | (1,427,460 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 37,473,227 | 30,447,745 | 216,364,968 | 196,370,507 | ||||||||||||
Value of shares repurchased | (62,872,083 | ) | (50,228,264 | ) | (126,159,214 | ) | (122,356,446 | ) | ||||||||
Transaction fees | 2,991 | — | 41,908 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | (25,395,865 | ) | (19,780,519 | ) | 90,247,662 | 74,014,061 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (35,946,351 | ) | 12,197,255 | 45,638,072 | 105,532,804 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 200,862,164 | 188,664,909 | 197,734,996 | 92,202,192 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 164,915,813 | $ | 200,862,164 | $ | 243,373,068 | $ | 197,734,996 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,450,000 | 1,250,000 | 5,800,000 | 6,000,000 | ||||||||||||
Shares repurchased | (2,450,000 | ) | (2,150,000 | ) | (3,550,000 | ) | (3,700,000 | ) | ||||||||
Shares outstanding, beginning of period | 7,950,000 | 8,850,000 | 5,600,000 | 3,300,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 6,950,000 | 7,950,000 | 7,850,000 | 5,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco MSCI Global Timber ETF and Invesco S&P Global Dividend Opportunities Index ETF changed fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 132 |
|
Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Dividend Opportunities Index ETF (LVL) | |||||||||||||||||||||
Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||||||
$ | 1,344,021 | $ | 4,392,097 | $ | 3,222,390 | $ | 613,552 | $ | 1,476,069 | $ | 2,818,098 | |||||||||||
11,717,144 | 4,296,270 | 3,524,416 | (716,194 | ) | 4,094,203 | 3,863,991 | ||||||||||||||||
(49,008,354 | ) | 36,165,164 | 24,475,645 | 120,041 | (3,385,288 | ) | 3,590,922 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(35,947,189 | ) | 44,853,531 | 31,222,451 | 17,399 | 2,184,984 | 10,273,011 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
— | (3,518,655 | ) | (3,735,200 | ) | (837,522 | ) | (1,765,272 | ) | (2,719,976 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
11,140,448 | 9,311,470 | 13,735,812 | 8,947,465 | — | 23,170,327 | |||||||||||||||||
(37,927,735 | ) | (4,659,172 | ) | (14,080,512 | ) | (14,280,682 | ) | (23,910,516 | ) | (23,314,340 | ) | |||||||||||
7,303 | — | — | 330 | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(26,779,984 | ) | 4,652,298 | (344,700 | ) | (5,332,887 | ) | (23,910,516 | ) | (144,013 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(62,727,173 | ) | 45,987,174 | 27,142,551 | (6,153,010 | ) | (23,490,804 | ) | 7,409,022 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
236,189,925 | 190,202,751 | 163,060,200 | 36,567,749 | 60,058,553 | 52,649,531 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 173,462,752 | $ | 236,189,925 | $ | 190,202,751 | $ | 30,414,739 | $ | 36,567,749 | $ | 60,058,553 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
350,000 | 300,000 | 550,000 | 800,000 | — | 2,240,000 | |||||||||||||||||
(1,200,000 | ) | (150,000 | ) | (550,000 | ) | (1,280,000 | ) | (2,160,000 | ) | (2,240,000 | ) | |||||||||||
7,050,000 | 6,900,000 | 6,900,000 | 3,360,000 | 5,520,000 | 5,520,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
6,200,000 | 7,050,000 | 6,900,000 | 2,880,000 | 3,360,000 | 5,520,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 133 |
|
Statements of Changes in Net Assets (continued)
For the years ended October 31, 2018 and 2017(a)
Invesco S&P International Developed Quality ETF (IDHQ) | Invesco Zacks International Multi-Asset Income ETF (HGI) | |||||||||||||||||||
Year Ended October 31, 2018 | Year Ended October 31, 2017 | Five Months Ended October 31, 2018(b) | Year Ended May 31, 2018 | Year Ended May 31, 2017 | ||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 851,083 | $ | 485,563 | $ | 136,271 | $ | 471,033 | $ | 540,175 | ||||||||||
Net realized gain (loss) | 1,264,249 | 1,194,510 | (363,917 | ) | 1,067,093 | 602,464 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (5,178,013 | ) | 3,063,636 | (727,070 | ) | (910,350 | ) | 1,397,165 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | (3,062,681 | ) | 4,743,709 | (954,716 | ) | 627,776 | 2,539,804 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (814,149 | ) | (571,984 | ) | (252,898 | ) | (440,660 | ) | (556,170 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 22,491,922 | 9,005,197 | — | — | — | |||||||||||||||
Value of shares repurchased | (14,783,286 | ) | (5,602,570 | ) | (1,675,252 | ) | (3,377,340 | ) | (3,080,112 | ) | ||||||||||
Transaction fees | 4,530 | — | 148 | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from shares transactions | 7,713,166 | 3,402,627 | (1,675,104 | ) | (3,377,340 | ) | (3,080,112 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Increase (Decrease) in Net Assets | 3,836,336 | 7,574,352 | (2,882,718 | ) | (3,190,224 | ) | (1,096,478 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 28,202,736 | 20,628,384 | 11,942,242 | 15,132,466 | 16,228,944 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
End of period | $ | 32,039,072 | $ | 28,202,736 | $ | 9,059,524 | $ | 11,942,242 | $ | 15,132,466 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 950,000 | 400,000 | — | — | — | |||||||||||||||
Shares repurchased | (650,000 | ) | (250,000 | ) | (100,000 | ) | (200,000 | ) | (200,000 | ) | ||||||||||
Shares outstanding, beginning of period | 1,200,000 | 1,050,000 | 700,000 | 900,000 | 1,100,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding, end of period | 1,500,000 | 1,200,000 | 600,000 | 700,000 | 900,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Effective October 31, 2018, Invesco Zacks International Multi-Asset Income ETF changed its fiscal year end to October 31. |
(b) | For the period June 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 134 |
|
Invesco Canadian Energy Income ETF (ENY)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.07 | $ | 8.14 | $ | 8.35 | $ | 10.74 | $ | 16.36 | $ | 14.51 | ||||||||||||
Net investment income(a) | 0.11 | 0.26 | 0.26 | 0.29 | 0.41 | 0.42 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.92 | ) | (0.03 | ) | (0.21 | ) | (2.39 | ) | (5.63 | ) | 1.88 | |||||||||||||
Total from investment operations | (0.81 | ) | 0.23 | 0.05 | (2.10 | ) | (5.22 | ) | 2.30 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.30 | ) | (0.26 | ) | (0.29 | ) | (0.40 | ) | (0.39 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.06 | ) | |||||||||||||||||
Total distributions | (0.13 | ) | (0.30 | ) | (0.26 | ) | (0.29 | ) | (0.40 | ) | (0.45 | ) | ||||||||||||
Net asset value at end of period | $ | 7.13 | $ | 8.07 | $ | 8.14 | $ | 8.35 | $ | 10.74 | $ | 16.36 | ||||||||||||
Market price at end of period | $ | 7.09 | (b) | $ | 8.02 | (b) | $ | 8.09 | $ | 8.33 | $ | 10.79 | $ | 16.44 | ||||||||||
Net Asset Value Total Return(c) | (10.20 | )% | 2.78 | % | 0.36 | % | (19.34 | )% | (32.39 | )% | 16.30 | % | ||||||||||||
Market Price Total Return(c) | (10.14 | )% | 2.78 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 17,958 | $ | 21,939 | $ | 24,596 | $ | 29,374 | $ | 42,082 | $ | 46,127 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.66 | %(d) | 0.66 | % | 0.66 | % | 0.69 | % | 0.70 | % | 0.71 | % | ||||||||||||
Expenses, prior to Waivers | 1.14 | %(d) | 0.88 | % | 0.90 | % | 0.87 | % | 0.79 | % | 0.80 | % | ||||||||||||
Net investment income, after Waivers | 3.23 | %(d) | 3.14 | % | 2.95 | % | 3.68 | % | 3.15 | % | 2.87 | % | ||||||||||||
Portfolio turnover rate(e) | 21 | % | 28 | % | 22 | % | 35 | % | 28 | % | 80 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco China Real Estate ETF (TAO)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.20 | $ | 25.02 | $ | 18.92 | $ | 24.50 | $ | 20.52 | $ | 22.03 | ||||||||||||
Net investment income(a) | 0.77 | (b) | 1.74 | (c) | 0.68 | 0.81 | 0.66 | 0.68 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.76 | ) | 5.09 | 5.82 | (5.42 | ) | 3.86 | (1.54 | ) | |||||||||||||||
Total from investment operations | (5.99 | ) | 6.83 | 6.50 | (4.61 | ) | 4.52 | (0.86 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (1.65 | ) | (0.40 | ) | (0.97 | ) | (0.54 | ) | (0.65 | ) | |||||||||||||
Net asset value at end of period | $ | 24.21 | $ | 30.20 | $ | 25.02 | $ | 18.92 | $ | 24.50 | $ | 20.52 | ||||||||||||
Market price at end of period | $ | 24.17 | (d) | $ | 30.28 | (d) | $ | 25.14 | $ | 18.83 | $ | 24.55 | $ | 20.43 | ||||||||||
Net Asset Value Total Return(e) | (19.83 | )% | 27.61 | % | 34.94 | % | (19.05 | )% | 22.50 | % | (3.82 | )% | ||||||||||||
Market Price Total Return(e) | (20.18 | )% | 27.37 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 36,558 | $ | 83,344 | $ | 44,038 | $ | 12,490 | $ | 34,548 | $ | 22,778 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(f) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||
Expenses, prior to Waivers | 0.84 | %(f) | 0.81 | % | 0.99 | % | 1.15 | % | 0.88 | % | 0.95 | % | ||||||||||||
Net investment income, after Waivers | 6.58 | %(b)(f) | 5.95 | %(c) | 3.14 | % | 3.94 | % | 3.04 | % | 3.32 | % | ||||||||||||
Portfolio turnover rate(g) | 2 | % | 20 | % | 17 | % | 32 | % | 16 | % | 9 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.60 and 5.14%, respectively. |
(c) | Net Investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.82 and 2.82%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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.
| 135 |
|
Financial Highlights (continued)
Invesco China Small Cap ETF (HAO)
Five Months Ended October 31, 2018 | Year Ended May 31 | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.50 | $ | 25.20 | $ | 22.06 | $ | 34.78 | $ | 24.72 | $ | 24.68 | ||||||||||||
Net investment income(a) | 0.45 | 0.66 | 0.55 | 0.72 | 0.51 | 0.56 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (9.05 | ) | 7.69 | 3.35 | (12.50 | ) | 10.14 | 0.03 | ||||||||||||||||
Total from investment operations | (8.60 | ) | 8.35 | 3.90 | (11.78 | ) | 10.65 | 0.59 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (1.05 | ) | (0.76 | ) | (0.94 | ) | (0.59 | ) | (0.55 | ) | |||||||||||||
Net asset value at end of period | $ | 23.90 | $ | 32.50 | $ | 25.20 | $ | 22.06 | $ | 34.78 | $ | 24.72 | ||||||||||||
Market price at end of period | $ | 23.50 | (b) | $ | 32.46 | (b) | $ | 24.97 | $ | 22.04 | $ | 34.56 | $ | 24.70 | ||||||||||
Net Asset Value Total Return(c) | (26.46 | )% | 33.51 | % | 18.05 | % | (34.14 | )% | 43.88 | % | 2.24 | % | ||||||||||||
Market Price Total Return(c) | (27.60 | )% | 34.61 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 62,135 | $ | 94,237 | $ | 85,687 | $ | 94,879 | $ | 299,087 | $ | 206,421 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.63 | %(d) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | ||||||||||||
Expenses, prior to Waivers | 0.85 | %(d) | 0.81 | % | 0.90 | % | 0.87 | % | 0.83 | % | 0.84 | % | ||||||||||||
Net investment income, after Waivers | 3.83 | %(d) | 2.24 | % | 2.27 | % | 2.83 | % | 1.86 | % | 2.23 | % | ||||||||||||
Portfolio turnover rate(e) | 7 | % | 34 | % | 27 | % | 28 | % | 31 | % | 29 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco DWA Developed Markets Momentum ETF (PIZ)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | $ | 25.39 | ||||||||||
Net investment income(a) | 0.24 | 0.36 | 0.35 | 0.27 | 0.38 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.68 | ) | 5.05 | (1.04 | ) | (1.15 | ) | (0.43 | ) | |||||||||||
Total from investment operations | (2.44 | ) | 5.41 | (0.69 | ) | (0.88 | ) | (0.05 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.40 | ) | (0.38 | ) | (0.25 | ) | (0.85 | ) | ||||||||||
Net asset value at end of year | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | ||||||||||
Market price at end of year(b) | $ | 24.47 | $ | 27.35 | $ | 22.27 | $ | 23.21 | $ | 24.55 | ||||||||||
Net Asset Value Total Return(c) | (9.09 | )% | 24.58 | % | (2.97 | )% | (3.63 | )% | (0.35 | )% | ||||||||||
Market Price Total Return(c) | (9.48 | )% | 24.91 | % | (2.43 | )% | (4.48 | )% | (0.43 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 223,182 | $ | 232,084 | $ | 173,891 | $ | 263,996 | $ | 383,322 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.80 | % | ||||||||||
Net investment income | 0.88 | % | 1.46 | % | 1.50 | % | 1.10 | % | 1.48 | % | ||||||||||
Portfolio turnover rate(d) | 94 | % | 98 | % | 124 | % | 120 | % | 99 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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.
| 136 |
|
Financial Highlights (continued)
Invesco DWA Emerging Markets Momentum ETF (PIE)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | $ | 18.78 | ||||||||||
Net investment income(a) | 0.40 | 0.28 | 0.16 | 0.12 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.29 | ) | 3.34 | 0.14 | (b) | (2.94 | ) | 0.08 | ||||||||||||
Total from investment operations | (2.89 | ) | 3.62 | 0.30 | (2.82 | ) | 0.21 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.49 | ) | (0.26 | ) | (0.21 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
Return of capital | — | — | (0.01 | ) | — | — | ||||||||||||||
Total distributions | (0.49 | ) | (0.26 | ) | (0.22 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
Transaction fees(a) | 0.02 | 0.01 | 0.01 | 0.03 | 0.02 | |||||||||||||||
Net asset value at end of year | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | ||||||||||
Market price at end of year(c) | $ | 16.08 | $ | 19.54 | $ | 16.10 | $ | 15.97 | $ | 18.79 | ||||||||||
Net Asset Value Total Return(d) | (15.11 | )% | 22.72 | % | 2.00 | %(b) | (14.78 | )% | 1.27 | % | ||||||||||
Market Price Total Return(d) | (15.58 | )% | 23.18 | % | 2.25 | % | (14.50 | )% | 0.74 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 192,660 | $ | 212,377 | $ | 183,668 | $ | 196,268 | $ | 402,684 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||
Net investment income | 2.01 | % | 1.67 | % | 1.04 | % | 0.68 | % | 0.69 | % | ||||||||||
Portfolio turnover rate(e) | 163 | % | 174 | % | 160 | % | 176 | % | 147 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Emerging Markets Infrastructure ETF (PXR)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 37.10 | $ | 31.17 | $ | 30.97 | $ | 36.81 | $ | 38.71 | ||||||||||
Net investment income(a) | 0.67 | 0.41 | 0.45 | 0.60 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.11 | ) | 5.93 | 0.26 | (b) | (5.83 | ) | (1.74 | ) | |||||||||||
Total from investment operations | (4.44 | ) | 6.34 | 0.71 | (5.23 | ) | (1.21 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.94 | ) | (0.41 | ) | (0.51 | ) | (0.61 | ) | (0.69 | ) | ||||||||||
Net asset value at end of year | $ | 31.72 | $ | 37.10 | $ | 31.17 | $ | 30.97 | $ | 36.81 | ||||||||||
Market price at end of year(c) | $ | 31.62 | $ | 37.20 | $ | 31.10 | $ | 30.67 | $ | 36.62 | ||||||||||
Net Asset Value Total Return(d) | (12.25 | )% | 20.40 | % | 2.44 | %(b) | (14.36 | )% | (3.16 | )% | ||||||||||
Market Price Total Return(d) | (12.77 | )% | 21.00 | % | 3.21 | % | (14.74 | )% | (2.65 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 17,446 | $ | 20,404 | $ | 20,258 | $ | 27,872 | $ | 36,811 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | 0.76 | % | ||||||||||
Net investment income | 1.85 | % | 1.19 | % | 1.54 | % | 1.69 | % | 1.42 | % | ||||||||||
Portfolio turnover rate(e) | 28 | % | 39 | % | 28 | % | 34 | % | 20 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.06 and total return would have been lower. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | 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.
| 137 |
|
Financial Highlights (continued)
Invesco Frontier Markets ETF (FRN)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.46 | $ | 13.76 | $ | 11.48 | $ | 13.23 | $ | 16.79 | $ | 17.41 | ||||||||||||
Net investment income(a) | 0.14 | 0.42 | 0.34 | 0.34 | 0.23 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.81 | ) | 0.77 | 2.41 | (1.89 | ) | (3.36 | ) | (0.35 | ) | ||||||||||||||
Total from investment operations | (1.67 | ) | 1.19 | 2.75 | (1.55 | ) | (3.13 | ) | 0.03 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.54 | ) | (0.47 | ) | (0.20 | ) | (0.43 | ) | (0.65 | ) | |||||||||||||
Transaction fees(a) | 0.02 | 0.05 | — | — | — | — | ||||||||||||||||||
Net asset value at end of period | $ | 12.81 | $ | 14.46 | $ | 13.76 | $ | 11.48 | $ | 13.23 | $ | 16.79 | ||||||||||||
Market price at end of period | $ | 12.75 | (b) | $ | 14.35 | (b) | $ | 13.74 | $ | 11.33 | $ | 13.33 | $ | 16.86 | ||||||||||
Net Asset Value Total Return(c) | (11.41 | )% | 8.89 | % | 24.72 | % | (11.59 | )% | (18.75 | )% | 0.24 | % | ||||||||||||
Market Price Total Return(c) | (11.15 | )% | 8.23 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 51,741 | $ | 74,327 | $ | 63,834 | $ | 39,481 | $ | 62,058 | $ | 87,970 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.70 | %(d) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | 0.71 | % | ||||||||||||
Expenses, prior to Waivers | 0.82 | %(d) | 1.15 | % | 1.17 | % | 1.28 | % | 0.77 | % | 0.81 | % | ||||||||||||
Net investment income, after Waivers | 2.40 | %(d) | 2.83 | % | 2.83 | % | 2.96 | % | 1.50 | % | 2.28 | % | ||||||||||||
Portfolio turnover rate(e) | 21 | % | 98 | % | 74 | % | 57 | % | 94 | % | 24 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 58.17 | $ | 47.98 | $ | 45.16 | $ | 55.46 | $ | 58.66 | ||||||||||
Net investment income(a) | 2.12 | (b) | 1.89 | 1.41 | 1.98 | (c) | 1.77 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (8.46 | ) | 10.27 | 3.13 | (10.57 | ) | (3.17 | ) | ||||||||||||
Total from investment operations | (6.34 | ) | 12.16 | 4.54 | (8.59 | ) | (1.40 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (2.56 | ) | (1.97 | ) | (1.72 | ) | (1.71 | ) | (1.80 | ) | ||||||||||
Transaction fees(a) | 0.01 | — | — | — | — | |||||||||||||||
Net asset value at end of year | $ | 49.28 | $ | 58.17 | $ | 47.98 | $ | 45.16 | $ | 55.46 | ||||||||||
Market price at end of year(d) | $ | 49.21 | $ | 58.08 | $ | 47.75 | $ | 45.08 | $ | 55.40 | ||||||||||
Net Asset Value Total Return(e) | (11.41 | )% | 25.90 | % | 10.52 | % | (15.78 | )% | (2.38 | )% | ||||||||||
Market Price Total Return(e) | (11.41 | )% | 26.32 | % | 10.21 | % | (15.83 | )% | (2.02 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 19,711 | $ | 26,178 | $ | 23,990 | $ | 22,578 | $ | 44,369 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Net investment income | 3.72 | %(b) | 3.54 | % | 3.16 | % | 3.93 | %(c) | 3.10 | % | ||||||||||
Portfolio turnover rate(f) | 21 | % | 17 | % | 20 | % | 19 | % | 16 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $1.87 and 3.28%, respectively. |
(c) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.75 and 3.46%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | 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.
| 138 |
|
Financial Highlights (continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | $ | 42.99 | ||||||||||
Net investment income(a) | 1.34 | 1.20 | 1.09 | 1.16 | 1.55 | (b) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.56 | ) | 7.98 | (1.82 | ) | (2.65 | ) | (1.79 | ) | |||||||||||
Total from investment operations | (3.22 | ) | 9.18 | (0.73 | ) | (1.49 | ) | (0.24 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.40 | ) | (1.26 | ) | (1.13 | ) | (1.11 | ) | (1.55 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | ||||||||||
Market price at end of year(d) | $ | 39.98 | $ | 44.81 | $ | 36.68 | $ | 38.34 | $ | 41.71 | ||||||||||
Net Asset Value Total Return(e) | (7.45 | )% | 25.38 | % | (1.73 | )% | (3.72 | )% | (0.72 | )% | ||||||||||
Market Price Total Return(e) | (7.92 | )% | 25.99 | % | (1.24 | )% | (5.55 | )% | (0.07 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 1,275,422 | $ | 1,214,850 | $ | 938,650 | $ | 787,536 | $ | 762,267 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.45 | % | 0.45 | % | 0.45 | % | 0.46 | % | 0.45 | % | ||||||||||
Net investment income | 3.02 | % | 2.95 | % | 3.05 | % | 2.87 | % | 3.57 | %(b) | ||||||||||
Portfolio turnover rate(f) | 10 | % | 13 | % | 14 | % | 12 | % | 16 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.31 and 3.00%, respectively. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | $ | 27.40 | ||||||||||
Net investment income(a) | 0.75 | 0.59 | 0.53 | 0.46 | 0.48 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.66 | ) | 5.99 | 0.86 | 0.12 | (0.79 | ) | |||||||||||||
Total from investment operations | (2.91 | ) | 6.58 | 1.39 | 0.58 | (0.31 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.94 | ) | (0.62 | ) | (0.62 | ) | (0.46 | ) | (0.61 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | ||||||||||
Market price at end of year(c) | $ | 29.48 | $ | 33.44 | $ | 27.30 | $ | 26.66 | $ | 27.11 | ||||||||||
Net Asset Value Total Return(d) | (9.05 | )% | 24.36 | % | 5.37 | % | 2.18 | % | (1.21 | )% | ||||||||||
Market Price Total Return(d) | (9.36 | )% | 25.09 | % | 4.87 | % | 0.01 | % | (0.58 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 291,863 | $ | 206,657 | $ | 162,854 | $ | 143,621 | $ | 105,915 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.49 | % | 0.49 | % | 0.49 | % | 0.50 | % | 0.49 | % | ||||||||||
Net investment income | 2.25 | % | 1.98 | % | 2.01 | % | 1.73 | % | 1.73 | % | ||||||||||
Portfolio turnover rate(e) | 21 | % | 19 | % | 25 | % | 24 | % | 24 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | 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.
| 139 |
|
Financial Highlights (continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | $ | 21.41 | ||||||||||
Net investment income(a) | 0.73 | 0.57 | 0.42 | 0.53 | 0.60 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.66 | ) | 2.81 | 3.37 | (5.02 | ) | (1.02 | ) | ||||||||||||
Total from investment operations | (0.93 | ) | 3.38 | 3.79 | (4.49 | ) | (0.42 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.71 | ) | (0.53 | ) | (0.42 | ) | (0.45 | ) | (0.61 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | ||||||||||
Market price at end of year(c) | $ | 20.03 | $ | 21.62 | $ | 18.80 | $ | 15.37 | $ | 20.25 | ||||||||||
Net Asset Value Total Return(d) | (4.44 | )% | 18.10 | % | 25.08 | % | (22.16 | )% | (2.03 | )% | ||||||||||
Market Price Total Return(d) | (4.22 | )% | 17.94 | % | 25.57 | % | (22.00 | )% | (1.73 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 1,129,333 | $ | 967,201 | $ | 625,398 | $ | 293,398 | $ | 387,200 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.48 | % | 0.48 | %(e) | 0.48 | % | 0.49 | % | 0.49 | % | ||||||||||
Expenses, prior to Waivers | 0.49 | % | 0.49 | %(e) | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Net investment income, after Waivers | 3.30 | % | 2.84 | % | 2.66 | % | 2.88 | % | 2.91 | % | ||||||||||
Portfolio turnover rate(f) | 16 | % | 24 | % | 16 | % | 34 | % | 22 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | 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. |
Invesco Global Agriculture ETF (PAGG)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 26.76 | $ | 23.47 | $ | 25.09 | $ | 29.31 | $ | 29.60 | ||||||||||
Net investment income(a) | 0.38 | 0.23 | 0.48 | 0.68 | 0.69 | (b) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.98 | ) | 3.52 | (1.59 | ) | (4.17 | ) | (0.29 | ) | |||||||||||
Total from investment operations | (0.60 | ) | 3.75 | (1.11 | ) | (3.49 | ) | 0.40 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.36 | ) | (0.46 | ) | (0.51 | ) | (0.73 | ) | (0.69 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 25.80 | $ | 26.76 | $ | 23.47 | $ | 25.09 | $ | 29.31 | ||||||||||
Market price at end of year(d) | $ | 25.69 | $ | 26.70 | $ | 23.50 | $ | 25.05 | $ | 29.25 | ||||||||||
Net Asset Value Total Return(e) | (2.31 | )% | 16.12 | % | (4.39 | )% | (12.10 | )% | 1.31 | % | ||||||||||
Market Price Total Return(e) | (2.50 | )% | 15.73 | % | (4.11 | )% | (12.06 | )% | 1.49 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 19,349 | $ | 22,746 | $ | 22,301 | $ | 27,604 | $ | 55,698 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.77 | % | 0.76 | % | 0.76 | % | 0.75 | % | ||||||||||
Net investment income | 1.40 | % | 0.92 | % | 2.07 | % | 2.35 | % | 2.31 | %(b) | ||||||||||
Portfolio turnover rate(f) | 35 | % | 45 | % | 36 | % | 32 | % | 22 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.53 and 1.77%, respectively. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | 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.
| 140 |
|
Financial Highlights (continued)
Invesco Global Clean Energy ETF (PBD)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | $ | 12.04 | ||||||||||
Net investment income(a) | 0.18 | 0.23 | 0.20 | 0.13 | 0.11 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.07 | ) | 2.39 | (0.80 | )(b) | (1.07 | ) | 0.47 | (b) | |||||||||||
Total from investment operations | (1.89 | ) | 2.62 | (0.60 | ) | (0.94 | ) | 0.58 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.22 | ) | (0.19 | ) | (0.21 | ) | (0.12 | ) | (0.10 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | ||||||||||
Market price at end of year(d) | $ | 10.95 | $ | 13.07 | $ | 10.62 | $ | 11.46 | $ | 12.60 | ||||||||||
Net Asset Value Total Return(e) | (14.69 | )% | 24.90 | % | (5.29 | )%(b) | (7.51 | )% | 4.79 | %(b) | ||||||||||
Market Price Total Return(e) | (14.78 | )% | 25.17 | % | (5.56 | )% | (8.10 | )% | 5.55 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 49,661 | $ | 60,499 | $ | 56,152 | $ | 66,762 | $ | 77,288 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | 0.76 | % | ||||||||||
Net investment income | 1.43 | % | 1.98 | % | 1.83 | % | 1.11 | % | 0.83 | % | ||||||||||
Portfolio turnover rate(f) | 46 | % | 40 | % | 57 | % | 51 | % | 53 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and $0.42 for the year ended October 31, 2016 and the year ended October 31, 2014, respectively, and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Global Gold and Precious Metals ETF (PSAU)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 19.08 | $ | 20.85 | $ | 12.94 | $ | 15.25 | $ | 21.32 | ||||||||||
Net investment income(a) | 0.08 | 0.04 | 0.01 | 0.08 | 0.05 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.22 | ) | (1.60 | ) | 7.92 | (2.29 | ) | (6.07 | ) | |||||||||||
Total from investment operations | (3.14 | ) | (1.56 | ) | 7.93 | (2.21 | ) | (6.02 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.21 | ) | (0.02 | ) | (0.10 | ) | (0.05 | ) | ||||||||||
Net asset value at end of year | $ | 15.61 | $ | 19.08 | $ | 20.85 | $ | 12.94 | $ | 15.25 | ||||||||||
Market price at end of year(b) | $ | 15.61 | $ | 19.04 | $ | 20.87 | $ | 12.89 | $ | 15.17 | ||||||||||
Net Asset Value Total Return(c) | (16.71 | )% | (7.30 | )% | 61.40 | % | (14.63 | )% | (28.31 | )% | ||||||||||
Market Price Total Return(c) | (16.53 | )% | (7.58 | )% | 62.19 | % | (14.51 | )% | (28.25 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 22,628 | $ | 30,521 | $ | 42,741 | $ | 17,471 | $ | 18,299 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||
Net investment income | 0.42 | % | 0.19 | % | 0.05 | % | 0.49 | % | 0.24 | % | ||||||||||
Portfolio turnover rate(d) | 12 | % | 11 | % | 27 | % | 17 | % | 18 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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.
| 141 |
|
Financial Highlights (continued)
Invesco Global Water ETF (PIO)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | $ | 21.91 | ||||||||||
Net investment income(a) | 0.45 | 0.28 | 0.34 | 0.29 | 0.34 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.54 | ) | 3.95 | (0.60 | ) | (1.45 | ) | 1.44 | ||||||||||||
Total from investment operations | (1.09 | ) | 4.23 | (0.26 | ) | (1.16 | ) | 1.78 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.45 | ) | (0.28 | ) | (0.31 | ) | (0.30 | ) | (0.34 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | ||||||||||
Market price at end of year(c) | $ | 23.69 | $ | 25.25 | $ | 21.29 | $ | 21.77 | $ | 23.30 | ||||||||||
Net Asset Value Total Return(d) | (4.45 | )% | 20.01 | % | (1.14 | )% | (5.03 | )% | 8.08 | % | ||||||||||
Market Price Total Return(d) | (4.53 | )% | 20.08 | % | (0.78 | )% | (5.35 | )% | 7.59 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 164,916 | $ | 200,862 | $ | 188,665 | $ | 241,832 | $ | 288,367 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.75 | % | 0.74 | % | 0.76 | % | 0.76 | % | ||||||||||
Net investment income | 1.77 | % | 1.22 | % | 1.62 | % | 1.27 | % | 1.46 | % | ||||||||||
Portfolio turnover rate(e) | 34 | % | 34 | % | 67 | % | 78 | % | 28 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco International BuyBack AchieversTM ETF (IPKW)
Year Ended October 31, | For the Period February 24, 2014(a) Through October 31, 2014 | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | $ | 25.03 | ||||||||||
Net investment income(b) | 0.69 | 0.47 | 0.74 | (c) | 0.44 | 0.33 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.28 | ) | 7.28 | 0.89 | 1.82 | (0.09 | ) | |||||||||||||
Total from investment operations | (3.59 | ) | 7.75 | 1.63 | 2.26 | 0.24 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.73 | ) | (0.38 | ) | (0.71 | ) | (0.29 | ) | (0.22 | ) | ||||||||||
Transaction fees(a) | 0.01 | — | — | — | — | |||||||||||||||
Net asset value at end of period | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | ||||||||||
Market price at end of period(d) | $ | 30.96 | $ | 35.47 | $ | 28.02 | $ | 26.96 | $ | 25.35 | ||||||||||
Net Asset Value Total Return(e) | (10.40 | )% | 28.03 | % | 6.25 | % | 9.04 | % | 0.91 | %(f) | ||||||||||
Market Price Total Return(e) | (10.96 | )% | 28.24 | % | 6.78 | % | 7.51 | % | 2.11 | %(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 243,373 | $ | 197,735 | $ | 92,202 | $ | 58,099 | $ | 17,537 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | %(g) | ||||||||||
Net investment income | 1.90 | % | 1.47 | % | 2.76 | %(c) | 1.68 | % | 1.88 | %(g) | ||||||||||
Portfolio turnover rate(h) | 121 | % | 118 | % | 106 | % | 162 | % | 130 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | The net asset value total return from Fund Inception (February 27, 2014, the first day of trading on the exchange) to October 31, 2014 was 1.23%. The market price total return from Fund Inception to October 31, 2014 was 1.87%. |
(g) Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 142 |
|
Financial Highlights (continued)
Invesco MSCI Global Timber ETF (CUT)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | $ | 25.37 | $ | 22.19 | ||||||||||||
Net investment income(a) | 0.20 | 0.63 | 0.47 | 0.67 | 0.61 | 0.53 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.72 | ) | 5.80 | 3.99 | (2.96 | ) | 0.99 | 3.01 | ||||||||||||||||
Total from investment operations | (5.52 | ) | 6.43 | 4.46 | (2.29 | ) | 1.60 | 3.54 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | — | (0.50 | ) | (0.52 | ) | (0.36 | ) | (0.69 | ) | (0.36 | ) | |||||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | — | |||||||||||||||||
Net asset value at end of period | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | $ | 25.37 | ||||||||||||
Market price at end of period | $ | 27.94 | (c) | $ | 33.54 | (c) | $ | 27.52 | $ | 23.59 | $ | 26.26 | $ | 25.33 | ||||||||||
Net Asset Value Total Return(d) | (16.48 | )% | 23.42 | % | 19.09 | % | (8.72 | )% | 6.50 | % | 15.93 | % | ||||||||||||
Market Price Total Return(d) | (16.70 | )% | 23.79 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 173,463 | $ | 236,190 | $ | 190,203 | $ | 163,060 | $ | 199,709 | $ | 253,668 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(e) | 0.55 | % | 0.57 | % | 0.60 | % | 0.70 | % | 0.71 | % | ||||||||||||
Expenses, prior to Waivers | 0.64 | %(e) | 0.67 | % | 0.70 | % | 0.75 | % | 0.76 | % | 0.75 | % | ||||||||||||
Net investment income, after Waivers | 1.50 | %(e) | 2.02 | % | 1.85 | % | 2.83 | % | 2.44 | % | 2.18 | % | ||||||||||||
Portfolio turnover rate(f) | 4 | % | 10 | % | 8 | % | 60 | % | 29 | % | 5 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.88 | $ | 10.88 | $ | 9.54 | $ | 11.77 | $ | 14.01 | $ | 13.07 | ||||||||||||
Net investment income(a) | 0.20 | 0.30 | 0.51 | 0.52 | 0.65 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.25 | ) | 0.03 | 1.33 | (2.20 | ) | (2.18 | ) | 1.03 | |||||||||||||||
Total from investment operations | (0.05 | ) | 0.33 | 1.84 | (1.68 | ) | (1.53 | ) | 1.83 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.27 | ) | (0.33 | ) | (0.50 | ) | (0.55 | ) | (0.71 | ) | (0.89 | ) | ||||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | — | |||||||||||||||||
Net asset value at end of period | $ | 10.56 | $ | 10.88 | $ | 10.88 | $ | 9.54 | $ | 11.77 | $ | 14.01 | ||||||||||||
Market price at end of period | $ | 10.54 | (c) | $ | 10.86 | (c) | $ | 10.85 | $ | 9.49 | $ | 11.76 | $ | 14.08 | ||||||||||
Net Asset Value Total Return(d) | (0.58 | )% | 3.07 | % | 19.90 | % | (14.31 | )% | (11.23 | )% | 14.89 | % | ||||||||||||
Market Price Total Return(d) | (0.58 | )% | 3.17 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 30,415 | $ | 36,568 | $ | 60,059 | $ | 52,650 | $ | 76,292 | $ | 99,774 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.64 | %(e) | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.66 | % | ||||||||||||
Expenses, prior to Waivers | 0.91 | %(e) | 0.77 | % | 0.77 | % | 0.77 | % | 0.74 | % | 0.75 | % | ||||||||||||
Net investment income, after Waivers | 4.22 | %(e) | 2.73 | % | 5.00 | % | 5.46 | % | 5.16 | % | 6.14 | % | ||||||||||||
Portfolio turnover rate(f) | 64 | % | 66 | % | 107 | % | 85 | % | 74 | % | 94 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 143 |
|
Financial Highlights (continued)
Invesco S&P International Developed Quality ETF (IDHQ)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | $ | 19.67 | ||||||||||
Net investment income(a) | 0.58 | 0.45 | 0.41 | 0.33 | 0.35 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.18 | ) | 3.88 | (0.54 | )(b) | 0.75 | (0.21 | ) | ||||||||||||
Total from investment operations | (1.60 | ) | 4.33 | (0.13 | ) | 1.08 | 0.14 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.54 | ) | (0.48 | ) | (0.41 | ) | (0.31 | ) | (0.39 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | — | — | — | — | ||||||||||||||
Net asset value at end of year | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | ||||||||||
Market price at end of year(d) | $ | 21.31 | $ | 23.71 | $ | 19.61 | $ | 20.14 | $ | 19.59 | ||||||||||
Net Asset Value Total Return(e) | (7.00 | )% | 22.36 | % | (0.62 | )%(b) | 5.60 | % | 0.66 | % | ||||||||||
Market Price Total Return(e) | (8.05 | )% | 23.70 | % | (0.59 | )% | 4.42 | % | 1.48 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 32,039 | $ | 28,203 | $ | 20,628 | $ | 19,180 | $ | 16,505 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.29 | % | 0.31 | % | 0.45 | % | 0.49 | % | 0.47 | % | ||||||||||
Net investment income | 2.47 | % | 2.10 | % | 2.09 | % | 1.66 | % | 1.73 | % | ||||||||||
Portfolio turnover rate(f) | 54 | % | 49 | % | 165 | % | 78 | % | 57 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
Invesco Zacks International Multi-Asset Income ETF (HGI)
Five Months Ended October 31, 2018 | Year Ended May 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 17.06 | $ | 16.81 | $ | 14.75 | $ | 17.65 | $ | 19.61 | $ | 17.26 | ||||||||||||
Net investment income(a) | 0.22 | 0.60 | 0.53 | 0.54 | 0.70 | 0.65 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.80 | ) | 0.20 | 2.07 | (2.89 | ) | (2.00 | ) | 2.41 | |||||||||||||||
Total from investment operations | (1.58 | ) | 0.80 | 2.60 | (2.35 | ) | (1.30 | ) | 3.06 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.55 | ) | (0.54 | ) | (0.55 | ) | (0.66 | ) | (0.68 | ) | ||||||||||||
Return of capital | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions to shareholders | (0.38 | ) | (0.55 | ) | (0.54 | ) | (0.55 | ) | (0.66 | ) | (0.71 | ) | ||||||||||||
Transaction fees(a) | 0.00 | (b) | — | — | — | — | – | |||||||||||||||||
Net asset value at end of period | $ | 15.10 | $ | 17.06 | $ | 16.81 | $ | 14.75 | $ | 17.65 | $ | 19.61 | ||||||||||||
Market price at end of period | $ | 14.98 | (c) | $ | 17.02 | (c) | $ | 16.79 | $ | 14.66 | $ | 17.60 | $ | 19.74 | ||||||||||
Net Asset Value Total Return(d) | (9.45 | )% | 4.82 | % | 18.09 | % | (13.30 | )% | (6.64 | )% | 18.23 | % | ||||||||||||
Market Price Total Return(d) | (9.95 | )% | 4.71 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 9,060 | $ | 11,942 | $ | 15,132 | $ | 16,229 | $ | 26,480 | $ | 33,344 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waiver | 0.70 | %(e)(f) | 0.70 | %(f) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||
Expenses, prior to Waiver | 1.80 | %(e)(f) | 1.29 | %(f) | 1.37 | % | 1.13 | % | 0.97 | % | 0.84 | % | ||||||||||||
Net investment income, after Waivers | 3.15 | %(e) | 3.51 | % | 3.45 | % | 3.56 | % | 3.81 | % | 3.70 | % | ||||||||||||
Portfolio turnover rate(g) | 59 | % | 99 | % | 103 | % | 117 | % | 108 | % | 85 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 144 |
|
Invesco Exchange-Traded Fund Trust II
October 31, 2018
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Canadian Energy Income ETF (ENY) | “Canadian Energy Income ETF” | |
Invesco China Real Estate ETF (TAO) | “China Real Estate ETF” | |
Invesco China Small Cap ETF (HAO) | “China Small Cap ETF” | |
Invesco DWA Developed Markets Momentum ETF (PIZ) | “DWA Developed Markets Momentum ETF” | |
Invesco DWA Emerging Markets Momentum ETF (PIE) | “DWA Emerging Markets Momentum ETF” | |
Invesco Emerging Markets Infrastructure ETF (PXR) | “Emerging Markets Infrastructure ETF” | |
Invesco Frontier Markets ETF (FRN) | “Frontier Markets ETF” | |
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | “FTSE RAFI Asia Pacific ex-Japan ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | “FTSE RAFI Developed Markets ex-U.S. ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | “FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF” | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) | “FTSE RAFI Emerging Markets ETF” | |
Invesco Global Agriculture ETF (PAGG) | “Global Agriculture ETF” | |
Invesco Global Clean Energy ETF (PBD) | “Global Clean Energy ETF” | |
Invesco Global Gold and Precious Metals ETF (PSAU) | “Global Gold and Precious Metals ETF” | |
Invesco Global Water ETF (PIO) | “Global Water ETF” | |
Invesco International BuyBack AchieversTM ETF (IPKW) | “International BuyBack AchieversTM ETF” | |
Invesco MSCI Global Timber ETF (CUT) | “MSCI Global Timber ETF” | |
Invesco S&P Global Dividend Opportunities Index ETF (LVL) | “S&P Global Dividend Opportunities Index ETF” | |
Invesco S&P International Developed Quality ETF (IDHQ) | “S&P International Developed Quality ETF” | |
Invesco Zacks International Multi-Asset Income ETF (HGI) | “Zacks International Multi-Asset Income ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:
Fund | Exchange | |
Canadian Energy Income ETF | NYSE Arca, Inc. | |
China Real Estate ETF | NYSE Arca, Inc. | |
China Small Cap ETF | NYSE Arca, Inc. | |
DWA Developed Markets Momentum ETF | The NASDAQ Stock Market LLC | |
DWA Emerging Markets Momentum ETF | The NASDAQ Stock Market LLC | |
Emerging Markets Infrastructure ETF | NYSE Arca, Inc. | |
Frontier Markets ETF | NYSE Arca, Inc. | |
FTSE RAFI Asia Pacific ex-Japan ETF | NYSE Arca, Inc. | |
FTSE RAFI Developed Markets ex-U.S. ETF | NYSE Arca, Inc. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | NYSE Arca, Inc. | |
FTSE RAFI Emerging Markets ETF | NYSE Arca, Inc. | |
Global Agriculture ETF | The NASDAQ Stock Market LLC | |
Global Clean Energy ETF | NYSE Arca, Inc. | |
Global Gold and Precious Metals ETF | The NASDAQ Stock Market LLC | |
Global Water ETF | The NASDAQ Stock Market LLC | |
International BuyBack AchieversTM ETF | The NASDAQ Stock Market LLC |
| 145 |
|
Fund | Exchange | |
MSCI Global Timber ETF | NYSE Arca, Inc. | |
S&P Global Dividend Opportunities Index ETF | NYSE Arca, Inc. | |
S&P International Developed Quality ETF | NYSE Arca, Inc. | |
Zacks International Multi-Asset Income ETF | NYSE Arca, Inc. |
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
Each of the following Funds acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of a corresponding fund of the Claymore Exchange-Traded Fund Trust 2, and Claymore Exchange-Traded Fund Trust for S&P Global Dividend Opportunities Index ETF (each a “Predecessor Fund”) after the close of business on April 6, 2018, or May 18, 2018 for Canadian Energy Income ETF and China Small Cap ETF (each a “Reorganization”).
Fund | Predecessor Fund | |
Canadian Energy Income ETF | Guggenheim Canadian Energy Income ETF | |
China Real Estate ETF | Guggenheim China Real Estate ETF | |
China Small Cap ETF | Guggenheim China Small Cap ETF | |
Frontier Markets ETF | Guggenheim Frontier Markets ETF | |
MSCI Global Timber ETF | Guggenheim MSCI Global Timber ETF | |
S&P Global Dividend Opportunities Index ETF | Guggenheim S&P Global Dividend Opportunities Index ETF | |
Zacks International Multi-Asset Income ETF | Guggenheim International Multi-Asset Income ETF |
Each Fund listed above adopted the performance and financial information of its corresponding Predecessor Fund. Information for the Funds listed above presented prior to the close of business on April 6, 2018 or May 18, 2018, as applicable, is that of its Predecessor Fund.
Effective October 31, 2018, the fiscal year-end changed for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF from May 31 to October 31.
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 | |
Canadian Energy Income ETF | S&P/TSX High Income Energy Index | |
China Real Estate ETF | AlphaShares China Real Estate Index | |
China Small Cap ETF | AlphaShares China Small Cap Index | |
DWA Developed Markets Momentum ETF | Dorsey Wright® Developed Markets Technical Leaders Index | |
DWA Emerging Markets Momentum ETF | Dorsey Wright® Emerging Markets Technical Leaders Index | |
Emerging Markets Infrastructure ETF | S-Network Emerging Infrastructure Builders IndexSM | |
Frontier Markets ETF | BNY Mellon New Frontier Index | |
FTSE RAFI Asia Pacific ex-Japan ETF | FTSE RAFI Developed Asia Pacific ex-Japan Index | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE RAFI Developed ex U.S. 1000 Index | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE RAFI Developed ex U.S. Mid-Small 1500 Index | |
FTSE RAFI Emerging Markets ETF | FTSE RAFI Emerging Markets Index | |
Global Agriculture ETF | NASDAQ OMX Global Agriculture IndexSM | |
Global Clean Energy ETF | WilderHill New Energy Global Innovation Index | |
Global Gold and Precious Metals ETF | NASDAQ OMX Global Gold and Precious Metals IndexSM | |
Global Water ETF | NASDAQ OMX Global Water IndexSM |
| 146 |
|
Fund | Underlying Index | |
International BuyBack AchieversTM ETF | NASDAQ International BuyBack AchieversTM Index | |
MSCI Global Timber ETF | MSCI ACWI IMI Timber Select Capped Index | |
S&P Global Dividend Opportunities Index ETF | S&P Global Dividend Opportunities Index | |
S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap Index | |
Zacks International Multi-Asset Income ETF | Zacks International Multi-Asset Income Index |
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies:
Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an 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”), formerly Invesco PowerShares Capital Management LLC, 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.
| 147 |
|
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry or Geographic Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, or, in a specific country or geographic region. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry, sector, country or region, the corresponding Fund will also concentrate its investments to approximately the same extent. By so concentrating its investments in an industry, sector, country or region, a Fund faces more risks than if it were diversified broadly over numerous industries, sectors, countries or geographic regions. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole. Also, 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 a Fund’s investments in the affected country or region.
Non-Diversified Fund Risk. Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, Global Agriculture ETF, Global Gold and Precious Metals ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
| 148 |
|
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. The value of securities of smaller issuers can be more volatile than that of larger issuers.
Micro-Capitalization Company Risk. For China Real Estate ETF, China Small Cap ETF and Frontier Markets ETF, investing in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Sampling Risk. FTSE RAFI Emerging Markets ETF’s use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice 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. As the Funds may invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Small- and Mid-Capitalization Company Risk. For each Fund (except DWA Developed Markets Momentum ETF and DWA Emerging Markets Momentum ETF), investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Emerging Markets Risk. The risks of foreign investments are usually much greater for emerging markets. Emerging markets are riskier because they develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, the securities markets in many of these countries have far lower trading volumes and less liquidity then developed markets. Because these markets are so small, they may be more likely to suffer sharp and frequent price changes or long term price depression due to adverse publicity, investor perceptions or the transactions of a few large investors. Traditional measures of investment value used in the U.S., such as price to earnings ratios, may not apply to certain small markets, making it more difficult to value their securities.
REIT Risk. For China Real Estate ETF, MSCI Global Timber ETF and Zacks International Multi-Asset Income ETF, in addition to the risks pertaining to real estate investments more generally, 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 also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.
Investment in Investment Companies Risk. For S&P Global Dividend Opportunities Index ETF, investing in other investment companies, including exchange-traded funds (“ETFs”), business development companies and closed-end funds, subjects the Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, the Fund and its shareholders will incur its pro rata share of the underlying investment companies’ expenses, which will reduce the Fund’s performance, and the purchase of shares of some investment companies (in the case of closed-end investment companies) may sometimes require the payment of substantial premiums above the value of such companies’ portfolio securities or NAVs. In addition, investments by the Fund in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed end fund’s shares may trade at a discount or premium relative to the NAV of the shares and the listing exchange may halt trading of the ETF’s or closed-end fund’s shares.
| 149 |
|
Depositary Receipt Risk. Each Fund may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in each Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of each Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when U.S. markets are not open for trading. Investments in the underlying foreign securities
Portfolio Turnover Risk. DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF and International BuyBack AchieversTM ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism (described below) to minimize realization of capital gains to the extent possible.
Currency Risk. The Funds may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. 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.
| 150 |
|
E. Country Determination
For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. Expenses
Expenses of the Trust directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF are responsible for all of their expenses, including the investment advisory fees, cost of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
Each Fund (except for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Dividends and Distributions to Shareholders
Each Fund (except for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF and MSCI Global Timber ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF and MSCI Global Timber ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
H. Accounting Estimates
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I. Foreign Currency Translations
Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the
| 151 |
|
difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Funds may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
J. Securities Lending
During the fiscal year or period ended October 31, 2018, Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, Emerging Markets Infrastructure ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Agriculture ETF, Global Clean Energy ETF, Global Gold and Precious Metals ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF and Zacks International Multi-Asset Income ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components of distributions to shareholders, except for tax return of capital distributions, if any, in the Consolidated Statements of Changes in Net Assets.
For the year ended October 31, 2017, distributions from distributable earnings for each Fund consisted of distributions from net investment income. For the years ended May 31, 2018 and May 31, 2017, distributions from distributable earnings for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF consisted of distributions from net investment income.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Funds listed below, 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 of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:
Management Fees (as a % of Net Assets) | ||||
Canadian Energy Income ETF | 0.50 | % | ||
China Real Estate ETF | 0.50 | % | ||
China Small Cap ETF | 0.55 | % | ||
Frontier Markets ETF | 0.50 | % | ||
MSCI Global Timber ETF | 0.50 | % | ||
S&P Global Dividend Opportunities Index ETF | 0.50 | % | ||
Zacks International Multi-Asset Income ETF | 0.50 | % |
| 152 |
|
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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of Net Assets) | ||||
DWA Developed Markets Momentum ETF | 0.80 | % | ||
DWA Emerging Markets Momentum ETF | 0.90 | % | ||
Emerging Markets Infrastructure ETF | 0.75 | % | ||
FTSE RAFI Asia Pacific ex-Japan ETF | 0.49 | % | ||
FTSE RAFI Developed Markets ex-U.S. ETF | 0.45 | % | ||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 0.49 | % | ||
FTSE RAFI Emerging Markets ETF | 0.49 | % | ||
Global Agriculture ETF | 0.75 | % | ||
Global Clean Energy ETF | 0.75 | % | ||
Global Gold and Precious Metals ETF | 0.75 | % | ||
Global Water ETF | 0.75 | % | ||
International BuyBack AchieversTM ETF | 0.55 | % | ||
S&P International Developed Quality ETF | 0.29 | % |
Prior to the Reorganization, the Predecessor Funds were managed by Guggenheim Funds Investment Advisors LLC (“GFIA”) and each Predecessor Fund paid GFIA an investment advisory fee calculated at the same annualized rates as disclosed above for each respective Fund.
During the period April 6, 2018 through the Reorganization, pursuant to an Interim Investment Advisory Agreement, GFIA did not receive any advisory fee from Canadian Energy Income ETF and China Small Cap ETF.
Effective as of the Reorganization, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least December 31, 2020 for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Expense Cap | ||||
Canadian Energy Income ETF | 0.65 | % | ||
China Real Estate ETF | 0.65 | % | ||
China Small Cap ETF | 0.70 | % | ||
Frontier Markets ETF | 0.65 | % | ||
MSCI Global Timber ETF | 0.55 | % | ||
S&P Global Dividend Opportunities Index ETF | 0.60 | % | ||
Zacks International Multi-Asset Income ETF | 0.65 | % |
Prior to the Reorganization, GFIA limited expenses for the Predecessor Funds shown above in the table to the same expense caps.
Further, the Adviser agrees to reimburse each Fund listed below in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed the following percentages:
Fund | Limit | Contract End Date | ||||||
Canadian Energy Income ETF | 0.66 | % | 12/31/2020 | |||||
China Real Estate ETF | 0.70 | % | 12/31/2020 | |||||
China Small Cap ETF | 0.75 | % | 12/31/2020 | |||||
Frontier Markets ETF | 0.70 | % | 12/31/2020 | |||||
MSCI Global Timber ETF | 0.55 | % | 12/31/2020 | |||||
S&P Global Dividend Opportunities Index ETF | 0.64 | % | 12/31/2020 | |||||
Zacks International Multi-Asset Income ETF | 0.70 | % | 12/31/2020 |
| 153 |
|
Additionally, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the fiscal year or period ended October 31, 2018, the Adviser waived fees for each Fund in the following amounts:
Canadian Energy Income ETF | $ | 42,001 | * | |
China Real Estate ETF | 34,752 | * | ||
China Small Cap ETF | 73,166 | * | ||
DWA Developed Markets Momentum ETF | 189 | |||
DWA Emerging Markets Momentum ETF | 786 | |||
Emerging Markets Infrastructure ETF | 44 | |||
Frontier Markets ETF | 31,088 | * | ||
FTSE RAFI Asia Pacific ex-Japan ETF | 46 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 1,494 | |||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 437 | |||
FTSE RAFI Emerging Markets ETF | 72,429 | |||
Global Agriculture ETF | 9 | |||
Global Clean Energy ETF | 78 | |||
Global Gold and Precious Metals ETF | 51 | |||
Global Water ETF | 47 | |||
International BuyBack AchieversTM ETF | 614 | |||
MSCI Global Timber ETF | 76,726 | * | ||
S&P Global Dividend Opportunities Index ETF | 39,935 | * | ||
S&P International Developed Quality ETF | 29 | |||
Zacks International Multi-Asset Income ETF | 47,701 | * |
* | For the period June 1, 2018 to October 31, 2018 |
For the period June 1, 2017 to April 6, 2018 (or as otherwise indicated), GFIA waived fees and/or paid Fund expenses for each of the Predecessor Funds, and for the period after the close of business on April 6, 2018 (or as otherwise indicated) to May 31, 2018, the Adviser waived Fund fees the following amounts:
Period after the close of business April 6, 2018 to May 31, 2018 | Period June 1, 2017 to April 6, 2018 | |||||||
Canadian Energy Income ETF | $ | 11,234 | * | $ | 40,670 | ** | ||
China Real Estate ETF | 31,615 | 42,699 | ||||||
China Small Cap ETF | — | * | 59,308 | ** | ||||
Frontier Markets ETF | 60,956 | 256,244 | ||||||
MSCI Global Timber ETF | 54,500 | 200,825 | ||||||
S&P Global Dividend Opportunities Index ETF | 25,090 | 45,225 | ||||||
Zacks International Multi-Asset Income ETF | 17,590 | 61,570 |
* | For the period after the close of business May 18, 2018 to May 31, 2018 |
** | For the period June 1, 2017 to May 18, 2018 |
The fees waived and/or expenses borne by the Adviser for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. Amounts waived by GFIA prior to the Reorganization are not subject to recapture.
| 154 |
|
For the following Funds, the amounts available for potential recapture by the Adviser and the expiration schedule at October 31, 2018 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
5/31/2019 | 5/31/2020 | 5/31/2021 | 10/31/2021 | |||||||||||||||||
Canadian Energy Income ETF | $ | 53,189 | $ | – | $ | – | $ | 11,234 | $ | 41,955 | ||||||||||
China Real Estate ETF | 66,325 | – | – | 31,613 | 34,712 | |||||||||||||||
China Small Cap ETF | 73,122 | – | – | — | 73,122 | |||||||||||||||
Frontier Markets ETF | 91,927 | – | – | 60,879 | 31,048 | |||||||||||||||
MSCI Global Timber ETF | 130,549 | – | – | 53,954 | 76,595 | |||||||||||||||
S&P Global Dividend Opportunities Index ETF | 64,966 | – | – | 25,090 | 39,876 | |||||||||||||||
Zacks International Multi-Asset Income ETF | 65,245 | – | – | 17,590 | 47,655 |
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. Prior to the Reorganization, the Board of Trustees for each Predecessor Fund adopted a distribution and service plan pursuant to Rule 12b-1 under the 1940 Act. No 12b-1 fees were paid by the Predecessor Funds under this plan.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Canadian Energy Income ETF | S&P Dow Jones Indices LLC | |
China Real Estate ETF | AlphaShares | |
China Small Cap ETF | AlphaShares | |
DWA Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
DWA Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
Emerging Markets Infrastructure ETF | S-Network Global Indexes Inc. | |
Frontier Markets ETF | The Bank of New York Corporation | |
FTSE RAFI Asia Pacific ex-Japan ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. | |
FTSE RAFI Emerging Markets ETF | FTSE International Ltd. | |
Global Agriculture ETF | Nasdaq, Inc. | |
Global Clean Energy ETF | WilderHill New Energy Finance, LLC | |
Global Gold and Precious Metals ETF | Nasdaq, Inc. | |
Global Water ETF | Nasdaq, Inc. | |
International BuyBack AchieversTM ETF | Nasdaq, Inc. | |
MSCI Global Timber ETF | MSCI, Inc. | |
S&P Global Dividend Opportunities Index ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Quality ETF | S&P Dow Jones Indices LLC | |
Zacks International Multi-Asset Income ETF | Zacks Investment Research, Inc. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. Prior to the Reorganization, each Underlying Index name trademark had been licensed to GFIA for use by the corresponding Predecessor Fund. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund. Prior to the Reorganization, GFIA engaged external service providers to perform these services for the Predecessor Funds.
| 155 |
|
Note 4. Investments in Affiliates
The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The tables below shows FTSE RAFI Emerging Markets ETF and MSCI Global Timber ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year or period ended October 31, 2018.
FTSE RAFI Emerging Markets ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 9,171,594 | $ | — | $ | — | $ | (1,287,242 | ) | $ | — | $ | 7,884,352 | $ | — |
MSCI Global Timber ETF
Value May 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 407,786 | $ | 17,285 | $ | (160,557 | ) | $ | (24,603 | ) | $ | (2,124 | ) | $ | 237,787 | $ | — |
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 October 31, 2018, 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the fiscal year or period ended October 31, 2018, there were no material transfers in and out of Level 3.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
China Real Estate ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 35,963,012 | $ | 582,224 | $ | 0 | $ | 36,545,236 | ||||||||
Money Market Fund | 131,725 | — | — | 131,725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 36,094,737 | $ | 582,224 | $ | 0 | $ | 36,676,961 | ||||||||
|
|
|
|
|
|
|
| |||||||||
China Small Cap ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 61,927,823 | $ | 145,330 | $ | 52,721 | $ | 62,125,874 | ||||||||
Money Market Fund | 373,196 | — | — | 373,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 62,301,019 | $ | 145,330 | $ | 52,721 | $ | 62,499,070 | ||||||||
|
|
|
|
|
|
|
|
| 156 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 192,646,497 | $ | 5,459 | $ | — | $ | 192,651,956 | ||||||||
Money Market Fund | 1,588,020 | — | — | 1,588,020 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 194,234,517 | $ | 5,459 | $ | — | $ | 194,239,976 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Frontier Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 51,742,437 | $ | — | $ | 0 | $ | 51,742,437 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Asia Pacific ex-Japan ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 19,717,149 | $ | 0 | $ | 0 | $ | 19,717,149 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,269,576,671 | $ | 0 | $ | 0 | $ | 1,269,576,671 | ||||||||
Money Market Fund | 5,872,105 | — | — | 5,872,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,275,448,776 | $ | 0 | $ | 0 | $ | 1,275,448,776 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 290,340,676 | $ | 0 | $ | 15,373 | $ | 290,356,049 | ||||||||
Money Market Fund | 2,342,656 | — | — | 2,342,656 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 292,683,332 | $ | 0 | $ | 15,373 | $ | 292,698,705 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,127,565,058 | $ | 5,442 | $ | — | $ | 1,127,570,500 | ||||||||
Money Market Fund | 537,146 | — | — | 537,146 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,128,102,204 | $ | 5,442 | $ | — | $ | 1,128,107,646 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Clean Energy ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 48,905,670 | $ | 614,716 | $ | 117,816 | $ | 49,638,202 | ||||||||
Money Market Fund | 5,591,715 | — | — | 5,591,715 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 54,497,385 | $ | 614,716 | $ | 117,816 | $ | 55,229,917 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International BuyBack AchieversTM ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 242,779,809 | $ | — | $ | 0 | $ | 242,779,809 | ||||||||
Money Market Fund | 11,736,462 | — | — | 11,736,462 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 254,516,271 | $ | — | $ | 0 | $ | 254,516,271 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Timber ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 173,208,441 | $ | — | $ | 0 | $ | 173,208,441 | ||||||||
Money Market Fund | 2,156,266 | — | — | 2,156,266 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 175,364,707 | $ | — | $ | 0 | $ | 175,364,707 | ||||||||
|
|
|
|
|
|
|
|
| 157 |
|
Note 6. Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid during the Fiscal Years ended October 31, 2018 and 2017:
Year Ended October 31, 2018 | Year Ended October 31, 2017 | |||||||||||||||
Ordinary Income | Return of Capital | Ordinary Income | Return of Capital | |||||||||||||
DWA Developed Markets Momentum ETF | $ | 2,902,784 | $ | — | $ | 3,037,238 | $ | — | ||||||||
DWA Emerging Markets Momentum ETF | 6,235,039 | — | 2,687,364 | — | ||||||||||||
Emerging Markets Infrastructure ETF | 515,345 | — | 226,568 | — | ||||||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 1,022,924 | �� | — | 985,243 | — | |||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 39,591,975 | — | 33,332,106 | — | ||||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 6,547,030 | — | 3,758,579 | — | ||||||||||||
FTSE RAFI Emerging Markets ETF | 34,680,231 | — | 22,154,095 | — | ||||||||||||
Global Agriculture ETF | 286,666 | — | 410,696 | — | ||||||||||||
Global Clean Energy ETF | 989,690 | — | 928,991 | — | ||||||||||||
Global Gold and Precious Metals ETF | 530,104 | — | 431,334 | — | ||||||||||||
Global Water ETF | 3,250,758 | — | 2,385,041 | — | ||||||||||||
International BuyBack AchieversTM ETF | 5,721,629 | — | 1,427,460 | — | ||||||||||||
S&P International Developed Quality ETF | 814,149 | — | 571,984 | — |
Tax Character of Distributions to Shareholder Paid for Canadian Energy Income ETF, China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF during the Period June 1, 2018 to October 31, 2018, Fiscal Year ended May 31, 2018 and Fiscal Year ended May 31, 2017:
Five Months Ended October 31, 2018 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | ||||||||||||||||||||||
Ordinary Income | Return of Capital | Ordinary Income | Return of Capital | Ordinary Income | Return of Capital | |||||||||||||||||||
Canadian Energy Income ETF | $ | 338,012 | $ | — | $ | 851,464 | $ | — | $ | 846,327 | $ | — | ||||||||||||
China Real Estate ETF | — | — | 3,971,680 | — | 950,372 | — | ||||||||||||||||||
China Small Cap ETF | — | — | 3,252,830 | — | 3,021,200 | — | ||||||||||||||||||
Frontier Markets ETF | — | — | 2,284,088 | — | 1,546,958 | — | ||||||||||||||||||
MSCI Global Timber ETF | — | — | 3,518,655 | — | 3,735,200 | — | ||||||||||||||||||
S&P Global Dividend Opportunities Index ETF | 837,522 | — | 1,765,272 | — | 2,719,976 | — | ||||||||||||||||||
Zacks International Multi-Asset Income ETF | 252,898 | — | 440,660 | — | 556,170 | — |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Other Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||
Canadian Energy Income ETF | $ | 4,404 | $ | (6,231,845 | ) | $ | (201 | ) | $ | (84,816,300 | ) | $ | 109,002,371 | $ | 17,958,429 | |||||||||
China Real Estate ETF | 2,763,225 | (7,920,724 | ) | (2,092 | ) | (5,079,093 | ) | 46,796,366 | 36,557,682 | |||||||||||||||
China Small Cap ETF | 3,108,389 | (27,083,183 | ) | (105 | ) | (60,194,117 | ) | 146,304,489 | 62,135,473 | |||||||||||||||
DWA Developed Markets Momentum ETF | 281,675 | 5,736,580 | (18,597 | ) | (113,323,877 | ) | 330,506,563 | 223,182,344 | ||||||||||||||||
DWA Emerging Markets Momentum ETF | 2,121,283 | (9,874,271 | ) | (2,598 | ) | (119,716,402 | ) | 320,131,963 | 192,659,975 | |||||||||||||||
Emerging Markets Infrastructure ETF | — | (890,750 | ) | (665 | ) | (38,427,320 | ) | 56,764,459 | 17,445,724 | |||||||||||||||
Frontier Markets ETF | 899,721 | (2,353,394 | ) | (419 | ) | (72,225,096 | ) | 125,420,529 | 51,741,341 | |||||||||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 42,368 | (1,443,101 | ) | (649 | ) | (3,212,500 | ) | 24,324,533 | 19,710,651 | |||||||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 4,628,961 | (34,804,603 | ) | (91,895 | ) | (54,696,430 | ) | 1,360,385,517 | 1,275,421,550 | |||||||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 652,038 | (10,714,293 | ) | (8,845 | ) | (13,353,789 | ) | 315,287,540 | 291,862,651 | |||||||||||||||
FTSE RAFI Emerging Markets ETF | 3,739,647 | (25,557,559 | ) | (9,349 | ) | (61,663,589 | ) | 1,212,823,739 | 1,129,332,889 | |||||||||||||||
Global Agriculture ETF | — | (869,565 | ) | (6,641 | ) | (17,618,851 | ) | 37,843,652 | 19,348,595 |
| 158 |
|
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Other Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||
Global Clean Energy ETF | $ | 288,920 | $ | 651,217 | $ | (2,194 | ) | $ | (100,586,277 | ) | $ | 149,309,434 | $ | 49,661,100 | ||||||||||
Global Gold and Precious Metals ETF | — | (9,214,232 | ) | (41 | ) | (20,625,493 | ) | 52,467,774 | 22,628,008 | |||||||||||||||
Global Water ETF | 565,751 | 11,555,267 | (23,128 | ) | (50,162,208 | ) | 202,980,131 | 164,915,813 | ||||||||||||||||
International BuyBack AchieversTM ETF | 1,397,865 | (40,727,047 | ) | (12,477 | ) | (13,640,434 | ) | 296,355,161 | 243,373,068 | |||||||||||||||
MSCI Global Timber ETF | 3,979,890 | 21,261,625 | 77 | (22,929,322 | ) | 171,150,482 | 173,462,752 | |||||||||||||||||
S&P Global Dividend Opportunities Index ETF | — | (1,169,398 | ) | (1,283 | ) | (41,554,984 | ) | 73,140,404 | 30,414,739 | |||||||||||||||
S&P International Developed Quality ETF | 107,390 | (2,383,502 | ) | (3,968 | ) | (5,481,960 | ) | 39,801,112 | 32,039,072 | |||||||||||||||
Zacks International Multi-Asset Income ETF | — | (867,240 | ) | (781 | ) | (30,489,964 | ) | 40,417,509 | 9,059,524 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2018:
Post-effective/ no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
Canadian Energy Income ETF | $ | — | $ | 50,476,045 | $ | 34,340,255 | $ | 84,816,300 | ||||||||
China Real Estate ETF | — | 1,202,402 | 3,876,691 | 5,079,093 | ||||||||||||
China Small Cap ETF | — | 7,291,300 | 52,902,817 | 60,194,117 | ||||||||||||
DWA Developed Markets Momentum ETF | 11,083,378 | 102,240,499 | — | 113,323,877 | ||||||||||||
DWA Emerging Markets Momentum ETF | 18,886,830 | 100,829,572 | — | 119,716,402 | ||||||||||||
Emerging Markets Infrastructure ETF | 7,449,409 | 5,808,358 | 25,169,553 | 38,427,320 | ||||||||||||
Frontier Markets ETF | — | 11,608,522 | 60,616,574 | 72,225,096 | ||||||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | — | 290,018 | 2,922,482 | 3,212,500 | ||||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 1,248,239 | — | 53,448,191 | 54,696,430 | ||||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | — | — | 13,353,789 | 13,353,789 | ||||||||||||
FTSE RAFI Emerging Markets ETF | — | — | 61,663,589 | 61,663,589 | ||||||||||||
Global Agriculture ETF | 365,885 | 851,294 | 16,401,672 | 17,618,851 | ||||||||||||
Global Clean Energy ETF | 31,202,293 | 11,053,611 | 58,330,373 | 100,586,277 | ||||||||||||
Global Gold and Precious Metals ETF | 374,482 | 2,148,314 | 18,102,697 | 20,625,493 | ||||||||||||
Global Water ETF | 4,235,497 | 37,815,586 | 8,111,125 | 50,162,208 | ||||||||||||
International BuyBack AchieversTM ETF | — | 13,640,434 | — | 13,640,434 | ||||||||||||
MSCI Global Timber ETF | — | 11,316,300 | 11,613,022 | 22,929,322 | ||||||||||||
S&P Global Dividend Opportunities Index ETF | — | 17,021,211 | 24,533,773 | 41,554,984 | ||||||||||||
S&P International Developed Quality ETF | 2,056,117 | 2,878,011 | 547,832 | 5,481,960 | ||||||||||||
Zacks International Multi-Asset Income ETF | — | 19,158,502 | 11,331,462 | 30,489,964 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
| 159 |
|
Note 7. Investment Transactions
For the fiscal year or period ended October 31, 2018, 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 | |||||||
Canadian Energy Income ETF | $ | 4,355,604 | $ | 4,442,932 | ||||
China Real Estate ETF | 3,064,044 | 1,314,233 | ||||||
China Small Cap ETF | 6,495,011 | 5,103,524 | ||||||
DWA Developed Markets Momentum ETF | 238,846,665 | 237,859,077 | ||||||
DWA Emerging Markets Momentum ETF | 431,233,237 | 420,857,188 | ||||||
Emerging Markets Infrastructure ETF | 5,646,938 | 5,849,006 | ||||||
Frontier Markets ETF | 12,604,381 | 22,274,499 | ||||||
FTSE RAFI Asia Pacific ex-Japan ETF | 4,841,220 | 6,057,874 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 133,938,409 | 127,982,050 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 58,947,093 | 50,416,118 | ||||||
FTSE RAFI Emerging Markets ETF | 277,607,069 | 172,323,758 | ||||||
Global Agriculture ETF | 7,559,616 | 8,045,570 | ||||||
Global Clean Energy ETF | 25,933,317 | 25,832,674 | ||||||
Global Gold and Precious Metals ETF | 3,527,987 | 3,978,446 | ||||||
Global Water ETF | 63,980,128 | 62,377,867 | ||||||
International BuyBack Achievers™ ETF | 354,905,993 | 342,211,171 | ||||||
MSCI Global Timber ETF | 10,651,980 | 8,087,550 | ||||||
S&P Global Dividend Opportunities Index ETF | 23,062,403 | 23,000,472 | ||||||
S&P International Developed Quality ETF | 19,032,282 | 18,591,599 | ||||||
Zacks International Multi-Asset Income ETF | 6,106,272 | 6,402,037 |
For the fiscal year or period ended October 31, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Canadian Energy Income ETF | $ | — | $ | 1,619,860 | ||||
China Real Estate ETF | 1,560,318 | 35,596,527 | ||||||
China Small Cap ETF | — | 8,332,806 | ||||||
DWA Developed Markets Momentum ETF | 118,264,176 | 103,672,145 | ||||||
DWA Emerging Markets Momentum ETF | 44,135,001 | 26,437,212 | ||||||
Emerging Markets Infrastructure ETF | — | — | ||||||
Frontier Markets ETF | — | 4,817,571 | ||||||
FTSE RAFI Asia Pacific ex-Japan ETF | — | 1,912,945 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 308,692,582 | 119,698,813 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 169,119,343 | 63,418,650 | ||||||
FTSE RAFI Emerging Markets ETF | 255,352,534 | 113,422,652 | ||||||
Global Agriculture ETF | — | 2,325,955 | ||||||
Global Clean Energy ETF | 1,194,611 | 2,469,784 | ||||||
Global Gold and Precious Metals ETF | 7,660,193 | 8,949,479 | ||||||
Global Water ETF | 34,783,748 | 61,731,609 | ||||||
International BuyBack Achievers™ ETF | 197,773,731 | 121,140,533 | ||||||
MSCI Global Timber ETF | 10,347,643 | 35,304,699 | ||||||
S&P Global Dividend Opportunities Index ETF | 8,947,807 | 14,262,460 | ||||||
S&P International Developed Quality ETF | 21,506,742 | 14,400,147 | ||||||
Zacks International Multi-Asset Income ETF | — | 1,485,310 |
| 160 |
|
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Canadian Energy Income ETF | $ | 751,540 | $ | (6,983,385 | ) | $ | (6,231,845 | ) | $ | 25,595,549 | ||||||
China Real Estate ETF | 1,859,240 | (9,779,964 | ) | (7,920,724 | ) | 44,597,685 | ||||||||||
China Small Cap ETF | 6,049,217 | (33,132,400 | ) | (27,083,183 | ) | 89,582,253 | ||||||||||
DWA Developed Markets Momentum ETF | 21,802,179 | (16,065,599 | ) | 5,736,580 | 218,370,054 | |||||||||||
DWA Emerging Markets Momentum ETF | 7,563,341 | (17,437,612 | ) | (9,874,271 | ) | 204,114,247 | ||||||||||
Emerging Markets Infrastructure ETF | 2,220,698 | (3,111,448 | ) | (890,750 | ) | 18,312,163 | ||||||||||
Frontier Markets ETF | 6,782,081 | (9,135,475 | ) | (2,353,394 | ) | 54,095,831 | ||||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 2,471,669 | (3,914,770 | ) | (1,443,101 | ) | 21,160,250 | ||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 92,787,876 | (127,592,479 | ) | (34,804,603 | ) | 1,310,253,379 | ||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 20,208,710 | (30,923,003 | ) | (10,714,293 | ) | 303,412,998 | ||||||||||
FTSE RAFI Emerging Markets ETF | 107,083,767 | (132,641,326 | ) | (25,557,559 | ) | 1,153,665,205 | ||||||||||
Global Agriculture ETF | 2,269,677 | (3,139,242 | ) | (869,565 | ) | 20,133,100 | ||||||||||
Global Clean Energy ETF | 7,579,210 | (6,927,993 | ) | 651,217 | 54,578,700 | |||||||||||
Global Gold and Precious Metals ETF | 633,629 | (9,847,861 | ) | (9,214,232 | ) | 31,851,876 | ||||||||||
Global Water ETF | 18,828,859 | (7,273,592 | ) | 11,555,267 | 153,445,322 | |||||||||||
International BuyBack AchieversTM ETF | — | (40,727,047 | ) | (40,727,047 | ) | 295,243,318 | ||||||||||
MSCI Global Timber ETF | 33,806,426 | (12,544,801 | ) | 21,261,625 | 154,103,082 | |||||||||||
S&P Global Dividend Opportunities Index ETF | 862,076 | (2,031,474 | ) | (1,169,398 | ) | 31,619,164 | ||||||||||
S&P International Developed Quality ETF | 1,004,764 | (3,388,266 | ) | (2,383,502 | ) | 34,238,656 | ||||||||||
Zacks International Multi-Asset Income ETF | 239,395 | (1,106,635 | ) | (867,240 | ) | 10,008,685 |
Note 8. Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net asset of each Fund. For the fiscal year or period ended October 31, 2018, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||||||||
Canadian Energy Income ETF | $ | 4,426 | $ | 824,968 | $ | (829,394 | ) | |||||
China Real Estate ETF | 377,346 | 1,205,398 | (1,582,744 | ) | ||||||||
China Small Cap ETF | 102,402 | (1,124,966 | ) | 1,022,564 | ||||||||
DWA Developed Markets Momentum ETF | 1,097,180 | (20,218,133 | ) | 19,120,953 | ||||||||
DWA Emerging Markets Momentum ETF | 2,086,486 | (2,977,430 | ) | 890,944 | ||||||||
Emerging Markets Infrastructure ETF | 125,234 | 12,150 | (137,384 | ) | ||||||||
Frontier Markets ETF | 13,595 | (896,545 | ) | 882,950 | ||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 63,762 | 764,600 | (828,362 | ) | ||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 686,596 | (34,325,893 | ) | 33,639,297 | ||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 592,372 | (21,224,017 | ) | 20,631,645 | ||||||||
FTSE RAFI Emerging Markets ETF | (84,145 | ) | (44,133,997 | ) | 44,218,142 | |||||||
Global Agriculture ETF | 24,848 | (479,535 | ) | 454,687 | ||||||||
Global Clean Energy ETF | 47,948 | 21,959,118 | (22,007,066 | ) | ||||||||
Global Gold and Precious Metals ETF | 451,153 | 1,047,416 | (1,498,569 | ) | ||||||||
Global Water ETF | (85,410 | ) | (15,842,356 | ) | 15,927,766 | |||||||
International BuyBack AchieversTM ETF | 512,877 | (10,142,645 | ) | 9,629,768 |
| 161 |
|
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||||||||
MSCI Global Timber ETF | $ | (205,312 | ) | $ | (8,311,809 | ) | $ | 8,517,121 | ||||
S&P Global Dividend Opportunities Index ETF | 193,610 | (509,166 | ) | 315,556 | ||||||||
S&P International Developed Quality ETF | 10,331 | (824,043 | ) | 813,712 | ||||||||
Zacks International Multi-Asset Income ETF | 102,344 | 2,460,579 | (2,562,923 | ) |
Note 9. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Independent Trustee and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, Emerging Markets Infrastructure ETF, FTSE RAFI Asia Pacific ex-Japan ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Agriculture ETF, Global Clean Energy ETF, Global Gold and Precious Metals ETF, Global Water ETF, International BuyBack Achievers™ ETF and S&P International Developed Quality ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
Note 10. Capital
Shares are created and redeemed by each Fund (except for S&P Global Dividend Opportunities Index ETF and Zacks International Multi-Asset Income ETF) only in Creation Units of 50,000 Shares, 80,000 Shares for S&P Global Dividend Opportunities Index ETF and 100,000 Shares for Zacks International Multi-Asset Income ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Note 11. Indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 12. Subsequent Event
At a meeting held on December 13, 2018, the Board of Trustees of the Trust approved the termination and winding down of Canadian Energy Income ETF, Emerging Markets Infrastructure ETF, FTSE RAFI Asia Pacific ex-Japan ETF, Global Agriculture ETF, Global Gold and Precious Metals ETF and Zacks International Multi-Asset Income ETF, with the liquidation payment to shareholders expected to take place on or about February 27, 2019. Investors, who have elected not to sell their shares before market close on February 20, 2019 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 27, 2019.
| 162 |
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the twenty Funds listed below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twenty of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Invesco Canadian Energy Income ETF (2) |
Invesco China Real Estate ETF(2) |
Invesco China Small Cap ETF(2) |
Invesco DWA Developed Markets Momentum ETF(1) |
Invesco DWA Emerging Markets Momentum ETF(1) |
Invesco Emerging Markets Infrastructure ETF(1) |
Invesco Frontier Markets ETF(2) |
Invesco FTSE RAFI Asia Pacific ex-Japan ETF(1) |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF(1) |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF(1) |
Invesco FTSE RAFI Emerging Markets ETF(1) |
Invesco Global Agriculture ETF(1) |
Invesco Global Clean Energy ETF(1) |
Invesco Global Gold and Precious Metals ETF(1) |
Invesco Global Water ETF(1) |
Invesco International BuyBack AchieversTM ETF(1) |
Invesco MSCI Global Timber ETF(2) |
Invesco S&P Global Dividend Opportunities Index ETF(2) |
Invesco S&P International Developed Quality ETF(1) |
Invesco Zacks International Multi-Asset Income ETF(2) |
(1) | Statements of operations for the year ended October 31, 2018, statements of changes in net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the periods indicated therein. |
(2) | Statements of operations and changes in net assets and the financial highlights for the period June 1, 2018 through October 31, 2018 and for the year ended May 31, 2018 |
The financial statements of Invesco Canadian Energy Income ETF (Predecessor Fund Guggenheim Canadian Energy Income ETF), Invesco China Real Estate ETF (Predecessor Fund Guggenheim China Real Estate ETF), Invesco China Small Cap ETF (Predecessor Fund Guggenheim China Small Cap ETF), Invesco Frontier Markets ETF (Predecessor Fund Guggenheim Frontier Markets ETF), Invesco MSCI Global Timber ETF (Predecessor Fund Guggenheim MSCI Global Timber ETF), Invesco S&P Global Dividend Opportunities Index ETF (Predecessor Fund Guggenheim S&P Global Dividend Opportunities Index ETF) and Invesco Zacks International Multi-Asset Income ETF (Predecessor Fund Guggenheim International Multi-Asset Income ETF) as of and for the year ended May 31, 2017 and the financial highlights for each of the periods ended on or prior to May 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
| 163 |
|
Report of Independent Registered Public Accounting Firm (continued)
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
Subsequent Event
As discussed in Note 12 to the financial statements, the Board of Trustees approved a plan of liquidation for the Invesco Canadian Energy Income ETF, Invesco Emerging Markets Infrastructure ETF, Invesco FTSE RAFI Asia Pacific ex-Japan ETF, Invesco Global Agriculture ETF, Invesco Global Gold and Precious Metals ETF and Invesco Zacks International Multi-Asset Income ETF on December 13, 2018.
PricewaterhouseCoopers LLP
Chicago, Illinois
December 26, 2018
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
| 164 |
|
As a shareholder of Invesco Canadian Energy Income ETF, Invesco China Real Estate ETF, Invesco China Small Cap ETF, Invesco Frontier Markets ETF, Invesco MSCI Global Timber ETF, Invesco S&P Global Dividend Opportunities Index ETF and Invesco Zacks International Multi-Asset Income ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco Emerging Markets Infrastructure ETF, Invesco FTSE RAFI Asia Pacific ex-Japan ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Agriculture ETF, Invesco Global Clean Energy ETF, Invesco Global Gold and Precious Metals ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers™ ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 October 31, 2018.
In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets ETF and Invesco Zacks International Multi-Asset Income ETF (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 are included in the Portfolios total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Canadian Energy Income ETF (ENY) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 901.40 | 0.60 | % | $ | 2.88 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||||||||||
Invesco China Real Estate ETF (TAO) | ||||||||||||||||
Actual | 1,000.00 | 793.24 | 0.70 | 3.16 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
| 165 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco China Small Cap ETF (HAO) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 766.28 | 0.71 | % | $ | 3.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.63 | 0.71 | 3.62 | ||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||
Actual | 1,000.00 | 905.70 | 0.80 | 3.84 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.17 | 0.80 | 4.08 | ||||||||||||
Invesco DWA Emerging Markets Momentum ETF (PIE) | ||||||||||||||||
Actual | 1,000.00 | 780.00 | 0.90 | 4.04 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.67 | 0.90 | 4.58 | ||||||||||||
Invesco Emerging Markets Infrastructure ETF (PXR) | ||||||||||||||||
Actual | 1,000.00 | 841.40 | 0.75 | 3.48 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
Invesco Frontier Markets ETF (FRN) | ||||||||||||||||
Actual | 1,000.00 | 823.80 | 0.69 | 3.17 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||||||||||
Invesco FTSE RAFI Asia Pacific ex-Japan ETF (PAF) | ||||||||||||||||
Actual | 1,000.00 | 851.00 | 0.49 | 2.29 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.74 | 0.49 | 2.50 | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||
Actual | 1,000.00 | 892.00 | 0.45 | 2.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | ||||||||||||||||
Actual | 1,000.00 | 860.10 | 0.49 | 2.30 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.74 | 0.49 | 2.50 | ||||||||||||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | ||||||||||||||||
Actual | 1,000.00 | 893.80 | 0.48 | 2.29 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.79 | 0.48 | 2.45 | ||||||||||||
Invesco Global Agriculture ETF (PAGG) | ||||||||||||||||
Actual | 1,000.00 | 951.00 | 0.75 | 3.69 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||
Actual | 1,000.00 | 860.50 | 0.75 | 3.52 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
Invesco Global Gold and Precious Metals ETF (PSAU) | ||||||||||||||||
Actual | 1,000.00 | 844.00 | 0.75 | 3.49 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||
Actual | 1,000.00 | 931.50 | 0.75 | 3.65 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||||||||||
Invesco International BuyBack Achievers™ ETF (IPKW) | ||||||||||||||||
Actual | 1,000.00 | 835.70 | 0.55 | 2.54 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||||||||||
Invesco MSCI Global Timber ETF (CUT) | ||||||||||||||||
Actual | 1,000.00 | 845.30 | 0.55 | 2.56 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||||||||||
Invesco S&P Global Dividend Opportunities Index ETF (LVL) | ||||||||||||||||
Actual | 1,000.00 | 986.08 | 0.63 | 3.15 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.03 | 0.63 | 3.21 | ||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||
Actual | 1,000.00 | 911.00 | 0.29 | 1.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 | ||||||||||||
Invesco Zacks International Multi-Asset Income ETF (HGI) | ||||||||||||||||
Actual | 1,000.00 | 890.39 | 0.70 | 3.34 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 |
(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 October 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
| 166 |
|
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2018:
Qualified Dividend Income* | Dividends-Received Deduction* | |||||||||
Canadian Energy Income ETF | 87 | % | 0 | % | ||||||
China Real Estate ETF | 0 | % | 0 | % | ||||||
China Small Cap ETF | 0 | % | 0 | % | ||||||
DWA Developed Markets Momentum ETF | 86 | % | 0 | % | ||||||
DWA Emerging Markets Momentum ETF | 69 | % | 0 | % | ||||||
Emerging Markets Infrastructure ETF | 100 | % | 0 | % | ||||||
Frontier Markets ETF | 0 | % | 0 | % | ||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 82 | % | 0 | % | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 100 | % | 0 | % | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 83 | % | 0 | % | ||||||
FTSE RAFI Emerging Markets ETF | 69 | % | 0 | % | ||||||
Global Agriculture ETF | 80 | % | 17 | % | ||||||
Global Clean Energy ETF | 84 | % | 9 | % | ||||||
Global Gold and Precious Metals ETF | 100 | % | 14 | % | ||||||
Global Water ETF | 95 | % | 6 | % | ||||||
International BuyBack AchieversTM ETF | 100 | % | 0 | % | ||||||
MSCI Global Timber ETF | 0 | % | 0 | % | ||||||
S&P Global Dividend Opportunities Index ETF | 89 | % | 48 | % | ||||||
S&P International Developed Quality ETF | 100 | % | 0 | % | ||||||
Zacks International Multi-Asset Income ETF | 71 | % | 8 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||||
Canadian Energy Income ETF | $ | 396,035 | $ | 45,793 | ||||||
China Real Estate ETF | — | — | ||||||||
China Small Cap ETF | 1,491,078 | 63,491 | ||||||||
DWA Developed Markets Momentum ETF | 4,082,828 | 378,550 | ||||||||
DWA Emerging Markets Momentum ETF | 8,445,461 | 953,055 | ||||||||
Emerging Markets Infrastructure ETF | 578,440 | 75,851 | ||||||||
Frontier Markets ETF | 820,880 | 55,328 | ||||||||
FTSE RAFI Asia-Pacific ex-Japan ETF | 1,013,127 | 41,612 | ||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 37,246,108 | 2,678,143 | ||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 7,132,859 | 672,133 | ||||||||
FTSE RAFI Emerging Markets ETF | 44,698,643 | 4,467,958 | ||||||||
Global Agriculture ETF | 296,642 | 32,816 | ||||||||
Global Clean Energy ETF | — | — | ||||||||
Global Gold and Precious Metals ETF | — | — | ||||||||
Global Water ETF | — | — | ||||||||
International BuyBack AchieversTM ETF | 7,308,006 | 724,316 | ||||||||
MSCI Global Timber ETF | 2,211,884 | 74,118 | ||||||||
S&P Global Dividend Opportunities Index ETF | 375,214 | 23,420 | ||||||||
S&P International Developed Quality ETF | 1,050,079 | 94,439 | ||||||||
Zacks International Multi-Asset Income ETF | 123,890 | 7,225 |
| 167 |
|
The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2018
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Nominating and Governance Committee and Trustee | Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 234 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 234 | None | |||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 234 | None | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 168 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider). | 234 | None | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 169 |
|
Trustees and Officers (continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 234 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.
| 170 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2015 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2012 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 171 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). | |||
Melanie Zimdars — 1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 172 |
|
(This Page Intentionally Left Blank)
(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-AR-8 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2018
DSUM | Invesco Chinese Yuan Dim Sum Bond ETF | |
PCY | Invesco Emerging Markets Sovereign Debt ETF | |
PGHY | Invesco Global Short Term High Yield Bond ETF | |
PICB | Invesco International Corporate Bond ETF |
The Market Environment | 3 | |||
Manager’s Analysis | 5 | |||
Fixed Income Portfolios | ||||
Schedules of Investments | ||||
14 | ||||
16 | ||||
21 | ||||
33 | ||||
Statements of Assets and Liabilities | 42 | |||
Statements of Operations | 43 | |||
Statements of Changes in Net Assets | 44 | |||
Financial Highlights | 46 | |||
Notes to Financial Statements | 48 | |||
Report of Independent Registered Public Accounting Firm | 58 | |||
Fees and Expenses | 59 | |||
Tax Information | 60 | |||
Trustees and Officers | 61 |
| 2 |
|
Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. The fiscal year began in the final months of 2017 with several major US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility.
Stock market euphoria continued in January 2018 as US equity markets steadily moved higher. Investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock markets to pull back and volatility to increase.
US equity markets generally recovered in the second quarter of 2018 as strong US retail sales and low unemployment buoyed markets. Throughout the summer, US equities moved higher as corporate profits surged. Several US equity indexes reached new highs despite potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility markedly rose in the final month of the fiscal year. US equity markets suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could mean a more restrictive monetary policy. In this environment, there was a flight to safety, as investors fled to defensive areas of the market and U.S. treasuries.
Given signs of a strong economy, the US Federal Reserve raised interest rates four times during the fiscal year: in December 2017 and in March, June and September 2018.1 In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
1 | Source: US Federal Reserve |
Fixed Income
Throughout the fiscal year, US economic data remained positive; economic growth in the second quarter of 2018 was particularly strong. The US economy continued to add jobs, pushing the unemployment rate to 3.7% at the close of the fiscal year, while inflation remained subdued.1 Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.00% to 1.25% at the start of the fiscal year to a range of 2.00% to 2.25% at the close of the fiscal year. This was accomplished with four 0.25% rate hikes in December 2017, and in March, June and September 2018.2 Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension, sub-optimal inflation, and the lingering unknown of Brexit—the decision by
UK voters to leave the European Union. These headwinds could limit future Fed rate hikes in the near-term. The Bank of Japan and the European Central Bank maintained their accommodative monetary policies by keeping real interest rates low in a continued attempt to stimulate growth and inflation by encouraging investors to spend rather than save. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.
The 10-year US Treasury yield continued to move upward at the start of the fiscal year due to the continued strength of the global economy, the rising risks of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. Due to these factors, the 10-year US Treasury note continued to rise in 2018, resulting in higher government yields and a move above 3.00%.3 The 10-year US Treasury yield ended the fiscal year at 3.14%, 76 basis points higher than at the beginning of the fiscal year.3 (A basis point is one one-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.05% for the fiscal year. Negative performance was largely attributable to the broad increase in US Treasury yields, a widening of credit spreads and reduced overseas bond purchase demand during the fiscal year.
All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted negative returns for the fiscal year.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
Global Equity
The fiscal year proved to be an increasingly volatile time for global equities. The fiscal year began in the final months of 2017 with several US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility. Despite a sharp uptick in volatility, particularly in October 2018, US markets, in general, still produced positive returns for the fiscal year. International markets, however, were meaningfully less robust, many experiencing flat to negative results for the fiscal year. This divergence between the US and other markets could be attributed to the strength of the US economy and the widely-held belief that the US could win trade wars with other countries.
At the beginning of 2018, markets saw significant turbulence in late January and early February, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve (the Fed) tightening and then, later in the year, by fears of brewing trade wars and geopolitical tensions. After a relatively quiet summer, market volatility markedly rose again in the final month of the fiscal year. Global equity markets (particularly the US) suffered a
| 3 |
|
The Market Environment (continued)
sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy.
Global economic growth, in general, was solid despite weakness in emerging markets. During the fiscal year, emerging markets were impacted by both country-specific issues, as well as, more generalized pressure resulting from the Fed’s tightening policy. In this environment, economic growth unsurprisingly slowed in emerging markets. Within the eurozone, economic growth accelerated, although there was divergence among countries. In Japan, economic growth improved over the latter part of the fiscal year. The US experienced strong growth during the fiscal year due to robust consumer and business spending. In addition, unemployment rates remained low, job creation was strong and inflation remained relatively controlled.
At the close of the fiscal year, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.
| 4 |
|
DSUM | Manager’s Analysis | |
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) |
As an index fund, the Invesco Chinese Yuan Dim Sum Bond ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE Custom Dim Sum (Offshore CNY) Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in Chinese Renminbi (“RMB”)-denominated bonds that comprise the Index.
The Index measures the performance of RMB-denominated “Dim Sum” bonds that are issued and settled outside of mainland China. Dim Sum bonds are RMB-denominated and generally are issued in Hong Kong by a variety of entities ranging from governments to corporations. Strictly in accordance with the Index’s guidelines and mandated procedures, securities must have a minimum maturity of one month and an outstanding amount of at least RMB 1 billion to be eligible for entry into the Index. There is no minimum rating requirement for inclusion in the Index. Securities with a maturity of less than one month are removed from the Index. The Index is composed of RMB-denominated bonds issued by governments, agencies, supranational and corporations, excluding synthetics, convertible bonds, retail bonds and CDs. FTSE Fixed Income LLC, the Index provider, rebalances the Index monthly. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (4.19)%. On a net asset value (“NAV”) basis, the Fund returned (2.95)%. During the same time period, the Index returned (1.50)%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period, as well as the Fund’s utilization of a sampling methodology.
During this same time period, the Bloomberg Barclays China Aggregate Index (the “Benchmark Index”) returned 1.26%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,398 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the Dim Sum fixed-income market.
Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in sovereign debt during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight in sovereign debt.
Positions that contributed most significantly to the Fund’s return included Lai Fung Holdings Ltd., 6.875% coupon, due 04/25/2018, a real estate company (no longer held at fiscal year-end) and Longfor Properties Co. Ltd., 6.75% coupon, due
05/28/2018, a real estate company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included ITNL Offshore Pte Ltd., 7.5% coupon, due 01/18/2021, a commercial services company (portfolio average weight of 0.79%), and Chong Qing Grain Group Co. Ltd., 4.02% coupon, due 07/14/2019, an agriculture company (portfolio average weight of 1.90%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Real Estate | 21.7 | |||
Banks | 17.8 | |||
Sovereign | 15.3 | |||
Food | 5.8 | |||
Auto Manufacturers | 5.1 | |||
Computers | 4.9 | |||
Diversified Financial Services | 4.7 | |||
Agriculture | 4.7 | |||
Engineering & Construction | 4.7 | |||
Holding Companies-Diversified | 4.0 | |||
Industry Types Each Less Than 3% | 6.7 | |||
Money Market Fund Plus Other Assets Less Liabilities | 4.6 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Lenovo Group Ltd., 4.950%, 06/10/2020 | 4.9 | |||
Commonwealth Bank of Australia, EMTN, 4.200%, 10/26/2020 | 4.8 | |||
Sinochem Offshore Capital Co. Ltd., EMTN, 4.400%, 02/14/2021 | 4.7 | |||
Chong Qing Grain Group Co. Ltd., 4.020%, 07/14/2019 | 4.7 | |||
CNI Capital Ltd., 4.300%, 11/11/2019 | 4.7 | |||
Greenland Global Investment Ltd., EMTN, 7.125%, 03/20/2021 | 4.6 | |||
Shui On Development Holding Ltd., 6.875%, 03/02/2021 | 4.3 | |||
Shimao Property Holdings Ltd., 5.750%, 03/15/2021 | 4.3 | |||
Huarui Investment Holding Co. Ltd., 5.250%, 11/26/2018 | 4.0 | |||
Korea Development Bank (The), EMTN, 4.500%, 11/10/2020 | 3.8 | |||
Total | 44.8 |
* | Excluding money market fund holdings. |
| 5 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
FTSE Custom Dim Sum (Offshore CNY) Bond Index | (1.50 | )% | 0.98 | % | 2.96 | % | 1.20 | % | 6.15 | % | 2.82 | % | 21.83 | % | ||||||||||||||||||
Bloomberg Barclays China Aggregate Index | 1.26 | (0.10 | ) | (0.28 | ) | 2.33 | 12.20 | 3.29 | 25.87 | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return* | (2.95 | ) | 0.03 | 0.10 | 0.36 | 1.82 | 1.99 | 14.99 | ||||||||||||||||||||||||
Market Price Return | (4.19 | ) | (0.20 | ) | (0.61 | ) | (0.01 | ) | (0.05 | ) | 1.26 | 9.33 |
* | Subsequent to period-end, the Fund obtained additional information affecting accounting estimates as of period-end and adjusted the financial statements to reflect the adjusted estimates under GAAP. The performance shown is based on transactional NAV and does not reflect GAAP adjustments. |
Fund Inception: September 23, 2011
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in its respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 6 |
|
PCY | Manager’s Analysis | |
Invesco Emerging Markets Sovereign Debt ETF (PCY) |
As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Index measures potential returns of a theoretical portfolio of liquid emerging market U.S. dollar-denominated government bonds. The Fund generally will invest 80% of its total assets in U.S. dollar denominated government bonds from emerging market countries that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects one to three securities from each eligible emerging market country as determined by the Index Provider that (i) are denominated in U.S. dollars, (ii) are sovereign bonds, (iii) have at least three years to maturity, (iv) have an outstanding float of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (7.66)%. On a net asset value (“NAV”) basis, the Fund returned (7.42)%. During the same time period, the Index returned (6.89)%. During the fiscal year, the Fund mostly replicated the components of the Index; the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses as well as trading costs incurred by the Fund during that period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (5.27)%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.
Relative to the Benchmark Index, the Fund was most overweight in the country of Qatar and most underweight in the country of China during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to the country of Venezuela and lower allocation to the country of Ecuador.
For the fiscal year ended October 31, 2018, the country of Bahrain contributed most significantly to the Fund’s return, followed by the country of the United Arab Emirates and the
country of Croatia, respectively. The country of Venezuela detracted most significantly from the Fund’s return, followed by the country of Argentina and the country of Costa Rica, respectively.
Positions that contributed most significantly to the Fund’s return included Kingdom of Bahrain International Bond, 6.75% coupon, due 09/20/2029 (portfolio average weight of 0.56%), and State of Qatar International Bond, 5.103% coupon, due 04/23/2048 (portfolio average weight of 0.25%). Positions that detracted most significantly from the Fund’s return included Bolivarian Republic of Venezuela International Bond, 6.00% coupon, due 12/09/2020 (no longer held at fiscal year-end) and Bolivarian Republic of Venezuela International Bond, 8.25% coupon, due 10/13/2024 (no longer held at fiscal year-end).
| 7 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Qatar | 2.9 | |||
Poland | 2.8 | |||
Croatia | 2.8 | |||
Kazakhstan | 2.8 | |||
United Arab Emirates | 2.8 | |||
Chile | 2.8 | |||
Bahrain | 2.8 | |||
Philippines | 2.8 | |||
Saudi Arabia | 2.7 | |||
Hungary | 2.7 | |||
Colombia | 2.7 | |||
Peru | 2.7 | |||
Brazil | 2.7 | |||
Panama | 2.7 | |||
Paraguay | 2.7 | |||
Pakistan | 2.7 | |||
Romania | 2.7 | |||
Indonesia | 2.7 | |||
Russia | 2.7 | |||
Oman | 2.6 | |||
Trinidad and Tobago | 2.6 | |||
Mexico | 2.6 | |||
Dominican Republic | 2.6 | |||
South Korea | 2.6 | |||
Jordan | 2.6 | |||
Nigeria | 2.5 | |||
El Salvador | 2.5 | |||
Sri Lanka | 2.5 | |||
Ukraine | 2.5 | |||
Lebanon | 2.5 | |||
South Africa | 2.4 | |||
Egypt | 2.4 | |||
Turkey | 2.4 | |||
Ecuador | 2.4 | |||
Argentina | 2.3 | |||
Costa Rica | 2.3 | |||
Slovenia | 1.4 | |||
Serbia | 1.4 | |||
Lithuania | 1.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.3 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Trinidad & Tobago Government International Bond, 4.500%, 08/04/2026 | 1.8 | |||
Slovenia Government International Bond, 5.250%, 02/18/2024 | 1.4 | |||
Croatia Government International Bond, 6.000%, 01/26/2024 | 1.4 | |||
Croatia Government International Bond, 5.500%, 04/04/2023 | 1.4 | |||
Serbia International Bond, 7.250%, 09/28/2021 | 1.4 | |||
Lithuania Government International Bond, 6.625%, 02/01/2022 | 1.4 | |||
Korea International Bond, 2.750%, 01/19/2027 | 1.0 | |||
Korea International Bond, 3.875%, 09/11/2023 | 1.0 | |||
Qatar Government International Bond, 5.750%, 01/20/2042 | 1.0 | |||
Qatar Government International Bond, 6.400%, 01/20/2040 | 1.0 | |||
Total | 12.8 |
* | Excluding money market fund holdings. |
| 8 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
DBIQ Emerging Market USD Liquid Balanced Index | (6.89 | )% | 3.33 | % | 10.31 | % | 4.30 | % | 23.45 | % | 10.48 | % | 170.86 | % | 6.76 | % | 105.99 | % | ||||||||||||||||||||||
JP Morgan Emerging Market Bond Global Index | (5.27 | ) | 3.83 | 11.93 | 3.61 | 19.38 | 8.75 | 131.36 | 5.96 | 89.71 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (7.42 | ) | 2.65 | 8.16 | 3.68 | 19.83 | 9.41 | 145.85 | 5.74 | 85.32 | ||||||||||||||||||||||||||||||
Market Price Return | (7.66 | ) | 2.63 | 8.10 | 3.64 | 19.58 | 10.25 | 165.42 | 5.65 | 83.58 |
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 9 |
|
PGHY | Manager’s Analysis | |
Invesco Global Short Term High Yield Bond ETF (PGHY) |
As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally invests at least 80% of its total assets in U.S. and foreign short-term, non-investment grade bonds included in the Index, all of which are denominated in U.S. dollars.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects such bonds issued by corporations, as well as sovereign, sub-sovereign or quasi-government entities, from a universe of eligible securities for inclusion in the Index that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of no greater than “BB+”); (iii) have not been marked as defaulted by any rating agency; (iv) have three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.
Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned 0.36%. On a net asset value (“NAV”) basis, the Fund returned 1.05%. During the same time period, the Index returned 1.28%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, partially offset by the Fund’s utilization of a sampling methodology.
During this same time period, ICE BofAML 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 2.94%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 854 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the media industry during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to
performance differences as a result of varying country weights between the Fund and the Benchmark Index in addition to a lower average duration relative to the Benchmark index.
Positions that contributed most significantly to the Fund’s return included Nine West Holdings Inc., 8.25% coupon, due 03/15/2019, an apparel & textile products company (portfolio average weight of 0.25%) and Algeco Scotsman Global Finance Plc, 10.75% coupon, due 10/15/2019, a transportation & logistics company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Sears Holdings Corp., 8.00% coupon, due 12/15/2019, a department store (portfolio average weight of 0.05%) and C.A. La Electricidad de Caracas S.A.C.A., 8.50% coupon, due 04/10/2018, an electric utilities company (no longer held at fiscal year-end).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Banks | 16.9 | |||
Sovereign | 11.2 | |||
Diversified Financial Services | 6.0 | |||
Real Estate | 5.9 | |||
Oil & Gas | 5.7 | |||
Home Builders | 4.2 | |||
Telecommunications | 3.5 | |||
Industry Types Each Less Than 3% | 44.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 1.7 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
IDBI Bank Ltd./GIFT-IFC, EMTN, 3.750%, 01/25/2019 | 0.5 | |||
Zhiyuan Group BVI Co. Ltd., 6.200%, 01/11/2019 | 0.5 | |||
China SCE Property Holdings Ltd., 7.450%, 04/17/2021 | 0.4 | |||
Banco Votorantim SA, 7.375%, 01/21/2020 | 0.4 | |||
Banco Regional SAECA, 8.125%, 01/24/2019 | 0.4 | |||
El Salvador Government International Bond, 7.375%, 12/01/2019 | 0.4 | |||
CSN Islands XI Corp., 6.875%, 09/21/2019 | 0.4 | |||
Controladora Mabe SA de CV, 7.875%, 10/28/2019 | 0.4 | |||
Hanrui Overseas Investment Co. Ltd., 4.900%, 06/28/2019 | 0.4 | |||
Studio City Co. Ltd., 5.875%, 11/30/2019 | 0.4 | |||
Total | 4.2 |
* | Excluding money market fund holdings. |
| 10 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
DB Global Short Maturity High Yield Bond Index | 1.28 | % | 7.37 | % | 23.77 | % | 5.43 | % | 30.25 | % | 5.68 | % | 34.46 | % | ||||||||||||||||||
ICE BofAML 0-5 Year U.S. High Yield Constrained Index | 2.94 | 6.82 | 21.88 | 4.34 | 23.64 | 4.89 | 29.15 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 1.05 | 5.29 | 16.73 | 3.79 | 20.43 | 4.07 | 23.83 | |||||||||||||||||||||||||
Market Price Return | 0.36 | 5.32 | 16.83 | 3.50 | 18.76 | 4.02 | 23.53 |
Fund Inception: June 20, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 11 |
|
PICB | Manager’s Analysis | |
Invesco International Corporate Bond ETF (PICB) |
As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index® (the “Index”). The Fund generally will invest at least 80% of its total assets in investment grade corporate bonds that comprise the Index.
The Index measures the performance of investment grade corporate bonds issued in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (CHF). S&P Dow Jones Indices LLC, the Index Provider, constructs the Index from investment grade corporate bonds denominated in the currencies noted above. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (4.46)%. On a net asset value (“NAV”) basis, the Fund returned (4.31)%. During the same time period, the Index returned (4.45)%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the Fund’s sampling methodology, partially offset by fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays Pan-European Aggregate Index (the “Benchmark Index”) returned (3.54)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,600 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.
The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s larger allocation to banks compared to the Index.
Positions that contributed most significantly to the Fund’s return included Barclays Bank PLC, 10.00% coupon, due 05/21/2021, a banks company (no longer held at fiscal year-end), and Development Bank of Japan, Inc., 2.30% coupon, due 03/19/2026, a banks company (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return included Engie S.A., 5.00% coupon, due 10/01/2060, an electric company (portfolio average weight of 0.63%), and University of Oxford, 2.544% coupon, due 12/18/2117, a commercial services company (portfolio average weight of 0.17%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Banks | 42.3 | |||
Electric | 14.4 | |||
Telecommunications | 8.7 | |||
Oil & Gas | 4.7 | |||
Auto Manufacturers | 4.1 | |||
Pharmaceuticals | 3.7 | |||
Beverages | 3.4 | |||
Industry Types Each Less Than 3% | 17.5 | |||
Other Assets Less Liabilities | 1.2 | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Electricite de France SA, EMTN, 6.125%, 06/02/2034 | 0.9 | |||
Panasonic Corp., Series 12, 0.387%, 03/19/2020 | 0.8 | |||
Engie SA, EMTN, 5.000%, 10/01/2060 | 0.7 | |||
Electricite de France SA, EMTN, 6.000%, 01/23/2114 | 0.7 | |||
Electricite de France SA, EMTN, 5.500%, 10/17/2041 | 0.7 | |||
Toronto-Dominion Bank (The), DPNT, 1.994%, 03/23/2022 | 0.7 | |||
Vattenfall AB, EMTN, 6.875%, 04/15/2039 | 0.7 | |||
Bank of Montreal, DPNT, 1.610%, 10/28/2021 | 0.6 | |||
Cooperatieve Rabobank UA, 3.875%, 07/25/2023 | 0.6 | |||
Enel Finance International NV, EMTN, 5.750%, 09/14/2040 | 0.6 | |||
Total | 7.0 |
| 12 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
S&P International Corporate Bond Index® (Net) | (4.45 | )% | 0.97 | % | 2.94 | % | (1.12 | )% | (5.50 | )% | 2.76 | % | 25.72 | % | ||||||||||||||||||
Bloomberg Barclays Pan-European Aggregate Index | (3.54 | ) | 1.05 | 3.19 | (0.61 | ) | (3.03 | ) | 2.89 | 27.10 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (4.31 | ) | 0.97 | 2.94 | (1.01 | ) | (4.93 | ) | 2.85 | 26.63 | ||||||||||||||||||||||
Market Price Return | (4.46 | ) | 1.01 | 3.07 | (1.06 | ) | (5.19 | ) | 2.75 | 25.57 |
Fund Inception: June 3, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 13 |
|
Schedule of Investments
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds—80.1% | ||||||||||||||||||
Australia—6.6% | ||||||||||||||||||
CNH | 10,000,000 | Australia & New Zealand Banking Group Ltd., EMTN | 4.750 | % | 01/30/2025 | $ | 1,429,200 | |||||||||||
CNH | 25,000,000 | Commonwealth Bank of Australia, EMTN | 4.200 | 10/26/2020 | 3,593,412 | |||||||||||||
|
| |||||||||||||||||
5,022,612 | ||||||||||||||||||
|
| |||||||||||||||||
China—48.3% | ||||||||||||||||||
CNH | 7,000,000 | Bank of China Ltd., EMTN | 4.880 | 04/20/2020 | 1,013,664 | |||||||||||||
CNH | 8,000,000 | Bank of China Ltd., EMTN | 4.500 | 11/22/2020 | 1,152,164 | |||||||||||||
CNH | 6,000,000 | China Development Bank | 4.200 | 01/19/2027 | 859,951 | |||||||||||||
CNH | 7,600,000 | China Development Bank, EMTN | 3.600 | 11/13/2018 | 1,089,607 | |||||||||||||
CNH | 25,000,000 | Chong Qing Grain Group Co. Ltd. | 4.020 | 07/14/2019 | 3,574,749 | |||||||||||||
CNH | 25,000,000 | CNI Capital Ltd. | 4.300 | 11/11/2019 | 3,567,705 | |||||||||||||
CNH | 15,000,000 | Fantasia Holdings Group Co. Ltd. | 9.500 | 05/04/2019 | 2,096,299 | |||||||||||||
CNH | 25,000,000 | Greenland Global Investment Ltd., EMTN | 7.125 | 03/20/2021 | 3,501,556 | |||||||||||||
CNH | 21,000,000 | Huarui Investment Holding Co. Ltd. | 5.250 | 11/26/2018 | 2,993,669 | |||||||||||||
CNH | 26,000,000 | Lenovo Group Ltd. | 4.950 | 06/10/2020 | 3,701,829 | |||||||||||||
CNH | 23,000,000 | Shimao Property Holdings Ltd. | 5.750 | 03/15/2021 | 3,242,041 | |||||||||||||
CNH | 23,000,000 | Shui On Development Holding Ltd. | 6.875 | 03/02/2021 | 3,252,343 | |||||||||||||
CNH | 25,000,000 | Sinochem Offshore Capital Co. Ltd., EMTN | 4.400 | 02/14/2021 | 3,592,506 | |||||||||||||
CNH | 15,000,000 | Value Success International Ltd., Series 1, EMTN | 4.750 | 11/04/2018 | 2,150,469 | |||||||||||||
CNH | 5,000,000 | Vanke Real Estate Hong Kong Co. Ltd., EMTN | 4.500 | 12/04/2018 | 716,849 | |||||||||||||
|
| |||||||||||||||||
36,505,401 | ||||||||||||||||||
|
| |||||||||||||||||
France—1.9% | ||||||||||||||||||
CNH | 10,000,000 | BNP Paribas SA, EMTN | 5.000 | 03/17/2025 | 1,438,485 | |||||||||||||
|
| |||||||||||||||||
Germany—5.1% | ||||||||||||||||||
CNH | 14,000,000 | BMW Finance NV, EMTN | 4.250 | 10/18/2020 | 2,012,335 | |||||||||||||
CNH | 13,000,000 | Volkswagen International Finance NV, EMTN | 3.500 | 01/23/2019 | 1,854,036 | |||||||||||||
|
| |||||||||||||||||
3,866,371 | ||||||||||||||||||
|
| |||||||||||||||||
India—2.0% | ||||||||||||||||||
CNH | 20,000,000 | ITNL Offshore Pte Ltd. | 7.500 | 01/18/2021 | 1,512,627 | |||||||||||||
|
| |||||||||||||||||
New Zealand—5.8% | ||||||||||||||||||
CNH | 11,000,000 | Fonterra Co-operative Group Ltd., EMTN | 3.600 | 01/29/2019 | 1,576,058 | |||||||||||||
CNH | 19,890,000 | Fonterra Co-operative Group Ltd., Series 14, EMTN | 4.000 | 06/22/2020 | 2,845,199 | |||||||||||||
|
| |||||||||||||||||
4,421,257 | ||||||||||||||||||
|
| |||||||||||||||||
Singapore—4.7% | ||||||||||||||||||
CNH | 5,000,000 | BOC Aviation Ltd., EMTN | 4.500 | 11/20/2018 | 717,039 | |||||||||||||
CNH | 15,000,000 | BOC Aviation Ltd., EMTN | 4.500 | 10/17/2020 | 2,158,228 | |||||||||||||
CNH | 5,000,000 | BOC Aviation Ltd., Series 10, EMTN | 4.200 | 11/05/2018 | 716,886 | |||||||||||||
|
| |||||||||||||||||
3,592,153 | ||||||||||||||||||
|
| |||||||||||||||||
South Korea—3.8% | ||||||||||||||||||
CNH | 20,000,000 | Korea Development Bank (The), EMTN | 4.500 | 11/10/2020 | 2,863,920 | |||||||||||||
|
| |||||||||||||||||
Supranational—1.9% | ||||||||||||||||||
CNH | 10,000,000 | Asian Development Bank, EMTN | 2.850 | 10/21/2020 | 1,405,463 | |||||||||||||
|
| |||||||||||||||||
Total Corporate Bonds (Cost $66,668,027) | 60,628,289 | |||||||||||||||||
|
| |||||||||||||||||
Sovereign Debt Obligations—15.3% | ||||||||||||||||||
China—15.3% | ||||||||||||||||||
CNH | 15,000,000 | China Government Bond | 3.990 | 06/26/2020 | 2,162,824 | |||||||||||||
CNH | 6,000,000 | China Government Bond | 2.480 | 12/01/2020 | 839,808 | |||||||||||||
CNH | 10,000,000 | China Government Bond | 2.360 | 08/18/2021 | 1,382,375 | |||||||||||||
CNH | 15,000,000 | China Government Bond | 3.550 | 12/12/2021 | 2,139,587 | |||||||||||||
CNH | 6,500,000 | China Government Bond | 3.100 | 06/29/2022 | 910,538 | |||||||||||||
CNH | 9,000,000 | China Government Bond | 3.160 | 06/27/2023 | 1,256,686 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||||||
China (continued) | ||||||||||||||||||||
CNH | 5,000,000 | China Government Bond | 3.380 | % | 11/21/2024 | $ | 700,650 | |||||||||||||
CNH | 15,000,000 | China Government Bond | 3.850 | 12/12/2026 | 2,150,534 | |||||||||||||||
|
| |||||||||||||||||||
Total Sovereign Debt Obligations (Cost $12,527,782) | 11,543,002 | |||||||||||||||||||
|
| |||||||||||||||||||
Number of Shares | ||||||||||||||||||||
Money Market Fund—2.4% | ||||||||||||||||||||
1,833,123 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(b) (Cost $1,833,123) | 1,833,123 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Investments in Securities (Cost $81,028,932)—97.8% | 74,004,414 | |||||||||||||||||||
Other assets less liabilities—2.2% | 1,158,169 | |||||||||||||||||||
|
| |||||||||||||||||||
Net Assets—100.0% | $ | 75,162,583 | ||||||||||||||||||
|
|
Investment Abbreviations:
CNH—Chinese Yuan
EMTN—Euro Medium-Term Note
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount denominated in currency indicated. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Schedule of Investments
Invesco Emerging Markets Sovereign Debt ETF (PCY)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations—98.7% | ||||||||||||||||
Argentina—2.3% | ||||||||||||||||
$ | 36,564,000 | Argentine Republic Government International Bond | 7.125 | % | 07/06/2036 | $ | 27,967,255 | |||||||||
35,192,000 | Argentine Republic Government International Bond | 7.625 | 04/22/2046 | 27,691,705 | ||||||||||||
37,730,000 | Argentine Republic Government International Bond | 7.125 | 06/28/2117 | 28,175,255 | ||||||||||||
|
| |||||||||||||||
83,834,215 | ||||||||||||||||
|
| |||||||||||||||
Bahrain—2.8% | ||||||||||||||||
36,275,000 | Bahrain Government International Bond(a) | 6.750 | 09/20/2029 | 34,763,239 | ||||||||||||
41,430,000 | Bahrain Government International Bond(a) | 6.000 | 09/19/2044 | 33,593,101 | ||||||||||||
36,602,000 | Bahrain Government International Bond(a) | 7.500 | 09/20/2047 | 33,926,980 | ||||||||||||
|
| |||||||||||||||
102,283,320 | ||||||||||||||||
|
| |||||||||||||||
Brazil—2.7% | ||||||||||||||||
27,933,000 | Brazil Government International Bond | 8.250 | 01/20/2034 | 33,554,516 | ||||||||||||
36,860,000 | Brazil Government International Bond | 5.625 | 01/07/2041 | 34,067,855 | ||||||||||||
36,900,000 | Brazilian Government International Bond | 5.625 | 02/21/2047 | 33,233,063 | ||||||||||||
|
| |||||||||||||||
100,855,434 | ||||||||||||||||
|
| |||||||||||||||
Chile—2.8% | ||||||||||||||||
36,297,000 | Chile Government International Bond | 3.125 | 01/21/2026 | 34,468,902 | ||||||||||||
36,741,000 | Chile Government International Bond | 3.240 | 02/06/2028 | 34,499,799 | ||||||||||||
37,461,000 | Chile Government International Bond | 3.860 | 06/21/2047 | 33,986,492 | ||||||||||||
|
| |||||||||||||||
102,955,193 | ||||||||||||||||
|
| |||||||||||||||
Colombia—2.7% | ||||||||||||||||
27,409,000 | Colombia Government International Bond | 7.375 | 09/18/2037 | 33,199,151 | ||||||||||||
31,304,000 | Colombia Government International Bond | 6.125 | 01/18/2041 | 33,918,197 | ||||||||||||
33,208,000 | Colombia Government International Bond | 5.625 | 02/26/2044 | 34,088,012 | ||||||||||||
|
| |||||||||||||||
101,205,360 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—2.3% | ||||||||||||||||
38,493,000 | Costa Rica Government International Bond(a) | 5.625 | 04/30/2043 | 28,216,524 | ||||||||||||
33,454,000 | Costa Rica Government International Bond(a) | 7.000 | 04/04/2044 | 27,779,867 | ||||||||||||
32,960,000 | Costa Rica Government International Bond(a) | 7.158 | 03/12/2045 | 27,653,440 | ||||||||||||
|
| |||||||||||||||
83,649,831 | ||||||||||||||||
|
| |||||||||||||||
Croatia—2.8% | ||||||||||||||||
49,455,000 | Croatia Government International Bond(a) | 5.500 | 04/04/2023 | 51,992,932 | ||||||||||||
48,291,000 | Croatia Government International Bond(a) | 6.000 | 01/26/2024 | 52,144,042 | ||||||||||||
|
| |||||||||||||||
104,136,974 | ||||||||||||||||
|
| |||||||||||||||
Dominican Republic—2.6% | ||||||||||||||||
30,750,000 | Dominican Republic International Bond(a) | 7.450 | 04/30/2044 | 32,229,844 | ||||||||||||
32,924,000 | Dominican Republic International Bond(a) | 6.850 | 01/27/2045 | 32,533,027 | ||||||||||||
34,405,000 | Dominican Republic International Bond(a) | 6.500 | 02/15/2048 | 32,671,848 | ||||||||||||
|
| |||||||||||||||
97,434,719 | ||||||||||||||||
|
| |||||||||||||||
Ecuador—2.4% | ||||||||||||||||
31,760,000 | Ecuador Government International Bond(a) | 9.650 | 12/13/2026 | 29,655,900 | ||||||||||||
31,700,000 | Ecuador Government International Bond(a) | 9.625 | 06/02/2027 | 29,243,250 | ||||||||||||
32,824,000 | Ecuador Government International Bond(a) | 8.875 | 10/23/2027 | 28,975,386 | ||||||||||||
|
| |||||||||||||||
87,874,536 | ||||||||||||||||
|
| |||||||||||||||
Egypt—2.4% | ||||||||||||||||
35,190,000 | Egypt Government International Bond(a) | 6.875 | 04/30/2040 | 29,608,338 | ||||||||||||
31,636,000 | Egypt Government International Bond, GMTN(a) | 8.500 | 01/31/2047 | 29,958,944 | ||||||||||||
33,962,000 | Egypt Government International Bond(a) | 7.903 | 02/21/2048 | 30,491,729 | ||||||||||||
|
| |||||||||||||||
90,059,011 | ||||||||||||||||
|
| |||||||||||||||
El Salvador—2.5% | ||||||||||||||||
30,960,000 | El Salvador Government International Bond(a) | 8.250 | 04/10/2032 | 30,497,458 | ||||||||||||
33,390,000 | El Salvador Government International Bond(a) | 7.650 | 06/15/2035 | 30,760,537 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
El Salvador (continued) | ||||||||||||||||
$ | 33,775,000 | El Salvador Government International Bond(a) | 7.625 | % | 02/01/2041 | $ | 30,806,853 | |||||||||
|
| |||||||||||||||
92,064,848 | ||||||||||||||||
|
| |||||||||||||||
Hungary—2.7% | ||||||||||||||||
31,871,500 | Hungary Government International Bond | 5.750 | 11/22/2023 | 34,207,808 | ||||||||||||
32,254,000 | Hungary Government International Bond | 5.375 | 03/25/2024 | 34,266,650 | ||||||||||||
24,233,000 | Hungary Government International Bond | 7.625 | 03/29/2041 | 33,000,184 | ||||||||||||
|
| |||||||||||||||
101,474,642 | ||||||||||||||||
|
| |||||||||||||||
Indonesia—2.7% | ||||||||||||||||
24,723,000 | Indonesia Government International Bond(a) | 8.500 | 10/12/2035 | 32,448,517 | ||||||||||||
29,662,000 | Indonesia Government International Bond(a) | 6.625 | 02/17/2037 | 33,364,559 | ||||||||||||
26,347,000 | Indonesia Government International Bond(a) | 7.750 | 01/17/2038 | 32,931,722 | ||||||||||||
|
| |||||||||||||||
98,744,798 | ||||||||||||||||
|
| |||||||||||||||
Jordan—2.6% | ||||||||||||||||
34,612,000 | Jordan Government International Bond(a) | 6.125 | 01/29/2026 | 33,200,627 | ||||||||||||
35,686,000 | Jordan Government International Bond(a) | 5.750 | 01/31/2027 | 32,884,149 | ||||||||||||
32,800,000 | Jordan Government International Bond(a) | 7.375 | 10/10/2047 | 29,788,632 | ||||||||||||
|
| |||||||||||||||
95,873,408 | ||||||||||||||||
|
| |||||||||||||||
Kazakhstan—2.8% | ||||||||||||||||
32,704,000 | Kazakhstan Government International Bond, EMTN(a) | 5.125 | 07/21/2025 | 34,560,115 | ||||||||||||
34,625,000 | Kazakhstan Government International Bond(a) | 4.875 | 10/14/2044 | 34,098,700 | ||||||||||||
29,088,000 | Kazakhstan Government International Bond, EMTN(a) | 6.500 | 07/21/2045 | 34,746,460 | ||||||||||||
|
| |||||||||||||||
103,405,275 | ||||||||||||||||
|
| |||||||||||||||
Lebanon—2.5% | ||||||||||||||||
37,820,000 | Lebanon Government International Bond | 6.750 | 11/29/2027 | 30,436,023 | ||||||||||||
39,721,000 | Lebanon Government International Bond, EMTN | 6.650 | 02/26/2030 | 30,957,753 | ||||||||||||
37,893,000 | Lebanon Government International Bond | 7.250 | 03/23/2037 | 29,727,438 | ||||||||||||
|
| |||||||||||||||
91,121,214 | ||||||||||||||||
|
| |||||||||||||||
Lithuania—1.4% | ||||||||||||||||
46,465,000 | Lithuania Government International Bond(a) | 6.625 | 02/01/2022 | 50,806,690 | ||||||||||||
|
| |||||||||||||||
Mexico—2.6% | ||||||||||||||||
31,655,000 | Mexico Government International Bond, GMTN | 6.050 | 01/11/2040 | 32,921,200 | ||||||||||||
38,159,750 | Mexico Government International Bond | 4.600 | 01/23/2046 | 33,094,425 | ||||||||||||
34,400,000 | Mexico Government International Bond, GMTN | 5.750 | 10/12/2110 | 31,712,500 | ||||||||||||
|
| |||||||||||||||
97,728,125 | ||||||||||||||||
|
| |||||||||||||||
Nigeria—2.5% | ||||||||||||||||
32,950,000 | Nigeria Government International Bond(a) | 7.875 | 02/16/2032 | 31,824,099 | ||||||||||||
34,560,000 | Nigeria Government International Bond(a) | 7.696 | 02/23/2038 | 31,258,621 | ||||||||||||
33,960,000 | Nigeria Government International Bond, EMTN(a) | 7.625 | 11/28/2047 | 30,047,468 | ||||||||||||
|
| |||||||||||||||
93,130,188 | ||||||||||||||||
|
| |||||||||||||||
Oman—2.6% | ||||||||||||||||
35,630,000 | Oman Government International Bond(a) | 5.625 | 01/17/2028 | 34,025,759 | ||||||||||||
35,300,000 | Oman Government International Bond(a) | 6.500 | 03/08/2047 | 31,640,272 | ||||||||||||
35,775,000 | Oman Government International Bond(a) | 6.750 | 01/17/2048 | 32,744,858 | ||||||||||||
|
| |||||||||||||||
98,410,889 | ||||||||||||||||
|
| |||||||||||||||
Pakistan—2.7% | ||||||||||||||||
32,166,000 | Pakistan Government International Bond(a) | 8.250 | 04/15/2024 | 32,978,513 | ||||||||||||
32,344,000 | Pakistan Government International Bond(a) | 8.250 | 09/30/2025 | 33,112,008 | ||||||||||||
35,474,000 | Pakistan Government International Bond(a) | 6.875 | 12/05/2027 | 32,883,405 | ||||||||||||
|
| |||||||||||||||
98,973,926 | ||||||||||||||||
|
| |||||||||||||||
Panama—2.7% | ||||||||||||||||
28,828,500 | Panama Government International Bond | 7.125 | 01/29/2026 | 33,851,290 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Panama (continued) | ||||||||||||||||
$ | 24,949,500 | Panama Government International Bond | 8.875 | % | 09/30/2027 | $ | 32,995,714 | |||||||||
34,842,000 | Panama Government International Bond | 3.875 | 03/17/2028 | 33,553,194 | ||||||||||||
|
| |||||||||||||||
100,400,198 | ||||||||||||||||
|
| |||||||||||||||
Paraguay—2.7% | ||||||||||||||||
33,591,000 | Paraguay Government International Bond(a) | 5.000 | 04/15/2026 | 33,674,977 | ||||||||||||
32,325,000 | Paraguay Government International Bond(a) | 6.100 | 08/11/2044 | 32,648,250 | ||||||||||||
34,070,000 | Paraguay Government International Bond(a)(b) | 5.600 | 03/13/2048 | 32,749,788 | ||||||||||||
|
| |||||||||||||||
99,073,015 | ||||||||||||||||
|
| |||||||||||||||
Peru—2.7% | ||||||||||||||||
28,568,000 | Peruvian Government International Bond | 7.350 | 07/21/2025 | 34,495,860 | ||||||||||||
23,316,500 | Peruvian Government International Bond | 8.750 | 11/21/2033 | 33,400,886 | ||||||||||||
29,623,000 | Peruvian Government International Bond | 5.625 | 11/18/2050 | 33,251,818 | ||||||||||||
|
| |||||||||||||||
101,148,564 | ||||||||||||||||
|
| |||||||||||||||
Philippines—2.8% | ||||||||||||||||
23,652,000 | Philippine Government International Bond | 9.500 | 02/02/2030 | 34,133,313 | ||||||||||||
26,190,000 | Philippine Government International Bond | 7.750 | 01/14/2031 | 34,371,913 | ||||||||||||
27,718,000 | Philippine Government International Bond | 6.375 | 10/23/2034 | 33,751,349 | ||||||||||||
|
| |||||||||||||||
102,256,575 | ||||||||||||||||
|
| |||||||||||||||
Poland—2.8% | ||||||||||||||||
35,887,000 | Republic of Poland Government International Bond | 3.000 | 03/17/2023 | 34,997,290 | ||||||||||||
34,553,000 | Republic of Poland Government International Bond | 4.000 | 01/22/2024 | 34,957,719 | ||||||||||||
35,942,000 | Republic of Poland Government International Bond | 3.250 | 04/06/2026 | 34,497,383 | ||||||||||||
|
| |||||||||||||||
104,452,392 | ||||||||||||||||
|
| |||||||||||||||
Qatar—2.9% | ||||||||||||||||
29,381,000 | Qatar Government International Bond(a) | 6.400 | 01/20/2040 | 36,061,593 | ||||||||||||
31,393,000 | Qatar Government International Bond(a) | 5.750 | 01/20/2042 | 36,152,116 | ||||||||||||
34,520,000 | Qatar Government International Bond(a) | 5.103 | 04/23/2048 | 35,126,482 | ||||||||||||
|
| |||||||||||||||
107,340,191 | ||||||||||||||||
|
| |||||||||||||||
Romania—2.7% | ||||||||||||||||
33,751,000 | Romanian Government International Bond, EMTN(a) | 4.875 | 01/22/2024 | 34,447,958 | ||||||||||||
29,642,000 | Romanian Government International Bond, EMTN(a) | 6.125 | 01/22/2044 | 32,039,445 | ||||||||||||
34,900,000 | Romanian Government International Bond(a) | 5.125 | 06/15/2048 | 32,412,398 | ||||||||||||
|
| |||||||||||||||
98,899,801 | ||||||||||||||||
|
| |||||||||||||||
Russia—2.7% | ||||||||||||||||
33,000,000 | Russian Foreign Bond—Eurobond(a) | 4.875 | 09/16/2023 | 33,808,335 | ||||||||||||
31,800,000 | Russian Foreign Bond—Eurobond(a) | 5.625 | 04/04/2042 | 32,394,501 | ||||||||||||
30,800,000 | Russian Foreign Bond—Eurobond(a) | 5.875 | 09/16/2043 | 32,413,735 | ||||||||||||
|
| |||||||||||||||
98,616,571 | ||||||||||||||||
|
| |||||||||||||||
Saudi Arabia—2.7% | ||||||||||||||||
37,000,000 | Saudi Government International Bond, EMTN(a) | 4.500 | 10/26/2046 | 33,643,841 | ||||||||||||
36,275,000 | Saudi Government International Bond, EMTN(a) | 4.625 | 10/04/2047 | 33,371,621 | ||||||||||||
36,038,000 | Saudi Government International Bond, EMTN(a) | 5.000 | 04/17/2049 | 34,684,269 | ||||||||||||
|
| |||||||||||||||
101,699,731 | ||||||||||||||||
|
| |||||||||||||||
Serbia—1.4% | ||||||||||||||||
47,256,000 | Serbia International Bond(a) | 7.250 | 09/28/2021 | 51,051,224 | ||||||||||||
|
| |||||||||||||||
Slovenia—1.4% | ||||||||||||||||
49,079,000 | Slovenia Government International Bond(a) | 5.250 | 02/18/2024 | 52,826,574 | ||||||||||||
|
| |||||||||||||||
South Africa—2.4% | ||||||||||||||||
32,375,000 | Republic of South Africa Government International Bond | 6.250 | 03/08/2041 | 30,212,350 | ||||||||||||
37,160,000 | Republic of South Africa Government International Bond | 5.375 | 07/24/2044 | 30,844,732 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
South Africa (continued) | ||||||||||||||||
$ | 33,059,000 | Republic of South Africa Government International Bond | 6.300 | % | 06/22/2048 | $ | 29,814,193 | |||||||||
|
| |||||||||||||||
90,871,275 | ||||||||||||||||
|
| |||||||||||||||
South Korea—2.6% | ||||||||||||||||
37,616,000 | Korea International Bond | 3.875 | 09/11/2023 | 38,238,169 | ||||||||||||
42,070,000 | Korea International Bond | 2.750 | 01/19/2027 | 39,347,861 | ||||||||||||
19,148,000 | Korea International Bond | 4.125 | 06/10/2044 | 19,241,657 | ||||||||||||
|
| |||||||||||||||
96,827,687 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—2.5% | ||||||||||||||||
34,881,000 | Sri Lanka Government International Bond(a) | 6.125 | 06/03/2025 | 30,690,746 | ||||||||||||
33,440,000 | Sri Lanka Government International Bond(a) | 6.850 | 11/03/2025 | 30,432,406 | ||||||||||||
34,130,000 | Sri Lanka Government International Bond(a) | 6.825 | 07/18/2026 | 30,760,652 | ||||||||||||
|
| |||||||||||||||
91,883,804 | ||||||||||||||||
|
| |||||||||||||||
Trinidad and Tobago—2.6% | ||||||||||||||||
32,705,000 | Trinidad & Tobago Government International Bond(a) | 4.375 | 01/16/2024 | 31,520,098 | ||||||||||||
71,701,000 | Trinidad & Tobago Government International Bond(a) | 4.500 | 08/04/2026 | 66,646,079 | ||||||||||||
|
| |||||||||||||||
98,166,177 | ||||||||||||||||
|
| |||||||||||||||
Turkey—2.4% | ||||||||||||||||
30,663,000 | Turkey Government International Bond | 8.000 | 02/14/2034 | 30,559,880 | ||||||||||||
33,284,000 | Turkey Government International Bond | 6.875 | 03/17/2036 | 29,695,419 | ||||||||||||
31,707,000 | Turkey Government International Bond | 7.250 | 03/05/2038 | 29,272,537 | ||||||||||||
|
| |||||||||||||||
89,527,836 | ||||||||||||||||
|
| |||||||||||||||
Ukraine—2.5% | ||||||||||||||||
33,632,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2025 | 30,999,758 | ||||||||||||
33,665,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2026 | 30,520,184 | ||||||||||||
33,700,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2027 | 30,227,552 | ||||||||||||
|
| |||||||||||||||
91,747,494 | ||||||||||||||||
|
| |||||||||||||||
United Arab Emirates—2.8% | ||||||||||||||||
37,350,000 | Abu Dhabi Government International Bond(a) | 3.125 | 10/11/2027 | 34,763,326 | ||||||||||||
37,300,000 | Abu Dhabi Government International Bond(a) | 4.125 | 10/11/2047 | 34,609,402 | ||||||||||||
34,651,000 | Emirate of Dubai Government International Bonds, EMTN | 5.250 | 01/30/2043 | 33,823,672 | ||||||||||||
|
| |||||||||||||||
103,196,400 | ||||||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $3,994,035,430) | 3,656,008,105 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.1% | ||||||||||||||||
3,655,230 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(c) (Cost $3,655,230) | 3,655,230 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities | ||||||||||||||||
(excluding investments purchased with cash collateral from securities on loan) (Cost $3,997,690,660)—98.8% | 3,659,663,335 | |||||||||||||||
|
| |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan Money Market Fund—0.2% | ||||||||||||||||
6,043,950 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(c)(d) (Cost $6,043,950) | 6,043,950 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $4,003,734,610)—99.0% | 3,665,707,285 | |||||||||||||||
|
| |||||||||||||||
Other assets less liabilities—1.0% | 38,657,290 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 3,704,364,575 | ||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
October 31, 2018
Investment Abbreviations:
EMTN—Euro Medium-Term Note
GMTN—Global Medium-Term Note
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 October 31, 2018 was $2,257,525,723, which represented 60.94% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2018. |
(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 October 31, 2018. |
(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.
| 20 |
|
Schedule of Investments
Invesco Global Short Term High Yield Bond ETF (PGHY)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds—86.9% | ||||||||||||||||
Argentina—0.6% | ||||||||||||||||
$ | 500,000 | Banco Hipotecario SA(a) | 9.750 | % | 11/30/2020 | $ | 500,000 | |||||||||
800,000 | YPF SA(a) | 8.875 | 12/19/2018 | 801,936 | ||||||||||||
|
| |||||||||||||||
1,301,936 | ||||||||||||||||
|
| |||||||||||||||
Australia—0.5% | ||||||||||||||||
500,000 | Ausdrill Finance Pty Ltd.(a) | 6.875 | 11/01/2019 | 500,625 | ||||||||||||
669 | Emeco Pty Ltd., Series B | 9.250 | 03/31/2022 | 712 | ||||||||||||
500,000 | Virgin Australia Holdings Ltd.(a) | 8.500 | 11/15/2019 | 507,625 | ||||||||||||
|
| |||||||||||||||
1,008,962 | ||||||||||||||||
|
| |||||||||||||||
Bahrain—0.5% | ||||||||||||||||
600,000 | Batelco International Finance No.1 Ltd., EMTN | 4.250 | 05/01/2020 | 590,232 | ||||||||||||
600,000 | BBK BSC | 3.500 | 03/24/2020 | 580,593 | ||||||||||||
|
| |||||||||||||||
1,170,825 | ||||||||||||||||
|
| |||||||||||||||
Bermuda—0.2% | ||||||||||||||||
400,000 | Teekay Corp. | 8.500 | 01/15/2020 | 408,000 | ||||||||||||
|
| |||||||||||||||
Brazil—6.8% | ||||||||||||||||
492,000 | Andrade Gutierrez International SA(a) | 11.000 | 08/20/2021 | 398,525 | ||||||||||||
600,000 | B3 SA—Brasil Bolsa Balcao(a) | 5.500 | 07/16/2020 | 613,506 | ||||||||||||
700,000 | Banco Bradesco SA(a) | 6.750 | 09/29/2019 | 716,236 | ||||||||||||
500,000 | Banco Bradesco SA(a) | 5.900 | 01/16/2021 | 511,860 | ||||||||||||
700,000 | Banco BTG Pactual SA(a) | 4.000 | 01/16/2020 | 694,757 | ||||||||||||
450,000 | Banco Daycoval SA(a) | 5.750 | 03/19/2019 | 452,986 | ||||||||||||
500,000 | Banco do Brasil SA(a) | 6.000 | 01/22/2020 | 513,125 | ||||||||||||
500,000 | Banco do Brasil SA(a) | 5.375 | 01/15/2021 | 506,250 | ||||||||||||
550,000 | Banco do Nordeste do Brasil SA(a) | 4.375 | 05/03/2019 | 551,381 | ||||||||||||
500,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 4.000 | 04/14/2019 | 502,295 | ||||||||||||
670,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 6.500 | 06/10/2019 | 684,291 | ||||||||||||
500,000 | Banco Nacional de Desenvolvimento Economico e Social(a) | 5.500 | 07/12/2020 | 516,255 | ||||||||||||
400,000 | Banco Pan SA(a) | 8.500 | 04/23/2020 | 409,700 | ||||||||||||
500,000 | Banco Safra SA(a) | 6.750 | 01/27/2021 | 519,415 | ||||||||||||
900,000 | Banco Votorantim SA(a) | 7.375 | 01/21/2020 | 933,372 | ||||||||||||
500,000 | Braskem Finance Ltd.(a) | 7.000 | 05/07/2020 | 520,000 | ||||||||||||
500,000 | Caixa Economica Federal(a) | 4.250 | 05/13/2019 | 502,750 | ||||||||||||
500,000 | Centrais Eletricas Brasileiras SA(a) | 6.875 | 07/30/2019 | 510,250 | ||||||||||||
900,000 | CSN Islands XI Corp.(a) | 6.875 | 09/21/2019 | 900,000 | ||||||||||||
500,000 | CSN Resources SA(a) | 6.500 | 07/21/2020 | 488,595 | ||||||||||||
500,000 | Itau Unibanco Holding SA, EMTN(a) | 6.200 | 04/15/2020 | 514,755 | ||||||||||||
500,000 | Itau Unibanco Holding SA, EMTN(a) | 5.750 | 01/22/2021 | 513,750 | ||||||||||||
700,000 | Marfrig Holdings Europe BV(a) | 6.875 | 06/24/2019 | 710,500 | ||||||||||||
600,000 | Petrobras Global Finance BV | 8.375 | 12/10/2018 | 603,600 | ||||||||||||
400,000 | Petrobras Global Finance BV | 5.375 | 01/27/2021 | 408,000 | ||||||||||||
500,000 | Petrobras Global Finance BV | 8.375 | 05/23/2021 | 546,000 | ||||||||||||
|
| |||||||||||||||
14,742,154 | ||||||||||||||||
|
| |||||||||||||||
Canada—1.5% | ||||||||||||||||
500,000 | Air Canada(a) | 7.750 | 04/15/2021 | 537,450 | ||||||||||||
500,000 | Bombardier, Inc.(a) | 7.750 | 03/15/2020 | 520,625 | ||||||||||||
400,000 | Brookfield Residential Properties, Inc.(a) | 6.500 | 12/15/2020 | 401,000 | ||||||||||||
600,000 | Canbriam Energy, Inc.(a) | 9.750 | 11/15/2019 | 592,500 | ||||||||||||
500,000 | Eldorado Gold Corp.(a) | 6.125 | 12/15/2020 | 467,500 | ||||||||||||
278,000 | Encana Corp. | 6.500 | 05/15/2019 | 282,771 | ||||||||||||
600,000 | Imperial Metals Corp.(a) | 7.000 | 03/15/2019 | 414,000 | ||||||||||||
485,000 | NCSG Crane & Heavy Haul Services, Inc.(a)(b) | 9.500 | 08/15/2019 | 121,250 | ||||||||||||
|
| |||||||||||||||
3,337,096 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Chile—0.2% | ||||||||||||||||
$ | 400,000 | Latam Airlines Group SA(a) | 7.250 | % | 06/09/2020 | $ | 408,800 | |||||||||
|
| |||||||||||||||
China—10.5% | ||||||||||||||||
500,000 | Central China Real Estate Ltd. | 6.875 | 10/23/2020 | 485,386 | ||||||||||||
500,000 | Central China Real Estate Ltd. | 8.750 | 01/23/2021 | 495,633 | ||||||||||||
500,000 | Central China Real Estate Ltd. | 6.500 | 03/05/2021 | 469,196 | ||||||||||||
500,000 | China Evergrande Group | 7.000 | 03/23/2020 | 488,632 | ||||||||||||
1,000,000 | China SCE Property Holdings Ltd. | 7.450 | 04/17/2021 | 938,807 | ||||||||||||
600,000 | China South City Holdings Ltd. | 5.750 | 03/09/2020 | 497,357 | ||||||||||||
600,000 | China South City Holdings Ltd. | 7.250 | 01/25/2021 | 471,250 | ||||||||||||
500,000 | Dr Peng Holding Hongkong Ltd. | 5.050 | 06/01/2020 | 414,480 | ||||||||||||
500,000 | Easy Tactic Ltd. | 7.000 | 04/25/2021 | 470,510 | ||||||||||||
500,000 | Fantasia Holdings Group Co. Ltd. | 8.375 | 03/08/2021 | 371,961 | ||||||||||||
400,000 | Fortune Star BVI Ltd. | 5.375 | 12/05/2020 | 389,985 | ||||||||||||
600,000 | Greenland Global Investment Ltd. | 4.375 | 07/03/2019 | 588,880 | ||||||||||||
600,000 | Greenland Global Investment Ltd., EMTN | 3.500 | 09/06/2019 | 582,781 | ||||||||||||
700,000 | Greenland Global Investment Ltd., EMTN | 4.850 | 08/17/2020 | 661,471 | ||||||||||||
500,000 | Greenland Global Investment Ltd., EMTN | 5.250 | 02/12/2021 | 460,977 | ||||||||||||
900,000 | Hanrui Overseas Investment Co. Ltd. | 4.900 | 06/28/2019 | 832,701 | ||||||||||||
400,000 | Huachen Energy Co. Ltd. | 6.625 | 05/18/2020 | 274,000 | ||||||||||||
500,000 | Huai An Traffic Holding Co. Ltd. | 4.950 | 10/25/2019 | 480,312 | ||||||||||||
600,000 | Huayi Finance I Ltd. | 4.000 | 12/02/2019 | 582,725 | ||||||||||||
500,000 | Jiangsu Nantong Sanjian International Co. Ltd. | 7.800 | 10/26/2020 | 407,527 | ||||||||||||
500,000 | Jiuding Group Finance Co. Ltd. | 6.500 | 07/25/2020 | 364,370 | ||||||||||||
500,000 | Logan Property Holdings Co. Ltd. | 6.375 | 03/07/2021 | 469,534 | ||||||||||||
500,000 | Logan Property Holdings Co. Ltd. | 6.875 | 04/24/2021 | 471,270 | ||||||||||||
500,000 | New Metro Global Ltd. | 6.500 | 04/23/2021 | 471,232 | ||||||||||||
600,000 | Oceanwide Holdings International 2017 Co. Ltd. | 8.500 | 05/28/2019 | 573,202 | ||||||||||||
700,000 | Oceanwide Holdings International 2017 Co. Ltd. | 7.750 | 07/27/2020 | 581,093 | ||||||||||||
250,000 | Oriental Capital Co. Ltd. | 5.150 | 11/22/2019 | 236,672 | ||||||||||||
600,000 | Prime Bloom Holdings Ltd. | 7.500 | 12/19/2019 | 565,495 | ||||||||||||
800,000 | Qinghai Provincial Investment Group Co. Ltd. | 7.250 | 02/22/2020 | 615,587 | ||||||||||||
400,000 | Rock International Investment, Inc. | 6.625 | 03/27/2020 | 317,790 | ||||||||||||
400,000 | Shandong Energy Australia Pty Ltd. | 4.550 | 07/26/2020 | 389,572 | ||||||||||||
500,000 | Shanxi Road & Bridge Construction Group Co. Ltd. | 4.850 | 11/04/2019 | 486,749 | ||||||||||||
900,000 | Tahoe Group Global Co. Ltd. | 7.875 | 01/17/2021 | 746,745 | ||||||||||||
500,000 | Times China Holdings Ltd. | 6.250 | 01/17/2021 | 460,636 | ||||||||||||
400,000 | Top Wise Excellence Enterprise Co. Ltd. | 6.000 | 03/16/2020 | 307,004 | ||||||||||||
600,000 | Tunghsu Venus Holdings Ltd. | 7.000 | 06/12/2020 | 487,760 | ||||||||||||
200,000 | Wanda Properties Overseas Ltd. | 4.875 | 11/21/2018 | 199,743 | ||||||||||||
800,000 | West China Cement Ltd. | 6.500 | 09/11/2019 | 806,777 | ||||||||||||
500,000 | Xiangyu Investment BVI Co Ltd. | 4.750 | 07/14/2019 | 482,562 | ||||||||||||
400,000 | Xin Jiang Guang Hui Industry Investment Group Co. Ltd. | 7.875 | 03/30/2020 | 360,989 | ||||||||||||
200,000 | Xinhu BVI Holding Co. Ltd. | 6.000 | 03/01/2020 | 174,696 | ||||||||||||
400,000 | Xuzhou Economic Technology Development Zone International Investment Co. Ltd. | 4.500 | 06/16/2019 | 392,074 | ||||||||||||
600,000 | Yango Justice International Ltd. | 7.500 | 11/16/2020 | 515,195 | ||||||||||||
1,000,000 | Zhiyuan Group BVI Co. Ltd. | 6.200 | 01/11/2019 | 992,500 | ||||||||||||
600,000 | Zhongrong International Bond 2016 Ltd. | 6.950 | 06/21/2019 | 564,258 | ||||||||||||
600,000 | Zhongrong International Resources Co. Ltd. | 7.250 | 10/26/2020 | 401,903 | ||||||||||||
|
| |||||||||||||||
22,799,979 | ||||||||||||||||
|
| |||||||||||||||
Colombia—0.5% | ||||||||||||||||
600,000 | Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd.(a) | 8.375 | 05/10/2020 | 600,756 | ||||||||||||
500,000 | Bancolombia SA | 6.125 | 07/26/2020 | 518,750 | ||||||||||||
|
| |||||||||||||||
1,119,506 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—0.5% | ||||||||||||||||
500,000 | Banco Nacional de Costa Rica(a) | 4.875 | 11/01/2018 | 500,000 | ||||||||||||
500,000 | Banco Nacional de Costa Rica(a) | 5.875 | 04/25/2021 | 480,317 | ||||||||||||
|
| |||||||||||||||
980,317 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Croatia—0.1% | ||||||||||||||||
$ | 400,000 | Agrokor D.D.(a)(b)(c) | 8.875 | % | 02/01/2020 | $ | 113,920 | |||||||||
|
| |||||||||||||||
El Salvador—0.2% | ||||||||||||||||
500,000 | Agricola Senior Trust(a) | 6.750 | 06/18/2020 | 511,255 | ||||||||||||
|
| |||||||||||||||
Finland—0.2% | ||||||||||||||||
500,000 | Nokia OYJ | 5.375 | 05/15/2019 | 504,950 | ||||||||||||
|
| |||||||||||||||
Georgia—0.2% | ||||||||||||||||
500,000 | Georgian Oil and Gas Corp JSC(a) | 6.750 | 04/26/2021 | 511,498 | ||||||||||||
|
| |||||||||||||||
Germany—0.3% | ||||||||||||||||
550,000 | ZF North America Capital, Inc.(a) | 4.000 | 04/29/2020 | �� | 550,147 | |||||||||||
|
| |||||||||||||||
Guatemala—0.2% | ||||||||||||||||
500,000 | Agromercantil Senior Trust(a) | 6.250 | 04/10/2019 | 502,455 | ||||||||||||
|
| |||||||||||||||
Hong Kong—0.7% | ||||||||||||||||
800,000 | Studio City Co. Ltd.(a) | 5.875 | 11/30/2019 | 809,000 | ||||||||||||
750,000 | Studio City Finance Ltd.(a) | 8.500 | 12/01/2020 | 751,875 | ||||||||||||
|
| |||||||||||||||
1,560,875 | ||||||||||||||||
|
| |||||||||||||||
India—2.2% | ||||||||||||||||
400,000 | ABJA Investment Co. Pte Ltd. | 4.850 | 01/31/2020 | 400,346 | ||||||||||||
1,000,000 | IDBI Bank Ltd./GIFT-IFC, EMTN | 3.750 | 01/25/2019 | 998,645 | ||||||||||||
500,000 | IDBI Bank Ltd./GIFT-IFC, EMTN | 5.000 | 09/25/2019 | 501,797 | ||||||||||||
600,000 | IDBI Bank Ltd./GIFT-IFC, EMTN | 4.125 | 04/23/2020 | 592,585 | ||||||||||||
200,000 | IDBI Bank Ltd./GIFT-IFC, GMTN | 4.250 | 11/30/2020 | 197,766 | ||||||||||||
500,000 | JSW Steel Ltd. | 4.750 | 11/12/2019 | 499,375 | ||||||||||||
400,000 | Reliance Communications Ltd.(b) | 6.500 | 11/06/2020 | 105,800 | ||||||||||||
800,000 | Tata Motors Ltd. | 4.625 | 04/30/2020 | 795,800 | ||||||||||||
600,000 | Union Bank of India, EMTN | 4.500 | 10/28/2019 | 602,529 | ||||||||||||
|
| |||||||||||||||
4,694,643 | ||||||||||||||||
|
| |||||||||||||||
Indonesia—0.2% | ||||||||||||||||
500,000 | Global Prime Capital Pte Ltd. | 7.250 | 04/26/2021 | 496,344 | ||||||||||||
|
| |||||||||||||||
Israel—0.5% | ||||||||||||||||
600,000 | Teva Pharmaceutical Finance IV LLC | 2.250 | 03/18/2020 | 582,945 | ||||||||||||
500,000 | Teva Pharmaceutical Finance Netherlands III BV | 1.700 | 07/19/2019 | 491,864 | ||||||||||||
|
| |||||||||||||||
1,074,809 | ||||||||||||||||
|
| |||||||||||||||
Italy—0.3% | ||||||||||||||||
530,000 | Telecom Italia Capital SA | 7.175 | 06/18/2019 | 539,937 | ||||||||||||
|
| |||||||||||||||
Jordan—0.1% | ||||||||||||||||
300,000 | Hikma Pharmaceuticals PLC | 4.250 | 04/10/2020 | 298,413 | ||||||||||||
|
| |||||||||||||||
Kazakhstan—0.2% | ||||||||||||||||
500,000 | Halyk Savings Bank of Kazakhstan JSC(a) | 7.250 | 01/28/2021 | 529,115 | ||||||||||||
|
| |||||||||||||||
Kuwait—0.4% | ||||||||||||||||
800,000 | Kuwait Energy PLC | 9.500 | 08/04/2019 | 783,040 | ||||||||||||
|
| |||||||||||||||
Luxembourg—0.1% | ||||||||||||||||
209,000 | Intelsat Jackson Holdings SA | 7.500 | 04/01/2021 | 211,612 | ||||||||||||
|
| |||||||||||||||
Mexico—0.9% | ||||||||||||||||
500,000 | BBVA Bancomer SA(a) | 7.250 | 04/22/2020 | 521,540 | ||||||||||||
800,000 | Controladora Mabe SA de CV(a) | 7.875 | 10/28/2019 | 840,000 | ||||||||||||
700,000 | Grupo Idesa SA de CV(a) | 7.875 | 12/18/2020 | 595,000 | ||||||||||||
|
| |||||||||||||||
1,956,540 | ||||||||||||||||
|
| |||||||||||||||
Mongolia—0.3% | ||||||||||||||||
600,000 | Trade & Development Bank of Mongolia LLC, EMTN(a) | 9.375 | 05/19/2020 | 631,295 | ||||||||||||
|
| |||||||||||||||
Morocco—0.1% | ||||||||||||||||
200,000 | BMCE Bank | 6.250 | 11/27/2018 | 200,500 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Netherlands—0.2% | ||||||||||||||||
$ | 400,000 | NXP BV/NXP Funding LLC(a) | 4.125 | % | 06/15/2020 | $ | 399,520 | |||||||||
|
| |||||||||||||||
Nigeria—0.7% | ||||||||||||||||
600,000 | Guaranty Trust Bank PLC, EMTN(a) | 6.000 | 11/08/2018 | 601,332 | ||||||||||||
800,000 | Zenith Bank PLC, EMTN(a) | 6.250 | 04/22/2019 | 804,796 | ||||||||||||
|
| |||||||||||||||
1,406,128 | ||||||||||||||||
|
| |||||||||||||||
Paraguay—0.4% | ||||||||||||||||
927,000 | Banco Regional SAECA(a) | 8.125 | 01/24/2019 | 930,662 | ||||||||||||
|
| |||||||||||||||
Philippines—0.2% | ||||||||||||||||
450,000 | Security Bank Corp. | 3.950 | 02/03/2020 | 449,016 | ||||||||||||
|
| |||||||||||||||
Russia—4.1% | ||||||||||||||||
500,000 | Alfa Bank AO Via Alfa Bond Issuance PLC, EMTN | 5.000 | 11/27/2018 | 500,220 | ||||||||||||
400,000 | Alfa Bank AO Via Alfa Bond Issuance PLC(a) | 7.500 | 09/26/2019 | 407,014 | ||||||||||||
200,000 | ALROSA Finance SA(a) | 7.750 | 11/03/2020 | 213,108 | ||||||||||||
600,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC(a)(b) | 10.000 | 04/26/2019 | 75,000 | ||||||||||||
700,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC | 4.500 | 11/11/2019 | 694,750 | ||||||||||||
800,000 | Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC(a)(b) | 10.000 | 12/17/2019 | 60,000 | ||||||||||||
200,000 | Credit Europe Bank Ltd. Via CEB Capital SA | 8.500 | 11/15/2019 | 191,130 | ||||||||||||
600,000 | Evraz Group SA(a) | 6.500 | 04/22/2020 | 610,038 | ||||||||||||
500,000 | Evraz Group SA | 8.250 | 01/28/2021 | 530,250 | ||||||||||||
600,000 | Gazprom OAO Via Gaz Capital SA(a) | 3.850 | 02/06/2020 | 597,726 | ||||||||||||
500,000 | Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN | 7.250 | 05/03/2019 | 502,330 | ||||||||||||
400,000 | Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN | 4.960 | 09/05/2019 | 401,140 | ||||||||||||
400,000 | Metalloinvest Finance DAC(a) | 5.625 | 04/17/2020 | 402,633 | ||||||||||||
300,000 | Mobile Telesystems OJSC Via MTS International Funding Ltd.(a) | 8.625 | 06/22/2020 | 318,161 | ||||||||||||
200,000 | Polyus Finance PLC(a) | 5.625 | 04/29/2020 | 202,173 | ||||||||||||
200,000 | Promsvyazbank OJSC Via PSB Finance SA, EMTN(a)(b) | 10.200 | 11/06/2019 | 31,000 | ||||||||||||
500,000 | Rosneft Finance SA(a) | 7.250 | 02/02/2020 | 516,902 | ||||||||||||
600,000 | Sberbank of Russia Via SB Capital SA | 5.180 | 06/28/2019 | 603,074 | ||||||||||||
500,000 | Sberbank of Russia Via SB Capital SA, Series 18 | 4.150 | 03/06/2019 | 499,647 | ||||||||||||
600,000 | TMK OAO Via TMK Capital SA(a) | 6.750 | 04/03/2020 | 604,680 | ||||||||||||
600,000 | Vnesheconombank Via VEB Finance PLC(a) | 4.224 | 11/21/2018 | 599,040 | ||||||||||||
200,000 | VTB Bank OJSC Via VTB Capital SA(a) | 6.551 | 10/13/2020 | 206,480 | ||||||||||||
|
| |||||||||||||||
8,766,496 | ||||||||||||||||
|
| |||||||||||||||
Saudi Arabia—0.2% | ||||||||||||||||
400,000 | Dar Al-Arkan Sukuk Co. Ltd. | 6.500 | 05/28/2019 | 401,694 | ||||||||||||
|
| |||||||||||||||
Singapore—0.3% | ||||||||||||||||
600,000 | STATS ChipPAC Pte Ltd.(a) | 8.500 | 11/24/2020 | 621,300 | ||||||||||||
|
| |||||||||||||||
South Africa—0.8% | ||||||||||||||||
600,000 | AngloGold Ashanti Holdings PLC | 5.375 | 04/15/2020 | 608,988 | ||||||||||||
500,000 | Eskom Holdings SOC Ltd.(a) | 5.750 | 01/26/2021 | 480,010 | ||||||||||||
200,000 | FirstRand Bank Ltd., EMTN | 4.250 | 04/30/2020 | 199,407 | ||||||||||||
400,000 | Gold Fields Orogen Holdings BVI Ltd.(a) | 4.875 | 10/07/2020 | 402,000 | ||||||||||||
|
| |||||||||||||||
1,690,405 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—0.3% | ||||||||||||||||
600,000 | National Savings Bank(a) | 5.150 | 09/10/2019 | 588,900 | ||||||||||||
|
| |||||||||||||||
Supranational—0.3% | ||||||||||||||||
600,000 | Eastern and Southern African Trade and Development Bank, EMTN | 6.375 | 12/06/2018 | 600,930 | ||||||||||||
|
| |||||||||||||||
Trinidad and Tobago—0.3% | ||||||||||||||||
800,000 | Petroleum Co. of Trinidad & Tobago Ltd.(a) | 9.750 | 08/14/2019 | 749,800 | ||||||||||||
|
| |||||||||||||||
Turkey—4.9% | ||||||||||||||||
500,000 | Akbank T.A.S., EMTN(a) | 4.000 | 01/24/2020 | 485,103 | ||||||||||||
500,000 | Albaraka Turk Katilim Bankasi AS | 6.250 | 06/30/2019 | 489,500 | ||||||||||||
500,000 | QNB Finansbank AS, EMTN(a) | 6.250 | 04/30/2019 | 500,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Turkey (continued) | ||||||||||||||||
$ | 500,000 | TC Ziraat Bankasi AS(a) | 4.250 | % | 07/03/2019 | $ | 494,345 | |||||||||
500,000 | TC Ziraat Bankasi AS, EMTN(a) | 4.750 | 04/29/2021 | 459,291 | ||||||||||||
600,000 | Turkiye Garanti Bankasi AS, EMTN(a) | 4.750 | 10/17/2019 | 591,735 | ||||||||||||
500,000 | Turkiye Garanti Bankasi AS(a) | 6.250 | 04/20/2021 | 488,425 | ||||||||||||
500,000 | Turkiye Halk Bankasi AS(a) | 4.750 | 06/04/2019 | 483,555 | ||||||||||||
700,000 | Turkiye Halk Bankasi AS(a) | 3.875 | 02/05/2020 | 631,375 | ||||||||||||
700,000 | Turkiye Halk Bankasi AS(a) | 4.750 | 02/11/2021 | 599,060 | ||||||||||||
600,000 | Turkiye Is Bankasi AS(a) | 5.500 | 04/21/2019 | 598,097 | ||||||||||||
600,000 | Turkiye Is Bankasi AS(a) | 5.000 | 04/30/2020 | 570,474 | ||||||||||||
200,000 | Turkiye Is Bankasi AS, EMTN(a) | 5.000 | 06/25/2021 | 177,801 | ||||||||||||
800,000 | Turkiye Sinai Kalkinma Bankasi AS | 5.375 | 10/30/2019 | 767,000 | ||||||||||||
500,000 | Turkiye Sinai Kalkinma Bankasi AS | 4.875 | 05/18/2021 | 435,792 | ||||||||||||
400,000 | Turkiye Sinai Kalkinma Bankasi AS, Series 1 | 5.125 | 04/22/2020 | 371,107 | ||||||||||||
200,000 | Turkiye Sise ve Cam Fabrikalari AS(a) | 4.250 | 05/09/2020 | 193,552 | ||||||||||||
700,000 | Yapi ve Kredi Bankasi AS(a) | 5.250 | 12/03/2018 | 699,475 | ||||||||||||
600,000 | Yapi ve Kredi Bankasi AS(a) | 5.125 | 10/22/2019 | 585,062 | ||||||||||||
600,000 | Yapi ve Kredi Bankasi AS(a) | 4.000 | 01/22/2020 | 573,649 | ||||||||||||
600,000 | Yasar Holding AS(a) | 8.875 | 05/06/2020 | 390,546 | ||||||||||||
|
| |||||||||||||||
10,585,819 | ||||||||||||||||
|
| |||||||||||||||
United Arab Emirates—0.4% | ||||||||||||||||
500,000 | Alpha Star Holding Ltd. | 4.970 | 04/09/2019 | 499,177 | ||||||||||||
350,000 | DAE Funding LLC(a) | 4.000 | 08/01/2020 | 347,813 | ||||||||||||
200,000 | EA Partners II BV | 6.750 | 06/01/2021 | 116,200 | ||||||||||||
|
| |||||||||||||||
963,190 | ||||||||||||||||
|
| |||||||||||||||
United Kingdom—1.7% | ||||||||||||||||
97,000 | Avon Products, Inc. | 6.600 | 03/15/2020 | 97,000 | ||||||||||||
500,000 | Fiat Chrysler Automobiles NV | 4.500 | 04/15/2020 | 503,125 | ||||||||||||
400,000 | ICBC Standard Bank PLC, EMTN | 8.125 | 12/02/2019 | 415,620 | ||||||||||||
700,000 | Jaguar Land Rover Automotive PLC(a) | 4.125 | 12/15/2018 | 699,737 | ||||||||||||
700,000 | Jaguar Land Rover Automotive PLC(a) | 4.250 | 11/15/2019 | 699,125 | ||||||||||||
710,000 | Jaguar Land Rover Automotive PLC(a) | 3.500 | 03/15/2020 | 698,463 | ||||||||||||
500,000 | Virgin Media Secured Finance PLC | 5.250 | 01/15/2021 | 507,500 | ||||||||||||
|
| |||||||||||||||
3,620,570 | ||||||||||||||||
|
| |||||||||||||||
United States—42.9% | ||||||||||||||||
400,000 | Abe Investment Holdings, Inc./Getty Images, Inc.(a) | 7.000 | 10/15/2020 | 392,000 | ||||||||||||
407,000 | ADT Corp. (The) | 5.250 | 03/15/2020 | 413,105 | ||||||||||||
500,000 | AES Corp. | 4.000 | 03/15/2021 | 496,250 | ||||||||||||
400,000 | Allegheny Technologies, Inc. | 5.950 | 01/15/2021 | 403,000 | ||||||||||||
450,000 | Allegiant Travel Co. | 5.500 | 07/15/2019 | 454,500 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.250 | 11/05/2018 | 499,985 | ||||||||||||
500,000 | Ally Financial, Inc. | 8.000 | 12/31/2018 | 503,437 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.500 | 01/27/2019 | 500,000 | ||||||||||||
500,000 | Ally Financial, Inc. | 3.750 | 11/18/2019 | 501,300 | ||||||||||||
500,000 | Ally Financial, Inc. | 8.000 | 03/15/2020 | 527,500 | ||||||||||||
500,000 | Ally Financial, Inc. | 4.125 | 03/30/2020 | 501,875 | ||||||||||||
500,000 | Ally Financial, Inc. | 7.500 | 09/15/2020 | 531,250 | ||||||||||||
600,000 | Ally Financial, Inc. | 4.250 | 04/15/2021 | 601,500 | ||||||||||||
400,000 | American Airlines Group, Inc.(a) | 5.500 | 10/01/2019 | 406,380 | ||||||||||||
400,000 | American Airlines Group, Inc.(a) | 4.625 | 03/01/2020 | 401,500 | ||||||||||||
454,000 | Anixter, Inc. | 5.625 | 05/01/2019 | 459,403 | ||||||||||||
400,000 | APX Group, Inc. | 8.750 | 12/01/2020 | 391,000 | ||||||||||||
500,000 | Archrock Partners LP/Archrock Partners Finance Corp. | 6.000 | 04/01/2021 | 497,500 | ||||||||||||
438,000 | Arconic, Inc. | 6.150 | 08/15/2020 | 452,235 | ||||||||||||
526,000 | Arconic, Inc. | 5.400 | 04/15/2021 | 533,232 | ||||||||||||
400,000 | Ashton Woods USA LLC/Ashton Woods Finance Co.(a) | 6.875 | 02/15/2021 | 402,000 | ||||||||||||
100,000 | Avaya, Inc.(a)(d)(e) | 9.000 | 04/01/2019 | 0 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 100,000 | Avaya, Inc.(a)(d)(e) | 7.000 | % | 04/01/2019 | $ | 0 | |||||||||
100,000 | B&G Foods, Inc. | 4.625 | 06/01/2021 | 99,750 | ||||||||||||
500,000 | Ball Corp. | 4.375 | 12/15/2020 | 501,250 | ||||||||||||
257,000 | Cablevision Systems Corp. | 8.000 | 04/15/2020 | 269,529 | ||||||||||||
500,000 | Calumet Specialty Products Partners LP/Calumet Finance Corp. | 6.500 | 04/15/2021 | 482,500 | ||||||||||||
500,000 | CCO Holdings LLC/CCO Holdings Capital Corp. | 5.250 | 03/15/2021 | 502,812 | ||||||||||||
500,000 | Centene Corp. | 5.625 | 02/15/2021 | 508,750 | ||||||||||||
462,000 | CenturyLink, Inc., Series Q | 6.150 | 09/15/2019 | 468,930 | ||||||||||||
100,000 | CenturyLink, Inc., Series S | 6.450 | 06/15/2021 | 102,625 | ||||||||||||
500,000 | CenturyLink, Inc., Series V | 5.625 | 04/01/2020 | 508,125 | ||||||||||||
600,000 | Cenveo Corp.(a)(b) | 6.000 | 08/01/2019 | 163,611 | ||||||||||||
483,000 | CF Industries, Inc. | 7.125 | 05/01/2020 | 503,527 | ||||||||||||
500,000 | Chesapeake Energy Corp. | 6.625 | 08/15/2020 | 517,500 | ||||||||||||
449,000 | Chesapeake Energy Corp. | 6.125 | 02/15/2021 | 455,735 | ||||||||||||
200,000 | Choice Hotels International, Inc. | 5.700 | 08/28/2020 | 207,750 | ||||||||||||
449,000 | CHS/Community Health Systems, Inc. | 8.000 | 11/15/2019 | 434,407 | ||||||||||||
500,000 | CIT Group, Inc. | 5.375 | 05/15/2020 | 514,700 | ||||||||||||
500,000 | CIT Group, Inc. | 4.125 | 03/09/2021 | 500,000 | ||||||||||||
450,000 | Citgo Holding, Inc.(a) | 10.750 | 02/15/2020 | 470,250 | ||||||||||||
500,000 | Claire’s Store, Inc.(a)(b)(c)(d) | 9.000 | 03/15/2019 | 307,148 | ||||||||||||
600,000 | Claire’s Store, Inc.(a)(b)(c)(d) | 9.000 | 03/15/2019 | 337,245 | ||||||||||||
800,000 | Claire’s Store, Inc.(a)(b)(c)(d) | 9.000 | 03/15/2019 | 491,437 | ||||||||||||
100,000 | Clean Harbors, Inc. | 5.125 | 06/01/2021 | 100,250 | ||||||||||||
400,000 | Clear Channel International BV(a) | 8.750 | 12/15/2020 | 410,000 | ||||||||||||
494,000 | Clear Channel Worldwide Holdings, Inc., Series A | 7.625 | 03/15/2020 | 494,617 | ||||||||||||
500,000 | Clear Channel Worldwide Holdings, Inc., Series B | 7.625 | 03/15/2020 | 501,250 | ||||||||||||
500,000 | CNG Holdings, Inc.(a) | 9.375 | 05/15/2020 | 486,305 | ||||||||||||
500,000 | CNO Financial Group, Inc. | 4.500 | 05/30/2020 | 504,375 | ||||||||||||
428,000 | CoreCivic, Inc.—REIT | 4.125 | 04/01/2020 | 426,395 | ||||||||||||
400,000 | Credit Acceptance Corp. | 6.125 | 02/15/2021 | 402,920 | ||||||||||||
498,000 | CSC Holdings LLC | 8.625 | 02/15/2019 | 504,225 | ||||||||||||
512,000 | CTP Transportation Products LLC/CTP Finance, Inc.(a) | 8.250 | 12/15/2019 | 509,440 | ||||||||||||
100,000 | DBP Holding Corp.(a) | 7.750 | 10/15/2020 | 38,500 | ||||||||||||
462,000 | DCP Midstream Operating LP | 2.700 | 04/01/2019 | 459,690 | ||||||||||||
200,000 | DCP Midstream Operating LP(a) | 5.350 | 03/15/2020 | 202,750 | ||||||||||||
500,000 | Dell, Inc. | 5.875 | 06/15/2019 | 506,875 | ||||||||||||
600,000 | Dell, Inc. | 4.625 | 04/01/2021 | 603,423 | ||||||||||||
500,000 | Delta Air Lines, Inc. | 3.400 | 04/19/2021 | 495,325 | ||||||||||||
200,000 | Denbury Resources, Inc.(a) | 9.000 | 05/15/2021 | 209,250 | ||||||||||||
450,000 | DISH DBS Corp. | 7.875 | 09/01/2019 | 464,535 | ||||||||||||
500,000 | DISH DBS Corp. | 5.125 | 05/01/2020 | 503,125 | ||||||||||||
100,000 | DISH DBS Corp. | 6.750 | 06/01/2021 | 101,250 | ||||||||||||
511,000 | DJO Finance LLC/DJO Finance Corp. | 10.750 | 04/15/2020 | 504,612 | ||||||||||||
137,850 | DynCorp International, Inc., 1.500% PIK Rate, 10.375% Cash Rate(f) | 11.875 | 11/30/2020 | 143,881 | ||||||||||||
500,000 | Edgewell Personal Care Co. | 4.700 | 05/19/2021 | 499,375 | ||||||||||||
500,000 | EMC Corp. | 2.650 | 06/01/2020 | 486,628 | ||||||||||||
450,000 | Energy Transfer LP | 7.500 | 10/15/2020 | 477,562 | ||||||||||||
100,000 | EnLink Midstream Partners LP | 2.700 | 04/01/2019 | 99,379 | ||||||||||||
500,000 | Ferrellgas LP/Ferrellgas Finance Corp. | 6.500 | 05/01/2021 | 450,000 | ||||||||||||
500,000 | First Quality Finance Co., Inc.(a) | 4.625 | 05/15/2021 | 493,750 | ||||||||||||
600,000 | Freeport-McMoRan, Inc. | 3.100 | 03/15/2020 | 591,750 | ||||||||||||
454,000 | Frontier Communications Corp. | 7.125 | 03/15/2019 | 457,405 | ||||||||||||
105,000 | Frontier Communications Corp. | 8.500 | 04/15/2020 | 105,787 | ||||||||||||
400,000 | GameStop Corp.(a) | 5.500 | 10/01/2019 | 401,500 | ||||||||||||
500,000 | GameStop Corp.(a) | 6.750 | 03/15/2021 | 506,250 | ||||||||||||
500,000 | Genworth Holdings, Inc. | 7.700 | 06/15/2020 | 516,400 | ||||||||||||
511,000 | Genworth Holdings, Inc. | 7.200 | 02/15/2021 | 522,497 | ||||||||||||
98,659 | Goodman Networks, Inc.(g) | 8.000 | 05/11/2022 | 51,796 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 511,000 | Goodyear Tire & Rubber Co. (The) | 8.750 | % | 08/15/2020 | $ | 551,241 | |||||||||
500,000 | Graphic Packaging International LLC | 4.750 | 04/15/2021 | 502,500 | ||||||||||||
482,000 | Greif, Inc. | 7.750 | 08/01/2019 | 494,050 | ||||||||||||
415,910 | Guitar Center, Inc., 8.000% PIK Rate, 5.000% Cash Rate(a)(f) | 13.000 | 04/15/2022 | 347,285 | ||||||||||||
400,000 | Harland Clarke Holdings Corp.(a) | 6.875 | 03/01/2020 | 394,000 | ||||||||||||
500,000 | Harland Clarke Holdings Corp.(a) | 9.250 | 03/01/2021 | 443,750 | ||||||||||||
552,000 | HC2 Holdings, Inc.(a) | 11.000 | 12/01/2019 | 549,240 | ||||||||||||
463,000 | HCA Healthcare, Inc. | 6.250 | 02/15/2021 | 482,099 | ||||||||||||
500,000 | HCA, Inc. | 4.250 | 10/15/2019 | 502,812 | ||||||||||||
500,000 | HCA, Inc. | 6.500 | 02/15/2020 | 517,500 | ||||||||||||
500,000 | Hertz Corp. (The) | 5.875 | 10/15/2020 | 491,875 | ||||||||||||
500,000 | Hertz Corp. (The) | 7.375 | 01/15/2021 | 491,875 | ||||||||||||
495,000 | Hexion, Inc. | 10.000 | 04/15/2020 | 465,300 | ||||||||||||
500,000 | Hexion, Inc. | 6.625 | 04/15/2020 | 443,750 | ||||||||||||
778,000 | Hexion, Inc./Hexion Nova Scotia Finance ULC | 9.000 | 11/15/2020 | 470,690 | ||||||||||||
700,000 | Hornbeck Offshore Services, Inc. | 5.875 | 04/01/2020 | 533,750 | ||||||||||||
700,000 | Hornbeck Offshore Services, Inc. | 5.000 | 03/01/2021 | 504,000 | ||||||||||||
500,000 | Hughes Satellite Systems Corp. | 6.500 | 06/15/2019 | 507,862 | ||||||||||||
100,000 | Hughes Satellite Systems Corp. | 7.625 | 06/15/2021 | 106,300 | ||||||||||||
527,000 | Huntsman International LLC | 4.875 | 11/15/2020 | 531,785 | ||||||||||||
500,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 6.000 | 08/01/2020 | 505,000 | ||||||||||||
435,000 | Infor US, Inc.(a) | 5.750 | 08/15/2020 | 440,438 | ||||||||||||
600,000 | INVISTA Finance LLC(a) | 4.250 | 10/15/2019 | 604,260 | ||||||||||||
314,000 | iStar, Inc.—REIT | 5.000 | 07/01/2019 | 314,392 | ||||||||||||
420,550 | iStar, Inc.—REIT | 4.625 | 09/15/2020 | 418,447 | ||||||||||||
100,000 | iStar, Inc.—REIT | 6.500 | 07/01/2021 | 101,250 | ||||||||||||
3,000 | J.C. Penney Corp., Inc. | 5.650 | 06/01/2020 | 2,625 | ||||||||||||
500,000 | Jurassic Holdings III, Inc.(a) | 6.875 | 02/15/2021 | 470,000 | ||||||||||||
550,000 | KB Home | 4.750 | 05/15/2019 | 550,687 | ||||||||||||
425,000 | KB Home | 8.000 | 03/15/2020 | 445,719 | ||||||||||||
500,000 | Kinetic Concepts, Inc./KCI USA, Inc.(a) | 7.875 | 02/15/2021 | 511,875 | ||||||||||||
400,000 | L Brands, Inc. | 7.000 | 05/01/2020 | 418,000 | ||||||||||||
500,000 | L Brands, Inc. | 6.625 | 04/01/2021 | 523,750 | ||||||||||||
498,000 | Leidos Holdings, Inc. | 4.450 | 12/01/2020 | 497,004 | ||||||||||||
600,000 | Lennar Corp. | 4.125 | 12/01/2018 | 600,000 | ||||||||||||
500,000 | Lennar Corp. | 4.500 | 06/15/2019 | 502,500 | ||||||||||||
470,000 | Lennar Corp. | 4.500 | 11/15/2019 | 472,938 | ||||||||||||
500,000 | Lennar Corp. | 6.625 | 05/01/2020 | 518,125 | ||||||||||||
400,000 | Lennar Corp. | 2.950 | 11/29/2020 | 390,000 | ||||||||||||
500,000 | Lennar Corp. | 8.375 | 01/15/2021 | 541,250 | ||||||||||||
500,000 | Lennar Corp. | 4.750 | 04/01/2021 | 502,500 | ||||||||||||
800,000 | M/I Homes, Inc. | 6.750 | 01/15/2021 | 805,000 | ||||||||||||
510,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC(a) | 4.875 | 04/15/2020 | 506,175 | ||||||||||||
105,000 | Marathon Oil Corp. | 2.700 | 06/01/2020 | 103,764 | ||||||||||||
400,000 | Martin Midstream Partners LP/Martin Midstream Finance Corp. | 7.250 | 02/15/2021 | 399,000 | ||||||||||||
400,000 | Mattel, Inc. | 4.350 | 10/01/2020 | 397,876 | ||||||||||||
200,000 | Mattel, Inc. | 2.350 | 08/15/2021 | 180,500 | ||||||||||||
567,000 | MDC Holdings, Inc. | 5.625 | 02/01/2020 | 575,505 | ||||||||||||
397,000 | Meritage Homes Corp. | 7.150 | 04/15/2020 | 408,414 | ||||||||||||
450,000 | MGM Resorts International | 8.625 | 02/01/2019 | 455,625 | ||||||||||||
484,000 | MGM Resorts International | 5.250 | 03/31/2020 | 491,260 | ||||||||||||
357,000 | MGM Resorts International | 6.750 | 10/01/2020 | 372,851 | ||||||||||||
400,000 | Michaels Stores, Inc.(a) | 5.875 | 12/15/2020 | 400,500 | ||||||||||||
609,000 | Monitronics International, Inc. | 9.125 | 04/01/2020 | 452,183 | ||||||||||||
525,000 | Navient Corp., MTN | 5.500 | 01/15/2019 | 527,625 | ||||||||||||
400,000 | Navient Corp., MTN | 4.875 | 06/17/2019 | 402,000 | ||||||||||||
500,000 | Navient Corp., MTN | 8.000 | 03/25/2020 | 523,125 | ||||||||||||
458,000 | Navient Corp. | 5.000 | 10/26/2020 | 461,664 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 500,000 | Navient Corp. | 5.875 | % | 03/25/2021 | $ | 506,875 | |||||||||
500,000 | NCR Corp. | 4.625 | 02/15/2021 | 493,750 | ||||||||||||
520,000 | Neovia Logistics Services LLC/SPL Logistics Finance Corp.(a) | 8.875 | 08/01/2020 | 468,000 | ||||||||||||
500,000 | Netflix, Inc. | 5.375 | 02/01/2021 | 511,875 | ||||||||||||
459,000 | NGL Energy Partners LP/NGL Energy Finance Corp. | 5.125 | 07/15/2019 | 461,869 | ||||||||||||
580,000 | Nielsen Finance LLC/Nielsen Finance Co. | 4.500 | 10/01/2020 | 580,000 | ||||||||||||
4,200,000 | Nine West Holdings, Inc.(a)(b)(c) | 8.250 | 03/15/2019 | 693,000 | ||||||||||||
131,000 | Nuance Communications, Inc.(a) | 5.375 | 08/15/2020 | 131,164 | ||||||||||||
500,000 | NuStar Logistics LP | 4.800 | 09/01/2020 | 500,000 | ||||||||||||
400,000 | NuStar Logistics LP | 6.750 | 02/01/2021 | 417,000 | ||||||||||||
180,000 | Oaktree Specialty Lending Corp. | 4.875 | 03/01/2019 | 180,434 | ||||||||||||
400,000 | Omnimax International, Inc.(a) | 12.000 | 08/15/2020 | 415,500 | ||||||||||||
445,000 | Penske Automotive Group, Inc. | 3.750 | 08/15/2020 | 441,663 | ||||||||||||
75,688 | PetroQuest Energy, Inc. | 10.000 | 02/15/2021 | 33,303 | ||||||||||||
446,000 | PHH Corp. | 7.375 | 09/01/2019 | 458,823 | ||||||||||||
591,000 | PHI, Inc. | 5.250 | 03/15/2019 | 521,558 | ||||||||||||
381,000 | Pitney Bowes, Inc. | 3.875 | 09/15/2020 | 377,666 | ||||||||||||
280,000 | Pride International LLC | 6.875 | 08/15/2020 | 291,200 | ||||||||||||
500,000 | PulteGroup, Inc. | 4.250 | 03/01/2021 | 500,050 | ||||||||||||
450,000 | QEP Resources, Inc. | 6.875 | 03/01/2021 | 470,250 | ||||||||||||
400,000 | QVC, Inc. | 3.125 | 04/01/2019 | 399,208 | ||||||||||||
500,000 | R.R. Donnelley & Sons Co. | 7.875 | 03/15/2021 | 521,250 | ||||||||||||
450,000 | Realogy Group LLC/Realogy Co.-Issuer Corp.(a) | 4.500 | 04/15/2019 | 448,875 | ||||||||||||
475,000 | Rent-A-Center, Inc. | 6.625 | 11/15/2020 | 471,438 | ||||||||||||
150,000 | Rent-A-Center, Inc. | 4.750 | 05/01/2021 | 148,500 | ||||||||||||
420,000 | Resolute Energy Corp. | 8.500 | 05/01/2020 | 419,475 | ||||||||||||
636,000 | Revlon Consumer Products Corp. | 5.750 | 02/15/2021 | 502,440 | ||||||||||||
581,465 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | 5.750 | 10/15/2020 | 582,191 | ||||||||||||
347,230 | Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu | 6.875 | 02/15/2021 | 350,269 | ||||||||||||
500,000 | RHP Hotel Properties LP/RHP Finance Corp.—REIT | 5.000 | 04/15/2021 | 501,875 | ||||||||||||
485,000 | Rockies Express Pipeline LLC(a) | 6.000 | 01/15/2019 | 487,425 | ||||||||||||
500,000 | Rockies Express Pipeline LLC(a) | 5.625 | 04/15/2020 | 513,350 | ||||||||||||
500,000 | Sable Permian Resources Land LLC/AEPB Finance Corp.(a) | 7.125 | 11/01/2020 | 300,000 | ||||||||||||
400,000 | Sable Permian Resources Land LLC/AEPB Finance Corp.(a) | 13.000 | 11/30/2020 | 427,500 | ||||||||||||
605,000 | Safeway, Inc. | 5.000 | 08/15/2019 | 611,050 | ||||||||||||
200,000 | Sanchez Energy Corp. | 7.750 | 06/15/2021 | 101,000 | ||||||||||||
200,000 | Sanmina Corp.(a) | 4.375 | 06/01/2019 | 200,250 | ||||||||||||
400,000 | SCANA Corp., MTN | 6.250 | 04/01/2020 | 410,007 | ||||||||||||
500,000 | SCANA Corp., MTN | 4.750 | 05/15/2021 | 502,975 | ||||||||||||
17,000 | Scientific Games International, Inc. | 6.625 | 05/15/2021 | 16,533 | ||||||||||||
325,000 | Sealed Air Corp.(a) | 6.500 | 12/01/2020 | 337,188 | ||||||||||||
665,600 | Sears Holdings Corp., Series AI(b)(c) | 8.000 | 12/15/2019 | 84,864 | ||||||||||||
400,000 | Seitel, Inc. | 9.500 | 04/15/2019 | 399,000 | ||||||||||||
112,000 | Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC(a) | 5.875 | 05/15/2021 | 112,280 | ||||||||||||
500,000 | Sinclair Television Group, Inc. | 5.375 | 04/01/2021 | 500,625 | ||||||||||||
507,000 | Springleaf Finance Corp. | 5.250 | 12/15/2019 | 513,338 | ||||||||||||
506,000 | Springleaf Finance Corp. | 6.000 | 06/01/2020 | 518,650 | ||||||||||||
400,000 | Springleaf Finance Corp. | 8.250 | 12/15/2020 | 429,000 | ||||||||||||
470,000 | Sprint Capital Corp. | 6.900 | 05/01/2019 | 477,327 | ||||||||||||
502,000 | Sprint Communications, Inc.(a) | 9.000 | 11/15/2018 | 503,632 | ||||||||||||
480,000 | Sprint Communications, Inc.(a) | 7.000 | 03/01/2020 | 498,600 | ||||||||||||
506,000 | Sprint Communications, Inc. | 7.000 | 08/15/2020 | 524,975 | ||||||||||||
500,000 | Starwood Property Trust, Inc.—REIT(a) | 3.625 | 02/01/2021 | 486,875 | ||||||||||||
205,000 | Stearns Holdings LLC(a) | 9.375 | 08/15/2020 | 205,513 | ||||||||||||
300,000 | Stearns Holdings LLC(a) | 9.375 | 08/15/2020 | 300,750 | ||||||||||||
340,000 | Symantec Corp. | 4.200 | 09/15/2020 | 339,952 | ||||||||||||
500,000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 4.125 | 11/15/2019 | 502,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
United States (continued) | ||||||||||||||||
$ | 504,000 | TEGNA, Inc. | 5.125 | % | 10/15/2019 | $ | 503,370 | |||||||||
270,000 | TEGNA, Inc. | 5.125 | 07/15/2020 | 270,337 | ||||||||||||
450,000 | Tenet Healthcare Corp. | 5.500 | 03/01/2019 | 452,813 | ||||||||||||
200,000 | Tenet Healthcare Corp. | 6.750 | 02/01/2020 | 206,250 | ||||||||||||
520,000 | Tenet Healthcare Corp. | 4.750 | 06/01/2020 | 523,900 | ||||||||||||
421,000 | Tenet Healthcare Corp. | 6.000 | 10/01/2020 | 432,178 | ||||||||||||
600,000 | Tenet Healthcare Corp. | 4.500 | 04/01/2021 | 600,000 | ||||||||||||
400,000 | Time Warner Cable LLC | 5.000 | 02/01/2020 | 406,522 | ||||||||||||
470,000 | Toll Brothers Finance Corp. | 4.000 | 12/31/2018 | 469,413 | ||||||||||||
500,000 | Toll Brothers Finance Corp. | 6.750 | 11/01/2019 | 513,125 | ||||||||||||
450,000 | TransDigm, Inc. | 5.500 | 10/15/2020 | 450,563 | ||||||||||||
500,000 | Transocean, Inc. | 6.500 | 11/15/2020 | 515,625 | ||||||||||||
400,000 | TRI Pointe Group, Inc./TRI Pointe Homes, Inc. | 4.375 | 06/15/2019 | 401,500 | ||||||||||||
536,000 | Triumph Group, Inc. | 4.875 | 04/01/2021 | 507,538 | ||||||||||||
48,000 | TRU Taj LLC/TRU Taj Finance, Inc.(a)(b)(c) | 12.000 | 08/15/2021 | 26,400 | ||||||||||||
500,000 | Unit Corp. | 6.625 | 05/15/2021 | 498,750 | ||||||||||||
564,000 | United Continental Holdings, Inc. | 6.000 | 12/01/2020 | 587,265 | ||||||||||||
500,000 | United States Steel Corp. | 7.375 | 04/01/2020 | 521,400 | ||||||||||||
100,000 | Universal Health Services, Inc.(a) | 3.750 | 08/01/2019 | 100,063 | ||||||||||||
500,000 | Universal Hospital Services, Inc. | 7.625 | 08/15/2020 | 501,250 | ||||||||||||
500,000 | Urban One, Inc.(a) | 9.250 | 02/15/2020 | 486,875 | ||||||||||||
378,000 | Weatherford International Ltd. | 5.125 | 09/15/2020 | 332,640 | ||||||||||||
500,000 | Whiting Petroleum Corp. | 5.750 | 03/15/2021 | 505,000 | ||||||||||||
100,000 | Wyndham Destinations, Inc. | 5.625 | 03/01/2021 | 101,875 | ||||||||||||
457,000 | Yum! Brands, Inc. | 5.300 | 09/15/2019 | 462,141 | ||||||||||||
420,000 | Yum! Brands, Inc. | 3.875 | 11/01/2020 | 418,425 | ||||||||||||
443,000 | Zachry Holdings, Inc.(a) | 7.500 | 02/01/2020 | 442,446 | ||||||||||||
|
| |||||||||||||||
92,917,420 | ||||||||||||||||
|
| |||||||||||||||
Zambia—0.2% | ||||||||||||||||
450,000 | First Quantum Minerals Ltd.(a) | 7.000 | 02/15/2021 | 440,809 | ||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $196,548,890) | 188,081,582 | |||||||||||||||
|
| |||||||||||||||
Sovereign Debt Obligations—11.2% | ||||||||||||||||
Argentina—0.8% | ||||||||||||||||
450,000 | Argentine Republic Government International Bond | 6.250 | 04/22/2019 | 453,600 | ||||||||||||
500,000 | Argentine Republic Government International Bond | 6.875 | 04/22/2021 | 480,125 | ||||||||||||
550,000 | Provincia de Buenos Aires(a) | 5.750 | 06/15/2019 | 548,597 | ||||||||||||
200,000 | Provincia de Cordoba(a) | 7.125 | 06/10/2021 | 186,000 | ||||||||||||
|
| |||||||||||||||
1,668,322 | ||||||||||||||||
|
| |||||||||||||||
Azerbaijan—0.2% | ||||||||||||||||
480,000 | Republic of Azerbaijan International Bond(a) | 5.125 | 09/01/2029 | 458,576 | ||||||||||||
|
| |||||||||||||||
Bahrain—0.6% | ||||||||||||||||
300,000 | Bahrain Government International Bond(a) | 5.500 | 03/31/2020 | 299,874 | ||||||||||||
500,000 | Bahrain Government International Bond(a) | 5.875 | 01/26/2021 | 500,223 | ||||||||||||
500,000 | CBB International Sukuk Co. 3 SPC | 6.273 | 11/22/2018 | 500,625 | ||||||||||||
|
| |||||||||||||||
1,300,722 | ||||||||||||||||
|
| |||||||||||||||
Brazil—0.4% | ||||||||||||||||
400,000 | Brazilian Government International Bond | 8.875 | 10/14/2019 | 421,000 | ||||||||||||
500,000 | Brazilian Government International Bond | 4.875 | 01/22/2021 | 509,000 | ||||||||||||
|
| |||||||||||||||
930,000 | ||||||||||||||||
|
| |||||||||||||||
Costa Rica—0.2% | ||||||||||||||||
500,000 | Costa Rica Government International Bond(a) | 9.995 | 08/01/2020 | 519,500 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Croatia—0.7% | ||||||||||||||||
$ | 500,000 | Croatia Government International Bond(a) | 6.750 | % | 11/05/2019 | $ | 515,889 | |||||||||
400,000 | Croatia Government International Bond(a) | 6.625 | 07/14/2020 | 418,137 | ||||||||||||
500,000 | Croatia Government International Bond(a) | 6.375 | 03/24/2021 | 525,735 | ||||||||||||
|
| |||||||||||||||
1,459,761 | ||||||||||||||||
|
| |||||||||||||||
Ecuador—0.2% | ||||||||||||||||
400,000 | Ecuador Government International Bond(a) | 10.500 | 03/24/2020 | 411,500 | ||||||||||||
|
| |||||||||||||||
Egypt—0.2% | ||||||||||||||||
400,000 | Egypt Government International Bond(a) | 5.750 | 04/29/2020 | 403,620 | ||||||||||||
|
| |||||||||||||||
El Salvador—0.4% | ||||||||||||||||
900,000 | El Salvador Government International Bond(a) | 7.375 | 12/01/2019 | 902,025 | ||||||||||||
|
| |||||||||||||||
Georgia—0.2% | ||||||||||||||||
500,000 | Georgia Government International Bond(a) | 6.875 | 04/12/2021 | 526,790 | ||||||||||||
|
| |||||||||||||||
Honduras—0.2% | ||||||||||||||||
500,000 | Honduras Government International Bond(a) | 8.750 | 12/16/2020 | 540,270 | ||||||||||||
|
| |||||||||||||||
Kenya—0.2% | ||||||||||||||||
400,000 | Kenya Government International Bond(a) | 5.875 | 06/24/2019 | 403,100 | ||||||||||||
|
| |||||||||||||||
Lebanon—2.0% | ||||||||||||||||
500,000 | Lebanon Government International Bond, EMTN | 5.150 | 11/12/2018 | 501,304 | ||||||||||||
800,000 | Lebanon Government International Bond, EMTN | 5.500 | 04/23/2019 | 791,533 | ||||||||||||
800,000 | Lebanon Government International Bond, EMTN | 6.000 | 05/20/2019 | 791,362 | ||||||||||||
500,000 | Lebanon Government International Bond, GMTN | 5.450 | 11/28/2019 | 483,720 | ||||||||||||
300,000 | Lebanon Government International Bond, GMTN | 6.375 | 03/09/2020 | 290,181 | ||||||||||||
500,000 | Lebanon Government International Bond, GMTN | 5.800 | 04/14/2020 | 476,567 | ||||||||||||
500,000 | Lebanon Government International Bond, EMTN | 6.150 | 06/19/2020 | 475,303 | ||||||||||||
500,000 | Lebanon Government International Bond, EMTN(a) | 8.250 | 04/12/2021 | 480,920 | ||||||||||||
|
| |||||||||||||||
4,290,890 | ||||||||||||||||
|
| |||||||||||||||
Mongolia—0.3% | ||||||||||||||||
500,000 | Mongolia Government International Bond, EMTN(a) | 10.875 | 04/06/2021 | 556,406 | ||||||||||||
|
| |||||||||||||||
Nigeria—0.2% | ||||||||||||||||
500,000 | Nigeria Government International Bond(a) | 6.750 | 01/28/2021 | 516,983 | ||||||||||||
|
| |||||||||||||||
Pakistan—0.5% | ||||||||||||||||
500,000 | Pakistan Government International Bond(a) | 7.250 | 04/15/2019 | 502,877 | ||||||||||||
500,000 | Second Pakistan International Sukuk Co. Ltd. (The)(a) | 6.750 | 12/03/2019 | 502,668 | ||||||||||||
|
| |||||||||||||||
1,005,545 | ||||||||||||||||
|
| |||||||||||||||
Senegal—0.2% | ||||||||||||||||
400,000 | Senegal Government International Bond(a) | 8.750 | 05/13/2021 | 427,848 | ||||||||||||
|
| |||||||||||||||
Serbia—0.5% | ||||||||||||||||
500,000 | Serbia International Bond(a) | 5.875 | 12/03/2018 | 501,124 | ||||||||||||
500,000 | Serbia International Bond(a) | 4.875 | 02/25/2020 | 504,820 | ||||||||||||
|
| |||||||||||||||
1,005,944 | ||||||||||||||||
|
| |||||||||||||||
South Africa—0.6% | ||||||||||||||||
500,000 | Republic of South Africa Government International Bond | 6.875 | 05/27/2019 | 508,065 | ||||||||||||
300,000 | Republic of South Africa Government International Bond | 5.500 | 03/09/2020 | 303,584 | ||||||||||||
500,000 | ZAR Sovereign Capital Fund Pty Ltd.(a) | 3.903 | 06/24/2020 | 496,225 | ||||||||||||
|
| |||||||||||||||
1,307,874 | ||||||||||||||||
|
| |||||||||||||||
Sri Lanka—0.6% | ||||||||||||||||
500,000 | Sri Lanka Government International Bond(a) | 6.000 | 01/14/2019 | 495,895 | ||||||||||||
500,000 | Sri Lanka Government International Bond(a) | 5.125 | 04/11/2019 | 492,750 | ||||||||||||
400,000 | Sri Lanka Government International Bond(a) | 6.250 | 10/04/2020 | 387,487 | ||||||||||||
|
| |||||||||||||||
1,376,132 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (continued) | ||||||||||||||||
Turkey—1.4% | ||||||||||||||||
$ | 300,000 | Export Credit Bank of Turkey(a) | 5.875 | % | 04/24/2019 | $ | 299,113 | |||||||||
700,000 | Export Credit Bank of Turkey, EMTN(a) | 5.375 | 02/08/2021 | 666,614 | ||||||||||||
500,000 | Turkey Government International Bond | 7.000 | 03/11/2019 | 502,778 | ||||||||||||
500,000 | Turkey Government International Bond | 7.500 | 11/07/2019 | 506,937 | ||||||||||||
500,000 | Turkey Government International Bond | 7.000 | 06/05/2020 | 504,106 | ||||||||||||
500,000 | Turkey Government International Bond | 5.625 | 03/30/2021 | 488,581 | ||||||||||||
|
| |||||||||||||||
2,968,129 | ||||||||||||||||
|
| |||||||||||||||
Ukraine—0.3% | ||||||||||||||||
300,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2019 | 301,650 | ||||||||||||
400,000 | Ukraine Government International Bond(a) | 7.750 | 09/01/2020 | 399,198 | ||||||||||||
|
| |||||||||||||||
700,848 | ||||||||||||||||
|
| |||||||||||||||
Vietnam—0.3% | ||||||||||||||||
600,000 | Vietnam Government International Bond(a) | 6.750 | 01/29/2020 | 618,893 | ||||||||||||
|
| |||||||||||||||
Total Sovereign Debt Obligations (Cost $24,733,353) | 24,299,678 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Common Stocks & Other Equity Interests—0.2% | ||||||||||||||||
United States—0.2% | ||||||||||||||||
4 | Avaya Holdings Corp.(e)(h) | 66 | ||||||||||||||
5,550 | Cumulus Media, Inc.A(h) | 80,808 | ||||||||||||||
6,207 | Goodman Networks, Inc.(d)(g)(h) | 0 | ||||||||||||||
946 | Guitar Center, Inc. Wts. expiring 04/16/25(d)(h) | 0 | ||||||||||||||
17,292 | Harvest Oil & Gas Corp.(h) | 401,174 | ||||||||||||||
4,449 | Remington Outdoor Co., Inc.(d)(h) | 25,783 | ||||||||||||||
4,487 | Remington Outdoor Co., Inc. Wts. expiring 05/15/22(d)(h) | 0 | ||||||||||||||
|
| |||||||||||||||
Common Stocks & Other Equity Interests—0.2% | ||||||||||||||||
(Cost $412,223) | 507,831 | |||||||||||||||
|
| |||||||||||||||
Preferred Stocks—0.0% | ||||||||||||||||
United States—0.0% | ||||||||||||||||
7,385 | Goodman Networks, Inc., 0.00%(d)(g)(h) (Cost $0) | 0 | ||||||||||||||
|
| |||||||||||||||
Money Market Fund—0.4% | ||||||||||||||||
798,380 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(i) (Cost $798,380) | 798,380 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $222,492,846)—98.7% | 213,687,471 | |||||||||||||||
Other assets less liabilities—1.3% | 2,712,531 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 216,400,002 | ||||||||||||||
|
|
Investment Abbreviations:
EMTN—Euro Medium-Term Note
GMTN—Global Medium-Term Note
MTN—Medium-Term Note
PIK—Pay-in-Kind
REIT—Real Estate Investment Trust
Wts.—Warrants
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 October 31, 2018 was $83,430,512, which represented 38.55% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
October 31, 2018
(b) | Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at October 31, 2018 was $2,610,675, which represented 1.21% of the Fund’s Net Assets. |
(c) | The borrower has filed for protection in federal bankruptcy court. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Acquired as part of the Avaya Holdings Corp. reorganization. |
(f) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(g) | Acquired as part of the Goodman Networks, Inc. reorganization. |
(h) | Non-income producing security. |
(i) | 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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Schedule of Investments
Invesco International Corporate Bond ETF (PICB)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds—98.8% | ||||||||||||||||||
Australia—1.9% | ||||||||||||||||||
EUR | 100,000 | Australia & New Zealand Banking Group Ltd. | 0.750 | % | 09/29/2026 | $ | 109,879 | |||||||||||
GBP | 350,000 | BHP Billiton Finance Ltd., Series 12, EMTN | 4.300 | 09/25/2042 | 551,850 | |||||||||||||
AUD | 350,000 | BHP Billiton Finance Ltd., MTN | 3.000 | 03/30/2020 | 249,932 | |||||||||||||
EUR | 100,000 | National Australia Bank Ltd., EMTN | 0.875 | 01/20/2022 | 115,244 | |||||||||||||
EUR | 150,000 | National Australia Bank Ltd., EMTN | 2.750 | 08/08/2022 | 184,675 | |||||||||||||
EUR | 200,000 | National Australia Bank Ltd., EMTN | 1.375 | 08/30/2028 | 225,639 | |||||||||||||
EUR | 200,000 | National Australia Bank Ltd., GMTN | 1.250 | 05/18/2026 | 229,048 | |||||||||||||
EUR | 150,000 | Telstra Corp. Ltd., EMTN | 3.500 | 09/21/2022 | 190,584 | |||||||||||||
EUR | 150,000 | Telstra Corp. Ltd., EMTN | 2.500 | 09/15/2023 | 185,713 | |||||||||||||
EUR | 200,000 | Westpac Banking Corp., EMTN | 0.250 | 01/17/2022 | 226,135 | |||||||||||||
|
| |||||||||||||||||
2,268,699 | ||||||||||||||||||
|
| |||||||||||||||||
Belgium—3.6% | ||||||||||||||||||
CAD | 400,000 | Anheuser-Busch InBev Finance, Inc., Series MPLE | 2.600 | 05/15/2024 | 286,809 | |||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 0.800 | 04/20/2023 | 229,323 | |||||||||||||
GBP | 150,000 | Anheuser-Busch InBev SA, EMTN | 9.750 | 07/30/2024 | 266,947 | |||||||||||||
GBP | 250,000 | Anheuser-Busch InBev SA, EMTN | 1.750 | 03/07/2025 | 307,301 | |||||||||||||
EUR | 300,000 | Anheuser-Busch InBev SA, EMTN | 1.500 | 03/17/2025 | 348,272 | |||||||||||||
GBP | 200,000 | Anheuser-Busch InBev SA, EMTN | 4.000 | 09/24/2025 | 280,785 | |||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 2.700 | 03/31/2026 | 249,034 | |||||||||||||
EUR | 400,000 | Anheuser-Busch InBev SA, EMTN | 1.150 | 01/22/2027 | 439,413 | |||||||||||||
EUR | 300,000 | Anheuser-Busch InBev SA, EMTN | 2.000 | 03/17/2028 | 348,992 | |||||||||||||
GBP | 300,000 | Anheuser-Busch InBev SA, EMTN | 2.250 | 05/24/2029 | 359,627 | |||||||||||||
EUR | 200,000 | Anheuser-Busch InBev SA, EMTN | 1.500 | 04/18/2030 | 216,270 | |||||||||||||
EUR | 400,000 | Anheuser-Busch InBev SA, EMTN | 2.750 | 03/17/2036 | 460,059 | |||||||||||||
GBP | 200,000 | Anheuser-Busch InBev SA, EMTN | 2.850 | 05/25/2037 | 235,482 | |||||||||||||
EUR | 200,000 | KBC Group NV, EMTN | 0.750 | 03/01/2022 | 227,643 | |||||||||||||
|
| |||||||||||||||||
4,255,957 | ||||||||||||||||||
|
| |||||||||||||||||
Canada—15.0% | ||||||||||||||||||
CAD | 600,000 | Bank of Montreal, DPNT | 2.100 | 10/06/2020 | 450,257 | |||||||||||||
CAD | 500,000 | Bank of Montreal, DPNT | 1.880 | 03/31/2021 | 371,308 | |||||||||||||
CAD | 450,000 | Bank of Montreal, DPNT | 3.400 | 04/23/2021 | 346,139 | |||||||||||||
CAD | 1,050,000 | Bank of Montreal, DPNT | 1.610 | 10/28/2021 | 766,762 | |||||||||||||
CAD | 450,000 | Bank of Montreal, DPNT | 2.120 | 03/16/2022 | 332,083 | |||||||||||||
CAD | 700,000 | Bank of Montreal, DPNT | 2.270 | 07/11/2022 | 516,430 | |||||||||||||
CAD | 900,000 | Bank of Montreal, DPNT | 2.890 | 06/20/2023 | 675,523 | |||||||||||||
CAD | 500,000 | Bank of Nova Scotia (The), DPNT | 3.270 | 01/11/2021 | 383,297 | |||||||||||||
CAD | 400,000 | Bank of Nova Scotia (The), DPNT | 2.873 | 06/04/2021 | 303,543 | |||||||||||||
CAD | 750,000 | Bank of Nova Scotia (The), DPNT | 1.900 | 12/02/2021 | 551,805 | |||||||||||||
CAD | 600,000 | Bank of Nova Scotia (The), DPNT | 1.830 | 04/27/2022 | 437,117 | |||||||||||||
CAD | 700,000 | Bank of Nova Scotia (The), DPNT | 2.980 | 04/17/2023 | 527,245 | |||||||||||||
CAD | 700,000 | Bank of Nova Scotia (The), DPNT | 2.290 | 06/28/2024 | 505,642 | |||||||||||||
CAD | 500,000 | Bank of Nova Scotia (The), DPNT | 2.620 | 12/02/2026 | 360,236 | |||||||||||||
CAD | 300,000 | Bell Canada, Inc., MTN | 3.250 | 06/17/2020 | 229,295 | |||||||||||||
CAD | 300,000 | Bell Canada, Inc., MTN | 2.700 | 02/27/2024 | 217,965 | |||||||||||||
CAD | 300,000 | Bell Canada, Inc., MTN | 3.800 | 08/21/2028 | 223,360 | |||||||||||||
CAD | 300,000 | Bell Canada, Inc., Series M-26 | 3.350 | 03/22/2023 | 226,520 | |||||||||||||
CAD | 500,000 | Canadian Imperial Bank of Commerce, DPNT | 1.900 | 04/26/2021 | 371,133 | |||||||||||||
CAD | 450,000 | Canadian Imperial Bank of Commerce, DPNT | 2.040 | 03/21/2022 | 331,062 | |||||||||||||
CAD | 600,000 | Canadian Imperial Bank of Commerce, DPNT | 2.300 | 07/11/2022 | 443,285 | |||||||||||||
CAD | 600,000 | Canadian Imperial Bank of Commerce, DPNT | 3.300 | 05/26/2025 | 456,681 | |||||||||||||
CAD | 300,000 | Canadian Natural Resources Ltd., MTN | 2.890 | 08/14/2020 | 227,762 | |||||||||||||
CAD | 300,000 | Canadian Natural Resources Ltd., MTN | 3.310 | 02/11/2022 | 227,436 | |||||||||||||
CAD | 350,000 | HSBC Bank Canada, DPNT | 1.816 | 07/07/2020 | 261,760 | |||||||||||||
CAD | 400,000 | HSBC Bank Canada, DPNT | 2.449 | 01/29/2021 | 300,796 | |||||||||||||
CAD | 350,000 | HSBC Bank Canada, DPNT | 2.908 | 09/29/2021 | 264,718 | |||||||||||||
CAD | 300,000 | HSBC Bank Canada, DPNT | 2.170 | 06/29/2022 | 219,881 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
Canada (continued) | ||||||||||||||||||
CAD | 400,000 | HSBC Bank Canada, DPNT | 3.245 | % | 09/15/2023 | $ | 302,258 | |||||||||||
CAD | 500,000 | Rogers Communications, Inc. | 5.340 | 03/22/2021 | 399,060 | |||||||||||||
CAD | 600,000 | Royal Bank of Canada, DPNT | 2.860 | 03/04/2021 | 455,826 | |||||||||||||
CAD | 550,000 | Royal Bank of Canada, DPNT | 1.583 | 09/13/2021 | 402,010 | |||||||||||||
CAD | 700,000 | Royal Bank of Canada, DPNT | 1.968 | 03/02/2022 | 514,042 | |||||||||||||
CAD | 500,000 | Royal Bank of Canada, DPNT | 2.000 | 03/21/2022 | 367,242 | |||||||||||||
CAD | 800,000 | Royal Bank of Canada, DPNT | 2.360 | 12/05/2022 | 590,005 | |||||||||||||
CAD | 800,000 | Royal Bank of Canada, DPNT | 2.949 | 05/01/2023 | 602,487 | |||||||||||||
CAD | 500,000 | Royal Bank of Canada, DPNT | 2.333 | 12/05/2023 | 364,397 | |||||||||||||
CAD | 500,000 | Shaw Communications, Inc. | 6.750 | 11/09/2039 | 458,066 | |||||||||||||
CAD | 300,000 | TELUS Corp., MTN | 2.350 | 03/28/2022 | 220,249 | |||||||||||||
CAD | 750,000 | Toronto-Dominion Bank (The), DPNT | 2.621 | 12/22/2021 | 563,695 | |||||||||||||
CAD | 1,100,000 | Toronto-Dominion Bank (The), DPNT | 1.994 | 03/23/2022 | 809,037 | |||||||||||||
CAD | 700,000 | Toronto-Dominion Bank (The), DPNT | 1.909 | 07/18/2023 | 502,614 | |||||||||||||
CAD | 700,000 | Toronto-Dominion Bank (The), DPNT | 3.226 | 07/24/2024 | 531,430 | |||||||||||||
EUR | 200,000 | Toronto-Dominion Bank (The), EMTN | 0.625 | 07/20/2023 | 227,718 | |||||||||||||
|
| |||||||||||||||||
17,839,177 | ||||||||||||||||||
|
| |||||||||||||||||
Denmark—1.1% | ||||||||||||||||||
EUR | 100,000 | AP Moeller—Maersk A/S, EMTN | 1.750 | 03/18/2021 | 116,967 | |||||||||||||
EUR | 200,000 | Danske Bank A/S, EMTN | 0.500 | 05/06/2021 | 226,039 | |||||||||||||
EUR | 200,000 | Danske Bank A/S, EMTN | 0.875 | 05/22/2023 | 219,569 | |||||||||||||
EUR | 200,000 | Danske Bank A/S, EMTN | 0.750 | 06/02/2023 | 223,654 | |||||||||||||
GBP | 200,000 | Orsted A/S, EMTN | 4.875 | 01/12/2032 | 308,898 | |||||||||||||
GBP | 150,000 | Orsted A/S, EMTN | 5.750 | 04/09/2040 | 266,984 | |||||||||||||
|
| |||||||||||||||||
1,362,111 | ||||||||||||||||||
|
| |||||||||||||||||
Finland—0.9% | ||||||||||||||||||
EUR | 150,000 | Fortum OYJ, EMTN | 2.250 | 09/06/2022 | 180,136 | |||||||||||||
EUR | 200,000 | Nordea Bank Abp, EMTN | 3.250 | 07/05/2022 | 250,690 | |||||||||||||
EUR | 200,000 | Nordea Bank Abp, EMTN | 1.000 | 02/22/2023 | 232,038 | |||||||||||||
EUR | 200,000 | Nordea Bank Abp, EMTN | 1.125 | 02/12/2025 | 232,624 | |||||||||||||
EUR | 100,000 | OP Corporate Bank PLC, EMTN | 0.750 | 03/03/2022 | 115,101 | |||||||||||||
|
| |||||||||||||||||
1,010,589 | ||||||||||||||||||
|
| |||||||||||||||||
France—19.6% | ||||||||||||||||||
EUR | 200,000 | Air Liquide Finance SA, EMTN | 1.250 | 06/13/2028 | 229,636 | |||||||||||||
EUR | 200,000 | Autoroutes du Sud de la France SA, EMTN | 5.625 | 07/04/2022 | 271,582 | |||||||||||||
EUR | 200,000 | Autoroutes du Sud de la France SA, EMTN | 1.250 | 01/18/2027 | 227,870 | |||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.250 | 08/23/2022 | 125,838 | |||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 11/28/2023 | 126,678 | |||||||||||||
EUR | 200,000 | Banque Federative du Credit Mutuel SA, EMTN | 2.625 | 03/18/2024 | 248,904 | |||||||||||||
EUR | 400,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 05/21/2024 | 482,630 | |||||||||||||
EUR | 300,000 | Banque Federative du Credit Mutuel SA, EMTN | 1.250 | 01/14/2025 | 346,225 | |||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 3.000 | 09/11/2025 | 120,666 | |||||||||||||
EUR | 100,000 | Banque Federative du Credit Mutuel SA, EMTN | 2.375 | 03/24/2026 | 114,880 | |||||||||||||
EUR | 200,000 | Banque Federative du Credit Mutuel SA, EMTN | 1.250 | 05/26/2027 | 226,310 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.875 | 10/24/2022 | 248,451 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.875 | 09/26/2023 | 251,204 | |||||||||||||
EUR | 350,000 | BNP Paribas SA, EMTN | 1.125 | 10/10/2023 | 396,173 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.375 | 05/20/2024 | 246,524 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 2.375 | 02/17/2025 | 231,940 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 1.500 | 11/17/2025 | 224,933 | |||||||||||||
EUR | 100,000 | BNP Paribas SA, EMTN | 1.625 | 02/23/2026 | 118,397 | |||||||||||||
EUR | 200,000 | BNP Paribas SA, EMTN | 1.125 | 06/11/2026 | 216,763 | |||||||||||||
EUR | 100,000 | BNP Paribas SA, EMTN | 1.500 | 05/25/2028 | 116,626 | |||||||||||||
EUR | 200,000 | BPCE SA | 4.625 | 07/18/2023 | 260,991 | |||||||||||||
GBP | 200,000 | BPCE SA | 5.250 | 04/16/2029 | 290,916 | |||||||||||||
EUR | 100,000 | BPCE SA, EMTN | 1.125 | 01/18/2023 | 113,880 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
France (continued) | ||||||||||||||||||
EUR | 200,000 | BPCE SA, EMTN | 0.875 | % | 01/31/2024 | $ | 222,129 | |||||||||||
EUR | 200,000 | BPCE SA, EMTN | 1.000 | 10/05/2028 | 220,337 | |||||||||||||
EUR | 100,000 | Capgemini SE | 2.500 | 07/01/2023 | 121,999 | |||||||||||||
EUR | 200,000 | CNP Assurances | 1.875 | 10/20/2022 | 232,458 | |||||||||||||
EUR | 200,000 | Coentreprise de Transport d’electricite SA | 1.500 | 07/29/2028 | 222,627 | |||||||||||||
EUR | 200,000 | Coentreprise de Transport d’Electricite SA | 2.125 | 07/29/2032 | 226,296 | |||||||||||||
EUR | 500,000 | Credit Agricole SA | 2.625 | 03/17/2027 | 584,464 | |||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 0.875 | 01/19/2022 | 231,015 | |||||||||||||
EUR | 100,000 | Credit Agricole SA/London, EMTN | 0.750 | 12/01/2022 | 114,656 | |||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 5.125 | 04/18/2023 | 273,547 | |||||||||||||
EUR | 500,000 | Credit Agricole SA/London, EMTN | 3.125 | 07/17/2023 | 633,412 | |||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 2.375 | 05/20/2024 | 245,875 | |||||||||||||
EUR | 400,000 | Credit Agricole SA/London, EMTN | 1.000 | 09/16/2024 | 457,633 | |||||||||||||
EUR | 100,000 | Credit Agricole SA/London, EMTN | 1.375 | 03/13/2025 | 112,374 | |||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 1.250 | 04/14/2026 | 228,131 | |||||||||||||
EUR | 200,000 | Credit Agricole SA/London, EMTN | 1.875 | 12/20/2026 | 228,088 | |||||||||||||
EUR | 100,000 | Credit Agricole SA/London, EMTN | 1.375 | 05/03/2027 | 114,182 | |||||||||||||
EUR | 300,000 | Danone SA, EMTN | 2.250 | 11/15/2021 | 360,526 | |||||||||||||
EUR | 100,000 | Danone SA, EMTN | 0.709 | 11/03/2024 | 112,896 | |||||||||||||
EUR | 200,000 | Danone SA, EMTN | 1.208 | 11/03/2028 | 223,977 | |||||||||||||
EUR | 300,000 | Electricite de France SA, EMTN | 3.875 | 01/18/2022 | 380,536 | |||||||||||||
EUR | 300,000 | Electricite de France SA, EMTN | 2.750 | 03/10/2023 | 373,492 | |||||||||||||
EUR | 100,000 | Electricite de France SA, EMTN | 4.625 | 09/11/2024 | 137,552 | |||||||||||||
EUR | 300,000 | Electricite de France SA, EMTN | 1.000 | 10/13/2026 | 331,714 | |||||||||||||
EUR | 200,000 | Electricite de France SA, EMTN | 4.125 | 03/25/2027 | 274,786 | |||||||||||||
GBP | 200,000 | Electricite de France SA, EMTN | 6.250 | 05/30/2028 | 329,929 | |||||||||||||
EUR | 200,000 | Electricite de France SA, EMTN | 4.625 | 04/26/2030 | 289,824 | |||||||||||||
GBP | 650,000 | Electricite de France SA, EMTN | 6.125 | 06/02/2034 | 1,108,168 | |||||||||||||
GBP | 200,000 | Electricite de France SA, EMTN | 5.500 | 03/27/2037 | 318,234 | |||||||||||||
GBP | 500,000 | Electricite de France SA, EMTN | 5.500 | 10/17/2041 | 813,512 | |||||||||||||
GBP | 350,000 | Electricite de France SA, EMTN | 5.125 | 09/22/2050 | 552,084 | |||||||||||||
GBP | 500,000 | Electricite de France SA, EMTN | 6.000 | 01/23/2114 | 826,366 | |||||||||||||
EUR | 150,000 | Engie Alliance GIE, EMTN | 5.750 | 06/24/2023 | 212,146 | |||||||||||||
EUR | 200,000 | Engie SA, EMTN | 2.375 | 05/19/2026 | 248,535 | |||||||||||||
GBP | 100,000 | Engie SA, EMTN | 7.000 | 10/30/2028 | 179,853 | |||||||||||||
GBP | 450,000 | Engie SA, EMTN | 5.000 | 10/01/2060 | 832,077 | |||||||||||||
EUR | 200,000 | Holding d’Infrastructures de Transport SAS | 4.875 | 10/27/2021 | 255,002 | |||||||||||||
EUR | 200,000 | HSBC France SA, EMTN | 0.600 | 03/20/2023 | 227,469 | |||||||||||||
EUR | 200,000 | LVMH Moet Hennessy Louis Vuitton SE, EMTN | 0.750 | 05/26/2024 | 227,856 | |||||||||||||
EUR | 100,000 | Orange SA, EMTN | 3.000 | 06/15/2022 | 124,380 | |||||||||||||
GBP | 200,000 | Orange SA, EMTN | 8.125 | 11/20/2028 | 373,535 | |||||||||||||
EUR | 200,000 | Orange SA, EMTN | 8.125 | 01/28/2033 | 393,135 | |||||||||||||
GBP | 150,000 | Orange SA, EMTN | 5.625 | 01/23/2034 | 250,115 | |||||||||||||
GBP | 100,000 | Orange SA, EMTN | 5.375 | 11/22/2050 | 173,065 | |||||||||||||
EUR | 200,000 | RTE Reseau de Transport d’Electricite SADIR, EMTN | 1.625 | 11/27/2025 | 236,271 | |||||||||||||
EUR | 200,000 | Sanofi, EMTN | 0.500 | 01/13/2027 | 218,321 | |||||||||||||
EUR | 300,000 | Sanofi, Series 12FX, EMTN | 1.375 | 03/21/2030 | 342,124 | |||||||||||||
EUR | 300,000 | Sanofi, Series 8FXD, EMTN | 1.000 | 03/21/2026 | 345,071 | |||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 1.000 | 04/01/2022 | 113,842 | |||||||||||||
EUR | 200,000 | Societe Generale SA, EMTN | 4.250 | 07/13/2022 | 258,900 | |||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 0.750 | 05/26/2023 | 114,437 | |||||||||||||
EUR | 200,000 | Societe Generale SA, EMTN | 1.125 | 01/23/2025 | 220,334 | |||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 2.625 | 02/27/2025 | 117,197 | |||||||||||||
EUR | 100,000 | Societe Generale SA, EMTN | 2.125 | 09/27/2028 | 108,001 | |||||||||||||
EUR | 200,000 | Total Capital Canada Ltd., EMTN | 2.125 | 09/18/2029 | 246,624 | |||||||||||||
EUR | 200,000 | Total Capital International SA, EMTN | 0.250 | 07/12/2023 | 226,081 | |||||||||||||
EUR | 400,000 | Total Capital International SA, EMTN | 0.750 | 07/12/2028 | 437,308 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
France (continued) | ||||||||||||||||||
GBP | 150,000 | Veolia Environnement SA, EMTN | 6.125 | % | 10/29/2037 | $ | 270,332 | |||||||||||
EUR | 200,000 | Vivendi SA | 0.750 | 05/26/2021 | 230,043 | |||||||||||||
GBP | 200,000 | Westfield America Management Ltd. | 2.625 | 03/30/2029 | 249,979 | |||||||||||||
|
| |||||||||||||||||
23,372,869 | ||||||||||||||||||
|
| |||||||||||||||||
Germany—11.1% | ||||||||||||||||||
GBP | 300,000 | Allianz Finance II BV, Series 62 | 4.500 | 03/13/2043 | 497,787 | |||||||||||||
EUR | 300,000 | Bayer Capital Corp. BV | 1.500 | 06/26/2026 | 338,026 | |||||||||||||
EUR | 200,000 | Bayer Capital Corp. BV | 2.125 | 12/15/2029 | 227,143 | |||||||||||||
EUR | 200,000 | BMW Finance NV, EMTN | 0.375 | 07/10/2023 | 223,150 | |||||||||||||
EUR | 200,000 | BMW US Capital LLC, EMTN | 0.625 | 04/20/2022 | 228,710 | |||||||||||||
EUR | 200,000 | Commerzbank AG, EMTN | 7.750 | 03/16/2021 | 263,130 | |||||||||||||
EUR | 200,000 | Commerzbank AG, EMTN | 0.500 | 08/28/2023 | 223,916 | |||||||||||||
EUR | 250,000 | Commerzbank AG, EMTN | 0.500 | 09/13/2023 | 273,298 | |||||||||||||
EUR | 300,000 | Daimler AG, EMTN | 1.400 | 01/12/2024 | 347,063 | |||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 0.850 | 02/28/2025 | 221,438 | |||||||||||||
EUR | 250,000 | Daimler AG, EMTN | 1.500 | 03/09/2026 | 286,235 | |||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 1.375 | 05/11/2028 | 219,497 | |||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 1.500 | 07/03/2029 | 218,559 | |||||||||||||
EUR | 200,000 | Daimler AG, EMTN | 2.125 | 07/03/2037 | 222,176 | |||||||||||||
GBP | 200,000 | Daimler International Finance BV, EMTN | 2.000 | 09/04/2023 | 252,472 | |||||||||||||
EUR | 200,000 | Daimler International Finance BV, EMTN | 1.000 | 11/11/2025 | 221,751 | |||||||||||||
NOK | 400,000 | Deutsche Bank AG, EMTN | 2.375 | 06/24/2020 | 47,585 | |||||||||||||
EUR | 200,000 | Deutsche Bank AG, EMTN | 0.375 | 01/18/2021 | 223,255 | |||||||||||||
EUR | 200,000 | Deutsche Bank AG, EMTN | 1.250 | 09/08/2021 | 226,633 | |||||||||||||
EUR | 300,000 | Deutsche Bank AG, EMTN | 1.500 | 01/20/2022 | 340,117 | |||||||||||||
EUR | 100,000 | Deutsche Bank AG, EMTN | 2.375 | 01/11/2023 | 116,536 | |||||||||||||
EUR | 100,000 | Deutsche Bank AG, EMTN | 1.125 | 03/17/2025 | 106,160 | |||||||||||||
EUR | 200,000 | Deutsche Bank AG, EMTN | 1.750 | 01/17/2028 | 207,328 | |||||||||||||
EUR | 200,000 | Deutsche Telekom International Finance BV, EMTN | 4.250 | 07/13/2022 | 259,627 | |||||||||||||
EUR | 300,000 | Deutsche Telekom International Finance BV, EMTN | 0.625 | 04/03/2023 | 341,076 | |||||||||||||
EUR | 150,000 | Deutsche Telekom International Finance BV, EMTN | 0.875 | 01/30/2024 | 171,426 | |||||||||||||
EUR | 250,000 | Deutsche Telekom International Finance BV, EMTN | 1.375 | 01/30/2027 | 283,073 | |||||||||||||
EUR | 200,000 | Deutsche Telekom International Finance BV, EMTN | 1.500 | 04/03/2028 | 225,186 | |||||||||||||
GBP | 300,000 | E.ON International Finance BV, EMTN | 6.375 | 06/07/2032 | 516,242 | |||||||||||||
GBP | 250,000 | E.ON International Finance BV, EMTN | 5.875 | 10/30/2037 | 425,372 | |||||||||||||
GBP | 200,000 | E.ON International Finance BV, EMTN | 6.750 | 01/27/2039 | 374,906 | |||||||||||||
EUR | 200,000 | HeidelbergCement AG, EMTN | 1.500 | 02/07/2025 | 224,790 | |||||||||||||
GBP | 300,000 | innogy Finance BV, EMTN | 6.250 | 06/03/2030 | 500,214 | |||||||||||||
GBP | 200,000 | innogy Finance BV, EMTN | 4.750 | 01/31/2034 | 298,708 | |||||||||||||
GBP | 300,000 | innogy Finance BV, EMTN | 6.125 | 07/06/2039 | 528,480 | |||||||||||||
EUR | 100,000 | Landesbank Baden-Wuerttemberg, EMTN | 0.500 | 06/07/2022 | 113,799 | |||||||||||||
EUR | 200,000 | Siemens Financieringsmaatschappij NV, EMTN | 2.875 | 03/10/2028 | 263,859 | |||||||||||||
GBP | 200,000 | Siemens Financieringsmaatschappij NV, EMTN | 3.750 | 09/10/2042 | 300,037 | |||||||||||||
EUR | 300,000 | Volkswagen International Finance NV | 1.125 | 10/02/2023 | 336,573 | |||||||||||||
EUR | 200,000 | Volkswagen International Finance NV, EMTN | 0.875 | 01/16/2023 | 224,698 | |||||||||||||
EUR | 250,000 | Volkswagen International Finance NV, EMTN | 1.625 | 01/16/2030 | 254,088 | |||||||||||||
EUR | 400,000 | Volkswagen International Finance NV, Series 10Y | 1.875 | 03/30/2027 | 438,700 | |||||||||||||
EUR | 300,000 | Volkswagen International Finance NV, Series 4Y | 0.500 | 03/30/2021 | 340,141 | |||||||||||||
EUR | 300,000 | Volkswagen Leasing GmbH, EMTN | 2.375 | 09/06/2022 | 356,971 | |||||||||||||
EUR | 100,000 | Volkswagen Leasing GmbH, EMTN | 2.625 | 01/15/2024 | 119,272 | |||||||||||||
EUR | 300,000 | Volkswagen Leasing GmbH, EMTN | 1.125 | 04/04/2024 | 330,813 | |||||||||||||
EUR | 200,000 | Vonovia Finance BV, DIP, EMTN | 1.250 | 12/06/2024 | 224,007 | |||||||||||||
EUR | 200,000 | Vonovia Finance BV, EMTN | 2.250 | 12/15/2023 | 238,852 | |||||||||||||
|
| |||||||||||||||||
13,222,875 | ||||||||||||||||||
|
| |||||||||||||||||
Hong Kong—0.5% | ||||||||||||||||||
EUR | 100,000 | CK Hutchison Finance 16 II Ltd. | 0.875 | 10/03/2024 | 111,093 | |||||||||||||
EUR | 200,000 | CK Hutchison Finance 16 Ltd., Series A | 1.250 | 04/06/2023 | 230,179 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
Hong Kong (continued) | ||||||||||||||||||
EUR | 200,000 | Hutchison Whampoa Finance 14 Ltd. | 1.375 | % | 10/31/2021 | $ | 233,257 | |||||||||||
|
| |||||||||||||||||
574,529 | ||||||||||||||||||
|
| |||||||||||||||||
Italy—5.6% | ||||||||||||||||||
EUR | 200,000 | Assicurazioni Generali SpA, EMTN | 5.125 | 09/16/2024 | 270,719 | |||||||||||||
EUR | 200,000 | Assicurazioni Generali SpA, EMTN | 4.125 | 05/04/2026 | 233,119 | |||||||||||||
EUR | 200,000 | Autostrade Per L’italia SpA, EMTN | 5.875 | 06/09/2024 | 255,787 | |||||||||||||
EUR | 250,000 | Enel Finance International NV | 1.375 | 06/01/2026 | 271,753 | |||||||||||||
GBP | 400,000 | Enel Finance International NV, EMTN | 5.625 | 08/14/2024 | 587,204 | |||||||||||||
EUR | 300,000 | Enel Finance International NV, EMTN | 1.000 | 09/16/2024 | 330,900 | |||||||||||||
EUR | 200,000 | Enel Finance International NV, EMTN | 1.966 | 01/27/2025 | 230,409 | |||||||||||||
GBP | 450,000 | Enel Finance International NV, EMTN | 5.750 | 09/14/2040 | 712,908 | |||||||||||||
GBP | 250,000 | Enel SpA, EMTN | 5.750 | 06/22/2037 | 390,267 | |||||||||||||
EUR | 100,000 | Eni SpA, EMTN | 3.250 | 07/10/2023 | 126,513 | |||||||||||||
EUR | 200,000 | Eni SpA, EMTN | 3.750 | 09/12/2025 | 261,702 | |||||||||||||
EUR | 250,000 | Eni SpA, EMTN | 1.500 | 02/02/2026 | 283,351 | |||||||||||||
EUR | 200,000 | Eni SpA, EMTN | 3.625 | 01/29/2029 | 262,663 | |||||||||||||
EUR | 200,000 | Ferrovie dello Stato Italiane SpA, EMTN | 1.500 | 06/27/2025 | 207,978 | |||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 1.125 | 01/14/2020 | 226,930 | |||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 2.000 | 06/18/2021 | 227,950 | |||||||||||||
EUR | 200,000 | Intesa Sanpaolo SpA, EMTN | 1.125 | 03/04/2022 | 219,639 | |||||||||||||
EUR | 250,000 | Intesa Sanpaolo SpA, EMTN | 4.000 | 10/30/2023 | 303,513 | |||||||||||||
EUR | 100,000 | Intesa Sanpaolo SpA, EMTN | 1.375 | 01/18/2024 | 106,871 | |||||||||||||
EUR | 200,000 | Snam SpA, EMTN | 0.875 | 10/25/2026 | 205,140 | |||||||||||||
EUR | 200,000 | Terna Rete Elettrica Nazionale SpA, EMTN | 0.875 | 02/02/2022 | 226,750 | |||||||||||||
EUR | 200,000 | Terna Rete Elettrica Nazionale SpA, EMTN | 1.375 | 07/26/2027 | 211,236 | |||||||||||||
EUR | 200,000 | UniCredit SpA, EMTN | 3.250 | 01/14/2021 | 235,066 | |||||||||||||
EUR | 100,000 | UniCredit SpA, EMTN | 2.000 | 03/04/2023 | 112,086 | |||||||||||||
EUR | 200,000 | UniCredit SpA, EMTN | 2.125 | 10/24/2026 | 215,490 | |||||||||||||
|
| |||||||||||||||||
6,715,944 | ||||||||||||||||||
|
| |||||||||||||||||
Japan—1.2% | ||||||||||||||||||
JPY | 30,000,000 | Development Bank of Japan, Inc. | 1.050 | 06/20/2023 | 278,332 | |||||||||||||
JPY | 20,000,000 | Development Bank of Japan, Inc. | 2.300 | 03/19/2026 | 205,308 | |||||||||||||
JPY | 100,000,000 | Panasonic Corp., Series 12 | 0.387 | 03/19/2020 | 889,709 | |||||||||||||
|
| |||||||||||||||||
1,373,349 | ||||||||||||||||||
|
| |||||||||||||||||
Netherlands—5.7% | ||||||||||||||||||
EUR | 150,000 | ABN AMRO Bank NV, EMTN | 6.375 | 04/27/2021 | 195,121 | |||||||||||||
EUR | 200,000 | ABN AMRO Bank NV, EMTN | 7.125 | 07/06/2022 | 276,346 | |||||||||||||
EUR | 300,000 | ABN AMRO Bank NV, EMTN | 2.500 | 11/29/2023 | 371,855 | |||||||||||||
EUR | 250,000 | ABN AMRO Bank NV, EMTN | 1.000 | 04/16/2025 | 287,000 | |||||||||||||
EUR | 200,000 | ASML Holding NV | 1.375 | 07/07/2026 | 229,657 | |||||||||||||
EUR | 300,000 | Cooperatieve Rabobank Ua, GMTN | 1.250 | 03/23/2026 | 347,361 | |||||||||||||
EUR | 600,000 | Cooperatieve Rabobank UA | 3.875 | 07/25/2023 | 766,434 | |||||||||||||
EUR | 200,000 | Cooperatieve Rabobank UA | 4.125 | 07/14/2025 | 274,670 | |||||||||||||
EUR | 100,000 | Cooperatieve Rabobank UA, EMTN | 3.750 | 11/09/2020 | 121,340 | |||||||||||||
EUR | 300,000 | Cooperatieve Rabobank UA, EMTN | 4.000 | 01/11/2022 | 381,088 | |||||||||||||
NOK | 1,000,000 | Cooperatieve Rabobank UA, EMTN | 1.625 | 01/20/2022 | 118,352 | |||||||||||||
EUR | 100,000 | Cooperatieve Rabobank UA, EMTN | 4.125 | 09/14/2022 | 127,465 | |||||||||||||
EUR | 400,000 | Cooperatieve Rabobank UA, EMTN | 1.375 | 02/03/2027 | 466,729 | |||||||||||||
GBP | 150,000 | Cooperatieve Rabobank UA, EMTN | 5.250 | 09/14/2027 | 219,067 | |||||||||||||
GBP | 300,000 | Cooperatieve Rabobank UA, EMTN | 4.625 | 05/23/2029 | 417,824 | |||||||||||||
EUR | 250,000 | ING Bank NV, EMTN | 4.500 | 02/21/2022 | 323,035 | |||||||||||||
EUR | 300,000 | ING Groep NV, EMTN | 0.750 | 03/09/2022 | 340,907 | |||||||||||||
GBP | 300,000 | Koninklijke KPN NV, EMTN | 5.750 | 09/17/2029 | 469,343 | |||||||||||||
EUR | 150,000 | Shell International Finance BV, EMTN | 0.375 | 02/15/2025 | 166,944 | |||||||||||||
EUR | 200,000 | Shell International Finance BV, EMTN | 1.875 | 09/15/2025 | 243,690 | |||||||||||||
EUR | 250,000 | Shell International Finance BV, EMTN | 2.500 | 03/24/2026 | 316,784 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
Netherlands (continued) | ||||||||||||||||||
EUR | 150,000 | Shell International Finance BV, EMTN | 1.625 | % | 01/20/2027 | $ | 178,409 | |||||||||||
EUR | 150,000 | Shell International Finance BV, EMTN | 0.750 | 08/15/2028 | 162,441 | |||||||||||||
|
| |||||||||||||||||
6,801,862 | ||||||||||||||||||
|
| |||||||||||||||||
Norway—1.1% | ||||||||||||||||||
EUR | 250,000 | DNB Bank ASA, EMTN | 4.250 | 01/18/2022 | 319,808 | |||||||||||||
EUR | 250,000 | Equinor ASA, EMTN | 1.250 | 02/17/2027 | 288,654 | |||||||||||||
GBP | 200,000 | Equinor ASA, EMTN | 6.875 | 03/11/2031 | 376,833 | |||||||||||||
EUR | 200,000 | Equinor ASA, EMTN | 1.625 | 02/17/2035 | 226,523 | |||||||||||||
SEK | 1,000,000 | Telenor ASA, EMTN | 2.375 | 03/19/2019 | 110,408 | |||||||||||||
|
| |||||||||||||||||
1,322,226 | ||||||||||||||||||
|
| |||||||||||||||||
Portugal—0.3% | ||||||||||||||||||
EUR | 200,000 | EDP Finance BV, EMTN | 2.625 | 01/18/2022 | 241,280 | |||||||||||||
EUR | 100,000 | EDP Finance BV, EMTN | 1.125 | 02/12/2024 | 111,672 | |||||||||||||
|
| |||||||||||||||||
352,952 | ||||||||||||||||||
|
| |||||||||||||||||
Spain—4.2% | ||||||||||||||||||
EUR | 200,000 | Abertis Infraestructuras SA | 1.375 | 05/20/2026 | 214,273 | |||||||||||||
EUR | 200,000 | Banco Bilbao Vizcaya Argentaria SA, GMTN | 0.625 | 01/17/2022 | 227,930 | |||||||||||||
EUR | 200,000 | Banco Bilbao Vizcaya Argentaria SA, GMTN | 3.500 | 02/10/2027 | 234,916 | |||||||||||||
EUR | 200,000 | Banco Santander SA, DIP, EMTN | 3.250 | 04/04/2026 | 233,675 | |||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 1.375 | 12/14/2022 | 233,257 | |||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 1.125 | 01/17/2025 | 219,779 | |||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 2.500 | 03/18/2025 | 226,609 | |||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 3.125 | 01/19/2027 | 230,043 | |||||||||||||
EUR | 200,000 | Banco Santander SA, EMTN | 2.125 | 02/08/2028 | 208,397 | |||||||||||||
EUR | 200,000 | CaixaBank SA, EMTN | 1.125 | 05/17/2024 | 221,184 | |||||||||||||
GBP | 200,000 | Iberdrola Finanzas SA, EMTN | 7.375 | 01/29/2024 | 320,466 | |||||||||||||
EUR | 100,000 | Iberdrola Finanzas SA, EMTN | 1.000 | 03/07/2025 | 113,465 | |||||||||||||
EUR | 100,000 | Iberdrola International BV, EMTN | 1.125 | 04/21/2026 | 112,486 | |||||||||||||
EUR | 200,000 | Mapfre SA | 1.625 | 05/19/2026 | 225,091 | |||||||||||||
EUR | 100,000 | Naturgy Finance BV, EMTN | 1.375 | 01/19/2027 | 111,100 | |||||||||||||
EUR | 200,000 | Santander Consumer Finance SA | 0.875 | 01/24/2022 | 228,088 | |||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 1.477 | 09/14/2021 | 234,642 | |||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 0.750 | 04/13/2022 | 228,162 | |||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 2.242 | 05/27/2022 | 240,203 | |||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 3.987 | 01/23/2023 | 257,520 | |||||||||||||
EUR | 100,000 | Telefonica Emisiones SAU, EMTN | 1.528 | 01/17/2025 | 114,496 | |||||||||||||
GBP | 200,000 | Telefonica Emisiones SAU, EMTN | 5.375 | 02/02/2026 | 295,888 | |||||||||||||
EUR | 200,000 | Telefonica Emisiones SAU, EMTN | 1.460 | 04/13/2026 | 223,102 | |||||||||||||
|
| |||||||||||||||||
4,954,772 | ||||||||||||||||||
|
| |||||||||||||||||
Sweden—1.1% | ||||||||||||||||||
EUR | 200,000 | Svenska Handelsbanken AB, EMTN | 2.625 | 08/23/2022 | 246,341 | |||||||||||||
SEK | 2,000,000 | Telia Co. AB, EMTN | 3.625 | 11/08/2023 | 243,217 | |||||||||||||
GBP | 400,000 | Vattenfall AB, EMTN | 6.875 | 04/15/2039 | 797,544 | |||||||||||||
|
| |||||||||||||||||
1,287,102 | ||||||||||||||||||
|
| |||||||||||||||||
Switzerland—3.2% | ||||||||||||||||||
EUR | 250,000 | Credit Suisse AG/London, EMTN | 1.375 | 01/31/2022 | 293,015 | |||||||||||||
EUR | 200,000 | Credit Suisse AG/London, EMTN | 1.000 | 06/07/2023 | 231,052 | |||||||||||||
EUR | 250,000 | Credit Suisse AG/London, EMTN | 1.500 | 04/10/2026 | 294,206 | |||||||||||||
GBP | 150,000 | Credit Suisse Group Funding Guernsey Ltd. | 2.750 | 08/08/2025 | 189,152 | |||||||||||||
EUR | 350,000 | Credit Suisse Group Funding Guernsey Ltd., EMTN | 1.250 | 04/14/2022 | 402,678 | |||||||||||||
CHF | 350,000 | Credit Suisse Group Funding Guernsey Ltd., EMTN | 1.000 | 04/14/2023 | 355,567 | |||||||||||||
EUR | 100,000 | Glencore Finance Europe Ltd., EMTN | 1.875 | 09/13/2023 | 113,750 | |||||||||||||
EUR | 100,000 | Holcim Finance Luxembourg SA, EMTN | 1.375 | 05/26/2023 | 114,730 | |||||||||||||
EUR | 100,000 | Holcim Finance Luxembourg SA, EMTN | 2.250 | 05/26/2028 | 111,334 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||
Switzerland (continued) | ||||||||||||||||||
EUR | 150,000 | Novartis Finance SA | 0.125 | % | 09/20/2023 | $ | 168,228 | |||||||||||
EUR | 200,000 | Richemont International Holding SA | 1.000 | 03/26/2026 | 224,753 | |||||||||||||
EUR | 200,000 | Richemont International Holding SA | 1.500 | 03/26/2030 | 226,765 | |||||||||||||
EUR | 100,000 | Richemont International Holding SA | 2.000 | 03/26/2038 | 109,686 | |||||||||||||
EUR | 200,000 | Roche Finance Europe BV, EMTN | 0.875 | 02/25/2025 | 231,681 | |||||||||||||
EUR | 200,000 | UBS AG/London, GMTN | 0.625 | 01/23/2023 | 227,281 | |||||||||||||
EUR | 200,000 | UBS Group Funding Switzerland AG | 1.750 | 11/16/2022 | 235,558 | |||||||||||||
EUR | 100,000 | UBS Group Funding Switzerland AG | 1.500 | 11/30/2024 | 114,776 | |||||||||||||
EUR | 200,000 | UBS Group Funding Switzerland AG, EMTN | 1.250 | 09/01/2026 | 221,036 | |||||||||||||
|
| |||||||||||||||||
3,865,248 | ||||||||||||||||||
|
| |||||||||||||||||
United Kingdom—22.7% | �� | |||||||||||||||||
GBP | 200,000 | ABP Finance PLC, EMTN | 6.250 | 12/14/2026 | 311,054 | |||||||||||||
GBP | 200,000 | Annington Funding PLC, EMTN | 2.646 | 07/12/2025 | 251,835 | |||||||||||||
GBP | 150,000 | Annington Funding PLC, EMTN | 3.184 | 07/12/2029 | 189,264 | |||||||||||||
GBP | 200,000 | Annington Funding PLC, EMTN | 3.685 | 07/12/2034 | 256,115 | |||||||||||||
GBP | 200,000 | Annington Funding PLC, EMTN | 3.935 | 07/12/2047 | 255,818 | |||||||||||||
EUR | 213,000 | Barclays PLC, EMTN | 1.875 | 03/23/2021 | 249,064 | |||||||||||||
EUR | 200,000 | Barclays PLC, EMTN | 1.875 | 12/08/2023 | 229,597 | |||||||||||||
GBP | 450,000 | Barclays PLC, EMTN | 3.125 | 01/17/2024 | 577,213 | |||||||||||||
GBP | 400,000 | Barclays PLC, EMTN | 3.250 | 02/12/2027 | 498,556 | |||||||||||||
GBP | 250,000 | BAT International Finance PLC, EMTN | 7.250 | 03/12/2024 | 395,388 | |||||||||||||
GBP | 250,000 | BAT International Finance PLC, EMTN | 4.000 | 09/04/2026 | 346,041 | |||||||||||||
EUR | 200,000 | BAT International Finance PLC, EMTN | 2.250 | 01/16/2030 | 218,499 | |||||||||||||
GBP | 200,000 | BAT International Finance PLC, EMTN | 6.000 | 11/24/2034 | 333,959 | |||||||||||||
GBP | 200,000 | BAT International Finance PLC, EMTN | 2.250 | 09/09/2052 | 184,251 | |||||||||||||
GBP | 250,000 | BG Energy Capital PLC, EMTN | 5.125 | 12/01/2025 | 386,906 | |||||||||||||
GBP | 250,000 | BG Energy Capital PLC, EMTN | 5.000 | 11/04/2036 | 429,155 | |||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 1.373 | 03/03/2022 | 117,694 | |||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 1.526 | 09/26/2022 | 118,616 | |||||||||||||
EUR | 200,000 | BP Capital Markets PLC, EMTN | 1.109 | 02/16/2023 | 233,138 | |||||||||||||
EUR | 100,000 | BP Capital Markets PLC, EMTN | 1.573 | 02/16/2027 | 115,966 | |||||||||||||
GBP | 250,000 | British Telecommunications PLC | 5.750 | 12/07/2028 | 394,668 | |||||||||||||
EUR | 100,000 | British Telecommunications PLC, EMTN | 0.625 | 03/10/2021 | 114,297 | |||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.125 | 03/10/2023 | 228,302 | |||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.750 | 03/10/2026 | 227,015 | |||||||||||||
EUR | 200,000 | British Telecommunications PLC, EMTN | 1.500 | 06/23/2027 | 217,523 | |||||||||||||
GBP | 200,000 | British Telecommunications PLC, EMTN | 3.125 | 11/21/2031 | 249,287 | |||||||||||||
GBP | 200,000 | British Telecommunications PLC, EMTN | 6.375 | 06/23/2037 | 344,036 | |||||||||||||
GBP | 150,000 | BUPA Finance PLC | 5.000 | 04/25/2023 | 207,027 | |||||||||||||
GBP | 300,000 | Cadent Finance PLC, EMTN | 2.125 | 09/22/2028 | 360,353 | |||||||||||||
GBP | 200,000 | Cadent Finance PLC, EMTN | 2.625 | 09/22/2038 | 230,986 | |||||||||||||
GBP | 300,000 | Cadent Finance PLC, EMTN | 2.750 | 09/22/2046 | 339,886 | |||||||||||||
GBP | 150,000 | Centrica PLC, EMTN | 4.375 | 03/13/2029 | 216,248 | |||||||||||||
GBP | 250,000 | Centrica PLC, EMTN | 7.000 | 09/19/2033 | 458,096 | |||||||||||||
GBP | 150,000 | Centrica PLC, EMTN | 4.250 | 09/12/2044 | 214,180 | |||||||||||||
GBP | 297,608 | Connect Plus M25 Issuer PLC | 2.607 | 03/31/2039 | 382,276 | |||||||||||||
GBP | 150,000 | Friends Life Holdings PLC | 8.250 | 04/21/2022 | 227,945 | |||||||||||||
EUR | 200,000 | GlaxoSmithKline Capital PLC, EMTN | 1.375 | 12/02/2024 | 235,038 | |||||||||||||
GBP | 200,000 | GlaxoSmithKline Capital PLC, EMTN | 3.375 | 12/20/2027 | 280,882 | |||||||||||||
GBP | 350,000 | GlaxoSmithKline Capital PLC, EMTN | 5.250 | 12/19/2033 | 591,640 | |||||||||||||
GBP | 200,000 | GlaxoSmithKline Capital PLC, EMTN | 6.375 | 03/09/2039 | 390,717 | |||||||||||||
GBP | 350,000 | GlaxoSmithKline Capital PLC, EMTN | 5.250 | 04/10/2042 | 620,448 | |||||||||||||
GBP | 250,000 | GlaxoSmithKline Capital PLC, EMTN | 4.250 | 12/18/2045 | 394,095 | |||||||||||||
GBP | 200,000 | Heathrow Funding Ltd., EMTN | 7.125 | 02/14/2024 | 311,033 | |||||||||||||
GBP | 200,000 | HSBC Bank PLC, EMTN | 5.375 | 08/22/2033 | 306,736 | |||||||||||||
GBP | 100,000 | HSBC Bank PLC, EMTN | 4.750 | 03/24/2046 | 147,379 | |||||||||||||
CAD | 400,000 | HSBC Holdings PLC | 3.196 | 12/05/2023 | 298,289 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Foreign Currency(a) | Principal Amount | Interest Rate | Maturity Date | Value | ||||||||||||||||
Corporate Bonds (continued) | ||||||||||||||||||||
United Kingdom (continued) | ||||||||||||||||||||
EUR | 200,000 | HSBC Holdings PLC | 0.875 | % | 09/06/2024 | $ | 223,007 | |||||||||||||
GBP | 300,000 | HSBC Holdings PLC | 2.625 | 08/16/2028 | 370,235 | |||||||||||||||
GBP | 200,000 | HSBC Holdings PLC | 6.750 | 09/11/2028 | 319,785 | |||||||||||||||
EUR | 300,000 | HSBC Holdings PLC, EMTN | 1.500 | 03/15/2022 | 351,217 | |||||||||||||||
GBP | 200,000 | HSBC Holdings PLC, EMTN | 6.500 | 05/20/2024 | 307,191 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC, EMTN | 3.000 | 06/30/2025 | 245,121 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC, EMTN | 2.500 | 03/15/2027 | 244,315 | |||||||||||||||
EUR | 200,000 | HSBC Holdings PLC, EMTN | 3.125 | 06/07/2028 | 246,067 | |||||||||||||||
GBP | 200,000 | HSBC Holdings PLC, EMTN | 7.000 | 04/07/2038 | 346,827 | |||||||||||||||
GBP | 200,000 | Imperial Brands Finance PLC, EMTN | 8.125 | 03/15/2024 | 325,289 | |||||||||||||||
GBP | 150,000 | Imperial Brands Finance PLC, EMTN | 5.500 | 09/28/2026 | 224,147 | |||||||||||||||
EUR | 200,000 | Lloyds Bank PLC, EMTN | 6.500 | 03/24/2020 | 245,998 | |||||||||||||||
EUR | 100,000 | Lloyds Bank PLC, EMTN | 1.000 | 11/19/2021 | 116,002 | |||||||||||||||
GBP | 200,000 | Lloyds Bank PLC, EMTN | 7.500 | 04/15/2024 | 323,002 | |||||||||||||||
GBP | 200,000 | Lloyds Bank PLC, EMTN | 7.625 | 04/22/2025 | 321,844 | |||||||||||||||
GBP | 300,000 | Lloyds Bank PLC, EMTN | 6.500 | 09/17/2040 | 566,408 | |||||||||||||||
GBP | 150,000 | Motability Operations Group PLC, EMTN | 3.625 | 03/10/2036 | 214,916 | |||||||||||||||
GBP | 200,000 | Nationwide Building Society, EMTN | 3.250 | 01/20/2028 | 267,328 | |||||||||||||||
EUR | 200,000 | Natwest Markets PLC, EMTN | 0.625 | 03/02/2022 | 223,261 | |||||||||||||||
GBP | 150,000 | Rio Tinto Finance PLC, EMTN | 4.000 | 12/11/2029 | 220,703 | |||||||||||||||
EUR | 200,000 | Royal Bank of Scotland Group PLC, EMTN | 2.500 | 03/22/2023 | 236,243 | |||||||||||||||
EUR | 250,000 | Santander UK Group Holdings PLC | 1.125 | 09/08/2023 | 278,977 | |||||||||||||||
GBP | 150,000 | Santander UK Group Holdings PLC, EMTN | 3.625 | 01/14/2026 | 197,182 | |||||||||||||||
GBP | 300,000 | Scottish Widows Ltd. | 5.500 | 06/16/2023 | 419,091 | |||||||||||||||
GBP | 250,000 | Scottish Widows Ltd. | 7.000 | 06/16/2043 | 374,135 | |||||||||||||||
GBP | 200,000 | Severn Trent Utilities Finance PLC, EMTN | 3.625 | 01/16/2026 | 273,318 | |||||||||||||||
EUR | 200,000 | Sky PLC, EMTN | 1.500 | 09/15/2021 | 234,681 | |||||||||||||||
EUR | 200,000 | Sky PLC, EMTN | 2.500 | 09/15/2026 | 243,680 | |||||||||||||||
GBP | 200,000 | Society of Lloyd’s | 4.750 | 10/30/2024 | 271,008 | |||||||||||||||
GBP | 200,000 | SSE PLC, EMTN | 8.375 | 11/20/2028 | 378,223 | |||||||||||||||
EUR | 200,000 | Standard Chartered PLC, EMTN | 1.625 | 06/13/2021 | 234,464 | |||||||||||||||
GBP | 200,000 | Standard Chartered PLC, EMTN | 5.125 | 06/06/2034 | 270,708 | |||||||||||||||
GBP | 200,000 | Standard Chartered PLC, EMTN | 4.375 | 01/18/2038 | 286,063 | |||||||||||||||
GBP | 200,000 | Thames Water Utilities Cayman Finance Ltd., EMTN | 4.000 | 06/19/2025 | 279,109 | |||||||||||||||
GBP | 200,000 | Thames Water Utilities Cayman Finance Ltd., EMTN | 5.500 | 02/11/2041 | 338,391 | |||||||||||||||
GBP | 150,000 | Thames Water Utilities Finance PLC, EMTN | 5.125 | 09/28/2037 | 237,906 | |||||||||||||||
GBP | 300,000 | THFC Funding No. 3 PLC, EMTN | 5.200 | 10/11/2043 | 502,330 | |||||||||||||||
GBP | 200,000 | University of Oxford | 2.544 | 12/08/2117 | 230,156 | |||||||||||||||
EUR | 200,000 | Vodafone Group PLC, EMTN | 1.250 | 08/25/2021 | 233,191 | |||||||||||||||
EUR | 200,000 | Vodafone Group PLC, EMTN | 4.650 | 01/20/2022 | 257,660 | |||||||||||||||
EUR | 100,000 | Vodafone Group PLC, EMTN | 1.750 | 08/25/2023 | 118,432 | |||||||||||||||
EUR | 200,000 | Vodafone Group PLC, EMTN | 2.200 | 08/25/2026 | 236,365 | |||||||||||||||
EUR | 200,000 | Vodafone Group PLC, EMTN | 1.600 | 07/29/2031 | 209,336 | |||||||||||||||
GBP | 300,000 | Vodafone Group PLC, EMTN | 3.375 | 08/08/2049 | 343,741 | |||||||||||||||
GBP | 300,000 | Vodafone Group PLC, EMTN | 3.000 | 08/12/2056 | 313,038 | |||||||||||||||
GBP | 200,000 | Wellcome Trust Finance PLC | 4.625 | 07/25/2036 | 338,919 | |||||||||||||||
GBP | 200,000 | Wellcome Trust Ltd. (The) | 2.517 | 02/07/2118 | 227,297 | |||||||||||||||
|
| |||||||||||||||||||
26,952,818 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Investments in Securities (Cost $123,034,802)—98.8% | 117,533,079 | |||||||||||||||||||
Other assets less liabilities—1.2% | 1,436,261 | |||||||||||||||||||
|
| |||||||||||||||||||
Net Assets—100.0% | $ | 118,969,340 | ||||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
October 31, 2018
Investment Abbreviations:
AUD–Australian Dollar
CAD–Canadian Dollar
CHF–Swiss Franc
DIP–Debtor-In-Possession
DPNT–Deposit Note
EUR–Euro
EMTN–Euro Medium-Term Note
GBP–British Pound
GMTN–Global Medium-Term Note
JPY–Japanese Yen
MTN–Medium-Term Note
NOK–Norwegian Krone
SEK–Swedish Krona
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount denominated in currency indicated. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Statements of Assets and Liabilities
October 31, 2018
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | Invesco International Corporate Bond ETF (PICB) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 72,171,291 | $ | 3,656,008,105 | $ | 212,889,091 | $ | 117,533,079 | ||||||||
Affiliated investments in securities, at value | 1,833,123 | 9,699,180 | 798,380 | — | ||||||||||||
Cash | — | 600,619 | 10,285 | — | ||||||||||||
Foreign currencies, at value | 151,199 | — | — | 380,115 | ||||||||||||
Cash segregated as collateral | — | 29,796,954 | 196,875 | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest | 1,036,093 | 47,967,676 | 3,864,874 | 1,358,367 | ||||||||||||
Investments sold | — | 24,428,927 | 521,999 | 486,407 | ||||||||||||
Foreign tax reclaims | — | — | 11,867 | 47,544 | ||||||||||||
Securities lending | — | 984 | — | — | ||||||||||||
Shares sold | — | 4,765,354 | 191,775 | — | ||||||||||||
Investments matured, at value | — | — | 741,692 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 75,191,706 | 3,773,267,799 | 219,226,838 | 119,805,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | — | 326,730 | ||||||||||||
Payables: | ||||||||||||||||
Shares repurchased | — | 26,257,437 | — | — | ||||||||||||
Collateral upon receipt of securities in-kind | — | 29,796,954 | 196,875 | — | ||||||||||||
Investments purchased | — | 5,164,638 | 2,563,885 | 456,210 | ||||||||||||
Collateral upon return of securities loaned | — | 6,043,950 | — | — | ||||||||||||
Accrued unitary management fees | 29,123 | 1,640,245 | 66,076 | 53,232 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 29,123 | 68,903,224 | 2,826,836 | 836,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 75,162,583 | $ | 3,704,364,575 | $ | 216,400,002 | $ | 118,969,340 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 86,936,772 | $ | 4,291,473,620 | $ | 227,732,189 | $ | 124,536,538 | ||||||||
Distributable earnings | (11,774,189 | ) | (587,109,045 | ) | (11,332,187 | ) | (5,567,198 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 75,162,583 | $ | 3,704,364,575 | $ | 216,400,002 | $ | 118,969,340 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 3,500,000 | 141,400,000 | 9,350,000 | 4,700,000 | ||||||||||||
Net asset value | $ | 21.48 | $ | 26.20 | $ | 23.14 | $ | 25.31 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 21.36 | $ | 26.13 | $ | 23.03 | $ | 25.28 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 79,195,809 | $ | 3,994,035,430 | $ | 221,694,466 | $ | 123,034,802 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 1,833,123 | $ | 9,699,180 | $ | 798,380 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies, at cost | $ | 154,614 | $ | — | $ | — | $ | 386,893 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments matured, at cost | $ | — | $ | — | $ | 1,321,001 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | — | $ | 5,890,496 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
For the year ended October 31, 2018
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | Invesco International Corporate Bond ETF (PICB) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated interest income | $ | 4,057,684 | $ | 229,541,974 | $ | 12,920,054 | $ | 3,064,732 | ||||||||
Affiliated dividend income | 12,029 | 283,361 | 48,425 | 3,336 | ||||||||||||
Unaffiliated dividend income | — | — | 18 | — | ||||||||||||
Securities lending income | — | 213,186 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 4,069,713 | 230,038,521 | 12,968,497 | 3,068,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 422,046 | 22,955,325 | 810,996 | 737,540 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (1,617 | ) | (32,326 | ) | (6,249 | ) | (433 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 420,429 | 22,922,999 | 804,747 | 737,107 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 3,649,284 | 207,115,522 | 12,163,750 | 2,330,961 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment securities | (1,046,792 | ) | (170,362,044 | ) | (1,731,833 | ) | (976,851 | ) | ||||||||
In-kind redemptions | — | (25,006,160 | ) | (68,703 | ) | 205,722 | ||||||||||
Foreign currencies | (83,819 | ) | — | 38 | 40,786 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,130,611 | ) | (195,368,204 | ) | (1,800,498 | ) | (730,343 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Investment securities | (6,772,735 | ) | (381,155,584 | ) | (7,819,170 | ) | (6,608,742 | ) | ||||||||
Foreign currencies | (95,481 | ) | — | 2 | (85,359 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (6,868,216 | ) | (381,155,584 | ) | (7,819,168 | ) | (6,694,101 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (7,998,827 | ) | (576,523,788 | ) | (9,619,666 | ) | (7,424,444 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (4,349,543 | ) | $ | (369,408,266 | ) | $ | 2,544,084 | $ | (5,093,483 | ) | |||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2018 and 2017
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | Invesco Emerging Markets Sovereign Debt ETF (PCY) | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,649,284 | $ | 1,926,368 | $ | 207,115,522 | $ | 215,218,292 | ||||||||
Net realized gain (loss) | (1,130,611 | ) | (2,787,286 | ) | (195,368,204 | ) | 13,135,712 | |||||||||
Net change in unrealized appreciation (depreciation) | (6,868,216 | ) | 3,594,706 | (381,155,584 | ) | (39,018,156 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (4,349,543 | ) | 2,733,788 | (369,408,266 | ) | 189,335,848 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (3,054,491 | ) | — | (206,825,184 | ) | (216,095,814 | ) | |||||||||
Return of capital | (580,430 | ) | (1,931,288 | ) | — | (835,414 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (3,634,921 | ) | (1,931,288 | ) | (206,825,184 | ) | (216,931,228 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 30,855,564 | 45,202,841 | 932,638,168 | 1,518,591,646 | ||||||||||||
Value of shares repurchased | (25,712,638 | ) | (18,786,322 | ) | (1,622,750,219 | ) | (645,882,836 | ) | ||||||||
Transaction fees | 411,404 | 309,035 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from shares transactions | 5,554,330 | 26,725,554 | (690,112,051 | ) | 872,708,810 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Increase (Decrease) in Net Assets | (2,430,134 | ) | 27,528,054 | (1,266,345,501 | ) | 845,113,430 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of year | 77,592,717 | 50,064,663 | 4,970,710,076 | 4,125,596,646 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 75,162,583 | $ | 77,592,717 | $ | 3,704,364,575 | $ | 4,970,710,076 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 1,300,000 | 2,000,000 | 33,100,000 | 51,700,000 | ||||||||||||
Shares repurchased | (1,150,000 | ) | (850,000 | ) | (59,500,000 | ) | (22,300,000 | ) | ||||||||
Shares outstanding, beginning of year | 3,350,000 | 2,200,000 | 167,800,000 | 138,400,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 3,500,000 | 3,350,000 | 141,400,000 | 167,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) | Invesco International Corporate Bond ETF (PICB) | |||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||
$ | 12,163,750 | $ | 8,634,212 | $ | 2,330,961 | $ | 2,779,039 | |||||||
(1,800,498 | ) | 707,913 | (730,343 | ) | (5,242,744 | ) | ||||||||
(7,819,168 | ) | (2,176,843 | ) | (6,694,101 | ) | 16,782,632 | ||||||||
|
|
|
|
|
|
|
| |||||||
2,544,084 | 7,165,282 | (5,093,483 | ) | 14,318,927 | ||||||||||
|
|
|
|
|
|
|
| |||||||
(12,214,323 | ) | (8,634,020 | ) | (2,351,554 | ) | (1,543,177 | ) | |||||||
— | (57,605 | ) | — | (1,275,336 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
(12,214,323 | ) | (8,691,625 | ) | (2,351,554 | ) | (2,818,513 | ) | |||||||
|
|
|
|
|
|
|
| |||||||
78,433,142 | 157,179,230 | 4,034,954 | 57,791,988 | |||||||||||
(74,455,451 | ) | (2,422,833 | ) | (37,583,540 | ) | (69,877,741 | ) | |||||||
— | — | — | 9,244 | |||||||||||
|
|
|
|
|
|
|
| |||||||
3,977,691 | 154,756,397 | (33,548,586 | ) | (12,076,509 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||
(5,692,548 | ) | 153,230,054 | (40,993,623 | ) | (576,095 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||
222,092,550 | 68,862,496 | 159,962,963 | 160,539,058 | |||||||||||
|
|
|
|
|
|
|
| |||||||
$ | 216,400,002 | $ | 222,092,550 | $ | 118,969,340 | $ | 159,962,963 | |||||||
|
|
|
|
|
|
|
| |||||||
3,300,000 | 6,450,000 | 150,000 | 2,300,000 | |||||||||||
(3,150,000 | ) | (100,000 | ) | (1,400,000 | ) | (2,750,000 | ) | |||||||
9,200,000 | 2,850,000 | 5,950,000 | 6,400,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||
9,350,000 | 9,200,000 | 4,700,000 | 5,950,000 | |||||||||||
|
|
|
|
|
|
|
|
| 45 |
|
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.16 | $ | 22.76 | $ | 24.08 | $ | 25.03 | $ | 25.23 | ||||||||||
Net investment income(a) | 0.91 | 0.83 | 0.77 | 0.77 | 0.81 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.79 | ) | 0.26 | (1.40 | ) | (1.09 | ) | (0.34 | ) | |||||||||||
Total from investment operations | (0.88 | ) | 1.09 | (0.63 | ) | (0.32 | ) | 0.47 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.76 | ) | — | — | (0.17 | ) | (0.69 | ) | ||||||||||||
Return of capital | (0.14 | ) | (0.82 | ) | (0.77 | ) | (0.60 | ) | (0.11 | ) | ||||||||||
Total distributions | (0.90 | ) | (0.82 | ) | (0.77 | ) | (0.77 | ) | (0.80 | ) | ||||||||||
Transaction fees(a) | 0.10 | 0.13 | 0.08 | 0.14 | 0.13 | |||||||||||||||
Net asset value at end of year | $ | 21.48 | $ | 23.16 | $ | 22.76 | $ | 24.08 | $ | 25.03 | ||||||||||
Market price at end of year(b) | $ | 21.36 | $ | 23.18 | $ | 22.71 | $ | 23.97 | $ | 24.88 | ||||||||||
Net Asset Value Total Return(c) | (3.57 | )% | 5.54 | % | (2.28 | )% | (0.71 | )% | 2.45 | % | ||||||||||
Market Price Total Return(c) | (4.19 | )% | 5.87 | % | (2.02 | )% | (0.56 | )% | 1.12 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 75,163 | $ | 77,593 | $ | 50,065 | $ | 81,865 | $ | 166,451 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Net investment income | 3.89 | % | 3.68 | % | 3.31 | % | 3.16 | % | 3.24 | % | ||||||||||
Portfolio turnover rate(d) | 43 | % | 60 | % | 22 | % | 26 | % | 34 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. At October 31, 2018, such adjustments resulted in the net asset value and the total return based upon the net asset value in the financial statements being $0.14 and 0.62% less than the transactional net asset value and total return, respectively. 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) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | $ | 27.93 | ||||||||||
Net investment income(a) | 1.26 | 1.45 | 1.46 | 1.48 | 1.28 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.42 | ) | (0.17 | ) | 1.74 | (0.97 | ) | 1.10 | ||||||||||||
Total from investment operations | (2.16 | ) | 1.28 | 3.20 | 0.51 | 2.38 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.26 | ) | (1.46 | ) | (1.47 | ) | (1.46 | ) | (1.28 | ) | ||||||||||
Return of capital | — | (0.01 | ) | — | — | — | ||||||||||||||
Total distributions | (1.26 | ) | (1.47 | ) | (1.47 | ) | (1.46 | ) | (1.28 | ) | ||||||||||
Net asset value at end of year | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | ||||||||||
Market price at end of year(b) | $ | 26.13 | $ | 29.62 | $ | 29.70 | $ | 28.02 | $ | 29.08 | ||||||||||
Net Asset Value Total Return(c) | (7.42 | )% | 4.49 | % | 11.79 | % | 1.87 | % | 8.77 | % | ||||||||||
Market Price Total Return(c) | (7.66 | )% | 4.88 | % | 11.61 | % | 1.49 | % | 9.00 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 3,704,365 | $ | 4,970,710 | $ | 4,125,597 | $ | 2,653,385 | $ | 2,429,411 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 4.51 | % | 4.98 | % | 5.06 | % | 5.25 | % | 4.52 | % | ||||||||||
Portfolio turnover rate(d) | 54 | % | 30 | % | 30 | % | 27 | % | 14 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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.
| 46 |
|
Financial Highlights (continued)
Invesco Global Short Term High Yield Bond ETF (PGHY)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | $ | 24.84 | ||||||||||
Net investment income(a) | 1.24 | 1.34 | 1.51 | 1.04 | 0.99 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.00 | ) | 0.02 | 0.59 | (0.62 | ) | (0.67 | ) | ||||||||||||
Total from investment operations | 0.24 | 1.36 | 2.10 | 0.42 | 0.32 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.24 | ) | (1.37 | ) | (1.42 | ) | (1.03 | ) | (1.00 | ) | ||||||||||
Return of capital | — | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | |||||||||||
Total distributions | (1.24 | ) | (1.38 | ) | (1.44 | ) | (1.04 | ) | (1.04 | ) | ||||||||||
Net asset value at end of year | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | ||||||||||
Market price at end of year(b) | $ | 23.03 | $ | 24.19 | $ | 24.23 | $ | 23.37 | $ | 24.04 | ||||||||||
Net Asset Value Total Return(c) | 1.05 | % | 5.76 | % | 9.27 | % | 1.83 | % | 1.27 | % | ||||||||||
Market Price Total Return(c) | 0.36 | % | 5.66 | % | 10.17 | % | 1.61 | % | 0.04 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 216,400 | $ | 222,093 | $ | 68,862 | $ | 27,029 | $ | 37,389 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Net investment income | 5.25 | % | 5.52 | % | 6.43 | % | 4.43 | % | 4.03 | % | ||||||||||
Portfolio turnover rate(d) | 42 | % | 38 | % | 53 | % | 50 | % | 29 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco International Corporate Bond ETF (PICB)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | $ | 29.50 | ||||||||||
Net investment income(a) | 0.43 | 0.42 | 0.55 | 0.62 | 0.77 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.57 | ) | 1.80 | (0.86 | ) | (2.82 | ) | (0.75 | ) | |||||||||||
Total from investment operations | (1.14 | ) | 2.22 | (0.31 | ) | (2.20 | ) | 0.02 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.43 | ) | (0.23 | ) | — | (0.03 | ) | (0.74 | ) | |||||||||||
Net realized gains | — | — | — | — | (0.03 | ) | ||||||||||||||
Return of capital | — | (0.19 | ) | (0.56 | ) | (0.59 | ) | — | ||||||||||||
Total distributions | (0.43 | ) | (0.42 | ) | (0.56 | ) | (0.62 | ) | (0.77 | ) | ||||||||||
Transaction fees(a) | — | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.02 | ||||||||||||
Net asset value at end of year | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | ||||||||||
Market price at end of year(c) | $ | 25.28 | $ | 26.89 | $ | 25.02 | $ | 25.89 | $ | 28.77 | ||||||||||
Net Asset Value Total Return(d) | (4.31 | )% | 8.95 | % | (1.26 | )% | (7.73 | )% | 0.09 | % | ||||||||||
Market Price Total Return(d) | (4.46 | )% | 9.25 | % | (1.26 | )% | (7.94 | )% | (0.08 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 118,969 | $ | 159,963 | $ | 160,539 | $ | 189,454 | $ | 263,233 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 1.58 | % | 1.62 | % | 2.12 | % | 2.29 | % | 2.57 | % | ||||||||||
Portfolio turnover rate(e) | 12 | % | 14 | % | 24 | % | 13 | % | 17 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | 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.
| 47 |
|
Invesco Exchange-Traded Fund Trust II
October 31, 2018
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) | “Chinese Yuan Dim Sum Bond ETF” | |
Invesco Emerging Markets Sovereign Debt ETF (PCY) | “Emerging Markets Sovereign Debt ETF” | |
Invesco Global Short Term High Yield Bond ETF (PGHY) | “Global Short Term High Yield Bond ETF” | |
Invesco International Corporate Bond ETF (PICB) | “International Corporate Bond ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
The market price of each Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of Emerging Markets Sovereign Debt ETF, Global Short Term High Yield Bond ETF and International Corporate Bond ETF, are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of Chinese Yuan Dim Sum Bond ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
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 | |
Chinese Yuan Dim Sum Bond ETF | FTSE Custom Dim Sum (Offshore CNY) Bond Index | |
Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced Index | |
Global Short Term High Yield Bond ETF | DB Global Short Maturity High Yield Bond Index | |
International Corporate Bond ETF | S&P International Corporate Bond Index® |
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter 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”).
| 48 |
|
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”), formerly Invesco PowerShares Capital Management LLC, determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, 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
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are
| 49 |
|
unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.
Changing Fixed-Income Market Conditions. Each Fund invests in fixed-income securities. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Funds’ transaction costs.
Fixed-Income Securities Risk. Each Fund invests in fixed-income securities. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of 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.
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 exercised such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Industry or Geographic Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent an Underlying Index concentrates in the securities of issuers in a particular industry or sector, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole. Also, 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 such Fund’s investments in the affected country or region.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. To the extent that a Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Sampling Risk. Each Fund’s use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities that a Fund holds could result in a greater decline in NAV than would be the case if a Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.
Cash Transaction Risk. Most ETFs generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Chinese Yuan Dim Sum Bond ETF currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a
| 50 |
|
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 the 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 the Fund and conventional ETFs.
Foreign Investment Risk. Investments in the securities of non-U.S issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater 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.
Global Bonds Risk. Each Fund invests in global bonds. Global bonds are subject to the same risks as other debt issues, notably credit risk, market risk, interest rate risk and liquidity risk. Generally, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities and, therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. In addition, a Fund may not receive shareholder communications or be permitted to vote the securities that it holds, as the issuers may be under no legal obligation to distribute them.
Sovereign Debt Risk. For Chinese Yuan Dim Sum Bond ETF, Emerging Markets Sovereign Debt ETF and Global Short Term High Yield Bond ETF, risks of sovereign debt include the relative size of the debt burden to the economy as a whole and the government debtor’s policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject. The governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest when due in accordance with the terms of such securities due to the extent of its foreign reserves. If an issuer of sovereign debt defaults on payments of principal and/or interest, these Funds may have limited legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party itself, and the Fund’s ability to obtain recourse may be limited.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
| 51 |
|
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee and that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
H. Accounting Estimates
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year presentation. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
| 52 |
|
I. Foreign Currency Translations
Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Funds may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
J. Securities Lending
During the fiscal year ended October 31, 2018, Emerging Markets Sovereign Debt ETF participated in securities lending. The Fund loaned 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. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund 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, the 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 the 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 the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the 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. The 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 the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the year ended October 31, 2017, distributions from distributable earnings consisted of distributions from net investment income.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage
| 53 |
|
expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
Chinese Yuan Dim Sum Bond ETF | 0.45 | % | ||
Emerging Markets Sovereign Debt ETF | 0.50 | % | ||
Global Short Term High Yield Bond ETF | 0.35 | % | ||
International Corporate Bond ETF | 0.50 | % |
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the fiscal year ended October 31, 2018, the Adviser waived fees for each Fund in the following amounts:
Chinese Yuan Dim Sum Bond ETF | $ | 1,617 | ||
Emerging Markets Sovereign Debt ETF | 32,326 | |||
Global Short Term High Yield Bond ETF | 6,249 | |||
International Corporate Bond ETF | 433 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Chinese Yuan Dim Sum Bond ETF | FTSE Fixed Income LLC | |
Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. | |
Global Short Term High Yield Bond ETF | Deutsche Bank Securities Inc. | |
International Corporate Bond ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
| 54 |
|
Except for the Funds listed below, as of October 31, 2018, all of the securities in International Corporate Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the fiscal year ended October 31, 2018, there were no material transfers in and out of Level 3.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Chinese Yuan Dim Sum Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 60,628,289 | $ | — | $ | 60,628,289 | ||||||||
Sovereign Debt Obligations | — | 11,543,002 | — | 11,543,002 | ||||||||||||
Money Market Fund | 1,833,123 | — | — | 1,833,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,833,123 | $ | 72,171,291 | $ | — | $ | 74,004,414 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Sovereign Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Sovereign Debt Obligations | $ | — | $ | 3,656,008,105 | $ | — | $ | 3,656,008,105 | ||||||||
Money Market Funds | 9,699,180 | — | — | 9,699,180 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 9,699,180 | $ | 3,656,008,105 | $ | — | $ | 3,665,707,285 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Short Term High Yield Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Corporate Bonds | $ | — | $ | 186,945,752 | $ | 1,135,830 | $ | 188,081,582 | ||||||||
Sovereign Debt Obligations | — | 24,299,678 | — | 24,299,678 | ||||||||||||
Common Stocks | 482,048 | — | 25,783 | 507,831 | ||||||||||||
Preferred Stocks | — | — | 0 | 0 | ||||||||||||
Money Market Fund | 798,380 | — | — | 798,380 | ||||||||||||
Investments Matured | — | 741,692 | 0 | 741,692 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,280,428 | $ | 211,987,122 | $ | 1,161,613 | $ | 214,429,163 | ||||||||
|
|
|
|
|
|
|
|
Note 5. Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2018 and 2017:
2018 | 2017 | |||||||||||||||||||||||
Ordinary Income | Long-Term Capital Gains | Return of Capital | Ordinary Income | Long-Term Capital Gains | Return of Capital | |||||||||||||||||||
Chinese Yuan Dim Sum Bond ETF | $ | 3,054,491 | $ | — | $ | 580,430 | $ | — | $ | — | $ | 1,931,288 | ||||||||||||
Emerging Markets Sovereign Debt ETF | 206,825,184 | — | — | 216,095,814 | — | 835,414 | ||||||||||||||||||
Global Short Term High Yield Bond ETF | 12,214,323 | — | — | 8,634,020 | — | 57,605 | ||||||||||||||||||
International Corporate Bond ETF | 2,350,172 | 1,382 | — | 1,543,177 | — | 1,275,336 |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)— Investments | Net Unrealized Appreciation (Depreciation)— Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||
Chinese Yuan Dim Sum Bond ETF | $ | — | $ | (7,024,518 | ) | $ | (74,866 | ) | $ | (4,674,805 | ) | $ | 86,936,772 | $ | 75,162,583 | |||||||||
Emerging Markets Sovereign Debt ETF | 290,338 | (349,186,951 | ) | — | (238,212,432 | ) | 4,291,473,620 | 3,704,364,575 | ||||||||||||||||
Global Short Term High Yield Bond ETF | — | (9,396,824 | ) | 2 | (1,935,365 | ) | 227,732,189 | 216,400,002 | ||||||||||||||||
International Corporate Bond ETF | — | (5,511,094 | ) | (56,104 | ) | — | 124,536,538 | 118,969,340 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have
| 55 |
|
been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards and expiration dates for each Fund as of October 31, 2018:
Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
Chinese Yuan Dim Sum Bond ETF | $ | — | $ | 1,377,819 | $ | 3,296,986 | $ | 4,674,805 | ||||||||
Emerging Markets Sovereign Debt ETF | 818,907 | 39,473,767 | 197,919,758 | 238,212,432 | ||||||||||||
Global Short Term High Yield Bond ETF | — | 1,023,935 | 911,430 | 1,935,365 | ||||||||||||
International Corporate Bond ETF | — | — | — | — |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 6. Investment Transactions
For the fiscal year period ended October 31, 2018, 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 | |||||||
Chinese Yuan Dim Sum Bond ETF | $ | 46,411,454 | $ | 30,503,255 | ||||
Emerging Markets Sovereign Debt ETF | 2,433,555,610 | 2,405,640,829 | ||||||
Global Short Term High Yield Bond ETF | 89,726,931 | 105,415,857 | ||||||
International Corporate Bond ETF | 19,544,352 | 18,090,364 |
For the fiscal year ended October 31, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Chinese Yuan Dim Sum Bond ETF | $ | — | $ | — | ||||
Emerging Markets Sovereign Debt ETF | 827,119,390 | 1,503,815,818 | ||||||
Global Short Term High Yield Bond ETF | 77,643,056 | 39,943,599 | ||||||
International Corporate Bond ETF | 3,659,265 | 36,859,962 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Chinese Yuan Dim Sum Bond ETF | $ | 1,723 | $ | (7,026,241 | ) | $ | (7,024,518 | ) | $ | 81,028,932 | ||||||
Emerging Markets Sovereign Debt ETF | 5,558,065 | (354,745,016 | ) | (349,186,951 | ) | 4,014,894,236 | ||||||||||
Global Short Term High Yield Bond ETF | 492,670 | (9,889,494 | ) | (9,396,824 | ) | 223,825,987 | ||||||||||
International Corporate Bond ETF | 1,031,096 | (6,542,190 | ) | (5,511,094 | ) | 123,044,173 |
Note 7. Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions and foreign currency transactions, amounts were reclassified between undistributed net investment income, undistributed net realized gain and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2018, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain | Shares of Beneficial Interest | ||||||||||
Chinese Yuan Dim Sum Bond ETF | $ | (594,793 | ) | $ | 594,793 | $ | — | |||||
Emerging Markets Sovereign Debt ETF | — | 37,215,020 | (37,215,020 | ) | ||||||||
Global Short Term High Yield Bond ETF | | 50,573 | | 93,349 | (143,922 | ) | ||||||
International Corporate Bond ETF | | 20,593 | | 748,207 | (768,800 | ) |
| 56 |
|
Note 8. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
Note 9. Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for Emerging Markets Sovereign Debt ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For Emerging Markets Sovereign Debt ETF, Global Short Term High Yield Bond ETF and International Corporate Bond ETF, Creation Units 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 such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. For Chinese Yuan Dim Sum Bond ETF such transactions are principally in exchange for the deposit or delivery of cash.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Note 10. Indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
Note 11. Subsequent Event
At a meeting held on December 13, 2018, the Board of Trustees of the Trust approved the termination and winding down of Chinese Yuan Dim Sum Bond ETF, with the liquidation payment to shareholders expected to take place on or about February 27, 2019. Investors, who have elected not to sell their shares before market close on February 20, 2019 will receive cash equal to the amount of the net asset value of their shares, which will include any capital gains and dividends, on or about February 27, 2019.
| 57 |
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Chinese Yuan Dim Sum Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Chinese Yuan Dim Sum Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2018, and each of the financial highlights for each of the five years in the period ended October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
Subsequent Event
As discussed in Note 11 to the financial statements, the Board of Trustees approved a plan of liquidation for the Invesco Chinese Yuan Dim Sum Bond ETF on December 13, 2018.
PricewaterhouseCoopers LLP
Chicago, Illinois
December 26, 2018
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
| 58 |
|
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2018.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco Chinese Yuan Dim Sum Bond ETF (DSUM) |
| |||||||||||||||
Actual | $ | 1,000.00 | $ | 904.10 | 0.45 | % | $ | 2.16 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) |
| |||||||||||||||
Actual | 1,000.00 | 974.00 | 0.50 | 2.49 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||||||||||
Invesco Global Short Term High Yield Bond ETF (PGHY) |
| |||||||||||||||
Actual | 1,000.00 | 1,004.80 | 0.35 | 1.77 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 | ||||||||||||
Invesco International Corporate Bond ETF (PICB) |
| |||||||||||||||
Actual | 1,000.00 | 934.30 | 0.50 | 2.44 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.68 | 0.50 | 2.55 |
(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 October 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
| 59 |
|
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal period ended October 31, 2018:
Qualified Interest Income* | Qualified Dividend Income* | Corporate Dividends Received Deduction* | Tax Exempt Income* | Long-Term Capital Gain | ||||||||||||||||
Invesco Chinese Yuan Dim Sum Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | $ | — | ||||||||||
Invesco Emerging Markets Sovereign Debt ETF | 0 | % | 0 | % | 0 | % | 0 | % | — | |||||||||||
Invesco Global Short Term High Yield Bond ETF | 39 | % | 0 | % | 0 | % | 0 | % | — | |||||||||||
Invesco International Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 1,382 |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal period. |
| 60 |
|
The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2018
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Nominating and Governance Committee and Trustee | Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 234 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 234 | None | |||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 61 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 234 | None | |||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider). | 234 | None | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 62 |
|
Trustees and Officers (continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011-Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 234 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 63 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2015 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2012 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 64 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 65 |
|
(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website 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 also 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 on Form N-Q (or any successor Form). The Trust’s Forms N-Q (or any successor Form) 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.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-FINC-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2018
PBTP | Invesco PureBetaSM 0-5 Yr US TIPS ETF | |
PBDM | Invesco PureBetaSM FTSE Developed ex-North America ETF | |
PBEE | Invesco PureBetaSM FTSE Emerging Markets ETF |
The Market Environment | 3 | |||
Manager’s Analysis | 5 | |||
PureBeta Portfolios | ||||
Schedules of Investments | ||||
11 | ||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | 12 | |||
27 | ||||
Statements of Assets and Liabilities | 37 | |||
Statements of Operations | 38 | |||
Statements of Changes in Net Assets | 39 | |||
Financial Highlights | 40 | |||
Notes to Financial Statements | 42 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fees and Expenses | 52 | |||
Tax Information | 53 | |||
Trustees and Officers | 54 |
| 2 |
|
Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. The fiscal year began in the final months of 2017 with several major US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility.
Stock market euphoria continued in January 2018 as US equity markets steadily moved higher. Investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock markets to pull back and volatility to increase.
US equity markets generally recovered in the second quarter of 2018 as strong US retail sales and low unemployment buoyed markets. Throughout the summer, US equities moved higher as corporate profits surged. Several US equity indexes reached new highs despite potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility markedly rose in the final month of the fiscal year. US equity markets suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could mean a more restrictive monetary policy. In this environment, there was a flight to safety, as investors fled to defensive areas of the market and U.S. treasuries.
Given signs of a strong economy, the US Federal Reserve raised interest rates four times during the fiscal year: in December 2017 and in March, June and September 2018.1 In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
1 | Source: US Federal Reserve |
Global Equity
The fiscal year proved to be an increasingly volatile time for global equities. The fiscal year began in the final months of 2017 with several US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility. Despite a sharp uptick in volatility, particularly in October 2018, US markets, in general, still produced positive returns for the fiscal year. International markets, however, were meaningfully less robust, many experiencing flat to negative results for the fiscal year. This divergence between the US and other markets could be attributed to the strength of the US economy and the widely-held belief that the US could win trade wars with other countries.
At the beginning of 2018, markets saw significant turbulence in late January and early February, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve (the Fed) tightening and then, later in the year, by fears of brewing trade wars and geopolitical tensions. After a relatively quiet summer, market volatility markedly rose again in the final month of the fiscal year. Global equity markets (particularly the US) suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy.
Global economic growth, in general, was solid despite weakness in emerging markets. During the fiscal year, emerging markets were impacted by both country-specific issues, as well as, more generalized pressure resulting from the Fed’s tightening policy. In this environment, economic growth unsurprisingly slowed in emerging markets. Within the eurozone, economic growth accelerated, although there was divergence among countries. In Japan, economic growth improved over the latter part of the fiscal year. The US experienced strong growth during the fiscal year due to robust consumer and business spending. In addition, unemployment rates remained low, job creation was strong and inflation remained relatively controlled.
At the close of the fiscal year, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.
Fixed Income
Throughout the fiscal year, US economic data remained positive; economic growth in the second quarter of 2018 was particularly strong. The US economy continued to add jobs, pushing the unemployment rate to 3.7% at the close of the fiscal year, while inflation remained subdued.1 Against this backdrop, the US Federal Reserve (the Fed) raised the federal funds target rate from a range of 1.00% to 1.25% at the start of the fiscal year to a range of 2.00% to 2.25% at the close of the fiscal year. This was accomplished with four 0.25% rate hikes in December 2017, and in March, June and September 2018.2 Working against these positive developments, however, were global macroeconomic headwinds in the form of geopolitical trade tension, sub-optimal inflation, and the lingering unknown of Brexit—the decision by UK voters to leave the European Union. These headwinds could limit future Fed rate hikes in the near-term. The Bank of Japan and the European Central Bank maintained their accommodative monetary policies by keeping real interest rates low in a continued attempt to stimulate growth and inflation by encouraging investors to spend rather than save. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.
| 3 |
|
The Market Environment (continued)
The 10-year US Treasury yield continued to move upward at the start of the fiscal year due to the continued strength of the global economy, the rising risks of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. Due to these factors, the 10-year US Treasury note continued to rise in 2018, resulting in higher government yields and a move above 3.00%.3 The 10-year US Treasury yield ended the fiscal year at 3.14%, 76 basis points higher than at the beginning of the fiscal year.3 (A basis point is one one-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned -2.05% for the fiscal year. Negative performance was largely attributable to the broad increase in US Treasury yields, a widening of credit spreads and reduced overseas bond purchase demand during the fiscal year. All four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted negative returns for the fiscal year.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
| 4 |
|
PBTP | Manager’s Analysis | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) |
As an index fund, the Invesco PureBetaSM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked,” meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.
To qualify for inclusion in the Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; and (iii) a minimum amount outstanding of $1 billion. Original issue zero coupon bonds may be included in the Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Index constituents are market capitalization weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2018, on a market price basis, the Fund returned 0.33%. On a net asset value (“NAV”) basis, the Fund returned 0.33%. During the same time period, the Index returned 0.42%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
For the fiscal year ended October 31, 2018, bonds with maturities between 1.1 and 1.5 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 0.9 and 1.0 years and bonds with maturities of 0.7 to 0.8 years, respectively. Bonds with maturities between 4 and 5 years detracted most significantly from the Fund’s return, followed by bonds with maturities between 3 and 4 years.
Positions that contributed most significantly to the Fund’s return included United States Treasury Inflation Index Bond, 0.125% coupon, due 04/15/2019 (portfolio average weight of 9.51%) and United States Treasury Inflation Index Bond, 0.125% coupon,
due 04/15/2018 (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included United States Treasury Inflation Index Bond, 0.375% coupon, due 07/15/2023 (portfolio average weight of 2.03%), and United States Treasury Inflation Index Bond, 0.125% coupon, due 07/15/2022 (portfolio average weight of 7.86%).
Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Maturing in 0-5 Years | 99.9 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
U.S. Treasury Inflation—Indexed Note, 0.125%, 04/15/2019 | 9.1 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 04/15/2020 | 9.1 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 04/15/2021 | 8.0 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 01/15/2022 | 7.7 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 04/15/2022 | 7.6 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 07/15/2022 | 7.5 | |||
U.S. Treasury Inflation—Indexed Note, 0.375%, 07/15/2023 | 7.4 | |||
U.S. Treasury Inflation—Indexed Note, 0.125%, 01/15/2023 | 7.4 | |||
U.S. Treasury Inflation—Indexed Note, 1.125%, 01/15/2021 | 7.2 | |||
U.S. Treasury Inflation—Indexed Note, 0.625%, 07/15/2021 | 6.8 | |||
Total | 77.8 |
* | Excluding money market fund holdings. |
| 5 |
|
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM | 0.42 | % | 0.46 | % | 0.51 | % | ||||||||||
Fund | ||||||||||||||||
NAV Return | 0.33 | 0.40 | 0.45 | |||||||||||||
Market Price Return | 0.33 | 0.40 | 0.45 |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.
| 6 |
|
PBDM | Manager’s Analysis | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) |
As an index fund, the Invesco PureBetaSM FTSE Developed ex-North America ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE Developed ex North America Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as developed markets within the country classification definition of the Index Provider, excluding the United States and Canada. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (7.30)%. On a net asset value (“NAV”) basis, the Fund returned (7.60)%. During the same time period, the Index returned (7.53)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
For the fiscal year ended October 31, 2018, the energy sector contributed most significantly to the Fund’s return, followed by the health care sector. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively.
Positions that contributed most significantly to the Fund’s return included Novartis AG, a pharmaceuticals company (portfolio average weight of 1.13%), and Sony Corp., a household durables company (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Samsung Electronics Co., Ltd., a technology hardware, storage & peripherals company (portfolio average weight of 1.31%), and Bayer AG, a pharmaceuticals company (portfolio average weight of 0.60%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 19.4 | |||
Industrials | 14.6 | |||
Health Care | 11.0 | |||
Consumer Discretionary | 10.9 | |||
Consumer Staples | 10.9 | |||
Materials | 7.8 | |||
Information Technology | 7.3 | |||
Energy | 6.0 | |||
Communication Services | 5.3 | |||
Real Estate | 3.3 | |||
Utilities | 3.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Nestle SA | 1.8 | |||
Novartis AG | 1.3 | |||
Samsung Electronics Co. Ltd. | 1.2 | |||
Roche Holding AG | 1.2 | |||
HSBC Holdings PLC | 1.1 | |||
Total SA | 1.0 | |||
Royal Dutch Shell PLC, Class A | 1.0 | |||
Toyota Motor Corp. | 1.0 | |||
BP PLC | 1.0 | |||
Royal Dutch Shell PLC, Class B | 0.8 | |||
Total | 11.4 |
* | Excluding money market fund holdings. |
| 7 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
FTSE Developed ex North America Index (Net) | (7.53 | )% | (5.27 | )% | (5.80 | )% | ||||||||||
Fund | ||||||||||||||||
NAV Return | (7.60 | ) | (5.39 | ) | (5.94 | ) | ||||||||||
Market Price Return | (7.30 | ) | (4.84 | ) | (5.34 | ) |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 8 |
|
PBEE | Manager’s Analysis | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) |
As an index fund, the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (11.38)%. On a net asset value (“NAV”) basis, the Fund returned (11.28)%. During the same time period, the Index returned (10.91)%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian and Russian securities included in the Index. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the impact of the sampling methodology utilized with respect to these Indian and Russian securities, performance differences resulting from the Fund’s use of GDRs and ADRs, and the fees and expenses that the Fund incurred during the period.
For the fiscal year ended October 31, 2018, the energy sector contributed most significantly to the Fund’s return. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.
Positions that contributed most significantly to the Fund’s return included Vale S.A., a metals & mining company (portfolio average weight of 0.96%), and Infosys Limited Sponsored ADR, an IT services company (portfolio average weight of 1.53%). Positions that detracted most significantly from the Fund’s return included Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 6.04%), and Alibaba group Holding Ltd. Sponsored ADR, an internet & direct marketing retail company (portfolio average weight of 3.08%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Financials | 29.5 | |||
Communication Services | 14.0 | |||
Information Technology | 10.4 | |||
Consumer Discretionary | 9.5 | |||
Energy | 9.5 | |||
Materials | 7.9 | |||
Consumer Staples | 5.2 | |||
Industrials | 5.1 | |||
Real Estate | 3.3 | |||
Utilities | 2.9 | |||
Health Care | 2.6 | |||
Other Assets Less Liabilities | 0.1 | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2018 | ||||
Security | ||||
Tencent Holdings Ltd. | 4.7 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.4 | |||
Invesco India ETF | 4.3 | |||
Alibaba Group Holding Ltd. ADR | 3.8 | |||
Naspers Ltd., Class N | 1.8 | |||
Infosys Ltd. ADR | 1.8 | |||
China Construction Bank Corp., H-Shares | 1.7 | |||
Vale SA | 1.3 | |||
Baidu, Inc. ADR | 1.3 | |||
Industrial & Commercial Bank of China Ltd., H-Shares | 1.3 | |||
Total | 26.4 |
| 9 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
FTSE Emerging Index (Net) | (10.91 | )% | (9.46 | )% | (10.40 | )% | ||||||||||
Fund | ||||||||||||||||
NAV Return | (11.28 | ) | (9.41 | ) | (10.35 | ) | ||||||||||
Market Price Return | (11.38 | ) | (10.68 | ) | (11.73 | ) |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.14% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 10 |
|
Schedule of Investments
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
October 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Securities—99.8% | ||||||||||||||||
U.S. Treasury Inflation—Indexed Notes—99.8%(a) | ||||||||||||||||
$ | 72,813 | U.S. Treasury Inflation—Indexed Notes | 2.125 | % | 01/15/2019 | $ | 72,841 | |||||||||
224,901 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2019 | 222,993 | ||||||||||||
74,397 | U.S. Treasury Inflation—Indexed Notes | 1.875 | 07/15/2019 | 74,984 | ||||||||||||
92,115 | U.S. Treasury Inflation—Indexed Notes | 1.375 | 01/15/2020 | 92,370 | ||||||||||||
226,111 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2020 | 222,310 | ||||||||||||
156,662 | U.S. Treasury Inflation—Indexed Notes | 1.250 | 07/15/2020 | 157,544 | ||||||||||||
176,355 | U.S. Treasury Inflation—Indexed Notes | 1.125 | 01/15/2021 | 176,528 | ||||||||||||
200,009 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2021 | 194,984 | ||||||||||||
167,811 | U.S. Treasury Inflation—Indexed Notes | 0.625 | 07/15/2021 | 166,442 | ||||||||||||
192,729 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 01/15/2022 | 187,120 | ||||||||||||
192,326 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 04/15/2022 | 185,939 | ||||||||||||
187,495 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 07/15/2022 | 182,017 | ||||||||||||
187,343 | U.S. Treasury Inflation—Indexed Notes | 0.125 | 01/15/2023 | 180,404 | ||||||||||||
140,087 | U.S. Treasury Inflation—Indexed Notes | 0.625 | 04/15/2023 | 137,457 | ||||||||||||
185,275 | U.S. Treasury Inflation—Indexed Notes | 0.375 | 07/15/2023 | 180,555 | ||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Securities (Cost $2,489,034) | 2,434,488 | |||||||||||||||
|
| |||||||||||||||
Number of Shares | ||||||||||||||||
Money Market Fund—0.1% | ||||||||||||||||
2,443 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(b) (Cost $2,443) | 2,443 | ||||||||||||||
|
| |||||||||||||||
Total Investments in Securities (Cost $2,491,477)—99.9% | 2,436,931 | |||||||||||||||
Other assets less liabilities—0.1% | 3,090 | |||||||||||||||
|
| |||||||||||||||
Net Assets—100.0% | $ | 2,440,021 | ||||||||||||||
|
|
Notes to Schedule of Investments:
(a) | Principal amount of security and interest payments are adjusted for inflation. See Note 2J. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Schedule of Investments
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—7.2% | ||||||||
72 | Adelaide Brighton Ltd. | $ | 289 | |||||
104 | AGL Energy Ltd. | 1,327 | ||||||
80 | ALS Ltd. | 463 | ||||||
397 | Alumina Ltd. | 717 | ||||||
184 | Amcor Ltd. | 1,734 | ||||||
465 | AMP Ltd. | 814 | ||||||
23 | Ansell Ltd. | 378 | ||||||
172 | APA Group | 1,170 | ||||||
101 | Aristocrat Leisure Ltd. | 1,897 | ||||||
31 | ASX Ltd. | 1,300 | ||||||
103 | Atlas Arteria Ltd. | 499 | ||||||
312 | Aurizon Holdings Ltd. | 929 | ||||||
280 | AusNet Services | 339 | ||||||
448 | Australia & New Zealand Banking Group Ltd. | 8,233 | ||||||
62 | Bank of Queensland Ltd. | 424 | ||||||
76 | Bendigo & Adelaide Bank Ltd. | 551 | ||||||
497 | BHP Billiton Ltd. | 11,346 | ||||||
323 | BHP Billiton PLC | 6,448 | ||||||
90 | BlueScope Steel Ltd. | 917 | ||||||
185 | Boral Ltd. | 736 | ||||||
252 | Brambles Ltd. | 1,897 | ||||||
41 | Caltex Australia Ltd. | 821 | ||||||
91 | Challenger Ltd. | 662 | ||||||
15 | CIMIC Group Ltd. | 503 | ||||||
84 | Coca-Cola Amatil Ltd. | 590 | ||||||
9 | Cochlear Ltd. | 1,133 | ||||||
278 | Commonwealth Bank of Australia | 13,641 | ||||||
77 | Computershare Ltd. | 1,079 | ||||||
56 | Crown Resorts Ltd. | 496 | ||||||
70 | CSL Ltd. | 9,327 | ||||||
80 | CSR Ltd. | 200 | ||||||
162 | Dexus REIT | 1,171 | ||||||
36 | Domain Holdings Australia Ltd. | 63 | ||||||
10 | Domino’s Pizza Enterprises Ltd. | 383 | ||||||
94 | Downer EDI Ltd. | 461 | ||||||
62 | DuluxGroup Ltd. | 325 | ||||||
161 | Evolution Mining Ltd. | 340 | ||||||
365 | Fairfax Media Ltd. | 166 | ||||||
9 | Flight Centre Travel Group Ltd. | 296 | ||||||
255 | Fortescue Metals Group Ltd. | 723 | ||||||
279 | Goodman Group REIT | 2,053 | ||||||
286 | GPT Group (The) REIT | 1,046 | ||||||
84 | Harvey Norman Holdings Ltd. | 190 | ||||||
275 | Healthscope Ltd. | 411 | ||||||
66 | Iluka Resources Ltd. | 377 | ||||||
268 | Incitec Pivot Ltd. | 741 | ||||||
366 | Insurance Australia Group Ltd. | 1,772 | ||||||
58 | IOOF Holdings Ltd. | 280 | ||||||
89 | LendLease Group | 1,110 | ||||||
48 | Macquarie Group Ltd. | 3,987 | ||||||
20 | Magellan Financial Group Ltd. | 378 | ||||||
437 | Medibank Private Ltd. | 864 | ||||||
154 | Metcash Ltd. | 300 | ||||||
588 | Mirvac Group REIT | 904 | ||||||
420 | National Australia Bank Ltd. | 7,504 | ||||||
122 | Newcrest Mining Ltd. | 1,782 | ||||||
49 | Nufarm Ltd. | 198 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
216 | Oil Search Ltd. | $ | 1,189 | |||||
60 | Orica Ltd. | 730 | ||||||
278 | Origin Energy Ltd.(a) | 1,436 | ||||||
192 | Orora Ltd. | 457 | ||||||
47 | OZ Minerals Ltd. | 301 | ||||||
7 | Perpetual Ltd. | 172 | ||||||
37 | Platinum Asset Management Ltd. | 128 | ||||||
101 | Qantas Airways Ltd. | 392 | ||||||
218 | QBE Insurance Group Ltd. | 1,749 | ||||||
20 | Ramsay Health Care Ltd. | 797 | ||||||
8 | REA Group Ltd. | 406 | ||||||
65 | Rio Tinto Ltd. | 3,520 | ||||||
183 | Rio Tinto PLC | 8,894 | ||||||
281 | Santos Ltd. | 1,322 | ||||||
812 | Scentre Group REIT | 2,290 | ||||||
55 | SEEK Ltd. | 696 | ||||||
16 | Seven Group Holdings Ltd. | 201 | ||||||
118 | Shopping Centres Australasia Property Group REIT | 215 | ||||||
67 | Sonic Healthcare Ltd. | 1,071 | ||||||
788 | South32 Ltd. | 2,022 | ||||||
131 | Star Entertainment Group Ltd. (The) | 440 | ||||||
384 | Stockland REIT | 982 | ||||||
205 | Suncorp Group Ltd. | 2,036 | ||||||
175 | Sydney Airport | 799 | ||||||
299 | Tabcorp Holdings Ltd. | 979 | ||||||
661 | Telstra Corp. Ltd. | 1,443 | ||||||
57 | TPG Telecom Ltd. | 290 | ||||||
413 | Transurban Group | 3,319 | ||||||
109 | Treasury Wine Estates Ltd. | 1,168 | ||||||
520 | Vicinity Centres REIT | 977 | ||||||
95 | Vocus Group Ltd.(a) | 231 | ||||||
174 | Wesfarmers Ltd. | 5,749 | ||||||
531 | Westpac Banking Corp. | 10,105 | ||||||
108 | Whitehaven Coal Ltd. | 371 | ||||||
154 | Woodside Petroleum Ltd. | 3,804 | ||||||
205 | Woolworths Group Ltd. | 4,131 | ||||||
59 | WorleyParsons Ltd. | 610 | ||||||
23 | WorleyParsons Ltd. Rts. expiring 11/12/18(a) | 0 | ||||||
|
| |||||||
164,107 | ||||||||
|
| |||||||
Austria—0.3% | ||||||||
12 | ams AG(a) | 467 | ||||||
11 | ANDRITZ AG | 570 | ||||||
44 | Erste Group Bank AG(a) | 1,795 | ||||||
22 | OMV AG | 1,225 | ||||||
20 | Raiffeisen Bank International AG | 546 | ||||||
22 | Telekom Austria AG, Class A(a) | 163 | ||||||
5 | Verbund AG | 202 | ||||||
6 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 160 | ||||||
18 | voestalpine AG | 640 | ||||||
|
| |||||||
5,768 | ||||||||
|
| |||||||
Belgium—0.9% | ||||||||
3 | Ackermans & van Haaren NV | 473 | ||||||
29 | Ageas | 1,453 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Belgium (continued) | ||||||||
117 | Anheuser-Busch InBev SA/NV | $ | 8,635 | |||||
16 | bpost SA | 243 | ||||||
8 | Colruyt SA | 465 | ||||||
11 | Groupe Bruxelles Lambert SA | 1,024 | ||||||
43 | KBC Group NV | 2,967 | ||||||
22 | Proximus SADP | 562 | ||||||
2 | Sofina SA | 383 | ||||||
11 | Solvay SA | 1,255 | ||||||
8 | Telenet Group Holding NV | 389 | ||||||
19 | UCB SA | 1,597 | ||||||
33 | Umicore SA | 1,555 | ||||||
|
| |||||||
21,001 | ||||||||
|
| |||||||
Chile—0.0% | ||||||||
55 | Antofagasta PLC | 552 | ||||||
|
| |||||||
China—0.3% | ||||||||
110 | AAC Technologies Holdings, Inc. | 837 | ||||||
569 | BOC Hong Kong (Holdings) Ltd. | 2,127 | ||||||
424 | China Mengniu Dairy Co. Ltd.(a) | 1,249 | ||||||
398 | China Travel International Investment Hong Kong Ltd. | 107 | ||||||
455 | FIH Mobile Ltd.(a) | 42 | ||||||
369 | Guotai Junan International Holdings Ltd. | 67 | ||||||
87 | Kerry Logistics Network Ltd. | 138 | ||||||
109 | Minth Group Ltd. | 353 | ||||||
351 | MMG Ltd.(a) | 132 | ||||||
129 | Nexteer Automotive Group Ltd. | 181 | ||||||
444 | Semiconductor Manufacturing International Corp.(a) | 366 | ||||||
567 | Shougang Fushan Resources Group Ltd. | 114 | ||||||
546 | Shui On Land Ltd. | 110 | ||||||
295 | Tingyi Cayman Islands Holding Corp. | 436 | ||||||
162 | Towngas China Co. Ltd.(a) | 118 | ||||||
182 | Uni-President China Holdings Ltd. | 177 | ||||||
874 | Want Want China Holdings Ltd. | 624 | ||||||
495 | Xinyi Solar Holdings Ltd. | 155 | ||||||
|
| |||||||
7,333 | ||||||||
|
| |||||||
Denmark—1.5% | ||||||||
23 | Ambu A/S, Class B | 480 | ||||||
1 | AP Moller—Maersk A/S, Class A | 1,191 | ||||||
1 | AP Moller—Maersk A/S, Class B | 1,270 | ||||||
16 | Carlsberg A/S, Class B | 1,766 | ||||||
15 | Chr. Hansen Holding A/S | 1,517 | ||||||
21 | Coloplast A/S, Class B | 1,961 | ||||||
103 | Danske Bank A/S | 1,976 | ||||||
28 | DSV A/S | 2,252 | ||||||
9 | Genmab A/S(a) | 1,233 | ||||||
21 | GN Store Nord A/S | 892 | ||||||
9 | H. Lundbeck A/S | 420 | ||||||
29 | ISS A/S | 954 | ||||||
11 | Jyske Bank A/S | 450 | ||||||
265 | Novo Nordisk A/S, Class B | 11,466 | ||||||
31 | Novozymes A/S, Class B | 1,532 | ||||||
23 | Orsted A/S(b) | 1,462 | ||||||
17 | Pandora A/S | 1,064 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Denmark (continued) | ||||||||
1 | Rockwool International A/S, Class B | $ | 342 | |||||
17 | Tryg A/S | 411 | ||||||
30 | Vestas Wind Systems A/S | 1,882 | ||||||
18 | William Demant Holding A/S(a) | 593 | ||||||
|
| |||||||
35,114 | ||||||||
|
| |||||||
Finland—1.2% | ||||||||
23 | Elisa Oyj | 916 | ||||||
68 | Fortum Oyj | 1,433 | ||||||
14 | Huhtamaki Oyj | 393 | ||||||
11 | Kesko Oyj, Class B | 643 | ||||||
60 | Kone Oyj, Class B | 2,925 | ||||||
17 | Metso Oyj | 538 | ||||||
21 | Neste Oyj | 1,731 | ||||||
877 | Nokia Oyj | 4,968 | ||||||
21 | Nokian Renkaat Oyj | 668 | ||||||
487 | Nordea Bank Abp | 4,241 | ||||||
16 | Orion Oyj, Class B | 551 | ||||||
76 | Sampo Oyj, Class A | 3,501 | ||||||
86 | Stora Enso Oyj, Class R | 1,297 | ||||||
83 | UPM-Kymmene Oyj | 2,672 | ||||||
71 | Wartsila Oyj Abp | 1,211 | ||||||
|
| |||||||
27,688 | ||||||||
|
| |||||||
France—9.6% | ||||||||
31 | Accor SA | 1,420 | ||||||
4 | Aeroports de Paris | 838 | ||||||
34 | Air France-KLM(a) | 330 | ||||||
65 | Air Liquide SA | 7,880 | ||||||
85 | Airbus SE | 9,410 | ||||||
13 | ALD SA(b) | 194 | ||||||
24 | Alstom SA | 1,051 | ||||||
9 | Amundi SA(b) | 536 | ||||||
11 | Arkema SA | 1,156 | ||||||
14 | Atos SE | 1,202 | ||||||
300 | AXA SA | 7,526 | ||||||
6 | bioMerieux | 458 | ||||||
172 | BNP Paribas SA | 8,990 | ||||||
155 | Bollore SA | 657 | ||||||
32 | Bouygues SA | 1,169 | ||||||
40 | Bureau Veritas SA | 904 | ||||||
24 | Capgemini SE | 2,937 | ||||||
87 | Carrefour SA | 1,691 | ||||||
9 | Casino Guichard Perrachon SA | 398 | ||||||
76 | Cie de Saint-Gobain | 2,862 | ||||||
27 | Cie Generale des Etablissements Michelin SCA | 2,776 | ||||||
9 | CIE Plastic Omnium SA | 251 | ||||||
25 | CNP Assurances | 558 | ||||||
6 | Covivio REIT | 603 | ||||||
174 | Credit Agricole SA | 2,233 | ||||||
92 | Danone SA | 6,523 | ||||||
20 | Dassault Systemes SE | 2,512 | ||||||
37 | Edenred | 1,406 | ||||||
11 | Eiffage SA | 1,077 | ||||||
76 | Electricite de France SA | 1,264 | ||||||
30 | Elis SA | 606 | ||||||
252 | Engie SA | 3,362 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
32 | Essilorluxottica SA | $ | 4,378 | |||||
7 | Eurazeo SE | 512 | ||||||
27 | Eutelsat Communications SA | 548 | ||||||
11 | Faurecia SA | 535 | ||||||
8 | Gecina SA REIT | 1,176 | ||||||
72 | Getlink SE | 907 | ||||||
5 | Hermes International | 2,861 | ||||||
5 | ICADE REIT | 424 | ||||||
4 | Iliad SA | 463 | ||||||
6 | Imerys SA | 371 | ||||||
10 | Ingenico Group SA | 710 | ||||||
5 | Ipsen SA | 695 | ||||||
11 | JCDecaux SA | 362 | ||||||
12 | Kering SA | 5,352 | ||||||
31 | Klepierre SA REIT | 1,054 | ||||||
18 | Lagardere SCA | 493 | ||||||
41 | Legrand SA | 2,682 | ||||||
38 | L’Oreal SA | 8,564 | ||||||
39 | LVMH Moet Hennessy Louis Vuitton SE | 11,878 | ||||||
133 | Natixis SA | 779 | ||||||
294 | Orange SA | 4,604 | ||||||
7 | Orpea | 863 | ||||||
33 | Pernod Ricard SA | 5,040 | ||||||
84 | Peugeot SA | 2,002 | ||||||
33 | Publicis Groupe SA | 1,916 | ||||||
4 | Remy Cointreau SA | 475 | ||||||
29 | Renault SA | 2,171 | ||||||
48 | Rexel SA | 613 | ||||||
12 | Rubis SCA | 621 | ||||||
52 | Safran SA | 6,720 | ||||||
171 | Sanofi | 15,275 | ||||||
4 | Sartorius Stedim Biotech | 497 | ||||||
79 | Schneider Electric SE | 5,725 | ||||||
25 | SCOR SE | 1,158 | ||||||
4 | SEB SA | 574 | ||||||
4 | Societe BIC SA | 383 | ||||||
110 | Societe Generale SA | 4,048 | ||||||
14 | Sodexo SA | 1,430 | ||||||
58 | Suez | 840 | ||||||
9 | Teleperformance | 1,485 | ||||||
16 | Thales SA | 2,049 | ||||||
393 | Total SA | 23,137 | ||||||
13 | Ubisoft Entertainment SA(a) | 1,171 | ||||||
21 | Unibail-Rodamco-Westfield REIT | 3,814 | ||||||
38 | Valeo SA | 1,229 | ||||||
78 | Veolia Environnement SA | 1,557 | ||||||
72 | Vinci SA | 6,435 | ||||||
148 | Vivendi SA | 3,579 | ||||||
4 | Wendel SA | 519 | ||||||
6 | Worldline SA(a)(b) | 316 | ||||||
|
| |||||||
219,770 | ||||||||
|
| |||||||
Germany—8.4% | ||||||||
7 | 1&1 Drillisch AG | 313 | ||||||
31 | adidas AG | 7,306 | ||||||
67 | Allianz SE | 14,002 | ||||||
98 | Aroundtown SA | 814 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
7 | Axel Springer SE | $ | 466 | |||||
145 | BASF SE | 11,177 | ||||||
148 | Bayer AG | 11,366 | ||||||
50 | Bayerische Motoren Werke AG | 4,319 | ||||||
9 | Bayerische Motoren Werke AG (Preference Shares) | 680 | ||||||
15 | Beiersdorf AG | 1,553 | ||||||
25 | Brenntag AG | 1,308 | ||||||
6 | Carl Zeiss Meditec AG-BR | 493 | ||||||
26 | Ceconomy AG | 133 | ||||||
165 | Commerzbank AG(a) | 1,559 | ||||||
17 | Continental AG | 2,811 | ||||||
28 | Covestro AG(b) | 1,812 | ||||||
137 | Daimler AG | 8,128 | ||||||
17 | Delivery Hero Se(a)(b) | 686 | ||||||
295 | Deutsche Bank AG | 2,892 | ||||||
29 | Deutsche Boerse AG | 3,675 | ||||||
37 | Deutsche Lufthansa AG | 745 | ||||||
149 | Deutsche Post AG | 4,719 | ||||||
498 | Deutsche Telekom AG | 8,179 | ||||||
56 | Deutsche Wohnen SE | 2,566 | ||||||
5 | Dws Group GMBH & Co. KGAA(a)(b) | 140 | ||||||
327 | E.ON SE | 3,170 | ||||||
24 | Evonik Industries AG | 745 | ||||||
4 | Fielmann AG | 249 | ||||||
6 | Fraport AG Frankfurt Airport Services Worldwide | 464 | ||||||
33 | Fresenius Medical Care AG & Co. KGaA | 2,592 | ||||||
63 | Fresenius SE & Co. KGaA | 4,017 | ||||||
5 | FUCHS PETROLUB SE | 217 | ||||||
11 | FUCHS PETROLUB SE (Preference Shares) | 510 | ||||||
26 | GEA Group AG | 791 | ||||||
4 | GRENKE AG | 384 | ||||||
9 | Hannover Rueck SE | 1,215 | ||||||
4 | Hapag-Lloyd AG(b) | 148 | ||||||
23 | HeidelbergCement AG | 1,564 | ||||||
7 | Hella GmbH & Co. KGaA | 328 | ||||||
16 | Henkel AG & Co. KGaA | 1,570 | ||||||
27 | Henkel AG & Co. KGaA (Preference Shares) | 2,955 | ||||||
3 | HOCHTIEF AG | 445 | ||||||
10 | HUGO BOSS AG | 716 | ||||||
173 | Infineon Technologies AG | 3,471 | ||||||
20 | Innogy SE(b) | 884 | ||||||
30 | K+S AG | 560 | ||||||
11 | KION Group AG | 644 | ||||||
7 | Knorr-Bremse AG(a) | 635 | ||||||
14 | LANXESS AG | 869 | ||||||
10 | LEG Immobilien AG | 1,095 | ||||||
5 | MAN SE | 521 | ||||||
20 | Merck KGaA | 2,144 | ||||||
26 | METRO AG | 392 | ||||||
8 | MTU Aero Engines AG | 1,702 | ||||||
23 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 4,950 | ||||||
15 | OSRAM Licht AG | 609 | ||||||
24 | Porsche Automobil Holding SE (Preference Shares) | 1,530 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
36 | ProSiebenSat.1 Media SE | $ | 833 | |||||
1 | Puma SE | 514 | ||||||
1 | Rational AG | 580 | ||||||
7 | Rheinmetall AG | 607 | ||||||
10 | Rocket Internet SE(a)(b) | 289 | ||||||
83 | RWE AG | 1,619 | ||||||
6 | RWE AG (Preference Shares) | 100 | ||||||
150 | SAP SE | 16,088 | ||||||
5 | Sartorius AG (Preference Shares) | 725 | ||||||
17 | Scout24 AG(b) | 706 | ||||||
119 | Siemens AG | 13,715 | ||||||
21 | Siemens Healthineers AG(a)(b) | 871 | ||||||
3 | STADA Arzneimittel AG | 278 | ||||||
12 | Suedzucker AG | 186 | ||||||
19 | Symrise AG | 1,597 | ||||||
6 | Talanx AG | 215 | ||||||
106 | Telefonica Deutschland Holding AG | 413 | ||||||
74 | thyssenkrupp AG | 1,557 | ||||||
69 | TUI AG | 1,145 | ||||||
31 | Uniper SE | 896 | ||||||
18 | United Internet AG | 746 | ||||||
5 | Volkswagen AG | 826 | ||||||
28 | Volkswagen AG (Preference Shares) | 4,719 | ||||||
80 | Vonovia SE | 3,664 | ||||||
2 | Wacker Chemie AG | 179 | ||||||
18 | Wirecard AG | 3,373 | ||||||
21 | Zalando SE(a)(b) | 814 | ||||||
|
| |||||||
191,183 | ||||||||
|
| |||||||
Hong Kong—2.9% | ||||||||
1,855 | AIA Group Ltd. | 14,044 | ||||||
43 | ASM Pacific Technology Ltd. | 371 | ||||||
188 | Bank of East Asia Ltd. (The) | 609 | ||||||
462 | Brightoil Petroleum Holdings Ltd.(a)(c) | 44 | ||||||
53 | Cafe de Coral Holdings Ltd. | 115 | ||||||
125 | Cathay Pacific Airways Ltd. | 159 | ||||||
309 | Champion REIT | 208 | ||||||
169 | Chow Tai Fook Jewellery Group Ltd. | 148 | ||||||
413 | CK Asset Holdings Ltd. | 2,682 | ||||||
411 | CK Hutchison Holdings Ltd. | 4,139 | ||||||
98 | CK Infrastructure Holdings Ltd. | 716 | ||||||
253 | CLP Holdings Ltd. | 2,837 | ||||||
58 | Dah Sing Banking Group Ltd. | 110 | ||||||
23 | Dah Sing Financial Holdings Ltd. | 123 | ||||||
47 | Dairy Farm International Holdings Ltd. | 424 | ||||||
369 | First Pacific Co. Ltd. | 165 | ||||||
335 | Galaxy Entertainment Group Ltd. | 1,812 | ||||||
43 | Great Eagle Holdings Ltd. | 196 | ||||||
355 | Haitong International Securities Group Ltd. | 116 | ||||||
138 | Hang Lung Group Ltd. | 339 | ||||||
321 | Hang Lung Properties Ltd. | 582 | ||||||
110 | Hang Seng Bank Ltd. | 2,576 | ||||||
187 | Henderson Land Development Co. Ltd. | 871 | ||||||
1,376 | Hong Kong & China Gas Co. Ltd. | 2,626 | ||||||
194 | Hong Kong Exchanges & Clearing Ltd. | 5,147 | ||||||
185 | Hongkong Land Holdings Ltd. | 1,095 | ||||||
90 | Hopewell Holdings Ltd. | 278 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
141 | Huabao International Holdings Ltd. | $ | 66 | |||||
802 | Hutchison Port Holdings Trust | 197 | ||||||
204 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 75 | ||||||
98 | Hysan Development Co. Ltd. | 459 | ||||||
33 | Jardine Matheson Holdings Ltd. | 1,904 | ||||||
29 | Jardine Strategic Holdings Ltd. | 972 | ||||||
54 | Johnson Electric Holdings Ltd. | 121 | ||||||
94 | Kerry Properties Ltd. | 296 | ||||||
917 | Li & Fung Ltd. | 181 | ||||||
71 | Lifestyle International Holdings Ltd. | 123 | ||||||
329 | Link REIT | 2,917 | ||||||
126 | Melco International Development Ltd. | 215 | ||||||
222 | MTR Corp. Ltd. | 1,076 | ||||||
872 | New World Development Co. Ltd. | 1,106 | ||||||
221 | NWS Holdings Ltd. | 438 | ||||||
659 | PCCW Ltd. | 362 | ||||||
207 | Power Assets Holdings Ltd. | 1,382 | ||||||
164 | Sa Sa International Holdings Ltd. | 63 | ||||||
175 | Shangri-La Asia Ltd. | 239 | ||||||
293 | Shun Tak Holdings Ltd. | 94 | ||||||
470 | Sino Land Co. Ltd. | 737 | ||||||
348 | Sun Art Retail Group Ltd. | 380 | ||||||
218 | Sun Hung Kai Properties Ltd. | 2,834 | ||||||
80 | Swire Pacific Ltd., Class A | 830 | ||||||
146 | Swire Pacific Ltd., Class B | 235 | ||||||
167 | Swire Properties Ltd. | 570 | ||||||
198 | Techtronic Industries Co. Ltd. | 927 | ||||||
46 | Television Broadcasts Ltd. | 97 | ||||||
25 | VTech Holdings Ltd. | 293 | ||||||
1,328 | WH Group Ltd.(b) | 930 | ||||||
193 | Wharf Holdings Ltd. (The) | 482 | ||||||
193 | Wharf Real Estate Investment Co. Ltd. | 1,195 | ||||||
130 | Wheelock & Co. Ltd. | 694 | ||||||
317 | Xinyi Glass Holdings Ltd. | 314 | ||||||
114 | Yue Yuen Industrial Holdings Ltd. | 312 | ||||||
|
| |||||||
65,648 | ||||||||
|
| |||||||
India—0.0% | ||||||||
1,011 | Golden Agri-Resources Ltd. | 186 | ||||||
|
| |||||||
Ireland—0.6% | ||||||||
120 | AIB Group PLC | 581 | ||||||
146 | Bank of Ireland Group PLC | 1,036 | ||||||
127 | CRH PLC | 3,812 | ||||||
31 | Glanbia PLC | 549 | ||||||
70 | James Hardie Industries PLC | 932 | ||||||
23 | Kerry Group PLC, Class A | 2,359 | ||||||
24 | Kingspan Group PLC | 1,044 | ||||||
13 | Paddy Power Betfair PLC | 1,116 | ||||||
38 | Smurfit Kappa Group PLC | 1,246 | ||||||
|
| |||||||
12,675 | ||||||||
|
| |||||||
Israel—0.5% | ||||||||
10 | Airport City Ltd.(a) | 116 | ||||||
16 | Alony Hetz Properties & Investments Ltd. | 152 | ||||||
18 | Amot Investments Ltd. | 89 | ||||||
5 | Azrieli Group Ltd. | 243 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Israel (continued) | ||||||||
163 | Bank Hapoalim BM | $ | 1,103 | |||||
228 | Bank Leumi Le-Israel BM | 1,422 | ||||||
324 | Bezeq The Israeli Telecommunication Corp. Ltd. | 372 | ||||||
1 | Delek Group Ltd. | 168 | ||||||
3 | Elbit Systems Ltd. | 359 | ||||||
8 | First International Bank of Israel Ltd. | 172 | ||||||
15 | Gazit-Globe Ltd. | 125 | ||||||
18 | Harel Insurance Investments & Financial Services Ltd. | 132 | ||||||
99 | Israel Chemicals Ltd. | 571 | ||||||
1 | Israel Corp. Ltd. (The) | 293 | ||||||
185 | Israel Discount Bank Ltd., Class A | 605 | ||||||
7 | Mazor Robotics Ltd.(a) | 203 | ||||||
2 | Melisron Ltd. | 85 | ||||||
87 | Migdal Insurance & Financial Holding Ltd. | 96 | ||||||
20 | Mizrahi Tefahot Bank Ltd. | 337 | ||||||
9 | Nice Ltd.(a) | 954 | ||||||
237 | Oil Refineries Ltd. | 113 | ||||||
1 | Paz Oil Co. Ltd. | 150 | ||||||
20 | Phoenix Holdings Ltd. (The) | 111 | ||||||
43 | Shikun & Binui Ltd.(a) | 82 | ||||||
17 | Shufersal Ltd. | 108 | ||||||
3 | SodaStream International Ltd.(a) | 430 | ||||||
6 | Strauss Group Ltd. | 132 | ||||||
141 | Teva Pharmaceutical Industries Ltd. | 2,813 | ||||||
15 | Tower Semiconductor Ltd.(a) | 232 | ||||||
|
| |||||||
11,768 | ||||||||
|
| |||||||
Italy—2.0% | ||||||||
245 | A2A SpA | 395 | ||||||
199 | Assicurazioni Generali SpA | 3,220 | ||||||
84 | Atlantia SpA | 1,690 | ||||||
40 | Banca Mediolanum SpA | 232 | ||||||
241 | Banco BPM SpA(a) | 454 | ||||||
11 | Buzzi Unicem SpA | 212 | ||||||
10 | Buzzi Unicem SpA-RSP | 112 | ||||||
90 | Davide Campari-Milano SpA | 693 | ||||||
2 | DiaSorin SpA | 190 | ||||||
1,204 | Enel SpA | 5,912 | ||||||
387 | Eni SpA | 6,887 | ||||||
19 | Ferrari NV | 2,228 | ||||||
62 | Finecobank Banca Fineco SpA | 650 | ||||||
2,316 | Intesa Sanpaolo SpA | 5,125 | ||||||
78 | Italgas SpA | 403 | ||||||
61 | Leonardo SpA | 663 | ||||||
24 | Luxottica Group SpA | 1,510 | ||||||
55 | Mediaset SpA(a) | 166 | ||||||
92 | Mediobanca Banca di Credito Finanziario SpA | 808 | ||||||
26 | Moncler SpA | 904 | ||||||
30 | Parmalat SpA | 92 | ||||||
67 | Pirelli & C SpA(a)(b) | 493 | ||||||
73 | Poste Italiane SpA(b) | 525 | ||||||
81 | PRADA SpA | 286 | ||||||
40 | Prysmian SpA | 778 | ||||||
16 | Recordati SpA | 542 | ||||||
91 | Saipem SpA(a) | 499 | ||||||
7 | Salvatore Ferragamo SpA | 166 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
352 | Snam SpA | $ | 1,457 | |||||
1,600 | Telecom Italia SpA(a) | 941 | ||||||
957 | Telecom Italia SpA-RSP | 485 | ||||||
224 | Terna Rete Elettrica Nazionale SpA | 1,159 | ||||||
342 | Unicredit SpA | 4,385 | ||||||
156 | Unione di Banche Italiane SpA | 477 | ||||||
116 | UnipolSai Assicurazioni SpA | 254 | ||||||
|
| |||||||
44,993 | ||||||||
|
| |||||||
Japan—24.7% | ||||||||
11 | 77 Bank Ltd. (The) | 228 | ||||||
4 | ABC-Mart, Inc. | 234 | ||||||
60 | Acom Co. Ltd. | 222 | ||||||
28 | Advantest Corp. | 516 | ||||||
110 | Aeon Co. Ltd. | 2,524 | ||||||
18 | AEON Financial Service Co. Ltd. | 353 | ||||||
19 | Aeon Mall Co. Ltd. | 352 | ||||||
30 | AGC, Inc. | 986 | ||||||
8 | Aica Kogyo Co. Ltd. | 238 | ||||||
46 | Aiful Corp.(a) | 121 | ||||||
4 | Ain Holdings, Inc. | 313 | ||||||
24 | Air Water, Inc. | 389 | ||||||
28 | Aisin Seiki Co. Ltd. | 1,100 | ||||||
80 | Ajinomoto Co., Inc. | 1,295 | ||||||
28 | Alfresa Holdings Corp. | 748 | ||||||
30 | Alps Electric Co. Ltd. | 712 | ||||||
52 | Amada Holdings Co. Ltd. | 490 | ||||||
18 | ANA Holdings, Inc. | 605 | ||||||
7 | Aoyama Trading Co. Ltd. | 212 | ||||||
18 | Aozora Bank Ltd. | 621 | ||||||
14 | Aplus Financial Co. Ltd.(a) | 13 | ||||||
3 | Ariake Japan Co. Ltd. | 266 | ||||||
60 | Asahi Group Holdings Ltd. | 2,641 | ||||||
16 | Asahi Intecc Co. Ltd. | 654 | ||||||
197 | Asahi Kasei Corp. | 2,369 | ||||||
28 | Asics Corp. | 407 | ||||||
3 | ASKUL Corp. | 83 | ||||||
300 | Astellas Pharma, Inc. | 4,644 | ||||||
10 | Autobacs Seven Co. Ltd. | 161 | ||||||
6 | Awa Bank Ltd. (The) | 163 | ||||||
20 | Azbil Corp. | 373 | ||||||
31 | Bandai Namco Holdings, Inc. | 1,103 | ||||||
11 | Bank of Kyoto Ltd. (The) | 496 | ||||||
5 | Benefit One, Inc. | 129 | ||||||
11 | Benesse Holdings, Inc. | 307 | ||||||
24 | Bic Camera, Inc. | 318 | ||||||
93 | Bridgestone Corp. | 3,595 | ||||||
37 | Brother Industries Ltd. | 679 | ||||||
12 | Calbee, Inc. | 399 | ||||||
7 | Canon Marketing Japan, Inc. | 133 | ||||||
158 | Canon, Inc. | 4,511 | ||||||
14 | Capcom Co. Ltd. | 291 | ||||||
34 | Casio Computer Co. Ltd. | 514 | ||||||
28 | Central Japan Railway Co. | 5,372 | ||||||
104 | Chiba Bank Ltd. (The) | 660 | ||||||
24 | Chiyoda Corp. | 120 | ||||||
111 | Chubu Electric Power Co., Inc. | 1,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
34 | Chugai Pharmaceutical Co. Ltd. | $ | 1,997 | |||||
27 | Chugoku Bank Ltd. (The) | 244 | ||||||
46 | Chugoku Electric Power Co., Inc. (The) | 592 | ||||||
3 | Ci:z Holdings Co. Ltd. | 156 | ||||||
43 | Citizen Watch Co. Ltd. | 247 | ||||||
23 | Coca-Cola Bottlers Japan Holdings, Inc. | 602 | ||||||
16 | COMSYS Holdings Corp. | 446 | ||||||
188 | Concordia Financial Group Ltd. | 863 | ||||||
10 | Cosmo Energy Holdings Co. Ltd. | 372 | ||||||
1 | Cosmos Pharmaceutical Corp. | 204 | ||||||
25 | Credit Saison Co. Ltd. | 398 | ||||||
15 | CyberAgent, Inc. | 637 | ||||||
47 | Dai Nippon Printing Co. Ltd. | 1,056 | ||||||
47 | Daicel Corp. | 498 | ||||||
6 | Daido Steel Co. Ltd. | 247 | ||||||
15 | Daifuku Co. Ltd. | 646 | ||||||
168 | Dai-ichi Life Holdings, Inc. | 3,180 | ||||||
96 | Daiichi Sankyo Co. Ltd. | 3,670 | ||||||
7 | Daiichikosho Co. Ltd. | 323 | ||||||
41 | Daikin Industries Ltd. | 4,768 | ||||||
5 | Daikyo, Inc. | 131 | ||||||
5 | Daishi Hokuetsu Financial Group, Inc. | 180 | ||||||
11 | Daito Trust Construction Co. Ltd. | 1,452 | ||||||
103 | Daiwa House Industry Co. Ltd. | 3,111 | ||||||
255 | Daiwa Securities Group, Inc. | 1,462 | ||||||
17 | DeNA Co. Ltd. | 284 | ||||||
14 | Denka Co. Ltd. | 457 | ||||||
70 | Denso Corp. | 3,132 | ||||||
35 | Dentsu, Inc. | 1,625 | ||||||
13 | DIC Corp. | 384 | ||||||
4 | Disco Corp. | 637 | ||||||
16 | DMG Mori Co. Ltd. | 232 | ||||||
19 | Don Quijote Holdings Co. Ltd. | 1,138 | ||||||
7 | Dowa Holdings Co. Ltd. | 204 | ||||||
57 | East Japan Railway Co. | 4,988 | ||||||
16 | Ebara Corp. | 468 | ||||||
41 | Eisai Co. Ltd. | 3,419 | ||||||
26 | Electric Power Development Co. Ltd. | 708 | ||||||
5 | Exedy Corp. | 123 | ||||||
8 | Ezaki Glico Co. Ltd. | 398 | ||||||
9 | Familymart UNY Holdings Co. Ltd. | 1,046 | ||||||
6 | Fancl Corp. | 265 | ||||||
30 | FANUC Corp. | 5,246 | ||||||
8 | Fast Retailing Co. Ltd. | 4,046 | ||||||
4 | FP Corp. | 205 | ||||||
18 | Fuji Electric Co. Ltd. | 552 | ||||||
7 | Fuji Media Holdings, Inc. | 114 | ||||||
7 | Fuji Oil Holdings, Inc. | 202 | ||||||
59 | FUJIFILM Holdings Corp. | 2,558 | ||||||
43 | Fujikura Ltd. | 186 | ||||||
9 | Fujitsu General Ltd. | 134 | ||||||
30 | Fujitsu Ltd. | 1,824 | ||||||
23 | Fukuoka Financial Group, Inc. | 567 | ||||||
5 | Fukuyama Transporting Co. Ltd. | 193 | ||||||
10 | Furukawa Electric Co. Ltd. | 271 | ||||||
3 | Fuyo General Lease Co. Ltd. | 167 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
9 | Glory Ltd. | $ | 210 | |||||
9 | GMO Internet, Inc. | 129 | ||||||
6 | GMO Payment Gateway, Inc. | 291 | ||||||
15 | Gree, Inc. | 63 | ||||||
12 | GS Yuasa Corp. | 247 | ||||||
59 | GungHo Online Entertainment, Inc. | 106 | ||||||
68 | Gunma Bank Ltd. (The) | 309 | ||||||
14 | H2O Retailing Corp. | 217 | ||||||
65 | Hachijuni Bank Ltd. (The) | 275 | ||||||
38 | Hakuhodo DY Holdings, Inc. | 635 | ||||||
21 | Hamamatsu Photonics K.K. | 703 | ||||||
34 | Hankyu Hanshin Holdings, Inc. | 1,121 | ||||||
44 | Haseko Corp. | 558 | ||||||
8 | Heiwa Corp. | 183 | ||||||
3 | Hikari Tsushin, Inc. | 524 | ||||||
42 | Hino Motors Ltd. | 404 | ||||||
5 | Hirose Electric Co. Ltd. | 475 | ||||||
46 | Hiroshima Bank Ltd. (The) | 285 | ||||||
5 | HIS Co. Ltd. | 152 | ||||||
11 | Hisamitsu Pharmaceutical Co., Inc. | 621 | ||||||
7 | Hitachi Capital Corp. | 172 | ||||||
16 | Hitachi Chemical Co. Ltd. | 253 | ||||||
17 | Hitachi Construction Machinery Co. Ltd. | 453 | ||||||
10 | Hitachi High-Technologies Corp. | 377 | ||||||
140 | Hitachi Ltd. | 4,295 | ||||||
31 | Hitachi Metals Ltd. | 366 | ||||||
7 | Hitachi Transport System Ltd. | 180 | ||||||
28 | Hokkaido Electric Power Co., Inc. | 164 | ||||||
20 | Hokuhoku Financial Group, Inc. | 249 | ||||||
27 | Hokuriku Electric Power Co.(a) | 252 | ||||||
267 | Honda Motor Co. Ltd. | 7,668 | ||||||
6 | Horiba Ltd. | 282 | ||||||
8 | Hoshizaki Corp. | 646 | ||||||
12 | House Foods Group, Inc. | 346 | ||||||
57 | Hoya Corp. | 3,240 | ||||||
56 | Hulic Co. Ltd. | 514 | ||||||
17 | Ibiden Co. Ltd. | 210 | ||||||
32 | Ichigo, Inc. | 105 | ||||||
23 | Idemitsu Kosan Co. Ltd. | 1,050 | ||||||
21 | IHI Corp. | 769 | ||||||
22 | Iida Group Holdings Co. Ltd. | 400 | ||||||
145 | Inpex Corp. | 1,670 | ||||||
57 | Isetan Mitsukoshi Holdings Ltd. | 667 | ||||||
79 | Isuzu Motors Ltd. | 1,037 | ||||||
9 | Ito EN Ltd. | 384 | ||||||
217 | ITOCHU Corp. | 4,028 | ||||||
16 | ITOCHU Techno-Solutions Corp. | 303 | ||||||
21 | Itoham Yonekyu Holdings, Inc. | 132 | ||||||
43 | Iyo Bank Ltd. (The) | 256 | ||||||
6 | Izumi Co. Ltd. | 326 | ||||||
39 | J Front Retailing Co. Ltd. | 512 | ||||||
5 | JAFCO Co. Ltd. | 193 | ||||||
19 | Japan Airlines Co. Ltd. | 676 | ||||||
7 | Japan Airport Terminal Co. Ltd. | 269 | ||||||
7 | Japan Aviation Electronics Industry Ltd. | 93 | ||||||
85 | Japan Exchange Group, Inc. | 1,526 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | �� | Value | ||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5 | Japan Petroleum Exploration Co. Ltd. | $ | 106 | |||||
65 | Japan Post Bank Co. Ltd. | 759 | ||||||
210 | Japan Post Holdings Co. Ltd. | 2,493 | ||||||
10 | Japan Post Insurance Co. Ltd. | 238 | ||||||
10 | Japan Steel Works Ltd. (The) | 212 | ||||||
182 | Japan Tobacco, Inc. | 4,687 | ||||||
82 | JFE Holdings, Inc. | 1,548 | ||||||
34 | JGC Corp. | 660 | ||||||
30 | JSR Corp. | 448 | ||||||
36 | JTEKT Corp. | 449 | ||||||
487 | JXTG Holdings, Inc. | 3,319 | ||||||
12 | Kagome Co. Ltd. | 320 | ||||||
72 | Kajima Corp. | 929 | ||||||
21 | Kakaku.com, Inc. | 381 | ||||||
5 | Kaken Pharmaceutical Co. Ltd. | 251 | ||||||
16 | Kamigumi Co. Ltd. | 331 | ||||||
16 | Kandenko Co. Ltd. | 163 | ||||||
9 | Kaneka Corp. | 376 | ||||||
115 | Kansai Electric Power Co., Inc. (The) | 1,763 | ||||||
28 | Kansai Mirai Financial Group, Inc.(a) | 218 | ||||||
31 | Kansai Paint Co. Ltd. | 459 | ||||||
74 | Kao Corp. | 4,938 | ||||||
23 | Kawasaki Heavy Industries Ltd. | 546 | ||||||
13 | Kawasaki Kisen Kaisha Ltd.(a) | 174 | ||||||
275 | KDDI Corp. | 6,858 | ||||||
15 | Keihan Holdings Co. Ltd. | 569 | ||||||
39 | Keikyu Corp. | 577 | ||||||
18 | Keio Corp. | 978 | ||||||
22 | Keisei Electric Railway Co. Ltd. | 677 | ||||||
18 | Keiyo Bank Ltd. (The) | 132 | ||||||
18 | Kewpie Corp. | 415 | ||||||
14 | Keyence Corp. | 6,860 | ||||||
28 | Kikkoman Corp. | 1,541 | ||||||
21 | Kinden Corp. | 337 | ||||||
28 | Kintetsu Group Holdings Co. Ltd. | 1,074 | ||||||
127 | Kirin Holdings Co. Ltd. | 3,037 | ||||||
5 | Kissei Pharmaceutical Co. Ltd. | 144 | ||||||
10 | Kobayashi Pharmaceutical Co. Ltd. | 656 | ||||||
47 | Kobe Steel Ltd. | 378 | ||||||
9 | Koei Tecmo Holdings Co. Ltd. | 143 | ||||||
18 | Koito Manufacturing Co. Ltd. | 858 | ||||||
13 | Kokuyo Co. Ltd. | 206 | ||||||
140 | Komatsu Ltd. | 3,653 | ||||||
4 | Komeri Co. Ltd. | 104 | ||||||
15 | Konami Holdings Corp. | 573 | ||||||
72 | Konica Minolta, Inc. | 715 | ||||||
4 | Kose Corp. | 598 | ||||||
26 | K’s Holdings Corp. | 329 | ||||||
170 | Kubota Corp. | 2,684 | ||||||
56 | Kuraray Co. Ltd. | 772 | ||||||
17 | Kurita Water Industries Ltd. | 419 | ||||||
2 | Kusuri NO Aoki Holdings Co. Ltd. | 144 | ||||||
49 | Kyocera Corp. | 2,665 | ||||||
7 | KYORIN Holdings, Inc. | 153 | ||||||
4 | Kyoritsu Maintenance Co. Ltd. | 178 | ||||||
14 | Kyowa Exeo Corp. | 377 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
40 | Kyowa Hakko Kirin Co. Ltd. | $ | 778 | |||||
6 | Kyudenko Corp. | 219 | ||||||
73 | Kyushu Electric Power Co., Inc. | 850 | ||||||
61 | Kyushu Financial Group, Inc. | 270 | ||||||
25 | Kyushu Railway Co. | 766 | ||||||
8 | Lawson, Inc. | 506 | ||||||
38 | Leopalace21 Corp. | 159 | ||||||
8 | Line Corp.(a) | 254 | ||||||
8 | Lintec Corp. | 189 | ||||||
40 | Lion Corp. | 751 | ||||||
41 | LIXIL Group Corp. | 647 | ||||||
64 | M3, Inc. | 1,031 | ||||||
8 | Mabuchi Motor Co. Ltd. | 285 | ||||||
21 | Maeda Corp. | 237 | ||||||
9 | Maeda Road Construction Co. Ltd. | 164 | ||||||
39 | Makita Corp. | 1,349 | ||||||
248 | Marubeni Corp. | 2,014 | ||||||
6 | Maruha Nichiro Corp. | 217 | ||||||
33 | Marui Group Co. Ltd. | 711 | ||||||
10 | Maruichi Steel Tube Ltd. | 289 | ||||||
16 | Matsui Securities Co. Ltd. | 163 | ||||||
12 | Matsumotokiyoshi Holdings Co. Ltd. | 433 | ||||||
90 | Mazda Motor Corp. | 976 | ||||||
161 | Mebuki Financial Group, Inc. | 492 | ||||||
25 | Medipal Holdings Corp. | 537 | ||||||
7 | Megmilk Snow Brand Co. Ltd. | 164 | ||||||
21 | MEIJI Holdings Co. Ltd. | 1,396 | ||||||
67 | Minebea Mitsumi, Inc. | 1,025 | ||||||
8 | Miraca Holdings, Inc. | 195 | ||||||
44 | MISUMI Group, Inc. | 883 | ||||||
195 | Mitsubishi Chemical Holdings Corp. | 1,522 | ||||||
197 | Mitsubishi Corp. | 5,551 | ||||||
303 | Mitsubishi Electric Corp. | 3,849 | ||||||
181 | Mitsubishi Estate Co. Ltd. | 2,896 | ||||||
30 | Mitsubishi Gas Chemical Co., Inc. | 505 | ||||||
45 | Mitsubishi Heavy Industries Ltd. | 1,591 | ||||||
11 | Mitsubishi Logistics Corp. | 252 | ||||||
20 | Mitsubishi Materials Corp. | 555 | ||||||
99 | Mitsubishi Motors Corp. | 624 | ||||||
2 | Mitsubishi Shokuhin Co. Ltd. | 52 | ||||||
35 | Mitsubishi Tanabe Pharma Corp. | 517 | ||||||
2,037 | Mitsubishi UFJ Financial Group, Inc. | 12,360 | ||||||
69 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 355 | ||||||
259 | Mitsui & Co. Ltd. | 4,327 | ||||||
29 | Mitsui Chemicals, Inc. | 651 | ||||||
144 | Mitsui Fudosan Co. Ltd. | 3,246 | ||||||
9 | Mitsui Mining & Smelting Co. Ltd. | 255 | ||||||
17 | Mitsui OSK Lines Ltd. | 415 | ||||||
16 | Miura Co. Ltd. | 392 | ||||||
3,916 | Mizuho Financial Group, Inc. | 6,732 | ||||||
2 | Mochida Pharmaceutical Co. Ltd. | 158 | ||||||
18 | MonotaRO Co. Ltd. | 397 | ||||||
6 | Morinaga & Co. Ltd. | 241 | ||||||
6 | Morinaga Milk Industry Co. Ltd. | 160 | ||||||
77 | MS&AD Insurance Group Holdings, Inc. | 2,324 | ||||||
29 | Murata Manufacturing Co. Ltd. | 4,411 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
18 | Nabtesco Corp. | $ | 397 | |||||
17 | Nagase & Co. Ltd. | 267 | ||||||
29 | Nagoya Railroad Co. Ltd. | 701 | ||||||
17 | Nankai Electric Railway Co. Ltd. | 416 | ||||||
40 | NEC Corp. | 1,148 | ||||||
64 | Nexon Co. Ltd.(a) | 729 | ||||||
42 | NGK Insulators Ltd. | 591 | ||||||
30 | NGK Spark Plug Co. Ltd. | 609 | ||||||
16 | NH Foods Ltd. | 553 | ||||||
26 | NHK Spring Co. Ltd. | 223 | ||||||
17 | Nichirei Corp. | 410 | ||||||
36 | Nidec Corp. | 4,622 | ||||||
14 | Nifco, Inc. | 319 | ||||||
12 | Nihon Kohden Corp. | 358 | ||||||
20 | Nihon M&A Center, Inc. | 480 | ||||||
10 | Nihon Unisys Ltd. | 219 | ||||||
55 | Nikon Corp. | 959 | ||||||
17 | Nintendo Co. Ltd. | 5,296 | ||||||
8 | Nippo Corp. | 132 | ||||||
13 | Nippon Electric Glass Co. Ltd. | 328 | ||||||
12 | Nippon Express Co. Ltd. | 760 | ||||||
6 | Nippon Gas Co. Ltd. | 182 | ||||||
27 | Nippon Kayaku Co. Ltd. | 323 | ||||||
24 | Nippon Paint Holdings Co. Ltd. | 752 | ||||||
15 | Nippon Paper Industries Co. Ltd. | 272 | ||||||
8 | Nippon Shinyaku Co. Ltd. | 461 | ||||||
5 | Nippon Shokubai Co. Ltd. | 323 | ||||||
124 | Nippon Steel & Sumitomo Metal Corp. | 2,293 | ||||||
101 | Nippon Telegraph & Telephone Corp. | 4,251 | ||||||
8 | Nippon Television Holdings, Inc. | 128 | ||||||
25 | Nippon Yusen K.K. | 404 | ||||||
19 | Nipro Corp. | 242 | ||||||
25 | Nishi-Nippon Financial Holdings, Inc. | 238 | ||||||
12 | Nishi-Nippon Railroad Co. Ltd. | 297 | ||||||
22 | Nissan Chemical Corp. | 1,041 | ||||||
296 | Nissan Motor Co. Ltd. | 2,695 | ||||||
10 | Nissan Shatai Co. Ltd. | 81 | ||||||
41 | Nisshin Seifun Group, Inc. | 818 | ||||||
7 | Nisshin Steel Co. Ltd. | 92 | ||||||
20 | Nisshinbo Holdings, Inc. | 221 | ||||||
11 | Nissin Foods Holdings Co. Ltd. | 711 | ||||||
11 | Nitori Holdings Co. Ltd. | 1,436 | ||||||
24 | Nitto Denko Corp. | 1,505 | ||||||
2 | Noevir Holdings Co. Ltd. | 85 | ||||||
11 | NOF Corp. | 312 | ||||||
18 | NOK Corp. | 259 | ||||||
514 | Nomura Holdings, Inc. | 2,494 | ||||||
19 | Nomura Real Estate Holdings, Inc. | 357 | ||||||
17 | Nomura Research Institute Ltd. | 753 | ||||||
44 | North Pacific Bank Ltd. | 132 | ||||||
5 | NS Solutions Corp. | 150 | ||||||
72 | NSK Ltd. | 713 | ||||||
67 | NTN Corp. | 246 | ||||||
100 | NTT Data Corp. | 1,290 | ||||||
192 | NTT DoCoMo, Inc. | 4,839 | ||||||
17 | NTT Urban Development Corp. | 253 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
107 | Obayashi Corp. | $ | 945 | |||||
1 | OBIC Business Consultants Co. Ltd. | 80 | ||||||
10 | OBIC Co. Ltd. | 911 | ||||||
48 | Odakyu Electric Railway Co. Ltd. | 1,015 | ||||||
139 | OJI Holdings Corp. | 990 | ||||||
5 | OKUMA Corp. | 250 | ||||||
43 | Olympus Corp. | 1,436 | ||||||
31 | Omron Corp. | 1,258 | ||||||
70 | Ono Pharmaceutical Co. Ltd. | 1,595 | ||||||
5 | Open House Co. Ltd. | 196 | ||||||
5 | Oracle Corp. Japan | 339 | ||||||
90 | Orient Corp. | 141 | ||||||
29 | Oriental Land Co. Ltd. | 2,728 | ||||||
197 | ORIX Corp. | 3,214 | ||||||
62 | Osaka Gas Co. Ltd. | 1,138 | ||||||
11 | OSG Corp. | 228 | ||||||
16 | Otsuka Corp. | 532 | ||||||
66 | Otsuka Holdings Co. Ltd. | 3,163 | ||||||
5 | Paltac Corp. | 255 | ||||||
326 | Panasonic Corp. | 3,609 | ||||||
17 | Park24 Co. Ltd. | 448 | ||||||
44 | Penta-Ocean Construction Co. Ltd. | 264 | ||||||
13 | PeptiDream, Inc.(a) | 427 | ||||||
27 | Persol Holdings Co. Ltd. | 514 | ||||||
17 | Pigeon Corp. | 722 | ||||||
4 | Pilot Corp. | 221 | ||||||
12 | Pola Orbis Holdings, Inc. | 321 | ||||||
127 | Rakuten, Inc. | 860 | ||||||
184 | Recruit Holdings Co. Ltd. | 4,952 | ||||||
16 | Relo Group, Inc. | 378 | ||||||
101 | Renesas Electronics Corp.(a) | 535 | ||||||
33 | Rengo Co. Ltd. | 287 | ||||||
347 | Resona Holdings, Inc. | 1,829 | ||||||
10 | Resorttrust, Inc. | 154 | ||||||
108 | Ricoh Co. Ltd. | 1,080 | ||||||
6 | Rinnai Corp. | 437 | ||||||
14 | Rohm Co. Ltd. | 985 | ||||||
15 | Rohto Pharmaceutical Co. Ltd. | 476 | ||||||
4 | Ryohin Keikaku Co. Ltd. | 1,057 | ||||||
24 | San-In Godo Bank Ltd. (The) | 182 | ||||||
8 | Sankyo Co. Ltd. | 305 | ||||||
8 | Sankyu, Inc. | 379 | ||||||
9 | Sanrio Co. Ltd. | 181 | ||||||
57 | Santen Pharmaceutical Co. Ltd. | 846 | ||||||
31 | Sanwa Holdings Corp. | 364 | ||||||
10 | Sapporo Holdings Ltd. | 186 | ||||||
5 | Sawai Pharmaceutical Co. Ltd. | 254 | ||||||
32 | SBI Holdings, Inc. | 840 | ||||||
6 | SCREEN Holdings Co. Ltd. | 327 | ||||||
7 | SCSK Corp. | 297 | ||||||
30 | Secom Co. Ltd. | 2,459 | ||||||
31 | Sega Sammy Holdings, Inc. | 399 | ||||||
34 | Seibu Holdings, Inc. | 617 | ||||||
44 | Seiko Epson Corp. | 711 | ||||||
23 | Seino Holdings Co. Ltd. | 319 | ||||||
57 | Sekisui Chemical Co. Ltd. | 895 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
92 | Sekisui House Ltd. | $ | 1,355 | |||||
117 | Seven & i Holdings Co. Ltd. | 5,073 | ||||||
104 | Seven Bank Ltd. | 325 | ||||||
13 | SG Holdings Co. Ltd. | 328 | ||||||
23 | Sharp Corp. | 353 | ||||||
8 | Shiga Bank Ltd. (The) | 186 | ||||||
24 | Shikoku Electric Power Co., Inc. | 302 | ||||||
5 | Shima Seiki Manufacturing Ltd. | 135 | ||||||
7 | Shimachu Co. Ltd. | 183 | ||||||
43 | Shimadzu Corp. | 1,087 | ||||||
3 | Shimamura Co. Ltd. | 252 | ||||||
12 | Shimano, Inc. | 1,642 | ||||||
90 | Shimizu Corp. | 730 | ||||||
63 | Shin-Etsu Chemical Co. Ltd. | 5,286 | ||||||
26 | Shinsei Bank Ltd. | 396 | ||||||
44 | Shionogi & Co. Ltd. | 2,820 | ||||||
60 | Shiseido Co. Ltd. | 3,794 | ||||||
83 | Shizuoka Bank Ltd. (The) | 729 | ||||||
2 | Shochiku Co. Ltd. | 195 | ||||||
23 | Showa Denko K.K. | 1,005 | ||||||
30 | Showa Shell Sekiyu K.K. | 578 | ||||||
19 | SKY Perfect JSAT Holdings, Inc. | 85 | ||||||
30 | Skylark Holdings Co. Ltd. | 467 | ||||||
9 | SMC Corp. | 2,883 | ||||||
132 | SoftBank Group Corp. | 10,583 | ||||||
11 | Sohgo Security Services Co. Ltd. | 490 | ||||||
199 | Sojitz Corp. | 670 | ||||||
53 | Sompo Holdings, Inc. | 2,198 | ||||||
195 | Sony Corp. | 10,609 | ||||||
28 | Sony Financial Holdings, Inc. | 651 | ||||||
12 | Sotetsu Holdings, Inc. | 367 | ||||||
12 | Square Enix Holdings Co. Ltd. | 430 | ||||||
23 | Stanley Electric Co. Ltd. | 682 | ||||||
97 | Subaru Corp. | 2,624 | ||||||
6 | Sugi Holdings Co. Ltd. | 275 | ||||||
34 | Sumco Corp. | 460 | ||||||
5 | Sumitomo Bakelite Co. Ltd. | 181 | ||||||
239 | Sumitomo Chemical Co. Ltd. | 1,199 | ||||||
172 | Sumitomo Corp. | 2,612 | ||||||
26 | Sumitomo Dainippon Pharma Co. Ltd. | 544 | ||||||
119 | Sumitomo Electric Industries Ltd. | 1,626 | ||||||
21 | Sumitomo Forestry Co. Ltd. | 312 | ||||||
18 | Sumitomo Heavy Industries Ltd. | 569 | ||||||
38 | Sumitomo Metal Mining Co. Ltd. | 1,199 | ||||||
203 | Sumitomo Mitsui Financial Group, Inc. | 7,940 | ||||||
59 | Sumitomo Mitsui Trust Holdings, Inc. | 2,349 | ||||||
5 | Sumitomo Osaka Cement Co. Ltd. | 186 | ||||||
67 | Sumitomo Realty & Development Co. Ltd. | 2,305 | ||||||
28 | Sumitomo Rubber Industries Ltd. | 403 | ||||||
10 | Sundrug Co. Ltd. | 363 | ||||||
20 | Suntory Beverage & Food Ltd. | 816 | ||||||
28 | Suruga Bank Ltd. | 132 | ||||||
13 | Suzuken Co. Ltd. | 659 | ||||||
65 | Suzuki Motor Corp. | 3,254 | ||||||
29 | Sysmex Corp. | 2,036 | ||||||
89 | T&D Holdings, Inc. | 1,435 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
18 | Tadano Ltd. | $ | 194 | |||||
19 | Taiheiyo Cement Corp. | 561 | ||||||
33 | Taisei Corp. | 1,414 | ||||||
7 | Taisho Pharmaceutical Holdings Co. Ltd. | 747 | ||||||
23 | Taiyo Nippon Sanso Corp. | 370 | ||||||
18 | Taiyo Yuden Co. Ltd. | 363 | ||||||
7 | Takara Bio, Inc. | 165 | ||||||
28 | Takara Holdings, Inc. | 393 | ||||||
23 | Takashimaya Co. Ltd. | 363 | ||||||
116 | Takeda Pharmaceutical Co. Ltd. | 4,697 | ||||||
19 | TDK Corp. | 1,641 | ||||||
6 | Technopro Holdings, Inc. | 314 | ||||||
28 | Teijin Ltd. | 486 | ||||||
49 | Terumo Corp. | 2,644 | ||||||
18 | THK Co. Ltd. | 399 | ||||||
13 | TIS, Inc. | 583 | ||||||
32 | Tobu Railway Co. Ltd. | 889 | ||||||
37 | Toda Corp. | 250 | ||||||
18 | Toho Co. Ltd. | 588 | ||||||
14 | Toho Gas Co. Ltd. | 484 | ||||||
75 | Tohoku Electric Power Co., Inc. | 949 | ||||||
31 | Tokai Carbon Co. Ltd. | 485 | ||||||
8 | Tokai Rika Co. Ltd. | 146 | ||||||
36 | Tokai Tokyo Financial Holdings, Inc. | 186 | ||||||
104 | Tokio Marine Holdings, Inc. | 4,927 | ||||||
11 | Tokuyama Corp. | 247 | ||||||
6 | Tokyo Broadcasting System Holdings, Inc. | 112 | ||||||
7 | Tokyo Century Corp. | 375 | ||||||
247 | Tokyo Electric Power Co. Holdings, Inc.(a) | 1,265 | ||||||
24 | Tokyo Electron Ltd. | 3,336 | ||||||
66 | Tokyo Gas Co. Ltd. | 1,626 | ||||||
33 | Tokyo Tatemono Co. Ltd. | 356 | ||||||
78 | Tokyu Corp. | 1,288 | ||||||
81 | Tokyu Fudosan Holdings Corp. | 456 | ||||||
17 | Topcon Corp. | 247 | ||||||
6 | Toppan Forms Co. Ltd. | 55 | ||||||
41 | Toppan Printing Co. Ltd. | 581 | ||||||
240 | Toray Industries, Inc. | 1,705 | ||||||
90 | Toshiba Corp.(a) | 2,695 | ||||||
6 | Toshiba Plant Systems & Services Corp. | 123 | ||||||
45 | Tosoh Corp. | 595 | ||||||
23 | TOTO Ltd. | 825 | ||||||
25 | Toyo Seikan Group Holdings Ltd. | 512 | ||||||
14 | Toyo Suisan Kaisha Ltd. | 483 | ||||||
16 | Toyo Tire & Rubber Co. Ltd. | 268 | ||||||
14 | Toyobo Co. Ltd. | 199 | ||||||
12 | Toyoda Gosei Co. Ltd. | 259 | ||||||
10 | Toyota Boshoku Corp. | 167 | ||||||
25 | Toyota Industries Corp. | 1,229 | ||||||
389 | Toyota Motor Corp. | 22,801 | ||||||
35 | Toyota Tsusho Corp. | 1,267 | ||||||
18 | Trend Micro, Inc. | 1,040 | ||||||
8 | TS Tech Co. Ltd. | 230 | ||||||
10 | Tsumura & Co. | 312 | ||||||
6 | Tsuruha Holdings, Inc. | 625 | ||||||
3 | TV Asahi Holdings Corp. | 56 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
17 | Ube Industries Ltd. | $ | 372 | |||||
8 | Ulvac, Inc. | 261 | ||||||
61 | Unicharm Corp. | 1,660 | ||||||
19 | Ushio, Inc. | 230 | ||||||
34 | USS Co. Ltd. | 614 | ||||||
10 | Wacoal Holdings Corp. | 276 | ||||||
8 | Welcia Holdings Co. Ltd. | 408 | ||||||
28 | West Japan Railway Co. | 1,880 | ||||||
360 | Yahoo! Japan Corp. | 1,132 | ||||||
19 | Yakult Honsha Co. Ltd. | 1,349 | ||||||
116 | Yamada Denki Co. Ltd. | 547 | ||||||
36 | Yamaguchi Financial Group, Inc. | 381 | ||||||
26 | Yamaha Corp. | 1,146 | ||||||
44 | Yamaha Motor Co. Ltd. | 1,045 | ||||||
56 | Yamato Holdings Co. Ltd. | 1,533 | ||||||
6 | Yamato Kogyo Co. Ltd. | 158 | ||||||
20 | Yamazaki Baking Co. Ltd. | 361 | ||||||
3 | Yaoko Co. Ltd. | 164 | ||||||
40 | Yaskawa Electric Corp. | 1,157 | ||||||
38 | Yokogawa Electric Corp. | 748 | ||||||
17 | Yokohama Rubber Co. Ltd. (The) | 330 | ||||||
8 | Zenkoku Hosho Co. Ltd. | 290 | ||||||
15 | Zensho Holdings Co. Ltd. | 291 | ||||||
23 | Zeon Corp. | 223 | ||||||
28 | ZOZO, Inc. | 675 | ||||||
|
| |||||||
562,797 | ||||||||
|
| |||||||
Jersey Island—0.1% | ||||||||
15 | Randgold Resources Ltd. | 1,179 | ||||||
|
| |||||||
Jordan—0.0% | ||||||||
22 | Hikma Pharmaceuticals PLC | 535 | ||||||
|
| |||||||
Kazakhstan—0.0% | ||||||||
37 | KAZ Minerals PLC | 245 | ||||||
|
| |||||||
Luxembourg—0.3% | ||||||||
95 | Arcelormittal | 2,372 | ||||||
2 | Eurofins Scientific SE | 1,012 | ||||||
72 | L’Occitane International SA | 135 | ||||||
6 | RTL Group SA | 386 | ||||||
56 | SES SA FDR, Class A | 1,204 | ||||||
74 | Tenaris SA | 1,101 | ||||||
|
| |||||||
6,210 | ||||||||
|
| |||||||
Macau—0.1% | ||||||||
265 | Macau Legend Development Ltd. | 46 | ||||||
118 | MGM China Holdings Ltd. | 167 | ||||||
380 | Sands China Ltd. | 1,498 | ||||||
296 | SJM Holdings Ltd. | 239 | ||||||
231 | Wynn Macau Ltd. | 477 | ||||||
|
| |||||||
2,427 | ||||||||
|
| |||||||
Mexico—0.0% | ||||||||
29 | Fresnillo PLC | 314 | ||||||
|
| |||||||
Netherlands—4.2% | ||||||||
15 | Aalberts Industries NV | 552 | ||||||
64 | ABN AMRO Group NV CVA(b) | 1,574 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Netherlands (continued) | ||||||||
277 | Aegon NV | $ | 1,704 | |||||
39 | Akzo Nobel NV | 3,282 | ||||||
89 | Altice Europe NV, Class A(a) | 212 | ||||||
13 | Altice Europe NV, Class B(a) | 31 | ||||||
63 | ASML Holding NV | 10,773 | ||||||
22 | ASR Nederland NV | 1,001 | ||||||
13 | Boskalis Westminster NV | 375 | ||||||
17 | Exor NV | 964 | ||||||
13 | Gemalto NV(a) | 742 | ||||||
8 | GrandVision NV(b) | 202 | ||||||
16 | Heineken Holding NV | 1,387 | ||||||
37 | Heineken NV | 3,337 | ||||||
623 | ING Groep NV | 7,398 | ||||||
181 | Koninklijke Ahold Delhaize NV | 4,149 | ||||||
27 | Koninklijke DSM NV | 2,367 | ||||||
489 | Koninklijke KPN NV | 1,294 | ||||||
142 | Koninklijke Philips NV | 5,297 | ||||||
10 | Koninklijke Vopak NV | 453 | ||||||
52 | NN Group NV | 2,239 | ||||||
15 | OCI NV(a) | 427 | ||||||
16 | Randstad NV | 808 | ||||||
719 | Royal Dutch Shell PLC, Class A | 22,972 | ||||||
587 | Royal Dutch Shell PLC, Class B | 19,238 | ||||||
18 | Signify NV(b) | 445 | ||||||
43 | Wolters Kluwer NV | 2,444 | ||||||
|
| |||||||
95,667 | ||||||||
|
| |||||||
New Zealand—0.3% | ||||||||
110 | a2 Milk Co. Ltd.(a) | 748 | ||||||
80 | Air New Zealand Ltd. | 146 | ||||||
147 | Auckland International Airport Ltd. | 671 | ||||||
114 | Contact Energy Ltd. | 416 | ||||||
89 | Fisher & Paykel Healthcare Corp. Ltd. | 790 | ||||||
130 | Fletcher Building Ltd.(a) | 513 | ||||||
225 | Kiwi Property Group Ltd. | 193 | ||||||
108 | Mercury NZ Ltd. | 240 | ||||||
195 | Meridian Energy Ltd. | 399 | ||||||
65 | Ryman Healthcare Ltd. | 514 | ||||||
106 | SKYCITY Entertainment Group Ltd. | 265 | ||||||
291 | Spark New Zealand Ltd. | 751 | ||||||
14 | Xero Ltd.(a) | 395 | ||||||
|
| |||||||
6,041 | ||||||||
|
| |||||||
Norway—0.7% | ||||||||
4 | Aker ASA, Class A | 305 | ||||||
16 | Aker BP ASA | 529 | ||||||
162 | DNB ASA | 2,940 | ||||||
153 | Equinor ASA | 3,992 | ||||||
26 | Gjensidige Forsikring ASA | 404 | ||||||
64 | Marine Harvest ASA | 1,553 | ||||||
212 | Norsk Hydro ASA | 1,104 | ||||||
123 | Orkla ASA | 1,065 | ||||||
14 | Schibsted ASA, Class B | 445 | ||||||
13 | Schibsted ASA, Class A | 452 | ||||||
102 | Telenor ASA | 1,877 | ||||||
28 | Yara International ASA | 1,208 | ||||||
|
| |||||||
15,874 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Poland—0.3% | ||||||||
24 | Bank Polska Kasa Opieki SA | $ | 656 | |||||
10 | CD Projekt SA(a) | 413 | ||||||
41 | Cyfrowy Polsat SA(a) | 237 | ||||||
7 | Dino Polska SA(a)(b) | 154 | ||||||
15 | Grupa Lotos SA | 271 | ||||||
21 | KGHM Polska Miedz SA(a) | 476 | ||||||
2 | mBank SA | 195 | ||||||
111 | PGE Polska Grupa Energetyczna SA(a) | 305 | ||||||
48 | Polski Koncern Naftowy ORLEN SA | 1,156 | ||||||
266 | Polskie Gornictwo Naftowe i Gazownictwo SA(a) | 435 | ||||||
130 | Powszechna Kasa Oszczednosci Bank Polski SA | 1,355 | ||||||
86 | Powszechny Zaklad Ubezpieczen SA | 880 | ||||||
4 | Santander Bank Polska SA | 355 | ||||||
|
| |||||||
6,888 | ||||||||
|
| |||||||
Portugal—0.1% | ||||||||
360 | EDP-Energias de Portugal SA | 1,266 | ||||||
82 | Galp Energia SGPS SA | 1,430 | ||||||
39 | Jeronimo Martins SGPS SA | 480 | ||||||
|
| |||||||
3,176 | ||||||||
|
| |||||||
Russia—0.0% | ||||||||
73 | Evraz PLC | 507 | ||||||
41 | Polymetal International PLC | 379 | ||||||
|
| |||||||
886 | ||||||||
|
| |||||||
Singapore—1.2% | ||||||||
377 | Ascendas Real Estate Investment Trust REIT | 686 | ||||||
33 | BOC Aviation Ltd.(b) | 236 | ||||||
319 | CapitaLand Commercial Trust Ltd. REIT | 399 | ||||||
399 | CapitaLand Ltd. | 905 | ||||||
366 | CapitaLand Mall Trust REIT | 558 | ||||||
74 | City Developments Ltd. | 423 | ||||||
325 | ComfortDelGro Corp. Ltd. | 528 | ||||||
277 | DBS Group Holdings Ltd. | 4,693 | ||||||
100 | Frasers Property Ltd. | 114 | ||||||
916 | Genting Singapore Ltd. | 582 | ||||||
16 | Jardine Cycle & Carriage Ltd. | 350 | ||||||
227 | Keppel Corp. Ltd. | 1,016 | ||||||
100 | M1 Ltd. | 152 | ||||||
502 | Oversea-Chinese Banking Corp. Ltd. | 3,893 | ||||||
100 | SATS Ltd. | 360 | ||||||
144 | Sembcorp Industries Ltd. | 293 | ||||||
129 | Sembcorp Marine Ltd. | 149 | ||||||
37 | SIA Engineering Co. Ltd. | 76 | ||||||
81 | Singapore Airlines Ltd. | 554 | ||||||
130 | Singapore Exchange Ltd. | 642 | ||||||
240 | Singapore Post Ltd. | 180 | ||||||
253 | Singapore Press Holdings Ltd. | 484 | ||||||
242 | Singapore Technologies Engineering Ltd. | 620 | ||||||
1,180 | Singapore Telecommunications Ltd. | 2,693 | ||||||
91 | StarHub Ltd. | 124 | ||||||
299 | Suntec Real Estate Investment Trust REIT | 382 | ||||||
196 | United Overseas Bank Ltd. | 3,451 | ||||||
75 | UOL Group Ltd. | 327 | ||||||
40 | Venture Corp. Ltd. | 442 | ||||||
308 | Wilmar International Ltd. | 703 | ||||||
100 | Wing Tai Holdings Ltd. | 139 | ||||||
|
| |||||||
26,154 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa—0.2% | ||||||||
151 | Anglo American PLC | $ | 3,232 | |||||
101 | Investec PLC | 625 | ||||||
62 | Mediclinic International PLC | 298 | ||||||
|
| |||||||
4,155 | ||||||||
|
| |||||||
South Korea—4.4% | ||||||||
5 | Amorepacific Corp. | 671 | ||||||
2 | Amorepacific Corp. (Preference Shares) | 158 | ||||||
4 | AMOREPACIFIC Group | 218 | ||||||
1 | BGF Co. Ltd. | 7 | ||||||
1 | BGF Retail Co. Ltd. | 148 | ||||||
46 | BNK Financial Group, Inc. | 306 | ||||||
7 | Celltrion Healthcare Co. Ltd.(a) | 391 | ||||||
12 | Celltrion, Inc.(a) | 2,290 | ||||||
11 | Cheil Worldwide, Inc. | 219 | ||||||
1 | CJ CheilJedang Corp. | 284 | ||||||
1 | CJ CheilJedang Corp. (Preference Shares) | 104 | ||||||
2 | CJ Corp. | 191 | ||||||
2 | Cj Enm Co. Ltd. | 397 | ||||||
1 | CJ Logistics Corp.(a) | 139 | ||||||
9 | Coway Co. Ltd. | 555 | ||||||
4 | Daelim Industrial Co. Ltd. | 267 | ||||||
28 | Daewoo Engineering & Construction Co. Ltd.(a) | 111 | ||||||
7 | DB Insurance Co. Ltd. | 441 | ||||||
24 | DGB Financial Group, Inc. | 198 | ||||||
5 | Dongsuh Cos., Inc. | 82 | ||||||
1 | Doosan Corp. | 105 | ||||||
10 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 96 | ||||||
21 | Doosan Infracore Co. Ltd.(a) | 142 | ||||||
3 | E-MART, Inc. | 538 | ||||||
9 | GS Engineering & Construction Corp. | 330 | ||||||
8 | GS Holdings Corp. | 341 | ||||||
4 | GS Retail Co. Ltd. | 126 | ||||||
46 | Hana Financial Group, Inc. | 1,546 | ||||||
12 | Hankook Tire Co. Ltd. | 436 | ||||||
1 | Hanmi Pharm Co. Ltd. | 342 | ||||||
2 | Hanmi Science Co. Ltd. | 117 | ||||||
25 | Hanon Systems | 240 | ||||||
2 | Hanssem Co. Ltd. | 86 | ||||||
6 | Hanwha Aerospace Co. Ltd.(a) | 150 | ||||||
13 | Hanwha Chemical Corp. | 184 | ||||||
8 | Hanwha Corp. | 197 | ||||||
3 | Hanwha Corp. (Preference Shares) | 35 | ||||||
38 | Hanwha Life Insurance Co. Ltd. | 150 | ||||||
3 | Hdc Holdings Co. Ltd. | 44 | ||||||
5 | HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 193 | ||||||
5 | Hite Jinro Co. Ltd. | 69 | ||||||
5 | Hotel Shilla Co. Ltd. | 313 | ||||||
1 | Hyosung Advanced Materials Corp.(a) | 92 | ||||||
1 | Hyosung Chemical Corp.(a) | 114 | ||||||
1 | Hyosung Corp. | 45 | ||||||
1 | Hyosung Heavy Industries Corp.(a) | 37 | ||||||
1 | Hyosung TNC Co. Ltd.(a) | 153 | ||||||
1 | Hyundai Construction Equipment Co. Ltd.(a) | 65 | ||||||
2 | Hyundai Department Store Co. Ltd. | 152 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
11 | Hyundai Engineering & Construction Co. Ltd. | $ | 442 | |||||
3 | Hyundai Glovis Co. Ltd. | 300 | ||||||
7 | Hyundai Heavy Industries Co. Ltd.(a) | 765 | ||||||
2 | Hyundai Heavy Industries Holdings Co. Ltd.(a) | 626 | ||||||
10 | Hyundai Marine & Fire Insurance Co. Ltd. | 367 | ||||||
2 | Hyundai Mipo Dockyard Co. Ltd.(a) | 165 | ||||||
10 | Hyundai Mobis Co. Ltd. | 1,667 | ||||||
21 | Hyundai Motor Co. | 1,963 | ||||||
5 | Hyundai Motor Co. (2nd Preference Shares) | 311 | ||||||
3 | Hyundai Motor Co. (Preference Shares) | 175 | ||||||
12 | Hyundai Steel Co. | 440 | ||||||
2 | Hyundai Wia Corp. | 52 | ||||||
42 | Industrial Bank of Korea | 547 | ||||||
8 | Kakao Corp. | 643 | ||||||
17 | Kangwon Land, Inc. | 428 | ||||||
62 | KB Financial Group, Inc. | 2,579 | ||||||
1 | KCC Corp. | 217 | ||||||
3 | KEPCO Plant Service & Engineering Co. Ltd. | 72 | ||||||
41 | Kia Motors Corp. | 1,022 | ||||||
10 | Korea Aerospace Industries Ltd.(a) | 254 | ||||||
40 | Korea Electric Power Corp. | 951 | ||||||
4 | Korea Gas Corp.(a) | 183 | ||||||
6 | Korea Investment Holdings Co. Ltd. | 312 | ||||||
2 | Korea Zinc Co. Ltd. | 665 | ||||||
8 | Korean Air Lines Co. Ltd. | 193 | ||||||
17 | KT&G Corp. | 1,514 | ||||||
3 | Kumho Petrochemical Co. Ltd. | 227 | ||||||
7 | LG Chem Ltd. | 2,132 | ||||||
1 | LG Chem Ltd. (Preference Shares) | 175 | ||||||
14 | LG Corp. | 815 | ||||||
35 | LG Display Co. Ltd. | 507 | ||||||
17 | LG Electronics, Inc. | 944 | ||||||
3 | LG Electronics, Inc. (Preference Shares) | 68 | ||||||
1 | LG Household & Health Care Ltd. | 916 | ||||||
1 | LG Household & Health Care Ltd. (Preference Shares) | 642 | ||||||
31 | LG Uplus Corp. | 439 | ||||||
2 | Lotte Chemical Corp. | 461 | ||||||
9 | Lotte Corp.(a) | 376 | ||||||
3 | LOTTE Fine Chemical Co. Ltd. | 107 | ||||||
2 | Lotte Shopping Co. Ltd. | 340 | ||||||
3 | LS Corp. | 133 | ||||||
5 | Mando Corp. | 134 | ||||||
66 | Mirae Asset Daewoo Co. Ltd. | 372 | ||||||
22 | Mirae Asset Daewoo Co. Ltd. (Preference Shares)(a) | 69 | ||||||
20 | NAVER Corp. | 2,010 | ||||||
3 | NCSoft Corp. | 1,131 | ||||||
3 | Netmarble Corp.(b) | 295 | ||||||
20 | NH Investment & Securities Co. Ltd. | 213 | ||||||
3 | NHN Entertainment Corp.(a) | 121 | ||||||
1 | Nongshim Co. Ltd. | 191 | ||||||
3 | OCI Co. Ltd. | 224 | ||||||
3 | Orion Corp. | 250 | ||||||
7 | Paradise Co. Ltd. | 110 | ||||||
11 | POSCO | 2,490 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
8 | POSCO Daewoo Corp. | $ | 125 | |||||
3 | S-1 Corp. | 254 | ||||||
2 | Samsung Biologics Co. Ltd.(a)(b) | 680 | ||||||
12 | Samsung C&T Corp. | 1,143 | ||||||
5 | Samsung Card Co. Ltd. | 148 | ||||||
9 | Samsung Electro-Mechanics Co. Ltd. | 932 | ||||||
733 | Samsung Electronics Co. Ltd. | 27,273 | ||||||
127 | Samsung Electronics Co. Ltd. (Preference Shares) | 3,984 | ||||||
25 | Samsung Engineering Co. Ltd.(a) | 400 | ||||||
5 | Samsung Fire & Marine Insurance Co. Ltd. | 1,222 | ||||||
1 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 156 | ||||||
62 | Samsung Heavy Industries Co. Ltd.(a) | 379 | ||||||
10 | Samsung Life Insurance Co. Ltd. | 807 | ||||||
8 | Samsung SDI Co. Ltd. | 1,653 | ||||||
5 | Samsung SDS Co. Ltd. | 845 | ||||||
10 | Samsung Securities Co. Ltd. | 235 | ||||||
70 | Shinhan Financial Group Co. Ltd. | 2,614 | ||||||
1 | Shinsegae, Inc. | 227 | ||||||
8 | SillaJen, Inc.(a) | 484 | ||||||
5 | SK Holdings Co. Ltd. | 1,147 | ||||||
83 | SK Hynix, Inc. | 4,967 | ||||||
9 | SK Innovation Co. Ltd. | 1,686 | ||||||
24 | SK Networks Co. Ltd. | 90 | ||||||
4 | SK Telecom Co. Ltd. | 941 | ||||||
3 | SKC Co. Ltd. | 87 | ||||||
6 | S-Oil Corp. | 653 | ||||||
80 | Woori Bank | 1,106 | ||||||
1 | Yuhan Corp. | 147 | ||||||
|
| |||||||
100,745 | ||||||||
|
| |||||||
Spain—2.8% | ||||||||
3 | Acciona SA | 253 | ||||||
27 | Acerinox SA | 302 | ||||||
39 | ACS Actividades de Construccion y Servicios SA | 1,463 | ||||||
10 | Aena SME SA(b) | 1,599 | ||||||
64 | Amadeus IT Group SA | 5,162 | ||||||
1,031 | Banco Bilbao Vizcaya Argentaria SA | 5,707 | ||||||
889 | Banco de Sabadell SA | 1,173 | ||||||
2,503 | Banco Santander SA | 11,897 | ||||||
185 | Bankia SA | 583 | ||||||
109 | Bankinter SA | 895 | ||||||
550 | CaixaBank SA | 2,232 | ||||||
24 | Cellnex Telecom SA(b) | 598 | ||||||
3 | Corp. Financiera Alba SA | 144 | ||||||
24 | EDP Renovaveis SA | 216 | ||||||
36 | Enagas SA | 956 | ||||||
50 | Endesa SA | 1,047 | ||||||
74 | Ferrovial SA | 1,484 | ||||||
11 | Fomento de Construcciones y Contratas SA(a) | 147 | ||||||
52 | Grifols SA | 1,484 | ||||||
41 | Grifols SA (Preference Shares), Class B | 843 | ||||||
7 | Grupo Catalana Occidente SA | 289 | ||||||
920 | Iberdrola SA | 6,521 | ||||||
161 | Industria de Diseno Textil SA | 4,548 | ||||||
47 | Inmobiliaria Colonial Socimi SA REIT | 473 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Spain (continued) | ||||||||
157 | Mapfre SA | $ | 470 | |||||
29 | Mediaset Espana Comunicacion SA | 198 | ||||||
53 | MERLIN Properties SOCIMI SA REIT | 665 | ||||||
49 | Naturgy Energy Group SA | 1,206 | ||||||
68 | Red Electrica Corp. SA | 1,410 | ||||||
189 | Repsol SA | 3,389 | ||||||
36 | Siemens Gamesa Renewable Energy SA(a) | 399 | ||||||
696 | Telefonica SA | 5,708 | ||||||
28 | Zardoya Otis SA | 192 | ||||||
|
| |||||||
63,653 | ||||||||
|
| |||||||
Sweden—2.4% | ||||||||
50 | Alfa Laval AB | 1,278 | ||||||
140 | Assa Abloy AB, Class B | 2,796 | ||||||
96 | Atlas Copco AB, Class A | 2,380 | ||||||
60 | Atlas Copco AB, Class B | 1,377 | ||||||
43 | Boliden AB | 984 | ||||||
35 | Electrolux AB, Series B | 728 | ||||||
56 | Elekta AB, Class B | 711 | ||||||
100 | Epiroc AB, Class A(a) | 879 | ||||||
60 | Epiroc AB, Class B(a) | 495 | ||||||
94 | Essity AB, Class B | 2,148 | ||||||
15 | Fastighets AB Balder, Class B(a) | 377 | ||||||
134 | Hennes & Mauritz AB, Class B | 2,371 | ||||||
40 | Hexagon AB, Class B | 1,963 | ||||||
59 | Husqvarna AB, Class B | 446 | ||||||
12 | ICA Gruppen AB | 425 | ||||||
33 | Industrivarden AB, Class A | 706 | ||||||
27 | Industrivarden AB, Class C | 562 | ||||||
19 | Investment AB Latour, Class B | 230 | ||||||
21 | Investor AB, Class A | 917 | ||||||
70 | Investor AB, Class B | 3,038 | ||||||
37 | Kinnevik AB, Class B | 1,028 | ||||||
12 | L E Lundbergforetagen AB, Class B | 371 | ||||||
28 | Lundin Petroleum AB | 856 | ||||||
46 | Nibe Industrier AB, Class B | 481 | ||||||
11 | Saab AB, Class B | 432 | ||||||
170 | Sandvik AB | 2,695 | ||||||
51 | Securitas AB, Class B | 876 | ||||||
227 | Skandinaviska Enskilda Banken AB, Class A | 2,354 | ||||||
3 | Skandinaviska Enskilda Banken AB, Class C | 31 | ||||||
56 | Skanska AB, Class B | 883 | ||||||
60 | SKF AB, Class B | 965 | ||||||
94 | Svenska Cellulosa AB SCA, Class B | 891 | ||||||
224 | Svenska Handelsbanken AB, Class A | 2,440 | ||||||
9 | Svenska Handelsbanken AB, Class B | 100 | ||||||
153 | Swedbank AB, Class A | 3,450 | ||||||
27 | Swedish Match AB | 1,378 | ||||||
25 | Swedish Orphan Biovitrum AB(a) | 511 | ||||||
55 | Tele2 AB, Class B | 626 | ||||||
6 | Telefonaktiebolaget LM Ericsson, Class A | 53 | ||||||
455 | Telefonaktiebolaget LM Ericsson, Class B | 3,972 | ||||||
417 | Telia Co. AB | 1,882 | ||||||
39 | Trelleborg AB, Class B | 705 | ||||||
230 | Volvo AB, Class B | 3,443 | ||||||
|
| |||||||
55,234 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland—8.2% | ||||||||
276 | ABB Ltd. | $ | 5,570 | |||||
24 | Adecco Group AG | 1,177 | ||||||
7 | Baloise Holding AG | 1,003 | ||||||
79 | Cie Financiere Richemont SA | 5,788 | ||||||
33 | Clariant AG(a) | 712 | ||||||
31 | Coca-Cola HBC AG(a) | 915 | ||||||
391 | Credit Suisse Group AG(a) | 5,139 | ||||||
4 | DKSH Holding AG | 270 | ||||||
5 | Dufry AG(a) | 564 | ||||||
1 | EMS-Chemie Holding AG | 552 | ||||||
3 | Flughafen Zurich AG | 594 | ||||||
6 | Geberit AG | 2,352 | ||||||
1 | Georg Fischer AG | 932 | ||||||
1 | Givaudan SA | 2,430 | ||||||
1,812 | Glencore PLC | 7,382 | ||||||
1 | Helvetia Holding AG | 613 | ||||||
34 | Julius Baer Group Ltd.(a) | 1,556 | ||||||
8 | Kuehne + Nagel International AG | 1,114 | ||||||
73 | LafargeHolcim Ltd.(a) | 3,386 | ||||||
23 | Logitech International SA | 852 | ||||||
12 | Lonza Group AG(a) | 3,778 | ||||||
472 | Nestle SA | 39,941 | ||||||
340 | Novartis AG | 29,826 | ||||||
30 | OC Oerlikon Corp. AG(a) | 358 | ||||||
6 | Pargesa Holding SA | 441 | ||||||
3 | Partners Group Holding AG | 2,140 | ||||||
6 | PSP Swiss Property AG | 580 | ||||||
108 | Roche Holding AG | 26,316 | ||||||
4 | Roche Holding AG-BR | 975 | ||||||
3 | Schindler Holding AG | 624 | ||||||
6 | Schindler Holding AG-PC | 1,267 | ||||||
1 | SGS SA | 2,378 | ||||||
21 | Sika AG | 2,697 | ||||||
8 | Sonova Holding AG | 1,309 | ||||||
99 | STMicroelectronics NV | 1,505 | ||||||
2 | Straumann Holding AG | 1,367 | ||||||
2 | Sulzer AG | 201 | ||||||
7 | Swatch Group AG (The) | 468 | ||||||
5 | Swatch Group AG (The)-BR | 1,694 | ||||||
5 | Swiss Life Holding AG(a) | 1,890 | ||||||
12 | Swiss Prime Site AG(a) | 976 | ||||||
47 | Swiss RE AG | 4,250 | ||||||
4 | Swisscom AG | 1,835 | ||||||
9 | Temenos AG(a) | 1,239 | ||||||
545 | UBS Group AG(a) | 7,634 | ||||||
7 | Vifor Pharma AG | 1,013 | ||||||
24 | Zurich Insurance Group AG | 7,473 | ||||||
|
| |||||||
187,076 | ||||||||
|
| |||||||
Taiwan—0.0% | ||||||||
160 | FIT Hon Teng Ltd.(b) | 66 | ||||||
|
| |||||||
United Arab Emirates—0.0% | ||||||||
13 | NMC Health PLC | 587 | ||||||
|
| |||||||
United Kingdom—13.8% | ||||||||
151 | 3i Group PLC | 1,694 | ||||||
32 | Admiral Group PLC | 823 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
61 | Ashmore Group PLC | $ | 275 | |||||
76 | Ashtead Group PLC | 1,880 | ||||||
55 | Associated British Foods PLC | 1,677 | ||||||
199 | AstraZeneca PLC | 15,231 | ||||||
149 | Auto Trader Group PLC(b) | 780 | ||||||
10 | AVEVA Group PLC | 335 | ||||||
610 | Aviva PLC | 3,340 | ||||||
130 | B&M European Value Retail SA | 692 | ||||||
40 | Babcock International Group PLC | 312 | ||||||
490 | BAE Systems PLC | 3,292 | ||||||
2,617 | Barclays PLC | 5,768 | ||||||
159 | Barratt Developments PLC | 1,044 | ||||||
20 | Bellway PLC | 734 | ||||||
20 | Berkeley Group Holdings PLC (The) | 895 | ||||||
3,056 | BP PLC | 22,152 | ||||||
357 | British American Tobacco PLC | 15,480 | ||||||
150 | British Land Co. PLC (The) REIT | 1,135 | ||||||
1,279 | BT Group PLC | 3,931 | ||||||
53 | Bunzl PLC | 1,565 | ||||||
64 | Burberry Group PLC | 1,481 | ||||||
254 | Capita PLC(a) | 418 | ||||||
116 | Capital & Counties Properties PLC | 371 | ||||||
887 | Centrica PLC | 1,668 | ||||||
154 | Cineworld Group PLC | 580 | ||||||
152 | CNH Industrial NV, Class A | 1,582 | ||||||
380 | Cobham PLC(a) | 523 | ||||||
243 | Compass Group PLC | 4,782 | ||||||
208 | Convatec Group PLC(b) | 431 | ||||||
20 | Croda International PLC | 1,232 | ||||||
243 | CYBG PLC | 835 | ||||||
14 | DCC PLC | 1,201 | ||||||
16 | Derwent London PLC REIT | 599 | ||||||
380 | Diageo PLC | 13,151 | ||||||
218 | Direct Line Insurance Group PLC | 918 | ||||||
158 | Dixons Carphone PLC | 342 | ||||||
196 | DS Smith PLC | 984 | ||||||
35 | easyJet PLC | 537 | ||||||
140 | Experian PLC | 3,224 | ||||||
173 | Fiat Chrysler Automobiles NV(a) | 2,636 | ||||||
246 | G4S PLC | 676 | ||||||
766 | GlaxoSmithKline PLC | 14,791 | ||||||
88 | GVC Holdings PLC | 1,054 | ||||||
60 | Halma PLC | 1,018 | ||||||
126 | Hammerson PLC REIT | 706 | ||||||
39 | Hargreaves Lansdown PLC | 931 | ||||||
43 | Hiscox Ltd. | 894 | ||||||
95 | Howden Joinery Group PLC | 569 | ||||||
3,134 | HSBC Holdings PLC | 25,825 | ||||||
43 | IMI PLC | 546 | ||||||
145 | Imperial Brands PLC | 4,915 | ||||||
66 | Inchcape PLC | 456 | ||||||
198 | Informa PLC | 1,805 | ||||||
72 | Inmarsat PLC | 420 | ||||||
30 | InterContinental Hotels Group PLC | 1,575 | ||||||
154 | International Consolidated Airlines Group SA | 1,187 | ||||||
26 | Intertek Group PLC | 1,557 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
141 | Intu Properties PLC REIT | $ | 353 | |||||
591 | ITV PLC | 1,125 | ||||||
256 | J Sainsbury PLC | 1,018 | ||||||
56 | JD Sports Fashion PLC | 292 | ||||||
104 | John Wood Group PLC | 949 | ||||||
30 | Johnson Matthey PLC | 1,140 | ||||||
91 | Just Eat PLC(a) | 706 | ||||||
348 | Kingfisher PLC | 1,133 | ||||||
113 | Land Securities Group PLC REIT | 1,232 | ||||||
908 | Legal & General Group PLC | 2,918 | ||||||
11,419 | Lloyds Banking Group PLC | 8,349 | ||||||
48 | London Stock Exchange Group PLC | 2,646 | ||||||
258 | Marks & Spencer Group PLC | 976 | ||||||
123 | Meggitt PLC | 833 | ||||||
739 | Melrose Industries PLC | 1,592 | ||||||
111 | Merlin Entertainments PLC(b) | 458 | ||||||
69 | Micro Focus International PLC | 1,074 | ||||||
58 | Mondi PLC | 1,367 | ||||||
527 | National Grid PLC | 5,584 | ||||||
49 | NEX Group PLC | 711 | ||||||
21 | Next PLC | 1,396 | ||||||
68 | Ocado Group PLC(a) | 743 | ||||||
115 | Pearson PLC | 1,320 | ||||||
66 | Pennon Group PLC | 629 | ||||||
49 | Persimmon PLC | 1,436 | ||||||
88 | Phoenix Group Holdings | 677 | ||||||
403 | Prudential PLC | 8,087 | ||||||
251 | Quilter PLC(b) | 371 | ||||||
99 | Reckitt Benckiser Group PLC | 8,011 | ||||||
293 | RELX PLC | 5,803 | ||||||
5 | Renishaw PLC | 269 | ||||||
292 | Rentokil Initial PLC | 1,180 | ||||||
137 | Rightmove PLC | 791 | ||||||
12,006 | Rolls-Royce Holdings C Shares(a) | 15 | ||||||
261 | Rolls-Royce Holdings PLC | 2,798 | ||||||
709 | Royal Bank of Scotland Group PLC | 2,142 | ||||||
145 | Royal Mail PLC | 665 | ||||||
65 | RPC Group PLC | 633 | ||||||
162 | RSA Insurance Group PLC | 1,168 | ||||||
172 | Sage Group PLC (The) | 1,196 | ||||||
18 | Schroders PLC | 616 | ||||||
158 | Segro PLC REIT | 1,241 | ||||||
37 | Severn Trent PLC | 881 | ||||||
139 | Smith & Nephew PLC | 2,262 | ||||||
63 | Smiths Group PLC | 1,125 | ||||||
11 | Spirax-Sarco Engineering PLC | 909 | ||||||
159 | SSE PLC | 2,319 | ||||||
83 | St. James’s Place PLC | 1,075 | ||||||
415 | Standard Chartered PLC | 2,914 | ||||||
393 | Standard Life Aberdeen PLC | 1,358 | ||||||
40 | Subsea 7 SA | 507 | ||||||
74 | Tate & Lyle PLC | 637 | ||||||
515 | Taylor Wimpey PLC | 1,063 | ||||||
73 | TechnipFMC PLC | 1,949 | ||||||
1,482 | Tesco PLC | 4,039 | ||||||
40 | Travis Perkins PLC | 566 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
239 | Unilever NV CVA | $ | 12,870 | |||||
177 | Unilever PLC | 9,378 | ||||||
108 | United Utilities Group PLC | 1,003 | ||||||
4,256 | Vodafone Group PLC | 8,039 | ||||||
40 | Weir Group PLC (The) | 811 | ||||||
29 | Whitbread PLC | 1,630 | ||||||
136 | William Hill PLC | 365 | ||||||
342 | WM Morrison Supermarkets PLC | 1,084 | ||||||
188 | WPP PLC | 2,135 | ||||||
|
| |||||||
314,017 | ||||||||
|
| |||||||
United States—0.6% | ||||||||
26 | Carnival PLC | 1,416 | ||||||
36 | Ferguson PLC | 2,430 | ||||||
15 | OneMarket Ltd.(a) | 9 | ||||||
35 | Qiagen NV(a) | 1,272 | ||||||
203 | Samsonite International SA(a)(b) | 582 | ||||||
143 | Shire PLC | 8,552 | ||||||
26 | Sims Metal Management Ltd. | 208 | ||||||
|
| |||||||
14,469 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,503,547) | 2,276,181 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
2,299 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(d) (Cost $2,299) | 2,299 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,505,846)—99.9% | 2,278,480 | |||||||
Other assets less liabilities—0.1% | 1,715 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,280,195 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
FDR—Fiduciary Depositary Receipt
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
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 October 31, 2018 was $19,277, which represented less than 1% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Schedule of Investments
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Brazil—9.7% | ||||||||
77 | Alpargatas SA (Preference Shares) | $ | 315 | |||||
2,274 | Ambev SA | 10,003 | ||||||
172 | Atacadao Distribuicao Comercio E Industria Ltda | 706 | ||||||
101 | Azul SA (Preference Shares)(a) | 832 | ||||||
88 | B2W Cia Digital(a) | 817 | ||||||
1,029 | B3 SA—Brasil Bolsa Balcao | 7,352 | ||||||
452 | Banco Bradesco SA | 3,681 | ||||||
1,752 | Banco Bradesco SA (Preference Shares) | 16,178 | ||||||
105 | Banco BTG Pactual SA | 559 | ||||||
545 | Banco do Brasil SA | 6,272 | ||||||
94 | Banco do Estado do Rio Grande do SUL SA (Preference Shares), Class B | 503 | ||||||
206 | Banco Santander Brasil SA | 2,340 | ||||||
355 | BB Seguridade Participacoes SA | 2,531 | ||||||
407 | BR Malls Participacoes SA(a) | 1,392 | ||||||
118 | Bradespar SA (Preference Shares) | 1,098 | ||||||
99 | Braskem SA (Preference Shares), Class A | 1,390 | ||||||
285 | BRF SA(a) | 1,680 | ||||||
605 | CCR SA | 1,787 | ||||||
170 | Centrais Eletricas Brasileiras SA(a) | 1,076 | ||||||
119 | Centrais Eletricas Brasileiras SA (Preference Shares), Class B(a) | 852 | ||||||
82 | Cia Brasileira de Distribuicao (Preference Shares), Class A | 1,727 | ||||||
10 | Cia de Gas de Sao Paulo—COMGAS (Preference Shares), Class A | 146 | ||||||
178 | Cia de Saneamento Basico do Estado de Sao Paulo | 1,339 | ||||||
28 | Cia de Transmissao de Energia Electrica Paulista (Preference Shares) | 493 | ||||||
40 | Cia Energetica de Minas Gerais, Class A | 119 | ||||||
487 | Cia Energetica de Minas Gerais (Preference Shares) | 1,446 | ||||||
12 | Cia Paranaense de Energia | 84 | ||||||
59 | Cia Paranaense de Energia (Preference Shares), Class B | 417 | ||||||
325 | Cia Siderurgica Nacional SA(a) | 837 | ||||||
585 | Cielo SA | 2,079 | ||||||
89 | Cosan SA | 773 | ||||||
172 | EDP—Energias do Brasil SA | 648 | ||||||
378 | Embraer SA | 2,130 | ||||||
97 | Energisa SA | 901 | ||||||
73 | Engie Brasil Energia SA | 782 | ||||||
89 | Equatorial Energia SA | 1,629 | ||||||
139 | Estacio Participacoes SA | 866 | ||||||
119 | Fibria Celulose SA | 2,302 | ||||||
113 | Fleury SA | 634 | ||||||
541 | Gerdau SA (Preference Shares) | 2,368 | ||||||
144 | Grendene SA | 283 | ||||||
4 | Guararapes Confeccoes SA | 143 | ||||||
209 | Hypera SA | 1,676 | ||||||
64 | IRB Brasil Resseguros SA | 1,248 | ||||||
1,637 | Itau Unibanco Holding SA (Preference Shares) | 21,705 | ||||||
2,288 | Itausa—Investimentos Itau SA (Preference Shares) | 6,923 | ||||||
373 | Klabin SA | 1,875 | ||||||
780 | Kroton Educacional SA | 2,398 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Brazil (continued) | ||||||||
257 | Localiza Rent A Car SA | $ | 1,989 | |||||
128 | Lojas Americanas SA | 482 | ||||||
389 | Lojas Americanas SA (Preference Shares) | 1,969 | ||||||
374 | Lojas Renner SA | 3,786 | ||||||
49 | M Dias Branco SA | 587 | ||||||
40 | Magazine Luiza SA | 1,818 | ||||||
141 | Multiplan Empreendimentos Imobiliarios SA | 873 | ||||||
97 | Natura Cosmeticos SA | 851 | ||||||
154 | Odontoprev SA | 548 | ||||||
176 | Petrobras Distribuidora SA | 1,136 | ||||||
1,550 | Petroleo Brasileiro SA | 12,652 | ||||||
2,077 | Petroleo Brasileiro SA (Preference Shares) | 15,444 | ||||||
50 | Porto Seguro SA | 732 | ||||||
129 | Qualicorp Consultoria e Corretora de Seguros SA | 500 | ||||||
120 | Raia Drogasil SA | 2,029 | ||||||
573 | Rumo SA(a) | 2,568 | ||||||
83 | Sao Martinho SA | 433 | ||||||
34 | Smiles Fidelidade SA | 341 | ||||||
116 | Sul America SA | 774 | ||||||
245 | Suzano Papel E Celulose SA | 2,496 | ||||||
218 | Telefonica Brasil SA (Preference Shares) | 2,537 | ||||||
424 | TIM Participacoes SA | 1,323 | ||||||
110 | Transmissora Alianca de Energia Eletrica SA | 659 | ||||||
223 | Ultrapar Participacoes SA | 2,657 | ||||||
220 | Usinas Siderurgicas de Minas Gerais SA (Preference Shares), Class A | 609 | ||||||
1,823 | Vale SA | 27,832 | ||||||
68 | Via Varejo SA | 309 | ||||||
386 | WEG SA | 1,871 | ||||||
|
| |||||||
209,140 | ||||||||
|
| |||||||
Chile—1.3% | ||||||||
1,563 | AES Gener SA | 438 | ||||||
1,441 | Aguas Andinas SA, Class A | 749 | ||||||
14,771 | Banco de Chile | 2,045 | ||||||
21 | Banco de Credito e Inversiones SA | 1,320 | ||||||
32,486 | Banco Santander Chile | 2,383 | ||||||
723 | Cencosud SA | 1,504 | ||||||
79 | Cia Cervecerias Unidas SA | 982 | ||||||
3,671 | Colbun SA | 688 | ||||||
100 | Embotelladora Andina SA (Preference Shares), Class B | 345 | ||||||
76 | Empresa Nacional de Telecomunicaciones SA | 552 | ||||||
585 | Empresas CMPC SA | 2,002 | ||||||
257 | Empresas COPEC SA | 3,600 | ||||||
14,455 | Enel Americas SA | 2,277 | ||||||
12,135 | Enel Chile SA | 1,056 | ||||||
261 | Engie Energia Chile SA | 434 | ||||||
87,586 | Itau CorpBanca | 811 | ||||||
161 | Latam Airlines Group SA | 1,463 | ||||||
312 | Parque Arauco SA | 707 | ||||||
330 | S.A.C.I. Falabella | 2,488 | ||||||
51 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 2,201 | ||||||
|
| |||||||
28,045 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China—32.3% | ||||||||
643 | 3SBio, Inc.(b) | $ | 933 | |||||
12 | 51job, Inc. ADR(a) | 737 | ||||||
50 | 58.com, Inc., Class A ADR(a) | 3,280 | ||||||
759 | Agile Group Holdings Ltd. | 866 | ||||||
16,144 | Agricultural Bank of China Ltd., H-Shares | 7,084 | ||||||
988 | Air China Ltd., H-Shares | 795 | ||||||
572 | Alibaba Group Holding Ltd. ADR(a) | 81,384 | ||||||
1,951 | Alibaba Health Information Technology Ltd.(a) | 1,578 | ||||||
2,138 | Aluminum Corp. of China Ltd., H-Shares(a) | 775 | ||||||
570 | Angang Steel Co. Ltd., H-Shares | 485 | ||||||
614 | Anhui Conch Cement Co. Ltd., H-Shares | 3,172 | ||||||
287 | Anhui Expressway Co. Ltd., H-Shares | 167 | ||||||
68 | Anhui Gujing Distillery Co. Ltd., Class B | 353 | ||||||
628 | ANTA Sports Products Ltd. | 2,580 | ||||||
29 | Autohome, Inc., Class A ADR | 2,099 | ||||||
1,285 | AviChina Industry & Technology Co. Ltd., H-Shares | 856 | ||||||
795 | BAIC Motor Corp. Ltd., H-Shares(b) | 446 | ||||||
146 | Baidu, Inc. ADR(a) | 27,749 | ||||||
40,057 | Bank of China Ltd., H-Shares | 17,066 | ||||||
4,091 | Bank of Communications Co. Ltd., H-Shares | 3,069 | ||||||
1,359 | BBMG Corp., H-Shares | 374 | ||||||
17 | BeiGene Ltd. ADR(a) | 2,141 | ||||||
916 | Beijing Capital International Airport Co. Ltd., H-Shares | 992 | ||||||
270 | Beijing Enterprises Holdings Ltd. | 1,460 | ||||||
2,242 | Beijing Enterprises Water Group Ltd. | 1,141 | ||||||
850 | Beijing Jingneng Clean Energy Co. Ltd., H-Shares | 159 | ||||||
403 | Beijing North Star Co. Ltd., H-Shares | 106 | ||||||
200 | Bengang Steel Plates Co. Ltd., Class B | 61 | ||||||
530 | BOE Technology Group Co. Ltd., Class B | 170 | ||||||
1,449 | Brilliance China Automotive Holdings Ltd. | 1,264 | ||||||
361 | BYD Co. Ltd., H-Shares | 2,339 | ||||||
405 | BYD Electronic International Co. Ltd. | 475 | ||||||
381 | CAR, Inc.(a) | 302 | ||||||
683 | Central China Securities Co. Ltd., H-Shares(b) | 164 | ||||||
6,053 | CGN Power Co. Ltd., H-Shares(b) | 1,390 | ||||||
1,220 | China Agri-Industries Holdings Ltd. | 408 | ||||||
1,070 | China BlueChemical Ltd., H-Shares | 366 | ||||||
4,787 | China Cinda Asset Management Co. Ltd., H-Shares | 1,172 | ||||||
4,341 | China CITIC Bank Corp. Ltd., H-Shares | 2,686 | ||||||
1,217 | China Coal Energy Co. Ltd., H-Shares | 545 | ||||||
2,325 | China Communications Construction Co. Ltd., H-Shares | 2,126 | ||||||
1,325 | China Communications Services Corp. Ltd., H-Shares | 1,072 | ||||||
854 | China Conch Venture Holdings Ltd. | 2,397 | ||||||
46,925 | China Construction Bank Corp., H-Shares | 37,232 | ||||||
1,848 | China Dongxiang Group Co. Ltd. | 285 | ||||||
823 | China Eastern Airlines Corp. Ltd., H-Shares | 455 | ||||||
1,681 | China Everbright Bank Co. Ltd., H-Shares | 748 | ||||||
1,893 | China Everbright International Ltd. | 1,509 | ||||||
438 | China Everbright Ltd. | 774 | ||||||
1,550 | China Evergrande Group | 3,697 | ||||||
413 | China Foods Ltd. | 193 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
2,002 | China Galaxy Securities Co. Ltd., H-Shares | $ | 1,006 | |||||
5,254 | China Huarong Asset Management Co. Ltd., H-Shares(b) | 952 | ||||||
488 | China International Capital Corp. Ltd., H-Shares(b) | 802 | ||||||
252 | China International Marine Containers Group Co. Ltd., H-Shares | 222 | ||||||
3,113 | China Jinmao Holdings Group Ltd. | 1,306 | ||||||
3,915 | China Life Insurance Co. Ltd., H-Shares | 7,801 | ||||||
101 | China Literature Ltd.(a)(b) | 546 | ||||||
1,831 | China Longyuan Power Group Corp., H-Shares | 1,392 | ||||||
552 | China Machinery Engineering Corp., H-Shares | 251 | ||||||
672 | China Medical System Holdings Ltd. | 800 | ||||||
1,993 | China Merchants Bank Co. Ltd., H-Shares | 7,678 | ||||||
690 | China Merchants Port Holdings Co. Ltd. | 1,174 | ||||||
479 | China Merchants Securities Co. Ltd., H-Shares(b) | 543 | ||||||
3,347 | China Minsheng Banking Corp. Ltd., H-Shares | 2,468 | ||||||
2,773 | China Mobile Ltd. | 25,928 | ||||||
2,133 | China Molybdenum Co. Ltd., H-Shares | 792 | ||||||
31 | China National Accord Medicines Corp. Ltd., Class B | 107 | ||||||
2,061 | China National Building Material Co. Ltd., H-Shares | 1,472 | ||||||
951 | China Oilfield Services Ltd., H-Shares | 892 | ||||||
2,015 | China Overseas Land & Investment Ltd. | 6,310 | ||||||
1,357 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 5,055 | ||||||
13,413 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 10,882 | ||||||
2,499 | China Power International Development Ltd. | 494 | ||||||
991 | China Railway Construction Corp. Ltd., H-Shares | 1,254 | ||||||
2,009 | China Railway Group Ltd., H-Shares | 1,794 | ||||||
823 | China Railway Signal & Communication Corp. Ltd., H-Shares(b) | 552 | ||||||
3,507 | China Reinsurance Group Corp., H-Shares | 671 | ||||||
817 | China Resources Beer Holdings Co. Ltd. | 2,840 | ||||||
1,150 | China Resources Cement Holdings Ltd. | 1,014 | ||||||
420 | China Resources Gas Group Ltd. | 1,607 | ||||||
1,403 | China Resources Land Ltd. | 4,761 | ||||||
898 | China Resources Pharmaceutical Group Ltd.(b) | 1,317 | ||||||
965 | China Resources Power Holdings Co. Ltd. | 1,696 | ||||||
1,779 | China Shenhua Energy Co. Ltd., H-Shares | 4,030 | ||||||
1,400 | China South City Holdings Ltd. | 205 | ||||||
1,029 | China Southern Airlines Co. Ltd., H-Shares | 557 | ||||||
931 | China State Construction International Holdings Ltd. | 664 | ||||||
762 | China Taiping Insurance Holdings Co. Ltd. | 2,547 | ||||||
7,290 | China Telecom Corp. Ltd., H-Shares | 3,441 | ||||||
18,000 | China Tower Corp. Ltd., H-Shares(a)(b) | 2,732 | ||||||
1,225 | China Traditional Chinese Medicine Holdings Co. Ltd. | 780 | ||||||
3,072 | China Unicom Hong Kong Ltd. | 3,190 | ||||||
690 | China Vanke Co. Ltd., H-Shares | 2,126 | ||||||
809 | China Zhongwang Holdings Ltd. | 359 | ||||||
400 | Chongqing Changan Automobile Co. Ltd., Class B | 269 | ||||||
1,514 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 834 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,761 | CIFI Holdings Group Co. Ltd. | $ | 737 | |||||
335 | CIMC Enric Holdings Ltd. | 257 | ||||||
2,578 | CITIC Ltd. | 3,867 | ||||||
1,417 | CITIC Resources Holdings Ltd. | 116 | ||||||
1,196 | CITIC Securities Co. Ltd., H-Shares | 2,105 | ||||||
8,361 | CNOOC Ltd. | 14,356 | ||||||
2,169 | COSCO SHIPPING Development Co. Ltd., H-Shares(a) | 221 | ||||||
753 | COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares | 412 | ||||||
1,313 | COSCO SHIPPING Holdings Co. Ltd., H-Shares(a) | 469 | ||||||
918 | COSCO SHIPPING Ports Ltd. | 937 | ||||||
3,884 | Country Garden Holdings Co. Ltd. | 4,157 | ||||||
460 | Country Garden Services Holdings Co. Ltd.(a) | 594 | ||||||
2,058 | CRRC Corp. Ltd., H-Shares | 1,806 | ||||||
524 | CSC Financial Co. Ltd., H-Shares(b) | 297 | ||||||
575 | CSG Holding Co. Ltd., Class B | 195 | ||||||
2,302 | CSPC Pharmaceutical Group Ltd. | 4,857 | ||||||
144 | CSSC Offshore and Marine Engineering Group Company Ltd., H-Shares(a) | 98 | ||||||
201 | Ctrip.com International Ltd. ADR(a) | 6,689 | ||||||
1,079 | Dali Foods Group Co. Ltd.(b) | 771 | ||||||
990 | Dalian Port PDA Co. Ltd., H-Shares | 128 | ||||||
1,647 | Datang International Power Generation Co. Ltd., H-Shares | 368 | ||||||
400 | Dazhong Transportation Group Co. Ltd., Class B | 174 | ||||||
197 | Dongfang Electric Corp. Ltd., H-Shares(a) | 106 | ||||||
1,500 | Dongfeng Motor Group Co. Ltd., H-Shares | 1,477 | ||||||
384 | ENN Energy Holdings Ltd. | 3,265 | ||||||
134 | Everbright Securities Co. Ltd., H-Shares(b) | 117 | ||||||
1,139 | Far East Horizon Ltd. | 1,104 | ||||||
110 | Foshan Electrical and Lighting Co. Ltd., Class B | 53 | ||||||
1,182 | Fosun International Ltd. | 1,725 | ||||||
871 | Future Land Development Holdings Ltd. | 500 | ||||||
275 | Fuyao Glass Industry Group Co. Ltd., H-Shares(b) | 812 | ||||||
6,506 | GCL-Poly Energy Holdings Ltd.(a) | 386 | ||||||
25 | GDS Holdings Ltd. ADR(a) | 587 | ||||||
2,548 | Geely Automobile Holdings Ltd. | 4,875 | ||||||
440 | Genscript Biotech Corp.(a) | 671 | ||||||
811 | GF Securities Co. Ltd., H-Shares | 1,049 | ||||||
5,777 | GOME Retail Holdings Ltd.(a) | 575 | ||||||
1,628 | Great Wall Motor Co. Ltd., H-Shares | 964 | ||||||
441 | Greentown China Holdings Ltd. | 306 | ||||||
400 | Guangdong Electric Power Development Co. Ltd., Class B | 132 | ||||||
1,539 | Guangdong Investment Ltd. | 2,748 | ||||||
832 | Guangshen Railway Co. Ltd., H-Shares | 311 | ||||||
1,680 | Guangzhou Automobile Group Co. Ltd., H-Shares | 1,699 | ||||||
128 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares | 466 | ||||||
559 | Guangzhou R&F Properties Co. Ltd., H-Shares | 877 | ||||||
438 | Guotai Junan Securities Co. Ltd., H-Shares, Class H(b) | 923 | ||||||
302 | Haitian International Holdings Ltd. | 589 | ||||||
1,850 | Haitong Securities Co. Ltd., H-Shares | 1,862 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
87 | Health and Happiness H&H International Holdings Ltd.(a) | $ | 495 | |||||
378 | Hengan International Group Co. Ltd. | 2,994 | ||||||
10,886 | HengTen Networks Group Ltd.(a) | 389 | ||||||
361 | Hopson Development Holdings Ltd. | 277 | ||||||
200 | Huadian Energy Co. Ltd., Class B(a) | 58 | ||||||
1,493 | Huadian Fuxin Energy Corp. Ltd., H-Shares | 269 | ||||||
938 | Huadian Power International Corp. Ltd., H-Shares | 355 | ||||||
2,293 | Huaneng Power International, Inc., H-Shares | 1,278 | ||||||
2,643 | Huaneng Renewables Corp. Ltd., H-Shares | 678 | ||||||
902 | Huatai Securities Co. Ltd., H-Shares(b) | 1,450 | ||||||
54 | Huazhu Group Ltd. ADR | 1,413 | ||||||
41,036 | Industrial & Commercial Bank of China Ltd., H-Shares | 27,743 | ||||||
500 | Inner Mongolia Yitai Coal Co. Ltd., Class B | 594 | ||||||
66 | iQIYI, Inc. ADR(a) | 1,296 | ||||||
418 | JD.com, Inc., Class A ADR(a) | 9,831 | ||||||
48 | Jiangling Motors Corp. Ltd., Class B | 43 | ||||||
641 | Jiangsu Expressway Co. Ltd., H-Shares | 860 | ||||||
625 | Jiangxi Copper Co. Ltd., H-Shares | 689 | ||||||
585 | Jiayuan International Group Ltd. | 1,027 | ||||||
100 | Jinzhou Port Co. Ltd., Class B | 35 | ||||||
379 | Kingboard Holdings Ltd. | 1,015 | ||||||
479 | Kingsoft Corp. Ltd. | 678 | ||||||
1,509 | Kunlun Energy Co. Ltd. | 1,713 | ||||||
609 | KWG Group Holdings Ltd. | 465 | ||||||
100 | Lao Feng Xiang Co. Ltd., Class B | 312 | ||||||
769 | Lee & Man Paper Manufacturing Ltd. | 658 | ||||||
204 | Legend Holdings Corp., H-Shares(b) | 554 | ||||||
3,913 | Lenovo Group Ltd. | 2,491 | ||||||
838 | Li Ning Co. Ltd.(a) | 785 | ||||||
74 | Livzon Pharmaceutical Group, Inc., H-Shares | 215 | ||||||
534 | Logan Property Holdings Co. Ltd. | 493 | ||||||
764 | Longfor Group Holdings Ltd. | 1,856 | ||||||
800 | Luye Pharma Group Ltd.(b) | 617 | ||||||
1,007 | Maanshan Iron & Steel Co. Ltd., H-Shares | 540 | ||||||
953 | Meitu, Inc.(a)(b) | 497 | ||||||
300 | Meituan Dianping, Class B(a)(b) | 1,940 | ||||||
1,667 | Metallurgical Corp. of China Ltd., H-Shares | 404 | ||||||
52 | Momo, Inc., Class A ADR(a) | 1,746 | ||||||
38 | NetEase, Inc. ADR | 7,898 | ||||||
458 | New China Life Insurance Co. Ltd., H-Shares | 2,141 | ||||||
72 | New Oriental Education & Technology Group, Inc. ADR(a) | 4,213 | ||||||
476 | Orient Securities Co. Ltd., H-Shares(b) | 313 | ||||||
4,257 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 1,738 | ||||||
10,946 | PetroChina Co. Ltd., H-Shares | 8,015 | ||||||
3,502 | PICC Property & Casualty Co. Ltd., H-Shares | 3,395 | ||||||
46 | Pinduoduo, Inc. ADR(a) | 812 | ||||||
2,616 | Ping An Insurance Group Co. of China Ltd., H-Shares | 24,644 | ||||||
1,105 | Poly Property Group Co. Ltd. | 330 | ||||||
3,004 | Postal Savings Bank of China Co. Ltd., H-Shares(b) | 1,793 | ||||||
574 | Qingdao Port International Co. Ltd., H-Shares(a)(b) | 337 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
315 | Red Star Macalline Group Corp. Ltd., H-Shares(b) | $ | 278 | |||||
379 | Shandong Chenming Paper Holdings Ltd., Class B | 220 | ||||||
280 | Shandong Chenming Paper Holdings Ltd., H-Shares | 157 | ||||||
875 | Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares | 782 | ||||||
100 | Shanghai Bailian Group Co. Ltd., Class B | 97 | ||||||
100 | Shanghai Baosight Software Co. Ltd., Class B | 173 | ||||||
200 | Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 128 | ||||||
1,483 | Shanghai Electric Group Co. Ltd., H-Shares | 482 | ||||||
286 | Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares | 857 | ||||||
200 | Shanghai Haixin Group Co., Class B | 91 | ||||||
100 | Shanghai Huayi Group Corp. Ltd., Class B | 92 | ||||||
239 | Shanghai Industrial Holdings Ltd. | 502 | ||||||
100 | Shanghai Jinjiang International Hotels Development Co. Ltd., Class B | 204 | ||||||
100 | Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 97 | ||||||
147 | Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 162 | ||||||
500 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 635 | ||||||
100 | Shanghai Mechanical and Electrical Industry Co. Ltd., Class B | 168 | ||||||
455 | Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares | 1,005 | ||||||
200 | Shanghai Shibei Hi-Tech Co. Ltd., Class B | 71 | ||||||
100 | Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B | 123 | ||||||
480 | Shanghai Zhenhua Heavy Industries Co. Ltd., Class B | 166 | ||||||
409 | Shenzhen Expressway Co. Ltd., H-Shares | 376 | ||||||
462 | Shenzhen International Holdings Ltd. | 884 | ||||||
1,744 | Shenzhen Investment Ltd. | 501 | ||||||
378 | Shenzhou International Group Holdings Ltd. | 4,176 | ||||||
631 | Shimao Property Holdings Ltd. | 1,235 | ||||||
520 | Sichuan Expressway Co. Ltd., H-Shares | 154 | ||||||
2,369 | Sihuan Pharmaceutical Holdings Group Ltd. | 481 | ||||||
33 | SINA Corp.(a) | 2,089 | ||||||
3,329 | Sino Biopharmaceutical Ltd. | 2,985 | ||||||
1,024 | Sinofert Holdings Ltd.(a) | 115 | ||||||
1,556 | Sino-Ocean Group Holding Ltd. | 609 | ||||||
767 | Sinopec Engineering Group Co. Ltd., H-Shares | 713 | ||||||
1,220 | Sinopec Oilfield Service Corp., H-Shares(a) | 135 | ||||||
1,895 | Sinopec Shanghai Petrochemical Co. Ltd., H-Shares | 832 | ||||||
539 | Sinopharm Group Co. Ltd., H-Shares | 2,599 | ||||||
1,019 | Sinotrans Ltd., H-Shares | 355 | ||||||
348 | Sinotruk Hong Kong Ltd. | 500 | ||||||
1,087 | SOHO China Ltd. | 369 | ||||||
1,148 | Sunac China Holdings Ltd. | 3,119 | ||||||
343 | Sunny Optical Technology Group Co. Ltd. | 2,975 | ||||||
167 | TAL Education Group ADR(a) | 4,840 | ||||||
2,990 | Tencent Holdings Ltd. | 101,836 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
197 | Tianjin Capital Environmental Protection Group Co. Ltd., H-Shares(a) | $ | 72 | |||||
548 | TravelSky Technology Ltd., H-Shares | 1,328 | ||||||
204 | Tsingtao Brewery Co. Ltd., H-Shares | 805 | ||||||
223 | Vipshop Holdings Ltd., Class A ADR(a) | 1,084 | ||||||
27 | Weibo Corp., Class A ADR(a) | 1,593 | ||||||
1,053 | Weichai Power Co. Ltd., H-Shares | 1,041 | ||||||
100 | Weifu High-Technology Group Co. Ltd., Class B | 174 | ||||||
258 | Wuxi Biologics Cayman, Inc.(a)(b) | 1,838 | ||||||
55 | Wuxi Little Swan Co. Ltd., Class B | 260 | ||||||
1,000 | Xiaomi Corp., Class B(a)(b) | 1,554 | ||||||
256 | Xinhua Winshare Publishing and Media Co. Ltd., H-Shares | 160 | ||||||
320 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 238 | ||||||
1,116 | Yangzijiang Shipbuilding Holdings Ltd. | 999 | ||||||
381 | Yanlord Land Group Ltd. | 347 | ||||||
100 | Yantai Changyu Pioneer Wine Co. Ltd., Class B | 212 | ||||||
1,058 | Yanzhou Coal Mining Co. Ltd., H-Shares | 1,000 | ||||||
3,258 | Yuexiu Property Co. Ltd. | 515 | ||||||
22 | YY, Inc., Class A ADR(a) | 1,406 | ||||||
545 | Zhaojin Mining Industry Co. Ltd., H-Shares | 481 | ||||||
753 | Zhejiang Expressway Co. Ltd. H-Shares | 631 | ||||||
70 | ZhongAn Online P&C Insurance Co. Ltd., H-Shares(a)(b) | 233 | ||||||
308 | Zhongsheng Group Holdings Ltd. | 562 | ||||||
265 | Zhuzhou CRRC Times Electric Co. Ltd., H-Shares | 1,416 | ||||||
3,110 | Zijin Mining Group Co. Ltd., H-Shares | 1,154 | ||||||
763 | Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares | 244 | ||||||
410 | ZTE Corp. H-Shares(a) | 626 | ||||||
172 | ZTO Express Cayman, Inc. ADR | 2,790 | ||||||
|
| |||||||
699,093 | ||||||||
|
| |||||||
Colombia—0.5% | ||||||||
105 | Almacenes Exito SA | 453 | ||||||
140 | Bancolombia SA | 1,316 | ||||||
236 | Bancolombia SA (Preference Shares) | 2,205 | ||||||
84 | CEMEX Latam Holdings SA(a) | 130 | ||||||
48 | Corp. Financiera Colombiana SA(a) | 294 | ||||||
2,485 | Ecopetrol SA | 2,885 | ||||||
2,133 | Grupo Aval Acciones y Valores SA (Preference Shares) | 748 | ||||||
134 | Grupo de Inversiones Suramericana SA | 1,306 | ||||||
40 | Grupo de Inversiones Suramericana SA (Preference Shares) | 365 | ||||||
229 | Interconexion Electrica SA ESP | 850 | ||||||
|
| |||||||
10,552 | ||||||||
|
| |||||||
Czech Republic—0.2% | ||||||||
83 | CEZ AS | 1,976 | ||||||
38 | Komercni banka AS | 1,444 | ||||||
261 | Moneta Money Bank AS(b) | 866 | ||||||
25 | O2 Czech Republic AS | 263 | ||||||
|
| |||||||
4,549 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Egypt—0.2% | ||||||||
110 | Abou Kir Fertilizers & Chemical Industries | $ | 166 | |||||
575 | Commercial International Bank Egypt SAE | 2,574 | ||||||
495 | Eastern Tobacco | 444 | ||||||
237 | Egypt Kuwait Holding Co. SAE | 263 | ||||||
395 | Egyptian Financial Group-Hermes Holding Co.(a) | 313 | ||||||
430 | ElSewedy Electric Co. | 364 | ||||||
1,319 | Global Telecom Holding SAE(a) | 204 | ||||||
581 | Talaat Moustafa Group | 301 | ||||||
198 | Telecom Egypt Co. | 116 | ||||||
|
| |||||||
4,745 | ||||||||
|
| |||||||
Greece—0.3% | ||||||||
742 | Alpha Bank AE(a) | 1,122 | ||||||
921 | Eurobank Ergasias SA(a) | 621 | ||||||
21 | FF Group(a)(c) | 11 | ||||||
34 | Hellenic Petroleum SA | 270 | ||||||
128 | Hellenic Telecommunications Organization SA | 1,429 | ||||||
55 | JUMBO SA | 803 | ||||||
29 | Motor Oil (Hellas) Corinth Refineries SA | 687 | ||||||
58 | Mytilineos Holdings SA | 513 | ||||||
271 | National Bank of Greece SA(a) | 470 | ||||||
112 | OPAP SA | 1,053 | ||||||
153 | Piraeus Bank SA(a) | 225 | ||||||
21 | Titan Cement Co. SA | 463 | ||||||
|
| |||||||
7,667 | ||||||||
|
| |||||||
Hong Kong—0.4% | ||||||||
6,576 | Alibaba Pictures Group Ltd.(a) | 906 | ||||||
1,511 | Bosideng International Holdings Ltd. | 212 | ||||||
845 | China Gas Holdings Ltd. | 2,673 | ||||||
4,041 | Fullshare Holdings Ltd.(a) | 1,572 | ||||||
660 | Haier Electronics Group Co. Ltd.(a) | 1,379 | ||||||
559 | Kingboard Laminates Holdings Ltd. | 428 | ||||||
799 | Landing International Development Ltd.(a) | 166 | ||||||
849 | Nine Dragons Paper Holdings Ltd. | 810 | ||||||
|
| |||||||
8,146 | ||||||||
|
| |||||||
Hungary—0.4% | ||||||||
228 | Magyar Telekom Telecommunications PLC | 311 | ||||||
222 | MOL Hungarian Oil & Gas PLC | 2,326 | ||||||
120 | OTP Bank Nyrt | 4,309 | ||||||
73 | Richter Gedeon Nyrt | 1,356 | ||||||
|
| |||||||
8,302 | ||||||||
|
| |||||||
India—11.0% | ||||||||
208 | Axis Bank Ltd. GDR(a)(b) | 8,195 | ||||||
363 | Dr Reddy’s Laboratories Ltd. ADR | 12,353 | ||||||
46 | GAIL India Ltd. GDR(b) | 1,385 | ||||||
244 | HDFC Bank Ltd. ADR | 21,694 | ||||||
4,101 | Infosys Ltd. ADR | 38,836 | ||||||
4,258 | Invesco India ETF(a)(d) | 93,889 | ||||||
208 | Larsen & Toubro Ltd. GDR(b) | 3,652 | ||||||
317 | Mahindra & Mahindra Ltd. GDR(b) | 3,281 | ||||||
842 | Reliance Industries Ltd. GDR(b) | 24,039 | ||||||
26 | Reliance Infrastructure Ltd. GDR(b) | 369 | ||||||
136 | State Bank of India GDR(a)(b) | 5,148 | ||||||
909 | Tata Motors Ltd. ADR(a) | 11,099 | ||||||
794 | Tata Steel Ltd. GDR(b) | 5,749 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
India (continued) | ||||||||
577 | Vedanta Ltd. ADR | $ | 6,428 | |||||
499 | Wipro Ltd. ADR | 2,580 | ||||||
|
| |||||||
238,697 | ||||||||
|
| |||||||
Indonesia—2.3% | ||||||||
6,659 | PT Adaro Energy Tbk | 723 | ||||||
228 | PT Astra Agro Lestari Tbk | 180 | ||||||
10,652 | PT Astra International Tbk | 5,535 | ||||||
5,059 | PT Bank Central Asia Tbk | 7,870 | ||||||
1,624 | PT Bank Danamon Indonesia Tbk | 793 | ||||||
9,721 | PT Bank Mandiri Persero Tbk | 4,380 | ||||||
3,879 | PT Bank Negara Indonesia Persero Tbk | 1,869 | ||||||
27,839 | PT Bank Rakyat Indonesia Persero Tbk | 5,768 | ||||||
1,940 | PT Bukit Asam Tbk | 542 | ||||||
4,395 | PT Bumi Serpong Damai Tbk(a) | 318 | ||||||
3,830 | PT Charoen Pokphand Indonesia Tbk | 1,386 | ||||||
251 | PT Gudang Garam Tbk | 1,194 | ||||||
4,730 | PT Hanjaya Mandala Sampoerna Tbk | 1,161 | ||||||
1,380 | PT Indah Kiat Pulp & Paper Corp. Tbk | 1,155 | ||||||
669 | PT Indocement Tunggal Prakarsa Tbk | 761 | ||||||
1,116 | PT Indofood CBP Sukses Makmur Tbk | 655 | ||||||
2,377 | PT Indofood Sukses Makmur Tbk | 934 | ||||||
1,266 | PT Jasa Marga Persero Tbk | 346 | ||||||
9,856 | PT Kalbe Farma Tbk | 888 | ||||||
1,149 | PT Matahari Department Store Tbk | 367 | ||||||
2,860 | PT Media Nusantara Citra Tbk | 147 | ||||||
5,479 | PT Perusahaan Gas Negara Persero Tbk | 800 | ||||||
1,576 | PT Semen Indonesia (Persero) Tbk | 933 | ||||||
3,314 | PT Surya Citra Media Tbk | 342 | ||||||
25,010 | PT Telekomunikasi Indonesia Persero Tbk | 6,334 | ||||||
1,136 | PT Tower Bersama Infrastructure Tbk | 350 | ||||||
601 | PT Unilever Indonesia Tbk | 1,709 | ||||||
819 | PT United Tractors Tbk | 1,805 | ||||||
1,163 | PT Vale Indonesia Tbk(a) | 223 | ||||||
2,072 | PT XL Axiata Tbk(a) | 357 | ||||||
|
| |||||||
49,825 | ||||||||
|
| |||||||
Isle of Man—0.0% | ||||||||
182 | Mas Real Estate, Inc. | 260 | ||||||
|
| |||||||
Malaysia—3.4% | ||||||||
790 | AirAsia Group Bhd | 497 | ||||||
622 | Alliance Bank Malaysia Bhd | 589 | ||||||
1,003 | AMMB Holdings Bhd | 911 | ||||||
775 | Astro Malaysia Holdings Bhd | 250 | ||||||
2,329 | Axiata Group Bhd | 1,898 | ||||||
74 | British American Tobacco Malaysia Bhd | 550 | ||||||
1,968 | Bumi Armada Bhd(a) | 190 | ||||||
3,458 | CIMB Group Holdings Bhd | 4,727 | ||||||
2,399 | Dialog Group Bhd | 1,944 | ||||||
1,920 | DiGi.com Bhd | 1,978 | ||||||
1,077 | FGV Holdings Bhd | 360 | ||||||
1,181 | Gamuda Bhd | 675 | ||||||
1,209 | Genting Bhd | 2,121 | ||||||
1,469 | Genting Malaysia Bhd | 1,576 | ||||||
341 | HAP Seng Consolidated Bhd | 803 | ||||||
763 | Hartalega Holdings Bhd | 1,141 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
339 | Hong Leong Bank Bhd | $ | 1,677 | |||||
120 | Hong Leong Financial Group Bhd | 527 | ||||||
1,464 | IHH Healthcare Bhd | 1,749 | ||||||
1,718 | IJM Corp. Bhd | 669 | ||||||
1,676 | IOI Corp. Bhd | 1,802 | ||||||
1,083 | IOI Properties Group Bhd | 339 | ||||||
258 | KLCCP Stapled Group | 472 | ||||||
252 | Kuala Lumpur Kepong Bhd | 1,501 | ||||||
3,062 | Malayan Banking Bhd | 6,944 | ||||||
465 | Malaysia Airports Holdings Bhd | 922 | ||||||
1,436 | Maxis Bhd | 1,795 | ||||||
778 | MISC Bhd | 1,134 | ||||||
486 | MMC Corp. Bhd | 124 | ||||||
33 | Nestle Malaysia Bhd | 1,134 | ||||||
1,483 | Petronas Chemicals Group Bhd | 3,314 | ||||||
152 | Petronas Dagangan Bhd | 944 | ||||||
406 | Petronas Gas Bhd | 1,774 | ||||||
362 | PPB Group Bhd | 1,450 | ||||||
984 | Press Metal Aluminium Holdings Bhd | 1,138 | ||||||
1,616 | Public Bank Bhd | 9,500 | ||||||
587 | RHB Bank Bhd | 734 | ||||||
2,487 | Sapura Energy Bhd(a) | 202 | ||||||
1,910 | Sime Darby Bhd | 1,004 | ||||||
1,846 | Sime Darby Plantation Bhd | 2,320 | ||||||
1,849 | Sime Darby Property Bhd | 431 | ||||||
655 | Telekom Malaysia Bhd | 373 | ||||||
2,073 | Tenaga Nasional Bhd | 7,282 | ||||||
919 | UEM Sunrise Bhd | 150 | ||||||
555 | Westports Holdings Bhd | 452 | ||||||
2,413 | YTL Corp. Bhd | 611 | ||||||
1,756 | YTL Power International Bhd | 399 | ||||||
|
| |||||||
73,077 | ||||||||
|
| |||||||
Mexico—3.6% | ||||||||
1,633 | Alfa SAB de CV, Class A | 1,726 | ||||||
184 | Alpek SAB de CV(a) | 243 | ||||||
274 | Alsea SAB de CV | 703 | ||||||
14,408 | America Movil SAB de CV, Series L | 10,466 | ||||||
204 | Arca Continental SAB de CV | 1,029 | ||||||
363 | Banco del Bajio SA(b) | 716 | ||||||
919 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 1,149 | ||||||
288 | Becle SAB de CV | 355 | ||||||
7,886 | Cemex SAB de CV, Series CPO(a)(e) | 3,949 | ||||||
270 | Coca-Cola Femsa SAB de CV, Series L | 1,545 | ||||||
131 | Concentradora Fibra Danhos SA de CV REIT | 173 | ||||||
104 | El Puerto de Liverpool SAB de CV | 661 | ||||||
1,589 | Fibra Uno Administracion SA de CV REIT | 1,713 | ||||||
1,104 | Fomento Economico Mexicano SAB de CV, Series CPO(f) | 9,414 | ||||||
224 | Gmexico Transportes SAB de CV(b) | 308 | ||||||
111 | Gruma SAB de CV, Class B | 1,162 | ||||||
176 | Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 924 | ||||||
185 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,535 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mexico (continued) | ||||||||
107 | Grupo Aeroportuario del Sureste SAB de CV, Class B | $ | 1,784 | |||||
1,255 | Grupo Bimbo SAB de CV, Series A | 2,358 | ||||||
252 | Grupo Carso SAB de CV, Series A1 | 744 | ||||||
175 | Grupo Comercial Chedraui SA de CV | 310 | ||||||
35 | Grupo Elektra SAB de CV | 1,486 | ||||||
1,474 | Grupo Financiero Banorte SAB de CV, Class O | 8,135 | ||||||
1,176 | Grupo Financiero Inbursa SAB de CV, Class O | 1,529 | ||||||
325 | Grupo Lala SAB de CV | 285 | ||||||
1,881 | Grupo Mexico SAB de CV, Series B | 4,353 | ||||||
1,305 | Grupo Televisa SAB, Series CPO(g) | 3,774 | ||||||
93 | Industrias Bachoco SAB de CV, Series B | 342 | ||||||
67 | Industrias Penoles SAB de CV | 947 | ||||||
273 | Infraestructura Energetica Nova SAB de CV | 1,073 | ||||||
437 | Kimberly-Clark de Mexico SAB de CV, Class A | 632 | ||||||
157 | Megacable Holdings SAB de CV, Series CPO(h) | 698 | ||||||
535 | Mexichem SAB de CV | 1,418 | ||||||
346 | Nemak SAB de CV(b) | 253 | ||||||
157 | OHL Mexico SAB de CV | 216 | ||||||
144 | Organizacion Soriana SAB de CV, Class B(a) | 189 | ||||||
111 | Promotora y Operadora de Infraestructura SAB de CV | 1,013 | ||||||
120 | Regional SAB de CV | 586 | ||||||
676 | Telesites SAB de CV(a) | 418 | ||||||
2,709 | Wal-Mart de Mexico SAB de CV | 6,940 | ||||||
|
| |||||||
77,254 | ||||||||
|
| |||||||
Pakistan—0.1% | ||||||||
373 | Fauji Fertilizer Co. Ltd. | 277 | ||||||
400 | Habib Bank Ltd. | 440 | ||||||
294 | National Bank of Pakistan(a) | 107 | ||||||
400 | Oil & Gas Development Co. Ltd. | 480 | ||||||
345 | Pakistan Petroleum Ltd. | 487 | ||||||
|
| |||||||
1,791 | ||||||||
|
| |||||||
Peru—0.4% | ||||||||
112 | Cia de Minas Buenaventura SAA ADR | 1,550 | ||||||
35 | Credicorp Ltd. | 7,875 | ||||||
1,325 | Volcan Cia Minera SAA | 244 | ||||||
|
| |||||||
9,669 | ||||||||
|
| |||||||
Philippines—1.3% | ||||||||
816 | Aboitiz Power Corp. | 514 | ||||||
2,129 | Alliance Global Group, Inc.(a) | 452 | ||||||
131 | Ayala Corp. | 2,252 | ||||||
3,635 | Ayala Land, Inc. | 2,694 | ||||||
935 | Bank of the Philippine Islands | 1,435 | ||||||
1,026 | BDO Unibank, Inc. | 2,347 | ||||||
1,995 | Bloomberry Resorts Corp. | 313 | ||||||
2,370 | DMCI Holdings, Inc. | 569 | ||||||
1,155 | Energy Development Corp.(a) | 148 | ||||||
15 | Globe Telecom, Inc. | 586 | ||||||
48 | GT Capital Holdings, Inc. | 682 | ||||||
590 | International Container Terminal Services, Inc. | 998 | ||||||
214 | Jollibee Foods Corp. | 1,104 | ||||||
1,614 | LT Group, Inc. | 437 | ||||||
137 | Manila Electric Co. | 942 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Philippines (continued) | ||||||||
6,744 | Megaworld Corp. | $ | 556 | |||||
7,448 | Metro Pacific Investments Corp. | 668 | ||||||
838 | Metropolitan Bank & Trust Co. | 1,027 | ||||||
1,471 | Petron Corp. | 223 | ||||||
63 | PLDT, Inc. | 1,637 | ||||||
683 | Semirara Mining & Power Corp. | 357 | ||||||
253 | SM Investments Corp. | 4,256 | ||||||
4,736 | SM Prime Holdings, Inc. | 2,992 | ||||||
478 | Universal Robina Corp. | 1,161 | ||||||
|
| |||||||
28,350 | ||||||||
|
| |||||||
Qatar—1.3% | ||||||||
3 | Al Meera Consumer Goods Co. QSC | 120 | ||||||
96 | Barwa Real Estate Co. | 986 | ||||||
105 | Commercial Bank PQSC (The) | 1,195 | ||||||
87 | Doha Bank QPSC | 525 | ||||||
94 | Ezdan Holding Group QSC(a) | 282 | ||||||
49 | Gulf International Services QSC(a) | 242 | ||||||
105 | Industries Qatar QSC | 4,037 | ||||||
192 | Masraf Al Rayan QSC | 2,003 | ||||||
45 | Ooredoo QPSC | 851 | ||||||
26 | Qatar Electricity & Water Co. QSC | 1,341 | ||||||
140 | Qatar Gas Transport Co. Ltd. | 671 | ||||||
22 | Qatar International Islamic Bank QSC | 375 | ||||||
61 | Qatar Islamic Bank SAQ | 2,563 | ||||||
234 | Qatar National Bank QPSC | 12,530 | ||||||
31 | Qatar Navigation QSC | 605 | ||||||
98 | United Development Co. QSC | 377 | ||||||
193 | Vodafone Qatar QSC(a) | 435 | ||||||
|
| |||||||
29,138 | ||||||||
|
| |||||||
Romania—0.1% | ||||||||
183 | NEPI Rockcastle PLC | 1,579 | ||||||
|
| |||||||
Russia—4.6% | ||||||||
3,324 | Gazprom PJSC ADR | 15,749 | ||||||
138 | LSR Group PJSC GDR(b) | 257 | ||||||
246 | LUKOIL PJSC ADR | 18,376 | ||||||
162 | Magnit PJSC GDR(b) | 2,162 | ||||||
74 | Magnitogorsk Iron & Steel Works PJSC GDR(b) | 699 | ||||||
246 | MMC Norilsk Nickel PJSC ADR | 4,079 | ||||||
247 | Mobile TeleSystems PJSC ADR | 1,978 | ||||||
57 | Novatek PJSC GDR(b) | 9,661 | ||||||
47 | Novolipetsk Steel PJSC GDR(b) | 1,135 | ||||||
60 | PhosAgro PJSC GDR(b) | 786 | ||||||
29 | Polyus PJSC GDR(b) | 889 | ||||||
638 | Rosneft Oil Co. PJSC GDR(b) | 4,485 | ||||||
75 | Rostelecom PJSC ADR | 477 | ||||||
2,987 | RusHydro PJSC ADR | 2,342 | ||||||
1,463 | Sberbank of Russia PJSC ADR | 17,263 | ||||||
225 | Severstal PJSC GDR(b) | 3,490 | ||||||
89 | Sistema PJSFC GDR(b) | 205 | ||||||
391 | Surgutneftegas PJSC ADR | 1,556 | ||||||
415 | Surgutneftegas PJSC (Preference Shares) ADR | 2,372 | ||||||
141 | Tatneft PJSC ADR | 9,935 | ||||||
56 | TMK PJSC GDR(b) | 213 | ||||||
1,277 | VTB Bank PJSC GDR(b) | 1,609 | ||||||
|
| |||||||
99,718 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—0.0% | ||||||||
6 | Grindrod Shipping Holdings Ltd.(a) | $ | 39 | |||||
|
| |||||||
South Africa—7.1% | ||||||||
367 | Absa Group Ltd. | 3,706 | ||||||
64 | AECI Ltd. | 410 | ||||||
59 | African Rainbow Minerals Ltd. | 499 | ||||||
32 | Anglo American Platinum Ltd. | 1,044 | ||||||
216 | AngloGold Ashanti Ltd. | 2,089 | ||||||
194 | Aspen Pharmacare Holdings Ltd. | 2,050 | ||||||
20 | Assore Ltd. | 417 | ||||||
364 | Attacq Ltd. | 360 | ||||||
180 | AVI Ltd. | 1,219 | ||||||
116 | Barloworld Ltd. | 943 | ||||||
173 | Bid Corp. Ltd. | 3,242 | ||||||
180 | Bidvest Group Ltd. (The) | 2,240 | ||||||
188 | Brait SE(a) | 471 | ||||||
28 | Capitec Bank Holdings Ltd. | 1,879 | ||||||
131 | Clicks Group Ltd. | 1,668 | ||||||
138 | Coronation Fund Managers Ltd. | 459 | ||||||
85 | Curro Holdings Ltd.(a) | 138 | ||||||
206 | Dis-Chem Pharmacies Ltd.(b) | 403 | ||||||
173 | Discovery Ltd. | 1,850 | ||||||
136 | Exxaro Resources Ltd. | 1,390 | ||||||
45 | Famous Brands Ltd.(a) | 319 | ||||||
1,677 | FirstRand Ltd. | 7,304 | ||||||
547 | Fortress REIT Ltd., Class A REIT | 626 | ||||||
432 | Fortress REIT Ltd., Class B REIT | 421 | ||||||
119 | Foschini Group Ltd. (The) | 1,299 | ||||||
407 | Gold Fields Ltd. | 1,080 | ||||||
252 | Grindrod Ltd.(a) | 113 | ||||||
1,503 | Growthpoint Properties Ltd. REIT | 2,305 | ||||||
218 | Harmony Gold Mining Co. Ltd.(a) | 412 | ||||||
133 | Hyprop Investments Ltd. REIT | 813 | ||||||
353 | Impala Platinum Holdings Ltd.(a) | 650 | ||||||
84 | Imperial Holdings Ltd. | 927 | ||||||
158 | Investec Ltd. | 982 | ||||||
49 | JSE Ltd. | 544 | ||||||
1,001 | KAP Industrial Holdings Ltd. | 529 | ||||||
27 | Kumba Iron Ore Ltd. | 528 | ||||||
62 | Liberty Holdings Ltd. | 453 | ||||||
754 | Life Healthcare Group Holdings Ltd. | 1,251 | ||||||
59 | Massmart Holdings Ltd. | 384 | ||||||
539 | MMI Holdings Ltd.(a) | 652 | ||||||
132 | Mr Price Group Ltd. | 2,065 | ||||||
947 | MTN Group Ltd. | �� | 5,483 | |||||
372 | Nampak Ltd.(a) | 374 | ||||||
224 | Naspers Ltd., Class N | 39,330 | ||||||
195 | Nedbank Group Ltd. | 3,287 | ||||||
787 | Netcare Ltd. | 1,323 | ||||||
183 | Northam Platinum Ltd.(a) | 482 | ||||||
21 | Oceana Group Ltd. | 124 | ||||||
2,544 | Old Mutual Ltd. | 3,909 | ||||||
36 | Omnia Holdings Ltd. | 283 | ||||||
363 | Pepkor Holdings Ltd.(a)(b) | 449 | ||||||
185 | Pick n Pay Stores Ltd. | 854 | ||||||
84 | Pioneer Foods Group Ltd. | 461 | ||||||
86 | PSG Group Ltd. | 1,281 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa (continued) | ||||||||
366 | Rand Merchant Investment Holdings Ltd. | $ | 851 | |||||
2,745 | Redefine Properties Ltd. REIT | 1,783 | ||||||
269 | Remgro Ltd. | 3,465 | ||||||
127 | Resilient REIT Ltd. REIT | 514 | ||||||
85 | Reunert Ltd. | 459 | ||||||
342 | RMB Holdings Ltd. | 1,725 | ||||||
911 | Sanlam Ltd. | 4,581 | ||||||
22 | Santam Ltd. | 463 | ||||||
297 | Sappi Ltd. | 1,668 | ||||||
277 | Sasol Ltd. | 9,079 | ||||||
231 | Shoprite Holdings Ltd. | 2,821 | ||||||
915 | Sibanye Gold Ltd.(a) | 635 | ||||||
101 | SPAR Group Ltd. (The) | 1,203 | ||||||
672 | Standard Bank Group Ltd. | 7,433 | ||||||
201 | Super Group Ltd.(a) | 544 | ||||||
154 | Telkom SA SOC Ltd. | 560 | ||||||
87 | Tiger Brands Ltd. | 1,553 | ||||||
64 | Tongaat Hulett Ltd. | 245 | ||||||
216 | Truworths International Ltd. | 1,184 | ||||||
287 | Tsogo Sun Holdings Ltd. | 393 | ||||||
307 | Vodacom Group Ltd. | 2,586 | ||||||
390 | Vukile Property Fund Ltd. REIT | 536 | ||||||
516 | Woolworths Holdings Ltd. | 1,780 | ||||||
|
| |||||||
153,835 | ||||||||
|
| |||||||
Taiwan—13.5% | ||||||||
1,555 | Acer, Inc.(a) | 1,091 | ||||||
201 | Advantech Co. Ltd. | 1,384 | ||||||
1,780 | ASE Technology Holding Co. Ltd.(a) | 3,590 | ||||||
1,258 | Asia Cement Corp. | 1,332 | ||||||
371 | Asustek Computer, Inc. | 2,746 | ||||||
4,650 | AU Optronics Corp. | 1,833 | ||||||
1,241 | Capital Securities Corp. | 371 | ||||||
390 | Catcher Technology Co. Ltd. | 3,926 | ||||||
4,157 | Cathay Financial Holding Co. Ltd. | 6,583 | ||||||
620 | Chailease Holding Co. Ltd. | 1,767 | ||||||
3,214 | Chang Hwa Commercial Bank Ltd. | 1,823 | ||||||
994 | Cheng Shin Rubber Industry Co. Ltd. | 1,399 | ||||||
308 | Chicony Electronics Co. Ltd. | 616 | ||||||
1,510 | China Airlines Ltd. | 447 | ||||||
7,352 | China Development Financial Holding Corp. | 2,359 | ||||||
1,362 | China Life Insurance Co. Ltd. | 1,294 | ||||||
373 | China Motor Corp. | 281 | ||||||
6,509 | China Steel Corp. | 5,133 | ||||||
2,003 | Chunghwa Telecom Co. Ltd. | 7,088 | ||||||
2,236 | Compal Electronics, Inc. | 1,232 | ||||||
9,562 | CTBC Financial Holding Co. Ltd. | 6,381 | ||||||
1,137 | Delta Electronics, Inc. | 4,777 | ||||||
5,393 | E.Sun Financial Holding Co. Ltd. | 3,573 | ||||||
108 | Eclat Textile Co. Ltd. | 1,283 | ||||||
515 | Epistar Corp. | 465 | ||||||
582 | Eternal Materials Co. Ltd. | 434 | ||||||
1,093 | Eva Airways Corp. | 500 | ||||||
1,192 | Evergreen Marine Corp. Taiwan Ltd. | 439 | ||||||
67 | Evergreen Marine Corp. Taiwan Ltd. Rts. expiring 11/26/18(a) | 2 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
1,164 | Far Eastern International Bank | $ | 372 | |||||
2,059 | Far Eastern New Century Corp. | 2,066 | ||||||
843 | Far EasTone Telecommunications Co. Ltd. | 2,008 | ||||||
270 | Feng Hsin Steel Co. Ltd. | 511 | ||||||
175 | Feng TAY Enterprise Co. Ltd. | 1,052 | ||||||
5,104 | First Financial Holding Co. Ltd. | 3,225 | ||||||
1,806 | Formosa Chemicals & Fibre Corp. | 6,537 | ||||||
716 | Formosa Petrochemical Corp. | 2,823 | ||||||
2,568 | Formosa Plastics Corp. | 8,382 | ||||||
535 | Formosa Taffeta Co. Ltd. | 582 | ||||||
598 | Foxconn Technology Co. Ltd. | 1,268 | ||||||
3,874 | Fubon Financial Holding Co. Ltd. | 6,066 | ||||||
161 | Giant Manufacturing Co. Ltd. | 614 | ||||||
115 | Globalwafers Co. Ltd. | 912 | ||||||
6,289 | Hon Hai Precision Industry Co. Ltd. | 16,016 | ||||||
379 | HTC Corp.(a) | 412 | ||||||
4,549 | Hua Nan Financial Holdings Co. Ltd. | 2,565 | ||||||
4,518 | Innolux Corp. | 1,368 | ||||||
1,643 | Inventec Corp. | 1,325 | ||||||
54 | Largan Precision Co. Ltd. | 5,846 | ||||||
1,153 | Lite-On Technology Corp. | 1,323 | ||||||
776 | MediaTek, Inc. | 5,705 | ||||||
5,743 | Mega Financial Holding Co. Ltd. | 4,854 | ||||||
2,974 | Nan Ya Plastics Corp. | 7,391 | ||||||
421 | Nanya Technology Corp. | 699 | ||||||
309 | Novatek Microelectronics Corp. | 1,363 | ||||||
70 | OBI Pharma, Inc.(a) | 274 | ||||||
423 | Oriental Union Chemical Corp. | 383 | ||||||
1,052 | Pegatron Corp. | 1,914 | ||||||
1,393 | Pou Chen Corp. | 1,411 | ||||||
295 | President Chain Store Corp. | 3,327 | ||||||
1,397 | Quanta Computer, Inc. | 2,206 | ||||||
247 | Realtek Semiconductor Corp. | 990 | ||||||
4,263 | Shin Kong Financial Holding Co. Ltd. | 1,398 | ||||||
5,505 | SinoPac Financial Holdings Co. Ltd. | 1,868 | ||||||
674 | Synnex Technology International Corp. | 725 | ||||||
5,223 | Taishin Financial Holding Co. Ltd. | 2,321 | ||||||
105 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(a) | 10 | ||||||
2,217 | Taiwan Business Bank | 731 | ||||||
2,367 | Taiwan Cement Corp. | 2,654 | ||||||
4,759 | Taiwan Cooperative Financial Holding Co. Ltd. | 2,676 | ||||||
387 | Taiwan Fertilizer Co. Ltd.(a) | 525 | ||||||
939 | Taiwan Glass Industry Corp. | 402 | ||||||
1,094 | Taiwan High Speed Rail Corp. | 1,085 | ||||||
837 | Taiwan Mobile Co. Ltd. | 2,989 | ||||||
164 | Taiwan Secom Co. Ltd. | 466 | ||||||
12,604 | Taiwan Semiconductor Manufacturing Co. Ltd. | 95,315 | ||||||
949 | Teco Electric and Machinery Co. Ltd. | 544 | ||||||
183 | TPK Holding Co. Ltd. | 284 | ||||||
164 | Transcend Information, Inc. | 342 | ||||||
246 | U-Ming Marine Transport Corp. | 257 | ||||||
757 | Unimicron Technology Corp. | 368 | ||||||
2,529 | Uni-President Enterprises Corp. | 6,122 | ||||||
6,129 | United Microelectronics Corp. | 2,337 | ||||||
479 | Vanguard International Semiconductor Corp. | 882 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
1,635 | Walsin Lihwa Corp. | $ | 811 | |||||
255 | Walsin Technology Corp. | 1,076 | ||||||
423 | Wan Hai Lines Ltd. | 206 | ||||||
1,497 | Wistron Corp. | 914 | ||||||
203 | Yageo Corp. | 2,070 | ||||||
5,962 | Yuanta Financial Holding Co. Ltd. | 2,890 | ||||||
502 | Yulon Motor Co. Ltd. | 293 | ||||||
14 | Yulon Nissan Motor Co. Ltd. | 97 | ||||||
|
| |||||||
292,597 | ||||||||
|
| |||||||
Thailand—3.9% | ||||||||
589 | Advanced Info Service PCL NVDR | 3,482 | ||||||
2,325 | Airports of Thailand PCL NVDR | 4,489 | ||||||
259 | Bangkok Bank PCL (Foreign Shares) | 1,617 | ||||||
4,584 | Bangkok Dusit Medical Services PCL NVDR | 3,388 | ||||||
4,219 | Bangkok Expressway & Metro PCL NVDR | 1,082 | ||||||
300 | Bangkok Life Assurance PCL NVDR | 287 | ||||||
2,260 | Banpu PCL NVDR | 1,186 | ||||||
589 | Berli Jucker PCL NVDR | 991 | ||||||
4,255 | BTS Group Holdings PCL NVDR | 1,174 | ||||||
472 | BTS Group Holdings PCL Wts. expiring 12/31/19(a)(c) | 2 | ||||||
178 | Bumrungrad Hospital PCL NVDR | 1,036 | ||||||
1,339 | Central Pattana PCL NVDR | 3,191 | ||||||
2,459 | Charoen Pokphand Foods PCL NVDR | 1,873 | ||||||
2,749 | CP ALL PCL NVDR | 5,577 | ||||||
264 | Delta Electronics Thailand PCL NVDR | 550 | ||||||
155 | Electricity Generating PCL NVDR | 1,080 | ||||||
899 | Energy Absolute PCL NVDR | 1,342 | ||||||
238 | Glow Energy PCL NVDR | 601 | ||||||
300 | Gulf Energy Development PCL NVDR | 706 | ||||||
3,046 | Home Product Center PCL NVDR | 1,369 | ||||||
949 | Indorama Ventures PCL NVDR | 1,553 | ||||||
1,026 | Intouch Holdings PCL NVDR | 1,640 | ||||||
5,534 | IRPC PCL NVDR | 1,018 | ||||||
454 | Kasikornbank PCL NVDR | 2,732 | ||||||
636 | Kasikornbank PCL (Foreign Shares) | 3,828 | ||||||
3,260 | Krung Thai Bank PCL NVDR | 1,977 | ||||||
3,465 | Land & Houses PCL NVDR | 1,077 | ||||||
1,872 | Minor International PCL NVDR | 2,061 | ||||||
748 | PTT Exploration & Production PCL NVDR | 3,148 | ||||||
1,100 | PTT Global Chemical PCL NVDR | 2,563 | ||||||
7,526 | PTT PCL NVDR | 11,578 | ||||||
450 | Ratchaburi Electricity Generating Holding PCL NVDR | 665 | ||||||
455 | Siam Cement PCL (The) NVDR | 5,737 | ||||||
52 | Siam City Cement PCL NVDR | 377 | ||||||
1,270 | Siam Commercial Bank PCL (The) NVDR | 5,268 | ||||||
635 | Thai Airways International PCL NVDR(a) | 249 | ||||||
578 | Thai Oil PCL NVDR | 1,478 | ||||||
1,634 | Thai Union Group PCL NVDR | 818 | ||||||
12,413 | TMB Bank PCL NVDR | 854 | ||||||
390 | Total Access Communication PCL NVDR | 559 | ||||||
5,752 | True Corp. PCL NVDR | 1,024 | ||||||
|
| |||||||
85,227 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Turkey—0.8% | ||||||||
1,106 | Akbank T.A.S. | $ | 1,305 | |||||
113 | Anadolu Efes Biracilik ve Malt Sanayii AS | 379 | ||||||
99 | Arcelik AS | 274 | ||||||
89 | Aselsan Elektronik Sanayi VE Ticaret AS | 401 | ||||||
117 | BIM Birlesik Magazalar AS | 1,658 | ||||||
38 | Coca-Cola Icecek AS | 187 | ||||||
1,084 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 323 | ||||||
127 | Enerjisa Enerji AS(b) | 109 | ||||||
281 | Enka Insaat ve Sanayi AS | 234 | ||||||
710 | Eregli Demir ve Celik Fabrikalari TAS | 1,148 | ||||||
36 | Ford Otomotiv Sanayi AS | 386 | ||||||
495 | Haci Omer Sabanci Holding AS | 629 | ||||||
78 | Iskenderun Demir VE Celik As | 97 | ||||||
446 | KOC Holding AS | 1,240 | ||||||
27 | Koza Altin Isletmeleri AS(a) | 217 | ||||||
370 | Petkim Petrokimya Holding AS | 335 | ||||||
227 | Soda Sanayii AS | 275 | ||||||
85 | TAV Havalimanlari Holding AS | 353 | ||||||
88 | Tekfen Holding AS | 334 | ||||||
71 | Tofas Turk Otomobil Fabrikasi AS | 267 | ||||||
65 | Tupras Turkiye Petrol Rafinerileri AS | 1,528 | ||||||
304 | Turk Hava Yollari AO(a) | 762 | ||||||
305 | Turk Telekomunikasyon AS(a) | 174 | ||||||
583 | Turkcell Iletisim Hizmetleri AS | 1,181 | ||||||
1,131 | Turkiye Garanti Bankasi AS | 1,411 | ||||||
335 | Turkiye Halk Bankasi AS | 369 | ||||||
780 | Turkiye Is Bankasi AS, Class C | 555 | ||||||
352 | Turkiye Sise ve Cam Fabrikalari AS | 297 | ||||||
603 | Turkiye Vakiflar Bankasi TAO, Class D | 368 | ||||||
88 | Ulker Biskuvi Sanayi AS(a) | 232 | ||||||
827 | Yapi ve Kredi Bankasi AS(a) | 239 | ||||||
|
| |||||||
17,267 | ||||||||
|
| |||||||
United Arab Emirates—1.0% | ||||||||
1,002 | Abu Dhabi Commercial Bank PJSC | 2,207 | ||||||
716 | Abu Dhabi National Oil Co. for Distribution PJSC | 433 | ||||||
1,329 | Air Arabia PJSC | 369 | ||||||
524 | Al Waha Capital PJSC | 265 | ||||||
1,779 | Aldar Properties PJSC | 838 | ||||||
427 | Arabtec Holding PJSC | 234 | ||||||
977 | DAMAC Properties Dubai Co. PJSC | 537 | ||||||
1,782 | Dana Gas PJSC | 558 | ||||||
840 | Deyaar Development PJSC(a) | 101 | ||||||
83 | DP World Ltd. | 1,493 | ||||||
938 | Dubai Financial Market PJSC | 221 | ||||||
865 | Dubai Investments PJSC | 381 | ||||||
905 | Dubai Islamic Bank PJSC | 1,296 | ||||||
1,859 | DXB Entertainments PJSC(a)(b) | 178 | ||||||
471 | Emaar Development PJSC | 635 | ||||||
1,164 | Emaar Malls PJSC | 580 | ||||||
1,793 | Emaar Properties PJSC | 2,489 | ||||||
914 | Emirates Telecommunications Group Co. PJSC | 4,330 | ||||||
1,428 | First Abu Dhabi Bank PJSC | 5,373 | ||||||
624 | Union Properties PJSC(a) | 106 | ||||||
|
| |||||||
22,624 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom—0.1% | ||||||||
62 | Mondi Ltd. | $ | 1,482 | |||||
|
| |||||||
United States—0.1% | ||||||||
504 | JBS SA | 1,391 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,485,669)—99.9% | 2,164,059 | |||||||
Other assets less liabilities—0.1% | 1,811 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,165,870 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Rts.—Rights
Wts.—Warrants
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 October 31, 2018 was $105,392, which represented 4.87% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Affiliated company. The Fund’s Adviser also serves as the adviser for Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(e) | Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings SAB de CV represents two Series A shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Statements of Assets and Liabilities
October 31, 2018
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||
Assets: | ||||||||||||
Unaffiliated investments in securities, at value | $ | 2,434,488 | $ | 2,276,181 | $ | 2,070,170 | ||||||
Affiliated investments in securities, at value | 2,443 | 2,299 | 93,889 | |||||||||
Receivables: | ||||||||||||
Dividends and interest | 3,235 | 6,395 | 2,240 | |||||||||
Foreign tax reclaims | — | 607 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,440,166 | 2,285,482 | 2,166,299 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Due to custodian | — | — | 20 | |||||||||
Due to foreign custodian | — | 1,088 | 146 | |||||||||
Payables: | ||||||||||||
Investments purchased | — | 1,060 | — | |||||||||
Accrued payables | — | 3,000 | — | |||||||||
Accrued unitary management fees | 145 | 139 | 263 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 145 | 5,287 | 429 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,440,021 | $ | 2,280,195 | $ | 2,165,870 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Shares of beneficial interest | $ | 2,500,025 | $ | 2,500,025 | $ | 2,500,025 | ||||||
Distributable earnings | (60,004 | ) | (219,830 | ) | (334,155 | ) | ||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,440,021 | $ | 2,280,195 | $ | 2,165,870 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 100,001 | 100,001 | 100,001 | |||||||||
Net asset value | $ | 24.40 | $ | 22.80 | $ | 21.66 | ||||||
|
|
|
|
|
| |||||||
Market price | $ | 24.40 | $ | 23.03 | $ | 21.75 | ||||||
|
|
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 2,489,034 | $ | 2,503,547 | $ | 2,378,555 | ||||||
|
|
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 2,443 | $ | 2,299 | $ | 107,114 | ||||||
|
|
|
|
|
| |||||||
Foreign currencies (due to foreign custodian), at cost | $ | — | $ | (1,131 | ) | $ | (160 | ) | ||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
For the year ended October 31, 2018
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||
Investment Income: | ||||||||||||
Unaffiliated dividend income | $ | — | $ | 81,637 | $ | 70,687 | ||||||
Affiliated dividend income | 113 | 39 | 29 | |||||||||
Non-cash dividend income | — | 3,655 | 6,125 | |||||||||
Unaffiliated interest income | 13,135 | — | — | |||||||||
Treasury Inflation-Protected Securities inflation adjustment | 51,201 | — | — | |||||||||
Foreign withholding tax | — | (10,326 | ) | (7,711 | ) | |||||||
|
|
|
|
|
| |||||||
Total Income | 64,449 | 75,005 | 69,130 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Unitary management fees | 1,733 | 1,776 | 3,519 | |||||||||
|
|
|
|
|
| |||||||
Less: Waivers | (13 | ) | (4 | ) | (681 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 1,720 | 1,772 | 2,838 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 62,729 | 73,233 | 66,292 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Unaffiliated investment securities | (7,087 | ) | 2,097 | (17,467 | ) | |||||||
Affiliated investment securities | — | — | (62 | ) | ||||||||
Foreign currencies | — | (315 | ) | (382 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (7,087 | ) | 1,782 | (17,911 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||
Unaffiliated investment securities | (47,279 | ) | (261,270 | ) | (309,389 | ) | ||||||
Affiliated investment securities | — | — | (15,016 | ) | ||||||||
Foreign currencies | — | 42 | 17 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | (47,279 | ) | (261,228 | ) | (324,388 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (54,366 | ) | (259,446 | ) | (342,299 | ) | ||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | $ | 8,363 | $ | (186,213 | ) | $ | (276,007 | ) | ||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2018 and 2017
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||||
October 31, 2018 | October 31, 2017(a) | October 31, 2018 | October 31, 2017(a) | October 31, 2018 | October 31, 2017(a) | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 62,729 | $ | 6,060 | $ | 73,233 | $ | 6,543 | $ | 66,292 | $ | 2,800 | ||||||||||||
Net realized gain (loss) | (7,087 | ) | — | 1,782 | (3,629 | ) | (17,911 | ) | 990 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (47,279 | ) | (7,267 | ) | (261,228 | ) | 33,845 | (324,388 | ) | 2,791 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,363 | (1,207 | ) | (186,213 | ) | 36,759 | (276,007 | ) | 6,581 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (67,160 | ) | — | (70,376 | ) | — | (64,729 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | — | 2,500,025 | — | 2,500,025 | — | 2,500,025 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (58,797 | ) | 2,498,818 | (256,589 | ) | 2,536,784 | (340,736 | ) | 2,506,606 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 2,498,818 | — | 2,536,784 | — | 2,506,606 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,440,021 | $ | 2,498,818 | $ | 2,280,195 | $ | 2,536,784 | $ | 2,165,870 | $ | 2,506,606 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | — | 100,001 | — | 100,001 | — | 100,001 | ||||||||||||||||||
Shares outstanding, beginning of period | 100,001 | — | 100,001 | — | 100,001 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | For the period September 19, 2017 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Year Ended October 31, 2018 | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 24.99 | $ | 25.00 | ||||
Net investment income(b) | 0.63 | 0.06 | ||||||
Net realized and unrealized gain (loss) on investments | (0.55 | ) | (0.07 | ) | ||||
Total from investment operations | 0.08 | (0.01 | ) | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.67 | ) | — | |||||
Net asset value at end of period | $ | 24.40 | $ | 24.99 | ||||
Market price at end of period(c) | $ | 24.40 | $ | 24.99 | ||||
Net Asset Value Total Return(d) | 0.33 | % | (0.04 | )%(e) | ||||
Market Price Total Return(d) | 0.33 | % | (0.04 | )%(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,440 | $ | 2,499 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.07 | % | 0.07 | %(f) | ||||
Net investment income | 2.53 | % | 2.22 | %(f) | ||||
Portfolio turnover rate(g) | 19 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Year Ended October 31, 2018 | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.37 | $ | 25.00 | ||||
Net investment income(b) | 0.73 | 0.07 | ||||||
Net realized and unrealized gain (loss) on investments | (2.60 | ) | 0.30 | |||||
Total from investment operations | (1.87 | ) | 0.37 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.70 | ) | — | |||||
Net asset value at end of period | $ | 22.80 | $ | 25.37 | ||||
Market price at end of period(c) | $ | 23.03 | $ | 25.54 | ||||
Net Asset Value Total Return(d) | (7.60 | )% | 1.48 | %(e) | ||||
Market Price Total Return(d) | (7.30 | )% | 2.16 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,280 | $ | 2,537 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.07 | % | 0.07 | %(f) | ||||
Net investment income | 2.89 | % | 2.38 | %(f) | ||||
Portfolio turnover rate(g) | 7 | % | 2 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%. |
(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.
| 40 |
|
Financial Highlights (continued)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Year Ended October 31, 2018 | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 25.07 | $ | 25.00 | ||||
Net investment income(b) | 0.66 | 0.03 | ||||||
Net realized and unrealized gain (loss) on investments | (3.42 | ) | 0.04 | |||||
Total from investment operations | (2.76 | ) | 0.07 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (0.65 | ) | — | |||||
Net asset value at end of period | $ | 21.66 | $ | 25.07 | ||||
Market price at end of period(c) | $ | 21.75 | $ | 25.20 | ||||
Net Asset Value Total Return(d) | (11.28 | )% | 0.28 | %(e) | ||||
Market Price Total Return(d) | (11.38 | )% | 0.80 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 2,166 | $ | 2,507 | ||||
Ratio to average net assets of: | ||||||||
Expenses, after Waivers | 0.11 | % | 0.14 | %(f) | ||||
Expenses, prior to Waivers | 0.14 | % | 0.14 | %(f) | ||||
Net investment income | 2.64 | % | 1.03 | %(f) | ||||
Portfolio turnover rate(g) | 16 | % | 1 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%. |
(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.
| 41 |
|
Invesco Exchange-Traded Fund Trust II
October 31, 2018
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | “PureBetaSM 0-5 Yr US TIPS ETF” | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | “PureBetaSM FTSE Developed ex-North America ETF” | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | “PureBetaSM FTSE Emerging Markets ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE Developed ex North America Index | |
PureBetaSM FTSE Emerging Markets ETF | FTSE Emerging Index |
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter 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”).
Investments companies are valued using such company’s NAV per share, unless the shares are exchanged-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
| 42 |
|
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”), formerly Invesco PowerShares Capital Management LLC, 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
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.
| 43 |
|
Equity Risk. Equity risk is the risk that the value of the securities that each Fund (except PureBetaSM 0-5 Yr US TIPS ETF) holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Industry or Geographic Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector, or, in a specific country or geographic region. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry, sector, country or region, the corresponding Fund will also concentrate its investments to approximately the same extent. By so concentrating its investments in an industry, sector, country or region, a Fund faces more risks than if it were diversified broadly over numerous industries, sectors, countries or geographic regions. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole. Also, 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 a Fund’s investments in the affected country or region.
Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
Small- and Mid-Capitalization Company Risk. For each Fund (except PureBetaSM 0-5 Yr US TIPS ETF), investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Inflation-Linked Security Risk. For PureBetaSM 0-5 Yr US TIPS ETF, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.
Foreign Investments Risk. For PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice 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. As the Funds may invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Currency Risk. PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.
| 44 |
|
Sampling Risk. For PureBetaSM FTSE Emerging Markets ETF, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in their Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Liquidity Risk. For PureBetaSM 0-5 Yr US TIPS ETF, liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
U.S. Government Obligations Risk. PureBetaSM 0-5 Yr US TIPS ETF may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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.
| 45 |
|
E. Country Determination
For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee and that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
H. Accounting Estimates
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I. Foreign Currency Translations
Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Funds may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
J. Treasury Inflation-Protected Securities
PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.
| 46 |
|
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||||
PureBetaSM 0-5 Yr US TIPS ETF | 0.07 | % | ||
PureBetaSM FTSE Developed ex-North America ETF | 0.07 | % | ||
PureBetaSM FTSE Emerging Markets ETF | 0.14 | % |
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the fiscal year ended October 31, 2018, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM 0-5 Yr US TIPS ETF | $ | 13 | ||
PureBetaSM FTSE Developed ex-North America ETF | 4 | |||
PureBetaSM FTSE Emerging Markets ETF | 681 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE Data Indices, LLC | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE International Ltd. | |
PureBetaSM FTSE Emerging Markets ETF | FTSE International Ltd. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
Note 4. Investments in Affiliates
The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows PureBetaSM FTSE Emerging Markets ETF’s transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended October 31, 2018.
| 47 |
|
PureBetaSM FTSE Emerging Markets ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 86,671 | $ | 37,739 | $ | (15,443 | ) | $ | (15,016 | ) | $ | (62 | ) | $ | 93,889 | $ | — |
Note 5. Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2018. 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.
Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the fiscal year ended October 31, 2018, there were no material transfers in and out of Level 3.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | — | $ | 2,434,488 | $ | — | $ | 2,434,488 | ||||||||
Money Market Fund | 2,443 | — | — | 2,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,443 | $ | 2,434,488 | $ | — | $ | 2,436,931 | ||||||||
|
|
|
|
|
|
|
| |||||||||
PureBetaSM FTSE Developed ex-North America ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,276,137 | $ | 0 | $ | 44 | $ | 2,276,181 | ||||||||
Money Market Fund | 2,299 | — | — | 2,299 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,278,436 | $ | 0 | $ | 44 | $ | 2,278,480 | ||||||||
|
|
|
|
|
|
|
| |||||||||
PureBetaSM FTSE Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,162,462 | $ | 1,584 | $ | 13 | $ | 2,164,059 | ||||||||
|
|
|
|
|
|
|
|
| 48 |
|
Note 6. Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended October 31, 2018 and Period Ended October 31, 2017:
10/31/2018 | 10/31/2017 | |||||||
Ordinary Income | Ordinary Income | |||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 67,160 | $ | — | ||||
PureBetaSM FTSE Developed ex-North America ETF | 70,376 | — | ||||||
PureBetaSM FTSE Emerging Markets ETF | 64,729 | — |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Undistributed Long-term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | ||||||||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 1,629 | $ | — | $ | (54,546 | ) | $ | — | $ | (7,087 | ) | $ | 2,500,025 | $ | 2,440,021 | ||||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 10,202 | 151 | (230,166 | ) | (17 | ) | — | 2,500,025 | 2,280,195 | |||||||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | 6,818 | — | (322,642 | ) | 13 | (18,344 | ) | 2,500,025 | 2,165,870 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2018:
Post-effective/ no expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 6,722 | $ | 365 | $ | 7,087 | ||||||
PureBetaSM FTSE Developed ex-North America ETF | — | — | — | |||||||||
PureBetaSM FTSE Emerging Markets ETF | 2,932 | 15,412 | 18,344 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Note 7. Investment Transactions
For the fiscal year ended October 31, 2018, 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 | |||||||
PureBetaSM FTSE Developed ex-North America ETF | $ | 181,412 | $ | 180,371 | ||||
PureBetaSM FTSE Emerging Markets ETF | 411,530 | 402,166 |
For the fiscal year ended October 31, 2018, 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 the PureBetaSM 0-5 Yr US TIPS ETF amounted to $756,815 and $424,649, respectively.
At October 31, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | — | $ | (54,546 | ) | $ | (54,546 | ) | $ | 2,491,477 | ||||||
PureBetaSM FTSE Developed ex-North America ETF | 91,402 | (321,568 | ) | (230,166 | ) | 2,508,646 | ||||||||||
PureBetaSM FTSE Emerging Markets ETF | 105,631 | (428,273 | ) | (322,642 | ) | 2,486,701 |
| 49 |
|
Note 8. Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of foreign currency transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets or the distributable earnings of each Fund. For the fiscal year ended October 31, 2018, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | — | $ | — | $ | — | ||||||
PureBetaSM FTSE Developed ex-North America ETF | 442 | (442 | ) | — | ||||||||
PureBetaSM FTSE Emerging Markets ETF | (269 | ) | 269 | — |
Note 9. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
Note 10. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares for PureBetaSM 0-5 Yr US TIPS ETF and 100,000 Shares for PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Note 11. Indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
| 50 |
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF and Invesco PureBetaSM FTSE Emerging Markets ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF, and Invesco PureBetaSM FTSE Emerging Markets ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations for the year ended October 31, 2018, the statements of changes in net assets, including the related notes, and the financial highlights for the year ended October 31, 2018 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for the year ended October 31, 2018 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Chicago, Illinois
December 26, 2018
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
| 51 |
|
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2018.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,002.00 | 0.07 | % | $ | 0.35 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.85 | 0.07 | 0.36 | ||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | ||||||||||||||||
Actual | 1,000.00 | 893.90 | 0.07 | 0.33 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.85 | 0.07 | 0.36 | ||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||
Actual | 1,000.00 | 852.90 | 0.08 | 0.37 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.80 | 0.08 | 0.41 |
(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 October 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
| 52 |
|
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2018:
Qualified Dividend Income* | Dividends-Received Deduction* | Qualified Interest Income* | |||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 0 | % | 0 | % | 100 | % | |||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | 100 | % | 0 | % | 0 | % | |||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF | 43 | % | 0 | % | 0 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | $ | — | $ | — | ||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | 85,291 | 10,088 | ||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF | 76,807 | 7,684 |
| 53 |
|
The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2018
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Nominating and Governance Committee and Trustee | Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 234 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 234 | None | |||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 234 | None | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 54 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider). | 234 | None | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 55 |
|
Trustees and Officers (continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008- Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 234 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 56 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2015 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2012 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 57 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 58 |
|
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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PBETA-AR-1 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2018
IDLB | Invesco FTSE International Low Beta Equal Weight ETF | |
EWEM | Invesco MSCI Emerging Markets Equal Country Weight ETF | |
EELV | Invesco S&P Emerging Markets Low Volatility ETF | |
EEMO | Invesco S&P Emerging Markets Momentum ETF | |
IDHD | Invesco S&P International Developed High Dividend Low Volatility ETF | |
IDLV | Invesco S&P International Developed Low Volatility ETF | |
IDMO | Invesco S&P International Developed Momentum ETF |
| 2 |
|
Domestic Equity
The fiscal year proved to be an increasingly volatile time for US equities. The fiscal year began in the final months of 2017 with several major US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility.
Stock market euphoria continued in January 2018 as US equity markets steadily moved higher. Investors remained enthused about the passage of the Tax Cuts and Jobs Act signed into law in late December 2017, which significantly cut corporate tax rates. However, in February 2018, volatility returned to the US stock and bond markets. Worries about how rising interest rates might affect economic growth, concerns about a potential trade war and heightened geopolitical tensions, caused the US stock markets to pull back and volatility to increase.
US equity markets generally recovered in the second quarter of 2018 as strong US retail sales and low unemployment buoyed markets. Throughout the summer, US equities moved higher as corporate profits surged. Several US equity indexes reached new highs despite potential headwinds including trade tensions, tariff announcements and contagion concerns over a Turkish currency crisis. After a relatively quiet summer, market volatility markedly rose in the final month of the fiscal year. US equity markets suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could mean a more restrictive monetary policy. In this environment, there was a flight to safety, as investors fled to defensive areas of the market and U.S. treasuries.
Given signs of a strong economy, the US Federal Reserve raised interest rates four times during the fiscal year: in December 2017 and in March, June and September 2018.1 In contrast, the European Central Bank and central banks in several other countries maintained extraordinarily accommodative monetary policies.
Global Equity
The fiscal year proved to be an increasingly volatile time for global equities. The fiscal year began in the final months of 2017 with several US stock market indexes repeatedly reaching new highs amid strong corporate profits, the prospect of tax reform legislation and exceedingly low stock market volatility. Despite a sharp uptick in volatility, particularly in October 2018, US markets, in general, still produced positive returns for the fiscal year. International markets, however, were meaningfully less robust, many experiencing flat to negative results for the fiscal year. This divergence between the US and other markets could be attributed to the strength of the US economy and the widely-held belief that the US could win trade wars with other countries.
At the beginning of 2018, markets saw significant turbulence in late January and early February, when stocks were whipsawed—first by concerns about accelerated US Federal Reserve (the Fed) tightening and then, later in the year, by fears of brewing trade wars and geopolitical tensions. After a relatively quiet summer, market volatility markedly rose again in the final month of the fiscal year. Global equity markets (particularly the US) suffered a sharp sell-off in October 2018 amid rising interest rates and concerns that higher inflation could result in a more restrictive monetary policy.
Global economic growth, in general, was solid despite weakness in emerging markets. During the fiscal year, emerging markets were impacted by both country-specific issues, as well as, more generalized pressure resulting from the Fed’s tightening policy. In this environment, economic growth unsurprisingly slowed in emerging markets. Within the eurozone, economic growth accelerated, although there was divergence among countries. In Japan, economic growth improved over the latter part of the fiscal year. The US experienced strong growth during the fiscal year due to robust consumer and business spending. In addition, unemployment rates remained low, job creation was strong and inflation remained relatively controlled.
At the close of the fiscal year, equity valuations in developed and emerging markets appeared relatively full in absolute terms—but overseas equity markets were trading at a material discount to those of the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets.
1 | Source: US Federal Reserve |
| 3 |
|
IDLB | Manager’s Analysis | |
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) |
As an index fund, the Invesco FTSE International Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the FTSE Developed ex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the FTSE Developed ex US Index (the “Developed ex US Index”) that exhibit low beta characteristics. The Developed ex US Index is designed to measure the performance of the international equity markets, and consists of large and mid-cap companies from developed markets throughout the world, excluding the United States.
Beta is a measure of a security’s price sensitivity (i.e., volatility); it reflects the rate of change in a security’s price that results from overall market movements. Securities with a beta score less than that of the average beta score of the relevant country index (that is, securities whose price changes exhibit less volatility than the average amount of volatility in the market of the issuer’s country) are eligible for inclusion in the Index. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (6.12)%. On a net asset value (“NAV”) basis, the Fund returned (5.81)%. During the same time period, the Index returned (5.31)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned (6.76)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,010 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall international equity market.
Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the financials sector during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to stock selection within the materials sector and allocation to the energy sector.
For the fiscal year ended October 31, 2018, the health care sector contributed most significantly to the Fund’s return, followed by the energy sector. The industrials sector detracted most significantly from the Fund’s return, followed by the materials and consumer discretionary sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Wirecard AG, an IT services company (portfolio average weight of 0.15%), and FamilyMart UNY Holdings Co. Ltd., a food & staples retailing company (portfolio average weight of 0.15%). Positions that detracted most significantly from the Fund’s return included Hanssem Co., Ltd., a household durables company (portfolio average weight of 0.10%), and Tower Semiconductor Ltd., a semiconductors and semiconductor equipment company (portfolio average weight of 0.11%).
Sector Breakdown as of October 31, 2018 | ||||
Industrials | 18.4 | |||
Financials | 13.9 | |||
Consumer Staples | 11.5 | |||
Consumer Discretionary | 11.0 | |||
Materials | 9.4 | |||
Communication Services | 7.7 | |||
Health Care | 7.6 | |||
Real Estate | 6.4 | |||
Utilities | 5.8 | |||
Information Technology | 5.5 | |||
Energy | 2.6 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.2 | |||
Top Ten Fund Holdings* as of October 31, 2018 | ||||
Security | ||||
Familymart UNY Holdings Co. Ltd. | 0.2 | |||
M1 Ltd. | 0.2 | |||
Daikyo, Inc. | 0.2 | |||
Don Quijote Holdings Co. Ltd. | 0.2 | |||
Ci:z Holdings Co. Ltd. | 0.2 | |||
ICA Gruppen AB | 0.2 | |||
Cheil Worldwide, Inc. | 0.2 | |||
Sony Financial Holdings, Inc. | 0.2 | |||
WorleyParsons Ltd. | 0.2 | |||
Hyosung Corp. | 0.2 | |||
Total | 2.0 |
* | Excluding money market fund holdings. |
| 4 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net) | (5.31 | )% | 5.71 | % | 18.03 | % | ||||||||||
MSCI World ex USA Index (Net) | (6.76 | ) | 4.06 | 12.61 | ||||||||||||
Fund | ||||||||||||||||
NAV Return | (5.81 | ) | 5.12 | 16.08 | ||||||||||||
Market Price Return | (6.12 | ) | 4.81 | 15.06 |
Fund Inception: November 5, 2015
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 5 |
|
EWEM | Manager’s Analysis | |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) |
Welcome to Invesco! Effective after the close of business on April 6, 2018, Guggenheim MSCI Emerging Markets Equal Country Weight ETF (the “Predecessor Fund”) was reorganized into Invesco MSCI Emerging Markets Equal Country Weight ETF (formerly known as PowerShares MSCI Emerging Markets Equal Country Weight Portfolio), a newly created exchange-traded fund in Invesco’s family of ETFs, in a tax-free transaction. The ticker symbol and underlying index did not change. Performance information set forth below refers to both the performance of the Predecessor Fund and the Fund (as defined below).
As an index fund, the Invesco MSCI Emerging Markets Equal Country Weight ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to correspond, before fees and expenses, to the price and yield performance of the MSCI Emerging Markets Equal Country Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities included in the Index.
The Fund invests primarily in equity securities to meet its investment objective of corresponding to the Index as closely as possible, before fees and expenses. The Index is based on the universe of constituents of the MSCI Emerging Markets Index. The Index provides equal weighted exposure to all of the countries included in the MSCI Emerging Markets Index while providing capitalization weighted exposure to the securities within each country. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of certain markets deemed to be emerging markets. Both indices are denominated in U.S. dollars. In general, the equal-weighting employed by the Index provides equal representation of the countries included in the Index at the Index’s rebalance interval(s), thereby providing broader exposure to those countries than typically may be found in the Index’s market capitalization weighted counterparts, while the capitalization weighting of the securities within each country provides for greater diversification. The Fund will utilize a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (8.76)%. On a net asset value (“NAV”) basis, the Fund returned (8.57)%. During the same time period, the Index returned (8.60)%. During the fiscal year, the Fund did not fully replicate the components of the Index; the Fund’s performance (NAV basis) differed from the return of the Index primarily due to a positive impact as a result of the Fund’s use of a sampling methodology partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its
recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the equities market in emerging market countries.
The performance of the Fund differed from the Benchmark Index in part because the Fund follows an Index that employs an equal weighting methodology, whereas the Benchmark Index weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to allocations to and security selection within the information technology and consumer discretionary sectors, respectively.
For the fiscal year ended October 31, 2018, the energy sector contributed most significantly to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the financials and information technology sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Ecopetrol SA Sponsored ADR, an integrated oil & gas company (portfolio average weight of 0.50%), and PTT Public Co., Ltd., an integrated oil & gas company (portfolio average weight of 0.42%). Positions that detracted most significantly from the Fund’s return included Naspers Limited Class N, a broadcasting & cable tv company (portfolio average weight of 1.30%), and Emaar Properties (P.J.S.C), a real estate development company (portfolio average weight of 0.67%).
Sector Breakdown as of October 31, 2018 | ||||
Financials | 40.0 | |||
Energy | 10.8 | |||
Materials | 8.5 | |||
Communication Services | 8.3 | |||
Consumer Staples | 6.3 | |||
Industrials | 5.7 | |||
Consumer Discretionary | 5.1 | |||
Information Technology | 4.8 | |||
Utilities | 4.7 | |||
Real Estate | 3.7 | |||
Health Care | 2.0 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.1 |
| 6 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
Top Ten Fund Holdings* as of October 31, 2018 | ||||
Security | ||||
Credicorp Ltd. | 3.2 | |||
Commercial International Bank Egypt SAE | 3.1 | |||
OTP Bank Nyrt | 2.6 | |||
Qatar National Bank QPSC | 2.5 | |||
CEZ AS | 1.9 | |||
Komercni banka AS | 1.4 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1.3 | |||
Invesco India ETF | 1.3 | |||
MOL Hungarian Oil & Gas PLC | 1.3 | |||
Emirates Telecommunications Group Co. PJSC | 1.1 | |||
Total | 19.7 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||||||||||
Blended — MSCI Emerging Markets Equal Country Weighted Index (Net) | (8.60 | )% | 4.73 | % | 14.87 | % | (0.61 | )% | (3.00 | )% | (0.86 | )% | (6.58 | )% | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 0.41 | 3.32 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (8.57 | ) | 4.92 | 15.49 | (0.71 | ) | (3.50 | ) | (1.77 | ) | (13.17 | ) | ||||||||||||||||||||
Market Price Return | (8.76 | ) | 5.01 | 15.78 | (0.86 | ) | (4.22 | ) | (1.81 | ) | (13.42 | ) |
| 7 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
Predecessor Fund Inception: December 3, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through April 6, 2020. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% (0.70% after fee waiver) includes the unitary management fee of 0.70% and acquired fund fees and expenses of 0.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- Average Annualized and Cumulative Inception returns for the Fund and Benchmark Index are based on the inception date of the Predecessor Fund.
-The Blended-MSCI Emerging Markets Equal Country Weighted Index is comprised of the performance of the MSCI Emerging Markets Equal Weighted Index, the Fund’s underlying index from Fund inception through the conversion date, January 20, 2015, followed by the performance of the Index for the period January 20, 2015 through October 31, 2018.
-Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 8 |
|
EELV | Manager’s Analysis | |
Invesco S&P Emerging Markets Low Volatility ETF (EELV) |
As an index fund, the Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in securities of companies that comprise the Index.
S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks of the S&P Emerging Plus LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. Strictly in accordance with its existing guidelines and mandated procedures, the Index Provider determines which securities are the least volatile over the past 12 months of companies in the S&P Emerging Plus LargeMidCap Index for inclusion in the Index. Historically, the S&P Emerging Plus LargeMidCap Index has included all publicly listed equity securities with float-adjusted market values of at least $100 million and annual dollar value traded of at least $50 million from the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey, and the United Arab Emirates. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (2.60)%. On a net asset value (“NAV”) basis, the Fund returned (2.54)%. During the same time period, the Index returned (1.84)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses the Fund incurred, as well as trading costs around quarterly rebalances during the period.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the equities market in emerging market countries.
The performance of the Fund exceeded that of the Benchmark Index in part because the Fund seeks to track an Index that employs a volatility-driven weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2018.
The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to allocations to and security selection within the information technology sector.
For the fiscal year ended October 31, 2018, the financials sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and utilities sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Nestle (Malaysia) Bhd., a packaged foods & meats company (no longer held at fiscal year-end), and Public Bank Bhd, a diversified banks company (portfolio average weight of 1.16% ). Positions that detracted most significantly from the Fund’s return included CPFL Energia S.A., an electric utilities company (no longer held at fiscal year-end), and Haci Omer Sabanci Holding A.S., a multi-sector holdings company (no longer held at fiscal year-end).
Sector Breakdown as of October 31, 2018 | ||||
Financials | 36.2 | |||
Consumer Staples | 12.5 | |||
Communication Services | 10.3 | |||
Industrials | 8.3 | |||
Information Technology | 7.2 | |||
Utilities | 6.4 | |||
Materials | 5.9 | |||
Energy | 5.0 | |||
Real Estate | 3.6 | |||
Consumer Discretionary | 3.2 | |||
Health Care | 1.4 | |||
Other Assets Less Liabilities | (0.0 | ) | ||
Top Ten Fund Holdings as of October 31, 2018 | ||||
Security | ||||
Kuala Lumpur Kepong Bhd | 1.1 | |||
Hua Nan Financial Holdings Co. Ltd. | 1.0 | |||
Taiwan Cooperative Financial Holding Co. Ltd. | 1.0 | |||
Chang Hwa Commercial Bank Ltd. | 1.0 | |||
First Financial Holding Co. Ltd. | 1.0 | |||
Taiwan Mobile Co. Ltd. | 1.0 | |||
Chunghwa Telecom Co. Ltd. | 0.9 | |||
PPB Group Bhd | 0.9 | |||
Taiwan Business Bank | 0.9 | |||
E.Sun Financial Holding Co. Ltd. | 0.8 | |||
Total | 9.6 |
| 9 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
S&P BMI Emerging Markets Low Volatility Index™ (Net) | (1.84 | )% | 4.84 | % | 15.24 | % | (0.82 | )% | (4.03 | )% | 2.36 | % | 17.19 | % | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 2.53 | 18.51 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (2.54 | ) | 4.09 | 12.76 | (1.48 | ) | (7.16 | ) | 1.51 | 10.71 | ||||||||||||||||||||||
Market Price Return | (2.60 | ) | 4.40 | 13.78 | (1.44 | ) | (6.97 | ) | 1.41 | 9.95 |
Fund Inception: January 13, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through February 28, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% (0.29% after fee waiver) is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 10 |
|
EEMO | Manager’s Analysis | |
Invesco S&P Emerging Markets Momentum ETF (EEMO) |
As an index fund, the Invesco S&P Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (the “Index”). The Fund will invest at least 90% of its total assets in the securities of companies that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of constituents of the S&P Emerging Plus LargeMidCap IndexTM (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index. The Emerging LargeMidCap Index is composed of stocks that represent the top 85% of float adjusted market capitalization companies in each emerging country represented in that index. In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Emerging LargeMidCap Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score and selects the top 20% for inclusion in the Index. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (14.35)%. On a net asset value (“NAV”) basis, the Fund returned (13.66)%. During the same time period, the Index returned (13.13)%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian and Russian securities included in the Index. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the impact of sampling of these Indian and Russian securities, performance differences as a result of the Fund’s use of GDRs and ADRs, and the fees and expenses that the Fund incurred during the period.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned (12.52)%. The
Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,150 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the equities market in emerging market countries.
Relative to the Benchmark Index, the Fund was most overweight in the information technology sector and most underweight in the consumer staples sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection in the health care, energy and materials sectors, respectively.
For the fiscal year ended October 31, 2018, the information technology sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and healthcare sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Petroleo Brasileiro SA, an integrated oil & gas company (portfolio average weight of 0.16%), and Ping An Insurance (Group) Company of China, Ltd. Class H, a life & health insurance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Alibaba Group Holding Ltd. Sponsored ADR, an internet & direct marketing retail company (no longer held at fiscal year-end), and Celltrion, Inc., a biotechnology company (portfolio average weight of 1.30%).
Sector Breakdown as of October 31, 2018 | ||||
Financials | 25.6 | |||
Energy | 24.5 | |||
Materials | 18.6 | |||
Information Technology | 8.6 | |||
Consumer Staples | 6.2 | |||
Health Care | 6.1 | |||
Consumer Discretionary | 3.9 | |||
Industrials | 2.8 | |||
Utilities | 2.0 | |||
Communication Services | 0.8 | |||
Real Estate | 0.5 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.4 |
| 11 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
Top Ten Fund Holdings* as of October 31, 2018 | ||||
Security | ||||
Infosys Ltd. ADR | 6.5 | |||
HDFC Bank Ltd. ADR | 6.4 | |||
Vale SA | 5.4 | |||
Reliance Industries Ltd. GDR | 4.3 | |||
Invesco India ETF | 4.2 | |||
LUKOIL PJSC ADR | 4.0 | |||
CNOOC Ltd. | 2.6 | |||
Tatneft PJSC ADR | 2.5 | |||
Gazprom PJSC ADR | 2.3 | |||
Sberbank of Russia PJSC ADR | 2.3 | |||
Total | 40.5 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended — S&P Momentum Emerging Plus LargeMidCap Index (Net) | (13.13 | )% | 7.13 | % | 22.94 | % | (0.75 | )% | (3.69 | )% | (1.87 | )% | (11.85 | )% | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | (12.52 | ) | 6.52 | 20.88 | 0.78 | 3.97 | 0.82 | 5.64 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (13.66 | ) | 5.14 | 16.23 | (2.44 | ) | (11.64 | ) | (3.29 | ) | (20.04 | ) | ||||||||||||||||||||
Market Price Return | (14.35 | ) | 5.29 | 16.74 | (2.31 | ) | (11.03 | ) | (3.45 | ) | (20.91 | ) |
| 12 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
Fund Inception: February 24, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through February 28, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% (0.31% after fee waiver) includes the unitary management fee of 0.45% and acquired fund fees and expenses of 0.04%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.
-The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index, the Fund’s underlying index from Fund inception through the conversion date, March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through October 31, 2018.
-Net returns reflect reinvested dividends net of withholding taxes.
| 13 |
|
IDHD | Manager’s Analysis | |
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) |
As an index fund, the Invesco S&P International Developed High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P EPAC Ex-Korea Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.
S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 100 securities in the S&P EPAC Ex-Korea LargeMidCap Index that historically have provided high dividend yields with lower volatility. The S&P EPAC Ex-Korea LargeMidCap Index is designed to measure the large- and mid-cap segment of the equity markets of economically developed countries worldwide, excluding the United States and South Korea.
Strictly in accordance with its guidelines and mandated procedures, S&P DJI identifies from the S&P EPAC Ex-Korea LargeMidCap Index the 300 securities, excluding U.S. and South Korean securities, with the highest dividend yields over the past 12 months, with no one country and no one sector within the S&P EPAC Ex-Korea LargeMidCap Index allowed to contribute more than 20 securities and 25 securities, respectively. From those securities, S&P DJI selects for inclusion in the Index the 100 securities with the lowest volatility over the past 12 months. The Index Provider weights each of the constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. The Fund generally invests in all of the components of the Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (3.06)%. On a net asset value (“NAV”) basis, the Fund returned (3.11)%. During the same time period, the Index returned (3.02)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the international equity markets.
The performance of the Fund exceeded that of the Benchmark Index in part because the Fund seeks to track an Index that employs a volatility and dividend-driven weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the real estate and utilities sectors and most underweight in the
consumer discretionary and industrials sectors during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to allocation and stock selection within the industrials and consumer staples sectors, respectively.
For the fiscal year ended October 31, 2018, the real estate sector contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Naturgy Energy Group, S.A., a gas utilities company (portfolio average weight of 1.01%), and GlaxoSmithKline plc, a pharmaceuticals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included National Australia Bank Limited, a diversified bank company (portfolio average weight of 1.43%), and Unibail-Rodamco-Westfield, a retail REITs company (portfolio average weight of 0.60%).
Sector Breakdown as of October 31, 2018 | ||||
Real Estate | 24.7 | |||
Financials | 24.5 | |||
Communication Services | 12.7 | |||
Utilities | 10.5 | |||
Energy | 6.2 | |||
Industrials | 6.2 | |||
Consumer Staples | 4.7 | |||
Consumer Discretionary | 3.5 | |||
Materials | 2.9 | |||
Health Care | 2.8 | |||
Information Technology | 0.9 | |||
Other Assets Less Liabilities | 0.4 | |||
Top Ten Fund Holdings as of October 31, 2018 | ||||
Security | ||||
Paz Oil Co. Ltd. | 2.0 | |||
Unibail-Rodamco-Westfield | 1.6 | |||
HKT Trust & HKT Ltd. | 1.5 | |||
PCCW Ltd. | 1.4 | |||
NOS SGPS SA | 1.4 | |||
Vicinity Centres | 1.3 | |||
Zurich Insurance Group AG | 1.3 | |||
Daimler AG | 1.3 | |||
Proximus SADP | 1.3 | |||
National Australia Bank Ltd. | 1.3 | |||
Total | 14.4 |
| 14 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
S&P EPAC Ex-Korea Low Volatility High Dividend Index (Net) | (3.02 | )% | 7.04 | % | 13.90 | % | ||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 8.65 | 17.21 | ||||||||||||
Fund | ||||||||||||||||
NAV Return | (3.11 | ) | 6.87 | 13.57 | ||||||||||||
Market Price Return | (3.06 | ) | 7.36 | 14.55 |
Fund Inception: December 1, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 15 |
|
IDLV | Manager’s Analysis | |
Invesco S&P International Developed Low Volatility ETF (IDLV) |
As an index fund, the Invesco S&P International Developed Low Volatility ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low VolatilityTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.
S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. Strictly in accordance with its guidelines and mandated procedures, the Index Provider determines which securities are the least volatile over the past 12 months of companies in the S&P Developed ex-U.S. & South Korea LargeMidCap Index for inclusion in the Index. Historically, the S&P Developed ex-U.S. & South Korea LargeMidCap Index has included all publicly listed equity securities with float-adjusted market values of at least $100 million and annual dollar value traded of at least $50 million from the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The Index Provider weights each of the constituent securities in the Index by volatility, with the least volatile securities receiving the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (3.87)%. On a net asset value (“NAV”) basis, the Fund returned (3.62)%. During the same time period, the Index returned (3.76)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the revenue generated by securities lending income, which was partially offset by fees and operating expenses incurred by the Fund.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the international equity markets.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a volatility driven weighting and stock selection methodology, whereas the Benchmark Index selects stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2018. The majority of the Fund’s outperformance relative to the Benchmark
Index during the period can be attributed to stock selection within the industrials and consumer staples sectors, respectively.
For the fiscal year ended October 31, 2018, the consumer staples sector contributed most significantly to the Fund’s return, followed by the real estate and health care sectors, respectively. The greatest detracting sectors included the financials sector, followed by the utilities and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included AEON Co., Ltd., a food & staples retailing company (no longer held at fiscal year-end), and Swedish Match AB, a tobacco company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included CI Financial Corp., a capital markets company (portfolio average weight of .50%), and IGM Financial Inc., a capital markets company (portfolio average weight of 0.50%).
Sector Breakdown as of October 31, 2018 | ||||
Financials | 28.6 | |||
Real Estate | 22.2 | |||
Industrials | 14.2 | |||
Consumer Staples | 10.0 | |||
Utilities | 7.6 | |||
Communication Services | 6.9 | |||
Consumer Discretionary | 2.7 | |||
Health Care | 2.4 | |||
Information Technology | 1.9 | |||
Materials | 1.9 | |||
Energy | 1.3 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.3 | |||
Top Ten Fund Holdings* as of October 31, 2018 | ||||
Security | ||||
MAN SE | 0.9 | |||
Great-West Lifeco, Inc. | 0.8 | |||
Bank of Montreal | 0.8 | |||
H&R Real Estate Investment Trust | 0.8 | |||
BCE, Inc. | 0.7 | |||
Toronto-Dominion Bank (The) | 0.7 | |||
Royal Bank of Canada | 0.7 | |||
Canadian Imperial Bank of Commerce | 0.7 | |||
TELUS Corp. | 0.7 | |||
Bank of Nova Scotia (The) | 0.7 | |||
Total | 7.5 |
* | Excluding money market fund holdings. |
| 16 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
S&P BMI International Developed Low Volatility™ Index (Net) | (3.76 | )% | 4.84 | % | 15.24 | % | 3.15 | % | 16.79 | % | 6.71 | % | 55.48 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 6.69 | 55.33 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (3.62 | ) | 4.80 | 15.10 | 3.08 | 16.36 | 6.60 | 54.42 | ||||||||||||||||||||||||
Market Price Return | (3.87 | ) | 4.82 | 15.18 | 2.94 | 15.58 | 6.49 | 53.33 |
Fund Inception: January 13, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through February 28, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% (0.25% after fee waiver) is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or
the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
-Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund.
-Net returns reflect reinvested dividends net of withholding taxes.
| 17 |
|
IDMO | Manager’s Analysis | |
Invesco S&P International Developed Momentum ETF (IDMO) |
As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the returns of an underlying index. The Fund seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. & South Korea LargeMidCap Index (the “Developed ex-U.S. & South Korea Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Developed ex-U.S. & South Korea Index. The Developed ex-U.S. & South Korea Index is composed of stocks that represent the top 85% of float-adjusted market capitalization companies in each developed country (excluding the United States and South Korea) represented in that index. In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Developed ex-U.S. & South Korea Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score and selects the top 20% for inclusion in the Index. The Index uses a modified market capitalization weighted strategy, as the Index Provider weights component securities by multiplying their market capitalization and their momentum score. The Fund generally will invest in all of the securities comprising the Index in proportion to their weighting in the Index.
For the fiscal year ended October 31, 2018, on a market price basis, the Fund returned (8.70)%. On a net asset value (“NAV”) basis, the Fund returned (8.95)%. During the same time period, the Index returned (8.70)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.85)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 920 securities. The Benchmark Index was selected for its recognition in the
marketplace, and its performance comparison is a useful measure for investors as a broad representation of the international equity markets.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care sector during the fiscal year ended October 31, 2018. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the energy sector, followed by its allocation to the information technology and health care sectors, respectively.
For the fiscal year ended October 31, 2018, the materials sector contributed most significantly to the Fund’s return. All other sectors detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2018 included Safran S.A., an aerospace & defense company (portfolio average weight of 1.12%), and Nutrien Ltd., a chemicals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included ASML Holdings NV, a semiconductors & semiconductor equipment company (portfolio average weight of 1.57%), and Total S.A., an oil, gas & consumable fuels company (portfolio average weight of 0.56%).
Sector Breakdown as of October 31, 2018 | ||||
Energy | 23.1 | |||
Industrials | 14.6 | |||
Health Care | 12.1 | |||
Financials | 11.9 | |||
Consumer Discretionary | 9.1 | |||
Consumer Staples | 8.8 | |||
Information Technology | 8.0 | |||
Materials | 6.5 | |||
Real Estate | 2.7 | |||
Utilities | 1.7 | |||
Communication Services | 0.8 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.7 |
| 18 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
Top Ten Fund Holdings* as of October 31, 2018 | ||||
Security | ||||
Total SA | 5.0 | |||
BP PLC | 4.0 | |||
Royal Dutch Shell PLC, Class A | 3.6 | |||
Toronto-Dominion Bank (The) | 3.3 | |||
Royal Dutch Shell PLC, Class B | 3.1 | |||
CSL Ltd. | 2.7 | |||
AstraZeneca PLC | 2.6 | |||
LVMH Moet Hennessy Louis Vuitton SE | 2.4 | |||
Royal Bank of Canada | 2.2 | |||
BHP Billiton Ltd. | 2.0 | |||
Total | 30.9 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2018
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended — S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index (Net) | (8.70 | )% | 1.74 | % | 5.32 | % | (0.40 | )% | (2.00 | )% | 2.49 | % | 17.89 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | (6.85 | ) | 3.62 | 11.27 | 2.02 | 10.52 | 5.09 | 39.37 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (8.95 | ) | 1.28 | 3.88 | (0.75 | ) | (3.69 | ) | 2.07 | 14.68 | ||||||||||||||||||||||
Market Price Return | (8.70 | ) | 1.32 | 4.00 | (0.89 | ) | (4.38 | ) | 1.90 | 13.43 |
| 19 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
Fund Inception: February 24, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through February 28, 2019. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.36% (0.26% after fee waiver) includes the unitary management fee of 0.35% and other expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.
-The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta IndexTM, the Fund’s underlying index from Fund inception through the conversion date, March 18, 2016, followed by the performance of the Index for the period March 18, 2016 through October 31, 2018.
-Net returns reflect reinvested dividends net of withholding taxes.
| 20 |
|
Schedule of Investments
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.8% | ||||||||
Australia—6.9% | ||||||||
9,550 | AGL Energy Ltd. | $ | 121,834 | |||||
21,923 | ALS Ltd. | 126,789 | ||||||
67,879 | Alumina Ltd. | 122,679 | ||||||
13,431 | Amcor Ltd. | 126,606 | ||||||
57,647 | AMP Ltd. | 100,918 | ||||||
6,205 | Aristocrat Leisure Ltd. | 116,541 | ||||||
2,891 | ASX Ltd. | 121,239 | ||||||
28,145 | Atlas Arteria Ltd. | 136,243 | ||||||
45,353 | Aurizon Holdings Ltd. | 135,004 | ||||||
121,031 | AusNet Services | 146,685 | ||||||
5,944 | BHP Billiton Ltd. | 135,695 | ||||||
27,419 | Boral Ltd. | 109,020 | ||||||
17,575 | Brambles Ltd. | 132,286 | ||||||
6,348 | Caltex Australia Ltd. | 127,146 | ||||||
18,683 | Challenger Ltd. | 135,859 | ||||||
3,893 | CIMIC Group Ltd. | 130,481 | ||||||
20,835 | Coca-Cola Amatil Ltd. | 146,339 | ||||||
881 | Cochlear Ltd. | 110,882 | ||||||
10,084 | Computershare Ltd. | 141,297 | ||||||
13,593 | Crown Resorts Ltd. | 120,522 | ||||||
44,927 | CSR Ltd. | 112,402 | ||||||
17,688 | Dexus REIT | 127,871 | ||||||
3,581 | Domino’s Pizza Enterprises Ltd. | 137,079 | ||||||
24,600 | Downer EDI Ltd. | 120,652 | ||||||
24,412 | DuluxGroup Ltd. | 128,035 | ||||||
68,741 | Evolution Mining Ltd. | 145,186 | ||||||
3,272 | Flight Centre Travel Group Ltd. | 107,603 | ||||||
54,231 | Fortescue Metals Group Ltd. | 153,745 | ||||||
18,116 | Goodman Group REIT | 133,276 | ||||||
36,876 | GPT Group (The) REIT | 134,861 | ||||||
56,797 | Harvey Norman Holdings Ltd. | 128,413 | ||||||
20,780 | Iluka Resources Ltd. | 118,706 | ||||||
24,806 | Insurance Australia Group Ltd. | 120,080 | ||||||
23,255 | IOOF Holdings Ltd. | 112,242 | ||||||
9,770 | LendLease Group | 121,871 | ||||||
1,500 | Macquarie Group Ltd. | 124,598 | ||||||
6,809 | Magellan Financial Group Ltd. | 128,561 | ||||||
76,250 | Mirvac Group REIT | 117,272 | ||||||
53,912 | Orora Ltd. | 128,386 | ||||||
22,642 | OZ Minerals Ltd. | 144,909 | ||||||
4,462 | Perpetual Ltd. | 109,579 | ||||||
30,622 | Qantas Airways Ltd. | 118,717 | ||||||
3,535 | Ramsay Health Care Ltd. | 140,855 | ||||||
2,123 | REA Group Ltd. | 107,765 | ||||||
2,801 | Rio Tinto Ltd. | 151,670 | ||||||
46,007 | Scentre Group REIT | 129,778 | ||||||
9,313 | Seven Group Holdings Ltd. | 117,160 | ||||||
80,430 | Shopping Centres Australasia Property Group REIT | 146,502 | ||||||
7,395 | Sonic Healthcare Ltd. | 118,189 | ||||||
46,118 | Stockland REIT | 117,997 | ||||||
12,600 | Suncorp Group Ltd. | 125,113 | ||||||
25,898 | Sydney Airport | 118,207 | ||||||
64,715 | Telstra Corp. Ltd. | 141,270 | ||||||
16,456 | Transurban Group | 132,261 | ||||||
10,015 | Treasury Wine Estates Ltd. | 107,324 | ||||||
69,596 | Vicinity Centres REIT | 130,714 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Australia (continued) | ||||||||
3,763 | Wesfarmers Ltd. | $ | 124,337 | |||||
41,942 | Whitehaven Coal Ltd. | 144,173 | ||||||
9,369 | WorleyParsons Ltd. | 162,783 | ||||||
6,373 | WorleyParsons Ltd. Rts. expiring 11/12/18(a) | 0 | ||||||
|
| |||||||
7,534,207 | ||||||||
|
| |||||||
Austria—0.8% | ||||||||
1,811 | ams AG(a) | 70,539 | ||||||
2,383 | ANDRITZ AG | 123,555 | ||||||
3,343 | Erste Group Bank AG(a) | 136,360 | ||||||
2,675 | OMV AG | 148,908 | ||||||
16,062 | Telekom Austria AG, Class A(a) | 119,386 | ||||||
3,551 | Verbund AG | 143,235 | ||||||
5,123 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 136,408 | ||||||
|
| |||||||
878,391 | ||||||||
|
| |||||||
Belgium—1.1% | ||||||||
2,651 | Ageas | 132,794 | ||||||
8,847 | bpost SA | 134,423 | ||||||
2,340 | Colruyt SA | 136,067 | ||||||
1,342 | Groupe Bruxelles Lambert SA | 124,959 | ||||||
6,079 | Proximus SADP | 155,320 | ||||||
700 | Sofina SA | 134,040 | ||||||
1,057 | Solvay SA | 120,542 | ||||||
2,555 | Telenet Group Holding NV | 124,135 | ||||||
1,543 | UCB SA | 129,688 | ||||||
|
| |||||||
1,191,968 | ||||||||
|
| |||||||
Canada—4.1% | ||||||||
2,874 | Alimentation Couche-Tard, Inc., Class B | 137,589 | ||||||
1,684 | Bank of Montreal | 126,218 | ||||||
2,421 | Bank of Nova Scotia (The) | 130,245 | ||||||
3,412 | BCE, Inc. | 132,375 | ||||||
1,473 | Canadian Imperial Bank of Commerce | 127,509 | ||||||
1,593 | Canadian National Railway Co. | 136,513 | ||||||
1,129 | Canadian Tire Corp. Ltd., Class A | 127,356 | ||||||
5,732 | Canadian Utilities Ltd., Class A | 136,311 | ||||||
2,147 | CGI Group, Inc., Class A(a) | 132,915 | ||||||
8,869 | CI Financial Corp. | 131,490 | ||||||
193 | Constellation Software, Inc. | 133,151 | ||||||
3,722 | Dollarama, Inc. | 103,193 | ||||||
4,234 | Fortis, Inc. | 140,247 | ||||||
2,304 | Franco-Nevada Corp. | 144,249 | ||||||
1,825 | George Weston Ltd. | 133,062 | ||||||
13,843 | Goldcorp, Inc. | 125,333 | ||||||
5,807 | Great-West Lifeco, Inc. | 133,584 | ||||||
9,704 | Hydro One Ltd.(b) | 141,505 | ||||||
1,773 | Intact Financial Corp. | 140,422 | ||||||
2,620 | Loblaw Cos. Ltd. | 131,354 | ||||||
7,702 | Manulife Financial Corp. | 121,578 | ||||||
4,445 | Metro, Inc. | 139,823 | ||||||
2,806 | National Bank of Canada | 127,688 | ||||||
6,047 | Power Financial Corp. | 130,541 | ||||||
7,262 | RioCan Real Estate Investment Trust REIT | 132,715 | ||||||
2,694 | Rogers Communications, Inc., Class B | 139,064 | ||||||
1,749 | Royal Bank of Canada | 127,747 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
3,474 | SNC-Lavalin Group, Inc. | $ | 124,331 | |||||
3,528 | Sun Life Financial, Inc. | 129,514 | ||||||
6,323 | Teck Resources Ltd., Class B | 131,010 | ||||||
3,724 | TELUS Corp. | 127,834 | ||||||
3,162 | Thomson Reuters Corp. | 147,524 | ||||||
2,286 | Toronto-Dominion Bank (The) | 127,125 | ||||||
3,222 | TransCanada Corp. | 121,790 | ||||||
|
| |||||||
4,472,905 | ||||||||
|
| |||||||
China—0.9% | ||||||||
13,049 | AAC Technologies Holdings, Inc. | 99,290 | ||||||
29,531 | BOC Hong Kong (Holdings) Ltd. | 110,373 | ||||||
48,000 | China Mengniu Dairy Co. Ltd.(a) | 141,439 | ||||||
91,524 | Kerry Logistics Network Ltd. | 145,002 | ||||||
121,116 | Semiconductor Manufacturing International Corp.(a) | 99,959 | ||||||
625,270 | Shougang Fushan Resources Group Ltd. | 126,021 | ||||||
150,069 | Towngas China Co. Ltd.(a) | 109,114 | ||||||
142,992 | Uni-President China Holdings Ltd. | 138,808 | ||||||
|
| |||||||
970,006 | ||||||||
|
| |||||||
Denmark—1.2% | ||||||||
1,140 | Carlsberg A/S, Class B | 125,795 | ||||||
1,408 | Chr. Hansen Holding A/S | 142,367 | ||||||
4,856 | Danske Bank A/S | 93,179 | ||||||
1,481 | DSV A/S | 119,115 | ||||||
837 | Genmab A/S(a) | 114,707 | ||||||
2,672 | GN Store Nord A/S | 113,499 | ||||||
2,687 | Jyske Bank A/S | 109,893 | ||||||
2,281 | Orsted A/S(b) | 144,972 | ||||||
2,319 | Pandora A/S | 145,133 | ||||||
321 | Rockwool International A/S, Class B | 109,784 | ||||||
5,667 | Tryg A/S | 137,013 | ||||||
|
| |||||||
1,355,457 | ||||||||
|
| |||||||
Finland—1.1% | ||||||||
3,218 | Elisa Oyj | 128,162 | ||||||
5,606 | Fortum Oyj | 118,113 | ||||||
4,047 | Huhtamaki Oyj | 113,673 | ||||||
2,481 | Kesko Oyj, Class B | 145,109 | ||||||
2,603 | Kone Oyj, Class B | 126,880 | ||||||
3,349 | Nokian Renkaat Oyj | 106,552 | ||||||
12,854 | Nordea Bank Abp | 111,935 | ||||||
2,704 | Sampo Oyj, Class A | 124,573 | ||||||
3,605 | UPM-Kymmene Oyj | 116,045 | ||||||
6,884 | Wartsila Oyj Abp | 117,427 | ||||||
|
| |||||||
1,208,469 | ||||||||
|
| |||||||
France—5.2% | ||||||||
629 | Aeroports de Paris | 131,776 | ||||||
3,148 | Alstom SA | 137,858 | ||||||
1,135 | Arkema SA | 119,316 | ||||||
1,183 | Atos SE | 101,575 | ||||||
1,522 | bioMerieux | 116,231 | ||||||
30,699 | Bollore SA | 130,160 | ||||||
3,339 | Bouygues SA | 121,972 | ||||||
1,189 | Cie Generale des Etablissements Michelin SCA | 122,245 | ||||||
6,000 | CNP Assurances | 133,926 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
France (continued) | ||||||||
1,320 | Covivio REIT | $ | 132,737 | |||||
1,809 | Danone SA | 128,269 | ||||||
77 | Dassault Aviation SA | 127,814 | ||||||
914 | Dassault Systemes SE | 114,797 | ||||||
3,624 | Edenred | 137,680 | ||||||
1,253 | Eiffage SA | 122,691 | ||||||
8,589 | Electricite de France SA | 142,862 | ||||||
5,961 | Elis SA | 120,426 | ||||||
978 | Essilorluxottica SA | 133,806 | ||||||
6,000 | Eutelsat Communications SA | 121,758 | ||||||
799 | Gecina SA REIT | 117,418 | ||||||
10,905 | Getlink SE | 137,336 | ||||||
231 | Hermes International | 132,176 | ||||||
1,423 | ICADE REIT | 120,764 | ||||||
1,958 | Imerys SA | 120,909 | ||||||
803 | Ipsen SA | 111,546 | ||||||
3,908 | Klepierre SA REIT | 132,839 | ||||||
1,871 | Legrand SA | 122,405 | ||||||
600 | L’Oreal SA | 135,218 | ||||||
8,679 | Orange SA | 135,902 | ||||||
1,044 | Orpea | 128,759 | ||||||
879 | Pernod Ricard SA | 134,254 | ||||||
2,342 | Publicis Groupe SA | 135,971 | ||||||
1,006 | Remy Cointreau SA | 119,570 | ||||||
1,638 | Renault SA | 122,622 | ||||||
2,326 | Rubis SCA | 120,441 | ||||||
1,666 | Sanofi | 148,823 | ||||||
1,093 | Sartorius Stedim Biotech | 135,731 | ||||||
3,199 | SCOR SE | 148,138 | ||||||
1,549 | Societe BIC SA | 148,481 | ||||||
9,723 | Suez | 140,848 | ||||||
719 | Teleperformance | 118,615 | ||||||
1,017 | Thales SA | 130,211 | ||||||
675 | Unibail—Rodamco-Westfield REIT | 122,584 | ||||||
6,634 | Veolia Environnement SA | 132,443 | ||||||
|
| |||||||
5,651,903 | ||||||||
|
| |||||||
Germany—4.6% | ||||||||
579 | adidas AG | 136,455 | ||||||
15,535 | Aroundtown SA | 129,022 | ||||||
1,942 | Axel Springer SE | 129,162 | ||||||
1,202 | Beiersdorf AG | 124,480 | ||||||
2,274 | Brenntag AG | 118,960 | ||||||
1,575 | Carl Zeiss Meditec AG-BR | 129,291 | ||||||
1,010 | Deutsche Boerse AG | 127,999 | ||||||
3,867 | Deutsche Post AG | 122,463 | ||||||
2,744 | Deutsche Wohnen SE | 125,731 | ||||||
13,206 | E.ON SE | 128,024 | ||||||
1,534 | Fraport AG Frankfurt Airport Services Worldwide | 118,712 | ||||||
1,377 | Fresenius Medical Care AG & Co. KGaA | 108,154 | ||||||
1,854 | Fresenius SE & Co. KGaA | 118,226 | ||||||
811 | FUCHS PETROLUB SE | 35,194 | ||||||
1,680 | FUCHS PETROLUB SE (Preference Shares) | 77,930 | ||||||
1,172 | GRENKE AG | 112,609 | ||||||
1,014 | Hannover Rueck SE | 136,835 | ||||||
1,757 | HeidelbergCement AG | 119,446 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Germany (continued) | ||||||||
426 | Henkel AG & Co. KGaA | $ | 41,800 | |||||
735 | Henkel AG & Co. KGaA (Preference Shares) | 80,431 | ||||||
870 | HOCHTIEF AG | 129,134 | ||||||
3,155 | Innogy SE(b) | 139,416 | ||||||
2,077 | KION Group AG | 121,668 | ||||||
1,811 | LANXESS AG | 112,365 | ||||||
1,136 | LEG Immobilien AG | 124,415 | ||||||
1,267 | MAN SE | 132,073 | ||||||
1,358 | Merck KGaA | 145,590 | ||||||
641 | Muenchener Rueckversicherungs-Gesellschaft AG In Muenchen | 137,958 | ||||||
3,184 | OSRAM Licht AG | 129,225 | ||||||
280 | Puma SE | 144,033 | ||||||
181 | Rational AG | 105,002 | ||||||
4,139 | Rocket Internet SE(a)(b) | 119,681 | ||||||
1,200 | SAP SE | 128,705 | ||||||
810 | Sartorius AG (Preference Shares) | 117,475 | ||||||
2,648 | Scout24 AG(b) | 109,992 | ||||||
1,489 | STADA Arzneimittel AG | 137,803 | ||||||
10,184 | Suedzucker AG | 157,507 | ||||||
1,534 | Symrise AG | 128,897 | ||||||
3,609 | Talanx AG | 129,300 | ||||||
6,036 | thyssenkrupp AG | 127,036 | ||||||
2,729 | Vonovia SE | 124,982 | ||||||
2,789 | Zalando SE(a)(b) | 108,075 | ||||||
|
| |||||||
5,031,256 | ||||||||
|
| |||||||
Hong Kong—3.9% | ||||||||
13,683 | ASM Pacific Technology Ltd. | 118,165 | ||||||
38,803 | Bank of East Asia Ltd. (The) | 125,723 | ||||||
57,052 | Cafe de Coral Holdings Ltd. | 123,719 | ||||||
94,000 | Cathay Pacific Airways Ltd. | 119,428 | ||||||
194,024 | Champion REIT | 130,679 | ||||||
12,000 | CK Hutchison Holdings Ltd. | 120,851 | ||||||
18,911 | CK Infrastructure Holdings Ltd. | 138,225 | ||||||
11,898 | CLP Holdings Ltd. | 133,407 | ||||||
22,300 | Dah Sing Financial Holdings Ltd. | 119,616 | ||||||
15,463 | Dairy Farm International Holdings Ltd. | 139,631 | ||||||
27,904 | Great Eagle Holdings Ltd. | 127,429 | ||||||
5,290 | Hang Seng Bank Ltd. | 123,893 | ||||||
68,091 | Hong Kong & China Gas Co. Ltd. | 129,939 | ||||||
20,243 | Hongkong Land Holdings Ltd. | 119,839 | ||||||
41,755 | Hopewell Holdings Ltd. | 128,896 | ||||||
378,402 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 139,498 | ||||||
28,493 | Hysan Development Co. Ltd. | 133,571 | ||||||
2,324 | Jardine Matheson Holdings Ltd. | 134,118 | ||||||
3,951 | Jardine Strategic Holdings Ltd. | 132,358 | ||||||
47,787 | Johnson Electric Holdings Ltd. | 107,041 | ||||||
14,386 | Link REIT | 127,539 | ||||||
27,604 | MTR Corp. Ltd. | 133,805 | ||||||
76,643 | NWS Holdings Ltd. | 151,733 | ||||||
261,130 | PCCW Ltd. | 143,233 | ||||||
20,000 | Power Assets Holdings Ltd. | 133,556 | ||||||
288,810 | Sa Sa International Holdings Ltd. | 110,891 | ||||||
375,532 | Shun Tak Holdings Ltd. | 119,758 | ||||||
84,000 | Sino Land Co. Ltd. | 131,796 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
10,039 | Swire Pacific Ltd., Class A | $ | 104,175 | |||||
17,366 | Swire Pacific Ltd., Class B | 27,956 | ||||||
36,872 | Swire Properties Ltd. | 125,817 | ||||||
46,900 | Television Broadcasts Ltd. | 98,952 | ||||||
12,759 | VTech Holdings Ltd. | 149,734 | ||||||
48,828 | Yue Yuen Industrial Holdings Ltd. | 133,602 | ||||||
|
| |||||||
4,238,573 | ||||||||
|
| |||||||
Ireland—0.6% | ||||||||
16,568 | Bank of Ireland Group PLC | 117,609 | ||||||
4,170 | CRH PLC | 125,160 | ||||||
7,998 | Glanbia PLC | 141,550 | ||||||
1,511 | Paddy Power Betfair PLC | 129,742 | ||||||
3,339 | Smurfit Kappa Group PLC | 109,476 | ||||||
|
| |||||||
623,537 | ||||||||
|
| |||||||
Israel—3.0% | ||||||||
11,355 | Airport City Ltd.(a) | 132,244 | ||||||
13,267 | Alony Hetz Properties & Investments Ltd. | 126,176 | ||||||
26,458 | Amot Investments Ltd. | 131,430 | ||||||
2,670 | Azrieli Group Ltd. | 129,548 | ||||||
19,377 | Bank Hapoalim BM | 131,186 | ||||||
21,492 | Bank Leumi Le-Israel BM | 134,072 | ||||||
120,961 | Bezeq The Israeli Telecommunication Corp. Ltd. | 139,023 | ||||||
889 | Delek Group Ltd. | 149,249 | ||||||
1,084 | Elbit Systems Ltd. | 129,595 | ||||||
6,170 | First International Bank of Israel Ltd. | 132,925 | ||||||
17,057 | Harel Insurance Investments & Financial Services Ltd. | 124,965 | ||||||
24,759 | Israel Chemicals Ltd. | 142,746 | ||||||
39,651 | Israel Discount Bank Ltd., Class A | 129,642 | ||||||
3,137 | Melisron Ltd. | 132,991 | ||||||
128,065 | Migdal Insurance & Financial Holding Ltd. | 141,855 | ||||||
7,742 | Mizrahi Tefahot Bank Ltd. | 130,371 | ||||||
1,192 | Nice Ltd.(a) | 126,303 | ||||||
260,620 | Oil Refineries Ltd. | 123,791 | ||||||
872 | Paz Oil Co. Ltd. | 130,488 | ||||||
23,896 | Phoenix Holdings Ltd. (The) | 132,313 | ||||||
67,993 | Shikun & Binui Ltd.(a) | 129,494 | ||||||
21,697 | Shufersal Ltd. | 137,799 | ||||||
978 | SodaStream International Ltd.(a) | 140,255 | ||||||
6,215 | Strauss Group Ltd. | 136,299 | ||||||
6,283 | Tower Semiconductor Ltd.(a) | 97,363 | ||||||
|
| |||||||
3,292,123 | ||||||||
|
| |||||||
Italy—2.7% | ||||||||
78,603 | A2A SpA | 126,868 | ||||||
8,004 | Assicurazioni Generali SpA | 129,504 | ||||||
19,279 | Banca Mediolanum SpA | 111,951 | ||||||
6,716 | Buzzi Unicem SpA | 129,172 | ||||||
11,876 | Buzzi Unicem SpA-RSP | 133,485 | ||||||
15,826 | Davide Campari-Milano SpA | 121,846 | ||||||
1,324 | DiaSorin SpA | 125,713 | ||||||
28,183 | Enel SpA | 138,396 | ||||||
7,417 | Eni SpA | 131,991 | ||||||
1,094 | Ferrari NV | 128,294 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Italy (continued) | ||||||||
25,101 | Italgas SpA | $ | 129,746 | |||||
12,006 | Leonardo SpA | 130,457 | ||||||
2,124 | Luxottica Group SpA | 133,614 | ||||||
48,907 | Mediaset SpA(a) | 147,457 | ||||||
3,201 | Moncler SpA | 111,346 | ||||||
42,277 | Parmalat SpA | 130,293 | ||||||
16,777 | Poste Italiane SpA(b) | 120,708 | ||||||
5,453 | Prysmian SpA | 106,023 | ||||||
3,882 | Recordati SpA | 131,603 | ||||||
5,794 | Salvatore Ferragamo SpA | 137,272 | ||||||
32,557 | Snam SpA | 134,791 | ||||||
25,235 | Terna Rete Elettrica Nazionale SpA | 130,525 | ||||||
59,292 | UnipolSai Assicurazioni SpA | 129,726 | ||||||
|
| |||||||
2,950,781 | ||||||||
|
| |||||||
Japan—31.0% | ||||||||
2,579 | ABC-Mart, Inc. | 150,825 | ||||||
6,505 | Aeon Co. Ltd. | 149,289 | ||||||
3,753 | Aica Kogyo Co. Ltd. | 111,737 | ||||||
1,894 | Ain Holdings, Inc. | 148,358 | ||||||
8,370 | Ajinomoto Co., Inc. | 135,464 | ||||||
5,684 | Alfresa Holdings Corp. | 151,852 | ||||||
4,600 | Alps Electric Co. Ltd. | 109,238 | ||||||
4,643 | Aoyama Trading Co. Ltd. | 140,703 | ||||||
4,000 | Aozora Bank Ltd. | 138,053 | ||||||
144,908 | Aplus Financial Co. Ltd.(a) | 134,822 | ||||||
3,195 | Asahi Group Holdings Ltd. | 140,647 | ||||||
3,707 | Asahi Intecc Co. Ltd. | 151,591 | ||||||
9,900 | Asahi Kasei Corp. | 119,040 | ||||||
4,645 | ASKUL Corp. | 128,005 | ||||||
8,438 | Astellas Pharma, Inc. | 130,621 | ||||||
6,580 | Azbil Corp. | 122,557 | ||||||
3,554 | Bandai Namco Holdings, Inc. | 126,439 | ||||||
4,800 | Benefit One, Inc. | 123,557 | ||||||
4,679 | Benesse Holdings, Inc. | 130,393 | ||||||
7,102 | Brother Industries Ltd. | 130,329 | ||||||
4,316 | Calbee, Inc. | 143,414 | ||||||
6,583 | Canon Marketing Japan, Inc. | 124,771 | ||||||
5,497 | Capcom Co. Ltd. | 114,173 | ||||||
8,800 | Casio Computer Co. Ltd. | 132,949 | ||||||
711 | Central Japan Railway Co. | 136,398 | ||||||
9,699 | Chubu Electric Power Co., Inc. | 139,957 | ||||||
11,427 | Chugoku Electric Power Co., Inc. (The) | 147,021 | ||||||
3,252 | Ci:z Holdings Co. Ltd. | 168,860 | ||||||
5,186 | Coca-Cola Bottlers Japan Holdings, Inc. | 135,790 | ||||||
664 | Cosmos Pharmaceutical Corp. | 135,736 | ||||||
2,674 | CyberAgent, Inc. | 113,495 | ||||||
6,200 | Dai Nippon Printing Co. Ltd. | 139,267 | ||||||
12,357 | Daicel Corp. | 130,846 | ||||||
2,795 | Daifuku Co. Ltd. | 120,364 | ||||||
3,642 | Daiichi Sankyo Co. Ltd. | 139,219 | ||||||
3,070 | Daiichikosho Co. Ltd. | 141,456 | ||||||
7,000 | Daikyo, Inc. | 183,723 | ||||||
1,010 | Daito Trust Construction Co. Ltd. | 133,348 | ||||||
3,039 | Dentsu, Inc. | 141,105 | ||||||
800 | Disco Corp. | 127,385 | ||||||
2,900 | Don Quijote Holdings Co. Ltd. | 173,710 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
1,600 | Eisai Co. Ltd. | $ | 133,424 | |||||
5,476 | Electric Power Development Co. Ltd. | 149,207 | ||||||
2,958 | Ezaki Glico Co. Ltd. | 147,304 | ||||||
1,653 | Familymart UNY Holdings Co. Ltd. | 192,170 | ||||||
2,900 | Fancl Corp. | 128,227 | ||||||
2,456 | FP Corp. | 126,005 | ||||||
8,197 | Fuji Media Holdings, Inc. | 133,064 | ||||||
4,619 | Fuji Oil Holdings, Inc. | 133,223 | ||||||
3,357 | FUJIFILM Holdings Corp. | 145,548 | ||||||
8,651 | Fujitsu General Ltd. | 129,165 | ||||||
3,214 | Fukuyama Transporting Co. Ltd. | 124,311 | ||||||
8,300 | GMO Internet, Inc. | 118,556 | ||||||
2,192 | GMO Payment Gateway, Inc. | 106,439 | ||||||
27,108 | Gree, Inc. | 113,616 | ||||||
5,927 | GS Yuasa Corp. | 121,843 | ||||||
65,644 | GungHo Online Entertainment, Inc.(c) | 118,078 | ||||||
8,400 | Hakuhodo DY Holdings, Inc. | 140,378 | ||||||
3,569 | Hamamatsu Photonics K.K. | 119,541 | ||||||
5,977 | Heiwa Corp. | 136,800 | ||||||
743 | Hikari Tsushin, Inc. | 129,830 | ||||||
13,538 | Hino Motors Ltd. | 130,156 | ||||||
1,953 | Hisamitsu Pharmaceutical Co., Inc. | 110,235 | ||||||
12,400 | Hitachi Metals Ltd. | 146,354 | ||||||
5,100 | Hitachi Transport System Ltd. | 131,234 | ||||||
20,200 | Hokkaido Electric Power Co., Inc. | 118,134 | ||||||
14,700 | Hokuriku Electric Power Co.(a) | 137,029 | ||||||
2,325 | Horiba Ltd. | 109,189 | ||||||
4,794 | House Foods Group, Inc. | 138,058 | ||||||
2,451 | Hoya Corp. | 139,300 | ||||||
35,200 | Ichigo, Inc. | 115,093 | ||||||
3,920 | IHI Corp. | 143,455 | ||||||
3,519 | Ito EN Ltd. | 149,984 | ||||||
2,307 | Izumi Co. Ltd. | 125,515 | ||||||
3,837 | Japan Airlines Co. Ltd. | 136,576 | ||||||
3,146 | Japan Airport Terminal Co. Ltd. | 120,984 | ||||||
8,100 | Japan Exchange Group, Inc. | 145,413 | ||||||
11,983 | Japan Post Bank Co. Ltd. | 139,840 | ||||||
11,881 | Japan Post Holdings Co. Ltd. | 141,071 | ||||||
5,352 | Japan Tobacco, Inc. | 137,837 | ||||||
7,435 | JSR Corp. | 111,075 | ||||||
2,770 | Kaken Pharmaceutical Co. Ltd. | 138,923 | ||||||
14,378 | Kandenko Co. Ltd. | 146,768 | ||||||
3,104 | Kaneka Corp. | 129,820 | ||||||
10,000 | Kansai Electric Power Co., Inc. (The) | 153,338 | ||||||
7,446 | Kansai Paint Co. Ltd. | 110,250 | ||||||
1,794 | Kao Corp. | 119,717 | ||||||
5,324 | KDDI Corp. | 132,776 | ||||||
3,825 | Keihan Holdings Co. Ltd. | 145,062 | ||||||
5,813 | Kewpie Corp. | 134,077 | ||||||
236 | Keyence Corp. | 115,642 | ||||||
2,800 | Kikkoman Corp. | 154,074 | ||||||
9,200 | Kinden Corp. | 147,552 | ||||||
3,625 | Kintetsu Group Holdings Co. Ltd. | 139,083 | ||||||
5,651 | Kirin Holdings Co. Ltd. | 135,122 | ||||||
1,985 | Kobayashi Pharmaceutical Co. Ltd. | 130,158 | ||||||
17,112 | Kobe Steel Ltd. | 137,678 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
8,256 | Koei Tecmo Holdings Co. Ltd. | $ | 130,876 | |||||
2,400 | Koito Manufacturing Co. Ltd. | 114,412 | ||||||
8,077 | Kokuyo Co. Ltd. | 127,680 | ||||||
5,768 | Komeri Co. Ltd. | 149,547 | ||||||
781 | Kose Corp. | 116,747 | ||||||
1,900 | Kusuri NO Aoki Holdings Co. Ltd. | 136,370 | ||||||
7,055 | KYORIN Holdings, Inc. | 154,222 | ||||||
3,200 | Kyoritsu Maintenance Co. Ltd. | 142,058 | ||||||
5,058 | Kyowa Exeo Corp. | 136,249 | ||||||
7,836 | Kyowa Hakko Kirin Co. Ltd. | 152,408 | ||||||
3,683 | Kyudenko Corp. | 134,292 | ||||||
12,400 | Kyushu Electric Power Co., Inc. | 144,376 | ||||||
2,413 | Lawson, Inc. | 152,663 | ||||||
5,148 | Lintec Corp. | 121,886 | ||||||
6,562 | Lion Corp. | 123,268 | ||||||
6,050 | M3, Inc. | 97,460 | ||||||
3,168 | Makita Corp. | 109,619 | ||||||
17,300 | Marubeni Corp. | 140,463 | ||||||
4,100 | Maruha Nichiro Corp. | 148,589 | ||||||
6,300 | Marui Group Co. Ltd. | 135,652 | ||||||
3,583 | Matsumotokiyoshi Holdings Co. Ltd. | 129,217 | ||||||
12,500 | Mazda Motor Corp. | 135,572 | ||||||
7,058 | Medipal Holdings Corp. | 151,535 | ||||||
5,597 | Megmilk Snow Brand Co. Ltd. | 131,029 | ||||||
5,493 | MISUMI Group, Inc. | 110,293 | ||||||
4,980 | Mitsubishi Corp. | 140,325 | ||||||
6,700 | Mitsubishi Gas Chemical Co., Inc. | 112,859 | ||||||
3,800 | Mitsubishi Heavy Industries Ltd. | 134,316 | ||||||
20,192 | Mitsubishi Motors Corp. | 127,212 | ||||||
5,241 | Mitsubishi Shokuhin Co. Ltd. | 135,001 | ||||||
8,564 | Mitsubishi Tanabe Pharma Corp. | 126,576 | ||||||
8,741 | Mitsui & Co. Ltd. | 146,038 | ||||||
5,659 | Mitsui Chemicals, Inc. | 127,115 | ||||||
4,956 | Miura Co. Ltd. | 121,424 | ||||||
1,820 | Mochida Pharmaceutical Co. Ltd. | 144,174 | ||||||
4,928 | MonotaRO Co. Ltd. | 108,774 | ||||||
800 | Murata Manufacturing Co. Ltd. | 121,678 | ||||||
8,300 | Nagase & Co. Ltd. | 130,470 | ||||||
5,600 | Nankai Electric Railway Co. Ltd. | 137,004 | ||||||
5,100 | NEC Corp. | 146,418 | ||||||
11,032 | Nexon Co. Ltd.(a) | 125,711 | ||||||
5,675 | Nichirei Corp. | 137,029 | ||||||
4,845 | Nihon Kohden Corp. | 144,678 | ||||||
5,270 | Nihon M&A Center, Inc. | 126,409 | ||||||
5,700 | Nihon Unisys Ltd. | 124,905 | ||||||
2,300 | Nippon Express Co. Ltd. | 145,718 | ||||||
3,000 | Nippon Gas Co. Ltd. | 90,780 | ||||||
3,649 | Nippon Paint Holdings Co. Ltd. | 114,299 | ||||||
1,986 | Nippon Shokubai Co. Ltd. | 128,112 | ||||||
3,246 | Nippon Telegraph & Telephone Corp. | 136,622 | ||||||
8,466 | Nippon Television Holdings, Inc. | 135,180 | ||||||
14,922 | Nissan Motor Co. Ltd. | 135,859 | ||||||
7,000 | Nisshin Seifun Group, Inc. | 139,622 | ||||||
985 | Nitori Holdings Co. Ltd. | 128,607 | ||||||
4,410 | NOF Corp. | 125,241 | ||||||
4,500 | NS Solutions Corp. | 134,575 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
5,468 | NTT DoCoMo, Inc. | $ | 137,820 | |||||
1,705 | OBIC Business Consultants Co. Ltd. | 135,971 | ||||||
1,465 | OBIC Co. Ltd. | 133,447 | ||||||
3,517 | Olympus Corp. | 117,488 | ||||||
5,371 | Ono Pharmaceutical Co. Ltd. | 122,407 | ||||||
99,744 | Orient Corp.(c) | 156,437 | ||||||
1,377 | Oriental Land Co. Ltd. | 129,519 | ||||||
7,594 | Osaka Gas Co. Ltd. | 139,357 | ||||||
6,257 | OSG Corp. | 129,404 | ||||||
3,839 | Otsuka Corp. | 127,564 | ||||||
2,929 | Otsuka Holdings Co. Ltd. | 140,357 | ||||||
2,714 | Paltac Corp. | 138,520 | ||||||
4,875 | Park24 Co. Ltd. | 128,338 | ||||||
3,639 | PeptiDream, Inc.(a) | 119,467 | ||||||
6,287 | Persol Holdings Co. Ltd. | 119,662 | ||||||
2,844 | Pigeon Corp. | 120,710 | ||||||
2,536 | Pilot Corp. | 140,221 | ||||||
4,082 | Pola Orbis Holdings, Inc. | 109,234 | ||||||
18,693 | Rakuten, Inc. | 126,547 | ||||||
4,546 | Recruit Holdings Co. Ltd. | 122,336 | ||||||
5,094 | Relo Group, Inc. | 120,337 | ||||||
16,147 | Rengo Co. Ltd. | 140,645 | ||||||
4,397 | Rohto Pharmaceutical Co. Ltd. | 139,482 | ||||||
440 | Ryohin Keikaku Co. Ltd. | 116,224 | ||||||
3,600 | Sankyo Co. Ltd. | 137,327 | ||||||
2,708 | Sankyu, Inc. | 128,135 | ||||||
6,721 | Sanrio Co. Ltd.(c) | 134,950 | ||||||
9,160 | Santen Pharmaceutical Co. Ltd. | 135,953 | ||||||
2,666 | Sawai Pharmaceutical Co. Ltd. | 135,361 | ||||||
1,894 | SCREEN Holdings Co. Ltd. | 103,213 | ||||||
2,914 | SCSK Corp. | 123,552 | ||||||
1,800 | Secom Co. Ltd. | 147,550 | ||||||
9,300 | Seino Holdings Co. Ltd. | 128,884 | ||||||
3,416 | Seven & i Holdings Co. Ltd. | 148,106 | ||||||
10,592 | Shikoku Electric Power Co., Inc. | 133,274 | ||||||
4,300 | Shimachu Co. Ltd. | 112,668 | ||||||
4,700 | Shimadzu Corp. | 118,817 | ||||||
1,598 | Shimamura Co. Ltd. | 134,376 | ||||||
900 | Shimano, Inc. | 123,131 | ||||||
2,387 | Shionogi & Co. Ltd. | 152,964 | ||||||
2,049 | Shiseido Co. Ltd. | 129,580 | ||||||
1,200 | Shochiku Co. Ltd. | 117,071 | ||||||
3,000 | Showa Denko K.K. | 131,053 | ||||||
7,179 | Showa Shell Sekiyu K.K. | 138,421 | ||||||
29,873 | SKY Perfect JSAT Holdings, Inc. | 132,881 | ||||||
9,739 | Skylark Holdings Co. Ltd. | 151,709 | ||||||
40,549 | Sojitz Corp. | 136,535 | ||||||
3,400 | Sompo Holdings, Inc. | 140,995 | ||||||
2,525 | Sony Corp. | 137,375 | ||||||
7,100 | Sony Financial Holdings, Inc. | 165,146 | ||||||
3,068 | Square Enix Holdings Co. Ltd. | 109,965 | ||||||
4,883 | Subaru Corp. | 132,097 | ||||||
2,924 | Sugi Holdings Co. Ltd. | 133,951 | ||||||
3,000 | Sumitomo Bakelite Co. Ltd. | 108,591 | ||||||
8,838 | Sumitomo Corp. | 134,189 | ||||||
7,116 | Sumitomo Dainippon Pharma Co. Ltd. | 148,934 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
3,434 | Suntory Beverage & Food Ltd. | $ | 140,123 | |||||
3,124 | Suzuken Co. Ltd. | 158,338 | ||||||
2,143 | Suzuki Motor Corp. | 107,288 | ||||||
1,626 | Sysmex Corp. | 114,168 | ||||||
1,254 | Taisho Pharmaceutical Holdings Co. Ltd. | 133,784 | ||||||
9,700 | Taiyo Nippon Sanso Corp. | 156,173 | ||||||
4,800 | Taiyo Yuden Co. Ltd. | 96,931 | ||||||
5,600 | Takara Bio, Inc. | 132,141 | ||||||
8,517 | Takashimaya Co. Ltd. | 134,334 | ||||||
3,458 | Takeda Pharmaceutical Co. Ltd. | 140,030 | ||||||
1,300 | TDK Corp. | 112,312 | ||||||
2,300 | Technopro Holdings, Inc. | 120,243 | ||||||
2,551 | Terumo Corp. | 137,660 | ||||||
5,373 | THK Co. Ltd. | 119,072 | ||||||
2,917 | TIS, Inc. | 130,788 | ||||||
4,644 | Toho Co. Ltd. | 151,638 | ||||||
4,211 | Toho Gas Co. Ltd. | 145,522 | ||||||
11,072 | Tohoku Electric Power Co., Inc. | 140,099 | ||||||
7,787 | Tokai Carbon Co. Ltd.(c) | 121,854 | ||||||
6,900 | Tokai Rika Co. Ltd. | 126,072 | ||||||
2,562 | Tokyo Century Corp. | 137,345 | ||||||
5,994 | Tokyo Gas Co. Ltd. | 147,706 | ||||||
14,212 | Toppan Forms Co. Ltd. | 129,458 | ||||||
18,846 | Toray Industries, Inc. | 133,912 | ||||||
4,800 | Toshiba Corp.(a) | 143,760 | ||||||
6,600 | Toshiba Plant Systems & Services Corp. | 134,977 | ||||||
9,200 | Tosoh Corp. | 121,710 | ||||||
7,854 | Toyobo Co. Ltd. | 111,768 | ||||||
8,129 | Toyota Boshoku Corp. | 135,922 | ||||||
4,029 | Tsumura & Co. | 125,666 | ||||||
1,219 | Tsuruha Holdings, Inc. | 127,025 | ||||||
7,614 | TV Asahi Holdings Corp. | 142,153 | ||||||
4,341 | Unicharm Corp. | 118,165 | ||||||
4,881 | Wacoal Holdings Corp. | 134,508 | ||||||
2,938 | Welcia Holdings Co. Ltd. | 149,952 | ||||||
2,136 | West Japan Railway Co. | 143,409 | ||||||
41,820 | Yahoo! Japan Corp. | 131,550 | ||||||
27,982 | Yamada Denki Co. Ltd.(c) | 131,908 | ||||||
2,870 | Yamaha Corp. | 126,519 | ||||||
4,800 | Yamato Holdings Co. Ltd. | 131,425 | ||||||
4,903 | Yamato Kogyo Co. Ltd. | 129,032 | ||||||
7,296 | Yamazaki Baking Co. Ltd. | 131,626 | ||||||
2,500 | Yaoko Co. Ltd. | 136,458 | ||||||
3,489 | Zenkoku Hosho Co. Ltd. | 126,446 | ||||||
6,985 | Zensho Holdings Co. Ltd. | 135,423 | ||||||
13,340 | Zeon Corp. | 129,198 | ||||||
4,163 | ZOZO, Inc. | 100,299 | ||||||
|
| |||||||
33,923,160 | ||||||||
|
| |||||||
Luxembourg—0.5% | ||||||||
4,766 | Arcelormittal | 119,019 | ||||||
77,329 | L’Occitane International SA | 145,003 | ||||||
1,896 | RTL Group SA | 121,806 | ||||||
8,519 | Tenaris SA | 126,785 | ||||||
|
| |||||||
512,613 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Macau—0.1% | ||||||||
854,000 | Macau Legend Development Ltd. | $ | 149,244 | |||||
|
| |||||||
Mongolia—0.1% | ||||||||
60,089 | Turquoise Hill Resources Ltd.(a) | 101,578 | ||||||
|
| |||||||
Netherlands—1.7% | ||||||||
3,384 | Aalberts Industries NV | 124,421 | ||||||
22,591 | Aegon NV | 138,939 | ||||||
1,469 | Akzo Nobel NV | 123,636 | ||||||
2,925 | ASR Nederland NV | 133,097 | ||||||
2,131 | Exor NV | 120,823 | ||||||
2,372 | Gemalto NV(a) | 135,347 | ||||||
5,626 | GrandVision NV(b) | 142,407 | ||||||
1,470 | Heineken Holding NV | 127,417 | ||||||
1,420 | Heineken NV | 128,071 | ||||||
5,648 | Koninklijke Ahold Delhaize NV | 129,461 | ||||||
1,347 | Koninklijke DSM NV | 118,099 | ||||||
2,762 | Koninklijke Vopak NV | 125,179 | ||||||
2,311 | Randstad NV | 116,653 | ||||||
4,808 | Signify NV(b) | 118,760 | ||||||
2,208 | Wolters Kluwer NV | 125,489 | ||||||
|
| |||||||
1,907,799 | ||||||||
|
| |||||||
New Zealand—1.2% | ||||||||
16,861 | a2 Milk Co. Ltd.(a) | 114,727 | ||||||
62,693 | Air New Zealand Ltd. | 114,628 | ||||||
29,912 | Auckland International Airport Ltd. | 136,532 | ||||||
37,672 | Contact Energy Ltd. | 137,513 | ||||||
151,508 | Kiwi Property Group Ltd. | 130,099 | ||||||
62,506 | Mercury NZ Ltd. | 138,776 | ||||||
64,135 | Meridian Energy Ltd. | 131,294 | ||||||
15,268 | Ryman Healthcare Ltd. | 120,637 | ||||||
50,996 | SKYCITY Entertainment Group Ltd. | 127,540 | ||||||
52,798 | Spark New Zealand Ltd. | 136,185 | ||||||
|
| |||||||
1,287,931 | ||||||||
|
| |||||||
Norway—0.6% | ||||||||
8,382 | Gjensidige Forsikring ASA | 130,243 | ||||||
6,334 | Marine Harvest ASA | 153,735 | ||||||
16,936 | Orkla ASA | 146,571 | ||||||
2,266 | Schibsted ASA, Class B | 71,984 | ||||||
1,848 | Schibsted ASA, Class A | 64,224 | ||||||
7,356 | Telenor ASA | 135,350 | ||||||
|
| |||||||
702,107 | ||||||||
|
| |||||||
Poland—0.7% | ||||||||
4,493 | Bank Polska Kasa Opieki SA | 122,807 | ||||||
2,774 | CD Projekt SA(a) | 114,637 | ||||||
23,412 | Cyfrowy Polsat SA(a) | 135,073 | ||||||
90,060 | Polskie Gornictwo Naftowe i Gazownictwo SA(a) | 147,179 | ||||||
12,377 | Powszechna Kasa Oszczednosci Bank Polski SA | 129,019 | ||||||
1,377 | Santander Bank Polska SA | 122,367 | ||||||
|
| |||||||
771,082 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Portugal—0.2% | ||||||||
7,039 | Galp Energia SGPS SA | $ | 122,783 | |||||
9,520 | Jeronimo Martins SGPS SA | 117,143 | ||||||
|
| |||||||
239,926 | ||||||||
|
| |||||||
Russia—0.3% | ||||||||
22,140 | Evraz PLC | 153,611 | ||||||
17,117 | Polymetal International PLC | 158,392 | ||||||
|
| |||||||
312,003 | ||||||||
|
| |||||||
Singapore—2.6% | ||||||||
69,142 | Ascendas Real Estate Investment Trust REIT | 125,822 | ||||||
18,758 | BOC Aviation Ltd.(b) | 134,116 | ||||||
108,241 | CapitaLand Commercial Trust Ltd. REIT | 135,223 | ||||||
56,500 | CapitaLand Ltd. | 128,112 | ||||||
91,209 | CapitaLand Mall Trust REIT | 138,974 | ||||||
85,935 | ComfortDelGro Corp. Ltd. | 139,626 | ||||||
114,809 | Frasers Property Ltd. | 130,992 | ||||||
6,320 | Jardine Cycle & Carriage Ltd. | 138,147 | ||||||
121,434 | M1 Ltd. | 185,027 | ||||||
63,575 | SIA Engineering Co. Ltd. | 129,923 | ||||||
19,872 | Singapore Airlines Ltd. | 136,039 | ||||||
25,700 | Singapore Exchange Ltd. | 126,941 | ||||||
169,095 | Singapore Post Ltd. | 126,992 | ||||||
70,081 | Singapore Press Holdings Ltd. | 134,109 | ||||||
59,288 | Singapore Technologies Engineering Ltd. | 151,988 | ||||||
59,956 | Singapore Telecommunications Ltd. | 136,815 | ||||||
100,745 | Suntec Real Estate Investment Trust REIT | 128,769 | ||||||
28,674 | UOL Group Ltd. | 124,859 | ||||||
11,362 | Venture Corp. Ltd. | 125,697 | ||||||
61,482 | Wilmar International Ltd. | 140,297 | ||||||
93,795 | Wing Tai Holdings Ltd. | 130,722 | ||||||
|
| |||||||
2,849,190 | ||||||||
|
| |||||||
South Africa—0.3% | ||||||||
6,978 | Anglo American PLC | 149,363 | ||||||
21,841 | Investec PLC | 135,072 | ||||||
|
| |||||||
284,435 | ||||||||
|
| |||||||
South Korea—6.8% | ||||||||
18,796 | BNK Financial Group, Inc. | 125,191 | ||||||
562 | Celltrion, Inc.(a) | 107,266 | ||||||
8,316 | Cheil Worldwide, Inc. | 165,656 | ||||||
472 | CJ CheilJedang Corp. | 134,200 | ||||||
1,235 | CJ CheilJedang Corp. (Preference Shares) | 128,426 | ||||||
658 | Cj Enm Co. Ltd. | 130,497 | ||||||
1,036 | CJ Logistics Corp.(a) | 144,097 | ||||||
1,674 | Coway Co. Ltd. | 103,271 | ||||||
2,462 | DB Insurance Co. Ltd. | 155,124 | ||||||
6,967 | Dongsuh Cos., Inc. | 114,023 | ||||||
16,665 | Doosan Infracore Co. Ltd.(a) | 112,606 | ||||||
754 | E-MART, Inc. | 135,310 | ||||||
3,350 | GS Engineering & Construction Corp. | 122,735 | ||||||
4,365 | GS Retail Co. Ltd. | 137,514 | ||||||
3,640 | Hana Financial Group, Inc. | 122,340 | ||||||
3,333 | Hankook Tire Co. Ltd. | 121,088 | ||||||
1,754 | Hanmi Science Co. Ltd. | 102,665 | ||||||
12,445 | Hanon Systems | 119,585 | ||||||
1,803 | Hanssem Co. Ltd. | 77,291 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
9,268 | Hite Jinro Co. Ltd. | $ | 128,095 | |||||
3,556 | Hyosung Corp. | 160,083 | ||||||
1,613 | Hyundai Department Store Co. Ltd. | 122,721 | ||||||
1,286 | Hyundai Glovis Co. Ltd. | 128,651 | ||||||
4,256 | Hyundai Marine & Fire Insurance Co. Ltd. | 156,115 | ||||||
2,951 | Hyundai Steel Co. | 108,117 | ||||||
10,643 | Industrial Bank of Korea | 138,694 | ||||||
1,275 | Kakao Corp. | 102,488 | ||||||
5,537 | Kangwon Land, Inc. | 139,452 | ||||||
4,311 | KEPCO Plant Service & Engineering Co. Ltd. | 104,035 | ||||||
4,882 | Kia Motors Corp. | 121,670 | ||||||
398 | Korea Zinc Co. Ltd. | 132,370 | ||||||
1,583 | KT&G Corp. | 140,998 | ||||||
1,599 | Kumho Petrochemical Co. Ltd. | 120,814 | ||||||
394 | LG Chem Ltd. | 119,975 | ||||||
66 | LG Chem Ltd. (Preference Shares) | 11,555 | ||||||
2,170 | LG Corp. | 126,253 | ||||||
6,999 | LG Display Co. Ltd. | 101,341 | ||||||
10,242 | LG Uplus Corp. | 145,152 | ||||||
514 | Lotte Chemical Corp. | 118,402 | ||||||
119 | Lotte Chilsung Beverage Co. Ltd. | 142,856 | ||||||
2,674 | LOTTE Fine Chemical Co. Ltd. | 95,622 | ||||||
2,300 | LS Corp. | 101,926 | ||||||
392 | NCSoft Corp. | 147,746 | ||||||
624 | Nongshim Co. Ltd. | 119,374 | ||||||
215 | Ottogi Corp. | 124,334 | ||||||
499 | POSCO | 112,976 | ||||||
1,852 | S-1 Corp. | 156,832 | ||||||
4,403 | Samsung Card Co. Ltd. | 130,017 | ||||||
968 | Samsung Electro-Mechanics Co. Ltd. | 100,236 | ||||||
572 | Samsung Fire & Marine Insurance Co. Ltd. | 139,794 | ||||||
44 | Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares) | 6,873 | ||||||
650 | Samsung SDI Co. Ltd. | 134,329 | ||||||
3,711 | Shinhan Financial Group Co. Ltd. | 138,566 | ||||||
1,929 | SK Hynix, Inc. | 115,447 | ||||||
818 | SK Innovation Co. Ltd. | 153,256 | ||||||
31,622 | SK Networks Co. Ltd. | 118,074 | ||||||
600 | SK Telecom Co. Ltd. | 141,108 | ||||||
3,322 | SKC Co. Ltd. | 96,638 | ||||||
1,323 | S-Oil Corp. | 143,962 | ||||||
9,847 | Woori Bank | 136,098 | ||||||
642 | Yuhan Corp. | 94,366 | ||||||
|
| |||||||
7,436,296 | ||||||||
|
| |||||||
Spain—2.8% | ||||||||
10,499 | Acerinox SA | 117,389 | ||||||
3,382 | ACS Actividades de Construccion y Servicios SA | 126,877 | ||||||
786 | Aena SME SA(b) | 125,705 | ||||||
1,548 | Amadeus IT Group SA | 124,847 | ||||||
15,192 | Bankinter SA | 124,693 | ||||||
2,396 | Corp. Financiera Alba SA | 115,243 | ||||||
14,182 | EDP Renovaveis SA | 127,587 | ||||||
4,869 | Enagas SA | 129,314 | ||||||
6,110 | Endesa SA | 127,936 | ||||||
6,567 | Ferrovial SA | 131,701 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Spain (continued) | ||||||||
9,719 | Fomento de Construcciones y Contratas SA(a) | $ | 129,502 | |||||
3,049 | Grifols SA | 87,023 | ||||||
2,412 | Grifols SA (Preference Shares), Class B | 49,575 | ||||||
3,266 | Grupo Catalana Occidente SA | 135,070 | ||||||
18,665 | Iberdrola SA | 132,304 | ||||||
4,720 | Industria de Diseno Textil SA | 133,326 | ||||||
12,566 | Inmobiliaria Colonial Socimi SA REIT | 126,361 | ||||||
19,566 | Mediaset Espana Comunicacion SA | 133,282 | ||||||
10,032 | MERLIN Properties SOCIMI SA REIT | 125,944 | ||||||
5,112 | Naturgy Energy Group SA | 125,805 | ||||||
6,481 | Red Electrica Corp. SA | 134,382 | ||||||
7,160 | Repsol SA | 128,382 | ||||||
9,470 | Siemens Gamesa Renewable Energy SA(a) | 105,068 | ||||||
17,406 | Telefonica SA | 142,747 | ||||||
15,013 | Zardoya Otis SA | 102,913 | ||||||
|
| |||||||
3,042,976 | ||||||||
|
| |||||||
Sweden—2.3% | ||||||||
6,758 | Assa Abloy AB, Class B | 134,943 | ||||||
5,310 | Boliden AB | 121,512 | ||||||
6,285 | Electrolux AB, Series B | 130,793 | ||||||
10,697 | Elekta AB, Class B | 135,824 | ||||||
4,964 | Fastighets AB Balder, Class B(a) | 124,810 | ||||||
2,384 | Hexagon AB, Class B | 117,013 | ||||||
17,140 | Husqvarna AB, Class B | 129,623 | ||||||
4,681 | ICA Gruppen AB | 165,889 | ||||||
4,333 | Kinnevik AB, Class B | 120,370 | ||||||
4,032 | Lundin Petroleum AB | 123,258 | ||||||
7,923 | Securitas AB, Class B | 136,056 | ||||||
12,607 | Skandinaviska Enskilda Banken AB, Class A | 130,709 | ||||||
201 | Skandinaviska Enskilda Banken AB, Class C | 2,067 | ||||||
7,461 | Skanska AB, Class B | 117,592 | ||||||
12,025 | Svenska Cellulosa AB SCA, Class B | 113,965 | ||||||
11,132 | Svenska Handelsbanken AB, Class A | 121,238 | ||||||
292 | Svenska Handelsbanken AB, Class B | 3,239 | ||||||
5,858 | Swedbank AB, Class A | 132,098 | ||||||
2,655 | Swedish Match AB | 135,456 | ||||||
11,009 | Tele2 AB, Class B | 125,271 | ||||||
31,971 | Telia Co. AB(c) | 144,329 | ||||||
|
| |||||||
2,466,055 | ||||||||
|
| |||||||
Switzerland—3.4% | ||||||||
187 | Banque Cantonale Vaudoise | 139,985 | ||||||
76 | Barry Callebaut AG | 148,766 | ||||||
1 | Chocoladefabriken Lindt & Spruengli AG | 79,928 | ||||||
10 | Chocoladefabriken Lindt & Spruengli AG-PC | 69,092 | ||||||
5,694 | Clariant AG(a) | 122,892 | ||||||
4,146 | Coca-Cola HBC AG(a) | 122,373 | ||||||
1,997 | DKSH Holding AG | 134,900 | ||||||
222 | EMS-Chemie Holding AG | 122,487 | ||||||
682 | Flughafen Zurich AG | 135,058 | ||||||
307 | Geberit AG | 120,340 | ||||||
113 | Georg Fischer AG | 105,316 | ||||||
58 | Givaudan SA | 140,921 | ||||||
229 | Helvetia Holding AG | 140,464 | ||||||
2,675 | Julius Baer Group Ltd.(a) | 122,435 | ||||||
2,901 | Logitech International SA | 107,486 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
9,653 | OC Oerlikon Corp. AG(a) | $ | 115,061 | |||||
1,740 | Pargesa Holding SA | 127,918 | ||||||
180 | Partners Group Holding AG | 128,393 | ||||||
1,381 | PSP Swiss Property AG | 133,515 | ||||||
188 | Schindler Holding AG | 39,099 | ||||||
403 | Schindler Holding AG-PC | 85,095 | ||||||
53 | SGS SA | 126,032 | ||||||
960 | Sika AG | 123,305 | ||||||
709 | Sonova Holding AG | 115,982 | ||||||
1,122 | Sulzer AG | 112,880 | ||||||
410 | Swatch Group AG (The) | 27,411 | ||||||
268 | Swatch Group AG (The)-BR | 90,799 | ||||||
381 | Swiss Life Holding AG(a) | 144,007 | ||||||
1,534 | Swiss Prime Site AG(a) | 124,745 | ||||||
1,517 | Swiss RE AG | 137,177 | ||||||
877 | Temenos AG(a) | 120,752 | ||||||
461 | Zurich Insurance Group AG | 143,538 | ||||||
|
| |||||||
3,708,152 | ||||||||
|
| |||||||
United Arab Emirates—0.1% | ||||||||
2,845 | NMC Health PLC | 128,395 | ||||||
|
| |||||||
United Kingdom—8.3% | ||||||||
5,117 | Admiral Group PLC | 131,615 | ||||||
31,581 | Ashmore Group PLC | 142,122 | ||||||
4,509 | Ashtead Group PLC | 111,511 | ||||||
24,839 | Auto Trader Group PLC(b) | 129,999 | ||||||
4,153 | AVEVA Group PLC | 138,924 | ||||||
21,864 | Aviva PLC | 119,709 | ||||||
26,297 | B&M European Value Retail SA | 140,049 | ||||||
3,684 | Bellway PLC | 135,145 | ||||||
17,054 | British Land Co. PLC (The) REIT | 129,001 | ||||||
49,495 | BT Group PLC | 152,129 | ||||||
4,450 | Bunzl PLC | 131,403 | ||||||
75,641 | Centrica PLC | 142,269 | ||||||
35,101 | Cineworld Group PLC | 132,129 | ||||||
11,808 | CNH Industrial NV, Class A | 122,900 | ||||||
86,530 | Cobham PLC(a) | 119,022 | ||||||
50,555 | Convatec Group PLC(b) | 104,647 | ||||||
2,129 | Croda International PLC | 131,120 | ||||||
31,820 | CYBG PLC | 109,289 | ||||||
3,561 | Derwent London PLC REIT | 133,271 | ||||||
32,284 | Direct Line Insurance Group PLC | 135,922 | ||||||
21,637 | DS Smith PLC | 108,624 | ||||||
7,105 | easyJet PLC | 108,941 | ||||||
5,610 | Experian PLC | 129,206 | ||||||
8,123 | Fiat Chrysler Automobiles NV(a) | 123,791 | ||||||
6,838 | GlaxoSmithKline PLC | 132,037 | ||||||
7,481 | Halma PLC | 126,941 | ||||||
23,525 | Hammerson PLC REIT | 131,809 | ||||||
6,270 | Hiscox Ltd. | 130,427 | ||||||
22,249 | Howden Joinery Group PLC | 133,359 | ||||||
8,822 | IMI PLC | 112,103 | ||||||
15,620 | Inchcape PLC | 107,975 | ||||||
13,899 | Informa PLC | 126,731 | ||||||
2,277 | InterContinental Hotels Group PLC | 119,578 | ||||||
15,296 | International Consolidated Airlines Group SA | 117,931 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United Kingdom (continued) | ||||||||
66,907 | ITV PLC | $ | 127,338 | |||||
21,341 | JD Sports Fashion PLC | 111,337 | ||||||
39,194 | Kingfisher PLC | 127,554 | ||||||
41,866 | Legal & General Group PLC | 134,538 | ||||||
175,243 | Lloyds Banking Group PLC | 128,125 | ||||||
2,287 | London Stock Exchange Group PLC | 126,093 | ||||||
35,405 | Marks & Spencer Group PLC | 133,907 | ||||||
28,047 | Merlin Entertainments PLC(b) | 115,825 | ||||||
5,022 | Mondi PLC | 118,359 | ||||||
13,508 | National Grid PLC | 143,119 | ||||||
10,292 | NEX Group PLC | 149,391 | ||||||
15,034 | Phoenix Group Holdings | 115,738 | ||||||
6,210 | Prudential PLC | 124,616 | ||||||
1,677 | Reckitt Benckiser Group PLC | 135,703 | ||||||
6,287 | RELX PLC | 124,515 | ||||||
2,010 | Renishaw PLC | 108,227 | ||||||
22,399 | Rightmove PLC | 129,407 | ||||||
505,494 | Rolls-Royce Holdings C Shares(a) | 646 | ||||||
10,989 | Rolls-Royce Holdings PLC | 117,806 | ||||||
42,418 | Royal Bank of Scotland Group PLC | 128,128 | ||||||
23,042 | Royal Mail PLC | 105,696 | ||||||
15,433 | RPC Group PLC | 150,381 | ||||||
16,951 | RSA Insurance Group PLC | 122,244 | ||||||
18,319 | Sage Group PLC (The) | 127,428 | ||||||
3,552 | Schroders PLC | 121,634 | ||||||
16,291 | Segro PLC REIT | 127,934 | ||||||
7,761 | Smith & Nephew PLC | 126,288 | ||||||
6,651 | Smiths Group PLC | 118,764 | ||||||
1,544 | Spirax-Sarco Engineering PLC | 127,643 | ||||||
8,403 | SSE PLC | 122,562 | ||||||
9,420 | St. James’s Place PLC | 121,989 | ||||||
16,835 | Standard Chartered PLC | 118,202 | ||||||
29,015 | Standard Life Aberdeen PLC | 100,285 | ||||||
4,696 | TechnipFMC PLC | 125,358 | ||||||
2,456 | Unilever NV CVA | 132,251 | ||||||
2,480 | Unilever PLC | 131,395 | ||||||
5,947 | Weir Group PLC (The) | 120,517 | ||||||
40,479 | WM Morrison Supermarkets PLC | 128,322 | ||||||
9,256 | WPP PLC | 105,093 | ||||||
|
| |||||||
9,035,987 | ||||||||
|
| |||||||
United States—0.7% | ||||||||
2,313 | Carnival PLC | 125,990 | ||||||
1,709 | Ferguson PLC | 115,363 | ||||||
3,614 | Qiagen NV(a) | 131,322 | ||||||
33,900 | Samsonite International SA(a)(b) | 97,297 | ||||||
2,466 | Shire PLC | 147,479 | ||||||
1,718 | Waste Connections, Inc. | 131,658 | ||||||
|
| |||||||
749,109 | ||||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $112,663,516)—99.8% | 109,007,614 | |||||||
|
|
Number of Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—0.5% | ||||||||
577,575 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(d)(e) (Cost $577,575) | $ | 577,575 | |||||
|
| |||||||
Total Investments in Securities (Cost $113,241,091)—100.3% | 109,585,189 | |||||||
Other assets less liabilities—(0.3)% | (326,765 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 109,258,424 | ||||||
|
|
Investment Abbreviations:
BR—Bearer Shares
CVA—Dutch Certificates
PC—Participation Certificate
REIT—Real Estate Investment Trust
RSP—Registered Savings Plan Shares
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 October 31, 2018 was $1,853,105, which represented 1.70% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2018. |
(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 October 31, 2018. |
(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.
| 29 |
|
Schedule of Investments
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.9% | ||||||||
Brazil—5.0% | ||||||||
7,500 | Ambev SA | $ | 32,992 | |||||
600 | Atacadao Distribuicao Comercio E Industria Ltda | 2,462 | ||||||
3,300 | B3 SA—Brasil Bolsa Balcao | 23,578 | ||||||
1,600 | Banco Bradesco SA | 13,030 | ||||||
5,300 | Banco Bradesco SA (Preference Shares) | 48,941 | ||||||
1,400 | Banco do Brasil SA | 16,113 | ||||||
700 | Banco Santander Brasil SA | 7,953 | ||||||
1,100 | BB Seguridade Participacoes SA | 7,842 | ||||||
1,300 | BR Malls Participacoes SA(a) | 4,445 | ||||||
300 | Braskem SA (Preference Shares), Class A | 4,212 | ||||||
800 | BRF SA(a) | 4,717 | ||||||
1,900 | CCR SA | 5,611 | ||||||
300 | Centrais Eletricas Brasileiras SA(a) | 1,898 | ||||||
400 | Centrais Eletricas Brasileiras SA (Preference Shares), Class B(a) | 2,864 | ||||||
200 | Cia Brasileira de Distribuicao (Preference Shares), Class A | 4,212 | ||||||
500 | Cia de Saneamento Basico do Estado de Sao Paulo | 3,762 | ||||||
1,400 | Cia Energetica de Minas Gerais (Preference Shares) | 4,157 | ||||||
1,000 | Cia Siderurgica Nacional SA(a) | 2,576 | ||||||
2,000 | Cielo SA | 7,107 | ||||||
300 | Cosan SA | 2,605 | ||||||
500 | EDP—Energias do Brasil SA | 1,885 | ||||||
1,100 | Embraer SA | 6,198 | ||||||
300 | Engie Brasil Energia SA | 3,214 | ||||||
300 | Equatorial Energia SA | 5,491 | ||||||
400 | Fibria Celulose SA | 7,737 | ||||||
1,600 | Gerdau SA (Preference Shares) | 7,004 | ||||||
600 | Hypera SA | 4,810 | ||||||
200 | IRB Brasil Resseguros SA | 3,901 | ||||||
5,100 | Itau Unibanco Holding SA (Preference Shares) | 67,620 | ||||||
7,150 | Itausa—Investimentos Itau SA (Preference Shares) | 21,636 | ||||||
1,100 | Klabin SA | 5,529 | ||||||
2,200 | Kroton Educacional SA | 6,764 | ||||||
800 | Localiza Rent A Car SA | 6,192 | ||||||
1,200 | Lojas Americanas SA (Preference Shares) | 6,073 | ||||||
1,100 | Lojas Renner SA | 11,135 | ||||||
200 | M Dias Branco SA | 2,394 | ||||||
100 | Magazine Luiza SA | 4,544 | ||||||
300 | Multiplan Empreendimentos Imobiliarios SA | 1,858 | ||||||
300 | Natura Cosmeticos SA | 2,632 | ||||||
400 | Odontoprev SA | 1,424 | ||||||
600 | Petrobras Distribuidora SA | 3,873 | ||||||
4,600 | Petroleo Brasileiro SA | 37,548 | ||||||
6,100 | Petroleo Brasileiro SA (Preference Shares) | 45,358 | ||||||
100 | Porto Seguro SA | 1,464 | ||||||
400 | Raia Drogasil SA | 6,765 | ||||||
1,700 | Rumo SA(a) | 7,620 | ||||||
300 | Sul America SA | 2,003 | ||||||
700 | Suzano Papel E Celulose SA | 7,133 | ||||||
700 | Telefonica Brasil SA (Preference Shares) | 8,145 | ||||||
1,400 | TIM Participacoes SA | 4,368 | ||||||
600 | Ultrapar Participacoes SA | 7,148 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Brazil (continued) | ||||||||
5,000 | Vale SA | $ | 76,336 | |||||
1,300 | WEG SA | 6,300 | ||||||
|
| |||||||
593,179 | ||||||||
|
| |||||||
Chile—3.8% | ||||||||
23,384 | Aguas Andinas SA, Class A | 12,156 | ||||||
223,380 | Banco de Chile | 30,926 | ||||||
395 | Banco de Credito e Inversiones SA | 24,822 | ||||||
582,316 | Banco Santander Chile | 42,714 | ||||||
12,801 | Cencosud SA | 26,630 | ||||||
1,322 | Cia Cervecerias Unidas SA | 16,425 | ||||||
70,565 | Colbun SA | 13,232 | ||||||
2,539 | Embotelladora Andina SA (Preference Shares), Class B | 8,772 | ||||||
1,358 | Empresa Nacional de Telecomunicaciones SA | 9,862 | ||||||
11,022 | Empresas CMPC SA | 37,713 | ||||||
3,449 | Empresas COPEC SA | 48,318 | ||||||
253,703 | Enel Americas SA | 39,962 | ||||||
250,862 | Enel Chile SA | 21,823 | ||||||
1,374,615 | Itau CorpBanca | 12,732 | ||||||
2,711 | Latam Airlines Group SA | 24,642 | ||||||
6,450 | S.A.C.I. Falabella | 48,628 | ||||||
849 | Sociedad Quimica y Minera de Chile SA (Preference Shares), Series B | 36,645 | ||||||
|
| |||||||
456,002 | ||||||||
|
| |||||||
China—3.3% | ||||||||
500 | 3SBio, Inc.(b) | 726 | ||||||
8 | 51job, Inc. ADR(a) | 491 | ||||||
28 | 58.com, Inc., Class A ADR(a) | 1,837 | ||||||
250 | AAC Technologies Holdings, Inc. | 1,902 | ||||||
453 | Agile Group Holdings Ltd. | 517 | ||||||
9,000 | Agricultural Bank of China Ltd., H-Shares | 3,949 | ||||||
353 | Alibaba Group Holding Ltd. ADR(a) | 50,225 | ||||||
2,000 | Alibaba Health Information Technology Ltd.(a) | 1,617 | ||||||
2,000 | Aluminum Corp. of China Ltd., H-Shares(a) | 725 | ||||||
500 | Anhui Conch Cement Co. Ltd., H-Shares | 2,583 | ||||||
317 | ANTA Sports Products Ltd. | 1,302 | ||||||
18 | Autohome, Inc., Class A ADR | 1,303 | ||||||
1,000 | AviChina Industry & Technology Co. Ltd., H-Shares | 666 | ||||||
500 | BAIC Motor Corp. Ltd., H-Shares(b) | 281 | ||||||
84 | Baidu, Inc. ADR(a) | 15,965 | ||||||
24,000 | Bank of China Ltd., H-Shares | 10,225 | ||||||
3,000 | Bank of Communications Co. Ltd., H-Shares | 2,250 | ||||||
11 | Baozun, Inc. ADR(a) | 438 | ||||||
1,000 | BBMG Corp., H-Shares | 276 | ||||||
2,000 | Beijing Enterprises Water Group Ltd. | 1,018 | ||||||
2,000 | Brilliance China Automotive Holdings Ltd. | 1,745 | ||||||
500 | BYD Co. Ltd., H-Shares | 3,240 | ||||||
3,000 | CGN Power Co. Ltd., H-Shares(b) | 689 | ||||||
1,000 | China Agri-Industries Holdings Ltd. | 334 | ||||||
3,000 | China Cinda Asset Management Co. Ltd., H-Shares | 735 | ||||||
3,000 | China CITIC Bank Corp. Ltd., H-Shares | 1,856 | ||||||
1,000 | China Coal Energy Co. Ltd., H-Shares | 448 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,000 | China Communications Construction Co. Ltd., H-Shares | $ | 915 | |||||
500 | China Conch Venture Holdings Ltd. | 1,403 | ||||||
29,000 | China Construction Bank Corp., H-Shares | 23,009 | ||||||
1,000 | China Everbright Bank Co. Ltd., H-Shares | 445 | ||||||
1,000 | China Everbright International Ltd. | 797 | ||||||
700 | China Evergrande Group | 1,670 | ||||||
1,000 | China Galaxy Securities Co. Ltd., H-Shares | 503 | ||||||
3,000 | China Huarong Asset Management Co. Ltd., H-Shares(b) | 543 | ||||||
400 | China International Capital Corp. Ltd., H-Shares(b) | 657 | ||||||
100 | China International Marine Containers Group Co. Ltd., H-Shares | 88 | ||||||
2,000 | China Jinmao Holdings Group Ltd. | 839 | ||||||
2,000 | China Life Insurance Co. Ltd., H-Shares | 3,985 | ||||||
1,000 | China Longyuan Power Group Corp., H-Shares | 760 | ||||||
1,000 | China Medical System Holdings Ltd. | 1,190 | ||||||
1,000 | China Mengniu Dairy Co. Ltd.(a) | 2,947 | ||||||
1,000 | China Merchants Bank Co. Ltd., H-Shares | 3,852 | ||||||
1,800 | China Minsheng Banking Corp. Ltd., H-Shares | 1,327 | ||||||
2,000 | China Mobile Ltd. | 18,700 | ||||||
2,000 | China National Building Material Co. Ltd., H-Shares | 1,429 | ||||||
1,148 | China Overseas Land & Investment Ltd. | 3,595 | ||||||
800 | China Pacific Insurance (Group) Co. Ltd., H-Shares | 2,980 | ||||||
8,000 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 6,490 | ||||||
1,000 | China Power International Development Ltd. | 198 | ||||||
500 | China Railway Construction Corp. Ltd., H-Shares | 633 | ||||||
1,000 | China Railway Group Ltd., H-Shares | 893 | ||||||
2,000 | China Reinsurance Group Corp., H-Shares | 383 | ||||||
1,283 | China Resources Land Ltd. | 4,353 | ||||||
500 | China Resources Pharmaceutical Group Ltd.(b) | 733 | ||||||
581 | China Resources Power Holdings Co. Ltd. | 1,021 | ||||||
1,000 | China Shenhua Energy Co. Ltd., H-Shares | 2,265 | ||||||
400 | China Taiping Insurance Holdings Co. Ltd. | 1,337 | ||||||
4,000 | China Telecom Corp. Ltd., H-Shares | 1,888 | ||||||
10,000 | China Tower Corp. Ltd., H-Shares(a)(b) | 1,518 | ||||||
2,000 | China Unicom Hong Kong Ltd. | 2,077 | ||||||
400 | China Vanke Co. Ltd., H-Shares | 1,232 | ||||||
400 | China Zhongwang Holdings Ltd. | 178 | ||||||
4,000 | Chong Sing Holdings Fintech GR(a) | 181 | ||||||
1,000 | Chongqing Rural Commercial Bank Co. Ltd., H-Shares | 551 | ||||||
2,000 | CIFI Holdings Group Co. Ltd. | 837 | ||||||
2,000 | CITIC Ltd. | 3,000 | ||||||
500 | CITIC Securities Co. Ltd., H-Shares | 880 | ||||||
5,000 | CNOOC Ltd. | 8,585 | ||||||
1,000 | COSCO SHIPPING Development Co. Ltd., H-Shares(a) | 102 | ||||||
1,000 | COSCO SHIPPING Holdings Co. Ltd., H-Shares(a) | 357 | ||||||
2,000 | Country Garden Holdings Co. Ltd. | 2,140 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
1,000 | CRRC Corp. Ltd., H-Shares | $ | 878 | |||||
2,000 | CSPC Pharmaceutical Group Ltd. | 4,220 | ||||||
120 | Ctrip.com International Ltd. ADR(a) | 3,994 | ||||||
500 | Dali Foods Group Co. Ltd.(b) | 357 | ||||||
200 | ENN Energy Holdings Ltd. | 1,700 | ||||||
64 | Fang Holdings Ltd. ADR(a) | 130 | ||||||
1,000 | Far East Horizon Ltd. | 969 | ||||||
1,000 | Fosun International Ltd. | 1,459 | ||||||
4,000 | GCL-Poly Energy Holdings Ltd.(a) | 237 | ||||||
18 | GDS Holdings Ltd. ADR(a) | 422 | ||||||
2,000 | Geely Automobile Holdings Ltd. | 3,827 | ||||||
400 | GF Securities Co. Ltd., H-Shares | 517 | ||||||
3,000 | GOME Retail Holdings Ltd.(a) | 298 | ||||||
1,000 | Great Wall Motor Co. Ltd., H-Shares | 592 | ||||||
500 | Greentown China Holdings Ltd. | 347 | ||||||
2,000 | Guangdong Investment Ltd. | 3,572 | ||||||
916 | Guangzhou Automobile Group Co. Ltd., H-Shares | 927 | ||||||
400 | Guangzhou R&F Properties Co. Ltd., H-Shares | 628 | ||||||
200 | Guotai Junan Securities Co. Ltd., H-Shares, Class H(b) | 421 | ||||||
800 | Haitong Securities Co. Ltd., H-Shares | 805 | ||||||
214 | Hengan International Group Co. Ltd. | 1,695 | ||||||
8,000 | HengTen Networks Group Ltd.(a) | 286 | ||||||
2,000 | Huaneng Power International, Inc., H-Shares | 1,115 | ||||||
2,000 | Huaneng Renewables Corp. Ltd., H-Shares | 513 | ||||||
400 | Huatai Securities Co. Ltd., H-Shares(b) | 643 | ||||||
40 | Huazhu Group Ltd. ADR | 1,046 | ||||||
21,000 | Industrial & Commercial Bank of China Ltd., H-Shares | 14,198 | ||||||
220 | JD.com, Inc., Class A ADR(a) | 5,174 | ||||||
1,000 | Kaisa Group Holdings Ltd. | 244 | ||||||
500 | KWG Group Holdings Ltd. | 382 | ||||||
100 | Legend Holdings Corp., H-Shares(b) | 272 | ||||||
2,000 | Lenovo Group Ltd. | 1,273 | ||||||
500 | Longfor Group Holdings Ltd. | 1,214 | ||||||
500 | Luye Pharma Group Ltd.(b) | 386 | ||||||
500 | Meitu, Inc.(a)(b) | 261 | ||||||
1,000 | Metallurgical Corp. of China Ltd., H-Shares | 242 | ||||||
36 | Momo, Inc., Class A ADR(a) | 1,209 | ||||||
24 | NetEase, Inc. ADR | 4,988 | ||||||
300 | New China Life Insurance Co. Ltd., H-Shares | 1,403 | ||||||
43 | New Oriental Education & Technology Group, Inc. ADR(a) | 2,516 | ||||||
9 | Noah Holdings Ltd. ADR(a) | 339 | ||||||
2,000 | People’s Insurance Co. Group of China Ltd. (The), H-Shares | 816 | ||||||
6,000 | PetroChina Co. Ltd., H-Shares | 4,393 | ||||||
3,000 | PICC Property & Casualty Co. Ltd., H-Shares | 2,908 | ||||||
1,500 | Ping An Insurance Group Co. of China Ltd., H-Shares | 14,131 | ||||||
1,000 | Postal Savings Bank of China Co. Ltd., H-Shares(b) | 597 | ||||||
1,000 | Semiconductor Manufacturing International Corp.(a) | 825 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China (continued) | ||||||||
147 | Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares | $ | 441 | |||||
300 | Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares | 663 | ||||||
500 | Shenzhen International Holdings Ltd. | 957 | ||||||
500 | Shimao Property Holdings Ltd. | 978 | ||||||
1,000 | Shui On Land Ltd. | 202 | ||||||
1,000 | Sihuan Pharmaceutical Holdings Group Ltd. | 203 | ||||||
20 | SINA Corp.(a) | 1,266 | ||||||
1,500 | Sino Biopharmaceutical Ltd. | 1,345 | ||||||
1,000 | Sino-Ocean Group Holding Ltd. | 392 | ||||||
500 | Sinopec Engineering Group Co. Ltd., H-Shares | 465 | ||||||
2,000 | Sinopec Shanghai Petrochemical Co. Ltd., H-Shares | 878 | ||||||
400 | Sinopharm Group Co. Ltd., H-Shares | 1,929 | ||||||
1,000 | Sinotrans Ltd., H-Shares | 348 | ||||||
500 | SOHO China Ltd. | 170 | ||||||
1,000 | Sunac China Holdings Ltd. | 2,717 | ||||||
200 | Sunny Optical Technology Group Co. Ltd. | 1,735 | ||||||
101 | TAL Education Group ADR(a) | 2,927 | ||||||
1,700 | Tencent Holdings Ltd. | 57,900 | ||||||
575 | Tingyi Cayman Islands Holding Corp. | 851 | ||||||
131 | Vipshop Holdings Ltd., Class A ADR(a) | 637 | ||||||
2,000 | Want Want China Holdings Ltd. | 1,429 | ||||||
14 | Weibo Corp., Class A ADR(a) | 826 | ||||||
1,000 | Weichai Power Co. Ltd., H-Shares | 989 | ||||||
152 | Wuxi Biologics Cayman, Inc.(a)(b) | 1,083 | ||||||
200 | Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares | 149 | ||||||
2,000 | Yuexiu Property Co. Ltd. | 316 | ||||||
112 | Yum China Holdings, Inc. | 4,041 | ||||||
1,000 | Yuzhou Properties Co. Ltd. | 357 | ||||||
14 | YY, Inc., Class A ADR(a) | 895 | ||||||
500 | Zhaojin Mining Industry Co. Ltd., H-Shares | 441 | ||||||
100 | ZhongAn Online P&C Insurance Co. Ltd., H-Shares(a)(b) | 332 | ||||||
200 | Zhuzhou CRRC Times Electric Co. Ltd., H-Shares | 1,069 | ||||||
2,000 | Zijin Mining Group Co. Ltd., H-Shares | 742 | ||||||
|
| |||||||
399,851 | ||||||||
|
| |||||||
Colombia—3.9% | ||||||||
5,126 | Bancolombia SA | 48,181 | ||||||
10,193 | Bancolombia SA (Preference Shares) | 95,238 | ||||||
10,482 | Cementos Argos SA | 22,842 | ||||||
111,163 | Ecopetrol SA | 129,055 | ||||||
6,608 | Grupo Argos SA | 30,768 | ||||||
88,905 | Grupo Aval Acciones y Valores SA (Preference Shares) | 31,185 | ||||||
5,248 | Grupo de Inversiones Suramericana SA | 51,153 | ||||||
2,570 | Grupo de Inversiones Suramericana SA (Preference Shares) | 23,454 | ||||||
10,081 | Interconexion Electrica SA ESP | 37,426 | ||||||
|
| |||||||
469,302 | ||||||||
|
| |||||||
Czech Republic—4.3% | ||||||||
9,270 | CEZ AS | 220,634 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Czech Republic (continued) | ||||||||
4,371 | Komercni banka AS | $ | 166,072 | |||||
27,965 | Moneta Money Bank AS(b) | 92,816 | ||||||
3,534 | O2 Czech Republic AS | 37,194 | ||||||
|
| |||||||
516,716 | ||||||||
|
| |||||||
Egypt—4.1% | ||||||||
83,039 | Commercial International Bank Egypt SAE | 371,742 | ||||||
71,510 | Eastern Tobacco | 64,154 | ||||||
60,810 | ElSewedy Electric Co. | 51,435 | ||||||
|
| |||||||
487,331 | ||||||||
|
| |||||||
Greece—4.0% | ||||||||
49,109 | Alpha Bank AE(a) | 74,283 | ||||||
66,621 | Eurobank Ergasias SA(a) | 44,914 | ||||||
1,216 | FF Group(a)(c) | 661 | ||||||
8,668 | Hellenic Telecommunications Organization SA | 96,740 | ||||||
3,856 | JUMBO SA | 56,273 | ||||||
1,938 | Motor Oil (Hellas) Corinth Refineries SA | 45,893 | ||||||
19,677 | National Bank of Greece SA(a) | 34,112 | ||||||
7,912 | OPAP SA | 74,407 | ||||||
10,185 | Piraeus Bank SA(a) | 15,002 | ||||||
1,658 | Titan Cement Co. SA | 36,520 | ||||||
|
| |||||||
478,805 | ||||||||
|
| |||||||
Hong Kong—0.1% | ||||||||
600 | China Gas Holdings Ltd. | 1,898 | ||||||
2,500 | Fullshare Holdings Ltd.(a) | 973 | ||||||
1,000 | Haier Electronics Group Co. Ltd.(a) | 2,089 | ||||||
500 | Kingboard Laminates Holdings Ltd. | 383 | ||||||
500 | Sun Art Retail Group Ltd. | 547 | ||||||
|
| |||||||
5,890 | ||||||||
|
| |||||||
Hungary—4.7% | ||||||||
14,176 | MOL Hungarian Oil & Gas PLC | 148,556 | ||||||
8,618 | OTP Bank Nyrt | 309,449 | ||||||
5,341 | Richter Gedeon Nyrt | 99,242 | ||||||
|
| |||||||
557,247 | ||||||||
|
| |||||||
India—4.2% | ||||||||
454 | Axis Bank Ltd. GDR(a)(b) | 17,888 | ||||||
781 | Dr Reddy’s Laboratories Ltd. ADR | 26,577 | ||||||
175 | GAIL India Ltd. GDR(b) | 5,268 | ||||||
546 | HDFC Bank Ltd. ADR | 48,545 | ||||||
1,512 | ICICI Bank Ltd. ADR | 14,349 | ||||||
9,084 | Infosys Ltd. ADR | 86,025 | ||||||
7,000 | Invesco India ETF(a)(d) | 154,350 | ||||||
795 | Larsen & Toubro Ltd. GDR(b) | 13,960 | ||||||
932 | Mahindra & Mahindra Ltd. GDR(b) | 9,646 | ||||||
1,872 | Reliance Industries Ltd. GDR(b) | 53,446 | ||||||
220 | State Bank of India GDR(a)(b) | 8,327 | ||||||
1,157 | Tata Motors Ltd. ADR(a) | 14,127 | ||||||
3,470 | Tata Steel Ltd. GDR(b) | 25,123 | ||||||
1,246 | Vedanta Ltd. ADR | 13,880 | ||||||
1,185 | Wipro Ltd. ADR | 6,126 | ||||||
|
| |||||||
497,637 | ||||||||
|
| |||||||
Indonesia—4.2% | ||||||||
75,400 | PT Adaro Energy Tbk | 8,184 | ||||||
104,000 | PT Astra International Tbk | 54,044 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Indonesia (continued) | ||||||||
51,000 | PT Bank Central Asia Tbk | $ | 79,339 | |||||
15,100 | PT Bank Danamon Indonesia Tbk | 7,375 | ||||||
97,800 | PT Bank Mandiri Persero Tbk | 44,067 | ||||||
39,100 | PT Bank Negara Indonesia Persero Tbk | 18,839 | ||||||
285,900 | PT Bank Rakyat Indonesia Persero Tbk | 59,239 | ||||||
22,200 | PT Bank Tabungan Negara Persero Tbk | 3,096 | ||||||
40,300 | PT Bumi Serpong Damai Tbk(a) | 2,916 | ||||||
38,600 | PT Charoen Pokphand Indonesia Tbk | 13,965 | ||||||
2,500 | PT Gudang Garam Tbk | 11,889 | ||||||
48,700 | PT Hanjaya Mandala Sampoerna Tbk | 11,949 | ||||||
14,300 | PT Indah Kiat Pulp & Paper Corp. Tbk | 11,970 | ||||||
9,600 | PT Indocement Tunggal Prakarsa Tbk | 10,924 | ||||||
12,200 | PT Indofood CBP Sukses Makmur Tbk | 7,162 | ||||||
23,000 | PT Indofood Sukses Makmur Tbk | 9,040 | ||||||
11,400 | PT Jasa Marga Persero Tbk | 3,112 | ||||||
110,500 | PT Kalbe Farma Tbk | 9,958 | ||||||
13,000 | PT Matahari Department Store Tbk | 4,147 | ||||||
88,300 | PT Pakuwon Jati Tbk | 2,776 | ||||||
57,100 | PT Perusahaan Gas Negara Persero Tbk | 8,338 | ||||||
15,500 | PT Semen Indonesia (Persero) Tbk | 9,176 | ||||||
30,600 | PT Surya Citra Media Tbk | 3,160 | ||||||
259,800 | PT Telekomunikasi Indonesia Persero Tbk | 65,794 | ||||||
10,700 | PT Tower Bersama Infrastructure Tbk | 3,294 | ||||||
8,000 | PT Unilever Indonesia Tbk | 22,746 | ||||||
8,757 | PT United Tractors Tbk | 19,297 | ||||||
24,900 | PT Waskita Karya Persero Tbk | 2,359 | ||||||
|
| |||||||
508,155 | ||||||||
|
| |||||||
Luxembourg—0.0% | ||||||||
226 | Reinet Investments SCA | 3,783 | ||||||
|
| |||||||
Malaysia—4.2% | ||||||||
6,400 | AirAsia Group Bhd | 4,022 | ||||||
4,300 | Alliance Bank Malaysia Bhd | 4,069 | ||||||
7,100 | AMMB Holdings Bhd | 6,448 | ||||||
5,600 | Astro Malaysia Holdings Bhd | 1,807 | ||||||
11,600 | Axiata Group Bhd | 9,453 | ||||||
600 | British American Tobacco Malaysia Bhd | 4,459 | ||||||
19,700 | CIMB Group Holdings Bhd | 26,929 | ||||||
15,600 | Dialog Group Bhd | 12,638 | ||||||
13,300 | DiGi.com Bhd | 13,699 | ||||||
7,000 | FGV Holdings Bhd | 2,342 | ||||||
500 | Fraser & Neave Holdings Bhd | 4,027 | ||||||
8,400 | Gamuda Bhd | 4,798 | ||||||
9,000 | Genting Bhd | 15,787 | ||||||
12,700 | Genting Malaysia Bhd | 13,627 | ||||||
1,000 | Genting Plantations Bhd | 2,306 | ||||||
2,700 | HAP Seng Consolidated Bhd | 6,356 | ||||||
5,600 | Hartalega Holdings Bhd | 8,378 | ||||||
2,800 | Hong Leong Bank Bhd | 13,851 | ||||||
1,000 | Hong Leong Financial Group Bhd | 4,392 | ||||||
10,500 | IHH Healthcare Bhd | 12,546 | ||||||
12,400 | IJM Corp. Bhd | 4,830 | ||||||
8,000 | IOI Corp. Bhd | 8,603 | ||||||
7,000 | IOI Properties Group Bhd | 2,191 | ||||||
1,800 | Kuala Lumpur Kepong Bhd | 10,720 | ||||||
16,200 | Malayan Banking Bhd | 36,740 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Malaysia (continued) | ||||||||
3,900 | Malaysia Airports Holdings Bhd | $ | 7,736 | |||||
9,600 | Maxis Bhd | 11,999 | ||||||
4,800 | MISC Bhd | 6,997 | ||||||
9,200 | My E.G. Services Bhd | 2,638 | ||||||
256 | Nestle Malaysia Bhd | 8,797 | ||||||
10,200 | Petronas Chemicals Group Bhd | 22,791 | ||||||
800 | Petronas Dagangan Bhd | 4,971 | ||||||
3,000 | Petronas Gas Bhd | 13,105 | ||||||
2,400 | PPB Group Bhd | 9,613 | ||||||
5,800 | Press Metal Aluminium Holdings Bhd | 6,709 | ||||||
12,317 | Public Bank Bhd | 72,410 | ||||||
4,300 | RHB Bank Bhd | 5,374 | ||||||
10,100 | Sime Darby Bhd | 5,310 | ||||||
10,100 | Sime Darby Plantation Bhd | 12,696 | ||||||
12,801 | Sime Darby Property Bhd | 2,983 | ||||||
6,400 | SP Setia BHD Group | 3,212 | ||||||
4,800 | Telekom Malaysia Bhd | 2,730 | ||||||
13,161 | Tenaga Nasional Bhd | 46,234 | ||||||
6,000 | Top Glove Corp. Bhd | 8,517 | ||||||
1,700 | UMW Holdings Bhd | 1,930 | ||||||
4,400 | Westports Holdings Bhd | 3,586 | ||||||
14,000 | YTL Corp. Bhd | 3,546 | ||||||
|
| |||||||
498,902 | ||||||||
|
| |||||||
Mexico—4.3% | ||||||||
11,637 | Alfa SAB de CV, Class A | 12,303 | ||||||
1,900 | Alsea SAB de CV | 4,873 | ||||||
127,400 | America Movil SAB de CV, Series L | 92,541 | ||||||
1,700 | Arca Continental SAB de CV | 8,575 | ||||||
6,657 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 8,327 | ||||||
55,700 | Cemex SAB de CV, Series CPO(a)(e) | 27,890 | ||||||
2,022 | Coca-Cola Femsa SAB de CV, Series L | 11,568 | ||||||
700 | El Puerto de Liverpool SAB de CV | 4,450 | ||||||
12,858 | Fibra Uno Administracion SA de CV REIT | 13,861 | ||||||
7,400 | Fomento Economico Mexicano SAB de CV, Series CPO(f) | 63,103 | ||||||
825 | Gruma SAB de CV, Class B | 8,637 | ||||||
1,300 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 10,788 | ||||||
797 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 13,288 | ||||||
6,318 | Grupo Bimbo SAB de CV, Series A | 11,871 | ||||||
1,700 | Grupo Carso SAB de CV, Series A1 | 5,018 | ||||||
9,518 | Grupo Financiero Banorte SAB de CV, Class O | 52,527 | ||||||
8,858 | Grupo Financiero Inbursa SAB de CV, Class O | 11,517 | ||||||
13,356 | Grupo Mexico SAB de CV, Series B | 30,912 | ||||||
9,400 | Grupo Televisa SAB, Series CPO(g) | 27,182 | ||||||
530 | Industrias Penoles SAB de CV | 7,493 | ||||||
2,100 | Infraestructura Energetica Nova SAB de CV | 8,258 | ||||||
5,802 | Kimberly-Clark de Mexico SAB de CV, Class A | 8,389 | ||||||
3,905 | Mexichem SAB de CV | 10,347 | ||||||
837 | Promotora y Operadora de Infraestructura SAB de CV | 7,641 | ||||||
19,755 | Wal-Mart de Mexico SAB de CV | 50,609 | ||||||
|
| |||||||
511,968 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Pakistan—3.8% | ||||||||
86,000 | Habib Bank Ltd. | $ | 94,624 | |||||
18,950 | Lucky Cement Ltd. | 71,140 | ||||||
60,800 | MCB Bank Ltd. | 90,832 | ||||||
94,600 | Oil & Gas Development Co. Ltd. | 113,584 | ||||||
71,800 | United Bank Ltd./Pakistan | 81,295 | ||||||
|
| |||||||
451,475 | ||||||||
|
| |||||||
Peru—4.4% | ||||||||
4,446 | Cia de Minas Buenaventura SAA ADR | 61,533 | ||||||
1,684 | Credicorp Ltd. | 380,096 | ||||||
2,128 | Southern Copper Corp. | 81,587 | ||||||
|
| |||||||
523,216 | ||||||||
|
| |||||||
Philippines—4.3% | ||||||||
20,610 | Aboitiz Equity Ventures, Inc. | 18,104 | ||||||
15,400 | Aboitiz Power Corp. | 9,700 | ||||||
42,500 | Alliance Global Group, Inc.(a) | 9,024 | ||||||
2,555 | Ayala Corp. | 43,932 | ||||||
75,924 | Ayala Land, Inc. | 56,264 | ||||||
9,413 | Bank of the Philippine Islands | 14,452 | ||||||
20,237 | BDO Unibank, Inc. | 46,295 | ||||||
40,020 | DMCI Holdings, Inc. | 9,604 | ||||||
330 | Globe Telecom, Inc. | 12,890 | ||||||
941 | GT Capital Holdings, Inc. | 13,366 | ||||||
4,890 | International Container Terminal Services, Inc. | 8,271 | ||||||
29,940 | JG Summit Holdings, Inc. | 26,468 | ||||||
4,540 | Jollibee Foods Corp. | 23,419 | ||||||
2,360 | Manila Electric Co. | 16,223 | ||||||
118,000 | Megaworld Corp. | 9,726 | ||||||
148,100 | Metro Pacific Investments Corp. | 13,286 | ||||||
8,320 | Metropolitan Bank & Trust Co. | 10,193 | ||||||
905 | PLDT, Inc. | 23,511 | ||||||
21,700 | Robinsons Land Corp. | 8,497 | ||||||
2,360 | Security Bank Corp. | 6,369 | ||||||
2,473 | SM Investments Corp. | 41,598 | ||||||
104,433 | SM Prime Holdings, Inc. | 65,972 | ||||||
9,210 | Universal Robina Corp. | 22,377 | ||||||
|
| |||||||
509,541 | ||||||||
|
| |||||||
Poland—4.3% | ||||||||
825 | Alior Bank SA(a) | 12,438 | ||||||
298 | Bank Handlowy w Warszawie SA | 5,446 | ||||||
5,532 | Bank Millennium SA(a) | 12,752 | ||||||
1,556 | Bank Polska Kasa Opieki SA | 42,530 | ||||||
263 | CCC SA | 11,466 | ||||||
614 | CD Projekt SA(a) | 25,374 | ||||||
2,290 | Cyfrowy Polsat SA(a) | 13,212 | ||||||
447 | Dino Polska SA(a)(b) | 9,860 | ||||||
407 | Grupa Azoty SA | 2,752 | ||||||
843 | Grupa Lotos SA | 15,247 | ||||||
482 | Jastrzebska Spolka Weglowa SA(a) | 9,311 | ||||||
1,277 | KGHM Polska Miedz SA(a) | 28,963 | ||||||
12 | LPP SA | 24,592 | ||||||
135 | mBank SA | 13,181 | ||||||
5,984 | Orange Polska SA(a) | 6,780 | ||||||
7,673 | PGE Polska Grupa Energetyczna SA(a) | 21,053 | ||||||
1,041 | PLAY Communications SA(b) | 4,484 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Poland (continued) | ||||||||
2,730 | Polski Koncern Naftowy ORLEN SA | $ | 65,739 | |||||
15,775 | Polskie Gornictwo Naftowe i Gazownictwo SA(a) | 25,780 | ||||||
7,964 | Powszechna Kasa Oszczednosci Bank Polski SA | 83,017 | ||||||
5,513 | Powszechny Zaklad Ubezpieczen SA | 56,389 | ||||||
317 | Santander Bank Polska SA | 28,170 | ||||||
|
| |||||||
518,536 | ||||||||
|
| |||||||
Qatar—5.4% | ||||||||
1,229 | Barwa Real Estate Co. | 12,619 | ||||||
2,439 | Commercial Bank PQSC (The) | 27,762 | ||||||
1,920 | Doha Bank QPSC | 11,583 | ||||||
9,794 | Ezdan Holding Group QSC(a) | 29,423 | ||||||
2,271 | Industries Qatar QSC | 87,303 | ||||||
4,574 | Masraf Al Rayan QSC | 47,718 | ||||||
1,012 | Ooredoo QPSC | 19,142 | ||||||
623 | Qatar Electricity & Water Co. QSC | 32,143 | ||||||
1,907 | Qatar Insurance Co. SAQ | 19,219 | ||||||
1,444 | Qatar Islamic Bank SAQ | 60,670 | ||||||
5,668 | Qatar National Bank QPSC | 303,513 | ||||||
|
| |||||||
651,095 | ||||||||
|
| |||||||
Romania—0.0% | ||||||||
578 | NEPI Rockcastle PLC | 4,987 | ||||||
|
| |||||||
Russia—4.1% | ||||||||
15,640 | Gazprom PJSC ADR | 74,102 | ||||||
1,252 | LUKOIL PJSC ADR | 93,524 | ||||||
1,060 | Magnit PJSC GDR(b) | 14,146 | ||||||
511 | Magnitogorsk Iron & Steel Works PJSC GDR(b) | 4,824 | ||||||
1,902 | MMC Norilsk Nickel PJSC ADR | 31,535 | ||||||
1,485 | Mobile TeleSystems PJSC ADR | 11,895 | ||||||
271 | Novatek PJSC GDR(b) | 45,934 | ||||||
351 | Novolipetsk Steel PJSC GDR(b) | 8,480 | ||||||
346 | PhosAgro PJSC GDR(b) | 4,533 | ||||||
158 | Polyus PJSC GDR(b) | 4,843 | ||||||
2,322 | Rosneft Oil Co. PJSC GDR(b) | 16,324 | ||||||
3,215 | RusHydro PJSC ADR | 2,521 | ||||||
6,120 | Sberbank of Russia PJSC ADR | 72,216 | ||||||
1,311 | Severstal PJSC GDR(b) | 20,334 | ||||||
2,120 | Surgutneftegas PJSC ADR | 8,438 | ||||||
2,052 | Surgutneftegas PJSC (Preference Shares) ADR | 11,727 | ||||||
744 | Tatneft PJSC ADR | 52,422 | ||||||
3,144 | VTB Bank PJSC GDR(b) | 3,961 | ||||||
376 | X5 Retail Group NV GDR(b) | 8,836 | ||||||
|
| |||||||
490,595 | ||||||||
|
| |||||||
Singapore—0.0% | ||||||||
100 | BOC Aviation Ltd.(b) | 715 | ||||||
|
| |||||||
South Africa—3.5% | ||||||||
1,100 | Absa Group Ltd. | 11,108 | ||||||
83 | Anglo American Platinum Ltd. | 2,709 | ||||||
632 | AngloGold Ashanti Ltd. | 6,112 | ||||||
597 | Aspen Pharmacare Holdings Ltd. | 6,307 | ||||||
516 | Bid Corp. Ltd. | 9,669 | ||||||
518 | Bidvest Group Ltd. (The) | 6,447 | ||||||
62 | Capitec Bank Holdings Ltd. | 4,160 | ||||||
391 | Clicks Group Ltd. | 4,978 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Africa (continued) | ||||||||
350 | Coronation Fund Managers Ltd. | $ | 1,165 | |||||
548 | Discovery Ltd. | 5,861 | ||||||
387 | Exxaro Resources Ltd. | 3,955 | ||||||
5,038 | FirstRand Ltd. | 21,942 | ||||||
1,642 | Fortress REIT Ltd., Class A REIT | 1,880 | ||||||
1,171 | Fortress REIT Ltd., Class B REIT | 1,141 | ||||||
346 | Foschini Group Ltd. (The) | 3,778 | ||||||
1,265 | Gold Fields Ltd. | 3,357 | ||||||
4,575 | Growthpoint Properties Ltd. REIT | 7,018 | ||||||
383 | Hyprop Investments Ltd. REIT | 2,341 | ||||||
248 | Imperial Holdings Ltd. | 2,736 | ||||||
431 | Investec Ltd. | 2,679 | ||||||
99 | Kumba Iron Ore Ltd. | 1,938 | ||||||
198 | Liberty Holdings Ltd. | 1,448 | ||||||
2,029 | Life Healthcare Group Holdings Ltd. | 3,366 | ||||||
1,456 | MMI Holdings Ltd.(a) | 1,760 | ||||||
395 | Mr Price Group Ltd. | 6,178 | ||||||
2,611 | MTN Group Ltd. | 15,118 | ||||||
671 | Naspers Ltd., Class N | 117,815 | ||||||
596 | Nedbank Group Ltd. | 10,047 | ||||||
1,812 | Netcare Ltd. | 3,047 | ||||||
7,825 | Old Mutual Ltd. | 12,024 | ||||||
564 | Pick n Pay Stores Ltd. | 2,602 | ||||||
198 | Pioneer Foods Group Ltd. | 1,086 | ||||||
232 | PSG Group Ltd. | 3,456 | ||||||
1,052 | Rand Merchant Investment Holdings Ltd. | 2,446 | ||||||
8,314 | Redefine Properties Ltd. REIT | 5,400 | ||||||
815 | Remgro Ltd. | 10,497 | ||||||
425 | Resilient REIT Ltd. REIT | 1,722 | ||||||
1,087 | RMB Holdings Ltd. | 5,481 | ||||||
2,669 | Sanlam Ltd. | 13,422 | ||||||
815 | Sappi Ltd. | 4,578 | ||||||
837 | Sasol Ltd. | 27,435 | ||||||
683 | Shoprite Holdings Ltd. | 8,340 | ||||||
297 | SPAR Group Ltd. (The) | 3,537 | ||||||
1,939 | Standard Bank Group Ltd. | 21,447 | ||||||
446 | Telkom SA SOC Ltd. | 1,620 | ||||||
248 | Tiger Brands Ltd. | 4,427 | ||||||
681 | Truworths International Ltd. | 3,732 | ||||||
928 | Vodacom Group Ltd. | 7,818 | ||||||
1,533 | Woolworths Holdings Ltd. | 5,287 | ||||||
|
| |||||||
416,417 | ||||||||
|
| |||||||
South Korea—3.6% | ||||||||
22 | Amorepacific Corp. | 2,954 | ||||||
6 | Amorepacific Corp. (Preference Shares) | 474 | ||||||
19 | AMOREPACIFIC Group | 1,035 | ||||||
5 | BGF Retail Co. Ltd. | 739 | ||||||
173 | BNK Financial Group, Inc. | 1,152 | ||||||
23 | Celltrion Healthcare Co. Ltd.(a) | 1,286 | ||||||
10 | Celltrion Pharm, Inc.(a) | 470 | ||||||
54 | Celltrion, Inc.(a) | 10,307 | ||||||
46 | Cheil Worldwide, Inc. | 916 | ||||||
5 | CJ CheilJedang Corp. | 1,422 | ||||||
10 | CJ Corp. | 957 | ||||||
5 | CJ Logistics Corp.(a) | 695 | ||||||
32 | Coway Co. Ltd. | 1,974 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
18 | Daelim Industrial Co. Ltd. | $ | 1,200 | |||||
110 | Daewoo Engineering & Construction Co. Ltd.(a) | 437 | ||||||
33 | DB Insurance Co. Ltd. | 2,079 | ||||||
112 | DGB Financial Group, Inc. | 924 | ||||||
23 | Dongsuh Cos., Inc. | 376 | ||||||
23 | Doosan Bobcat, Inc. | 710 | ||||||
42 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 404 | ||||||
14 | E-MART, Inc. | 2,512 | ||||||
33 | GS Engineering & Construction Corp. | 1,209 | ||||||
34 | GS Holdings Corp. | 1,447 | ||||||
18 | GS Retail Co. Ltd. | 567 | ||||||
196 | Hana Financial Group, Inc. | 6,588 | ||||||
49 | Hankook Tire Co. Ltd. | 1,780 | ||||||
4 | Hanmi Pharm Co. Ltd. | 1,367 | ||||||
8 | Hanmi Science Co. Ltd. | 468 | ||||||
124 | Hanon Systems | 1,192 | ||||||
7 | Hanssem Co. Ltd. | 300 | ||||||
71 | Hanwha Chemical Corp. | 1,006 | ||||||
27 | Hanwha Corp. | 666 | ||||||
201 | Hanwha Life Insurance Co. Ltd. | 791 | ||||||
21 | HLB, Inc.(a) | 1,596 | ||||||
21 | Hotel Shilla Co. Ltd. | 1,314 | ||||||
9 | Hyundai Department Store Co. Ltd. | 685 | ||||||
52 | Hyundai Engineering & Construction Co. Ltd. | 2,088 | ||||||
12 | Hyundai Glovis Co. Ltd. | 1,200 | ||||||
24 | Hyundai Heavy Industries Co. Ltd.(a) | 2,622 | ||||||
6 | Hyundai Heavy Industries Holdings Co. Ltd.(a) | 1,877 | ||||||
41 | Hyundai Marine & Fire Insurance Co. Ltd. | 1,504 | ||||||
45 | Hyundai Mobis Co. Ltd. | 7,503 | ||||||
102 | Hyundai Motor Co. | 9,533 | ||||||
25 | Hyundai Motor Co. (2nd Preference Shares) | 1,553 | ||||||
16 | Hyundai Motor Co. (Preference Shares) | 935 | ||||||
53 | Hyundai Steel Co. | 1,942 | ||||||
167 | Industrial Bank of Korea | 2,176 | ||||||
30 | Kakao Corp. | 2,412 | ||||||
78 | Kangwon Land, Inc. | 1,964 | ||||||
263 | KB Financial Group, Inc. | 10,940 | ||||||
4 | KCC Corp. | 867 | ||||||
15 | KEPCO Plant Service & Engineering Co. Ltd. | 362 | ||||||
174 | Kia Motors Corp. | 4,336 | ||||||
45 | Korea Aerospace Industries Ltd.(a) | 1,143 | ||||||
170 | Korea Electric Power Corp. | 4,043 | ||||||
18 | Korea Gas Corp.(a) | 823 | ||||||
28 | Korea Investment Holdings Co. Ltd. | 1,457 | ||||||
6 | Korea Zinc Co. Ltd. | 1,996 | ||||||
31 | Korean Air Lines Co. Ltd. | 747 | ||||||
42 | KT Corp. ADR | 581 | ||||||
77 | KT&G Corp. | 6,858 | ||||||
12 | Kumho Petrochemical Co. Ltd. | 907 | ||||||
30 | LG Chem Ltd. | 9,135 | ||||||
5 | LG Chem Ltd. (Preference Shares) | 875 | ||||||
63 | LG Corp. | 3,665 | ||||||
154 | LG Display Co. Ltd. | 2,230 | ||||||
70 | LG Electronics, Inc. | 3,888 | ||||||
6 | LG Household & Health Care Ltd. | 5,497 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
1 | LG Household & Health Care Ltd. (Preference Shares) | $ | 642 | |||||
9 | LG Innotek Co. Ltd. | 979 | ||||||
146 | LG Uplus Corp. | 2,069 | ||||||
11 | Lotte Chemical Corp. | 2,534 | ||||||
20 | Lotte Corp.(a) | 835 | ||||||
7 | Lotte Shopping Co. Ltd. | 1,189 | ||||||
3 | Medy-Tox, Inc. | 1,228 | ||||||
265 | Mirae Asset Daewoo Co. Ltd. | 1,495 | ||||||
95 | NAVER Corp. | 9,545 | ||||||
12 | NCSoft Corp. | 4,523 | ||||||
17 | Netmarble Corp.(b) | 1,671 | ||||||
93 | NH Investment & Securities Co. Ltd. | 992 | ||||||
12 | OCI Co. Ltd. | 897 | ||||||
22 | Orange Life Insurance Ltd.(b) | 592 | ||||||
14 | Orion Corp. | 1,168 | ||||||
1 | Ottogi Corp. | 578 | ||||||
159 | Pan Ocean Co. Ltd.(a) | 666 | ||||||
4 | Pearl Abyss Corp.(a) | 722 | ||||||
52 | POSCO | 11,773 | ||||||
33 | POSCO Daewoo Corp. | 515 | ||||||
11 | S-1 Corp. | 932 | ||||||
11 | Samsung Biologics Co. Ltd.(a)(b) | 3,741 | ||||||
50 | Samsung C&T Corp. | 4,761 | ||||||
19 | Samsung Card Co. Ltd. | 561 | ||||||
37 | Samsung Electro-Mechanics Co. Ltd. | 3,831 | ||||||
3,186 | Samsung Electronics Co. Ltd. | 118,544 | ||||||
568 | Samsung Electronics Co. Ltd. (Preference Shares) | 17,819 | ||||||
104 | Samsung Engineering Co. Ltd.(a) | 1,666 | ||||||
20 | Samsung Fire & Marine Insurance Co. Ltd. | 4,888 | ||||||
256 | Samsung Heavy Industries Co. Ltd.(a) | 1,564 | ||||||
46 | Samsung Life Insurance Co. Ltd. | 3,714 | ||||||
36 | Samsung SDI Co. Ltd. | 7,440 | ||||||
23 | Samsung SDS Co. Ltd. | 3,885 | ||||||
41 | Samsung Securities Co. Ltd. | 962 | ||||||
282 | Shinhan Financial Group Co. Ltd. | 10,530 | ||||||
5 | Shinsegae, Inc. | 1,134 | ||||||
34 | SillaJen, Inc.(a) | 2,056 | ||||||
21 | SK Holdings Co. Ltd. | 4,819 | ||||||
385 | SK Hynix, Inc. | 23,042 | ||||||
43 | SK Innovation Co. Ltd. | 8,056 | ||||||
13 | SK Telecom Co. Ltd. | 3,057 | ||||||
30 | S-Oil Corp. | 3,264 | ||||||
9 | ViroMed Co. Ltd.(a) | 1,471 | ||||||
313 | Woori Bank | 4,326 | ||||||
6 | Yuhan Corp. | 882 | ||||||
|
| |||||||
433,216 | ||||||||
|
| |||||||
Taiwan—4.1% | ||||||||
3,000 | Acer, Inc.(a) | 2,104 | ||||||
1,000 | Advantech Co. Ltd. | 6,884 | ||||||
3,000 | ASE Technology Holding Co. Ltd.(a) | 6,050 | ||||||
2,000 | Asia Cement Corp. | 2,117 | ||||||
1,000 | Asustek Computer, Inc. | 7,401 | ||||||
8,000 | AU Optronics Corp. | 3,154 | ||||||
1,000 | Catcher Technology Co. Ltd. | 10,067 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
7,000 | Cathay Financial Holding Co. Ltd. | $ | 11,085 | |||||
1,020 | Chailease Holding Co. Ltd. | 2,907 | ||||||
5,200 | Chang Hwa Commercial Bank Ltd. | 2,949 | ||||||
2,000 | Cheng Shin Rubber Industry Co. Ltd. | 2,815 | ||||||
1,005 | Chicony Electronics Co. Ltd. | 2,010 | ||||||
2,000 | China Airlines Ltd. | 592 | ||||||
12,000 | China Development Financial Holding Corp. | 3,851 | ||||||
2,093 | China Life Insurance Co. Ltd. | 1,989 | ||||||
11,000 | China Steel Corp. | 8,674 | ||||||
3,000 | Chunghwa Telecom Co. Ltd. | 10,616 | ||||||
4,000 | Compal Electronics, Inc. | 2,204 | ||||||
15,349 | CTBC Financial Holding Co. Ltd. | 10,243 | ||||||
2,000 | Delta Electronics, Inc. | 8,403 | ||||||
9,070 | E.Sun Financial Holding Co. Ltd. | 6,009 | ||||||
2,100 | Eva Airways Corp. | 960 | ||||||
2,100 | Evergreen Marine Corp. Taiwan Ltd. | 774 | ||||||
119 | Evergreen Marine Corp. Taiwan Ltd. Rts. expiring 11/26/18(a) | 3 | ||||||
3,160 | Far Eastern New Century Corp. | 3,171 | ||||||
1,000 | Far EasTone Telecommunications Co. Ltd. | 2,382 | ||||||
1,000 | Feng TAY Enterprise Co. Ltd. | 6,011 | ||||||
8,243 | First Financial Holding Co. Ltd. | 5,208 | ||||||
3,000 | Formosa Chemicals & Fibre Corp. | 10,859 | ||||||
1,000 | Formosa Petrochemical Corp. | 3,943 | ||||||
4,000 | Formosa Plastics Corp. | 13,056 | ||||||
1,000 | Formosa Taffeta Co. Ltd. | 1,087 | ||||||
1,000 | Foxconn Technology Co. Ltd. | 2,120 | ||||||
6,000 | Fubon Financial Holding Co. Ltd. | 9,395 | ||||||
1,000 | Highwealth Construction Corp. | 1,466 | ||||||
11,888 | Hon Hai Precision Industry Co. Ltd. | 30,274 | ||||||
1,000 | HTC Corp.(a) | 1,086 | ||||||
6,270 | Hua Nan Financial Holdings Co. Ltd. | 3,536 | ||||||
8,000 | Innolux Corp. | 2,422 | ||||||
2,000 | Inventec Corp. | 1,613 | ||||||
2,000 | Lite-On Technology Corp. | 2,295 | ||||||
2,040 | Macronix International | 1,131 | ||||||
1,000 | MediaTek, Inc. | 7,352 | ||||||
10,000 | Mega Financial Holding Co. Ltd. | 8,451 | ||||||
1,000 | Micro-Star International Co. Ltd. | 2,207 | ||||||
5,000 | Nan Ya Plastics Corp. | 12,426 | ||||||
1,000 | Nanya Technology Corp. | 1,661 | ||||||
1,000 | Novatek Microelectronics Corp. | 4,411 | ||||||
2,000 | Pegatron Corp. | 3,639 | ||||||
2,000 | Pou Chen Corp. | 2,026 | ||||||
1,000 | Powertech Technology, Inc. | 2,185 | ||||||
1,000 | President Chain Store Corp. | 11,279 | ||||||
2,000 | Quanta Computer, Inc. | 3,157 | ||||||
1,000 | Realtek Semiconductor Corp. | 4,007 | ||||||
600 | Ruentex Development Co. Ltd. | 830 | ||||||
600 | Ruentex Industries Ltd. | 1,503 | ||||||
7,100 | Shin Kong Financial Holding Co. Ltd. | 2,329 | ||||||
9,180 | SinoPac Financial Holdings Co. Ltd. | 3,115 | ||||||
1,000 | Synnex Technology International Corp. | 1,076 | ||||||
8,354 | Taishin Financial Holding Co. Ltd. | 3,712 | ||||||
168 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(a) | 16 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
3,120 | Taiwan Business Bank | $ | 1,028 | |||||
3,300 | Taiwan Cement Corp. | 3,701 | ||||||
8,240 | Taiwan Cooperative Financial Holding Co. Ltd. | 4,634 | ||||||
2,000 | Taiwan High Speed Rail Corp. | 1,984 | ||||||
1,000 | Taiwan Mobile Co. Ltd. | 3,571 | ||||||
21,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 158,808 | ||||||
2,000 | Teco Electric and Machinery Co. Ltd. | 1,147 | ||||||
4,320 | Uni-President Enterprises Corp. | 10,457 | ||||||
11,000 | United Microelectronics Corp. | 4,195 | ||||||
1,000 | Vanguard International Semiconductor Corp. | 1,842 | ||||||
3,000 | Winbond Electronics Corp. | 1,299 | ||||||
2,058 | Wistron Corp. | 1,257 | ||||||
920 | WPG Holdings Ltd. | 1,093 | ||||||
9,000 | Yuanta Financial Holding Co. Ltd. | 4,363 | ||||||
|
| |||||||
489,677 | ||||||||
|
| |||||||
Thailand—4.3% | ||||||||
4,500 | Advanced Info Service PCL NVDR | 26,606 | ||||||
18,600 | Airports of Thailand PCL NVDR | 35,910 | ||||||
1,100 | Bangkok Bank PCL NVDR | 6,869 | ||||||
16,800 | Bangkok Dusit Medical Services PCL NVDR | 12,416 | ||||||
32,500 | Bangkok Expressway & Metro PCL NVDR | 8,333 | ||||||
9,000 | Banpu PCL NVDR | 4,724 | ||||||
5,200 | Berli Jucker PCL NVDR | 8,745 | ||||||
25,400 | BTS Group Holdings PCL NVDR | 7,011 | ||||||
2,822 | BTS Group Holdings PCL Wts. expiring 12/31/19(a)(c) | 11 | ||||||
1,500 | Bumrungrad Hospital PCL NVDR | 8,733 | ||||||
5,800 | Central Pattana PCL NVDR | 13,822 | ||||||
14,900 | Charoen Pokphand Foods PCL NVDR | 11,349 | ||||||
21,800 | CP ALL PCL NVDR | 44,225 | ||||||
2,200 | Delta Electronics Thailand PCL NVDR | 4,579 | ||||||
600 | Electricity Generating PCL NVDR | 4,181 | ||||||
5,700 | Energy Absolute PCL NVDR | 8,511 | ||||||
2,200 | Glow Energy PCL NVDR | 5,558 | ||||||
17,100 | Home Product Center PCL NVDR | 7,686 | ||||||
7,000 | Indorama Ventures PCL NVDR | 11,456 | ||||||
43,400 | IRPC PCL NVDR | 7,986 | ||||||
8,000 | Kasikornbank PCL NVDR | 48,145 | ||||||
15,100 | Krung Thai Bank PCL NVDR | 9,156 | ||||||
13,000 | Land & Houses PCL NVDR | 4,039 | ||||||
9,800 | Minor International PCL NVDR | 10,790 | ||||||
6,000 | PTT Exploration & Production PCL NVDR | 25,249 | ||||||
9,800 | PTT Global Chemical PCL NVDR | 22,837 | ||||||
45,800 | PTT PCL NVDR | 70,462 | ||||||
2,200 | Robinson PCL NVDR | 4,330 | ||||||
1,700 | Siam Cement PCL (The) NVDR | 21,436 | ||||||
7,900 | Siam Commercial Bank PCL (The) NVDR | 32,768 | ||||||
4,900 | Thai Oil PCL NVDR | 12,527 | ||||||
8,300 | Thai Union Group PCL NVDR | 4,156 | ||||||
47,500 | TMB Bank PCL NVDR | 3,267 | ||||||
43,400 | True Corp. PCL NVDR | 7,724 | ||||||
|
| |||||||
515,597 | ||||||||
|
| |||||||
Turkey—3.4% | ||||||||
29,863 | Akbank T.A.S. | 35,228 | ||||||
2,846 | Anadolu Efes Biracilik ve Malt Sanayii AS | 9,544 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Turkey (continued) | ||||||||
3,248 | Arcelik AS | $ | 9,002 | |||||
1,961 | Aselsan Elektronik Sanayi VE Ticaret AS | 8,840 | ||||||
2,919 | BIM Birlesik Magazalar AS | 41,363 | ||||||
1,048 | Coca-Cola Icecek AS | 5,155 | ||||||
23,484 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 6,999 | ||||||
18,982 | Eregli Demir ve Celik Fabrikalari TAS | 30,692 | ||||||
964 | Ford Otomotiv Sanayi AS | 10,322 | ||||||
12,610 | Haci Omer Sabanci Holding AS | 16,023 | ||||||
10,448 | KOC Holding AS | 29,051 | ||||||
11,330 | Petkim Petrokimya Holding AS | 10,272 | ||||||
2,495 | TAV Havalimanlari Holding AS | 10,357 | ||||||
1,717 | Tofas Turk Otomobil Fabrikasi AS | 6,466 | ||||||
1,720 | Tupras Turkiye Petrol Rafinerileri AS | 40,427 | ||||||
7,581 | Turk Hava Yollari AO(a) | 19,009 | ||||||
15,107 | Turkcell Iletisim Hizmetleri AS | 30,601 | ||||||
31,413 | Turkiye Garanti Bankasi AS | 39,187 | ||||||
8,583 | Turkiye Halk Bankasi AS | 9,451 | ||||||
21,630 | Turkiye Is Bankasi AS, Class C | 15,402 | ||||||
9,270 | Turkiye Sise ve Cam Fabrikalari AS | 7,825 | ||||||
10,300 | Turkiye Vakiflar Bankasi TAO, Class D | 6,287 | ||||||
2,001 | Ulker Biskuvi Sanayi AS(a) | 5,278 | ||||||
11,940 | Yapi ve Kredi Bankasi AS(a) | 3,452 | ||||||
|
| |||||||
406,233 | ||||||||
|
| |||||||
United Arab Emirates—4.6% | ||||||||
33,521 | Abu Dhabi Commercial Bank PJSC | 73,830 | ||||||
61,341 | Aldar Properties PJSC | 28,891 | ||||||
29,585 | DAMAC Properties Dubai Co. PJSC | 16,270 | ||||||
2,671 | DP World Ltd. | 48,051 | ||||||
33,961 | Dubai Investments PJSC | 14,978 | ||||||
26,353 | Dubai Islamic Bank PJSC | 37,739 | ||||||
13,040 | Emaar Development PJSC | 17,573 | ||||||
31,820 | Emaar Malls PJSC | 15,853 | ||||||
56,565 | Emaar Properties PJSC | 78,539 | ||||||
28,122 | Emirates Telecommunications Group Co. PJSC | 133,218 | ||||||
22,833 | First Abu Dhabi Bank PJSC | 85,909 | ||||||
|
| |||||||
550,851 | ||||||||
|
| |||||||
United Kingdom—0.0% | ||||||||
182 | Mondi Ltd. | 4,349 | ||||||
|
| |||||||
United States—0.0% | ||||||||
1,500 | JBS SA | 4,139 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $12,428,284) | 11,955,407 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
959 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(h) (Cost $959) | 959 | ||||||
|
| |||||||
Total Investments in Securities (Cost $12,429,243)—99.9% | 11,956,366 | |||||||
Other assets less liabilities—0.1% | 13,036 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 11,969,402 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)
October 31, 2018
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Rts.—Rights
Wts.—Warrants
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 October 31, 2018 was $389,251, which represented 3.25% of the Fund’s Net Assets. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Affiliated company. The Fund’s Adviser also serves as the adviser for Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(e) | Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | 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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Schedule of Investments
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—100.0% | ||||||||
Brazil—2.7% | ||||||||
309,707 | Ambev SA | $ | 1,362,394 | |||||
182,300 | BB Seguridade Participacoes SA | 1,299,584 | ||||||
133,990 | Engie Brasil Energia SA | 1,435,672 | ||||||
200,600 | Klabin SA | 1,008,265 | ||||||
127,400 | Telefonica Brasil SA (Preference Shares) | 1,482,360 | ||||||
|
| |||||||
6,588,275 | ||||||||
|
| |||||||
Chile—5.7% | ||||||||
9,587,893 | Banco de Chile | 1,327,401 | ||||||
16,975 | Banco de Credito e Inversiones SA | 1,066,704 | ||||||
16,886,771 | Banco Santander Chile | 1,238,666 | ||||||
499,823 | Cencosud SA | 1,039,804 | ||||||
93,335 | Cia Cervecerias Unidas SA | 1,159,639 | ||||||
314,062 | Embotelladora Andina SA (Preference Shares), Class B | 1,085,050 | ||||||
139,822 | Empresa Nacional de Telecomunicaciones SA | 1,015,412 | ||||||
68,501 | Empresas COPEC SA | 959,658 | ||||||
8,803,811 | Enel Americas SA | 1,386,739 | ||||||
14,424,782 | Enel Chile SA | 1,254,860 | ||||||
126,543,695 | Itau CorpBanca | 1,172,080 | ||||||
177,701 | S.A.C.I. Falabella | 1,339,721 | ||||||
|
| |||||||
14,045,734 | ||||||||
|
| |||||||
China—8.9% | ||||||||
2,161,000 | Agricultural Bank of China Ltd., H-Shares | 948,266 | ||||||
2,724,324 | Bank of China Ltd., H-Shares | 1,160,707 | ||||||
1,778,939 | Bank of Communications Co. Ltd., H-Shares | 1,334,306 | ||||||
200,000 | Beijing Enterprises Holdings Ltd. | 1,081,715 | ||||||
6,099,097 | CGN Power Co. Ltd., H-Shares(a) | 1,400,410 | ||||||
4,388,000 | China Cinda Asset Management Co. Ltd., H-Shares | 1,074,695 | ||||||
1,108,787 | China Communications Construction Co. Ltd., H-Shares | 1,014,109 | ||||||
5,020,205 | China Huishan Dairy Holdings Co. Ltd.(b)(c) | 0 | ||||||
522,007 | China Life Insurance Co. Ltd., H-Shares | 1,040,099 | ||||||
540,000 | China Merchants Port Holdings Co. Ltd. | 918,897 | ||||||
1,522,371 | China Minsheng Banking Corp. Ltd., H-Shares | 1,122,446 | ||||||
165,080 | China Mobile Ltd. | 1,543,532 | ||||||
1,211,117 | China Railway Group Ltd., H-Shares | 1,081,437 | ||||||
6,107,816 | China Reinsurance Group Corp., H-Shares | 1,168,677 | ||||||
635,004 | China Resources Power Holdings Co. Ltd. | 1,116,202 | ||||||
2,714,516 | China Telecom Corp. Ltd., H-Shares | 1,281,183 | ||||||
900,000 | China Unicom Hong Kong Ltd. | 934,510 | ||||||
915,136 | CITIC Ltd. | 1,372,809 | ||||||
859,253 | GF Securities Co. Ltd., H-Shares | 1,111,415 | ||||||
3,625,544 | Shanghai Electric Group Co. Ltd., H-Shares | 1,179,317 | ||||||
|
| |||||||
21,884,732 | ||||||||
|
| |||||||
Colombia—1.6% | ||||||||
111,674 | Bancolombia SA (Preference Shares) | 1,043,425 | ||||||
4,222,747 | Grupo Aval Acciones y Valores SA (Preference Shares) | 1,481,208 | ||||||
145,825 | Grupo de Inversiones Suramericana SA | 1,421,360 | ||||||
|
| |||||||
3,945,993 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Czech Republic—1.9% | ||||||||
59,420 | CEZ AS | $ | 1,414,246 | |||||
45,150 | Komercni banka AS | 1,715,429 | ||||||
490,059 | Moneta Money Bank AS(a) | 1,626,514 | ||||||
|
| |||||||
4,756,189 | ||||||||
|
| |||||||
Egypt—0.5% | ||||||||
253,987 | Commercial International Bank Egypt SAE | 1,137,029 | ||||||
|
| |||||||
Greece—0.8% | ||||||||
79,997 | Hellenic Telecommunications Organization SA | 892,810 | ||||||
110,532 | OPAP SA | 1,039,477 | ||||||
|
| |||||||
1,932,287 | ||||||||
|
| |||||||
Hungary—0.4% | ||||||||
28,252 | OTP Bank Nyrt | 1,014,453 | ||||||
|
| |||||||
India—1.6% | ||||||||
11,718 | HDFC Bank Ltd. ADR | 1,041,847 | ||||||
114,532 | Infosys Ltd. ADR | 1,084,618 | ||||||
28,745 | Reliance Industries Ltd. GDR(a) | 820,670 | ||||||
198,109 | Wipro Ltd. ADR | 1,024,224 | ||||||
|
| |||||||
3,971,359 | ||||||||
|
| |||||||
Indonesia—1.2% | ||||||||
673,660 | PT Bank Central Asia Tbk | 1,047,989 | ||||||
2,391,506 | PT Indofood Sukses Makmur Tbk | 939,928 | ||||||
342,913 | PT Unilever Indonesia Tbk | 974,999 | ||||||
|
| |||||||
2,962,916 | ||||||||
|
| |||||||
Malaysia—10.4% | ||||||||
757,595 | CIMB Group Holdings Bhd | 1,035,594 | ||||||
940,463 | DiGi.com Bhd | 968,669 | ||||||
174,500 | Fraser & Neave Holdings Bhd | 1,405,341 | ||||||
636,800 | Genting Bhd | 1,117,006 | ||||||
231,900 | Hong Leong Bank Bhd | 1,147,169 | ||||||
1,122,847 | IHH Healthcare Bhd | 1,341,674 | ||||||
1,527,000 | IOI Corp. Bhd | 1,642,132 | ||||||
449,078 | Kuala Lumpur Kepong Bhd | 2,674,399 | ||||||
693,392 | Malayan Banking Bhd | 1,572,539 | ||||||
501,000 | Malaysia Airports Holdings Bhd | 993,739 | ||||||
983,874 | Maxis Bhd | 1,229,696 | ||||||
705,500 | MISC Bhd | 1,028,450 | ||||||
749,745 | Petronas Chemicals Group Bhd | 1,675,258 | ||||||
206,400 | Petronas Dagangan Bhd | 1,282,447 | ||||||
559,180 | PPB Group Bhd | 2,239,660 | ||||||
298,124 | Public Bank Bhd | 1,752,623 | ||||||
926,900 | RHB Bank Bhd | 1,158,487 | ||||||
419,072 | Tenaga Nasional Bhd | 1,472,185 | ||||||
|
| |||||||
25,737,068 | ||||||||
|
| |||||||
Mexico—6.4% | ||||||||
1,500,712 | America Movil SAB de CV, Series L | 1,090,093 | ||||||
203,778 | Arca Continental SAB de CV | 1,027,896 | ||||||
660,809 | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 826,541 | ||||||
820,073 | Becle SAB de CV | 1,010,361 | ||||||
209,782 | Coca-Cola Femsa SAB de CV, Series L | 1,200,205 | ||||||
851,923 | Fibra Uno Administracion SA de CV REIT | 918,349 | ||||||
136,225 | Fomento Economico Mexicano SAB de CV, Series CPO(d) | 1,161,656 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Mexico (continued) | ||||||||
91,345 | Gruma SAB de CV, Class B | $ | 956,256 | |||||
107,104 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 888,787 | ||||||
53,864 | Grupo Aeroportuario del Sureste SAB de CV, Class B | 898,061 | ||||||
520,825 | Grupo Bimbo SAB de CV, Series A | 978,588 | ||||||
638,900 | Grupo Financiero Inbursa SAB de CV, Class O | 830,687 | ||||||
233,007 | Infraestructura Energetica Nova SAB de CV | 916,219 | ||||||
354,706 | Mexichem SAB de CV | 939,881 | ||||||
131,768 | Promotora y Operadora de Infraestructura SAB de CV | 1,202,836 | ||||||
400,000 | Wal-Mart de Mexico SAB de CV | 1,024,739 | ||||||
|
| |||||||
15,871,155 | ||||||||
|
| |||||||
Peru—0.5% | ||||||||
5,645 | Credicorp Ltd. | 1,274,133 | ||||||
|
| |||||||
Poland—0.7% | ||||||||
36,410 | Bank Polska Kasa Opieki SA | 995,191 | ||||||
184,777 | PLAY Communications SA(a) | 795,922 | ||||||
|
| |||||||
1,791,113 | ||||||||
|
| |||||||
Qatar—1.3% | ||||||||
99,656 | Masraf Al Rayan QSC | 1,039,648 | ||||||
19,410 | Qatar Electricity & Water Co. QSC | 1,001,428 | ||||||
28,247 | Qatar Islamic Bank SAQ | 1,186,800 | ||||||
|
| |||||||
3,227,876 | ||||||||
|
| |||||||
Russia—1.4% | ||||||||
237,904 | Gazprom PJSC ADR | 1,127,189 | ||||||
15,986 | LUKOIL PJSC ADR | 1,194,154 | ||||||
157,540 | Rosneft Oil Co. PJSC GDR(a) | 1,107,507 | ||||||
|
| |||||||
3,428,850 | ||||||||
|
| |||||||
South Africa—1.7% | ||||||||
710,862 | Growthpoint Properties Ltd. REIT | 1,090,394 | ||||||
419,521 | Rand Merchant Investment Holdings Ltd. | 975,627 | ||||||
1,795,509 | Redefine Properties Ltd. REIT | 1,166,100 | ||||||
75,260 | Remgro Ltd. | 969,301 | ||||||
|
| |||||||
4,201,422 | ||||||||
|
| |||||||
South Korea—7.5% | ||||||||
146,087 | BNK Financial Group, Inc. | 973,016 | ||||||
21,266 | GS Holdings Corp. | 905,095 | ||||||
80,972 | Industrial Bank of Korea | 1,055,183 | ||||||
32,510 | Kia Motors Corp. | 810,218 | ||||||
38,748 | Korea Electric Power Corp. | 921,479 | ||||||
118,419 | Korean Reinsurance Co. | 1,006,959 | ||||||
85,112 | KT Corp. ADR | 1,177,950 | ||||||
16,299 | KT Corp. | 409,066 | ||||||
12,290 | KT&G Corp. | 1,094,673 | ||||||
16,055 | LG Corp. | 934,094 | ||||||
4,608 | Nongshim Co. Ltd. | 881,527 | ||||||
8,959 | Samsung C&T Corp. | 853,013 | ||||||
39,141 | Samsung Card Co. Ltd. | 1,155,802 | ||||||
5,652 | Samsung Fire & Marine Insurance Co. Ltd. | 1,381,319 | ||||||
36,325 | Samsung Securities Co. Ltd. | 852,700 | ||||||
30,336 | Shinhan Financial Group Co. Ltd. | 1,132,725 | ||||||
4,358 | SK Holdings Co. Ltd. | 1,000,059 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
South Korea (continued) | ||||||||
219,586 | SK Networks Co. Ltd. | $ | 819,919 | |||||
4,487 | SK Telecom Co. Ltd. | 1,055,255 | ||||||
|
| |||||||
18,420,052 | ||||||||
|
| |||||||
Taiwan—27.8% | ||||||||
183,095 | Advantech Co. Ltd. | 1,260,357 | ||||||
844,000 | Asia Cement Corp. | 893,288 | ||||||
155,838 | Asustek Computer, Inc. | 1,153,311 | ||||||
779,000 | Cathay Financial Holding Co. Ltd. | 1,233,591 | ||||||
4,477,800 | Chang Hwa Commercial Bank Ltd. | 2,539,682 | ||||||
917,435 | Cheng Shin Rubber Industry Co. Ltd. | 1,291,222 | ||||||
4,153,472 | China Development Financial Holding Corp. | 1,332,902 | ||||||
1,442,680 | China Life Insurance Co. Ltd. | 1,370,740 | ||||||
2,622,140 | China Steel Corp. | 2,067,680 | ||||||
648,222 | Chunghwa Telecom Co. Ltd. | 2,293,905 | ||||||
2,141,000 | Compal Electronics, Inc. | 1,179,719 | ||||||
2,158,053 | CTBC Financial Holding Co. Ltd. | 1,440,190 | ||||||
3,143,625 | E.Sun Financial Holding Co. Ltd. | 2,082,678 | ||||||
947,432 | Far Eastern New Century Corp. | 950,708 | ||||||
802,993 | Far EasTone Telecommunications Co. Ltd. | 1,912,568 | ||||||
3,829,183 | First Financial Holding Co. Ltd. | 2,419,304 | ||||||
285,095 | Formosa Chemicals & Fibre Corp. | 1,031,918 | ||||||
238,000 | Formosa Petrochemical Corp. | 938,371 | ||||||
350,146 | Formosa Plastics Corp. | 1,142,900 | ||||||
521,000 | Foxconn Technology Co. Ltd. | 1,104,534 | ||||||
912,875 | Fubon Financial Holding Co. Ltd. | 1,429,363 | ||||||
871,000 | Highwealth Construction Corp. | 1,276,536 | ||||||
354,400 | Hon Hai Precision Industry Co. Ltd. | 902,521 | ||||||
4,573,591 | Hua Nan Financial Holdings Co. Ltd. | 2,579,232 | ||||||
1,572,000 | Inventec Corp. | 1,267,537 | ||||||
923,000 | Lite-On Technology Corp. | 1,058,931 | ||||||
2,254,777 | Mega Financial Holding Co. Ltd. | 1,905,517 | ||||||
572,930 | Nan Ya Plastics Corp. | 1,423,854 | ||||||
506,000 | Pegatron Corp. | 920,654 | ||||||
1,333,000 | Pou Chen Corp. | 1,350,533 | ||||||
407,000 | Powertech Technology, Inc. | 889,157 | ||||||
1,594,000 | Qisda Corp. | 904,072 | ||||||
652,000 | Quanta Computer, Inc. | 1,029,318 | ||||||
755,040 | Ruentex Development Co. Ltd. | 1,044,363 | ||||||
328,200 | Ruentex Industries Ltd. | 822,011 | ||||||
4,578,421 | SinoPac Financial Holdings Co. Ltd. | 1,553,612 | ||||||
826,264 | Synnex Technology International Corp. | 889,202 | ||||||
4,287,835 | Taishin Financial Holding Co. Ltd. | 1,905,366 | ||||||
86,496 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(b) | 8,386 | ||||||
6,571,480 | Taiwan Business Bank | 2,166,212 | ||||||
867,500 | Taiwan Cement Corp. | 972,829 | ||||||
4,541,390 | Taiwan Cooperative Financial Holding Co. Ltd. | 2,553,734 | ||||||
1,359,000 | Taiwan Fertilizer Co. Ltd. | 1,844,618 | ||||||
658,162 | Taiwan Mobile Co. Ltd. | 2,350,351 | ||||||
127,397 | Taiwan Semiconductor Manufacturing Co. Ltd. | 963,413 | ||||||
462,181 | Uni-President Enterprises Corp. | 1,118,746 | ||||||
536,842 | Wistron NeWeb Corp. | 1,249,156 | ||||||
797,937 | WPG Holdings Ltd. | 947,684 | ||||||
2,963,472 | Yuanta Financial Holding Co. Ltd. | 1,436,580 | ||||||
|
| |||||||
68,403,056 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Thailand—13.6% | ||||||||
224,633 | Advanced Info Service PCL NVDR | $ | 1,328,147 | |||||
659,925 | Airports of Thailand PCL NVDR | 1,274,063 | ||||||
1,111,569 | Bangchak Corp. PCL NVDR | 1,106,539 | ||||||
240,819 | Bangkok Bank PCL NVDR | 1,503,757 | ||||||
1,287,956 | Bangkok Dusit Medical Services PCL NVDR | 951,883 | ||||||
5,235,792 | Bangkok Expressway & Metro PCL NVDR | 1,342,511 | ||||||
6,152,193 | BTS Group Holdings PCL NVDR | 1,698,117 | ||||||
1,779,857 | BTS Group Holdings PCL Wts. expiring 12/31/19(b)(c) | 6,615 | ||||||
186,600 | Bumrungrad Hospital PCL NVDR | 1,086,389 | ||||||
467,868 | Central Pattana PCL NVDR | 1,114,980 | ||||||
1,370,432 | CH Karnchang PCL NVDR | 1,054,178 | ||||||
1,278,759 | Charoen Pokphand Foods PCL NVDR | 974,017 | ||||||
691,317 | CP ALL PCL NVDR | 1,402,445 | ||||||
177,854 | Electricity Generating PCL NVDR | 1,239,345 | ||||||
445,629 | Glow Energy PCL NVDR | 1,125,835 | ||||||
1,047,568 | Intouch Holdings PCL NVDR | 1,674,845 | ||||||
175,420 | Kasikornbank PCL NVDR | 1,055,695 | ||||||
584,008 | Kiatnakin Bank PCL NVDR | 1,255,221 | ||||||
2,550,916 | Krung Thai Bank PCL NVDR | 1,546,709 | ||||||
2,974,995 | Land & Houses PCL NVDR | 924,357 | ||||||
676,963 | PTT PCL NVDR | 1,041,482 | ||||||
117,526 | Siam Cement PCL (The) NVDR | 1,481,927 | ||||||
274,295 | Siam Commercial Bank PCL (The) NVDR | 1,137,724 | ||||||
2,305,819 | Star Petroleum Refining PCL NVDR | 980,756 | ||||||
2,376,557 | Thai Beverage PCL | 1,072,608 | ||||||
2,074,226 | Thai Union Group PCL NVDR | 1,038,677 | ||||||
725,841 | Thanachart Capital PCL NVDR | 1,154,996 | ||||||
408,917 | Tisco Financial Group PCL NVDR | 971,409 | ||||||
5,316,326 | TPI Polene Power PCL NVDR | 962,231 | ||||||
|
| |||||||
33,507,458 | ||||||||
|
| |||||||
Turkey—0.5% | ||||||||
84,657 | BIM Birlesik Magazalar AS | 1,199,608 | ||||||
|
| |||||||
United Arab Emirates—2.9% | ||||||||
607,216 | Abu Dhabi Commercial Bank PJSC | 1,337,393 | ||||||
2,640,348 | Aldar Properties PJSC | 1,243,582 | ||||||
1,004,816 | Dubai Islamic Bank PJSC | 1,438,930 | ||||||
385,383 | Emirates Telecommunications Group Co. PJSC | 1,825,614 | ||||||
317,442 | First Abu Dhabi Bank PJSC | 1,194,372 | ||||||
|
| |||||||
7,039,891 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $258,497,779)—100.0% | 246,340,649 | |||||||
Other assets less liabilities—(0.0)% | (70,301 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 246,270,348 | ||||||
|
|
Investment Abbreviations:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-voting Depositary Receipt
REIT—Real Estate Investment Trust
Rts.—Rights
Wts.—Warrants
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 October 31, 2018 was $5,751,023, which represented 2.34% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Schedule of Investments
Invesco S&P Emerging Markets Momentum ETF (EEMO)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.6% | ||||||||
Brazil—11.2% | ||||||||
3,900 | Banco Santander Brasil SA | $ | 44,307 | |||||
1,800 | Braskem SA (Preference Shares), Class A | 25,271 | ||||||
4,500 | Fibria Celulose SA | 87,044 | ||||||
10,000 | Gerdau SA (Preference Shares) | 43,774 | ||||||
800 | GOL Linhas Aereas Inteligentes SA (Preference Shares), Class Preference(a) | 3,963 | ||||||
1,900 | IRB Brasil Resseguros SA | 37,064 | ||||||
6,700 | Klabin SA | 33,676 | ||||||
4,200 | Localiza Rent A Car SA | 32,508 | ||||||
1,200 | Magazine Luiza SA | 54,532 | ||||||
27,000 | Petroleo Brasileiro SA | 220,390 | ||||||
1,200 | Porto Seguro SA | 17,568 | ||||||
9,300 | Rumo SA(a) | 41,687 | ||||||
10,600 | Suzano Papel E Celulose SA | 108,012 | ||||||
45,700 | Vale SA | 697,711 | ||||||
|
| |||||||
1,447,507 | ||||||||
|
| |||||||
Chile—1.0% | ||||||||
478,775 | Banco Santander Chile | 35,119 | ||||||
14,643 | Empresas CMPC SA | 50,102 | ||||||
3,167 | Empresas COPEC SA | 44,368 | ||||||
|
| |||||||
129,589 | ||||||||
|
| |||||||
China—11.3% | ||||||||
14,485 | Anhui Conch Cement Co. Ltd., H-Shares | 74,833 | ||||||
8,317 | ANTA Sports Products Ltd. | 34,162 | ||||||
728 | Autohome, Inc., Class A ADR | 52,693 | ||||||
788 | BeiGene Ltd. ADR(a) | 99,241 | ||||||
28,408 | China Mengniu Dairy Co. Ltd.(a) | 83,709 | ||||||
38,257 | China National Building Material Co. Ltd., H-Shares | 27,328 | ||||||
258,490 | China Petroleum & Chemical Corp. (Sinopec), H-Shares | 209,709 | ||||||
17,720 | China Resources Beer Holdings Co. Ltd. | 61,595 | ||||||
28,276 | China Resources Cement Holdings Ltd. | 24,924 | ||||||
195,114 | CNOOC Ltd. | 335,004 | ||||||
51,520 | CSPC Pharmaceutical Group Ltd. | 108,700 | ||||||
19,634 | Dali Foods Group Co. Ltd.(b) | 14,025 | ||||||
1,664 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares | 6,060 | ||||||
10,710 | Shenzhou International Group Holdings Ltd. | 118,311 | ||||||
101,353 | Sino Biopharmaceutical Ltd. | 90,889 | ||||||
24,211 | Tingyi Cayman Islands Holding Corp. | 35,825 | ||||||
6,237 | �� | Wuxi Biologics Cayman, Inc.(a)(b) | 44,434 | |||||
47,790 | Zall Smart Commerce Group Ltd.(a) | 34,138 | ||||||
|
| |||||||
1,455,580 | ||||||||
|
| |||||||
Colombia—0.9% | ||||||||
96,296 | Ecopetrol SA | 111,795 | ||||||
|
| |||||||
Czech Republic—0.6% | ||||||||
2,999 | CEZ AS | 71,379 | ||||||
|
| |||||||
Hong Kong—0.8% | ||||||||
24,198 | China Gas Holdings Ltd. | 76,551 | ||||||
21,623 | Sun Art Retail Group Ltd. | 23,638 | ||||||
|
| |||||||
100,189 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
India—23.1% | ||||||||
822 | Dr Reddy’s Laboratories Ltd. ADR | $ | 27,973 | |||||
780 | GAIL India Ltd. GDR(b) | 23,478 | ||||||
9,257 | HDFC Bank Ltd. ADR | 823,040 | ||||||
88,129 | Infosys Ltd. ADR | 834,582 | ||||||
24,846 | Invesco India ETF(a)(c) | 547,854 | ||||||
6,277 | Mahindra & Mahindra Ltd. GDR(b) | 64,967 | ||||||
19,321 | Reliance Industries Ltd. GDR(b) | 551,614 | ||||||
15,509 | Tata Steel Ltd. GDR(b) | 112,285 | ||||||
|
| |||||||
2,985,793 | ||||||||
|
| |||||||
Indonesia—1.7% | ||||||||
93,998 | PT Bank Central Asia Tbk | 146,229 | ||||||
35,181 | PT Bukit Asam Tbk | 9,835 | ||||||
54,806 | PT Indah Kiat Pulp & Paper Corp. Tbk | 45,875 | ||||||
3,744 | PT Indo Tambangraya Megah Tbk | 6,132 | ||||||
26,530 | PT Pabrik Kertas Tjiwi Kimia Tbk | 17,975 | ||||||
|
| |||||||
226,046 | ||||||||
|
| |||||||
Malaysia—3.8% | ||||||||
52,600 | Dialog Group Bhd | 42,613 | ||||||
1,800 | Fraser & Neave Holdings Bhd | 14,496 | ||||||
19,200 | Hartalega Holdings Bhd | 28,723 | ||||||
4,700 | Hong Leong Bank Bhd | 23,250 | ||||||
800 | Nestle Malaysia Bhd | 27,492 | ||||||
31,300 | Petronas Chemicals Group Bhd | 69,938 | ||||||
6,100 | PPB Group Bhd | 24,432 | ||||||
26,800 | Public Bank Bhd | 157,553 | ||||||
20,800 | Tenaga Nasional Bhd | 73,070 | ||||||
16,800 | Top Glove Corp. Bhd | 23,848 | ||||||
|
| |||||||
485,415 | ||||||||
|
| |||||||
Mexico—1.2% | ||||||||
9,647 | Mexichem SAB de CV | 25,562 | ||||||
51,151 | Wal-Mart de Mexico SAB de CV | 131,041 | ||||||
|
| |||||||
156,603 | ||||||||
|
| |||||||
Peru—1.1% | ||||||||
621 | Credicorp Ltd. | 140,166 | ||||||
|
| |||||||
Poland—0.5% | ||||||||
1,080 | CD Projekt SA(a) | 44,632 | ||||||
674 | Dino Polska SA(a)(b) | 14,868 | ||||||
|
| |||||||
59,500 | ||||||||
|
| |||||||
Qatar—2.7% | ||||||||
1,918 | Industries Qatar QSC | 73,732 | ||||||
1,416 | Qatar Islamic Bank SAQ | 59,493 | ||||||
4,148 | Qatar National Bank QPSC | 222,120 | ||||||
|
| |||||||
355,345 | ||||||||
|
| |||||||
Russia—14.1% | ||||||||
6,793 | Evraz PLC | 47,131 | ||||||
62,353 | Gazprom PJSC ADR | 295,429 | ||||||
6,985 | LUKOIL PJSC ADR | 521,779 | ||||||
1,500 | Magnitogorsk Iron & Steel Works PJSC GDR(b) | 14,160 | ||||||
1,175 | Novatek PJSC GDR(b) | 199,162 | ||||||
872 | Novolipetsk Steel PJSC GDR(b) | 21,068 | ||||||
10,596 | Rosneft Oil Co. PJSC GDR(b) | 74,490 | ||||||
24,828 | Sberbank of Russia PJSC ADR | 292,970 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Russia (continued) | ||||||||
2,157 | Severstal PJSC GDR(b) | $ | 33,455 | |||||
4,672 | Tatneft PJSC ADR | 329,189 | ||||||
|
| |||||||
1,828,833 | ||||||||
|
| |||||||
South Africa—2.9% | ||||||||
29,979 | FirstRand Ltd. | 130,564 | ||||||
547 | Kumba Iron Ore Ltd. | 10,706 | ||||||
2,192 | Mr Price Group Ltd. | 34,287 | ||||||
6,593 | RMB Holdings Ltd. | 33,246 | ||||||
5,212 | Sasol Ltd. | 170,836 | ||||||
|
| |||||||
379,639 | ||||||||
|
| |||||||
South Korea—4.4% | ||||||||
446 | Celltrion Healthcare Co. Ltd.(a) | 24,931 | ||||||
252 | Celltrion Pharm, Inc.(a) | 11,831 | ||||||
1,400 | Celltrion, Inc.(a) | 267,211 | ||||||
52 | Daewoong Pharmaceutical Co. Ltd. | 6,434 | ||||||
794 | Fila Korea Ltd. | 29,299 | ||||||
699 | HLB, Inc.(a) | 53,121 | ||||||
275 | Hotel Shilla Co. Ltd. | 17,206 | ||||||
156 | Kumho Petrochemical Co. Ltd. | 11,787 | ||||||
238 | Orion Corp. | 19,862 | ||||||
306 | POSCO Chemtech Co. Ltd. | 17,481 | ||||||
592 | Samsung Electro-Mechanics Co. Ltd. | 61,302 | ||||||
1,549 | Samsung Engineering Co. Ltd.(a) | 24,807 | ||||||
1,022 | Ssangyong Cement Industrial Co. Ltd. | 4,300 | ||||||
128 | ViroMed Co. Ltd.(a) | 20,926 | ||||||
|
| |||||||
570,498 | ||||||||
|
| |||||||
Taiwan—12.9% | ||||||||
33,000 | Acer, Inc.(a) | 23,142 | ||||||
32,000 | Asia Cement Corp. | 33,869 | ||||||
151,000 | China Development Financial Holding Corp. | 48,458 | ||||||
5,000 | Chroma ATE, Inc. | 17,532 | ||||||
181,000 | E.Sun Financial Holding Co. Ltd. | 119,914 | ||||||
44,000 | Far Eastern New Century Corp. | 44,152 | ||||||
4,000 | Feng TAY Enterprise Co. Ltd. | 24,044 | ||||||
84,788 | First Financial Holding Co. Ltd. | 53,570 | ||||||
49,000 | Formosa Chemicals & Fibre Corp. | 177,358 | ||||||
47,000 | Formosa Plastics Corp. | 153,411 | ||||||
1,000 | Global Unichip Corp. | 6,787 | ||||||
3,000 | Globalwafers Co. Ltd. | 23,802 | ||||||
2,120 | Hiwin Technologies Corp. | 13,703 | ||||||
82,340 | Hua Nan Financial Holdings Co. Ltd. | 46,435 | ||||||
8,000 | International Csrc Investment Holdings Co. | 8,945 | ||||||
5,000 | LCY Chemical Corp. | 8,386 | ||||||
380 | Macronix International | 211 | ||||||
51,000 | Nan Ya Plastics Corp. | 126,746 | ||||||
5,000 | Novatek Microelectronics Corp. | 22,057 | ||||||
6,000 | President Chain Store Corp. | 67,673 | ||||||
9,000 | Ruentex Development Co. Ltd. | 12,449 | ||||||
4,200 | Ruentex Industries Ltd. | 10,519 | ||||||
99,000 | Shin Kong Financial Holding Co. Ltd. | 32,474 | ||||||
5,000 | Sino-American Silicon Products, Inc.(a) | 9,307 | ||||||
134,000 | SinoPac Financial Holdings Co. Ltd. | 45,471 | ||||||
13,000 | Synnex Technology International Corp. | 13,990 | ||||||
14,000 | TA Chen Stainless Pipe | 19,636 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Taiwan (continued) | ||||||||
79,256 | Taishin Financial Holding Co. Ltd. | $ | 35,219 | |||||
1,598 | Taishin Financial Holding Co. Ltd. Rts. expiring 11/28/18(a) | 155 | ||||||
55,000 | Taiwan Business Bank | 18,130 | ||||||
35,000 | Taiwan Cement Corp. | 39,250 | ||||||
120,880 | Taiwan Cooperative Financial Holding Co. Ltd. | 67,974 | ||||||
36,000 | Tatung Co. Ltd.(a) | 41,883 | ||||||
2,000 | TCI Co. Ltd. | 27,955 | ||||||
66,000 | Uni-President Enterprises Corp. | 159,758 | ||||||
7,000 | Vanguard International Semiconductor Corp. | 12,895 | ||||||
26,000 | Walsin Lihwa Corp. | 12,898 | ||||||
6,000 | Walsin Technology Corp. | 25,304 | ||||||
5,990 | Yageo Corp. | 61,075 | ||||||
|
| |||||||
1,666,537 | ||||||||
|
| |||||||
Thailand—4.0% | ||||||||
42,203 | Airports of Thailand PCL NVDR | 81,478 | ||||||
42,083 | Bangkok Dusit Medical Services PCL NVDR | 31,102 | ||||||
44,122 | CP ALL PCL NVDR | 89,509 | ||||||
4,889 | Global Power Synergy PCL NVDR | 8,517 | ||||||
43,747 | Home Product Center PCL NVDR | 19,663 | ||||||
25,449 | Indorama Ventures PCL NVDR | 41,647 | ||||||
13,224 | Krungthai Card PCL NVDR | 13,862 | ||||||
31,604 | Land & Houses PCL NVDR | 9,820 | ||||||
18,046 | PTT Exploration & Production PCL NVDR | 75,940 | ||||||
87,694 | PTT PCL NVDR | 134,914 | ||||||
53,643 | Quality Houses PCL NVDR | 5,081 | ||||||
24,201 | VGI Global Media PCL NVDR | 5,512 | ||||||
|
| |||||||
517,045 | ||||||||
|
| |||||||
Turkey—0.5% | ||||||||
15,467 | Eregli Demir ve Celik Fabrikalari TAS | 25,008 | ||||||
617 | Ford Otomotiv Sanayi AS | 6,607 | ||||||
2,838 | Tekfen Holding AS | 10,758 | ||||||
8,423 | Turk Hava Yollari AO(a) | 21,120 | ||||||
|
| |||||||
63,493 | ||||||||
|
| |||||||
United Arab Emirates—0.9% | ||||||||
32,276 | First Abu Dhabi Bank PJSC | 121,438 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $14,071,009) | 12,872,390 | |||||||
|
| |||||||
Money Market Fund—0.1% | ||||||||
15,517 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(d) (Cost $15,517) | 15,517 | ||||||
|
| |||||||
Total Investments in Securities (Cost $14,086,526)—99.7% | 12,887,907 | |||||||
Other assets less liabilities—0.3% | 35,910 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 12,923,817 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
October 31, 2018
Investment Abbreviations:
ADR—American Depositary Receipt
ETF—Exchange-Traded Fund
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 October 31, 2018 was $1,168,006, which represented 9.04% of the Fund’s Net Assets. |
(c) | Affiliated company. The Fund’s Adviser also serves as the adviser for Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. See Note 4. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Schedule of Investments
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.6% | ||||||||
Australia—12.9% | ||||||||
4,216 | Amcor Ltd. | $ | 39,742 | |||||
2,855 | Australia & New Zealand Banking Group Ltd. | 52,469 | ||||||
8,514 | Coca-Cola Amatil Ltd. | 59,800 | ||||||
1,150 | Commonwealth Bank of Australia | 56,427 | ||||||
15,110 | GPT Group (The) REIT | 55,259 | ||||||
3,766 | National Australia Bank Ltd. | 67,289 | ||||||
25,383 | Stockland REIT | 64,945 | ||||||
4,998 | Suncorp Group Ltd. | 49,628 | ||||||
6,308 | Transurban Group | 50,699 | ||||||
37,507 | Vicinity Centres REIT | 70,445 | ||||||
1,437 | Wesfarmers Ltd. | 47,481 | ||||||
3,170 | Westpac Banking Corp. | 60,325 | ||||||
|
| |||||||
674,509 | ||||||||
|
| |||||||
Austria—1.0% | ||||||||
1,340 | Oesterreichische Post AG | 54,476 | ||||||
|
| |||||||
Belgium—1.3% | ||||||||
2,640 | Proximus SADP | 67,453 | ||||||
|
| |||||||
Denmark—0.9% | ||||||||
1,938 | Tryg A/S | 46,856 | ||||||
|
| |||||||
Finland—3.6% | ||||||||
1,149 | Elisa Oyj | 45,761 | ||||||
750 | Kesko Oyj, Class B | 43,866 | ||||||
802 | Kone Oyj, Class B | 39,093 | ||||||
1,347 | Sampo Oyj, Class A | 62,056 | ||||||
|
| |||||||
190,776 | ||||||||
|
| |||||||
France—7.4% | ||||||||
2,088 | CNP Assurances | 46,607 | ||||||
4,011 | Engie SA | 53,513 | ||||||
3,235 | Orange SA | 50,656 | ||||||
614 | Sanofi | 54,848 | ||||||
899 | Total SA | 52,927 | ||||||
453 | Unibail-Rodamco-Westfield REIT | 82,267 | ||||||
2,386 | Veolia Environnement SA | 47,635 | ||||||
|
| |||||||
388,453 | ||||||||
|
| |||||||
Germany—5.9% | ||||||||
233 | Allianz SE | 48,692 | ||||||
460 | BASF SE | 35,458 | ||||||
648 | Bayerische Motoren Werke AG | 55,969 | ||||||
1,160 | Daimler AG | 68,819 | ||||||
3,586 | Deutsche Telekom AG | 58,895 | ||||||
1,257 | Evonik Industries AG | 39,024 | ||||||
|
| |||||||
306,857 | ||||||||
|
| |||||||
Hong Kong—9.3% | ||||||||
11,400 | Bank of East Asia Ltd. (The) | 36,936 | ||||||
4,000 | CK Hutchison Holdings Ltd. | 40,284 | ||||||
6,339 | CK Infrastructure Holdings Ltd. | 46,333 | ||||||
3,320 | CLP Holdings Ltd. | 37,226 | ||||||
60,268 | HK Electric Investments & HK Electric Investments Ltd.(a) | 57,351 | ||||||
57,000 | HKT Trust & HKT Ltd. | 78,526 | ||||||
75,573 | Mapletree North Asia Commercial Trust REIT(a) | 61,668 | ||||||
138,000 | PCCW Ltd. | 75,695 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
8,302 | Power Assets Holdings Ltd. | $ | 55,439 | |||||
|
| |||||||
489,458 | ||||||||
|
| |||||||
Israel—2.9% | ||||||||
5,737 | Gazit-Globe Ltd. | 47,965 | ||||||
685 | Paz Oil Co. Ltd. | 102,505 | ||||||
|
| |||||||
150,470 | ||||||||
|
| |||||||
Italy—2.2% | ||||||||
3,806 | Assicurazioni Generali SpA | 61,581 | ||||||
3,140 | Eni SpA | 55,878 | ||||||
|
| |||||||
117,459 | ||||||||
|
| |||||||
Japan—17.4% | ||||||||
16 | Advance Residence Investment Corp. REIT | 40,859 | ||||||
1,300 | Aozora Bank Ltd. | 44,867 | ||||||
1,614 | Canon, Inc. | 46,080 | ||||||
3,100 | Chugoku Electric Power Co., Inc. (The) | 39,885 | ||||||
19 | Daiwa House REIT Investment Corp. REIT | 41,584 | ||||||
7 | Daiwa Office Investment Corp. REIT | 42,736 | ||||||
13 | Frontier Real Estate Investment Corp. REIT | 49,821 | ||||||
70 | Japan Hotel REIT Investment Corp. REIT | 49,807 | ||||||
3,700 | Japan Post Bank Co. Ltd. | 43,178 | ||||||
4,100 | Japan Post Holdings Co. Ltd. | 48,682 | ||||||
12 | Japan Prime Realty Investment Corp. REIT | 42,851 | ||||||
28 | Japan Retail Fund Investment Corp. REIT | 51,705 | ||||||
25,900 | Mizuho Financial Group, Inc. | 44,523 | ||||||
43 | Mori Trust Sogo REIT, Inc. REIT | 60,963 | ||||||
20 | Nippon Prologis REIT, Inc. REIT | 40,335 | ||||||
6,225 | Nissan Motor Co. Ltd. | 56,676 | ||||||
30 | Nomura Real Estate Master Fund, Inc. REIT | 38,891 | ||||||
1,633 | NTT DoCoMo, Inc. | 41,160 | ||||||
27 | ORIX JREIT, Inc. REIT | 41,294 | ||||||
29 | United Urban Investment Corp. REIT | 44,173 | ||||||
|
| |||||||
910,070 | ||||||||
|
| |||||||
Netherlands—3.9% | ||||||||
433 | Akzo Nobel NV | 36,443 | ||||||
4,095 | ING Groep NV | 48,625 | ||||||
1,226 | NN Group NV | 52,786 | ||||||
2,054 | Royal Dutch Shell PLC, Class A | 65,626 | ||||||
|
| |||||||
203,480 | ||||||||
|
| |||||||
New Zealand—1.7% | ||||||||
9,393 | Auckland International Airport Ltd. | 42,874 | ||||||
12,195 | Z Energy Ltd. | 48,576 | ||||||
|
| |||||||
91,450 | ||||||||
|
| |||||||
Norway—0.9% | ||||||||
5,151 | Orkla ASA | 44,579 | ||||||
|
| |||||||
Portugal—1.4% | ||||||||
13,385 | NOS SGPS SA | 75,223 | ||||||
|
| |||||||
Singapore—7.4% | ||||||||
33,091 | Ascendas Real Estate Investment Trust REIT | 60,218 | ||||||
19,100 | CapitaLand Ltd. | 43,309 | ||||||
39,815 | CapitaLand Mall Trust REIT | 60,666 | ||||||
56,772 | Mapletree Commercial Trust REIT | 66,004 | ||||||
7,807 | Singapore Exchange Ltd. | 38,561 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore (continued) | ||||||||
21,337 | Singapore Technologies Engineering Ltd. | $ | 54,698 | |||||
27,533 | Singapore Telecommunications Ltd. | 62,828 | ||||||
|
| |||||||
386,284 | ||||||||
|
| |||||||
Spain—2.6% | ||||||||
1,537 | Naturgy Energy Group SA | 37,825 | ||||||
2,374 | Red Electrica Corp. SA | 49,225 | ||||||
6,049 | Telefonica SA | 49,608 | ||||||
|
| |||||||
136,658 | ||||||||
|
| |||||||
Sweden—1.8% | ||||||||
2,403 | Castellum AB | 41,502 | ||||||
1,471 | ICA Gruppen AB | 52,130 | ||||||
|
| |||||||
93,632 | ||||||||
|
| |||||||
Switzerland—6.3% | ||||||||
295 | Kuehne + Nagel International AG | 41,087 | ||||||
530 | Novartis AG | 46,493 | ||||||
188 | Roche Holding AG | 45,809 | ||||||
720 | Swiss RE AG | 65,107 | ||||||
129 | Swisscom AG | 59,171 | ||||||
224 | Zurich Insurance Group AG | 69,745 | ||||||
|
| |||||||
327,412 | ||||||||
|
| |||||||
United Kingdom—8.8% | ||||||||
9,233 | Aviva PLC | 50,552 | ||||||
6,301 | British Land Co. PLC (The) REIT | 47,663 | ||||||
6,155 | HSBC Holdings PLC | 50,719 | ||||||
4,557 | Land Securities Group PLC REIT | 49,679 | ||||||
17,890 | Legal & General Group PLC | 57,490 | ||||||
64,629 | Lloyds Banking Group PLC | 47,252 | ||||||
5,813 | National Grid PLC | 61,589 | ||||||
938 | Schroders PLC | 32,121 | ||||||
4,483 | SSE PLC | 65,387 | ||||||
|
| |||||||
462,452 | ||||||||
|
| |||||||
Total Investments in Securities (Cost $5,674,197)—99.6% | 5,218,007 | |||||||
Other assets less liabilities—0.4% | 20,326 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 5,238,333 | ||||||
|
|
Investment Abbreviations:
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $119,019, which represented 2.27% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Schedule of Investments
Invesco S&P International Developed Low Volatility ETF (IDLV)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.7% | ||||||||
Australia—9.9% | ||||||||
240,580 | Amcor Ltd. | $ | 2,267,797 | |||||
66,189 | ASX Ltd. | 2,775,750 | ||||||
142,097 | Australia & New Zealand Banking Group Ltd. | 2,611,442 | ||||||
299,079 | Brambles Ltd. | 2,251,145 | ||||||
52,719 | Commonwealth Bank of Australia | 2,586,750 | ||||||
326,490 | Dexus REIT | 2,360,277 | ||||||
345,041 | Goodman Group REIT | 2,538,406 | ||||||
730,805 | GPT Group (The) REIT | 2,672,663 | ||||||
445,474 | Insurance Australia Group Ltd. | 2,156,433 | ||||||
1,179,008 | Medibank Private Ltd. | 2,331,385 | ||||||
1,368,147 | Mirvac Group REIT | 2,104,193 | ||||||
159,136 | National Australia Bank Ltd. | 2,843,376 | ||||||
884,066 | Scentre Group REIT | 2,493,795 | ||||||
157,335 | Sonic Healthcare Ltd. | 2,514,577 | ||||||
855,569 | Stockland REIT | 2,189,048 | ||||||
283,969 | Suncorp Group Ltd. | 2,819,695 | ||||||
322,639 | Transurban Group | 2,593,122 | ||||||
1,336,310 | Vicinity Centres REIT | 2,509,840 | ||||||
74,623 | Wesfarmers Ltd. | 2,465,687 | ||||||
141,661 | Westpac Banking Corp. | 2,695,799 | ||||||
167,877 | Woolworths Group Ltd. | 3,382,681 | ||||||
|
| |||||||
53,163,861 | ||||||||
|
| |||||||
Belgium—1.5% | ||||||||
15,982 | Ackermans & van Haaren NV | 2,518,878 | ||||||
56,556 | Ageas | 2,833,010 | ||||||
30,789 | Groupe Bruxelles Lambert SA | 2,866,887 | ||||||
|
| |||||||
8,218,775 | ||||||||
|
| |||||||
Canada—21.6% | ||||||||
99,002 | Atco Ltd., Class I | 2,893,354 | ||||||
55,958 | Bank of Montreal | 4,194,134 | ||||||
68,332 | Bank of Nova Scotia (The) | 3,676,113 | ||||||
102,430 | BCE, Inc. | 3,973,964 | ||||||
59,299 | Brookfield Asset Management, Inc., Class A | 2,425,694 | ||||||
43,106 | Canadian Imperial Bank of Commerce | 3,731,422 | ||||||
30,435 | Canadian National Railway Co. | 2,608,151 | ||||||
135,395 | Canadian Utilities Ltd., Class A | 3,219,787 | ||||||
47,377 | CGI Group, Inc., Class A(a) | 2,932,991 | ||||||
266,260 | Choice Properties Real Estate Investment Trust, Class Trust Unit REIT | 2,420,822 | ||||||
173,669 | CI Financial Corp. | 2,574,784 | ||||||
90,082 | Emera, Inc.(b) | 2,786,317 | ||||||
198,516 | First Capital Realty, Inc. | 2,968,859 | ||||||
98,976 | Fortis, Inc. | 3,278,474 | ||||||
42,595 | George Weston Ltd. | 3,105,632 | ||||||
185,987 | Great-West Lifeco, Inc. | 4,278,444 | ||||||
271,401 | H&R Real Estate Investment Trust REIT(b) | 4,114,673 | ||||||
244,221 | Hydro One Ltd.(c) | 3,561,266 | ||||||
99,926 | IGM Financial, Inc. | 2,460,010 | ||||||
64,004 | Industrial Alliance Insurance & Financial Services, Inc. | 2,268,225 | ||||||
38,968 | Intact Financial Corp. | 3,086,283 | ||||||
57,923 | Loblaw Cos. Ltd. | 2,903,979 | ||||||
157,562 | Manulife Financial Corp. | 2,487,158 | ||||||
80,023 | National Bank of Canada | 3,641,481 | ||||||
38,557 | Onex Corp. | 2,541,107 | ||||||
157,391 | Power Corp. of Canada | 3,257,481 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Canada (continued) | ||||||||
164,076 | Power Financial Corp. | $ | 3,542,018 | |||||
124,213 | Quebecor, Inc., Class B | 2,442,170 | ||||||
193,451 | RioCan Real Estate Investment Trust REIT(b) | 3,535,369 | ||||||
56,919 | Rogers Communications, Inc., Class B | 2,938,160 | ||||||
52,152 | Royal Bank of Canada | 3,809,191 | ||||||
123,534 | Shaw Communications, Inc., Class B | 2,305,592 | ||||||
139,358 | SmartCentres Real Estate Investment Trust REIT(b) | 3,191,996 | ||||||
65,252 | SNC-Lavalin Group, Inc. | 2,335,309 | ||||||
81,792 | Sun Life Financial, Inc. | 3,002,621 | ||||||
107,645 | TELUS Corp. | 3,695,135 | ||||||
69,729 | Toronto-Dominion Bank (The) | 3,877,639 | ||||||
|
| |||||||
116,065,805 | ||||||||
|
| |||||||
Denmark—1.0% | ||||||||
24,607 | Carlsberg A/S, Class B | 2,715,302 | ||||||
112,090 | Tryg A/S | 2,710,029 | ||||||
|
| |||||||
5,425,331 | ||||||||
|
| |||||||
Finland—0.5% | ||||||||
56,001 | Sampo Oyj, Class A | 2,579,954 | ||||||
|
| |||||||
France—9.1% | ||||||||
47,650 | Accor SA | 2,182,268 | ||||||
20,949 | Air Liquide SA | 2,539,779 | ||||||
104,253 | Bureau Veritas SA | 2,356,570 | ||||||
114,042 | CNP Assurances | 2,545,540 | ||||||
169,427 | Credit Agricole SA | 2,174,627 | ||||||
35,176 | Danone SA | 2,494,198 | ||||||
1,384 | Dassault Aviation SA | 2,297,326 | ||||||
163,769 | Engie SA | 2,184,950 | ||||||
17,628 | Essilorluxottica SA | 2,411,787 | ||||||
4,172 | Hermes International | 2,387,176 | ||||||
67,648 | Klepierre SA REIT | 2,299,456 | ||||||
41,418 | Legrand SA | 2,709,660 | ||||||
11,031 | L’Oreal SA | 2,485,985 | ||||||
176,522 | Orange SA | 2,764,113 | ||||||
19,665 | Pernod Ricard SA | 3,003,535 | ||||||
30,889 | Sanofi | 2,759,303 | ||||||
40,906 | Total SA | 2,408,269 | ||||||
13,061 | Unibail-Rodamco-Westfield REIT | 2,371,945 | ||||||
116,904 | Veolia Environnement SA | 2,333,910 | ||||||
27,148 | Vinci SA | 2,426,351 | ||||||
|
| |||||||
49,136,748 | ||||||||
|
| |||||||
Germany—3.1% | ||||||||
11,401 | Allianz SE | 2,382,577 | ||||||
21,121 | Beiersdorf AG | 2,187,306 | ||||||
158,256 | Deutsche Telekom AG | 2,599,126 | ||||||
47,805 | Deutsche Wohnen SE | 2,190,450 | ||||||
17,576 | Hannover Rueck SE | 2,371,814 | ||||||
46,708 | MAN SE | 4,868,868 | ||||||
|
| |||||||
16,600,141 | ||||||||
|
| |||||||
Hong Kong—6.3% | ||||||||
232,022 | CK Hutchison Holdings Ltd. | 2,336,676 | ||||||
434,160 | CK Infrastructure Holdings Ltd. | 3,173,377 | ||||||
249,148 | CLP Holdings Ltd. | 2,793,595 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Hong Kong (continued) | ||||||||
3,662,864 | HK Electric Investments & HK Electric Investments Ltd.(c) | $ | 3,485,594 | |||||
2,396,843 | HKT Trust & HKT Ltd. | 3,302,026 | ||||||
1,820,532 | Hong Kong & China Gas Co. Ltd. | 3,474,138 | ||||||
426,111 | Hongkong Land Holdings Ltd. | 2,522,577 | ||||||
242,162 | Link REIT | 2,146,881 | ||||||
3,194,126 | Mapletree North Asia Commercial Trust REIT(c) | 2,606,414 | ||||||
561,258 | MTR Corp. Ltd. | 2,720,592 | ||||||
425,230 | Power Assets Holdings Ltd. | 2,839,604 | ||||||
226,261 | Swire Pacific Ltd., Class A | 2,347,926 | ||||||
|
| |||||||
33,749,400 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
57,630 | AerCap Holdings NV(a) | 2,886,110 | ||||||
|
| |||||||
Israel—0.8% | ||||||||
106,645 | First International Bank of Israel Ltd. | 2,297,529 | ||||||
660,853 | Israel Discount Bank Ltd., Class A | 2,160,706 | ||||||
|
| |||||||
4,458,235 | ||||||||
|
| |||||||
Italy—0.8% | ||||||||
139,465 | Assicurazioni Generali SpA | 2,256,536 | ||||||
128,912 | Eni SpA | 2,294,076 | ||||||
|
| |||||||
4,550,612 | ||||||||
|
| |||||||
Japan—18.6% | ||||||||
623 | Activia Properties, Inc. REIT | 2,583,528 | ||||||
1,192 | Advance Residence Investment Corp. REIT | 3,044,034 | ||||||
72,308 | ANA Holdings, Inc. | 2,431,517 | ||||||
72,675 | Aozora Bank Ltd. | 2,508,255 | ||||||
87,194 | Canon, Inc. | 2,489,381 | ||||||
12,171 | Central Japan Railway Co. | 2,334,874 | ||||||
209,064 | Chugoku Electric Power Co., Inc. (The) | 2,689,831 | ||||||
1,238 | Daiwa House REIT Investment Corp. REIT | 2,709,548 | ||||||
471 | Daiwa Office Investment Corp. REIT | 2,875,539 | ||||||
27,360 | East Japan Railway Co. | 2,394,045 | ||||||
903 | Frontier Real Estate Investment Corp. REIT | 3,460,613 | ||||||
2,561 | GLP J-Reit REIT | 2,534,790 | ||||||
69,823 | Japan Airlines Co. Ltd. | 2,485,304 | ||||||
3,673 | Japan Hotel REIT Investment Corp. REIT | 2,613,459 | ||||||
232,176 | Japan Post Bank Co. Ltd. | 2,709,457 | ||||||
228,917 | Japan Post Holdings Co. Ltd. | 2,718,079 | ||||||
727 | Japan Prime Realty Investment Corp. REIT | 2,596,083 | ||||||
533 | Japan Real Estate Investment Corp. REIT | 2,748,713 | ||||||
1,580 | Japan Retail Fund Investment Corp. REIT | 2,917,655 | ||||||
68,887 | Kintetsu Group Holdings Co. Ltd. | 2,643,044 | ||||||
89,018 | Kyushu Railway Co. | 2,729,186 | ||||||
40,570 | Lawson, Inc. | 2,566,743 | ||||||
213,804 | Mazda Motor Corp. | 2,318,870 | ||||||
1,633,637 | Mizuho Financial Group, Inc. | 2,808,255 | ||||||
2,487 | Mori Trust Sogo REIT, Inc. REIT | 3,525,940 | ||||||
107,390 | Nagoya Railroad Co. Ltd. | 2,593,994 | ||||||
102,431 | NEC Corp. | 2,940,733 | ||||||
462 | Nippon Building Fund, Inc. REIT | 2,640,468 | ||||||
1,624 | Nippon Prologis REIT, Inc. REIT | 3,275,197 | ||||||
300,889 | Nissan Motor Co. Ltd. | 2,739,475 | ||||||
1,971 | Nomura Real Estate Master Fund, Inc. REIT | 2,555,113 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
106,013 | NTT DoCoMo, Inc. | $ | 2,672,048 | |||||
1,862 | ORIX JREIT, Inc. REIT | 2,847,736 | ||||||
63,323 | Seven & i Holdings Co. Ltd. | 2,745,465 | ||||||
166,903 | Skylark Holdings Co. Ltd.(b) | 2,599,933 | ||||||
1,846 | United Urban Investment Corp. REIT | 2,811,815 | ||||||
222,616 | Yamaguchi Financial Group, Inc. | 2,353,293 | ||||||
|
| |||||||
100,212,013 | ||||||||
|
| |||||||
Netherlands—2.7% | ||||||||
29,873 | Akzo Nobel NV | 2,514,199 | ||||||
28,204 | Heineken Holding NV | 2,444,674 | ||||||
195,335 | ING Groep NV | 2,319,478 | ||||||
99,557 | Koninklijke Ahold Delhaize NV | 2,282,005 | ||||||
56,542 | NN Group NV | 2,434,466 | ||||||
41,378 | Wolters Kluwer NV | 2,351,667 | ||||||
|
| |||||||
14,346,489 | ||||||||
|
| |||||||
New Zealand—0.8% | ||||||||
530,245 | Auckland International Airport Ltd. | 2,420,287 | ||||||
516,534 | Z Energy Ltd. | 2,057,509 | ||||||
|
| |||||||
4,477,796 | ||||||||
|
| |||||||
Singapore—4.1% | ||||||||
1,670,223 | Ascendas Real Estate Investment Trust REIT | 3,039,401 | ||||||
1,874,699 | CapitaLand Mall Trust REIT | 2,856,452 | ||||||
2,812,306 | Keppel REIT | 2,294,848 | ||||||
2,697,780 | Mapletree Commercial Trust REIT | 3,136,500 | ||||||
470,560 | Singapore Exchange Ltd. | 2,324,256 | ||||||
1,127,428 | Singapore Technologies Engineering Ltd. | 2,890,215 | ||||||
1,199,163 | Singapore Telecommunications Ltd. | 2,736,392 | ||||||
1,109,018 | Wilmar International Ltd. | 2,530,688 | ||||||
|
| |||||||
21,808,752 | ||||||||
|
| |||||||
Spain—1.3% | ||||||||
26,122 | Amadeus IT Group SA | 2,106,751 | ||||||
90,667 | Naturgy Energy Group SA | 2,231,300 | ||||||
315,816 | Telefonica SA | 2,590,011 | ||||||
|
| |||||||
6,928,062 | ||||||||
|
| |||||||
Sweden—2.7% | ||||||||
156,447 | Castellum AB | 2,701,966 | ||||||
85,883 | Fastighets AB Balder, Class B(a) | 2,159,361 | ||||||
166,238 | Hufvudstaden AB, Class A | 2,460,912 | ||||||
78,219 | ICA Gruppen AB(b) | 2,771,988 | ||||||
52,580 | Investor AB, Class B | 2,282,185 | ||||||
74,069 | L E Lundbergforetagen AB, Class B | 2,288,597 | ||||||
|
| |||||||
14,665,009 | ||||||||
|
| |||||||
Switzerland—6.2% | ||||||||
38 | Chocoladefabriken Lindt & Spruengli AG | 3,037,280 | ||||||
5,494 | Geberit AG | 2,153,578 | ||||||
1,098 | Givaudan SA | 2,667,772 | ||||||
16,272 | Kuehne + Nagel International AG | 2,266,336 | ||||||
36,868 | Nestle SA | 3,119,797 | ||||||
28,389 | Novartis AG | 2,490,352 | ||||||
3,261 | Partners Group Holding AG | 2,326,044 | ||||||
10,455 | Roche Holding AG | 2,547,490 | ||||||
10,947 | Schindler Holding AG-PC | 2,311,505 | ||||||
964 | SGS SA | 2,292,363 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Switzerland (continued) | ||||||||
27,611 | Swiss RE AG | $ | 2,496,766 | |||||
6,215 | Swisscom AG | 2,850,781 | ||||||
8,939 | Zurich Insurance Group AG | 2,783,274 | ||||||
|
| |||||||
33,343,338 | ||||||||
|
| |||||||
United Kingdom—7.7% | ||||||||
426,772 | Aviva PLC | 2,336,644 | ||||||
354,147 | British Land Co. PLC (The) REIT | 2,678,866 | ||||||
78,692 | Bunzl PLC | 2,323,680 | ||||||
82,423 | Diageo PLC | 2,852,482 | ||||||
94,101 | Experian PLC | 2,167,281 | ||||||
307,743 | HSBC Holdings PLC | 2,535,866 | ||||||
252,711 | Informa PLC | 2,304,224 | ||||||
39,556 | InterContinental Hotels Group PLC | 2,077,303 | ||||||
247,376 | Land Securities Group PLC REIT | 2,696,834 | ||||||
837,025 | Legal & General Group PLC | 2,689,813 | ||||||
3,602,196 | Lloyds Banking Group PLC | 2,633,667 | ||||||
38,816 | London Stock Exchange Group PLC | 2,140,116 | ||||||
132,911 | RELX PLC | 2,632,318 | ||||||
334,437 | RSA Insurance Group PLC | 2,411,832 | ||||||
61,312 | Schroders PLC | 2,099,549 | ||||||
44,475 | Unilever NV CVA | 2,394,898 | ||||||
702,336 | WM Morrison Supermarkets PLC | 2,226,473 | ||||||
|
| |||||||
41,201,846 | ||||||||
|
| |||||||
United States—0.5% | ||||||||
33,170 | Waste Connections, Inc. | 2,541,960 | ||||||
|
| |||||||
Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $558,354,610)-99.7% | 536,360,237 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
Money Market Fund—1.2% | ||||||||
6,374,836 | Invesco Government & Agency Portfolio—Institutional Class, 2.08%(d)(e) (Cost $6,374,836) | 6,374,836 | ||||||
|
| |||||||
Total Investments in Securities (Cost $564,729,446)—100.9% | 542,735,073 | |||||||
Other assets less liabilities—(0.9)% | (4,805,781 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 537,929,292 | ||||||
|
|
Investment Abbreviations:
CVA—Dutch Certificates
PC—Participation Certificate
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2018. |
(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 October 31, 2018 was $9,653,274, which represented 1.79% of the Fund’s Net Assets. |
(d) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of October 31, 2018. |
(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.
| 49 |
|
Schedule of Investments
Invesco S&P International Developed Momentum ETF (IDMO)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests—99.4% | ||||||||
Australia—10.4% | ||||||||
1,719 | Alumina Ltd. | $ | 3,107 | |||||
529 | Aristocrat Leisure Ltd. | 9,936 | ||||||
152 | ASX Ltd. | 6,374 | ||||||
2,230 | BHP Billiton Ltd. | 50,908 | ||||||
45 | Cochlear Ltd. | 5,664 | ||||||
318 | Computershare Ltd. | 4,456 | ||||||
497 | CSL Ltd. | 66,223 | ||||||
44 | Flight Centre Travel Group Ltd. | 1,447 | ||||||
958 | Goodman Group REIT | 7,048 | ||||||
1,307 | Insurance Australia Group Ltd. | 6,327 | ||||||
303 | Macquarie Group Ltd. | 25,169 | ||||||
871 | Oil Search Ltd. | 4,796 | ||||||
1,070 | Origin Energy Ltd.(a) | 5,528 | ||||||
25 | REA Group Ltd. | 1,269 | ||||||
1,746 | Santos Ltd. | 8,217 | ||||||
191 | SEEK Ltd. | 2,418 | ||||||
79 | Seven Group Holdings Ltd. | 994 | ||||||
236 | Sonic Healthcare Ltd. | 3,772 | ||||||
521 | Treasury Wine Estates Ltd. | 5,583 | ||||||
777 | Wesfarmers Ltd. | 25,673 | ||||||
556 | Woodside Petroleum Ltd. | 13,733 | ||||||
|
| |||||||
258,642 | ||||||||
|
| |||||||
Austria—0.2% | ||||||||
54 | CA Immobilien Anlagen AG | 1,758 | ||||||
76 | Verbund AG | 3,066 | ||||||
|
| |||||||
4,824 | ||||||||
|
| |||||||
Belgium—0.5% | ||||||||
123 | Ageas | 6,161 | ||||||
136 | Umicore SA | 6,409 | ||||||
|
| |||||||
12,570 | ||||||||
|
| |||||||
Canada—12.4% | ||||||||
552 | Aurora Cannabis, Inc.(a) | 3,758 | ||||||
1,641 | Bombardier, Inc., Class B(a) | 3,986 | ||||||
162 | CAE, Inc. | 2,864 | ||||||
66 | Canadian Apartment Properties REIT | 2,352 | ||||||
239 | Canadian Imperial Bank of Commerce | 20,689 | ||||||
96 | Canadian Pacific Railway Ltd. | 19,735 | ||||||
36 | Canadian Tire Corp. Ltd., Class A | 4,061 | ||||||
232 | Canopy Growth Corp.(a) | 8,556 | ||||||
181 | CGI Group, Inc., Class A(a) | 11,205 | ||||||
13 | Constellation Software, Inc. | 8,969 | ||||||
101 | Finning International, Inc. | 2,103 | ||||||
23 | Genworth MI Canada, Inc. | 757 | ||||||
221 | Husky Energy, Inc. | 3,132 | ||||||
176 | Magna International, Inc. | 8,686 | ||||||
65 | Methanex Corp. | 4,219 | ||||||
212 | National Bank of Canada | 9,647 | ||||||
95 | Quebecor, Inc., Class B | 1,868 | ||||||
752 | Royal Bank of Canada | 54,926 | ||||||
44 | Shopify, Inc., Class A(a) | 6,093 | ||||||
200 | Stars Group, Inc. (The)(a) | 4,170 | ||||||
1,159 | Suncor Energy, Inc. | 38,973 | ||||||
20 | TMX Group Ltd. | 1,261 | ||||||
1,478 | Toronto-Dominion Bank (The) | 82,192 | ||||||
58 | WSP Global, Inc. | 2,902 | ||||||
|
| |||||||
307,104 | ||||||||
|
|
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
China—0.1% | ||||||||
2,723 | Alibaba Health Information Technology Ltd.(a) | $ | 2,202 | |||||
|
| |||||||
Denmark—1.5% | ||||||||
211 | Ambu A/S, Class B | 4,400 | ||||||
55 | Chr. Hansen Holding A/S | 5,561 | ||||||
116 | DSV A/S | 9,330 | ||||||
110 | GN Store Nord A/S | 4,672 | ||||||
95 | Orsted A/S(b) | 6,038 | ||||||
7 | Rockwool International A/S, Class B | 2,394 | ||||||
117 | William Demant Holding A/S(a) | 3,852 | ||||||
|
| |||||||
36,247 | ||||||||
|
| |||||||
Finland—1.3% | ||||||||
499 | Fortum Oyj | 10,513 | ||||||
126 | Neste Oyj | 10,388 | ||||||
332 | UPM-Kymmene Oyj | 10,687 | ||||||
|
| |||||||
31,588 | ||||||||
|
| |||||||
France—15.4% | ||||||||
22 | Aeroports de Paris | 4,609 | ||||||
407 | Airbus SE | 45,059 | ||||||
6 | Christian Dior SE | 2,326 | ||||||
1 | Dassault Aviation SA | 1,660 | ||||||
133 | Dassault Systemes SE | 16,705 | ||||||
325 | Electricite de France SA | 5,406 | ||||||
25 | Hermes International | 14,305 | ||||||
65 | Kering SA | 28,988 | ||||||
131 | L’Oreal SA | 29,523 | ||||||
197 | LVMH Moet Hennessy Louis Vuitton SE | 59,999 | ||||||
112 | Pernod Ricard SA | 17,106 | ||||||
309 | Peugeot SA | 7,363 | ||||||
214 | Safran SA | 27,654 | ||||||
2,096 | Total SA | 123,398 | ||||||
|
| |||||||
384,101 | ||||||||
|
| |||||||
Germany—3.8% | ||||||||
637 | Aroundtown SA | 5,291 | ||||||
114 | Deutsche Boerse AG | 14,447 | ||||||
115 | Deutsche Lufthansa AG | 2,314 | ||||||
205 | Deutsche Wohnen SE | 9,393 | ||||||
40 | MTU Aero Engines AG | 8,512 | ||||||
28 | Sartorius AG (Preference Shares) | 4,061 | ||||||
77 | Symrise AG | 6,470 | ||||||
346 | TUI AG | 5,743 | ||||||
277 | Vonovia SE | 12,686 | ||||||
133 | Wirecard AG | 24,925 | ||||||
|
| |||||||
93,842 | ||||||||
|
| |||||||
Hong Kong—1.6% | ||||||||
2,487 | Evergrande Health Industry Group Ltd.(a) | 3,420 | ||||||
459 | Hang Seng Bank Ltd. | 10,750 | ||||||
1,224 | HK Electric Investments & HK Electric Investments Ltd.(b) | 1,165 | ||||||
6,614 | Hong Kong & China Gas Co. Ltd. | 12,621 | ||||||
409 | Kerry Properties Ltd. | 1,286 | ||||||
1,233 | Link REIT | 10,931 | ||||||
|
| |||||||
40,173 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Ireland—0.2% | ||||||||
98 | Kingspan Group PLC | $ | 4,264 | |||||
|
| |||||||
Israel—0.9% | ||||||||
1,009 | Bank Leumi Le-Israel BM | 6,294 | ||||||
22 | CyberArk Software Ltd.(a) | 1,502 | ||||||
645 | Israel Discount Bank Ltd., Class A | 2,109 | ||||||
33 | Mellanox Technologies Ltd.(a) | 2,795 | ||||||
52 | Nice Ltd.(a) | 5,510 | ||||||
110 | Plus500 Ltd. | 1,903 | ||||||
14 | SodaStream International Ltd.(a) | 2,007 | ||||||
|
| |||||||
22,120 | ||||||||
|
| |||||||
Italy—1.6% | ||||||||
1,689 | Eni SpA | 30,057 | ||||||
215 | Finecobank Banca Fineco SpA | 2,252 | ||||||
162 | Moncler SpA | 5,635 | ||||||
307 | Poste Italiane SpA(b) | 2,209 | ||||||
|
| |||||||
40,153 | ||||||||
|
| |||||||
Japan—17.4% | ||||||||
614 | Aeon Co. Ltd. | 14,091 | ||||||
114 | Alfresa Holdings Corp. | 3,046 | ||||||
96 | Asahi Intecc Co. Ltd. | 3,926 | ||||||
1,214 | Astellas Pharma, Inc. | 18,793 | ||||||
83 | Capcom Co. Ltd. | 1,724 | ||||||
139 | Central Japan Railway Co. | 26,666 | ||||||
195 | Chugoku Electric Power Co., Inc. (The) | 2,509 | ||||||
72 | CyberAgent, Inc. | 3,056 | ||||||
693 | Daiichi Sankyo Co. Ltd. | 26,491 | ||||||
65 | Don Quijote Holdings Co. Ltd. | 3,893 | ||||||
168 | Eisai Co. Ltd. | 14,010 | ||||||
63 | Familymart UNY Holdings Co. Ltd. | 7,324 | ||||||
45 | Fancl Corp. | 1,990 | ||||||
39 | Fast Retailing Co. Ltd. | 19,722 | ||||||
30 | GMO Payment Gateway, Inc. | 1,457 | ||||||
88 | Hamamatsu Photonics K.K. | 2,947 | ||||||
19 | Hikari Tsushin, Inc. | 3,320 | ||||||
62 | Hisamitsu Pharmaceutical Co., Inc. | 3,499 | ||||||
136 | Idemitsu Kosan Co. Ltd. | 6,206 | ||||||
2,931 | JXTG Holdings, Inc. | 19,977 | ||||||
77 | Kakaku.com, Inc. | 1,397 | ||||||
141 | Kikkoman Corp. | 7,759 | ||||||
31 | Kobayashi Pharmaceutical Co. Ltd. | 2,033 | ||||||
25 | Kose Corp. | 3,737 | ||||||
79 | Kyowa Exeo Corp. | 2,128 | ||||||
140 | Marui Group Co. Ltd. | 3,014 | ||||||
49 | Matsumotokiyoshi Holdings Co. Ltd. | 1,767 | ||||||
1,021 | Mitsubishi Corp. | 28,769 | ||||||
84 | MonotaRO Co. Ltd. | 1,854 | ||||||
120 | NGK Spark Plug Co. Ltd. | 2,437 | ||||||
142 | Nidec Corp. | 18,232 | ||||||
87 | Nissan Chemical Corp. | 4,117 | ||||||
42 | OBIC Co. Ltd. | 3,826 | ||||||
21 | Open House Co. Ltd. | 825 | ||||||
194 | Oriental Land Co. Ltd. | 18,247 | ||||||
18 | Paltac Corp. | 919 | ||||||
44 | Pola Orbis Holdings, Inc. | 1,177 | ||||||
1,144 | Recruit Holdings Co. Ltd. | 30,786 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Japan (continued) | ||||||||
52 | Relo Group, Inc. | $ | 1,228 | |||||
70 | Rohto Pharmaceutical Co. Ltd. | 2,221 | ||||||
41 | Sankyu, Inc. | 1,940 | ||||||
187 | SBI Holdings, Inc. | 4,906 | ||||||
174 | Shimadzu Corp. | 4,399 | ||||||
394 | Shiseido Co. Ltd. | 24,917 | ||||||
98 | Showa Denko K.K. | 4,281 | ||||||
852 | Sojitz Corp. | 2,869 | ||||||
64 | Sotetsu Holdings, Inc. | 1,959 | ||||||
49 | Square Enix Holdings Co. Ltd. | 1,756 | ||||||
614 | Sumitomo Corp. | 9,322 | ||||||
50 | Suzuken Co. Ltd. | 2,534 | ||||||
138 | Sysmex Corp. | 9,690 | ||||||
43 | Taisho Pharmaceutical Holdings Co. Ltd. | 4,587 | ||||||
96 | Taiyo Yuden Co. Ltd. | 1,939 | ||||||
83 | TDK Corp. | 7,171 | ||||||
229 | Terumo Corp. | 12,358 | ||||||
65 | TIS, Inc. | 2,914 | ||||||
230 | Tokai Carbon Co. Ltd. | 3,599 | ||||||
27 | Tokyo Century Corp. | 1,447 | ||||||
26 | Welcia Holdings Co. Ltd. | 1,327 | ||||||
270 | Yamato Holdings Co. Ltd. | 7,393 | ||||||
|
| |||||||
432,428 | ||||||||
|
| |||||||
Netherlands—10.4% | ||||||||
274 | ASML Holding NV | 46,854 | ||||||
744 | Koninklijke Ahold Delhaize NV | 17,054 | ||||||
160 | Koninklijke DSM NV | 14,028 | ||||||
2,790 | Royal Dutch Shell PLC, Class A | 89,141 | ||||||
2,350 | Royal Dutch Shell PLC, Class B | 77,019 | ||||||
253 | Wolters Kluwer NV | 14,379 | ||||||
|
| |||||||
258,475 | ||||||||
|
| |||||||
New Zealand—0.5% | ||||||||
681 | a2 Milk Co. Ltd.(a) | 4,634 | ||||||
336 | Fisher & Paykel Healthcare Corp. Ltd. | 2,984 | ||||||
285 | Ryman Healthcare Ltd. | 2,252 | ||||||
83 | Xero Ltd.(a) | 2,340 | ||||||
|
| |||||||
12,210 | ||||||||
|
| |||||||
Norway—1.8% | ||||||||
28 | Aker ASA, Class A | 2,135 | ||||||
121 | Aker BP ASA | 4,002 | ||||||
76 | Austevoll Seafood ASA | 1,226 | ||||||
423 | DNO ASA | 817 | ||||||
1,001 | Equinor ASA | 26,118 | ||||||
159 | Leroy Seafood Group ASA | 1,469 | ||||||
63 | Salmar ASA | 3,336 | ||||||
98 | TGS Nopec Geophysical Co. ASA | 3,299 | ||||||
73 | Tomra Systems ASA | 1,815 | ||||||
|
| |||||||
44,217 | ||||||||
|
| |||||||
Portugal—0.2% | ||||||||
308 | Galp Energia SGPS SA | 5,372 | ||||||
149 | Navigator Co. SA (The) | 743 | ||||||
|
| |||||||
6,115 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
October 31, 2018
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
Singapore—0.7% | ||||||||
1,019 | DBS Group Holdings Ltd. | $ | 17,263 | |||||
|
| |||||||
South Africa—0.6% | ||||||||
754 | Anglo American PLC | 16,139 | ||||||
|
| |||||||
Spain—1.2% | ||||||||
360 | Amadeus IT Group SA | 29,034 | ||||||
|
| |||||||
Sweden—2.6% | ||||||||
152 | AAK AB | 2,295 | ||||||
183 | Alfa Laval AB | 4,679 | ||||||
70 | Axfood AB | 1,250 | ||||||
212 | Castellum AB | 3,661 | ||||||
271 | Elekta AB, Class B | 3,441 | ||||||
271 | Fabege AB | 3,466 | ||||||
53 | Fastighets AB Balder, Class B(a) | 1,333 | ||||||
158 | Hexagon AB, Class B | 7,755 | ||||||
121 | Kinnevik AB, Class B | 3,361 | ||||||
143 | Lundin Petroleum AB | 4,372 | ||||||
222 | Nibe Industrier AB, Class B | 2,322 | ||||||
573 | Sandvik AB | 9,084 | ||||||
412 | Svenska Cellulosa AB SCA, Class B | 3,905 | ||||||
203 | Swedish Match AB | 10,357 | ||||||
152 | Swedish Orphan Biovitrum AB(a) | 3,107 | ||||||
|
| |||||||
64,388 | ||||||||
|
| |||||||
Switzerland—2.2% | ||||||||
1 | Chocoladefabriken Lindt & Spruengli AG-PC | 6,909 | ||||||
5 | Givaudan SA | 12,148 | ||||||
41 | Lonza Group AG(a) | 12,909 | ||||||
10 | Partners Group Holding AG | 7,133 | ||||||
3 | SGS SA | 7,134 | ||||||
72 | Sika AG | 9,248 | ||||||
|
| |||||||
55,481 | ||||||||
|
| |||||||
United Arab Emirates—0.1% | ||||||||
68 | NMC Health PLC | 3,069 | ||||||
|
| |||||||
United Kingdom—10.6% | ||||||||
335 | Ashtead Group PLC | 8,285 | ||||||
849 | AstraZeneca PLC | 64,980 | ||||||
13,607 | BP PLC | 98,633 | ||||||
111 | Croda International PLC | 6,836 | ||||||
127 | easyJet PLC | 1,947 | ||||||
522 | Experian PLC | 12,022 | ||||||
448 | GVC Holdings PLC | 5,364 | ||||||
249 | Hargreaves Lansdown PLC | 5,943 | ||||||
111 | Intertek Group PLC | 6,649 | ||||||
983 | J Sainsbury PLC | 3,909 | ||||||
96 | Next PLC | 6,383 | ||||||
666 | Ocado Group PLC(a) | 7,278 | ||||||
555 | Pearson PLC | 6,373 | ||||||
693 | Segro PLC REIT | 5,442 | ||||||
8,471 | Tesco PLC | 23,087 | ||||||
|
| |||||||
263,131 | ||||||||
|
| |||||||
United States—1.2% | ||||||||
80 | Atlassian Corp. PLC, Class A(a) | 6,073 | ||||||
21 | BRP, Inc. | 847 |
Number of Shares | Value | |||||||
Common Stocks & Other Equity Interests (continued) | ||||||||
United States (continued) | ||||||||
158 | Ferguson PLC | $ | 10,666 | |||||
155 | Waste Connections, Inc. | 11,878 | ||||||
|
| |||||||
29,464 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,610,737) | 2,469,244 | |||||||
|
| |||||||
Money Market Fund—0.0% | ||||||||
1,142 | Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.08%(c) (Cost $1,142) | 1,142 | ||||||
|
| |||||||
Total Investments in Securities (Cost $2,611,879)—99.4% | 2,470,386 | |||||||
Other assets less liabilities—0.6% | 15,729 | |||||||
|
| |||||||
Net Assets—100.0% | $ | 2,486,115 | ||||||
|
|
Investment Abbreviations:
PC—Participation Certificate
REIT—Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2018 was $9,412, 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 October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
(This Page Intentionally Left Blank)
| 53 |
|
Statements of Assets and Liabilities
October 31, 2018
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | |||||||||||||
Assets: | ||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 109,007,614 | $ | 11,801,057 | $ | 246,340,649 | $ | 12,324,536 | ||||||||
Affiliated investments in securities, at value | 577,575 | 155,309 | — | 563,371 | ||||||||||||
Foreign currencies, at value | 17,499 | 780 | 2,611 | 3,873 | ||||||||||||
Deposits with brokers: | ||||||||||||||||
Cash segregated as collateral | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 280,764 | 12,606 | 453,441 | 39,537 | ||||||||||||
Foreign tax reclaims | 213,999 | 8,603 | 12,485 | — | ||||||||||||
Securities lending | 1,564 | — | 76 | — | ||||||||||||
Investments sold | — | 67 | 2,885 | — | ||||||||||||
Shares sold | — | — | 121,639 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 110,099,015 | 11,978,422 | 246,933,786 | 12,931,317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 149,611 | — | 576,624 | 4,367 | ||||||||||||
Due to foreign custodian | — | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral upon receipt of securities in-kind | — | — | — | — | ||||||||||||
Collateral upon return of securities loaned | 577,575 | — | — | — | ||||||||||||
Investments purchased | 70,211 | — | 11 | — | ||||||||||||
Accrued unitary management fees | 43,146 | 5,506 | 86,803 | 3,133 | ||||||||||||
Accrued tax expense | — | 3,514 | — | — | ||||||||||||
Accrued expenses | 48 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 840,591 | 9,020 | 663,438 | 7,500 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 109,258,424 | $ | 11,969,402 | $ | 246,270,348 | $ | 12,923,817 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 119,695,257 | $ | 17,150,950 | $ | 323,326,541 | $ | 13,140,182 | ||||||||
Distributable earnings | (10,436,833 | ) | (5,181,548 | ) | (77,056,193 | ) | (216,365 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 109,258,424 | $ | 11,969,402 | $ | 246,270,348 | $ | 12,923,817 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,050,001 | 400,000 | 10,700,000 | 750,000 | ||||||||||||
Net asset value | $ | 26.98 | $ | 29.92 | $ | 23.02 | $ | 17.23 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 26.86 | $ | 29.83 | $ | 23.03 | $ | 17.18 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost | $ | 112,663,516 | $ | 12,254,936 | $ | 258,497,779 | $ | 13,450,163 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 577,575 | $ | 174,307 | $ | — | $ | 636,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 17,636 | $ | 772 | $ | 2,237 | $ | 3,896 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 549,991 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||
$ | 5,218,007 | $ | 536,360,237 | $ | 2,469,244 | |||||
— | 6,374,836 | 1,142 | ||||||||
— | 68,498 | 562 | ||||||||
— | 1,595,674 | — | ||||||||
12,610 | 1,288,959 | 3,616 | ||||||||
9,730 | 1,036,893 | 12,367 | ||||||||
— | 8,586 | — | ||||||||
— | — | — | ||||||||
— | 816,613 | — | ||||||||
|
|
|
|
|
| |||||
5,240,347 | 547,550,296 | 2,486,931 | ||||||||
|
|
|
|
|
| |||||
378 | 702,806 | — | ||||||||
288 | — | — | ||||||||
— | 1,595,674 | — | ||||||||
— | 6,374,836 | — | ||||||||
— | 816,724 | — | ||||||||
1,348 | 126,526 | 656 | ||||||||
— | — | — | ||||||||
— | 4,438 | 160 | ||||||||
|
|
|
|
|
| |||||
2,014 | 9,621,004 | 816 | ||||||||
|
|
|
|
|
| |||||
$ | 5,238,333 | $ | 537,929,292 | $ | 2,486,115 | |||||
|
|
|
|
|
| |||||
$ | 5,894,654 | $ | 605,429,959 | $ | 4,093,093 | |||||
(656,321 | ) | (67,500,667 | ) | (1,606,978 | ) | |||||
|
|
|
|
|
| |||||
$ | 5,238,333 | $ | 537,929,292 | $ | 2,486,115 | |||||
|
|
|
|
|
| |||||
200,001 | 17,450,000 | 100,000 | ||||||||
$ | 26.19 | $ | 30.83 | $ | 24.86 | |||||
|
|
|
|
|
| |||||
$ | 26.41 | $ | 30.76 | $ | 24.78 | |||||
|
|
|
|
|
| |||||
$ | 5,674,197 | $ | 558,354,610 | $ | 2,610,737 | |||||
|
|
|
|
|
| |||||
$ | — | $ | 6,374,836 | $ | 1,142 | |||||
|
|
|
|
|
| |||||
$ | (295 | ) | $ | 68,583 | $ | 568 | ||||
|
|
|
|
|
| |||||
$ | — | $ | 6,089,583 | $ | — | |||||
|
|
|
|
|
|
| 55 |
|
For the year ended October 31, 2018
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | |||||||||||||
Investment Income: | ||||||||||||||||
Unaffiliated dividend income | $ | 3,398,490 | $ | 454,627 | $ | 21,702,598 | $ | 2,627,811 | ||||||||
Affiliated dividend income | 1,681 | 231 | 12,579 | 8,313 | ||||||||||||
Non-cash dividend income | 256,387 | 29,191 | 1,378,510 | 929,664 | ||||||||||||
Securities lending income | 31,203 | 5,044 | 1,325 | — | ||||||||||||
Foreign withholding tax | (351,202 | ) | (53,920 | ) | (3,292,801 | ) | (424,391 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Income | 3,336,559 | 435,173 | 19,802,211 | 3,141,397 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 559,851 | 94,157 | 2,019,164 | 919,530 | ||||||||||||
Trustees’ and officer’s fees | — | 261 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 559,851 | 94,418 | 2,019,164 | 919,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (202 | ) | (7,225 | ) | (719,775 | ) | (361,239 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 559,649 | 87,193 | 1,299,389 | 558,291 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment Income | 2,776,910 | 347,980 | 18,502,822 | 2,583,106 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (3,467,876 | ) | 37,940 | (26,110,917 | ) | 13,545,158 | ||||||||||
Affiliated investment securities | — | 784 | — | (9,282 | ) | |||||||||||
Unaffiliated in-kind redemptions | 11,442,856 | — | 1,295,127 | 40,108,400 | ||||||||||||
Affiliated in-kind redemptions | — | — | — | 773,722 | ||||||||||||
Foreign currencies | (12,730 | ) | 14,704 | (1,035,856 | ) | (537,482 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 7,962,250 | 53,428 | (25,851,646 | ) | 53,880,516 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
Unaffiliated investment securities | (16,893,920 | ) | (1,505,472 | )(a) | (27,566,455 | ) | (49,128,172 | ) | ||||||||
Affiliated investment securities | — | (18,998 | ) | — | (907,449 | ) | ||||||||||
Foreign currencies | (4,997 | ) | (912 | ) | 11,363 | 3,268 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (16,898,917 | ) | (1,525,382 | ) | (27,555,092 | ) | (50,032,353 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (8,936,667 | ) | (1,471,954 | ) | (53,406,738 | ) | 3,848,163 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | (6,159,757 | ) | $ | (1,123,974 | ) | $ | (34,903,916 | ) | $ | 6,431,269 | |||||
|
|
|
|
|
|
|
|
(a) | Net of foreign taxes of $3,514 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||
$ | 268,359 | $ | 22,563,520 | $ | 72,038 | |||||
97 | 8,003 | 27 | ||||||||
4,534 | — | 4,736 | ||||||||
— | 256,598 | — | ||||||||
(23,464 | ) | (2,322,123 | ) | (8,525 | ) | |||||
|
|
|
|
|
| |||||
249,526 | 20,505,998 | 68,276 | ||||||||
|
|
|
|
|
| |||||
15,558 | 2,044,332 | 9,730 | ||||||||
— | — | — | ||||||||
|
|
|
|
|
| |||||
15,558 | 2,044,332 | 9,730 | ||||||||
|
|
|
|
|
| |||||
(11 | ) | (585,068 | ) | (2,783 | ) | |||||
|
|
|
|
|
| |||||
15,547 | 1,459,264 | 6,947 | ||||||||
|
|
|
|
|
| |||||
233,979 | 19,046,734 | 61,329 | ||||||||
|
|
|
|
|
| |||||
(152,265 | ) | (15,541,524 | ) | (53,325 | ) | |||||
— | — | — | ||||||||
229,010 | 29,424,937 | 107,092 | ||||||||
— | — | — | ||||||||
(1,685 | ) | (82,480 | ) | 668 | ||||||
|
|
|
|
|
| |||||
75,060 | 13,800,933 | 54,435 | ||||||||
|
|
|
|
|
| |||||
(481,768 | ) | (52,963,916 | ) | (359,748 | ) | |||||
— | — | — | ||||||||
(443 | ) | (21,846 | ) | (358 | ) | |||||
|
|
|
|
|
| |||||
(482,211 | ) | (52,985,762 | ) | (360,106 | ) | |||||
|
|
|
|
|
| |||||
(407,151 | ) | (39,184,829 | ) | (305,671 | ) | |||||
|
|
|
|
|
| |||||
$ | (173,172 | ) | $ | (20,138,095 | ) | $ | (244,342 | ) | ||
|
|
|
|
|
|
| 57 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2018 and 2017
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 2,776,910 | $ | 3,511,056 | $ | 347,980 | $ | 237,251 | $ | 18,502,822 | $ | 7,025,316 | ||||||||||||
Net realized gain (loss) | 7,962,250 | 12,238,676 | 53,428 | 190,942 | (25,851,646 | ) | 5,734,338 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (16,898,917 | ) | 12,871,187 | (1,525,382 | ) | 1,540,226 | (27,555,092 | ) | 18,128,472 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (6,159,757 | ) | 28,620,919 | (1,123,974 | ) | 1,968,419 | (34,903,916 | ) | 30,888,126 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (3,583,648 | ) | (3,917,258 | ) | (340,324 | ) | (243,235 | ) | (13,296,285 | ) | (6,749,056 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 42,228,757 | 43,501,641 | — | 3,222,756 | 491,939,223 | 14,830,763 | ||||||||||||||||||
Value of shares repurchased | (57,331,420 | ) | (80,897,651 | ) | — | (3,180,105 | ) | (476,665,178 | ) | (30,679,345 | ) | |||||||||||||
Transaction fees | — | — | — | — | 1,364,568 | 63,879 | ||||||||||||||||||
|
|
|
|
|
|
|
| �� |
|
|
|
| ||||||||||||
Net increase (decrease) in net assets resulting from shares transactions | (15,102,663 | ) | (37,396,010 | ) | — | 42,651 | 16,638,613 | (15,784,703 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Increase (Decrease) in Net Assets | (24,846,068 | ) | (12,692,349 | ) | (1,464,298 | ) | 1,767,835 | (31,561,588 | ) | 8,354,367 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 134,104,492 | 146,796,841 | 13,433,700 | 11,665,865 | 277,831,936 | 269,477,569 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 109,258,424 | $ | 134,104,492 | $ | 11,969,402 | $ | 13,433,700 | $ | 246,270,348 | $ | 277,831,936 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 1,400,000 | 1,600,000 | — | 100,000 | 18,650,000 | 600,000 | ||||||||||||||||||
Shares repurchased | (1,900,000 | ) | (2,900,000 | ) | — | (100,000 | ) | (19,250,000 | ) | (1,400,000 | ) | |||||||||||||
Shares outstanding, beginning of year | 4,550,001 | 5,850,001 | 400,000 | 400,000 | 11,300,000 | 12,100,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of year | 4,050,001 | 4,550,001 | 400,000 | 400,000 | 10,700,000 | 11,300,000 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | For the period November 29, 2016 (commencement of investment operations) through October 31, 2017. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017(a) | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||
$ | 2,583,106 | $ | 3,566,319 | $ | 233,979 | $ | 124,171 | $ | 19,046,734 | $ | 16,055,102 | $ | 61,329 | $ | 77,070 | |||||||||||||||
53,880,516 | 16,577,749 | 75,060 | 367,701 | 13,800,933 | 32,311,366 | 54,435 | 139,831 | |||||||||||||||||||||||
| (50,032,353 | ) | 48,768,980 | (482,211 | ) | 25,552 | (52,985,762 | ) | 33,948,665 | (360,106 | ) | 275,481 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| 6,431,269 |
| 68,913,048 | (173,172 | ) | 517,424 | (20,138,095 | ) | 82,315,133 | (244,342 | ) | 492,382 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(18,109,850 | ) | (2,740,197 | ) | (253,963 | ) | (111,591 | ) | (23,013,425 | ) | (17,508,487 | ) | (66,579 | ) | (87,699 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
128,276,185 | 321,008,235 | 4,310,452 | 10,918,862 | 266,538,390 | 427,582,104 | 1,435,481 | — | |||||||||||||||||||||||
(495,089,841 | ) | — | (2,903,044 | ) | (7,066,635 | ) | (254,581,165 | ) | (307,401,677 | ) | (1,434,155 | ) | (1,144,402 | ) | ||||||||||||||||
429,939 | 2,217,934 | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
| (366,383,717 | ) | 323,226,169 | 1,407,408 | 3,852,227 | 11,957,225 | 120,180,427 | 1,326 | (1,144,402 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
(378,062,298 | ) | 389,399,020 | 980,273 | 4,258,060 | (31,194,295 | ) | 184,987,073 | (309,595 | ) | (739,719 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
390,986,115 | 1,587,095 | 4,258,060 | — | 569,123,587 | 384,136,514 | 2,795,710 | 3,535,429 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | 12,923,817 | $ | 390,986,115 | $ | 5,238,333 | $ | 4,258,060 | $ | 537,929,292 | $ | 569,123,587 | $ | 2,486,115 | $ | 2,795,710 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
6,050,000 | 18,650,000 | 150,000 | 400,001 | 8,000,000 | 13,400,000 | 50,000 | — | |||||||||||||||||||||||
(24,050,000 | ) | — | (100,000 | ) | (250,000 | ) | (7,650,000 | ) | (9,400,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||||||||||
18,750,000 | 100,000 | 150,001 | — | 17,100,000 | 13,100,000 | 100,000 | 150,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
750,000 | 18,750,000 | 200,001 | 150,001 | 17,450,000 | 17,100,000 | 100,000 | 100,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 59 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Year Ended October 31, | For the Period November 4, 2015(a) Through October 31, 2016 | |||||||||||
2018 | 2017 | |||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 29.47 | $ | 25.09 | $ | 24.92 | ||||||
Net investment income(b) | 0.67 | 0.64 | 0.54 | |||||||||
Net realized and unrealized gain (loss) on investments | (2.30 | ) | 4.45 | 0.03 | ||||||||
Total from investment operations | (1.63 | ) | 5.09 | 0.57 | ||||||||
Distributions to shareholders from: | ||||||||||||
Net investment income | (0.86 | ) | (0.71 | ) | (0.40 | ) | ||||||
Net asset value at end of period | $ | 26.98 | $ | 29.47 | $ | 25.09 | ||||||
Market price at end of period(c) | $ | 26.86 | $ | 29.44 | $ | 25.20 | ||||||
Net Asset Value Total Return(d) | (5.81 | )% | 20.63 | % | 2.33 | %(e) | ||||||
Market Price Total Return(d) | (6.12 | )% | 19.98 | % | 2.77 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $ | 109,258 | $ | 134,104 | $ | 146,797 | ||||||
Ratio to average net assets of: | ||||||||||||
Expenses | 0.45 | % | 0.45 | % | 0.45 | %(f) | ||||||
Net investment income | 2.23 | % | 2.38 | % | 2.22 | %(f) | ||||||
Portfolio turnover rate(g) | 50 | % | 39 | % | 59 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 33.58 | $ | 29.16 | $ | 27.68 | $ | 34.14 | $ | 34.43 | ||||||||||
Net investment income(a) | 0.87 | 0.58 | 0.56 | 0.71 | 0.64 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.68 | ) | 4.39 | 1.56 | (6.53 | ) | (0.31 | ) | ||||||||||||
Total from investment operations | (2.81 | ) | 4.97 | 2.12 | (5.82 | ) | 0.33 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.85 | ) | (0.55 | ) | (0.64 | ) | (0.64 | ) | (0.62 | ) | ||||||||||
Net asset value at end of year | $ | 29.92 | $ | 33.58 | $ | 29.16 | $ | 27.68 | $ | 34.14 | ||||||||||
Market price at end of year(b) | $ | 29.83 | ||||||||||||||||||
Net Asset Value Total Return(c) | (8.57 | )% | 17.14 | % | 7.80 | % | (17.21 | )% | 0.99 | % | ||||||||||
Market Price Total Return(c) | (8.76 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 11,969 | $ | 13,434 | $ | 11,666 | $ | 11,072 | $ | 13,654 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers(d) | 0.65 | % | 0.66 | % | 0.66 | % | 0.64 | % | 0.60 | % | ||||||||||
Expenses, prior to Waivers(d) | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | 0.70 | % | ||||||||||
Net investment income, after Waivers | 2.59 | % | 1.86 | % | 2.07 | % | 2.26 | % | 1.86 | % | ||||||||||
Portfolio turnover rate(e) | 51 | % | 23 | % | 11 | % | 99 | % | 25 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Financial Highlights (continued)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | $ | 28.59 | ||||||||||
Net investment income(a) | 1.04 | 0.63 | 0.57 | 0.69 | 0.75 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.68 | ) | 2.29 | (0.14 | ) | (5.11 | ) | (1.26 | ) | |||||||||||
Total from investment operations | (0.64 | ) | 2.92 | 0.43 | (4.42 | ) | (0.51 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.01 | ) | (0.61 | ) | (0.49 | ) | (0.66 | ) | (0.72 | ) | ||||||||||
Transaction fees(a) | 0.08 | 0.01 | 0.02 | 0.02 | 0.01 | |||||||||||||||
Net asset value at end of year | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | ||||||||||
Market price at end of | $ | 23.03 | $ | 24.63 | $ | 22.15 | $ | 22.13 | $ | 27.24 | ||||||||||
Net Asset Value Total Return(c) | (2.54 | )% | 13.30 | % | 2.12 | % | (16.21 | )% | (1.74 | )% | ||||||||||
Market Price Total Return(c) | (2.60 | )% | 14.09 | % | 2.39 | % | (16.48 | )% | (2.11 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 246,270 | $ | 277,832 | $ | 269,478 | $ | 176,244 | $ | 238,096 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||
Expenses, prior to Waivers | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Net investment income, after Waivers | 4.12 | % | 2.74 | % | 2.60 | % | 2.78 | % | 2.72 | % | ||||||||||
Portfolio turnover rate(d) | 125 | % | 81 | % | 73 | % | 89 | % | 82 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | $ | 22.11 | ||||||||||
Net investment income(a) | 0.27 | (b) | 0.40 | 0.22 | 0.52 | 0.47 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.03 | ) | 4.70 | (0.23 | ) | (5.69 | ) | (0.43 | ) | |||||||||||
Total from investment operations | (2.76 | ) | 5.10 | (0.01 | ) | (5.17 | ) | 0.04 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.14 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | (0.45 | ) | ||||||||||
Net realized gains | (0.76 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.90 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | (0.45 | ) | ||||||||||
Transaction fees(a) | 0.04 | 0.25 | — | — | — | |||||||||||||||
Net asset value at end of year | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | ||||||||||
Market price at end of year(c) | $ | 17.18 | $ | 20.96 | $ | 15.84 | $ | 16.09 | $ | 21.56 | ||||||||||
Net Asset Value Total Return(d) | (13.66 | )% | 34.38 | % | 0.17 | % | (24.15 | )% | 0.22 | % | ||||||||||
Market Price Total Return(d) | (14.35 | )% | 35.37 | % | 0.69 | % | (24.18 | )% | 0.52 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 12,924 | $ | 390,986 | $ | 1,587 | $ | 1,620 | $ | 6,510 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.27 | %(e) | 0.27 | %(e) | 0.28 | % | 0.29 | % | 0.29 | % | ||||||||||
Expenses, prior to Waivers | 0.45 | %(e) | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Net investment income, after Waivers | 1.26 | %(b) | 2.16 | % | 1.44 | % | 2.52 | % | 2.21 | % | ||||||||||
Portfolio turnover rate(f) | 140 | % | 111 | % | 182 | % | 134 | % | 127 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distributions are $0.17 and 0.83%, respectively. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Financial Highlights (continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Year Ended October 31, 2018 | For the Period November 29, 2016(a) Through October 31, 2017 | |||||||
Per Share Operating Performance: | ||||||||
Net asset value at beginning of period | $ | 28.39 | $ | 25.19 | ||||
Net investment income(b) | 1.27 | 1.02 | ||||||
Net realized and unrealized gain (loss) on investments | (2.09 | ) | 3.16 | |||||
Total from investment operations | (0.82 | ) | 4.18 | |||||
Distributions to shareholders from: | ||||||||
Net investment income | (1.38 | ) | (0.98 | ) | ||||
Net asset value at end of period | $ | 26.19 | $ | 28.39 | ||||
Market price at end of period(c) | $ | 26.41 | $ | 28.60 | ||||
Net Asset Value Total Return(d) | (3.11 | )% | 16.70 | %(e) | ||||
Market Price Total Return(d) | (3.06 | )% | 17.55 | %(e) | ||||
Ratios/Supplemental Data: | ||||||||
Net assets at end of period (000’s omitted) | $ | 5,238 | $ | 4,258 | ||||
Ratio to average net assets of: | ||||||||
Expenses | 0.30 | % | 0.30 | %(f) | ||||
Net investment income | 4.51 | % | 4.00 | %(f) | ||||
Portfolio turnover rate(g) | 65 | % | 72 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P International Developed Low Volatility ETF (IDLV)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | $ | 31.54 | ||||||||||
Net investment income(a) | 1.08 | 1.00 | 0.99 | 1.02 | 1.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.22 | ) | 4.04 | (0.55 | ) | (1.86 | ) | 0.13 | ||||||||||||
Total from investment operations | (1.14 | ) | 5.04 | 0.44 | (0.84 | ) | 1.22 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.31 | ) | (1.08 | ) | (1.11 | ) | (0.92 | ) | (1.01 | ) | ||||||||||
Net asset value at end of year | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | ||||||||||
Market price at end of year(b) | $ | 30.76 | $ | 33.29 | $ | 29.38 | $ | 29.90 | $ | 32.01 | ||||||||||
Net Asset Value Total Return(c) | (3.62 | )% | 17.59 | % | 1.56 | % | (2.69 | )% | 3.89 | % | ||||||||||
Market Price Total Return(c) | (3.87 | )% | 17.38 | % | 2.07 | % | (3.78 | )% | 4.29 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 537,929 | $ | 569,124 | $ | 384,137 | $ | 313,428 | $ | 263,546 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
Expenses, prior to Waivers | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Net investment income, after Waivers | 3.26 | % | 3.19 | % | 3.33 | % | 3.32 | % | 3.41 | % | ||||||||||
Portfolio turnover rate(d) | 65 | % | 69 | % | 56 | % | 66 | % | 61 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Financial Highlights (continued)
Invesco S&P International Developed Momentum ETF (IDMO)
Year Ended October 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | $ | 29.00 | ||||||||||
Net investment income(a) | 0.61 | 0.71 | 0.51 | 0.69 | 0.49 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.04 | ) | 4.49 | (2.30 | ) | (2.13 | ) | (1.02 | ) | |||||||||||
Total from investment operations | (2.43 | ) | 5.20 | (1.79 | ) | (1.44 | ) | (0.53 | ) | |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.67 | ) | (0.81 | ) | (0.49 | ) | (0.46 | ) | (0.72 | ) | ||||||||||
Net asset value at end of year | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | ||||||||||
Market price at end of year(b) | $ | 24.78 | $ | 27.80 | $ | 23.51 | $ | 25.74 | $ | 28.12 | ||||||||||
Net Asset Value Total Return(c) | (8.95 | )% | 22.57 | % | (6.92 | )% | (5.34 | )% | (2.06 | )% | ||||||||||
Market Price Total Return(c) | (8.70 | )% | 22.19 | % | (6.77 | )% | (6.99 | )% | (1.15 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 2,486 | $ | 2,796 | $ | 3,535 | $ | 3,877 | $ | 6,936 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.25 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||
Expenses, prior to Waivers | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||
Net investment income, after Waivers | 2.21 | % | 2.87 | % | 2.13 | % | 2.42 | % | 1.68 | % | ||||||||||
Portfolio turnover rate(d) | 123 | % | 134 | % | 198 | % | 98 | % | 109 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco Exchange-Traded Fund Trust II
October 31, 2018
Note 1. Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”), formerly PowerShares Exchange-Traded Fund Trust II, was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | “FTSE International Low Beta Equal Weight ETF” | |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | “MSCI Emerging Markets Equal Country Weight ETF” | |
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | “S&P Emerging Markets Low Volatility ETF” | |
Invesco S&P Emerging Markets Momentum ETF (EEMO) | “S&P Emerging Markets Momentum ETF” | |
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | “S&P International Developed High Dividend Low Volatility ETF” | |
Invesco S&P International Developed Low Volatility ETF (IDLV) | “S&P International Developed Low Volatility ETF” | |
Invesco S&P International Developed Momentum ETF (IDMO) | “S&P International Developed Momentum ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of FTSE International Low Beta Equal Weight ETF which are listed and traded on The NASDAQ Stock Market LLC and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.
Effective June 4, 2018, the Funds’ names changed as part of an overall rebranding strategy whereby the PowerShares name was changed to the Invesco brand. This resulted in all references to the PowerShares name being changed to Invesco.
MSCI Emerging Markets Equal Country Weight ETF acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of Guggenheim MSCI Emerging Markets Equal Country Weight ETF of the Rydex Exchange-Traded Fund Trust (the “Predecessor Fund”) after the close of business on April 6, 2018 (the “Reorganization”). MSCI Emerging Markets Equal Country Weight ETF adopted the performance and financial information of the Predecessor Fund. Information for MSCI Emerging Markets Equal Country Weight ETF presented prior to the close of business on April 6, 2018 is that of the Predecessor Fund.
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 (except for MSCI Emerging Markets Equal Country Weight ETF) is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”). The investment objective of MSCI Emerging Markets Equal Country Weight ETF is to correspond (before fees and expenses) to the price and yield performance of its Underlying Index.
Fund | Underlying Index | |
FTSE International Low Beta Equal Weight ETF | FTSE Developed ex-U.S. Low Beta Equal Weight Index | |
MSCI Emerging Markets Equal Country Weight ETF | MSCI Emerging Markets Equal Country Weighted Index | |
S&P Emerging Markets Low Volatility ETF | S&P BMI Emerging Markets Low Volatility IndexTM | |
S&P Emerging Markets Momentum ETF | S&P Momentum Emerging Plus LargeMidCap IndexTM | |
S&P International Developed High Dividend Low Volatility ETF | S&P EPAC Ex-Korea Low Volatility High Dividend Index | |
S&P International Developed Low Volatility ETF | S&P BMI International Developed Low Volatility IndexTM | |
S&P International Developed Momentum ETF | S&P Momentum Developed ex-U.S. & South Korea LargeMidCap IndexTM |
| 64 |
|
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation
Securities, including restricted securities, are valued according to the following policies:
Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an 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”), formerly Invesco PowerShares Capital Management LLC, 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.
| 65 |
|
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. Other Risks
Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, which may be more likely to trade at a premium or discount to each Fund’s net asset value (“NAV”) and to face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.
Equity Risk. Equity risk is the risk that the value of the securities that each Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities that a Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities a Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities a Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
High Dividend Paying Securities Risk. S&P International Developed High Dividend Low Volatility ETF invests in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in an Underlying Index and the capital resources available for such companies’ dividend payments may affect the Fund.
Industry Concentration Risk. Each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or sector. To the extent that an Underlying Index concentrates in the securities of issuers in a particular industry or sector, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or sector, each Fund faces more risks than if it were diversified broadly over numerous industries or sectors. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or sector may be out of favor and underperform other industries or the market as a whole.
Non-Diversified Fund Risk. MSCI Emerging Markets Equal Country Weight ETF and S&P International Developed High Dividend Low Volatility ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.
| 66 |
|
Portfolio Turnover Risk. S&P Emerging Markets Low Volatility ETF, S&P Emerging Markets Momentum ETF and S&P International Developed Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. This may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates.
Small- and Mid-Capitalization Company Risk. For each Fund, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Foreign Investment Risk. For each Fund, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice 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. As the Funds may invest in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.
Momentum Investing Risk. For S&P Emerging Markets Momentum ETF and S&P International Developed Momentum ETF, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Sampling Risk. For MSCI Emerging Markets Equal Country Weight ETF and S&P Emerging Markets Momentum ETF, the use of a representative sampling approach in certain countries may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
C. Federal Income Taxes
Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
D. Investment Transactions and Investment Income
Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
| 67 |
|
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
E. Country Determination
For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
F. Expenses
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from each Fund’s unitary management fee and that are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. Dividends and Distributions to Shareholders
Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
H. Accounting Estimates
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
I. Foreign Currency Translations
Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar
| 68 |
|
equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
The Funds may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
J. Securities Lending
During the fiscal year ended October 31, 2018, FTSE International Low Beta Equal Weight ETF, MSCI Emerging Markets Equal Country Weight ETF, S&P Emerging Markets Low Volatility ETF and S&P International Developed Low Volatility ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. Distributions from Distributable Earnings
In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets.
For the year ended October 31, 2017, distributions from distributable earnings consisted of distributions from net investment income.
Note 3. Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
% of Average Daily Net Assets | ||
FTSE International Low Beta Equal Weight ETF | 0.45% | |
MSCI Emerging Markets Equal Country Weight ETF | 0.70% | |
S&P Emerging Markets Low Volatility ETF | 0.45%* | |
S&P Emerging Markets Momentum ETF | 0.45%* | |
S&P International Developed High Dividend Low Volatility ETF | 0.30% | |
S&P International Developed Low Volatility ETF | 0.35%** | |
S&P International Developed Momentum ETF | 0.35%** |
* | The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2020. After giving effect to such waiver, the Fund’s net unitary management fee is 0.29% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2020. The fee waiver agreement cannot be terminated during its term. |
** | The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2020. After giving effect to such waiver, the Fund’s net unitary management fee is 0.25% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2020. The fee waiver agreement cannot be terminated during its term. |
| 69 |
|
Prior to the Reorganization, the Predecessor Fund was managed by Guggenheim Funds Investment Advisors LLC (“GFIA”) and the Predecessor Fund paid GFIA an investment advisory fee calculated at the same annualized rate disclosed above. Under this agreement, GFIA was not required to pay the expenses of the Independent Trustees.
Effective on the Reorganization, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the MSCI Emerging Markets Equal Country Weight ETF (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration. Prior to the Reorganization, GFIA limited expenses for the Predecessor Fund to the same expense cap. The limit included acquired fund fees and expenses but excluded interest, taxes, brokerage commissions, dividends on securities sold short, distribution fees and expenses, and extraordinary expenses.
Further, through August 31, 2020, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.
For the fiscal year ended October 31, 2018, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 202 | ||
MSCI Emerging Markets Equal Country Weight ETF | 7,225 | |||
S&P Emerging Markets Low Volatility ETF | 719,775 | |||
S&P Emerging Markets Momentum ETF | 361,239 | |||
S&P International Developed High Dividend Low Volatility ETF | 11 | |||
S&P International Developed Low Volatility ETF | 585,068 | |||
S&P International Developed Momentum ETF | 2,783 |
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. Prior to the Reorganization, the Board of Trustees for the Predecessor Fund adopted a distribution and service plan pursuant to Rule 12b-1 under the 1940 Act. No 12b-1 fees were paid by the Predecessor Fund under this plan.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
FTSE International Low Beta Equal Weight ETF | FTSE International Ltd. | |
MSCI Emerging Markets Equal Country Weight ETF | MSCI Inc. | |
S&P Emerging Markets Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P Emerging Markets Momentum ETF | S&P Dow Jones Indices LLC | |
S&P International Developed High Dividend Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Low Volatility ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Momentum ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Prior to the Reorganization, the Predecessor Fund’s Underlying Index name trademark had been licensed to GFIA for use by the Predecessor Fund. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund. Prior to the Reorganization, GFIA engaged external service providers to perform these services for the Predecessor Fund.
Note 4. Investments in Affiliates
The Adviser serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the fiscal year ended October 31, 2018.
| 70 |
|
MSCI Emerging Markets Equal Country Weight ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | — | $ | 208,017 | $ | (35,453 | ) | $ | (18,998 | ) | $ | 784 | $ | 154,350 | $ | — |
S&P Emerging Markets Momentum ETF
Value October 31, 2017 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2018 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 8,665,468 | $ | 576,610 | $ | (8,551,215 | ) | $ | (907,449 | ) | $ | 764,440 | $ | 547,854 | $ | — |
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 October 31, 2018, 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.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Emerging Markets Equal Country Weight ETF | ||||||||||||||||
Equity Securities | $ | 11,954,702 | $ | 992 | $ | 672 | $ | 11,956,366 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P Emerging Markets Low Volatility ETF | ||||||||||||||||
Equity Securities | $ | 246,325,648 | $ | 8,386 | $ | 6,615 | $ | 246,340,649 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P Emerging Markets Momentum ETF | ||||||||||||||||
Equity Securities | $ | 12,887,752 | $ | 155 | $ | — | $ | 12,887,907 | ||||||||
|
|
|
|
|
|
|
|
| 71 |
|
Note 6. Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2018 and 2017:
2018 | 2017 | |||||||
Ordinary Income | Ordinary Income | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 3,583,648 | $ | 3,917,258 | ||||
MSCI Emerging Markets Equal Country Weight ETF | 340,324 | 243,235 | ||||||
S&P Emerging Markets Low Volatility ETF | 13,296,285 | 6,749,056 | ||||||
S&P Emerging Markets Momentum ETF | 18,109,850 | 2,740,197 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 253,963 | 111,591 | ||||||
S&P International Developed Low Volatility ETF | 23,013,425 | 17,508,487 | ||||||
S&P International Developed Momentum ETF | 66,579 | 87,699 |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Net Unrealized Appreciation (Depreciation)— Investment Securities | Net Unrealized Appreciation (Depreciation)— Other Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | ||||||||||||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 294,750 | $ | — | $ | (4,691,271 | ) | $ | (2,933 | ) | $ | (6,037,379 | ) | $ | 119,695,257 | $ | 109,258,424 | |||||||||||
MSCI Emerging Markets Equal Country Weight ETF | 44,306 | — | (521,933 | ) | 518 | (4,704,439 | ) | 17,150,950 | 11,969,402 | |||||||||||||||||||
S&P Emerging Markets Low Volatility ETF | 5,190,886 | — | (14,968,368 | ) | 9,241 | (67,287,952 | ) | 323,326,541 | 246,270,348 | |||||||||||||||||||
S&P Emerging Markets Momentum ETF | 1,039,874 | 24,233 | (1,279,923 | ) | (549 | ) | — | 13,140,182 | 12,923,817 | |||||||||||||||||||
S&P International Developed High Dividend Low Volatility ETF | 25,555 | — | (527,266 | ) | (469 | ) | (154,141 | ) | 5,894,654 | 5,238,333 | ||||||||||||||||||
S&P International Developed Low Volatility ETF | 1,955,358 | — | (29,486,581 | ) | (41,011 | ) | (39,928,433 | ) | 605,429,959 | 537,929,292 | ||||||||||||||||||
S&P International Developed Momentum ETF | 12,749 | — | (141,659 | ) | (27 | ) | (1,478,041 | ) | 4,093,093 | 2,486,115 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2018:
Post-effective/no expiration | ||||||||||||||||
2019 | Short-Term | Long-Term | Total* | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | — | $ | 3,116,712 | $ | 2,920,667 | $ | 6,037,379 | ||||||||
MSCI Emerging Markets Equal Country Weight ETF | 18,800 | 1,261,129 | 3,424,510 | 4,704,439 | ||||||||||||
S&P Emerging Markets Low Volatility ETF | — | 44,510,181 | 22,777,771 | 67,287,952 | ||||||||||||
S&P Emerging Markets Momentum ETF | — | — | — | — | ||||||||||||
S&P International Developed High Dividend Low Volatility ETF | — | 106,052 | 48,089 | 154,141 | ||||||||||||
S&P International Developed Low Volatility ETF | — | 26,898,755 | 13,029,678 | 39,928,433 | ||||||||||||
S&P International Developed Momentum ETF | — | 1,014,700 | 463,341 | 1,478,041 |
* | Capital loss carryforwards as of the date listed above are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
| 72 |
|
Note 7. Investment Transactions
For the fiscal year ended October 31, 2018, 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 | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 65,341,669 | $ | 62,329,989 | ||||
MSCI Emerging Markets Equal Country Weight ETF | 6,930,578 | 6,867,085 | ||||||
S&P Emerging Markets Low Volatility ETF | 565,757,581 | 545,383,162 | ||||||
S&P Emerging Markets Momentum ETF | 293,646,526 | 347,553,498 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 3,373,082 | 3,951,960 | ||||||
S&P International Developed Low Volatility ETF | 387,296,390 | 379,056,098 | ||||||
S&P International Developed Momentum ETF | 3,408,095 | 3,923,533 |
For the fiscal year ended October 31, 2018, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 36,719,511 | $ | 55,591,938 | ||||
MSCI Emerging Markets Equal Country Weight ETF | — | — | ||||||
S&P Emerging Markets Low Volatility ETF | 217,425,445 | 216,649,986 | ||||||
S&P Emerging Markets Momentum ETF | 52,313,572 | 379,104,887 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 4,295,997 | 2,343,696 | ||||||
S&P International Developed Low Volatility ETF | 252,947,377 | 252,918,979 | ||||||
S&P International Developed Momentum ETF | 1,391,800 | 894,332 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2018, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 7,184,060 | $ | (11,875,331 | ) | $ | (4,691,271 | ) | $ | 114,276,460 | ||||||
MSCI Emerging Markets Equal Country Weight ETF | 1,230,574 | (1,752,507 | ) | (521,933 | ) | 12,478,299 | ||||||||||
S&P Emerging Markets Low Volatility ETF | 12,248,339 | (27,216,707 | ) | (14,968,368 | ) | 261,309,017 | ||||||||||
S&P Emerging Markets Momentum ETF | 247,349 | (1,527,272 | ) | (1,279,923 | ) | 14,167,830 | ||||||||||
S&P International Developed High Dividend Low Volatility ETF | 25,489 | (552,755 | ) | (527,266 | ) | 5,745,273 | ||||||||||
S&P International Developed Low Volatility ETF | 11,227,174 | (40,713,755 | ) | (29,486,581 | ) | 572,221,654 | ||||||||||
S&P International Developed Momentum ETF | 66,268 | (207,927 | ) | (141,659 | ) | 2,612,045 |
Note 8. Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, foreign currency transactions, the use of a portion of the proceeds from redemptions as distributions and passive foreign investment companies, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2018, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 242,672 | $ | (11,305,329 | ) | $ | 11,062,657 | |||||
MSCI Emerging Markets Equal Country Weight ETF | 19,704 | (19,704 | ) | — | ||||||||
S&P Emerging Markets Low Volatility ETF | (641,779 | ) | (130,007 | ) | 771,786 | |||||||
S&P Emerging Markets Momentum ETF | (93,225 | ) | (52,910,989 | ) | 53,004,214 | |||||||
S&P International Developed High Dividend Low Volatility ETF | 20,212 | (230,835 | ) | 210,623 | ||||||||
S&P International Developed Low Volatility ETF | 2,405,207 | (28,212,754 | ) | 25,807,547 | ||||||||
S&P International Developed Momentum ETF | 5,323 | (109,909 | ) | 104,586 |
| 73 |
|
Note 9. Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to each Trustee who is not an “interested person” as defined in the 1940 Act (an “Independent Trustee”) and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
Note 10. Capital
Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for MSCI Emerging Markets Equal Country Weight ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
Note 11. Indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of his duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.
| 74 |
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco FTSE International Low Beta Equal Weight ETF, Invesco MSCI Emerging Markets Equal Country Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2018, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Invesco FTSE International Low Beta Equal Weight ETF(1) |
Invesco MSCI Emerging Markets Equal Country Weight ETF(2) |
Invesco S&P Emerging Markets Low Volatility ETF(1) |
Invesco S&P Emerging Markets Momentum ETF(1) |
Invesco S&P International Developed High Dividend Low Volatility ETF(3) |
Invesco S&P International Developed Low Volatility ETF(1) |
Invesco S&P International Developed Momentum ETF(1) |
(1) | Statements of operations for the year ended October 31, 2018, the statements of changes in net assets for each of the two years in the period ended October 31, 2018 and the financial highlights for each of the periods indicated therein |
(2) | Statements of operations and changes in net assets and the financial highlights for the year ended October 31, 2018 |
(3) | Statement of operations for the year ended October 31, 2018 and statement of changes in net assets and the financial highlights for the year ended October 31, 2018 and for the period November 29, 2016 (commencement of investment operations) through October 31, 2017 |
The financial statements of Invesco MSCI Emerging Markets Equal Country Weight ETF (Predecessor Fund Guggenheim MSCI Emerging Markets Equal Country Weight ETF) as of and for the year ended October 31, 2017 and the financial highlights for each of the periods ended on or prior to October 31, 2017 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated December 21, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Chicago, Illinois
December 26, 2018
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
| 75 |
|
Change in Independent Registered Public Accounting Firm
The Board of Trustees appointed, upon recommendation of the Audit Committee, PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for Invesco MSCI Emerging Markets Equal Country Weight ETF for the Fund’s current fiscal year. PwC serves as the independent registered public accounting firm for other Invesco ETFs.
Prior to April 6, 2018, the Predecessor Fund was a separate series of an unaffiliated investment company that was audited by a different independent registered public accounting firm (the “Prior Auditor”).
Effective April 9, 2018, the Prior Auditor resigned as the independent registered public accounting firm of the Predecessor Fund. The Prior Auditor’s report on the financial statements of the Predecessor Fund for the past two years did not contain an adverse or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles. During the Predecessor Fund’s two most recent fiscal years and through April 9, 2018, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its report; or (2) “reportable events,” as that term is defined in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
| 76 |
|
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2018.
In addition to the fees and expenses which the Invesco MSCI Emerging Markets Equal Country Weight ETF and the Invesco S&P Emerging Markets Momentum 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. Notwithstanding the foregoing, Invesco Capital Management LLC has agreed to waive a portion of its unitary management fee to the extent necessary to prevent the MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year through at least April 6, 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.
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco FSTE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 893.20 | 0.45 | % | $ | 2.15 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||||||||||
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | ||||||||||||||||
Actual | 1,000.00 | 858.55 | 0.67 | 3.09 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||
Actual | 1,000.00 | 901.30 | 0.29 | 1.39 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.74 | 0.29 | 1.48 | ||||||||||||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | ||||||||||||||||
Actual | 1,000.00 | 859.70 | 0.26 | 1.22 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.89 | 0.26 | 1.33 |
| 77 |
|
Fees and Expenses (continued)
Beginning Account Value May 1, 2018 | Ending Account Value October 31, 2018 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 940.20 | 0.30 | % | $ | 1.47 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.69 | 0.30 | 1.53 | ||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||
Actual | 1,000.00 | 942.20 | 0.25 | 1.22 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||
Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||||||||||
Actual | 1,000.00 | 894.00 | 0.25 | 1.19 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.95 | 0.25 | 1.28 |
(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 October 31, 2018. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
| 78 |
|
Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2018:
Qualified Dividend Income* | Corporate Dividends Received Deduction* | |||||||||
Invesco FTSE International Low Beta Equal Weight ETF | 89 | % | 0 | % | ||||||
Invesco MSCI Emerging Markets Equal Country Weight ETF | 53 | % | 1 | % | ||||||
Invesco S&P Emerging Markets Low Volatility ETF | 62 | % | 0 | % | ||||||
Invesco S&P Emerging Markets Momentum ETF | 2 | % | 0 | % | ||||||
Invesco S&P International Developed High Dividend Low Volatility ETF | 77 | % | 0 | % | ||||||
Invesco S&P International Developed Low Volatility ETF | 56 | % | 0 | % | ||||||
Invesco S&P International Developed Momentum ETF | 100 | % | 0 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||||
Invesco FTSE International Low Beta Equal Weight ETF | $ | 3,375,849 | $ | 292,608 | ||||||
Invesco MSCI Emerging Markets Equal Country Weight ETF | 475,412 | 53,921 | ||||||||
Invesco S&P Emerging Markets Low Volatility ETF | 23,081,000 | 3,292,347 | ||||||||
Invesco S&P Emerging Markets Momentum ETF | 3,481,455 | 424,321 | ||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF | 272,893 | 20,370 | ||||||||
Invesco S&P International Developed Low Volatility ETF | 17,418,832 | 1,359,666 | ||||||||
Invesco S&P International Developed Momentum ETF | 76,775 | 8,297 |
| 79 |
|
The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2018
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Nominating and Governance Committee and Trustee | Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 234 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017–Present) | |||||
Todd J. Barre—1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 234 | None | |||||
Marc M. Kole—1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Senior Vice President of Finance, United Healthcare (2004-2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 234 | None | |||||
Yung Bong Lim—1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 80 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker—1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer at RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider). | 234 | None | |||||
Donald H. Wilson—1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-Present); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (2016-Present); formerly, Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 234 | None |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 81 |
|
Trustees and Officers (continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome—1956 Invesco Ltd. Two Peachtree Pointe, 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008–Present), Invesco Group Services, Inc., Invesco Holding Company (US), Inc. and Invesco North American Holdings, Inc.; Director, Invesco Holding Company Limited (2007-Present); Executive Vice President (2008–Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC, Director and Executive Vice President, Invesco Finance, Inc. and Director, Invesco Finance PLC (2011- Present); Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Director and Executive Vice President (2014–Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 234 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
| 82 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Daniel E. Draper—1968 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2015 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2015-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Chief Executive Officer and Principal Executive Officer (2016-Present) and Managing Director (2013-Present), Invesco Capital Management LLC; Senior Vice President, Invesco Distributors, Inc. (2014-Present); formerly, Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-2015) and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2015); Managing Director, Credit Suisse Asset Management (2010-2013) and Lyxor Asset Management/Societe Generale (2007-2010). | |||
Kelli Gallegos—1970 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President and Treasurer | Since 2018 | Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). | |||
Peter Hubbard—1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris—1964 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2012 | President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 83 |
|
Trustees and Officers (continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2011-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-Present); Head of Legal (2010-Present) and Secretary (2015-Present), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-Present); formerly, Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Rudolf E. Reitmann—1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
David Warren—1957 Invesco Canada Ltd. 5140 Yonge Street, Suite 800 Toronto, Ontario M2N 6X7 | Vice President | Since 2009 | Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, and Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC; Senior Vice President, Invesco Advisers, Inc. (2009-Present); Director, Invesco Inc. (2009-Present); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2011-Present); Chief Administrative Officer, North American Retail, Invesco Ltd. (2007-Present); Director, Invesco Corporate Class Inc. (2014-Present); Director, Invesco Global Direct Real Estate Feeder GP Ltd. (2015-Present); Director, Invesco Canada Holdings Inc. (2002-Present); Director, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée and Trimark Investments Ltd./Placements Trimark Ltée (2014-Present); Director, Invesco IP Holdings (Canada) Ltd. (2016-Present); Director, Invesco Global Direct Real Estate GP Ltd. (2015-Present); formerly, Senior Vice President, Invesco Management Group, Inc. (2007-2018); Executive Vice President and Chief Financial Officer, Invesco Inc. (2009-2015); Director, Executive Vice President and Chief Financial Officer, Invesco Canada Ltd. (formerly, Invesco Trimark Ltd.) (2000-2011). | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer of Invesco Capital Management LLC (2017-Present); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer at ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/Chief Financial Officer at Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 84 |
|
(This Page Intentionally Left Blank)
(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.
©2018 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-HBLV-AR-2 | invesco.com/ETFs |
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 12(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2018.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has three “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his capacity as a Board or committee member).
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board of Trustees.
Item 4. Principal Accountant Fees and Services.
(a) to (d)
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2018 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal | |||
Audit Fees | $ 564,150 | $ 1,352,977 | ||
Audit-Related Fees | $ 0 | $ 0 | ||
Tax Fees(1) | $ 218,790 | $ 609,290 | ||
All Other Fees | $ 0 | $ 0 | ||
Total Fees | $ 782,940 | $ 1,962,267 |
(1) Tax fees for the fiscal year ended October 31, 2018 include fees billed for reviewing tax returns, 2018 excise tax returns and excise tax distributions calculations. Tax fees for the fiscal year ended October 31, 2017 included fees billed for reviewing tax returns, 2017 excise tax returns and excise tax distribution calculations, 2016 State Source Income Analysis and filing tax dissolution forms for the Registrant’s four upcoming liquidations.
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.
Fees Billed for Non- to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- to be Pre-Approved by the Registrant’s Audit Committee | |||
Audit-Related Fees(1) | $ 662,000 | $ 662,000 | ||
Tax Fees | $ 0 | $ 0 | ||
All Other Fees(2) | $ 0 | $ 689,000 | ||
Total Fees | $ 662,000 | $ 1,351,000 |
(1) Audit-Related Fees for the fiscal year end 2018 include fees billed related to reviewing controls at a service organization. Audit-Related Fees for the fiscal year end 2017 include fees billed related to reviewing controls at a service organization
(2) All Other Fees for the fiscal year end 2017 include fees billed related to the assessments of the company’s current state of analysis against regulatory requirements and identification of structural and organizational alternatives, informed by industry practices, for certain of the company’s administrative activities and functions
(e)(1) Audit Committee Pre Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Policies and Procedures
As Adopted by the Audit Committee of the Invesco ETFs
Applicable to | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
| |
Risk Addressed by Policy
| Approval of Audit and Non-Audit Services | |
Relevant Law and Other Sources
| Sarbanes-Oxley Act of 2002; Regulation S-X. | |
Last Reviewed by Compliance for Accuracy
| June 15, 2018 | |
Approved/Adopted Date
| June 2009 |
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment
is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.
The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.
Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.
Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.
Audit-Related Services
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.
Tax Services
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:
1. | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: | |||
a. | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and | |||
b. | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; | |||
2. | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and | |||
3. | Document the substance of its discussion with the Audit Committee. |
All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.
Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.
Adopted: June 26, 2009
Amended: June 15, 2018
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client |
• | Financial information systems design and implementation |
• | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
• | Actuarial services |
• | Internal audit outsourcing services |
Categorically Prohibited Non-Audit Services
• | Management functions |
• | Human resources |
• | Broker-dealer, investment adviser, or investment banking services |
• | Legal services |
• | Expert services unrelated to the audit |
• | Any service or product provided for a contingent fee or a commission |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or |
aggressive tax position transactions, a significant purpose of which is tax avoidance |
• | Tax services for persons in financial reporting oversight roles at the Fund |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
(e)(2) | There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates additional aggregate fees of $2,977,000 for the fiscal year ended October 31, 2018 and $3,068,000 for the fiscal year ended October 31, 2017 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $3,858,000 for the fiscal year ended 2018, and $5,028,000 for the fiscal year ended 2017. |
(h) | With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $25 million and non-audit services of approximately $18 million for the fiscal year ended 2018. The Audit Committee considered this information in evaluating PwC’s independence. |
PwC informed the Audit Committee of the Board (the “Audit Committee”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Registrant is required under various securities laws to have its financial statements audited by an independent accounting firm. |
The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Registrant as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex. |
On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to the issuance of the no-action letter. |
In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Registrant within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Registrant’s registered public accounting firm. PwC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5) the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Registrant intends to rely upon the no-action letter. |
If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Registrant may need to take other action in order for the Registrant’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Registrant to issue new shares or have other material adverse effects on the Registrant. The SEC no-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter. |
PwC advised the Registrant’s Audit Committee that PwC had identified two matters for consideration under the SEC’s auditor independence rules. PwC stated that a PwC manager and a PwC Senior Manager each held financial interests in investment companies within the Invesco Fund complex that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. |
PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant. In reaching this conclusion, PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, neither individual was in the chain of command of the audit or the audit partners of Invesco or the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant and the investments were not material to the net worth of either individual or their immediate family members. |
Item 5. Audit Committee of Listed Registrants.
(a) | The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Gary R. Wicker, and Donald H. Wilson. |
(b) | 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 1940 Act (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of Ethics is attached as Exhibit 99.CODEETH. |
(a)(2) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Invesco Exchange-Traded Fund Trust II
By: | /s/ Daniel E. Draper | |
Name: | Daniel E. Draper | |
Title: | President | |
Date: | January 4, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Daniel E. Draper | |
Name: | Daniel E. Draper | |
Title: | President | |
Date: | January 4, 2019 | |
By: | /s/ Kelli Gallegos | |
Name: | Kelli Gallegos | |
Title: | Treasurer | |
Date: | January 4, 2019 |