UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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, 2019
FormN-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 underRule 30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided onForm N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified byForm N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained inForm 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 Rule30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Annual Report to Shareholders
October 31, 2019
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 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
The fiscal year began with noticeable market volatility in the final few months of 2018, which continued through year-end, as US equity markets suffered a sharp sell-off due to ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut. Oil prices plummeted from near $64 per barrel in early November 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to more defensive areas of the markets, such as health care, utilities and US Treasuries. After raising interest rates in September 2018, the US Federal Reserve (the Fed) raised interest rates one time during the fiscal year: in December 2018.2
Following a sharp sell-off during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.
Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019. This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.
In October 2019, optimism that phase one of a US-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak. Despite increased market volatility, most US-based equity indexes produced modest to strong returns for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
Fixed Income
Throughout the fiscal year, US economic data remained supportive of continued economic expansion as 2019 3rd quarter GDP grew 1.9%. The US economy continued to add jobs, pushing the unemployment rate to 3.6% at the close of the fiscal year, while inflation remained subdued.1 Against this backdrop, the US Federal Reserve (the Fed) lowered the federal funds target rate from a range of 2.00% to 2.25% at the start of the reporting period to a range of 1.50% to 1.75% at the close of the reporting period. This was accomplished with one 0.25% rate hike December, followed by three 0.25% rate cuts in July, September, and October 2019.2 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, coupled with continued low US inflation, could encourage further Fed rate cuts in the near-term. 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 and spiked in November 2018 due to continued strength of the global economy, increased risk of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. However, elevated volatility levels in December led to a severe risk-off tone in the markets driving US Treasury yields lower. Throughout the remainder of the fiscal year US Treasury yields continued to decline as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. The10-year US Treasury yield ended the reporting period at 1.69%, 145 basis points lower 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, gained 11.51% for the fiscal year. Strong performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, provided gains despite concerns over global growth, a volatile geopolitical environment and a series of juxtaposed Fed actions. Helping to support returns in high yield and US dollar-denominated EM corporate debt were very accommodative central bank policies.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
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The Market Environment(continued)
Global Equity
The fiscal year began with global equity markets, particularly the US, declining sharply at the end of 2018 amid rising interest rates, a flattening US Treasury yield curve, signaling a possible recession, and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US and China trade issues, potential for new tariffs and slowing global economic growth. Global equity markets, particularly China, declined sharply in May 2019, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter of 2019, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
Weakening global economic data and the ongoing US and China trade conflict contributed to higher market volatility in the third quarter of 2019. During the third quarter, data released showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019 as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. In September 2019, both the US Federal Reserve and European Central Bank cut interest rates, providing a measure of support for risk assets. Growing optimism about a potential trade deal between the US and China also boosted equities in September. However, except for the US and Japan, performance in most regions declined during the third quarter. Uncertainty about the UK’s withdrawal from the European Union continued to weigh on UK and European equities, while political and trade issues affected areas of Latin America and Asia.
Global equity markets gained in October 2019 amid several positive catalysts, including a US interest rate cut, optimism surrounding US and China trade negotiations, and a raft of upbeat corporate results. The UK equity market provided a flat return during October and while domestic politics continued to dominate the region, European markets made modest gains. October was also a positive month for emerging equity markets with all regions recording gains. Despite increased market volatility, global equity indexes, in both developed and emerging markets, ended the fiscal year in positive territory.
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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 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, 2019, on a market price basis, the Fund returned 4.07%. On a net asset value (“NAV”) basis, the Fund returned 4.04%. During the same time period, the Index returned 4.19%. 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.
For the fiscal year ended October 31, 2019, bonds with maturities between 3 and 4 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 2 and 3 years. No maturities detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included U.S.—Inflation Index Bond, 0.38% coupon, due 07/15/2023 (portfolio average weight of 6.81%) and U.S.—Inflation Index Bond, 0.63% coupon, due 04/15/2023 (portfolio average weight of 7.33%). No positions detracted from the Fund’s return.
Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Maturing in 0-5 Years | 99.90 | |||
Money Market Fund Plus Other Assets Less Liabilities | 0.10 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2020 | 8.14 | |||
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023 | 7.32 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2021 | 7.21 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2022 | 6.95 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2022 | 6.94 | |||
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024 | 6.85 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2022 | 6.82 | |||
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023 | 6.81 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023 | 6.76 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024 | 6.62 | |||
Total | 70.42 |
* | Excluding money market fund holdings. |
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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, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM | 4.19 | % | 2.22 | % | 4.73 | % | ||||||||||
Fund | ||||||||||||||||
NAV Return | 4.04 | 2.11 | 4.50 | |||||||||||||
Market Price Return | 4.07 | 2.13 | 4.54 |
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 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 0.07% 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. |
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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 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 represent 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 Index Provider defines the large-and mid-capitalization segments as approximately the top 90% of the eligible universe. 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, 2019, on a market price basis, the Fund returned 9.37%. On a net asset value (“NAV���) basis, the Fund returned 10.31%. During the same time period, the Index returned 10.54%. 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, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The energy sector was the only detracting sector from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included Nestle S.A, a consumer staples company (portfolio average weight of 1.93%), and Roche Holding AG, a health care company (portfolio average weight of 1.25%). Positions that detracted most significantly from the Fund’s return included British American Tobacco PLC, a consumer staples company (portfolio average weight of 0.56%), and Teva Pharmaceutical Industries Ltd., a health care company (portfolio average weight of 0.08%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 18.13 | |||
Industrials | 15.29 | |||
Consumer Discretionary | 11.69 | |||
Health Care | 11.27 | |||
Consumer Staples | 10.83 | |||
Information Technology | 8.12 | |||
Materials | 7.36 | |||
Communication Services | 5.26 | |||
Energy | 4.79 | |||
Utilities | 3.61 | |||
Real Estate | 3.46 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.19 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Nestle S.A. | 1.95 | |||
Roche Holding AG | 1.32 | |||
Samsung Electronics Co., Ltd. | 1.29 | |||
Novartis AG | 1.19 | |||
Toyota Motor Corp. | 1.11 | |||
HSBC Holdings PLC | 0.96 | |||
SAP S.E. | 0.82 | |||
AstraZeneca PLC | 0.81 | |||
TOTAL S.A. | 0.81 | |||
BP PLC | 0.79 | |||
Total | 11.05 |
* | Excluding money market fund holdings. |
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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, 2019
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
FTSE Developed ex North America Index (Net) | 10.54 | % | 1.94 | % | 4.13 | % | ||||||||||
Fund | ||||||||||||||||
NAV Return | 10.31 | 1.77 | 3.76 | |||||||||||||
Market Price Return | 9.37 | 1.66 | 3.53 |
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 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 0.07% 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. |
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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 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 represent 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, 2019, on a market price basis, the Fund returned 12.34%. On a net asset value (“NAV”) basis, the Fund returned 12.97%. During the same time period, the Index returned 13.61%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian, Thailand, Saudi Arabian 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 fees and expenses that the Fund incurred during the period, as well as the impact of the sampling methodology.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively. The materials sector was the only sector that detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (portfolio average weight of 4.11%), and Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 4.38%). Positions that detracted most significantly from the Fund’s return included Baidu, Inc., a communication services company (portfolio average weight of 0.87%), and Vale S.A., materials company (portfolio average weight of 0.96%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 24.72 | |||
Consumer Discretionary | 13.15 | |||
Communication Services | 10.77 | |||
Information Technology | 10.51 | |||
Energy | 8.40 | |||
Materials | 6.44 | |||
Exchange-Traded Funds | 6.34 | |||
Industrials | 5.16 | |||
Consumer Staples | 5.08 | |||
Real Estate | 3.38 | |||
Utilities | 3.11 | |||
Health Care | 2.88 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Alibaba Group Holding Ltd., ADR | 5.01 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 4.66 | |||
Tencent Holdings Ltd. | 4.62 | |||
Invesco India ETF | 4.20 | |||
iShares MSCI Saudi Arabia ETF | 2.14 | |||
Infosys Ltd., ADR | 1.52 | |||
China Construction Bank Corp., H Shares | 1.49 | |||
Reliance Industries Ltd., GDR | 1.42 | |||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1.25 | |||
Naspers Ltd., Class N | 1.22 | |||
Total | 27.53 |
* | Excluding money market fund holdings. |
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Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
1 Year | Fund Inception | |||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||
FTSE Emerging Index (Net) | 13.61 | % | 0.84 | % | 1.79 | % | ||||||||||
Fund | ||||||||||||||||
NAV Return | 12.97 | 0.61 | 1.28 | |||||||||||||
Market Price Return | 12.34 | (0.40 | ) | (0.84 | ) |
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 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 0.14% 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. |
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Invesco PureBetaSM0-5 Yr US TIPS ETF (PBTP)
October 31, 2019
Schedule of Investments
Principal Amount | Value | |||||||||
U.S. TreasurySecurities-99.90% |
| |||||||||
U.S. Treasury Inflation – IndexedNotes-99.90%(a) |
| |||||||||
1.38%, 01/15/2020 | $ | 251,521 | $ | 251,600 | ||||||
0.13%, 04/15/2020 | 611,322 | 608,206 | ||||||||
1.25%, 07/15/2020 | 424,096 | 427,296 | ||||||||
1.13%, 01/15/2021 | 479,683 | 482,949 | ||||||||
0.13%, 04/15/2021 | 542,327 | 538,107 | ||||||||
0.63%, 07/15/2021 | 455,328 | 458,516 | ||||||||
0.13%, 01/15/2022 | 521,424 | 518,012 | ||||||||
0.13%, 04/15/2022 | 522,728 | 518,866 | ||||||||
0.13%, 07/15/2022 | 509,852 | 509,260 | ||||||||
0.13%, 01/15/2023 | 507,400 | 504,739 | ||||||||
0.63%, 04/15/2023 | 541,229 | 546,947 | ||||||||
0.38%, 07/15/2023 | 503,815 | 508,365 | ||||||||
0.63%, 01/15/2024 | 502,494 | 511,181 | ||||||||
0.50%, 04/15/2024 | 365,193 | 370,103 | ||||||||
0.13%, 07/15/2024 | 493,784 | 494,579 | ||||||||
0.13%, 10/15/2024 | 209,994 | 210,658 | ||||||||
|
| |||||||||
Total U.S. Treasury Securities | 7,459,384 | |||||||||
|
|
Shares | Value | |||||||||
Money MarketFunds-0.12% |
| |||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(b) | 8,860 | $ | 8,860 | |||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-100.02% |
| 7,468,244 | ||||||||
OTHER ASSETS LESS LIABILITIES-(0.02)% |
| (1,460 | ) | |||||||
|
| |||||||||
NETASSETS-100.00% | $ | 7,466,784 | ||||||||
|
|
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 the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other EquityInterests-99.81% |
| |||||||||
Australia-7.35% |
| |||||||||
Adelaide Brighton Ltd. | 72 | $ | 153 | |||||||
Afterpay Touch Group Ltd.(a) | 28 | 557 | ||||||||
AGL Energy Ltd. | 104 | 1,417 | ||||||||
ALS Ltd. | 80 | 445 | ||||||||
Altium Ltd. | 17 | 377 | ||||||||
Alumina Ltd. | 397 | 621 | ||||||||
AMP Ltd. | 516 | 652 | ||||||||
Ansell Ltd. | 23 | 437 | ||||||||
APA Group | 181 | 1,453 | ||||||||
Aristocrat Leisure Ltd. | 101 | 2,200 | ||||||||
ASX Ltd. | 30 | 1,701 | ||||||||
Atlas Arteria Ltd. | 103 | 570 | ||||||||
Aurizon Holdings Ltd. | 293 | 1,191 | ||||||||
AusNet Services | 280 | 357 | ||||||||
Australia & New Zealand Banking Group Ltd. | 435 | 8,014 | ||||||||
Bank of Queensland Ltd.(b) | 62 | 387 | ||||||||
Beach Energy Ltd. | 271 | 428 | ||||||||
Bendigo & Adelaide Bank Ltd. | 76 | 558 | ||||||||
BHP Group Ltd. | 453 | 11,220 | ||||||||
BHP Group PLC | 323 | 6,833 | ||||||||
BlueScope Steel Ltd. | 83 | 762 | ||||||||
Boral Ltd. | 185 | 641 | ||||||||
Brambles Ltd. | 252 | 2,078 | ||||||||
Caltex Australia Ltd. | 41 | 770 | ||||||||
Challenger Ltd. | 91 | 499 | ||||||||
Charter Hall Group | 72 | 561 | ||||||||
CIMIC Group Ltd. | 15 | 341 | ||||||||
Cleanaway Waste Management Ltd. | 208 | 264 | ||||||||
Coca-Cola Amatil Ltd. | 84 | 587 | ||||||||
Cochlear Ltd. | 9 | 1,312 | ||||||||
Coles Group Ltd. | 174 | 1,797 | ||||||||
Commonwealth Bank of Australia | 273 | 14,795 | ||||||||
Computershare Ltd. | 77 | 840 | ||||||||
Crown Resorts Ltd. | 56 | 481 | ||||||||
CSL Ltd. | 70 | 12,347 | ||||||||
CSR Ltd. | 80 | 228 | ||||||||
Dexus | 168 | 1,385 | ||||||||
Domain Holdings Australia Ltd. | 36 | 78 | ||||||||
Domino’s Pizza Enterprises Ltd.(b) | 10 | 351 | ||||||||
Downer EDI Ltd. | 94 | 521 | ||||||||
Evolution Mining Ltd. | 161 | 458 | ||||||||
Flight Centre Travel Group Ltd.(b) | 9 | 264 | ||||||||
Fortescue Metals Group Ltd. | 244 | 1,498 | ||||||||
Goodman Group | 279 | 2,766 | ||||||||
GPT Group (The) | 298 | 1,222 | ||||||||
Harvey Norman Holdings Ltd. | 84 | 237 | ||||||||
IDP Education Ltd. | 20 | 245 | ||||||||
Iluka Resources Ltd. | 66 | 427 | ||||||||
Incitec Pivot Ltd. | 268 | 637 | ||||||||
Insurance Australia Group Ltd. | 366 | 2,002 | ||||||||
IOOF Holdings Ltd. | 58 | 295 | ||||||||
Lendlease Group | 89 | 1,146 | ||||||||
Macquarie Group Ltd. | 48 | 4,429 | ||||||||
Magellan Financial Group Ltd. | 20 | 664 | ||||||||
Medibank Pvt Ltd. | 437 | 1,018 | ||||||||
Metcash Ltd. | 154 | 299 | ||||||||
Mirvac Group | 588 | 1,300 |
Shares | Value | |||||||||
Australia-(continued) | ||||||||||
National Australia Bank Ltd. | 443 | $ | 8,732 | |||||||
Newcrest Mining Ltd. | 119 | 2,566 | ||||||||
Northern Star Resources Ltd. | 95 | 641 | ||||||||
Nufarm Ltd.(a) | 49 | 200 | ||||||||
Oil Search Ltd. | 204 | 1,006 | ||||||||
Orica Ltd. | 60 | 947 | ||||||||
Origin Energy Ltd. | 278 | 1,505 | ||||||||
Orora Ltd. | 192 | 409 | ||||||||
OZ Minerals Ltd. | 47 | 329 | ||||||||
Perpetual Ltd.(b) | 7 | 173 | ||||||||
Platinum Asset Management Ltd. | 37 | 106 | ||||||||
Qantas Airways Ltd. | 101 | 446 | ||||||||
QBE Insurance Group Ltd. | 204 | 1,771 | ||||||||
Qube Holdings Ltd. | 189 | 423 | ||||||||
Ramsay Health Care Ltd. | 20 | 944 | ||||||||
REA Group Ltd.(b) | 8 | 598 | ||||||||
Rio Tinto Ltd. | 57 | 3,569 | ||||||||
Rio Tinto plc | 169 | 8,778 | ||||||||
Santos Ltd. | 281 | 1,572 | ||||||||
Scentre Group | 787 | 2,077 | ||||||||
SEEK Ltd. | 55 | 859 | ||||||||
Seven Group Holdings Ltd. | 16 | 207 | ||||||||
Shopping Centres Australasia Property Group | 118 | 219 | ||||||||
Sonic Healthcare Ltd. | 71 | 1,396 | ||||||||
South32 Ltd. | 788 | 1,384 | ||||||||
Star Entertainment Group Ltd. (The) | 131 | 424 | ||||||||
Stockland | 384 | 1,294 | ||||||||
Suncorp Group Ltd. | 199 | 1,844 | ||||||||
Sydney Airport | 175 | 1,059 | ||||||||
Tabcorp Holdings Ltd. | 299 | 989 | ||||||||
Telstra Corp. Ltd. | 661 | 1,589 | ||||||||
TPG Telecom Ltd. | 57 | 257 | ||||||||
Transurban Group | 413 | 4,223 | ||||||||
Treasury Wine Estates Ltd. | 109 | 1,319 | ||||||||
Vicinity Centres | 481 | 885 | ||||||||
Vocus Group Ltd.(a) | 95 | 217 | ||||||||
Washington H Soul Pattinson & Co. Ltd. | 14 | 209 | ||||||||
Wesfarmers Ltd. | 174 | 4,766 | ||||||||
Westpac Banking Corp. | 542 | 10,534 | ||||||||
Whitehaven Coal Ltd. | 108 | 246 | ||||||||
WiseTech Global Ltd. | 12 | 216 | ||||||||
Woodside Petroleum Ltd. | 144 | 3,195 | ||||||||
Woolworths Group Ltd. | 194 | 4,988 | ||||||||
Worley Ltd. | 50 | 471 | ||||||||
|
| |||||||||
178,698 | ||||||||||
|
| |||||||||
Austria-0.21% | ||||||||||
ANDRITZ AG | 11 | 494 | ||||||||
Erste Group Bank AG(a) | 44 | 1,555 | ||||||||
OMV AG | 22 | 1,284 | ||||||||
Raiffeisen Bank International AG | 20 | 492 | ||||||||
Telekom Austria AG(a) | 22 | 170 | ||||||||
Verbund AG | 10 | 541 | ||||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6 | 163 | ||||||||
voestalpine AG | 18 | 451 | ||||||||
|
| |||||||||
5,150 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Belgium-0.95% | ||||||||||
Ackermans & van Haaren N.V. | 3 | $ | 460 | |||||||
Ageas | 29 | 1,671 | ||||||||
Anheuser-Busch InBev S.A./N.V. | 119 | 9,564 | ||||||||
Colruyt S.A. | 8 | 445 | ||||||||
Galapagos N.V.(a) | 7 | 1,287 | ||||||||
Groupe Bruxelles Lambert S.A. | 11 | 1,104 | ||||||||
KBC Group N.V. | 42 | 2,946 | ||||||||
Proximus SADP | 22 | 676 | ||||||||
Sofina S.A. | 2 | 442 | ||||||||
Solvay S.A., Class A | 11 | 1,196 | ||||||||
Telenet Group Holding N.V.(a) | 8 | 393 | ||||||||
UCB S.A. | 19 | 1,532 | ||||||||
Umicore S.A. | 33 | 1,361 | ||||||||
|
| |||||||||
23,077 | ||||||||||
|
| |||||||||
Cambodia-0.02% | ||||||||||
NagaCorp Ltd. | 230 | 419 | ||||||||
|
| |||||||||
Chile-0.03% | ||||||||||
Antofagasta PLC | 55 | 617 | ||||||||
|
| |||||||||
China-0.40% | ||||||||||
AAC Technologies Holdings, Inc. | 110 | 716 | ||||||||
BOC Hong Kong Holdings Ltd. | 569 | 1,960 | ||||||||
Budweiser Brewing Co. APAC Ltd.(a)(c) | 200 | 731 | ||||||||
China Mengniu Dairy Co. Ltd.(a) | 424 | 1,696 | ||||||||
China Travel International Investment Hong Kong Ltd. | 398 | 63 | ||||||||
FIH Mobile Ltd.(a) | 455 | 65 | ||||||||
Guotai Junan International Holdings Ltd. | 369 | 62 | ||||||||
Kerry Logistics Network Ltd. | 87 | 139 | ||||||||
Lenovo Group Ltd. | 1,138 | 796 | ||||||||
Minth Group Ltd. | 109 | 387 | ||||||||
MMG Ltd.(a) | 351 | 73 | ||||||||
Nexteer Automotive Group Ltd. | 129 | 121 | ||||||||
Semiconductor Manufacturing International Corp.(a) | 444 | 566 | ||||||||
Shougang Fushan Resources Group Ltd. | 567 | 117 | ||||||||
Shui On Land Ltd. | 546 | 110 | ||||||||
Tingyi Cayman Islands Holding Corp. | 295 | 393 | ||||||||
Towngas China Co., Ltd.(a) | 162 | 125 | ||||||||
Uni-President China Holdings Ltd. | 182 | 188 | ||||||||
Want Want China Holdings Ltd. | 874 | 738 | ||||||||
Xinyi Glass Holdings Ltd. | 317 | 357 | ||||||||
Xinyi Solar Holdings Ltd., A Shares | 495 | 280 | ||||||||
|
| |||||||||
9,683 | ||||||||||
|
| |||||||||
Denmark-1.63% | ||||||||||
Ambu A/S, Class B | 26 | 409 | ||||||||
AP Moller - Maersk A/S, Class A | 1 | 1,201 | ||||||||
AP Moller - Maersk A/S, Class B | 1 | 1,275 | ||||||||
Carlsberg A/S, Class B | 16 | 2,252 | ||||||||
Chr Hansen Holding A/S | 16 | 1,229 | ||||||||
Coloplast A/S, Class B | 21 | 2,532 | ||||||||
Danske Bank A/S | 103 | 1,470 | ||||||||
Demant A/S(a) | 16 | 423 | ||||||||
Drilling Co. of 1972 A/S (The)(a) | 3 | 169 | ||||||||
DSV Panalpina A/S | 32 | 3,107 | ||||||||
Genmab A/S(a) | 9 | 1,963 | ||||||||
GN Store Nord A/S | 21 | 923 | ||||||||
H. Lundbeck A/S | 9 | 307 | ||||||||
ISS A/S | 29 | 759 |
Shares | Value | |||||||||
Denmark-(continued) | ||||||||||
Jyske Bank A/S(a) | 11 | $ | 366 | |||||||
Novo Nordisk A/S, Class B | 255 | 13,933 | ||||||||
Novozymes A/S, Class B | 33 | 1,554 | ||||||||
Orsted A/S(c) | 23 | 2,018 | ||||||||
Pandora A/S | 15 | 738 | ||||||||
Rockwool International A/S, Class B | 1 | 197 | ||||||||
Tryg A/S | 19 | 531 | ||||||||
Vestas Wind Systems A/S | 29 | 2,368 | ||||||||
|
| |||||||||
39,724 | ||||||||||
|
| |||||||||
Finland-1.10% | ||||||||||
Elisa Oyj | 22 | 1,202 | ||||||||
Fortum Oyj | 68 | 1,661 | ||||||||
Huhtamaki Oyj | 14 | 648 | ||||||||
Kesko Oyj, Class B | 10 | 666 | ||||||||
Kone Oyj, Class B | 60 | 3,818 | ||||||||
Metso Oyj | 17 | 643 | ||||||||
Neste Oyj | 64 | 2,311 | ||||||||
Nokia Oyj | 859 | 3,156 | ||||||||
Nokian Renkaat Oyj | 21 | 600 | ||||||||
Nordea Bank Abp | 494 | 3,613 | ||||||||
Orion Oyj, Class B(b) | 16 | 709 | ||||||||
Sampo Oyj, Class A | 76 | 3,115 | ||||||||
Stora Enso Oyj, Class R | 86 | 1,115 | ||||||||
UPM-Kymmene Oyj | 83 | 2,698 | ||||||||
Wartsila Oyj Abp | 71 | 750 | ||||||||
|
| |||||||||
26,705 | ||||||||||
|
| |||||||||
France-9.90% | ||||||||||
Accor S.A. | 29 | 1,246 | ||||||||
Adevinta ASA(a) | 35 | 400 | ||||||||
Adevinta ASA, Rts., expiring 11/12/2019 | 13 | 2 | ||||||||
Aeroports de Paris | 4 | 760 | ||||||||
AirFrance-KLM(a) | 34 | 405 | ||||||||
Air Liquide S.A. | 71 | 9,434 | ||||||||
Airbus S.E. | 85 | 12,178 | ||||||||
ALD S.A.(c) | 13 | 184 | ||||||||
Alstom S.A. | 28 | 1,211 | ||||||||
Amundi S.A.(c) | 9 | 643 | ||||||||
Arkema S.A. | 11 | 1,125 | ||||||||
Atos S.E. | 15 | 1,162 | ||||||||
AXA S.A. | 295 | 7,795 | ||||||||
BioMerieux | 6 | 491 | ||||||||
BNP Paribas S.A. | 166 | 8,669 | ||||||||
Bollore S.A. | 155 | 671 | ||||||||
Bouygues S.A. | 32 | 1,357 | ||||||||
Bureau Veritas S.A. | 43 | 1,098 | ||||||||
Capgemini S.E. | 24 | 2,703 | ||||||||
Carrefour S.A. | 87 | 1,481 | ||||||||
Casino Guichard Perrachon S.A.(b) | 9 | 486 | ||||||||
Cie de Saint-Gobain | 76 | 3,092 | ||||||||
Cie Generale des Etablissements Michelin SCA | 27 | 3,286 | ||||||||
Cie Plastic Omnium S.A. | 9 | 246 | ||||||||
CNP Assurances | 25 | 496 | ||||||||
Covivio | 7 | 793 | ||||||||
Credit Agricole S.A. | 174 | 2,268 | ||||||||
Danone S.A. | 92 | 7,632 | ||||||||
Dassault Systemes S.E. | 20 | 3,036 | ||||||||
Edenred | 37 | 1,948 | ||||||||
Eiffage S.A. | 12 | 1,290 | ||||||||
Electricite de France S.A. | 76 | 785 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
France-(continued) | ||||||||||
Elis S.A. | 30 | $ | 573 | |||||||
ENGIE S.A. | 252 | 4,216 | ||||||||
EssilorLuxottica S.A. | 45 | 6,868 | ||||||||
Eurazeo S.E. | 7 | 488 | ||||||||
Eutelsat Communications S.A.(b) | 27 | 512 | ||||||||
Faurecia S.E. | 11 | 513 | ||||||||
Gecina S.A. | 8 | 1,373 | ||||||||
Getlink S.E. | 72 | 1,206 | ||||||||
Hermes International | 5 | 3,598 | ||||||||
ICADE | 5 | 490 | ||||||||
Iliad S.A.(b) | 4 | 414 | ||||||||
Imerys S.A. | 6 | 232 | ||||||||
Ingenico Group S.A. | 10 | 1,068 | ||||||||
Ipsen S.A. | 5 | 533 | ||||||||
JCDecaux S.A. | 11 | 301 | ||||||||
Kering S.A. | 11 | 6,261 | ||||||||
Klepierre S.A. | 29 | 1,080 | ||||||||
Lagardere SCA | 18 | 402 | ||||||||
Legrand S.A. | 41 | 3,201 | ||||||||
L’Oreal S.A. | 37 | 10,807 | ||||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 38 | 16,216 | ||||||||
Natixis S.A. | 133 | 610 | ||||||||
Orange S.A. | 299 | 4,817 | ||||||||
ORPEA Group | 7 | 843 | ||||||||
Pernod Ricard S.A. | 33 | 6,093 | ||||||||
Peugeot S.A. | 84 | 2,127 | ||||||||
Publicis Groupe S.A. | 33 | 1,419 | ||||||||
Remy Cointreau S.A.(b) | 4 | 535 | ||||||||
Renault S.A. | 28 | 1,429 | ||||||||
Rexel S.A. | 48 | 594 | ||||||||
Rubis SCA | 14 | 811 | ||||||||
Safran S.A. | 51 | 8,071 | ||||||||
Sanofi S.A. | 168 | 15,485 | ||||||||
Sartorius Stedim Biotech | 4 | 599 | ||||||||
Schneider Electric S.E. | 81 | 7,524 | ||||||||
SCOR S.E. | 25 | 1,054 | ||||||||
SEB S.A. | 4 | 607 | ||||||||
Societe BIC S.A. | 4 | 278 | ||||||||
Societe Generale S.A. | 119 | 3,379 | ||||||||
Sodexo S.A. | 13 | 1,430 | ||||||||
Suez | 58 | 904 | ||||||||
Teleperformance | 9 | 2,040 | ||||||||
Thales S.A. | 15 | 1,467 | ||||||||
TOTAL S.A. | 372 | 19,562 | ||||||||
Ubisoft Entertainment S.A.(a) | 13 | 768 | ||||||||
Unibail-Rodamco-Westfield | 21 | 3,248 | ||||||||
Valeo S.A.(b) | 38 | 1,413 | ||||||||
Veolia Environnement S.A. | 78 | 2,051 | ||||||||
Vinci S.A.(b) | 72 | 8,081 | ||||||||
Vivendi S.A. | 124 | 3,453 | ||||||||
Wendel S.A. | 4 | 567 | ||||||||
Worldline S.A.(a)(c) | 13 | 790 | ||||||||
|
| |||||||||
240,774 | ||||||||||
|
| |||||||||
Germany-8.20% | ||||||||||
1&1 Drillisch AG(b) | 7 | 187 | ||||||||
adidas AG | 30 | 9,266 | ||||||||
Allianz S.E. | 65 | 15,881 | ||||||||
Aroundtown S.A. | 136 | 1,148 | ||||||||
Axel Springer S.E.(b) | 7 | 499 |
Shares | Value | |||||||||
Germany-(continued) | ||||||||||
BASF S.E. | 142 | $ | 10,809 | |||||||
Bayer AG | 144 | 11,178 | ||||||||
Bayerische Motoren Werke AG | 50 | 3,833 | ||||||||
Bayerische Motoren Werke AG, Preference Shares | 9 | 555 | ||||||||
Beiersdorf AG | 15 | 1,776 | ||||||||
Brenntag AG | 24 | 1,205 | ||||||||
Carl Zeiss Meditec AG, BR | 6 | 654 | ||||||||
Commerzbank AG | 165 | 987 | ||||||||
Continental AG | 17 | 2,274 | ||||||||
Covestro AG(c) | 26 | 1,249 | ||||||||
Daimler AG | 132 | 7,718 | ||||||||
Delivery Hero S.E.(a)(c) | 17 | 797 | ||||||||
Deutsche Bank AG | 314 | 2,275 | ||||||||
Deutsche Boerse AG | 28 | 4,341 | ||||||||
Deutsche Lufthansa AG | 37 | 642 | ||||||||
Deutsche Post AG | 150 | 5,313 | ||||||||
Deutsche Telekom AG | 501 | 8,813 | ||||||||
Deutsche Wohnen S.E. | 56 | 2,107 | ||||||||
DWS Group GmbH & Co. KGaA(c) | 5 | 162 | ||||||||
E.ON S.E. | 333 | 3,357 | ||||||||
Evonik Industries AG | 26 | 686 | ||||||||
Fielmann AG | 4 | 309 | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 6 | 502 | ||||||||
Fresenius Medical Care AG& Co. KGaA | 32 | 2,316 | ||||||||
Fresenius S.E. & Co. KGaA | 63 | 3,312 | ||||||||
Fuchs Petrolub S.E. | 5 | 202 | ||||||||
Fuchs Petrolub S.E., Preference Shares | 11 | 470 | ||||||||
GEA Group AG | 26 | 795 | ||||||||
GRENKE AG(b) | 4 | 379 | ||||||||
Hannover Rueck S.E. | 9 | 1,595 | ||||||||
Hapag-Lloyd AG(c) | 4 | 291 | ||||||||
HeidelbergCement AG | 23 | 1,710 | ||||||||
Hella GmbH & Co. KGaA | 7 | 341 | ||||||||
Henkel AG& Co. KGaA | 16 | 1,541 | ||||||||
Henkel AG& Co. KGaA, Preference Shares | 27 | 2,807 | ||||||||
HOCHTIEF AG | 3 | 374 | ||||||||
Hugo Boss AG | 10 | 421 | ||||||||
Infineon Technologies AG | 192 | 3,722 | ||||||||
K+S AG | 30 | 427 | ||||||||
KION Group AG | 11 | 731 | ||||||||
Knorr-Bremse AG | 7 | 707 | ||||||||
LANXESS AG | 13 | 846 | ||||||||
LEG Immobilien AG | 10 | 1,148 | ||||||||
Merck KGaA | 20 | 2,385 | ||||||||
METRO AG | 26 | 424 | ||||||||
MTU Aero Engines AG | 8 | 2,137 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 22 | 6,112 | ||||||||
Nemetschek S.E. | 8 | 407 | ||||||||
OSRAM Licht AG(b) | 15 | 669 | ||||||||
Porsche Automobil Holding S.E., Preference Shares | 24 | 1,767 | ||||||||
ProSiebenSat.1 Media S.E. | 32 | 473 | ||||||||
Puma S.E. | 13 | 978 | ||||||||
Rational AG | 1 | 761 | ||||||||
Rheinmetall AG | 7 | 842 | ||||||||
Rocket Internet S.E.(a)(c) | 10 | 266 | ||||||||
RWE AG | 89 | 2,714 | ||||||||
SAP S.E. | 150 | 19,881 | ||||||||
Sartorius AG, Preference Shares | 5 | 972 | ||||||||
Scout24 AG(c) | 17 | 1,052 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Germany-(continued) | ||||||||||
Siemens AG | 117 | $ | 13,494 | |||||||
Siemens Healthineers AG(c) | 21 | 893 | ||||||||
Suedzucker AG | 12 | 173 | ||||||||
Symrise AG | 20 | 1,925 | ||||||||
Talanx AG | 6 | 276 | ||||||||
Telefonica Deutschland Holding AG | 106 | 336 | ||||||||
thyssenkrupp AG(b) | 74 | 1,056 | ||||||||
TUI AG | 69 | 902 | ||||||||
Uniper S.E. | 31 | 966 | ||||||||
United Internet AG | 18 | 542 | ||||||||
Volkswagen AG | 5 | 948 | ||||||||
Volkswagen AG, Preference Shares | 28 | 5,332 | ||||||||
Vonovia S.E. | 84 | 4,471 | ||||||||
Wacker Chemie AG | 2 | 157 | ||||||||
Wirecard AG(b) | 18 | 2,280 | ||||||||
Zalando S.E.(a)(c) | 23 | 997 | ||||||||
|
| |||||||||
199,246 | ||||||||||
|
| |||||||||
HongKong-2.93% | ||||||||||
AIA Group Ltd. | 1,859 | 18,607 | ||||||||
ASM Pacific Technology Ltd. | 47 | 658 | ||||||||
Bank of East Asia Ltd. (The) | 188 | 453 | ||||||||
Brightoil Petroleum Holdings Ltd.(a)(d) | 462 | 0 | ||||||||
Cafe de Coral Holdings Ltd. | 53 | 145 | ||||||||
Cathay Pacific Airways Ltd. | 125 | 160 | ||||||||
Champion REIT | 309 | 205 | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 169 | 152 | ||||||||
CK Asset Holdings Ltd. | 413 | 2,882 | ||||||||
CK Hutchison Holdings Ltd. | 411 | 3,802 | ||||||||
CK Infrastructure Holdings Ltd. | 98 | 706 | ||||||||
CLP Holdings Ltd. | 253 | 2,626 | ||||||||
Dah Sing Banking Group Ltd. | 58 | 75 | ||||||||
Dah Sing Financial Holdings Ltd. | 23 | 86 | ||||||||
Dairy Farm International Holdings Ltd. | 47 | 283 | ||||||||
Haitong International Securities Group Ltd. | 355 | 103 | ||||||||
Hang Lung Group Ltd. | 138 | 346 | ||||||||
Hang Lung Properties Ltd. | 321 | 707 | ||||||||
Hang Seng Bank Ltd. | 110 | 2,299 | ||||||||
Henderson Land Development Co. Ltd. | 205 | 1,027 | ||||||||
Hong Kong & China Gas Co., Ltd. (The) | 1,513 | 2,938 | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 194 | 6,064 | ||||||||
Hongkong Land Holdings Ltd. | 185 | 1,017 | ||||||||
Huabao International Holdings Ltd. | 141 | 52 | ||||||||
Hutchison Port Holdings Trust, Class U | 802 | 124 | ||||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 204 | 37 | ||||||||
Hysan Development Co. Ltd. | 98 | 387 | ||||||||
Jardine Matheson Holdings Ltd. | 33 | 1,885 | ||||||||
Jardine Strategic Holdings Ltd. | 29 | 938 | ||||||||
Johnson Electric Holdings Ltd. | 54 | 99 | ||||||||
Kerry Properties Ltd. | 94 | 305 | ||||||||
Li & Fung Ltd. | 917 | 101 | ||||||||
Lifestyle International Holdings Ltd. | 71 | 75 | ||||||||
Link REIT | 329 | 3,587 | ||||||||
Mapletree North Asia Commercial Trust(c) | 318 | 299 | ||||||||
Melco International Development Ltd. | 126 | 335 | ||||||||
MTR Corp. Ltd. | 222 | 1,275 | ||||||||
New World Development Co. Ltd. | 872 | 1,251 | ||||||||
NWS Holdings Ltd. | 221 | 329 | ||||||||
PCCW Ltd. | 659 | 392 |
Shares | Value | |||||||||
Hong Kong-(continued) | ||||||||||
Power Assets Holdings Ltd. | 207 | $ | 1,478 | |||||||
Sa Sa International Holdings Ltd.(b) | 164 | 39 | ||||||||
Shangri-La Asia Ltd. | 175 | 180 | ||||||||
Shun Tak Holdings Ltd. | 293 | 120 | ||||||||
Sino Land Co. Ltd. | 470 | 704 | ||||||||
Sun Art Retail Group Ltd. | 348 | 356 | ||||||||
Sun Hung Kai Properties Ltd. | 218 | 3,307 | ||||||||
Swire Pacific Ltd., Class A | 80 | 762 | ||||||||
Swire Pacific Ltd., Class B | 146 | 216 | ||||||||
Swire Properties Ltd. | 167 | 526 | ||||||||
Techtronic Industries Co. Ltd. | 198 | 1,554 | ||||||||
Television Broadcasts Ltd. | 46 | 76 | ||||||||
United Energy Group Ltd.(a) | 1,144 | 232 | ||||||||
Vitasoy International Holdings Ltd. | 120 | 488 | ||||||||
VTech Holdings Ltd. | 25 | 219 | ||||||||
WH Group Ltd.(c) | 1,328 | 1,410 | ||||||||
Wharf Holdings Ltd. (The) | 193 | 439 | ||||||||
Wharf Real Estate Investment Co. Ltd. | 193 | 1,138 | ||||||||
Wheelock & Co. Ltd. | 130 | 805 | ||||||||
Yue Yuen Industrial Holdings Ltd. | 114 | 321 | ||||||||
|
| |||||||||
71,182 | ||||||||||
|
| |||||||||
Indonesia-0.01% | ||||||||||
First Pacific Co., Ltd. | 369 | 141 | ||||||||
Golden Agri-Resources Ltd. | 1,011 | 153 | ||||||||
|
| |||||||||
294 | ||||||||||
|
| |||||||||
Ireland-0.51% | ||||||||||
AIB Group PLC | 120 | 384 | ||||||||
Bank of Ireland Group PLC | 146 | 702 | ||||||||
CRH PLC | 122 | 4,446 | ||||||||
Flutter Entertainment PLC(b) | 12 | 1,236 | ||||||||
Glanbia PLC | 31 | 345 | ||||||||
Kerry Group PLC, Class A | 23 | 2,782 | ||||||||
Kingspan Group PLC | 24 | 1,244 | ||||||||
Smurfit Kappa Group PLC | 38 | 1,265 | ||||||||
|
| |||||||||
12,404 | ||||||||||
|
| |||||||||
Israel-0.48% | ||||||||||
Airport City Ltd.(a) | �� | 10 | 189 | |||||||
Alony Hetz Properties & Investments Ltd. | 16 | 231 | ||||||||
Amot Investments Ltd. | 18 | 127 | ||||||||
Azrieli Group Ltd. | 5 | 385 | ||||||||
Bank Hapoalim BM | 163 | 1,304 | ||||||||
Bank LeumiLe-Israel BM | 228 | 1,660 | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 324 | 214 | ||||||||
Delek Group Ltd. | 1 | 125 | ||||||||
Elbit Systems Ltd. | 4 | 655 | ||||||||
Fattal Holdings 1998 Ltd. | 1 | 149 | ||||||||
First International Bank of Israel Ltd. | 8 | 220 | ||||||||
Gazit-Globe Ltd. | 15 | 151 | ||||||||
Harel Insurance Investments & Financial Services Ltd. | 18 | 144 | ||||||||
Israel Chemicals Ltd. | 99 | 440 | ||||||||
Israel Corp. Ltd. (The)(a) | 1 | 191 | ||||||||
Israel Discount Bank Ltd., Class A | 185 | 845 | ||||||||
Melisron Ltd. | 2 | 121 | ||||||||
Migdal Insurance & Financial Holdings Ltd. | 87 | 90 | ||||||||
Mizrahi Tefahot Bank Ltd. | 20 | 496 | ||||||||
Nice Ltd.(a) | 10 | 1,581 | ||||||||
Oil Refineries Ltd. | 237 | 121 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Israel-(continued) | ||||||||||
Paz Oil Co. Ltd. | 2 | $ | 306 | |||||||
Phoenix Holdings Ltd. (The) | 20 | 122 | ||||||||
Shufersal Ltd. | 17 | 115 | ||||||||
Strauss Group Ltd. | 6 | 182 | ||||||||
Teva Pharmaceutical Industries Ltd.(a) | 152 | 1,242 | ||||||||
Tower Semiconductor Ltd.(a) | 15 | 331 | ||||||||
|
| |||||||||
11,737 | ||||||||||
|
| |||||||||
Italy-2.17% | ||||||||||
A2A S.p.A. | 245 | 492 | ||||||||
Amplifon S.p.A. | 18 | 452 | ||||||||
Assicurazioni Generali S.p.A. | 199 | 4,035 | ||||||||
Atlantia S.p.A. | 84 | 2,075 | ||||||||
Banca Mediolanum S.p.A. | 40 | 343 | ||||||||
Banco BPM S.p.A.(a)(b) | 241 | 548 | ||||||||
Buzzi Unicem S.p.A. | 11 | 266 | ||||||||
Buzzi Unicem S.p.A., RSP | 6 | 92 | ||||||||
Davide Campari-Milano S.p.A. | 90 | 825 | ||||||||
DiaSorin S.p.A. | 3 | 338 | ||||||||
Enel S.p.A. | 1,194 | 9,245 | ||||||||
Eni S.p.A. | 387 | 5,859 | ||||||||
Ferrari N.V. | 19 | 3,041 | ||||||||
FinecoBank Banca Fineco S.p.A. | 94 | �� | 1,059 | |||||||
Hera S.p.A. | 121 | 518 | ||||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 37 | 380 | ||||||||
Intesa Sanpaolo S.p.A. | 2,320 | 5,813 | ||||||||
Italgas S.p.A. | 59 | 380 | ||||||||
Leonardo S.p.A. | 61 | 708 | ||||||||
Mediaset S.p.A.(a) | 55 | 165 | ||||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 110 | 1,307 | ||||||||
Moncler S.p.A. | 28 | 1,079 | ||||||||
Pirelli & C S.p.A.(c) | 67 | 387 | ||||||||
Poste Italiane S.p.A.(c) | 73 | 886 | ||||||||
PRADA S.p.A. | 81 | 279 | ||||||||
Prysmian S.p.A. | 40 | 924 | ||||||||
Recordati S.p.A. | 16 | 672 | ||||||||
Saipem S.p.A.(a) | 91 | 412 | ||||||||
Salvatore Ferragamo S.p.A. | 10 | 187 | ||||||||
Snam S.p.A. | 352 | 1,806 | ||||||||
Telecom Italia S.p.A.(a) | 1,600 | 937 | ||||||||
Telecom Italia S.p.A., RSP | 957 | 554 | ||||||||
Terna Rete Elettrica Nazionale S.p.A. | 224 | 1,480 | ||||||||
UniCredit S.p.A. | 349 | 4,426 | ||||||||
Unione di Banche Italiane S.p.A.(b) | 156 | 475 | ||||||||
UnipolSai Assicurazioni S.p.A. | 90 | 251 | ||||||||
|
| |||||||||
52,696 | ||||||||||
|
| |||||||||
Japan-24.71% | ||||||||||
77 Bank Ltd. (The) | 11 | 175 | ||||||||
ABC-Mart, Inc. | 4 | 275 | ||||||||
Acom Co. Ltd. | 60 | 243 | ||||||||
Advantest Corp. | 31 | 1,418 | ||||||||
Aeon Co. Ltd. | 110 | 2,223 | ||||||||
AEON Financial Service Co. Ltd. | 18 | 276 | ||||||||
Aeon Mall Co. Ltd. | 19 | 305 | ||||||||
AGC, Inc. | 28 | 992 | ||||||||
Aica Kogyo Co. Ltd. | 8 | 256 | ||||||||
Ain Holdings, Inc. | 4 | 229 | ||||||||
Air Water, Inc. | 24 | 453 | ||||||||
Aisin Seiki Co. Ltd. | 28 | 1,129 | ||||||||
Ajinomoto Co., Inc. | 76 | 1,448 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Alfresa Holdings Corp. | 28 | $ | 630 | |||||||
Alps Alpine Co. Ltd. | 30 | 650 | ||||||||
Amada Holdings Co. Ltd. | 52 | 598 | ||||||||
Amano Corp. | 10 | 298 | ||||||||
ANA Holdings, Inc. | 18 | 620 | ||||||||
Anritsu Corp. | 21 | 404 | ||||||||
Aozora Bank Ltd. | 18 | 465 | ||||||||
Ariake Japan Co. Ltd. | 3 | 234 | ||||||||
Asahi Group Holdings, Ltd. | 60 | 3,014 | ||||||||
Asahi Intecc Co. Ltd. | 29 | 802 | ||||||||
Asahi Kasei Corp. | 191 | 2,140 | ||||||||
Asics Corp. | 28 | 484 | ||||||||
ASKUL Corp. | 3 | 83 | ||||||||
Astellas Pharma, Inc. | 290 | 4,986 | ||||||||
Autobacs Seven Co. Ltd. | 10 | 166 | ||||||||
Azbil Corp. | 20 | 560 | ||||||||
Bandai Namco Holdings, Inc. | 30 | 1,850 | ||||||||
Bank of Kyoto Ltd. (The)(b) | 11 | 442 | ||||||||
Benefit One, Inc. | 10 | 204 | ||||||||
Benesse Holdings, Inc. | 11 | 296 | ||||||||
Bic Camera, Inc. | 24 | 263 | ||||||||
Bridgestone Corp. | 90 | 3,765 | ||||||||
Brother Industries Ltd. | 37 | 703 | ||||||||
Calbee, Inc. | 12 | 402 | ||||||||
Canon Marketing Japan, Inc. | 7 | 149 | ||||||||
Canon, Inc. | 155 | 4,247 | ||||||||
Capcom Co. Ltd. | 14 | 332 | ||||||||
Casio Computer Co. Ltd. | 34 | 555 | ||||||||
Central Japan Railway Co. | 28 | 5,775 | ||||||||
Chiba Bank Ltd. (The) | 104 | 572 | ||||||||
Chubu Electric Power Co., Inc. | 111 | 1,669 | ||||||||
Chugai Pharmaceutical Co. Ltd. | 33 | 2,793 | ||||||||
Chugoku Bank Ltd. (The) | 27 | 267 | ||||||||
Chugoku Electric Power Co., Inc. (The) | 46 | 613 | ||||||||
Citizen Watch Co. Ltd. | 43 | 230 | ||||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 23 | 525 | ||||||||
COMSYS Holdings Corp. | 18 | 534 | ||||||||
Concordia Financial Group Ltd. | 171 | 705 | ||||||||
Cosmo Energy Holdings Co. Ltd. | 10 | 216 | ||||||||
Cosmos Pharmaceutical Corp. | 1 | 207 | ||||||||
Credit Saison Co. Ltd. | 25 | 365 | ||||||||
CyberAgent, Inc. | 15 | 490 | ||||||||
Dai Nippon Printing Co., Ltd. | 47 | 1,264 | ||||||||
Daicel Corp. | 47 | 424 | ||||||||
Daido Steel Co. Ltd. | 6 | 265 | ||||||||
Daifuku Co. Ltd. | 15 | 806 | ||||||||
Dai-ichi Life Holdings, Inc. | 168 | 2,775 | ||||||||
Daiichi Sankyo Co. Ltd. | 98 | 6,473 | ||||||||
Daiichikosho Co. Ltd. | 7 | 334 | ||||||||
Daikin Industries, Ltd. | 41 | 5,776 | ||||||||
Daishi Hokuetsu Financial Group, Inc. | 7 | 179 | ||||||||
Daito Trust Construction Co., Ltd. | 10 | 1,329 | ||||||||
Daiwa House Industry Co., Ltd. | 101 | 3,490 | ||||||||
Daiwa Securities Group, Inc. | 241 | 1,092 | ||||||||
DeNA Co. Ltd. | 17 | 290 | ||||||||
Denka Co., Ltd. | 14 | 409 | ||||||||
Denso Corp. | 70 | 3,278 | ||||||||
Dentsu, Inc. | 35 | 1,259 | ||||||||
DIC Corp. | 13 | 376 | ||||||||
Disco Corp. | 4 | 884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
DMG Mori Co. Ltd. | 16 | $ | 263 | |||||||
Dowa Holdings Co. Ltd. | 7 | 243 | ||||||||
East Japan Railway Co. | 56 | 5,102 | ||||||||
Ebara Corp. | 16 | 480 | ||||||||
Eisai Co. Ltd. | 41 | 2,991 | ||||||||
Electric Power Development Co. Ltd. | 26 | 633 | ||||||||
Ezaki Glico Co. Ltd. | 8 | 372 | ||||||||
FamilyMart Co. Ltd. | 36 | 898 | ||||||||
Fancl Corp. | 10 | 284 | ||||||||
FANUC Corp. | 32 | 6,394 | ||||||||
Fast Retailing Co. Ltd.(b) | 8 | 4,962 | ||||||||
FP Corp. | 4 | 250 | ||||||||
Fuji Electric Co. Ltd. | 18 | 578 | ||||||||
Fuji Media Holdings, Inc. | 7 | 95 | ||||||||
Fuji Oil Holdings, Inc. | 7 | 211 | ||||||||
Fuji Seal International, Inc. | 7 | 175 | ||||||||
FUJIFILM Holdings Corp. | 57 | 2,520 | ||||||||
Fujikura Ltd. | 43 | 202 | ||||||||
Fujitsu General Ltd. | 9 | 164 | ||||||||
Fujitsu Ltd. | 30 | 2,670 | ||||||||
Fukuoka Financial Group, Inc. | 23 | 449 | ||||||||
Fukuyama Transporting Co. Ltd. | 5 | 181 | ||||||||
Furukawa Electric Co. Ltd. | 10 | 283 | ||||||||
Fuyo General Lease Co. Ltd. | 3 | 197 | ||||||||
Glory Ltd. | 9 | 266 | ||||||||
GMO internet, Inc. | 9 | 153 | ||||||||
GMO Payment Gateway, Inc. | 6 | 443 | ||||||||
GOLDWIN. Inc. | 6 | 461 | ||||||||
GS Yuasa Corp. | 12 | 221 | ||||||||
GungHo Online Entertainment, Inc. | 5 | 109 | ||||||||
Gunma Bank Ltd. (The) | 68 | 231 | ||||||||
H.I.S. Co., Ltd. | 5 | 130 | ||||||||
H2O Retailing Corp. | 14 | 160 | ||||||||
Hachijuni Bank Ltd. (The) | 65 | 283 | ||||||||
Hakuhodo DY Holdings, Inc. | 38 | 572 | ||||||||
Hamamatsu Photonics K.K. | 21 | 822 | ||||||||
Hankyu Hanshin Holdings, Inc. | 34 | 1,368 | ||||||||
Haseko Corp. | 44 | 572 | ||||||||
Heiwa Corp. | 8 | 165 | ||||||||
Hikari Tsushin, Inc. | 3 | 661 | ||||||||
Hino Motors Ltd. | 42 | 401 | ||||||||
Hirose Electric Co. Ltd. | 5 | 635 | ||||||||
Hiroshima Bank Ltd. (The) | 46 | 237 | ||||||||
Hisamitsu Pharmaceutical Co., Inc. | 11 | 516 | ||||||||
Hitachi Capital Corp. | 7 | 158 | ||||||||
Hitachi Chemical Co. Ltd. | 16 | 531 | ||||||||
Hitachi Construction Machinery Co. Ltd. | 17 | 444 | ||||||||
Hitachi High-Technologies Corp. | 10 | 625 | ||||||||
Hitachi Metals Ltd. | 31 | 392 | ||||||||
Hitachi Transport System Ltd. | 7 | 200 | ||||||||
Hitachi, Ltd. | 142 | 5,345 | ||||||||
Hokkaido Electric Power Co. Inc. | 28 | 147 | ||||||||
Hokuhoku Financial Group, Inc. | 20 | 198 | ||||||||
Hokuriku Electric Power Co.(a) | 27 | 193 | ||||||||
Honda Motor Co., Ltd. | 267 | 7,266 | ||||||||
Horiba Ltd. | 6 | 410 | ||||||||
Hoshizaki Corp. | 8 | 684 | ||||||||
House Foods Group, Inc. | 12 | 457 | ||||||||
Hoya Corp. | 57 | 5,063 | ||||||||
Hulic Co., Ltd. | 56 | 612 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Ibiden Co. Ltd. | 17 | $ | 394 | |||||||
Ichigo, Inc. | 32 | 128 | ||||||||
Idemitsu Kosan Co. Ltd. | 37 | 1,097 | ||||||||
IHI Corp. | 21 | 525 | ||||||||
Iida Group Holdings Co. Ltd. | 22 | 369 | ||||||||
INPEX Corp. | 145 | 1,353 | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 57 | 458 | ||||||||
Isuzu Motors Ltd. | 79 | 926 | ||||||||
Ito En Ltd. | 9 | 440 | ||||||||
ITOCHU Corp. | 209 | 4,391 | ||||||||
Itochu Techno-Solutions Corp. | 16 | 433 | ||||||||
Itoham Yonekyu Holdings, Inc. | 21 | 136 | ||||||||
Iyo Bank Ltd. (The) | 43 | 230 | ||||||||
Izumi Co. Ltd. | 6 | 227 | ||||||||
J Front Retailing Co. Ltd. | 39 | 500 | ||||||||
Japan Airlines Co. Ltd. | 19 | 593 | ||||||||
Japan Airport Terminal Co., Ltd. | 7 | 349 | ||||||||
Japan Aviation Electronics Industry Ltd. | 7 | 132 | ||||||||
Japan Exchange Group, Inc. | 85 | 1,414 | ||||||||
Japan Petroleum Exploration Co. Ltd. | 5 | 129 | ||||||||
Japan Post Bank Co. Ltd. | 65 | 651 | ||||||||
Japan Post Holdings Co. Ltd. | 203 | 1,870 | ||||||||
Japan Post Insurance Co. Ltd. | 30 | 476 | ||||||||
Japan Steel Works Ltd. (The) | 10 | 214 | ||||||||
Japan Tobacco, Inc. | 182 | 4,135 | ||||||||
JFE Holdings, Inc. | 82 | 1,037 | ||||||||
JGC Holdings Corp. | 34 | 498 | ||||||||
JSR Corp. | 30 | 569 | ||||||||
JTEKT Corp. | 36 | 464 | ||||||||
Justsystems Corp. | 5 | 207 | ||||||||
JXTG Holdings, Inc. | 487 | 2,295 | ||||||||
Kagome Co. Ltd. | 12 | 303 | ||||||||
Kajima Corp. | 72 | 996 | ||||||||
Kakaku.com, Inc. | 21 | 490 | ||||||||
Kaken Pharmaceutical Co. Ltd. | 5 | 246 | ||||||||
Kamigumi Co. Ltd. | 16 | 363 | ||||||||
Kandenko Co. Ltd. | 16 | 152 | ||||||||
Kaneka Corp. | 9 | 303 | ||||||||
Kansai Electric Power Co., Inc. (The) | 115 | 1,345 | ||||||||
Kansai Mirai Financial Group, Inc. | 28 | 184 | ||||||||
Kansai Paint Co. Ltd. | 31 | 753 | ||||||||
Kao Corp. | 73 | 5,905 | ||||||||
Kawasaki Heavy Industries Ltd. | 23 | 558 | ||||||||
Kawasaki Kisen Kaisha Ltd.(a) | 13 | 196 | ||||||||
KDDI Corp. | 266 | 7,379 | ||||||||
Keihan Holdings Co. Ltd. | 15 | 710 | ||||||||
Keikyu Corp. | 39 | 781 | ||||||||
Keio Corp. | 18 | 1,117 | ||||||||
Keisei Electric Railway Co., Ltd. | 22 | 905 | ||||||||
Kewpie Corp. | 18 | 410 | ||||||||
Keyence Corp. | 14 | 8,912 | ||||||||
Kikkoman Corp. | 28 | 1,355 | ||||||||
Kinden Corp. | 21 | 318 | ||||||||
Kintetsu Group Holdings Co. Ltd. | 28 | 1,531 | ||||||||
Kirin Holdings Co. Ltd. | 123 | 2,623 | ||||||||
Kissei Pharmaceutical Co. Ltd. | 5 | 130 | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 9 | 723 | ||||||||
Kobe Bussan Co., Ltd. | 4 | 119 | ||||||||
Kobe Steel Ltd. | 47 | 256 | ||||||||
Koei Tecmo Holdings Co. Ltd. | 9 | 209 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Koito Manufacturing Co. Ltd. | 18 | $ | 952 | |||||||
KOKUYO Co., Ltd. | 13 | 192 | ||||||||
Komatsu Ltd. | 140 | 3,314 | ||||||||
Konami Holdings Corp. | 15 | 662 | ||||||||
Konica Minolta, Inc. | 72 | 532 | ||||||||
Kose Corp. | 4 | 714 | ||||||||
K’s Holdings Corp. | 26 | 298 | ||||||||
Kubota Corp. | 170 | 2,724 | ||||||||
Kuraray Co. Ltd. | 56 | 672 | ||||||||
Kurita Water Industries Ltd. | 17 | 494 | ||||||||
Kusuri no Aoki Holdings Co., Ltd. | 2 | 150 | ||||||||
Kyocera Corp. | 47 | 3,105 | ||||||||
Kyoritsu Maintenance Co. Ltd. | 4 | 178 | ||||||||
Kyowa Exeo Corp. | 14 | 359 | ||||||||
Kyowa Kirin Co., Ltd. | 40 | 739 | ||||||||
Kyudenko Corp. | 6 | 198 | ||||||||
Kyushu Electric Power Co., Inc. | 73 | 731 | ||||||||
Kyushu Financial Group, Inc. | 61 | 249 | ||||||||
Kyushu Railway Co. | 25 | 828 | ||||||||
Lawson, Inc. | 7 | 387 | ||||||||
LINE Corp.(a) | 8 | 295 | ||||||||
Lintec Corp. | 8 | 170 | ||||||||
Lion Corp. | 40 | 841 | ||||||||
LIXIL Group Corp. | 41 | 768 | ||||||||
M3, Inc. | 64 | 1,542 | ||||||||
Mabuchi Motor Co. Ltd. | 8 | 327 | ||||||||
Maeda Corp. | 21 | 197 | ||||||||
Maeda Road Construction Co. Ltd. | 9 | 195 | ||||||||
Makita Corp. | 39 | 1,329 | ||||||||
Mani, Inc. | 9 | 239 | ||||||||
Marubeni Corp. | 248 | 1,757 | ||||||||
Maruha Nichiro Corp. | 6 | 156 | ||||||||
Marui Group Co. Ltd. | 33 | 738 | ||||||||
Maruichi Steel Tube Ltd. | 10 | 276 | ||||||||
Matsui Securities Co. Ltd. | 16 | 132 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 12 | 425 | ||||||||
Mazda Motor Corp. | 90 | 837 | ||||||||
Mebuki Financial Group, Inc. | 161 | 413 | ||||||||
Medipal Holdings Corp. | 25 | 574 | ||||||||
Megmilk Snow Brand Co. Ltd. | 7 | 169 | ||||||||
MEIJI Holdings Co. Ltd. | 21 | 1,519 | ||||||||
Minebea Mitsumi, Inc. | 64 | 1,231 | ||||||||
Miraca Holdings, Inc. | 8 | 190 | ||||||||
MISUMI Group, Inc. | 44 | 1,117 | ||||||||
Mitsubishi Chemical Holdings Corp. | 195 | 1,498 | ||||||||
Mitsubishi Corp. | 192 | 4,909 | ||||||||
Mitsubishi Electric Corp. | 303 | 4,363 | ||||||||
Mitsubishi Estate Co., Ltd. | 181 | 3,529 | ||||||||
Mitsubishi Gas Chemical Co., Inc. | 30 | 428 | ||||||||
Mitsubishi Heavy Industries Ltd. | 45 | 1,832 | ||||||||
Mitsubishi Logistics Corp. | 11 | 281 | ||||||||
Mitsubishi Materials Corp. | 20 | 579 | ||||||||
Mitsubishi Motors Corp. | 99 | 456 | ||||||||
Mitsubishi Shokuhin Co. Ltd. | 2 | 51 | ||||||||
Mitsubishi Tanabe Pharma Corp. | 35 | 422 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 1,915 | 10,094 | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 69 | 427 | ||||||||
Mitsui & Co., Ltd. | 259 | 4,474 | ||||||||
Mitsui Chemicals, Inc. | 29 | 698 | ||||||||
Mitsui Fudosan Co., Ltd. | 144 | 3,704 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Mitsui Mining & Smelting Co. Ltd. | 9 | $ | 255 | |||||||
Mitsui OSK Lines Ltd. | 17 | 468 | ||||||||
Miura Co. Ltd. | 16 | 487 | ||||||||
Mizuho Financial Group, Inc. | 3,899 | 6,088 | ||||||||
Mochida Pharmaceutical Co. Ltd. | 4 | 161 | ||||||||
MonotaRO Co. Ltd. | 18 | 550 | ||||||||
Morinaga & Co. Ltd. | 6 | 297 | ||||||||
Morinaga Milk Industry Co. Ltd. | 6 | 233 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 77 | 2,499 | ||||||||
Murata Manufacturing Co., Ltd. | 88 | 4,773 | ||||||||
Nabtesco Corp. | 18 | 583 | ||||||||
Nagase & Co. Ltd. | 17 | 260 | ||||||||
Nagoya Railroad Co. Ltd. | 29 | 925 | ||||||||
Nankai Electric Railway Co. Ltd. | 17 | 444 | ||||||||
NEC Corp. | 40 | 1,591 | ||||||||
NET One Systems Co. Ltd. | 13 | 354 | ||||||||
NEXON Co., Ltd.(a) | 64 | 743 | ||||||||
NGK Insulators Ltd. | 42 | 650 | ||||||||
NGK Spark Plug Co., Ltd. | 30 | 615 | ||||||||
NH Foods Ltd. | 16 | 673 | ||||||||
NHK Spring Co. Ltd. | 26 | 215 | ||||||||
Nichirei Corp. | 17 | 391 | ||||||||
Nidec Corp. | 36 | 5,356 | ||||||||
Nifco, Inc. | 14 | 373 | ||||||||
Nihon Kohden Corp. | 12 | 360 | ||||||||
Nihon M&A Center, Inc. | 20 | 612 | ||||||||
Nihon Unisys Ltd. | 10 | 332 | ||||||||
Nikon Corp. | 55 | 707 | ||||||||
Nintendo Co., Ltd. | 16 | 5,716 | ||||||||
Nippo Corp. | 8 | 165 | ||||||||
Nippon Electric Glass Co. Ltd. | 13 | 296 | ||||||||
Nippon Express Co., Ltd. | 11 | 632 | ||||||||
Nippon Kayaku Co. Ltd. | 27 | 330 | ||||||||
Nippon Paint Holdings Co. Ltd. | 24 | 1,321 | ||||||||
Nippon Paper Industries Co. Ltd. | 15 | 260 | ||||||||
Nippon Shinyaku Co., Ltd. | 8 | 725 | ||||||||
Nippon Shokubai Co., Ltd. | 5 | 311 | ||||||||
Nippon Steel Corp. | 127 | 1,870 | ||||||||
Nippon Telegraph & Telephone Corp. | 96 | 4,774 | ||||||||
Nippon Television Holdings, Inc. | 4 | 53 | ||||||||
Nippon Yusen K.K. | 25 | 454 | ||||||||
Nipro Corp. | 19 | 224 | ||||||||
Nishi-Nippon Financial Holdings, Inc. | 25 | 187 | ||||||||
Nishi-Nippon Railroad Co. Ltd. | 12 | 280 | ||||||||
Nissan Chemical Corp. | 21 | 870 | ||||||||
Nissan Motor Co. Ltd. | 296 | 1,888 | ||||||||
Nissan Shatai Co. Ltd. | 10 | 93 | ||||||||
Nisshin Seifun Group, Inc. | 41 | 815 | ||||||||
Nisshinbo Holdings, Inc. | 20 | 168 | ||||||||
Nissin Foods Holdings Co. Ltd. | 11 | 834 | ||||||||
Nitori Holdings Co. Ltd. | 11 | 1,680 | ||||||||
Nitto Denko Corp. | 24 | 1,341 | ||||||||
Noevir Holdings Co. Ltd. | 2 | 109 | ||||||||
NOF Corp. | 11 | 375 | ||||||||
NOK Corp. | 18 | 285 | ||||||||
Nomura Holdings, Inc. | 514 | 2,355 | ||||||||
Nomura Real Estate Holdings, Inc. | 19 | 452 | ||||||||
Nomura Research Institute Ltd. | 40 | 855 | ||||||||
NS Solutions Corp. | 5 | 171 | ||||||||
NSK Ltd. | 72 | 677 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
NTN Corp. | 67 | $ | 210 | |||||||
NTT Data Corp. | 100 | 1,325 | ||||||||
NTT DOCOMO, Inc. | 180 | 4,954 | ||||||||
Obayashi Corp. | 107 | 1,109 | ||||||||
OBIC Business Consultants Co. Ltd. | 2 | 81 | ||||||||
OBIC Co. Ltd. | 10 | 1,263 | ||||||||
Odakyu Electric Railway Co. Ltd. | 48 | 1,174 | ||||||||
Oji Holdings Corp. | 139 | 726 | ||||||||
OKUMA Corp. | 5 | 302 | ||||||||
Olympus Corp. | 172 | 2,355 | ||||||||
Omron Corp. | 29 | 1,717 | ||||||||
Ono Pharmaceutical Co. Ltd. | 67 | 1,269 | ||||||||
Open House Co. Ltd. | 10 | 257 | ||||||||
Oracle Corp. Japan | 5 | 443 | ||||||||
Orient Corp. | 90 | 132 | ||||||||
Oriental Land Co. Ltd. | 29 | 4,261 | ||||||||
ORIX Corp. | 197 | 3,110 | ||||||||
Osaka Gas Co. Ltd. | 62 | 1,218 | ||||||||
OSG Corp. | 11 | 238 | ||||||||
Otsuka Corp. | 16 | 650 | ||||||||
Otsuka Holdings Co. Ltd. | 66 | 2,771 | ||||||||
Paltac Corp. | 5 | 243 | ||||||||
Pan Pacific International Holdings Corp. | 80 | 1,263 | ||||||||
Panasonic Corp. | 326 | 2,765 | ||||||||
Park24 Co. Ltd. | 17 | 402 | ||||||||
Penta-Ocean Construction Co. Ltd. | 44 | 271 | ||||||||
PeptiDream, Inc.(a) | 13 | 657 | ||||||||
Persol Holdings Co. Ltd. | 27 | 522 | ||||||||
Pigeon Corp. | 17 | 837 | ||||||||
Pilot Corp. | 4 | 164 | ||||||||
Pola Orbis Holdings, Inc. | 12 | 273 | ||||||||
Rakuten, Inc. | 127 | 1,219 | ||||||||
Recruit Holdings Co., Ltd. | 197 | 6,580 | ||||||||
Relo Group, Inc. | 16 | 394 | ||||||||
Renesas Electronics Corp.(a) | 110 | 753 | ||||||||
Rengo Co. Ltd. | 33 | 241 | ||||||||
Resona Holdings, Inc. | 347 | 1,525 | ||||||||
Resorttrust, Inc. | 10 | 160 | ||||||||
Ricoh Co. Ltd. | 108 | 969 | ||||||||
Rinnai Corp. | 6 | 443 | ||||||||
Rohm Co. Ltd. | 14 | 1,121 | ||||||||
Rohto Pharmaceutical Co. Ltd. | 15 | 454 | ||||||||
Ryohin Keikaku Co. Ltd. | 36 | 808 | ||||||||
Sankyo Co. Ltd.(b) | 8 | 281 | ||||||||
Sankyu, Inc. | 8 | 410 | ||||||||
Sanrio Co. Ltd. | 9 | 182 | ||||||||
Santen Pharmaceutical Co. Ltd. | 57 | 1,015 | ||||||||
Sanwa Holdings Corp. | 31 | 366 | ||||||||
Sapporo Holdings Ltd. | 10 | 252 | ||||||||
Sawai Pharmaceutical Co. Ltd. | 6 | 339 | ||||||||
SBI Holdings, Inc. | 36 | 789 | ||||||||
SCREEN Holdings Co. Ltd. | 6 | 421 | ||||||||
SCSK Corp. | 7 | 359 | ||||||||
Secom Co. Ltd. | 30 | 2,793 | ||||||||
Sega Sammy Holdings, Inc. | 31 | 438 | ||||||||
Seibu Holdings, Inc. | 34 | 602 | ||||||||
Seiko Epson Corp. | 44 | 626 | ||||||||
Seino Holdings Co., Ltd. | 23 | 297 | ||||||||
Sekisui Chemical Co., Ltd. | 57 | 1,001 | ||||||||
Sekisui House Ltd. | 89 | 1,928 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Seven & i Holdings Co., Ltd. | 119 | $ | 4,513 | |||||||
Seven Bank Ltd. | 104 | 303 | ||||||||
SG Holdings Co. Ltd. | 33 | 821 | ||||||||
Sharp Corp. | 23 | 268 | ||||||||
Shiga Bank Ltd. (The) | 8 | 195 | ||||||||
Shikoku Electric Power Co., Inc. | 24 | 239 | ||||||||
Shimadzu Corp. | 41 | 1,107 | ||||||||
Shimamura Co. Ltd. | 3 | 256 | ||||||||
Shimano, Inc. | 12 | 2,009 | ||||||||
Shimizu Corp. | 90 | 844 | ||||||||
Shin-Etsu Chemical Co. Ltd. | 62 | 6,974 | ||||||||
Shinsei Bank Ltd. | 30 | 472 | ||||||||
Shionogi & Co. Ltd. | 43 | 2,593 | ||||||||
Shiseido Co. Ltd. | 60 | 4,977 | ||||||||
Shizuoka Bank Ltd. (The) | 83 | 639 | ||||||||
SHO-BOND Holdings Co. Ltd. | 8 | 312 | ||||||||
Shochiku Co. Ltd. | 2 | 295 | ||||||||
Showa Denko K.K. | 23 | 654 | ||||||||
SKY Perfect JSAT Holdings, Inc. | 19 | 79 | ||||||||
Skylark Holdings Co. Ltd. | 30 | 545 | ||||||||
SMC Corp. | 9 | 3,929 | ||||||||
Softbank Corp. | 247 | 3,393 | ||||||||
SoftBank Group Corp. | 249 | 9,651 | ||||||||
Sohgo Security Services Co. Ltd. | 10 | 547 | ||||||||
Sojitz Corp. | 199 | 630 | ||||||||
Sompo Holdings, Inc. | 53 | 2,095 | ||||||||
Sony Corp. | 192 | 11,766 | ||||||||
Sony Financial Holdings, Inc. | 24 | 519 | ||||||||
Sotetsu Holdings, Inc. | 12 | 321 | ||||||||
Square Enix Holdings Co. Ltd. | 12 | 571 | ||||||||
Stanley Electric Co. Ltd. | 23 | 645 | ||||||||
Subaru Corp. | 95 | 2,744 | ||||||||
Sugi Holdings Co. Ltd. | 5 | 279 | ||||||||
SUMCO Corp. | 34 | 573 | ||||||||
Sumitomo Bakelite Co. Ltd. | 5 | 210 | ||||||||
Sumitomo Chemical Co., Ltd. | 239 | 1,103 | ||||||||
Sumitomo Corp. | 172 | 2,805 | ||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 26 | 457 | ||||||||
Sumitomo Electric Industries Ltd. | 119 | 1,647 | ||||||||
Sumitomo Forestry Co. Ltd. | 21 | 307 | ||||||||
Sumitomo Heavy Industries Ltd. | 18 | 565 | ||||||||
Sumitomo Metal Mining Co., Ltd. | 38 | 1,285 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 200 | 7,178 | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 56 | 2,060 | ||||||||
Sumitomo Osaka Cement Co. Ltd. | 5 | 220 | ||||||||
Sumitomo Realty & Development Co., Ltd. | 62 | 2,261 | ||||||||
Sumitomo Rubber Industries Ltd. | 28 | 374 | ||||||||
Sundrug Co. Ltd. | 10 | 333 | ||||||||
Suntory Beverage & Food Ltd. | 20 | 855 | ||||||||
Suzuken Co., Ltd. | 12 | 644 | ||||||||
Suzuki Motor Corp. | 66 | 3,136 | ||||||||
Sysmex Corp. | 29 | 1,901 | ||||||||
T&D Holdings, Inc. | 84 | 948 | ||||||||
Tadano Ltd. | 18 | 165 | ||||||||
Taiheiyo Cement Corp. | 19 | 541 | ||||||||
Taisei Corp. | 31 | 1,233 | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 7 | 503 | ||||||||
Taiyo Nippon Sanso Corp. | 23 | 543 | ||||||||
Taiyo Yuden Co. Ltd. | 18 | 483 | ||||||||
Takara Bio, Inc. | 7 | 143 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Takara Holdings, Inc. | 28 | $ | 279 | |||||||
Takashimaya Co. Ltd. | 23 | 268 | ||||||||
Takeda Pharmaceutical Co., Ltd. | 233 | 8,466 | ||||||||
TDK Corp. | 19 | 1,903 | ||||||||
TechnoPro Holdings, Inc. | 6 | 373 | ||||||||
Teijin Ltd. | 28 | 565 | ||||||||
Terumo Corp. | 100 | 3,284 | ||||||||
THK Co. Ltd. | 18 | 525 | ||||||||
TIS, Inc. | 12 | 729 | ||||||||
Tobu Railway Co. Ltd. | 32 | 1,073 | ||||||||
Toda Corp. | 37 | 233 | ||||||||
Toho Co. Ltd. | 18 | 728 | ||||||||
Toho Gas Co. Ltd. | 14 | 547 | ||||||||
Tohoku Electric Power Co., Inc. | 75 | 773 | ||||||||
Tokai Carbon Co. Ltd. | 31 | 317 | ||||||||
Tokai Rika Co. Ltd. | 8 | 156 | ||||||||
Tokio Marine Holdings, Inc. | 102 | 5,537 | ||||||||
Tokuyama Corp. | 11 | 297 | ||||||||
Tokyo Broadcasting System Holdings, | 6 | 97 | ||||||||
Tokyo Century Corp. | 7 | 326 | ||||||||
Tokyo Electric Power Co. Holdings, | 247 | 1,147 | ||||||||
Tokyo Electron Ltd. | 23 | 4,697 | ||||||||
Tokyo Gas Co., Ltd. | 66 | 1,615 | ||||||||
Tokyo Tatemono Co., Ltd. | 33 | 473 | ||||||||
Tokyu Corp. | 78 | 1,480 | ||||||||
Tokyu Fudosan Holdings Corp. | 94 | 627 | ||||||||
Topcon Corp. | 17 | 237 | ||||||||
Toppan Printing Co., Ltd. | 41 | 763 | ||||||||
Toray Industries, Inc. | 240 | 1,711 | ||||||||
Toshiba Corp. | 76 | 2,605 | ||||||||
Toshiba Plant Systems & Services Corp. | 6 | 118 | ||||||||
Tosoh Corp. | 45 | 624 | ||||||||
TOTO Ltd. | 23 | 948 | ||||||||
Toyo Seikan Group Holdings Ltd. | 25 | 399 | ||||||||
Toyo Suisan Kaisha Ltd. | 14 | 591 | ||||||||
Toyo Tire Corp. | 16 | 225 | ||||||||
Toyobo Co. Ltd. | 14 | 190 | ||||||||
Toyoda Gosei Co. Ltd. | 12 | 284 | ||||||||
Toyota Boshoku Corp. | 10 | 148 | ||||||||
Toyota Industries Corp. | 25 | 1,517 | ||||||||
Toyota Motor Corp. | 385 | 26,860 | ||||||||
Toyota Tsusho Corp. | 35 | 1,221 | ||||||||
Trend Micro, Inc. | 18 | 916 | ||||||||
TS Tech Co. Ltd. | 8 | 260 | ||||||||
Tsumura & Co. | 10 | 277 | ||||||||
Tsuruha Holdings, Inc. | 6 | 679 | ||||||||
TV Asahi Holdings Corp. | 3 | 47 | ||||||||
Ube Industries Ltd. | 17 | 368 | ||||||||
Ulvac, Inc. | 8 | 354 | ||||||||
Unicharm Corp. | 61 | 2,082 | ||||||||
Ushio, Inc. | 19 | 286 | ||||||||
USS Co. Ltd. | 34 | 662 | ||||||||
Wacoal Holdings Corp. | 10 | 265 | ||||||||
Welcia Holdings Co. Ltd. | 8 | 463 | ||||||||
West Japan Railway Co. | 28 | 2,439 | ||||||||
Yakult Honsha Co. Ltd. | 19 | 1,093 | ||||||||
Yamada Denki Co. Ltd. | 116 | 561 | ||||||||
Yamaguchi Financial Group, Inc. | 36 | 255 | ||||||||
Yamaha Corp. | 24 | 1,126 | ||||||||
Yamaha Motor Co., Ltd. | 44 | 871 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Yamato Holdings Co. Ltd. | 56 | $ | 945 | |||||||
Yamato Kogyo Co. Ltd. | 6 | 157 | ||||||||
Yamazaki Baking Co. Ltd. | 20 | 342 | ||||||||
Yaoko Co. Ltd. | 3 | 140 | ||||||||
Yaskawa Electric Corp. | 40 | 1,547 | ||||||||
Yokogawa Electric Corp. | 38 | 702 | ||||||||
Yokohama Rubber Co. Ltd. (The) | 17 | 383 | ||||||||
Z Holdings Corp. | 399 | 1,233 | ||||||||
Zenkoku Hosho Co. Ltd. | 8 | 336 | ||||||||
Zensho Holdings Co. Ltd. | 15 | 318 | ||||||||
Zeon Corp. | 23 | 264 | ||||||||
ZOZO, Inc.(b) | 28 | 656 | ||||||||
|
| |||||||||
600,658 | ||||||||||
|
| |||||||||
Jordan-0.02% | ||||||||||
Hikma Pharmaceuticals PLC | 22 | 572 | ||||||||
|
| |||||||||
Kazakhstan-0.01% | ||||||||||
KAZ Minerals PLC | 37 | 225 | ||||||||
|
| |||||||||
Luxembourg-0.19% | ||||||||||
ArcelorMittal | 95 | 1,402 | ||||||||
Eurofins Scientific S.E.(b) | 2 | 1,014 | ||||||||
L’Occitane International S.A. | 72 | 162 | ||||||||
RTL Group S.A. | 6 | 305 | ||||||||
SES S.A., FDR | 56 | 1,085 | ||||||||
Tenaris S.A. | 74 | 748 | ||||||||
|
| |||||||||
4,716 | ||||||||||
|
| |||||||||
Macau-0.21% | ||||||||||
Galaxy Entertainment Group Ltd. | 335 | 2,315 | ||||||||
Macau Legend Development Ltd.(a) | 265 | 29 | ||||||||
MGM China Holdings Ltd. | 118 | 188 | ||||||||
Sands China Ltd. | 380 | 1,879 | ||||||||
SJM Holdings Ltd. | 296 | 317 | ||||||||
Wynn Macau Ltd. | 231 | 503 | ||||||||
|
| |||||||||
5,231 | ||||||||||
|
| |||||||||
Mexico-0.01% | ||||||||||
Fresnillo PLC(b) | 29 | 266 | ||||||||
|
| |||||||||
Netherlands-2.77% | ||||||||||
Aalberts N.V. | 15 | 603 | ||||||||
ABN AMRO Group N.V., CVA(c) | 64 | 1,192 | ||||||||
Adyen N.V.(a)(c) | 2 | 1,404 | ||||||||
Aegon N.V. | 277 | 1,198 | ||||||||
Akzo Nobel N.V. | 35 | 3,223 | ||||||||
argenx S.E.(a)(b) | 6 | 728 | ||||||||
ASML Holding N.V. | 62 | 16,255 | ||||||||
ASR Nederland N.V. | 22 | 805 | ||||||||
Boskalis Westminster | 13 | 285 | ||||||||
Euronext N.V.(c) | 9 | 725 | ||||||||
EXOR N.V. | 16 | 1,227 | ||||||||
GrandVision N.V.(c) | 8 | 245 | ||||||||
Heineken Holding N.V. | 16 | 1,524 | ||||||||
Heineken N.V. | 36 | 3,673 | ||||||||
ING Groep N.V. | 606 | 6,847 | ||||||||
Koninklijke Ahold Delhaize N.V. | 170 | 4,234 | ||||||||
Koninklijke DSM N.V. | 27 | 3,201 | ||||||||
Koninklijke KPN N.V. | 508 | 1,576 | ||||||||
Koninklijke Philips N.V. | 139 | 6,090 | ||||||||
Koninklijke Vopak N.V. | 10 | 549 | ||||||||
NN Group N.V. | 52 | 1,982 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Netherlands-(continued) | ||||||||||
OCI N.V.(a) | 15 | $ | 337 | |||||||
Prosus N.V.(a) | 63 | 4,346 | ||||||||
Randstad N.V. | 17 | 942 | ||||||||
Signify N.V.(c) | 16 | 468 | ||||||||
Takeaway.com N.V.(a)(c) | 6 | 489 | ||||||||
Wolters Kluwer N.V. | 42 | 3,094 | ||||||||
|
| |||||||||
67,242 | ||||||||||
|
| |||||||||
NewZealand-0.30% | ||||||||||
a2 Milk Co. Ltd.(a) | 110 | 917 | ||||||||
Air New Zealand Ltd. | 80 | 145 | ||||||||
Auckland International Airport Ltd. | 147 | 877 | ||||||||
Contact Energy Ltd. | 114 | 540 | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 89 | 1,093 | ||||||||
Fletcher Building Ltd. | 130 | 382 | ||||||||
Kiwi Property Group Ltd. | 225 | 229 | ||||||||
Mercury NZ Ltd. | 108 | 344 | ||||||||
Meridian Energy Ltd. | 195 | 575 | ||||||||
Ryman Healthcare Ltd. | 65 | 538 | ||||||||
SKYCITY Entertainment Group Ltd. | 106 | 266 | ||||||||
Spark New Zealand Ltd. | 291 | 836 | ||||||||
Xero Ltd.(a) | 14 | 665 | ||||||||
|
| |||||||||
7,407 | ||||||||||
|
| |||||||||
Norway-0.61% | ||||||||||
Aker ASA, Class A | 4 | 213 | ||||||||
Aker BP ASA | 16 | 442 | ||||||||
DNB ASA | 162 | 2,948 | ||||||||
Equinor ASA | 153 | 2,835 | ||||||||
Gjensidige Forsikring ASA | 26 | 487 | ||||||||
Leroy Seafood Group ASA | 40 | 269 | ||||||||
Mowi ASA | 64 | 1,563 | ||||||||
Norsk Hydro ASA | 212 | 749 | ||||||||
Orkla ASA | 123 | 1,184 | ||||||||
Salmar ASA | 8 | 373 | ||||||||
Schibsted ASA, Class A | 13 | 382 | ||||||||
Schibsted ASA, Class B | 14 | 392 | ||||||||
Telenor ASA | 102 | 1,913 | ||||||||
Yara International ASA | 28 | 1,091 | ||||||||
|
| |||||||||
14,841 | ||||||||||
|
| |||||||||
Poland-0.30% | ||||||||||
Bank Polska Kasa Opieki S.A. | 24 | 678 | ||||||||
CD Projekt S.A. | 10 | 661 | ||||||||
Cyfrowy Polsat S.A. | 41 | 298 | ||||||||
Dino Polska S.A.(a)(c) | 7 | 273 | ||||||||
Grupa Lotos S.A. | 15 | 375 | ||||||||
KGHM Polska Miedz S.A.(a) | 21 | 460 | ||||||||
mBank S.A.(a) | 2 | 200 | ||||||||
PGE Polska Grupa Energetyczna S.A.(a) | 111 | 238 | ||||||||
Polski Koncern Naftowy ORLEN S.A. | 48 | 1,314 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 266 | 328 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 130 | 1,299 | ||||||||
Powszechny Zaklad Ubezpieczen S.A. | 86 | 833 | ||||||||
Santander Bank Polska S.A. | 5 | 411 | ||||||||
|
| |||||||||
7,368 | ||||||||||
|
| |||||||||
Portugal-0.14% | ||||||||||
EDP - Energias de Portugal S.A., Class R | 360 | 1,482 |
Shares | Value | |||||||||
Portugal-(continued) | ||||||||||
Galp Energia SGPS S.A. | 82 | $ | 1,306 | |||||||
Jeronimo Martins SGPS S.A. | 39 | 655 | ||||||||
|
| |||||||||
3,443 | ||||||||||
|
| |||||||||
Russia-0.05% | ||||||||||
Evraz PLC | 85 | 404 | ||||||||
Polymetal International PLC | 48 | 786 | ||||||||
|
| |||||||||
1,190 | ||||||||||
|
| |||||||||
Singapore-1.26% | ||||||||||
Ascendas REIT | 377 | 878 | ||||||||
BOC Aviation Ltd.(c) | 33 | 310 | ||||||||
CapitaLand Commercial Trust | 374 | 563 | ||||||||
CapitaLand Ltd. | 399 | 1,055 | ||||||||
CapitaLand Mall Trust | 366 | 683 | ||||||||
City Developments Ltd. | 74 | 587 | ||||||||
ComfortDelGro Corp. Ltd. | 325 | 549 | ||||||||
DBS Group Holdings Ltd. | 277 | 5,292 | ||||||||
Frasers Property Ltd. | 55 | 74 | ||||||||
Genting Singapore Ltd. | 916 | 633 | ||||||||
Jardine Cycle & Carriage Ltd. | 16 | 385 | ||||||||
Keppel Corp. Ltd. | 227 | 1,144 | ||||||||
Keppel REIT | 300 | 267 | ||||||||
Mapletree Commercial Trust | 291 | 498 | ||||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(a) | 20 | 1 | ||||||||
Mapletree Industrial Trust | 201 | 377 | ||||||||
Mapletree Logistics Trust | 367 | 453 | ||||||||
Olam International Ltd. | 95 | 128 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 519 | 4,180 | ||||||||
SATS Ltd. | 100 | 371 | ||||||||
Sembcorp Industries Ltd. | 144 | 242 | ||||||||
Sembcorp Marine Ltd.(a) | 129 | 130 | ||||||||
SIA Engineering Co. Ltd. | 37 | 73 | ||||||||
Singapore Airlines Ltd. | 81 | 560 | ||||||||
Singapore Exchange Ltd. | 130 | 854 | ||||||||
Singapore Post Ltd. | 240 | 169 | ||||||||
Singapore Press Holdings Ltd. | 253 | 413 | ||||||||
Singapore Technologies Engineering Ltd. | 242 | 709 | ||||||||
Singapore Telecommunications Ltd. | 1,142 | 2,769 | ||||||||
StarHub Ltd. | 91 | 87 | ||||||||
Suntec REIT | 299 | 409 | ||||||||
United Overseas Bank Ltd. | 196 | 3,864 | ||||||||
UOL Group Ltd. | 75 | 430 | ||||||||
Venture Corp. Ltd. | 40 | 465 | ||||||||
Wilmar International Ltd. | 308 | 849 | ||||||||
Wing Tai Holdings Ltd. | 58 | 87 | ||||||||
|
| |||||||||
30,538 | ||||||||||
|
| |||||||||
SouthAfrica-0.23% | ||||||||||
Anglo American PLC | 192 | 4,923 | ||||||||
Investec PLC | 101 | 572 | ||||||||
|
| |||||||||
5,495 | ||||||||||
|
| |||||||||
SouthKorea-4.31% | ||||||||||
Amorepacific Corp. | 5 | 825 | ||||||||
Amorepacific Corp., Preference Shares | 2 | 166 | ||||||||
AMOREPACIFIC Group | 4 | 291 | ||||||||
BGF Co. Ltd. | 1 | 5 | ||||||||
BGF retail Co., Ltd. | 1 | 153 | ||||||||
BNK Financial Group, Inc. | 46 | 275 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
Celltrion Healthcare Co. Ltd.(a) | 8 | $ | 379 | |||||||
Celltrion, Inc.(a) | 15 | 2,579 | ||||||||
Cheil Worldwide, Inc. | 11 | 234 | ||||||||
CJ CheilJedang Corp. | 1 | 196 | ||||||||
CJ Corp. | 2 | 142 | ||||||||
CJ ENM Co., Ltd. | 1 | 142 | ||||||||
CJ Logistics Corp.(a) | 1 | 135 | ||||||||
Daelim Industrial Co. Ltd. | 4 | 313 | ||||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 28 | 105 | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 7 | 169 | ||||||||
DB Insurance Co. Ltd. | 7 | 304 | ||||||||
DGB Financial Group, Inc. | 24 | 145 | ||||||||
Dongsuh Cos., Inc. | 5 | 75 | ||||||||
Doosan Bobcat, Inc. | 4 | 108 | ||||||||
Doosan Fuel Cell Co., Ltd.(a) | 3 | 20 | ||||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 10 | 53 | ||||||||
Doosan Infracore Co. Ltd.(a) | 21 | 102 | ||||||||
Doosan Solus Co., Ltd.(a) | 1 | 15 | ||||||||
E-MART, Inc. | 3 | 288 | ||||||||
Fila Korea Ltd. | 8 | 396 | ||||||||
GS Engineering & Construction Corp. | 9 | 239 | ||||||||
GS Holdings Corp. | 8 | 341 | ||||||||
GS Retail Co. Ltd. | 4 | 132 | ||||||||
Hana Financial Group, Inc. | 46 | 1,332 | ||||||||
Hankook Tire & Technology Co., Ltd. | 12 | 320 | ||||||||
Hanmi Pharm Co. Ltd. | 1 | 287 | ||||||||
Hanmi Science Co. Ltd. | 2 | 75 | ||||||||
Hanon Systems. | 25 | 249 | ||||||||
Hanssem Co., Ltd. | 2 | 109 | ||||||||
Hanwha Aerospace Co. Ltd.(a) | 6 | 195 | ||||||||
Hanwha Chemical Corp. | 13 | 183 | ||||||||
Hanwha Corp. | 8 | 163 | ||||||||
Hanwha Corp., Preference Shares | 3 | 35 | ||||||||
Hanwha Life Insurance Co. Ltd. | 38 | 73 | ||||||||
HDC Holdings Co. Ltd. | 3 | 31 | ||||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 5 | 133 | ||||||||
Helixmith Co., Ltd.(a) | 3 | 250 | ||||||||
Hite Jinro Co. Ltd. | 5 | 122 | ||||||||
HLB, Inc.(a) | 5 | 722 | ||||||||
Hotel Shilla Co. Ltd. | 5 | 333 | ||||||||
Hyundai Construction Equipment Co. Ltd. | 2 | 48 | ||||||||
Hyundai Department Store Co. Ltd. | 2 | 127 | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 11 | 406 | ||||||||
Hyundai Glovis Co. Ltd. | 3 | 389 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 2 | 587 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 10 | 217 | ||||||||
Hyundai Mipo Dockyard Co. Ltd. | 3 | 112 | ||||||||
Hyundai Mobis Co., Ltd. | 10 | 2,046 | ||||||||
Hyundai Motor Co. | 22 | 2,307 | ||||||||
Hyundai Motor Co., First Pfd. | 3 | 188 | ||||||||
Hyundai Motor Co., Second Pfd. | 6 | 409 | ||||||||
Hyundai Steel Co. | 12 | 328 | ||||||||
Hyundai Wia Corp. | 2 | 88 | ||||||||
Industrial Bank of Korea | 42 | 426 | ||||||||
Kakao Corp. | 8 | 973 | ||||||||
Kangwon Land, Inc. | 17 | 458 | ||||||||
KB Financial Group, Inc. | 60 | 2,163 |
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
KCC Corp. | 1 | $ | 194 | |||||||
KEPCO Plant Service & Engineering Co., Ltd. | 3 | 84 | ||||||||
Kia Motors Corp. | 41 | 1,499 | ||||||||
Korea Aerospace Industries Ltd. | 10 | 327 | ||||||||
Korea Electric Power Corp.(a) | 40 | 875 | ||||||||
Korea Gas Corp. | 4 | 135 | ||||||||
Korea Investment Holdings Co. Ltd. | 6 | 350 | ||||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.(a) | 7 | 734 | ||||||||
Korea Zinc Co. Ltd. | 2 | 747 | ||||||||
Korean Air Lines Co. Ltd. | 8 | 171 | ||||||||
KT&G Corp. | 17 | 1,461 | ||||||||
Kumho Petrochemical Co. Ltd. | 3 | 181 | ||||||||
LG Chem Ltd. | 7 | 1,850 | ||||||||
LG Chem Ltd., Preference Shares | 1 | 148 | ||||||||
LG Corp. | 14 | 835 | ||||||||
LG Display Co. Ltd.(a) | 35 | 411 | ||||||||
LG Electronics, Inc. | 17 | 978 | ||||||||
LG Electronics, Inc., Preference Shares | 3 | 70 | ||||||||
LG Household & Health Care Ltd. | 1 | 1,084 | ||||||||
LG Household & Health Care Ltd., Preference Shares | 1 | 635 | ||||||||
LG Uplus Corp. | 31 | 358 | ||||||||
Lotte Chemical Corp. | 2 | 390 | ||||||||
Lotte Chilsung Beverage Co. Ltd. | 1 | 118 | ||||||||
Lotte Corp. | 4 | 125 | ||||||||
LOTTE Fine Chemical Co., Ltd. | 3 | 114 | ||||||||
Lotte Shopping Co. Ltd. | 2 | 214 | ||||||||
LS Corp. | 3 | 125 | ||||||||
Mando Corp. | 5 | 154 | ||||||||
Medy-Tox, Inc. | 1 | 284 | ||||||||
Mirae Asset Daewoo Co. Ltd. | 58 | 356 | ||||||||
Mirae Asset Daewoo Co. Ltd., 2nd Pfd | 22 | 78 | ||||||||
NAVER Corp. | 21 | 2,960 | ||||||||
NCSoft Corp. | 3 | 1,331 | ||||||||
Netmarble Corp.(a)(c) | 3 | 232 | ||||||||
NH Investment & Securities Co. Ltd. | 20 | 208 | ||||||||
NHN Corp.(a) | 1 | 50 | ||||||||
OCI Co. Ltd. | 3 | 162 | ||||||||
Orion Corp. | 3 | 273 | ||||||||
Paradise Co. Ltd. | 7 | 112 | ||||||||
POSCO | 10 | 1,818 | ||||||||
POSCO Chemical Co., Ltd. | 3 | 124 | ||||||||
Posco International Corp. | 8 | 125 | ||||||||
S-1 Corp. | 3 | 242 | ||||||||
Samsung Biologics Co. Ltd.(a)(c) | 2 | 685 | ||||||||
Samsung C&T Corp. | 13 | 1,117 | ||||||||
Samsung Card Co. Ltd. | 5 | 144 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 9 | 874 | ||||||||
Samsung Electronics Co., Ltd. | 723 | 31,320 | ||||||||
Samsung Electronics Co., Ltd., Preference Shares | 126 | 4,446 | ||||||||
Samsung Engineering Co. Ltd.(a) | 25 | 382 | ||||||||
Samsung Fire & Marine Insurance Co., Ltd. | 5 | 930 | ||||||||
Samsung Heavy Industries Co. Ltd.(a) | 62 | 386 | ||||||||
Samsung Life Insurance Co. Ltd. | 10 | 607 | ||||||||
Samsung SDI Co. Ltd. | 8 | 1,564 | ||||||||
Samsung SDS Co. Ltd. | 5 | 866 | ||||||||
Samsung Securities Co. Ltd. | 10 | 289 | ||||||||
Shinhan Financial Group Co., Ltd. | 70 | 2,557 | ||||||||
Shinsegae, Inc. | 1 | 203 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
SillaJen, Inc.(a) | 8 | $ | 132 | |||||||
SK Holdings Co. Ltd. | 5 | 1,111 | ||||||||
SK Hynix, Inc. | 80 | 5,638 | ||||||||
SK Innovation Co. Ltd. | 9 | 1,238 | ||||||||
SK Networks Co. Ltd. | 24 | 120 | ||||||||
SK Telecom Co., Ltd. | 4 | 815 | ||||||||
SKC Co. Ltd. | 3 | 114 | ||||||||
S-Oil Corp. | 6 | 514 | ||||||||
Ssangyong Cement Industrial Co. Ltd. | 16 | 81 | ||||||||
Woongjin Coway Co., Ltd. | 9 | 710 | ||||||||
Woori Financial Group, Inc. | 86 | 869 | ||||||||
Yuhan Corp. | 1 | 193 | ||||||||
|
| |||||||||
104,838 | ||||||||||
|
| |||||||||
Spain-2.65% | ||||||||||
Acciona S.A. | 3 | 313 | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 37 | 1,502 | ||||||||
Aena SME S.A.(c) | 11 | 2,019 | ||||||||
Amadeus IT Group S.A. | 62 | 4,589 | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,031 | 5,433 | ||||||||
Banco de Sabadell S.A. | 889 | 976 | ||||||||
Banco Santander S.A. | 2,514 | 10,080 | ||||||||
Bankia S.A. | 185 | 353 | ||||||||
Bankinter S.A. | 109 | 754 | ||||||||
CaixaBank S.A. | 550 | 1,574 | ||||||||
Cellnex Telecom S.A.(a)(c) | 42 | 1,811 | ||||||||
Corp Financiera Alba S.A. | 3 | 150 | ||||||||
EDP Renovaveis S.A. | 24 | 274 | ||||||||
Enagas S.A. | 36 | 891 | ||||||||
Endesa S.A. | 50 | 1,361 | ||||||||
Ferrovial S.A. | 74 | 2,184 | ||||||||
Fomento de Construcciones y Contratas S.A. | 11 | 133 | ||||||||
Grifols S.A. | 52 | 1,675 | ||||||||
Iberdrola S.A. | 905 | 9,297 | ||||||||
Industria de Diseno Textil, S.A.(b) | 162 | 5,052 | ||||||||
Inmobiliaria Colonial Socimi S.A. | 47 | 607 | ||||||||
Mapfre, S.A. | 157 | 438 | ||||||||
Merlin Properties SOCIMI, S.A. | 53 | 781 | ||||||||
Naturgy Energy Group S.A. | 47 | 1,280 | ||||||||
Red Electrica Corp. S.A. | 68 | 1,369 | ||||||||
Repsol S.A. | 205 | 3,362 | ||||||||
Siemens Gamesa Renewable Energy S.A. | 36 | 495 | ||||||||
Telefonica S.A. | 708 | 5,430 | ||||||||
Zardoya Otis S.A. | 28 | 212 | ||||||||
|
| |||||||||
64,395 | ||||||||||
|
| |||||||||
Sweden-2.50% | ||||||||||
Alfa Laval AB | 50 | 1,158 | ||||||||
Assa Abloy AB, Class B | 140 | 3,328 | ||||||||
Atlas Copco AB, Class A | 96 | 3,399 | ||||||||
Atlas Copco AB, Class B | 58 | 1,801 | ||||||||
Boliden AB(a) | 43 | 1,159 | ||||||||
Castellum AB | 42 | 860 | ||||||||
Electrolux AB, Series B | 35 | 921 | ||||||||
Elekta AB, Class B | 56 | 782 | ||||||||
Epiroc AB, Class A | 100 | 1,127 | ||||||||
Epiroc AB, Class B | 60 | 654 | ||||||||
Essity AB, Class B | 94 | 2,940 | ||||||||
Fastighets AB Balder, Class B(a) | 15 | 582 | ||||||||
Hennes & Mauritz AB, Class B(b) | 134 | 2,806 | ||||||||
Hexagon AB, Class B | 40 | 2,046 |
Shares | Value | |||||||||
Sweden-(continued) | ||||||||||
Husqvarna AB, Class B | 59 | $ | 452 | |||||||
ICA Gruppen AB(b) | 12 | 532 | ||||||||
Industrivarden AB, Class A | 33 | 731 | ||||||||
Industrivarden AB, Class C | 27 | 585 | ||||||||
Investment AB Latour, Class B | 19 | 257 | ||||||||
Investor AB, Class A | 21 | 1,059 | ||||||||
Investor AB, Class B | 70 | 3,593 | ||||||||
Kinnevik AB, Class B(b) | 37 | 1,014 | ||||||||
L E Lundbergforetagen AB, Class B | 12 | 453 | ||||||||
Lundin Petroleum AB | 28 | 927 | ||||||||
Nibe Industrier AB, Class B | 46 | 630 | ||||||||
Saab AB, Class B | 14 | 433 | ||||||||
Sandvik AB | 165 | 2,917 | ||||||||
Securitas AB, Class B | 51 | 817 | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 227 | 2,180 | ||||||||
Skandinaviska Enskilda Banken AB, Class C | 3 | 29 | ||||||||
Skanska AB, Class B | 56 | 1,195 | ||||||||
SKF AB, Class B | 60 | 1,087 | ||||||||
Svenska Cellulosa AB SCA, Class B | 94 | 960 | ||||||||
Svenska Handelsbanken AB, Class A | 224 | 2,247 | ||||||||
Svenska Handelsbanken AB, Class B | 9 | 91 | ||||||||
Swedbank AB, Class A | 153 | 2,145 | ||||||||
Swedish Match AB | 27 | 1,270 | ||||||||
Swedish Orphan Biovitrum AB(a) | 25 | 397 | ||||||||
Tele2 AB, Class B | 82 | 1,175 | ||||||||
Telefonaktiebolaget LM Ericsson, Class A | 6 | 52 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 458 | 4,010 | ||||||||
Telia Co. AB | 417 | 1,837 | ||||||||
Trelleborg AB, Class B | 39 | 631 | ||||||||
Volvo AB, Class B | 230 | 3,447 | ||||||||
|
| |||||||||
60,716 | ||||||||||
|
| |||||||||
Switzerland-8.64% | ||||||||||
ABB Ltd. | 276 | 5,787 | ||||||||
Adecco Group AG | 24 | 1,422 | ||||||||
Alcon, Inc.(a) | 71 | 4,192 | ||||||||
Baloise Holding AG | 7 | 1,292 | ||||||||
Banque Cantonale Vaudoise | 1 | 783 | ||||||||
Cie Financiere Richemont S.A. | 79 | 6,213 | ||||||||
Clariant AG(a) | 33 | 676 | ||||||||
Coca-Cola HBC AG(a) | 31 | 943 | ||||||||
Credit Suisse Group AG(a) | 391 | 4,846 | ||||||||
DKSH Holding AG | 6 | 285 | ||||||||
Dufry AG(a) | 4 | 347 | ||||||||
EMS-Chemie Holding AG | 1 | 625 | ||||||||
Flughafen Zurich AG | 3 | 540 | ||||||||
Geberit AG | 6 | 3,044 | ||||||||
Georg Fischer AG | 1 | 953 | ||||||||
Givaudan S.A. | 1 | 2,936 | ||||||||
Glencore PLC | 1,690 | 5,088 | ||||||||
Helvetia Holding AG | 5 | 701 | ||||||||
Julius Baer Group Ltd.(a) | 34 | 1,500 | ||||||||
Kuehne + Nagel International AG | 8 | 1,292 | ||||||||
LafargeHolcim Ltd.(a) | 78 | 4,022 | ||||||||
Logitech International S.A. | 23 | 941 | ||||||||
Lonza Group AG(a) | 11 | 3,957 | ||||||||
Nestle S.A. | 445 | 47,497 | ||||||||
Novartis AG | 332 | 28,966 | ||||||||
OC Oerlikon Corp. AG | 30 | 307 | ||||||||
Pargesa Holding S.A., BR | 6 | 474 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
Switzerland-(continued) | ||||||||||
Partners Group Holding AG | 3 | $ | 2,339 | |||||||
PSP Swiss Property AG | 6 | 793 | ||||||||
Roche Holding AG | 107 | 32,184 | ||||||||
Roche Holding AG, BR | 4 | 1,191 | ||||||||
Schindler Holding AG | 3 | 709 | ||||||||
Schindler Holding AG, PC | 6 | 1,467 | ||||||||
SGS S.A. | 1 | 2,602 | ||||||||
Sika AG | 21 | 3,607 | ||||||||
Sonova Holding AG | 8 | 1,832 | ||||||||
STMicroelectronics N.V. | 99 | 2,246 | ||||||||
Straumann Holding AG(a) | 2 | 1,783 | ||||||||
Sulzer AG | 3 | 303 | ||||||||
Swatch Group AG (The) | 7 | 375 | ||||||||
Swatch Group AG (The), BR | 4 | 1,107 | ||||||||
Swiss Life Holding AG | 5 | 2,499 | ||||||||
Swiss Prime Site AG(a) | 12 | 1,236 | ||||||||
Swiss Re AG | 43 | 4,501 | ||||||||
Swisscom AG | 4 | 2,043 | ||||||||
Temenos AG(a) | 9 | 1,284 | ||||||||
UBS Group AG(a) | 526 | 6,205 | ||||||||
Vifor Pharma AG | 7 | 1,100 | ||||||||
Zurich Insurance Group AG | 23 | 8,986 | ||||||||
|
| |||||||||
210,021 | ||||||||||
|
| |||||||||
Taiwan-0.00% | ||||||||||
FIT Hon Teng Ltd.(c) | 160 | 65 | ||||||||
|
| |||||||||
United ArabEmirates-0.01% | ||||||||||
NMC Health PLC | 13 | 367 | ||||||||
|
| |||||||||
UnitedKingdom-14.62% | ||||||||||
3i Group PLC | 146 | 2,131 | ||||||||
Admiral Group PLC | 32 | 837 | ||||||||
Ashmore Group PLC(b) | 61 | 368 | ||||||||
Ashtead Group PLC | 71 | 2,157 | ||||||||
Associated British Foods PLC | 55 | 1,584 | ||||||||
AstraZeneca PLC | 203 | 19,704 | ||||||||
Auto Trader Group PLC(c) | 139 | 1,011 | ||||||||
AVEVA Group PLC | 10 | 541 | ||||||||
Aviva PLC | 610 | 3,277 | ||||||||
B&M European Value Retail S.A. | 130 | 623 | ||||||||
Babcock International Group PLC | 40 | 287 | ||||||||
BAE Systems PLC | 490 | 3,653 | ||||||||
Barclays PLC | 2,640 | 5,732 | ||||||||
Barratt Developments PLC | 159 | 1,299 | ||||||||
Bellway PLC | 20 | 818 | ||||||||
Berkeley Group Holdings PLC | 18 | 1,025 | ||||||||
BP PLC | 3,061 | 19,381 | ||||||||
British American Tobacco PLC | 352 | 12,307 | ||||||||
British Land Co. PLC (The) | 150 | 1,205 | ||||||||
BT Group PLC | 1,341 | 3,552 | ||||||||
Bunzl PLC | 53 | 1,377 | ||||||||
Burberry Group PLC | 64 | 1,693 | ||||||||
Centrica PLC | 887 | 833 | ||||||||
Cineworld Group PLC | 154 | 444 | ||||||||
CNH Industrial N.V. | 152 | 1,653 | ||||||||
Cobham PLC | 380 | 776 | ||||||||
Compass Group PLC | 243 | 6,465 | ||||||||
ConvaTec Group PLC(c) | 208 | 531 | ||||||||
Croda International PLC | 19 | 1,184 | ||||||||
DCC PLC | 15 | 1,405 | ||||||||
Derwent London PLC | 16 | 735 |
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Diageo PLC | 360 | $ | 14,741 | |||||||
Direct Line Insurance Group PLC | 218 | 768 | ||||||||
DS Smith PLC | 196 | 907 | ||||||||
easyJet PLC | 30 | 481 | ||||||||
Experian PLC | 141 | 4,430 | ||||||||
Fiat Chrysler Automobiles N.V. | 173 | 2,688 | ||||||||
G4S PLC | 246 | 658 | ||||||||
GlaxoSmithKline PLC | 754 | 17,256 | ||||||||
GVC Holdings PLC | 88 | 1,013 | ||||||||
Halma PLC | 60 | 1,455 | ||||||||
Hargreaves Lansdown PLC(b) | 42 | 963 | ||||||||
Hiscox Ltd. | 43 | 829 | ||||||||
Howden Joinery Group PLC | 95 | 710 | ||||||||
HSBC Holdings PLC | 3,110 | 23,462 | ||||||||
IMI PLC | 43 | 558 | ||||||||
Imperial Brands PLC | 146 | 3,197 | ||||||||
Inchcape PLC | 66 | 551 | ||||||||
Informa PLC | 192 | 1,925 | ||||||||
InterContinental Hotels Group PLC | 28 | 1,688 | ||||||||
International Consolidated Airlines Group S.A. | 100 | 687 | ||||||||
Intertek Group PLC | 25 | 1,731 | ||||||||
ITV PLC | 591 | 1,023 | ||||||||
J Sainsbury PLC | 256 | 674 | ||||||||
JD Sports Fashion PLC | 56 | 557 | ||||||||
John Wood Group PLC(b) | 104 | 455 | ||||||||
Johnson Matthey PLC | 30 | 1,192 | ||||||||
Just Eat PLC(a) | 91 | 865 | ||||||||
Kingfisher PLC | 324 | 869 | ||||||||
Land Securities Group PLC | 113 | 1,374 | ||||||||
Legal & General Group PLC | 908 | 3,098 | ||||||||
Lloyds Banking Group PLC | 10,980 | 8,070 | ||||||||
London Stock Exchange Group PLC | 48 | 4,319 | ||||||||
M&G PLC(a) | 403 | 1,115 | ||||||||
Marks & Spencer Group PLC | 304 | 714 | ||||||||
Meggitt PLC | 123 | 994 | ||||||||
Melrose Industries PLC | 739 | 2,038 | ||||||||
Merlin Entertainments PLC(c) | 111 | 653 | ||||||||
Micro Focus International PLC | 53 | 727 | ||||||||
Mondi PLC | 76 | 1,571 | ||||||||
National Grid PLC | 535 | 6,240 | ||||||||
Next PLC | 20 | 1,703 | ||||||||
Ocado Group PLC(a) | 68 | 1,169 | ||||||||
Pearson PLC | 121 | 1,068 | ||||||||
Pennon Group PLC | 66 | 767 | ||||||||
Persimmon PLC | 49 | 1,444 | ||||||||
Phoenix Group Holdings PLC | 81 | 738 | ||||||||
Prudential PLC | 403 | 7,032 | ||||||||
Quilter PLC(c) | 286 | 507 | ||||||||
Reckitt Benckiser Group PLC | 97 | 7,486 | ||||||||
RELX PLC | 293 | 7,044 | ||||||||
Renishaw PLC | 5 | 245 | ||||||||
Rentokil Initial PLC | 292 | 1,717 | ||||||||
Rightmove PLC | 137 | 1,061 | ||||||||
Rolls-Royce Holdings PLC(a) | 261 | 2,395 | ||||||||
Rolls-Royce Holdings PLC, Class C(a)(d) | 12,006 | 16 | ||||||||
Royal Bank of Scotland Group PLC (The) | 709 | 1,951 | ||||||||
Royal Dutch Shell PLC, Class A | 661 | 19,100 | ||||||||
Royal Dutch Shell PLC, Class B | 579 | 16,618 | ||||||||
RSA Insurance Group PLC | 162 | 1,095 | ||||||||
Sage Group PLC (The) | 172 | 1,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)–(continued)
October 31, 2019
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Schroders PLC | 18 | $ | 721 | |||||||
Segro PLC | 168 | 1,835 | ||||||||
Severn Trent PLC | 37 | 1,080 | ||||||||
Smith & Nephew plc | 135 | 2,887 | ||||||||
Smiths Group PLC | 63 | 1,315 | ||||||||
Spirax-Sarco Engineering PLC | 11 | 1,128 | ||||||||
SSE PLC | 159 | 2,641 | ||||||||
St James’s Place PLC | 83 | 1,118 | ||||||||
Standard Chartered PLC | 404 | 3,665 | ||||||||
Standard Life Aberdeen PLC | 364 | 1,430 | ||||||||
Subsea 7 S.A. | 40 | 375 | ||||||||
Tate & Lyle PLC | 74 | 644 | ||||||||
Taylor Wimpey PLC | 515 | 1,103 | ||||||||
TechnipFMC PLC | 73 | 1,445 | ||||||||
Tesco PLC | 1,505 | 4,580 | ||||||||
Travis Perkins PLC | 40 | 742 | ||||||||
Unilever N.V. | 223 | 13,173 | ||||||||
Unilever PLC | 167 | 9,989 | ||||||||
United Utilities Group PLC | 108 | 1,216 | ||||||||
Virgin Money UK PLC | 188 | 334 | ||||||||
Vodafone Group PLC | 4,123 | 8,398 | ||||||||
Weir Group PLC (The) | 40 | 697 | ||||||||
Whitbread PLC | 21 | 1,104 | ||||||||
Wm Morrison Supermarkets PLC(b) | 342 | 880 | ||||||||
WPP PLC | 188 | 2,343 | ||||||||
|
| |||||||||
355,435 | ||||||||||
|
| |||||||||
UnitedStates-0.38% | ||||||||||
Amcor PLC, CDI | 248 | 2,380 | ||||||||
Carnival PLC | 24 | 960 | ||||||||
Ferguson PLC | 36 | 3,068 | ||||||||
James Hardie Industries PLC, CDI | 70 | 1,200 | ||||||||
QIAGEN N.V.(a) | 35 | 1,051 |
Shares | Value | |||||||||
United States-(continued) | ||||||||||
Samsonite International S.A.(c) | 203 | $ | 418 | |||||||
Sims Metal Management Ltd.(b) | 26 | 167 | ||||||||
|
| |||||||||
9,244 | ||||||||||
|
| |||||||||
Total Common Stocks & Other Equity |
| 2,426,679 | ||||||||
|
| |||||||||
Money MarketFunds-0.20% | ||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 4,955 | 4,955 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,431,634 | ||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money MarketFunds-1.58% | ||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 28,712 | 28,712 | ||||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 9,567 | 9,571 | ||||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 38,283 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS INSECURITIES-101.59% |
| 2,469,917 | ||||||||
OTHER ASSETS LESS LIABILITIES-(1.59)% |
| (38,701 | ) | |||||||
|
| |||||||||
NETASSETS-100.00% | $ | 2,431,216 | ||||||||
|
|
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $26,473, which represented 1.09% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other EquityInterests-93.59% |
| |||||||||
Bahrain-0.08% | ||||||||||
Ahli United Bank BSC | 2,122 | $ | 1,875 | |||||||
|
| |||||||||
Brazil-8.83% | ||||||||||
Alpargatas S.A., Preference Shares(a) | 96 | 651 | ||||||||
Ambev S.A. | 2,049 | 8,871 | ||||||||
Atacadao S.A. | 172 | 819 | ||||||||
Azul S.A., Preference Shares(a) | 87 | 1,138 | ||||||||
B2W Cia Digital(a) | 88 | 1,114 | ||||||||
B3 S.A.-Brasil, Bolsa, Balcao | 933 | 11,244 | ||||||||
Banco Bradesco S.A. | 483 | 3,952 | ||||||||
Banco Bradesco S.A., Preference Shares | 1,894 | 16,593 | ||||||||
Banco BTG Pactual S.A. | 122 | 1,974 | ||||||||
Banco do Brasil S.A. | 390 | 4,678 | ||||||||
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares | 94 | 524 | ||||||||
Banco Santander Brasil S.A. | 194 | 2,274 | ||||||||
BB Seguridade Participacoes S.A. | 316 | 2,674 | ||||||||
BR Malls Participacoes S.A. | 353 | 1,350 | ||||||||
Bradespar S.A., Preference Shares | 96 | 765 | ||||||||
Braskem S.A., Class A, Preference Shares | 99 | 683 | ||||||||
BRF S.A.(a) | 265 | 2,344 | ||||||||
CCR S.A. | 544 | 2,228 | ||||||||
Centrais Eletricas Brasileiras S.A. | 184 | 1,813 | ||||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 104 | 1,062 | ||||||||
Cia Brasileira de Distribuicao, Preference Shares | 76 | 1,571 | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 162 | 2,204 | ||||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 87 | 511 | ||||||||
Cia Energetica de Minas Gerais | 40 | 149 | ||||||||
Cia Energetica de Minas Gerais, Preference Shares | 448 | 1,523 | ||||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 85 | 629 | ||||||||
Cia Paranaense de Energia | 12 | 164 | ||||||||
Cia Paranaense de Energia, Class B, Preference Shares | 46 | 638 | ||||||||
Cia Siderurgica Nacional S.A. | 289 | 850 | ||||||||
Cielo S.A. | 507 | 955 | ||||||||
Cogna Educacao | 725 | 1,746 | ||||||||
Cosan S.A. | 78 | 1,123 | ||||||||
CPFL Energia S.A. | 87 | 716 | ||||||||
CVC Brasil Operadora e Agencia de Viagens S.A. | 61 | 778 | ||||||||
EDP - Energias do Brasil S.A. | 151 | 714 | ||||||||
Embraer S.A. | 347 | 1,515 | ||||||||
Energisa S.A. | 83 | 991 | ||||||||
ENGIE Brasil Energia S.A. | 76 | 857 | ||||||||
Equatorial Energia S.A. | 82 | 2,081 | ||||||||
Fleury S.A. | 113 | 716 | ||||||||
Gerdau S.A., Preference Shares | 504 | 1,686 | ||||||||
Grendene S.A. | 144 | 358 | ||||||||
Hapvida Participacoes e Investimentos S.A.(b) | 69 | 968 | ||||||||
Hypera S.A. | 189 | 1,616 | ||||||||
IRB Brasil Resseguros S.A. | 393 | 3,700 | ||||||||
Itau Unibanco Holding S.A., Preference Shares | 2,225 | 20,081 |
Shares | Value | |||||||||
Brazil-(continued) | ||||||||||
Itausa - Investimentos Itau S.A., Preference Shares | 2,056 | $ | 7,022 | |||||||
Klabin S.A. | 330 | 1,300 | ||||||||
Localiza Rent a Car S.A. | 249 | 2,678 | ||||||||
Lojas Americanas S.A. | 82 | 309 | ||||||||
Lojas Americanas S.A., Preference Shares | 354 | 1,763 | ||||||||
Lojas Renner S.A. | 371 | 4,690 | ||||||||
M Dias Branco S.A. | 36 | 339 | ||||||||
Magazine Luiza S.A. | 269 | 2,991 | ||||||||
Multiplan Empreendimentos Imobiliarios S.A. | 141 | 1,026 | ||||||||
Natura Cosmeticos S.A. | 174 | 1,351 | ||||||||
Notre Dame Intermedica Participacoes S.A. | 173 | 2,586 | ||||||||
Odontoprev S.A. | 123 | 453 | ||||||||
Petrobras Distribuidora S.A. | 325 | 2,290 | ||||||||
Petroleo Brasileiro S.A. | 1,389 | 11,314 | ||||||||
Petroleo Brasileiro S.A., Preference Shares | 1,858 | 14,066 | ||||||||
Porto Seguro S.A. | 50 | 715 | ||||||||
Raia Drogasil S.A. | 105 | 2,877 | ||||||||
Rumo S.A.(a) | 516 | 2,931 | ||||||||
Sao Martinho S.A. | 83 | 363 | ||||||||
Sul America S.A. | 101 | 1,215 | ||||||||
Suzano S.A. | 378 | 3,073 | ||||||||
Telefonica Brasil S.A., Preference Shares | 195 | 2,578 | ||||||||
TIM Participacoes S.A. | 374 | 1,064 | ||||||||
Transmissora Alianca de Energia Eletrica S.A. | 110 | 791 | ||||||||
Ultrapar Participacoes S.A. | 420 | 1,974 | ||||||||
Usinas Siderurgicas de Minas Gerais S.A., Class A, Preference Shares | 220 | 398 | ||||||||
Vale S.A.(a) | 1,618 | 19,024 | ||||||||
Via Varejo S.A.(a) | 204 | 377 | ||||||||
WEG S.A. | 359 | 2,280 | ||||||||
YDUQS Part | 120 | 1,173 | ||||||||
|
| |||||||||
210,602 | ||||||||||
|
| |||||||||
Chile-1.01% | ||||||||||
AES Gener S.A. | 1,563 | 335 | ||||||||
Aguas Andinas S.A., Class A | 1,441 | 661 | ||||||||
Banco de Chile | 21,184 | 2,730 | ||||||||
Banco de Credito e Inversiones S.A. | 22 | 1,226 | ||||||||
Banco Santander Chile | 30,580 | 1,899 | ||||||||
Cencosud S.A. | 652 | 886 | ||||||||
Cia Cervecerias Unidas S.A. | 68 | 679 | ||||||||
Colbun S.A. | 3,671 | 634 | ||||||||
Embotelladora Andina S.A., Class B, Preference Shares | 100 | 289 | ||||||||
Empresa Nacional de Telecomunicaciones S.A.(a) | 63 | 493 | ||||||||
Empresas CMPC S.A. | 529 | 1,207 | ||||||||
Empresas COPEC S.A. | 234 | 2,094 | ||||||||
Enel Americas S.A. | 18,053 | 3,374 | ||||||||
Enel Chile S.A. | 12,374 | 1,018 | ||||||||
Engie Energia Chile S.A. | 261 | 387 | ||||||||
Itau CorpBanca | 87,586 | 532 | ||||||||
LATAM Airlines Group S.A. | 145 | 1,605 | ||||||||
Parque Arauco S.A. | 312 | 821 | ||||||||
Plaza S.A. | 123 | 261 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2019
Shares | Value | |||||||||
Chile-(continued) | ||||||||||
SACI Falabella | 341 | $ | 1,737 | |||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 48 | 1,276 | ||||||||
|
| |||||||||
24,144 | ||||||||||
|
| |||||||||
China-34.83% | ||||||||||
3SBio, Inc.(a)(b) | 643 | 1,203 | ||||||||
51job, Inc., ADR(a) | 12 | 945 | ||||||||
58.com, Inc., ADR(a) | 47 | 2,482 | ||||||||
Agile Group Holdings Ltd. | 685 | 926 | ||||||||
Agricultural Bank of China Ltd., A Shares | 2,700 | 1,397 | ||||||||
Agricultural Bank of China Ltd., H Shares | 15,157 | 6,246 | ||||||||
Aier Eye Hospital Group Co. Ltd., A Shares | 100 | 562 | ||||||||
Air China Ltd., H Shares | 895 | 792 | ||||||||
Alibaba Group Holding Ltd., ADR(a) | 676 | 119,429 | ||||||||
Alibaba Health Information Technology Ltd.(a) | 1,851 | 1,868 | ||||||||
Aluminum Corp. of China Ltd., H Shares(a) | 2,138 | 636 | ||||||||
Angang Steel Co. Ltd., H Shares(c) | 741 | 249 | ||||||||
Anhui Conch Cement Co. Ltd., A Shares | 100 | 599 | ||||||||
Anhui Conch Cement Co. Ltd., H Shares | 596 | 3,570 | ||||||||
Anhui Expressway Co. Ltd., H Shares | 287 | 169 | ||||||||
Anhui Gujing Distillery Co. Ltd., B Shares | 68 | 519 | ||||||||
ANTA Sports Products Ltd. | 585 | 5,732 | ||||||||
Autohome, Inc., ADR(a)(c) | 28 | 2,368 | ||||||||
AviChina Industry & Technology Co. Ltd., H Shares | 1,285 | 608 | ||||||||
BAIC Motor Corp. Ltd., H Shares(b) | 1,120 | 697 | ||||||||
Baidu, Inc., ADR(a) | 131 | 13,342 | ||||||||
Bank of Beijing Co., Ltd., A Shares | 400 | 315 | ||||||||
Bank of China Ltd., A Shares | 1,500 | 789 | ||||||||
Bank of China Ltd., H Shares | 35,972 | 14,733 | ||||||||
Bank of Communications Co. Ltd., A Shares | 800 | 638 | ||||||||
Bank of Communications Co. Ltd., H Shares | 3,588 | 2,454 | ||||||||
Bank of Ningbo Co., Ltd., A Shares | 100 | 384 | ||||||||
Bank of Shanghai Co., Ltd., A Shares | 500 | 663 | ||||||||
Baoshan Iron & Steel Co., Ltd., A Shares | 300 | 247 | ||||||||
BBMG Corp., H Shares | 1,035 | 297 | ||||||||
BeiGene Ltd., ADR(a) | 16 | 2,213 | ||||||||
Beijing Capital International Airport Co. Ltd., H Shares | 916 | 868 | ||||||||
Beijing Enterprises Holdings Ltd. | 270 | 1,273 | ||||||||
Beijing Enterprises Water Group Ltd.(a) | 2,611 | 1,366 | ||||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 850 | 151 | ||||||||
Beijing North Star Co. Ltd., H Shares | 403 | 124 | ||||||||
Bengang Steel Plates Co. Ltd., B Shares | 200 | 50 | ||||||||
Bilibili, Inc., ADR(a)(c) | 25 | 395 | ||||||||
BOE Technology Group Co., Ltd., A Shares | 600 | 304 | ||||||||
BOE Technology Group Co., Ltd., B Shares | 530 | 171 | ||||||||
Brilliance China Automotive Holdings Ltd. | 1,449 | 1,605 | ||||||||
BYD Co. Ltd., H Shares(c) | 344 | 1,620 | ||||||||
BYD Electronic International Co. Ltd. | 405 | 699 | ||||||||
CAR, Inc.(a) | 381 | 311 | ||||||||
Central China Securities Co. Ltd., H Shares(b) | 683 | 132 | ||||||||
CGN Power Co. Ltd., H Shares(b) | 5,628 | 1,458 | ||||||||
China Agri-Industries Holdings Ltd. | 1,220 | 403 | ||||||||
China Aoyuan Group Ltd. | 1,000 | 1,284 | ||||||||
China Biologic Products Holdings, Inc.(a)(c) | 12 | 1,368 | ||||||||
China BlueChemical Ltd., H Shares | 1,070 | 261 | ||||||||
China Cinda Asset Management Co. Ltd., H Shares | 4,997 | 1,039 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
China CITIC Bank Corp. Ltd., H Shares | 4,575 | $ | 2,656 | |||||||
China Coal Energy Co. Ltd., H Shares | 967 | 386 | ||||||||
China Communications Construction Co. Ltd., H Shares | 2,207 | 1,681 | ||||||||
China Communications Services Corp. Ltd., H Shares | 1,111 | 687 | ||||||||
China Conch Venture Holdings Ltd. | 820 | 3,212 | ||||||||
China Construction Bank Corp., H Shares | 44,094 | 35,499 | ||||||||
China Eastern Airlines Corp. Ltd., H Shares(a) | 823 | 412 | ||||||||
China Everbright Bank Co. Ltd., A Shares | 800 | 494 | ||||||||
China Everbright Bank Co. Ltd., H Shares | 1,681 | 774 | ||||||||
China Everbright International Ltd. | 1,938 | 1,466 | ||||||||
China Everbright Ltd. | 438 | 650 | ||||||||
China Evergrande Group(a)(c) | 1,057 | 2,581 | ||||||||
China Foods Ltd. | 413 | 170 | ||||||||
China Fortune Land Development Co., Ltd., A Shares | 100 | 406 | ||||||||
China Galaxy Securities Co. Ltd., H Shares | 1,830 | 936 | ||||||||
China Hongqiao Group Ltd. | 1,324 | 737 | ||||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 5,818 | 861 | ||||||||
China International Capital Corp. Ltd., H Shares(b)(c) | 582 | 1,065 | ||||||||
China International Marine Containers Group Co. Ltd., H Shares | 302 | 266 | ||||||||
China International Travel Service Corp. Ltd., A Shares | 100 | 1,284 | ||||||||
China Jinmao Holdings Group Ltd. | 2,929 | 1,954 | ||||||||
China Life Insurance Co., Ltd., A Shares | 100 | 475 | ||||||||
China Life Insurance Co., Ltd., H Shares | 3,515 | 9,149 | ||||||||
China Literature Ltd.(a)(b)(c) | 101 | 398 | ||||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,665 | 901 | ||||||||
China Machinery Engineering Corp., H Shares | 552 | 218 | ||||||||
China Medical System Holdings Ltd. | 672 | 914 | ||||||||
China Merchants Bank Co. Ltd., A Shares | 400 | 2,018 | ||||||||
China Merchants Bank Co. Ltd., H Shares | 1,788 | 8,555 | ||||||||
China Merchants Port Holdings Co. Ltd. | 634 | 993 | ||||||||
China Merchants Securities Co., Ltd., A Shares | 100 | 234 | ||||||||
China Merchants Securities Co., Ltd., H Shares(b) | 479 | 544 | ||||||||
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares | 200 | 532 | ||||||||
China Minsheng Banking Corp. Ltd., A Shares | 700 | 612 | ||||||||
China Minsheng Banking Corp. Ltd., H Shares | 3,199 | 2,241 | ||||||||
China Mobile Ltd. | 2,498 | 20,334 | ||||||||
China Molybdenum Co., Ltd., H Shares | 2,133 | 675 | ||||||||
China National Accord Medicines Corp. Ltd., B Shares | 31 | 111 | ||||||||
China National Building Material Co. Ltd., H Shares | 1,942 | 1,640 | ||||||||
China National Nuclear Power Co., Ltd., A Shares | 300 | 216 | ||||||||
China Oilfield Services Ltd., H Shares | 951 | 1,327 | ||||||||
China Overseas Land & Investment Ltd. | 1,891 | 5,983 | ||||||||
China Pacific Insurance (Group) Co., Ltd., A Shares | 200 | 981 | ||||||||
China Pacific Insurance (Group) Co., Ltd., H Shares | 1,270 | 4,618 | ||||||||
China Petroleum & Chemical Corp., A Shares | 700 | 488 | ||||||||
China Petroleum & Chemical Corp., H Shares | 12,051 | 6,919 | ||||||||
China Power International Development Ltd. | 2,059 | 431 |
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, 2019
Shares | Value | |||||||||
China-(continued) | ||||||||||
China Railway Construction Corp. Ltd., A Shares | 200 | $ | 267 | |||||||
China Railway Construction Corp. Ltd., H Shares | 991 | 1,085 | ||||||||
China Railway Group Ltd., H Shares | 2,009 | 1,212 | ||||||||
China Railway Signal & Communication Corp. Ltd., H Shares(b) | 823 | 492 | ||||||||
China Reinsurance Group Corp., H Shares | 3,507 | 573 | ||||||||
China Resources Beer Holdings Co. Ltd. | 791 | 4,072 | ||||||||
China Resources Cement Holdings Ltd. | 1,150 | 1,262 | ||||||||
China Resources Gas Group Ltd. | 395 | 2,384 | ||||||||
China Resources Land Ltd. | 1,318 | 5,625 | ||||||||
China Resources Pharmaceutical Group Ltd.(b) | 819 | 758 | ||||||||
China Resources Power Holdings Co. Ltd. | 965 | 1,215 | ||||||||
China Shenhua Energy Co. Ltd., A Shares | 200 | 524 | ||||||||
China Shenhua Energy Co. Ltd., H Shares | 1,658 | 3,372 | ||||||||
China Shipbuilding Industry Co., Ltd., A Shares | 400 | 301 | ||||||||
China South City Holdings Ltd. | 1,400 | 163 | ||||||||
China Southern Airlines Co., Ltd., H Shares | 881 | 544 | ||||||||
China State Construction Engineering Corp. Ltd., A Shares | 800 | 596 | ||||||||
China State Construction International Holdings Ltd. | 931 | 858 | ||||||||
China Taiping Insurance Holdings Co. Ltd. | 726 | 1,640 | ||||||||
China Telecom Corp. Ltd., H Shares | 6,751 | 2,877 | ||||||||
China Tower Corp. Ltd., H Shares(b) | 23,054 | 5,089 | ||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,225 | 549 | ||||||||
China Unicom Hong Kong Ltd. | 2,979 | 2,953 | ||||||||
China United Network Communications Ltd., A Shares | 500 | 436 | ||||||||
China Vanke Co., Ltd., A Shares | 200 | 754 | ||||||||
China Vanke Co., Ltd., H Shares | 790 | 2,888 | ||||||||
China Yangtze Power Co., Ltd., A Shares | 300 | 762 | ||||||||
China Zhongwang Holdings Ltd. | 604 | 251 | ||||||||
Chongqing Changan Automobile Co., Ltd., B Shares | 400 | 165 | ||||||||
Chongqing Rural Commercial Bank Co., Ltd., H Shares | 1,330 | 711 | ||||||||
CIFI Holdings Group Co., Ltd. | 1,761 | 1,180 | ||||||||
CIMC Enric Holdings Ltd. | 335 | 182 | ||||||||
CITIC Ltd. | 2,388 | 3,138 | ||||||||
CITIC Securities Co. Ltd., A Shares | 200 | 617 | ||||||||
CITIC Securities Co. Ltd., H Shares | 1,145 | 2,110 | ||||||||
CNOOC Ltd. | 7,500 | 11,253 | ||||||||
COSCO SHIPPING Development Co., Ltd., H Shares | 2,169 | 244 | ||||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 577 | 249 | ||||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 1,313 | 493 | ||||||||
COSCO SHIPPING Ports Ltd. | 918 | 723 | ||||||||
Country Garden Holdings Co. Ltd. | 3,625 | 5,051 | ||||||||
Country Garden Services Holdings Co. Ltd. | 625 | 2,125 | ||||||||
CRRC Corp. Ltd., A Shares | 500 | 512 | ||||||||
CRRC Corp. Ltd., H Shares | 2,058 | 1,379 | ||||||||
CSC Financial Co. Ltd., H Shares(b) | 390 | 271 | ||||||||
CSG Holding Co. Ltd., B Shares | 632 | 186 | ||||||||
CSPC Pharmaceutical Group Ltd. | 2,245 | 5,772 | ||||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., H Shares(a) | 144 | 109 | ||||||||
Dali Foods Group Co. Ltd.(b) | 1,079 | 739 | ||||||||
Daqin Railway Co. Ltd., A Shares | 300 | 325 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
Datang International Power Generation Co. Ltd., H Shares | 1,647 | $ | 326 | |||||||
Dazhong Transportation Group Co. Ltd., B Shares | 400 | 180 | ||||||||
Dongfang Electric Corp. Ltd., H Shares | 197 | 111 | ||||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,500 | 1,508 | ||||||||
East Money Information Co., Ltd., A Shares | 300 | 636 | ||||||||
ENN Energy Holdings Ltd. | 387 | 4,434 | ||||||||
Everbright Securities Co., Ltd., H Shares(b) | 134 | 95 | ||||||||
Far East Horizon Ltd. | 1,039 | 985 | ||||||||
Focus Media Information Technology Co., Ltd., A Shares | 300 | 256 | ||||||||
Foshan Haitian Flavouring & Food Co., Ltd. | 100 | 1,587 | ||||||||
Fosun International Ltd. | 1,211 | 1,588 | ||||||||
Future Land Development Holdings Ltd.(a)(c) | 871 | 921 | ||||||||
Fuyao Glass Industry Group Co., Ltd., H Shares(b) | 243 | 688 | ||||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 6,506 | 261 | ||||||||
GDS Holdings Ltd., ADR(a)(c) | 28 | 1,167 | ||||||||
Geely Automobile Holdings Ltd. | 2,471 | 4,698 | ||||||||
Genscript Biotech Corp.(a)(c) | 440 | 1,058 | ||||||||
GF Securities Co., Ltd., A Shares(a) | 100 | 195 | ||||||||
GF Securities Co., Ltd., H Shares(a) | 811 | 847 | ||||||||
GOME Retail Holdings Ltd.(a) | 5,777 | 523 | ||||||||
Great Wall Motor Co. Ltd., H Shares | 1,628 | 1,325 | ||||||||
Gree Electric Appliances, Inc. of Zhuhai, A Shares | 100 | 834 | ||||||||
Greentown China Holdings Ltd. | 441 | 408 | ||||||||
Guangdong Electric Power Development Co. Ltd., B Shares | 400 | 121 | ||||||||
Guangdong Investment Ltd. | 1,479 | 3,208 | ||||||||
Guangdong LY Intelligent Manufacturing Co., Ltd., A Shares(a) | 100 | 145 | ||||||||
Guangshen Railway Co., Ltd., H Shares | 832 | 266 | ||||||||
Guangzhou Automobile Group Co., Ltd., H Shares | 1,583 | 1,585 | ||||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares | 106 | 336 | ||||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 502 | 780 | ||||||||
Guotai Junan Securities Co., Ltd., A Shares | 200 | 485 | ||||||||
Guotai Junan Securities Co., Ltd., H Shares(b) | 341 | 522 | ||||||||
Haidilao International Holding Ltd.(b) | 182 | 882 | ||||||||
Haier Smart Home Co. Ltd., A Shares | 100 | 227 | ||||||||
Haitian International Holdings Ltd. | 302 | 714 | ||||||||
Haitong Securities Co., Ltd., A Shares | 300 | 601 | ||||||||
Haitong Securities Co., Ltd., H Shares | 1,742 | 1,785 | ||||||||
Hangzhou Hikvision Digital Technology Co., Ltd., A Shares | 200 | 920 | ||||||||
Health & Happiness H&H International Holdings Ltd. | 68 | 270 | ||||||||
Hengan International Group Co. Ltd. | 362 | 2,531 | ||||||||
HengTen Networks Group Ltd.(a) | 10,886 | 157 | ||||||||
Hopson Development Holdings Ltd. | 361 | 349 | ||||||||
HUA XIA Bank Co., Ltd., A Shares | 300 | 319 | ||||||||
Huadian Fuxin Energy Corp. Ltd., H Shares(c) | 1,493 | 290 | ||||||||
Huadian Power International Corp. Ltd., H Shares | 938 | 352 | ||||||||
Huaneng Power International, Inc., H Shares | 2,119 | 1,008 | ||||||||
Huaneng Renewables Corp. Ltd., H Shares | 2,643 | 1,012 | ||||||||
Huatai Securities Co., Ltd., A Shares | 200 | 496 | ||||||||
Huatai Securities Co., Ltd., H Shares(b) | 902 | 1,344 | ||||||||
Huaxin Cement Co. Ltd., B Shares | 140 | 255 |
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, 2019
Shares | Value | |||||||||
China-(continued) | ||||||||||
Huayu Automotive Systems Co. Ltd., A Shares | 100 | $ | 357 | |||||||
Huazhu Group Ltd., ADR | 51 | 1,931 | ||||||||
Industrial & Commercial Bank of China Ltd., A Shares | 1,500 | 1,260 | ||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 36,919 | 26,567 | ||||||||
Industrial Bank Co., Ltd., A Shares | 400 | 1,064 | ||||||||
Inner Mongolia Yili Industrial Group Co., Ltd., A Shares | 200 | 824 | ||||||||
Inner Mongolia Yitai Coal Co. Ltd., B Shares | 500 | 437 | ||||||||
Innovent Biologics, Inc.(a)(b) | 500 | 1,525 | ||||||||
iQIYI, Inc., ADR(a)(c) | 66 | 1,150 | ||||||||
JD.com, Inc., ADR(a) | 376 | 11,712 | ||||||||
Jiangsu Expressway Co. Ltd., H Shares | 641 | 852 | ||||||||
Jiangsu Hengrui Medicine Co., Ltd., A Shares | 100 | 1,292 | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., A Shares | 100 | 1,433 | ||||||||
Jiangxi Bank Co. Ltd., H Shares(b) | 567 | 332 | ||||||||
Jiangxi Copper Co., Ltd., H Shares | 625 | 733 | ||||||||
Jiayuan International Group Ltd. | 585 | 234 | ||||||||
Kingboard Holdings Ltd. | 344 | 920 | ||||||||
Kingdee International Software Group Co. Ltd. | 1,038 | 1,142 | ||||||||
Kingsoft Corp. Ltd.(a) | 435 | 1,005 | ||||||||
Kunlun Energy Co. Ltd. | 1,421 | 1,325 | ||||||||
KWG Group Holdings Ltd.(a) | 609 | 615 | ||||||||
Lao Feng Xiang Co. Ltd., B Shares | 100 | 332 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 769 | 429 | ||||||||
Legend Holdings Corp., H Shares(b) | 286 | 631 | ||||||||
Li Ning Co. Ltd. | 838 | 2,849 | ||||||||
Livzon Pharmaceutical Group, Inc., H Shares | 96 | 281 | ||||||||
Logan Property Holdings Co. Ltd. | 534 | 816 | ||||||||
Longfor Group Holdings Ltd.(b) | 826 | 3,436 | ||||||||
LONGi Green Energy Technology Co., Ltd., A Shares | 100 | 325 | ||||||||
Luxshare Precision Industry Co. Ltd., A Shares | 100 | 452 | ||||||||
Luye Pharma Group Ltd.(b)(c) | 800 | 593 | ||||||||
Luzhou Laojiao Co., Ltd. | 100 | 1,239 | ||||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 761 | 288 | ||||||||
Meitu, Inc.(a)(b) | 953 | 212 | ||||||||
Meituan Dianping, B Shares(a)(b) | 1,600 | 19,118 | ||||||||
Metallurgical Corp. of China Ltd., H Shares | 1,253 | 265 | ||||||||
Momo, Inc., ADR | 49 | 1,642 | ||||||||
Muyuan Foodstuff Co., Ltd. | 100 | 1,400 | ||||||||
NARI Technology Co., Ltd., A Shares | 100 | 312 | ||||||||
NetEase, Inc., ADR | 34 | 9,719 | ||||||||
New China Life Insurance Co., Ltd., A Shares | 100 | 678 | ||||||||
New China Life Insurance Co., Ltd., H Shares | 438 | 1,707 | ||||||||
New Hope Liuhe Co. Ltd., A Shares | 100 | 314 | ||||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 65 | 7,934 | ||||||||
NIO, Inc., ADR(a)(c) | 82 | 119 | ||||||||
Orient Securities Co., Ltd., H Shares(b) | 476 | 267 | ||||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 4,257 | 1,798 | ||||||||
PetroChina Co., Ltd., H Shares | 10,256 | 5,038 | ||||||||
PICC Property & Casualty Co. Ltd., H Shares | 3,404 | 4,321 | ||||||||
Pinduoduo, Inc., ADR(a) | 56 | 2,289 | ||||||||
Ping An Bank Co., Ltd., A Shares | 500 | 1,156 | ||||||||
Ping An Healthcare and Technology Co., Ltd.(a)(b)(c) | 81 | 556 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 200 | $ | 2,505 | |||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 2,584 | 29,919 | ||||||||
Poly Developments and Holdings Group Co., Ltd., A Shares | 400 | 819 | ||||||||
Poly Property Group Co. Ltd. | 832 | 301 | ||||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 4,788 | 3,073 | ||||||||
Qingdao Port International Co., Ltd., H Shares(b) | 574 | 330 | ||||||||
Red Star Macalline Group Corp. Ltd., H Shares(b) | 315 | 253 | ||||||||
SAIC Motor Corp. Ltd., A Shares | 200 | 668 | ||||||||
Sany Heavy Industry Co. Ltd., A Shares | 300 | 574 | ||||||||
SF Holding Co. Ltd., A Shares | 100 | 563 | ||||||||
Shandong Chenming Paper Holdings Ltd., B Shares | 379 | 152 | ||||||||
Shandong Chenming Paper Holdings Ltd., H Shares | 280 | 117 | ||||||||
Shandong Gold Mining Co., Ltd., A Shares | 100 | 452 | ||||||||
Shandong Gold Mining Co., Ltd., H Shares(b) | 250 | 588 | ||||||||
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares | 1,122 | 1,290 | ||||||||
Shanghai Bailian Group Co. Ltd., B Shares | 100 | 92 | ||||||||
Shanghai Baosight Software Co. Ltd., B Shares | 230 | 415 | ||||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., B Shares | 200 | 118 | ||||||||
Shanghai Electric Group Co., Ltd., H Shares | 1,483 | 454 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 286 | 810 | ||||||||
Shanghai Haixin Group Co., B Shares | 200 | 81 | ||||||||
Shanghai Huayi Group Co. Ltd., B Shares | 100 | 64 | ||||||||
Shanghai Industrial Holdings Ltd. | 239 | 445 | ||||||||
Shanghai International Airport Co., Ltd., Series A | 100 | 1,084 | ||||||||
Shanghai Jinjiang International Hotels Co., Ltd., B Shares | 100 | 183 | ||||||||
Shanghai Jinjiang International Industrial Investment Co. Ltd., B Shares | 100 | 95 | ||||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., B Shares | 147 | 154 | ||||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., B Shares | 600 | 661 | ||||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., B Shares | 100 | 151 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 399 | 722 | ||||||||
Shanghai Pudong Development Bank Co., Ltd., A Shares | 700 | 1,245 | ||||||||
Shanghai ShibeiHi-Tech Co. Ltd., B Shares | 200 | 77 | ||||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., B Shares | 100 | 137 | ||||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares | 480 | 162 | ||||||||
Shenwan Hongyuan Group Co., Ltd., A Shares | 500 | 340 | ||||||||
Shenzhen Expressway Co. Ltd., H Shares | 316 | 423 | ||||||||
Shenzhen International Holdings Ltd. | 462 | 941 | ||||||||
Shenzhen Investment Ltd. | 1,744 | 688 | ||||||||
Shenzhou International Group Holdings Ltd. | 354 | 4,905 | ||||||||
Shimao Property Holdings Ltd. | 594 | 1,997 | ||||||||
Sichuan Expressway Co. Ltd., H Shares | 520 | 152 | ||||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,956 | 257 |
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, 2019
Shares | Value | |||||||||
China-(continued) | ||||||||||
SINA Corp.(a) | 31 | $ | 1,228 | |||||||
Sino Biopharmaceutical Ltd. | 3,210 | 4,800 | ||||||||
Sino-Ocean Group Holding Ltd. | 1,556 | 574 | ||||||||
Sinopec Engineering Group Co. Ltd., H Shares | 767 | 439 | ||||||||
Sinopec Oilfield Service Corp., H Shares(a) | 1,220 | 131 | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 1,895 | 527 | ||||||||
Sinopharm Group Co. Ltd., H Shares | 618 | 2,220 | ||||||||
Sinotrans Ltd., H Shares | 1,019 | 300 | ||||||||
Sinotruk Hong Kong Ltd. | 348 | 527 | ||||||||
SOHO China Ltd. | 1,087 | 372 | ||||||||
Sunac China Holdings Ltd. | 1,090 | 4,965 | ||||||||
Suning.com Co., Ltd., A Shares | 300 | 450 | ||||||||
Sunny Optical Technology Group Co., Ltd. | 335 | 5,420 | ||||||||
TAL Education Group, ADR(a) | 164 | 7,021 | ||||||||
Tencent Holdings Ltd. | 2,693 | 110,226 | ||||||||
Tencent Music Entertainment Group, ADR(a) | 53 | 734 | ||||||||
Tianjin Capital Environmental Protection Group Co. Ltd., H Shares | 197 | 71 | ||||||||
Times China Holdings Ltd. | 300 | 537 | ||||||||
Tongcheng-Elong Holdings Ltd.(a)(b) | 460 | 751 | ||||||||
TravelSky Technology Ltd., H Shares | 503 | 1,149 | ||||||||
Trip.com Group, Ltd., ADR(a) | 197 | 6,499 | ||||||||
Tsingtao Brewery Co., Ltd., H Shares | 185 | 1,075 | ||||||||
Vipshop Holdings Ltd., ADR(a) | 209 | 2,412 | ||||||||
Wanhua Chemical Group Co. Ltd., A Shares | 100 | 648 | ||||||||
Weibo Corp., ADR(a)(c) | 25 | 1,230 | ||||||||
Weichai Power Co., Ltd., H Shares | 997 | 1,575 | ||||||||
Weifu High-Technology Group Co., Ltd., B Shares | 100 | 158 | ||||||||
Wuliangye Yibin Co., Ltd., A Shares | 100 | 1,877 | ||||||||
WuXi AppTec Co., Ltd., H Shares(b) | 100 | 1,208 | ||||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 295 | 3,482 | ||||||||
Xiaomi Corp., B Shares(a)(b) | 4,498 | 5,108 | ||||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 256 | 182 | ||||||||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares | 320 | 383 | ||||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H Shares(b) | 88 | 139 | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,116 | 783 | ||||||||
Yanlord Land Group Ltd. | 381 | 339 | ||||||||
Yantai Changyu Pioneer Wine Co. Ltd., B Shares | 100 | 195 | ||||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 956 | 972 | ||||||||
Yihai International Holding Ltd.(a) | 223 | 1,519 | ||||||||
Yonghui Superstores Co., Ltd., A Shares | 200 | 237 | ||||||||
Yonyou Network Technology Co., Ltd., A Shares | 100 | 420 | ||||||||
Yuexiu Property Co. Ltd. | 3,258 | 719 | ||||||||
Yunnan Baiyao Group Co., Ltd., A Shares | 100 | 1,230 | ||||||||
YY, Inc., ADR(a) | 29 | 1,648 | ||||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 601 | 668 | ||||||||
Zhejiang Expressway Co., Ltd., H Shares | 753 | 618 | ||||||||
Zhengqi Financial Holdings Corp., Rts.(a)(d) | 15 | 0 | ||||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b)(c) | 174 | 582 | ||||||||
Zhongsheng Group Holdings Ltd. | 308 | 1,024 | ||||||||
Zhuzhou CRRC Times Electric Co., Ltd., H Shares | 265 | 986 | ||||||||
Zijin Mining Group Co. Ltd., H Shares | 2,832 | 979 | ||||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd., H Shares | 859 | 632 | ||||||||
ZTE Corp., A Shares(a) | 100 | 475 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
ZTE Corp., H Shares(a) | 376 | $ | 1,055 | |||||||
ZTO Express Cayman, Inc., ADR | 166 | 3,652 | ||||||||
|
| |||||||||
831,099 | ||||||||||
|
| |||||||||
Colombia-0.53% | ||||||||||
Almacenes Exito S.A. | 105 | 556 | ||||||||
Bancolombia S.A. | 140 | 1,703 | ||||||||
Bancolombia S.A., Preference Shares | 213 | 2,782 | ||||||||
Cementos Argos S.A. | 241 | 544 | ||||||||
Corp Financiera Colombiana S.A.(a) | 48 | 413 | ||||||||
Ecopetrol S.A. | 2,336 | 2,102 | ||||||||
Grupo Argos S.A. | 155 | 840 | ||||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 2,133 | 874 | ||||||||
Grupo de Inversiones Suramericana S.A. | 120 | 1,215 | ||||||||
Grupo de Inversiones Suramericana S.A., Preference Shares | 40 | 367 | ||||||||
Interconexion Electrica S.A. ESP | 202 | 1,166 | ||||||||
|
| |||||||||
12,562 | ||||||||||
|
| |||||||||
CzechRepublic-0.18% | ||||||||||
CEZ A.S. | 83 | 1,895 | ||||||||
Komercni banka, a.s. | 38 | 1,286 | ||||||||
Moneta Money Bank A.S.(b) | 261 | 868 | ||||||||
O2 Czech Republic A.S. | 25 | 236 | ||||||||
|
| |||||||||
4,285 | ||||||||||
|
| |||||||||
Egypt-0.20% | ||||||||||
Commercial International Bank Egypt S.A.E. | 611 | 3,066 | ||||||||
Eastern Co. S.A.E. | 495 | 494 | ||||||||
Egypt Kuwait Holding Co. S.A.E. | 374 | 520 | ||||||||
ElSewedy Electric Co. | 517 | 431 | ||||||||
Talaat Moustafa Group | 351 | 216 | ||||||||
Telecom Egypt Co. | 198 | 141 | ||||||||
|
| |||||||||
4,868 | ||||||||||
|
| |||||||||
Greece-0.38% | ||||||||||
Alpha Bank A.E.(a) | 657 | 1,401 | ||||||||
Eurobank Ergasias S.A.(a) | 1,308 | 1,325 | ||||||||
FF Group(a)(d) | 21 | 0 | ||||||||
Hellenic Petroleum S.A. | 34 | 324 | ||||||||
Hellenic Telecommunications Organization S.A. | 118 | 1,791 | ||||||||
JUMBO S.A. | 50 | 976 | ||||||||
Motor Oil Hellas Corinth Refineries S.A. | 29 | 716 | ||||||||
Mytilineos Holdings S.A. | 49 | 536 | ||||||||
National Bank of Greece S.A.(a) | 271 | 919 | ||||||||
OPAP S.A. | 103 | 1,120 | ||||||||
|
| |||||||||
9,108 | ||||||||||
|
| |||||||||
HongKong-0.37% | ||||||||||
Alibaba Pictures Group Ltd.(a) | 6,576 | 1,082 | ||||||||
Bosideng International Holdings Ltd. | 1,015 | 526 | ||||||||
China Gas Holdings Ltd. | 946 | 4,037 | ||||||||
Fullshare Holdings Ltd.(a) | 4,041 | 102 | ||||||||
Haier Electronics Group Co. Ltd. | 624 | 1,783 | ||||||||
Kingboard Laminates Holdings Ltd. | 559 | 514 | ||||||||
Nine Dragons Paper Holdings Ltd. | 849 | 739 | ||||||||
|
| |||||||||
8,783 | ||||||||||
|
| |||||||||
Hungary-0.37% | ||||||||||
Gedeon Richter Plc | 73 | 1,355 | ||||||||
Magyar Telekom Telecommunications PLC | 228 | 340 |
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, 2019
Shares | Value | |||||||||
Hungary-(continued) | ||||||||||
MOL Hungarian Oil & Gas PLC | 211 | $ | 2,089 | |||||||
OTP Bank Nyrt | 108 | 4,982 | ||||||||
|
| |||||||||
8,766 | ||||||||||
|
| |||||||||
India-6.74% | ||||||||||
Axis Bank Ltd., GDR(b) | 177 | 9,186 | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 305 | 11,941 | ||||||||
GAIL (India) Ltd., GDR(b) | 92 | 1,063 | ||||||||
HDFC Bank Ltd., ADR | 466 | 28,468 | ||||||||
Infosys Ltd., ADR | 3,778 | 36,231 | ||||||||
Larsen & Toubro Ltd., GDR(b) | 245 | 5,169 | ||||||||
Mahindra & Mahindra Ltd., GDR(b) | 300 | 2,565 | ||||||||
Reliance Industries Ltd., GDR(b) | 823 | 33,784 | ||||||||
State Bank of India, GDR(a)(b)(c) | 173 | 7,491 | ||||||||
Tata Motors Ltd., ADR(a) | 993 | 11,995 | ||||||||
Tata Steel Ltd., GDR(b)(c) | 1,016 | 5,466 | ||||||||
Vedanta Ltd., ADR | 573 | 4,779 | ||||||||
Wipro Ltd., ADR | 665 | 2,647 | ||||||||
|
| |||||||||
160,785 | ||||||||||
|
| |||||||||
Indonesia-2.20% | ||||||||||
PT Adaro Energy Tbk | 6,659 | 621 | ||||||||
PT Astra Agro Lestari Tbk | 228 | 186 | ||||||||
PT Astra International Tbk | 9,363 | 4,636 | ||||||||
PT Bank Central Asia Tbk | 4,553 | 10,201 | ||||||||
PT Bank Danamon Indonesia Tbk | 298 | 89 | ||||||||
PT Bank Mandiri (Persero) Tbk | 8,542 | 4,275 | ||||||||
PT Bank Negara Indonesia (Persero) Tbk | 3,684 | 2,014 | ||||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 25,138 | 7,539 | ||||||||
PT Barito Pacific Tbk | 9,880 | 669 | ||||||||
PT Bukit Asam Tbk | 1,940 | 311 | ||||||||
PT Bumi Serpong Damai Tbk(a) | 3,023 | 305 | ||||||||
PT Charoen Pokphand Indonesia Tbk | 3,187 | 1,430 | ||||||||
PT Gudang Garam Tbk | 228 | 911 | ||||||||
PT Hanjaya Mandala Sampoerna Tbk | 4,190 | 636 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,380 | 715 | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 669 | 953 | ||||||||
PT Indofood CBP Sukses Makmur Tbk | 1,116 | 924 | ||||||||
PT Indofood Sukses Makmur Tbk | 2,085 | 1,144 | ||||||||
PT Jasa Marga (Persero) Tbk | 962 | 374 | ||||||||
PT Kalbe Farma Tbk | 8,203 | 932 | ||||||||
PT Matahari Department Store Tbk | 1,149 | 298 | ||||||||
PT Media Nusantara Citra Tbk | 2,860 | 268 | ||||||||
PT Perusahaan Gas Negara Tbk | 5,479 | 824 | ||||||||
PT Semen Indonesia (Persero) Tbk | 1,437 | 1,295 | ||||||||
PT Smartfren Telecom Tbk | 18,132 | 193 | ||||||||
PT Surya Citra Media Tbk | 3,314 | 288 | ||||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 21,757 | 6,370 | ||||||||
PT Tower Bersama Infrastructure Tbk | 1,136 | 512 | ||||||||
PT Unilever Indonesia Tbk | 559 | 1,741 | ||||||||
PT United Tractors Tbk | 749 | 1,157 | ||||||||
PT Vale Indonesia Tbk(a) | 1,163 | 307 | ||||||||
PT XL Axiata Tbk(a) | 1,270 | 321 | ||||||||
|
| |||||||||
52,439 | ||||||||||
|
| |||||||||
Isle ofMan-0.01% | ||||||||||
MAS Real Estate, Inc. | 182 | 228 | ||||||||
|
| |||||||||
Kuwait-0.79% | ||||||||||
Agility Public Warehousing Co. KSC | 465 | 1,150 | ||||||||
Boubyan Bank KSCP | 437 | 810 | ||||||||
Boubyan Petrochemicals Co. KSCP | 196 | 478 |
Shares | Value | |||||||||
Kuwait-(continued) | ||||||||||
Burgan Bank SAK | 328 | $ | 335 | |||||||
Gulf Bank KSCP | 893 | 774 | ||||||||
Humansoft Holding Co. KSC | 50 | 509 | ||||||||
Kuwait Finance House KSCP | 1,731 | 3,903 | ||||||||
Mobile Telecommunications Co. KSC | 998 | 1,859 | ||||||||
National Bank of Kuwait SAKP | 2,905 | 9,011 | ||||||||
|
| |||||||||
18,829 | ||||||||||
|
| |||||||||
Malaysia-2.63% | ||||||||||
AirAsia Group Bhd | 790 | 361 | ||||||||
Alliance Bank Malaysia Bhd | 488 | 336 | ||||||||
AMMB Holdings Bhd | 788 | 752 | ||||||||
Astro Malaysia Holdings Bhd | 775 | 250 | ||||||||
Axiata Group Bhd | 2,017 | 2,076 | ||||||||
British American Tobacco Malaysia Bhd | 74 | 333 | ||||||||
CIMB Group Holdings Bhd | 3,147 | 3,954 | ||||||||
Dialog Group Bhd | 2,193 | 1,826 | ||||||||
DiGi.Com Bhd | 1,785 | 2,008 | ||||||||
FGV Holdings Bhd(a) | 1,077 | 284 | ||||||||
Fraser & Neave Holdings Bhd | 52 | 430 | ||||||||
Gamuda Bhd | 895 | 801 | ||||||||
Genting Bhd | 1,132 | 1,574 | ||||||||
Genting Malaysia Bhd | 1,176 | 903 | ||||||||
HAP Seng Consolidated Bhd | 264 | 631 | ||||||||
Hartalega Holdings Bhd | 589 | 741 | ||||||||
Hong Leong Bank Bhd | 313 | 1,290 | ||||||||
Hong Leong Financial Group Bhd | 120 | 500 | ||||||||
IHH Healthcare Bhd | 1,464 | 1,997 | ||||||||
IJM Corp. Bhd | 1,476 | 760 | ||||||||
IOI Corp. Bhd | 1,554 | 1,625 | ||||||||
IOI Properties Group Bhd | 1,083 | 270 | ||||||||
Kuala Lumpur Kepong Bhd | 230 | 1,192 | ||||||||
Malayan Banking Bhd | 2,800 | 5,763 | ||||||||
Malaysia Airports Holdings Bhd | 360 | 682 | ||||||||
Maxis Bhd | 1,319 | 1,701 | ||||||||
MISC Bhd | 694 | 1,384 | ||||||||
Nestle Malaysia Bhd | 29 | 1,004 | ||||||||
Petronas Chemicals Group Bhd | 1,302 | 2,328 | ||||||||
Petronas Dagangan Bhd | 120 | 677 | ||||||||
Petronas Gas Bhd | 368 | 1,466 | ||||||||
PPB Group Bhd | 331 | 1,434 | ||||||||
Press Metal Aluminium Holdings Bhd | 797 | 908 | ||||||||
Public Bank Bhd | 1,462 | 7,103 | ||||||||
QL Resources Bhd | 366 | 638 | ||||||||
RHB Bank Bhd | 776 | 1,068 | ||||||||
Sime Darby Bhd | 1,679 | 912 | ||||||||
Sime Darby Plantation Bhd | 1,706 | 2,005 | ||||||||
Sime Darby Property Bhd | 1,849 | 321 | ||||||||
Telekom Malaysia Bhd | 417 | 375 | ||||||||
Tenaga Nasional Bhd | 1,831 | 6,073 | ||||||||
Top Glove Corp. Bhd | 861 | 896 | ||||||||
UEM Sunrise Bhd(a) | 919 | 151 | ||||||||
Westports Holdings Bhd | 555 | 569 | ||||||||
YTL Corp. Bhd | 2,413 | 502 | ||||||||
|
| |||||||||
62,854 | ||||||||||
|
| |||||||||
Mexico-2.95% | ||||||||||
ALFA S.A.B. de C.V., Class A | 1,456 | 1,267 | ||||||||
Alpek S.A.B. de C.V. | 184 | 199 | ||||||||
Alsea S.A.B. de C.V.(a) | 274 | 733 | ||||||||
America Movil S.A.B. de C.V., Series L | 12,878 | 10,237 |
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, 2019
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Arca Continental S.A.B. de C.V. | 183 | $ | 1,026 | |||||
Banco del Bajio S.A.(b) | 363 | 587 | ||||||
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander | 240 | 323 | ||||||
Becle S.A.B. de C.V. | 288 | 499 | ||||||
Cemex S.A.B. de C.V., Series CPO(e) | 6,878 | 2,594 | ||||||
Coca-Cola Femsa, S.A.B. de C.V., Series L | 251 | 1,384 | ||||||
Concentradora Fibra Danhos S.A. de C.V. | 131 | 198 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 104 | 532 | ||||||
Fibra Uno Administracion S.A. de C.V. | 1,497 | 2,282 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 985 | 8,770 | ||||||
GMexico Transportes S.A.B. de C.V.(b) | 224 | 300 | ||||||
Gruma S.A.B. de C.V., Class B | 98 | 1,032 | ||||||
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. | 154 | 1,071 | ||||||
Grupo Aeroportuario del Pacifico, S.A.B. de C.V., Class B | 174 | 1,830 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 99 | 1,629 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 1,021 | 1,903 | ||||||
Grupo Carso S.A.B. de C.V., Series A1 | 222 | 746 | ||||||
Grupo Comercial Chedraui, S.A. de C.V. | 175 | 243 | ||||||
Grupo Elektra S.A.B. de C.V.(c) | 28 | 2,042 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 1,301 | 7,125 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 1,094 | 1,364 | ||||||
Grupo Lala S.A.B. de C.V. | 325 | 319 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 1,629 | 4,305 | ||||||
Grupo Televisa S.A.B., Series CPO(g) | 1,014 | 2,247 | ||||||
Industrias Bachoco, S.A.B. de C.V., Series B | 29 | 131 | ||||||
Industrias Penoles S.A.B. de C.V. | 58 | 698 | ||||||
Infraestructura Energetica Nova S.A.B. de C.V.(a) | 246 | 1,091 | ||||||
Kimberly-Clark de Mexico, S.A.B. de C.V., Class A(a) | 437 | 884 | ||||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 157 | 647 | ||||||
Nemak S.A.B. de C.V.(b) | 346 | 154 | ||||||
Orbia Advance Corp. S.A.B. de C.V. | 483 | 1,046 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V. | 78 | 724 | ||||||
Regional S.A.B. de C.V. | 120 | 640 | ||||||
Telesites S.A.B. de C.V.(a) | 676 | 444 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. | 2,372 | 7,143 | ||||||
|
| |||||||
70,389 | ||||||||
|
| |||||||
Pakistan-0.05% | ||||||||
Fauji Fertilizer Co. Ltd. | 373 | 226 | ||||||
Habib Bank Ltd. | 400 | 329 | ||||||
Oil & Gas Development Co. Ltd. | 400 | 331 | ||||||
Pakistan Petroleum Ltd. | 414 | 306 | ||||||
|
| |||||||
1,192 | ||||||||
|
| |||||||
Peru-0.07% | ||||||||
Cia de Minas Buenaventura S.A.A., ADR | 112 | 1,718 | ||||||
|
| |||||||
Philippines-1.39% | ||||||||
Aboitiz Power Corp. | 816 | 642 | ||||||
Alliance Global Group, Inc. | 2,129 | 482 | ||||||
Ayala Corp. | 121 | 2,051 | ||||||
Ayala Land, Inc. | 3,474 | 3,324 | ||||||
Bank of the Philippine Islands | 839 | 1,604 | ||||||
BDO Unibank, Inc. | 968 | 2,955 |
Shares | Value | |||||||
Philippines-(continued) | ||||||||
Bloomberry Resorts Corp. | 1,322 | $ | 260 | |||||
DMCI Holdings, Inc. | 1,649 | 267 | ||||||
Energy Development Corp.(d) | 1,155 | 0 | ||||||
Globe Telecom, Inc. | 15 | 539 | ||||||
GT Capital Holdings, Inc. | 51 | 898 | ||||||
International Container Terminal Services, Inc. | 528 | 1,235 | ||||||
JG Summit Holdings, Inc. | 1,464 | 2,200 | ||||||
Jollibee Foods Corp. | 187 | 855 | ||||||
LT Group, Inc. | 1,106 | 291 | ||||||
Manila Electric Co. | 137 | 913 | ||||||
Megaworld Corp. | 5,931 | 564 | ||||||
Metro Pacific Investments Corp. | 7,448 | 704 | ||||||
Metropolitan Bank & Trust Co. | 830 | 1,106 | ||||||
PLDT, Inc. | 60 | 1,301 | ||||||
San Miguel Corp. | 185 | 609 | ||||||
San Miguel Food and Beverage, Inc. | 339 | 615 | ||||||
Semirara Mining & Power Corp. | 683 | 314 | ||||||
SM Investments Corp. | 235 | 4,770 | ||||||
SM Prime Holdings, Inc. | 4,341 | 3,336 | ||||||
Universal Robina Corp. | 424 | 1,262 | ||||||
|
| |||||||
33,097 | ||||||||
|
| |||||||
Qatar-1.22% | ||||||||
Barwa Real Estate Co. | 960 | 902 | ||||||
Commercial Bank PSQC (The) | 940 | 1,110 | ||||||
Doha Bank Q.P.S.C. | 620 | 432 | ||||||
Ezdan Holding Group QSC(a) | 940 | 162 | ||||||
Gulf International Services QSC(a) | 490 | 227 | ||||||
Industries Qatar QSC | 948 | 2,736 | ||||||
Masraf Al Rayan QSC | 1,759 | 1,812 | ||||||
Mesaieed Petrochemical Holding Co. Q.P.S.C. | 2,180 | 1,497 | ||||||
Ooredoo Q.P.S.C. | 376 | 754 | ||||||
Qatar Aluminum Manufacturing Co. | 1,410 | 318 | ||||||
Qatar Electricity & Water Co. QSC | 260 | 1,128 | ||||||
Qatar Fuel Co. Q.P.S.C. | 225 | 1,366 | ||||||
Qatar Gas Transport Co. Ltd. | 1,400 | 950 | ||||||
Qatar Insurance Co. SAQ | 760 | 641 | ||||||
Qatar International Islamic Bank QSC | 352 | 919 | ||||||
Qatar Islamic Bank SAQ | 543 | 2,270 | ||||||
Qatar National Bank Q.P.S.C. | 2,115 | 11,153 | ||||||
United Development Co. QSC | 980 | 377 | ||||||
Vodafone Qatar QSC | 965 | 326 | ||||||
|
| |||||||
29,080 | ||||||||
|
| |||||||
Romania-0.07% | ||||||||
NEPI Rockcastle PLC | 183 | 1,598 | ||||||
|
| |||||||
Russia-4.73% | ||||||||
Aeroflot PJSC | 260 | 434 | ||||||
Alrosa PJSC | 1,210 | 1,407 | ||||||
Bashneft PJSC, Preference Shares | 10 | 270 | ||||||
Federal Grid Co. Unified Energy System PJSC | 120,000 | 346 | ||||||
Gazprom PJSC | 5,006 | 20,314 | ||||||
Inter RAO UES PJSC | 17,000 | 1,146 | ||||||
LUKOIL PJSC | 213 | 19,679 | ||||||
Magnit PJSC | 34 | 1,715 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 900 | 513 | ||||||
MMC Norilsk Nickel PJSC | 25 | 6,980 | ||||||
Mobile TeleSystems PJSC | 433 | 1,926 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 710 | 1,053 | ||||||
Mosenergo PJSC | 4,000 | 142 |
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, 2019
Shares | Value | |||||||||
Russia-(continued) | ||||||||||
Novatek PJSC | 530 | $ | 11,250 | |||||||
Novolipetsk Steel PJSC | 510 | 995 | ||||||||
PhosAgro PJSC | 17 | 644 | ||||||||
Polyus PJSC | 13 | 1,515 | ||||||||
Rosneft Oil Co. PJSC | 556 | 3,697 | ||||||||
Rosseti PJSC | 14,000 | 261 | ||||||||
Rostelecom PJSC | 420 | 515 | ||||||||
RusHydro PJSC | 55,600 | 442 | ||||||||
RussNeft PJSC | 23 | 199 | ||||||||
Sberbank of Russia PJSC | 4,881 | 17,894 | ||||||||
Severstal PJSC | 90 | 1,239 | ||||||||
Sistema PJSFC | 1,400 | 318 | ||||||||
Surgutneftegas PJSC | 3,500 | 2,349 | ||||||||
Surgutneftegas PJSC, Preference Shares | 3,800 | 2,235 | ||||||||
Tatneft PJSC | 713 | 8,326 | ||||||||
Tatneft PJSC, Preference Shares | 70 | 720 | ||||||||
Transneft PJSC, Preference Shares | 1 | 2,599 | ||||||||
Unipro PJSC | 5,000 | 206 | ||||||||
VTB Bank PJSC | 2,470,000 | 1,661 | ||||||||
|
| |||||||||
112,990 | ||||||||||
|
| |||||||||
SouthAfrica-5.63% | ||||||||||
Absa Group Ltd. | 333 | 3,424 | ||||||||
African Rainbow Minerals Ltd. | 53 | 532 | ||||||||
Anglo American Platinum Ltd. | 29 | 2,171 | ||||||||
AngloGold Ashanti Ltd. | 193 | 4,233 | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 194 | 1,359 | ||||||||
Assore Ltd. | 21 | 354 | ||||||||
AVI Ltd. | 159 | 914 | ||||||||
Barloworld Ltd. | 101 | 809 | ||||||||
Bid Corp. Ltd. | 152 | 3,557 | ||||||||
Bidvest Group Ltd. (The) | 153 | 2,093 | ||||||||
Capitec Bank Holdings Ltd. | 24 | 2,187 | ||||||||
Clicks Group Ltd. | 112 | 1,827 | ||||||||
Coronation Fund Managers Ltd. | 138 | 390 | ||||||||
Dis-Chem Pharmacies Ltd.(b) | 206 | 327 | ||||||||
Discovery Ltd. | 173 | 1,381 | ||||||||
Distell Group Holdings Ltd. | 41 | 365 | ||||||||
Exxaro Resources Ltd. | 120 | 982 | ||||||||
FirstRand Ltd. | 1,487 | 6,446 | ||||||||
Fortress REIT Ltd., Class A | 547 | 763 | ||||||||
Fortress REIT Ltd., Class B | 432 | 258 | ||||||||
Foschini Group Ltd. (The) | 96 | 1,109 | ||||||||
Gold Fields Ltd. | 407 | 2,511 | ||||||||
Growthpoint Properties Ltd. | 1,295 | 1,901 | ||||||||
Harmony Gold Mining Co. Ltd.(a) | 218 | 757 | ||||||||
Hyprop Investments Ltd. | 133 | 521 | ||||||||
Impala Platinum Holdings Ltd.(a) | 353 | 2,434 | ||||||||
Investec Ltd. | 158 | 901 | ||||||||
JSE Ltd. | 49 | 423 | ||||||||
KAP Industrial Holdings Ltd. | 1,550 | 478 | ||||||||
Kumba Iron Ore Ltd. | 27 | 660 | ||||||||
Liberty Holdings Ltd. | 62 | 479 | ||||||||
Life Healthcare Group Holdings Ltd. | 670 | 1,061 | ||||||||
Massmart Holdings Ltd. | 59 | 168 | ||||||||
Momentum Metropolitan Holdings | 539 | 723 | ||||||||
Motus Holdings Ltd. | 84 | 400 | ||||||||
Mr Price Group Ltd. | 123 | 1,305 | ||||||||
MTN Group Ltd. | 834 | 5,182 | ||||||||
MultiChoice Group Ltd.(a) | 189 | 1,581 |
Shares | Value | |||||||||
South Africa-(continued) | ||||||||||
Naspers Ltd., Class N | 204 | $ | 29,058 | |||||||
Nedbank Group Ltd. | 183 | 2,784 | ||||||||
Netcare Ltd. | 705 | 801 | ||||||||
Northam Platinum Ltd.(a) | 183 | 1,239 | ||||||||
Old Mutual Ltd. | 2,205 | 2,876 | ||||||||
Pepkor Holdings Ltd.(b) | 363 | 399 | ||||||||
Pick n Pay Stores Ltd. | 185 | 812 | ||||||||
Pioneer Foods Group Ltd. | 62 | 443 | ||||||||
PSG Group Ltd. | 79 | 1,238 | ||||||||
Rand Merchant Investment Holdings Ltd. | 366 | 725 | ||||||||
Redefine Properties Ltd. | 2,745 | 1,374 | ||||||||
Remgro Ltd. | 238 | 2,738 | ||||||||
Resilient REIT Ltd. | 113 | 505 | ||||||||
Reunert Ltd. | 85 | 403 | ||||||||
RMB Holdings Ltd. | 344 | 1,815 | ||||||||
Sanlam Ltd. | 821 | 4,337 | ||||||||
Santam Ltd. | 22 | 412 | ||||||||
Sappi Ltd. | 269 | 693 | ||||||||
Sasol Ltd. | 263 | 4,789 | ||||||||
Shoprite Holdings Ltd. | 214 | 1,924 | ||||||||
Sibanye Gold Ltd.(a) | 1,101 | 2,131 | ||||||||
SPAR Group Ltd. (The) | 82 | 1,105 | ||||||||
Standard Bank Group Ltd. | 605 | 6,967 | ||||||||
Super Group Ltd.(a) | 201 | 377 | ||||||||
Telkom S.A. SOC Ltd. | 154 | 707 | ||||||||
Tiger Brands Ltd. | 79 | 1,125 | ||||||||
Truworths International Ltd. | 216 | 768 | ||||||||
Tsogo Sun Gaming Ltd. | 287 | 237 | ||||||||
Tsogo Sun Hotels Ltd.(a) | 240 | 58 | ||||||||
Vodacom Group Ltd. | 266 | 2,328 | ||||||||
Vukile Property Fund Ltd. | 390 | 501 | ||||||||
Woolworths Holdings Ltd. | 419 | 1,599 | ||||||||
|
| |||||||||
134,234 | ||||||||||
|
| |||||||||
Taiwan-13.06% | ||||||||||
Acer, Inc. | 1,555 | 909 | ||||||||
Advantech Co. Ltd. | 180 | 1,783 | ||||||||
ASE Technology Holding Co. Ltd. | 1,597 | 4,171 | ||||||||
Asia Cement Corp. | 1,123 | 1,588 | ||||||||
Asustek Computer, Inc. | 316 | 2,144 | ||||||||
AU Optronics Corp. | 3,691 | 946 | ||||||||
Capital Securities Corp. | 1,241 | 375 | ||||||||
Catcher Technology Co. Ltd. | 339 | 2,873 | ||||||||
Cathay Financial Holding Co., Ltd. | 3,675 | 4,865 | ||||||||
Cathay Financial Holding Co., Ltd., Rts., expiring 11/25/2019(a) | 126 | 22 | ||||||||
Chailease Holding Co. Ltd. | 544 | 2,457 | ||||||||
Chang Hwa Commercial Bank Ltd. | 2,917 | 2,276 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 887 | 1,394 | ||||||||
Chicony Electronics Co. Ltd. | 308 | 958 | ||||||||
China Airlines Ltd. | 764 | 227 | ||||||||
China Development Financial Holding Corp. | 6,936 | 2,165 | ||||||||
China Life Insurance Co., Ltd.(a) | 1,484 | 1,224 | ||||||||
China Motor Corp. | 149 | 203 | ||||||||
China Steel Corp. | 5,853 | 4,509 | ||||||||
Chunghwa Telecom Co., Ltd. | 1,787 | 6,575 | ||||||||
Compal Electronics, Inc. | 2,016 | 1,205 | ||||||||
CTBC Financial Holding Co. Ltd. | 8,571 | 5,969 | ||||||||
Delta Electronics, Inc. | 1,003 | 4,415 | ||||||||
E.Sun Financial Holding Co. Ltd. | 5,178 | 4,686 |
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, 2019
Shares | Value | |||||||||
Taiwan-(continued) | ||||||||||
Eclat Textile Co. Ltd. | 96 | $ | 1,291 | |||||||
Epistar Corp. | 501 | 487 | ||||||||
Eternal Materials Co. Ltd. | 582 | 495 | ||||||||
Eva Airways Corp. | 1,125 | 527 | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 1,192 | 489 | ||||||||
Far Eastern International Bank | 1,194 | 469 | ||||||||
Far Eastern New Century Corp. | 1,789 | 1,740 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 787 | 1,887 | ||||||||
Feng TAY Enterprise Co. Ltd. | 155 | 1,049 | ||||||||
First Financial Holding Co. Ltd. | 4,614 | 3,388 | ||||||||
Formosa Chemicals & Fibre Corp. | 1,601 | 4,660 | ||||||||
Formosa Petrochemical Corp. | 680 | 2,165 | ||||||||
Formosa Plastics Corp. | 2,278 | 7,319 | ||||||||
Formosa Taffeta Co. Ltd. | 535 | 609 | ||||||||
Foxconn Technology Co. Ltd. | 538 | 1,152 | ||||||||
Fubon Financial Holding Co. Ltd. | 3,442 | 5,037 | ||||||||
Giant Manufacturing Co. Ltd. | 125 | 928 | ||||||||
Globalwafers Co. Ltd. | 102 | 1,223 | ||||||||
Hon Hai Precision Industry Co., Ltd. | 5,631 | 14,910 | ||||||||
Hotai Motor Co. Ltd. | 146 | 2,580 | ||||||||
HTC Corp. | 379 | 458 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 4,200 | 3,022 | ||||||||
Innolux Corp. | 4,518 | 1,005 | ||||||||
Inventec Corp. | 1,466 | 1,064 | ||||||||
Largan Precision Co., Ltd. | 48 | 7,048 | ||||||||
Lite-On Technology Corp. | 1,041 | 1,717 | ||||||||
MediaTek, Inc. | 697 | 9,342 | ||||||||
Mega Financial Holding Co. Ltd. | 5,054 | 4,964 | ||||||||
Nan Ya Plastics Corp. | 2,653 | 6,275 | ||||||||
Nanya Technology Corp. | 421 | 968 | ||||||||
Novatek Microelectronics Corp. | 276 | 1,777 | ||||||||
OBI Pharma, Inc.(a) | 70 | 307 | ||||||||
Oriental Union Chemical Corp. | 423 | 306 | ||||||||
Pegatron Corp. | 910 | 1,773 | ||||||||
Pou Chen Corp. | 1,194 | 1,598 | ||||||||
President Chain Store Corp. | 254 | 2,537 | ||||||||
Quanta Computer, Inc. | 1,189 | 2,285 | ||||||||
Realtek Semiconductor Corp. | 212 | 1,577 | ||||||||
Shanghai Commercial & Savings Bank, Ltd. (The) | 1,534 | 2,646 | ||||||||
Shin Kong Financial Holding Co. Ltd.(a) | 5,665 | 1,790 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 4,887 | 2,007 | ||||||||
Synnex Technology International Corp. | 674 | 805 | ||||||||
Taishin Financial Holding Co. Ltd. | 5,026 | 2,336 | ||||||||
Taiwan Business Bank | 2,327 | 982 | ||||||||
Taiwan Cement Corp. | 2,232 | 2,966 | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 4,318 | 2,972 | ||||||||
Taiwan Fertilizer Co. Ltd. | 387 | 617 | ||||||||
Taiwan Glass Industry Corp. | 939 | 358 | ||||||||
Taiwan High Speed Rail Corp. | 882 | 1,045 | ||||||||
Taiwan Mobile Co. Ltd. | 732 | 2,729 | ||||||||
Taiwan Secom Co. Ltd. | 164 | 469 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 11,338 | 111,181 | ||||||||
Teco Electric and Machinery Co. Ltd. | 949 | 843 | ||||||||
TPK Holding Co. Ltd.(a) | 183 | 399 | ||||||||
Transcend Information, Inc. | 164 | 356 | ||||||||
U-Ming Marine Transport Corp. | 246 | 274 | ||||||||
Unimicron Technology Corp. | 528 | 818 | ||||||||
Uni-President Enterprises Corp. | 2,259 | 5,581 | ||||||||
United Microelectronics Corp. | 5,246 | 2,413 | ||||||||
Vanguard International Semiconductor Corp. | 365 | 782 |
Shares | Value | |||||||||
Taiwan-(continued) | ||||||||||
Walsin Lihwa Corp. | 1,635 | $ | 800 | |||||||
Walsin Technology Corp. | 207 | 1,248 | ||||||||
Wan Hai Lines Ltd. | 423 | 252 | ||||||||
Wistron Corp. | 1,188 | 1,091 | ||||||||
Yageo Corp. | 169 | 1,743 | ||||||||
Yuanta Financial Holding Co. Ltd. | 5,249 | 3,285 | ||||||||
Yulon Motor Co. Ltd. | 502 | 323 | ||||||||
Yulon Nissan Motor Co. Ltd. | 14 | 116 | ||||||||
|
| |||||||||
311,594 | ||||||||||
|
| |||||||||
Thailand-3.49% | ||||||||||
Advanced Info Service PCL, NVDR | 527 | 3,997 | ||||||||
Airports of Thailand PCL, NVDR | 2,025 | 5,248 | ||||||||
Asset World Corp. PCL, NVDR | 3,300 | 661 | ||||||||
B. Grimm Power PCL, NVDR | 338 | 537 | ||||||||
Bangkok Bank PCL, Foreign Shares | 226 | 1,302 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 4,147 | 3,296 | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 3,756 | 1,343 | ||||||||
Bangkok Life Assurance PCL, NVDR | 300 | 185 | ||||||||
Banpu PCL, NVDR | 2,056 | 790 | ||||||||
Berli Jucker PCL, NVDR | 480 | 775 | ||||||||
BTS Group Holdings PCL, NVDR | 3,874 | 1,719 | ||||||||
BTS Group Holdings PCL, Wts., expiring 11/29/2019(a) | 472 | 44 | ||||||||
Bumrungrad Hospital PCL, NVDR | 154 | 615 | ||||||||
Central Pattana PCL, NVDR | 1,167 | 2,474 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 1,705 | 1,426 | ||||||||
CP ALL PCL, NVDR | 2,462 | 6,360 | ||||||||
Delta Electronics Thailand PCL, NVDR | 214 | 312 | ||||||||
Digital Telecommunications Infrastructure Fund, Class F | 2,413 | 1,422 | ||||||||
Electricity Generating PCL, NVDR | 126 | 1,448 | ||||||||
Energy Absolute PCL, NVDR | 784 | 1,065 | ||||||||
Global Power Synergy PCL, NVDR | 490 | 1,335 | ||||||||
Gulf Energy Development PCL, NVDR | 365 | 1,958 | ||||||||
Home Product Center PCL, NVDR | 2,654 | 1,512 | ||||||||
Indorama Ventures PCL, NVDR | 842 | 781 | ||||||||
Intouch Holdings PCL, NVDR | 1,016 | 2,221 | ||||||||
IRPC PCL, NVDR | 4,823 | 543 | ||||||||
Kasikornbank PCL, Foreign Shares | 554 | 2,550 | ||||||||
Kasikornbank PCL, NVDR | 396 | 1,823 | ||||||||
Krung Thai Bank PCL, NVDR | 2,916 | 1,603 | ||||||||
Krungthai Card PCL, NVDR | 616 | 847 | ||||||||
Land & Houses PCL, NVDR | 3,106 | 998 | ||||||||
Minor International PCL, NVDR | 1,681 | 2,004 | ||||||||
Minor International PCL, Wts., expiring 12/31/2021(a) | 93 | 9 | ||||||||
Muangthai Capital PCL, NVDR | 318 | 653 | ||||||||
Osotspa PCL, NVDR | 574 | 808 | ||||||||
PTT Exploration & Production PCL, NVDR | 651 | 2,598 | ||||||||
PTT Global Chemical PCL, NVDR | 959 | 1,620 | ||||||||
PTT PCL, NVDR | 6,750 | 10,116 | ||||||||
Ratch Group PCL, NVDR | 367 | 893 | ||||||||
Siam Cement PCL (The), NVDR | 397 | 4,825 | ||||||||
Siam City Cement PCL, NVDR | 42 | 300 | ||||||||
Siam Commercial Bank PCL (The), NVDR | 1,136 | 4,214 | ||||||||
Siam Makro PCL, NVDR | 170 | 180 | ||||||||
Thai Airways International PCL, NVDR | 516 | 126 | ||||||||
Thai Oil PCL, NVDR | 482 | 1,093 | ||||||||
Thai Union Group PCL, NVDR | 1,329 | 643 |
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, 2019
Shares | Value | |||||||||
Thailand-(continued) | ||||||||||
TMB Bank PCL, NVDR | 10,097 | $ | 482 | |||||||
Total Access Communication PCL, NVDR | 317 | 651 | ||||||||
True Corp. PCL, NVDR | 5,013 | 830 | ||||||||
|
| |||||||||
83,235 | ||||||||||
|
| |||||||||
Turkey-0.68% | ||||||||||
Akbank T.A.S.(a) | 1,284 | 1,553 | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | 81 | 273 | ||||||||
Arcelik A.S.(a) | 99 | 307 | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 150 | 482 | ||||||||
BIM Birlesik Magazalar A.S. | 212 | 1,756 | ||||||||
Coca-Cola Icecek A.S. | 38 | 208 | ||||||||
Enka Insaat ve Sanayi A.S. | 281 | 284 | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 710 | 813 | ||||||||
Ford Otomotiv Sanayi A.S. | 35 | 395 | ||||||||
Haci Omer Sabanci Holding A.S. | 409 | 592 | ||||||||
Iskenderun Demir ve Celik A.S. | 78 | 83 | ||||||||
KOC Holding A.S. | 444 | 1,456 | ||||||||
Koza Altin Isletmeleri A.S.(a) | 27 | 332 | ||||||||
Petkim Petrokimya Holding A.S.(a) | 473 | 285 | ||||||||
TAV Havalimanlari Holding A.S. | 85 | 388 | ||||||||
Tekfen Holding A.S. | 88 | 261 | ||||||||
Tofas Turk Otomobil Fabrikasi A.S. | 71 | 278 | ||||||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 58 | 1,264 | ||||||||
Turk Hava Yollari AO(a) | 264 | 538 | ||||||||
Turk Telekomunikasyon A.S.(a) | 305 | 310 | ||||||||
Turkcell Iletisim Hizmetleri A.S. | 529 | 1,164 | ||||||||
Turkiye Garanti Bankasi A.S.(a) | 1,051 | 1,693 | ||||||||
Turkiye Is Bankasi A.S., Class C(a) | 628 | 637 | ||||||||
Turkiye Sise ve Cam Fabrikalari A.S. | 352 | 268 | ||||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 436 | 331 | ||||||||
Yapi ve Kredi Bankasi A.S.(a) | 827 | 330 | ||||||||
|
| |||||||||
16,281 | ||||||||||
|
| |||||||||
United ArabEmirates-0.97% | ||||||||||
Abu Dhabi Commercial Bank PJSC | 1,213 | 2,576 | ||||||||
Abu Dhabi Islamic Bank PJSC | 359 | 523 | ||||||||
Air Arabia PJSC(a) | 1,329 | 492 | ||||||||
Aldar Properties PJSC | 1,779 | 1,138 | ||||||||
DAMAC Properties Dubai Co. PJSC(a) | 977 | 229 | ||||||||
Dana Gas PJSC | 1,782 | 445 | ||||||||
DP World PLC | 83 | 1,103 | ||||||||
Dubai Financial Market PJSC(a) | 938 | 227 | ||||||||
Dubai Investments PJSC | 865 | 304 | ||||||||
Dubai Islamic Bank PJSC | 784 | 1,129 | ||||||||
Emaar Development PJSC | 471 | 519 | ||||||||
Emaar Malls PJSC | 771 | 409 |
Shares | Value | |||||||||
United Arab Emirates-(continued) | ||||||||||
Emaar Properties PJSC | 1,598 | $ | 1,858 | |||||||
Emirates Telecommunications Group Co. PJSC | 822 | 3,706 | ||||||||
First Abu Dhabi Bank PJSC | 2,075 | 8,599 | ||||||||
|
| |||||||||
23,257 | ||||||||||
|
| |||||||||
UnitedStates-0.13% | ||||||||||
JBS S.A | 457 | 3,221 | ||||||||
|
| |||||||||
Total Common Stocks & Other Equity Interests | 2,233,113 | |||||||||
|
| |||||||||
Exchange-TradedFunds-6.34% | ||||||||||
India-4.20% | ||||||||||
Invesco India ETF(i) | 3,996 | 100,300 | ||||||||
|
| |||||||||
UnitedStates-2.14% | ||||||||||
iShares MSCI Saudi Arabia ETF(c) | 1,769 | 50,982 | ||||||||
|
| |||||||||
Total Exchange-Traded Funds | 151,282 | |||||||||
|
| |||||||||
Money MarketFunds-0.24% | ||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(j) (Cost $5,726) | 5,726 | 5,726 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,390,121 | ||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money MarketFunds-3.10% | ||||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(j)(k) | 55,630 | 55,630 | ||||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(j)(k) | 18,244 | 18,251 | ||||||||
|
| |||||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 73,881 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS INSECURITIES-103.27% |
| 2,464,002 | ||||||||
OTHER ASSETS LESS LIABILITIES-(3.27)% |
| (78,039 | ) | |||||||
|
| |||||||||
NETASSETS-100.00% | $ | 2,385,963 | ||||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
ETF-Exchange-Traded Fund
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
REIT-Real Estate Investment Trust
Rts.-Rights
Wts.-Warrants
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, 2019
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, 2019 was $127,749, which represented 5.35% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares,twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares. |
(i) | 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. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the fiscal year ended October 31, 2019. |
Value October 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco India ETF | $ | 93,889 | $ | 7,351 | $ | (13,766 | ) | $ | 13,200 | $ | (374 | ) | $ | 100,300 | $ | 1,202 |
(j) | 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 the7-day SEC standardized yield as of October 31, 2019. |
(k) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Statements of Assets and Liabilities
October 31, 2019
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 7,459,384 | $ | 2,426,679 | $ | 2,284,095 | |||||||||
Affiliated investments in securities, at value | 8,860 | 43,238 | 179,907 | ||||||||||||
Foreign currencies, at value | - | - | 231 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 7,617 | 7,141 | 1,729 | ||||||||||||
Securities lending | - | 25 | 33 | ||||||||||||
Investments sold | 208,923 | - | - | ||||||||||||
Expenses absorbed | - | - | 723 | ||||||||||||
Foreign tax reclaims | - | 1,241 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 7,684,784 | 2,478,324 | 2,466,718 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to foreign custodian | - | 1,809 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 210,637 | - | - | ||||||||||||
Collateral upon return of securities loaned | - | 38,282 | 73,880 | ||||||||||||
Accrued unitary management fees | 442 | 140 | - | ||||||||||||
Accrued expenses | 6,921 | 6,877 | 6,875 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 218,000 | 47,108 | 80,755 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 7,466,784 | $ | 2,431,216 | $ | 2,385,963 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 7,433,760 | $ | 2,500,025 | $ | 2,500,025 | |||||||||
Distributable earnings (loss) | 33,024 | (68,809 | ) | (114,062 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 7,466,784 | $ | 2,431,216 | $ | 2,385,963 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 300,001 | 100,001 | 100,001 | ||||||||||||
Net asset value | $ | 24.89 | $ | 24.31 | $ | 23.86 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 24.90 | $ | 24.35 | $ | 23.82 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 7,423,159 | $ | 2,481,787 | $ | 2,360,692 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 8,860 | $ | 43,237 | $ | 179,931 | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (1,755) | $ | 217 | |||||||||
|
|
|
|
|
| ||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 36,446 | $ | 71,022 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Statements of Operations
For the year ended October 31, 2019
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated interest income | $ | 138,800 | $ | - | $ | - | |||||||||
Unaffiliated dividend income | - | 82,928 | 70,384 | ||||||||||||
Affiliated dividend income | 117 | 67 | 1,251 | ||||||||||||
Non-cash dividend income | - | 3,376 | 18,030 | ||||||||||||
Securities lending income | 18 | 481 | 199 | ||||||||||||
Foreign withholding tax | - | (8,964 | ) | (7,127 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 138,935 | 77,888 | 82,737 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 3,761 | 1,623 | 3,262 | ||||||||||||
Proxy fees | 6,921 | 6,877 | 6,875 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses | 10,682 | 8,500 | 10,137 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (11 | ) | (6 | ) | (1,002 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 10,671 | 8,494 | 9,135 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 128,264 | 69,394 | 73,602 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (9,433 | ) | (12,110 | ) | (38,006 | ) | |||||||||
Affiliated investment securities | - | - | (374 | ) | |||||||||||
Foreign currencies | - | 23 | (269 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | (9,433 | ) | (12,087 | ) | (38,649 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 90,771 | 172,258 | 231,788 | ||||||||||||
Affiliated investment securities | - | 1 | 13,201 | ||||||||||||
Foreign currencies | - | 7 | (13 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation | 90,771 | 172,266 | 244,976 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain | 81,338 | 160,179 | 206,327 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 209,602 | $ | 229,573 | $ | 279,929 | |||||||||
|
|
|
|
|
|
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, 2019 and 2018
Invesco PureBetaSM0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSMFTSE Developedex-North America ETF (PBDM) | Invesco PureBetaSMFTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 128,264 | $ | 62,729 | $ | 69,394 | $ | 73,233 | $ | 73,602 | $ | 66,292 | ||||||||||||||||||
Net realized gain (loss) | (9,433 | ) | (7,087 | ) | (12,087 | ) | 1,782 | (38,649 | ) | (17,911 | ) | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 90,771 | (47,279 | ) | 172,266 | (261,228 | ) | 244,976 | (324,388 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 209,602 | 8,363 | 229,573 | (186,213 | ) | 279,929 | (276,007 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||||||||
Distributable earnings | (116,574 | ) | (67,160 | ) | (78,552 | ) | (70,376 | ) | (59,836 | ) | (64,729 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||||||||
Proceeds from shares sold | 4,933,735 | - | - | - | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets | 5,026,763 | (58,797 | ) | 151,021 | (256,589 | ) | 220,093 | (340,736 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||
Beginning of year | 2,440,021 | 2,498,818 | 2,280,195 | 2,536,784 | 2,165,870 | 2,506,606 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
End of year | $ | 7,466,784 | $ | 2,440,021 | $ | 2,431,216 | $ | 2,280,195 | $ | 2,385,963 | $ | 2,165,870 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||||||||
Shares sold | 200,000 | - | - | - | - | - | ||||||||||||||||||||||||
Shares outstanding, beginning of year | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding, end of year | 300,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Financial Highlights
Invesco PureBetaSM0-5 Yr US TIPS ETF (PBTP)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | ||||||||||||||
2019 | 2018 | ||||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 24.40 | $ | 24.99 | $ | 25.00 | |||||||||
Net investment income(b) | 0.59 | 0.63 | 0.06 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.39 | (0.55 | ) | (0.07 | ) | ||||||||||
Total from investment operations | 0.98 | 0.08 | (0.01 | ) | |||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.49 | ) | (0.67 | ) | - | ||||||||||
Net asset value at end of period | $ | 24.89 | $ | 24.40 | $ | 24.99 | |||||||||
Market price at end of period(c) | $ | 24.90 | $ | 24.40 | $ | 24.99 | |||||||||
Net Asset Value Total Return(d) | 4.04 | % | 0.33 | % | (0.04 | )%(e) | |||||||||
Market Price Total Return(d) | 4.07 | % | 0.33 | % | (0.04 | )%(e) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 7,467 | $ | 2,440 | $ | 2,499 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses | 0.20 | %(f) | 0.07 | % | 0.07 | %(g) | |||||||||
Net investment income | 2.39 | %(f) | 2.53 | % | 2.22 | %(g) | |||||||||
Portfolio turnover rate(h) | 30 | % | 19 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%. |
(f) | Ratios includenon-recurring costs associated with a proxy statement of 0.13%. |
(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.
| 40 |
|
Financial Highlights–(continued)
Invesco PureBetaSM FTSE Developedex-North America ETF (PBDM)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | ||||||||||||||
2019 | 2018 | ||||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 22.80 | $ | 25.37 | $ | 25.00 | |||||||||
Net investment income(b) | 0.69 | 0.73 | 0.07 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1.61 | (2.60 | ) | 0.30 | |||||||||||
Total from investment operations | 2.30 | (1.87 | ) | 0.37 | |||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.77 | ) | (0.70 | ) | - | ||||||||||
Net realized gains | (0.02 | ) | - | - | |||||||||||
Total distributions | (0.79 | ) | (0.70 | ) | - | ||||||||||
Net asset value at end of period | $ | 24.31 | $ | 22.80 | $ | 25.37 | |||||||||
Market price at end of period(c) | $ | 24.35 | $ | 23.03 | $ | 25.54 | |||||||||
Net Asset Value Total Return(d) | 10.31 | % | (7.60 | )% | 1.48 | %(e) | |||||||||
Market Price Total Return(d) | 9.37 | % | (7.30 | )% | 2.16 | %(e) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,431 | $ | 2,280 | $ | 2,537 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses | 0.37 | %(f) | 0.07 | % | 0.07 | %(g) | |||||||||
Net investment income | 2.99 | %(f) | 2.89 | % | 2.38 | %(g) | |||||||||
Portfolio turnover rate(h) | 4 | % | 7 | % | 2 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%. |
(f) | Ratios includenon-recurring costs associated with a proxy statement of 0.30%. |
(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.
| 41 |
|
Financial Highlights–(continued)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | ||||||||||||||
2019 | 2018 | ||||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 21.66 | $ | 25.07 | $ | 25.00 | |||||||||
Net investment income(b) | 0.74 | (c) | 0.66 | 0.03 | |||||||||||
Net realized and unrealized gain (loss) on investments | 2.06 | (3.42 | ) | 0.04 | |||||||||||
Total from investment operations | 2.80 | (2.76 | ) | 0.07 | |||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.60 | ) | (0.65 | ) | - | ||||||||||
Net asset value at end of period | $ | 23.86 | $ | 21.66 | $ | 25.07 | |||||||||
Market price at end of period(d) | $ | 23.82 | $ | 21.75 | $ | 25.20 | |||||||||
Net Asset Value Total Return(e) | 13.02 | % | (11.28 | )% | 0.28 | %(f) | |||||||||
Market Price Total Return(e) | 12.34 | % | (11.38 | )% | 0.80 | %(f) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,386 | $ | 2,166 | $ | 2,507 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses, after Waivers | 0.39 | %(g)(h) | 0.11 | % | 0.14 | %(i) | |||||||||
Expenses, prior to Waivers | 0.43 | %(g)(h) | 0.14 | % | 0.14 | %(i) | |||||||||
Net investment income | 3.16 | %(c)(h) | 2.64 | % | 1.03 | %(i) | |||||||||
Portfolio turnover rate(j) | 13 | % | 16 | % | 1 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Net Investment income per share and the ratio of net investment income to average net assets include anon-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding thenon-cash taxable distribution are $0.56 and 2.39%, respectively. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%. |
(g) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(h) | Ratios includenon-recurring costs associated with a proxy statement of 0.29%. |
(i) | Annualized. |
(j) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
October 31, 2019
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 PureBetaSM0-5 Yr US TIPS ETF (PBTP) | “PureBetaSM0-5 Yr US TIPS ETF” | |
Invesco PureBetaSMFTSE Developedex-North America ETF (PBDM) | “PureBetaSMFTSE Developedex-North America ETF” | |
Invesco PureBetaSMFTSE Emerging Markets ETF (PBEE) | “PureBetaSMFTSE Emerging Markets ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
PureBetaSM0-5 Yr US TIPS ETF | ICE BofAML0-5 Year US Inflation-Linked Treasury IndexSM | |
PureBetaSMFTSE Developedex-North America ETF | FTSE Developed ex North America Index | |
PureBetaSMFTSE 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 theover-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such asinstitution-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
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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of anon-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely
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because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed- income security may be downgraded after purchase, which may adversely affect the value of the security.
Foreign Investment Risk. For certain Funds, investments in the securities ofnon-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.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.
Inflation-Linked Security Risk.For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Liquidity Risk. For certain Funds, 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund isnon-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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.
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Sampling Risk. A Fund’s use of a representative sampling approach will 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 the 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.
Small- andMid-Capitalization Company Risk. Certain Funds invest in securities of small- andmid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- andmid-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.
Valuation Risk. Financial information related to securities ofnon-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 anon-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
C. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscalyear-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s |
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taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments forin-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses- Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the 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.
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 theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Treasury Inflation-Protected Securities- PureBetaSM0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity. |
K. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-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 |
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invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
L. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscalperiod-end, resulting from changes in exchange rates. |
Certain 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for 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) | |||||
PureBetaSM0-5 Yr US TIPS ETF | 0.07 | % | |||
PureBetaSMFTSE Developedex-North America ETF | 0.07 | % | |||
PureBetaSMFTSE Emerging Markets ETF | 0.14 | % |
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments 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, 2019, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM0-5 Yr US TIPS ETF | $ | 11 | ||
PureBetaSMFTSE Developedex-North America ETF | 6 | |||
PureBetaSMFTSE Emerging Markets ETF | 1,002 |
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 | |
PureBetaSM0-5 Yr US TIPS ETF | ICE Data Indices, LLC | |
PureBetaSMFTSE Developedex-North America ETF | FTSE International Ltd. | |
PureBetaSMFTSE 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’ssub-licensing agreement
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with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Treasury Securities | $ | - | $ | 7,459,384 | $ | - | $ | 7,459,384 | ||||||||||||
Money Market Funds | 8,860 | - | - | 8,860 | ||||||||||||||||
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Total Investments | $ | 8,860 | $ | 7,459,384 | $ | - | $ | 7,468,244 | ||||||||||||
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PureBetaSMFTSE Developedex-North America ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,426,662 | $ | 1 | $ | 16 | $ | 2,426,679 | ||||||||||||
Money Market Funds | 43,238 | - | - | 43,238 | ||||||||||||||||
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Total Investments | $ | 2,469,900 | $ | 1 | $ | 16 | $ | 2,469,917 | ||||||||||||
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PureBetaSMFTSE Emerging Markets ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,231,633 | $ | 1,480 | $ | 0 | $ | 2,233,113 | ||||||||||||
Exchange-Traded Funds | 151,282 | - | - | 151,282 | ||||||||||||||||
Money Market Funds | 79,607 | - | - | 79,607 | ||||||||||||||||
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Total Investments | $ | 2,462,522 | $ | 1,480 | $ | 0 | $ | 2,464,002 | ||||||||||||
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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, 2019 and 2018:
2019 | 2018 | ||||||||||||||
Ordinary Income | Long-Term Capital Gains | Ordinary Income | |||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | $ | 116,574 | $ | - | $ | 67,160 | |||||||||
PureBetaSMFTSE Developedex-North America ETF | 78,401 | 151 | 70,376 | ||||||||||||
PureBetaSMFTSE Emerging Markets ETF | 59,836 | - | 64,729 |
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Tax Components of Net Assets at FiscalYear-End:
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | $ | 13,319 | $ | 36,225 | $ | (16,520 | ) | $ | 7,433,760 | $ | 7,466,784 | ||||||||||||||
PureBetaSMFTSE Developedex-North America ETF | 2,955 | (60,831 | ) | (10,933 | ) | 2,500,025 | 2,431,216 | ||||||||||||||||||
PureBetaSMFTSE Emerging Markets ETF | 21,886 | (80,931 | ) | (55,017 | ) | 2,500,025 | 2,385,963 |
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, 2019:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | $ | 6,727 | $ | 9,793 | $ | 16,520 | |||||||||
PureBetaSMFTSE Developedex-North America ETF | - | 10,933 | 10,933 | ||||||||||||
PureBetaSMFTSE Emerging Markets ETF | 7,067 | 47,950 | 55,017 |
* | 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 ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
PureBetaSMFTSE Developedex-North America ETF | $ | 93,876 | $ | 102,935 | ||||||
PureBetaSMFTSE Emerging Markets ETF | 323,388 | 309,941 |
For the fiscal year ended October 31, 2019, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds andin-kind transactions) for the PureBetaSM0-5 Yr US TIPS ETF amounted to $1,723,982 and $1,483,045, respectively.
For the fiscal year ended October 31, 2019,in-kind transactions associated with creations and redemptions for the PureBetaSM0-5 Yr US TIPS ETF amounted to $4,916,160 and $0, respectively.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | $ | 38,073 | $ | (1,848 | ) | $ | 36,225 | $ | 7,432,019 | |||||||||||
PureBetaSMFTSE Developedex-North America ETF | 245,377 | (306,208 | ) | (60,831 | ) | 2,530,748 | ||||||||||||||
PureBetaSMFTSE Emerging Markets ETF | 260,659 | (341,590 | ) | (80,931 | ) | 2,544,933 |
NOTE 7–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 (loss), 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, 2019, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
PureBetaSM0-5 Yr US TIPS ETF | $ | - | $ | - | $ | - | |||||||||
PureBetaSMFTSE Developedex-North America ETF | 61 | (61 | ) | - | |||||||||||
PureBetaSMFTSE Emerging Markets ETF | (182 | ) | 182 | - |
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NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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 for PureBetaSM0-5 Yr US TIPS ETF and 100,000 Shares for PureBetaSM FTSE Developedex-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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBeta0-5 Yr US TIPS ETF, Invesco PureBeta FTSE Developedex-North America ETF and Invesco PureBeta 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 PureBeta0-5 Yr US TIPS ETF, Invesco PureBeta FTSE Developedex-North America ETF and Invesco PureBeta 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, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2019 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, 2019, 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, 2019 and each of the financial highlights for each of the two years in the period ended October 31, 2019 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, 2019 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.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2019
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 thesix-month period ended October 31, 2019.
In addition to the fees and expenses which the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During theSix-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, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSM0-5 Yr US TIPS ETF (PBTP) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,017.00 | 0.17 | % | $ | 0.86 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | 0.17 | 0.87 | ||||||||||||||||
Invesco PureBetaSMFTSE Developedex-North America ETF (PBDM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,028.00 | 0.36 | 1.84 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.39 | 0.36 | 1.84 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSMFTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 985.00 | 0.35 | % | $ | 1.75 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.44 | 0.35 | 1.79 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. 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 recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Tax Information
Form1099-DIV, Form1042-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, 2019:
Qualified Dividend Income* | Corporate Dividends- Received Deduction* | U.S. Treasury Obligations* | Qualified Interest Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||
Invesco PureBetaSM0-5 Yr US TIPS ETF | 0 | % | 0 | % | 100 | % | 99 | % | $ | - | $ | - | ||||||||||||||||||
Invesco PureBetaSMFTSE Developedex-North America ETF | 90 | % | 0 | % | 0 | % | 0 | % | $ | 151 | $ | 1,627 | ||||||||||||||||||
Invesco PureBetaSMFTSE Emerging Markets ETF | 71 | % | 0 | % | 0 | % | 0 | % | $ | - | $ | - |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Source Foreign Income | Foreign Taxes Paid | |||||||||
Invesco PureBetaSM0-5 Yr US TIPS ETF | $ | 0.0000 | $ | 0.0000 | ||||||
Invesco PureBetaSMFTSE Developedex-North America ETF | 0.8598 | 0.0854 | ||||||||
Invesco PureBetaSMFTSE Emerging Markets ETF | 0.8666 | 0.0706 |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust II was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 1,512,443,677.35 | 33,012,849.80 | |||||||
Todd J. Barre | 1,524,592,795.07 | 20,863,732.08 | ||||||||
Kevin M. Carome | 1,522,436,691.04 | 23,019,836.11 | ||||||||
Edmund P. Giambastiani, Jr. | 1,519,831,527.21 | 25,624,999.94 | ||||||||
Victoria J. Herget | 1,524,877,948.56 | 20,578,578.59 | ||||||||
Marc M. Kole | 1,504,247,741.10 | 41,208,786.05 | ||||||||
Yung Bong Lim | 1,524,207,613.63 | 21,248,913.52 | ||||||||
Joanne Pace | 1,517,347,361.29 | 28,109,165.86 | ||||||||
Gary R. Wicker | 1,515,919,139.19 | 29,537,387.96 | ||||||||
Donald H. Wilson | 1,501,758,651.59 | 43,697,875.56 |
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Trustees and Officers
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, 2019
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Trustees During | |||||
Ronn R. Bagge—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO, Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | 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. | 246 | None | |||||
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Trustees During | |||||
Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Trustees During | |||||
Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Trustees During | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member, Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Trustees During | |||||
Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | ||||||||||
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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). | |||||
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); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); 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). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 over seen 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 and | Principal Occupation(s) During Past 5 Years | Number of in Fund Trustee | Other Directorships Trustee During | |||||
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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and 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 Executive | Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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 | Principal Financial & Accounting Officer-Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018); 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 Specialized Products, LLC (2018-Present); 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 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); 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 |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
(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. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); 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 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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); 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 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, Director, Invesco Canada Holdings Inc. (2002-2019); Manager, Invesco Specialized Products, LLC (2018-2019); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, 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. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website atwww.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 atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Form N-PORTs will be available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 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, 2019
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 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
The fiscal year began with noticeable market volatility in the final few months of 2018, which continued throughyear-end, as US equity markets suffered a sharpsell-off due to ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut. Oil prices plummeted from near $64 per barrel in early November 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to more defensive areas of the markets, such as health care, utilities and US Treasuries. After raising interest rates in September 2018, the US Federal Reserve (the Fed) raised interest rates one time during the fiscal year: in December 2018.2
Following a sharpsell-off during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potentialUS-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.
Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. TheUS-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019. This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.
In October 2019, optimism that phase one of aUS-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak. Despite increased market volatility, mostUS-based equity indexes produced modest to strong returns for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
Global Equity
The fiscal year began with global equity markets, particularly the US, declining sharply at the end of 2018 amid rising interest rates, a flattening US Treasury yield curve, signaling a possible recession, and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US and China trade issues, potential for new tariffs and slowing global economic growth. Global equity markets, particularly China, declined sharply in May 2019, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter of 2019, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
Weakening global economic data and the ongoing US and China trade conflict contributed to higher market volatility in the third quarter of 2019. During the third quarter, data released showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equitysell-off in August 2019 as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. In September 2019, both the US Federal Reserve and European Central Bank cut interest rates, providing a measure of support for risk assets. Growing optimism about a potential trade deal between the US and China also boosted equities in September. However, except for the US and Japan, performance in most regions declined during the third quarter. Uncertainty about the UK’s withdrawal from the European Union continued to weigh on UK and European equities, while political and trade issues affected areas of Latin America and Asia.
Global equity markets gained in October 2019 amid several positive catalysts, including a US interest rate cut, optimism surrounding US and China trade negotiations, and a raft of upbeat corporate results. The UK equity market provided a flat return during October and while domestic politics continued to dominate the region, European markets made modest gains. October was also a positive month for emerging equity markets with all regions recording gains. Despite increased market volatility, global equity indexes, in both developed and emerging markets, ended the fiscal year in positive territory.
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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 investment results (before fees and expenses) of the FTSE Developedex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally 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, 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 andmid-cap companies from developed markets throughout the world, excluding the United States.
Beta is a measure of relative risk and is the rate of change of a security’s price. 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, 2019, on a market price basis, the Fund returned 7.65%. On a net asset value (“NAV”) basis, the Fund returned 7.94%. During the same time period, the Index returned 8.56%. 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 World ex USA Index (Net) (the “Benchmark Index”) returned 11.08%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,015 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.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and equal weighting 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 financials sector during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection within the industrials and health care sectors.
For the fiscal year ended October 31, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the real estate and consumer staples sectors, respectively. The energy sector was the only sector that detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Gungho Online Entertainment, Inc., a communication services company (no longer held at fiscalyear-end), and Fortescue Metals Group Ltd., a materials company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return included Bezeq The Israel Telecommunication Corp. Ltd., a communication services company (no longer held at fiscalyear-end), and Centrica PLC, a utilities company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Industrials | 17.22 | |||
Financials | 15.67 | |||
Consumer Staples | 12.59 | |||
Consumer Discretionary | 10.87 | |||
Communication Services | 8.65 | |||
Real Estate | 7.82 | |||
Utilities | 6.81 | |||
Materials | 6.47 | |||
Health Care | 6.34 | |||
Information Technology | 5.27 | |||
Energy | 1.82 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.47 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Fast Retailing Co. Ltd. | 0.17 | |||
SK Holdings Co. Ltd. | 0.16 | |||
Suzuki Motor Corp. | 0.16 | |||
BT Group PLC | 0.16 | |||
Barclays PLC | 0.16 | |||
Murata Manufacturing Co., Ltd. | 0.15 | |||
Ryohin Keikaku Co. Ltd. | 0.15 | |||
Alfa Laval AB | 0.15 | |||
Samsung Electro-Mechanics Co. Ltd. | 0.15 | |||
Chocoladefabriken Lindt & Spruengli AG | 0.15 | |||
Total | 1.56 |
* | Excluding money market fund holdings. |
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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, 2019
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net) | 8.56 | % | 7.63 | % | 24.67 | % | 6.42 | % | 28.13 | % | ||||||||||||||
MSCI World ex USA Index (Net) | 11.08 | 8.33 | 27.12 | 5.78 | 25.09 | |||||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 7.94 | 7.04 | 22.64 | 5.82 | 25.30 | |||||||||||||||||||
Market Price Return | 7.65 | 6.64 | 21.26 | 5.52 | 23.86 |
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. |
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EWEM | Manager’s Analysis | |
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) |
As an index fund, the Invesco MSCI Emerging Markets Equal Country Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Emerging Markets Equal Country Weighted Index (the “Index”). The Fund generally 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, MSCI, Inc. compiles, maintains, and calculates the Index, which is comprised of the 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 the Index and the MSCI Emerging Markets Index 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, thereby providing broader exposure to those countries than typically may be found in a market capitalization weighted counterpart, while the capitalization weighting of the securities within each country provides for greater diversification. The Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 5.91%. On a net asset value (“NAV”) basis, the Fund returned 5.86%. During the same time period, the Index returned 6.72%. During the fiscal year, the Fund did not fully replicate the components of the Index; the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period and the impact of the Fund’s use of a sampling methodology.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,200 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, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to
allocations to and security selection within the energy and financials sectors, respectively.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the energy sector.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Commercial International Bank (Egypt) S.A.E., a financials company (portfolio average weight of 3.37%), and OTP Bank Nyrt, a financials company (portfolio average weight of 2.34%). Positions that detracted most significantly from the Fund’s return included Grupo Financiero Galicia S.A., ADR, a financials company (portfolio average weight of 0.30%), and Oil & Gas Development Co. Ltd., an energy company (portfolio average weight of 1.26%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 42.27 | |||
Energy | 10.59 | |||
Communication Services | 7.11 | |||
Materials | 6.77 | |||
Consumer Staples | 5.98 | |||
Information Technology | 5.97 | |||
Consumer Discretionary | 5.84 | |||
Industrials | 5.81 | |||
Utilities | 4.92 | |||
Sector Types Each Less Than 3% | 4.72 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.02 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Commercial International Bank Egypt S.A.E. | 3.62 | |||
iShares MSCI Saudi Arabia ETF | 3.29 | |||
Credicorp Ltd. | 2.58 | |||
OTP Bank Nyrt | 2.36 | |||
Qatar National Bank Q.P.S.C. | 1.74 | |||
CEZ A.S. | 1.70 | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1.53 | |||
Invesco India ETF | 1.34 | |||
Oil & Gas Development Co. Ltd. | 1.26 | |||
Samsung Electronics Co., Ltd. | 1.22 | |||
Total | 20.64 |
* | Excluding money market fund holdings. |
| 6 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended - MSCI Emerging Markets Equal Country Weighted Index (Net) | 6.72 | % | 4.18 | % | 13.06 | % | 0.38 | % | 1.89 | % | (0.03 | )% | (0.30 | )% | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 1.64 | 15.57 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 5.86 | 4.27 | 13.37 | 0.24 | 1.20 | (0.94 | ) | (8.08 | ) | |||||||||||||||||||||||
Market Price Return | 5.91 | 4.28 | 13.39 | 0.20 | 0.98 | (0.97 | ) | (8.31 | ) |
Guggenheim MSCI Emerging Markets Equal Country Weight ETF (the “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 0.71% (0.70% after fee waiver) includes the unitary management fee of 0.70% and acquired fund fees and 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 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, 2019. |
- | 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 |
|
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 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 the securities that comprise the Index.
Strictly in accordance with its existing 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 measure the performance of 200 of the least volatile stocks (over the trailing 12 months) 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. 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, 2019, on a market price basis, the Fund returned 5.32%. On a net asset value (“NAV”) basis, the Fund returned 5.87%. During the same time period, the Index returned 6.49%. 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 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 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,200 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 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 consumer discretionary sector during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the overweight allocation to and security selection within the financials sector.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and utilities sectors, respectively. The
energy sector detracted most significantly from the Fund’s return, followed by the health care and materials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included BTS Group Holdings PCL, NVDR, an industrials company (portfolio average weight of 0.66%), Hua Nan Financial Holdings Co. Ltd., a financials company (portfolio average weight of 1.01%). Positions that detracted most significantly from the Fund’s return included Hanwha Life Insurance Co. Ltd., a financials company (portfolio average weight of 0.34%), and SACI Falabella, a consumer discretionary company (portfolio average weight of 0.57%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 39.30 | |||
Industrials | 10.42 | |||
Consumer Staples | 9.22 | |||
Materials | 7.70 | |||
Utilities | 7.20 | |||
Information Technology | 6.28 | |||
Communication Services | 6.09 | |||
Energy | 4.77 | |||
Consumer Discretionary | 4.05 | |||
Sector Types Each Less Than 3% | 5.01 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.04) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Nestle Malaysia Bhd | 1.12 | |||
Public Bank Bhd | 0.98 | |||
Kuala Lumpur Kepong Bhd | 0.97 | |||
Taiwan Cooperative Financial Holding Co. Ltd. | 0.94 | |||
Malayan Banking Bhd | 0.92 | |||
Hua Nan Financial Holdings Co. Ltd. | 0.92 | |||
First Financial Holding Co. Ltd. | 0.90 | |||
Taishin Financial Holding Co. Ltd. | 0.89 | |||
Hong Leong Bank Bhd | 0.82 | |||
Taiwan Mobile Co. Ltd. | 0.82 | |||
Total | 9.28 |
* | Excluding money market fund holdings. |
| 8 |
|
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, 2019
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) | 6.49 | % | 6.02 | % | 19.16 | % | 0.79 | % | 4.03 | % | 2.88 | % | 24.79 | % | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 3.68 | 32.56 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 5.87 | 5.34 | 16.91 | 0.01 | 0.04 | 2.06 | 17.21 | |||||||||||||||||||||||||
Market Price Return | 5.32 | 5.38 | 17.03 | 0.02 | 0.08 | 1.90 | 15.79 |
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, 2021. 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 recentmonth-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. |
| 9 |
|
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 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 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 composed 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. 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, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. 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, 2019, on a market price basis, the Fund returned 13.66%. On a net asset value (“NAV”) basis, the Fund returned 13.60%. During the same time period, the Index returned 15.21%. 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, on a NAV basis, differed from the return of the Index primarily due to the impact of sampling in specific markets, 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 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately
1,200 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 that of the Benchmark Index in part because the Fund seeks to track an Index that employs a momentum-driven modified market capitalization 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 communication services sector during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position in the energy and financials sectors.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the energy and consumer discretionary sectors, respectively. There were no detracting sectors.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included HDFC Bank Ltd. ADR, a financials company (no longer held at fiscal year-end) and Reliance Industries Ltd., GDR, an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Vale S.A., a materials company (no longer held at fiscal year-end), and Reliance Industries Ltd., an energy company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 44.22 | |||
Energy | 15.55 | |||
Materials | 7.71 | |||
Information Technology | 7.08 | |||
Consumer Discretionary | 7.08 | |||
Utilities | 5.11 | |||
Industrials | 4.78 | |||
Consumer Staples | 3.20 | |||
Sector Types Each Less Than 3% | 5.24 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 |
| 10 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Gazprom PJSC | 5.85 | |||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 4.88 | |||
iShares MSCI Saudi Arabia ETF | 4.38 | |||
LUKOIL PJSC | 2.85 | |||
B3 S.A.–Brasil, Bolsa, Balcao | 2.85 | |||
Itau Unibanco Holding S.A., Preference Shares | 2.70 | |||
Banco Bradesco S.A., Preference Shares | 2.68 | |||
National Bank of Kuwait SAKP | 2.52 | |||
PT Bank Central Asia Tbk | 2.39 | |||
Petroleo Brasileiro S.A., Preference Shares | 2.24 | |||
Total | 33.34 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
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) | 15.21 | % | 11.27 | % | 37.78 | % | 1.93 | % | 10.03 | % | 0.20 | % | 1.55 | % | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 2.20 | 18.17 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 13.60 | 9.64 | 31.81 | 0.03 | 0.16 | (1.24 | ) | (9.17 | ) | |||||||||||||||||||||||
Market Price Return | 13.66 | 9.63 | 31.77 | 0.12 | 0.60 | (1.38 | ) | (10.11 | ) |
| 11 |
|
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 a portion of its management fee through February 28, 2021. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.48% (0.30% after fee waiver) includes the unitary management fee of 0.45% and acquired fund fees and expenses of 0.03%. 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 recentmonth-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. |
- | TheBlended-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 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2019. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 12 |
|
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 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 the securities 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 100 securities in the S&P EPAC Ex-Korea LargeMidCap (which is comprised of large and mid-cap equity securities, excluding those securities issued by companies in the United States and South Korea) that historically have provided high dividend yields with lower volatility. 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. The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.
The Index Provider weights each of the 100 constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. Each constituent security comprises between 0.05% and 3.0% of the weight of the Index, and no sector comprises more than 25% of the Index.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, 2019, on a market price basis, the Fund returned 13.34%. On a net asset value (“NAV”) basis, the Fund returned 14.30%. 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, on a 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 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 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 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 sector and most underweight in the consumer staples sector during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and stock selection within the real estate and utilities sectors, respectively.
For the fiscal year ended October 31, 2019, the real estate sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The consumer staples sector detracted most significantly from the Fund’s return, followed by the energy and materials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Mapletree Commercial Trust, a real estate company (portfolio average weight of 1.13%), and Stockland, a real estate company (portfolio average weight of 1.40%). Positions that detracted most significantly from the Fund’s return included Aozora Bank, Ltd., a financials company (no longer held at fiscal year-end), and Nissan Motor Co., Ltd., a consumer discretionary company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 24.10 | |||
Real Estate | 22.80 | |||
Utilities | 20.74 | |||
Communication Services | 12.40 | |||
Industrials | 6.07 | |||
Energy | 5.32 | |||
Consumer Discretionary | 3.29 | |||
Sector Types Each Less Than 3% | 5.03 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.25 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Spark New Zealand Ltd. | 1.54 | |||
Naturgy Energy Group S.A. | 1.41 | |||
British Land Co. PLC (The) | 1.39 | |||
Stockland | 1.38 | |||
Vicinity Centres | 1.33 | |||
National Australia Bank Ltd. | 1.30 | |||
Japan Tobacco, Inc. | 1.28 | |||
Land Securities Group PLC | 1.27 | |||
National Grid PLC | 1.27 | |||
EDP - Energias de Portugal S.A., Class R | 1.24 | |||
Total | 13.41 |
* | Excluding money market fund holdings. |
| 13 |
|
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, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
S&P EPAC Ex-Korea Low Volatility High Dividend Index (Net) | 14.45 | % | 9.53 | % | 30.36 | % | ||||||||||
MSCI EAFE® Index (Net) | 11.04 | 9.47 | 30.16 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 14.30 | 9.37 | 29.81 | |||||||||||||
Market Price Return | 13.34 | 9.38 | 29.84 |
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. |
| 14 |
|
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 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 the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“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. 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. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive 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, 2019, on a market price basis, the Fund returned 16.56%. On a net asset value (“NAV”) basis, the Fund returned 16.33%. During the same time period, the Index returned 16.32%. 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 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 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 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 seeks to track an Index that 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, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight to and security selection in the real estate sector.
For the fiscal year ended October 31, 2019, the real estate sector contributed most significantly to the Fund’s return, followed by the financials and utilities sectors, respectively. There were no sectors that detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included ORIX JREIT, Inc., a real estate company (portfolio average weight of 0.66%), and Nomura Real Estate Master Fund, Inc., a real estate company (portfolio average weight of 0.58%). Positions that detracted most significantly from the Fund’s return included MAN SE, an industrials company (no longer held at fiscal year-end), and Etablissementen Franz Colruyt N.V., a consumer staples company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 26.86 | |||
Real Estate | 24.64 | |||
Utilities | 12.50 | |||
Consumer Staples | 9.72 | |||
Industrials | 9.19 | |||
Communication Services | 6.49 | |||
Consumer Discretionary | 3.96 | |||
Sector Types Each Less Than 3% | 6.37 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.27 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
National Bank of Canada | 0.80 | |||
RioCan REIT | 0.75 | |||
Frontier Real Estate Investment Corp. | 0.75 | |||
Fortis, Inc. | 0.73 | |||
ORIX JREIT, Inc. | 0.72 | |||
TELUS Corp. | 0.71 | |||
United Urban Investment Corp. | 0.70 | |||
Daiwa House REIT Investment Corp. | 0.70 | |||
Nomura Real Estate Master Fund, Inc. | 0.69 | |||
Bank of Nova Scotia (The) | 0.67 | |||
Total | 7.22 |
* | Excluding money market fund holdings. |
| 15 |
|
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, 2019
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) | 16.32 | % | 9.65 | % | 31.82 | % | 5.49 | % | 30.61 | % | 7.89 | % | 80.85 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 7.24 | 72.49 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 16.33 | 9.65 | 31.83 | 5.43 | 30.29 | 7.80 | 79.64 | |||||||||||||||||||||||||
Market Price Return | 16.56 | 9.57 | 31.53 | 5.25 | 29.18 | 7.73 | 78.71 |
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, 2021. 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. |
| 16 |
|
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 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 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. 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, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. 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, 2019, on a market price basis, the Fund returned 11.42%. On a net asset value (“NAV”) basis, the Fund returned 11.30%. During the same time period, the Index returned 11.87%. 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 expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 925 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 seeks to track an Index that employs a momentum-driven modified market capitalization 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 financials sector during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the consumer staples and financials sectors.
For the fiscal year ended October 31, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The energy sector was the only detracting sector from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Nestle S.A., a consumer staples company (portfolio average weight of 4.78%), and LVMH Moet Hennessy Louis Vuitton S.E., a consumer discretionary company (portfolio average weight of 2.26%). Positions that detracted most significantly from the Fund’s return included JXTG Holdings, Inc., an energy company (no longer held at fiscal year-end), and Eisai Co., Ltd., a health care company (no longer held at fiscal year-end).
Sector Breakdown as of October 31, 2019 | ||||
Consumer Staples | 20.22 | |||
Health Care | 16.66 | |||
Industrials | 12.61 | |||
Financials | 10.63 | |||
Consumer Discretionary | 10.01 | |||
Materials | 8.45 | |||
Utilities | 8.13 | |||
Real Estate | 5.21 | |||
Information Technology | 4.78 | |||
Sector Types Each Less Than 3% | 3.18 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.12 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Nestle S.A. | 8.45 | |||
Novartis AG | 5.84 | |||
Roche Holding AG | 3.70 | |||
Diageo PLC | 2.57 | |||
AstraZeneca PLC | 2.52 | |||
LVMH Moet Hennessy Louis Vuitton S.E. | 2.34 | |||
Allianz S.E. | 2.05 | |||
Iberdrola S.A. | 1.97 | |||
Enel S.p.A. | 1.89 | |||
adidas AG | 1.76 | |||
Total | 33.09 |
* | Excluding money market fund holdings. |
| 17 |
|
Invesco S&P International Developed Momentum ETF (IDMO)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
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) | 11.87 | % | 7.93 | % | 25.73 | % | 2.25 | % | 11.74 | % | 3.67 | % | 31.88 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.85 | 54.76 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 11.30 | 7.50 | 24.22 | 1.82 | 9.44 | 3.23 | 27.64 | |||||||||||||||||||||||||
Market Price Return | 11.42 | 7.52 | 24.29 | 1.51 | 7.78 | 3.09 | 26.38 |
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, 2021. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% (0.25% after fee waiver) includes the 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 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 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2019. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 18 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.53% |
| |||||||
Australia-6.46% | ||||||||
AGL Energy Ltd. | 5,012 | $ | 68,301 | |||||
ALS Ltd. | 12,238 | 68,041 | ||||||
Atlas Arteria Ltd. | 11,556 | 63,931 | ||||||
Aurizon Holdings Ltd. | 16,112 | 65,492 | ||||||
AusNet Services | 53,498 | 68,186 | ||||||
Bank of Queensland Ltd.(a) | 10,592 | 66,041 | ||||||
Bendigo & Adelaide Bank Ltd. | 8,868 | 65,067 | ||||||
Brambles Ltd. | 8,451 | 69,693 | ||||||
Challenger Ltd. | 14,810 | 81,219 | ||||||
Charter Hall Group | 7,479 | 58,225 | ||||||
Coca-Cola Amatil Ltd. | 8,707 | 60,887 | ||||||
Cochlear Ltd. | 440 | 64,126 | ||||||
Commonwealth Bank of Australia | 1,210 | 65,573 | ||||||
Computershare Ltd. | 6,338 | 69,166 | ||||||
Crown Resorts Ltd. | 7,942 | 68,177 | ||||||
Dexus | 7,451 | 61,446 | ||||||
Domino’s Pizza Enterprises Ltd. | 2,199 | 77,280 | ||||||
Downer EDI Ltd. | 12,869 | 71,372 | ||||||
Evolution Mining Ltd. | 17,735 | 50,463 | ||||||
Flight Centre Travel Group Ltd.(a) | 1,982 | 58,157 | ||||||
Goodman Group | 6,702 | 66,444 | ||||||
GPT Group (The) | 15,020 | 61,571 | ||||||
Harvey Norman Holdings Ltd. | 22,064 | 62,172 | ||||||
Incitec Pivot Ltd. | 31,018 | 73,726 | ||||||
Metcash Ltd. | 32,501 | 63,144 | ||||||
Mirvac Group | 30,325 | 67,065 | ||||||
National Australia Bank Ltd. | 3,486 | 68,712 | ||||||
Newcrest Mining Ltd. | 2,512 | 54,169 | ||||||
Northern Star Resources Ltd. | 7,820 | 52,744 | ||||||
Orica Ltd. | 4,469 | 70,507 | ||||||
Orora Ltd. | 34,627 | 73,716 | ||||||
OZ Minerals Ltd. | 10,971 | 76,718 | ||||||
Qantas Airways Ltd. | 15,740 | 69,511 | ||||||
QBE Insurance Group Ltd. | 7,845 | 68,101 | ||||||
Ramsay Health Care Ltd. | 1,480 | 69,836 | ||||||
Scentre Group | 23,987 | 63,294 | ||||||
Shopping Centres Australasia Property Group | 37,053 | 68,669 | ||||||
Sonic Healthcare Ltd. | 3,251 | 63,923 | ||||||
Star Entertainment Group Ltd. (The) | 23,397 | 75,761 | ||||||
Stockland | 21,351 | 71,931 | ||||||
Suncorp Group Ltd. | 6,809 | 63,095 | ||||||
Sydney Airport | 11,294 | 68,317 | ||||||
Tabcorp Holdings Ltd. | 20,435 | 67,578 | ||||||
Telstra Corp. Ltd. | 26,674 | 64,136 | ||||||
Transurban Group | 6,389 | 65,321 | ||||||
Vicinity Centres | 37,344 | 68,694 | ||||||
Vocus Group Ltd.(b) | 29,852 | 68,281 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 4,654 | 69,642 | ||||||
Wesfarmers Ltd. | 2,472 | 67,715 | ||||||
Westpac Banking Corp. | 3,371 | 65,516 | ||||||
Whitehaven Coal Ltd. | 28,342 | 64,632 | ||||||
Woolworths Group Ltd. | 2,596 | 66,747 | ||||||
|
| |||||||
3,462,231 | ||||||||
|
| |||||||
Austria-0.65% | ||||||||
ANDRITZ AG | 1,775 | 79,765 | ||||||
OMV AG | 1,268 | 74,014 |
Shares | Value | |||||||
Austria-(continued) | ||||||||
Telekom Austria AG(b) | 8,645 | $ | 66,935 | |||||
Verbund AG | 1,062 | 57,464 | ||||||
Vienna Insurance Group AG Wiener Versicherung | ||||||||
Gruppe | 2,618 | 70,975 | ||||||
|
| |||||||
349,153 | ||||||||
|
| |||||||
Belgium-1.45% | ||||||||
Ackermans & van Haaren N.V. | 435 | 66,633 | ||||||
Ageas | 1,193 | 68,731 | ||||||
Colruyt S.A. | 1,221 | 67,893 | ||||||
Groupe Bruxelles Lambert S.A. | 685 | 68,765 | ||||||
KBC Group N.V. | 1,105 | 77,518 | ||||||
Proximus SADP | 2,212 | 67,939 | ||||||
Sofina S.A. | 335 | 74,076 | ||||||
Solvay S.A., Class A. | 643 | 69,943 | ||||||
Telenet Group Holding N.V. | 1,337 | 65,661 | ||||||
UCB S.A. | 871 | 70,217 | ||||||
Umicore S.A. | 1,891 | 77,995 | ||||||
|
| |||||||
775,371 | ||||||||
|
| |||||||
Canada-3.31% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 2,092 | 62,871 | ||||||
Bank of Nova Scotia (The) | 1,209 | 69,485 | ||||||
BCE, Inc. | 1,360 | 64,650 | ||||||
Canadian Tire Corp. Ltd., Class A(a) | 637 | 68,816 | ||||||
Canadian Utilities Ltd., Class A | 2,219 | 64,847 | ||||||
CGI, Inc.(b) | 824 | 64,185 | ||||||
Enbridge, Inc. | 1,929 | 70,403 | ||||||
Fairfax Financial Holdings Ltd. | 146 | 61,984 | ||||||
Fortis, Inc. | 1,532 | 63,781 | ||||||
Franco-Nevada Corp. | 646 | 62,813 | ||||||
George Weston Ltd. | 781 | 62,659 | ||||||
Great-West Lifeco, Inc. | 3,027 | 73,766 | ||||||
Hydro One Ltd.(c) | 3,462 | 64,507 | ||||||
Intact Financial Corp. | 664 | 68,656 | ||||||
Loblaw Cos., Ltd. | 1,163 | 62,152 | ||||||
Metro, Inc. | 1,513 | 64,119 | ||||||
Power Corp. of Canada | 3,046 | 70,637 | ||||||
Power Financial Corp. | 3,027 | 70,934 | ||||||
RioCan REIT | 3,174 | 63,825 | ||||||
Rogers Communications, Inc., Class B | 1,312 | 61,899 | ||||||
Royal Bank of Canada | 863 | 69,757 | ||||||
Saputo, Inc. | 2,117 | 61,528 | ||||||
Shaw Communications, Inc., Class B | 3,345 | 68,409 | ||||||
Sun Life Financial, Inc. | 1,569 | 70,539 | ||||||
Teck Resources Ltd., Class B | 3,767 | 59,671 | ||||||
TELUS Corp. | 1,763 | 62,842 | ||||||
Thomson Reuters Corp. | 930 | 62,627 | ||||||
|
| |||||||
1,772,362 | ||||||||
|
| |||||||
China-1.37% | ||||||||
China Mengniu Dairy Co. Ltd.(b) | 16,376 | 65,502 | ||||||
Guotai Junan International Holdings Ltd. | 380,738 | 64,123 | ||||||
Kerry Logistics Network Ltd. | 41,859 | 66,866 | ||||||
Minth Group Ltd. | 21,704 | 76,983 | ||||||
Semiconductor Manufacturing International Corp.(b) | 57,428 | 73,198 | ||||||
Shougang Fushan Resources Group Ltd. | 292,323 | 60,421 | ||||||
Tingyi Cayman Islands Holding Corp. | 46,092 | 61,396 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Towngas China Co., Ltd.(b) | 96,376 | $ | 74,394 | |||||
Uni-President China Holdings Ltd. | 55,592 | 57,452 | ||||||
Xinyi Glass Holdings Ltd. | 63,306 | 71,321 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 106,714 | 60,453 | ||||||
|
| |||||||
732,109 | ||||||||
|
| |||||||
Denmark-1.83% | ||||||||
Carlsberg A/S, Class B | 430 | 60,522 | ||||||
Chr Hansen Holding A/S | 752 | 57,751 | ||||||
Coloplast A/S, Class B | 536 | 64,618 | ||||||
Danske Bank A/S | 5,083 | 72,560 | ||||||
Demant A/S(b) | 2,185 | 57,696 | ||||||
GN Store Nord A/S | 1,525 | 67,053 | ||||||
H. Lundbeck A/S | 1,781 | 60,780 | ||||||
ISS A/S | 2,556 | 66,920 | ||||||
Jyske Bank A/S(a)(b) | 2,306 | 76,699 | ||||||
Novozymes A/S, Class B | 1,494 | 70,376 | ||||||
Orsted A/S(c) | 658 | 57,746 | ||||||
Pandora A/S | 1,492 | 73,401 | ||||||
Rockwool International A/S, Class B | 324 | 63,681 | ||||||
Tryg A/S | 2,134 | 59,632 | ||||||
Vestas Wind Systems A/S | 876 | 71,539 | ||||||
|
| |||||||
980,974 | ||||||||
|
| |||||||
Finland-1.03% | ||||||||
Elisa Oyj | 1,269 | 69,330 | ||||||
Fortum Oyj | 2,807 | 68,552 | ||||||
Huhtamaki Oyj | 1,680 | 77,783 | ||||||
Kesko Oyj, Class B | 1,015 | 67,581 | ||||||
Kone Oyj, Class B | 1,089 | 69,300 | ||||||
Orion Oyj, Class B(a) | 1,718 | 76,169 | ||||||
Sampo Oyj, Class A | 1,632 | 66,894 | ||||||
Wartsila Oyj Abp | 5,429 | 57,310 | ||||||
|
| |||||||
552,919 | ||||||||
|
| |||||||
France-5.66% | ||||||||
Aeroports de Paris. | 363 | 69,009 | ||||||
AirFrance-KLM(b) | 5,818 | 69,290 | ||||||
Air Liquide S.A. | 512 | 68,031 | ||||||
Alstom S.A. | 1,503 | 64,977 | ||||||
BioMerieux | 810 | 66,285 | ||||||
Bollore S.A. | 15,364 | 66,507 | ||||||
Bouygues S.A. | 1,748 | 74,106 | ||||||
Bureau Veritas S.A. | 2,667 | 68,108 | ||||||
CNP Assurances. | 3,539 | 70,201 | ||||||
Covivio | 606 | 68,623 | ||||||
Danone S.A. | 715 | 59,316 | ||||||
Dassault Systemes S.E. | 453 | 68,758 | ||||||
Edenred | 1,327 | 69,878 | ||||||
Electricite de France S.A. | 5,242 | 54,108 | ||||||
Elis S.A. | 3,597 | 68,743 | ||||||
ENGIE S.A. | 4,231 | 70,781 | ||||||
EssilorLuxottica S.A. | 435 | 66,390 | ||||||
Eurazeo S.E. | 973 | 67,846 | ||||||
Eutelsat Communications S.A. | 3,642 | 69,074 | ||||||
Gecina S.A. | 412 | 70,694 | ||||||
Getlink S.E. | 4,545 | 76,110 | ||||||
ICADE | 728 | 71,311 | ||||||
Iliad S.A.(a) | 699 | 72,369 | ||||||
Ipsen S.A. | 610 | 64,992 | ||||||
Klepierre S.A. | 2,108 | 78,526 |
Shares | Value | |||||||
France-(continued) | ||||||||
Lagardere SCA | 3,083 | $ | 68,860 | |||||
L’Oreal S.A. | 233 | 68,054 | ||||||
Orange S.A. | 4,255 | 68,548 | ||||||
ORPEA Group | 508 | 61,152 | ||||||
Pernod Ricard S.A. | 331 | 61,116 | ||||||
Publicis Groupe S.A. | 1,343 | 57,760 | ||||||
Remy Cointreau S.A. | 427 | 57,118 | ||||||
Renault S.A. | 1,091 | 55,698 | ||||||
Rubis SCA | 1,115 | 64,623 | ||||||
Sanofi S.A. | 725 | 66,827 | ||||||
SCOR S.E. | 1,639 | 69,083 | ||||||
Societe BIC S.A. | 1,008 | 70,005 | ||||||
Sodexo S.A. | 555 | 61,052 | ||||||
Suez | 4,104 | 63,986 | ||||||
Teleperformance | 289 | 65,516 | ||||||
Thales S.A. | 533 | 52,114 | ||||||
Ubisoft Entertainment S.A.(b) | 810 | 47,841 | ||||||
Veolia Environnement S.A. | 2,579 | 67,817 | ||||||
Vinci S.A.(a) | 584 | 65,545 | ||||||
Vivendi S.A. | 2,315 | 64,465 | ||||||
Wendel S.A. | 460 | 65,176 | ||||||
|
| |||||||
3,036,389 | ||||||||
|
| |||||||
Germany-3.92% | ||||||||
1&1 Drillisch AG(a) | 2,341 | 62,630 | ||||||
adidas AG | 216 | 66,716 | ||||||
Allianz S.E. | 291 | 71,099 | ||||||
Aroundtown S.A. | 8,077 | 68,178 | ||||||
Axel Springer S.E. | 929 | 66,280 | ||||||
Beiersdorf AG | 505 | 59,805 | ||||||
Carl Zeiss Meditec AG, BR. | 546 | 59,544 | ||||||
Deutsche Boerse AG | 427 | 66,193 | ||||||
Deutsche Telekom AG | 3,858 | 67,868 | ||||||
Deutsche Wohnen S.E. | 1,851 | 69,634 | ||||||
DWS Group GmbH & Co. KGaA(c) | 2,251 | 72,829 | ||||||
E.ON S.E. | 6,880 | 69,365 | ||||||
Fielmann AG | 887 | 68,479 | ||||||
Fuchs Petrolub S.E. | 1,891 | 76,266 | ||||||
Hannover Rueck S.E. | 398 | 70,512 | ||||||
Henkel AG& Co. KGaA | 241 | 23,217 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 412 | 42,830 | ||||||
HOCHTIEF AG | 589 | 73,466 | ||||||
LEG Immobilien AG | 565 | 64,862 | ||||||
Merck KGaA | 598 | 71,319 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 264 | 73,338 | ||||||
Puma S.E. | 868 | 65,318 | ||||||
Rocket Internet S.E.(b)(c) | 2,322 | 61,707 | ||||||
RWE AG | 2,163 | 65,952 | ||||||
Scout24 AG(c) | 1,109 | 68,606 | ||||||
Siemens AG | 643 | 74,161 | ||||||
Siemens Healthineers AG(c) | 1,634 | 69,446 | ||||||
Symrise AG | 683 | 65,744 | ||||||
Talanx AG | 1,561 | 71,925 | ||||||
Uniper S.E. | 2,046 | 63,776 | ||||||
United Internet AG | 2,025 | 61,021 | ||||||
Vonovia S.E. | 1,325 | 70,527 | ||||||
|
| |||||||
2,102,613 | ||||||||
|
| |||||||
HongKong-3.79% | ||||||||
Bank of East Asia Ltd. (The) | 25,277 | 60,954 | ||||||
Cafe de Coral Holdings Ltd. | 21,075 | 57,543 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2019
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Champion REIT | 93,977 | $ | 62,350 | |||||
CK Hutchison Holdings Ltd. | 7,270 | 67,249 | ||||||
CK Infrastructure Holdings Ltd. | 9,658 | 69,560 | ||||||
CLP Holdings Ltd. | 6,337 | 65,774 | ||||||
Dah Sing Banking Group Ltd. | 46,207 | 59,780 | ||||||
Dairy Farm International Holdings Ltd. | 9,324 | 56,224 | ||||||
Hang Lung Group Ltd. | 25,322 | 63,517 | ||||||
Hang Seng Bank Ltd. | 2,976 | 62,195 | ||||||
Hong Kong & China Gas Co., Ltd. (The) | 32,429 | 62,974 | ||||||
Hongkong Land Holdings Ltd. | 10,970 | 60,335 | ||||||
Huabao International Holdings Ltd. | 169,658 | 62,125 | ||||||
Hysan Development Co. Ltd. | 15,456 | 61,034 | ||||||
Jardine Matheson Holdings Ltd. | 1,166 | 66,602 | ||||||
Jardine Strategic Holdings Ltd. | 2,076 | 67,117 | ||||||
Link REIT | 5,754 | 62,733 | ||||||
Mapletree North Asia Commercial Trust(c) | 65,818 | 61,903 | ||||||
MTR Corp. Ltd. | 10,691 | 61,382 | ||||||
NWS Holdings Ltd. | 36,771 | 54,797 | ||||||
PCCW Ltd. | 117,175 | 69,668 | ||||||
Power Assets Holdings Ltd. | 9,551 | 68,181 | ||||||
Shangri-La Asia Ltd. | 62,370 | 64,059 | ||||||
Sino Land Co. Ltd. | 43,774 | 65,569 | ||||||
Sun Art Retail Group Ltd. | 66,633 | 68,098 | ||||||
Swire Pacific Ltd., Class A | 5,127 | 48,865 | ||||||
Swire Pacific Ltd., Class B | 8,915 | 13,194 | ||||||
Swire Properties Ltd. | 18,841 | 59,376 | ||||||
United Energy Group Ltd.(b) | 372,006 | 75,467 | ||||||
Vitasoy International Holdings Ltd. | 12,960 | 52,748 | ||||||
VTech Holdings Ltd. | 8,064 | 70,786 | ||||||
Wharf Real Estate Investment Co. Ltd. | 10,852 | 63,968 | ||||||
Yue Yuen Industrial Holdings Ltd. | 24,030 | 67,758 | ||||||
|
| |||||||
2,033,885 | ||||||||
|
| |||||||
Ireland-0.24% | ||||||||
Glanbia PLC | 5,557 | 61,935 | ||||||
Kerry Group PLC, Class A | 537 | 64,943 | ||||||
|
| |||||||
126,878 | ||||||||
|
| |||||||
Israel-2.91% | ||||||||
Airport City Ltd.(b) | 3,403 | 64,225 | ||||||
Alony Hetz Properties & Investments Ltd. | 4,709 | 67,958 | ||||||
Amot Investments Ltd. | 9,126 | 64,232 | ||||||
Azrieli Group Ltd. | 895 | 68,962 | ||||||
Bank Hapoalim BM | 8,665 | 69,324 | ||||||
Bank LeumiLe-Israel BM | 9,601 | 69,919 | ||||||
Delek Group Ltd. | 493 | 61,563 | ||||||
Elbit Systems Ltd. | 397 | 65,067 | ||||||
First International Bank of Israel Ltd. | 2,570 | 70,553 | ||||||
Gazit-Globe Ltd. | 6,598 | 66,531 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 8,180 | 65,351 | ||||||
Israel Chemicals Ltd. | 14,696 | 65,273 | ||||||
Israel Discount Bank Ltd., Class A | 16,094 | 73,538 | ||||||
Melisron Ltd. | 1,086 | 65,772 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 64,931 | 67,390 | ||||||
Mizrahi Tefahot Bank Ltd. | 2,817 | 69,874 | ||||||
Nice Ltd.(b) | 421 | 66,575 | ||||||
Oil Refineries Ltd. | 130,085 | 66,749 | ||||||
Paz Oil Co. Ltd. | 489 | 74,928 | ||||||
Phoenix Holdings Ltd. (The) | 11,231 | 68,434 | ||||||
Shufersal Ltd. | 9,376 | 63,357 |
Shares | Value | |||||||
Israel-(continued) | ||||||||
Strauss Group Ltd. | 2,158 | $ | 65,349 | |||||
Tower Semiconductor Ltd.(b) | 3,468 | 76,475 | ||||||
|
| |||||||
1,557,399 | ||||||||
|
| |||||||
Italy-2.98% | ||||||||
A2A S.p.A. | 35,967 | 72,188 | ||||||
Amplifon S.p.A. | 2,455 | 61,680 | ||||||
Assicurazioni Generali S.p.A. | 3,483 | 70,625 | ||||||
Banca Mediolanum S.p.A. | 8,737 | 74,909 | ||||||
Buzzi Unicem S.p.A. | 3,029 | 73,128 | ||||||
Buzzi Unicem S.p.A., RSP | 4,504 | 68,941 | ||||||
Davide Campari-Milano S.p.A. | 6,731 | 61,690 | ||||||
DiaSorin S.p.A. | 542 | 61,073 | ||||||
Enel S.p.A. | 8,704 | 67,392 | ||||||
Eni S.p.A. | 4,290 | 64,948 | ||||||
Ferrari N.V. | 402 | 64,336 | ||||||
Hera S.p.A. | 16,021 | 68,600 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 6,336 | 65,032 | ||||||
Italgas S.p.A. | 9,906 | 63,746 | ||||||
Mediaset S.p.A.(a)(b) | 20,813 | 62,253 | ||||||
Moncler S.p.A. | 1,673 | 64,468 | ||||||
Pirelli & C S.p.A.(c) | 11,788 | 68,150 | ||||||
PRADA S.p.A. | 22,338 | 76,952 | ||||||
Prysmian S.p.A. | 2,835 | 65,503 | ||||||
Recordati S.p.A. | 1,449 | 60,896 | ||||||
Salvatore Ferragamo S.p.A. | 3,271 | 61,126 | ||||||
Snam S.p.A. | 12,635 | 64,843 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 10,067 | 66,534 | ||||||
UnipolSai Assicurazioni S.p.A. | 25,325 | 70,663 | ||||||
|
| |||||||
1,599,676 | ||||||||
|
| |||||||
Japan-32.60% | ||||||||
ABC-Mart, Inc. | 1,038 | 71,245 | ||||||
Aeon Mall Co. Ltd. | 4,102 | 65,872 | ||||||
Ain Holdings, Inc. | 1,195 | 68,535 | ||||||
Ajinomoto Co., Inc. | 3,541 | 67,459 | ||||||
Alfresa Holdings Corp. | 3,007 | 67,647 | ||||||
Amano Corp. | 2,172 | 64,695 | ||||||
ANA Holdings, Inc. | 1,929 | 66,414 | ||||||
Aozora Bank Ltd. | 2,848 | 73,528 | ||||||
Ariake Japan Co. Ltd. | 904 | 70,410 | ||||||
Asahi Group Holdings, Ltd. | 1,357 | 68,161 | ||||||
ASKUL Corp.(a) | 2,361 | 65,214 | ||||||
Autobacs Seven Co. Ltd. | 3,877 | 64,267 | ||||||
Bandai Namco Holdings, Inc. | 1,163 | 71,735 | ||||||
Benesse Holdings, Inc. | 2,532 | 68,087 | ||||||
Bic Camera, Inc. | 6,756 | 74,119 | ||||||
Bridgestone Corp. | 1,755 | 73,427 | ||||||
Calbee, Inc. | 2,212 | 74,071 | ||||||
Canon Marketing Japan, Inc. | 3,255 | 69,433 | ||||||
Canon, Inc. | 2,484 | 68,060 | ||||||
Capcom Co. Ltd. | 2,515 | 59,720 | ||||||
Central Japan Railway Co. | 310 | 63,933 | ||||||
Chubu Electric Power Co., Inc. | 4,407 | 66,265 | ||||||
Chugoku Bank Ltd. (The) | 7,960 | 78,713 | ||||||
Chugoku Electric Power Co., Inc. (The) | 5,012 | 66,808 | ||||||
COMSYS Holdings Corp. | 2,352 | 69,839 | ||||||
CyberAgent, Inc. | 1,526 | 49,829 | ||||||
Daiichikosho Co. Ltd. | 1,498 | 71,502 | ||||||
Daito Trust Construction Co., Ltd. | 473 | 62,874 | ||||||
Daiwa House Industry Co., Ltd. | 2,117 | 73,142 |
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, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Daiwa Securities Group, Inc. | 14,814 | $ | 67,105 | |||||
DeNA Co. Ltd. | 3,436 | 58,705 | ||||||
Dentsu, Inc. | 1,903 | 68,477 | ||||||
East Japan Railway Co. | 732 | 66,690 | ||||||
Electric Power Development Co. Ltd. | 2,798 | 68,174 | ||||||
Ezaki Glico Co. Ltd. | 1,570 | 73,050 | ||||||
FamilyMart Co. Ltd.(a) | 2,810 | 70,078 | ||||||
Fancl Corp. | 2,717 | 77,284 | ||||||
FANUC Corp. | 360 | 71,930 | ||||||
Fast Retailing Co. Ltd. | 143 | 88,693 | ||||||
FP Corp. | 1,054 | 65,811 | ||||||
Fuji Media Holdings, Inc. | 5,112 | 69,512 | ||||||
Fuji Oil Holdings, Inc. | 2,404 | 72,495 | ||||||
Fuji Seal International, Inc. | 2,473 | 61,765 | ||||||
FUJIFILM Holdings Corp. | 1,525 | 67,430 | ||||||
Fujitsu General Ltd. | 3,948 | 71,798 | ||||||
Fujitsu Ltd. | 835 | 74,312 | ||||||
Fukuyama Transporting Co. Ltd. | 1,989 | 72,031 | ||||||
Glory Ltd. | 2,448 | 72,463 | ||||||
GOLDWIN. Inc.(a) | 930 | 71,489 | ||||||
H.I.S. Co., Ltd.(a) | 2,602 | 67,779 | ||||||
Hachijuni Bank Ltd. (The) | 17,724 | 77,057 | ||||||
Hakuhodo DY Holdings, Inc. | 4,462 | 67,195 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,791 | 72,067 | ||||||
Heiwa Corp.(a) | 3,317 | 68,485 | ||||||
Hikari Tsushin, Inc. | 281 | 61,916 | ||||||
Hirose Electric Co. Ltd. | 588 | 74,680 | ||||||
Hiroshima Bank Ltd. (The) | 14,560 | 75,154 | ||||||
Hitachi High-Technologies Corp. | 1,253 | 78,352 | ||||||
Hitachi Transport System Ltd. | 2,234 | 63,752 | ||||||
Hokkaido Electric Power Co. Inc. | 12,498 | 65,666 | ||||||
House Foods Group, Inc. | 1,737 | 66,119 | ||||||
Hoya Corp. | 775 | 68,843 | ||||||
Hulic Co., Ltd. | 6,653 | 72,681 | ||||||
Iida Group Holdings Co. Ltd. | 4,181 | 70,080 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 8,797 | 70,633 | ||||||
Ito En Ltd. | 1,438 | 70,367 | ||||||
ITOCHU Corp. | 3,233 | 67,917 | ||||||
Itochu Techno-Solutions Corp. | 2,364 | 63,919 | ||||||
Itoham Yonekyu Holdings, Inc. | 10,901 | 70,586 | ||||||
Japan Airlines Co. Ltd. | 2,062 | 64,356 | ||||||
Japan Exchange Group, Inc. | 3,961 | 65,916 | ||||||
Japan Post Bank Co. Ltd.(a) | 7,073 | 70,792 | ||||||
Japan Post Holdings Co. Ltd. | 7,231 | 66,621 | ||||||
Japan Post Insurance Co. Ltd. | 4,575 | 72,536 | ||||||
Japan Tobacco, Inc. | 3,150 | 71,564 | ||||||
Kagome Co. Ltd. | 2,575 | 65,122 | ||||||
Kakaku.com, Inc. | 2,624 | 61,240 | ||||||
Kaken Pharmaceutical Co. Ltd. | 1,424 | 70,077 | ||||||
Kandenko Co. Ltd. | 7,801 | 74,182 | ||||||
Kansai Electric Power Co., Inc. (The) | 5,218 | 61,035 | ||||||
Kansai Paint Co. Ltd. | 3,147 | 76,415 | ||||||
Kao Corp. | 926 | 74,899 | ||||||
KDDI Corp. | 2,412 | 66,913 | ||||||
Keihan Holdings Co. Ltd. | 1,601 | 75,826 | ||||||
Keikyu Corp. | 3,515 | 70,427 | ||||||
Keio Corp. | 1,108 | 68,773 | ||||||
Keisei Electric Railway Co., Ltd. | 1,720 | 70,722 | ||||||
Kewpie Corp. | 2,816 | 64,080 | ||||||
Kinden Corp. | 4,537 | 68,618 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kintetsu Group Holdings Co. Ltd. | 1,369 | $ | 74,842 | |||||
Kobayashi Pharmaceutical Co. Ltd. | 940 | 75,562 | ||||||
Koei Tecmo Holdings Co. Ltd. | 3,332 | 77,209 | ||||||
KOKUYO Co., Ltd. | 4,998 | 73,880 | ||||||
Konami Holdings Corp. | 1,496 | 66,009 | ||||||
Konica Minolta, Inc. | 9,349 | 69,098 | ||||||
Kose Corp. | 434 | 77,482 | ||||||
K’s Holdings Corp. | 6,184 | 70,875 | ||||||
Kyoritsu Maintenance Co. Ltd. | 1,754 | 78,042 | ||||||
Kyowa Kirin Co., Ltd. | 3,465 | 63,976 | ||||||
Kyudenko Corp. | 2,171 | 71,694 | ||||||
Kyushu Electric Power Co., Inc. | 6,535 | 65,407 | ||||||
Kyushu Railway Co. | 2,212 | 73,252 | ||||||
Lawson, Inc. | 1,362 | 75,341 | ||||||
Lintec Corp. | 3,399 | 72,033 | ||||||
Lion Corp. | 3,511 | 73,854 | ||||||
Maeda Road Construction Co. Ltd. | 2,908 | 62,999 | ||||||
Maruha Nichiro Corp. | 2,536 | 65,989 | ||||||
Maruichi Steel Tube Ltd. | 2,745 | 75,668 | ||||||
Matsui Securities Co. Ltd. | 7,845 | 64,876 | ||||||
Medipal Holdings Corp. | 3,045 | 69,911 | ||||||
Megmilk Snow Brand Co. Ltd. | 2,831 | 68,349 | ||||||
MEIJI Holdings Co. Ltd. | 972 | 70,312 | ||||||
Miraca Holdings, Inc. | 2,939 | 69,761 | ||||||
Mitsubishi Corp. | 2,624 | 67,090 | ||||||
Mitsubishi Estate Co., Ltd. | 3,416 | 66,595 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,721 | 70,079 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 2,762 | 70,541 | ||||||
Mitsubishi Tanabe Pharma Corp. | 5,869 | 70,685 | ||||||
Mitsui & Co., Ltd. | 4,124 | 71,242 | ||||||
Mitsui Fudosan Co., Ltd. | 2,712 | 69,766 | ||||||
Mizuho Financial Group, Inc. | 44,315 | 69,195 | ||||||
Morinaga & Co. Ltd. | 1,380 | 68,295 | ||||||
Morinaga Milk Industry Co. Ltd. | 1,623 | 63,130 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,080 | 67,515 | ||||||
Murata Manufacturing Co., Ltd. | 1,533 | 83,141 | ||||||
Nagoya Railroad Co. Ltd. | 2,175 | 69,412 | ||||||
Nankai Electric Railway Co. Ltd. | 2,554 | 66,718 | ||||||
NEC Corp. | 1,554 | 61,812 | ||||||
NEXON Co., Ltd.(b) | 4,834 | 56,118 | ||||||
NH Foods Ltd. | 1,699 | 71,430 | ||||||
Nichirei Corp. | 2,916 | 67,030 | ||||||
Nihon Kohden Corp. | 2,405 | 72,191 | ||||||
Nihon Unisys Ltd. | 2,080 | 68,977 | ||||||
Nikon Corp. | 5,311 | 68,288 | ||||||
Nippo Corp. | 3,724 | 76,957 | ||||||
Nippon Express Co., Ltd. | 1,258 | 72,265 | ||||||
Nippon Kayaku Co. Ltd. | 5,935 | 72,633 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,419 | 78,100 | ||||||
Nippon Shinyaku Co., Ltd. | 814 | 73,791 | ||||||
Nippon Telegraph & Telephone Corp. | 1,319 | 65,593 | ||||||
Nippon Television Holdings, Inc. | 5,038 | 66,316 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 2,860 | 66,642 | ||||||
Nissan Chemical Corp. | 1,565 | 64,855 | ||||||
Nissan Motor Co. Ltd. | 10,691 | 68,178 | ||||||
Nissan Shatai Co. Ltd. | 7,394 | 68,533 | ||||||
Nisshin Seifun Group, Inc. | 3,523 | 70,066 | ||||||
Nissin Foods Holdings Co. Ltd. | 927 | 70,315 | ||||||
Nitori Holdings Co. Ltd. | 471 | 71,932 | ||||||
NOF Corp. | 2,028 | 69,223 |
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, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nomura Real Estate Holdings, Inc. | 3,100 | $ | 73,812 | |||||
NS Solutions Corp. | 1,988 | 68,133 | ||||||
NTT Data Corp. | 5,131 | 67,967 | ||||||
NTT DOCOMO, Inc. | 2,588 | 71,221 | ||||||
OBIC Business Consultants Co. Ltd. | 1,602 | 64,833 | ||||||
OBIC Co. Ltd. | 630 | 79,548 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,855 | 69,800 | ||||||
Olympus Corp. | 5,201 | 71,204 | ||||||
Open House Co. Ltd. | 2,712 | 69,766 | ||||||
Oracle Corp. Japan | 814 | 72,135 | ||||||
Orient Corp. | 49,064 | 72,163 | ||||||
Oriental Land Co. Ltd. | 463 | 68,033 | ||||||
ORIX Corp. | 4,334 | 68,415 | ||||||
Osaka Gas Co. Ltd. | 3,539 | 69,500 | ||||||
OSG Corp. | 3,484 | 75,317 | ||||||
Otsuka Holdings Co. Ltd. | 1,645 | 69,053 | ||||||
Paltac Corp. | 1,345 | 65,443 | ||||||
Pan Pacific International Holdings Corp. | 4,266 | 67,361 | ||||||
Pilot Corp. | 1,951 | 79,949 | ||||||
Rengo Co. Ltd. | 9,022 | 65,930 | ||||||
Resona Holdings, Inc. | 16,460 | 72,338 | ||||||
Resorttrust, Inc. | 4,252 | 68,202 | ||||||
Ricoh Co. Ltd. | 7,324 | 65,716 | ||||||
Rinnai Corp. | 1,057 | 78,122 | ||||||
Rohm Co. Ltd. | 877 | 70,254 | ||||||
Ryohin Keikaku Co. Ltd. | 3,662 | 82,146 | ||||||
Sankyo Co. Ltd. | 1,886 | 66,208 | ||||||
Sankyu, Inc. | 1,387 | 71,079 | ||||||
Sanrio Co. Ltd. | 3,460 | 69,805 | ||||||
Sapporo Holdings Ltd. | 2,712 | 68,411 | ||||||
SCSK Corp. | 1,356 | 69,490 | ||||||
Secom Co. Ltd. | 738 | 68,711 | ||||||
Sega Sammy Holdings, Inc. | 4,704 | 66,488 | ||||||
Seibu Holdings, Inc. | 3,821 | 67,615 | ||||||
Seino Holdings Co., Ltd. | 5,051 | 65,272 | ||||||
Sekisui House Ltd. | 3,705 | 80,266 | ||||||
Seven & i Holdings Co., Ltd. | 1,834 | 69,556 | ||||||
Seven Bank Ltd. | 24,921 | 72,616 | ||||||
SG Holdings Co. Ltd. | 2,440 | 60,692 | ||||||
Shiga Bank Ltd. (The) | 3,097 | 75,344 | ||||||
Shikoku Electric Power Co., Inc. | 6,687 | 66,496 | ||||||
Shimamura Co. Ltd. | 898 | 76,505 | ||||||
Shimano, Inc. | 476 | 79,697 | ||||||
Shiseido Co. Ltd. | 814 | 67,527 | ||||||
Shizuoka Bank Ltd. (The) | 9,676 | 74,469 | ||||||
SHO-BOND Holdings Co. Ltd. | 1,900 | 74,169 | ||||||
SKY Perfect JSAT Holdings, Inc. | 16,559 | 68,776 | ||||||
Skylark Holdings Co. Ltd. | 3,801 | 69,090 | ||||||
Sohgo Security Services Co. Ltd. | 1,278 | 69,867 | ||||||
Sojitz Corp. | 20,821 | 65,869 | ||||||
Sompo Holdings, Inc. | 1,606 | 63,494 | ||||||
Sony Financial Holdings, Inc. | 2,956 | 63,957 | ||||||
Sotetsu Holdings, Inc. | 2,477 | 66,172 | ||||||
Square Enix Holdings Co. Ltd. | 1,628 | 77,406 | ||||||
Subaru Corp. | 2,436 | 70,373 | ||||||
Sumitomo Corp. | 4,252 | 69,343 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 3,882 | 68,300 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 2,020 | 72,500 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,021 | 74,330 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 1,572 | 69,217 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sumitomo Realty & Development Co., Ltd. | 1,749 | $ | 63,793 | |||||
Sundrug Co. Ltd. | 2,117 | 70,400 | ||||||
Suntory Beverage & Food Ltd. | 1,480 | 63,250 | ||||||
Suzuken Co., Ltd. | 1,261 | 67,655 | ||||||
Suzuki Motor Corp. | 1,796 | 85,343 | ||||||
Sysmex Corp. | 1,084 | 71,063 | ||||||
Taisei Corp. | 1,917 | 76,251 | ||||||
Taiyo Nippon Sanso Corp. | 3,294 | 77,760 | ||||||
Takara Bio, Inc. | 2,932 | 59,993 | ||||||
Takashimaya Co. Ltd. | 5,934 | 69,273 | ||||||
Takeda Pharmaceutical Co., Ltd. | 1,896 | 68,891 | ||||||
Teijin Ltd. | 3,606 | 72,784 | ||||||
Terumo Corp. | 2,248 | 73,821 | ||||||
TIS, Inc. | 1,084 | 65,879 | ||||||
Tobu Railway Co. Ltd. | 2,080 | 69,747 | ||||||
Toho Co. Ltd. | 1,551 | 62,697 | ||||||
Toho Gas Co. Ltd. | 1,728 | 67,534 | ||||||
Tohoku Electric Power Co., Inc. | 6,525 | 67,239 | ||||||
Tokio Marine Holdings, Inc. | 1,335 | 72,465 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 13,350 | 61,993 | ||||||
Tokyo Gas Co., Ltd. | 2,546 | 62,316 | ||||||
Tokyu Corp. | 3,616 | 68,604 | ||||||
Toray Industries, Inc. | 9,289 | 66,223 | ||||||
Toshiba Plant Systems & Services Corp. | 3,992 | 78,359 | ||||||
Toyo Seikan Group Holdings Ltd. | 4,432 | 70,802 | ||||||
Toyo Suisan Kaisha Ltd. | 1,608 | 67,827 | ||||||
Toyota Motor Corp. | 964 | 67,254 | ||||||
Trend Micro, Inc. | 1,423 | 72,397 | ||||||
TV Asahi Holdings Corp. | 4,235 | 66,872 | ||||||
Unicharm Corp. | 2,126 | 72,548 | ||||||
Ushio, Inc. | 4,884 | 73,505 | ||||||
USS Co. Ltd. | 3,461 | 67,424 | ||||||
West Japan Railway Co. | 751 | 65,419 | ||||||
Yamada Denki Co. Ltd. | 13,928 | 67,382 | ||||||
Yamaguchi Financial Group, Inc. | 10,257 | 72,773 | ||||||
Yamato Holdings Co. Ltd. | 3,838 | 64,757 | ||||||
Yamazaki Baking Co. Ltd. | 3,839 | 65,555 | ||||||
Yaoko Co. Ltd. | 1,494 | 69,929 | ||||||
Yokogawa Electric Corp. | 3,708 | 68,497 | ||||||
Zenkoku Hosho Co. Ltd. | 1,789 | 75,214 | ||||||
Zensho Holdings Co. Ltd. | 2,879 | 61,066 | ||||||
Zeon Corp. | 5,531 | 63,596 | ||||||
|
| |||||||
17,480,349 | ||||||||
|
| |||||||
Jordan-0.13% | ||||||||
Hikma Pharmaceuticals PLC | 2,590 | 67,364 | ||||||
|
| |||||||
Luxembourg-0.27% | ||||||||
Eurofins Scientific S.E.(a) | 139 | 70,435 | ||||||
L’Occitane International S.A. | 32,344 | 72,878 | ||||||
|
| |||||||
143,313 | ||||||||
|
| |||||||
Mexico-0.12% | ||||||||
Fresnillo PLC(a) | 6,911 | 63,494 | ||||||
|
| |||||||
Netherlands-1.62% | ||||||||
ABN AMRO Group N.V., CVA(c) | 3,647 | 67,908 | ||||||
Akzo Nobel N.V. | 723 | 66,586 | ||||||
Euronext N.V.(c) | 822 | 66,258 | ||||||
EXOR N.V. | 942 | 72,221 | ||||||
GrandVision N.V.(c) | 2,131 | 65,142 | ||||||
Heineken Holding N.V. | 638 | 60,787 |
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, 2019
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Heineken N.V. | 593 | $ | 60,508 | |||||
Koninklijke Ahold Delhaize N.V. | 2,715 | 67,622 | ||||||
Koninklijke KPN N.V. | 20,195 | 62,635 | ||||||
Koninklijke Vopak N.V. | 1,359 | 74,580 | ||||||
NN Group N.V. | 1,948 | 74,261 | ||||||
Signify N.V.(c) | 2,253 | 65,956 | ||||||
Wolters Kluwer N.V. | 884 | 65,111 | ||||||
|
| |||||||
869,575 | ||||||||
|
| |||||||
NewZealand-1.03% | ||||||||
Air New Zealand Ltd. | 34,740 | 62,937 | ||||||
Auckland International Airport Ltd. | 10,483 | 62,522 | ||||||
Contact Energy Ltd. | 11,388 | 53,897 | ||||||
Fletcher Building Ltd. | 22,126 | 64,987 | ||||||
Kiwi Property Group Ltd. | 62,061 | 63,282 | ||||||
Mercury NZ Ltd. | 18,938 | 60,300 | ||||||
Meridian Energy Ltd. | 18,921 | 55,817 | ||||||
SKYCITY Entertainment Group Ltd. | 26,437 | 66,290 | ||||||
Spark New Zealand Ltd. | 22,418 | 64,407 | ||||||
|
| |||||||
554,439 | ||||||||
|
| |||||||
Norway-0.83% | ||||||||
Gjensidige Forsikring ASA | 3,346 | 62,647 | ||||||
Leroy Seafood Group ASA | 9,805 | 65,828 | ||||||
Mowi ASA | 2,680 | 65,444 | ||||||
Orkla ASA | 7,080 | 68,123 | ||||||
Salmar ASA | 1,362 | 63,567 | ||||||
Schibsted ASA, Class A | 991 | 29,143 | ||||||
Schibsted ASA, Class B | 1,218 | 34,068 | ||||||
Telenor ASA | 3,114 | 58,388 | ||||||
|
| |||||||
447,208 | ||||||||
|
| |||||||
Poland-1.16% | ||||||||
Bank Polska Kasa Opieki S.A. | 2,579 | 72,874 | ||||||
CD Projekt S.A. | 1,012 | 66,874 | ||||||
Cyfrowy Polsat S.A. | 8,933 | 64,861 | ||||||
Dino Polska S.A.(b)(c) | 1,617 | 63,154 | ||||||
LPP S.A. | 35 | 74,817 | ||||||
PGE Polska Grupa Energetyczna S.A.(b) | 32,899 | 70,627 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 56,676 | 69,883 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 6,957 | 67,382 | ||||||
Santander Bank Polska S.A. | 858 | 70,439 | ||||||
|
| |||||||
620,911 | ||||||||
|
| |||||||
Portugal-0.13% | ||||||||
EDP - Energias de Portugal S.A., Class R | 16,603 | 68,350 | ||||||
|
| |||||||
Russia-0.13% | ||||||||
Polymetal International PLC | 4,391 | 71,877 | ||||||
|
| |||||||
Singapore-3.40% | ||||||||
Ascendas REIT | 28,006 | 65,233 | ||||||
BOC Aviation Ltd.(c) | 7,466 | 70,205 | ||||||
CapitaLand Commercial Trust | 41,432 | 62,409 | ||||||
CapitaLand Ltd. | 25,624 | 67,781 | ||||||
CapitaLand Mall Trust | 33,326 | 62,198 | ||||||
ComfortDelGro Corp. Ltd. | 35,534 | 60,052 | ||||||
Frasers Property Ltd. | 50,882 | 68,792 | ||||||
Jardine Cycle & Carriage Ltd. | 2,903 | 69,794 | ||||||
Keppel REIT | 71,601 | 63,659 | ||||||
Mapletree Commercial Trust | 39,761 | 68,072 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(b) | 2,823 | 187 |
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Mapletree Industrial Trust | 37,774 | $ | 70,777 | |||||
Mapletree Logistics Trust | 57,006 | 70,370 | ||||||
Olam International Ltd. | 49,198 | 66,154 | ||||||
SATS Ltd. | 18,677 | 69,304 | ||||||
Sembcorp Industries Ltd. | 41,640 | 70,065 | ||||||
SIA Engineering Co. Ltd. | 35,823 | 70,280 | ||||||
Singapore Airlines Ltd. | 10,115 | 69,938 | ||||||
Singapore Exchange Ltd. | 10,716 | 70,393 | ||||||
Singapore Post Ltd. | 97,818 | 69,000 | ||||||
Singapore Press Holdings Ltd. | 45,720 | 74,579 | ||||||
Singapore Technologies Engineering Ltd. | 22,625 | 66,331 | ||||||
Singapore Telecommunications Ltd. | 27,938 | 67,743 | ||||||
StarHub Ltd. | 68,912 | 65,826 | ||||||
Suntec REIT | 46,119 | 63,031 | ||||||
Venture Corp. Ltd. | 6,025 | 70,080 | ||||||
Wilmar International Ltd. | 23,298 | 64,196 | ||||||
Wing Tai Holdings Ltd. | 43,925 | 65,519 | ||||||
|
| |||||||
1,821,968 | ||||||||
|
| |||||||
SouthKorea-8.06% | ||||||||
BGF retail Co., Ltd. | 376 | 57,525 | ||||||
BNK Financial Group, Inc. | 11,642 | 69,545 | ||||||
Cheil Worldwide, Inc. | 3,093 | 65,797 | ||||||
CJ CheilJedang Corp. | 345 | 67,758 | ||||||
CJ CheilJedang Corp., Preference Shares | 739 | 62,184 | ||||||
CJ ENM Co., Ltd. | 501 | 71,052 | ||||||
Daelim Industrial Co. Ltd. | 859 | 67,187 | ||||||
Daewoo Engineering & Construction Co. Ltd. (b) | 18,579 | 69,545 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 2,760 | 66,779 | ||||||
DB Insurance Co. Ltd. | 1,616 | 70,143 | ||||||
DGB Financial Group, Inc. | 11,020 | 66,587 | ||||||
Dongsuh Cos., Inc. | 4,317 | 64,934 | ||||||
Doosan Bobcat, Inc. | 2,174 | 58,860 | ||||||
E-MART, Inc. | 686 | 65,743 | ||||||
Fila Korea Ltd. | 1,343 | 66,489 | ||||||
GS Holdings Corp. | 1,637 | 69,859 | ||||||
GS Retail Co. Ltd. | 1,897 | 62,366 | ||||||
Hana Financial Group, Inc. | 2,366 | 68,533 | ||||||
Hanmi Pharm Co. Ltd. | 275 | 78,828 | ||||||
Hanwha Aerospace Co. Ltd.(b) | 1,837 | 59,683 | ||||||
Hanwha Corp., Preference Shares | 5,600 | 65,461 | ||||||
Hite Jinro Co. Ltd. | 3,057 | 74,753 | ||||||
Hyundai Department Store Co. Ltd. | 1,005 | 63,836 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 237 | 69,565 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 3,240 | 70,317 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 1,868 | 69,762 | ||||||
Industrial Bank of Korea | 6,327 | 64,170 | ||||||
Kakao Corp. | 564 | 68,594 | ||||||
Kangwon Land, Inc. | 2,711 | 73,050 | ||||||
KB Financial Group, Inc. | 1,949 | 70,274 | ||||||
Korea Aerospace Industries Ltd. | 1,873 | 61,175 | ||||||
Korea Gas Corp. | 1,965 | 66,375 | ||||||
Korea Zinc Co. Ltd. | 175 | 65,355 | ||||||
KT&G Corp. | 771 | 66,268 | ||||||
Kumho Petrochemical Co. Ltd. | 1,121 | 67,446 | ||||||
LG Chem Ltd. | 223 | 58,939 | ||||||
LG Chem Ltd., Preference Shares | 33 | 4,879 | ||||||
LG Corp. | 1,089 | 64,959 | ||||||
LG Electronics, Inc. | 1,181 | 67,909 |
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, 2019
Shares | Value | |||||||
South Korea-(continued) | ||||||||
LG Electronics, Inc., Preference Shares | 189 | $ | 4,427 | |||||
LG Uplus Corp. | 5,851 | 67,640 | ||||||
Lotte Chemical Corp. | 351 | 68,483 | ||||||
Medy-Tox, Inc. | 214 | 60,699 | ||||||
Mirae Asset Daewoo Co. Ltd., 2nd Pfd. | 18,963 | 67,152 | ||||||
NAVER Corp. | 516 | 72,735 | ||||||
NCSoft Corp. | 141 | 62,535 | ||||||
Netmarble Corp.(b)(c) | 803 | 62,048 | ||||||
NongShim Co. Ltd. | 311 | 64,689 | ||||||
Orion Corp. | 834 | 75,984 | ||||||
Ottogi Corp. | 133 | 64,588 | ||||||
POSCO Chemical Co., Ltd. | 1,508 | 62,280 | ||||||
Posco International Corp. | 4,167 | 65,364 | ||||||
S-1 Corp. | 759 | 61,127 | ||||||
Samsung Card Co. Ltd. | 2,331 | 67,218 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 844 | 81,973 | ||||||
Samsung Engineering Co. Ltd.(b) | 5,055 | 77,338 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 325 | 60,478 | ||||||
Samsung Fire & Marine Insurance Co., Ltd., Preference Shares | 26 | 3,609 | ||||||
Samsung Life Insurance Co. Ltd. | 1,154 | 70,027 | ||||||
Samsung SDI Co. Ltd. | 319 | 62,377 | ||||||
Samsung SDS Co. Ltd. | 400 | 69,277 | ||||||
Shinhan Financial Group Co., Ltd. | 1,897 | 69,296 | ||||||
SK Holdings Co. Ltd. | 387 | 85,985 | ||||||
SK Innovation Co. Ltd. | 483 | 66,423 | ||||||
SK Telecom Co., Ltd. | 325 | 66,204 | ||||||
Woongjin Coway Co., Ltd. | 918 | 72,433 | ||||||
Woori Financial Group, Inc. | 6,455 | 65,191 | ||||||
|
| |||||||
4,320,064 | ||||||||
|
| |||||||
Spain-2.28% | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 1,684 | 68,368 | ||||||
Aena SME S.A.(c) | 355 | 65,151 | ||||||
Amadeus IT Group S.A. | 870 | 64,391 | ||||||
Bankinter S.A. | 11,192 | 77,416 | ||||||
Cellnex Telecom S.A.(b)(c) | 1,698 | 73,237 | ||||||
Corp Financiera Alba S.A. | 1,273 | 63,555 | ||||||
EDP Renovaveis S.A. | 5,866 | 66,884 | ||||||
Enagas S.A. | 2,920 | 72,288 | ||||||
Endesa S.A. | 2,458 | 66,911 | ||||||
Fomento de Construcciones y Contratas S.A. | 5,064 | 61,355 | ||||||
Grifols S.A.(a) | 2,061 | 66,405 | ||||||
Iberdrola S.A. | 6,175 | 63,435 | ||||||
Inmobiliaria Colonial Socimi S.A. | 5,481 | 70,810 | ||||||
Mapfre, S.A. | 24,438 | 68,161 | ||||||
Merlin Properties SOCIMI, S.A. | 4,840 | 71,277 | ||||||
Red Electrica Corp. S.A. | 3,194 | 64,319 | ||||||
Repsol S.A. | 4,325 | 70,930 | ||||||
Telefonica S.A. | 9,107 | 69,852 | ||||||
|
| |||||||
1,224,745 | ||||||||
|
| |||||||
Sweden-2.80% | ||||||||
Alfa Laval AB | 3,541 | 81,998 | ||||||
Assa Abloy AB, Class B | 2,985 | 70,951 | ||||||
Castellum AB | 2,903 | 59,435 | ||||||
Electrolux AB, Series B | 2,941 | 77,384 | ||||||
Elekta AB, Class B | 4,998 | 69,775 | ||||||
Essity AB, Class B | 2,054 | 64,236 | ||||||
Fastighets AB Balder, Class B(b) | 1,697 | 65,877 |
Shares | Value | |||||||
Sweden-(continued) | ||||||||
ICA Gruppen AB | 1,303 | $ | 57,750 | |||||
Industrivarden AB, Class A | 1,647 | 36,481 | ||||||
Industrivarden AB, Class C | 1,326 | 28,752 | ||||||
Investment AB Latour, Class B | 4,727 | 64,029 | ||||||
Investor AB, Class A | 309 | 15,588 | ||||||
Investor AB, Class B | 1,054 | 54,099 | ||||||
L E Lundbergforetagen AB, Class B | 1,685 | 63,557 | ||||||
Securitas AB, Class B | 4,274 | 68,496 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 7,461 | 71,649 | ||||||
Skandinaviska Enskilda Banken AB, Class C | 101 | 978 | ||||||
Skanska AB, Class B | 3,276 | 69,877 | ||||||
Svenska Handelsbanken AB, Class A | 7,192 | 72,157 | ||||||
Svenska Handelsbanken AB, Class B | 170 | 1,710 | ||||||
Swedbank AB, Class A | 5,061 | 70,943 | ||||||
Swedish Match AB | 1,581 | 74,371 | ||||||
Swedish Orphan Biovitrum AB(b) | 3,953 | 62,736 | ||||||
Tele2 AB, Class B | 4,459 | 63,893 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 99 | 864 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 8,228 | 72,046 | ||||||
Telia Co. AB | 14,496 | 63,871 | ||||||
|
| |||||||
1,503,503 | ||||||||
|
| |||||||
Switzerland-3.23% | ||||||||
Banque Cantonale Vaudoise | 85 | 66,587 | ||||||
Barry Callebaut AG | 33 | 69,562 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 81,885 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 8 | 59,427 | ||||||
Coca-Cola HBC AG(b) | 1,872 | 56,926 | ||||||
DKSH Holding AG | 1,321 | 62,680 | ||||||
Flughafen Zurich AG | 337 | 60,689 | ||||||
Geberit AG | 143 | 72,547 | ||||||
Givaudan S.A. | 24 | 70,462 | ||||||
Helvetia Holding AG | 485 | 68,025 | ||||||
Nestle S.A. | 569 | 60,732 | ||||||
Novartis AG | 724 | 63,166 | ||||||
Pargesa Holding S.A., BR | 872 | 68,841 | ||||||
PSP Swiss Property AG | 483 | 63,878 | ||||||
Roche Holding AG | 225 | 67,677 | ||||||
Roche Holding AG, BR | 10 | 2,977 | ||||||
Schindler Holding AG | 91 | 21,506 | ||||||
Schindler Holding AG, PC | 191 | 46,688 | ||||||
SGS S.A. | 26 | 67,665 | ||||||
Sika AG | 453 | 77,814 | ||||||
Sonova Holding AG | 277 | 63,443 | ||||||
Swatch Group AG (The) | 283 | 15,157 | ||||||
Swatch Group AG (The), BR | 187 | 51,736 | ||||||
Swiss Life Holding AG | 134 | 66,976 | ||||||
Swiss Prime Site AG(b) | 643 | 66,206 | ||||||
Swiss Re AG | 650 | 68,047 | ||||||
Swisscom AG | 133 | 67,932 | ||||||
Temenos AG(b) | 373 | 53,205 | ||||||
Zurich Insurance Group AG | 179 | 69,931 | ||||||
|
| |||||||
1,732,367 | ||||||||
|
| |||||||
Taiwan-0.12% | ||||||||
FIT Hon Teng Ltd.(c) | 151,108 | 61,502 | ||||||
|
| |||||||
United ArabEmirates-0.11% | ||||||||
NMC Health PLC | 2,053 | 57,993 | ||||||
|
| |||||||
UnitedKingdom-5.45% | ||||||||
Admiral Group PLC | 2,556 | 66,877 |
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, 2019
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
AstraZeneca PLC | 717 | $ | 69,594 | |||||
Auto Trader Group PLC(c) | 10,394 | 75,615 | ||||||
Barclays PLC | 38,607 | 83,829 | ||||||
Berkeley Group Holdings PLC | 1,381 | 78,646 | ||||||
BT Group PLC | 31,873 | 84,426 | ||||||
Bunzl PLC | 2,589 | 67,271 | ||||||
Cineworld Group PLC | 24,095 | 69,435 | ||||||
Compass Group PLC | 2,481 | 66,006 | ||||||
Croda International PLC | 1,127 | 70,234 | ||||||
DCC PLC | 743 | 69,570 | ||||||
Derwent London PLC | 1,664 | 76,439 | ||||||
Diageo PLC | 1,468 | 60,113 | ||||||
Direct Line Insurance Group PLC | 18,947 | 66,712 | ||||||
Experian PLC | 2,036 | 63,968 | ||||||
Fiat Chrysler Automobiles N.V. | 4,797 | 74,540 | ||||||
GlaxoSmithKline PLC | 3,040 | 69,572 | ||||||
Halma PLC | 2,659 | 64,462 | ||||||
Hiscox Ltd. | 3,414 | 65,780 | ||||||
Howden Joinery Group PLC | 9,475 | 70,793 | ||||||
HSBC Holdings PLC | 8,779 | 66,229 | ||||||
International Consolidated Airlines Group S.A. | 10,065 | 69,184 | ||||||
International Consolidated Airlines Group S.A., ADR | 1,271 | 17,438 | ||||||
Lloyds Banking Group PLC | 106,931 | 78,593 | ||||||
London Stock Exchange Group PLC | 745 | 67,039 | ||||||
National Grid PLC | 6,053 | 70,595 | ||||||
Pearson PLC | 6,261 | 55,270 | ||||||
Pennon Group PLC | 6,911 | 80,325 | ||||||
Reckitt Benckiser Group PLC | 814 | 62,820 | ||||||
RELX PLC | 2,655 | 63,833 | ||||||
Rightmove PLC | 9,876 | 76,498 | ||||||
RSA Insurance Group PLC | 10,079 | 68,106 | ||||||
Sage Group PLC (The) | 7,457 | 69,456 | ||||||
Segro PLC | 6,690 | 73,081 | ||||||
Severn Trent PLC | 2,568 | 74,933 | ||||||
Smith & Nephew plc | 2,684 | 57,393 | ||||||
Smiths Group PLC | 3,159 | 65,956 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
SSE PLC | 4,536 | $ | 75,336 | |||||
Tate & Lyle PLC | 7,136 | 62,145 | ||||||
Unilever N.V. | 1,019 | 60,196 | ||||||
Unilever PLC | 1,001 | 59,875 | ||||||
United Utilities Group PLC | 6,546 | 73,710 | ||||||
Whitbread PLC | 1,191 | 62,586 | ||||||
|
| |||||||
2,924,479 | ||||||||
|
| |||||||
UnitedStates-0.46% | ||||||||
Amcor PLC, CDI | 6,639 | 63,715 | ||||||
Carnival PLC | 1,530 | 61,216 | ||||||
QIAGEN N.V.(b) | 1,872 | 56,202 | ||||||
Waste Connections, Inc. | 706 | 65,349 | ||||||
|
| |||||||
246,482 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 53,361,942 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.53% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 614,148 | 614,148 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 205,462 | 205,544 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 819,692 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.06% |
| 54,181,634 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.06)% |
| (566,275 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 53,615,359 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $1,326,102, which represented 2.47% 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 the7-day SEC standardized yield as of October 31, 2019. |
(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.
| 26 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-95.35% |
| |||||||
Argentina-2.48% | ||||||||
Banco BBVA Argentina S.A., ADR | 2,227 | $ | 7,794 | |||||
Banco Macro S.A., ADR | 1,444 | 33,068 | ||||||
Globant S.A.(a) | 1,083 | 101,001 | ||||||
Grupo Financiero Galicia S.A., ADR | 3,221 | 37,235 | ||||||
Pampa Energia S.A., ADR(a) | 2,015 | 31,373 | ||||||
Telecom Argentina S.A., ADR | 2,739 | 24,651 | ||||||
Transportadora de Gas del Sur S.A., Class B, ADR | 2,425 | 18,333 | ||||||
YPF S.A., ADR | 5,590 | 52,322 | ||||||
|
| |||||||
305,777 | ||||||||
|
| |||||||
Brazil-4.37% | ||||||||
Ambev S.A. | 6,110 | 26,453 | ||||||
Atacadao S.A. | 500 | 2,380 | ||||||
B2W Cia Digital(a) | 261 | 3,303 | ||||||
B3 S.A.–Brasil, Bolsa, Balcao | 2,638 | 31,792 | ||||||
Banco Bradesco S.A. | 1,625 | 13,297 | ||||||
Banco Bradesco S.A., Preference Shares | 5,233 | 45,846 | ||||||
Banco BTG Pactual S.A. | 252 | 4,078 | ||||||
Banco do Brasil S.A. | 1,127 | 13,518 | ||||||
Banco Santander Brasil S.A. | 550 | 6,448 | ||||||
BB Seguridade Participacoes S.A. | 899 | 7,607 | ||||||
BR Malls Participacoes S.A. | 984 | 3,763 | ||||||
Braskem S.A., Class A, Preference Shares | 246 | 1,697 | ||||||
BRF S.A.(a) | 800 | 7,076 | ||||||
CCR S.A. | 1,529 | 6,262 | ||||||
Centrais Eletricas Brasileiras S.A. | 300 | 2,956 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 322 | 3,288 | ||||||
Cia Brasileira de Distribuicao, Preference Shares | 194 | 4,011 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 455 | 6,191 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 1,147 | 3,900 | ||||||
Cia Siderurgica Nacional S.A. | 800 | 2,352 | ||||||
Cielo S.A. | 1,544 | 2,908 | ||||||
Cogna Educacao | 1,894 | 4,562 | ||||||
Cosan S.A. | 233 | 3,354 | ||||||
Embraer S.A. | 951 | 4,153 | ||||||
Energisa S.A. | 200 | 2,387 | ||||||
ENGIE Brasil Energia S.A. | 291 | 3,281 | ||||||
Equatorial Energia S.A. | 209 | 5,304 | ||||||
Gerdau S.A., Preference Shares | 1,372 | 4,590 | ||||||
Hypera S.A. | 496 | 4,240 | ||||||
IRB Brasil Resseguros S.A. | 558 | 5,253 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 6,314 | 56,984 | ||||||
Itausa - Investimentos Itau S.A., Preference Shares | 5,706 | 19,487 | ||||||
Klabin S.A. | 905 | 3,566 | ||||||
Localiza Rent a Car S.A. | 814 | 8,756 | ||||||
Lojas Americanas S.A., Preference Shares | 956 | 4,760 | ||||||
Lojas Renner S.A. | 1,026 | 12,971 | ||||||
M Dias Branco S.A. | 145 | 1,364 | ||||||
Magazine Luiza S.A. | 760 | 8,451 | ||||||
Multiplan Empreendimentos Imobiliarios S.A. | 403 | 2,932 | ||||||
Natura Cosmeticos S.A. | 504 | 3,912 |
Shares | Value | |||||||
Brazil-(continued) | ||||||||
Notre Dame Intermedica Participacoes S.A. | 400 | $ | 5,978 | |||||
Petrobras Distribuidora S.A. | 499 | 3,515 | ||||||
Petroleo Brasileiro S.A. | 3,848 | 31,345 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 5,395 | 40,841 | ||||||
Porto Seguro S.A. | 138 | 1,973 | ||||||
Raia Drogasil S.A. | 292 | 8,001 | ||||||
Rumo S.A.(a) | 1,457 | 8,275 | ||||||
Sul America S.A. | 300 | 3,609 | ||||||
Suzano S.A. | 731 | 5,944 | ||||||
Telefonica Brasil S.A., Preference Shares | 593 | 7,841 | ||||||
TIM Participacoes S.A. | 1,109 | 3,155 | ||||||
Ultrapar Participacoes S.A. | 932 | 4,381 | ||||||
Vale S.A.(a) | 4,069 | 47,842 | ||||||
WEG S.A. | 1,098 | 6,975 | ||||||
|
| |||||||
539,108 | ||||||||
|
| |||||||
Chile-3.33% | ||||||||
Aguas Andinas S.A., Class A | 24,200 | 11,104 | ||||||
Banco de Chile | 286,766 | 36,957 | ||||||
Banco de Credito e Inversiones S.A. | 462 | 25,743 | ||||||
Banco Santander Chile | 623,142 | 38,691 | ||||||
Cencosud S.A. | 13,624 | 18,514 | ||||||
Cia Cervecerias Unidas S.A. | 1,368 | 13,661 | ||||||
Colbun S.A. | 73,029 | 12,610 | ||||||
Embotelladora Andina S.A., Class B, Preference Shares | 3,298 | 9,524 | ||||||
Empresa Nacional de Telecomunicaciones S.A. (a) | 1,397 | 10,936 | ||||||
Empresas CMPC S.A. | 10,455 | 23,844 | ||||||
Empresas COPEC S.A. | 3,624 | 32,430 | ||||||
Enel Americas S.A. | 270,655 | 50,587 | ||||||
Enel Chile S.A. | 267,958 | 22,054 | ||||||
Itau CorpBanca | 1,422,596 | 8,639 | ||||||
LATAM Airlines Group S.A. | 2,882 | 31,892 | ||||||
SACI Falabella | 6,995 | 35,635 | ||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 1,063 | 28,260 | ||||||
|
| |||||||
411,081 | ||||||||
|
| |||||||
China-3.63% | ||||||||
3SBio, Inc.(a)(b) | 500 | 935 | ||||||
51job, Inc., ADR(a) | 8 | 630 | ||||||
58.com, Inc., ADR(a) | 25 | 1,320 | ||||||
AAC Technologies Holdings, Inc. | 145 | 944 | ||||||
Agile Group Holdings Ltd. | 453 | 613 | ||||||
Agricultural Bank of China Ltd., A Shares | 600 | 310 | ||||||
Agricultural Bank of China Ltd., H Shares | 7,646 | 3,151 | ||||||
Air China Ltd., H Shares | 603 | 534 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 373 | 65,898 | ||||||
Alibaba Health Information Technology Ltd.(a) | 1,157 | 1,168 | ||||||
Aluminum Corp. of China Ltd., A Shares(a) | 100 | 48 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 341 | 101 | ||||||
Angang Steel Co. Ltd., H Shares(c) | 466 | 156 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 279 | 1,671 | ||||||
ANTA Sports Products Ltd. | 317 | 3,106 | ||||||
Autohome, Inc., ADR(a)(c) | 15 | 1,268 | ||||||
AVIC Capital Co., Ltd., A Shares | 100 | 65 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares | 1,000 | 473 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
BAIC Motor Corp. Ltd., H Shares(b) | 500 | $ | 311 | |||||
Baidu, Inc., ADR(a) | 73 | 7,435 | ||||||
Bank of Beijing Co., Ltd., A Shares | 100 | 79 | ||||||
Bank of China Ltd., A Shares | 200 | 105 | ||||||
Bank of China Ltd., H Shares | 21,241 | 8,699 | ||||||
Bank of Communications Co. Ltd., A Shares | 200 | 159 | ||||||
Bank of Communications Co. Ltd., H Shares | 2,000 | 1,368 | ||||||
Bank of Jiangsu Co., Ltd., A Shares | 100 | 100 | ||||||
Bank of Nanjing Co., Ltd., A Shares | 100 | 123 | ||||||
Bank of Shanghai Co., Ltd., A Shares | 130 | 172 | ||||||
Baoshan Iron & Steel Co., Ltd., A Shares | 100 | 82 | ||||||
Baozun, Inc., ADR(a)(c) | 11 | 479 | ||||||
BBMG Corp., A Shares | 100 | 46 | ||||||
BBMG Corp., H Shares | 1,000 | 287 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 559 | 530 | ||||||
Beijing Enterprises Holdings Ltd. | 167 | 787 | ||||||
Beijing Enterprises Water Group Ltd.(a) | 955 | 500 | ||||||
BOE Technology Group Co., Ltd., A Shares | 200 | 101 | ||||||
Brilliance China Automotive Holdings Ltd. | 1,000 | 1,107 | ||||||
BYD Co. Ltd., H Shares(c) | 212 | 998 | ||||||
BYD Electronic International Co. Ltd. | 223 | 385 | ||||||
CGN Power Co. Ltd., H Shares(b) | 3,000 | 777 | ||||||
China Agri-Industries Holdings Ltd. | 1,000 | 330 | ||||||
China Aoyuan Group Ltd. | 1,000 | 1,284 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 2,000 | 416 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 2,000 | 1,161 | ||||||
China Coal Energy Co. Ltd., H Shares | 1,000 | 399 | ||||||
China Communications Construction Co. Ltd., H Shares | 1,462 | 1,114 | ||||||
China Communications Services Corp. Ltd., H Shares | 790 | 489 | ||||||
China Conch Venture Holdings Ltd. | 500 | 1,958 | ||||||
China Construction Bank Corp., A Shares | 100 | 104 | ||||||
China Construction Bank Corp., H Shares | 25,969 | 20,907 | ||||||
China Eastern Airlines Corp. Ltd., A Shares(a) | 100 | 74 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(a) | 462 | 231 | ||||||
China Everbright Bank Co. Ltd., A Shares | 200 | 123 | ||||||
China Everbright Bank Co. Ltd., H Shares | 1,000 | 461 | ||||||
China Everbright International Ltd. | 1,000 | 757 | ||||||
China Everbright Ltd. | 306 | 454 | ||||||
China Evergrande Group(a)(c) | 441 | 1,077 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 1,000 | 512 | ||||||
China Grand Automotive Services Group Co., Ltd., A Shares | 100 | 51 | ||||||
China Hongqiao Group Ltd. | 216 | 120 | ||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 3,000 | 444 | ||||||
China International Capital Corp. Ltd., H Shares(b)(c) | 400 | 732 | ||||||
China Jinmao Holdings Group Ltd. | 1,022 | 682 | ||||||
China Life Insurance Co., Ltd., H Shares | 1,974 | 5,138 | ||||||
China Literature Ltd.(a)(b)(c) | 60 | 236 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,000 | 541 | ||||||
China Medical System Holdings Ltd. | 452 | 615 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 693 | 2,772 | ||||||
China Merchants Bank Co. Ltd., A Shares | 200 | 1,009 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,024 | 4,899 |
Shares | Value | |||||||
China-(continued) | ||||||||
China Merchants Port Holdings Co. Ltd. | 439 | $ | 688 | |||||
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares | 100 | 266 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 200 | 175 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 1,800 | 1,261 | ||||||
China Mobile Ltd. | 1,669 | 13,586 | ||||||
China Molybdenum Co., Ltd., A Shares | 100 | 48 | ||||||
China Molybdenum Co., Ltd., H Shares | 1,234 | 390 | ||||||
China National Building Material Co. Ltd., H Shares | 1,278 | 1,079 | ||||||
China National Nuclear Power Co., Ltd., A Shares | 100 | 72 | ||||||
China Oilfield Services Ltd., H Shares | 598 | 835 | ||||||
China Oriental Group Co. Ltd. | 369 | 129 | ||||||
China Overseas Land & Investment Ltd. | 933 | 2,952 | ||||||
China Pacific Insurance (Group) Co., Ltd., H Shares | 671 | 2,440 | ||||||
China Petroleum & Chemical Corp., A Shares | 100 | 70 | ||||||
China Petroleum & Chemical Corp., H Shares | 6,428 | 3,691 | ||||||
China Power International Development Ltd. | 1,000 | 209 | ||||||
China Railway Construction Corp. Ltd., A Shares | 100 | 133 | ||||||
China Railway Construction Corp. Ltd., H Shares | 500 | 547 | ||||||
China Railway Group Ltd., H Shares | 1,251 | 755 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares(b) | 488 | 292 | ||||||
China Reinsurance Group Corp., H Shares | 1,000 | 163 | ||||||
China Resources Beer Holdings Co. Ltd. | 353 | 1,817 | ||||||
China Resources Cement Holdings Ltd. | 807 | 885 | ||||||
China Resources Gas Group Ltd. | 294 | 1,774 | ||||||
China Resources Land Ltd. | 732 | 3,124 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 500 | 463 | ||||||
China Resources Power Holdings Co. Ltd. | 581 | 732 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 846 | 1,721 | ||||||
China Shipbuilding Industry Co., Ltd., A Shares | 100 | 75 | ||||||
China Southern Airlines Co., Ltd., A Shares | 100 | 95 | ||||||
China Southern Airlines Co., Ltd., H Shares | 606 | 374 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 200 | 149 | ||||||
China State Construction International | 667 | 614 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 334 | 754 | ||||||
China Telecom Corp. Ltd., H Shares | 3,387 | 1,443 | ||||||
China Tower Corp. Ltd., H Shares(b) | 11,102 | 2,451 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 749 | 335 | ||||||
China Unicom Hong Kong Ltd. | 1,453 | 1,440 | ||||||
China United Network Communications Ltd., A Shares | 200 | 175 | ||||||
China Vanke Co., Ltd., A Shares | 100 | 377 | ||||||
China Vanke Co., Ltd., H Shares | 400 | 1,462 | ||||||
China Yangtze Power Co., Ltd., A Shares | 100 | 254 | ||||||
China Zhongwang Holdings Ltd. | 400 | 166 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., H Shares | 1,000 | 535 | ||||||
CIFI Holdings Group Co., Ltd. | 1,154 | 773 | ||||||
CITIC Ltd. | 1,440 | 1,892 | ||||||
CITIC Securities Co. Ltd., A Shares | 100 | 308 | ||||||
CITIC Securities Co. Ltd., H Shares | 460 | 847 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
CNOOC Ltd. | 4,542 | $ | 6,815 | |||||
COSCO SHIPPING Development Co., Ltd., A Shares | 100 | 35 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 407 | 176 | ||||||
COSCO SHIPPING Holdings Co. Ltd., A Shares(a) | 100 | 66 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 500 | 188 | ||||||
COSCO SHIPPING Ports Ltd. | 555 | 437 | ||||||
Country Garden Holdings Co. Ltd. | 2,370 | 3,302 | ||||||
Country Garden Services Holdings Co. Ltd. | 330 | 1,122 | ||||||
CRRC Corp. Ltd., A Shares | 200 | 205 | ||||||
CRRC Corp. Ltd., H Shares | 1,372 | 919 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,556 | 4,000 | ||||||
Dali Foods Group Co. Ltd.(b) | 500 | 343 | ||||||
Daqin Railway Co. Ltd., A Shares | 100 | 108 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 1,009 | 200 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 896 | 901 | ||||||
East Money Information Co., Ltd., A Shares | 100 | 212 | ||||||
ENN Energy Holdings Ltd. | 277 | 3,174 | ||||||
Far East Horizon Ltd. | 407 | 386 | ||||||
Focus Media Information Technology Co., Ltd., A Shares | 100 | 85 | ||||||
Fosun International Ltd. | 500 | 656 | ||||||
Founder Securities Co., Ltd., A Shares | 100 | 96 | ||||||
Future Land Development Holdings Ltd.(a)(c) | 586 | 620 | ||||||
Fuyao Glass Industry Group Co., Ltd., H Shares(b) | 167 | 473 | ||||||
GD Power Development Co., Ltd., A Shares | 100 | 33 | ||||||
GDS Holdings Ltd., ADR(a) | 18 | 750 | ||||||
Geely Automobile Holdings Ltd. | 1,163 | 2,211 | ||||||
Genscript Biotech Corp.(a)(c) | 303 | 728 | ||||||
GF Securities Co., Ltd., H Shares(a) | 400 | 418 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 3,000 | 272 | ||||||
Great Wall Motor Co. Ltd., H Shares | 1,000 | 814 | ||||||
Greenland Holdings Corp. Ltd., A Shares | 100 | 97 | ||||||
Greentown Service Group Co. Ltd.(b) | 321 | 365 | ||||||
Guangdong Investment Ltd. | 672 | 1,458 | ||||||
Guanghui Energy Co., Ltd., A Shares | 100 | 47 | ||||||
Guangzhou Automobile Group Co., Ltd., H Shares | 916 | 917 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 400 | 622 | ||||||
Guotai Junan Securities Co., Ltd., A Shares | 100 | 242 | ||||||
Guotai Junan Securities Co., Ltd., H Shares(b) | 200 | 306 | ||||||
Haitian International Holdings Ltd. | 211 | 499 | ||||||
Haitong Securities Co., Ltd., A Shares | 100 | 200 | ||||||
Haitong Securities Co., Ltd., H Shares | 670 | 686 | ||||||
Hangzhou Hikvision Digital Technology Co., Ltd., A Shares | 100 | 460 | ||||||
Hengan International Group Co. Ltd. | 214 | 1,496 | ||||||
HengTen Networks Group Ltd.(a) | 8,000 | 115 | ||||||
Hesteel Co. Ltd., A Shares | 100 | 35 | ||||||
Hua Hong Semiconductor Ltd.(b) | 148 | 299 | ||||||
HUA XIA Bank Co., Ltd., A Shares | 100 | 106 | ||||||
Huadian Power International Corp. Ltd., A Shares | 100 | 50 | ||||||
Huadian Power International Corp. Ltd., H Shares | 539 | 202 | ||||||
Huaneng Power International, Inc., H Shares | 1,397 | 665 | ||||||
Huaneng Renewables Corp. Ltd., H Shares | 2,000 | 766 |
Shares | Value | |||||||
China-(continued) | ||||||||
Huatai Securities Co., Ltd., A Shares | 100 | $ | 248 | |||||
Huatai Securities Co., Ltd., H Shares(b) | 339 | 505 | ||||||
Huazhu Group Ltd., ADR | 35 | 1,325 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 300 | 252 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 16,936 | 12,187 | ||||||
Industrial Bank Co., Ltd., A Shares | 200 | 532 | ||||||
Industrial Securities Co., Ltd., A Shares | 100 | 91 | ||||||
Inner Mongolia BaoTou Steel Union Co., Ltd., A Shares | 200 | 39 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., A Shares(a) | 100 | 42 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., B Shares | 300 | 262 | ||||||
iQIYI, Inc., ADR(a)(c) | 39 | 680 | ||||||
JD.com, Inc., ADR(a) | 194 | 6,043 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 404 | 537 | ||||||
Jiangxi Copper Co., Ltd., H Shares | 412 | 483 | ||||||
Kaisa Group Holdings Ltd.(a) | 1,000 | 439 | ||||||
Kingboard Holdings Ltd. | 229 | 612 | ||||||
Kingdee International Software Group Co. Ltd. | 761 | 837 | ||||||
Kingsoft Corp. Ltd.(a) | 272 | 628 | ||||||
Kunlun Energy Co. Ltd. | 1,067 | 995 | ||||||
KWG Group Holdings Ltd.(a) | 500 | 505 | ||||||
Lee & Man Paper Manufacturing Ltd. | 511 | 285 | ||||||
Legend Holdings Corp., H Shares(b) | 100 | 220 | ||||||
Lenovo Group Ltd. | 1,606 | 1,123 | ||||||
Li Ning Co. Ltd. | 500 | 1,700 | ||||||
Logan Property Holdings Co. Ltd. | 454 | 694 | ||||||
Longfor Group Holdings Ltd.(b) | 500 | 2,080 | ||||||
Luye Pharma Group Ltd.(b) | 500 | 371 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares(c) | 572 | 217 | ||||||
Meitu, Inc.(a)(b)(c) | 500 | 111 | ||||||
Meituan Dianping, B Shares(a)(b) | 315 | 3,764 | ||||||
Metallurgical Corp. of China Ltd., A Shares | 100 | 39 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 1,000 | 212 | ||||||
MMG Ltd.(a) | 798 | 167 | ||||||
Momo, Inc., ADR | 38 | 1,274 | ||||||
NetEase, Inc., ADR | 19 | 5,431 | ||||||
New China Life Insurance Co., Ltd., H Shares | 200 | 780 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 38 | 4,638 | ||||||
Nexteer Automotive Group Ltd. | 290 | 271 | ||||||
NIO, Inc., ADR(a)(c) | 173 | 251 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 9 | 273 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 2,000 | 845 | ||||||
PetroChina Co., Ltd., A Shares | 100 | 84 | ||||||
PetroChina Co., Ltd., H Shares | 6,361 | 3,125 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,175 | 2,761 | ||||||
Pinduoduo, Inc., ADR(a) | 50 | 2,044 | ||||||
Ping An Bank Co., Ltd., A Shares | 100 | 231 | ||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 100 | 1,253 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1,467 | 16,986 | ||||||
Poly Developments and Holdings Group Co., Ltd., A Shares | 100 | 205 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 2,000 | 1,284 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Power Construction Corp. of China Ltd., A Shares | 100 | $ | 63 | |||||
SAIC Motor Corp. Ltd., A Shares | 100 | 334 | ||||||
Sany Heavy Industry Co. Ltd., A Shares | 100 | 191 | ||||||
SDIC Power Holdings Co., Ltd., A Shares | 100 | 119 | ||||||
Semiconductor Manufacturing International Corp.(a) | 1,000 | 1,275 | ||||||
Shaanxi Coal Industry Co., Ltd., A Shares | 100 | 119 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares | 672 | 773 | ||||||
Shanghai Electric Group Co., Ltd., A Shares | 100 | 69 | ||||||
Shanghai Electric Group Co., Ltd., H Shares | 884 | 271 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 147 | 416 | ||||||
Shanghai Industrial Holdings Ltd. | 162 | 302 | ||||||
Shanghai International Port Group Co., Ltd., A Shares | 100 | 83 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., B Shares | 240 | 264 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 200 | 362 | ||||||
Shanghai Pudong Development Bank Co., Ltd., A Shares | 200 | 356 | ||||||
Shenwan Hongyuan Group Co., Ltd., A Shares | 100 | 68 | ||||||
Shenzhen International Holdings Ltd. | 314 | 639 | ||||||
Shenzhen Investment Ltd. | 1,088 | 429 | ||||||
Shenzhen Overseas Chinese Town Co., Ltd., A Shares | 100 | 100 | ||||||
Shenzhou International Group Holdings Ltd. | 188 | 2,605 | ||||||
Shimao Property Holdings Ltd. | 235 | 790 | ||||||
Shui On Land Ltd. | 1,000 | 202 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,000 | 131 | ||||||
SINA Corp.(a) | 20 | 792 | ||||||
Sino Biopharmaceutical Ltd. | 1,693 | 2,532 | ||||||
Sino-Ocean Group Holding Ltd. | 1,000 | 369 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 500 | 286 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 1,097 | 305 | ||||||
Sinopharm Group Co. Ltd., H Shares | 427 | 1,534 | ||||||
Sinotrans Ltd., H Shares | 1,000 | 295 | ||||||
Sinotruk Hong Kong Ltd. | 228 | 346 | ||||||
SOHO China Ltd. | 500 | 171 | ||||||
Sunac China Holdings Ltd. | 639 | 2,911 | ||||||
Suning.com Co., Ltd., A Shares | 100 | 150 | ||||||
Sunny Optical Technology Group Co., Ltd. | 235 | 3,802 | ||||||
TAL Education Group, ADR(a) | 94 | 4,024 | ||||||
TCL Corp., A Shares | 100 | 47 | ||||||
Tencent Holdings Ltd. | 1,512 | 61,887 | ||||||
Tencent Music Entertainment Group, ADR(a) | 29 | 401 | ||||||
Tingyi Cayman Islands Holding Corp. | 575 | 766 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 187 | 186 | ||||||
Tongling Nonferrous Metals Group Co., Ltd., A Shares | 100 | 31 | ||||||
Towngas China Co., Ltd.(a) | 325 | 251 | ||||||
TravelSky Technology Ltd., H Shares | 308 | 703 | ||||||
Trip.com Group, Ltd., ADR(a) | 108 | 3,563 | ||||||
Tsingtao Brewery Co., Ltd., H Shares | 119 | 692 | ||||||
Uni-President China Holdings Ltd. | 428 | 442 | ||||||
Vipshop Holdings Ltd., ADR(a) | 131 | 1,512 | ||||||
Want Want China Holdings Ltd. | 1,000 | 845 |
Shares | Value | |||||||
China-(continued) | ||||||||
Weibo Corp., ADR(a)(c) | 14 | $ | 689 | |||||
Weichai Power Co., Ltd., H Shares | 642 | 1,014 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 152 | 1,794 | ||||||
XCMG Construction Machinery Co., Ltd., A Shares | 100 | 64 | ||||||
Xiaomi Corp., B Shares(a)(b) | 1,000 | 1,136 | ||||||
Xinhu Zhongbao Co., Ltd., A Shares | 100 | 60 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares | 200 | 239 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 981 | 556 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 613 | 623 | ||||||
Yihai International Holding Ltd.(a) | 156 | 1,063 | ||||||
Yonghui Superstores Co., Ltd., A Shares | 100 | 119 | ||||||
Yuexiu Property Co. Ltd. | 2,000 | 441 | ||||||
Yum China Holdings, Inc. | 95 | 4,038 | ||||||
Yuzhou Properties Co. Ltd. | 1,000 | 424 | ||||||
YY, Inc., ADR(a)(c) | 14 | 796 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 500 | 556 | ||||||
Zhejiang Expressway Co., Ltd., H Shares | 474 | 389 | ||||||
Zhengqi Financial Holdings Corp., Rts.(a)(d) | 7 | 0 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b)(c) | 100 | 334 | ||||||
Zhongsheng Group Holdings Ltd. | 188 | 625 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd., H Shares | 100 | 372 | ||||||
Zijin Mining Group Co. Ltd., A Shares | 100 | 48 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 2,000 | 692 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. | 100 | 83 | ||||||
ZTE Corp., H Shares(a) | 250 | 702 | ||||||
ZTO Express Cayman, Inc., ADR | 84 | 1,848 | ||||||
|
| |||||||
447,775 | ||||||||
|
| |||||||
Colombia-3.99% | ||||||||
Bancolombia S.A. | 4,867 | 59,209 | ||||||
Bancolombia S.A., Preference Shares | 9,540 | 124,586 | ||||||
Cementos Argos S.A. | 9,666 | 21,830 | ||||||
Ecopetrol S.A. | 104,242 | 93,800 | ||||||
Grupo Argos S.A. | 6,094 | 33,010 | ||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 82,092 | 33,654 | ||||||
Grupo de Inversiones Suramericana S.A. | 4,993 | 50,545 | ||||||
Grupo de Inversiones Suramericana S.A., Preference Shares | 2,371 | 21,742 | ||||||
Interconexion Electrica S.A. ESP | 9,419 | 54,366 | ||||||
|
| |||||||
492,742 | ||||||||
|
| |||||||
CzechRepublic-3.67% | ||||||||
CEZ A.S. | 9,191 | 209,842 | ||||||
Komercni banka, a.s. | 4,330 | 146,490 | ||||||
Moneta Money Bank A.S.(b) | 28,929 | 96,226 | ||||||
|
| |||||||
452,558 | ||||||||
|
| |||||||
Egypt-4.42% | ||||||||
Commercial International Bank Egypt S.A.E. | 89,086 | 447,086 | ||||||
Eastern Co. S.A.E. | 58,239 | 58,094 | ||||||
ElSewedy Electric Co. | 48,847 | 40,706 | ||||||
|
| |||||||
545,886 | ||||||||
|
| |||||||
Greece-4.76% | ||||||||
Alpha Bank A.E.(a) | 47,156 | 100,537 |
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, 2019
Shares | Value | |||||||
Greece-(continued) | ||||||||
Eurobank Ergasias S.A.(a) | 93,915 | $ | 95,137 | |||||
FF Group(a)(d) | 1,216 | 0 | ||||||
Hellenic Telecommunications Organization S.A. | 8,132 | 123,386 | ||||||
JUMBO S.A. | 3,703 | 72,297 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 2,052 | 50,685 | ||||||
National Bank of Greece S.A.(a) | 18,489 | 62,707 | ||||||
OPAP S.A. | 7,588 | 82,539 | ||||||
|
| |||||||
587,288 | ||||||||
|
| |||||||
HongKong-0.07% | ||||||||
Alibaba Pictures Group Ltd.(a) | 4,631 | 762 | ||||||
Bosideng International Holdings Ltd. | 2,000 | 1,036 | ||||||
China Ding Yi Feng Holdings Ltd.(d) | 306 | 675 | ||||||
China First Capital Group Ltd.(a) | 1,062 | 302 | ||||||
China Gas Holdings Ltd. | 400 | 1,707 | ||||||
Haier Electronics Group Co. Ltd. | 417 | 1,192 | ||||||
Hutchison China MediTech Ltd., ADR(a) | 18 | 340 | ||||||
Kingboard Laminates Holdings Ltd. | 500 | 459 | ||||||
Nine Dragons Paper Holdings Ltd. | 540 | 470 | ||||||
SSY Group Ltd. | 498 | 417 | ||||||
Sun Art Retail Group Ltd. | 788 | 806 | ||||||
|
| |||||||
8,166 | ||||||||
|
| |||||||
Hungary-3.87% | ||||||||
Gedeon Richter Plc | 3,914 | 72,647 | ||||||
MOL Hungarian Oil & Gas PLC | 11,545 | 114,284 | ||||||
OTP Bank Nyrt | 6,305 | 290,849 | ||||||
|
| |||||||
477,780 | ||||||||
|
| |||||||
India-2.62% | ||||||||
Axis Bank Ltd., GDR(b) | 376 | 19,514 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 475 | 18,596 | ||||||
GAIL (India) Ltd., GDR(b) | 264 | 3,049 | ||||||
HDFC Bank Ltd., ADR | 964 | 58,891 | ||||||
ICICI Bank Ltd., ADR | 1,181 | 15,389 | ||||||
Infosys Ltd., ADR | 7,251 | 69,537 | ||||||
Larsen & Toubro Ltd., GDR(b) | 547 | 11,542 | ||||||
Mahindra & Mahindra Ltd., GDR(b) | 2,260 | 19,323 | ||||||
Reliance Industries Ltd., GDR(b) | 1,466 | 60,179 | ||||||
State Bank of India, GDR(a)(b) | 177 | 7,664 | ||||||
Tata Motors Ltd., ADR(a) | 452 | 5,460 | ||||||
Tata Steel Ltd., GDR(b)(c) | 3,324 | 17,883 | ||||||
Vedanta Ltd., ADR | 1,396 | 11,643 | ||||||
Wipro Ltd., ADR | 1,099 | 4,374 | ||||||
|
| |||||||
323,044 | ||||||||
|
| |||||||
Indonesia-4.19% | ||||||||
PT Adaro Energy Tbk | 66,174 | 6,176 | ||||||
PT Astra International Tbk | 92,560 | 45,828 | ||||||
PT Bank Central Asia Tbk | 44,543 | 99,799 | ||||||
PT Bank Mandiri (Persero) Tbk | 84,019 | 42,048 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 33,594 | 18,368 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 252,283 | 75,665 | ||||||
PT Bank Tabungan Negara (Persero) Tbk | 19,475 | 2,581 | ||||||
PT Barito Pacific Tbk | 120,500 | 8,155 | ||||||
PT Bukit Asam Tbk | 13,241 | 2,122 | ||||||
PT Bumi Serpong Damai Tbk(a) | 35,394 | 3,568 | ||||||
PT Charoen Pokphand Indonesia Tbk | 33,225 | 14,912 | ||||||
PT Gudang Garam Tbk | 2,222 | 8,880 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 41,981 | 6,370 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 12,979 | 6,727 |
Shares | Value | |||||||
Indonesia-(continued) | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 8,438 | $ | 12,023 | |||||
PT Indofood CBP Sukses Makmur Tbk | 10,723 | 8,880 | ||||||
PT Indofood Sukses Makmur Tbk | 20,284 | 11,127 | ||||||
PT Jasa Marga (Persero) Tbk | 10,010 | 3,887 | ||||||
PT Kalbe Farma Tbk | 94,977 | 10,792 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 6,441 | 4,852 | ||||||
PT Pakuwon Jati Tbk | 77,494 | 3,450 | ||||||
PT Perusahaan Gas Negara Tbk | 50,152 | 7,539 | ||||||
PT Semen Indonesia (Persero) Tbk | 13,435 | 12,108 | ||||||
PT Surya Citra Media Tbk | 26,889 | 2,337 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 225,310 | 65,970 | ||||||
PT Unilever Indonesia Tbk | 6,943 | 21,627 | ||||||
PT United Tractors Tbk | 7,617 | 11,762 | ||||||
|
| |||||||
517,553 | ||||||||
|
| |||||||
Luxembourg-0.03% | ||||||||
Reinet Investments SCA | 210 | 3,953 | ||||||
|
| |||||||
Malaysia-3.69% | ||||||||
AirAsia Group Bhd | 6,400 | 2,925 | ||||||
Alliance Bank Malaysia Bhd | 3,900 | 2,688 | ||||||
AMMB Holdings Bhd | 6,900 | 6,589 | ||||||
Axiata Group Bhd | 11,300 | 11,629 | ||||||
British American Tobacco Malaysia Bhd | 600 | 2,702 | ||||||
CIMB Group Holdings Bhd | 19,870 | 24,965 | ||||||
Dialog Group Bhd | 15,300 | 12,742 | ||||||
DiGi.Com Bhd | 12,900 | 14,510 | ||||||
Fraser & Neave Holdings Bhd | 585 | 4,841 | ||||||
Gamuda Bhd | 7,200 | 6,444 | ||||||
Genting Bhd | 8,900 | 12,375 | ||||||
Genting Malaysia Bhd | 12,400 | 9,526 | ||||||
Genting Plantations Bhd | 1,000 | 2,379 | ||||||
HAP Seng Consolidated Bhd | 2,600 | 6,210 | ||||||
Hartalega Holdings Bhd | 6,200 | 7,805 | ||||||
Hong Leong Bank Bhd | 2,700 | 11,127 | ||||||
Hong Leong Financial Group Bhd | 875 | 3,648 | ||||||
IHH Healthcare Bhd | 9,100 | 12,414 | ||||||
IJM Corp. Bhd | 11,400 | 5,866 | ||||||
IOI Corp. Bhd | 8,000 | 8,367 | ||||||
Kuala Lumpur Kepong Bhd | 1,800 | 9,331 | ||||||
Malayan Banking Bhd | 16,037 | 33,007 | ||||||
Malaysia Airports Holdings Bhd | 4,100 | 7,771 | ||||||
Maxis Bhd | 9,792 | 12,631 | ||||||
MISC Bhd | 4,600 | 9,170 | ||||||
Nestle Malaysia Bhd | 292 | 10,112 | ||||||
Petronas Chemicals Group Bhd | 10,000 | 17,877 | ||||||
Petronas Dagangan Bhd | 1,055 | 5,948 | ||||||
Petronas Gas Bhd | 2,500 | 9,956 | ||||||
PPB Group Bhd | 2,374 | 10,283 | ||||||
Press Metal Aluminium Holdings Bhd | 5,800 | 6,607 | ||||||
Public Bank Bhd | 12,831 | 62,336 | ||||||
QL Resources Bhd | 2,693 | 4,692 | ||||||
RHB Bank Bhd | 4,300 | 5,917 | ||||||
Sime Darby Bhd | 11,300 | 6,139 | ||||||
Sime Darby Plantation Bhd | 8,600 | 10,105 | ||||||
Sime Darby Property Bhd | 9,901 | 1,718 | ||||||
SP Setia Bhd Group | 6,400 | 1,853 | ||||||
Telekom Malaysia Bhd | 4,800 | 4,319 | ||||||
Tenaga Nasional Bhd | 12,875 | 42,706 | ||||||
Top Glove Corp. Bhd | 6,400 | 6,663 |
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, 2019
Shares | Value | |||||||
Malaysia-(continued) | ||||||||
Westports Holdings Bhd | 3,500 | $ | 3,585 | |||||
YTL Corp. Bhd | 11,400 | 2,374 | ||||||
|
| |||||||
454,852 | ||||||||
|
| |||||||
Mexico-3.67% | ||||||||
ALFA S.A.B. de C.V., Class A | 9,891 | 8,605 | ||||||
Alsea S.A.B. de C.V. | 1,789 | 4,789 | ||||||
America Movil S.A.B. de C.V., Series L | 108,988 | 86,636 | ||||||
Arca Continental S.A.B. de C.V. | 1,431 | 8,022 | ||||||
Cemex S.A.B. de C.V., Series CPO(e) | 49,066 | 18,503 | ||||||
Coca-Cola Femsa, S.A.B. de C.V., Series L | 1,680 | 9,263 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 579 | 2,960 | ||||||
Fibra Uno Administracion S.A. de C.V. | 10,300 | 15,698 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 6,284 | 55,950 | ||||||
Gruma S.A.B. de C.V., Class B | 690 | 7,265 | ||||||
Grupo Aeroportuario del Pacifico, S.A.B. de C.V., Class B | 1,196 | 12,581 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 678 | 11,155 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 5,334 | 9,944 | ||||||
Grupo Carso S.A.B. de C.V., Series A1 | 1,494 | 5,019 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 8,462 | 46,344 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 7,551 | 9,413 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 11,489 | 30,365 | ||||||
Grupo Televisa S.A.B., Series CPO(g) | 7,851 | 17,396 | ||||||
Industrias Penoles S.A.B. de C.V.(c) | 453 | 5,454 | ||||||
Infraestructura Energetica Nova S.A.B. de C.V.(a) | 1,729 | 7,668 | ||||||
Kimberly-Clark de Mexico, S.A.B. de C.V., Class A(a) | 4,928 | 9,971 | ||||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 944 | 3,891 | ||||||
Orbia Advance Corp. S.A.B. de C.V. | 3,459 | 7,489 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V.(c) | 742 | 6,887 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. | 17,053 | 51,349 | ||||||
|
| |||||||
452,617 | ||||||||
|
| |||||||
Pakistan-3.49% | ||||||||
Habib Bank Ltd. | 170,987 | 140,648 | ||||||
MCB Bank Ltd. | 121,172 | 134,617 | ||||||
Oil & Gas Development Co. Ltd. | 188,311 | 155,891 | ||||||
|
| |||||||
431,156 | ||||||||
|
| |||||||
Peru-3.71% | ||||||||
Cia de Minas Buenaventura S.A.A., ADR | 4,726 | 72,497 | ||||||
Credicorp Ltd. | 1,489 | 318,706 | ||||||
Southern Copper Corp. | 1,863 | 66,285 | ||||||
|
| |||||||
457,488 | ||||||||
|
| |||||||
Philippines-4.10% | ||||||||
Aboitiz Equity Ventures, Inc. | 16,206 | 17,868 | ||||||
Aboitiz Power Corp. | 12,176 | 9,586 | ||||||
Alliance Global Group, Inc. | 32,934 | 7,451 | ||||||
Altus San Nicolas Corp.(a)(d) | 331 | 34 | ||||||
Ayala Corp. | 2,338 | 39,623 | ||||||
Ayala Land, Inc. | 60,666 | 58,042 | ||||||
Bank of the Philippine Islands | 7,402 | 14,149 |
Shares | Value | |||||||
Philippines-(continued) | ||||||||
BDO Unibank, Inc. | 16,185 | $ | 49,405 | |||||
DMCI Holdings, Inc. | 32,728 | 5,295 | ||||||
Globe Telecom, Inc. | 276 | 9,921 | ||||||
GT Capital Holdings, Inc. | 801 | 14,112 | ||||||
International Container Terminal Services, Inc. | 8,269 | 19,342 | ||||||
JG Summit Holdings, Inc. | 23,569 | 35,415 | ||||||
Jollibee Foods Corp. | 3,589 | 16,408 | ||||||
Manila Electric Co. | 1,861 | 12,410 | ||||||
Megaworld Corp. | 92,759 | 8,829 | ||||||
Metro Pacific Investments Corp. | 117,669 | 11,130 | ||||||
Metropolitan Bank & Trust Co. | 14,801 | 19,717 | ||||||
PLDT, Inc. | 716 | 15,521 | ||||||
Robinsons Land Corp. | 17,230 | 8,641 | ||||||
Security Bank Corp. | 1,867 | 7,329 | ||||||
SM Investments Corp. | 1,988 | 40,352 | ||||||
SM Prime Holdings, Inc. | 83,090 | 63,859 | ||||||
Universal Robina Corp. | 7,243 | 21,553 | ||||||
|
| |||||||
505,992 | ||||||||
|
| |||||||
Poland-3.73% | ||||||||
Alior Bank S.A.(a) | 748 | 5,286 | ||||||
Bank Millennium S.A.(a) | 4,966 | 7,999 | ||||||
Bank Polska Kasa Opieki S.A. | 1,398 | 39,503 | ||||||
CCC S.A. | 236 | 6,904 | ||||||
CD Projekt S.A. | 551 | 36,411 | ||||||
Cyfrowy Polsat S.A. | 2,094 | 15,204 | ||||||
Dino Polska S.A.(a)(b) | 402 | 15,701 | ||||||
Grupa Lotos S.A. | 756 | 18,905 | ||||||
Jastrzebska Spolka Weglowa S.A. | 433 | 2,197 | ||||||
KGHM Polska Miedz S.A.(a) | 1,146 | 25,125 | ||||||
LPP S.A. | 11 | 23,514 | ||||||
mBank S.A.(a) | 122 | 12,209 | ||||||
Orange Polska S.A.(a) | 5,336 | 8,742 | ||||||
PGE Polska Grupa Energetyczna S.A.(a) | 6,888 | 14,787 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 2,451 | 67,073 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 14,192 | 17,499 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 7,162 | 71,564 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 4,949 | 47,933 | ||||||
Santander Bank Polska S.A. | 292 | 23,972 | ||||||
|
| |||||||
460,528 | ||||||||
|
| |||||||
Qatar-3.87% | ||||||||
Barwa Real Estate Co. | 17,160 | 16,118 | ||||||
Commercial Bank PSQC (The) | 17,860 | 21,093 | ||||||
Industries Qatar QSC | 16,230 | 46,849 | ||||||
Masraf Al Rayan QSC | 33,070 | 34,060 | ||||||
Mesaieed Petrochemical Holding Co. Q.P.S.C. | 39,580 | 27,177 | ||||||
Ooredoo Q.P.S.C. | 7,200 | 14,436 | ||||||
Qatar Electricity & Water Co. QSC | 4,850 | 21,046 | ||||||
Qatar Fuel Co. Q.P.S.C. | 4,390 | 26,646 | ||||||
Qatar Insurance Co. SAQ | 14,070 | 11,863 | ||||||
Qatar Islamic Bank SAQ | 10,356 | 43,290 | ||||||
Qatar National Bank Q.P.S.C. | 40,845 | 215,387 | ||||||
|
| |||||||
477,965 | ||||||||
|
| |||||||
Romania-0.04% | ||||||||
NEPI Rockcastle PLC | 534 | 4,662 | ||||||
|
| |||||||
Russia-4.09% | ||||||||
Alrosa PJSC | 5,870 | 6,826 | ||||||
Gazprom PJSC | 24,250 | 98,406 |
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, 2019
Shares | Value | |||||||
Russia-(continued) | ||||||||
Inter RAO UES PJSC | 84,000 | $ | 5,664 | |||||
LUKOIL PJSC | 940 | 86,846 | ||||||
Magnit PJSC, GDR(b) | 812 | 9,224 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 5,100 | 2,908 | ||||||
MMC Norilsk Nickel PJSC | 145 | 40,482 | ||||||
Mobile TeleSystems PJSC, ADR | 1,137 | 10,176 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 3,110 | 4,613 | ||||||
Novatek PJSC, GDR(b) | 209 | 44,726 | ||||||
Novolipetsk Steel PJSC | 2,740 | 5,347 | ||||||
PhosAgro PJSC, GDR(b) | 266 | 3,346 | ||||||
Polymetal International PLC | 481 | 7,898 | ||||||
Polyus PJSC | 61 | 7,111 | ||||||
Rosneft Oil Co. PJSC | 2,170 | 14,428 | ||||||
Sberbank of Russia PJSC | 20,060 | 73,542 | ||||||
Severstal PJSC | 480 | 6,609 | ||||||
Surgutneftegas PJSC | 16,400 | 11,007 | ||||||
Surgutneftegas PJSC, Preference Shares | 15,900 | 9,351 | ||||||
Tatneft PJSC | 3,470 | 40,521 | ||||||
Transneft PJSC, Preference Shares | 1 | 2,599 | ||||||
VTB Bank PJSC | 6,030,000 | 4,055 | ||||||
X5 Retail Group N.V., GDR(b) | 279 | 9,349 | ||||||
|
| |||||||
505,034 | ||||||||
|
| |||||||
Singapore-0.01% | ||||||||
BOC Aviation Ltd.(b) | 100 | 940 | ||||||
|
| |||||||
SouthAfrica-2.90% | ||||||||
Absa Group Ltd. | 1,024 | 10,529 | ||||||
Anglo American Platinum Ltd. | 77 | 5,764 | ||||||
AngloGold Ashanti Ltd. | 588 | 12,897 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 552 | 3,866 | ||||||
Bid Corp. Ltd. | 477 | 11,163 | ||||||
Bidvest Group Ltd. (The) | 409 | 5,595 | ||||||
Capitec Bank Holdings Ltd. | 66 | 6,016 | ||||||
Clicks Group Ltd. | 373 | 6,086 | ||||||
Discovery Ltd. | 562 | 4,487 | ||||||
Exxaro Resources Ltd. | 357 | 2,922 | ||||||
FirstRand Ltd. | 4,672 | 20,253 | ||||||
Fortress REIT Ltd., Class A | 1,642 | 2,290 | ||||||
Foschini Group Ltd. (The) | 303 | 3,500 | ||||||
Gold Fields Ltd. | 1,178 | 7,268 | ||||||
Growthpoint Properties Ltd. | 4,224 | 6,200 | ||||||
Investec Ltd. | 408 | 2,327 | ||||||
Kumba Iron Ore Ltd. | 92 | 2,247 | ||||||
Liberty Holdings Ltd. | 123 | 950 | ||||||
Life Healthcare Group Holdings Ltd. | 1,678 | 2,658 | ||||||
Momentum Metropolitan Holdings | 1,278 | 1,714 | ||||||
Mr Price Group Ltd. | 365 | 3,872 | ||||||
MTN Group Ltd. | 2,410 | 14,973 | ||||||
MultiChoice Group Ltd.(a) | 624 | 5,221 | ||||||
Naspers Ltd., Class N | 621 | 88,455 | ||||||
Nedbank Group Ltd. | 526 | 8,003 | ||||||
Netcare Ltd. | 1,651 | 1,875 | ||||||
Old Mutual Ltd. | 7,025 | 9,164 | ||||||
Pick n Pay Stores Ltd. | 526 | 2,308 | ||||||
PSG Group Ltd. | 216 | 3,386 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,052 | 2,085 | ||||||
Redefine Properties Ltd. | 7,787 | 3,898 | ||||||
Remgro Ltd. | 752 | 8,650 | ||||||
RMB Holdings Ltd. | 1,103 | 5,819 | ||||||
Sanlam Ltd. | 2,537 | 13,401 |
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Sappi Ltd. | 752 | $ | 1,937 | |||||
Sasol Ltd. | 799 | 14,548 | ||||||
Shoprite Holdings Ltd. | 671 | 6,032 | ||||||
SPAR Group Ltd. (The) | 274 | 3,693 | ||||||
Standard Bank Group Ltd. | 1,803 | 20,763 | ||||||
Telkom S.A. SOC Ltd. | 400 | 1,836 | ||||||
Tiger Brands Ltd. | 230 | 3,277 | ||||||
Truworths International Ltd. | 629 | 2,237 | ||||||
Vodacom Group Ltd. | 913 | 7,991 | ||||||
Woolworths Holdings Ltd. | 1,416 | 5,404 | ||||||
|
| |||||||
357,560 | ||||||||
|
| |||||||
SouthKorea-4.03% | ||||||||
Amorepacific Corp. | 24 | 3,961 | ||||||
Amorepacific Corp., Preference Shares | 6 | 497 | ||||||
AMOREPACIFIC Group | 21 | 1,527 | ||||||
BGF retail Co., Ltd. | 6 | 918 | ||||||
BNK Financial Group, Inc. | 203 | 1,213 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 37 | 1,752 | ||||||
Celltrion Pharm, Inc.(a) | 10 | 344 | ||||||
Celltrion, Inc.(a) | 64 | 11,002 | ||||||
Cheil Worldwide, Inc. | 51 | 1,085 | ||||||
CJ CheilJedang Corp. | 6 | 1,178 | ||||||
CJ Corp. | 10 | 708 | ||||||
CJ ENM Co., Ltd. | 8 | 1,135 | ||||||
CJ Logistics Corp.(a) | 7 | 948 | ||||||
Daelim Industrial Co. Ltd. | 20 | 1,564 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 137 | 513 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 28 | 677 | ||||||
DB Insurance Co. Ltd. | 36 | 1,563 | ||||||
Doosan Bobcat, Inc. | 34 | 921 | ||||||
E-MART, Inc. | 16 | 1,533 | ||||||
Fila Korea Ltd. | 36 | 1,782 | ||||||
GS Engineering & Construction Corp. | 44 | 1,169 | ||||||
GS Holdings Corp. | 37 | 1,579 | ||||||
GS Retail Co. Ltd. | 18 | 592 | ||||||
Hana Financial Group, Inc. | 219 | 6,343 | ||||||
Hankook Tire & Technology Co., Ltd. | 54 | 1,441 | ||||||
Hanmi Pharm Co. Ltd. | 5 | 1,433 | ||||||
Hanmi Science Co. Ltd. | 8 | 300 | ||||||
Hanon Systems | 137 | 1,366 | ||||||
Hanwha Chemical Corp. | 78 | 1,096 | ||||||
Hanwha Corp. | 27 | 551 | ||||||
Hanwha Life Insurance Co. Ltd. | 201 | 385 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 20 | 532 | ||||||
Helixmith Co., Ltd.(a) | 13 | 1,082 | ||||||
HLB, Inc.(a) | 24 | 3,466 | ||||||
Hotel Shilla Co. Ltd. | 23 | 1,532 | ||||||
Hyundai Department Store Co. Ltd. | 9 | 572 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 58 | 2,141 | ||||||
Hyundai Glovis Co. Ltd. | 15 | 1,947 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 7 | 2,055 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 46 | 998 | ||||||
Hyundai Mobis Co., Ltd. | 50 | 10,228 | ||||||
Hyundai Motor Co. | 109 | 11,430 | ||||||
Hyundai Motor Co., First Pfd. | 16 | 1,004 | ||||||
Hyundai Motor Co., Second Pfd. | 27 | 1,840 | ||||||
Hyundai Steel Co. | 60 | 1,640 |
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, 2019
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Industrial Bank of Korea | 188 | $ | 1,907 | |||||
Kakao Corp. | 37 | 4,500 | ||||||
Kangwon Land, Inc. | 88 | 2,371 | ||||||
KB Financial Group, Inc. | 289 | 10,420 | ||||||
KCC Corp. | 4 | 777 | ||||||
Kia Motors Corp. | 196 | 7,168 | ||||||
Korea Aerospace Industries Ltd. | 55 | 1,796 | ||||||
Korea Electric Power Corp.(a) | 191 | 4,178 | ||||||
Korea Gas Corp. | 18 | 608 | ||||||
Korea Investment Holdings Co. Ltd. | 31 | 1,807 | ||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.(a) | 28 | 2,936 | ||||||
Korea Zinc Co. Ltd. | 6 | 2,241 | ||||||
Korean Air Lines Co. Ltd. | 35 | 749 | ||||||
KT&G Corp. | 85 | 7,306 | ||||||
Kumho Petrochemical Co. Ltd. | 12 | 722 | ||||||
LG Chem Ltd. | 34 | 8,986 | ||||||
LG Chem Ltd., Preference Shares | 6 | 887 | ||||||
LG Corp. | 71 | 4,235 | ||||||
LG Display Co. Ltd.(a) | 173 | 2,030 | ||||||
LG Electronics, Inc. | 79 | 4,543 | ||||||
LG Household & Health Care Ltd. | 7 | 7,587 | ||||||
LG Household & Health Care Ltd., Preference Shares | 2 | 1,270 | ||||||
LG Innotek Co. Ltd. | 9 | 936 | ||||||
LG Uplus Corp. | 81 | 936 | ||||||
Lotte Chemical Corp. | 13 | 2,536 | ||||||
Lotte Corp. | 20 | 627 | ||||||
Lotte Shopping Co. Ltd. | 8 | 856 | ||||||
Medy-Tox, Inc. | 3 | 851 | ||||||
Meritz Securities Co. Ltd. | 221 | 857 | ||||||
Mirae Asset Daewoo Co. Ltd. | 287 | 1,764 | ||||||
NAVER Corp. | 104 | 14,660 | ||||||
NCSoft Corp. | 12 | 5,322 | ||||||
Netmarble Corp.(a)(b) | 19 | 1,468 | ||||||
NH Investment & Securities Co. Ltd. | 103 | 1,071 | ||||||
OCI Co. Ltd. | 14 | 757 | ||||||
Orange Life Insurance Ltd.(b) | 22 | 529 | ||||||
Orion Corp. | 17 | 1,549 | ||||||
Ottogi Corp. | 1 | 486 | ||||||
Pan Ocean Co. Ltd.(a) | 196 | 740 | ||||||
Pearl Abyss Corp.(a) | 5 | 931 | ||||||
POSCO | 57 | 10,362 | ||||||
POSCO Chemical Co., Ltd. | 18 | 743 | ||||||
Posco International Corp. | 33 | 518 | ||||||
S-1 Corp. | 13 | 1,047 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 12 | 4,110 | ||||||
Samsung C&T Corp. | 62 | 5,329 | ||||||
Samsung Card Co. Ltd. | 19 | 548 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 42 | 4,079 | ||||||
Samsung Electronics Co., Ltd. | 3,477 | 150,622 | ||||||
Samsung Electronics Co., Ltd., Preference Shares | 599 | 21,134 | ||||||
Samsung Engineering Co. Ltd.(a) | 115 | 1,759 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 23 | 4,280 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 329 | 2,050 | ||||||
Samsung Life Insurance Co. Ltd. | 52 | 3,155 | ||||||
Samsung SDI Co. Ltd. | 40 | 7,822 | ||||||
Samsung SDS Co. Ltd. | 25 | 4,330 | ||||||
Samsung Securities Co. Ltd. | 46 | 1,328 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Shinhan Financial Group Co., Ltd. | 328 | $ | 11,982 | |||||
Shinsegae, Inc. | 5 | 1,014 | ||||||
SillaJen, Inc.(a) | 44 | 728 | ||||||
SK Holdings Co. Ltd. | 26 | 5,777 | ||||||
SK Hynix, Inc. | 398 | 28,051 | ||||||
SK Innovation Co. Ltd. | 41 | 5,638 | ||||||
SK Telecom Co., Ltd. | 15 | 3,056 | ||||||
S-Oil Corp. | 34 | 2,914 | ||||||
Woongjin Coway Co., Ltd. | 39 | 3,077 | ||||||
Woori Financial Group, Inc. | 353 | 3,565 | ||||||
Yuhan Corp. | 7 | 1,351 | ||||||
|
| |||||||
497,812 | ||||||||
|
| |||||||
Taiwan-4.23% | ||||||||
Acer, Inc. | 2,000 | 1,169 | ||||||
Advantech Co. Ltd. | 321 | 3,179 | ||||||
Airtac International Group | 104 | 1,426 | ||||||
ASE Technology Holding Co. Ltd. | 2,586 | 6,754 | ||||||
Asia Cement Corp. | 2,000 | 2,828 | ||||||
Asustek Computer, Inc. | 526 | 3,568 | ||||||
AU Optronics Corp. | 7,000 | 1,794 | ||||||
Catcher Technology Co. Ltd. | 478 | 4,051 | ||||||
Cathay Financial Holding Co., Ltd. | 5,515 | 7,301 | ||||||
Cathay Financial Holding Co., Ltd., Rts., expiring 11/25/2019(a) | 189 | 33 | ||||||
Chailease Holding Co. Ltd. | 1,050 | 4,743 | ||||||
Chang Hwa Commercial Bank Ltd. | 4,284 | 3,342 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,310 | 2,059 | ||||||
Chicony Electronics Co. Ltd. | 538 | 1,674 | ||||||
China Airlines Ltd. | 2,000 | 595 | ||||||
China Development Financial Holding Corp. | 10,000 | 3,121 | ||||||
China Life Insurance Co., Ltd.(a) | 2,280 | 1,880 | ||||||
China Steel Corp. | 9,585 | 7,384 | ||||||
Chunghwa Telecom Co., Ltd. | 2,969 | 10,924 | ||||||
Compal Electronics, Inc. | 3,000 | 1,794 | ||||||
CTBC Financial Holding Co. Ltd. | 14,149 | 9,854 | ||||||
Delta Electronics, Inc. | 1,520 | 6,691 | ||||||
E.Sun Financial Holding Co. Ltd. | 8,643 | 7,822 | ||||||
Eclat Textile Co. Ltd. | 164 | 2,206 | ||||||
Eva Airways Corp. | 2,162 | 1,012 | ||||||
Evergreen Marine Corp. Taiwan Ltd. (a) | 2,100 | 862 | ||||||
Far Eastern New Century Corp. | 2,160 | 2,100 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,113 | 2,669 | ||||||
Feng TAY Enterprise Co. Ltd. | 214 | 1,448 | ||||||
First Financial Holding Co. Ltd. | 8,164 | 5,994 | ||||||
Formosa Chemicals & Fibre Corp. | 2,700 | 7,859 | ||||||
Formosa Petrochemical Corp. | 889 | 2,830 | ||||||
Formosa Plastics Corp. | 3,471 | 11,152 | ||||||
Formosa Taffeta Co. Ltd. | 1,000 | 1,138 | ||||||
Foxconn Technology Co. Ltd. | 562 | 1,204 | ||||||
Fubon Financial Holding Co. Ltd. | 5,000 | 7,318 | ||||||
Giant Manufacturing Co. Ltd. | 293 | 2,175 | ||||||
Globalwafers Co. Ltd. | 201 | 2,410 | ||||||
Highwealth Construction Corp. | 752 | 1,155 | ||||||
Hiwin Technologies Corp. | 213 | 1,830 | ||||||
Hon Hai Precision Industry Co., Ltd. | 9,642 | 25,530 | ||||||
Hotai Motor Co. Ltd. | 251 | 4,436 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,226 | 4,479 | ||||||
Innolux Corp. | 7,000 | 1,557 | ||||||
Inventec Corp. | 2,000 | 1,452 |
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, 2019
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Largan Precision Co., Ltd. | 78 | $ | 11,454 | |||||
Lite-On Technology Corp. | 2,000 | 3,298 | ||||||
MediaTek, Inc. | 1,189 | 15,936 | ||||||
Mega Financial Holding Co. Ltd. | 9,000 | 8,840 | ||||||
Micro-Star International Co. Ltd. | 622 | 1,839 | ||||||
Nan Ya Plastics Corp. | 3,744 | 8,856 | ||||||
Nanya Technology Corp. | 1,000 | 2,300 | ||||||
Nien Made Enterprise Co. Ltd. | 148 | 1,344 | ||||||
Novatek Microelectronics Corp. | 532 | 3,425 | ||||||
Pegatron Corp. | 1,314 | 2,560 | ||||||
Phison Electronics Corp. | 136 | 1,240 | ||||||
Pou Chen Corp. | 2,000 | 2,677 | ||||||
Powertech Technology, Inc. | 681 | 2,148 | ||||||
President Chain Store Corp. | 405 | 4,045 | ||||||
Quanta Computer, Inc. | 2,030 | 3,901 | ||||||
Realtek Semiconductor Corp. | 421 | 3,133 | ||||||
Ruentex Development Co. Ltd.(a) | 600 | 917 | ||||||
Ruentex Industries Ltd.(a) | 338 | 813 | ||||||
Shanghai Commercial & Savings Bank, Ltd. (The) | 2,162 | 3,729 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 8,532 | 2,696 | ||||||
SinoPac Financial Holdings Co. Ltd. | 8,180 | 3,359 | ||||||
Standard Foods Corp. | 379 | 764 | ||||||
Synnex Technology International Corp. | 1,305 | 1,558 | ||||||
TaiMed Biologics, Inc.(a) | 161 | 706 | ||||||
Taishin Financial Holding Co. Ltd. | 7,271 | 3,380 | ||||||
Taiwan Business Bank | 3,276 | 1,383 | ||||||
Taiwan Cement Corp. | 3,457 | 4,594 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 7,457 | 5,132 | ||||||
Taiwan High Speed Rail Corp. | 1,392 | 1,649 | ||||||
Taiwan Mobile Co. Ltd. | 1,173 | 4,374 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 19,294 | 189,197 | ||||||
Tatung Co. Ltd.(a) | 1,722 | 1,035 | ||||||
Uni-President Enterprises Corp. | 3,320 | 8,202 | ||||||
United Microelectronics Corp. | 9,000 | 4,139 | ||||||
Vanguard International Semiconductor Corp. | 558 | 1,195 | ||||||
Walsin Technology Corp. | 291 | 1,754 | ||||||
Win Semiconductors Corp. | 331 | 3,458 | ||||||
Winbond Electronics Corp. | 2,000 | 1,127 | ||||||
Wistron Corp. | 2,619 | 2,405 | ||||||
WPG Holdings Ltd. | 1,391 | 1,764 | ||||||
Yageo Corp. | 234 | 2,414 | ||||||
Yuanta Financial Holding Co. Ltd. | 8,000 | 5,007 | ||||||
Zhen Ding Technology Holding Ltd. | 407 | 1,939 | ||||||
|
| |||||||
522,488 | ||||||||
|
| |||||||
Thailand-3.74% | ||||||||
Advanced Info Service PCL, NVDR | 3,621 | 27,462 | ||||||
Airports of Thailand PCL, NVDR | 13,049 | 33,816 | ||||||
Bangkok Bank PCL, NVDR | 1,453 | 8,373 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 28,625 | 22,752 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 23,269 | 8,323 | ||||||
Banpu PCL, NVDR | 13,359 | 5,132 | ||||||
Berli Jucker PCL, NVDR | 3,656 | 5,903 | ||||||
BTS Group Holdings PCL, NVDR | 19,836 | 8,803 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,331 | 5,312 | ||||||
Central Pattana PCL, NVDR | 6,832 | 14,481 | ||||||
Charoen Pokphand Foods PCL, NVDR | 11,798 | 9,866 | ||||||
CP ALL PCL, NVDR | 17,778 | 45,924 | ||||||
Electricity Generating PCL, NVDR | 882 | 10,136 |
Shares | Value | |||||||
Thailand-(continued) | ||||||||
Energy Absolute PCL, NVDR | 5,111 | $ | 6,940 | |||||
Gulf Energy Development PCL, NVDR | 1,624 | 8,713 | ||||||
Home Product Center PCL, NVDR | 18,019 | 10,264 | ||||||
Indorama Ventures PCL, NVDR | 5,128 | 4,755 | ||||||
Intouch Holdings PCL, NVDR | 6,346 | 13,871 | ||||||
IRPC PCL, NVDR | 34,219 | 3,853 | ||||||
Kasikornbank PCL, NVDR | 6,121 | 28,178 | ||||||
Krung Thai Bank PCL, NVDR | 10,638 | 5,848 | ||||||
Land & Houses PCL, NVDR | 21,830 | 7,013 | ||||||
Minor International PCL, NVDR | 8,438 | 10,060 | ||||||
Muangthai Capital PCL, NVDR | 1,936 | 3,975 | ||||||
PTT Exploration & Production PCL, NVDR | 4,231 | 16,885 | ||||||
PTT Global Chemical PCL, NVDR | 6,864 | 11,593 | ||||||
PTT PCL, NVDR | 34,787 | 52,132 | ||||||
Ratch Group PCL, NVDR. | 2,207 | 5,372 | ||||||
Robinson PCL, NVDR | 1,522 | 3,289 | ||||||
Siam Cement PCL (The), NVDR | 2,375 | 28,867 | ||||||
Siam Commercial Bank PCL (The), NVDR | 2,585 | 9,588 | ||||||
Thai Oil PCL, NVDR | 3,416 | 7,750 | ||||||
Thai Union Group PCL, NVDR | 10,170 | 4,917 | ||||||
TMB Bank PCL, NVDR | 33,379 | 1,592 | ||||||
Total Access Communication PCL, NVDR | 2,163 | 4,441 | ||||||
True Corp. PCL, NVDR | 35,559 | 5,888 | ||||||
|
| |||||||
462,067 | ||||||||
|
| |||||||
Turkey-4.43% | ||||||||
Akbank T.A.S.(a) | 54,710 | 66,178 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | 3,965 | 13,347 | ||||||
Arcelik A.S.(a) | 3,878 | 12,030 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 6,542 | 21,015 | ||||||
BIM Birlesik Magazalar A.S. | 8,134 | 67,378 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 26,780 | 30,659 | ||||||
Ford Otomotiv Sanayi A.S. | 1,344 | 15,175 | ||||||
Haci Omer Sabanci Holding A.S. | 17,564 | 25,427 | ||||||
KOC Holding A.S. | 14,552 | 47,712 | ||||||
TAV Havalimanlari Holding A.S. | 3,474 | 15,860 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 2,394 | 52,175 | ||||||
Turk Hava Yollari AO(a) | 10,559 | 21,515 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 21,043 | 46,304 | ||||||
Turkiye Garanti Bankasi A.S.(a) | 44,187 | 71,163 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 30,128 | 30,589 | ||||||
Turkiye Sise ve Cam Fabrikalari A.S. | 12,912 | 9,832 | ||||||
|
| |||||||
546,359 | ||||||||
|
| |||||||
United ArabEmirates-3.89% | ||||||||
Abu Dhabi Commercial Bank PJSC | 34,980 | 74,288 | ||||||
Aldar Properties PJSC | 47,917 | 30,659 | ||||||
DP World PLC | 2,064 | 27,430 | ||||||
Dubai Islamic Bank PJSC | 20,489 | 29,511 | ||||||
Emaar Development PJSC | 9,950 | 10,972 | ||||||
Emaar Malls PJSC | 32,372 | 17,187 | ||||||
Emaar Properties PJSC | 43,633 | 50,728 | ||||||
Emirates Telecommunications Group Co. PJSC | 21,750 | 98,067 | ||||||
First Abu Dhabi Bank PJSC | 34,229 | 141,844 | ||||||
|
| |||||||
480,686 | ||||||||
|
|
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, 2019
Shares | Value | |||||||
UnitedStates-0.30% | ||||||||
JBS S.A. | 1,363 | $ | 9,605 | |||||
Titan Cement International S.A.(a) | 1,299 | 27,536 | ||||||
|
| |||||||
37,141 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 11,768,058 | ||||||
|
| |||||||
Exchange-TradedFunds-4.63% | ||||||||
India-1.34% | ||||||||
Invesco India ETF(i) | 6,570 | 164,907 | ||||||
|
| |||||||
UnitedStates-3.29% | ||||||||
iShares MSCI Saudi Arabia ETF(c) | 14,112 | 406,708 | ||||||
|
| |||||||
Total Exchange-Traded Funds |
| 571,615 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 12,339,673 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.38% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(j)(k) | 312,870 | $ | 312,870 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(j)(k) | 104,081 | 104,123 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 416,993 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.36% |
| 12,756,666 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.36)% |
| (414,580 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 12,342,086 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
ETF-Exchange-Traded Fund
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Pfd.-Preferred
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, 2019 was $344,799, which represented 2.79% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares,twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares. |
(i) | 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. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the fiscal year ended October 31, 2019. |
Value October 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2019 | Dividend Income | |||||||||||||||||||||||||||||
Invesco India ETF
|
$154,350
|
$13,196
|
$(24,455)
|
$21,234
|
$582
|
$164,907
|
$1,937
|
(j) | 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 the7-day SEC standardized yield as of October 31, 2019. |
(k) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.04% |
| |||||||
Brazil-1.23% | ||||||||
ENGIE Brasil Energia S.A. | 118,237 | $ | 1,333,053 | |||||
Klabin S.A. | 345,300 | 1,360,763 | ||||||
WEG S.A. | 224,700 | 1,427,324 | ||||||
|
| |||||||
4,121,140 | ||||||||
|
| |||||||
Chile-4.21% | ||||||||
Aguas Andinas S.A., Class A | 3,940,406 | 1,807,965 | ||||||
Banco de Chile | 17,095,352 | 2,203,188 | ||||||
Banco de Credito e Inversiones S.A. | 29,157 | 1,624,642 | ||||||
Banco Santander Chile | 31,561,183 | 1,959,637 | ||||||
Empresas COPEC S.A. | 162,908 | 1,457,800 | ||||||
Enel Americas S.A. | 8,455,377 | 1,580,348 | ||||||
Enel Chile S.A. | 21,590,646 | 1,777,028 | ||||||
SACI Falabella | 339,732 | 1,730,707 | ||||||
|
| |||||||
14,141,315 | ||||||||
|
| |||||||
China-10.29% | ||||||||
Agricultural Bank of China Ltd., H Shares | 4,438,657 | 1,829,218 | ||||||
Bank of China Ltd., H Shares | 4,567,457 | 1,870,643 | ||||||
Bank of Communications Co. Ltd., H Shares | 2,410,606 | 1,648,551 | ||||||
Beijing Enterprises Holdings Ltd. | 276,429 | 1,303,195 | ||||||
CGN Power Co. Ltd., H Shares(a) | 6,239,435 | 1,616,042 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 3,271,874 | 1,899,413 | ||||||
China Communications Construction Co. Ltd., H Shares | 1,712,000 | 1,304,036 | ||||||
China Construction Bank Corp., H Shares | 2,080,034 | 1,674,600 | ||||||
China Huishan Dairy Holdings | 5,020,205 | 0 | ||||||
China Merchants Port Holdings Co. Ltd. | 847,297 | 1,327,533 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 2,098,199 | 1,469,706 | ||||||
China Mobile Ltd. | 182,102 | 1,482,336 | ||||||
China Petroleum & Chemical Corp., H Shares | 2,145,003 | 1,231,549 | ||||||
China Telecom Corp. Ltd., H Shares | 2,857,081 | 1,217,532 | ||||||
CITIC Ltd. | 1,400,505 | 1,840,489 | ||||||
CRRC Corp. Ltd., H Shares | 1,918,187 | 1,284,877 | ||||||
Guangdong Investment Ltd. | 724,137 | 1,570,656 | ||||||
Huaneng Power International, Inc., H Shares | 2,332,000 | 1,109,810 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 2,416,747 | 1,739,088 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 1,046,000 | 1,390,627 | ||||||
Jiangxi Copper Co., Ltd., H Shares | 1,320,866 | 1,548,766 | ||||||
PetroChina Co., Ltd., H Shares | 2,598,293 | 1,276,322 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares(d) | 123,445 | 1,429,327 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(a) | 2,273,923 | 1,459,335 | ||||||
|
| |||||||
34,523,651 | ||||||||
|
| |||||||
Colombia-0.43% | ||||||||
Bancolombia S.A., Preference Shares | 109,766 | 1,433,474 | ||||||
|
| |||||||
Czech Republic-1.88% | ||||||||
CEZ A.S. | 102,457 | 2,339,221 | ||||||
Komercni banka, a.s. | 59,839 | 2,024,435 | ||||||
Moneta Money Bank A.S.(a) | 583,429 | 1,940,647 | ||||||
|
| |||||||
6,304,303 | ||||||||
|
| |||||||
Egypt-0.46% | ||||||||
Commercial International Bank Egypt S.A.E. | 305,402 | 1,532,687 | ||||||
|
|
Shares | Value | |||||||
Greece-0.46% | ||||||||
Hellenic Telecommunications Organization S.A. | 101,484 | $ | 1,539,801 | |||||
|
| |||||||
Hungary-1.53% | ||||||||
Gedeon Richter Plc | 90,297 | 1,675,979 | ||||||
MOL Hungarian Oil & Gas PLC | 170,594 | 1,688,720 | ||||||
OTP Bank Nyrt | 38,632 | 1,782,090 | ||||||
|
| |||||||
5,146,789 | ||||||||
|
| |||||||
India-1.32% | ||||||||
HDFC Bank Ltd., ADR | 27,670 | 1,690,361 | ||||||
Infosys Ltd., ADR | 126,670 | 1,214,765 | ||||||
Wipro Ltd., ADR | 383,296 | 1,525,518 | ||||||
|
| |||||||
4,430,644 | ||||||||
|
| |||||||
Indonesia-1.34% | ||||||||
PT Bank Central Asia Tbk | 827,085 | 1,853,090 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 4,397,100 | 1,318,785 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,612,300 | 1,335,256 | ||||||
|
| |||||||
4,507,131 | ||||||||
|
| |||||||
Malaysia-9.91% | ||||||||
CIMB Group Holdings Bhd | 1,454,795 | 1,827,851 | ||||||
Dialog Group Bhd | 1,542,700 | 1,284,814 | ||||||
DiGi.Com Bhd | 1,451,063 | 1,632,164 | ||||||
Hong Leong Bank Bhd | 667,900 | 2,752,480 | ||||||
IHH Healthcare Bhd | 1,017,347 | 1,387,789 | ||||||
Kuala Lumpur Kepong Bhd | 629,078 | 3,260,938 | ||||||
Malayan Banking Bhd | 1,505,692 | 3,098,947 | ||||||
Malaysia Airports Holdings Bhd | 629,100 | 1,192,407 | ||||||
MISC Bhd | 778,100 | 1,551,172 | ||||||
Nestle Malaysia Bhd | 108,600 | 3,760,780 | ||||||
Petronas Chemicals Group Bhd | 1,019,145 | 1,821,949 | ||||||
Petronas Dagangan Bhd | 307,500 | 1,733,804 | ||||||
Public Bank Bhd | 675,024 | 3,279,403 | ||||||
RHB Bank Bhd | 1,435,500 | 1,975,380 | ||||||
Tenaga Nasional Bhd | 455,472 | 1,510,791 | ||||||
Top Glove Corp. Bhd | 1,131,400 | 1,177,837 | ||||||
|
| |||||||
33,248,506 | ||||||||
|
| |||||||
Mexico-2.38% | ||||||||
Arca Continental S.A.B. de C.V. | 299,441 | 1,678,538 | ||||||
Coca-Cola Femsa, S.A.B. de C.V., Series L | 265,236 | 1,462,450 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(e) | 189,552 | 1,687,697 | ||||||
Gruma S.A.B. de C.V., Class B | 163,438 | 1,720,736 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V.(d) | 153,795 | 1,427,409 | ||||||
|
| |||||||
7,976,830 | ||||||||
|
| |||||||
Peru-0.47% | ||||||||
Credicorp Ltd. | 7,445 | 1,593,528 | ||||||
|
| |||||||
Philippines-0.41% | ||||||||
Ayala Corp. | 81,980 | 1,389,355 | ||||||
|
| |||||||
Poland-1.25% | ||||||||
Bank Polska Kasa Opieki S.A. | 52,193 | 1,474,811 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 124,996 | 1,248,977 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 153,475 | 1,486,475 | ||||||
|
| |||||||
4,210,263 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
October 31, 2019
Shares | Value | |||||||
Qatar-1.81% | ||||||||
Industries Qatar QSC | 491,845 | $ | 1,419,745 | |||||
Masraf Al Rayan QSC | 1,755,080 | 1,807,621 | ||||||
Qatar Islamic Bank SAQ | 351,228 | 1,468,193 | ||||||
Qatar National Bank Q.P.S.C. | 261,540 | 1,379,173 | ||||||
|
| |||||||
6,074,732 | ||||||||
|
| |||||||
Russia-1.69% | ||||||||
LUKOIL PJSC, ADR | 15,238 | 1,401,286 | ||||||
MMC Norilsk Nickel PJSC, ADR | 61,233 | 1,696,154 | ||||||
Novolipetsk Steel PJSC, GDR(a) | 57,944 | 1,130,824 | ||||||
Rosneft Oil Co. PJSC, GDR(a) | 219,869 | 1,455,973 | ||||||
|
| |||||||
5,684,237 | ||||||||
|
| |||||||
South Africa-3.23% | ||||||||
Bid Corp. Ltd. | 65,658 | 1,536,502 | ||||||
Capitec Bank Holdings Ltd. | 18,448 | 1,681,464 | ||||||
Growthpoint Properties Ltd. | 1,171,635 | 1,719,710 | ||||||
Pick n Pay Stores Ltd. | 319,658 | 1,402,688 | ||||||
PSG Group Ltd. | 100,450 | 1,574,751 | ||||||
Redefine Properties Ltd. | 3,030,871 | 1,517,096 | ||||||
Remgro Ltd. | 121,247 | 1,394,661 | ||||||
|
| |||||||
10,826,872 | ||||||||
|
| |||||||
South Korea-10.82% | ||||||||
BNK Financial Group, Inc. | 258,138 | 1,542,016 | ||||||
CJ CheilJedang Corp. | 7,258 | 1,425,461 | ||||||
DGB Financial Group, Inc. | 274,890 | 1,660,988 | ||||||
GS Holdings Corp. | 36,771 | 1,569,195 | ||||||
Hana Financial Group, Inc. | 47,364 | 1,371,926 | ||||||
Hanwha Life Insurance Co. Ltd. | 597,997 | 1,146,189 | ||||||
Hite Jinro Co. Ltd. | 60,224 | 1,472,666 | ||||||
Hyundai Department Store Co. Ltd. | 19,484 | 1,237,584 | ||||||
Industrial Bank of Korea | 143,901 | 1,459,480 | ||||||
Kangwon Land, Inc. | 52,780 | 1,422,195 | ||||||
KB Financial Group, Inc. | 37,703 | 1,359,440 | ||||||
Korea Zinc Co. Ltd. | 3,663 | 1,367,978 | ||||||
KT&G Corp. | 20,447 | 1,757,445 | ||||||
LG Corp. | 22,424 | 1,337,596 | ||||||
Lotte Shopping Co. Ltd. | 11,114 | 1,189,302 | ||||||
S-1 Corp. | 17,725 | 1,427,507 | ||||||
Samsung C&T Corp. | 17,478 | 1,502,256 | ||||||
Samsung Electronics Co., Ltd. | 33,949 | 1,470,652 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 6,807 | 1,266,677 | ||||||
Samsung Life Insurance Co. Ltd. | 28,297 | 1,717,107 | ||||||
Samsung Securities Co. Ltd. | 43,600 | 1,259,152 | ||||||
Shinhan Financial Group Co., Ltd. | 42,703 | 1,559,910 | ||||||
SK Holdings Co. Ltd. | 8,086 | 1,796,580 | ||||||
SK Telecom Co., Ltd. | 7,727 | 1,574,025 | ||||||
Woori Financial Group, Inc. | 141,341 | 1,427,441 | ||||||
|
| |||||||
36,320,768 | ||||||||
|
| |||||||
Taiwan-27.72% | ||||||||
Advantech Co. Ltd. | 165,095 | 1,635,195 | ||||||
Asustek Computer, Inc. | 197,838 | 1,342,079 | ||||||
Cathay Financial Holding Co., Ltd. | 1,570,000 | 2,078,514 | ||||||
Cathay Financial Holding Co., Ltd., Rts., expiring 11/25/2019(b) | 53,994 | 9,401 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,234,776 | 2,523,806 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,119,435 | 1,759,661 | ||||||
Chicony Electronics Co. Ltd. | 445,000 | 1,384,389 | ||||||
China Development Financial Holding Corp. | 7,207,472 | 2,249,338 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
China Life Insurance Co., Ltd.(b) | 2,141,680 | $ | 1,765,942 | |||||
China Petrochemical Development Corp. | 4,106,050 | 1,369,110 | ||||||
China Steel Corp. | 3,465,140 | 2,669,389 | ||||||
Chunghwa Telecom Co., Ltd. | 712,222 | 2,620,485 | ||||||
Compal Electronics, Inc. | 3,791,000 | 2,266,592 | ||||||
CTBC Financial Holding Co. Ltd. | 2,882,053 | 2,007,179 | ||||||
E.Sun Financial Holding Co. Ltd. | 2,628,822 | 2,379,200 | ||||||
Eva Airways Corp. | 4,301,627 | 2,013,705 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(b) | 3,156,000 | 1,295,971 | ||||||
Far Eastern Department Stores Ltd. | 1,960,000 | 1,683,744 | ||||||
Far Eastern New Century Corp. | 1,395,000 | 1,356,482 | ||||||
Far EasTone Telecommunications Co. Ltd. | 978,993 | 2,347,744 | ||||||
First Financial Holding Co. Ltd. | 4,110,384 | 3,017,923 | ||||||
Formosa Chemicals & Fibre Corp. | 521,095 | 1,516,697 | ||||||
Formosa Plastics Corp. | 488,146 | 1,568,328 | ||||||
Foxconn Technology Co. Ltd. | 717,000 | 1,535,730 | ||||||
Fubon Financial Holding Co. Ltd. | 1,465,875 | 2,145,324 | ||||||
Highwealth Construction Corp. | 1,305,000 | 2,004,197 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 4,283,611 | 3,081,785 | ||||||
International CSRC Investment Holdings Co. | 1,316,160 | 1,416,016 | ||||||
Lite-On Technology Corp. | 881,000 | 1,452,874 | ||||||
Mega Financial Holding Co. Ltd. | 2,270,777 | 2,230,457 | ||||||
Nan Ya Plastics Corp. | 886,930 | 2,097,829 | ||||||
Pou Chen Corp. | 1,208,000 | 1,617,122 | ||||||
President Chain Store Corp. | 146,000 | 1,458,057 | ||||||
Quanta Computer, Inc. | 971,000 | 1,866,050 | ||||||
Shin Kong Financial Holding Co. Ltd.(b) | 4,538,000 | 1,434,128 | ||||||
SinoPac Financial Holdings Co. Ltd. | 4,775,421 | 1,960,965 | ||||||
Synnex Technology International Corp. | 1,381,264 | 1,649,413 | ||||||
Taishin Financial Holding Co. Ltd. | 6,404,384 | 2,977,022 | ||||||
Taiwan Business Bank | 5,134,204 | 2,167,327 | ||||||
Taiwan Cement Corp. | 1,053,000 | 1,399,249 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 4,606,321 | 3,170,198 | ||||||
Taiwan Fertilizer Co. Ltd. | 1,191,000 | 1,897,587 | ||||||
Taiwan High Speed Rail Corp. | 1,109,000 | 1,313,364 | ||||||
Taiwan Mobile Co. Ltd. | 737,162 | 2,748,571 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 152,397 | 1,494,407 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,640,000 | 1,457,335 | ||||||
Uni-President Enterprises Corp. | 617,181 | 1,524,680 | ||||||
WPG Holdings Ltd. | 1,755,937 | 2,226,612 | ||||||
Yuanta Financial Holding Co. Ltd. | 2,938,472 | 1,838,928 | ||||||
|
| |||||||
93,026,101 | ||||||||
|
| |||||||
Thailand-15.62% | ||||||||
Advanced Info Service PCL, NVDR | 230,247 | 1,746,202 | ||||||
Airports of Thailand PCL, NVDR | 654,957 | 1,697,314 | ||||||
B. Grimm Power PCL, NVDR | 968,103 | 1,538,962 | ||||||
Bangchak Corp. PCL, NVDR | 1,736,026 | 1,420,097 | ||||||
Bangkok Bank PCL, NVDR | 353,222 | 2,035,457 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,758,100 | 1,397,397 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 3,532,057 | 1,263,329 | ||||||
Banpu Power PCL, NVDR | 2,452,300 | 1,413,149 | ||||||
Berli Jucker PCL, NVDR | 729,076 | 1,177,097 | ||||||
BTS Group Holdings PCL, NVDR | 3,772,308 | 1,674,083 | ||||||
Bumrungrad Hospital PCL, NVDR | 328,937 | 1,312,698 | ||||||
Central Pattana PCL, NVDR | 679,620 | 1,440,493 | ||||||
CH Karnchang PCL, NVDR | 1,878,945 | 1,269,431 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,652,097 | 1,381,535 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
October 31, 2019
Shares | Value | |||||||
Thailand-(continued) | ||||||||
CP ALL PCL, NVDR | 644,824 | $ | 1,665,715 | |||||
Electricity Generating PCL, NVDR | 167,867 | 1,929,122 | ||||||
Gulf Energy Development PCL, NVDR | 259,065 | 1,389,917 | ||||||
Home Product Center PCL, NVDR | 2,763,569 | 1,574,214 | ||||||
Intouch Holdings PCL, NVDR | 725,248 | 1,585,242 | ||||||
Kasikornbank PCL, NVDR | 311,628 | 1,434,552 | ||||||
Kiatnakin Bank PCL, NVDR | 962,000 | 2,086,802 | ||||||
Krung Thai Bank PCL, NVDR | 3,438,007 | 1,890,078 | ||||||
Land & Houses PCL, NVDR | 5,130,347 | 1,648,100 | ||||||
Minor International PCL, NVDR | 1,157,233 | 1,379,712 | ||||||
PTT Global Chemical PCL, NVDR | 764,900 | 1,291,932 | ||||||
PTT PCL, NVDR | 1,000,854 | 1,499,872 | ||||||
Ratch Group PCL, NVDR | 806,766 | 1,963,812 | ||||||
Siam Cement PCL (The), NVDR | 138,129 | 1,678,865 | ||||||
Siam Commercial Bank PCL (The), NVDR | 408,321 | 1,514,554 | ||||||
Thai Union Group PCL, NVDR | 2,551,623 | 1,233,770 | ||||||
Thanachart Capital PCL, NVDR | 778,417 | 1,366,322 | ||||||
Tisco Financial Group PCL, NVDR | 529,092 | 1,708,444 | ||||||
TMB Bank PCL, NVDR | 26,447,598 | 1,261,286 | ||||||
WHA Corp. PCL, NVDR | 9,971,379 | 1,545,489 | ||||||
|
| |||||||
52,415,044 | ||||||||
|
| |||||||
United Arab Emirates-1.58% | ||||||||
Dubai Islamic Bank PJSC | 1,353,411 | 1,949,342 | ||||||
Emirates Telecommunications Group Co. PJSC | 433,165 | 1,953,064 | ||||||
First Abu Dhabi Bank PJSC | 341,610 | 1,415,624 | ||||||
|
| |||||||
5,318,030 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 335,765,201 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.09% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(f)(g) | 233,150 | $ | 233,150 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 78,312 | 78,343 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 311,493 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.13% |
| 336,076,694 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.13)% |
| (444,321 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 335,632,373 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
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, 2019 was $7,602,821, which represented 2.27% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(d) | All or a portion of this security was out on loan at October 31, 2019. |
(e) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(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, 2019. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-95.59% |
| |||||||
Brazil-27.47% | ||||||||
Atacadao S.A. | 2,253 | $ | 10,725 | |||||
Azul S.A., Preference Shares(a) | 1,928 | 25,224 | ||||||
B3 S.A.-Brasil, Bolsa, Balcao | 14,027 | 169,048 | ||||||
Banco Bradesco S.A. | 4,970 | 40,670 | ||||||
Banco Bradesco S.A., Preference Shares | 18,182 | 159,292 | ||||||
Banco BTG Pactual S.A. | 1,257 | 20,340 | ||||||
Banco do Brasil S.A. | 6,095 | 73,105 | ||||||
BB Seguridade Participacoes S.A. | 3,888 | 32,900 | ||||||
BRF S.A.(a) | 3,085 | 27,289 | ||||||
CCR S.A. | 5,129 | 21,005 | ||||||
Centrais Eletricas Brasileiras S.A. | 1,900 | 18,724 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 1,547 | 15,796 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,810 | 38,233 | ||||||
Cia Energetica de Minas Gerais | 1,563 | 5,821 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 5,781 | 19,657 | ||||||
Cia Siderurgica Nacional S.A. | 3,615 | 10,626 | ||||||
Cosan S.A. | 623 | 8,968 | ||||||
Energisa S.A. | 2,015 | 24,053 | ||||||
ENGIE Brasil Energia S.A. | 2,087 | 23,530 | ||||||
Equatorial Energia S.A. | 1,353 | 34,337 | ||||||
Gol Linhas Aereas Inteligentes S.A., Preference Shares(a) | 1,147 | 10,457 | ||||||
Hapvida Participacoes e Investimentos S.A.(b) | 1,023 | 14,347 | ||||||
IRB Brasil Resseguros S.A. | 3,288 | 30,952 | ||||||
Itau Unibanco Holding S.A. | 1,584 | 12,299 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 17,783 | 160,492 | ||||||
Itausa - Investimentos Itau S.A., Preference Shares | 17,995 | 61,457 | ||||||
Localiza Rent a Car S.A. | 4,096 | 44,058 | ||||||
Lojas Renner S.A. | 5,072 | 64,120 | ||||||
Magazine Luiza S.A. | 3,767 | 41,889 | ||||||
Multiplan Empreendimentos Imobiliarios S.A. | 1,345 | 9,787 | ||||||
Natura Cosmeticos S.A. | 2,893 | 22,456 | ||||||
Notre Dame Intermedica Participacoes S.A. | 2,389 | 35,706 | ||||||
Pagseguro Digital Ltd., Class A(a) | 665 | 24,658 | ||||||
Petrobras Distribuidora S.A. | 3,192 | 22,486 | ||||||
Petroleo Brasileiro S.A. | 10,137 | 82,573 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 17,609 | 133,304 | ||||||
Rumo S.A.(a) | 5,436 | 30,874 | ||||||
Telefonica Brasil S.A., Preference Shares | 2,260 | 29,883 | ||||||
WEG S.A. | 3,248 | 20,632 | ||||||
|
| |||||||
1,631,773 | ||||||||
|
| |||||||
China-12.01% | ||||||||
ANTA Sports Products Ltd. | 4,344 | 42,566 | ||||||
China Aoyuan Group Ltd. | 7,523 | 9,656 | ||||||
China Jinmao Holdings Group Ltd. | 19,440 | 12,972 | ||||||
China Merchants Bank Co. Ltd., H Shares | 14,879 | 71,190 | ||||||
China Tower Corp. Ltd., H Shares(b) | 223,170 | 49,260 | ||||||
Country Garden Services Holdings Co. Ltd. | 4,434 | 15,077 | ||||||
GDS Holdings Ltd., ADR(a) | 322 | 13,421 | ||||||
Guangdong Investment Ltd. | 12,030 | 26,093 | ||||||
Haidilao International Holding Ltd.(b) | 5,140 | 24,921 | ||||||
Huaxin Cement Co. Ltd., B Shares | 1,800 | 3,272 |
Shares | Value | |||||||
China-(continued) | ||||||||
Lenovo Group Ltd. | 30,280 | $ | 21,171 | |||||
Li Ning Co. Ltd. | 14,022 | 47,678 | ||||||
Longfor Group Holdings Ltd.(b) | 6,131 | 25,501 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 25,057 | 290,126 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 20,848 | 11,810 | ||||||
Yihai International Holding Ltd.(a) | 3,121 | 21,264 | ||||||
Yuexiu Property Co. Ltd. | 24,096 | 5,319 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 4,936 | 5,485 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd., H Shares | 9,166 | 6,748 | ||||||
ZTE Corp., H Shares(a) | 3,433 | 9,636 | ||||||
|
| |||||||
713,166 | ||||||||
|
| |||||||
Colombia-0.60% | ||||||||
Bancolombia S.A., Preference Shares | 1,971 | 25,740 | ||||||
Interconexion Electrica S.A. ESP | 1,732 | 9,997 | ||||||
|
| |||||||
35,737 | ||||||||
|
| |||||||
Greece-0.21% | ||||||||
JUMBO S.A. | 412 | 8,044 | ||||||
Mytilineos Holdings S.A. | 409 | 4,476 | ||||||
|
| |||||||
12,520 | ||||||||
|
| |||||||
Hong Kong-0.44% | ||||||||
Alibaba Pictures Group Ltd.(a) | 69,665 | 11,466 | ||||||
Bosideng International Holdings Ltd. | 27,704 | 14,351 | ||||||
|
| |||||||
25,817 | ||||||||
|
| |||||||
Hungary-0.95% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,667 | 16,501 | ||||||
OTP Bank Nyrt | 868 | 40,041 | ||||||
|
| |||||||
56,542 | ||||||||
|
| |||||||
India-6.93% | ||||||||
Apollo Hospitals Enterprise Ltd. | 384 | 8,039 | ||||||
Axis Bank Ltd. | 6,797 | 70,563 | ||||||
Divi’s Laboratories Ltd. | 370 | 9,155 | ||||||
Dr Reddy’s Laboratories Ltd. | 284 | 11,144 | ||||||
ICICI Bank Ltd. | 15,261 | 99,630 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 500 | 9,466 | ||||||
Info Edge India Ltd. | 315 | 11,409 | ||||||
Infosys Ltd. | 13,412 | 129,641 | ||||||
InterGlobe Aviation Ltd.(b) | 477 | 9,797 | ||||||
Muthoot Finance Ltd. | 455 | 4,540 | ||||||
United Breweries Ltd. | 264 | 4,750 | ||||||
UPL Ltd. | 2,466 | 20,737 | ||||||
Wipro Ltd. | 6,172 | 22,563 | ||||||
|
| |||||||
411,434 | ||||||||
|
| |||||||
Indonesia-4.51% | ||||||||
PT Bank Central Asia Tbk | 63,461 | 142,185 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 304,274 | 91,258 | ||||||
PT Barito Pacific Tbk | 210,763 | 14,264 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 8,556 | 7,086 | ||||||
PT Semen Indonesia (Persero) Tbk | 14,826 | 13,361 | ||||||
|
| |||||||
268,154 | ||||||||
|
| |||||||
Kuwait-2.98% | ||||||||
Gulf Bank KSCP | 8,455 | 7,330 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
October 31, 2019
Shares | Value | |||||||
Kuwait-(continued) | ||||||||
Mobile Telecommunications Co. KSC | 10,588 | $ | 19,720 | |||||
National Bank of Kuwait SAKP | 48,326 | 149,909 | ||||||
|
| |||||||
176,959 | ||||||||
|
| |||||||
Malaysia-0.10% | ||||||||
Yinson Holdings Bhd | 3,653 | 6,041 | ||||||
|
| |||||||
Philippines-0.27% | ||||||||
International Container Terminal Services, Inc. | 4,682 | 10,952 | ||||||
Megaworld Corp. | 51,731 | 4,924 | ||||||
|
| |||||||
15,876 | ||||||||
|
| |||||||
Poland-0.56% | ||||||||
Cyfrowy Polsat S.A. | 1,133 | 8,227 | ||||||
Dino Polska S.A.(a)(b) | 208 | 8,124 | ||||||
Grupa Lotos S.A. | 367 | 9,177 | ||||||
Orange Polska S.A.(a) | 2,526 | 4,138 | ||||||
Play Communications S.A.(b) | 487 | 3,863 | ||||||
|
| |||||||
33,529 | ||||||||
|
| |||||||
Russia-13.71% | ||||||||
Evraz PLC | 2,074 | 9,855 | ||||||
Gazprom PJSC | 85,695 | 347,750 | ||||||
LUKOIL PJSC | 1,830 | 169,072 | ||||||
MMC Norilsk Nickel PJSC | 454 | 126,752 | ||||||
Novatek PJSC | 5,646 | 119,844 | ||||||
Polyus PJSC | 177 | 20,633 | ||||||
Severstal PJSC | 697 | 9,597 | ||||||
Tatneft PJSC, Preference Shares | 1,060 | 10,903 | ||||||
|
| |||||||
814,406 | ||||||||
|
| |||||||
South Africa-4.35% | ||||||||
Anglo American Platinum Ltd. | 478 | 35,784 | ||||||
AngloGold Ashanti Ltd. | 3,314 | 72,686 | ||||||
Capitec Bank Holdings Ltd. | 284 | 25,886 | ||||||
Exxaro Resources Ltd. | 982 | 8,039 | ||||||
Gold Fields Ltd. | 3,811 | 23,513 | ||||||
Impala Platinum Holdings Ltd.(a) | 7,035 | 48,500 | ||||||
Kumba Iron Ore Ltd. | 333 | 8,135 | ||||||
Sibanye Gold Ltd.(a) | 13,466 | 26,059 | ||||||
Telkom S.A. SOC Ltd. | 2,162 | 9,923 | ||||||
|
| |||||||
258,525 | ||||||||
|
| |||||||
South Korea-1.80% | ||||||||
Cheil Worldwide, Inc. | 336 | 7,148 | ||||||
Daelim Industrial Co. Ltd. | 121 | 9,464 | ||||||
Fila Korea Ltd. | 340 | 16,833 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 145 | 4,711 | ||||||
Kia Motors Corp. | 1,255 | 45,898 | ||||||
KMW Co. Ltd.(a) | 228 | 10,504 | ||||||
Meritz Securities Co. Ltd. | 1,764 | 6,838 | ||||||
S-1 Corp. | 72 | 5,798 | ||||||
|
| |||||||
107,194 | ||||||||
|
| |||||||
Taiwan-12.25% | ||||||||
Advantech Co. Ltd. | 1,416 | 14,025 | ||||||
Chailease Holding Co. Ltd. | 5,835 | 26,357 | ||||||
Chang Hwa Commercial Bank Ltd. | 35,682 | 27,839 | ||||||
Delta Electronics, Inc. | 9,539 | 41,991 | ||||||
E.Sun Financial Holding Co. Ltd. | 76,358 | 69,107 | ||||||
Far Eastern Department Stores Ltd. | 5,904 | 5,072 | ||||||
Feng TAY Enterprise Co. Ltd. | 2,068 | 13,995 | ||||||
First Financial Holding Co. Ltd. | 55,150 | 40,492 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Giant Manufacturing Co. Ltd. | 1,716 | $ | 12,740 | |||||
Hotai Motor Co. Ltd. | 1,980 | 34,994 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 67,994 | 48,917 | ||||||
ITEQ Corp. | 1,411 | 7,185 | ||||||
Lite-On Technology Corp. | 9,256 | 15,264 | ||||||
Makalot Industrial Co., Ltd. | 1,195 | 6,674 | ||||||
Mega Financial Holding Co. Ltd. | 62,374 | 61,266 | ||||||
Merida Industry Co., Ltd. | 1,077 | 6,227 | ||||||
Radiant Opto-Electronics Corp. | 3,404 | 13,531 | ||||||
Realtek Semiconductor Corp. | 2,339 | 17,404 | ||||||
Shanghai Commercial & Savings Bank, Ltd. (The) | 29,693 | 51,211 | ||||||
Simplo Technology Co., Ltd. | 839 | 7,745 | ||||||
SinoPac Financial Holdings Co. Ltd. | 46,574 | 19,125 | ||||||
TA Chen Stainless Pipe | 2,643 | 2,856 | ||||||
Taiwan Business Bank | 38,369 | 16,197 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 53,765 | 37,003 | ||||||
Taiwan Fertilizer Co. Ltd. | 3,597 | 5,731 | ||||||
Taiwan High Speed Rail Corp. | 17,938 | 21,244 | ||||||
Taiwan Paiho Ltd. | 1,319 | 3,449 | ||||||
Tripod Technology Corp. | 2,317 | 8,982 | ||||||
Unimicron Technology Corp. | 9,097 | 14,090 | ||||||
Win Semiconductors Corp. | 2,146 | 22,418 | ||||||
Yuanta Financial Holding Co. Ltd. | 63,859 | 39,964 | ||||||
Zhen Ding Technology Holding Ltd. | 3,087 | 14,705 | ||||||
|
| |||||||
727,800 | ||||||||
|
| |||||||
Thailand-3.06% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR | 375 | 2,534 | ||||||
B. Grimm Power PCL, NVDR | 4,483 | 7,127 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 31,266 | 11,183 | ||||||
BTS Group Holdings PCL, NVDR | 35,897 | 15,931 | ||||||
Carabao Group PCL, NVDR | 1,500 | 4,185 | ||||||
Electricity Generating PCL, NVDR | 1,888 | 21,697 | ||||||
Energy Absolute PCL, NVDR | 8,159 | 11,079 | ||||||
Gulf Energy Development PCL, NVDR | 7,756 | 41,612 | ||||||
Home Product Center PCL, NVDR | 15,261 | 8,693 | ||||||
Krungthai Card PCL, NVDR | 5,342 | 7,342 | ||||||
Muangthai Capital PCL, NVDR | 3,345 | 6,868 | ||||||
Osotspa PCL, NVDR | 5,333 | 7,506 | ||||||
Ratch Group PCL, NVDR | 2,449 | 5,961 | ||||||
Srisawad Corp. PCL, NVDR | 3,139 | 6,705 | ||||||
Thanachart Capital PCL, NVDR | 2,259 | 3,965 | ||||||
Tisco Financial Group PCL, NVDR | 2,961 | 9,561 | ||||||
Total Access Communication PCL, NVDR | 3,086 | 6,337 | ||||||
VGI PCL, NVDR | 10,487 | 3,386 | ||||||
|
| |||||||
181,672 | ||||||||
|
| |||||||
Turkey-0.75% | ||||||||
BIM Birlesik Magazalar A.S. | 1,982 | 16,418 | ||||||
KOC Holding A.S. | 4,932 | 16,171 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 540 | 11,769 | ||||||
|
| |||||||
44,358 | ||||||||
|
| |||||||
United Arab Emirates-1.63% | ||||||||
Abu Dhabi Commercial Bank PJSC | 12,226 | 25,965 | ||||||
First Abu Dhabi Bank PJSC | 17,164 | 71,127 | ||||||
|
| |||||||
97,092 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
October 31, 2019
Shares | Value | |||||||
United States-1.01% | ||||||||
JBS S.A. | 8,536 | $ | 60,154 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 5,678,749 | ||||||
|
| |||||||
Exchange-Traded Funds-4.38% |
| |||||||
United States-4.38% | ||||||||
iShares MSCI Saudi Arabia ETF(c) | 9,020 | 259,956 | ||||||
|
| |||||||
Principal Amount | ||||||||
Non-U.S. Dollar Denominated Bonds & Notes-0.00% |
| |||||||
India-0.00% | ||||||||
Britannia Industries Ltd., | INR 15,360 | 224 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.14% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional | 8,384 | 8,384 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 5,947,313 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.47% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 154,759 | $ | 154,759 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 51,566 | 51,586 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 206,345 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.58% |
| 6,153,658 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.58)% | (212,843 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 5,940,815 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
INR-Indian Rupee
NVDR-Non-Voting 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 aggregate value of these securities at October 31, 2019 was $145,279, which represented 2.45% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
The Fund’s Adviser also serves as the adviser for the Invesco India ETF and therefore, Invesco India ETF is considered to be affiliated with the Fund. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the year ended October 31, 2019.
Value October 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco India ETF* | $547,854 | $- | $(617,936) | $72,992 | $(2,910) | $- | $4,208 |
* At October 31, 2019, this security was no longer held.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.75% |
| |||||||
Australia-15.95% | ||||||||
AGL Energy Ltd. | 11,551 | $ | 157,411 | |||||
Aurizon Holdings Ltd. | 33,384 | 135,699 | ||||||
AusNet Services | 116,768 | 148,828 | ||||||
Commonwealth Bank of Australia | 2,425 | 131,418 | ||||||
GPT Group (The) | 28,195 | 115,578 | ||||||
National Australia Bank Ltd. | 9,423 | 185,735 | ||||||
Scentre Group | 60,147 | 158,709 | ||||||
Stockland | 58,592 | 197,394 | ||||||
Suncorp Group Ltd. | 15,433 | 143,008 | ||||||
Sydney Airport | 24,331 | 147,178 | ||||||
Tabcorp Holdings Ltd. | 41,595 | 137,553 | ||||||
Transurban Group | 10,805 | 110,471 | ||||||
Vicinity Centres | 103,186 | 189,810 | ||||||
Wesfarmers Ltd. | 6,411 | 175,614 | ||||||
Woodside Petroleum Ltd. | 6,623 | 146,926 | ||||||
|
| |||||||
2,281,332 | ||||||||
|
| |||||||
Finland-1.16% | ||||||||
Sampo Oyj, Class A | 4,050 | 166,005 | ||||||
|
| |||||||
France-7.81% | ||||||||
AXA S.A. | 5,904 | 156,008 | ||||||
CNP Assurances | 5,405 | 107,215 | ||||||
ENGIE S.A. | 10,357 | 173,264 | ||||||
Orange S.A. | 9,770 | 157,395 | ||||||
Sanofi S.A. | 1,365 | 125,819 | ||||||
TOTAL S.A. | 2,744 | 144,296 | ||||||
Unibail-Rodamco-Westfield | 829 | 128,234 | ||||||
Veolia Environnement S.A. | 4,764 | 125,274 | ||||||
|
| |||||||
1,117,505 | ||||||||
|
| |||||||
Germany-4.37% | ||||||||
Allianz S.E. | 473 | 115,567 | ||||||
Deutsche Post AG | 3,438 | 121,780 | ||||||
Deutsche Telekom AG | 7,968 | 140,170 | ||||||
E.ON S.E. | 12,116 | 122,155 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 449 | 124,731 | ||||||
|
| |||||||
624,403 | ||||||||
|
| |||||||
Hong Kong-5.26% | ||||||||
CK Hutchison Holdings Ltd. | 11,869 | 109,790 | ||||||
Hang Seng Bank Ltd. | 4,249 | 88,800 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(a) | 139,033 | 138,719 | ||||||
HKT Trust & HKT Ltd. | 98,008 | 152,557 | ||||||
Mapletree North Asia Commercial Trust(a) | 129,774 | 122,055 | ||||||
Power Assets Holdings Ltd. | 19,661 | 140,352 | ||||||
|
| |||||||
752,273 | ||||||||
|
| |||||||
Italy-6.06% | ||||||||
A2A S.p.A. | 73,010 | 146,535 | ||||||
Assicurazioni Generali S.p.A. | 7,676 | 155,646 | ||||||
Enel S.p.A. | 17,978 | 139,197 | ||||||
Eni S.p.A. | 10,105 | 152,983 | ||||||
Snam S.p.A. | 28,754 | 147,565 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 18,830 | 124,450 | ||||||
|
| |||||||
866,376 | ||||||||
|
|
Shares | Value | |||||||
Japan-15.85% | ||||||||
Activia Properties, Inc. | 27 | $ | 142,362 | |||||
Canon, Inc. | 5,093 | 139,545 | ||||||
Daiwa House REIT Investment Corp. | 47 | 136,733 | ||||||
Frontier Real Estate Investment Corp. | 30 | 133,898 | ||||||
GLP J-REIT | 108 | 140,663 | ||||||
Japan Hotel REIT Investment Corp. | 152 | 126,122 | ||||||
Japan Post Bank Co. Ltd. | 12,226 | 122,367 | ||||||
Japan Post Holdings Co. Ltd. | 10,884 | 100,277 | ||||||
Japan Retail Fund Investment Corp. | 58 | 135,202 | ||||||
Japan Tobacco, Inc. | 8,038 | 182,612 | ||||||
Mizuho Financial Group, Inc. | 87,875 | 137,212 | ||||||
Mori Trust Sogo Reit, Inc. | 71 | 129,055 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,314 | 107,570 | ||||||
Nippon Steel Corp. | 7,496 | 110,355 | ||||||
Sekisui House Ltd. | 7,246 | 156,978 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3,623 | 130,033 | ||||||
United Urban Investment Corp. | 67 | 135,109 | ||||||
|
| |||||||
2,266,093 | ||||||||
|
| |||||||
Netherlands-0.95% | ||||||||
Koninklijke KPN N.V. | 43,618 | 135,282 | ||||||
|
| |||||||
New Zealand-3.24% | ||||||||
Contact Energy Ltd. | 26,916 | 127,388 | ||||||
Meridian Energy Ltd. | 39,126 | 115,421 | ||||||
Spark New Zealand Ltd. | 76,657 | 220,237 | ||||||
|
| |||||||
463,046 | ||||||||
|
| |||||||
Norway-1.82% | ||||||||
DNB ASA | 7,634 | 138,941 | ||||||
Telenor ASA | 6,453 | 120,995 | ||||||
|
| |||||||
259,936 | ||||||||
|
| |||||||
Portugal-2.33% | ||||||||
EDP - Energias de Portugal S.A., Class R | 42,947 | 176,802 | ||||||
NOS, SGPS S.A. | 26,442 | 157,088 | ||||||
|
| |||||||
333,890 | ||||||||
|
| |||||||
Singapore-11.03% | ||||||||
Ascendas REIT | 59,264 | 138,041 | ||||||
CapitaLand Commercial Trust | 72,782 | 109,632 | ||||||
CapitaLand Mall Trust | 65,951 | 123,087 | ||||||
DBS Group Holdings Ltd. | 7,996 | 152,758 | ||||||
Keppel REIT | 138,713 | 123,328 | ||||||
Mapletree Commercial Trust | 82,116 | 140,586 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(b) | 5,830 | 385 | ||||||
Mapletree Logistics Trust | 99,315 | 122,598 | ||||||
Singapore Airlines Ltd. | 16,543 | 114,383 | ||||||
Singapore Exchange Ltd. | 21,690 | 142,480 | ||||||
Singapore Press Holdings Ltd. | 88,460 | 144,297 | ||||||
Singapore Telecommunications Ltd. | 55,216 | 133,886 | ||||||
Suntec REIT | 96,331 | 131,655 | ||||||
|
| |||||||
1,577,116 | ||||||||
|
| |||||||
Spain-6.20% | ||||||||
Endesa S.A. | 5,624 | 153,096 | ||||||
Mapfre, S.A. | 40,858 | 113,958 | ||||||
Naturgy Energy Group S.A. | 7,405 | 201,661 | ||||||
Red Electrica Corp. S.A. | 6,312 | 127,108 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
October 31, 2019
Shares | Value | |||||||
Spain-(continued) | ||||||||
Repsol S.A. | 10,307 | $ | 169,035 | |||||
Telefonica S.A. | 15,826 | 121,387 | ||||||
|
| |||||||
886,245 | ||||||||
|
| |||||||
Sweden-2.26% | ||||||||
Svenska Handelsbanken AB, Class A | 16,681 | 167,359 | ||||||
Telia Co. AB(c) | 35,519 | 156,501 | ||||||
|
| |||||||
323,860 | ||||||||
|
| |||||||
Switzerland-4.12% | ||||||||
ABB Ltd. | 6,153 | 129,015 | ||||||
Swiss Re AG | 1,547 | 161,951 | ||||||
Swisscom AG | 261 | 133,310 | ||||||
Zurich Insurance Group AG | 424 | 165,647 | ||||||
|
| |||||||
589,923 | ||||||||
|
| |||||||
United Kingdom-11.34% | ||||||||
Admiral Group PLC | 5,410 | 141,551 | ||||||
British Land Co. PLC (The) | 24,753 | 198,780 | ||||||
Direct Line Insurance Group PLC | 41,013 | 144,406 | ||||||
GlaxoSmithKline PLC | 7,012 | 160,474 | ||||||
HSBC Holdings PLC | 19,352 | 145,992 | ||||||
Land Securities Group PLC | 14,968 | 182,065 | ||||||
National Grid PLC | 15,536 | 181,193 | ||||||
Royal Dutch Shell PLC, Class A | 5,082 | 146,844 | ||||||
Severn Trent PLC | 5,104 | 148,933 | ||||||
United Utilities Group PLC | 15,203 | 171,192 | ||||||
|
| |||||||
1,621,430 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 14,264,715 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.10% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 10,160 | $ | 10,160 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 3,534 | 3,536 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 13,696 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.85% |
| 14,278,411 | ||||||
OTHER ASSETS LESS LIABILITIES-0.15% | 22,036 | |||||||
|
| |||||||
NET ASSETS-100.00% | $ | 14,300,447 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Rts.-Rights
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, 2019 was $260,774, which represented 1.82% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019. |
(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.
| 44 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.73% |
| |||||||
Australia-5.91% | ||||||||
ASX Ltd. | 82,875 | $ | 4,700,203 | |||||
Aurizon Holdings Ltd. | 1,128,665 | 4,587,804 | ||||||
AusNet Services | 3,893,368 | 4,962,322 | ||||||
Commonwealth Bank of Australia | 78,145 | 4,234,897 | ||||||
Dexus | 501,620 | 4,136,726 | ||||||
GPT Group (The) | 1,008,187 | 4,132,813 | ||||||
National Australia Bank Ltd. | 225,824 | 4,451,186 | ||||||
Sonic Healthcare Ltd. | 215,193 | 4,231,261 | ||||||
Suncorp Group Ltd. | 418,308 | 3,876,200 | ||||||
Tabcorp Holdings Ltd. | 1,278,480 | 4,227,883 | ||||||
Transurban Group | 547,878 | 5,601,515 | ||||||
Vicinity Centres | 2,308,166 | 4,245,864 | ||||||
Woolworths Group Ltd. | 195,910 | 5,037,163 | ||||||
|
| |||||||
58,425,837 | ||||||||
|
| |||||||
Austria-0.93% | ||||||||
CA Immobilien Anlagen AG | 118,758 | 4,584,238 | ||||||
IMMOFINANZ AG(a) | 161,589 | 4,642,129 | ||||||
|
| |||||||
9,226,367 | ||||||||
|
| |||||||
Belgium-2.02% | ||||||||
Ackermans & van Haaren N.V. | 31,048 | 4,755,896 | ||||||
Ageas | 88,888 | 5,121,033 | ||||||
Groupe Bruxelles Lambert S.A. | 48,297 | 4,848,354 | ||||||
Sofina S.A. | 23,835 | 5,270,442 | ||||||
|
| |||||||
19,995,725 | ||||||||
|
| |||||||
Canada-21.51% | ||||||||
Algonquin Power & Utilities Corp. | 430,296 | 5,922,361 | ||||||
Atco Ltd., Class I | 142,071 | 5,004,669 | ||||||
Bank of Montreal(b) | 81,241 | 6,026,551 | ||||||
Bank of Nova Scotia (The) | 115,624 | 6,645,290 | ||||||
BCE, Inc. | 131,234 | 6,238,445 | ||||||
Brookfield Asset Management, Inc., Class A | 88,882 | 4,925,078 | ||||||
Canadian Apartment Properties REIT | 126,395 | 5,273,711 | ||||||
Canadian Imperial Bank of Commerce | 71,378 | 6,099,184 | ||||||
Canadian Utilities Ltd., Class A | 199,957 | 5,843,457 | ||||||
CGI, Inc.(a) | 59,158 | 4,608,054 | ||||||
Choice Properties REIT | 526,053 | 5,563,310 | ||||||
Emera, Inc.(b) | 145,147 | 6,021,886 | ||||||
First Capital Realty, Inc. | 332,744 | 5,518,940 | ||||||
Fortis, Inc. | 172,612 | 7,186,312 | ||||||
George Weston Ltd. | 62,840 | 5,041,639 | ||||||
Gildan Activewear, Inc. | 114,554 | 2,932,812 | ||||||
Great-West Lifeco, Inc. | 207,754 | 5,062,853 | ||||||
H&R REIT | 366,215 | 6,207,837 | ||||||
Hydro One Ltd.(b)(c) | 339,112 | 6,318,601 | ||||||
iA Financial Corp., Inc. | 92,646 | 4,471,059 | ||||||
IGM Financial, Inc. | 158,008 | 4,468,488 | ||||||
Intact Financial Corp. | 55,840 | 5,773,695 | ||||||
Loblaw Cos., Ltd. | 91,481 | 4,888,824 | ||||||
Metro, Inc. | 128,442 | 5,443,162 | ||||||
National Bank of Canada | 152,511 | 7,892,721 | ||||||
Pembina Pipeline Corp. | 130,895 | 4,617,949 | ||||||
Power Corp. of Canada | 208,628 | 4,838,119 | ||||||
Power Financial Corp. | 227,551 | 5,332,347 | ||||||
Quebecor, Inc., Class B | 210,386 | 4,901,297 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
RioCan REIT | 370,530 | $ | 7,450,913 | |||||
Rogers Communications, Inc., Class B | 104,093 | 4,911,026 | ||||||
Royal Bank of Canada | 80,559 | 6,511,651 | ||||||
Shaw Communications, Inc., Class B | 260,615 | 5,329,883 | ||||||
SmartCentres REIT | 255,276 | 6,184,036 | ||||||
Sun Life Financial, Inc.(b) | 106,841 | 4,803,313 | ||||||
TC Energy Corp. | 97,273 | 4,913,421 | ||||||
TELUS Corp. | 196,432 | 7,001,818 | ||||||
Toronto-Dominion Bank (The) | 114,681 | 6,562,299 | ||||||
|
| |||||||
212,737,011 | ||||||||
|
| |||||||
Denmark-0.45% | ||||||||
Tryg A/S | 160,298 | 4,479,323 | ||||||
|
| |||||||
Finland-0.44% | ||||||||
Sampo Oyj, Class A | 104,988 | 4,303,353 | ||||||
|
| |||||||
France-5.58% | ||||||||
Air Liquide S.A. | 36,258 | 4,817,745 | ||||||
AXA S.A. | 197,941 | 5,230,429 | ||||||
CNP Assurances | 212,230 | 4,209,851 | ||||||
Danone S.A. | 57,170 | 4,742,810 | ||||||
L’Oreal S.A. | 15,321 | 4,474,917 | ||||||
Orange S.A. | 365,549 | 5,888,992 | ||||||
Pernod Ricard S.A. | 22,320 | 4,121,169 | ||||||
Sanofi S.A. | 47,395 | 4,368,637 | ||||||
Sodexo S.A. | 36,231 | 3,985,524 | ||||||
TOTAL S.A. | 79,519 | 4,181,601 | ||||||
Veolia Environnement S.A. | 182,951 | 4,810,858 | ||||||
Vinci S.A.(b) | 39,194 | 4,398,917 | ||||||
|
| |||||||
55,231,450 | ||||||||
|
| |||||||
Germany-3.85% | ||||||||
Allianz S.E. | 20,227 | 4,942,012 | ||||||
Aroundtown S.A. | 525,205 | 4,433,262 | ||||||
Beiersdorf AG(b) | 34,965 | 4,140,776 | ||||||
Deutsche Boerse AG | 26,716 | 4,141,505 | ||||||
Deutsche Telekom AG | 328,304 | 5,775,385 | ||||||
E.ON S.E. | 432,096 | 4,356,450 | ||||||
Hannover Rueck S.E. | 26,853 | 4,757,420 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 19,968 | 5,547,050 | ||||||
|
| |||||||
38,093,860 | ||||||||
|
| |||||||
Hong Kong-4.73% | ||||||||
CK Hutchison Holdings Ltd. | 433,595 | 4,010,824 | ||||||
CK Infrastructure Holdings Ltd. | 648,249 | 4,668,928 | ||||||
CLP Holdings Ltd. | 438,579 | 4,552,152 | ||||||
Hang Seng Bank Ltd. | 178,072 | 3,721,525 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(c) | 6,162,183 | 6,148,267 | ||||||
HKT Trust & HKT Ltd. | 2,740,342 | 4,265,559 | ||||||
Hong Kong & China Gas Co., Ltd. (The) | 2,512,626 | 4,879,259 | ||||||
Mapletree North Asia Commercial | 4,264,054 | 4,010,426 | ||||||
MTR Corp. Ltd. | 723,421 | 4,153,507 | ||||||
Power Assets Holdings Ltd. | 897,904 | 6,409,754 | ||||||
|
| |||||||
46,820,201 | ||||||||
|
| |||||||
Israel-1.80% | ||||||||
Alony Hetz Properties & Investments Ltd. | 305,719 | 4,411,974 | ||||||
Bank Leumi Le-Israel BM | 609,745 | 4,440,424 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
October 31, 2019
Shares | Value | |||||||
Israel-(continued) | ||||||||
Shufersal Ltd. | 609,104 | $ | 4,115,953 | |||||
Strauss Group Ltd. | 160,051 | 4,846,658 | ||||||
|
| |||||||
17,815,009 | ||||||||
|
| |||||||
Italy-1.95% | ||||||||
Assicurazioni Generali S.p.A. | 277,362 | 5,624,055 | ||||||
Enel S.p.A. | 629,579 | 4,874,588 | ||||||
Eni S.p.A. | 274,560 | 4,156,667 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 693,113 | 4,580,863 | ||||||
|
| |||||||
19,236,173 | ||||||||
|
| |||||||
Japan-20.54% | ||||||||
Activia Properties, Inc. | 1,202 | 6,337,727 | ||||||
Advance Residence Investment Corp. | 1,647 | 5,469,433 | ||||||
ANA Holdings, Inc. | 137,512 | 4,734,468 | ||||||
Bridgestone Corp. | 103,609 | 4,334,892 | ||||||
Chugoku Electric Power Co., Inc. | 382,646 | 5,100,531 | ||||||
Daiwa House REIT Investment Corp. | 2,385 | 6,938,463 | ||||||
Daiwa Office Investment Corp. | 764 | 6,084,862 | ||||||
East Japan Railway Co. | 42,948 | 3,912,815 | ||||||
Frontier Real Estate Investment Corp. | 1,656 | 7,391,147 | ||||||
GLP J-REIT | 4,553 | 5,929,998 | ||||||
Japan Airlines Co. Ltd. | 131,636 | 4,108,412 | ||||||
Japan Hotel REIT Investment Corp. | 6,895 | 5,721,118 | ||||||
Japan Post Bank Co. Ltd.(b) | 541,671 | 5,421,470 | ||||||
Japan Post Holdings Co. Ltd. | 583,913 | 5,379,745 | ||||||
Japan Prime Realty Investment Corp. | 1,239 | 5,948,300 | ||||||
Japan Real Estate Investment Corp. | 879 | 5,992,535 | ||||||
Japan Retail Fund Investment Corp. | 2,844 | 6,629,555 | ||||||
Japan Tobacco, Inc. | 214,138 | 4,864,927 | ||||||
Kintetsu Group Holdings Co. Ltd. | 85,555 | 4,677,212 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 102,748 | 5,160,924 | ||||||
Mitsubishi Heavy Industries Ltd. | 105,534 | 4,297,310 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 758,484 | 3,997,819 | ||||||
Mizuho Financial Group, Inc. | 3,664,189 | 5,721,429 | ||||||
Mori Trust Sogo Reit, Inc. | 3,655 | 6,643,610 | ||||||
MS&AD Insurance Group Holdings, Inc. | 139,207 | 4,518,546 | ||||||
Nippon Building Fund, Inc. | 724 | 5,491,698 | ||||||
Nippon Prologis REIT, Inc. | 2,176 | 6,078,831 | ||||||
Nomura Real Estate Master Fund, Inc. | 3,560 | 6,800,241 | ||||||
ORIX JREIT, Inc. | 3,148 | 7,116,888 | ||||||
Secom Co. Ltd. | 47,523 | 4,424,578 | ||||||
Sekisui House Ltd. | 244,413 | 5,294,993 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 123,153 | 4,420,088 | ||||||
Sumitomo Realty & Development Co., Ltd. | 117,591 | 4,288,990 | ||||||
Tokyo Gas Co., Ltd. | 167,908 | 4,109,750 | ||||||
Toyota Motor Corp. | 58,692 | 4,094,677 | ||||||
United Urban Investment Corp. | 3,441 | 6,938,976 | ||||||
West Japan Railway Co. | 50,247 | 4,377,004 | ||||||
Yamada Denki Co. Ltd. | 917,555 | 4,439,029 | ||||||
|
| |||||||
203,192,991 | ||||||||
|
| |||||||
Netherlands-1.33% | ||||||||
Akzo Nobel N.V. | 46,965 | 4,325,333 | ||||||
Heineken Holding N.V. | 44,413 | 4,231,518 | ||||||
Wolters Kluwer N.V. | 62,074 | 4,572,076 | ||||||
|
| |||||||
13,128,927 | ||||||||
|
| |||||||
New Zealand-0.38% | ||||||||
Contact Energy Ltd. | 802,618 | 3,798,625 | ||||||
|
|
Shares | Value | |||||||
Norway-1.29% | ||||||||
Entra ASA(c) | 294,775 | $ | 4,417,836 | |||||
Gjensidige Forsikring ASA | 210,476 | 3,940,751 | ||||||
Orkla ASA | 456,686 | 4,394,158 | ||||||
|
| |||||||
12,752,745 | ||||||||
|
| |||||||
Portugal-0.53% | ||||||||
EDP - Energias de Portugal S.A., Class R | 1,272,290 | 5,237,701 | ||||||
|
| |||||||
Singapore-8.84% | ||||||||
Ascendas REIT | 2,612,241 | 6,084,576 | ||||||
CapitaLand Commercial Trust | 3,191,377 | 4,807,173 | ||||||
CapitaLand Ltd. | 1,715,624 | 4,538,188 | ||||||
CapitaLand Mall Trust | 2,298,281 | 4,289,381 | ||||||
DBS Group Holdings Ltd. | 242,077 | 4,624,712 | ||||||
Keppel REIT | 5,478,582 | 4,870,924 | ||||||
Mapletree Commercial Trust | 2,823,649 | 4,834,198 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(a) | 196,940 | 13,024 | ||||||
Mapletree Logistics Trust | 3,969,179 | 4,899,681 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 603,758 | 4,862,183 | ||||||
SATS Ltd. | 1,241,755 | 4,607,710 | ||||||
Singapore Airlines Ltd. | 815,079 | 5,635,691 | ||||||
Singapore Exchange Ltd. | 866,970 | 5,695,075 | ||||||
Singapore Technologies Engineering Ltd. | 1,454,134 | 4,263,194 | ||||||
Singapore Telecommunications Ltd. | 2,182,215 | 5,291,384 | ||||||
Suntec REIT | 3,631,157 | 4,962,675 | ||||||
United Overseas Bank Ltd. | 231,184 | 4,557,601 | ||||||
UOL Group Ltd. | 740,038 | 4,241,373 | ||||||
Wilmar International Ltd. | 1,565,687 | 4,314,138 | ||||||
|
| |||||||
87,392,881 | ||||||||
|
| |||||||
Spain-3.72% | ||||||||
Aena SME S.A.(c) | 23,768 | 4,362,011 | ||||||
Endesa S.A. | 178,968 | 4,871,844 | ||||||
Ferrovial S.A. | 162,392 | 4,793,830 | ||||||
Iberdrola S.A. | 486,972 | 5,002,620 | ||||||
Mapfre, S.A. | 1,547,369 | 4,315,808 | ||||||
Naturgy Energy Group S.A. | 166,368 | 4,530,705 | ||||||
Red Electrica Corp. S.A. | 221,879 | 4,468,087 | ||||||
Telefonica S.A. | 572,845 | 4,393,777 | ||||||
|
| |||||||
36,738,682 | ||||||||
|
| |||||||
Sweden-3.10% | ||||||||
AAK AB | 214,376 | 3,807,203 | ||||||
Castellum AB | 226,615 | 4,639,653 | ||||||
Hufvudstaden AB, Class A | 246,715 | 4,135,689 | ||||||
Industrivarden AB, Class C | 197,824 | 4,289,407 | ||||||
Investor AB, Class B | 93,363 | 4,792,045 | ||||||
Svenska Handelsbanken AB, Class A | 413,748 | 4,151,094 | ||||||
Telia Co. AB(b) | 1,106,167 | 4,873,918 | ||||||
|
| |||||||
30,689,009 | ||||||||
|
| |||||||
Switzerland-4.90% | ||||||||
Chocoladefabriken Lindt & Spruengli AG | 54 | 4,421,789 | ||||||
Givaudan S.A. | 1,748 | 5,131,954 | ||||||
Nestle S.A. | 49,900 | 5,326,038 | ||||||
Novartis AG | 48,476 | 4,229,338 | ||||||
Partners Group Holding AG | 5,338 | 4,161,124 | ||||||
Roche Holding AG | 17,003 | 5,114,254 | ||||||
SGS S.A. | 1,808 | 4,705,289 | ||||||
Swiss Re AG | 45,637 | 4,777,605 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
October 31, 2019
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Swisscom AG | 10,375 | $ | 5,299,215 | |||||
Zurich Insurance Group AG | 13,644 | 5,330,390 | ||||||
|
| |||||||
48,496,996 | ||||||||
|
| |||||||
United Kingdom-5.45% | ||||||||
Admiral Group PLC | 159,815 | 4,181,506 | ||||||
Coca-Cola European Partners PLC | 83,912 | 4,490,131 | ||||||
Compass Group PLC | 175,769 | 4,676,268 | ||||||
Diageo PLC | 117,361 | 4,805,769 | ||||||
Direct Line Insurance Group PLC | 1,224,508 | 4,311,458 | ||||||
GlaxoSmithKline PLC | 201,816 | 4,618,695 | ||||||
HSBC Holdings PLC | 551,097 | 4,157,484 | ||||||
Land Securities Group PLC | 420,816 | 5,118,634 | ||||||
Segro PLC | 477,762 | 5,219,044 | ||||||
Smith & Nephew plc | 172,821 | 3,695,490 | ||||||
Unilever N.V. | 72,222 | 4,266,421 | ||||||
Wm Morrison Supermarkets PLC(b) | 1,686,128 | 4,338,605 | ||||||
|
| |||||||
53,879,505 | ||||||||
|
| |||||||
United States-0.48% | ||||||||
Waste Connections, Inc. | 50,896 | 4,711,080 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 986,383,451 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.18% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 23,606,275 | $ | 23,606,275 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 7,865,612 | 7,868,758 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 31,475,033 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.91% |
| 1,017,858,484 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.91)% |
| (28,806,578 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 989,051,906 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $25,257,141, which represented 2.55% 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, 2019. |
(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.
| 47 |
|
Invesco S&P International Developed Momentum ETF (IDMO)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.88% |
| |||||||
Australia-12.16% | ||||||||
APA Group | 570 | $ | 4,575 | |||||
ASX Ltd. | 180 | 10,209 | ||||||
Aurizon Holdings Ltd. | 1,634 | 6,642 | ||||||
BHP Group Ltd. | 1,792 | 44,384 | ||||||
BHP Group PLC | 1,084 | 22,931 | ||||||
Brambles Ltd. | 1,276 | 10,523 | ||||||
CSL Ltd. | 204 | 35,984 | ||||||
Dexus | 884 | 7,290 | ||||||
Evolution Mining Ltd. | 1,381 | 3,929 | ||||||
Fortescue Metals Group Ltd. | 1,818 | 11,160 | ||||||
Goodman Group | 1,697 | 16,824 | ||||||
GPT Group (The) | 1,260 | 5,165 | ||||||
Harvey Norman Holdings Ltd. | 419 | 1,181 | ||||||
Magellan Financial Group Ltd. | 157 | 5,210 | ||||||
Mirvac Group | 3,672 | 8,121 | ||||||
Newcrest Mining Ltd. | 798 | 17,208 | ||||||
Northern Star Resources Ltd. | 552 | 3,723 | ||||||
Orica Ltd. | 238 | 3,755 | ||||||
QBE Insurance Group Ltd. | 848 | 7,361 | ||||||
Ramsay Health Care Ltd. | 85 | 4,011 | ||||||
Rio Tinto Ltd. | 229 | 14,338 | ||||||
Sydney Airport | 669 | 4,047 | ||||||
Telstra Corp. Ltd. | 3,460 | 8,319 | ||||||
Transurban Group | 2,770 | 28,321 | ||||||
Wesfarmers Ltd. | 608 | 16,655 | ||||||
WiseTech Global Ltd. | 113 | 2,037 | ||||||
Woolworths Group Ltd. | 884 | 22,729 | ||||||
|
| |||||||
326,632 | ||||||||
|
| |||||||
Austria-0.09% | ||||||||
Verbund AG | 46 | 2,489 | ||||||
|
| |||||||
Belgium-0.32% | ||||||||
Galapagos N.V.(a) | 31 | 5,700 | ||||||
Proximus SADP | 94 | 2,887 | ||||||
|
| |||||||
8,587 | ||||||||
|
| |||||||
Canada-10.97% | ||||||||
Air Canada(a) | 282 | 10,062 | ||||||
Algonquin Power & Utilities Corp. | 469 | 6,455 | ||||||
Alimentation Couche-Tard, Inc., Class B | 670 | 20,135 | ||||||
Barrick Gold Corp. | 1,142 | 19,880 | ||||||
BCE, Inc. | 171 | 8,129 | ||||||
Brookfield Asset Management, Inc., Class A | 488 | 27,041 | ||||||
CAE, Inc. | 161 | 4,046 | ||||||
Canadian Apartment Properties REIT | 40 | 1,669 | ||||||
Canadian Pacific Railway Ltd. | 75 | 17,091 | ||||||
Canadian Utilities Ltd., Class A | 72 | 2,104 | ||||||
CGI, Inc.(a) | 141 | 10,983 | ||||||
Choice Properties REIT | 88 | 931 | ||||||
Constellation Software, Inc. | 12 | 11,876 | ||||||
Emera, Inc.(b) | 235 | 9,750 | ||||||
Empire Co. Ltd., Class A | 110 | 2,927 | ||||||
Fortis, Inc. | 409 | 17,028 | ||||||
Gildan Activewear, Inc. | 168 | 4,301 | ||||||
H&R REIT | 96 | 1,627 | ||||||
Hydro One Ltd.(c) | 273 | 5,087 | ||||||
Intact Financial Corp. | 106 | 10,960 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
Kirkland Lake Gold Ltd. | 170 | $ | 8,000 | |||||
Loblaw Cos., Ltd. | 124 | 6,627 | ||||||
Metro, Inc. | 155 | 6,568 | ||||||
Restaurant Brands International, Inc. | 146 | 9,572 | ||||||
RioCan REIT | 78 | 1,568 | ||||||
Shopify, Inc., Class A(a) | 97 | 30,480 | ||||||
SmartCentres REIT | 36 | 872 | ||||||
TC Energy Corp. | 496 | 25,054 | ||||||
Thomson Reuters Corp. | 170 | 11,448 | ||||||
TMX Group Ltd. | 27 | 2,364 | ||||||
|
| |||||||
294,635 | ||||||||
|
| |||||||
Denmark-1.63% | ||||||||
Carlsberg A/S, Class B | 66 | 9,289 | ||||||
Coloplast A/S, Class B | 53 | 6,390 | ||||||
Orsted A/S(c) | 177 | 15,533 | ||||||
Tryg A/S | 110 | 3,074 | ||||||
Vestas Wind Systems A/S | 116 | 9,473 | ||||||
|
| |||||||
43,759 | ||||||||
|
| |||||||
Finland-0.30% | ||||||||
Neste Oyj | 221 | 7,979 | ||||||
|
| |||||||
France-10.60% | ||||||||
Air Liquide S.A. | 253 | 33,617 | ||||||
Airbus S.E. | 305 | 43,698 | ||||||
Christian Dior S.E. | 4 | 1,974 | ||||||
Danone S.A. | 400 | 33,184 | ||||||
Hermes International | 18 | 12,953 | ||||||
L’Oreal S.A. | 126 | 36,802 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 147 | 62,730 | ||||||
Pernod Ricard S.A. | 113 | 20,864 | ||||||
Safran S.A. | 176 | 27,853 | ||||||
Sartorius Stedim Biotech | 15 | 2,246 | ||||||
Veolia Environnement S.A. | 335 | 8,809 | ||||||
|
| |||||||
284,730 | ||||||||
|
| |||||||
Germany-6.15% | ||||||||
adidas AG | 153 | 47,257 | ||||||
Allianz S.E. | 225 | 54,974 | ||||||
Deutsche Boerse AG | 89 | 13,797 | ||||||
Hannover Rueck S.E. | 46 | 8,149 | ||||||
MTU Aero Engines AG | 27 | 7,211 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 89 | 24,724 | ||||||
Puma S.E. | 56 | 4,214 | ||||||
Sartorius AG, Preference Shares | 17 | 3,304 | ||||||
Talanx AG | 31 | 1,428 | ||||||
|
| |||||||
165,058 | ||||||||
|
| |||||||
HongKong-1.59% | ||||||||
HKT Trust & HKT Ltd. | 2,560 | 3,985 | ||||||
Hong Kong & China Gas Co., Ltd. (The) | 6,676 | 12,964 | ||||||
Link REIT | 1,119 | 12,200 | ||||||
Mapletree North Asia Commercial Trust(c) | 1,616 | 1,520 | ||||||
MTR Corp. Ltd. | 911 | 5,230 | ||||||
Techtronic Industries Co. Ltd. | 876 | 6,874 | ||||||
|
| |||||||
42,773 | ||||||||
|
| |||||||
Israel-0.97% | ||||||||
Alony Hetz Properties & Investments Ltd. | 108 | 1,559 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
October 31, 2019
Shares | Value | |||||||
Israel-(continued) | ||||||||
Azrieli Group Ltd. | 32 | $ | 2,466 | |||||
Bank LeumiLe-Israel BM | 730 | 5,316 | ||||||
Elbit Systems Ltd. | 14 | 2,294 | ||||||
First International Bank of Israel Ltd. | 33 | 906 | ||||||
Israel Discount Bank Ltd., Class A | 825 | 3,770 | ||||||
Nice Ltd.(a) | 41 | 6,483 | ||||||
Wix.com Ltd.(a) | 27 | 3,296 | ||||||
|
| |||||||
26,090 | ||||||||
|
| |||||||
Italy-3.73% | ||||||||
Assicurazioni Generali S.p.A. | 701 | 14,214 | ||||||
Davide Campari-Milano S.p.A. | 186 | 1,705 | ||||||
Enel S.p.A. | 6,551 | 50,722 | ||||||
Ferrari N.V. | 67 | 10,723 | ||||||
Hera S.p.A. | 441 | 1,888 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 146 | 1,499 | ||||||
Poste Italiane S.p.A.(c) | 247 | 2,998 | ||||||
Recordati S.p.A. | 64 | 2,690 | ||||||
Snam S.p.A. | 1,435 | 7,364 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 797 | 5,267 | ||||||
UnipolSai Assicurazioni S.p.A.(b) | 373 | 1,041 | ||||||
|
| |||||||
100,111 | ||||||||
|
| |||||||
Japan-6.37% | ||||||||
Advance Residence Investment Corp. | 1 | 3,321 | ||||||
Advantest Corp. | 119 | 5,443 | ||||||
Bandai Namco Holdings, Inc. | 114 | 7,032 | ||||||
Chugai Pharmaceutical Co. Ltd. | 149 | 12,611 | ||||||
Daiichi Sankyo Co. Ltd. | 344 | 22,720 | ||||||
Fast Retailing Co. Ltd. | 38 | 23,569 | ||||||
GOLDWIN. Inc. | 26 | 1,999 | ||||||
Hikari Tsushin, Inc. | 10 | 2,203 | ||||||
Hitachi Chemical Co. Ltd. | 53 | 1,758 | ||||||
Invincible Investment Corp.(a) | 5 | 3,159 | ||||||
Itochu Techno-Solutions Corp. | 53 | 1,433 | ||||||
Japan Hotel REIT Investment Corp. | 3 | 2,489 | ||||||
Japan Prime Realty Investment Corp. | 1 | 4,801 | ||||||
Japan Real Estate Investment Corp. | 1 | 6,817 | ||||||
Keio Corp. | 63 | 3,910 | ||||||
Kintetsu Group Holdings Co. Ltd. | 97 | 5,303 | ||||||
Kobe Bussan Co., Ltd. | 60 | 1,779 | ||||||
Mori Trust Sogo Reit, Inc. | 1 | 1,818 | ||||||
NEC Corp. | 205 | 8,154 | ||||||
Nihon Unisys Ltd. | 43 | 1,426 | ||||||
Nippon Building Fund, Inc. | 1 | 7,585 | ||||||
Nippon Prologis REIT, Inc. | 2 | 5,587 | ||||||
Nomura Real Estate Master Fund, Inc. | 2 | 3,820 | ||||||
ORIX JREIT, Inc. | 2 | 4,522 | ||||||
Pan Pacific International Holdings Corp. | 318 | 5,021 | ||||||
PeptiDream, Inc.(a) | 50 | 2,525 | ||||||
Rakuten, Inc. | 455 | 4,369 | ||||||
Sekisui House Reit, Inc. | 3 | 2,772 | ||||||
Skylark Holdings Co. Ltd. | 100 | 1,818 | ||||||
Sony Financial Holdings, Inc. | 80 | 1,731 | ||||||
Suzuken Co., Ltd. | 41 | 2,200 | ||||||
Taiyo Nippon Sanso Corp. | 116 | 2,738 | ||||||
Toho Co. Ltd. | 79 | 3,194 | ||||||
Workman Co., Ltd. | 20 | 1,425 | ||||||
|
| |||||||
171,052 | ||||||||
|
|
Shares | Value | |||||||
Netherlands-1.03% | ||||||||
GrandVision N.V.(c) | 39 | $ | 1,192 | |||||
Koninklijke DSM N.V. | 101 | 11,972 | ||||||
Wolters Kluwer N.V. | 198 | 14,584 | ||||||
|
| |||||||
27,748 | ||||||||
|
| |||||||
NewZealand-0.75% | ||||||||
a2 Milk Co. Ltd.(a) | 555 | 4,627 | ||||||
Auckland International Airport Ltd. | 840 | 5,010 | ||||||
Contact Energy Ltd. | 697 | 3,299 | ||||||
Meridian Energy Ltd. | 1,323 | 3,903 | ||||||
Xero Ltd.(a) | 70 | 3,327 | ||||||
|
| |||||||
20,166 | ||||||||
|
| |||||||
Norway-0.67% | ||||||||
Gjensidige Forsikring ASA | 160 | 2,996 | ||||||
Mowi ASA | 239 | 5,836 | ||||||
Telenor ASA | 361 | 6,769 | ||||||
Tomra Systems ASA | 83 | 2,238 | ||||||
|
| |||||||
17,839 | ||||||||
|
| |||||||
Singapore-1.05% | ||||||||
Ascendas REIT | 1,648 | 3,839 | ||||||
BOC Aviation Ltd.(c) | 140 | 1,317 | ||||||
CapitaLand Commercial Trust | 1,848 | 2,784 | ||||||
CapitaLand Mall Trust | 1,927 | 3,596 | ||||||
ComfortDelGro Corp. Ltd. | 1,032 | 1,744 | ||||||
Mapletree Commercial Trust | 1,566 | 2,681 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(a) | 111 | 7 | ||||||
Mapletree Logistics Trust | 2,107 | 2,601 | ||||||
Singapore Technologies Engineering Ltd. | 1,082 | 3,172 | ||||||
Wilmar International Ltd. | 2,350 | 6,475 | ||||||
|
| |||||||
28,216 | ||||||||
|
| |||||||
SouthAfrica-0.59% | ||||||||
Anglo American PLC | 616 | 15,795 | ||||||
|
| |||||||
Spain-2.93% | ||||||||
Cellnex Telecom S.A.(a)(c) | 207 | 8,928 | ||||||
Endesa S.A. | 180 | 4,900 | ||||||
Ferrovial S.A. | 406 | 11,985 | ||||||
Iberdrola S.A. | 5,147 | 52,875 | ||||||
|
| |||||||
78,688 | ||||||||
|
| |||||||
Sweden-3.16% | ||||||||
AAK AB | 153 | 2,717 | ||||||
Assa Abloy AB, Class B | 665 | 15,806 | ||||||
Castellum AB | 183 | 3,747 | ||||||
Essity AB, Class B | 414 | 12,947 | ||||||
Fabege AB | 142 | 2,122 | ||||||
Fastighets AB Balder, Class B(a) | 57 | 2,213 | ||||||
Getinge AB, Class B | 133 | 2,274 | ||||||
Hufvudstaden AB, Class A | 80 | 1,341 | ||||||
Husqvarna AB, Class B | 220 | 1,687 | ||||||
ICA Gruppen AB | 89 | 3,944 | ||||||
Investment AB Latour, Class B | 91 | 1,233 | ||||||
Investor AB, Class B | 294 | 15,090 | ||||||
L E Lundbergforetagen AB, Class B | 40 | 1,509 | ||||||
Nibe Industrier AB, Class B | 272 | 3,727 | ||||||
Tele2 AB, Class B | 235 | 3,367 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,264 | 11,068 | ||||||
|
| |||||||
84,792 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
October 31, 2019
Shares | Value | |||||||
Switzerland-20.03% | ||||||||
Givaudan S.A. | 4 | $ | 11,744 | |||||
Nestle S.A. | 2,127 | 227,023 | ||||||
Novartis AG | 1,798 | 156,868 | ||||||
Roche Holding AG | 330 | 99,259 | ||||||
Roche Holding AG, BR | 12 | 3,573 | ||||||
Zurich Insurance Group AG | 101 | 39,458 | ||||||
|
| |||||||
537,925 | ||||||||
|
| |||||||
Taiwan-0.20% | ||||||||
Sea Ltd., ADR(a) | 181 | 5,387 | ||||||
|
| |||||||
UnitedKingdom-13.34% | ||||||||
Admiral Group PLC | 123 | 3,218 | ||||||
AstraZeneca PLC | 697 | 67,653 | ||||||
AVEVA Group PLC | 49 | 2,652 | ||||||
Barratt Developments PLC | 566 | 4,623 | ||||||
Clarivate Analytics PLC(a) | 110 | 1,841 | ||||||
Coca-Cola European Partners PLC | 189 | 10,113 | ||||||
Compass Group PLC | 1,145 | 30,462 | ||||||
Diageo PLC | 1,684 | 68,957 | ||||||
Experian PLC | 680 | 21,364 | ||||||
Halma PLC | 298 | 7,224 | ||||||
InterContinental Hotels Group PLC | 106 | 6,392 | ||||||
JD Sports Fashion PLC | 236 | 2,347 | ||||||
London Stock Exchange Group PLC | 265 | 23,846 | ||||||
Micro Focus International PLC | 230 | 3,155 | ||||||
RELX PLC | 1,060 | 25,485 | ||||||
Rentokil Initial PLC | 1,099 | 6,464 | ||||||
Segro PLC | 593 | 6,478 | ||||||
Smith & Nephew plc | 808 | 17,278 | ||||||
Spirax-Sarco Engineering PLC | 44 | 4,512 | ||||||
Unilever PLC | 630 | 37,684 | ||||||
United Utilities Group PLC | 301 | 3,389 | ||||||
Whitbread PLC | 60 | 3,153 | ||||||
|
| |||||||
358,290 | ||||||||
|
|
Shares | Value | |||||||
UnitedStates-1.25% | ||||||||
Atlassian Corp. PLC, Class A(a) | 96 | $ | 11,596 | |||||
CyberArk Software Ltd.(a) | 40 | 4,063 | ||||||
Mellanox Technologies Ltd.(a) | 33 | 3,719 | ||||||
Waste Connections, Inc. | 152 | 14,070 | ||||||
|
| |||||||
33,448 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | ||||||||
(excluding investments purchased with cash collateral from securities onloan)-99.88% | ||||||||
(Cost $2,462,255) | 2,682,189 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.38% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 7,660 | 7,660 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,540 | 2,541 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | ||||||||
(Cost $10,201) | 10,201 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.26% (Cost $2,472,456) | 2,692,390 | |||||||
OTHER ASSETS LESS LIABILITIES-(0.26)% | (7,012 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 2,685,378 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
REIT-Real Estate Investment Trust
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $38,074, which represented 1.42% 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 the7-day SEC standardized yield as of October 31, 2019. |
(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.
| 50 |
|
(This Page Intentionally Left Blank)
| 51 |
|
Statements of Assets and Liabilities
October 31, 2019
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) | $ | 53,361,942 | $ | 12,174,766 | $ | 335,765,201 | $ | 5,938,929 | ||||||||||||
Affiliated investments in securities, at value | 819,692 | 581,900 | 311,493 | 214,729 | ||||||||||||||||
Foreign currencies, at value | 6,906 | 333 | 156,759 | - | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | - | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 165,991 | 16,069 | 395,242 | 5,785 | ||||||||||||||||
Securities lending | 1,049 | 91 | 35 | 57 | ||||||||||||||||
Investments sold | - | - | - | - | ||||||||||||||||
Fund shares sold | - | - | - | - | ||||||||||||||||
Foreign tax reclaims | 186,461 | 5,989 | 28,343 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 54,542,041 | 12,779,148 | 336,657,073 | 6,159,500 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 77,849 | 280 | 595,999 | 1,768 | ||||||||||||||||
Due to foreign custodian | - | - | - | 241 | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | - | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 819,678 | 416,991 | 311,493 | 206,340 | ||||||||||||||||
Collateral upon receipt of securitiesin-kind | - | - | - | - | ||||||||||||||||
Accrued unitary management fees | 21,267 | 7,263 | 106,073 | 1,866 | ||||||||||||||||
Accrued expenses | 7,888 | 7,000 | 11,135 | 6,937 | ||||||||||||||||
Accrued tax expenses | - | 5,528 | - | 1,533 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 926,682 | 437,062 | 1,024,700 | 218,685 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 53,615,359 | $ | 12,342,086 | $ | 335,632,373 | $ | 5,940,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 66,401,757 | $ | 17,132,150 | $ | 412,529,381 | $ | 6,391,721 | ||||||||||||
Distributable earnings (loss) | (12,786,398 | ) | (4,790,064 | ) | (76,897,008 | ) | (450,906 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 53,615,359 | $ | 12,342,086 | $ | 335,632,373 | $ | 5,940,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,900,001 | 400,000 | 14,450,000 | 350,000 | ||||||||||||||||
Net asset value | $ | 28.22 | $ | 30.86 | $ | 23.23 | $ | 16.97 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 28.02 | $ | 30.78 | $ | 23.12 | $ | 16.92 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 53,092,962 | $ | 12,014,607 | $ | 335,152,135 | $ | 5,443,550 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 819,678 | $ | 579,662 | $ | 311,493 | $ | 214,724 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 6,624 | $ | 332 | $ | 156,455 | $ | (270 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 734,169 | �� | $ | 399,775 | $ | 295,039 | $ | 198,224 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
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) | |||||||||||||
$ | 14,264,715 | $ | 986,383,451 | $ | 2,682,189 | ||||||||||
13,696 | 31,475,033 | 10,201 | |||||||||||||
337 | 216,705 | 100 | |||||||||||||
- | 274,441 | - | |||||||||||||
31,125 | 2,559,140 | 1,506 | |||||||||||||
38 | 5,685 | 6 | |||||||||||||
- | - | 2,016 | |||||||||||||
- | 259,158 | - | |||||||||||||
16,102 | 975,920 | 11,782 | |||||||||||||
|
|
|
|
|
| ||||||||||
14,326,013 | 1,022,149,533 | 2,707,800 | |||||||||||||
|
|
|
|
|
| ||||||||||
1,586 | 856,736 | 4,674 | |||||||||||||
- | - | - | |||||||||||||
- | 259,823 | - | |||||||||||||
13,696 | 31,474,720 | 10,201 | |||||||||||||
- | 274,441 | - | |||||||||||||
3,302 | 215,129 | 669 | |||||||||||||
6,982 | 16,778 | 6,878 | |||||||||||||
- | - | - | |||||||||||||
|
|
|
|
|
| ||||||||||
25,566 | 33,097,627 | 22,422 | |||||||||||||
|
|
|
|
|
| ||||||||||
$ | 14,300,447 | $ | 989,051,906 | $ | 2,685,378 | ||||||||||
|
|
|
|
|
| ||||||||||
$ | 14,341,111 | $ | 977,735,490 | $ | 4,093,093 | ||||||||||
(40,664 | ) | 11,316,416 | (1,407,715 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
$ | 14,300,447 | $ | 989,051,906 | $ | 2,685,378 | ||||||||||
|
|
|
|
|
| ||||||||||
500,001 | 28,600,000 | 100,000 | |||||||||||||
$ | 28.60 | $ | 34.58 | $ | 26.85 | ||||||||||
|
|
|
|
|
| ||||||||||
$ | 28.61 | $ | 34.57 | $ | 26.79 | ||||||||||
| �� |
|
|
|
| ||||||||||
$ | 13,620,694 | $ | 907,119,924 | $ | 2,462,255 | ||||||||||
|
|
|
|
|
| ||||||||||
$ | 13,696 | $ | 31,474,720 | $ | 10,201 | ||||||||||
|
|
|
|
|
| ||||||||||
$ | 340 | $ | 216,297 | $ | 99 | ||||||||||
|
|
|
|
|
| ||||||||||
$ | 13,117 | $ | 29,235,985 | $ | 9,689 | ||||||||||
|
|
|
|
|
|
| 53 |
|
Statements of Operations
For the year ended October 31, 2019
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 interest income | $ | - | $ | - | $ | - | $ | 3 | ||||||||||||
Unaffiliated dividend income | 3,042,994 | 432,206 | 12,756,377 | 247,824 | ||||||||||||||||
Affiliated dividend income | 1,838 | 2,336 | 6,835 | 4,870 | ||||||||||||||||
Non-cash dividend income | 127,496 | 52,640 | - | 218 | ||||||||||||||||
Securities lending income | 32,993 | 547 | 1,561 | 231 | ||||||||||||||||
Foreign withholding tax | (343,659 | ) | (46,832 | ) | (1,814,367 | ) | (20,210 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 2,861,662 | 440,897 | 10,950,406 | 232,936 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 438,335 | 86,920 | 1,436,487 | 37,744 | ||||||||||||||||
Proxy fees | 7,888 | 7,000 | 11,135 | 6,937 | ||||||||||||||||
Professional fees | 426 | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 446,649 | 93,920 | 1,447,622 | 44,681 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (150 | ) | (975 | ) | (511,307 | ) | (14,861 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 446,499 | 92,945 | 936,315 | 29,820 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2,415,163 | 347,952 | 10,014,091 | 203,116 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (7,172,275 | ) | (276,487 | )(a) | (7,575,067 | )(a) | (872,540 | )(a) | ||||||||||||
Affiliated investment securities | - | 582 | - | (2,910 | ) | |||||||||||||||
In-kind redemptions | 9,121,309 | - | 110,054 | (60,528 | ) | |||||||||||||||
Foreign currencies | (7,379 | ) | (3,879 | ) | (257,321 | ) | (40,161 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 1,941,655 | (279,784 | ) | (7,722,334 | ) | (976,139 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 3,924,882 | 608,510 | (b) | 12,770,196 | 1,619,473 | (b) | ||||||||||||||
Affiliated investment securities | 14 | 21,236 | - | 72,997 | ||||||||||||||||
Foreign currencies | 1,440 | (434 | ) | (13,928 | ) | 436 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation | 3,926,336 | 629,312 | 12,756,268 | 1,692,906 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain | 5,867,991 | 349,528 | 5,033,934 | 716,767 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 8,283,154 | $ | 697,480 | $ | 15,048,025 | $ | 919,883 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Net of foreign taxes of $484, $14,831 and $20,802, respectively. |
(b) | Net of foreign taxes of $2,014 and $1,533, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco S&P | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||||
$ | - | $ | - | $ | - | ||||||||
511,639 | 29,106,052 | 72,257 | |||||||||||
190 | 13,226 | 52 | |||||||||||
25,195 | 1,512,817 | 8,612 | |||||||||||
2,272 | 182,850 | 374 | |||||||||||
(48,590 | ) | (3,017,539 | ) | (6,709 | ) | ||||||||
|
|
|
|
|
| ||||||||
490,706 | 27,797,406 | 74,586 | |||||||||||
|
|
|
|
|
| ||||||||
29,629 | 2,583,026 | 8,931 | |||||||||||
6,982 | 16,778 | 6,878 | |||||||||||
- | 1,416 | 346 | |||||||||||
|
|
|
|
|
| ||||||||
36,611 | 2,601,220 | 16,155 | |||||||||||
|
|
|
|
|
| ||||||||
(18 | ) | (739,162 | ) | (2,553 | ) | ||||||||
|
|
|
|
|
| ||||||||
36,593 | 1,862,058 | 13,602 | |||||||||||
|
|
|
|
|
| ||||||||
454,113 | 25,935,348 | 60,984 | |||||||||||
|
|
|
|
|
| ||||||||
(497,146 | ) | (21,973,588 | ) | (148,357 | ) | ||||||||
- | 220 | - | |||||||||||
306,046 | 8,998,186 | - | |||||||||||
(1,817 | ) | (14,600 | ) | (361 | ) | ||||||||
|
|
|
|
|
| ||||||||
(192,917 | ) | (12,989,782 | ) | (148,718 | ) | ||||||||
|
|
|
|
|
| ||||||||
1,100,211 | 101,257,900 | 361,427 | |||||||||||
- | 313 | - | |||||||||||
135 | 33,265 | 46 | |||||||||||
|
|
|
|
|
| ||||||||
1,100,346 | 101,291,478 | 361,473 | |||||||||||
|
|
|
|
|
| ||||||||
907,429 | 88,301,696 | 212,755 | |||||||||||
|
|
|
|
|
| ||||||||
$ | 1,361,542 | $ | 114,237,044 | $ | 273,739 | ||||||||
|
|
|
|
|
|
| 55 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2019 and 2018
Invesco FTSE International | Invesco MSCI Emerging | |||||||||||||||||||||||
Low Beta Equal Weight | Markets Equal Country | Invesco S&P Emerging Markets | ||||||||||||||||||||||
ETF (IDLB) | Weight ETF (EWEM) | Low Volatility ETF (EELV) | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 2,415,163 | $ | 2,776,910 | $ | 347,952 | $ | 347,980 | $ | 10,014,091 | $ | 18,502,822 | ||||||||||||
Net realized gain (loss) | 1,941,655 | 7,962,250 | (279,784 | ) | 53,428 | (7,722,334 | ) | (25,851,646 | ) | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 3,926,336 | (16,898,917 | ) | 629,312 | (1,525,382 | ) | 12,756,268 | (27,555,092 | ) | |||||||||||||||
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Net increase (decrease) in net assets resulting from operations | 8,283,154 | (6,159,757 | ) | 697,480 | (1,123,974 | ) | 15,048,025 | (34,903,916 | ) | |||||||||||||||
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Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (2,663,090 | ) | (3,583,648 | ) | (324,796 | ) | (340,324 | ) | (14,807,076 | ) | (13,296,285 | ) | ||||||||||||
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Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 38,328,349 | 42,228,757 | - | - | 92,611,360 | 491,939,223 | ||||||||||||||||||
Value of shares repurchased | (99,591,478 | ) | (57,331,420 | ) | - | - | (3,576,939 | ) | (476,665,178 | ) | ||||||||||||||
Transaction fees | - | - | - | - | 86,655 | 1,364,568 | ||||||||||||||||||
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Net increase (decrease) in net assets resulting from share transactions | (61,263,129 | ) | (15,102,663 | ) | - | - | 89,121,076 | 16,638,613 | ||||||||||||||||
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Net increase (decrease) in net assets | (55,643,065 | ) | (24,846,068 | ) | 372,684 | (1,464,298 | ) | 89,362,025 | (31,561,588 | ) | ||||||||||||||
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Net assets: | ||||||||||||||||||||||||
Beginning of year | 109,258,424 | 134,104,492 | 11,969,402 | 13,433,700 | 246,270,348 | 277,831,936 | ||||||||||||||||||
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End of year | $ | 53,615,359 | $ | 109,258,424 | $ | 12,342,086 | $ | 11,969,402 | $ | 335,632,373 | $ | 246,270,348 | ||||||||||||
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Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 1,400,000 | 1,400,000 | - | - | 3,900,000 | 18,650,000 | ||||||||||||||||||
Shares repurchased | (3,550,000 | ) | (1,900,000 | ) | - | - | (150,000 | ) | (19,250,000 | ) | ||||||||||||||
Shares outstanding, beginning of year | 4,050,001 | 4,550,001 | 400,000 | 400,000 | 10,700,000 | 11,300,000 | ||||||||||||||||||
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Shares outstanding, end of year | 1,900,001 | 4,050,001 | 400,000 | 400,000 | 14,450,000 | 10,700,000 | ||||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
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Invesco S&P International | Invesco S&P International | Invesco S&P International | ||||||||||||||||||||||||||||
Invesco S&P Emerging Markets | Developed High Dividend | Developed Low Volatility ETF | Developed Momentum ETF | |||||||||||||||||||||||||||
Momentum ETF (EEMO) | Low Volatility ETF (IDHD) | (IDLV) | (IDMO) | |||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
$ | 203,116 | $ | 2,583,106 | $ | 454,113 | $ | 233,979 | $ | 25,935,348 | $ | 19,046,734 | $ | 60,984 | $ | 61,329 | |||||||||||||||
(976,139 | ) | 53,880,516 | (192,917 | ) | 75,060 | (12,989,782 | ) | 13,800,933 | (148,718 | ) | 54,435 | |||||||||||||||||||
1,692,906 | (50,032,353 | ) | 1,100,346 | (482,211 | ) | 101,291,478 | (52,985,762 | ) | 361,473 | (360,106 | ) | |||||||||||||||||||
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919,883 | 6,431,269 | 1,361,542 | (173,172 | ) | 114,237,044 | (20,138,095 | ) | 273,739 | (244,342 | ) | ||||||||||||||||||||
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(1,227,256 | ) | (18,109,850 | ) | (462,652 | ) | (253,963 | ) | (27,200,949 | ) | (23,013,425 | ) | (74,476 | ) | (66,579 | ) | |||||||||||||||
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- | 128,276,185 | 10,898,206 | 4,310,452 | 436,062,565 | 266,538,390 | - | 1,435,481 | |||||||||||||||||||||||
(6,681,594 | ) | (495,089,841 | ) | (2,734,982 | ) | (2,903,044 | ) | (71,976,046 | ) | (254,581,165 | ) | - | (1,434,155 | ) | ||||||||||||||||
5,965 | 429,939 | - | - | - | - | - | - | |||||||||||||||||||||||
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(6,675,629 | ) | (366,383,717 | ) | 8,163,224 | 1,407,408 | 364,086,519 | 11,957,225 | - | 1,326 | |||||||||||||||||||||
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(6,983,002 | ) | (378,062,298 | ) | 9,062,114 | 980,273 | 451,122,614 | (31,194,295 | ) | 199,263 | (309,595 | ) | |||||||||||||||||||
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12,923,817 | 390,986,115 | 5,238,333 | 4,258,060 | 537,929,292 | 569,123,587 | 2,486,115 | 2,795,710 | |||||||||||||||||||||||
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$ | 5,940,815 | $ | 12,923,817 | $ | 14,300,447 | $ | 5,238,333 | $ | 989,051,906 | $ | 537,929,292 | $ | 2,685,378 | $ | 2,486,115 | |||||||||||||||
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- | 6,050,000 | 400,000 | 150,000 | 13,300,000 | 8,000,000 | - | 50,000 | |||||||||||||||||||||||
(400,000 | ) | (24,050,000 | ) | (100,000 | ) | (100,000 | ) | (2,150,000 | ) | (7,650,000 | ) | - | (50,000 | ) | ||||||||||||||||
750,000 | 18,750,000 | 200,001 | 150,001 | 17,450,000 | 17,100,000 | 100,000 | 100,000 | |||||||||||||||||||||||
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350,000 | 750,000 | 500,001 | 200,001 | 28,600,000 | 17,450,000 | 100,000 | 100,000 | |||||||||||||||||||||||
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| 57 |
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Financial Highlights
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
For the Period November 04, 2015(a) Through October 31, 2016 | ||||||||||||||||||||
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
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Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 26.98 | $ | 29.47 | $ | 25.09 | $ | 24.92 | ||||||||||||
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Net investment income(b) | 0.68 | 0.67 | 0.64 | 0.54 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.43 | (2.30 | ) | 4.45 | 0.03 | |||||||||||||||
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Total from investment operations | 2.11 | (1.63 | ) | 5.09 | 0.57 | |||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.87 | ) | (0.86 | ) | (0.71 | ) | (0.40 | ) | ||||||||||||
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Net asset value at end of period | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | ||||||||||||
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Market price at end of period(c) | $ | 28.02 | $ | 26.86 | $ | 29.44 | $ | 25.20 | ||||||||||||
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Net Asset Value Total Return(d) | 7.94 | % | (5.81 | )% | 20.63 | % | 2.33 | %(e) | ||||||||||||
Market Price Total Return(d) | 7.65 | % | (6.12 | )% | 19.98 | % | 2.77 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 53,615 | $ | 109,258 | $ | 134,104 | $ | 146,797 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.46 | %(f) | 0.45 | % | 0.45 | % | 0.45 | %(g) | ||||||||||||
Net investment income | 2.48 | %(f) | 2.23 | % | 2.38 | % | 2.22 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 53 | % | 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (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) | Ratios includenon-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 58 |
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Financial Highlights–(continued)
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 29.92 | $ | 33.58 | $ | 29.16 | $ | 27.68 | $ | 34.14 | ||||||||||
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Net investment income(a) | 0.87 | 0.87 | 0.58 | 0.56 | 0.71 | |||||||||||||||
Net realized and unrealized gain (loss) on investments. | 0.88 | (3.68 | ) | 4.39 | 1.56 | (6.53 | ) | |||||||||||||
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Total from investment operations | 1.75 | (2.81 | ) | 4.97 | 2.12 | (5.82 | ) | |||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.81 | ) | (0.85 | ) | (0.55 | ) | (0.64 | ) | (0.64 | ) | ||||||||||
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Net asset value at end of year | $ | 30.86 | $ | 29.92 | $ | 33.58 | $ | 29.16 | $ | 27.68 | ||||||||||
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Market price at end of year(b) | $ | 30.78 | $ | 29.83 | ||||||||||||||||
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Net Asset Value Total Return(c) | 5.86 | % | (8.57 | )% | 17.14 | % | 7.80 | % | (17.21 | )% | ||||||||||
Market Price Total Return(c) | 5.91 | % | (8.76 | )% | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 12,342 | $ | 11,969 | $ | 13,434 | $ | 11,666 | $ | 11,072 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers(d) | 0.75 | %(e) | 0.65 | % | 0.66 | % | 0.66 | % | 0.64 | % | ||||||||||
Expenses, prior to Waivers(d) | 0.76 | %(e) | 0.70 | % | 0.71 | % | 0.71 | % | 0.70 | % | ||||||||||
Net investment income | 2.80 | %(e) | 2.59 | % | 1.86 | % | 2.07 | % | 2.26 | % | ||||||||||
Portfolio turnover rate(f) | 28 | % | 51 | % | 23 | % | 11 | % | 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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) | Ratios includenon-recurring costs associated with a proxy statement of 0.06%. |
(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.
| 59 |
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Financial Highlights–(continued)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | ||||||||||
Net investment income(a) | 0.74 | 1.04 | 0.63 | 0.57 | 0.69 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.58 | (1.68 | ) | 2.29 | (0.14 | ) | (5.11 | ) | ||||||||||||
Total from investment operations | 1.32 | (0.64 | ) | 2.92 | 0.43 | (4.42 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.12 | ) | (1.01 | ) | (0.61 | ) | (0.49 | ) | (0.66 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.08 | 0.01 | 0.02 | 0.02 | |||||||||||||||
Net asset value at end of year | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | ||||||||||
Market price at end of year(b) | $ | 23.12 | $ | 23.03 | $ | 24.63 | $ | 22.15 | $ | 22.13 | ||||||||||
Net Asset Value Total Return(c) | 5.87 | % | (2.54 | )% | 13.30 | % | 2.12 | % | (16.21 | )% | ||||||||||
Market Price Total Return(c) | 5.32 | % | (2.60 | )% | 14.09 | % | 2.39 | % | (16.48 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 335,632 | $ | 246,270 | $ | 277,832 | $ | 269,478 | $ | 176,244 | ||||||||||
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 | 3.14 | % | 4.12 | % | 2.74 | % | 2.60 | % | 2.78 | % | ||||||||||
Portfolio turnover rate(d) | 67 | % | 125 | % | 81 | % | 73 | % | 89 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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 |
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Financial Highlights–(continued)
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | ||||||||||
Net investment income(a) | 0.40 | 0.27 | (b) | 0.40 | 0.22 | 0.52 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.61 | (3.03 | ) | 4.70 | (0.23 | ) | (5.69 | ) | ||||||||||||
Total from investment operations | 2.01 | (2.76 | ) | 5.10 | (0.01 | ) | (5.17 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.43 | ) | (0.14 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | ||||||||||
Net realized gains | (1.85 | ) | (0.76 | ) | - | - | - | |||||||||||||
Total distributions | (2.28 | ) | (0.90 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.04 | 0.25 | - | - | |||||||||||||||
Net asset value at end of year | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | ||||||||||
Market price at end of year(c) | $ | 16.92 | $ | 17.18 | $ | 20.96 | $ | 15.84 | $ | 16.09 | ||||||||||
Net Asset Value Total Return(d) | 13.60 | % | (13.66 | )% | 34.38 | % | 0.17 | % | (24.15 | )% | ||||||||||
Market Price Total Return(d) | 13.66 | % | (14.35 | )% | 35.37 | % | 0.69 | % | (24.18 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 5,941 | $ | 12,924 | $ | 390,986 | $ | 1,587 | $ | 1,620 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.36 | %(e)(f) | 0.27 | %(e) | 0.27 | %(e) | 0.28 | % | 0.29 | % | ||||||||||
Expenses, prior to Waivers | 0.53 | %(e)(f) | 0.45 | %(e) | 0.45 | %(e) | 0.45 | % | 0.45 | % | ||||||||||
Net investment income | 2.42 | %(f) | 1.26 | %(b) | 2.16 | % | 1.44 | % | 2.52 | % | ||||||||||
Portfolio turnover rate(g) | 114 | % | 140 | % | 111 | % | 182 | % | 134 | % |
(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 thenon-cash taxable distribution 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | 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) | Ratios includenon-recurring costs associated with a proxy statement of 0.08%. |
(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. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Years Ended October 31, | For the Period October 31, | ||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Per Share Operating Performance: | |||||||||||||||||
Net asset value at beginning of period | $ | 26.19 | $ | 28.39 | $ | 25.19 | |||||||||||
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Net investment income(b) | 1.25 | 1.27 | 1.02 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.41 | (2.09 | ) | 3.16 | |||||||||||||
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Total from investment operations | 3.66 | (0.82 | ) | 4.18 | |||||||||||||
Distributions to shareholders from: | |||||||||||||||||
Net investment income | (1.25 | ) | (1.38 | ) | (0.98 | ) | |||||||||||
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Net asset value at end of period | $ | 28.60 | $ | 26.19 | $ | 28.39 | |||||||||||
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Market price at end of period(c) | $ | 28.61 | $ | 26.41 | $ | 28.60 | |||||||||||
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Net Asset Value Total Return(d) | 14.30 | % | (3.11 | )% | 16.70 | %(e) | |||||||||||
Market Price Total Return(d) | 13.34 | % | (3.06 | )% | 17.55 | %(e) | |||||||||||
Ratios/Supplemental Data: | |||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 14,300 | $ | 5,238 | $ | 4,258 | |||||||||||
Ratio to average net assets of: | |||||||||||||||||
Expenses | 0.37 | %(f) | 0.30 | % | 0.30 | %(g) | |||||||||||
Net investment income | 4.60 | %(f) | 4.51 | % | 4.00 | %(g) | |||||||||||
Portfolio turnover rate(h) | 58 | % | 65 | % | 72 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%. |
(f) | Ratios includenon-recurring costs associated with a proxy statement of 0.07%. |
(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.
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Financial Highlights–(continued)
Invesco S&P International Developed Low Volatility ETF (IDLV)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | ||||||||||
Net investment income(a) | 1.15 | 1.08 | 1.00 | 0.99 | 1.02 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.79 | (2.22 | ) | 4.04 | (0.55 | ) | (1.86 | ) | ||||||||||||
Total from investment operations | 4.94 | (1.14 | ) | 5.04 | 0.44 | (0.84 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.19 | ) | (1.31 | ) | (1.08 | ) | (1.11 | ) | (0.92 | ) | ||||||||||
Net asset value at end of year | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | ||||||||||
Market price at end of year(b) | $ | 34.57 | $ | 30.76 | $ | 33.29 | $ | 29.38 | $ | 29.90 | ||||||||||
Net Asset Value Total Return(c) | 16.33 | % | (3.62 | )% | 17.59 | % | 1.56 | % | (2.69 | )% | ||||||||||
Market Price Total Return(c) | 16.56 | % | (3.87 | )% | 17.38 | % | 2.07 | % | (3.78 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 989,052 | $ | 537,929 | $ | 569,124 | $ | 384,137 | $ | 313,428 | ||||||||||
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 | 3.51 | % | 3.26 | % | 3.19 | % | 3.33 | % | 3.32 | % | ||||||||||
Portfolio turnover rate(d) | 59 | % | 65 | % | 69 | % | 56 | % | 66 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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 Momentum ETF (IDMO)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | ||||||||||
Net investment income(a) | 0.61 | 0.61 | 0.71 | 0.51 | 0.69 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.12 | (3.04 | ) | 4.49 | (2.30 | ) | (2.13 | ) | ||||||||||||
Total from investment operations | 2.73 | (2.43 | ) | 5.20 | (1.79 | ) | (1.44 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.74 | ) | (0.67 | ) | (0.81 | ) | (0.49 | ) | (0.46 | ) | ||||||||||
Net asset value at end of year | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | ||||||||||
Market price at end of year(b) | $ | 26.79 | $ | 24.78 | $ | 27.80 | $ | 23.51 | $ | 25.74 | ||||||||||
Net Asset Value Total Return(c) | 11.30 | % | (8.95 | )% | 22.57 | % | (6.92 | )% | (5.34 | )% | ||||||||||
Market Price Total Return(c) | 11.42 | % | (8.70 | )% | 22.19 | % | (6.77 | )% | (6.99 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 2,685 | $ | 2,486 | $ | 2,796 | $ | 3,535 | $ | 3,877 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.53 | %(d) | 0.25 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||
Expenses, prior to Waivers | 0.63 | %(d) | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||
Net investment income | 2.39 | %(d) | 2.21 | % | 2.87 | % | 2.13 | % | 2.42 | % | ||||||||||
Portfolio turnover rate(e) | 104 | % | 123 | % | 134 | % | 198 | % | 98 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Ratios includenon-recurring costs associated with a proxy statement of 0.27%. |
(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. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
October 31, 2019
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 and is authorized to have multiple series of portfolios. The Trust is anopen-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 and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”).
Fund | Underlying Index | |
FTSE International Low Beta Equal Weight ETF | FTSE Developedex-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 Index | |
S&P International Developed High Dividend Low Volatility ETF | S&P EPACEx-Korea Low Volatility High Dividend Index | |
S&P International Developed Low Volatility ETF | S&P BMI International Developed Low VolatilityTMIndex | |
S&P International Developed Momentum ETF | S&P Momentum Developedex-U.S. & South Korea LargeMidCap Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,Financial Services–Investment Companies.
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in theover-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,
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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 asinstitution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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
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Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests innon-U.S. securities, which may have lower trading volumes.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. For certain Funds, investments in the securities ofnon-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.
High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Mid-Capitalization Company Risk. Investing in securities ofmid-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. Oftenmid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. MSCI Emerging Markets Equal Country Weight ETF and S&P International Developed High Dividend Low Volatility ETF arenon-diversified and can invest a greater portion of their assets in securities of individual issuers
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than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize thein-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Sampling Risk. A Fund’s use of a representative sampling approach will 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 the 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.
C. | Investment Transactions and Investment Income- Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date.Pay-in-kind interest income andnon-cash dividend income received in the form of securitiesin-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on theex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination- For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders- Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscalyear-end. |
F. | Federal Income Taxes- Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments forin-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
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The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses- Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the 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.
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 theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s |
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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 fiscalperiod-end, resulting from changes in exchange rates.
Certain 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for 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) | ||||||||||||
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, 2021. 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, 2021. 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, 2021. 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, 2021. The fee waiver agreement cannot be terminated during its term. |
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.
Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments 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, 2019, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 150 | ||
MSCI Emerging Markets Equal Country Weight ETF | 975 | |||
S&P Emerging Markets Low Volatility ETF | 511,307 | |||
S&P Emerging Markets Momentum ETF | 14,861 | |||
S&P International Developed High Dividend Low Volatility ETF | 18 | |||
S&P International Developed Low Volatility ETF | 739,162 | |||
S&P International Developed Momentum ETF | 2,553 |
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.
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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. Each Fund is entitled to use its Underlying Index pursuant to the Trust’ssub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE International Low Beta Equal Weight ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 53,361,755 | $ | 187 | $ | - | $ | 53,361,942 | ||||||||
Money Market Funds | 819,692 | - | - | 819,692 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 54,181,447 | $ | 187 | $ | - | $ | 54,181,634 | ||||||||
|
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|
|
|
|
|
| |||||||||
MSCI Emerging Markets Equal Country Weight ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 11,766,539 | $ | 810 | $ | 709 | $ | 11,768,058 | ||||||||
Exchange-Traded Funds | 571,615 | - | - | 571,615 | ||||||||||||
Money Market Funds | 416,993 | - | - | 416,993 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 12,755,147 | $ | 810 | $ | 709 | $ | 12,756,666 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P Emerging Markets Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 334,139,758 | $ | 1,625,443 | $ | 0 | $ | 335,765,201 | ||||||||
Money Market Funds | 311,493 | - | - | 311,493 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 334,451,251 | $ | 1,625,443 | $ | 0 | $ | 336,076,694 | ||||||||
|
|
|
|
|
|
|
|
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 5,678,749 | $ | - | $ | - | $ | 5,678,749 | ||||||||
Exchange-Traded Fund | 259,956 | - | - | 259,956 | ||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes | - | 224 | - | 224 | ||||||||||||
Money Market Funds | 214,729 | - | - | 214,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 6,153,434 | $ | 224 | $ | - | $ | 6,153,658 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P International Developed High Dividend Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 14,264,330 | $ | 385 | $ | - | $ | 14,264,715 | ||||||||
Money Market Funds | 13,696 | - | - | 13,696 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 14,278,026 | $ | 385 | $ | - | $ | 14,278,411 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P International Developed Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 986,370,427 | $ | 13,024 | $ | - | $ | 986,383,451 | ||||||||
Money Market Funds | 31,475,033 | - | - | 31,475,033 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,017,845,460 | $ | 13,024 | $ | - | $ | 1,017,858,484 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P International Developed Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,682,182 | $ | 7 | $ | - | $ | 2,682,189 | ||||||||
Money Market Funds | 10,201 | - | - | 10,201 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,692,383 | $ | 7 | $ | - | $ | 2,692,390 | ||||||||
|
|
|
|
|
|
|
|
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, 2019 and 2018:
2019 | 2018 | |||||||||||
Ordinary Income | Long-Term Capital Gains | Ordinary Income | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 2,663,090 | $ | - | $ | 3,583,648 | ||||||
MSCI Emerging Markets Equal Country Weight ETF | 324,796 | - | 340,324 | |||||||||
S&P Emerging Markets Low Volatility ETF | 14,807,076 | - | 13,296,285 | |||||||||
S&P Emerging Markets Momentum ETF | 1,203,025 | 24,231 | 18,109,850 | |||||||||
S&P International Developed High Dividend Low Volatility ETF | 462,652 | - | 253,963 | |||||||||
S&P International Developed Low Volatility ETF | 27,200,949 | - | 23,013,425 | |||||||||
S&P International Developed Momentum ETF | 74,476 | - | 66,579 |
Tax Components of Net Assets at FiscalYear-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 | |||||||||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 272,255 | $ | (400,129 | ) | $ | (1,513 | ) | $ | (12,657,011 | ) | $ | 66,401,757 | $ | 53,615,359 | |||||||||
MSCI Emerging Markets Equal Country Weight ETF | 70,026 | 42,464 | (5,446 | ) | (4,897,108 | ) | 17,132,150 | 12,342,086 | ||||||||||||||||
S&P Emerging Markets Low Volatility ETF | 375,571 | (2,473,817 | ) | (4,686 | ) | (74,794,076 | ) | 412,529,381 | 335,632,373 | |||||||||||||||
S&P Emerging Markets Momentum ETF | 2,344 | 489,374 | (1,644 | ) | (940,980 | ) | 6,391,721 | 5,940,815 | ||||||||||||||||
S&P International Developed High Dividend Low Volatility ETF | 253,431 | 292,215 | (334 | ) | (585,976 | ) | 14,341,111 | 14,300,447 | ||||||||||||||||
S&P International Developed Low Volatility ETF | 25,350,878 | 46,355,363 | (7,745 | ) | (60,382,080 | ) | 977,735,490 | 989,051,906 | ||||||||||||||||
S&P International Developed Momentum ETF | 6,347 | 212,493 | 19 | (1,626,574 | ) | 4,093,093 | 2,685,378 |
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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, 2019:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 6,801,019 | $ | 5,855,992 | $ | 12,657,011 | ||||||
MSCI Emerging Markets Equal Country Weight ETF | 1,346,759 | 3,550,349 | 4,897,108 | |||||||||
S&P Emerging Markets Low Volatility ETF | 49,719,397 | 25,074,679 | 74,794,076 | |||||||||
S&P Emerging Markets Momentum ETF | 880,846 | 60,134 | 940,980 | |||||||||
S&P International Developed High Dividend Low Volatility ETF | 348,037 | 237,939 | 585,976 | |||||||||
S&P International Developed Low Volatility ETF | 37,020,400 | 23,361,680 | 60,382,080 | |||||||||
S&P International Developed Momentum ETF | 1,213,905 | 412,669 | 1,626,574 |
* | 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 ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 50,808,162 | $ | 54,348,387 | ||||
MSCI Emerging Markets Equal Country Weight ETF | 3,445,279 | 3,416,609 | ||||||
S&P Emerging Markets Low Volatility ETF | 260,971,263 | 212,799,592 | ||||||
S&P Emerging Markets Momentum ETF | 9,594,928 | 14,032,266 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 6,353,222 | 5,693,734 | ||||||
S&P International Developed Low Volatility ETF | 432,840,653 | 435,708,482 | ||||||
S&P International Developed Momentum ETF | 2,640,907 | 2,641,003 |
For the fiscal year ended October 31, 2019,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 | $ | 34,785,428 | $ | 92,764,271 | ||||
MSCI Emerging Markets Equal Country Weight ETF | - | - | ||||||
S&P Emerging Markets Low Volatility ETF | 37,411,575 | 1,496,099 | ||||||
S&P Emerging Markets Momentum ETF | - | 3,277,158 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 10,879,057 | 3,400,907 | ||||||
S&P International Developed Low Volatility ETF | 435,955,381 | 71,345,379 | ||||||
S&P International Developed Momentum ETF | - | - |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 3,485,914 | $ | (3,886,043 | ) | $ | (400,129 | ) | $ | 54,581,763 | ||||||
MSCI Emerging Markets Equal Country Weight ETF | 1,780,447 | (1,737,983 | ) | 42,464 | 12,714,202 | |||||||||||
S&P Emerging Markets Low Volatility ETF | 27,618,308 | (30,092,125 | ) | (2,473,817 | ) | 338,550,511 |
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Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
S&P Emerging Markets Momentum ETF | $ | 639,118 | $ | (149,744 | ) | $ | 489,374 | $ | 5,664,284 | |||||||
S&P International Developed High Dividend Low Volatility ETF | 893,092 | (600,877 | ) | 292,215 | 13,986,196 | |||||||||||
S&P International Developed Low Volatility ETF | 91,130,967 | (44,775,604 | ) | 46,355,363 | 971,503,121 | |||||||||||
S&P International Developed Momentum ETF | 248,261 | (35,768 | ) | 212,493 | 2,479,897 |
NOTE 7–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment ofin-kind transactions, foreign currency transactions, expired capital loss carryforwards 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, 2019, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 300,876 | $ | (8,270,505 | ) | $ | 7,969,629 | |||||
MSCI Emerging Markets Equal Country Weight ETF | (1,475 | ) | 20,275 | (18,800 | ) | |||||||
S&P Emerging Markets Low Volatility ETF | (47,668 | ) | (34,096 | ) | 81,764 | |||||||
S&P Emerging Markets Momentum ETF | (39,358 | ) | 112,190 | (72,832 | ) | |||||||
S&P International Developed High Dividend Low Volatility ETF | 13,511 | (296,744 | ) | 283,233 | ||||||||
S&P International Developed Low Volatility ETF | 1,043,338 | (9,262,350 | ) | 8,219,012 | ||||||||
S&P International Developed Momentum ETF | (109 | ) | 109 | - |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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 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 10–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of Invesco MSCI Emerging Markets Equal Country Weight ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020
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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 26, 2020.
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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 seven Funds listed in the table 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 (seven of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of 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, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below, 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.
Fund Name | Predecessor Fund | |
Invesco FTSE International Low Beta Equal Weight ETF(1) | - | |
Invesco MSCI Emerging Markets Equal Country Weight ETF(2) | Guggenheim MSCI Emerging Markets Equal Country Weight ETF | |
Invesco S&P Emerging Markets Low Volatility ETF(3) | - | |
Invesco S&P Emerging Markets Momentum ETF(3) | - | |
Invesco S&P International Developed High Dividend Low Volatility ETF (4) | - | |
Invesco S&P International Developed Low Volatility ETF(3) | - | |
Invesco S&P International Developed Momentum ETF(3) | - |
(1) Statements of changes in net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the three years in the period ended October 31, 2019 and for the period November 4, 2015 (commencement of investment operations) through October 31, 2016
(2) Statements of changes in net assets and the financial highlights for each of the two years in the period ended October 31, 2019
(3) Statements of changes in net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019
(4) Statements of changes in net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the two years in the period ended October 31, 2019 and for the period November 29, 2016 (commencement of investment operations) through October 31, 2017
The financial statements of the Predecessor Fund listed in the table above 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 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.
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Report of Independent Registered Public Accounting Firm–(continued)
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, 2019 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 10 to the financial statements, on December 12, 2019, the Board of Trustees approved a plan of liquidation for the Invesco MSCI Emerging Markets Equal Country Weight ETF.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2019
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 for the entire period May 1, 2019 through October 31, 2019.
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 theSix-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, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||
Actual | $1,000.00 | $1,016.50 | 0.46% | $2.34 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.89 | 0.46 | 2.35 | ||||||||||||
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) | ||||||||||||||||
Actual | 1,000.00 | 971.60 | 0.76 | 3.78 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.76 | 3.87 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||
Actual | $1,000.00 | $ 983.50 | 0.29% | $1.45 | ||||||||||||
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 | 1,062.90 | 0.39 | 2.03 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||
Actual | 1,000.00 | 1,062.60 | 0.36 | 1.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.39 | 0.36 | 1.84 | ||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||
Actual | 1,000.00 | 1,069.60 | 0.25 | 1.30 | ||||||||||||
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 | 1,049.10 | 0.51 | 2.63 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 0.51 | 2.60 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. 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 recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Tax Information
Form1099-DIV, Form1042-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, 2019:
Qualified Dividend Income* | Corporate Dividends- Received Deduction* | Long Term Capital Gains | ||||
Invesco FTSE International Low Beta Equal Weight ETF | 83% | 0% | $ - | |||
Invesco MSCI Emerging Markets Equal Country Weight ETF | 81% | 1% | $ - | |||
Invesco S&P Emerging Markets Low Volatility ETF | 56% | 0% | $ - | |||
Invesco S&P Emerging Markets Momentum ETF | 25% | 0% | $24,231 | |||
Invesco S&P International Developed High Dividend Low Volatility ETF | 52% | 0% | $ - | |||
Invesco S&P International Developed Low Volatility ETF | 38% | 0% | $ - | |||
Invesco S&P International Developed Momentum ETF | 93% | 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 per share are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||
Invesco FTSE International Low Beta Equal Weight ETF | $1.6704 | $0.1653 | ||
Invesco MSCI Emerging Markets Equal Country Weight ETF | 1.1831 | 0.1149 | ||
Invesco S&P Emerging Markets Low Volatility ETF | 0.8738 | 0.1256 | ||
Invesco S&P Emerging Markets Momentum ETF | 0.6986 | 0.0576 | ||
Invesco S&P International Developed High Dividend Low Volatility ETF | 1.0738 | 0.0767 | ||
Invesco S&P International Developed Low Volatility ETF | 1.0700 | 0.0946 | ||
Invesco S&P International Developed Momentum ETF | 0.8078 | 0.0558 |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust II was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 1,512,443,677.35 | 33,012,849.80 | |||||||
Todd J. Barre | 1,524,592,795.07 | 20,863,732.08 | ||||||||
Kevin M. Carome | 1,522,436,691.04 | 23,019,836.11 | ||||||||
Edmund P. Giambastiani, Jr. | 1,519,831,527.21 | 25,624,999.94 | ||||||||
Victoria J. Herget | 1,524,877,948.56 | 20,578,578.59 | ||||||||
Marc M. Kole | 1,504,247,741.10 | 41,208,786.05 | ||||||||
Yung Bong Lim | 1,524,207,613.63 | 21,248,913.52 | ||||||||
Joanne Pace | 1,517,347,361.29 | 28,109,165.86 | ||||||||
Gary R. Wicker | 1,515,919,139.19 | 29,537,387.96 | ||||||||
Donald H. Wilson | 1,501,758,651.59 | 43,697,875.56 |
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Trustees and Officers
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, 2019
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 the 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 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO, Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | 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. | 246 | None | |||||
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member, Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | ||||||||||
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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). | |||||
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); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); 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). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 over seen 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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and 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 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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 | Principal Financial & Accounting Officer-Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018); 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 Specialized Products, LLC (2018-Present); 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 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); 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 |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
(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. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); 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 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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); 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 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, Director, Invesco Canada Holdings Inc. (2002-2019);Manager, Invesco Specialized Products, LLC (2018-2019); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, 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. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website atwww.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 atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Form N-PORTs will be available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-HBLV-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2019
REEM | Invesco Emerging Markets Revenue ETF | |
REDV | Invesco Emerging Markets Ultra Dividend Revenue ETF | |
REFA | Invesco International Revenue ETF | |
RIDV | Invesco International Ultra Dividend Revenue ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Global Equity
The fiscal year began with global equity markets, particularly the US, declining sharply at the end of 2018 amid rising interest rates, a flattening US Treasury yield curve, signaling a possible recession, and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US and China trade issues, potential for new tariffs and slowing global economic growth. Global equity markets, particularly China, declined sharply in May 2019, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter of 2019, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
Weakening global economic data and the ongoing US and China trade conflict contributed to higher market volatility in the third quarter of 2019. During the third quarter, data released showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019 as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. In September 2019, both the US Federal Reserve and European Central Bank cut interest rates, providing a measure of support for risk assets. Growing optimism about a potential trade deal between the US and China also boosted equities in September. However, except for the US and Japan, performance in most regions declined during the third quarter. Uncertainty about the UK’s withdrawal from the European Union continued to weigh on UK and European equities, while political and trade issues affected areas of Latin America and Asia.
Global equity markets gained in October 2019 amid several positive catalysts, including a US interest rate cut, optimism surrounding US and China trade negotiations, and a raft of upbeat corporate results. The UK equity market provided a flat return during October and while domestic politics continued to dominate the region, European markets made modest gains. October was also a positive month for emerging equity markets with all regions recording gains. Despite increased market volatility, global equity indexes, in both developed and emerging markets, ended the fiscal year in positive territory.
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REEM | Manager’s Analysis | |
Invesco Emerging Markets Revenue ETF (REEM) |
As an index fund, the Invesco Emerging Markets Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted Emerging Markets Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which consists of all the constituent securities of the MSCI Emerging Markets Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of large- and mid-capitalization securities in emerging market countries. Unlike the Parent Index, which employs a market-capitalization weighted methodology, the Index weights each constituent security according to the company’s trailing 12-month sales, determined in accordance with the Index methodology, subject to a maximum 5% per company weighting. 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.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to October 31, effective October 31, 2019. For the fiscal period from July 1, 2019 to October 31, 2019, on a market price basis, the Fund returned (3.18)%. On a net asset value (“NAV”) basis, the Fund returned (2.42)%. During the same time period, the Index returned (2.22)%. During the fiscal period, the Fund utilized a sampling methodology to achieve exposure to the Thailand securities included in 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, as well as the impact of the sampling methodology.
During this same time period, the Benchmark Index returned (0.21)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,200 equity 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.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.
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, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being
underweight to and security selection in the information technology sector.
For the fiscal period ended October 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the energy and consumer discretionary sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the financials and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2019, included Gazprom PJSC Sponsored ADR, an energy company (portfolio average weight 2.56%) and Hon Hai Precision Industry Co., Ltd., an information technology company (portfolio average weight of 2.36%). Positions that detracted most significantly from the Fund’s return during this period included Oil & Natural Gas Corp. Ltd., an energy company (portfolio average weight of 0.68%) and State Bank of India, a financials company (portfolio average weight of 0.68%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Energy | 19.16 | |||
Financials | 18.24 | |||
Information Technology | 11.91 | |||
Industrials | 11.72 | |||
Consumer Discretionary | 9.59 | |||
Materials | 8.39 | |||
Consumer Staples | 6.26 | |||
Communication Services | 5.65 | |||
Real Estate | 4.00 | |||
Utilities | 3.79 | |||
Health Care | 1.37 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.08) |
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Invesco Emerging Markets Revenue ETF (REEM)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Samsung Electronics Co., Ltd. | 2.21 | |||
Hon Hai Precision Industry Co., Ltd. | 2.08 | |||
LUKOIL PJSC | 1.83 | |||
Gazprom PJSC | 1.76 | |||
China Construction Bank Corp., H Shares | 1.65 | |||
SK Holdings Co. Ltd. | 1.56 | |||
Rosneft Oil Co. PJSC | 1.43 | |||
China Mobile Ltd. | 1.09 | |||
Reliance Industries Ltd. | 1.07 | |||
CITIC Ltd. | 1.05 | |||
Total | 15.73 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Revenue Weighted Emerging Markets Index (Net) | 8.33 | % | 2.29 | % | 5.36 | % | ||||||||||
MSCI Emerging Markets Index (Net) | 11.86 | 3.48 | 8.21 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 7.03 | 1.82 | 4.25 | |||||||||||||
Market Price Return | 5.98 | 1.54 | 3.59 |
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Invesco Emerging Markets Revenue ETF (REEM)(continued)
Oppenheimer Emerging Markets Revenue ETF (the ‘‘Predecessor Fund”) Predecessor Fund Inception: July 11, 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 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 0.46% 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 Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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REDV | Manager’s Analysis | |
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) |
As an index fund, the Invesco Emerging Markets Ultra Dividend Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Custom Emerging Ultra Dividend Revenue Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, FTSE Russell (“FTSE” or the “Index Provider”) compiles, maintains, and calculates the Index, which includes a subset of constituent securities of the FTSE Emerging Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of securities of the most liquid large- and mid-capitalization companies in emerging market countries. The Index includes the top 100 highest-yielding constituent securities of the Parent Index based on the average trailing12-month dividend yields over the past two years. The Index constituents are weighted according to the trailing 12-month revenue earned by those companies, subject to a maximum 5% per company weighting and a maximum 10% variation on the Index’s allocation to a single country versus the Parent Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to October 31, effective October 31, 2019. For the fiscal period from July 1, 2019 to October 31, 2019, on a market price basis, the Fund returned (4.84)%. On a net asset value (“NAV”) basis, the Fund returned (4.52)%. During the same time period, the Index returned (4.10)%. During the fiscal period, the Fund utilized a sampling methodology to achieve exposure to the Thailand securities included in 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, as well as the impact of the sampling methodology.
During this same time period, the Benchmark Index returned 0.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,780 equity 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 equity markets of emerging market countries.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the consumer
staples sector during the fiscal period ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s allocation and security selection in the materials and information technology sectors.
For the fiscal period ended October 31, 2019, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the communication services and real estate sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2019, included China Evergrande Group, a real estate company (portfolio average weight of 1.66%) and MMC Norilsk Nickel PJSC, a materials company (portfolio average weight of 1.89%). Positions that detracted most significantly from the Fund’s return during this period included Coal India Ltd., an energy company (portfolio average weight of 3.64%) and Vedanta Ltd., a materials company (portfolio average weight of 3.68%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Energy | 25.48 | |||
Materials | 17.54 | |||
Financials | 16.00 | |||
Real Estate | 14.49 | |||
Consumer Discretionary | 7.80 | |||
Communication Services | 7.61 | |||
Information Technology | 4.70 | |||
Sector Types Each Less Than 3% | 6.13 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.25 |
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Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Indian Oil Corp. Ltd. | 5.76 | |||
China Evergrande Group | 5.64 | |||
Petrobras Distribuidora S.A. | 4.82 | |||
China Petroleum & Chemical Corp., H Shares | 4.69 | |||
Tupras-Turkiye Petrol Rafinerileri A.S. | 4.36 | |||
Coal India Ltd. | 4.01 | |||
Vedanta Ltd. | 3.47 | |||
Surgutneftegas PJSC, Preference Shares | 3.38 | |||
China Huarong Asset Management Co. Ltd., H Shares | 3.20 | |||
China Cinda Asset Management Co. Ltd., H Shares | 2.76 | |||
Total | 42.09 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
FTSE Custom Emerging Ultra Dividend Revenue Index (Net) | 6.78 | % | (2.50 | )% | (3.07 | )% | ||||||||||
FTSE Emerging Index (Net) | 13.61 | 1.17 | 1.44 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 5.80 | (3.63 | ) | (4.45 | ) | |||||||||||
Market Price Return | 5.83 | (3.53 | ) | (4.33 | ) |
| 8 |
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Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)(continued)
Oppenheimer Emerging Markets Ultra Dividend Revenue ETF (‘‘the Predecessor Fund’’) Predecessor Fund Inception: August 7, 2018
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 0.46% 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 Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 9 |
|
REFA | Manager’s Analysis | |
Invesco International Revenue ETF (REFA) |
As an index fund, the Invesco International Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Revenue Weighted International Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which consists of all the constituent securities of the MSCI EAFE Index (the “Parent Index” or “Benchmark Index’’), an index designed to represent the performance of large- and mid-capitalization securities in developed market countries, including countries in Europe, Australasia and the Far East, excluding the United States and Canada. Unlike the Parent Index, which employs a market-capitalization weighted methodology, the Index weights each constituent security according to the company’s trailing 12-month sales, determined in accordance with the Index methodology, subject to a maximum 5% per company weighting. 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.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to October 31, effective October 31, 2019. For the fiscal period from July 1, 2019 to October 31, 2019, on a market price basis, the Fund returned 2.15%. On a net asset value (“NAV”) basis, the Fund returned 2.56%. During the same time period, the Index returned 2.75%. During the fiscal period, 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, partially offset by revenue generated from securities lending.
During this same time period, the Benchmark Index returned 2.48%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 equity 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 equity markets of economically developed countries outside the U.S. and Canada.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the health care sector during the fiscal period ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index, on a NAV basis, during that period can be
attributed to the Fund being overweight to and security selection in the consumer discretionary sector.
For the fiscal period ended October 31, 2019, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the industrials and financials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the materials sector.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended October 31, 2019, included Toyota Motor Corp., a consumer discretionary company (portfolio average weight of 2.21%) and Casino, Guichard-Perrachon SA, a consumer staples company (portfolio average weight of 0.0.24%). Positions that detracted most significantly from the Fund’s return during this period included Royal Dutch Shell PLC Class A, an energy company (portfolio average weight of 1.16%) and BP p.l.c., an energy company (portfolio average weight of 1.58%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Consumer Discretionary | 18.32 | |||
Industrials | 18.13 | |||
Financials | 17.44 | |||
Consumer Staples | 9.03 | |||
Materials | 8.48 | |||
Energy | 8.24 | |||
Communication Services | 5.40 | |||
Utilities | 5.26 | |||
Health Care | 4.09 | |||
Information Technology | 3.87 | |||
Real Estate | 1.40 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.34 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Toyota Motor Corp. | 2.00 | |||
BP PLC | 1.71 | |||
Daimler AG | 1.39 | |||
Glencore PLC | 1.28 | |||
Royal Dutch Shell PLC, Class A | 1.17 | |||
TOTAL S.A. | 1.14 | |||
EXOR N.V. | 1.12 | |||
Volkswagen AG | 1.07 | |||
Honda Motor Co., Ltd. | 1.02 | |||
Royal Dutch Shell PLC, Class B | 0.99 | |||
Total | 12.89 |
* | Excluding money market fund holdings. |
| 10 |
|
Invesco International Revenue ETF (REFA) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
Invesco Revenue Weighted International Index (Net) | 6.09 | % | 3.40 | % | 8.01 | % | ||||||||||
MSCI EAFE® Index (Net) | 11.04 | 4.61 | 10.95 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 5.75 | 3.09 | 7.26 | |||||||||||||
Market Price Return | 5.92 | 2.99 | 7.02 |
Oppenheimer International Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: July 11, 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 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 0.42% 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 Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 11 |
|
RIDV | Manager’s Analysis | |
Invesco International Ultra Dividend Revenue ETF (RIDV) |
As an index fund, the Invesco International Ultra Dividend Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Custom Developed ex US Ultra Dividend Revenue Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, FTSE Russell (“FTSE” or the “Index Provider”) compiles, maintains, and calculates the Index, which includes a subset of constituent securities of the FTSE Developed ex US Index (the “Parent Index” or ‘‘Benchmark Index’’), an index designed to represent the performance of large- and mid-cap securities from developed market countries, excluding the United States. From a universe of components of the Parent Index, the Index (1) excludes the top 5% of securities within each country by yield, (2) excludes the top 5% of securities within each sector by dividend payout ratio, and (3) then includes the top 200 highest-yielding constituent securities of the Parent Index based on the average trailing 12-month dividend yields over the past two years. The Index constituents are weighted according to the trailing12-month revenue earned by those companies, subject to a maximum 5% per company weighting and a maximum 10% variation on the Index’s allocation to a single country versus the Parent Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
The Board of Trustees of the Trust approved a change in the fiscal year end for the Fund from June 30 to October 31, effective October 31, 2019. For the fiscal period from July 1, 2019 to October 31, 2019, on a market price basis, the Fund returned 0.27%. On a net asset value (“NAV”) basis, the Fund returned 0.15%. During the same time period, the Index returned 0.68%. During the fiscal period, 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 this same time period, the Benchmark Index returned 2.41%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,550 equity 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 seeks to track an Index that employs a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financial sector and most underweight in the industrials sector during the fiscal period ended October 31, 2019. The
majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight to and security selection in the energy sector.
For the fiscal period ended October 31, 2019, the utilities sector contributed most significantly to the Fund’s return, followed by the industrials and health care sectors, respectively. The energy 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 period ended October 31, 2019, included Enel SpA., a utilities company (portfolio average weight of 2.83%) and ENGIE SA, a utilities company (portfolio average weight of 1.99%). Positions that detracted most significantly from the Fund’s return during this period included Royal Dutch Shell PLC Class A, an energy company (portfolio average weight of 4.94%) and BP p.l.c, an energy company (portfolio average weight of 4.67).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 43.85 | |||
Energy | 17.51 | |||
Communication Services | 7.61 | |||
Materials | 7.50 | |||
Consumer Discretionary | 6.57 | |||
Industrials | 5.63 | |||
Utilities | 5.41 | |||
Sector Types Each Less Than 3% | 5.89 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.03 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
TOTAL S.A. | 4.56 | |||
Royal Dutch Shell PLC, Class A | 4.42 | |||
BP PLC | 4.41 | |||
Allianz S.E. | 3.20 | |||
Bayerische Motoren Werke AG | 3.00 | |||
Credit Agricole S.A. | 2.81 | |||
Deutsche Telekom AG | 2.21 | |||
Assicurazioni Generali S.p.A. | 2.20 | |||
Banco Santander S.A. | 2.18 | |||
Enel S.p.A. | 2.17 | |||
Total | 31.16 |
* | Excluding money market fund holdings. |
| 12 |
|
Invesco International Ultra Dividend Revenue ETF (RIDV)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
Fund Inception | ||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||
FTSE Custom Developed ex US Ultra Dividend Revenue Index (Net) | 6.72 | % | (1.18 | )% | (1.45 | )% | ||||||||||
FTSE Developed ex US Index (Net) | 10.77 | 1.08 | 1.34 | |||||||||||||
Fund | ||||||||||||||||
NAV Return | 5.95 | (1.37 | ) | (1.68 | ) | |||||||||||
Market Price Return | 5.75 | (1.38 | ) | (1.69 | ) |
Oppenheimer International Ultra Dividend Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: August 7, 2018
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 0.42% 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 Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
| 13 |
|
Invesco Emerging Markets Revenue ETF (REEM)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.08% |
| |||||||
Argentina-0.11% | ||||||||
Banco BBVA Argentina S.A., ADR | 99 | $ | 347 | |||||
Banco Macro S.A., ADR | 7 | 160 | ||||||
Globant S.A.(a) | 8 | 746 | ||||||
Grupo Financiero Galicia S.A., ADR | 13 | 150 | ||||||
Pampa Energia S.A., ADR(a) | 119 | 1,853 | ||||||
Telecom Argentina S.A., ADR | 126 | 1,134 | ||||||
Transportadora de Gas del Sur S.A., Class B, ADR | 40 | 302 | ||||||
YPF S.A., ADR | 1,208 | 11,307 | ||||||
|
| |||||||
15,999 | ||||||||
|
| |||||||
Brazil-5.37% | ||||||||
Ambev S.A. | 4,497 | 19,469 | ||||||
Atacadao S.A. | 4,072 | 19,384 | ||||||
B2W Cia Digital(a) | 260 | 3,290 | ||||||
B3 S.A.-Brasil, Bolsa, Balcao | 200 | 2,410 | ||||||
Banco Bradesco S.A. | 4,287 | 35,081 | ||||||
Banco Bradesco S.A., Preference Shares | 3,760 | 32,941 | ||||||
Banco BTG Pactual S.A. | 100 | 1,618 | ||||||
Banco do Brasil S.A. | 6,483 | 77,759 | ||||||
Banco Santander Brasil S.A. | 3,216 | 37,701 | ||||||
BB Seguridade Participacoes S.A. | 300 | 2,539 | ||||||
BR Malls Participacoes S.A. | 200 | 765 | ||||||
Braskem S.A., Class A, Preference Shares | 1,387 | 9,571 | ||||||
BRF S.A.(a) | 1,241 | 10,977 | ||||||
CCR S.A. | 1,100 | 4,505 | ||||||
Centrais Eletricas Brasileiras S.A. | 736 | 7,253 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 200 | 2,042 | ||||||
Cia Brasileira de Distribuicao, Preference Shares | 577 | 11,928 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 448 | 6,096 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 1,800 | 6,120 | ||||||
Cia Siderurgica Nacional S.A. | 2,738 | 8,048 | ||||||
Cielo S.A. | 2,630 | 4,953 | ||||||
Cogna Educacao | 1,000 | 2,409 | ||||||
Cosan S.A. | 400 | 5,758 | ||||||
Embraer S.A. | 1,593 | 6,956 | ||||||
Energisa S.A. | 400 | 4,775 | ||||||
ENGIE Brasil Energia S.A. | 309 | 3,484 | ||||||
Equatorial Energia S.A. | 169 | 4,289 | ||||||
Gerdau S.A., Preference Shares | 4,017 | 13,439 | ||||||
Hypera S.A. | 140 | 1,197 | ||||||
IRB Brasil Resseguros S.A. | 420 | 3,954 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 4,125 | 37,228 | ||||||
Itausa - Investimentos Itau S.A., Preference Shares | 300 | 1,025 | ||||||
Klabin S.A. | 900 | 3,547 | ||||||
Localiza Rent a Car S.A. | 300 | 3,227 | ||||||
Lojas Americanas S.A., Preference Shares | 1,096 | 5,458 | ||||||
Lojas Renner S.A. | 262 | 3,312 | ||||||
M Dias Branco S.A. | 313 | 2,943 | ||||||
Magazine Luiza S.A. | 744 | 8,273 |
Shares | Value | |||||||
Brazil-(continued) | ||||||||
Multiplan Empreendimentos Imobiliarios S.A. | 100 | $ | 728 | |||||
Natura Cosmeticos S.A. | 700 | 5,433 | ||||||
Notre Dame Intermedica Participacoes S.A. | 200 | 2,989 | ||||||
Petrobras Distribuidora S.A. | 5,980 | 42,127 | ||||||
Petroleo Brasileiro S.A. | 12,472 | 101,593 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 10,362 | 78,443 | ||||||
Porto Seguro S.A. | 470 | 6,720 | ||||||
Raia Drogasil S.A. | 309 | 8,467 | ||||||
Rumo S.A.(a) | 500 | 2,840 | ||||||
Sul America S.A. | 516 | 6,207 | ||||||
Suzano S.A. | 806 | 6,553 | ||||||
Telefonica Brasil S.A., Preference Shares | 916 | 12,112 | ||||||
TIM Participacoes S.A. | 2,455 | 6,984 | ||||||
Ultrapar Participacoes S.A. | 4,548 | 21,378 | ||||||
Vale S.A. | 5,219 | 61,363 | ||||||
WEG S.A. | 900 | 5,717 | ||||||
|
| |||||||
785,378 | ||||||||
|
| |||||||
Chile-1.14% | ||||||||
Aguas Andinas S.A., Class A | 2,274 | 1,044 | ||||||
Banco de Chile | 40,708 | 5,246 | ||||||
Banco de Credito e Inversiones S.A. | 92 | 5,126 | ||||||
Banco Santander Chile | 88,326 | 5,484 | ||||||
Cencosud S.A. | 13,069 | 17,760 | ||||||
Cia Cervecerias Unidas S.A. | 344 | 3,435 | ||||||
Colbun S.A. | 13,958 | 2,410 | ||||||
Embotelladora Andina S.A., Class B, Preference Shares | 622 | 1,796 | ||||||
Empresa Nacional de Telecomunicaciones S.A.(a) | 502 | 3,930 | ||||||
Empresas CMPC S.A. | 3,875 | 8,838 | ||||||
Empresas COPEC S.A. | 3,931 | 35,177 | ||||||
Enel Americas S.A. | 160,730 | 30,041 | ||||||
Enel Chile S.A. | 72,701 | 5,984 | ||||||
Itau CorpBanca | 607,671 | 3,690 | ||||||
LATAM Airlines Group S.A. | 1,622 | 17,949 | ||||||
SACI Falabella | 3,449 | 17,570 | ||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 51 | 1,356 | ||||||
|
| |||||||
166,836 | ||||||||
|
| |||||||
China-29.49% | ||||||||
360 Security Technology, Inc., A Shares | 100 | 321 | ||||||
3SBio, Inc.(a)(b) | 838 | 1,567 | ||||||
51job, Inc., ADR(a) | 13 | 1,024 | ||||||
58.com, Inc., ADR(a) | 44 | 2,324 | ||||||
AAC Technologies Holdings, Inc. | 830 | 5,401 | ||||||
AECC Aviation Power Co., Ltd., A Shares | 200 | 601 | ||||||
Agile Group Holdings Ltd. | 9,581 | 12,958 | ||||||
Agricultural Bank of China Ltd., A Shares | 60,018 | 31,052 | ||||||
Agricultural Bank of China Ltd., H Shares | 48,799 | 20,111 | ||||||
Aier Eye Hospital Group Co. Ltd., A Shares | 100 | 562 | ||||||
Air China Ltd., A Shares | 2,800 | 3,303 | ||||||
Air China Ltd., H Shares | 11,575 | 10,249 | ||||||
Aisino Corp., A Shares | 200 | 586 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 506 | 89,395 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Aluminum Corp. of China Ltd., A Shares(a) | 10,600 | $ | 5,108 | |||||
Aluminum Corp. of China Ltd., H Shares(a) | 38,126 | 11,334 | ||||||
Angang Steel Co. Ltd., A Shares | 8,230 | 3,498 | ||||||
Angang Steel Co. Ltd., H Shares(c) | 11,800 | 3,960 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 600 | 3,596 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 1,236 | 7,404 | ||||||
ANTA Sports Products Ltd. | 723 | 7,085 | ||||||
Anxin Trust Co. Ltd., A Shares(a) | 100 | 60 | ||||||
Autohome, Inc., ADR(a)(c) | 21 | 1,776 | ||||||
AVIC Aircraft Co. Ltd., A Shares | 600 | 1,280 | ||||||
AVIC Capital Co., Ltd., A Shares | 500 | 325 | ||||||
AVIC Shenyang Aircraft Co. Ltd., A Shares(a) | 200 | 836 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares | 16,118 | 7,630 | ||||||
BAIC Motor Corp. Ltd., H Shares(b) | 19,298 | 12,016 | ||||||
Baidu, Inc., ADR(a) | 199 | 20,268 | ||||||
Bank of Beijing Co., Ltd., A Shares | 5,500 | 4,331 | ||||||
Bank of Chengdu Co., Ltd., A Shares | 400 | 479 | ||||||
Bank of China Ltd., A Shares | 41,460 | 21,804 | ||||||
Bank of China Ltd., H Shares | 145,630 | 59,644 | ||||||
Bank of Communications Co. Ltd., A Shares | 10,200 | 8,133 | ||||||
Bank of Communications Co. Ltd., H Shares | 70,194 | 48,004 | ||||||
Bank of Guiyang Co., Ltd., A Shares | 420 | 546 | ||||||
Bank of Hangzhou Co., Ltd., A Shares | 900 | 1,151 | ||||||
Bank of Jiangsu Co., Ltd., A Shares | 3,300 | 3,316 | ||||||
Bank of Nanjing Co., Ltd., A Shares | 1,800 | 2,208 | ||||||
Bank of Ningbo Co.,Ltd., A Shares | 400 | 1,536 | ||||||
Bank of Shanghai Co., Ltd., A Shares | 2,320 | 3,077 | ||||||
Baoshan Iron & Steel Co., Ltd., A Shares | 12,300 | 10,140 | ||||||
Baozun, Inc., ADR(a)(c) | 25 | 1,088 | ||||||
BBMG Corp., A Shares | 5,000 | 2,317 | ||||||
BBMG Corp., H Shares | 16,116 | 4,626 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 2,000 | 1,896 | ||||||
Beijing Dabeinong Technology Group Co., Ltd., A Shares | 500 | 344 | ||||||
Beijing Enterprises Holdings Ltd. | 3,014 | 14,209 | ||||||
Beijing Enterprises Water Group Ltd.(a) | 10,000 | 5,231 | ||||||
Beijing Tongrentang Co., Ltd., A Shares | 100 | 391 | ||||||
BOE Technology Group Co., Ltd., A Shares | 6,100 | 3,095 | ||||||
Brilliance China Automotive Holdings Ltd. | 1,335 | 1,478 | ||||||
BYD Co. Ltd., A Shares | 400 | 2,436 | ||||||
BYD Co. Ltd., H Shares(c) | 1,724 | 8,117 | ||||||
BYD Electronic International Co. Ltd. | 6,239 | 10,762 | ||||||
Caitong Securities Co., Ltd., A Shares | 100 | 141 | ||||||
CGN Power Co. Ltd., H Shares(b) | 12,000 | 3,108 | ||||||
Changjiang Securities Co., Ltd., A Shares | 200 | 194 | ||||||
China Agri-Industries Holdings Ltd. | 81,793 | 27,029 | ||||||
China Aoyuan Group Ltd. | 6,000 | 7,701 | ||||||
China Avionics Systems Co., Ltd., A Shares | 100 | 200 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 33,150 | 6,894 | ||||||
China CITIC Bank Corp. Ltd., A Shares | 9,300 | 8,103 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 41,307 | 23,980 | ||||||
China Coal Energy Co. Ltd., H Shares | 20,198 | 8,066 |
Shares | Value | |||||||
China-(continued) | ||||||||
China Communications Construction Co. Ltd., A Shares | 8,400 | $ | 11,235 | |||||
China Communications Construction Co. Ltd., H Shares | 39,400 | 30,011 | ||||||
China Communications Services Corp. Ltd., H Shares | 12,397 | 7,671 | ||||||
China Construction Bank Corp., A Shares | 1,000 | 1,036 | ||||||
China Construction Bank Corp., H Shares | 299,686 | 241,272 | ||||||
China Eastern Airlines Corp. Ltd., A Shares(a) | 3,600 | 2,651 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(a) | 18,349 | 9,177 | ||||||
China Everbright Bank Co. Ltd., A Shares | 10,900 | 6,724 | ||||||
China Everbright Bank Co. Ltd., H Shares | 30,323 | 13,967 | ||||||
China Everbright International Ltd. | 7,000 | 5,296 | ||||||
China Everbright Ltd. | 448 | 665 | ||||||
China Evergrande Group(a)(c) | 45,652 | 111,484 | ||||||
China Film Co., Ltd., A Shares | 100 | 189 | ||||||
China Fortune Land Development Co., Ltd., A Shares | 700 | 2,841 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 2,500 | 1,279 | ||||||
China Gezhouba Group Co., Ltd., A Shares | 4,400 | 3,584 | ||||||
China Grand Automotive Services Group Co., Ltd., A Shares | 10,500 | 5,388 | ||||||
China Hongqiao Group Ltd. | 31,497 | 17,521 | ||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 96,404 | 14,268 | ||||||
China International Capital Corp. Ltd., H Shares(b)(c) | 800 | 1,464 | ||||||
China International Marine Containers Group Co., Ltd., A Shares | 1,000 | 1,379 | ||||||
China International Travel Service Corp. Ltd., A Shares | 100 | 1,284 | ||||||
China Jinmao Holdings Group Ltd. | 14,682 | 9,797 | ||||||
China Life Insurance Co., Ltd., A Shares | 3,300 | 15,690 | ||||||
China Life Insurance Co., Ltd., H Shares | 13,700 | 35,658 | ||||||
China Literature Ltd.(a)(b)(c) | 352 | 1,386 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 4,000 | 2,164 | ||||||
China Medical System Holdings Ltd. | 1,000 | 1,360 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 4,065 | 16,260 | ||||||
China Merchants Bank Co. Ltd., A Shares | 2,100 | 10,596 | ||||||
China Merchants Bank Co. Ltd., H Shares | 3,285 | 15,717 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,192 | 1,868 | ||||||
China Merchants Securities Co., Ltd., A Shares | 200 | 467 | ||||||
China Merchants Shekou Industrial Zone Holdings Co., Ltd., A Shares | 900 | 2,395 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 10,500 | 9,179 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 21,602 | 15,131 | ||||||
China Mobile Ltd. | 19,551 | 159,148 | ||||||
China Molybdenum Co., Ltd., A Shares | 900 | 435 | ||||||
China Molybdenum Co., Ltd., H Shares | 3,000 | 949 | ||||||
China National Building Material Co. Ltd., H Shares | 27,323 | 23,078 | ||||||
China National Chemical Engineering Co., Ltd., A Shares | 3,700 | 3,145 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
China National Nuclear Power Co., Ltd., A Shares | 1,800 | $ | 1,295 | |||||
China Northern Rare Earth Group High-Tech Co., Ltd., A Shares | 200 | 286 | ||||||
China Oilfield Services Ltd., H Shares | 2,000 | 2,792 | ||||||
China Oriental Group Co. Ltd. | 23,198 | 8,110 | ||||||
China Overseas Land & Investment Ltd. | 10,465 | 33,113 | ||||||
China Pacific Insurance (Group) Co., Ltd., A Shares | 1,300 | 6,377 | ||||||
China Pacific Insurance (Group) Co., Ltd., H Shares | 5,111 | 18,585 | ||||||
China Petroleum & Chemical Corp., A Shares | 105,055 | 73,168 | ||||||
China Petroleum & Chemical Corp., H Shares | 222,606 | 127,809 | ||||||
China Power International Development Ltd. | 23,996 | 5,021 | ||||||
China Railway Construction Corp. Ltd., A Shares | 16,844 | 22,457 | ||||||
China Railway Construction Corp. Ltd., H Shares | 23,944 | 26,212 | ||||||
China Railway Group Ltd., A Shares | 24,100 | 19,731 | ||||||
China Railway Group Ltd., H Shares | 47,184 | 28,475 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares(b) | 3,000 | 1,795 | ||||||
China Reinsurance Group Corp., H Shares | 24,000 | 3,920 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,525 | 7,851 | ||||||
China Resources Cement Holdings Ltd. | 8,621 | 9,459 | ||||||
China Resources Gas Group Ltd. | 2,036 | 12,287 | ||||||
China Resources Land Ltd. | 6,983 | 29,802 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 39,597 | 36,628 | ||||||
China Resources Power Holdings Co. Ltd. | 11,207 | 14,113 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., A Shares | 100 | 419 | ||||||
China Shenhua Energy Co. Ltd., A Shares | 2,700 | 7,077 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 4,966 | 10,100 | ||||||
China Shipbuilding Industry Co., Ltd., A Shares | 1,500 | 1,130 | ||||||
China Shipbuilding Industry Group Power Co., Ltd., A Shares(a) | 200 | 596 | ||||||
China South Publishing & Media Group Co., Ltd., A Shares | 100 | 164 | ||||||
China Southern Airlines Co., Ltd., A Shares | 3,600 | 3,408 | ||||||
China Southern Airlines Co., Ltd., H Shares | 17,139 | 10,584 | ||||||
China Spacesat Co., Ltd., A Shares | 100 | 297 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 52,722 | 39,268 | ||||||
China State Construction International Holdings Ltd. | 13,254 | 12,209 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 15,342 | 34,647 | ||||||
China Telecom Corp. Ltd., H Shares | 30,723 | 13,092 | ||||||
China Tower Corp. Ltd., H Shares(b) | 17,998 | 3,973 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 7,200 | 3,224 | ||||||
China Unicom Hong Kong Ltd. | 65,070 | 64,508 | ||||||
China United Network Communications Ltd., A Shares | 12,300 | 10,735 |
Shares | Value | |||||||
China-(continued) | ||||||||
China Vanke Co., Ltd., A Shares | 2,500 | $ | 9,427 | |||||
China Vanke Co., Ltd., H Shares | 2,930 | 10,710 | ||||||
China Yangtze Power Co., Ltd., A Shares | 600 | 1,523 | ||||||
China Zhongwang Holdings Ltd. | 15,837 | 6,587 | ||||||
Chinese Universe Publishing and Media Group Co., Ltd., A Shares | 200 | 338 | ||||||
Chongqing Changan Automobile Co., Ltd., A Shares | 1,400 | 1,425 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., H Shares | 5,314 | 2,841 | ||||||
CIFI Holdings Group Co., Ltd. | 16,000 | 10,717 | ||||||
CITIC Guoan Information Industry Co., Ltd., A Shares | 200 | 98 | ||||||
CITIC Ltd. | 116,755 | 153,435 | ||||||
CITIC Securities Co. Ltd., A Shares | 400 | 1,234 | ||||||
CITIC Securities Co. Ltd., H Shares | 834 | 1,537 | ||||||
CNOOC Ltd. | 34,994 | 52,506 | ||||||
Contemporary Amperex Technology Co., Ltd., A Shares | 100 | 977 | ||||||
COSCO SHIPPING Development Co., Ltd., A Shares | 600 | 212 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 2,000 | 863 | ||||||
COSCO SHIPPING Holdings Co. Ltd., A Shares(a) | 6,200 | 4,063 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 19,999 | 7,502 | ||||||
COSCO SHIPPING Ports Ltd. | 2,000 | 1,574 | ||||||
Country Garden Holdings Co. Ltd. | 70,589 | 98,349 | ||||||
CRRC Corp. Ltd., A Shares | 5,900 | 6,038 | ||||||
CRRC Corp. Ltd., H Shares | 10,703 | 7,169 | ||||||
CSPC Pharmaceutical Group Ltd. | 2,580 | 6,633 | ||||||
Dali Foods Group Co. Ltd.(b) | 7,597 | 5,205 | ||||||
Daqin Railway Co. Ltd., A Shares | 2,600 | 2,820 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 33,597 | 6,644 | ||||||
DHC Software Co., Ltd., A Shares | 200 | 203 | ||||||
Dong-E-E-Jiao Co., Ltd., A Shares | 100 | 502 | ||||||
Dongfang Electric Corp. Ltd., A Shares | 400 | 503 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 9,084 | 9,133 | ||||||
Dongxing Securities Co., Ltd., A Shares | 100 | 155 | ||||||
East Money Information Co., Ltd., A Shares | 100 | 212 | ||||||
ENN Energy Holdings Ltd. | 1,320 | 15,124 | ||||||
Everbright Securities Co., Ltd., A Shares | 200 | 326 | ||||||
Fangda Carbon New Material Co., Ltd., A Shares(a) | 149 | 227 | ||||||
Far East Horizon Ltd. | 6,718 | 6,369 | ||||||
Financial Street Holdings Co., Ltd., A Shares | 500 | 559 | ||||||
First Capital Securities Co., Ltd., A Shares | 100 | 95 | ||||||
Focus Media Information Technology Co., Ltd., A Shares | 400 | 341 | ||||||
Fosun International Ltd. | 20,996 | 27,539 | ||||||
Founder Securities Co., Ltd., A Shares | 300 | 287 | ||||||
Foxconn Industrial Internet Co. Ltd., A Shares | 6,900 | 15,055 | ||||||
Future Land Development Holdings Ltd.(a)(c) | 16,146 | 17,078 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Fuyao Glass Industry Group Co., Ltd., A Shares | 100 | $ | 302 | |||||
Fuyao Glass Industry Group Co., Ltd., H Shares(b) | 373 | 1,057 | ||||||
GD Power Development Co., Ltd., A Shares | 7,500 | 2,484 | ||||||
GDS Holdings Ltd., ADR(a) | 21 | 875 | ||||||
Geely Automobile Holdings Ltd. | 17,004 | 32,326 | ||||||
Gemdale Corp., A Shares | 1,000 | 1,691 | ||||||
GF Securities Co., Ltd., A Shares(a) | 200 | 390 | ||||||
GF Securities Co., Ltd., H Shares(a) | 896 | 936 | ||||||
GoerTek, Inc., A Shares | 500 | 1,320 | ||||||
GOME Retail Holdings Ltd.(a) | 159,701 | 14,467 | ||||||
Great Wall Motor Co. Ltd., H Shares | 11,096 | 9,032 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, A Shares | 900 | 7,509 | ||||||
Greenland Holdings Corp. Ltd., A Shares | 12,800 | 12,408 | ||||||
Greentown Service Group Co. Ltd.(b) | 2,000 | 2,274 | ||||||
Guangdong Investment Ltd. | 1,244 | 2,698 | ||||||
Guanghui Energy Co., Ltd., A Shares | 600 | 281 | ||||||
Guangshen Railway Co., Ltd., A Shares | 900 | 395 | ||||||
Guangzhou Automobile Group Co., Ltd., A Shares | 1,100 | 1,797 | ||||||
Guangzhou Automobile Group Co., Ltd., H Shares | 5,798 | 5,807 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., A Shares | 300 | 1,440 | ||||||
Guangzhou Haige Communications Group, Inc. Co., A Shares | 100 | 137 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 3,374 | 5,243 | ||||||
Guosen Securities Co., Ltd., A Shares | 200 | 348 | ||||||
Guotai Junan Securities Co., Ltd., A Shares | 300 | 727 | ||||||
Guotai Junan Securities Co., Ltd., H Shares(b) | 600 | 919 | ||||||
Guoyuan Securities Co., Ltd., A Shares | 100 | 120 | ||||||
Haidilao International Holding Ltd.(b) | 1,000 | 4,848 | ||||||
Haier Smart Home Co. Ltd., A Shares | 2,900 | 6,595 | ||||||
Haitian International Holdings Ltd. | 1,451 | 3,432 | ||||||
Haitong Securities Co., Ltd., A Shares | 400 | 802 | ||||||
Haitong Securities Co., Ltd., H Shares | 2,499 | 2,560 | ||||||
Hangzhou Hikvision Digital Technology Co., Ltd., A Shares | 400 | 1,839 | ||||||
Hangzhou Robam Appliances Co. Ltd., A Shares | 100 | 448 | ||||||
Henan Shuanghui Investment & Development Co., Ltd., A Shares | 500 | 2,121 | ||||||
Hengan International Group Co. Ltd. | 645 | 4,510 | ||||||
Hengli Petrochemical Co., Ltd., A Shares | 1,140 | 2,610 | ||||||
HengTen Networks Group Ltd.(a) | 4,000 | 58 | ||||||
Hengtong Optic-electric Co., Ltd., A Shares | 600 | 1,255 | ||||||
Hengyi Petrochemical Co., Ltd., A Shares | 1,800 | 3,671 | ||||||
Hesteel Co. Ltd., A Shares | 11,700 | 4,124 | ||||||
HLA Corp. Ltd., A Shares | 400 | 437 | ||||||
Hua Hong Semiconductor Ltd.(b) | 1,000 | 2,018 | ||||||
HUA XIA Bank Co., Ltd., A Shares | 4,600 | 4,897 | ||||||
Huaan Securities Co., Ltd., A Shares | 100 | 90 |
Shares | Value | |||||||
China-(continued) | ||||||||
Huadian Power International Corp. Ltd., A Shares | 4,100 | $ | 2,051 | |||||
Huadian Power International Corp. Ltd., H Shares | 8,398 | 3,150 | ||||||
Huadong Medicine Co., Ltd., A Shares | 320 | 1,187 | ||||||
Huaneng Power International, Inc., A Shares | 4,000 | 3,241 | ||||||
Huaneng Power International, Inc., H Shares | 20,121 | 9,576 | ||||||
Huaneng Renewables Corp. Ltd., H Shares | 6,000 | 2,297 | ||||||
Huatai Securities Co., Ltd., A Shares | 200 | 496 | ||||||
Huatai Securities Co., Ltd., H Shares(b) | 800 | 1,192 | ||||||
Huaxi Securities Co., Ltd., A Shares | 100 | 135 | ||||||
Huayu Automotive Systems Co. Ltd., A Shares | 1,600 | 5,711 | ||||||
Huazhu Group Ltd., ADR | 76 | 2,877 | ||||||
Hubei Biocause Pharmaceutical Co., Ltd., A Shares | 1,300 | 1,258 | ||||||
Hubei Energy Group Co., Ltd., A Shares | 500 | 289 | ||||||
Iflytek Co., Ltd., A Shares | 100 | 470 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 37,032 | 31,108 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 99,063 | 71,286 | ||||||
Industrial Bank Co., Ltd., A Shares | 4,500 | 11,974 | ||||||
Industrial Securities Co., Ltd., A Shares | 400 | 363 | ||||||
Inner Mongolia BaoTou Steel Union Co., Ltd., A Shares | 10,800 | 2,103 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., A Shares(a) | 400 | 168 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., A Shares | 700 | 2,885 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., B Shares | 4,000 | 3,492 | ||||||
iQIYI, Inc., ADR(a)(c) | 137 | 2,388 | ||||||
JD.com, Inc., ADR(a) | 3,597 | 112,047 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., A Shares | 100 | 1,292 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., A Shares | 100 | 1,433 | ||||||
Jiangxi Copper Co., Ltd., A Shares | 2,100 | 4,221 | ||||||
Jiangxi Copper Co., Ltd., H Shares | 17,121 | 20,075 | ||||||
Jinduicheng Molybdenum Co., Ltd., A Shares | 200 | 204 | ||||||
Jinke Properties Group Co., Ltd., A Shares | 1,100 | 1,084 | ||||||
Jointown Pharmaceutical Group Co. Ltd., A Shares | 1,700 | 3,122 | ||||||
Kaisa Group Holdings Ltd.(a) | 25,797 | 11,322 | ||||||
Kingboard Holdings Ltd. | 3,912 | 10,457 | ||||||
Kingdee International Software Group Co. Ltd. | 1,000 | 1,100 | ||||||
Kingsoft Corp. Ltd.(a) | 597 | 1,379 | ||||||
Kunlun Energy Co. Ltd. | 28,731 | 26,797 | ||||||
KWG Group Holdings Ltd.(a) | 2,000 | 2,021 | ||||||
Lee & Man Paper Manufacturing Ltd. | 12,000 | 6,691 | ||||||
Legend Holdings Corp., H Shares(b) | 20,833 | 45,931 | ||||||
Lenovo Group Ltd. | 106,713 | 74,612 | ||||||
Lens Technology Co., Ltd., A Shares | 600 | 1,126 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Lepu Medical Technology Beijing Co., Ltd., A Shares | 100 | $ | 429 | |||||
Li Ning Co. Ltd. | 1,000 | 3,400 | ||||||
Liaoning Cheng Da Co., Ltd., A Shares(a) | 200 | 399 | ||||||
Logan Property Holdings Co. Ltd. | 7,602 | 11,620 | ||||||
Longfor Group Holdings Ltd.(b) | 7,471 | 31,075 | ||||||
LONGi Green Energy Technology Co., Ltd., A Shares | 200 | 649 | ||||||
Luxshare Precision Industry Co. Ltd., A Shares | 390 | 1,763 | ||||||
Luye Pharma Group Ltd.(b)(c) | 1,500 | 1,112 | ||||||
Maanshan Iron & Steel Co. Ltd., A Shares(a) | 5,600 | 2,117 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares(c) | 9,999 | 3,789 | ||||||
Mango Excellent Media Co., Ltd., A Shares(a) | 170 | 652 | ||||||
Meinian Onehealth Healthcare Holdings Co., Ltd., A Shares | 120 | 254 | ||||||
Meitu, Inc.(a)(b)(c) | 2,000 | 444 | ||||||
Meituan Dianping, B Shares(a)(b) | 1,735 | 20,731 | ||||||
Metallurgical Corp. of China Ltd., A Shares | 22,300 | 8,685 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 41,795 | 8,852 | ||||||
Midea Group Co., Ltd., A Shares | 1,300 | 10,255 | ||||||
MMG Ltd.(a) | 26,141 | 5,470 | ||||||
Momo, Inc., ADR | 87 | 2,916 | ||||||
NARI Technology Co., Ltd., A Shares | 300 | 936 | ||||||
NetEase, Inc., ADR | 62 | 17,723 | ||||||
New China Life Insurance Co., Ltd., A Shares | 400 | 2,713 | ||||||
New China Life Insurance Co., Ltd., H Shares | 2,079 | 8,104 | ||||||
New Hope Liuhe Co. Ltd., A Shares | 900 | 2,822 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 43 | 5,249 | ||||||
Nexteer Automotive Group Ltd. | 7,355 | 6,869 | ||||||
Ninestar Corp., A Shares | 100 | 397 | ||||||
Ningbo Zhoushan Port Co., Ltd., A Shares | 1,400 | 732 | ||||||
NIO, Inc., ADR(a)(c) | 385 | 558 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 13 | 394 | ||||||
Oceanwide Holdings Co., Ltd., A Shares | 300 | 187 | ||||||
Offshore Oil Engineering Co., Ltd., A Shares | 400 | 343 | ||||||
OFILM Group Co., Ltd., A Shares(a) | 1,300 | 2,066 | ||||||
Orient Securities Co., Ltd., A Shares | 200 | 284 | ||||||
Oriental Pearl Group Co., Ltd., A Shares | 200 | 256 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 53,425 | 22,562 | ||||||
Perfect World Co., Ltd., A Shares | 100 | 419 | ||||||
PetroChina Co., Ltd., A Shares | 81,681 | 68,267 | ||||||
PetroChina Co., Ltd., H Shares | 126,199 | 61,991 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 21,485 | 27,275 | ||||||
Pinduoduo, Inc., ADR(a)(c) | 92 | 3,761 | ||||||
Ping An Bank Co., Ltd., A Shares | 3,500 | 8,089 | ||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 1,100 | 13,778 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 5,673 | 65,686 |
Shares | Value | |||||||
China-(continued) | ||||||||
Poly Developments and Holdings Group Co., Ltd., A Shares | 3,100 | $ | 6,349 | |||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 38,995 | 25,026 | ||||||
Power Construction Corp. of China Ltd., A Shares | 15,400 | 9,763 | ||||||
RiseSun Real Estate Development Co., Ltd., A Shares | 1,500 | 1,855 | ||||||
Rongsheng Petro Chemical Co., Ltd., A Shares | 1,900 | 2,976 | ||||||
SAIC Motor Corp. Ltd., A Shares | 8,272 | 27,631 | ||||||
Sanan Optoelectronics Co., Ltd., A Shares | 100 | 216 | ||||||
Sany Heavy Industry Co. Ltd., A Shares | 1,100 | 2,106 | ||||||
SDIC Capital Co., Ltd., A Shares | 200 | 349 | ||||||
SDIC Power Holdings Co., Ltd., A Shares | 1,000 | 1,185 | ||||||
Seazen Holdings Co., Ltd., A Shares | 500 | 2,261 | ||||||
Semiconductor Manufacturing International Corp.(a) | 4,446 | 5,667 | ||||||
SF Holding Co. Ltd., A Shares | 600 | 3,380 | ||||||
Shaanxi Coal Industry Co., Ltd., A Shares | 1,500 | 1,787 | ||||||
Shandong Buchang Pharmaceuticals Co., Ltd., A Shares | 130 | 378 | ||||||
Shandong Gold Mining Co., Ltd., A Shares | 320 | 1,445 | ||||||
Shandong Linglong Tyre Co., Ltd., A Shares | 200 | 596 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd., H Shares | 2,512 | 2,888 | ||||||
Shanghai 2345 Network Holding Group Co., Ltd., A Shares | 130 | 60 | ||||||
Shanghai Construction Group Co., Ltd., A Shares | 12,300 | 5,962 | ||||||
Shanghai Electric Group Co., Ltd., A Shares | 3,900 | 2,705 | ||||||
Shanghai Electric Group Co., Ltd., H Shares | 15,749 | 4,823 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., A Shares | 200 | 724 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 500 | 1,416 | ||||||
Shanghai Industrial Holdings Ltd. | 3,246 | 6,047 | ||||||
Shanghai International Port Group Co., Ltd., A Shares | 1,500 | 1,239 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., B Shares | 720 | 793 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares | 1,500 | 3,955 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 6,733 | 12,181 | ||||||
Shanghai Pudong Development Bank Co., Ltd., A Shares | 7,000 | 12,447 | ||||||
Shanghai Tunnel Engineering Co., Ltd., A Shares | 1,600 | 1,324 | ||||||
Shanxi Lu’an Environmental Energy Development Co., Ltd., A Shares | 500 | 498 | ||||||
Shanxi Securities Co., Ltd., A Shares | 100 | 111 | ||||||
Shanxi Xishan Coal & Electricity Power Co., Ltd., A Shares | 1,300 | 1,048 | ||||||
Shenergy Co. Ltd., A Shares | 1,700 | 1,399 | ||||||
Shenwan Hongyuan Group Co., Ltd., A Shares | 1,600 | 1,089 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Shenzhen Energy Group Co. Ltd., A Shares | 500 | $ | 434 | |||||
Shenzhen Inovance Technology Co., Ltd., A Shares | 100 | 354 | ||||||
Shenzhen International Holdings Ltd. | 1,400 | 2,851 | ||||||
Shenzhen Investment Ltd. | 10,000 | 3,942 | ||||||
Shenzhen Overseas Chinese Town Co., Ltd., A Shares | 1,400 | 1,401 | ||||||
Shenzhen Salubris Pharmaceuticals Co., Ltd., A Shares | 100 | 266 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., A Shares | 800 | 457 | ||||||
Shenzhou International Group Holdings Ltd. | 328 | 4,545 | ||||||
Shimao Property Holdings Ltd. | 7,327 | 24,633 | ||||||
Shui On Land Ltd. | 28,596 | 5,765 | ||||||
Sichuan Kelun Pharmaceutical Co., Ltd., A Shares | 100 | 340 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 3,000 | 394 | ||||||
SINA Corp.(a) | 93 | 3,683 | ||||||
Sino Biopharmaceutical Ltd. | 4,341 | 6,491 | ||||||
Sinolink Securities Co., Ltd., A Shares | 100 | 121 | ||||||
Sino-Ocean Group Holding Ltd. | 25,705 | 9,478 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 4,800 | 2,750 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., A Shares | 3,500 | 1,970 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 23,323 | 6,487 | ||||||
Sinopharm Group Co. Ltd., H Shares | 9,256 | 33,244 | ||||||
Sinotrans Ltd., H Shares | 20,199 | 5,953 | ||||||
Sinotruk Hong Kong Ltd. | 9,391 | 14,234 | ||||||
SOHO China Ltd. | 1,500 | 513 | ||||||
SooChow Securities Co., Ltd., A Shares | 100 | 129 | ||||||
Southwest Securities Co., Ltd., A Shares | 200 | 127 | ||||||
Spring Airlines Co., Ltd., A Shares | 100 | 614 | ||||||
Sunac China Holdings Ltd. | 6,645 | 30,267 | ||||||
Suning.com Co., Ltd., A Shares | 6,000 | 8,997 | ||||||
Sunny Optical Technology Group Co., Ltd. | 488 | 7,895 | ||||||
Suzhou Dongshan Precision Manufacturing Co., Ltd., A Shares | 200 | 586 | ||||||
Suzhou Gold Mantis Construction Decoration Co., Ltd., A Shares | 400 | 454 | ||||||
TAL Education Group, ADR(a) | 70 | 2,997 | ||||||
Tasly Pharmaceutical Group Co., Ltd., A Shares | 200 | 416 | ||||||
TBEA Co., Ltd., A Shares | 1,000 | 913 | ||||||
TCL Corp., A Shares | 8,200 | 3,835 | ||||||
Tencent Holdings Ltd. | 1,734 | 70,973 | ||||||
Tencent Music Entertainment Group, ADR(a) | 346 | 4,789 | ||||||
Tianma Microelectronics Co., Ltd., A Shares | 400 | 783 | ||||||
Tianqi Lithium Corp., A Shares | 100 | 357 | ||||||
Tingyi Cayman Islands Holding Corp. | 8,976 | 11,956 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 1,000 | 996 | ||||||
Tongling Nonferrous Metals Group Co., Ltd., A Shares | 9,700 | 2,992 |
Shares | Value | |||||||
China-(continued) | ||||||||
Tongwei Co., Ltd., A Shares | 500 | $ | 904 | |||||
Towngas China Co., Ltd.(a) | 3,000 | 2,316 | ||||||
Transfar Zhilian Co., Ltd. | 500 | 535 | ||||||
Trip.com Group, Ltd., ADR(a) | 222 | 7,324 | ||||||
Tsingtao Brewery Co., Ltd., A Shares | 100 | 668 | ||||||
Tsingtao Brewery Co., Ltd., H Shares | 474 | 2,755 | ||||||
Tunghsu Optoelectronic Technology Co., Ltd., A Shares | 1,400 | 949 | ||||||
Tus Environmental Science And Technology Development Co., Ltd., A Shares | 200 | 246 | ||||||
Uni-President China Holdings Ltd. | 4,200 | 4,341 | ||||||
Unisplendour Corp. Ltd., A Shares | 300 | 1,255 | ||||||
Vipshop Holdings Ltd., ADR(a) | 2,345 | 27,061 | ||||||
Wangsu Science & Technology Co., Ltd., A Shares | 100 | 135 | ||||||
Wanhua Chemical Group Co. Ltd., A Shares | 300 | 1,945 | ||||||
Want Want China Holdings Ltd. | 5,694 | 4,809 | ||||||
Wanxiang Qianchao Co., Ltd., A Shares | 300 | 216 | ||||||
Weibo Corp., ADR(a)(c) | 77 | 3,788 | ||||||
Weichai Power Co., Ltd., A Shares | 2,700 | 4,436 | ||||||
Weichai Power Co., Ltd., H Shares | 6,322 | 9,986 | ||||||
Weifu High-Technology Group Co., Ltd. | 100 | 239 | ||||||
Wens Foodstuffs Group Co., Ltd., A Shares | 300 | 1,718 | ||||||
Western Securities Co., Ltd., A Shares | 100 | 126 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., A Shares | 100 | 260 | ||||||
Wuliangye Yibin Co., Ltd., A Shares | 100 | 1,877 | ||||||
XCMG Construction Machinery Co., Ltd., A Shares | 2,700 | 1,735 | ||||||
Xiamen C & D, Inc., A Shares | 8,300 | 10,016 | ||||||
Xiaomi Corp., B Shares(a)(b) | 26,759 | 30,386 | ||||||
Xinhu Zhongbao Co., Ltd., A Shares | 700 | 422 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd. | 400 | 715 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares | 1,400 | 1,674 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 3,809 | 2,158 | ||||||
Yanzhou Coal Mining Co. Ltd., A Shares | 1,000 | 1,477 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 7,131 | 7,251 | ||||||
Yonghui Superstores Co., Ltd., A Shares | 1,900 | 2,252 | ||||||
Yonyou Network Technology Co., Ltd., A Shares | 100 | 420 | ||||||
Yuexiu Property Co. Ltd. | 31,194 | 6,885 | ||||||
Yum China Holdings, Inc. | 313 | 13,303 | ||||||
Yunda Holding Co. Ltd., A Shares | 100 | 467 | ||||||
Yunnan Baiyao Group Co., Ltd., A Shares | 100 | 1,230 | ||||||
Yuzhou Properties Co. Ltd. | 13,998 | 5,929 | ||||||
YY, Inc., ADR(a)(c) | 56 | 3,183 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 500 | 556 | ||||||
Zhejiang China Commodities City Group Co., Ltd., A Shares | 200 | 111 | ||||||
Zhejiang Chint Electrics Co., Ltd., A Shares | 200 | 649 | ||||||
Zhejiang Dahua Technology Co., Ltd., A Shares | 300 | 687 | ||||||
Zhejiang Huayou Cobalt Co., Ltd., A Shares | 130 | 454 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
Zhejiang Longsheng Group Co., Ltd., A Shares | 200 | $ | 393 | |||||
Zhejiang Semir Garment Co., Ltd., A Shares | 200 | 316 | ||||||
Zhengqi Financial Holdings Corp., Rts.(a)(d) | 1,375 | 0 | ||||||
Zhengzhou Yutong Bus Co., Ltd., A Shares | 400 | 813 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b) | 200 | 669 | ||||||
Zhongjin Gold Corp. Ltd., A Shares | 700 | 819 | ||||||
Zhongsheng Group Holdings Ltd. | 8,170 | 27,154 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd., H Shares | 372 | 1,384 | ||||||
Zijin Mining Group Co. Ltd., A Shares | 5,400 | 2,594 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 16,457 | 5,690 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. | 800 | 665 | ||||||
ZTE Corp., A Shares(a) | 600 | 2,848 | ||||||
ZTE Corp., H Shares(a) | 1,561 | 4,382 | ||||||
ZTO Express Cayman, Inc., ADR | 161 | 3,542 | ||||||
|
| |||||||
4,314,227 | ||||||||
|
| |||||||
Colombia-0.53% | ||||||||
Bancolombia S.A. | 464 | 5,645 | ||||||
Bancolombia S.A., Preference Shares | 383 | 5,002 | ||||||
Cementos Argos S.A. | 2,041 | 4,609 | ||||||
Ecopetrol S.A. | 40,980 | 36,875 | ||||||
Grupo Argos S.A. | 1,145 | 6,202 | ||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 11,865 | 4,864 | ||||||
Grupo de Inversiones Suramericana S.A. | 788 | 7,977 | ||||||
Grupo de Inversiones Suramericana S.A., Preference Shares | 208 | 1,907 | ||||||
Interconexion Electrica S.A. ESP | 689 | 3,977 | ||||||
|
| |||||||
77,058 | ||||||||
|
| |||||||
CzechRepublic-0.12% | ||||||||
CEZ A.S. | 566 | 12,923 | ||||||
Komercni banka, a.s. | 92 | 3,112 | ||||||
Moneta Money Bank A.S.(b) | 262 | 871 | ||||||
|
| |||||||
16,906 | ||||||||
|
| |||||||
Egypt-0.07% | ||||||||
Commercial International Bank Egypt S.A.E. | 937 | 4,703 | ||||||
Eastern Co. S.A.E. | 1,480 | 1,476 | ||||||
ElSewedy Electric Co. | 4,752 | 3,960 | ||||||
|
| |||||||
10,139 | ||||||||
|
| |||||||
Greece-0.32% | ||||||||
Alpha Bank A.E.(a) | 3,075 | 6,556 | ||||||
Eurobank Ergasias S.A.(a) | 5,192 | 5,260 | ||||||
FF Group(a)(d) | 235 | 0 | ||||||
Hellenic Telecommunications Organization S.A. | 494 | 7,495 | ||||||
JUMBO S.A. | 91 | 1,777 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 717 | 17,710 | ||||||
National Bank of Greece S.A.(a) | 1,472 | 4,992 | ||||||
OPAP S.A. | 253 | 2,752 | ||||||
|
| |||||||
46,542 | ||||||||
|
| |||||||
HongKong-0.59% | ||||||||
Bosideng International Holdings Ltd. | 8,000 | 4,144 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
China First Capital Group Ltd.(a) | 2,000 | $ | 569 | |||||
China Gas Holdings Ltd. | 2,788 | 11,899 | ||||||
Haier Electronics Group Co. Ltd. | 8,034 | 22,961 | ||||||
Hutchison China MediTech Ltd., ADR(a) | 160 | 3,024 | ||||||
Kingboard Laminates Holdings Ltd. | 4,600 | 4,226 | ||||||
Nine Dragons Paper Holdings Ltd. | 18,016 | 15,677 | ||||||
SSY Group Ltd. | 795 | 665 | ||||||
Sun Art Retail Group Ltd. | 22,181 | 22,668 | ||||||
|
| |||||||
85,833 | ||||||||
|
| |||||||
Hungary-0.26% | ||||||||
Gedeon Richter Plc | 155 | 2,877 | ||||||
MOL Hungarian Oil & Gas PLC | 2,820 | 27,915 | ||||||
OTP Bank Nyrt | 157 | 7,243 | ||||||
|
| |||||||
38,035 | ||||||||
|
| |||||||
India-10.17% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 516 | 2,879 | ||||||
Ambuja Cements Ltd. | 2,131 | 6,078 | ||||||
Ashok Leyland Ltd. | 8,513 | 9,212 | ||||||
Asian Paints Ltd. | 198 | 5,052 | ||||||
Aurobindo Pharma Ltd. | 518 | 3,431 | ||||||
Avenue Supermarts Ltd.(a)(b) | 215 | 6,046 | ||||||
Axis Bank Ltd. | 1,699 | 17,638 | ||||||
Bajaj Auto Ltd. | 177 | 8,104 | ||||||
Bajaj Finance Ltd. | 90 | 5,110 | ||||||
Bajaj Finserv Ltd. | 43 | 4,931 | ||||||
Bharat Forge Ltd. | 368 | 2,355 | ||||||
Bharat Petroleum Corp. Ltd. | 14,888 | 110,534 | ||||||
Bharti Airtel Ltd. | 3,891 | 20,531 | ||||||
Bharti Infratel Ltd. | 448 | 1,198 | ||||||
Bosch Ltd. | 15 | 3,237 | ||||||
Britannia Industries Ltd. | 68 | 3,132 | ||||||
Cipla Ltd. | 496 | 3,265 | ||||||
Coal India Ltd. | 7,964 | 23,304 | ||||||
Container Corp. Of India Ltd. | 268 | 2,223 | ||||||
Dabur India Ltd. | 317 | 2,065 | ||||||
Divi’s Laboratories Ltd. | 51 | 1,262 | ||||||
Dr Reddy’s Laboratories Ltd. | 94 | 3,688 | ||||||
Eicher Motors Ltd. | 8 | 2,542 | ||||||
GAIL (India) Ltd. | 9,560 | 18,512 | ||||||
Glenmark Pharmaceuticals Ltd. | 412 | 1,832 | ||||||
Godrej Consumer Products Ltd. | 287 | 2,996 | ||||||
Grasim Industries Ltd. | 1,593 | 17,265 | ||||||
Havells India Ltd. | 239 | 2,331 | ||||||
HCL Technologies Ltd. | 901 | 14,770 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 898 | 7,928 | ||||||
Hero MotoCorp Ltd. | 211 | 8,044 | ||||||
Hindalco Industries Ltd. | 11,594 | 30,714 | ||||||
Hindustan Petroleum Corp. Ltd. | 17,913 | 82,142 | ||||||
Hindustan Unilever Ltd. | 343 | 10,520 | ||||||
Housing Development Finance Corp. Ltd. | 725 | 21,791 | ||||||
ICICI Bank Ltd. | 4,599 | 30,024 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 112 | 2,120 | ||||||
Indiabulls Housing Finance Ltd. | 465 | 1,355 | ||||||
Indian Oil Corp. Ltd. | 66,538 | 137,713 | ||||||
Infosys Ltd. | 1,807 | 17,467 | ||||||
InterGlobe Aviation Ltd.(b) | 286 | 5,874 | ||||||
ITC Ltd. | 3,116 | 11,319 | ||||||
JSW Steel Ltd. | 6,008 | 19,313 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
India-(continued) | ||||||||
Larsen & Toubro Ltd. | 1,696 | $ | 35,223 | |||||
LIC Housing Finance Ltd. | 598 | 3,477 | ||||||
Lupin Ltd. | 355 | 3,729 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 532 | 2,648 | ||||||
Mahindra & Mahindra Ltd. | 3,672 | 31,396 | ||||||
Marico Ltd. | 349 | 1,800 | ||||||
Maruti Suzuki India Ltd. | 233 | 24,833 | ||||||
Motherson Sumi Systems Ltd. | 10,302 | 17,858 | ||||||
Nestle India Ltd. | 15 | 3,161 | ||||||
NTPC Ltd. | 13,058 | 22,534 | ||||||
Oil & Natural Gas Corp. Ltd. | 57,338 | 114,549 | ||||||
Page Industries Ltd. | 2 | 726 | ||||||
Petronet LNG Ltd. | 2,521 | 10,179 | ||||||
Pidilite Industries Ltd. | 101 | 1,996 | ||||||
Piramal Enterprises Ltd. | 120 | 2,849 | ||||||
Power Grid Corp. of India Ltd. | 2,741 | 7,665 | ||||||
REC Ltd. | 2,824 | 5,566 | ||||||
Reliance Industries Ltd. | 7,553 | 155,934 | ||||||
Shree Cement Ltd. | 10 | 2,806 | ||||||
Shriram Transport Finance Co. Ltd. | 263 | 4,222 | ||||||
State Bank of India (The)(a) | 18,401 | 81,046 | ||||||
Sun Pharmaceutical Industries Ltd. | 1,187 | 7,253 | ||||||
Tata Consultancy Services Ltd. | 1,094 | 35,007 | ||||||
Tata Motors Ltd.(a) | 34,060 | 85,332 | ||||||
Tata Power Co., Ltd. (The) | 8,427 | 7,045 | ||||||
Tata Steel Ltd. | 6,488 | 34,810 | ||||||
Tech Mahindra Ltd. | 828 | 8,627 | ||||||
Titan Co. Ltd. | 286 | 5,368 | ||||||
UltraTech Cement Ltd. | 134 | 7,827 | ||||||
United Spirits Ltd.(a) | 255 | 2,247 | ||||||
UPL Ltd. | 664 | 5,584 | ||||||
Vedanta Ltd. | 10,067 | 21,055 | ||||||
Vodafone Idea Ltd.(a) | 346,382 | 19,046 | ||||||
Wipro Ltd. | 3,760 | 13,746 | ||||||
Yes Bank Ltd. | 7,183 | 7,129 | ||||||
Zee Entertainment Enterprises Ltd. | 373 | 1,370 | ||||||
|
| |||||||
1,487,490 | ||||||||
|
| |||||||
Indonesia-1.22% | ||||||||
PT Adaro Energy Tbk | 78,784 | 7,352 | ||||||
PT Astra International Tbk | 58,698 | 29,063 | ||||||
PT Bank Central Asia Tbk | 4,100 | 9,186 | ||||||
PT Bank Mandiri (Persero) Tbk | 26,585 | 13,305 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 14,200 | 7,764 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 49,566 | 14,866 | ||||||
PT Bank Tabungan Negara (Persero) Tbk | 19,000 | 2,518 | ||||||
PT Barito Pacific Tbk | 94,900 | 6,423 | ||||||
PT Bukit Asam Tbk | 14,575 | 2,336 | ||||||
PT Bumi Serpong Damai Tbk(a) | 9,900 | 998 | ||||||
PT Charoen Pokphand Indonesia Tbk | 18,931 | 8,496 | ||||||
PT Gudang Garam Tbk | 763 | 3,049 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 28,052 | 4,257 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 9,145 | 4,740 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,400 | 1,995 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 5,500 | 4,555 | ||||||
PT Indofood Sukses Makmur Tbk | 15,600 | 8,557 | ||||||
PT Jasa Marga (Persero) Tbk | 9,424 | 3,659 | ||||||
PT Kalbe Farma Tbk | 22,691 | 2,578 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 2,288 | 1,724 |
Shares | Value | |||||||
Indonesia-(continued) | ||||||||
PT Pakuwon Jati Tbk | 19,800 | $ | 882 | |||||
PT Perusahaan Gas Negara Tbk | 44,954 | 6,757 | ||||||
PT Semen Indonesia (Persero) Tbk | 3,934 | 3,545 | ||||||
PT Surya Citra Media Tbk | 5,900 | 513 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 48,899 | 14,318 | ||||||
PT Unilever Indonesia Tbk | 1,500 | 4,672 | ||||||
PT United Tractors Tbk | 6,706 | 10,355 | ||||||
|
| |||||||
178,463 | ||||||||
|
| |||||||
Luxembourg-0.00% | ||||||||
Reinet Investments SCA | 22 | 414 | ||||||
|
| |||||||
Malaysia-1.31% | ||||||||
AirAsia Group Bhd | 9,173 | 4,193 | ||||||
Alliance Bank Malaysia Bhd | 1,238 | 853 | ||||||
AMMB Holdings Bhd | 3,201 | 3,057 | ||||||
Axiata Group Bhd | 7,565 | 7,785 | ||||||
British American Tobacco Malaysia Bhd | 200 | 901 | ||||||
CIMB Group Holdings Bhd | 8,421 | 10,580 | ||||||
Dialog Group Bhd | 1,548 | 1,289 | ||||||
DiGi.Com Bhd | 2,000 | 2,250 | ||||||
Fraser & Neave Holdings Bhd | 137 | 1,134 | ||||||
Gamuda Bhd | 1,800 | 1,611 | ||||||
Genting Bhd | 5,700 | 7,926 | ||||||
Genting Malaysia Bhd | 5,856 | 4,499 | ||||||
Genting Plantations Bhd | 300 | 714 | ||||||
HAP Seng Consolidated Bhd | 1,100 | 2,627 | ||||||
Hartalega Holdings Bhd | 1,000 | 1,259 | ||||||
Hong Leong Bank Bhd | 800 | 3,297 | ||||||
Hong Leong Financial Group Bhd | 900 | 3,752 | ||||||
IHH Healthcare Bhd | 3,700 | 5,047 | ||||||
IJM Corp. Bhd | 3,800 | 1,955 | ||||||
IOI Corp. Bhd | 2,300 | 2,405 | ||||||
Kuala Lumpur Kepong Bhd | 1,073 | 5,562 | ||||||
Malayan Banking Bhd | 6,600 | 13,584 | ||||||
Malaysia Airports Holdings Bhd | 900 | 1,706 | ||||||
Maxis Bhd | 2,600 | 3,354 | ||||||
MISC Bhd | 2,022 | 4,031 | ||||||
Nestle Malaysia Bhd | 100 | 3,463 | ||||||
Petronas Chemicals Group Bhd | 3,885 | 6,945 | ||||||
Petronas Dagangan Bhd | 2,108 | 11,886 | ||||||
Petronas Gas Bhd | 600 | 2,389 | ||||||
PPB Group Bhd | 400 | 1,733 | ||||||
Press Metal Aluminium Holdings Bhd | 3,000 | 3,417 | ||||||
Public Bank Bhd | 1,520 | 7,384 | ||||||
QL Resources Bhd | 900 | 1,568 | ||||||
RHB Bank Bhd | 3,444 | 4,739 | ||||||
Sime Darby Bhd | 25,625 | 13,921 | ||||||
Sime Darby Plantation Bhd | 4,300 | 5,053 | ||||||
Sime Darby Property Bhd | 4,400 | 763 | ||||||
SP Setia Bhd Group | 3,000 | 869 | ||||||
Telekom Malaysia Bhd | 4,562 | 4,105 | ||||||
Tenaga Nasional Bhd | 5,930 | 19,670 | ||||||
Top Glove Corp. Bhd | 1,700 | 1,770 | ||||||
Westports Holdings Bhd | 800 | 819 | ||||||
YTL Corp. Bhd | 29,000 | 6,038 | ||||||
|
| |||||||
191,903 | ||||||||
|
| |||||||
Mexico-2.53% | ||||||||
ALFA S.A.B. de C.V., Class A | 40,934 | 35,613 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Alsea S.A.B. de C.V. | 1,959 | $ | 5,244 | |||||
America Movil S.A.B. de C.V., Series L | 87,111 | 69,245 | ||||||
Arca Continental S.A.B. de C.V. | 2,447 | 13,717 | ||||||
Cemex S.A.B. de C.V., Series CPO(e) | 78,598 | 29,640 | ||||||
Coca-Cola Femsa, S.A.B. de C.V., Series L | 623 | 3,435 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 300 | 1,534 | ||||||
Fibra Uno Administracion S.A. de C.V. | 1,200 | 1,829 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 2,718 | 24,200 | ||||||
Gruma S.A.B. de C.V., Class B | 671 | 7,065 | ||||||
Grupo Aeroportuario del Pacifico, S.A.B. de C.V., Class B | 100 | 1,052 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 80 | 1,316 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 13,608 | 25,368 | ||||||
Grupo Carso S.A.B. de C.V., Series A1 | 2,900 | 9,741 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 3,413 | 18,692 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 5,300 | 6,607 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 7,911 | 20,908 | ||||||
Grupo Televisa S.A.B., Series CPO(g) | 4,662 | 10,330 | ||||||
Industrias Penoles S.A.B. de C.V.(c) | 733 | 8,826 | ||||||
Infraestructura Energetica Nova S.A.B. de C.V.(a) | 540 | 2,395 | ||||||
Kimberly-Clark de Mexico, S.A.B. de C.V., Class A(a) | 1,096 | 2,218 | ||||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 126 | 519 | ||||||
Orbia Advance Corp. S.A.B. de C.V. | 7,130 | 15,437 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V. | 95 | 882 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. | 18,080 | 54,442 | ||||||
|
| |||||||
370,255 | ||||||||
|
| |||||||
Pakistan-0.04% | ||||||||
Habib Bank Ltd. | 2,767 | 2,276 | ||||||
MCB Bank Ltd. | 1,033 | 1,148 | ||||||
Oil & Gas Development Co. Ltd. | 3,200 | 2,649 | ||||||
|
| |||||||
6,073 | ||||||||
|
| |||||||
Peru-0.17% | ||||||||
Cia de Minas Buenaventura S.A.A., ADR | 134 | 2,055 | ||||||
Credicorp Ltd. | 44 | 9,418 | ||||||
Southern Copper Corp. | 376 | 13,378 | ||||||
|
| |||||||
24,851 | ||||||||
|
| |||||||
Philippines-0.82% | ||||||||
Aboitiz Equity Ventures, Inc. | 6,530 | 7,200 | ||||||
Aboitiz Power Corp. | 6,100 | 4,802 | ||||||
Alliance Global Group, Inc. | 19,208 | 4,345 | ||||||
Altus San Nicolas Corp.(a)(d) | 40 | 4 | ||||||
Ayala Corp. | 470 | 7,965 | ||||||
Ayala Land, Inc. | 5,476 | 5,239 | ||||||
Bank of the Philippine Islands | 1,940 | 3,708 | ||||||
BDO Unibank, Inc. | 2,120 | 6,471 | ||||||
DMCI Holdings, Inc. | 14,943 | 2,418 | ||||||
Globe Telecom, Inc. | 137 | 4,924 | ||||||
GT Capital Holdings, Inc. | 374 | 6,589 |
Shares | Value | |||||||
Philippines-(continued) | ||||||||
International Container Terminal Services, Inc. | 960 | $ | 2,246 | |||||
JG Summit Holdings, Inc. | 6,864 | 10,314 | ||||||
Jollibee Foods Corp. | 1,127 | 5,153 | ||||||
Manila Electric Co. | 1,374 | 9,163 | ||||||
Megaworld Corp. | 19,100 | 1,818 | ||||||
Metro Pacific Investments Corp. | 29,316 | 2,773 | ||||||
Metropolitan Bank & Trust Co. | 3,384 | 4,508 | ||||||
PLDT, Inc. | 239 | 5,181 | ||||||
Robinsons Land Corp. | 2,080 | 1,043 | ||||||
Security Bank Corp. | 420 | 1,649 | ||||||
SM Investments Corp. | 728 | 14,777 | ||||||
SM Prime Holdings, Inc. | 4,937 | 3,794 | ||||||
Universal Robina Corp. | 1,250 | 3,720 | ||||||
|
| |||||||
119,804 | ||||||||
|
| |||||||
Poland-1.09% | ||||||||
Alior Bank S.A.(a) | 172 | 1,216 | ||||||
Bank Millennium S.A.(a) | 756 | 1,218 | ||||||
Bank Polska Kasa Opieki S.A. | 153 | 4,323 | ||||||
CCC S.A. | 50 | 1,463 | ||||||
CD Projekt S.A. | 3 | 198 | ||||||
Cyfrowy Polsat S.A. | 633 | 4,596 | ||||||
Dino Polska S.A.(a)(b) | 74 | 2,890 | ||||||
Grupa Lotos S.A. | 608 | 15,204 | ||||||
Jastrzebska Spolka Weglowa S.A. | 458 | 2,324 | ||||||
KGHM Polska Miedz S.A.(a) | 435 | 9,537 | ||||||
LPP S.A. | 2 | 4,275 | ||||||
mBank S.A.(a) | 27 | 2,702 | ||||||
Orange Polska S.A.(a) | 2,817 | 4,615 | ||||||
PGE Polska Grupa Energetyczna S.A.(a) | 5,630 | 12,086 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 2,010 | 55,005 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 13,853 | 17,081 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 707 | 7,065 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 976 | 9,453 | ||||||
Santander Bank Polska S.A. | 56 | 4,598 | ||||||
|
| |||||||
159,849 | ||||||||
|
| |||||||
Qatar-0.67% | ||||||||
Barwa Real Estate Co. | 1,040 | 977 | ||||||
Commercial Bank PSQC (The) | 2,920 | 3,448 | ||||||
Industries Qatar QSC | 930 | 2,684 | ||||||
Masraf Al Rayan QSC | 2,460 | 2,534 | ||||||
Ooredoo Q.P.S.C. | 7,259 | 14,554 | ||||||
Qatar Electricity & Water Co. QSC | 270 | 1,172 | ||||||
Qatar Fuel Co. Q.P.S.C. | 1,675 | 10,167 | ||||||
Qatar Insurance Co. SAQ | 5,630 | 4,747 | ||||||
Qatar Islamic Bank SAQ | 7,322 | 30,607 | ||||||
Qatar National Bank Q.P.S.C. | 5,124 | 27,020 | ||||||
|
| |||||||
97,910 | ||||||||
|
| |||||||
Romania-0.01% | ||||||||
NEPI Rockcastle PLC | 114 | 995 | ||||||
|
| |||||||
Russia-8.19% | ||||||||
Alrosa PJSC | 6,370 | 7,408 | ||||||
Gazprom PJSC | 63,348 | 257,065 | ||||||
Inter RAO UES PJSC | 549,000 | 37,016 | ||||||
LUKOIL PJSC | 2,894 | 267,375 | ||||||
Magnit PJSC, GDR(b) | 2,412 | 27,400 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
Russia-(continued) |
| |||||||
Magnitogorsk Iron & Steel Works PJSC | 22,000 | $ | 12,543 | |||||
MMC Norilsk Nickel PJSC | 79 | 22,056 | ||||||
Mobile TeleSystems PJSC, ADR | 1,771 | 15,851 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 830 | 1,231 | ||||||
Novatek PJSC, GDR(b) | 118 | 25,252 | ||||||
Novolipetsk Steel PJSC | 9,120 | 17,798 | ||||||
PhosAgro PJSC, GDR(b) | 497 | 6,252 | ||||||
Polymetal International PLC | 200 | 3,284 | ||||||
Polyus PJSC | 45 | 5,246 | ||||||
Rosneft Oil Co. PJSC | 31,585 | 210,004 | ||||||
Sberbank of Russia PJSC | 29,663 | 108,747 | ||||||
Severstal PJSC | 990 | 13,631 | ||||||
Surgutneftegas PJSC | 97,500 | 65,435 | ||||||
Surgutneftegas PJSC, Preference Shares | 16,800 | 9,880 | ||||||
Tatneft PJSC | 2,100 | 24,523 | ||||||
Transneft PJSC, Preference Shares | 2 | 5,197 | ||||||
VTB Bank PJSC | 22,500,000 | 15,132 | ||||||
X5 Retail Group N.V., GDR(b) | 1,207 | 40,446 | ||||||
|
| |||||||
1,198,772 | ||||||||
|
| |||||||
SaudiArabia-1.46% |
| |||||||
Advanced Petrochemical Co. | 85 | 1,054 | ||||||
Al Rajhi Bank | 441 | 7,103 | ||||||
Alinma Bank | 413 | 2,308 | ||||||
Almarai Co. JSC | 416 | 5,535 | ||||||
Bank AlBilad | 147 | 972 | ||||||
BankAl-Jazira | 444 | 1,544 | ||||||
Banque Saudi Fransi | 388 | 3,487 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 126 | 3,608 | ||||||
Co. for Cooperative Insurance (The)(a) | 150 | 2,820 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 584 | 1,875 | ||||||
Emaar Economic City(a) | 95 | 237 | ||||||
Etihad Etisalat Co.(a) | 760 | 4,552 | ||||||
Jarir Marketing Co. | 70 | 2,957 | ||||||
National Commercial Bank | 736 | 8,537 | ||||||
National Industrialization Co.(a) | 1,178 | 3,838 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 3,053 | 16,363 | ||||||
Riyad Bank | 704 | 4,167 | ||||||
Sahara International Petrochemical Co. | 775 | 3,397 | ||||||
Samba Financial Group | 519 | 3,833 | ||||||
Saudi Airlines Catering Co. | 21 | 484 | ||||||
Saudi Arabian Fertilizer Co. | 69 | 1,437 | ||||||
Saudi Arabian Mining Co.(a) | 484 | 5,472 | ||||||
Saudi Basic Industries Corp. | 2,450 | 57,293 | ||||||
Saudi British Bank (The) | 513 | 4,459 | ||||||
Saudi Cement Co. | 14 | 256 | ||||||
Saudi Electricity Co. | 4,958 | 27,472 | ||||||
Saudi Industrial Investment Group | 562 | 3,159 | ||||||
Saudi Kayan Petrochemical Co.(a) | 1,670 | 4,551 | ||||||
Saudi Telecom Co. | 745 | 19,031 | ||||||
Savola Group (The)(a) | 1,060 | 8,734 | ||||||
Yanbu National Petrochemical Co. | 202 | 2,682 | ||||||
|
| |||||||
213,217 | ||||||||
|
| |||||||
Singapore-0.02% |
| |||||||
BOC Aviation Ltd.(b) | 300 | 2,821 | ||||||
|
| |||||||
SouthAfrica-2.15% | ||||||||
Absa Group Ltd. | 1,457 | 14,981 | ||||||
Anglo American Platinum Ltd. | 155 | 11,604 |
Shares | Value | |||||||
South Africa-(continued) |
| |||||||
AngloGold Ashanti Ltd. | 279 | $ | 6,119 | |||||
Aspen Pharmacare Holdings Ltd. | 987 | 6,913 | ||||||
Bid Corp. Ltd. | 706 | 16,522 | ||||||
Bidvest Group Ltd. (The) | 742 | 10,150 | ||||||
Capitec Bank Holdings Ltd. | 33 | 3,008 | ||||||
Clicks Group Ltd. | 262 | 4,275 | ||||||
Discovery Ltd. | 556 | 4,439 | ||||||
Exxaro Resources Ltd. | 280 | 2,292 | ||||||
FirstRand Ltd. | 4,066 | 17,626 | ||||||
Fortress REIT Ltd., Class A | 175 | 244 | ||||||
Foschini Group Ltd. (The) | 388 | 4,482 | ||||||
Gold Fields Ltd. | 707 | 4,362 | ||||||
Growthpoint Properties Ltd. | 797 | 1,170 | ||||||
Investec Ltd. | 590 | 3,365 | ||||||
Kumba Iron Ore Ltd. | 190 | 4,641 | ||||||
Liberty Holdings Ltd. | 694 | 5,361 | ||||||
Life Healthcare Group Holdings Ltd. | 1,654 | 2,620 | ||||||
Momentum Metropolitan Holdings | 3,534 | 4,739 | ||||||
Mr Price Group Ltd. | 180 | 1,910 | ||||||
MTN Group Ltd. | 2,242 | 13,930 | ||||||
MultiChoice Group Ltd.(a) | 660 | 5,522 | ||||||
Naspers Ltd., Class N | 23 | 3,276 | ||||||
Nedbank Group Ltd. | 786 | 11,958 | ||||||
Netcare Ltd. | 2,432 | 2,762 | ||||||
Old Mutual Ltd. | 6,636 | 8,656 | ||||||
Pick n Pay Stores Ltd. | 2,523 | 11,071 | ||||||
PSG Group Ltd. | 215 | 3,371 | ||||||
Rand Merchant Investment Holdings Ltd. | 721 | 1,429 | ||||||
Redefine Properties Ltd. | 1,597 | 799 | ||||||
Remgro Ltd. | 404 | 4,647 | ||||||
Sanlam Ltd. | 625 | 3,301 | ||||||
Sappi Ltd. | 3,257 | 8,389 | ||||||
Sasol Ltd. | 1,164 | 21,194 | ||||||
Shoprite Holdings Ltd. | 1,848 | 16,612 | ||||||
SPAR Group Ltd. (The) | 916 | 12,346 | ||||||
Standard Bank Group Ltd. | 2,229 | 25,669 | ||||||
Telkom S.A. SOC Ltd. | 852 | 3,911 | ||||||
Tiger Brands Ltd. | 193 | 2,750 | ||||||
Truworths International Ltd. | 442 | 1,572 | ||||||
Vodacom Group Ltd. | 1,309 | 11,458 | ||||||
Woolworths Holdings Ltd. | 2,413 | 9,209 | ||||||
|
| |||||||
314,655 | ||||||||
|
| |||||||
SouthKorea-17.92% |
| |||||||
Amorepacific Corp. | 57 | 9,406 | ||||||
Amorepacific Corp., Preference Shares | 14 | 1,159 | ||||||
AMOREPACIFIC Group | 190 | 13,816 | ||||||
BGF retail Co., Ltd. | 45 | 6,885 | ||||||
BNK Financial Group, Inc. | 1,065 | 6,362 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 33 | 1,563 | ||||||
Celltrion Pharm, Inc.(a) | 5 | 172 | ||||||
Celltrion, Inc.(a) | 9 | 1,547 | ||||||
Cheil Worldwide, Inc. | 248 | 5,276 | ||||||
CJ CheilJedang Corp. | 123 | 24,157 | ||||||
CJ Corp. | 702 | 49,718 | ||||||
CJ ENM Co., Ltd. | 45 | 6,382 | ||||||
CJ Logistics Corp.(a) | 136 | 18,411 | ||||||
Daelim Industrial Co. Ltd. | 180 | 14,079 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 4,108 | 15,377 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
South Korea-(continued) |
| |||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 620 | $ | 15,001 | |||||
DB Insurance Co. Ltd. | 526 | 22,831 | ||||||
Doosan Bobcat, Inc. | 188 | 5,090 | ||||||
E-MART, Inc. | 251 | 24,055 | ||||||
Fila Korea Ltd. | 82 | 4,060 | ||||||
GS Engineering & Construction Corp. | 647 | 17,184 | ||||||
GS Holdings Corp. | 579 | 24,709 | ||||||
GS Retail Co. Ltd. | 347 | 11,408 | ||||||
Hana Financial Group, Inc. | 736 | 21,319 | ||||||
Hankook Tire & Technology Co., Ltd. | 382 | 10,195 | ||||||
Hanmi Pharm Co. Ltd. | 5 | 1,433 | ||||||
Hanmi Science Co. Ltd. | 19 | 712 | ||||||
Hanon Systems | 825 | 8,225 | ||||||
Hanwha Chemical Corp. | 852 | 11,973 | ||||||
Hanwha Corp. | 2,873 | 58,648 | ||||||
Hanwha Life Insurance Co. Ltd. | 13,713 | 26,284 | ||||||
HDC Hyundai Development Co.- Engineering & Construction, Class E | 134 | 3,565 | ||||||
HLB, Inc.(a) | 1 | 144 | ||||||
Hotel Shilla Co. Ltd. | 109 | 7,261 | ||||||
Hyundai Department Store Co. Ltd. | 40 | 2,541 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 685 | 25,287 | ||||||
Hyundai Glovis Co. Ltd. | 179 | 23,232 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 161 | 47,257 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,017 | 22,072 | ||||||
Hyundai Mobis Co., Ltd. | 243 | 49,709 | ||||||
Hyundai Motor Co. | 985 | 103,288 | ||||||
Hyundai Motor Co., First Pfd | 200 | 12,549 | ||||||
Hyundai Motor Co., Second Pfd | 264 | 17,994 | ||||||
Hyundai Steel Co. | 928 | 25,365 | ||||||
Industrial Bank of Korea | 1,294 | 13,124 | ||||||
Kakao Corp. | 34 | 4,135 | ||||||
Kangwon Land, Inc. | 87 | 2,344 | ||||||
KB Financial Group, Inc. | 1,334 | 48,099 | ||||||
KCC Corp. | 29 | 5,633 | ||||||
Kia Motors Corp. | 1,960 | 71,682 | ||||||
Korea Aerospace Industries Ltd. | 117 | 3,821 | ||||||
Korea Electric Power Corp.(a) | 3,757 | 82,183 | ||||||
Korea Gas Corp. | 1,131 | 38,204 | ||||||
Korea Investment Holdings Co. Ltd. | 67 | 3,904 | ||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.(a) | 222 | 23,279 | ||||||
Korea Zinc Co. Ltd. | 26 | 9,710 | ||||||
Korean Air Lines Co. Ltd. | 905 | 19,369 | ||||||
KT&G Corp. | 79 | 6,790 | ||||||
Kumho Petrochemical Co. Ltd. | 146 | 8,784 | ||||||
LG Chem Ltd. | 128 | 33,830 | ||||||
LG Chem Ltd., Preference Shares | 27 | 3,992 | ||||||
LG Corp. | 217 | 12,944 | ||||||
LG Display Co. Ltd.(a) | 3,030 | 35,549 | ||||||
LG Electronics, Inc. | 1,449 | 83,319 | ||||||
LG Household & Health Care Ltd. | 9 | 9,755 | ||||||
LG Household & Health Care Ltd., Preference Shares | 2 | 1,270 | ||||||
LG Innotek Co. Ltd. | 116 | 12,064 | ||||||
LG Uplus Corp. | 1,582 | 18,289 | ||||||
Lotte Chemical Corp. | 112 | 21,852 |
Shares | Value | |||||||
South Korea-(continued) |
| |||||||
Lotte Corp. | 544 | $ | 17,066 | |||||
Lotte Shopping Co. Ltd. | 229 | 24,505 | ||||||
Medy-Tox, Inc. | 1 | 284 | ||||||
Meritz Securities Co. Ltd. | 671 | 2,601 | ||||||
Mirae Asset Daewoo Co. Ltd. | 859 | 5,279 | ||||||
NAVER Corp. | 75 | 10,572 | ||||||
NCSoft Corp. | 6 | 2,661 | ||||||
Netmarble Corp.(a)(b) | 31 | 2,395 | ||||||
NH Investment & Securities Co. Ltd. | 227 | 2,361 | ||||||
OCI Co. Ltd. | 63 | 3,406 | ||||||
Orange Life Insurance Ltd.(b) | 261 | 6,281 | ||||||
Orion Corp. | 39 | 3,553 | ||||||
Ottogi Corp. | 7 | 3,399 | ||||||
Pan Ocean Co. Ltd.(a) | 923 | 3,487 | ||||||
Pearl Abyss Corp.(a) | 4 | 745 | ||||||
POSCO | 541 | 98,347 | ||||||
POSCO Chemical Co., Ltd. | 47 | 1,941 | ||||||
Posco International Corp. | 2,289 | 35,905 | ||||||
S-1 Corp. | 35 | 2,819 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 3 | 1,028 | ||||||
Samsung C&T Corp. | 645 | 55,439 | ||||||
Samsung Card Co. Ltd. | 147 | 4,239 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 142 | 13,792 | ||||||
Samsung Electronics Co., Ltd. | 7,462 | 323,250 | ||||||
Samsung Electronics Co., Ltd., Preference Shares | 1,263 | 44,562 | ||||||
Samsung Engineering Co. Ltd.(a) | 594 | 9,088 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 150 | 27,913 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 1,342 | 8,363 | ||||||
Samsung Life Insurance Co. Ltd. | 442 | 26,821 | ||||||
Samsung SDI Co. Ltd. | 62 | 12,123 | ||||||
Samsung SDS Co. Ltd. | 81 | 14,028 | ||||||
Samsung Securities Co. Ltd. | 76 | 2,195 | ||||||
Shinhan Financial Group Co., Ltd. | 933 | 34,082 | ||||||
Shinsegae, Inc. | 40 | 8,114 | ||||||
SK Holdings Co. Ltd. | 1,029 | 228,627 | ||||||
SK Hynix, Inc. | 845 | 59,556 | ||||||
SK Innovation Co. Ltd. | 582 | 80,038 | ||||||
SK Telecom Co., Ltd. | 127 | 25,870 | ||||||
S-Oil Corp. | 457 | 39,162 | ||||||
Woongjin Coway Co., Ltd. | 54 | 4,261 | ||||||
Woori Financial Group, Inc. | 1,686 | 17,027 | ||||||
Yuhan Corp. | 13 | 2,508 | ||||||
|
| |||||||
2,621,319 | ||||||||
|
| |||||||
Taiwan-9.14% |
| |||||||
Acer, Inc. | 23,520 | 13,753 | ||||||
Advantech Co. Ltd. | 340 | 3,368 | ||||||
Airtac International Group | 85 | 1,166 | ||||||
ASE Technology Holding Co. Ltd. | 9,026 | 23,573 | ||||||
Asia Cement Corp. | 3,110 | 4,398 | ||||||
Asustek Computer, Inc. | 2,648 | 17,963 | ||||||
AU Optronics Corp. | 66,252 | 16,976 | ||||||
Catcher Technology Co. Ltd. | 732 | 6,204 | ||||||
Cathay Financial Holding Co., Ltd. | 8,673 | 11,482 | ||||||
Cathay Financial Holding Co., Ltd., Rts., expiring 11/25/2019(a) | 298 | 52 | ||||||
Chailease Holding Co. Ltd. | 767 | 3,465 | ||||||
Chang Hwa Commercial Bank Ltd. | 4,100 | 3,199 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 4,290 | 6,744 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
Taiwan-(continued) |
| |||||||
Chicony Electronics Co. Ltd. | 1,545 | $ | 4,806 | |||||
China Airlines Ltd. | 29,259 | 8,708 | ||||||
China Development Financial Holding Corp. | 71,000 | 22,158 | ||||||
China Life Insurance Co., Ltd.(a) | 20,673 | 17,046 | ||||||
China Steel Corp. | 28,354 | 21,843 | ||||||
Chunghwa Telecom Co., Ltd. | 3,000 | 11,038 | ||||||
Compal Electronics, Inc. | 87,930 | 52,572 | ||||||
CTBC Financial Holding Co. Ltd. | 36,797 | 25,627 | ||||||
Delta Electronics, Inc. | 2,600 | 11,445 | ||||||
E.Sun Financial Holding Co. Ltd. | 4,355 | 3,941 | ||||||
Eclat Textile Co. Ltd. | 118 | 1,587 | ||||||
Eva Airways Corp. | 21,069 | 9,863 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 21,665 | 8,896 | ||||||
Far Eastern New Century Corp. | 13,864 | 13,481 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,000 | 4,796 | ||||||
Feng TAY Enterprise Co. Ltd. | 541 | 3,661 | ||||||
First Financial Holding Co. Ltd. | 6,070 | 4,457 | ||||||
Formosa Chemicals & Fibre Corp. | 7,301 | 21,250 | ||||||
Formosa Petrochemical Corp. | 12,168 | 38,734 | ||||||
Formosa Plastics Corp. | 3,800 | 12,209 | ||||||
Formosa Taffeta Co. Ltd. | 2,000 | 2,277 | ||||||
Foxconn Technology Co. Ltd. | 2,600 | 5,569 | ||||||
Fubon Financial Holding Co. Ltd. | 20,574 | 30,110 | ||||||
Giant Manufacturing Co. Ltd. | 469 | 3,482 | ||||||
Globalwafers Co. Ltd. | 384 | 4,604 | ||||||
Highwealth Construction Corp. | 1,000 | 1,536 | ||||||
Hiwin Technologies Corp. | 216 | 1,856 | ||||||
Hon Hai Precision Industry Co., Ltd. | 115,116 | 304,803 | ||||||
Hotai Motor Co. Ltd. | 608 | 10,746 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,381 | 4,591 | ||||||
Innolux Corp. | 70,313 | 15,638 | ||||||
Inventec Corp. | 38,610 | 28,031 | ||||||
Largan Precision Co., Ltd. | 20 | 2,937 | ||||||
Lite-On Technology Corp. | 6,433 | 10,609 | ||||||
MediaTek, Inc. | 1,196 | 16,030 | ||||||
Mega Financial Holding Co. Ltd. | 6,000 | 5,893 | ||||||
Micro-Star International Co. Ltd. | 1,784 | 5,275 | ||||||
Nan Ya Plastics Corp. | 7,400 | 17,503 | ||||||
Nanya Technology Corp. | 1,380 | 3,173 | ||||||
Nien Made Enterprise Co. Ltd. | 124 | 1,126 | ||||||
Novatek Microelectronics Corp. | 499 | 3,213 | ||||||
Pegatron Corp. | 41,864 | 81,554 | ||||||
Phison Electronics Corp. | 265 | 2,416 | ||||||
Pou Chen Corp. | 12,267 | 16,422 | ||||||
Powertech Technology, Inc. | 1,579 | 4,980 | ||||||
President Chain Store Corp. | 1,200 | 11,984 | ||||||
Quanta Computer, Inc. | 28,210 | 54,213 | ||||||
Realtek Semiconductor Corp. | 384 | 2,857 | ||||||
Ruentex Development Co. Ltd.(a) | 1,000 | 1,528 | ||||||
Ruentex Industries Ltd.(a) | 290 | 697 | ||||||
Shanghai Commercial & Savings Bank, Ltd. (The) | 2,378 | 4,101 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 54,000 | 17,065 | ||||||
SinoPac Financial Holdings Co. Ltd. | 7,000 | 2,874 | ||||||
Standard Foods Corp. | 1,000 | 2,017 | ||||||
Synnex Technology International Corp. | 15,599 | 18,627 | ||||||
Taishin Financial Holding Co. Ltd. | 7,145 | 3,321 | ||||||
Taiwan Business Bank | 5,250 | 2,216 | ||||||
Taiwan Cement Corp. | 4,549 | 6,045 |
Shares | Value | |||||||
Taiwan-(continued) |
| |||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 6,210 | $ | 4,274 | |||||
Taiwan High Speed Rail Corp. | 2,000 | 2,369 | ||||||
Taiwan Mobile Co. Ltd. | 2,000 | 7,457 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 6,286 | 61,641 | ||||||
Tatung Co. Ltd.(a) | 4,000 | 2,405 | ||||||
Uni-President Enterprises Corp. | 8,728 | 21,562 | ||||||
United Microelectronics Corp. | 18,598 | 8,553 | ||||||
Vanguard International Semiconductor Corp. | 1,000 | 2,142 | ||||||
Walsin Technology Corp. | 502 | 3,026 | ||||||
Win Semiconductors Corp. | 173 | 1,807 | ||||||
Winbond Electronics Corp. | 5,000 | 2,817 | ||||||
Wistron Corp. | 58,660 | 53,861 | ||||||
WPG Holdings Ltd. | 20,644 | 26,178 | ||||||
Yageo Corp. | 378 | 3,899 | ||||||
Yuanta Financial Holding Co. Ltd. | 12,345 | 7,726 | ||||||
Zhen Ding Technology Holding Ltd. | 1,175 | 5,597 | ||||||
|
| |||||||
1,337,694 | ||||||||
|
| |||||||
Thailand-2.82% |
| |||||||
Advanced Info Service PCL, NVDR | 1,263 | 9,579 | ||||||
Airports of Thailand PCL, NVDR | 1,400 | 3,628 | ||||||
Bangkok Bank PCL, NVDR | 1,600 | 9,220 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 5,446 | 4,329 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 2,500 | 894 | ||||||
Banpu PCL, NVDR | 15,374 | 5,906 | ||||||
Berli Jucker PCL, NVDR | 4,687 | 7,567 | ||||||
BTS Group Holdings PCL, NVDR | 5,922 | 2,628 | ||||||
Bumrungrad Hospital PCL, NVDR | 200 | 798 | ||||||
Central Pattana PCL, NVDR | 800 | 1,696 | ||||||
Charoen Pokphand Foods PCL, NVDR | 31,122 | 26,025 | ||||||
CP ALL PCL, NVDR | 9,783 | 25,271 | ||||||
Electricity Generating PCL, NVDR | 200 | 2,298 | ||||||
Energy Absolute PCL, NVDR | 400 | 543 | ||||||
Gulf Energy Development PCL, NVDR | 238 | 1,277 | ||||||
Home Product Center PCL, NVDR | 5,900 | 3,361 | ||||||
Indorama Ventures PCL, NVDR | 14,626 | 13,563 | ||||||
Intouch Holdings PCL, NVDR | 300 | 656 | ||||||
IRPC PCL, NVDR | 109,207 | 12,297 | ||||||
Kasikornbank PCL, NVDR | 5,248 | 24,159 | ||||||
Krung Thai Bank PCL, NVDR | 14,523 | 7,984 | ||||||
Land & Houses PCL, NVDR | 5,694 | 1,829 | ||||||
Minor International PCL, NVDR | 3,500 | 4,173 | ||||||
Muangthai Capital PCL, NVDR | 400 | 821 | ||||||
PTT Exploration & Production PCL, NVDR | 2,327 | 9,286 | ||||||
PTT Global Chemical PCL, NVDR | 15,200 | 25,673 | ||||||
PTT PCL, NVDR | 86,568 | 129,730 | ||||||
Ratch Group PCL, NVDR | 1,100 | 2,678 | ||||||
Robinson PCL, NVDR | 600 | 1,297 | ||||||
Siam Cement PCL (The), NVDR | 1,800 | 21,878 | ||||||
Siam Commercial Bank PCL (The), NVDR | 3,005 | 11,146 | ||||||
Thai Oil PCL, NVDR | 9,534 | 21,629 | ||||||
Thai Union Group PCL, NVDR | 11,300 | 5,464 | ||||||
TMB Bank PCL, NVDR | 55,400 | 2,642 | ||||||
Total Access Communication PCL, NVDR | 2,000 | 4,107 | ||||||
True Corp. PCL, NVDR | 41,841 | 6,928 | ||||||
|
| |||||||
412,960 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
Shares | Value | |||||||
Turkey-1.28% |
| |||||||
Akbank T.A.S.(a) | 8,285 | $ | 10,022 | |||||
Anadolu Efes Biracilik Ve Malt Sanayii A.S. | 1,311 | 4,413 | ||||||
Arcelik A.S.(a) | 2,658 | 8,245 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 900 | 2,891 | ||||||
BIM Birlesik Magazalar A.S. | 1,096 | 9,079 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 6,968 | 7,977 | ||||||
Ford Otomotiv Sanayi A.S. | 941 | 10,625 | ||||||
Haci Omer Sabanci Holding A.S. | 3,081 | 4,460 | ||||||
KOC Holding A.S. | 13,387 | 43,893 | ||||||
TAV Havalimanlari Holding A.S. | 495 | 2,260 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 1,144 | 24,932 | ||||||
Turk Hava Yollari AO(a) | 8,537 | 17,395 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 2,867 | 6,309 | ||||||
Turkiye Garanti Bankasi A.S.(a) | 8,291 | 13,353 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 17,142 | 17,404 | ||||||
Turkiye Sise ve Cam Fabrikalari A.S. | 6,010 | 4,576 | ||||||
|
| |||||||
187,834 | ||||||||
|
| |||||||
United ArabEmirates-0.53% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 3,689 | 7,834 | ||||||
Aldar Properties PJSC | 4,609 | 2,949 | ||||||
DP World PLC | 629 | 8,359 | ||||||
Dubai Islamic Bank PJSC | 3,687 | 5,311 | ||||||
Emaar Development PJSC | 5,812 | 6,409 | ||||||
Emaar Malls PJSC | 4,321 | 2,294 | ||||||
Emaar Properties PJSC | 7,785 | 9,051 | ||||||
Emirates Telecommunications Group Co. PJSC | 5,025 | 22,657 | ||||||
First Abu Dhabi Bank PJSC | 3,176 | 13,161 | ||||||
|
| |||||||
78,025 | ||||||||
|
| |||||||
UnitedStates-0.54% |
| |||||||
JBS S.A | 10,926 | 76,997 | ||||||
Titan Cement International S.A.(a) | 120 | 2,544 | ||||||
|
| |||||||
79,541 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 14,641,798 | |||||||
|
|
Principal Amount | Value | |||||||
Non-U.S. Dollar Denominated Bonds &Notes-0.00%(i) |
| |||||||
India-0.00% |
| |||||||
Britannia Industries Ltd., 8.00%, | INR | 2,040 | $ | 30 | ||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 14,641,828 | ||||||
|
| |||||||
Shares | ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.73% |
| |||||||
Invesco Government & Agency Portfolio, | 80,146 | 80,146 | ||||||
Invesco Liquid Assets Portfolio, | 26,705 | 26,715 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 106,861 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.81% |
| 14,748,689 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.81)% |
| (119,121 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 14,629,568 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Pfd.-Preferred
REIT-Real Estate Investment Trust
Rts.-Rights
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco Emerging Markets Revenue ETF (REEM)–(continued)
October 31, 2019
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, 2019 was $386,696, which represented 2.64% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(f) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(g) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares,twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(h) | Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares. |
(i) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(j) | 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 the7-day SEC standardized yield as of October 31, 2019. |
(k) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.75% |
| |||||||
Brazil-12.12% | ||||||||
Braskem S.A., Class A, Preference Shares | 12,615 | $ | 87,046 | |||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 1,302 | 7,645 | ||||||
Cielo S.A. | 12,834 | 24,169 | ||||||
ENGIE Brasil Energia S.A. | 1,782 | 20,091 | ||||||
Itausa - Investimentos Itau S.A., Preference Shares | 3,596 | 12,281 | ||||||
Petrobras Distribuidora S.A. | 23,232 | 163,661 | ||||||
Telefonica Brasil S.A., Preference Shares | 7,013 | 92,729 | ||||||
Transmissora Alianca de Energia Eletrica S.A. | 533 | 3,834 | ||||||
|
| |||||||
411,456 | ||||||||
|
| |||||||
Chile-0.95% | ||||||||
AES Gener S.A. | 95,038 | 20,392 | ||||||
Colbun S.A. | 68,589 | 11,843 | ||||||
|
| |||||||
32,235 | ||||||||
|
| |||||||
China-27.01% | ||||||||
Agile Group Holdings Ltd. | 55,672 | 75,293 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 449,693 | 93,522 | ||||||
China Evergrande Group(a) | 78,457 | 191,595 | ||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 733,250 | 108,523 | ||||||
China Petroleum & Chemical Corp., H Shares | 277,592 | 159,379 | ||||||
Guangdong Ellington Electronics Technology Co., Ltd., A Shares | 1,900 | 2,744 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 57,853 | 89,905 | ||||||
Harbin Pharmaceutical Group Co., Ltd., A Shares(a) | 7,100 | 3,805 | ||||||
Huabao Flavours & Fragrances Co., Ltd., A Shares | 600 | 2,739 | ||||||
KWG Group Holdings Ltd.(a) | 10,342 | 10,451 | ||||||
Liuzhou Iron & Steel Co., Ltd., A Shares | 3,900 | 2,788 | ||||||
Lomon Billions Group Co. Ltd., A Shares | 5,700 | 9,876 | ||||||
Loncin Motor Co., Ltd., A Shares(a) | 5,800 | 2,918 | ||||||
Maanshan Iron & Steel Co. Ltd., A Shares(a) | 16,900 | 6,390 | ||||||
Nanjing Iron & Steel Co., Ltd., A Shares | 7,600 | 3,295 | ||||||
Sansteel Minguang Co. Ltd. Fujian, A Shares | 6,900 | 7,444 | ||||||
Shandong Buchang Pharmaceuticals Co., Ltd., A Shares | 1,100 | 3,202 | ||||||
Sino-Ocean Group Holding Ltd. | 142,947 | 52,709 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 234,158 | 65,129 | ||||||
SOHO China Ltd. | 7,068 | 2,417 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 14,329 | 10,183 | ||||||
Zhejiang Expressway Co., Ltd., H Shares | 15,348 | 12,591 | ||||||
|
| |||||||
916,898 | ||||||||
|
| |||||||
CzechRepublic-0.13% | ||||||||
Moneta Money Bank A.S.(b) | 1,294 | 4,304 | ||||||
|
| |||||||
Egypt-0.23% | ||||||||
Eastern Co. S.A.E. | 7,762 | 7,743 | ||||||
|
| |||||||
Greece-0.45% | ||||||||
OPAP S.A. | 1,406 | 15,294 | ||||||
|
|
Shares | Value | |||||||
HongKong-0.66% | ||||||||
Kingboard Laminates Holdings Ltd. | 24,425 | $ | 22,438 | |||||
|
| |||||||
Hungary-0.59% | ||||||||
Magyar Telekom Telecommunications PLC | 13,411 | 20,014 | ||||||
|
| |||||||
India-16.80% | ||||||||
Coal India Ltd. | 46,567 | 136,263 | ||||||
Hindustan Zinc Ltd. | 8,268 | 24,788 | ||||||
Indian Oil Corp. Ltd. | 94,495 | 195,575 | ||||||
Power Finance Corp. Ltd.(a) | 42,663 | 65,653 | ||||||
REC Ltd. | 15,493 | 30,536 | ||||||
Vedanta Ltd. | 56,270 | 117,691 | ||||||
|
| |||||||
570,506 | ||||||||
|
| |||||||
Indonesia-0.57% | ||||||||
PT Bukit Asam Tbk | 72,386 | 11,603 | ||||||
PT Matahari Department Store Tbk | 29,323 | 7,604 | ||||||
|
| |||||||
19,207 | ||||||||
|
| |||||||
Kuwait-1.36% | ||||||||
Mobile Telecommunications Co. KSC | 24,785 | 46,163 | ||||||
|
| |||||||
Malaysia-3.18% | ||||||||
AirAsia Group Bhd | 54,224 | 24,786 | ||||||
Astro Malaysia Holdings Bhd | 35,257 | 11,391 | ||||||
Malayan Banking Bhd | 34,803 | 71,630 | ||||||
|
| |||||||
107,807 | ||||||||
|
| |||||||
Mexico-2.37% | ||||||||
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander | 38,062 | 51,280 | ||||||
Concentradora Fibra Danhos S.A. de C.V. | 1,798 | 2,722 | ||||||
Fibra Uno Administracion S.A. de C.V. | 5,662 | 8,629 | ||||||
Nemak S.A.B. de C.V.(b) | 40,166 | 17,913 | ||||||
|
| |||||||
80,544 | ||||||||
|
| |||||||
Pakistan-0.69% | ||||||||
Fauji Fertilizer Co. Ltd. | 10,653 | 6,449 | ||||||
Oil & Gas Development Co. Ltd. | 20,570 | 17,028 | ||||||
|
| |||||||
23,477 | ||||||||
|
| |||||||
Qatar-0.77% | ||||||||
Barwa Real Estate Co. | 4,930 | 4,631 | ||||||
Doha Bank Q.P.S.C. | 15,827 | 11,041 | ||||||
Qatar International Islamic Bank QSC | 2,532 | 6,613 | ||||||
United Development Co. QSC | 10,356 | 3,982 | ||||||
|
| |||||||
26,267 | ||||||||
|
| |||||||
Russia-14.55% | ||||||||
Aeroflot PJSC | 20,370 | 33,986 | ||||||
Alrosa PJSC | 14,250 | 16,572 | ||||||
Bashneft PJSC, Preference Shares | 752 | 20,305 | ||||||
Federal Grid Co. Unified Energy System PJSC | 5,782,792 | 16,652 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 50,224 | 28,635 | ||||||
MMC Norilsk Nickel PJSC | 201 | 56,117 | ||||||
Mobile TeleSystems PJSC | 7,649 | 34,024 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 1,817 | 2,695 | ||||||
Mosenergo PJSC | 312,784 | 11,074 | ||||||
Novolipetsk Steel PJSC | 21,112 | 41,202 | ||||||
Rostelecom PJSC | 16,397 | 20,089 | ||||||
Severstal PJSC | 2,222 | 30,595 | ||||||
Surgutneftegas PJSC, Preference Shares | 195,106 | 114,741 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)–(continued)
October 31, 2019
�� Shares | Value | |||||||
Russia-(continued) | ||||||||
Tatneft PJSC | 5,321 | $ | 62,137 | |||||
Unipro PJSC | 124,376 | 5,125 | ||||||
|
| |||||||
493,949 | ||||||||
|
| |||||||
SouthAfrica-1.87% | ||||||||
Coronation Fund Managers Ltd. | 690 | 1,950 | ||||||
Growthpoint Properties Ltd. | 4,144 | 6,082 | ||||||
Hyprop Investments Ltd. | 420 | 1,645 | ||||||
Kumba Iron Ore Ltd. | 1,332 | 32,539 | ||||||
Redefine Properties Ltd. | 9,770 | 4,890 | ||||||
Resilient REIT Ltd. | 380 | 1,698 | ||||||
Reunert Ltd. | 1,461 | 6,929 | ||||||
Tsogo Sun Gaming Ltd. | 7,242 | 5,976 | ||||||
Vukile Property Fund Ltd. | 1,302 | 1,672 | ||||||
|
| |||||||
63,381 | ||||||||
|
| |||||||
Taiwan-3.51% | ||||||||
AU Optronics Corp. | 309,567 | 79,323 | ||||||
Transcend Information, Inc. | 1,993 | 4,328 | ||||||
Yageo Corp. | 2,575 | 26,562 | ||||||
Yulon Nissan Motor Co. Ltd. | 1,070 | 8,875 | ||||||
|
| |||||||
119,088 | ||||||||
|
| |||||||
Thailand-0.24% | ||||||||
Land & Houses PCL, NVDR | 25,500 | 8,192 | ||||||
|
| |||||||
Turkey-7.97% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 39,886 | 45,663 | ||||||
Iskenderun Demir ve Celik A.S. | 10,047 | 10,676 |
Shares | Value | |||||||
Turkey-(continued) | ||||||||
Tofas Turk Otomobil Fabrikasi A.S. | 8,240 | $ | 32,282 | |||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 6,793 | 148,047 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 15,463 | 34,025 | ||||||
|
| |||||||
270,693 | ||||||||
|
| |||||||
United ArabEmirates-3.73% | ||||||||
Abu Dhabi Commercial Bank PJSC | 16,115 | 34,224 | ||||||
Abu Dhabi Islamic Bank PJSC | 12,195 | 17,764 | ||||||
Air Arabia PJSC(a) | 32,079 | 11,879 | ||||||
Aldar Properties PJSC | 25,246 | 16,153 | ||||||
DAMAC Properties Dubai Co. PJSC(a) | 38,961 | 9,133 | ||||||
Dubai Investments PJSC | 18,001 | 6,322 | ||||||
Dubai Islamic Bank PJSC | 21,673 | 31,216 | ||||||
|
| |||||||
126,691 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 3,386,347 | |||||||
|
| |||||||
Money MarketFunds-0.28% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 9,536 | 9,536 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.03% |
| 3,395,883 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.03)% |
| (957 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 3,394,926 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
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, 2019 was $130,740, which represented 3.85% 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 the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco International Revenue ETF (REFA)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.66% |
| |||||||
Australia-3.15% | ||||||||
AGL Energy Ltd. | 454 | $ | 6,187 | |||||
AMP Ltd. | 2,982 | 3,770 | ||||||
APA Group | 187 | 1,501 | ||||||
Aristocrat Leisure Ltd. | 106 | 2,309 | ||||||
ASX Ltd. | 11 | 624 | ||||||
Aurizon Holdings Ltd. | 472 | 1,919 | ||||||
AusNet Services | 797 | 1,016 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,049 | 19,325 | ||||||
Bank of Queensland Ltd.(a) | 205 | 1,278 | ||||||
Bendigo & Adelaide Bank Ltd. | 224 | 1,644 | ||||||
BHP Group Ltd. | 641 | 15,876 | ||||||
BHP Group PLC | 526 | 11,127 | ||||||
BlueScope Steel Ltd. | 732 | 6,722 | ||||||
Boral Ltd. | 990 | 3,431 | ||||||
Brambles Ltd. | 491 | 4,049 | ||||||
Caltex Australia Ltd. | 590 | 11,085 | ||||||
Challenger Ltd. | 200 | 1,097 | ||||||
CIMIC Group Ltd. | 353 | 8,028 | ||||||
Coca-Cola Amatil Ltd. | 347 | 2,427 | ||||||
Cochlear Ltd. | 6 | 874 | ||||||
Coles Group Ltd. | 2,221 | 22,937 | ||||||
Commonwealth Bank of Australia | 415 | 22,490 | ||||||
Computershare Ltd. | 139 | 1,517 | ||||||
Crown Resorts Ltd. | 197 | 1,691 | ||||||
CSL Ltd. | 36 | 6,350 | ||||||
Dexus | 54 | 445 | ||||||
Flight Centre Travel Group Ltd.(a) | 61 | 1,790 | ||||||
Fortescue Metals Group Ltd. | 876 | 5,377 | ||||||
Goodman Group | 110 | 1,091 | ||||||
GPT Group (The) | 102 | 418 | ||||||
Harvey Norman Holdings Ltd. | 535 | 1,508 | ||||||
Incitec Pivot Ltd. | 937 | 2,227 | ||||||
Insurance Australia Group Ltd. | 1,526 | 8,348 | ||||||
Lendlease Group | 846 | 10,893 | ||||||
Macquarie Group Ltd. | 105 | 9,688 | ||||||
Magellan Financial Group Ltd. | 7 | 232 | ||||||
Medibank Pvt Ltd. | 1,524 | 3,549 | ||||||
Mirvac Group | 709 | 1,568 | ||||||
National Australia Bank Ltd. | 954 | 18,804 | ||||||
Newcrest Mining Ltd. | 96 | 2,070 | ||||||
Oil Search Ltd. | 216 | 1,065 | ||||||
Orica Ltd. | 212 | 3,345 | ||||||
Origin Energy Ltd. | 1,553 | 8,410 | ||||||
QBE Insurance Group Ltd. | 1,145 | 9,939 | ||||||
Ramsay Health Care Ltd. | 106 | 5,002 | ||||||
REA Group Ltd.(a) | 8 | 599 | ||||||
Rio Tinto Ltd. | 99 | 6,199 | ||||||
Rio Tinto plc | 414 | 21,504 | ||||||
Santos Ltd. | 541 | 3,026 | ||||||
Scentre Group | 559 | 1,475 | ||||||
SEEK Ltd. | 58 | 906 | ||||||
Sonic Healthcare Ltd. | 175 | 3,441 | ||||||
South32 Ltd. | 2,414 | 4,241 | ||||||
Stockland | 530 | 1,786 | ||||||
Suncorp Group Ltd. | 647 | 5,995 | ||||||
Sydney Airport | 164 | 992 | ||||||
Tabcorp Holdings Ltd. | 662 | 2,189 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Telstra Corp. Ltd. | 4,885 | $ | 11,746 | |||||
TPG Telecom Ltd. | 317 | 1,428 | ||||||
Transurban Group | 219 | 2,239 | ||||||
Treasury Wine Estates Ltd. | 139 | 1,683 | ||||||
Vicinity Centres | 415 | 763 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 46 | 688 | ||||||
Wesfarmers Ltd. | 536 | 14,682 | ||||||
Westpac Banking Corp. | 1,018 | 19,785 | ||||||
Woodside Petroleum Ltd. | 153 | 3,394 | ||||||
Woolworths Group Ltd. | 1,165 | 29,954 | ||||||
Worley Ltd. | 291 | 2,739 | ||||||
|
| |||||||
396,497 | ||||||||
|
| |||||||
Austria-0.46% | ||||||||
ANDRITZ AG | 144 | 6,471 | ||||||
Erste Group Bank AG(b) | 237 | 8,374 | ||||||
OMV AG | 388 | 22,648 | ||||||
Raiffeisen Bank International AG | 269 | 6,617 | ||||||
Verbund AG | 24 | 1,299 | ||||||
voestalpine AG | 503 | 12,598 | ||||||
|
| |||||||
58,007 | ||||||||
|
| |||||||
Belgium-0.79% | ||||||||
Ageas | 139 | 8,008 | ||||||
Anheuser-Busch InBev S.A./N.V. | 344 | 27,648 | ||||||
Colruyt S.A. | 158 | 8,786 | ||||||
Groupe Bruxelles Lambert S.A. | 54 | 5,421 | ||||||
KBC Group N.V. | 173 | 12,136 | ||||||
Proximus SADP | 164 | 5,037 | ||||||
Solvay S.A., Class A | 101 | 10,986 | ||||||
Telenet Group Holding N.V. | 43 | 2,112 | ||||||
UCB S.A. | 54 | 4,353 | ||||||
Umicore S.A. | 375 | 15,467 | ||||||
|
| |||||||
99,954 | ||||||||
|
| |||||||
Chile-0.03% | ||||||||
Antofagasta PLC | 340 | 3,815 | ||||||
|
| |||||||
China-0.11% | ||||||||
BeiGene Ltd., ADR(b) | 1 | 138 | ||||||
BOC Hong Kong Holdings Ltd. | 3,124 | 10,762 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 4,167 | 2,924 | ||||||
|
| |||||||
13,824 | ||||||||
|
| |||||||
Colombia-0.02% | ||||||||
Millicom International Cellular S.A., SDR | 49 | 2,238 | ||||||
|
| |||||||
Denmark-0.87% | ||||||||
AP Moller - Maersk A/S, Class A | 13 | 15,610 | ||||||
AP Moller - Maersk A/S, Class B | 11 | 14,027 | ||||||
Carlsberg A/S, Class B | 36 | 5,067 | ||||||
Chr Hansen Holding A/S | 9 | 691 | ||||||
Coloplast A/S, Class B | 17 | 2,049 | ||||||
Danske Bank A/S | 1,107 | 15,803 | ||||||
Demant A/S(b) | 50 | 1,320 | ||||||
DSV Panalpina A/S | 100 | 9,708 | ||||||
Genmab A/S(b) | 2 | 436 | ||||||
H. Lundbeck A/S | 53 | 1,809 | ||||||
ISS A/S | 326 | 8,535 | ||||||
Novo Nordisk A/S, Class B | 197 | 10,764 | ||||||
Novozymes A/S, Class B | 30 | 1,413 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Denmark-(continued) | ||||||||
Orsted A/S(c) | 82 | $ | 7,196 | |||||
Pandora A/S | 74 | 3,641 | ||||||
Tryg A/S | 69 | 1,928 | ||||||
Vestas Wind Systems A/S | 111 | 9,065 | ||||||
|
| |||||||
109,062 | ||||||||
|
| |||||||
Finland-0.68% | ||||||||
Elisa Oyj | 38 | 2,076 | ||||||
Fortum Oyj | 192 | 4,689 | ||||||
Kone Oyj, Class B | 122 | 7,764 | ||||||
Metso Oyj(a) | 79 | 2,986 | ||||||
Neste Oyj | 374 | 13,502 | ||||||
Nokia Oyj | 3,616 | 13,287 | ||||||
Nokian Renkaat Oyj(a) | 49 | 1,400 | ||||||
Nordea Bank Abp | 1,577 | 11,561 | ||||||
Orion Oyj, Class B(a) | 19 | 842 | ||||||
Sampo Oyj, Class A | 156 | 6,394 | ||||||
Stora Enso Oyj, Class R | 590 | 7,652 | ||||||
UPM-Kymmene Oyj | 336 | 10,923 | ||||||
Wartsila Oyj Abp | 294 | 3,104 | ||||||
|
| |||||||
86,180 | ||||||||
|
| |||||||
France-12.17% | ||||||||
Accor S.A | 70 | 3,008 | ||||||
Aeroports de Paris | 23 | 4,372 | ||||||
Air Liquide S.A. | 138 | 18,337 | ||||||
Airbus S.E. | 392 | 56,163 | ||||||
Alstom S.A. | 164 | 7,090 | ||||||
Amundi S.A.(c) | 61 | 4,356 | ||||||
Arkema S.A | 86 | 8,793 | ||||||
Atos S.E. | 103 | 7,977 | ||||||
AXA S.A. | 3,333 | 88,072 | ||||||
BioMerieux | 26 | 2,128 | ||||||
BNP Paribas S.A. | 1,122 | 58,595 | ||||||
Bollore S.A. | 4,467 | 19,336 | ||||||
Bouygues S.A. | 822 | 34,848 | ||||||
Bureau Veritas S.A. | 174 | 4,443 | ||||||
Capgemini S.E. | 95 | 10,699 | ||||||
Carrefour S.A. | 3,777 | 64,282 | ||||||
Casino Guichard Perrachon S.A.(a) | 786 | 42,416 | ||||||
Cie de Saint-Gobain | 968 | 39,386 | ||||||
Cie Generale des Etablissements Michelin SCA | 173 | 21,057 | ||||||
CNP Assurances | 1,431 | 28,386 | ||||||
Covivio | 9 | 1,019 | ||||||
Credit Agricole S.A. | 5,932 | 77,332 | ||||||
Danone S.A. | 240 | 19,910 | ||||||
Dassault Aviation S.A. | 3 | 4,167 | ||||||
Dassault Systemes S.E. | 20 | 3,036 | ||||||
Edenred | 26 | 1,369 | ||||||
Eiffage S.A. | 142 | 15,259 | ||||||
Electricite de France S.A. | 4,859 | 50,155 | ||||||
ENGIE S.A. | 3,329 | 55,691 | ||||||
EssilorLuxottica S.A. | 94 | 14,346 | ||||||
Eurazeo S.E. | 56 | 3,905 | ||||||
Eutelsat Communications S.A.(a) | 68 | 1,290 | ||||||
Faurecia S.E. | 366 | 17,060 | ||||||
Gecina S.A. | 4 | 686 | ||||||
Getlink S.E. | 61 | 1,022 | ||||||
Hermes International | 7 | 5,037 | ||||||
ICADE | 19 | 1,861 | ||||||
Iliad S.A. | 36 | 3,727 |
Shares | Value | |||||||
France-(continued) | ||||||||
Imerys S.A. | 86 | $ | 3,322 | |||||
Ingenico Group S.A. | 23 | 2,457 | ||||||
Ipsen S.A. | 17 | 1,811 | ||||||
JCDecaux S.A. | 91 | 2,487 | ||||||
Kering S.A. | 23 | 13,092 | ||||||
Klepierre S.A. | 33 | 1,229 | ||||||
Legrand S.A. | 77 | 6,012 | ||||||
L’Oreal S.A. | 85 | 24,827 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 99 | 42,247 | ||||||
Natixis S.A. | 3,234 | 14,833 | ||||||
Orange S.A.(a) | 2,267 | 36,521 | ||||||
Pernod Ricard S.A. | 42 | 7,755 | ||||||
Peugeot S.A. | 2,878 | 72,886 | ||||||
Publicis Groupe S.A. | 177 | 7,612 | ||||||
Remy Cointreau S.A.(a) | 7 | 936 | ||||||
Renault S.A. | 886 | 45,232 | ||||||
Safran S.A. | 115 | 18,199 | ||||||
Sanofi S.A. | 346 | 31,893 | ||||||
Sartorius Stedim Biotech | 7 | 1,048 | ||||||
Schneider Electric S.E. | 275 | 25,545 | ||||||
SCOR S.E. | 318 | 13,403 | ||||||
SEB S.A. | 42 | 6,377 | ||||||
Societe BIC S.A. | 21 | 1,458 | ||||||
Societe Generale S.A. | 1,717 | 48,751 | ||||||
Sodexo S.A. | 156 | 17,161 | ||||||
Suez | 956 | 14,905 | ||||||
Teleperformance | 17 | 3,854 | ||||||
Thales S.A. | 116 | 11,342 | ||||||
TOTAL S.A. | 2,736 | 143,876 | ||||||
Ubisoft Entertainment S.A.(b) | 22 | 1,299 | ||||||
Unibail-Rodamco-Westfield | 18 | 2,784 | ||||||
Valeo S.A. | 580 | 21,574 | ||||||
Veolia Environnement S.A. | 885 | 23,272 | ||||||
Vinci S.A.(a) | 369 | 41,415 | ||||||
Vivendi S.A. | 415 | 11,556 | ||||||
Wendel S.A. | 52 | 7,368 | ||||||
Worldline S.A.(b)(c) | 19 | 1,154 | ||||||
|
| |||||||
1,532,109 | ||||||||
|
| |||||||
Germany-12.31% | ||||||||
1&1 Drillisch AG(a) | 102 | 2,729 | ||||||
adidas AG | 63 | 19,459 | ||||||
Allianz S.E. | 267 | 65,235 | ||||||
Aroundtown S.A. | 77 | 650 | ||||||
Axel Springer S.E.(a) | 36 | 2,568 | ||||||
BASF S.E. | 803 | 61,125 | ||||||
Bayer AG | 500 | 38,813 | ||||||
Bayerische Motoren Werke AG | 1,097 | 84,092 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 124 | 7,643 | ||||||
Beiersdorf AG | 53 | 6,277 | ||||||
Brenntag AG | 216 | 10,844 | ||||||
Carl Zeiss Meditec AG, BR | 11 | 1,200 | ||||||
Commerzbank AG | 1,940 | 11,607 | ||||||
Continental AG | 309 | 41,327 | ||||||
Covestro AG(c) | 268 | 12,872 | ||||||
Daimler AG | 2,995 | 175,121 | ||||||
Delivery Hero S.E.(b)(c) | 12 | 563 | ||||||
Deutsche Bank AG | 4,805 | 34,812 | ||||||
Deutsche Boerse AG | 21 | 3,255 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Germany-(continued) | ||||||||
Deutsche Lufthansa AG | 2,037 | $ | 35,327 | |||||
Deutsche Post AG | 1,601 | 56,710 | ||||||
Deutsche Telekom AG | 3,849 | 67,710 | ||||||
Deutsche Wohnen S.E. | 27 | 1,016 | ||||||
E.ON S.E. | 2,554 | 25,750 | ||||||
Evonik Industries AG | 500 | 13,193 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 38 | 3,177 | ||||||
Fresenius Medical Care AG& Co. KGaA | 207 | 14,983 | ||||||
Fresenius S.E. & Co. KGaA | 589 | 30,967 | ||||||
Fuchs Petrolub S.E., Preference Shares(a) | 28 | 1,196 | ||||||
GEA Group AG | 151 | 4,618 | ||||||
Hannover Rueck S.E. | 91 | 16,122 | ||||||
HeidelbergCement AG | 222 | 16,500 | ||||||
Henkel AG& Co. KGaA | 115 | 11,079 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 74 | 7,693 | ||||||
HOCHTIEF AG | 187 | 23,324 | ||||||
Hugo Boss AG | 39 | 1,641 | ||||||
Infineon Technologies AG | 428 | 8,298 | ||||||
KION Group AG | 147 | 9,771 | ||||||
Knorr-Bremse AG | 55 | 5,553 | ||||||
LANXESS AG | 94 | 6,114 | ||||||
Merck KGaA | 38 | 4,532 | ||||||
METRO AG | 1,682 | 27,397 | ||||||
MTU Aero Engines AG | 14 | 3,739 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 164 | 45,559 | ||||||
Porsche Automobil Holding S.E., Preference Shares | 1 | 74 | ||||||
Puma S.E. | 55 | 4,139 | ||||||
RWE AG | 358 | 10,916 | ||||||
SAP S.E. | 185 | 24,520 | ||||||
Sartorius AG, Preference Shares | 4 | 777 | ||||||
Siemens AG | 758 | 87,425 | ||||||
Siemens Healthineers AG(c) | 288 | 12,240 | ||||||
Symrise AG | 28 | 2,695 | ||||||
Telefonica Deutschland Holding AG | 2,503 | 7,945 | ||||||
thyssenkrupp AG(a) | 2,988 | 42,653 | ||||||
TUI AG | 1,744 | 22,793 | ||||||
Uniper S.E. | 2,145 | 66,862 | ||||||
United Internet AG | 128 | 3,857 | ||||||
Volkswagen AG | 710 | 134,580 | ||||||
Volkswagen AG, Preference Shares | 513 | 97,697 | ||||||
Vonovia S.E. | 47 | 2,502 | ||||||
Wirecard AG(a) | 11 | 1,393 | ||||||
Zalando S.E.(b)(c) | 108 | 4,681 | ||||||
|
| |||||||
1,549,910 | ||||||||
|
| |||||||
HongKong-2.16% | ||||||||
AIA Group Ltd. | 2,215 | 22,171 | ||||||
ASM Pacific Technology Ltd. | 186 | 2,603 | ||||||
Bank of East Asia Ltd. (The) | 986 | 2,378 | ||||||
CK Asset Holdings Ltd. | 642 | 4,481 | ||||||
CK Hutchison Holdings Ltd. | 3,276 | 30,304 | ||||||
CK Infrastructure Holdings Ltd. | 88 | 634 | ||||||
CLP Holdings Ltd. | 820 | 8,511 | ||||||
Dairy Farm International Holdings Ltd. | 1,201 | 7,242 | ||||||
Hang Lung Properties Ltd. | 417 | 918 | ||||||
Hang Seng Bank Ltd. | 197 | 4,117 | ||||||
Henderson Land Development Co. Ltd. | 391 | 1,958 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(c) | 1,198 | 1,195 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
HKT Trust & HKT Ltd. | 2,305 | $ | 3,588 | |||||
Hong Kong & China Gas Co., Ltd. (The) | 1,768 | 3,433 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 46 | 1,438 | ||||||
Hongkong Land Holdings Ltd. | 305 | 1,678 | ||||||
Hysan Development Co. Ltd. | 72 | 284 | ||||||
Jardine Matheson Holdings Ltd. | 1,149 | 65,631 | ||||||
Jardine Strategic Holdings Ltd. | 736 | 23,795 | ||||||
Kerry Properties Ltd. | 521 | 1,688 | ||||||
Link REIT | 141 | 1,537 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 191 | 4,114 | ||||||
MTR Corp. Ltd. | 892 | 5,121 | ||||||
New World Development Co. Ltd. | 6,105 | 8,755 | ||||||
NWS Holdings Ltd. | 1,528 | 2,277 | ||||||
PCCW Ltd. | 6,640 | 3,948 | ||||||
Power Assets Holdings Ltd. | 22 | 157 | ||||||
Shangri-La Asia Ltd. | 1,461 | 1,501 | ||||||
Sino Land Co. Ltd. | 662 | 992 | ||||||
Sun Hung Kai Properties Ltd. | 394 | 5,977 | ||||||
Swire Pacific Ltd., Class A | 417 | 3,974 | ||||||
Swire Properties Ltd. | 364 | 1,147 | ||||||
Techtronic Industries Co. Ltd. | 844 | 6,623 | ||||||
Vitasoy International Holdings Ltd. | 139 | 566 | ||||||
WH Group Ltd. | 20,859 | 22,143 | ||||||
Wharf Holdings Ltd. (The) | 721 | 1,639 | ||||||
Wharf Real Estate Investment Co. Ltd. | 224 | 1,320 | ||||||
Wheelock & Co. Ltd. | 698 | 4,324 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,728 | 7,692 | ||||||
|
| |||||||
271,854 | ||||||||
|
| |||||||
Indonesia-0.03% | ||||||||
Golden Agri-Resources Ltd. | 23,765 | 3,580 | ||||||
|
| |||||||
Ireland-0.44% | ||||||||
AerCap Holdings N.V.(b) | 70 | 4,052 | ||||||
AIB Group PLC | 619 | 1,983 | ||||||
Bank of Ireland Group PLC | 1,084 | 5,215 | ||||||
CRH PLC | 666 | 24,282 | ||||||
Flutter Entertainment PLC | 22 | 2,273 | ||||||
Kerry Group PLC, Class A | 45 | 5,442 | ||||||
Kingspan Group PLC | 76 | 3,939 | ||||||
Smurfit Kappa Group PLC | 254 | 8,473 | ||||||
|
| |||||||
55,659 | ||||||||
|
| |||||||
Israel-0.33% | ||||||||
Azrieli Group Ltd. | 11 | 848 | ||||||
Bank Hapoalim BM | 488 | 3,904 | ||||||
Bank LeumiLe-Israel BM | 514 | 3,743 | ||||||
Check Point Software Technologies Ltd.(b) | 12 | 1,349 | ||||||
Elbit Systems Ltd. | 21 | 3,442 | ||||||
Israel Chemicals Ltd. | 808 | 3,589 | ||||||
Israel Discount Bank Ltd., Class A | 586 | 2,678 | ||||||
Mizrahi Tefahot Bank Ltd. | 90 | 2,232 | ||||||
Nice Ltd.(b) | 8 | 1,265 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(b) | 2,213 | 18,036 | ||||||
Wix.com Ltd.(b) | 4 | 488 | ||||||
|
| |||||||
41,574 | ||||||||
|
| |||||||
Italy-2.58% | ||||||||
Assicurazioni Generali S.p.A. | 2,863 | 58,053 | ||||||
Atlantia S.p.A. | 258 | 6,373 | ||||||
Davide Campari-Milano S.p.A. | 150 | 1,375 | ||||||
Enel S.p.A. | 9,059 | 70,140 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Italy-(continued) | ||||||||
Eni S.p.A. | 4,268 | $ | 64,615 | |||||
Ferrari N.V. | 16 | 2,561 | ||||||
FinecoBank Banca Fineco S.p.A. | 72 | 811 | ||||||
Intesa Sanpaolo S.p.A. | 9,266 | 23,218 | ||||||
Leonardo S.p.A. | 930 | 10,801 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 255 | 3,030 | ||||||
Moncler S.p.A. | 33 | 1,272 | ||||||
Pirelli & C S.p.A.(c) | 707 | 4,087 | ||||||
Poste Italiane S.p.A.(c) | 1,377 | 16,714 | ||||||
Prysmian S.p.A. | 472 | 10,906 | ||||||
Recordati S.p.A. | 30 | 1,261 | ||||||
Snam S.p.A. | 464 | 2,381 | ||||||
Telecom Italia S.p.A.(b) | 22,149 | 12,966 | ||||||
Telecom Italia S.p.A., RSP | 9,726 | 5,629 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 320 | 2,115 | ||||||
UniCredit S.p.A. | 2,112 | 26,786 | ||||||
|
| |||||||
325,094 | ||||||||
|
| |||||||
Japan-34.98% | ||||||||
ABC-Mart, Inc. | 31 | 2,128 | ||||||
Acom Co. Ltd. | 593 | 2,397 | ||||||
Advantest Corp. | 47 | 2,150 | ||||||
Aeon Co. Ltd. | 3,341 | 67,528 | ||||||
AEON Financial Service Co. Ltd. | 190 | 2,918 | ||||||
Aeon Mall Co. Ltd. | 147 | 2,361 | ||||||
AGC, Inc. | 337 | 11,939 | ||||||
Air Water, Inc. | 364 | 6,876 | ||||||
Aisin Seiki Co. Ltd. | 1,018 | 41,057 | ||||||
Ajinomoto Co., Inc. | 454 | 8,649 | ||||||
Alfresa Holdings Corp. | 889 | 20,000 | ||||||
Alps Alpine Co. Ltd. | 387 | 8,391 | ||||||
Amada Holdings Co. Ltd. | 240 | 2,760 | ||||||
ANA Holdings, Inc. | 441 | 15,183 | ||||||
Aozora Bank Ltd. | 47 | 1,213 | ||||||
Asahi Group Holdings, Ltd. | 322 | 16,174 | ||||||
Asahi Intecc Co. Ltd. | 14 | 387 | ||||||
Asahi Kasei Corp. | 1,647 | 18,457 | ||||||
Astellas Pharma, Inc. | 707 | 12,154 | ||||||
Bandai Namco Holdings, Inc. | 107 | 6,600 | ||||||
Bank of Kyoto Ltd. (The) | 20 | 803 | ||||||
Benesse Holdings, Inc. | 142 | 3,818 | ||||||
Bridgestone Corp. | 661 | 27,656 | ||||||
Brother Industries Ltd. | 287 | 5,456 | ||||||
Calbee, Inc. | 65 | 2,177 | ||||||
Canon, Inc. | 1,227 | 33,619 | ||||||
Casio Computer Co. Ltd. | 194 | 3,167 | ||||||
Central Japan Railway Co. | 68 | 14,024 | ||||||
Chiba Bank Ltd. (The) | 391 | 2,152 | ||||||
Chubu Electric Power Co., Inc. | 1,388 | 20,870 | ||||||
Chugai Pharmaceutical Co. Ltd. | 65 | 5,502 | ||||||
Chugoku Electric Power Co., Inc. (The)(a) | 840 | 11,197 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(a) | 300 | 6,846 | ||||||
Concordia Financial Group Ltd. | 601 | 2,480 | ||||||
Credit Saison Co. Ltd. | 271 | 3,956 | ||||||
CyberAgent, Inc. | 73 | 2,384 | ||||||
Dai Nippon Printing Co., Ltd. | 472 | 12,697 | ||||||
Daicel Corp. | 403 | 3,638 | ||||||
Daifuku Co. Ltd. | 60 | 3,225 | ||||||
Dai-ichi Life Holdings, Inc. | 2,874 | 47,468 | ||||||
Daiichi Sankyo Co. Ltd. | 100 | 6,605 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Daikin Industries, Ltd. | 140 | $ | 19,723 | |||||
Daito Trust Construction Co., Ltd. | 94 | 12,495 | ||||||
Daiwa House Industry Co., Ltd. | 941 | 32,511 | ||||||
Daiwa Securities Group, Inc. | 1,293 | 5,857 | ||||||
Denso Corp. | 878 | 41,112 | ||||||
Dentsu, Inc. | 203 | 7,305 | ||||||
Disco Corp. | 7 | 1,546 | ||||||
East Japan Railway Co. | 209 | 19,041 | ||||||
Eisai Co. Ltd. | 80 | 5,837 | ||||||
Electric Power Development Co. Ltd. | 295 | 7,188 | ||||||
FamilyMart Co. Ltd. | 174 | 4,339 | ||||||
FANUC Corp. | 30 | 5,994 | ||||||
Fast Retailing Co. Ltd. | 26 | 16,126 | ||||||
Fuji Electric Co. Ltd. | 202 | 6,484 | ||||||
FUJIFILM Holdings Corp. | 456 | 20,163 | ||||||
Fujitsu Ltd. | 326 | 29,013 | ||||||
Fukuoka Financial Group, Inc. | 104 | 2,030 | ||||||
GMO Payment Gateway, Inc. | 3 | 222 | ||||||
Hakuhodo DY Holdings, Inc. | 682 | 10,271 | ||||||
Hamamatsu Photonics K.K. | 30 | 1,174 | ||||||
Hankyu Hanshin Holdings, Inc. | 162 | 6,519 | ||||||
Hikari Tsushin, Inc. | 18 | 3,966 | ||||||
Hino Motors Ltd. | 1,675 | 15,990 | ||||||
Hirose Electric Co. Ltd. | 8 | 1,016 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 29 | 1,360 | ||||||
Hitachi Chemical Co. Ltd. | 180 | 5,969 | ||||||
Hitachi Construction Machinery Co. Ltd. | 319 | 8,333 | ||||||
Hitachi High-Technologies Corp. | 90 | 5,628 | ||||||
Hitachi Metals Ltd. | 629 | 7,960 | ||||||
Hitachi, Ltd. | 1,850 | 69,633 | ||||||
Honda Motor Co., Ltd. | 4,712 | 128,234 | ||||||
Hoshizaki Corp. | 29 | 2,479 | ||||||
Hoya Corp. | 55 | 4,886 | ||||||
Hulic Co., Ltd. | 246 | 2,687 | ||||||
Idemitsu Kosan Co. Ltd. | 1,773 | 52,564 | ||||||
IHI Corp. | 497 | 12,418 | ||||||
Iida Group Holdings Co. Ltd. | 584 | 9,789 | ||||||
INPEX Corp. | 726 | 6,773 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) | 1,059 | 8,503 | ||||||
Isuzu Motors Ltd. | 1,627 | 19,076 | ||||||
ITOCHU Corp. | 4,230 | 88,861 | ||||||
Itochu Techno-Solutions Corp. | 132 | 3,569 | ||||||
J Front Retailing Co. Ltd. | 309 | 3,959 | ||||||
Japan Airlines Co. Ltd. | 316 | 9,863 | ||||||
Japan Airport Terminal Co., Ltd. | 50 | 2,493 | ||||||
Japan Exchange Group, Inc. | 55 | 915 | ||||||
Japan Post Bank Co. Ltd.(a) | 1,540 | 15,414 | ||||||
Japan Post Holdings Co. Ltd. | 6,367 | 58,661 | ||||||
Japan Tobacco, Inc. | 784 | 17,811 | ||||||
JFE Holdings, Inc. | 2,379 | 30,083 | ||||||
JGC Holdings Corp. | 337 | 4,941 | ||||||
JSR Corp. | 252 | 4,776 | ||||||
JTEKT Corp. | 969 | 12,495 | ||||||
JXTG Holdings, Inc. | 18,892 | 89,021 | ||||||
Kajima Corp. | 1,139 | 15,762 | ||||||
Kakaku.com, Inc. | 18 | 420 | ||||||
Kamigumi Co. Ltd. | 93 | 2,111 | ||||||
Kaneka Corp. | 133 | 4,472 | ||||||
Kansai Electric Power Co., Inc. (The) | 1,976 | 23,113 | ||||||
Kansai Paint Co. Ltd. | 189 | 4,589 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kao Corp. | 135 | $ | 10,919 | |||||
Kawasaki Heavy Industries Ltd. | 600 | 14,558 | ||||||
KDDI Corp. | 1,428 | 39,615 | ||||||
Keihan Holdings Co. Ltd. | 55 | 2,605 | ||||||
Keikyu Corp. | 141 | 2,825 | ||||||
Keio Corp. | 49 | 3,041 | ||||||
Keisei Electric Railway Co., Ltd. | 52 | 2,138 | ||||||
Keyence Corp. | 7 | 4,456 | ||||||
Kikkoman Corp. | 68 | 3,290 | ||||||
Kintetsu Group Holdings Co. Ltd. | 180 | 9,840 | ||||||
Kirin Holdings Co. Ltd. | 698 | 14,883 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 16 | 1,286 | ||||||
Kobe Steel Ltd. | 2,660 | 14,468 | ||||||
Koito Manufacturing Co. Ltd. | 110 | 5,820 | ||||||
Komatsu Ltd. | 918 | 21,730 | ||||||
Konami Holdings Corp. | 44 | 1,941 | ||||||
Konica Minolta, Inc. | 1,056 | 7,805 | ||||||
Kose Corp. | 15 | 2,678 | ||||||
Kubota Corp. | 890 | 14,259 | ||||||
Kuraray Co. Ltd. | 380 | 4,563 | ||||||
Kurita Water Industries Ltd. | 83 | 2,411 | ||||||
Kyocera Corp. | 197 | 13,015 | ||||||
Kyowa Kirin Co., Ltd. | 142 | 2,622 | ||||||
Kyushu Electric Power Co., Inc. | 1,425 | 14,263 | ||||||
Kyushu Railway Co. | 100 | 3,312 | ||||||
Lawson, Inc. | 108 | 5,974 | ||||||
LINE Corp.(b) | 51 | 1,882 | ||||||
Lion Corp. | 137 | 2,882 | ||||||
LIXIL Group Corp. | 846 | 15,855 | ||||||
M3, Inc. | 40 | 964 | ||||||
Makita Corp. | 104 | 3,545 | ||||||
Marubeni Corp. | 8,009 | 56,735 | ||||||
Marui Group Co. Ltd. | 88 | 1,968 | ||||||
Maruichi Steel Tube Ltd. | 52 | 1,433 | ||||||
Mazda Motor Corp. | 2,870 | 26,681 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 43 | 2,160 | ||||||
Mebuki Financial Group, Inc. | 793 | 2,032 | ||||||
Medipal Holdings Corp. | 1,048 | 24,061 | ||||||
MEIJI Holdings Co. Ltd. | 127 | 9,187 | ||||||
Mercari, Inc.(b) | 10 | 227 | ||||||
Minebea Mitsumi, Inc. | 433 | 8,331 | ||||||
MISUMI Group, Inc. | 99 | 2,513 | ||||||
Mitsubishi Chemical Holdings Corp. | 4,091 | 31,432 | ||||||
Mitsubishi Corp. | 4,380 | 111,987 | ||||||
Mitsubishi Electric Corp. | 2,482 | 35,736 | ||||||
Mitsubishi Estate Co., Ltd. | 485 | 9,455 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 410 | 5,852 | ||||||
Mitsubishi Heavy Industries Ltd. | 684 | 27,852 | ||||||
Mitsubishi Materials Corp. | 441 | 12,768 | ||||||
Mitsubishi Motors Corp. | 3,961 | 18,247 | ||||||
Mitsubishi Tanabe Pharma Corp. | 266 | 3,204 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 9,358 | 49,324 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,119 | 6,925 | ||||||
Mitsui & Co., Ltd. | 3,021 | 52,187 | ||||||
Mitsui Chemicals, Inc. | 493 | 11,871 | ||||||
Mitsui Fudosan Co., Ltd. | 581 | 14,946 | ||||||
Mitsui OSK Lines Ltd. | 319 | 8,782 | ||||||
Mizuho Financial Group, Inc. | 17,858 | 27,884 | ||||||
MonotaRO Co. Ltd. | 38 | 1,162 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,051 | 34,115 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Murata Manufacturing Co., Ltd. | 262 | $ | 14,209 | |||||
Nabtesco Corp. | 83 | 2,687 | ||||||
Nagoya Railroad Co. Ltd. | 158 | 5,042 | ||||||
NEC Corp. | 459 | 18,257 | ||||||
NEXON Co., Ltd.(b) | 119 | 1,381 | ||||||
NGK Insulators Ltd. | 236 | 3,654 | ||||||
NGK Spark Plug Co., Ltd. | 170 | 3,486 | ||||||
NH Foods Ltd. | 212 | 8,913 | ||||||
Nidec Corp. | 83 | 12,350 | ||||||
Nikon Corp. | 399 | 5,130 | ||||||
Nintendo Co., Ltd. | 25 | 8,931 | ||||||
Nippon Electric Glass Co. Ltd. | 89 | 2,024 | ||||||
Nippon Express Co., Ltd. | 298 | 17,118 | ||||||
Nippon Paint Holdings Co. Ltd. | 91 | 5,009 | ||||||
Nippon Steel Corp. | 3,072 | 45,225 | ||||||
Nippon Telegraph & Telephone Corp. | 1,748 | 86,927 | ||||||
Nippon Yusen K.K. | 798 | 14,490 | ||||||
Nissan Chemical Corp. | 34 | 1,409 | ||||||
Nissan Motor Co. Ltd. | 13,458 | 85,823 | ||||||
Nisshin Seifun Group, Inc. | 176 | 3,500 | ||||||
Nissin Foods Holdings Co. Ltd. | 54 | 4,096 | ||||||
Nitori Holdings Co. Ltd. | 37 | 5,651 | ||||||
Nitto Denko Corp. | 141 | 7,878 | ||||||
Nomura Holdings, Inc. | 3,713 | 17,012 | ||||||
Nomura Real Estate Holdings, Inc. | 204 | 4,857 | ||||||
Nomura Research Institute Ltd. | 231 | 4,938 | ||||||
NSK Ltd. | 926 | 8,703 | ||||||
NTT Data Corp. | 1,146 | 15,180 | ||||||
NTT DOCOMO, Inc. | 1,319 | 36,298 | ||||||
Obayashi Corp. | 1,592 | 16,494 | ||||||
OBIC Co. Ltd. | 5 | 631 | ||||||
Odakyu Electric Railway Co. Ltd. | 154 | 3,765 | ||||||
Oji Holdings Corp. | 2,348 | 12,272 | ||||||
Olympus Corp. | 482 | 6,599 | ||||||
Omron Corp. | 130 | 7,696 | ||||||
Ono Pharmaceutical Co. Ltd. | 125 | 2,367 | ||||||
Oracle Corp. Japan | 20 | 1,772 | ||||||
Oriental Land Co. Ltd. | 34 | 4,996 | ||||||
ORIX Corp. | 1,180 | 18,627 | ||||||
Osaka Gas Co. Ltd. | 528 | 10,369 | ||||||
Otsuka Corp. | 139 | 5,645 | ||||||
Otsuka Holdings Co. Ltd. | 221 | 9,277 | ||||||
Pan Pacific International Holdings Corp. | 452 | 7,137 | ||||||
Panasonic Corp. | 7,475 | 63,400 | ||||||
Park24 Co. Ltd.(a) | 109 | 2,580 | ||||||
Persol Holdings Co. Ltd. | 318 | 6,148 | ||||||
Pigeon Corp.(a) | 18 | 886 | ||||||
Pola Orbis Holdings, Inc. | 64 | 1,458 | ||||||
Rakuten, Inc. | 819 | 7,864 | ||||||
Recruit Holdings Co., Ltd. | 428 | 14,296 | ||||||
Renesas Electronics Corp.(b) | 837 | 5,729 | ||||||
Resona Holdings, Inc. | 1,310 | 5,757 | ||||||
Ricoh Co. Ltd. | 1,600 | 14,356 | ||||||
Rinnai Corp. | 37 | 2,735 | ||||||
Rohm Co. Ltd. | 47 | 3,765 | ||||||
Ryohin Keikaku Co. Ltd. | 170 | 3,813 | ||||||
Sankyo Co. Ltd. | 19 | 667 | ||||||
Santen Pharmaceutical Co. Ltd. | 110 | 1,959 | ||||||
SBI Holdings, Inc. | 109 | 2,390 | ||||||
Secom Co. Ltd. | 93 | 8,659 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sega Sammy Holdings, Inc. | 200 | $ | 2,827 | |||||
Seibu Holdings, Inc. | 258 | 4,566 | ||||||
Seiko Epson Corp. | 594 | 8,451 | ||||||
Sekisui Chemical Co., Ltd. | 567 | 9,960 | ||||||
Sekisui House Ltd. | 857 | 18,566 | ||||||
Seven & i Holdings Co., Ltd. | 1,330 | 50,442 | ||||||
Seven Bank Ltd. | 399 | 1,163 | ||||||
SG Holdings Co. Ltd. | 299 | 7,437 | ||||||
Sharp Corp. | 1,467 | 17,085 | ||||||
Shimadzu Corp. | 109 | 2,942 | ||||||
Shimamura Co. Ltd. | 55 | 4,686 | ||||||
Shimano, Inc. | 17 | 2,846 | ||||||
Shimizu Corp. | 1,293 | 12,128 | ||||||
Shin-Etsu Chemical Co. Ltd. | 108 | 12,148 | ||||||
Shinsei Bank Ltd. | 198 | 3,117 | ||||||
Shionogi & Co. Ltd. | 44 | 2,653 | ||||||
Shiseido Co. Ltd. | 104 | 8,627 | ||||||
Shizuoka Bank Ltd. (The) | 224 | 1,724 | ||||||
Showa Denko K.K. | 255 | 7,253 | ||||||
SMC Corp. | 12 | 5,238 | ||||||
Softbank Corp. | 1,816 | 24,946 | ||||||
SoftBank Group Corp. | 1,428 | 55,347 | ||||||
Sohgo Security Services Co. Ltd. | 66 | 3,608 | ||||||
Sompo Holdings, Inc. | 531 | 20,993 | ||||||
Sony Corp. | 1,027 | 62,938 | ||||||
Sony Financial Holdings, Inc. | 412 | 8,914 | ||||||
Stanley Electric Co. Ltd. | 137 | 3,840 | ||||||
Subaru Corp. | 776 | 22,418 | ||||||
SUMCO Corp. | 192 | 3,234 | ||||||
Sumitomo Chemical Co., Ltd. | 3,558 | 16,423 | ||||||
Sumitomo Corp. | 2,441 | 39,808 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 146 | 2,569 | ||||||
Sumitomo Electric Industries Ltd. | 1,931 | 26,731 | ||||||
Sumitomo Heavy Industries Ltd. | 204 | 6,407 | ||||||
Sumitomo Metal Mining Co., Ltd. | 176 | 5,952 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,200 | 43,069 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 287 | 10,556 | ||||||
Sumitomo Realty & Development Co., Ltd. | 193 | 7,039 | ||||||
Sumitomo Rubber Industries Ltd. | 561 | 7,488 | ||||||
Sundrug Co. Ltd. | 162 | 5,387 | ||||||
Suntory Beverage & Food Ltd. | 212 | 9,060 | ||||||
Suzuken Co., Ltd. | 286 | 15,344 | ||||||
Suzuki Motor Corp. | 736 | 34,974 | ||||||
Sysmex Corp. | 30 | 1,967 | ||||||
T&D Holdings, Inc. | 1,258 | 14,197 | ||||||
Taiheiyo Cement Corp. | 223 | 6,353 | ||||||
Taisei Corp. | 331 | 13,166 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 24 | 1,725 | ||||||
Taiyo Nippon Sanso Corp. | 254 | 5,996 | ||||||
Takeda Pharmaceutical Co., Ltd. | 398 | 14,461 | ||||||
TDK Corp. | 129 | 12,923 | ||||||
Teijin Ltd. | 393 | 7,932 | ||||||
Terumo Corp. | 155 | 5,090 | ||||||
THK Co. Ltd. | 118 | 3,444 | ||||||
Tobu Railway Co. Ltd. | 146 | 4,896 | ||||||
Toho Co. Ltd. | 43 | 1,738 | ||||||
Toho Gas Co. Ltd. | 80 | 3,127 | ||||||
Tohoku Electric Power Co., Inc. | 1,559 | 16,065 | ||||||
Tokio Marine Holdings, Inc. | 562 | 30,506 | ||||||
Tokyo Century Corp. | 176 | 8,205 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 8,776 | $ | 40,753 | |||||
Tokyo Electron Ltd. | 49 | 10,006 | ||||||
Tokyo Gas Co., Ltd. | 535 | 13,095 | ||||||
Tokyu Corp. | 471 | 8,936 | ||||||
Tokyu Fudosan Holdings Corp. | 1,018 | 6,790 | ||||||
Toppan Printing Co., Ltd. | 695 | 12,929 | ||||||
Toray Industries, Inc. | 2,188 | 15,599 | ||||||
Toshiba Corp. | 867 | 29,714 | ||||||
Tosoh Corp. | 454 | 6,291 | ||||||
TOTO Ltd. | 125 | 5,151 | ||||||
Toyo Seikan Group Holdings Ltd. | 398 | 6,358 | ||||||
Toyo Suisan Kaisha Ltd. | 77 | 3,248 | ||||||
Toyoda Gosei Co. Ltd. | 316 | 7,471 | ||||||
Toyota Industries Corp. | 310 | 18,811 | ||||||
Toyota Motor Corp. | 3,610 | 251,853 | ||||||
Toyota Tsusho Corp. | 1,504 | 52,450 | ||||||
Trend Micro, Inc. | 25 | 1,272 | ||||||
Tsuruha Holdings, Inc. | 51 | 5,770 | ||||||
Unicharm Corp. | 167 | 5,699 | ||||||
USS Co. Ltd. | 38 | 740 | ||||||
Welcia Holdings Co. Ltd. | 100 | 5,781 | ||||||
West Japan Railway Co. | 122 | 10,627 | ||||||
Yakult Honsha Co. Ltd. | 50 | 2,877 | ||||||
Yamada Denki Co. Ltd. | 2,823 | 13,657 | ||||||
Yamaha Corp. | 66 | 3,095 | ||||||
Yamaha Motor Co., Ltd. | 680 | 13,461 | ||||||
Yamato Holdings Co. Ltd. | 678 | 11,440 | ||||||
Yamazaki Baking Co. Ltd. | 378 | 6,455 | ||||||
Yaskawa Electric Corp. | 100 | 3,867 | ||||||
Yokogawa Electric Corp. | 153 | 2,826 | ||||||
Yokohama Rubber Co. Ltd. (The) | 274 | 6,177 | ||||||
Z Holdings Corp. | 3,253 | 10,050 | ||||||
ZOZO, Inc.(a) | 44 | 1,030 | ||||||
|
| |||||||
4,404,368 | ||||||||
|
| |||||||
Luxembourg-0.62% | ||||||||
ArcelorMittal | 4,207 | 62,095 | ||||||
Eurofins Scientific S.E. | 7 | 3,547 | ||||||
RTL Group S.A. | 110 | 5,591 | ||||||
SES S.A., FDR | 71 | 1,376 | ||||||
Tenaris S.A. | 510 | 5,152 | ||||||
|
| |||||||
77,761 | ||||||||
|
| |||||||
Macau-0.17% | ||||||||
Galaxy Entertainment Group Ltd. | 850 | 5,873 | ||||||
MGM China Holdings Ltd. | 1,115 | 1,773 | ||||||
Sands China Ltd. | 1,333 | 6,590 | ||||||
SJM Holdings Ltd. | 2,974 | 3,187 | ||||||
Wynn Macau Ltd. | 1,714 | 3,735 | ||||||
|
| |||||||
21,158 | ||||||||
|
| |||||||
Mexico-0.01% | ||||||||
Fresnillo PLC(a) | 165 | 1,516 | ||||||
|
| |||||||
Netherlands-3.17% | ||||||||
ABN AMRO Group N.V., CVA(c) | 713 | 13,276 | ||||||
Adyen N.V.(b)(c) | 2 | 1,404 | ||||||
Aegon N.V. | 4,953 | 21,418 | ||||||
Akzo Nobel N.V. | 84 | 7,736 | ||||||
ASML Holding N.V. | 43 | 11,274 | ||||||
EXOR N.V. | 1,841 | 141,145 | ||||||
Heineken Holding N.V. | 188 | 17,912 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Heineken N.V. | 178 | $ | 18,163 | |||||
ING Groep N.V. | 2,803 | 31,672 | ||||||
Koninklijke Ahold Delhaize N.V. | 2,421 | 60,300 | ||||||
Koninklijke DSM N.V. | 64 | 7,586 | ||||||
Koninklijke KPN N.V. | 1,505 | 4,668 | ||||||
Koninklijke Philips N.V. | 330 | 14,458 | ||||||
Koninklijke Vopak N.V. | 26 | 1,427 | ||||||
NN Group N.V. | 332 | 12,656 | ||||||
NXP Semiconductors N.V. | 67 | 7,616 | ||||||
Randstad N.V. | 417 | 23,094 | ||||||
Wolters Kluwer N.V. | 50 | 3,683 | ||||||
|
| |||||||
399,488 | ||||||||
|
| |||||||
NewZealand-0.08% | ||||||||
a2 Milk Co. Ltd.(b) | 54 | 450 | ||||||
Auckland International Airport Ltd. | 68 | 406 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 51 | 626 | ||||||
Fletcher Building Ltd. | 1,466 | 4,306 | ||||||
Meridian Energy Ltd. | 563 | 1,661 | ||||||
Ryman Healthcare Ltd. | 25 | 207 | ||||||
Spark New Zealand Ltd. | 764 | 2,195 | ||||||
|
| |||||||
9,851 | ||||||||
|
| |||||||
Norway-0.88% | ||||||||
Aker BP ASA(a) | 90 | 2,489 | ||||||
DNB ASA | 372 | 6,770 | ||||||
Equinor ASA | 3,171 | 58,749 | ||||||
Gjensidige Forsikring ASA | 118 | 2,209 | ||||||
Mowi ASA | 124 | 3,028 | ||||||
Norsk Hydro ASA | 4,399 | 15,548 | ||||||
Orkla ASA | 441 | 4,243 | ||||||
Schibsted ASA, Class B | 28 | 783 | ||||||
Telenor ASA | 462 | 8,663 | ||||||
Yara International ASA | 228 | 8,888 | ||||||
|
| |||||||
111,370 | ||||||||
|
| |||||||
Portugal-0.34% | ||||||||
EDP - Energias de Portugal S.A., Class R | 3,317 | 13,655 | ||||||
Galp Energia SGPS S.A. | 898 | 14,307 | ||||||
Jeronimo Martins SGPS S.A. | 892 | 14,972 | ||||||
|
| |||||||
42,934 | ||||||||
|
| |||||||
Russia-0.05% | ||||||||
Evraz PLC | 1,418 | 6,738 | ||||||
|
| |||||||
Singapore-1.05% | ||||||||
Ascendas REIT | 238 | 554 | ||||||
CapitaLand Commercial Trust | 161 | 243 | ||||||
CapitaLand Ltd. | 1,196 | 3,164 | ||||||
CapitaLand Mall Trust | 266 | 496 | ||||||
City Developments Ltd. | 288 | 2,283 | ||||||
ComfortDelGro Corp. Ltd. | 1,185 | 2,003 | ||||||
DBS Group Holdings Ltd. | 549 | 10,488 | ||||||
Genting Singapore Ltd. | 2,240 | 1,547 | ||||||
Jardine Cycle & Carriage Ltd. | 610 | 14,666 | ||||||
Keppel Corp. Ltd. | 736 | 3,710 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,044 | 16,461 | ||||||
SATS Ltd. | 272 | 1,009 | ||||||
Sembcorp Industries Ltd. | 3,633 | 6,113 | ||||||
Singapore Airlines Ltd. | 1,388 | 9,597 | ||||||
Singapore Exchange Ltd. | 93 | 611 | ||||||
Singapore Press Holdings Ltd. | 319 | 520 |
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Singapore Technologies Engineering Ltd. | 1,326 | $ | 3,888 | |||||
Singapore Telecommunications Ltd. | 3,975 | 9,639 | ||||||
Suntec REIT | 159 | 217 | ||||||
United Overseas Bank Ltd. | 455 | 8,970 | ||||||
UOL Group Ltd. | 267 | 1,530 | ||||||
Venture Corp. Ltd. | 176 | 2,047 | ||||||
Wilmar International Ltd. | 11,642 | 32,079 | ||||||
|
| |||||||
131,835 | ||||||||
|
| |||||||
SouthAfrica-0.23% | ||||||||
Anglo American PLC | 990 | 25,385 | ||||||
Investec PLC | 511 | 2,894 | ||||||
|
| |||||||
28,279 | ||||||||
|
| |||||||
Spain-3.00% | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 833 | 33,819 | ||||||
Aena SME S.A.(c) | 20 | 3,670 | ||||||
Amadeus IT Group S.A. | 56 | 4,145 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 6,970 | 36,726 | ||||||
Banco de Sabadell S.A. | 6,822 | 7,488 | ||||||
Banco Santander S.A.(a) | 16,204 | 64,972 | ||||||
Bankia S.A. | 1,868 | 3,559 | ||||||
Bankinter S.A. | 325 | 2,248 | ||||||
CaixaBank S.A. | 4,373 | 12,514 | ||||||
Cellnex Telecom S.A.(a)(b)(c) | 28 | 1,208 | ||||||
Enagas S.A. | 40 | 990 | ||||||
Endesa S.A. | 620 | 16,878 | ||||||
Ferrovial S.A. | 124 | 3,660 | ||||||
Grifols S.A. | 74 | 2,384 | ||||||
Iberdrola S.A. | 2,920 | 29,997 | ||||||
Industria de Diseno Textil, S.A.(a) | 749 | 23,356 | ||||||
Mapfre, S.A.(a) | 6,038 | 16,841 | ||||||
Naturgy Energy Group S.A. | 756 | 20,588 | ||||||
Red Electrica Corp. S.A. | 79 | 1,591 | ||||||
Repsol S.A. | 2,294 | 37,622 | ||||||
Siemens Gamesa Renewable Energy S.A. | 572 | 7,865 | ||||||
Telefonica S.A. | 5,988 | 45,929 | ||||||
|
| |||||||
378,050 | ||||||||
|
| |||||||
Sweden-1.57% | ||||||||
Alfa Laval AB | 152 | 3,520 | ||||||
Assa Abloy AB, Class B | 291 | 6,917 | ||||||
Atlas Copco AB, Class A | 186 | 6,585 | ||||||
Atlas Copco AB, Class B | 95 | 2,949 | ||||||
Boliden AB(b) | 176 | 4,743 | ||||||
Electrolux AB, Series B | 448 | 11,788 | ||||||
Epiroc AB, Class A | 218 | 2,457 | ||||||
Epiroc AB, Class B | 107 | 1,166 | ||||||
Essity AB, Class B | 286 | 8,944 | ||||||
Hennes & Mauritz AB, Class B(a) | 855 | 17,904 | ||||||
Hexagon AB, Class B | 61 | 3,121 | ||||||
Husqvarna AB, Class B | 308 | 2,361 | ||||||
ICA Gruppen AB | 174 | 7,712 | ||||||
Industrivarden AB, Class C | 6 | 130 | ||||||
Investor AB, Class B | 59 | 3,028 | ||||||
Kinnevik AB, Class B(a) | 5 | 137 | ||||||
L E Lundbergforetagen AB, Class B | 31 | 1,169 | ||||||
Lundin Petroleum AB | 60 | 1,986 | ||||||
Sandvik AB | 562 | 9,937 | ||||||
Securitas AB, Class B | 465 | 7,452 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 619 | $ | 5,944 | |||||
Skanska AB, Class B | 720 | 15,358 | ||||||
SKF AB, Class B | 394 | 7,138 | ||||||
Svenska Handelsbanken AB, Class A | 501 | 5,027 | ||||||
Swedbank AB, Class A | 327 | 4,584 | ||||||
Swedish Match AB | 23 | 1,082 | ||||||
Tele2 AB, Class B | 143 | 2,049 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,884 | 16,497 | ||||||
Telia Co. AB | 1,576 | 6,944 | ||||||
Volvo AB, Class B | 1,894 | 28,388 | ||||||
|
| |||||||
197,017 | ||||||||
|
| |||||||
Switzerland-5.08% | ||||||||
ABB Ltd. | 1,049 | 21,995 | ||||||
Adecco Group AG | 377 | 22,343 | ||||||
Alcon, Inc.(b) | 91 | 5,373 | ||||||
Baloise Holding AG | 28 | 5,170 | ||||||
Barry Callebaut AG | 3 | 6,324 | ||||||
Cie Financiere Richemont S.A. | 155 | 12,189 | ||||||
Clariant AG(b) | 270 | 5,530 | ||||||
Coca-Cola HBC AG(b) | 168 | 5,109 | ||||||
Credit Suisse Group AG(b) | 2,238 | 27,738 | ||||||
Dufry AG(b) | 84 | 7,285 | ||||||
EMS-Chemie Holding AG | 3 | 1,876 | ||||||
Geberit AG | 5 | 2,537 | ||||||
Givaudan S.A. | 2 | 5,872 | ||||||
Glencore PLC | 53,432 | 160,856 | ||||||
Julius Baer Group Ltd.(b) | 74 | 3,264 | ||||||
Kuehne + Nagel International AG | 109 | 17,602 | ||||||
LafargeHolcim Ltd.(b) | 437 | 22,533 | ||||||
Lonza Group AG(b) | 12 | 4,317 | ||||||
Nestle S.A. | 631 | 67,349 | ||||||
Novartis AG | 457 | 39,871 | ||||||
Pargesa Holding S.A., BR | 56 | 4,421 | ||||||
Partners Group Holding AG | 1 | 780 | ||||||
Roche Holding AG | 124 | 37,297 | ||||||
Schindler Holding AG | 25 | 5,908 | ||||||
Schindler Holding AG, PC | 15 | 3,667 | ||||||
SGS S.A. | 2 | 5,205 | ||||||
Sika AG | 30 | 5,153 | ||||||
Sonova Holding AG | 10 | 2,290 | ||||||
STMicroelectronics N.V. | 388 | 8,805 | ||||||
Straumann Holding AG(b) | 1 | 892 | ||||||
Swatch Group AG (The) | 55 | 2,946 | ||||||
Swatch Group AG (The), BR | 13 | 3,597 | ||||||
Swiss Life Holding AG | 21 | 10,496 | ||||||
Swiss Prime Site AG(b) | 12 | 1,236 | ||||||
Swiss Re AG | 270 | 28,265 | ||||||
Swisscom AG | 18 | 9,194 | ||||||
Temenos AG(b) | 4 | 571 | ||||||
UBS Group AG(b) | 2,653 | 31,296 | ||||||
Vifor Pharma AG | 9 | 1,414 | ||||||
Zurich Insurance Group AG | 80 | 31,254 | ||||||
|
| |||||||
639,820 | ||||||||
|
| |||||||
United ArabEmirates-0.02% | ||||||||
NMC Health PLC | 70 | 1,977 | ||||||
|
| |||||||
UnitedKingdom-12.10% | ||||||||
3i Group PLC | 79 | 1,153 | ||||||
Admiral Group PLC | 26 | 680 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Ashtead Group PLC | 156 | $ | 4,740 | |||||
Associated British Foods PLC | 488 | 14,057 | ||||||
AstraZeneca PLC | 168 | 16,307 | ||||||
Auto Trader Group PLC(c) | 46 | 335 | ||||||
Aviva PLC | 5,288 | 28,411 | ||||||
BAE Systems PLC | 2,246 | 16,746 | ||||||
Barclays PLC | 15,289 | 33,197 | ||||||
Barratt Developments PLC | 596 | 4,868 | ||||||
Berkeley Group Holdings PLC | 57 | 3,246 | ||||||
BP PLC | 34,017 | 215,380 | ||||||
British American Tobacco PLC | 590 | 20,629 | ||||||
British Land Co. PLC (The) | 111 | 891 | ||||||
BT Group PLC | 10,456 | 27,696 | ||||||
Bunzl PLC | 333 | 8,653 | ||||||
Burberry Group PLC | 96 | 2,539 | ||||||
Centrica PLC | 33,858 | 31,790 | ||||||
CNH Industrial N.V. | 2,356 | 25,622 | ||||||
Coca-Cola European Partners PLC | 171 | 9,150 | ||||||
Compass Group PLC | 877 | 23,332 | ||||||
Croda International PLC | 22 | 1,371 | ||||||
DCC PLC | 181 | 16,948 | ||||||
Diageo PLC | 266 | 10,892 | ||||||
Direct Line Insurance Group PLC | 765 | 2,694 | ||||||
easyJet PLC | 489 | 7,834 | ||||||
Experian PLC | 109 | 3,425 | ||||||
Fiat Chrysler Automobiles N.V. | 5,402 | 83,940 | ||||||
G4S PLC | 3,163 | 8,464 | ||||||
GlaxoSmithKline PLC | 1,384 | 31,674 | ||||||
GVC Holdings PLC | 446 | 5,136 | ||||||
Halma PLC | 51 | 1,236 | ||||||
Hargreaves Lansdown PLC | 15 | 344 | ||||||
HSBC Holdings PLC | 7,918 | 59,734 | ||||||
Imperial Brands PLC | 551 | 12,067 | ||||||
Informa PLC | 287 | 2,878 | ||||||
InterContinental Hotels Group PLC | 52 | 3,136 | ||||||
Intertek Group PLC | 44 | 3,047 | ||||||
ITV PLC | 2,255 | 3,903 | ||||||
J Sainsbury PLC | 12,005 | 31,613 | ||||||
John Wood Group PLC(a) | 1,340 | 5,866 | ||||||
Johnson Matthey PLC | 286 | 11,362 | ||||||
Kingfisher PLC | 4,437 | 11,896 | ||||||
Land Securities Group PLC | 69 | 839 | ||||||
Legal & General Group PLC | 3,675 | 12,540 | ||||||
Lloyds Banking Group PLC | 39,259 | 28,855 | ||||||
London Stock Exchange Group PLC | 23 | 2,070 | ||||||
M&G PLC(b) | 1,740 | 4,814 | ||||||
Marks & Spencer Group PLC | 4,855 | 11,403 | ||||||
Meggitt PLC | 250 | 2,020 | ||||||
Melrose Industries PLC | 4,805 | 13,250 | ||||||
Merlin Entertainments PLC(c) | 274 | 1,611 | ||||||
Micro Focus International PLC | 91 | 1,248 | ||||||
Mondi PLC | 322 | 6,656 | ||||||
National Grid PLC | 1,292 | 15,068 | ||||||
Next PLC | 59 | 5,025 | ||||||
Ocado Group PLC(b) | 108 | 1,857 | ||||||
Pearson PLC | 409 | 3,611 | ||||||
Persimmon PLC | 143 | 4,213 | ||||||
Prudential PLC | 1,740 | 30,362 | ||||||
Reckitt Benckiser Group PLC | 152 | 11,730 | ||||||
RELX PLC | 284 | 6,828 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco International Revenue ETF (REFA)–(continued)
October 31, 2019
Shares | Value | |||||||
United Kingdom-(continued) |
| |||||||
Rentokil Initial PLC | 407 | $ | 2,394 | |||||
Rolls-Royce Holdings PLC(b) | 1,557 | 14,285 | ||||||
Rolls-Royce Holdings PLC, | 71,622 | 93 | ||||||
Royal Bank of Scotland Group PLC (The) | 6,626 | 18,237 | ||||||
Royal Dutch Shell PLC, Class A | 5,083 | 146,873 | ||||||
Royal Dutch Shell PLC, Class B | 4,332 | 124,332 | ||||||
RSA Insurance Group PLC | 919 | 6,210 | ||||||
Sage Group PLC (The) | 201 | 1,872 | ||||||
Schroders PLC | 56 | 2,243 | ||||||
Segro PLC | 52 | 568 | ||||||
Severn Trent PLC | 73 | 2,130 | ||||||
Smith & Nephew plc | 144 | 3,079 | ||||||
Smiths Group PLC | 172 | 3,591 | ||||||
Spirax-Sarco Engineering PLC | 11 | 1,128 | ||||||
SSE PLC | 488 | 8,105 | ||||||
St James’s Place PLC | 1 | 13 | ||||||
Standard Chartered PLC | 2,176 | 19,738 | ||||||
Standard Life Aberdeen PLC | 564 | 2,215 | ||||||
Taylor Wimpey PLC | 1,838 | 3,936 | ||||||
Tesco PLC | 22,175 | 67,489 | ||||||
Unilever N.V | 461 | 27,233 | ||||||
Unilever PLC | 289 | 17,287 | ||||||
United Utilities Group PLC | 183 | 2,061 | ||||||
Vodafone Group PLC | 18,380 | 37,436 | ||||||
Weir Group PLC (The) | 130 | 2,265 | ||||||
Whitbread PLC | 27 | 1,419 | ||||||
Wm Morrison Supermarkets PLC(a) | 7,424 | 19,103 | ||||||
WPP PLC | 1,231 | 15,343 | ||||||
|
| |||||||
1,523,560 | ||||||||
|
| |||||||
UnitedStates-0.18% | ||||||||
Carnival PLC | 66 | 2,641 | ||||||
CyberArk Software Ltd.(b) | 2 | 203 | ||||||
Ferguson PLC | 204 | 17,385 |
Shares | Value | |||||||
United States-(continued) |
| |||||||
James Hardie Industries PLC, CDI | 112 | $ | 1,920 | |||||
QIAGEN N.V.(b) | 30 | 901 | ||||||
|
| |||||||
23,050 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 12,548,129 | |||||||
|
| |||||||
Money MarketFunds-0.01% |
| |||||||
Invesco Premier U.S. Government Money | ||||||||
Portfolio, Institutional Class, 1.67%(e) | 1,178 | 1,178 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 12,549,307 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.83% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 267,062 | 267,062 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 88,985 | 89,021 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from |
| 356,083 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-102.50% |
| 12,905,390 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.50)% |
| (315,016 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 12,590,374 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
PC-Participation Certificate
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
SDR-Swedish Depository Receipt
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $86,562, which represented less than 1% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(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.
| 38 |
|
Invesco International Ultra Dividend Revenue ETF (RIDV)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.97% |
| |||||||
Australia-9.17% |
| |||||||
AGL Energy Ltd. | 400 | $ | 5,451 | |||||
APA Group | 138 | 1,108 | ||||||
Aurizon Holdings Ltd. | 281 | 1,142 | ||||||
AusNet Services | 673 | 858 | ||||||
Australia & New Zealand Banking Group Ltd. | 790 | 14,554 | ||||||
Bendigo & Adelaide Bank Ltd. | 153 | 1,123 | ||||||
BHP Group Ltd. | 903 | 22,365 | ||||||
BHP Group PLC | 934 | 19,758 | ||||||
Boral Ltd. | 771 | 2,672 | ||||||
Caltex Australia Ltd. | 522 | 9,807 | ||||||
Commonwealth Bank of Australia | 294 | 15,933 | ||||||
Crown Resorts Ltd. | 148 | 1,270 | ||||||
Fortescue Metals Group Ltd. | 998 | 6,126 | ||||||
GPT Group (The) | 82 | 336 | ||||||
Harvey Norman Holdings Ltd. | 457 | 1,288 | ||||||
Macquarie Group Ltd. | 76 | 7,012 | ||||||
Metcash Ltd. | 2,516 | 4,888 | ||||||
National Australia Bank Ltd. | 733 | 14,448 | ||||||
Platinum Asset Management Ltd. | 45 | 128 | ||||||
Rio Tinto Ltd. | 377 | 23,605 | ||||||
Rio Tinto plc | 398 | 20,673 | ||||||
Scentre Group | 416 | 1,098 | ||||||
Shopping Centres Australasia Property Group | 61 | 113 | ||||||
Star Entertainment Group Ltd. (The) | 301 | 975 | ||||||
Stockland | 337 | 1,135 | ||||||
Suncorp Group Ltd. | 626 | 5,801 | ||||||
Tabcorp Holdings Ltd. | 666 | 2,202 | ||||||
Vicinity Centres | 284 | 522 | ||||||
Wesfarmers Ltd. | 400 | 10,957 | ||||||
Westpac Banking Corp. | 774 | 15,043 | ||||||
Whitehaven Coal Ltd. | 436 | 994 | ||||||
Woodside Petroleum Ltd. | 123 | 2,729 | ||||||
|
| |||||||
216,114 | ||||||||
|
| |||||||
Belgium-0.92% |
| |||||||
Ageas | 153 | 8,815 | ||||||
KBC Group N.V. | 132 | 9,260 | ||||||
Proximus SADP | 121 | 3,716 | ||||||
|
| |||||||
21,791 | ||||||||
|
| |||||||
Canada-5.40% |
| |||||||
Bank of Nova Scotia (The) | 339 | 19,483 | ||||||
BCE, Inc. | 216 | 10,268 | ||||||
Canadian Imperial Bank of Commerce | 155 | 13,245 | ||||||
Canadian Utilities Ltd., Class A | 64 | 1,870 | ||||||
Great-West Lifeco, Inc. | 874 | 21,299 | ||||||
IGM Financial, Inc. | 49 | 1,386 | ||||||
Pembina Pipeline Corp. | 86 | 3,034 | ||||||
Power Corp. of Canada | 965 | 22,379 | ||||||
Power Financial Corp. | 935 | 21,910 | ||||||
RioCan REIT | 27 | 543 | ||||||
TC Energy Corp. | 117 | 5,910 | ||||||
TELUS Corp. | 171 | 6,095 | ||||||
|
| |||||||
127,422 | ||||||||
|
| |||||||
China-1.80% |
| |||||||
BOC Hong Kong Holdings Ltd. | 2,355 | 8,113 |
Shares | Value | |||||||
China-(continued) | ||||||||
China Travel International Investment Hong Kong Ltd. | 2,155 | $ | 341 | |||||
Guotai Junan International Holdings Ltd. | 1,539 | 259 | ||||||
Lenovo Group Ltd. | 44,901 | 31,394 | ||||||
Shui On Land Ltd. | 5,279 | 1,064 | ||||||
Xinyi Glass Holdings Ltd. | 1,092 | 1,230 | ||||||
|
| |||||||
42,401 | ||||||||
|
| |||||||
Denmark-0.59% |
| |||||||
Danske Bank A/S | 824 | 11,762 | ||||||
Pandora A/S | 44 | 2,165 | ||||||
|
| |||||||
13,927 | ||||||||
|
| |||||||
Finland-1.21% |
| |||||||
Fortum Oyj | 155 | 3,785 | ||||||
Nokian Renkaat Oyj | 36 | 1,028 | ||||||
Nordea Bank Abp | 1,163 | 8,507 | ||||||
Orion Oyj, Class B | 19 | 843 | ||||||
Sampo Oyj, Class A | 151 | 6,189 | ||||||
UPM-Kymmene Oyj | 249 | 8,095 | ||||||
|
| |||||||
28,447 | ||||||||
|
| |||||||
France-14.89% |
| |||||||
Amundi S.A.(a) | 48 | 3,427 | ||||||
BNP Paribas S.A. | 871 | 45,487 | ||||||
Bouygues S.A. | 607 | 25,734 | ||||||
CNP Assurances | 1,268 | 25,152 | ||||||
Covivio | 7 | 793 | ||||||
Credit Agricole S.A. | 5,087 | 66,316 | ||||||
Eutelsat Communications S.A.(b) | 50 | 948 | ||||||
Imerys S.A. | 70 | 2,704 | ||||||
Klepierre S.A. | 26 | 969 | ||||||
Orange S.A.(b) | 1,729 | 27,854 | ||||||
SCOR S.E. | 257 | 10,832 | ||||||
Societe BIC S.A. | 19 | 1,319 | ||||||
Suez | 715 | 11,148 | ||||||
TOTAL S.A. | 2,044 | 107,486 | ||||||
Unibail-Rodamco-Westfield | 15 | 2,320 | ||||||
Veolia Environnement S.A. | 702 | 18,460 | ||||||
|
| |||||||
350,949 | ||||||||
|
| |||||||
Germany-14.99% |
| |||||||
Allianz S.E. | 309 | 75,497 | ||||||
BASF S.E. | 595 | 45,292 | ||||||
Bayerische Motoren Werke AG | 922 | 70,677 | ||||||
Covestro AG(a) | 186 | 8,933 | ||||||
Deutsche Lufthansa AG | 1,491 | 25,858 | ||||||
Deutsche Telekom AG | 2,961 | 52,089 | ||||||
Hugo Boss AG | 31 | 1,305 | ||||||
METRO AG | 985 | 16,044 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 156 | 43,336 | ||||||
TUI AG | 1,094 | 14,298 | ||||||
|
| |||||||
353,329 | ||||||||
|
| |||||||
HongKong-1.85% |
| |||||||
Bank of East Asia Ltd. (The) | 893 | 2,153 | ||||||
Champion REIT | 346 | 230 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 5,737 | 5,168 | ||||||
CK Infrastructure Holdings Ltd. | 74 | 533 | ||||||
Haitong International Securities Group Ltd. | 2,000 | 582 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco International Ultra Dividend Revenue ETF (RIDV)–(continued)
October 31, 2019
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Hang Lung Properties Ltd. | 274 | $ | 603 | |||||
Kerry Properties Ltd. | 464 | 1,504 | ||||||
Li & Fung Ltd. | 61,534 | 6,752 | ||||||
Lifestyle International Holdings Ltd. | 284 | 299 | ||||||
Mapletree North Asia Commercial Trust(a) | 200 | 188 | ||||||
New World Development Co. Ltd. | 4,800 | 6,884 | ||||||
NWS Holdings Ltd. | 1,324 | 1,973 | ||||||
PCCW Ltd. | 5,000 | 2,973 | ||||||
Power Assets Holdings Ltd. | 16 | 114 | ||||||
Sa Sa International Holdings Ltd. | 2,871 | 689 | ||||||
Shun Tak Holdings Ltd. | 3,353 | 1,377 | ||||||
Sino Land Co. Ltd. | 585 | 876 | ||||||
VTech Holdings Ltd. | 157 | 1,378 | ||||||
Wharf Holdings Ltd. (The) | 702 | 1,596 | ||||||
Wharf Real Estate Investment Co. Ltd. | 227 | 1,338 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,237 | 6,308 | ||||||
|
| |||||||
43,518 | ||||||||
|
| |||||||
Ireland-0.10% | ||||||||
AIB Group PLC | 763 | 2,445 | ||||||
|
| |||||||
Israel-0.60% | ||||||||
Delek Group Ltd. | 10 | 1,249 | ||||||
First International Bank of Israel Ltd. | 28 | 769 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 368 | 2,940 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 3,682 | 3,821 | ||||||
Paz Oil Co. Ltd. | 17 | 2,605 | ||||||
Phoenix Holdings Ltd. (The) | 438 | 2,669 | ||||||
|
| |||||||
14,053 | ||||||||
|
| |||||||
Italy-6.33% | ||||||||
Assicurazioni Generali S.p.A. | 2,563 | 51,970 | ||||||
Atlantia S.p.A. | 269 | 6,644 | ||||||
Enel S.p.A. | 6,605 | 51,140 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 181 | 2,151 | ||||||
Poste Italiane S.p.A.(a) | 1,838 | 22,310 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 228 | 1,507 | ||||||
Unione di Banche Italiane S.p.A. | 1,061 | 3,228 | ||||||
UnipolSai Assicurazioni S.p.A.(b) | 3,727 | 10,399 | ||||||
|
| |||||||
149,349 | ||||||||
|
| |||||||
Luxembourg-0.06% | ||||||||
SES S.A., FDR | 78 | 1,512 | ||||||
|
| |||||||
Netherlands-3.89% | ||||||||
ABN AMRO Group N.V., CVA(a) | 514 | 9,571 | ||||||
Aegon N.V. | 5,441 | 23,528 | ||||||
ING Groep N.V. | 2,261 | 25,548 | ||||||
NN Group N.V. | 403 | 15,363 | ||||||
Randstad N.V. | 321 | 17,777 | ||||||
|
| |||||||
91,787 | ||||||||
|
| |||||||
NewZealand-0.21% | ||||||||
Air New Zealand Ltd. | 1,156 | 2,094 | ||||||
Contact Energy Ltd. | 168 | 795 | ||||||
Kiwi Property Group Ltd. | 72 | 73 | ||||||
Mercury NZ Ltd. | 221 | 704 | ||||||
Spark New Zealand Ltd. | 457 | 1,313 | ||||||
|
| |||||||
4,979 | ||||||||
|
| |||||||
Norway-2.51% | ||||||||
Aker BP ASA(b) | 71 | 1,963 |
Shares | Value | |||||||
Norway-(continued) | ||||||||
DNB ASA | 306 | $ | 5,569 | |||||
Equinor ASA | 2,302 | 42,649 | ||||||
Gjensidige Forsikring ASA | 98 | 1,835 | ||||||
Salmar ASA | 16 | 747 | ||||||
Telenor ASA | 341 | 6,394 | ||||||
|
| |||||||
59,157 | ||||||||
|
| |||||||
Poland-0.06% | ||||||||
Bank Polska Kasa Opieki S.A. | 54 | 1,526 | ||||||
|
| |||||||
Portugal-0.43% | ||||||||
EDP - Energias de Portugal S.A., Class R | 2,468 | 10,160 | ||||||
|
| |||||||
Singapore-0.58% | ||||||||
Ascendas REIT | 200 | 466 | ||||||
CapitaLand Commercial Trust | 100 | 151 | ||||||
CapitaLand Mall Trust | 200 | 373 | ||||||
ComfortDelGro Corp. Ltd. | 914 | 1,545 | ||||||
Frasers Property Ltd. | 1,316 | 1,779 | ||||||
Keppel REIT | 100 | 89 | ||||||
Mapletree Commercial Trust | 112 | 192 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(c) | 7 | 0 | ||||||
Mapletree Industrial Trust | 100 | 187 | ||||||
Mapletree Logistics Trust | 200 | 247 | ||||||
SIA Engineering Co. Ltd. | 241 | 473 | ||||||
Singapore Press Holdings Ltd. | 300 | 489 | ||||||
Singapore Telecommunications Ltd. | 3,137 | 7,606 | ||||||
Suntec REIT | 100 | 137 | ||||||
|
| |||||||
13,734 | ||||||||
|
| |||||||
SouthAfrica-0.70% | ||||||||
Anglo American PLC | 646 | 16,565 | ||||||
|
| |||||||
SouthKorea-2.23% | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 374 | 8,117 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 22 | 616 | ||||||
Samsung Card Co. Ltd. | 49 | 1,413 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 55 | 10,235 | ||||||
SK Innovation Co. Ltd. | 190 | 26,129 | ||||||
Woori Financial Group, Inc. | 593 | 5,989 | ||||||
|
| |||||||
52,499 | ||||||||
|
| |||||||
Spain-5.60% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 5,533 | 29,155 | ||||||
Banco Santander S.A.(b) | 12,832 | 51,452 | ||||||
Bankinter S.A. | 302 | 2,089 | ||||||
Mapfre, S.A. | 5,348 | 14,916 | ||||||
Telefonica S.A. | 4,404 | 33,779 | ||||||
Zardoya Otis S.A. | 73 | 553 | ||||||
|
| |||||||
131,944 | ||||||||
|
| |||||||
Sweden-1.01% | ||||||||
Hennes & Mauritz AB, Class B(b) | 672 | 14,072 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 488 | 4,687 | ||||||
Telia Co. AB | 1,133 | 4,992 | ||||||
|
| |||||||
23,751 | ||||||||
|
| |||||||
Switzerland-3.26% | ||||||||
Adecco Group AG | 294 | 17,424 | ||||||
Swisscom AG | 13 | 6,640 | ||||||
UBS Group AG(c) | 1,952 | 23,026 | ||||||
Zurich Insurance Group AG | 76 | 29,692 | ||||||
|
| |||||||
76,782 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco International Ultra Dividend Revenue ETF (RIDV)–(continued)
October 31, 2019
Shares | Value | |||||||
UnitedKingdom-21.58% | ||||||||
Aviva PLC | 6,685 | $ | 35,916 | |||||
Babcock International Group PLC | 461 | 3,305 | ||||||
Barratt Developments PLC | 410 | 3,349 | ||||||
Bellway PLC | 56 | 2,290 | ||||||
BP PLC | 16,421 | 103,970 | ||||||
British American Tobacco PLC | 449 | 15,699 | ||||||
Direct Line Insurance Group PLC | 312 | 1,099 | ||||||
easyJet PLC | 338 | 5,415 | ||||||
GlaxoSmithKline PLC | 960 | 21,970 | ||||||
HSBC Holdings PLC | 5,837 | 44,034 | ||||||
International Consolidated Airlines Group S.A. | 1,536 | 10,558 | ||||||
International Consolidated Airlines Group S.A., ADR | 655 | 8,987 | ||||||
ITV PLC | 1,380 | 2,388 | ||||||
J Sainsbury PLC | 7,650 | 20,145 | ||||||
Kingfisher PLC | 3,108 | 8,333 | ||||||
Legal & General Group PLC | 11,121 | 37,948 | ||||||
Lloyds Banking Group PLC | 37,872 | 27,836 | ||||||
National Grid PLC | 900 | 10,496 | ||||||
Pennon Group PLC | 110 | 1,278 | ||||||
Phoenix Group Holdings PLC | 2,100 | 19,136 | ||||||
Royal Dutch Shell PLC, Class A | 3,609 | 104,282 | ||||||
Severn Trent PLC | 44 | 1,284 | ||||||
SSE PLC | 329 | 5,464 | ||||||
Standard Life Aberdeen PLC | 467 | 1,834 | ||||||
United Utilities Group PLC | 116 | 1,306 | ||||||
WPP PLC | 838 | 10,445 | ||||||
|
| |||||||
508,767 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 2,356,908 | |||||||
|
|
Shares | Value | |||||||
Money MarketFunds-0.14% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 3,229 | $ | 3,229 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,360,137 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.95% |
| |||||||
Invesco Government & Agency Portfolio, Institutional | 69,061 | 69,061 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 24,128 | 24,137 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 93,198 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-104.06% | 2,453,335 | |||||||
OTHER ASSETS LESS LIABILITIES-(4.06)% | (95,826 | ) | ||||||
|
| |||||||
NETASSETS-100.00% | $ | 2,357,509 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CVA-Dutch Certificates
FDR-Fiduciary Depositary Receipt
REIT-Real Estate Investment Trust
Rts.-Rights
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, 2019 was $44,429, which represented 1.88% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(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.
| 41 |
|
Statements of Assets and Liabilities
October 31, 2019
Invesco Emerging Markets Revenue ETF (REEM) | Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) | Invesco International Revenue ETF (REFA) | Invesco International Ultra Dividend Revenue ETF (RIDV) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 14,641,828 | $ | 3,386,347 | $ | 12,548,129 | $ | 2,356,908 | ||||||||||||
Affiliated investments in securities, at value | 106,861 | 9,536 | 357,261 | 96,427 | ||||||||||||||||
Foreign currencies, at value | 2,199 | 202 | - | 15 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 12,570 | 6,705 | 56,930 | 3,148 | ||||||||||||||||
Securities lending | 93 | - | 600 | 9 | ||||||||||||||||
Foreign tax reclaims | 685 | 327 | 468 | 1,899 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 14,764,236 | 3,403,117 | 12,963,388 | 2,458,406 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 13,376 | - | - | - | ||||||||||||||||
Due to foreign custodian | - | - | 5,586 | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Collateral upon return of securities loaned | 106,860 | - | 356,078 | 93,198 | ||||||||||||||||
Accrued unitary management fees | 5,569 | 1,302 | 4,355 | 825 | ||||||||||||||||
Accrued expenses | 7,028 | 6,889 | 6,995 | 6,874 | ||||||||||||||||
Accrued tax expenses | 1,835 | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 134,668 | 8,191 | 373,014 | 100,897 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 14,629,568 | $ | 3,394,926 | $ | 12,590,374 | $ | 2,357,509 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 15,771,258 | $ | 3,714,922 | $ | 13,193,691 | $ | 2,516,075 | ||||||||||||
Distributable earnings (loss) | (1,141,690 | ) | (319,996 | ) | (603,317 | ) | (158,566 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 14,629,568 | $ | 3,394,926 | $ | 12,590,374 | $ | 2,357,509 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 600,000 | 150,000 | 500,000 | 100,000 | ||||||||||||||||
Net asset value | $ | 24.38 | $ | 22.63 | $ | 25.18 | $ | 23.58 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 24.24 | $ | 22.67 | $ | 25.13 | $ | 23.57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 15,155,986 | $ | 3,556,782 | $ | 12,536,903 | $ | 2,448,507 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 106,860 | $ | 9,536 | $ | 357,256 | $ | 96,427 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 2,187 | $ | 191 | $ | (5,548 | ) | $ | 15 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 95,724 | $ | - | $ | 334,147 | $ | 87,223 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
(This Page Intentionally Left Blank)
| 43 |
|
Statements of Operations
For the period July 1, 2019 through October 31, 2019 and year ended June 30, 2019
Invesco Emerging Markets Revenue ETF (REEM) | Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) | |||||||||||||||||||
Four Months Ended October 31, 2019 | Year Ended June 30, 2019 | Four Months Ended October 31, 2019 | Period Ended June 30, 2019(a) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 216,773 | $ | 474,804 | $ | 74,817 | $ | 152,220 | ||||||||||||
Affiliated dividend income | 132 | 87 | 30 | 5 | ||||||||||||||||
Non-cash dividend income | 2,413 | 17,464 | - | - | ||||||||||||||||
Securities lending income | 297 | 1,056 | - | 54 | ||||||||||||||||
Foreign withholding tax | (25,253 | ) | (54,753 | ) | (7,504 | ) | (12,692 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 194,362 | 438,658 | 67,343 | 139,587 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 22,230 | 59,994 | 5,298 | 11,112 | ||||||||||||||||
Proxy fees | 7,028 | - | 6,889 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 29,258 | 59,994 | 12,187 | 11,112 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (12 | ) | (8 | ) | (3 | ) | (1 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 29,246 | 59,986 | 12,184 | 11,111 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 165,116 | 378,672 | 55,159 | 128,476 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment securities | (82,003 | ) | (479,264 | ) | (81,939 | ) | (81,187 | )(b) | ||||||||||||
In-kind redemptions | - | 177,846 | - | - | ||||||||||||||||
Foreign currencies | (2,137 | ) | (18,220 | ) | (1,929 | ) | (3,829 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (84,140 | ) | (319,638 | ) | (83,868 | ) | (85,016 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (454,144 | )(c) | 351,703 | (c) | (134,528 | ) | (35,907 | ) | ||||||||||||
Affiliated investment securities | - | 1 | - | - | ||||||||||||||||
Foreign currencies | (711 | ) | 1,082 | (26 | ) | (26 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | (454,855 | ) | 352,786 | (134,554 | ) | (35,933 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (538,995 | ) | 33,148 | (218,422 | ) | (120,949 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (373,879 | ) | $ | 411,820 | $ | (163,263 | ) | $ | 7,527 | ||||||||||
|
|
|
|
|
|
|
|
(a) | For the period August 7, 2018 (commencement of investment operations) to June 30, 2019. |
(b) | Net of foreign taxes of $65. |
(c) | Net of change in deferred foreign taxes of $1,835 and $1,626, respectively. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco International | Invesco International Ultra Dividend Revenue ETF (RIDV) | |||||||||||||||||
Four Months Ended | Year Ended June 30, 2019 | Four Months Ended October 31, 2019 | Period Ended June 30, 2019(a) | |||||||||||||||
$ | 115,715 | $ | 469,509 | $ | 29,327 | $ | 114,838 | |||||||||||
142 | 78 | 21 | 11 | |||||||||||||||
837 | 25,855 | 181 | 432 | |||||||||||||||
2,802 | 2,138 | 116 | 379 | |||||||||||||||
(9,481 | ) | (42,748 | ) | (3,040 | ) | (13,582 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
110,015 | 454,832 | 26,605 | 102,078 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
17,067 | 52,571 | 3,222 | 8,797 | |||||||||||||||
6,995 | - | 6,874 | - | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
24,062 | 52,571 | 10,096 | 8,797 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(13 | ) | (9 | ) | (2 | ) | (1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
24,049 | 52,562 | 10,094 | 8,796 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
85,966 | 402,270 | 16,511 | 93,282 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
(16,696 | ) | (566,909 | ) | 13,292 | (90,384 | ) | ||||||||||||
- | 350,074 | - | - | |||||||||||||||
(346 | ) | (7,034 | ) | (265 | ) | (1,503 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
(17,042 | ) | (223,869 | ) | 13,027 | (91,887 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
247,337 | (612,556 | ) | (25,964 | ) | (65,635 | ) | ||||||||||||
2 | 3 | - | - | |||||||||||||||
182 | 86 | 130 | (96 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
247,521 | (612,467 | ) | (25,834 | ) | (65,731 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
230,479 | (836,336 | ) | (12,807 | ) | (157,618 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$ | 316,445 | $ | (434,066 | ) | $ | 3,704 | $ | (64,336 | ) | |||||||||
|
|
|
|
|
|
|
|
| 45 |
|
Statements of Changes in Net Assets
For the period July 1, 2019 through October 31, 2019, the year ended June 30, 2019 and the period ended June 30, 2018
Invesco Emerging Markets Revenue ETF (REEM) | Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) | ||||||||||||||||||||||||
Four Months Ended October 31, 2019 | Year Ended June 30, 2019 | Period Ended June 30, 2018(a) | Four Months Ended October 31, 2019 | Period Ended June 30, 2019(b) | |||||||||||||||||||||
Operations: | |||||||||||||||||||||||||
Net investment income | $ | 165,116 | $ | 378,672 | $ | 308,088 | $ | 55,159 | $ | 128,476 | |||||||||||||||
Net realized gain (loss) | (84,140 | ) | (319,638 | ) | 300,786 | (83,868 | ) | (85,016 | ) | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | (454,855 | ) | 352,786 | (413,901 | ) | (134,554 | ) | (35,933 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (373,879 | ) | 411,820 | 194,973 | (163,263 | ) | 7,527 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to Shareholders from: | |||||||||||||||||||||||||
Distributable earnings | (179,370 | ) | (495,307 | ) | (218,650 | ) | (47,994 | ) | (116,266 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Shareholder Transactions: | |||||||||||||||||||||||||
Proceeds from shares sold | - | 7,689,891 | 20,892,428 | - | 3,714,922 | ||||||||||||||||||||
Value of shares repurchased | - | (5,087,260 | ) | (8,205,078 | ) | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase in net assets resulting from share transactions | - | 2,602,631 | 12,687,350 | - | 3,714,922 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net increase (decrease) in net assets | (553,249 | ) | 2,519,144 | 12,663,673 | (211,257 | ) | 3,606,183 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net assets: | |||||||||||||||||||||||||
Beginning of period | 15,182,817 | 12,663,673 | - | 3,606,183 | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
End of period | $ | 14,629,568 | $ | 15,182,817 | $ | 12,663,673 | $ | 3,394,926 | $ | 3,606,183 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Changes in Shares Outstanding: | |||||||||||||||||||||||||
Shares sold | - | 300,000 | 800,000 | - | 150,000 | ||||||||||||||||||||
Shares repurchased | - | (200,000 | ) | (300,000 | ) | - | - | ||||||||||||||||||
Shares outstanding, beginning of period | 600,000 | 500,000 | - | 150,000 | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Shares outstanding, end of period | 600,000 | 600,000 | 500,000 | 150,000 | 150,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | For the period July 11, 2017 (commencement of investment operations) to June 30, 2018. |
(b) | For the period August 7, 2018 (commencement of investment operations) to June 30, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco International Revenue ETF (REFA) | Invesco International Ultra Dividend Revenue ETF (RIDV) | ||||||||||||||||||||||
Four Months Ended October 31, 2019 | Year Ended June 30, 2019 | Period Ended June 30, 2018(a) | Four Months Ended October 31, 2019 | Period Ended June 30, 2019(b) | |||||||||||||||||||
$ | 85,966 | $ | 402,270 | $ | 387,759 | $ | 16,511 | $ | 93,282 | ||||||||||||||
(17,042 | ) | (223,869 | ) | 188,104 | 13,027 | (91,887 | ) | ||||||||||||||||
247,521 | (612,467 | ) | 376,289 | (25,834 | ) | (65,731 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
316,445 | (434,066 | ) | 952,152 | 3,704 | (64,336 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
(83,720 | ) | (362,641 | ) | (358,426 | ) | (14,972 | ) | (82,962 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | 5,151,267 | 20,634,014 | - | 2,516,075 | |||||||||||||||||||
- | (5,119,876 | ) | (8,104,775 | ) | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | 31,391 | 12,529,239 | - | 2,516,075 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
232,725 | (765,316 | ) | 13,122,965 | (11,268 | ) | 2,368,777 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
12,357,649 | 13,122,965 | - | 2,368,777 | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 12,590,374 | $ | 12,357,649 | $ | 13,122,965 | $ | 2,357,509 | $ | 2,368,777 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | 200,000 | 800,000 | - | 100,000 | |||||||||||||||||||
- | (200,000 | ) | (300,000 | ) | - | - | |||||||||||||||||
500,000 | 500,000 | - | 100,000 | - | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
500,000 | 500,000 | 500,000 | 100,000 | 100,000 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| 47 |
|
Financial Highlights
Invesco Emerging Markets Revenue ETF (REEM)
Four Months Ended October 31, 2019 | Year Ended June 30, 2019 | For the Period July 11, 2017(a) Through June 30, 2018 | |||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 25.30 | $ | 25.33 | $ | 25.00 | |||||||||
Net investment income(b) | 0.28 | 0.72 | 0.62 | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.90 | ) | 0.20 | 0.15 | |||||||||||
Total from investment operations | (0.62 | ) | 0.92 | 0.77 | |||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.30 | ) | (0.90 | ) | (0.36 | ) | |||||||||
Net realized gains | - | (0.05 | ) | (0.08 | ) | ||||||||||
Total distributions | (0.30 | ) | (0.95 | ) | (0.44 | ) | |||||||||
Net asset value at end of period | $ | 24.38 | $ | 25.30 | $ | 25.33 | |||||||||
Market price at end of period(c) | $ | 24.24 | $ | 25.35 | |||||||||||
Net Asset Value Total Return(d) | (2.42 | )% | 3.77 | % | 2.95 | % | |||||||||
Market Price Total Return(d) | (3.18 | )% | 3.57 | % | 3.31 | % | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 14,630 | $ | 15,183 | $ | 12,664 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses, after Waivers | 0.51 | %(e) | 0.46 | % | 0.46 | %(f) | |||||||||
Expenses, prior to Waivers | 0.51 | %(e) | 0.46 | % | 0.61 | %(f) | |||||||||
Net investment income | 3.51 | %(e) | 2.90 | % | 2.32 | %(f) | |||||||||
Portfolio turnover rate(g) | 6 | % | 67 | % | 85 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%. |
(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.
| 48 |
|
Financial Highlights–(continued)
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV)
Four Months Ended October 31, 2019 | For the Period August 07, 2018(a) Through June 30, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 24.04 | $ | 25.00 | ||||||
Net investment income(b) | 0.37 | 1.12 | ||||||||
Net realized and unrealized gain (loss) on investments | (1.46 | ) | (1.14 | ) | ||||||
Total from investment operations | (1.09 | ) | (0.02 | ) | ||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.32 | ) | (0.94 | ) | ||||||
Net asset value at end of period | $ | 22.63 | $ | 24.04 | ||||||
Market price at end of period(c) | $ | 22.67 | $ | 24.16 | ||||||
Net Asset Value Total Return(d) | (4.52 | )% | 0.08 | % | ||||||
Market Price Total Return(d) | (4.84 | )% | 0.54 | % | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 3,395 | $ | 3,606 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses, after Waivers | 0.66 | %(e) | 0.46 | %(f) | ||||||
Expenses, prior to Waivers | 0.66 | %(e) | 0.46 | %(f) | ||||||
Net investment income | 5.18 | %(e) | 5.32 | %(f) | ||||||
Portfolio turnover rate(g) | 28 | % | 88 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.20%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Financial Highlights–(continued)
Invesco International Revenue ETF (REFA)
Four Months Ended October 31, 2019 | Year Ended June 30, 2019 | For the Period July 11, 2017(a) Through June 30, 2018 | |||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 24.72 | $ | 26.25 | $ | 25.00 | |||||||||
Net investment income(b) | 0.17 | 0.80 | 0.78 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.46 | (1.60 | ) | 1.19 | |||||||||||
Total from investment operations | 0.63 | (0.80 | ) | 1.97 | |||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (0.17 | ) | (0.73 | ) | (0.72 | ) | |||||||||
Net asset value at end of period | $ | 25.18 | $ | 24.72 | $ | 26.25 | |||||||||
Market price at end of period(c) | $ | 25.13 | $ | 24.77 | |||||||||||
Net Asset Value Total Return(d) | 2.56 | % | (3.03 | )% | 7.83 | %(e) | |||||||||
Market Price Total Return(d) | 2.15 | % | (2.80 | )% | 7.79 | %(e) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 12,590 | $ | 12,358 | $ | 13,123 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses, after Waivers | 0.48 | %(f) | 0.42 | % | 0.42 | %(g) | |||||||||
Expenses, prior to Waivers | 0.48 | %(f) | 0.42 | % | 0.57 | %(g) | |||||||||
Net investment income | 2.23 | %(f) | 3.21 | % | 2.94 | %(g) | |||||||||
Portfolio turnover rate(h) | 4 | % | 21 | % | 29 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.20% and Total Return at Market Value by 0.18%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.06%. |
(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.
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Financial Highlights–(continued)
Invesco International Ultra Dividend Revenue ETF (RIDV)
Four Months Ended October 31, 2019 | For the Period August 07, 2018(a) Through June 30, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 23.69 | $ | 25.00 | ||||||
Net investment income(b) | 0.17 | 0.93 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.13 | ) | (1.41 | ) | ||||||
Total from investment operations | 0.04 | (0.48 | ) | |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.15 | ) | (0.83 | ) | ||||||
Net asset value at end of period | $ | 23.58 | $ | 23.69 | ||||||
Market price at end of period(c) | $ | 23.57 | $ | 23.66 | ||||||
Net Asset Value Total Return(d) | 0.19 | % | (1.82 | )% | ||||||
Market Price Total Return(d) | 0.27 | % | (1.96 | )% | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 2,358 | $ | 2,369 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses, after Waivers | 0.72 | %(e) | 0.42 | %(f) | ||||||
Expenses, prior to Waivers | 0.72 | %(e) | 0.42 | %(f) | ||||||
Net investment income | 2.75 | %(e) | 4.45 | %(f) | ||||||
Portfolio turnover rate(g) | 13 | % | 81 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.30%. |
(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.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
October 31, 2019
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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 | Predecessor Fund | Short Name | ||
Invesco Emerging Markets Revenue ETF (REEM) | Oppenheimer Emerging Markets Revenue ETF | “Emerging Markets Revenue ETF” | ||
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) | Oppenheimer Emerging Markets Ultra Dividend Revenue ETF | “Emerging Markets Ultra Dividend Revenue ETF” | ||
Invesco International Revenue ETF (REFA) | Oppenheimer International Revenue ETF | “International Revenue ETF” | ||
Invesco International Ultra Dividend Revenue ETF (RIDV) | Oppenheimer International Ultra Dividend Revenue ETF | “International Ultra Dividend Revenue 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 Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Emerging Markets Revenue ETF and International Revenue ETF, which are listed and traded on Cboe BZX Exchange, Inc.
Each Fund 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 Oppenheimer ETF Trust (a “Predecessor Fund”) after the close of business on May 24, 2019 (each, a “Reorganization”). Each Fund adopted the performance and financial information of its corresponding Predecessor Fund.
Information presented prior to the close of business on May 24, 2019 is that of the Predecessor Fund. Effective October 31, 2019, each Fund’s fiscal year-end changed from June 30 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 | |
Emerging Markets Revenue ETF | Invesco Revenue Weighted Emerging Markets Index | |
Emerging Markets Ultra Dividend Revenue ETF | FTSE Custom Emerging Ultra Dividend Revenue Index | |
International Revenue ETF | Invesco Revenue Weighted International Index | |
International Ultra Dividend Revenue ETF | FTSE Custom Developed ex US Ultra Dividend Revenue Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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
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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 NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities, which may have lower trading volumes.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, 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.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the
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industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. 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.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Sampling Risk. A Fund’s use of a representative sampling approach will 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 the 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.
Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
C. | Investment Transactions and Investment Income- Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination- For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
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E. | Dividends and Distributions to Shareholders- Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on 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 accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes- Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses- Expenses of the Trust that are 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. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.
Expenses of the Trust that are 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.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the |
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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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.
K. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Certain 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 a Fund invests.
L. | 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 period ended June 30, 2018, distributions from distributable earnings for International Revenue ETF consisted of distributions from net investment income. For the period ended June 30, 2018, distributions from distributable earnings for Emerging Markets Revenue ETF consisted of distributions from net investment income of $179,845 and distributions from net realized gains of $38,805.
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 each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee equal to a percentage of its average daily net assets as follows:
Unitary Management Fees (as a % of Net Assets) | |||||
Emerging Markets Revenue ETF | 0.46 | % | |||
Emerging Markets Ultra Dividend Revenue ETF | 0.46 | % | |||
International Revenue ETF | 0.42 | % | |||
International Ultra Dividend Revenue ETF | 0.42 | % |
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.
Prior to the Reorganization, the Predecessor Funds were managed by OFI Advisors, LLC (“OFI”) and each Predecessor Fund paid OFI an investment advisory fee calculated at the same annualized rate as disclosed above for each respective Fund.
Effective as of the Reorganization, the Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses) from exceeding the Fund’s unitary management fee through at least May 24, 2021.
Further, effective as of the Reorganization, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are
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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 period July 1, 2019 to October 31, 2019 and the year ended June 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Fund | Period July 1, 2019 to October 31, 2019 | Year Ended June 30, 2019 | ||||||||
Emerging Markets Revenue ETF | $ | 12 | $ | 8 | ||||||
Emerging Markets Ultra Dividend Revenue ETF | 3 | 1 | * | |||||||
International Revenue ETF | 13 | 9 | ||||||||
International Ultra Dividend Revenue ETF | 2 | 1 | * |
* For the period August 7, 2018 (commencement of investment operations) to June 30, 2019.
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. Prior to the Reorganization, the Predecessor Funds did not pay any distribution fees to OppenheimerFunds Distributor, Inc.
The Trust has entered into service agreements whereby The Bank of New York Mellon (“BNYM”), 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, BNYM served as administrator, custodian, fund accountant and transfer agent for each Predecessor Fund.
The Adviser has entered into a licensing agreement on behalf of each Fund with the index provider of each Fund’s respective Underlying Index (each, a “Licensor”).
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 OFI for use by the corresponding Predecessor Fund. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
Except for the Funds listed below, as of October 31, 2019, 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,
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the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Emerging Markets Revenue ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 14,638,634 | $ | 3,160 | $ | 4 | $ | 14,641,798 | ||||||||
Non-U.S. Dollar Denominated Bonds & Notes | - | 30 | - | 30 | ||||||||||||
Money Market Funds | 106,861 | - | - | 106,861 | ||||||||||||
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Total Investments | $ | 14,745,495 | $ | 3,190 | $ | 4 | $ | 14,748,689 | ||||||||
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International Revenue ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 12,548,036 | $ | - | $ | 93 | $ | 12,548,129 | ||||||||
Money Market Funds | 357,261 | - | - | 357,261 | ||||||||||||
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Total Investments | $ | 12,905,297 | $ | - | $ | 93 | $ | 12,905,390 | ||||||||
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International Ultra Dividend Revenue ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,356,908 | $ | 0 | $ | - | $ | 2,356,908 | ||||||||
Money Market Funds | 96,427 | - | - | 96,427 | ||||||||||||
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Total Investments | $ | 2,453,335 | $ | 0 | $ | - | $ | 2,453,335 | ||||||||
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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Period July 1, 2019 to October 31, 2019, the Fiscal Year or Period Ended June 30, 2019 and the Period Ended June 30, 2018:
October 31, 2019 | June 30, 2019 | June 30, 2018 | |||||||||||||
Ordinary Income | Ordinary Income | Ordinary Income | |||||||||||||
Emerging Markets Revenue ETF | $ | 179,370 | $ | 495,307 | $ | 218,650 | |||||||||
Emerging Markets Ultra Dividend Revenue ETF | 47,994 | 116,266 | - | ||||||||||||
International Revenue ETF | 83,720 | 362,641 | 358,426 | ||||||||||||
International Ultra Dividend Revenue ETF | 14,972 | 82,962 | - |
Tax Components of Net Assets at Fiscal Period-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 | |||||||||||||||||||||||||
Emerging Markets Revenue ETF | $ | 40,952 | $ | (653,662 | ) | $ | (1,812 | ) | $ | (527,168 | ) | $ | 15,771,258 | $ | 14,629,568 | |||||||||||||||
Emerging Markets Ultra Dividend Revenue ETF | 21,396 | (189,427 | ) | (53 | ) | (151,912 | ) | 3,714,922 | 3,394,926 | |||||||||||||||||||||
International Revenue ETF | 81,161 | (100,418 | ) | 114 | (584,174 | ) | 13,193,691 | 12,590,374 | ||||||||||||||||||||||
International Ultra Dividend Revenue ETF | 11,831 | (93,019 | ) | 34 | (77,412 | ) | 2,516,075 | 2,357,509 |
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, 2019:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
Emerging Markets Revenue ETF | $ | 168,552 | $ | 358,616 | $ | 527,168 | |||||||||
Emerging Markets Ultra Dividend Revenue ETF | 130,675 | 21,237 | 151,912 |
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No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
International Revenue ETF | $ | 127,665 | $ | 456,509 | $ | 584,174 | |||||||||
International Ultra Dividend Revenue ETF | 77,412 | - | 77,412 |
* | 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 period July 1, 2019 to October 31, 2019, 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 | |||||||
Emerging Markets Revenue ETF | $ | 1,000,880 | $ | 938,942 | ||||
Emerging Markets Ultra Dividend Revenue ETF | 990,938 | 976,833 | ||||||
International Revenue ETF | 517,033 | 528,247 | ||||||
International Ultra Dividend Revenue ETF | 303,993 | 298,688 |
At October 31, 2019, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||||
Emerging Markets Revenue ETF | $ | 1,157,022 | $ | (1,810,684 | ) | $ | (653,662 | ) | $ | 15,402,351 | ||||||||||
Emerging Markets Ultra Dividend Revenue ETF | 134,924 | (324,351 | ) | (189,427 | ) | 3,585,310 | ||||||||||||||
International Revenue ETF | 991,327 | (1,091,745 | ) | (100,418 | ) | 13,005,808 | ||||||||||||||
International Ultra Dividend Revenue ETF | 108,254 | (201,273 | ) | (93,019 | ) | 2,546,354 |
NOTE 7–Reclassification of Permanent Differences
Primarily as a result of foreign currency transactions and passive foreign investment companies, 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 or period ended October 31, 2019, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain | Shares of Beneficial Interest | |||||||||||||
Emerging Markets Revenue ETF | $ | (2,124 | ) | $ | 2,124 | $ | - | ||||||||
Emerging Markets Ultra Dividend Revenue ETF | (1,627 | ) | 1,627 | - | |||||||||||
International Revenue ETF | (347 | ) | 347 | - | |||||||||||
International Ultra Dividend Revenue ETF | (127 | ) | 127 | - |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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, except Emerging Markets Revenue ETF and International Revenue ETF, which issue and redeem shares in Creation Units of 100,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the
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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 10–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of Invesco Emerging Markets Revenue ETF, Invesco Emerging Markets Ultra Dividend Revenue ETF, Invesco International Revenue ETF and Invesco International Ultra Dividend Revenue ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 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 26, 2020.
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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 four Funds listed in the table 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 (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2019, 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, 2019, 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.
Fund Name | Predecessor Fund | |
Invesco Emerging Markets Revenue ETF(1) | Oppenheimer Emerging Markets Revenue ETF | |
Invesco Emerging Markets Ultra Dividend Revenue ETF(2) | Oppenheimer Emerging Markets Ultra Dividend Revenue ETF | |
Invesco International Revenue ETF(1) | Oppenheimer International Revenue ETF | |
Invesco International Ultra Dividend Revenue ETF(2) | Oppenheimer International Ultra Dividend Revenue ETF |
(1) Statements of operations, statements of changes in net assets and the financial highlights for the period July 1, 2019 through October 31, 2019 and for the year ended June 30, 2019
(2) Statements of operations, statements of changes in net assets and the financial highlights for the period July 1, 2019 through October 31, 2019 and for the period August 7, 2018 (commencement of investment operations) through June 30, 2019
The financial statements of the Invesco Emerging Markets Revenue ETF (Predecessor Fund: Oppenheimer Emerging Markets Revenue ETF) and the Invesco International Revenue ETF (Predecessor Fund: Oppenheimer International Revenue ETF) as of June 30, 2018 and for the period July 11, 2017 (commencement of investment operations) through June 30, 2018 and the financial highlights for the period ended on June 30, 2018 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated August 28, 2018 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, 2019 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
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Report of Independent Registered Public Accounting Firm–(continued)
Subsequent Event
As discussed in Note 10 to the financial statements, on December 12, 2019, the Board of Trustees approved a plan of liquidation for the Invesco Emerging Markets Revenue ETF, Invesco Emerging Markets Ultra Divided Revenue ETF, Invesco International Revenue ETF and Invesco International Ultra Dividend Revenue ETF.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2019
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 for the entire period May 1, 2019 through October 31, 2019.
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, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Emerging Markets Revenue ETF (REEM) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 966.40 | 0.51 | % | $ | 2.53 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 0.51 | 2.60 | ||||||||||||||||
Invesco Emerging Markets Ultra Dividend Revenue ETF (REDV) | ||||||||||||||||||||
Actual | 1,000.00 | 956.30 | 0.66 | 3.25 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 0.66 | 3.36 | ||||||||||||||||
Invesco International Revenue ETF (REFA) | ||||||||||||||||||||
Actual | 1,000.00 | 1,012.00 | 0.48 | 2.43 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.79 | 0.48 | 2.45 | ||||||||||||||||
Invesco International Ultra Dividend Revenue ETF (RIDV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,001.70 | 0.72 | 3.63 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.58 | 0.72 | 3.67 |
(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, 2019. 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. |
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Tax Information
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, 2019:
Qualified Dividend Income* | Corporate Dividends- Received Deduction* | |||
Invesco Emerging Markets Revenue ETF | 56% | 0% | ||
Invesco Emerging Markets Ultra Dividend Revenue ETF | 61% | 0% | ||
Invesco International Revenue ETF | 11% | 0% | ||
Invesco International Ultra Dividend Revenue ETF | 78% | 0% |
* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Foreign Source Income | Foreign Taxes Paid | |||||||||
Invesco Emerging Markets Revenue ETF | $ | 0.3643 | $ | 0.0419 | ||||||
Invesco Emerging Markets Ultra Dividend Revenue ETF | 0.4965 | 0.0479 | ||||||||
Invesco International Revenue ETF | 0.2331 | 0.0184 | ||||||||
Invesco International Ultra Dividend Revenue ETF | 0.2952 | 0.0275 |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust II was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 1,512,443,677.35 | 33,012,849.80 | |||||||
Todd J. Barre | 1,524,592,795.07 | 20,863,732.08 | ||||||||
Kevin M. Carome | 1,522,436,691.04 | 23,019,836.11 | ||||||||
Edmund P. Giambastiani, Jr. | 1,519,831,527.21 | 25,624,999.94 | ||||||||
Victoria J. Herget | 1,524,877,948.56 | 20,578,578.59 | ||||||||
Marc M. Kole | 1,504,247,741.10 | 41,208,786.05 | ||||||||
Yung Bong Lim | 1,524,207,613.63 | 21,248,913.52 | ||||||||
Joanne Pace | 1,517,347,361.29 | 28,109,165.86 | ||||||||
Gary R. Wicker | 1,515,919,139.19 | 29,537,387.96 | ||||||||
Donald H. Wilson | 1,501,758,651.59 | 43,697,875.56 |
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Trustees and Officers
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, 2019
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 the 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 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO, Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | 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. | 246 | None | |||||
Edmund P. Giambastiani, Jr.— 1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands(2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member, Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | ||||||||||
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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). | |||||
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); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); 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). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 over seen 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 Served* | Principal Occupation(s) During Past 5 Years | Number of in Fund 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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of and 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 Executive | Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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 | Principal Financial & Accounting Officer-Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018); 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 Specialized Products, LLC (2018-Present); 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 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); 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- |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of and Served* | Principal Occupation(s) During Past 5 Years | |||
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. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); 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 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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); 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 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, Director, Invesco Canada Holdings Inc. (2002-2019); Manager, Invesco Specialized Products, LLC (2018-2019); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of and Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, 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. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website atwww.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 atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Form N-PORTs will be available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | O-REV-AR-1 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2019
TAO | Invesco China Real Estate ETF | |||
HAO | Invesco China Small Cap ETF | |||
CQQQ | Invesco China Technology ETF | |||
PIZ | Invesco DWA Developed Markets Momentum ETF | |||
PIE | Invesco DWA Emerging Markets Momentum ETF | |||
FRN | Invesco Frontier Markets ETF | |||
PXF | Invesco FTSE RAFI Developed Marketsex-U.S. ETF | |||
PDN | Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | |||
PXH | Invesco FTSE RAFI Emerging Markets ETF | |||
PBD | Invesco Global Clean Energy ETF |
(continued on inside front cover) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Annual Report to Shareholders(continued) |
PIO | Invesco Global Water ETF | |||||
IPKW | Invesco International BuyBack AchieversTM ETF | |||||
CUT | Invesco MSCI Global Timber ETF | |||||
LVL | Invesco S&P Global Dividend Opportunities Index ETF | |||||
CGW | Invesco S&P Global Water Index ETF | |||||
IDHQ | Invesco S&P International Developed Quality ETF |
The Market Environment | 4 | |||
Manager’s Analysis | 5 | |||
Schedules of Investments | ||||
Invesco China Real Estate ETF (TAO) | 43 | |||
Invesco China Small Cap ETF (HAO) | 45 | |||
Invesco China Technology ETF (CQQQ) | 50 | |||
Invesco DWA Developed Markets Momentum ETF (PIZ) | 53 | |||
Invesco DWA Emerging Markets Momentum ETF (PIE) | 55 | |||
Invesco Frontier Markets ETF (FRN) | 57 | |||
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF) | 59 | |||
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF (PDN) | 70 | |||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | 85 | |||
Invesco Global Clean Energy ETF (PBD) | 90 | |||
Invesco Global Water ETF (PIO) | 92 | |||
Invesco International BuyBack AchieversTM ETF (IPKW) | 93 | |||
Invesco MSCI Global Timber ETF (CUT) | 95 | |||
Invesco S&P Global Dividend Opportunities Index ETF (LVL) | 97 | |||
Invesco S&P Global Water Index ETF (CGW) | 99 | |||
Invesco S&P International Developed Quality ETF (IDHQ) | 101 | |||
Statements of Assets and Liabilities | 106 | |||
Statements of Operations | 110 | |||
Statements of Changes in Net Assets | 114 | |||
Financial Highlights | 123 | |||
Notes to Financial Statements | 138 | |||
Report of Independent Registered Public Accounting Firm | 154 | |||
Fund Expenses | 156 | |||
Tax Information | 158 | |||
Proxy Results | 159 | |||
Trustees and Officers | 160 |
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Domestic Equity
The fiscal year began with noticeable market volatility in the final few months of 2018, which continued through year-end, as US equity markets suffered a sharp sell-off due to ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut. Oil prices plummeted from near $64 per barrel in early November 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to more defensive areas of the markets, such as health care, utilities and US Treasuries. After raising interest rates in September 2018, the US Federal Reserve (the Fed) raised interest rates one time during the fiscal year: in December 2018.2
Following a sharp sell-off during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potential US-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.
Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. The US-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019. This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.
In October 2019, optimism that phase one of a US-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak. Despite increased market volatility, most US-based equity indexes produced modest to strong returns for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
Global Equity
The fiscal year began with global equity markets, particularly the US, declining sharply at the end of 2018 amid rising interest rates, a flattening US Treasury yield curve, signaling a possible recession, and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US and China trade issues, potential for new tariffs and slowing global economic growth. Global equity markets, particularly China, declined sharply in May 2019, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter of 2019, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
Weakening global economic data and the ongoing US and China trade conflict contributed to higher market volatility in the third quarter of 2019. During the third quarter, data released showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equity sell-off in August 2019 as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. In September 2019, both the US Federal Reserve and European Central Bank cut interest rates, providing a measure of support for risk assets. Growing optimism about a potential trade deal between the US and China also boosted equities in September. However, except for the US and Japan, performance in most regions declined during the third quarter. Uncertainty about the UK’s withdrawal from the European Union continued to weigh on UK and European equities, while political and trade issues affected areas of Latin America and Asia.
Global equity markets gained in October 2019 amid several positive catalysts, including a US interest rate cut, optimism surrounding US and China trade negotiations, and a raft of upbeat corporate results. The UK equity market provided a flat return during October and while domestic politics continued to dominate the region, European markets made modest gains. October was also a positive month for emerging equity markets with all regions recording gains. Despite increased market volatility, global equity indexes, in both developed and emerging markets, ended the fiscal year in positive territory.
| 4 |
|
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 investment results (before fees and expenses) of the AlphaShares China Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, 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.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 15.48%. On a net asset value (“NAV”) basis, the Fund returned 16.66%. During the same time period, the Index returned 17.39%. During the fiscal year, 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 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 12.90%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 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 year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation in the real estate sector.
For the fiscal year ended October 31, 2019, the real estate sector contributed most significantly to the Fund’s return. The industrials sector was the only detracting sector from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included Sunac China Holdings Ltd., a real estate development company (portfolio average weight of 4.78%) and Country Garden Holdings Co. Ltd., a real estate development company (portfolio average weight of 4.77%). Positions that detracted most significantly from the Fund’s return included Zall Smart Commerce Group Ltd., a real
estate development company (portfolio average weight of 0.74%) and Jiayuan International Group Ltd., a real estate development company (portfolio average weight of 0.38%).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Real Estate Development | 55.48 | |||
Diversified Real Estate Activities | 24.36 | |||
Real Estate Operating Companies | 12.19 | |||
Retail REITs | 5.95 | |||
Sub-Industry Types Each Less Than 3% | 1.78 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.24 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Sunac China Holdings Ltd. | 5.40 | |||
China Resources Land Ltd. | 5.38 | |||
Country Garden Holdings Co. Ltd. | 5.26 | |||
Link REIT | 5.10 | |||
Sun Hung Kai Properties Ltd. | 4.85 | |||
China Overseas Land & Investment Ltd. | 4.47 | |||
CK Asset Holdings Ltd. | 4.34 | |||
Henderson Land Development Co. Ltd. | 4.23 | |||
New World Development Co. Ltd. | 4.21 | |||
China Evergrande Group | 3.78 | |||
Total | 47.02 |
* | Excluding money market fund holdings. |
| 5 |
|
Invesco China Real Estate ETF (TAO)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 | 17.39 | % | 12.49 | % | 42.35 | % | 9.40 | % | 56.70 | % | 7.24 | % | 101.23 | % | 4.81 | % | 74.67 | % | ||||||||||||||||||||||
MSCI China Index (Net) | 12.90 | 9.87 | 32.61 | 5.98 | 33.72 | 4.62 | 57.07 | 2.15 | 28.71 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 16.66 | 11.70 | 39.38 | 8.83 | 52.70 | 6.59 | 89.39 | 4.03 | 59.80 | |||||||||||||||||||||||||||||||
Market Price Return | 15.48 | 11.43 | 38.37 | 8.69 | 51.65 | 6.81 | 93.34 | 3.92 | 57.90 |
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 August 31, 2021. 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 0.70%. 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. |
| 6 |
|
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 investment results (before fees and expenses) of the AlphaShares China Small Cap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, AlphaShares, LLC (“AlphaShares” or 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.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 10.27%. On a net asset value (“NAV”) basis, the Fund returned 9.28%. During the same time period, the Index returned 10.21%. During the fiscal year, 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 as well as a halted security that was removed from the Fund after it had been removed from the Index.
During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 12.90%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 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 year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its allocation to and stock selection in the materials and consumer discretionary sectors, respectively.
For the fiscal year ended October 31, 2019, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the real estate and industrials sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Li Ning Company Ltd., a consumer discretionary company (portfolio average weight of 1.67%), and Yihai International Holding Ltd., a
consumer staples company (portfolio average weight of 0.95%). Positions that detracted most significantly from the Fund’s return included Momo Inc Sponsored ADR Class A, a communication services company (no longer held at fiscal year-end), and Jiayuan International Group Ltd., a real estate company (portfolio average weight of 0.40%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Industrials | 18.56 | |||
Consumer Discretionary | 15.84 | |||
Real Estate | 15.54 | |||
Information Technology | 10.82 | |||
Financials | 8.34 | |||
Materials | 7.97 | |||
Health Care | 7.97 | |||
Consumer Staples | 6.32 | |||
Utilities | 3.61 | |||
Sector Types Each Less Than 3% | 5.14 | |||
Money Market Funds Plus Other Assets Less Liabilities | | (0.11) | | |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Li Ning Co. Ltd. | 3.02 | |||
Yihai International Holding Ltd. | 1.44 | |||
GDS Holdings Ltd., ADR | 1.42 | |||
Kingdee International Software Group Co. Ltd. | 1.24 | |||
Genscript Biotech Corp. | 1.18 | |||
Tsingtao Brewery Co., Ltd., H Shares | 1.10 | |||
ZTE Corp., H Shares | 1.07 | |||
China International Capital Corp. Ltd., H Shares | 0.99 | |||
Shenzhen International Holdings Ltd. | 0.97 | |||
Logan Property Holdings Co. Ltd. | 0.97 | |||
Total | 13.40 |
* | Excluding money market fund holdings. |
| 7 |
|
Invesco China Small Cap ETF (HAO)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 | 10.21 | % | 4.61 | % | 14.49 | % | 0.69 | % | 3.47 | % | 2.50 | % | 28.01 | % | 2.55 | % | 34.42 | % | ||||||||||||||||||||||
MSCI China Index (Net) | 12.90 | 9.87 | 32.61 | 5.98 | 33.72 | 4.62 | 57.07 | 3.75 | 54.12 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 9.28 | 4.88 | 15.36 | 2.04 | 10.64 | 2.88 | 32.89 | 2.47 | 33.14 | |||||||||||||||||||||||||||||||
Market Price Return | 10.27 | 4.88 | 15.35 | 1.81 | 9.39 | 3.07 | 35.26 | 2.40 | 32.18 |
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 August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.80% 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. |
| 8 |
|
CQQQ | Manager’s Analysis | |
Invesco China Technology ETF (CQQQ) |
Effective after the close of markets on June 21, 2019, Invesco China Technology ETF’s (the “Fund”) underlying index changed from AlphaShares China Technology Index (the “Previous Index”) to FTSE China Incl A 25% Technology Capped Index (the “Index”).
As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index and, through June 21, 2019, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index, and through June 21, 2019, the Previous Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities of companies that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index and FTSE China A Stock Connect CNH Index. The Index may include China A-shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program), B-shares, H-shares, N-shares, Red Chip shares, P-chip shares and S-chip shares. Index constituents are modified market capitalization weighted. 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, 2019, on a market price basis, the Fund returned 17.32%. On a net asset value (“NAV”) basis, the Fund returned 18.59%. During the same time period, the Blended—FTSE China Incl A 25% Technology Capped Index (Net) (a composite of the returns of the Previous Index through June 21, 2019, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned 19.15%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Blended-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 China Index (Net) (the “Benchmark Index”) returned 12.90%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services industry and most underweight in the banks industry during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation and stock selection in the internet & direct marketing retail and electronic equipment instruments & components industries.
For the fiscal year ended October 31, 2019, the internet & direct marketing retail industry contributed most significantly to the Fund’s return, followed by the electronic equipment instruments & components and entertainment industries, respectively. The interactive media & services industry detracted most significantly from the Fund’s return, followed by the media and metals & mining industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Meituan Dianping, an internet & direct marketing retail company (portfolio average weight of 5.07%), and Sunny Optical Technology Group Co., Ltd., an electronic equipment instruments & components company (portfolio average weight of 4.23%). Positions that detracted most significantly from the Fund’s return included Baidu, Inc. Sponsored ADR Class A, an interactive media & services company (portfolio average weight of 7.26), and SINA Corp., an interactive media & services company (portfolio average weight of 2.61%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Interactive Media & Services | 33.93 | |||
Internet & Direct Marketing Retail | 20.55 | |||
Electronic Equipment, Instruments & Components | 14.99 | |||
Entertainment | 8.10 | |||
Software | 7.96 | |||
IT Services | 5.55 | |||
Industry Types Each Less Than 3% | 9.09 | |||
Money Market Funds Plus Other Assets Less Liabilities | | (0.17) | |
| 9 |
|
Invesco China Technology ETF (CQQQ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Meituan Dianping, B Shares | 10.39 | |||
Alibaba Group Holding Ltd., ADR | 10.08 | |||
Tencent Holdings Ltd. | 8.43 | |||
Baidu, Inc., ADR | 6.59 | |||
NetEase, Inc., ADR | 6.37 | |||
Sunny Optical Technology Group Co., Ltd. | 4.33 | |||
58.com, Inc., ADR | 3.81 | |||
Momo, Inc., ADR | 3.50 | |||
Autohome, Inc., ADR | 3.47 | |||
YY, Inc., ADR | 3.09 | |||
Total | 60.06 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended — FTSE China Incl A 25% Technology Capped Index (Net) | 19.15 | % | 8.28 | % | 26.97 | % | 6.09 | % | 34.41 | % | 8.20 | % | 118.17 | % | ||||||||||||||||||
FTSE China Incl A 25% Technology Capped Index (Net) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
AlphaShares China Technology Index | 17.69 | 7.84 | 25.41 | 5.83 | 32.76 | 8.07 | 115.49 | |||||||||||||||||||||||||
MSCI China Index (Net) | 12.90 | 9.87 | 32.61 | 5.98 | 33.72 | 4.19 | 50.06 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 18.59 | 7.80 | 25.29 | 6.23 | 35.25 | 8.08 | 115.73 | |||||||||||||||||||||||||
Market Price Return | 17.32 | 7.69 | 24.88 | 6.12 | 34.61 | 8.03 | 114.77 |
| 10 |
|
Invesco China Technology ETF (CQQQ)(continued)
Guggenheim China Technology ETF (the “Predecessor Fund”) Inception: December 08, 2009
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 0.70% 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, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund
returns. An investor cannot invest directly in an index. The Blended-Index, 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:
- | 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. |
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | “1 Year”, “3 Years”, “5 Years” and “Fund Inception” performance for the Index is not available because the Index did not commence until March 18, 2019. The Blended-Index is comprised of the performance of the Previous Index from Fund inception through the conversion date, June 21, 2019, followed by the performance of the Index, starting from the conversion date through October 31, 2019. |
| 11 |
|
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 investment results (before fees and expenses) of the Dorsey Wright® Developed Markets Technical Leaders Index (the “Index”). The Fund generally 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, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, 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 or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in countries with developed economies, excluding the United States. 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 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 the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 12.25%. On a net asset value (“NAV”) basis, the Fund returned 12.31%. During the same time period, the Index returned 13.29%. 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 expenses that the Fund incurred during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 925 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 proprietary 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 health care sector and most underweight in the financials
sector during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to an underweight allocation to and security selection within the financials sector and security selection within the materials sector.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return followed by the information technology and industrials sectors, respectively. The energy sector detracted most significantly.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Kirkland Lake Gold Ltd., a materials company (no longer held at fiscal year-end), and Constellation Software Inc., an information technology company (portfolio average weight of 2.76%). Positions that detracted most significantly from the Fund’s return included Wirecard AG, an information technology company (portfolio average weight of 0.68%), and Jardine Matheson Holdings Ltd., an industrials company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Industrials | 20.17 | |||
Health Care | 18.14 | |||
Information Technology | 12.07 | |||
Consumer Discretionary | 10.60 | |||
Consumer Staples | 9.09 | |||
Financials | 7.98 | |||
Real Estate | 7.97 | |||
Communication Services | 6.20 | |||
Materials | 5.63 | |||
Sector Types Each Less Than 3% | 2.17 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.02) |
| 12 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Ramsay Health Care Ltd. | 3.15 | |||
REA Group Ltd. | 3.08 | |||
Kone Oyj, Class B | 2.91 | |||
Constellation Software, Inc. | 2.66 | |||
Royal Unibrew A/S | 2.55 | |||
Ryman Healthcare Ltd. | 2.53 | |||
Ashtead Group PLC | 2.10 | |||
CSL Ltd. | 1.79 | |||
Auckland International Airport Ltd. | 1.70 | |||
Fastighets AB Balder, Class B | 1.65 | |||
Total | 24.12 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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) | 13.29 | % | 9.07 | % | 29.76 | % | 4.42 | % | 24.13 | % | 7.44 | % | 105.02 | % | 3.33 | % | 47.32 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.70 | 22.05 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 12.31 | 8.35 | 27.20 | 3.53 | 18.95 | 6.45 | 86.76 | 2.39 | 32.23 | |||||||||||||||||||||||||||||||
Market Price Return | 12.25 | 8.27 | 26.93 | 3.42 | 18.29 | 6.63 | 90.03 | 2.31 | 31.05 |
| 13 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)(continued)
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 0.80% 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. |
| 14 |
|
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 investment results (before fees and expenses) of the Dorsey Wright® Emerging Markets Technical Leaders Index (the “Index”). The Fund generally 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, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, 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 or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in emerging market countries. 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 the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 18.03%. On a net asset value (“NAV”) basis, the Fund returned 18.23%. During the same time period, the Index returned 19.51%. 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 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 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,200 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.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a proprietary 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 industrials sector and most underweight in the communication services sector during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to security selection and overweight positions in the consumer discretionary sector as well as security selection in the consumer staples and utilities sectors.
For the fiscal year ended October 31, 2019, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the consumer staples and information technology sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the communication services and materials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Yihai International Holding Ltd., a consumer staples company (portfolio average weight of 1.81%), and ANTA Sports Products, Ltd., a consumer discretionary company (portfolio average weight of 1.98%). Positions that detracted most significantly from the Fund’s return included Hartalega Holdings Bhd., a health care company (no longer held at fiscal year-end), and Inari Amertron Berhad, an information technology company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Information Technology | 18.34 | |||
Consumer Discretionary | 15.90 | |||
Consumer Staples | 15.15 | |||
Financials | 12.17 | |||
Industrials | 9.97 | |||
Real Estate | 7.86 | |||
Utilities | 5.68 | |||
Health Care | 5.60 | |||
Materials | 5.02 | |||
Communication Services | 3.67 | |||
Energy | 0.86 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.22) |
| 15 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Shenzhou International Group Holdings Ltd. | 3.00 | |||
TAL Education Group, ADR | 2.99 | |||
ANTA Sports Products Ltd. | 2.80 | |||
Tencent Holdings Ltd. | 2.61 | |||
CP ALL PCL, NVDR | 2.56 | |||
Sunway Bhd | 2.49 | |||
Yihai International Holding Ltd. | 2.44 | |||
Sinbon Electronics Co., Ltd. | 2.19 | |||
Accton Technology Corp. | 2.09 | |||
CSPC Pharmaceutical Group Ltd. | 2.08 | |||
Total | 25.25 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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) | 19.51 | % | 8.64 | % | 28.23 | % | 2.81 | % | 14.84 | % | 6.39 | % | 85.85 | % | 1.36 | % | 17.39 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 3.78 | 44.98 | 0.91 | 11.28 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 18.23 | 7.19 | 23.16 | 1.38 | 7.11 | 4.70 | 58.30 | (1.42 | ) | (15.61 | ) | |||||||||||||||||||||||||||||
Market Price Return | 18.03 | 7.07 | 22.74 | 1.42 | 7.30 | 4.76 | 59.24 | (1.52 | ) | (16.54 | ) |
| 16 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)(continued)
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. |
| 17 |
|
FRN | Manager’s Analysis | |
Invesco Frontier Markets ETF (FRN) |
Effective Monday, April 1, 2019, S&P Opco LLC, a subsidiary of S&P Dow Jones Indices LLC (the “Index Provider”) became the index provider for Invesco Frontier Markets ETF’s underlying index, and as a result, the underlying index was changed from BNY Mellon New Frontier Index to S&P/BNY Mellon New Frontier Index (USD) (the “Index”).
As an index fund, the Invesco Frontier Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Index. The Fund generally 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 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 macroeconomic conditions, political stability, legal property rights and procedures, and trading and settlement processes. The Fund also may invest directly in other exchange-traded funds (“ETFs”) that Invesco Capital Management LLC has determined provide exposure to securities similar to those securities in which the Fund may invest in directly. 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, 2019, on a market price basis, the Fund returned 10.53%. On a net asset value (“NAV”) basis, the Fund returned 10.41%. During the same time period, the Index returned 11.87%. During the fiscal year, the Fund’s performance, on a 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 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,200 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 year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s
allocation to the information technology sector and its stock selection in the consumer staples sector.
For the fiscal year ended October 31, 2019, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the financials and industrials sectors, respectively. The utilities and materials sectors, respectively, 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, 2019 included MercadoLibre, Inc., a consumer discretionary company (portfolio average weight of 9.31%) and Copa Holdings, S.A. Class A, an industrials company (portfolio average weight of 5.68%). Positions that detracted most significantly from the Fund’s return included Guaranty Trust Bank PLC, a financials company (portfolio average weight of 4.40%), and Dangote Cement PLC, a materials company (portfolio average weight of 2.15%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 39.52 | |||
Materials | 11.98 | |||
Communication Services | 11.06 | |||
Consumer Discretionary | 10.38 | |||
Industrials | 9.63 | |||
Energy | 6.04 | |||
Consumer Staples | 5.83 | |||
Real Estate | 4.81 | |||
Utilities | 0.82 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.07) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
MercadoLibre, Inc. | 9.45 | |||
Bank Muscat SAOG | 8.82 | |||
KAZ Minerals PLC | 8.52 | |||
Copa Holdings SA, Class A | 8.32 | |||
Safaricom PLC | 5.69 | |||
Banca Transilvania S.A. | 4.44 | |||
GFH Financial Group BSC | 3.87 | |||
Guaranty Trust Bank PLC | 3.80 | |||
Attijariwafa Bank | 3.49 | |||
MTN Nigeria Communications PLC | 3.19 | |||
Total | 59.59 |
* | Excluding money market fund holdings. |
| 18 |
|
Invesco Frontier Markets ETF (FRN)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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&P/BNY Mellon New Frontier Index (USD) (Net) | 11.87 | % | 11.10 | % | 37.12 | % | 2.13 | % | 11.09 | % | 1.56 | % | 16.69 | % | (1.11 | )% | (11.91 | )% | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 3.78 | 44.98 | 1.79 | 22.33 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 10.41 | 9.02 | 29.56 | (0.00 | ) | (0.01 | ) | 0.14 | 1.40 | (2.36 | ) | (23.79 | ) | |||||||||||||||||||||||||||
Market Price Return | 10.53 | 8.96 | 29.34 | (0.02 | ) | (0.08 | ) | 0.39 | 4.01 | (2.38 | ) | (24.03 | ) |
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 August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.96% and the net annual operating expense ratio was indicated as 0.70%. 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. |
| 19 |
|
PXF | Manager’s Analysis | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) |
As an index fund, the Invesco FTSE RAFI Developed Marketsex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of companies originating in countries that are classified as “developed” within the country classification definition of FTSE, excluding the United States. 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 Developed All Cap ex US Index as determined by the Index Provider. The Index 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 the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 6.41%. On a net asset value (“NAV”) basis, the Fund returned 6.55%. During the same time period, the Index returned 6.74%. 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 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 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 925 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, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s
allocation to and security selection within the financials and energy sectors, respectively.
For the fiscal year ended October 31, 2019, the industrials sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The energy sector was the only sector that detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Nestle S.A., a consumer staples company (portfolio average weight of 1.19%), and Enel SpA, a utilities company (portfolio average weight of 0.55%). Positions that detracted most significantly from the Fund’s return included Banco Santander S.A., a financials company (portfolio average weight of 1.05%), and Glencore plc, a materials company (portfolio average weight of 0.50%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 26.61 | |||
Industrials | 12.83 | |||
Consumer Discretionary | 11.33 | |||
Energy | 8.49 | |||
Materials | 7.65 | |||
Consumer Staples | 7.58 | |||
Communication Services | 6.16 | |||
Health Care | 6.04 | |||
Utilities | 5.37 | |||
Information Technology | 4.91 | |||
Real Estate | 2.64 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.39 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Toyota Motor Corp. | 1.37 | |||
BP PLC | 1.30 | |||
Royal Dutch Shell PLC, Class A | 1.21 | |||
Samsung Electronics Co., Ltd. | 1.20 | |||
Nestle S.A. | 1.16 | |||
TOTAL S.A. | 1.14 | |||
HSBC Holdings PLC | 1.10 | |||
Royal Dutch Shell PLC, Class B | 0.99 | |||
Banco Santander S.A. | 0.96 | |||
Allianz S.E. | 0.95 | |||
Total | 11.38 |
* | 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, 2019
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 RAFITM Developed ex U.S. 1000 Index (Net) | 6.74 | % | 7.53 | % | 24.34 | % | 3.37 | % | 18.05 | % | 4.42 | % | 54.07 | % | 1.70 | % | 23.14 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.72 | 23.42 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 6.55 | 7.33 | 23.65 | 3.19 | 16.99 | 4.08 | 49.10 | 1.28 | 16.99 | |||||||||||||||||||||||||||||||
Market Price Return | 6.41 | 7.27 | 23.45 | 2.86 | 15.16 | 4.13 | 49.90 | 1.24 | 16.48 |
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 Marketsex-U.S.Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex U.S.Mid-Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities ofsmall-andmid-capitalization companies that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of the small andmid-capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex US Index, as determined by the Index Provider. The Index 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 the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 5.85%. On a net asset value (“NAV”) basis, the Fund returned 6.72%. During the same time period, the Index returned 7.01%. 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 the fees and operating expenses that the Fund incurred during the period partially offset by revenue generated from securities lending.
During this same time period, the MSCI EAFE® Small Cap Index (Net) (the “Benchmark Index”) returned 8.82%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,335 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.
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 consumer discretionary sector and most underweight in the real estate sector during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the
Benchmark Index during the period can be attributed to the Fund’s allocation to and stock selection in the real estate and energy sectors, respectively.
For the fiscal year ended October 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the real estate and materials sectors, respectively. The energy sector was the only sector that detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Hitachi Chemical Company, Ltd., a materials company (portfolio average weight of 0.18%), and Eldorado Gold Corp., a materials company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return included MEG Energy Corp., an energy company (no longer held atyear-end), and Kier Group plc, an industrials company (portfolio average weight of 0.06%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Industrials | 23.03 | |||
Consumer Discretionary | 15.34 | |||
Financials | 10.00 | |||
Materials | 9.76 | |||
Information Technology | 9.00 | |||
Real Estate | 8.40 | |||
Consumer Staples | 7.51 | |||
Communication Services | 5.73 | |||
Health Care | 5.60 | |||
Energy | 3.11 | |||
Utilities | 2.13 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.39 | |||
Top Ten Fund Holdings* (% of the Fund���s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Hitachi Chemical Co. Ltd. | 0.24 | |||
Ibiden Co. Ltd. | 0.23 | |||
Leopalace21 Corp. | 0.21 | |||
Eldorado Gold Corp. | 0.21 | |||
Nomura Research Institute Ltd. | 0.20 | |||
Hitachi High-Technologies Corp. | 0.20 | |||
JBHi-Fi Ltd. | 0.20 | |||
Orion Oyj, Class B | 0.19 | |||
Nippon Paint Holdings Co. Ltd. | 0.19 | |||
TMX Group Ltd. | 0.19 | |||
Total | 2.06 |
* | 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, 2019
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 RAFITM Developed ex U.S. Mid-Small 1500 Index (Net) | 7.01 | % | 6.82 | % | 21.90 | % | 5.75 | % | 32.22 | % | 6.83 | % | 93.54 | % | 4.44 | % | 69.10 | % | ||||||||||||||||||||||
MSCI EAFE® Small Cap Index (Net) | 8.82 | 8.55 | 27.91 | 7.39 | 42.85 | 8.12 | 118.40 | 3.98 | 60.35 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 6.72 | 6.48 | 20.71 | 5.38 | 29.95 | 6.41 | 86.08 | 3.91 | 59.01 | |||||||||||||||||||||||||||||||
Market Price Return | 5.85 | 6.27 | 20.02 | 4.71 | 25.88 | 6.41 | 86.13 | 3.73 | 55.66 |
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 investment results (before fees and expenses) of the FTSE RAFITM Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies domiciled in countries that are classified as emerging markets within the country classification definition of FTSE. 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 the Index Provider. The Index 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 flows, sales and dividends. 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, 2019, on a market price basis, the Fund returned 8.14%. On a net asset value (“NAV”) basis, the Fund returned 8.31%. During the same time period, the Index returned 8.93%. 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, on a NAV basis, differed from the return of the Index during the period primarily due to the fees and expenses that the Fund incurred, as well as the impact of the sampling methodology.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned 11.86%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,200 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.
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 energy sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s allocation and security selection in the consumer discretionary and information technology sectors, respectively.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and energy sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the industrials and health care sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (portfolio average weight of 3.41%), and Gazprom PJSC Sponsored ADR, an energy company (no longer held atyear-end). Positions that detracted most significantly from the Fund’s return included Vale S.A., a materials company (portfolio average weight of 1.71%), and China Petroleum & Chemical Corp., Class H, an energy company (portfolio average weight of 1.59%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 33.24 | |||
Energy | 17.63 | |||
Information Technology | 10.00 | |||
Materials | 9.31 | |||
Communication Services | 8.89 | |||
Consumer Discretionary | 5.50 | |||
Consumer Staples | 5.05 | |||
Industrials | 3.21 | |||
Real Estate | 3.19 | |||
Sector Types Each Less Than 3% | 3.74 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.24 |
| 24 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 4.35 | |||
China Construction Bank Corp., H Shares | 4.26 | |||
Industrial & Commercial Bank of China Ltd., H Shares | 3.07 | |||
Gazprom PJSC | 2.61 | |||
LUKOIL PJSC | 2.51 | |||
Bank of China Ltd., H Shares | 2.11 | |||
China Mobile Ltd. | 1.82 | |||
Sberbank of Russia PJSC | 1.77 | |||
Itau Unibanco Holding S.A., Preference Shares | 1.66 | |||
Vale S.A. | 1.61 | |||
Total | 25.77 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 RAFITM Emerging Index (Net) | 8.93 | % | 7.28 | % | 23.45 | % | 4.08 | % | 22.15 | % | 3.48 | % | 40.73 | % | 1.85 | % | 24.81 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 11.86 | 7.36 | 23.74 | 2.93 | 15.56 | 3.78 | 44.98 | 1.21 | 15.64 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 8.31 | 6.92 | 22.24 | 3.54 | 19.01 | 2.80 | 31.83 | 0.78 | 9.83 | |||||||||||||||||||||||||||||||
Market Price Return | 8.14 | 6.90 | 22.16 | 3.66 | 19.66 | 2.81 | 31.87 | 0.59 | 7.33 |
| 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, 2020. 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 |
|
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 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 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, WilderHill New Energy Finance, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of companies engaged in the business of the advancement of cleaner energy and conservation. 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 the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, 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 methodology, with a bias placed on renewable energy companies. 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, 2019, on a market price basis, the Fund returned 17.16%. On a net asset value (“NAV”) basis, the Fund returned 17.86%. During the same time period, the Index returned 17.37%. 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 the income received from the securities lending program in which the Fund participated, partially offset by 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 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 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 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 upon the market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the renewable electricitysub-industry and most underweight in the diversified bankssub-industry during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position in the renewable electricitysub-industry.
For the fiscal year ended October 31, 2019, the renewable electricitysub-industry contributed most significantly to the Fund’s return, followed by the semiconductor equipment and semiconductorssub-industries, respectively. The automobile manufacturerssub-industry detracted most significantly from the Fund’s return, followed by the commodity chemicals and fertilizers & agriculture chemicalssub-industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included SolarEdge Technologies, Inc., a semiconductor equipment company (portfolio average weight of 1.28%), and Universal Display Corp., a semiconductors company (portfolio average weight of 1.55%). Positions that detracted most significantly from the Fund’s return included NIO Inc. Sponsored ADR Class A, an automobile manufacturers company (portfolio average weight of 1.08%), and FDG Electric Vehicles Ltd., an automobile manufacturers company (no longer held at fiscalyear-end).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Renewable Electricity | 26.51 | |||
Semiconductors | 10.94 | |||
Heavy Electrical Equipment | 10.14 | |||
Semiconductor Equipment | 8.69 | |||
Electrical Components & Equipment | 7.75 | |||
Independent Power Producers & Energy Traders | 4.22 | |||
Electric Utilities | 3.78 | |||
Specialty Chemicals | 3.47 | |||
Oil & Gas Refining & Marketing | 3.28 | |||
Sub-Industry Types Each Less Than 3% | 21.18 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
| 27 |
|
Invesco Global Clean Energy ETF (PBD) (continued)
Top Ten Fund Holdings* | ||||
Security | ||||
Tesla, Inc. | 1.30 | |||
eRex Co. Ltd. | 1.26 | |||
West Holdings Corp. | 1.24 | |||
Epistar Corp. | 1.21 | |||
Tanaka Chemical Corp. | 1.20 | |||
Gurit Holding AG, BR | 1.18 | |||
Nordex S.E. | 1.18 | |||
Caverion Oyj | 1.16 | |||
CropEnergies AG | 1.15 | |||
Sino-American Silicon Products, Inc. | 1.15 | |||
Total | 12.03 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 | ||||||||||||||||||||||||||||||||||||||
WilderHill New Energy Global Innovation Index | 17.37 | % | 7.98 | % | 25.89 | % | 2.19 | % | 11.41 | % | (0.27 | )% | (2.64 | )% | (3.62 | )% | (36.63 | )% | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.86 | 25.65 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 17.86 | 7.89 | 25.59 | 1.94 | 10.09 | (0.67 | ) | (6.53 | ) | (4.31 | ) | (42.02 | ) | |||||||||||||||||||||||||||
Market Price Return | 17.16 | 7.72 | 24.98 | 1.64 | 8.48 | (0.66 | ) | (6.39 | ) | (4.43 | ) | (42.93 | ) |
| 28 |
|
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. |
| 29 |
|
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 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 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, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of global exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries and have a minimum worldwide market capitalization of $50 million. 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 its Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 23.68%. On a net asset value (“NAV”) basis, the Fund returned 23.90%. During the same time period, the Index returned 24.95%. 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 EAFE® Index (Net) (the “Benchmark Index”) returned 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 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 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 upon the market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the banks sub-industry during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to overweight allocations in the water utilities and building products sub-industries.
For the fiscal year ended October 31, 2019, the water utilities sub-industry contributed most significantly to the Fund’s return, followed by the building products and health care equipment & supplies sub-industries, respectively. The professional services sub-industry was the only detracting sub-industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Danaher Corp., a health care equipment company (portfolio average weight of 8.08%), and Geberit AG, a building products company (portfolio average weight of 6.89%). Positions that detracted most significantly from the Fund’s return included Reliance Worldwide Corp. Ltd., a building products company (portfolio average weight of 1.59%) and Stantec Inc., a research & consulting services company (portfolio average weight of 0.51%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Industrials | 47.51 | |||
Utilities | 28.87 | |||
Health Care | 11.15 | |||
Materials | 7.09 | |||
Information Technology | 3.65 | |||
Consumer Discretionary | 1.56 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.17 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Danaher Corp. | 7.39 | |||
Ecolab, Inc. | 7.09 | |||
Geberit AG | 6.93 | |||
Ferguson PLC | 6.61 | |||
Pentair PLC | 6.24 | |||
Veolia Environnement S.A. | 4.18 | |||
Cia de Saneamento Basico do Estado de Sao Paulo | 3.86 | |||
Waters Corp. | 3.76 | |||
Halma PLC | 3.65 | |||
IDEX Corp. | 3.55 | |||
Total | 53.26 |
* | Excluding money market fund holdings. |
| 30 |
|
Invesco Global Water ETF (PIO)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 | 24.95 | % | 13.41 | % | 45.86 | % | 6.77 | % | 38.76 | % | 7.47 | % | 105.44 | % | 3.39 | % | 51.08 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.86 | 25.65 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 23.90 | 12.42 | 42.07 | 5.92 | 33.33 | 7.00 | 96.64 | 2.71 | 39.16 | |||||||||||||||||||||||||||||||
Market Price Return | 23.68 | 12.34 | 41.79 | 5.90 | 33.17 | 7.03 | 97.33 | 2.51 | 35.93 |
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 prior to the conversion date, March 1, 2012, followed by the performance of the Index, starting from the conversion date through October 31, 2019. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 31 |
|
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 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 the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack AchieversTM” pursuant to the Index Provider’s proprietary selection methodology. To qualify as an “International BuyBack AchieverTM“ and be eligible for inclusion in the Index, a security must: (i) be 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 dollar cash volume of $1 million. 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, 2019, on a market price basis, the Fund returned 6.74%. On a net asset value (“NAV”) basis, the Fund returned 7.10%. During the same time period, the Index returned 7.80%. During the fiscal year, the Fund’s performance, on a 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 11.27%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,215 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, 2019. 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 industrials and consumer discretionary sectors, respectively.
For the fiscal year ended October 31, 2019, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary and consumer staples sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the health care and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included ASM International N.V., an information technology company (portfolio average weight of 2.86%) and Rakuten, Inc., a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Methanex Corp., a materials company (portfolio average weight of 2.14) and Sports Direct International plc, a consumer discretionary company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Consumer Discretionary | 26.50 | |||
Industrials | 18.12 | |||
Materials | 12.61 | |||
Energy | 8.79 | |||
Consumer Staples | 8.59 | |||
Communication Services | 7.86 | |||
Financials | 6.56 | |||
Information Technology | 5.41 | |||
Real Estate | 3.66 | |||
Health Care | 1.84 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Toshiba Corp. | 5.41 | |||
NTT DOCOMO, Inc. | 5.21 | |||
Magna International, Inc. | 4.87 | |||
Thomson Reuters Corp. | 4.86 | |||
Rio Tinto plc | 4.83 | |||
Koninklijke Ahold Delhaize N.V. | 4.80 | |||
Isuzu Motors Ltd. | 4.30 | |||
Idemitsu Kosan Co. Ltd. | 4.09 | |||
Pandora A/S | 2.96 | |||
Z Holdings Corp. | 2.65 | |||
Total | 43.98 |
* | Excluding money market fund holdings. |
| 32 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average Annualized | 5 Years | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq International BuyBack AchieversTM Index (Net) | 7.80 | % | 7.72 | % | 24.99 | % | 8.01 | % | 47.03 | % | 7.36 | % | 49.55 | % | ||||||||||||||||||
MSCI ACWI ex USA® Index (Net) | 11.27 | 8.07 | 26.23 | 3.82 | 20.59 | 3.24 | 19.79 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 7.10 | | 7.10 | | 22.85 | 7.31 | 42.32 | 6.65 | 44.07 | |||||||||||||||||||||||
Market Price Return | 6.74 | 6.82 | 21.89 | 6.95 | 39.92 | 6.45 | 42.53 |
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. |
| 33 |
|
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 investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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, MSCI, Inc. (“MSCI” or 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.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 2.14%. On a net asset value (“NAV”) basis, the Fund returned 2.32%. During the same time period, the Index returned 2.10%. During the fiscal year, the Fund’s performance, on a 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 12.69%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,650 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 equity markets in 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 paper packaging sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be
attributed to the Fund being overweight in the paper products sub-industry.
For the fiscal year ended October 31, 2019, the paper packaging sub-industry contributed most significantly to the Fund’s return, followed by the forest products and specialized REITs sub-industries, respectively. The paper products sub-industry was the only detracting sub-industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Avery Dennison Corp., a paper packaging company (portfolio average weight of 4.52%) and Amcor PLC Shs Chess Depository Interests Repr 1 Sh., a paper packaging company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Amcor PLC., a paper packaging company (portfolio average weight of 2.13%) and Oji Holdings Corp., a paper packaging company (portfolio average weight of 2.38%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Materials | 91.06 | |||
Real Estate | 8.69 | |||
Exchange-Traded Fund | 0.05 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.20 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
UPM-Kymmene Oyj | 5.68 | |||
Weyerhaeuser Co. | 5.18 | |||
Avery Dennison Corp. | 5.03 | |||
International Paper Co. | 4.97 | |||
Mondi PLC | 4.96 | |||
Westrock Co. | 4.85 | |||
Packaging Corp. of America | 4.82 | |||
Amcor PLC | 4.31 | |||
Stora Enso Oyj, Class R | 3.80 | |||
Smurfit Kappa Group PLC | 3.79 | |||
Total | 47.39 |
* | Excluding money market fund holdings. |
| 34 |
|
Invesco MSCI Global Timber ETF (CUT)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 ACWI IMI Timber Select Capped Index (Net) | 2.10 | % | 6.87 | % | 22.06 | % | 5.05 | % | 27.94 | % | 7.93 | % | 114.49 | % | 3.76 | % | 55.60 | % | ||||||||||||||||||||||
MSCI World Index (Net) | 12.69 | 11.86 | 39.96 | 7.58 | 44.13 | 9.48 | 147.34 | 4.99 | 79.20 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 2.32 | 6.97 | 22.40 | 4.86 | 26.75 | 7.31 | 102.53 | 2.85 | 39.94 | |||||||||||||||||||||||||||||||
Market Price Return | 2.14 | 6.92 | 22.21 | 4.74 | 26.07 | 7.40 | 104.21 | 2.81 | 39.42 |
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 August 31, 2021. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.64% 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, 2019. |
- | 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. |
| 35 |
|
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 investment results (before fees and expenses) of the S&P Global Dividend Opportunities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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 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 (“S&P Global BMI”). 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.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 17.64%. On a net asset value (“NAV”) basis, the Fund returned 17.89%. During the same time period, the Index returned 17.95%. During the fiscal year, 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 partially offset by income received from the securities lending program in which the Fund participates.
During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 12.69%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,650 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 equity markets in 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 year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to its stock selection in the consumer staples and financials sectors.
For the fiscal year ended October 31, 2019, the financials sector contributed most significantly to the Fund’s return, followed by the consumer staples and communication services sectors,
respectively. The energy and information technology sectors, respectively, 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, 2019 included Transurban Group Ltd., an industrials company (no longer held at fiscal year-end), and Air Products and Chemicals, Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included NWS Holdings Ltd., an industrials company (portfolio average weight of 0.33%) and DS Smith Plc, a materials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 25.02 | |||
Communication Services | 16.56 | |||
Industrials | 12.44 | |||
Energy | 9.68 | |||
Real Estate | 8.64 | |||
Consumer Staples | 7.54 | |||
Utilities | 6.65 | |||
Health Care | 6.65 | |||
Consumer Discretionary | 5.08 | |||
Information Technology | 1.52 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.22 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Orange S.A. | 2.93 | |||
TOTAL S.A. | 2.78 | |||
Eni S.p.A. | 2.77 | |||
Elisa Oyj | 2.55 | |||
Shaw Communications, Inc., Class B | 2.48 | |||
Swisscom AG | 2.48 | |||
Verizon Communications, Inc. | 2.43 | |||
TELUS Corp. | 2.34 | |||
Pembina Pipeline Corp. | 2.33 | |||
Legal & General Group PLC | 2.28 | |||
Total | 25.37 |
* | Excluding money market fund holdings. |
| 36 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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) | 17.95 | % | 11.04 | % | 36.90 | % | 3.35 | % | 17.92 | % | 4.06 | % | 48.87 | % | (1.10 | )% | (12.75 | )% | ||||||||||||||||||||||
MSCI World Index (Net) | 12.69 | 11.86 | 39.96 | 7.58 | 44.13 | 9.48 | 147.34 | 4.91 | 80.72 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 17.89 | 10.80 | 36.02 | 3.27 | 17.44 | 4.09 | 49.33 | (0.45 | ) | (5.40 | ) | |||||||||||||||||||||||||||||
Market Price Return | 17.64 | 10.58 | 35.20 | 3.19 | 17.02 | 4.27 | 51.89 | (0.48 | ) | (5.74 | ) |
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 August 31, 2021. 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 0.64%. 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 Predecessor 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, 2019. |
- | 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. |
| 37 |
|
CGW | Manager’s Analysis | |
Invesco S&P Global Water Index ETF (CGW) |
As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the 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 measure the performance of approximately 50 of the largest global companies in water-related businesses. To be eligible for inclusion in the Index, securities must be classified as being in either the water equipment and materials or water utilities and infrastructure segments pursuant to the Index methodology. Index constituents must have a minimum float-adjusted capitalization of $100 million. 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, 2019, on a market price basis, the Fund returned 25.27%. On a net asset value (“NAV”) basis, the Fund returned 25.10%. During the same time period, the Index returned 25.41%. During the fiscal year, 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 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 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 925 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 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 water utilitiessub-industry and most underweight in the diversified bankssub-industry during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the water utilitiessub-industry.
For the fiscal year ended October 31, 2019, the water utilitiessub-industry contributed most significantly to the Fund’s return,
followed by the multi-utilities and industrial machinerysub-industries, respectively. The industrial conglomerates and oil & gas equipment & servicessub-industries were the only detractingsub-industries.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included American Water Works Company, Inc., a water utilities company (portfolio average weight of 10.40%), and Danaher Corp., a health care equipment & supplies company (portfolio average weight of 5.23%). Positions that detracted most significantly from the Fund’s return included Alfa Laval AB, an industrial machinery company (portfolio average weight of 3.06%), and Reliance Worldwide Corp. Ltd., a building products company (portfolio average weight of 1.06%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Water Utilities | 33.10 | |||
Machinery | 30.17 | |||
Multi-Utilities | 12.76 | |||
Building Products | 7.18 | |||
Electronic Equipment, Instruments & Components | 5.27 | |||
Health Care Equipment & Supplies | 4.71 | |||
Industry Types Each Less Than 3% | 6.77 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
American Water Works Co., Inc. | 9.27 | |||
Xylem, Inc. | 6.71 | |||
Geberit AG | 5.15 | |||
Veolia Environnement S.A. | 4.96 | |||
IDEX Corp. | 4.74 | |||
Danaher Corp. | 4.71 | |||
Halma PLC | 4.45 | |||
Aqua America, Inc. | 4.31 | |||
Pentair PLC | 3.39 | |||
United Utilities Group PLC | 3.38 | |||
Total | 51.07 |
* | Excluding money market fund holdings. |
| 38 |
|
Invesco S&P Global Water Index ETF (CGW)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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&P Global Water Index (Net) | 25.41 | % | 12.90 | % | 43.91 | % | 9.19 | % | 55.18 | % | 10.93 | % | 182.08 | % | 6.51 | % | 119.45 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.75 | 24.17 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 25.10 | 12.60 | 42.77 | 8.91 | 53.22 | 10.60 | 173.87 | 6.06 | 108.13 | |||||||||||||||||||||||||||||||
Market Price Return | 25.27 | 12.53 | 42.50 | 8.91 | 53.21 | 10.62 | 174.44 | 6.06 | 108.06 |
Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”) Inception: May 14, 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 total annual operating expense ratio was indicated as 0.62%. 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. |
| 39 |
|
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 investment results (before fees and expenses) of the S&P Quality Developedex-U.S. LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developedex-U.S. LargeMidCap (the “Parent 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. In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the 100 highest-scoring securities based on a composite of the following three equally-weighted factors:(i) return-on-equity, calculated as the company’s trailing12-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 is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally will invest all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2019, on a market price basis, the Fund returned 18.14%. On a net asset value (“NAV”) basis, the Fund returned 17.58%. During the same time period, the Index returned 17.93%. 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 incurred by the Fund during the period.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 11.04%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 925 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, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s allocation to and stock selection in the information technology and health care sectors, respectively.
For the fiscal year ended October 31, 2019, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. The materials sector was the only detracting sector from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019 included Roche Holding AG, a health care company (portfolio average weight of 5.16%), and ASML Holding NV, an information technology company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return included Bayer AG, a health care company (no longer held at fiscalyear-end), and BHP Group Ltd, a materials company (portfolio average weight of 0.61%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Health Care | 23.29 | |||
Industrials | 17.80 | |||
Consumer Discretionary | 15.62 | |||
Consumer Staples | 9.80 | |||
Information Technology | 9.51 | |||
Financials | 8.97 | |||
Materials | 7.35 | |||
Communication Services | 4.03 | |||
Sector Types Each Less Than 3% | 3.23 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.40 |
| 40 |
|
Invesco S&P International Developed Quality ETF (IDHQ)(continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Roche Holding AG | 5.16 | |||
Novartis AG | 4.66 | |||
Novo Nordisk A/S, Class B | 2.85 | |||
Unilever N.V. | 2.82 | |||
ASML Holding N.V. | 2.67 | |||
AstraZeneca PLC | 2.51 | |||
LVMH Moet Hennessy Louis Vuitton S.E. | 2.47 | |||
Diageo PLC | 2.39 | |||
Airbus S.E. | 2.19 | |||
CSL Ltd. | 1.99 | |||
Total | 29.71 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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) | 17.93 | % | 10.35 | % | 34.36 | % | 7.19 | % | 41.48 | % | 7.37 | % | 103.64 | % | 2.74 | % | 39.72 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | 11.04 | 8.48 | 27.67 | 4.31 | 23.47 | 5.41 | 69.31 | 1.86 | 25.65 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 17.58 | 10.19 | 33.80 | 7.02 | 40.41 | 6.84 | 93.83 | 1.92 | 26.55 | |||||||||||||||||||||||||||||||
Market Price Return | 18.14 | 10.35 | 34.39 | 6.89 | 39.50 | 7.02 | 97.00 | 1.81 | 24.94 |
| 41 |
|
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, 2019. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 42 |
|
Invesco China Real Estate ETF (TAO)
October 31, 2019
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.76% |
| |||||||
Diversified Real EstateActivities-24.36% |
| |||||||
Chinese Estates Holdings Ltd. (Hong Kong) | 125,466 | $ | 91,246 | |||||
Far East Consortium International Ltd. (Hong Kong) | 264,907 | 112,213 | ||||||
Hang Lung Properties Ltd. (Hong Kong) | 496,475 | 1,093,326 | ||||||
Henderson Land Development Co. Ltd. (Hong Kong) | 433,009 | 2,168,443 | ||||||
Joy City Property Ltd. (China) | 935,572 | 102,657 | ||||||
Kerry Properties Ltd. (Hong Kong) | 156,856 | 508,330 | ||||||
New World Development Co. Ltd. (Hong Kong) | 1,506,200 | 2,160,033 | ||||||
Shenzhen Investment Ltd. (China) | 684,169 | 269,732 | ||||||
Sun Hung Kai Properties Ltd. (Hong Kong) | 163,798 | 2,484,859 | ||||||
Swire Pacific Ltd., Class A (Hong Kong) | 128,426 | 1,224,010 | ||||||
Swire Pacific Ltd., Class B (Hong Kong) | 235,290 | 348,235 | ||||||
Wharf Holdings Ltd. (The) (Hong Kong) | 288,566 | 656,091 | ||||||
Wheelock & Co. Ltd. (Hong Kong) | 205,026 | 1,270,017 | ||||||
|
| |||||||
12,489,192 | ||||||||
|
| |||||||
DiversifiedREITs-0.85% | ||||||||
Sunlight REIT (Hong Kong) | 265,259 | 180,050 | ||||||
Yuexiu REIT (Hong Kong) | 387,505 | 257,588 | ||||||
|
| |||||||
437,638 | ||||||||
|
| |||||||
OfficeREITs-0.93% | ||||||||
Champion REIT (Hong Kong) | 523,999 | 347,653 | ||||||
Prosperity REIT (Hong Kong) | 323,155 | 127,403 | ||||||
|
| |||||||
475,056 | ||||||||
|
| |||||||
Real EstateDevelopment-55.48% | ||||||||
Agile Group Holdings Ltd. (China) | 380,619 | 514,764 | ||||||
Asian Growth Properties Ltd. (Hong Kong)(b) | 76,080 | - | ||||||
China Aoyuan Group Ltd. (China) | 339,672 | 435,983 | ||||||
China Evergrande Group (China)(c)(d) | 794,523 | 1,940,259 | ||||||
China Jinmao Holdings Group Ltd. (China) | 1,267,960 | 846,094 | ||||||
China Overseas Grand Oceans Group Ltd. (China) | 432,497 | 224,589 | ||||||
China Overseas Land & Investment Ltd. (China) | 724,174 | 2,291,427 | ||||||
China Resources Land Ltd. (China) | 646,698 | 2,760,000 | ||||||
China SCE Group Holdings Ltd. (China) | 543,018 | 249,418 | ||||||
China South City Holdings Ltd. (China) | 1,173,814 | 136,286 | ||||||
China Vanke Co., Ltd., H Shares (China) | 414,903 | 1,516,640 | ||||||
CIFI Holdings Group Co., Ltd. (China) | 974,900 | 653,026 | ||||||
CK Asset Holdings Ltd. (Hong Kong) | 319,041 | 2,226,615 | ||||||
Country Garden Holdings Co. Ltd. (China)(d) | 1,936,215 | 2,697,662 | ||||||
Future Land Development Holdings Ltd. (China)(c) | 450,404 | 476,396 | ||||||
Greentown China Holdings Ltd. (China) | 342,634 | 316,942 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares (China) | 267,147 | 415,154 | ||||||
Hopson Development Holdings Ltd. (China) | 175,770 | 169,767 | ||||||
Jiayuan International Group Ltd. (China) | 321,387 | 128,757 | ||||||
K Wah International Holdings Ltd. (Hong Kong) | 394,196 | 215,765 | ||||||
Kaisa Group Holdings Ltd. (China)(c) | 559,696 | 245,653 | ||||||
KWG Group Holdings Ltd. (China)(c) | 308,876 | 312,119 | ||||||
Landing International Development Ltd. (Hong Kong)(c) | 324,317 | 36,827 | ||||||
Logan Property Holdings Co. Ltd. (China) | 330,859 | 505,721 | ||||||
Longfor Group Holdings Ltd. (China)(e) | 376,346 | 1,565,367 | ||||||
Poly Property Group Co. Ltd. (China) | 510,355 | 184,928 |
Shares | Value | |||||||
Real Estate Development-(continued) | ||||||||
Powerlong Real Estate Holdings Ltd. (China) | 368,070 | $ | 244,669 | |||||
Ronshine China Holdings Ltd. | 158,518 | 177,374 | ||||||
Shimao Property Holdings Ltd. (China) | 260,289 | 875,080 | ||||||
Shui On Land Ltd. (China) | 911,410 | 183,731 | ||||||
Sino Land Co. Ltd. (Hong Kong) | 788,293 | 1,180,775 | ||||||
Sino-Ocean Group Holding Ltd. (China) | 821,183 | 302,795 | ||||||
Sunac China Holdings Ltd. (China) | 607,474 | 2,766,988 | ||||||
Times China Holdings Ltd. (China) | 194,103 | 347,705 | ||||||
Wang On Properties Ltd. (Hong Kong) | 1,000,353 | 117,423 | ||||||
Yanlord Land Group Ltd. (China) | 172,654 | 153,504 | ||||||
Yuexiu Property Co. Ltd. (China) | 1,629,079 | 359,583 | ||||||
Yuzhou Properties Co. Ltd. (China) | 450,283 | 190,737 | ||||||
Zall Smart Commerce Group Ltd. | 1,115,769 | 108,193 | ||||||
Zhenro Properties Group Ltd. (China)(e) | 551,451 | 372,902 | ||||||
|
| |||||||
28,447,618 | ||||||||
|
| |||||||
Real Estate OperatingCompanies-12.19% |
| |||||||
China Dili Group (China)(c) | 737,329 | 225,779 | ||||||
China Logistics Property Holdings Co. Ltd. (China)(c)(e) | 416,358 | 162,024 | ||||||
Hang Lung Group Ltd. (Hong Kong) | 225,242 | 564,994 | ||||||
Hongkong Land Holdings Ltd. (Hong Kong) | 306,880 | 1,687,840 | ||||||
Hysan Development Co. Ltd. (Hong Kong) | 162,685 | 642,421 | ||||||
Red Star Macalline Group Corp. Ltd., H Shares (China)(e) | 168,439 | 135,178 | ||||||
SOHO China Ltd. (China) | 492,135 | 168,279 | ||||||
Swire Properties Ltd. (Hong Kong) | 276,810 | 872,349 | ||||||
Wharf Real Estate Investment Co. Ltd. (Hong Kong) | 303,849 | 1,791,064 | ||||||
|
| |||||||
6,249,928 | ||||||||
|
| |||||||
RetailREITs-5.95% | ||||||||
Fortune REIT (Hong Kong) | 371,109 | 435,613 | ||||||
Link REIT (Hong Kong) | 240,141 | 2,618,121 | ||||||
|
| |||||||
3,053,734 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $55,627,553) |
| 51,153,166 | ||||||
|
| |||||||
Money MarketFunds-0.33% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) (Cost $170,594) | 170,594 | 170,594 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (Cost $55,798,147) |
| 51,323,760 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.15% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(f)(g) | 1,208,923 | 1,208,923 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco China Real Estate ETF (TAO)–(continued)
October 31, 2019
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 402,813 | $ | 402,974 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 1,611,897 | |||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.24% |
| 52,935,657 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.24)% |
| (1,660,240 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 51,275,417 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 4. (c)Non-income producing security. |
(d) | All or a portion of this security was out on loan at October 31, 2019. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $2,412,845, which represented 4.71% of the Fund’s Net Assets. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
This Fund has holdings greater than 10% of net assets in the following countries:
China | 50.20 | % | ||
Hong Kong | 49.56 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco China Small Cap ETF (HAO)
October 31, 2019
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.11% |
| |||||||
CommunicationServices-2.88% | ||||||||
Bilibili, Inc., ADR (China)(b)(c) | 22,870 | $ | 361,117 | |||||
Bitauto Holdings Ltd., ADR (China)(b) | 7,473 | 113,066 | ||||||
Changyou.com Ltd., ADR (China)(c) | 4,748 | 45,391 | ||||||
CITIC Telecom International Holdings Ltd. (China) | 441,630 | 167,914 | ||||||
Fang Holdings Ltd., ADR (China)(b) | 9,218 | 18,528 | ||||||
HUYA, Inc., ADR (China)(b) | 16,526 | 367,538 | ||||||
IMAX China Holding, Inc. (Hong Kong)(d) | 32,242 | 73,224 | ||||||
Leyou Technologies Holdings Ltd. | 292,059 | 96,885 | ||||||
NetDragon Websoft Holdings Ltd. (Hong Kong) | 74,744 | 171,084 | ||||||
Sogou, Inc., ADR (China)(b)(c) | 18,150 | 93,473 | ||||||
Sohu.com Ltd., ADR (China)(b)(c) | 8,695 | 89,124 | ||||||
Tian Ge Interactive Holdings Ltd. | 159,716 | 42,794 | ||||||
|
| |||||||
1,640,138 | ||||||||
|
| |||||||
ConsumerDiscretionary-15.84% | ||||||||
361 Degrees International Ltd. (China) | 214,086 | 43,977 | ||||||
Ajisen (China) Holdings Ltd. (Hong Kong) | 176,000 | 50,525 | ||||||
Asia Television Holdings Ltd. (Hong Kong)(b) | 1,582,171 | 8,075 | ||||||
BAIC Motor Corp. Ltd., H Shares | 457,333 | 284,750 | ||||||
Baozun, Inc., ADR (China)(b)(c) | 11,154 | 485,422 | ||||||
Bosideng International Holdings Ltd. (Hong Kong) | 1,048,973 | 543,378 | ||||||
Bright Scholar Education Holdings Ltd., ADR (China)(c) | 8,866 | 81,124 | ||||||
Chaowei Power Holdings Ltd. (China) | 146,009 | 52,907 | ||||||
China Animation Characters Co. Ltd. (Hong Kong)(d) | 143,380 | 34,392 | ||||||
China Dongxiang Group Co. Ltd. (China) | 1,050,011 | 117,893 | ||||||
China Education Group Holdings Ltd. (China)(c)(d) | 144,922 | 217,077 | ||||||
China First Capital Group Ltd. (Hong Kong)(b) | 984,315 | 280,059 | ||||||
China Harmony New Energy Auto Holding Ltd. (China) | 201,262 | 69,332 | ||||||
China Lilang Ltd. (China) | 134,888 | 108,768 | ||||||
China Maple Leaf Educational Systems Ltd. (China)(c) | 430,408 | 135,640 | ||||||
China New Higher Education Group Ltd. (China)(d) | 213,079 | 86,725 | ||||||
China Travel International Investment Hong Kong Ltd. (China) | 627,645 | 99,299 | ||||||
China Yongda Automobiles Services Holdings Ltd. (China) | 354,613 | 301,781 | ||||||
China Yuhua Education Corp. Ltd. (China)(d) | 321,025 | 184,725 | ||||||
China ZhengTong Auto Services Holdings Ltd. (China) | 261,224 | 78,324 | ||||||
Citychamp Watch & Jewellery Group Ltd. (Hong Kong)(b) | 388,359 | 84,235 | ||||||
Cogobuy Group (China)(b)(d) | 160,198 | 26,571 | ||||||
Cosmo Lady China Holdings Co. Ltd. (China)(d) | 193,997 | 28,712 | ||||||
Crystal International Group Ltd. (Hong Kong)(d) | 164,226 | 63,489 | ||||||
Dah Chong Hong Holdings Ltd. (China) | 233,698 | 106,745 | ||||||
Fu Shou Yuan International Group Ltd. (China) | 314,928 | 278,456 | ||||||
Golden Eagle Retail Group Ltd. (China) | 125,844 | 138,726 | ||||||
GOME Retail Holdings Ltd. (China)(b)(c) | 3,102,276 | 281,028 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Goodbaby International Holdings Ltd. (China)(b) | 259,176 | $ | 37,697 | |||||
Grand Baoxin Auto Group Ltd. (China)(b) | 188,093 | 37,918 | ||||||
Haichang Ocean Park Holdings Ltd. (China)(b)(d) | 368,722 | 40,458 | ||||||
Hailiang Education Group, Inc., ADR (China)(b)(c) | 1,184 | 78,416 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares (China) | 96,581 | 89,339 | ||||||
Huayi Tencent Entertainment Co. Ltd. (Hong Kong)(b) | 2,062,973 | 25,795 | ||||||
Imperial Pacific International Holdings Ltd. (Hong Kong)(b) | 15,235,629 | 283,808 | ||||||
JNBY Design Ltd. (China)(d) | 61,278 | 87,566 | ||||||
Jumei International Holding Ltd., ADR (China)(b) | 21,067 | 43,398 | ||||||
Kandi Technologies Group, Inc. | 10,947 | 54,516 | ||||||
Kasen International Holdings Ltd. (China)(b)(c) | 171,486 | 106,116 | ||||||
Li Ning Co. Ltd. (China) | 504,901 | 1,716,781 | ||||||
Ozner Water International Holding Ltd. (China)(b)(c)(d) | 196,610 | 37,377 | ||||||
Pou Sheng International (Holdings) Ltd. (Hong Kong) | 586,100 | 221,348 | ||||||
Q Technology Group Co. Ltd. | 112,066 | 149,275 | ||||||
Qingling Motors Co. Ltd., H Shares (China) | 212,951 | 51,623 | ||||||
Shanghai Jin Jiang International Hotels Group Co., Ltd., H Shares (China) | 356,913 | 53,279 | ||||||
Skyworth Group Ltd. (Hong Kong) | 493,980 | 127,943 | ||||||
Tarena International, Inc., ADR (China)(b) | 9,375 | 7,276 | ||||||
TCL Electronics Holdings Ltd. (China) | 224,336 | 106,476 | ||||||
Tianneng Power International Ltd. (China) | 208,409 | 136,410 | ||||||
Tuniu Corp., ADR (China)(b)(c) | 10,707 | 32,121 | ||||||
Virscend Education Co. Ltd. (China)(c)(d) | 462,466 | 132,172 | ||||||
Wisdom Education International Holdings Co. Ltd. (China)(d) | 158,183 | 68,014 | ||||||
Xiabuxiabu Catering Management China Holdings Co., Ltd. (China)(b)(d) | 121,190 | 162,046 | ||||||
Xingda International Holdings Ltd. (China) | 110,900 | 30,988 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares (China) | 127,663 | 90,726 | ||||||
Xtep International Holdings Ltd. (China) | 338,131 | 196,726 | ||||||
Yadea Group Holdings Ltd. (China)(d) | 293,156 | 63,586 | ||||||
Zhongsheng Group Holdings Ltd. (China) | 143,839 | 478,075 | ||||||
|
| |||||||
9,019,404 | ||||||||
|
| |||||||
ConsumerStaples-6.32% | ||||||||
Ausnutria Dairy Corp. Ltd. (China)(b)(c) | 189,794 | 283,806 | ||||||
China Agri-Industries Holdings Ltd. (China) | 635,915 | 210,141 | ||||||
China Foods Ltd. (China) | 209,920 | 86,510 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 1,348,437 | 0 | ||||||
China Huiyuan Juice Group Ltd. | 222,871 | 0 | ||||||
China Modern Dairy Holdings Ltd. (China)(b) | 688,339 | 98,363 | ||||||
CP Pokphand Co. Ltd. (Hong Kong) | 1,524,351 | 126,418 | ||||||
Dali Foods Group Co. Ltd. (China)(d) | 591,126 | 405,010 | ||||||
Health & Happiness H&H International Holdings Ltd. (China) | 60,786 | 241,199 | ||||||
Tibet Water Resources Ltd. | 466,166 | 76,726 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco China Small Cap ETF (HAO)–(continued)
October 31, 2019
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
Tsingtao Brewery Co., Ltd., H Shares (China) | 107,717 | $ | 626,014 | |||||
Uni-President China Holdings Ltd. (China) | 360,514 | 372,579 | ||||||
Vinda International Holdings Ltd. (Hong Kong) | 85,555 | 161,554 | ||||||
Yihai International Holding Ltd. | 120,398 | 820,298 | ||||||
Zhou Hei Ya International Holdings Co. Ltd. (China)(d) | 171,508 | 86,436 | ||||||
|
| |||||||
3,595,054 | ||||||||
|
| |||||||
Energy-2.26% | ||||||||
Anton Oilfield Services Group (China) | 570,948 | 56,820 | ||||||
China Coal Energy Co. Ltd., H Shares (China) | 603,346 | 240,947 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares (China) | 491,851 | 143,080 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares (China) | 301,789 | 130,146 | ||||||
NewOcean Energy Holdings Ltd. (Hong Kong)(b) | 258,649 | 41,911 | ||||||
Sinopec Kantons Holdings Ltd. (China) | 286,969 | 117,165 | ||||||
Sinopec Oilfield Service Corp., H Shares (China)(b) | 608,841 | 65,252 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares (China) | 482,429 | 490,573 | ||||||
|
| |||||||
1,285,894 | ||||||||
|
| |||||||
Financials-8.34% | ||||||||
Bank of Chongqing Co. Ltd., H Shares (China) | 136,495 | 80,284 | ||||||
Bank of Gansu Co. Ltd., H Shares | 402,554 | 90,396 | ||||||
Central China Securities Co. Ltd., H Shares (China)(d) | 323,881 | 62,812 | ||||||
China Everbright Bank Co. Ltd., H Shares (China) | 875,896 | 403,433 | ||||||
China International Capital Corp. Ltd., H Shares (China)(c)(d) | 308,506 | 564,448 | ||||||
China Merchants Securities Co., Ltd., H Shares (China)(d) | 217,257 | 246,703 | ||||||
China Minsheng Financial Holding Corp. Ltd. (China)(b) | 2,834,575 | 41,591 | ||||||
China Reinsurance Group Corp., H Shares (China) | 1,750,062 | 285,808 | ||||||
Chong Sing Holdings FinTech Gr | 4,230,158 | 6,477 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., H Shares (China) | 673,088 | 359,830 | ||||||
CSC Financial Co. Ltd., H Shares | 228,548 | 158,922 | ||||||
Everbright Securities Co., Ltd., H Shares (China)(d) | 85,201 | 60,550 | ||||||
Fanhua, Inc., ADR (China)(c) | 13,197 | 332,828 | ||||||
Guotai Junan International Holdings Ltd. (China) | 755,169 | 127,183 | ||||||
Guotai Junan Securities Co., Ltd., H Shares (China)(d) | 212,272 | 325,001 | ||||||
Huishang Bank Corp. Ltd., H Shares (China) | 550,602 | 208,644 | ||||||
LexinFintech Holdings Ltd., ADR | 16,444 | 186,475 | ||||||
Noah Holdings Ltd., ADR (China)(b)(c) | 6,969 | 211,091 | ||||||
Orient Securities Co., Ltd., H Shares (China)(d) | 209,862 | 117,547 | ||||||
PPDAI Group, Inc., ADR (China) | 31,540 | 88,312 | ||||||
Qudian, Inc., ADR (China)(b)(c) | 34,869 | 241,642 | ||||||
Sheng Ye Capital Ltd. (China)(d) | 93,666 | 83,416 | ||||||
Yiren Digital Ltd., ADR (China)(b) | 3,798 | 24,573 | ||||||
Yixin Group Ltd. (China)(b)(c)(d) | 605,262 | 144,410 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Zhengqi Financial Holdings Corp., Rts. (China)(b)(e) | 13,210 | $ | 0 | |||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares (China)(b)(c)(d) | 89,272 | 298,420 | ||||||
|
| |||||||
4,750,796 | ||||||||
|
| |||||||
HealthCare-7.97% | ||||||||
3SBio, Inc. (China)(b)(d) | 218,800 | 409,254 | ||||||
AK Medical Holdings Ltd. (China)(d) | 90,128 | 102,804 | ||||||
Anxin-China Holdings Ltd. | 2,827,938 | 0 | ||||||
China Animal Healthcare Ltd. | 863,000 | 0 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd. (Hong Kong) | 427,190 | 245,270 | ||||||
China Resources Medical Holdings Co. Ltd. (China) | 239,043 | 137,551 | ||||||
China Shineway Pharmaceutical Group Ltd. (China) | 80,549 | 77,592 | ||||||
Consun Pharmaceutical Group Ltd. (China) | 125,371 | 75,181 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. (China) | 230,926 | 40,954 | ||||||
EssexBio-technology Ltd. (China) | 121,854 | 93,905 | ||||||
Genertec Universal Medical Group Co. Ltd. (China)(d) | 306,073 | 209,315 | ||||||
Genscript Biotech Corp. (China)(b) | 279,531 | 671,927 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares (China) | 64,258 | 203,735 | ||||||
Hua Han Health Industry Holdings Ltd. (Hong Kong)(b)(e) | 2,279,911 | 0 | ||||||
Lifetech Scientific Corp. (China)(b) | 671,725 | 113,987 | ||||||
Livzon Pharmaceutical Group, Inc., H Shares (China) | 45,118 | 132,113 | ||||||
Luye Pharma Group Ltd. (China)(c)(d) | 508,113 | 376,659 | ||||||
MicroPort Scientific Corp. (China) | 162,084 | 166,888 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., H Shares (China)(d) | 11,522 | 66,594 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. (China) | 1,035,688 | 136,106 | ||||||
Sinovac Biotech Ltd. (China)(b)(e) | 8,228 | 53,235 | ||||||
SSY Group Ltd. (Hong Kong) | 462,567 | 387,159 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares (China) | 170,244 | 169,642 | ||||||
United Laboratories International Holdings Ltd. (The) (Hong Kong) | 184,445 | 106,134 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares (China)(d) | 34,008 | 209,141 | ||||||
Zai Lab Ltd., ADR (China)(b) | 10,481 | 354,153 | ||||||
|
| |||||||
4,539,299 | ||||||||
|
| |||||||
Industrials-18.56% | ||||||||
51job, Inc., ADR (China)(b) | 6,946 | 547,136 | ||||||
A-Living Services Co. Ltd., H Shares (China)(d) | 95,956 | 291,380 | ||||||
Anhui Expressway Co. Ltd., H Shares (China) | 87,812 | 51,650 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares (China) | 791,432 | 374,627 | ||||||
BEST, Inc., ADR (China)(b)(c) | 60,791 | 346,509 | ||||||
CAR, Inc. (China)(b) | 207,794 | 169,678 | ||||||
China Aircraft Leasing Group Holdings Ltd. (China)(d) | 82,074 | 84,821 | ||||||
China Communications Services Corp. Ltd., H Shares (China) | 688,031 | 425,756 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco China Small Cap ETF (HAO)–(continued)
October 31, 2019
Shares | Value | |||||||
Industrials-(continued) | ||||||||
China Eastern Airlines Corp. Ltd., H Shares (China)(b) | 581,602 | $ | 290,886 | |||||
China Energy Engineering Corp. Ltd., H Shares (China) | 1,785,414 | 179,961 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. (Hong Kong) | 122,607 | 72,428 | ||||||
China International Marine Containers Group Co. Ltd., H Shares (China) | 130,437 | 114,998 | ||||||
China Lesso Group Holdings Ltd. (China) | 285,523 | 295,443 | ||||||
China Machinery Engineering Corp., H Shares (China) | 238,076 | 93,861 | ||||||
China Southern Airlines Co., Ltd., H Shares (China) | 442,398 | 273,193 | ||||||
CIMC Enric Holdings Ltd. (China) | 178,779 | 97,171 | ||||||
CITIC Resources Holdings Ltd. (China) | 678,067 | 44,122 | ||||||
COSCO SHIPPING Development Co., Ltd., H Shares (China) | 1,058,477 | 118,844 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares (China)(b) | 742,924 | 278,678 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. (China) | 150,400 | 38,187 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., H Shares (China)(b) | 70,623 | 53,433 | ||||||
Dalian Port PDA Co. Ltd., H Shares (China) | 490,347 | 61,937 | ||||||
Dongfang Electric Corp. Ltd., H Shares (China) | 97,920 | 55,221 | ||||||
Dongjiang Environmental Co. Ltd., H Shares (China) | 52,480 | 43,858 | ||||||
Greentown Service Group Co. Ltd. (China)(d) | 343,109 | 390,051 | ||||||
Guangshen Railway Co., Ltd., H Shares (China) | 412,901 | 132,230 | ||||||
Haitian International Holdings Ltd. (China) | 188,028 | 444,778 | ||||||
Harbin Electric Co. Ltd., H Shares | 194,261 | 49,571 | ||||||
Jiangsu Expressway Co. Ltd., H Shares (China) | 350,775 | 466,345 | ||||||
Lonking Holdings Ltd. (China) | 542,076 | 150,775 | ||||||
Metallurgical Corp. of China Ltd., H Shares (China) | 826,868 | 175,128 | ||||||
Qingdao Port International Co., Ltd., H Shares (China)(d) | 297,586 | 170,858 | ||||||
Qinhuangdao Port Co. Ltd., H Shares (China) | 193,603 | 36,064 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. (China) | 276,964 | 145,590 | ||||||
Seaspan Corp. (Hong Kong) | 21,723 | 235,477 | ||||||
Shanghai Electric Group Co., Ltd., H Shares (China) | 855,499 | 261,964 | ||||||
Shanghai Industrial Holdings Ltd. (China) | 124,854 | 232,577 | ||||||
Shenzhen Expressway Co. Ltd., H Shares (China) | 199,699 | 267,533 | ||||||
Shenzhen International Holdings Ltd. (China) | 272,779 | 555,463 | ||||||
Shougang Concord International Enterprises Co. Ltd. (China) | 2,288,699 | 108,044 | ||||||
Sichuan Expressway Co. Ltd., H Shares (China) | 218,373 | 63,804 | ||||||
SingAsia Holdings Ltd. (Singapore)(b) | 156,132 | 1,275 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares (China) | 390,941 | 223,959 | ||||||
Sinotrans Ltd., H Shares (China) | 617,880 | 182,107 | ||||||
Sinotruk Hong Kong Ltd. (China) | 190,609 | 288,916 | ||||||
SITC International Holdings Co. Ltd. (China) | 376,502 | 415,523 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Tianjin Port Development Holdings Ltd. (China) | 443,439 | $ | 40,736 | |||||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares (China) | 222,766 | 266,318 | ||||||
Yuexiu Transport Infrastructure Ltd. (China) | 246,256 | 227,477 | ||||||
Zhejiang Expressway Co., Ltd., H Shares (China) | 411,874 | 337,899 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd., H Shares (China) | 399,617 | 294,192 | ||||||
|
| |||||||
10,568,432 | ||||||||
|
| |||||||
InformationTechnology-10.82% | ||||||||
21Vianet Group, Inc., ADR (China)(b) | 16,302 | 138,241 | ||||||
AGTech Holdings Ltd. (Hong Kong)(b) | 537,583 | 25,721 | ||||||
BYD Electronic International Co. Ltd. (China) | 181,491 | 313,071 | ||||||
Camsing International Holding Ltd. (Hong Kong)(e) | 122,874 | 18,186 | ||||||
Cheetah Mobile, Inc., ADR (China)(c) | 12,726 | 49,250 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares (China)(d) | 407,944 | 244,110 | ||||||
Chinasoft International Ltd. (China)(b) | 564,395 | 243,395 | ||||||
Comba Telecom Systems Holdings Ltd. (Hong Kong) | 407,059 | 94,004 | ||||||
Daqo New Energy Corp., ADR | 2,592 | 98,392 | ||||||
Digital China Holdings Ltd. (Hong Kong) | 293,113 | 152,957 | ||||||
FIT Hon Teng Ltd. (Taiwan)(d) | 449,140 | 182,803 | ||||||
GCL-Poly Energy Holdings Ltd. | 3,883,830 | 156,093 | ||||||
GDS Holdings Ltd., ADR (China)(b)(c) | 19,365 | 807,133 | ||||||
Hi Sun Technology China Ltd. (Hong Kong)(b) | 527,519 | 91,535 | ||||||
Hollysys Automation Technologies Ltd. (China) | 15,980 | 225,478 | ||||||
Hua Hong Semiconductor Ltd. | 115,038 | 232,198 | ||||||
JinkoSolar Holding Co. Ltd., ADR (China)(b)(c) | 8,996 | 129,902 | ||||||
Ju Teng International Holdings Ltd. (China) | 245,441 | 57,307 | ||||||
Kingboard Laminates Holdings Ltd. (Hong Kong) | 257,078 | 236,161 | ||||||
Kingdee International Software Group Co. Ltd. (China) | 639,946 | 703,821 | ||||||
Legend Holdings Corp., H Shares (China)(d) | 157,381 | 346,982 | ||||||
Link Motion, Inc., ADR (China)(b)(e) | 35,350 | 0 | ||||||
Meitu, Inc. (China)(b)(c)(d) | 462,134 | 102,596 | ||||||
Nanjing Sample Technology Co. Ltd., H Shares (China) | 52,124 | 39,370 | ||||||
National Agricultural Holdings Ltd. (China)(b)(e). | 308,064 | 0 | ||||||
O-Net Technologies Group Ltd. (China) | 117,864 | 66,919 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)(b) | 76,004 | 57,699 | ||||||
Wasion Holdings Ltd. (China) | 120,455 | 59,784 | ||||||
Xinyi Solar Holdings Ltd., A Shares (China) | 973,320 | 551,379 | ||||||
Xunlei Ltd., ADR (China)(b)(c) | 9,539 | 52,274 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H Shares | 44,492 | 70,164 | ||||||
ZTE Corp., H Shares (China)(b) | 217,457 | 610,390 | ||||||
|
| |||||||
6,157,315 | ||||||||
|
| |||||||
Materials-7.97% | ||||||||
Aluminum Corp. of China Ltd., H Shares (China)(b) | 1,135,404 | 337,534 | ||||||
Angang Steel Co. Ltd., H Shares (China)(c) | 406,013 | 136,241 | ||||||
BBMG Corp., H Shares (China) | 612,713 | 175,894 | ||||||
China BlueChemical Ltd., H Shares (China) | 469,213 | 114,344 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco China Small Cap ETF (HAO)–(continued)
October 31, 2019
Shares | Value | |||||||
Materials-(continued) | ||||||||
China Hongqiao Group Ltd. (China) | 468,602 | $ | 260,677 | |||||
China Metal Resources Utilization Ltd. (China)(b)(d) | 377,992 | 149,505 | ||||||
China Molybdenum Co., Ltd., H Shares (China) | 1,040,854 | 329,346 | ||||||
China Oriental Group Co. Ltd. (China) | 331,916 | 116,035 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. (China) | 198,932 | 41,118 | ||||||
China Zhongwang Holdings Ltd. (China) | 407,940 | 169,678 | ||||||
CPMC Holdings Ltd. (China) | 213,677 | 85,605 | ||||||
Dongyue Group Ltd. (China) | 334,686 | 157,144 | ||||||
Fufeng Group Ltd. (China)(b) | 307,063 | 141,823 | ||||||
Greatview Aseptic Packaging Co. Ltd. (China) | 215,137 | 108,424 | ||||||
Huabao International Holdings Ltd. (Hong Kong) | 232,557 | 85,157 | ||||||
Jiangxi Copper Co., Ltd., H Shares (China) | 331,488 | 388,682 | ||||||
Jinchuan Group International Resources Co. Ltd. (China) | 834,876 | 67,108 | ||||||
Lee & Man Paper Manufacturing Ltd. (China) | 365,199 | 203,621 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares (China)(c) | 498,552 | 188,920 | ||||||
MMG Ltd. (China)(b) | 627,827 | 131,370 | ||||||
Shandong Chenming Paper Holdings Ltd., H Shares (China) | 100,255 | 41,828 | ||||||
Shougang Fushan Resources Group Ltd. (China) | 976,978 | 201,935 | ||||||
Silver Grant International Holdings Group Ltd. (China)(b) | 337,456 | 54,680 | ||||||
Sinofert Holdings Ltd. (China)(b) | 505,470 | 51,594 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares (China) | 884,542 | 246,029 | ||||||
Tiangong International Co. Ltd. (China) | 285,234 | 101,899 | ||||||
West China Cement Ltd. (China) | 734,418 | 118,066 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares (China) | 301,975 | 335,583 | ||||||
|
| |||||||
4,539,840 | ||||||||
|
| |||||||
RealEstate-15.54% | ||||||||
Beijing Capital Land Ltd., H Shares (China) | 246,830 | 83,141 | ||||||
Beijing North Star Co. Ltd., H Shares (China) | 203,588 | 62,601 | ||||||
C C Land Holdings Ltd. (Hong Kong) | 457,978 | 102,842 | ||||||
Central China Real Estate Ltd. (China) | 196,768 | 90,379 | ||||||
China Aoyuan Group Ltd. (China) | 371,272 | 476,542 | ||||||
China Dili Group (China)(b)(c) | 806,976 | 247,106 | ||||||
China Logistics Property Holdings Co. Ltd. (China)(b)(d) | 456,409 | 177,609 | ||||||
China Overseas Grand Oceans Group Ltd. (China) | 472,646 | 245,438 | ||||||
China Overseas Property Holdings Ltd. (China) | 367,249 | 224,912 | ||||||
China SCE Group Holdings Ltd. (China) | 593,637 | 272,668 | ||||||
China South City Holdings Ltd. (China) | 1,284,810 | 149,173 | ||||||
Colour Life Services Group Co. Ltd. (China)(b)(d) | 110,942 | 62,989 | ||||||
Fantasia Holdings Group Co. Ltd. | 364,997 | 55,418 | ||||||
Future Land Development Holdings Ltd. (China)(b)(c) | 492,566 | 520,991 | ||||||
Greentown China Holdings Ltd. (China) | 375,142 | 347,012 | ||||||
Guorui Properties Ltd. (China)(d) | 217,892 | 41,979 | ||||||
Hopson Development Holdings Ltd. (China) | 191,388 | 184,851 | ||||||
Jiayuan International Group Ltd. (China) | 352,665 | 141,287 |
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Joy City Property Ltd. (China) | 1,023,331 | $ | 112,286 | |||||
Kaisa Group Holdings Ltd. (China)(b) | 612,976 | 269,038 | ||||||
KWG Group Holdings Ltd. (China)(b) | 338,278 | 341,830 | ||||||
Logan Property Holdings Co. Ltd. (China) | 362,012 | 553,339 | ||||||
LVGEM China Real Estate Investment Co. Ltd. (China) | 329,944 | 118,714 | ||||||
Mingfa Group International Co. Ltd. (Hong Kong)(b)(e) | 563,025 | 0 | ||||||
Minmetals Land Ltd. (China) | 365,460 | 51,758 | ||||||
Poly Property Group Co. Ltd. (China) | 558,160 | 202,250 | ||||||
Powerlong Real Estate Holdings Ltd. (China) | 402,376 | 267,474 | ||||||
Red Star Macalline Group Corp. Ltd., H Shares (China)(d) | 184,363 | 147,957 | ||||||
Redco Properties Group Ltd. (China)(d) | 255,472 | 164,932 | ||||||
Ronshine China Holdings Ltd. | 173,939 | 194,629 | ||||||
Shanghai Industrial Urban Development Group Ltd. (China) | 526,431 | 65,823 | ||||||
Shenzhen Investment Ltd. (China) | 749,277 | 295,401 | ||||||
Shui On Land Ltd. (China) | 997,714 | 201,129 | ||||||
Sino-Ocean Group Holding Ltd. (China) | 898,870 | 331,441 | ||||||
Skyfame Realty Holdings Ltd. (China) | 845,907 | 118,721 | ||||||
SOHO China Ltd. (China) | 539,013 | 184,309 | ||||||
Suncity Group Holdings Ltd. (China)(b)(c) | 484,110 | 114,886 | ||||||
Sunshine 100 China Holdings Ltd. (China)(b)(c)(d) | 192,184 | 34,329 | ||||||
Times China Holdings Ltd. (China) | 212,839 | 381,267 | ||||||
Xinyuan Real Estate Co. Ltd., ADR (China) | 8,966 | 32,816 | ||||||
Yanlord Land Group Ltd. (China) | 189,039 | 168,072 | ||||||
Yuexiu Property Co. Ltd. (China) | 1,781,948 | 393,326 | ||||||
Yuzhou Properties Co. Ltd. (China) | 492,603 | 208,664 | ||||||
Zhenro Properties Group Ltd. (China)(d) | 603,854 | 408,337 | ||||||
|
| |||||||
8,849,666 | ||||||||
|
| |||||||
Utilities-3.61% | ||||||||
Beijing Enterprises Clean Energy Group Ltd. (China)(b)(c) | 9,147,630 | 103,875 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares (China) | 570,042 | 101,096 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares (China) | 655,270 | 68,556 | ||||||
China Everbright Greentech Ltd. | 172,448 | 96,370 | ||||||
China Oil & Gas Group Ltd. (China)(b) | 1,255,551 | 54,466 | ||||||
China Power International Development Ltd. (China) | 1,241,629 | 259,805 | ||||||
China Tian Lun Gas Holdings Ltd. (China) | 77,168 | 72,957 | ||||||
China Water Affairs Group Ltd. (Hong Kong) | 245,671 | 188,069 | ||||||
Concord New Energy Group Ltd. (Hong Kong) . | 1,846,056 | 93,036 | ||||||
Datang International Power Generation Co. Ltd., H Shares (China) | 809,028 | 159,995 | ||||||
Huadian Fuxin Energy Corp. Ltd., H Shares (China)(c) | 517,640 | 100,388 | ||||||
Huadian Power International Corp. Ltd., H Shares (China) | 468,880 | 175,882 | ||||||
Huaneng Renewables Corp. Ltd., H Shares (China) | 1,375,773 | 526,598 | ||||||
SIIC Environment Holdings Ltd. (Singapore) | 337,670 | 55,825 | ||||||
|
| |||||||
2,056,918 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 57,002,756 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco China Small Cap ETF (HAO)–(continued)
October 31, 2019
Shares | Value | |||||||
Money MarketFunds-0.17% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(f) | 95,190 | $ | 95,190 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 57,097,946 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-8.07% | ||||||||
Invesco Government & Agency Portfolio, Institutional | 3,447,475 | 3,447,475 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 1,148,699 | $ | 1,149,158 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,596,633 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-108.35% |
| 61,694,579 | ||||||
OTHER ASSETS LESS LIABILITIES-(8.35)% |
| (4,754,037 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 56,940,542 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Rts. -Rights
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $9,395,390, which represented 16.50% of the Fund’s Net Assets. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(f) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
This Fund has holdings greater than 10% of net assets in the following country: | ||||
China | 91.77 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco China Technology ETF (CQQQ)
October 31, 2019
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.17% |
| |||||||
CapitalMarkets-0.53% | ||||||||
Hithink RoyalFlush Information Network Co., Ltd., A Shares (China) | 196,000 | $ | 2,708,184 | |||||
|
| |||||||
Diversified FinancialServices-0.00% | ||||||||
Zhengqi Financial Holdings Corp., Rts. (China)(b)(c) | 122,862 | 0 | ||||||
|
| |||||||
Diversified TelecommunicationServices-0.09% |
| |||||||
Dr Peng Telecom & Media Group Co., Ltd., A Shares (China)(b) | 522,101 | 483,111 | ||||||
|
| |||||||
ElectricalEquipment-0.36% | ||||||||
Qingdao TGOOD Electric Co., Ltd., A Shares (China) | 363,618 | 841,416 | ||||||
Sieyuan Electric Co., Ltd., A Shares (China) | 277,120 | 488,034 | ||||||
Suzhou Anjie Technology Co., Ltd., A Shares (China) | 251,100 | 505,741 | ||||||
|
| |||||||
1,835,191 | ||||||||
|
| |||||||
Electronic Equipment, Instruments &Components-14.99% |
| |||||||
All Winner Technology Co. Ltd., A Shares (China) | 103,223 | 365,625 | ||||||
Avary Holding Shenzhen Co. Ltd., A Shares (China) | 300,956 | 1,888,621 | ||||||
BOE Technology Group Co., Ltd., A Shares (China) | 12,342,874 | 6,263,192 | ||||||
BOE Technology Group Co., Ltd., B Shares (China) | 4,874,539 | 1,573,495 | ||||||
Chaozhou Three-Circle Group Co., Ltd., A Shares (China) | 635,290 | 1,694,913 | ||||||
Guangdong Ellington Electronics Technology Co., Ltd., A Shares (China) | 246,800 | 356,410 | ||||||
Guangdong LY Intelligent Manufacturing Co., Ltd., A Shares (China)(b) | 2,487,800 | 3,603,304 | ||||||
Guangzhou Shiyuan Electronic Technology Co., Ltd., A Shares (China) | 85,100 | 1,034,810 | ||||||
Hangzhou Century Co., Ltd., A Shares (China) | 294,460 | 572,982 | ||||||
Hangzhou Hikvision Digital Technology Co., Ltd., A Shares (China) | 3,407,597 | 15,668,727 | ||||||
Hengdian Group DMEGC Magnetics Co., Ltd., A Shares (China) | 599,200 | 561,266 | ||||||
Leyard Optoelectronic Co., Ltd., A Shares (China) | 926,900 | 873,489 | ||||||
Nanjing Huadong Electronics Information & Technology Co., Ltd., A Shares (China)(b) | 722,800 | 209,585 | ||||||
NAURA Technology Group Co. Ltd., A Shares (China) | 166,857 | 1,677,962 | ||||||
OFILM Group Co., Ltd., A Shares (China)(b) | 988,773 | 1,571,266 | ||||||
Shengyi Technology Co., Ltd., A Shares (China) | 829,598 | 2,653,148 | ||||||
Shennan Circuits Co., Ltd., A Shares (China) . | 44,760 | 946,937 | ||||||
Shenzhen Everwin Precision Technology Co., Ltd., A Shares (China) | 331,700 | 697,308 | ||||||
Sunny Optical Technology Group Co., Ltd. (China) | 1,366,135 | 22,101,627 | ||||||
Tianma Microelectronics Co., Ltd., A Shares (China) | 746,500 | 1,462,144 |
Shares | Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
| |||||||
Tunghsu Optoelectronic Technology Co., Ltd., A Shares (China) | 1,997,600 | $ | 1,354,372 | |||||
Unigroup Guoxin Microelectronics Co., Ltd., A Shares (China) | 221,200 | 1,602,233 | ||||||
Unisplendour Corp. Ltd., A Shares (China) | 345,756 | 1,445,851 | ||||||
Universal Scientific Industrial Shanghai Co., Ltd., A Shares (China) | 299,100 | 623,249 | ||||||
Westone Information Industry, Inc., A Shares (China) | 305,500 | 1,110,333 | ||||||
Wuhan Guide Infrared Co., Ltd., A Shares (China) | 341,323 | 1,056,658 | ||||||
WUS Printed Circuit Kunshan Co., Ltd., A Shares (China) | 628,800 | 1,938,578 | ||||||
Xiamen Meiya Pico Information Co., Ltd., A Shares (China) | 289,780 | 688,266 | ||||||
Zhejiang Crystal-Optech Co., Ltd., A Shares (China) | 408,870 | 869,417 | ||||||
|
| |||||||
76,465,768 | ||||||||
|
| |||||||
Entertainment-8.10% |
| |||||||
Hangzhou Shunwang Technology Co., Ltd., A Shares (China)(b) | 253,100 | 670,218 | ||||||
NetEase, Inc., ADR (China) | 113,626 | 32,481,129 | ||||||
Tencent Music Entertainment Group, ADR (China)(b) | 589,306 | 8,155,995 | ||||||
|
| |||||||
41,307,342 | ||||||||
|
| |||||||
Health CareTechnology-0.28% |
| |||||||
Winning Health Technology Group Co., Ltd., A Shares (China) | 591,438 | 1,401,380 | ||||||
|
| |||||||
Interactive Media &Services-33.93% | ||||||||
58.com, Inc., ADR (China)(b) | 368,284 | 19,449,078 | ||||||
Autohome, Inc., ADR (China)(b)(d) | 209,278 | 17,696,548 | ||||||
Baidu, Inc., ADR (China)(b) | 330,120 | 33,622,722 | ||||||
Momo, Inc., ADR (China) | 532,411 | 17,846,417 | ||||||
SINA Corp. (China)(b) | 312,655 | 12,381,138 | ||||||
Tencent Holdings Ltd. (China) | 1,049,790 | 42,968,298 | ||||||
Weibo Corp., ADR (China)(b)(d) | 270,895 | 13,325,325 | ||||||
YY, Inc., ADR (China)(b) | 276,890 | 15,738,428 | ||||||
|
| |||||||
173,027,954 | ||||||||
|
| |||||||
Internet & Direct MarketingRetail-20.55% |
| |||||||
Alibaba Group Holding Ltd., ADR (China)(b) | 290,958 | 51,403,550 | ||||||
Hangzhou Lianluo Interactive Information Technology Co., Ltd., A Shares (China)(b) | 793,600 | 417,364 | ||||||
Meituan Dianping, B Shares | 4,432,565 | 52,963,205 | ||||||
|
| |||||||
104,784,119 | ||||||||
|
| |||||||
ITServices-5.55% |
| |||||||
Beijing Lanxum Technology Co., Ltd., A Shares (China)(b) | 316,500 | 450,318 | ||||||
Beijing Teamsun Technology Co., Ltd., A Shares (China)(b) | 401,800 | 651,639 | ||||||
Beijing Ultrapower Software Co., Ltd., A Shares (China)(b) | 714,800 | 331,217 | ||||||
China TransInfo Technology Co., Ltd., A Shares (China) | 348,271 | 866,791 | ||||||
DHC Software Co., Ltd., A Shares (China) | 1,135,600 | 1,152,484 | ||||||
GDS Holdings Ltd., ADR (China)(b)(d) | 266,107 | 11,091,340 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco China Technology ETF (CQQQ)–(continued)
October 31, 2019
Shares | Value | |||||||
IT Services-(continued) |
| |||||||
Taiji Computer Corp. Ltd., A Shares (China) | 150,900 | $ | 690,218 | |||||
TravelSky Technology Ltd., H Shares (China) | 4,855,833 | 11,089,913 | ||||||
Wangsu Science & Technology Co., Ltd., A Shares (China) | 886,845 | 1,201,301 | ||||||
Wonders Information Co., Ltd., A Shares (China) | 400,700 | 786,546 | ||||||
|
| |||||||
28,311,767 | ||||||||
|
| |||||||
Machinery-0.37% |
| |||||||
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China) | 347,200 | 1,875,316 | ||||||
|
| |||||||
Media-1.76% |
| |||||||
China Literature Ltd. (China)(b)(d)(e) | 1,126,521 | 4,434,103 | ||||||
Focus Media Information Technology Co., Ltd., A Shares (China) | 5,350,060 | 4,562,692 | ||||||
|
| |||||||
8,996,795 | ||||||||
|
| |||||||
Metals &Mining-0.15% |
| |||||||
Shenghe Resources Holding Co., Ltd., A Shares (China) | 639,809 | 752,995 | ||||||
|
| |||||||
Pharmaceuticals-0.00% |
| |||||||
Anxin-China Holdings Ltd. (China)(b)(c) | 2,144,054 | 0 | ||||||
|
| |||||||
Real Estate Management &Development-0.14% |
| |||||||
Shenzhen Huaqiang Industry Co., Ltd., A Shares (China) | 354,120 | 697,630 | ||||||
|
| |||||||
Semiconductors & SemiconductorEquipment-2.99% |
| |||||||
Beijing Jingyuntong Technology Co., Ltd., A Shares (China) | 623,900 | 266,040 | ||||||
Gigadevice Semiconductor Beijing, Inc., A Shares (China) | 116,788 | 2,555,246 | ||||||
Jiangsu Changjiang Electronics Technology Co., Ltd., A Shares (China)(b) | 584,202 | 1,549,480 | ||||||
LONGi Green Energy Technology Co., Ltd., A Shares (China) | 1,321,032 | 4,288,650 | ||||||
Sanan Optoelectronics Co., Ltd., A Shares (China) | 1,486,615 | 3,211,836 | ||||||
Shenzhen Goodix Technology Co., Ltd., A Shares (China) | 65,400 | 1,691,844 | ||||||
Tianjin Zhonghuan Semiconductor Co., Ltd., A Shares (China) | 1,015,325 | 1,659,641 | ||||||
|
| |||||||
15,222,737 | ||||||||
|
| |||||||
Software-7.96% |
| |||||||
Beijing Orient National Communication Science & Technology Co., Ltd., A Shares (China) | 385,200 | 682,206 | ||||||
Beijing Shiji Information Technology Co., Ltd., A Shares (China) | 388,903 | 2,009,909 | ||||||
Bluedon Information Security Technology Co., Ltd., A Shares (China) | 455,700 | 387,339 | ||||||
China National Software & Service Co., Ltd., A Shares (China) | 180,200 | 1,766,295 | ||||||
Glodon Co., Ltd., A Shares (China) | 410,625 | 1,861,861 | ||||||
Hundsun Technologies, Inc., A Shares (China) | 292,867 | 3,174,523 | ||||||
Iflytek Co., Ltd., A Shares (China) | 802,200 | 3,773,033 | ||||||
Kingdee International Software Group Co. Ltd. (China) | 11,516,998 | 12,666,538 | ||||||
Link Motion, Inc., ADR (China)(b)(c) | 367,331 | 0 |
Shares | Value | |||||||
Software-(continued) |
| |||||||
National Agricultural Holdings Ltd. (China)(b)(c) | 534,446 | $ | 0 | |||||
Newland Digital Technology Co., Ltd., A Shares (China) | 380,600 | 841,221 | ||||||
NSFOCUS Information Technology Co., Ltd., A Shares (China) | 270,700 | 750,683 | ||||||
Sangfor Technologies, Inc., A Shares (China) | 52,000 | 916,508 | ||||||
Shanghai 2345 Network Holding Group Co., Ltd., A Shares (China) | 1,222,500 | 566,471 | ||||||
Shanghai Baosight Software Co. Ltd., A Shares (China) | 188,493 | 847,166 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares (China) | 1,548,810 | 2,797,151 | ||||||
Shenzhen Infogem Technologies Co., Ltd., A Shares (China) | 257,600 | 590,597 | ||||||
Shenzhen KingdomSci-Tech Co., Ltd., A Shares (China)(b) | 311,100 | 893,671 | ||||||
Thunder Software Technology Co., Ltd., A Shares (China) | 131,200 | 726,361 | ||||||
Venustech Group, Inc., A Shares (China) | 326,835 | 1,534,899 | ||||||
Yonyou Network Technology Co., Ltd., A Shares (China) | 906,403 | 3,809,639 | ||||||
|
| |||||||
40,596,071 | ||||||||
|
| |||||||
Technology Hardware, Storage &Peripherals-2.36% |
| |||||||
China Greatwall Technology Group Co., Ltd., A Shares (China) | 1,070,246 | 2,202,741 | ||||||
Dawning Information Industry Co., Ltd., A Shares (China) | 293,100 | 1,392,302 | ||||||
Inspur Electronic Information Industry Co., Ltd., A Shares (China) | 469,958 | 1,762,827 | ||||||
Legend Holdings Corp., H Shares (China)(e) | 2,686,656 | 5,923,347 | ||||||
Shenzhen Kaifa Technology Co., Ltd., A Shares (China) | 536,317 | 775,271 | ||||||
|
| |||||||
12,056,488 | ||||||||
|
| |||||||
Trading Companies &Distributors-0.06% |
| |||||||
Zhejiang NetSun Co., Ltd., A Shares (China) | 92,108 | 300,070 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-100.17% (Cost $510,467,113) | 510,822,918 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-5.36% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(f)(g) | 20,515,711 | 20,515,711 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(f)(g) | 6,835,836 | 6,838,570 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,353,886) |
| 27,354,281 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-105.53% (Cost $537,820,999) |
| 538,177,199 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.53)% |
| (28,212,812 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 509,964,387 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco China Technology ETF (CQQQ)–(continued)
October 31, 2019
Investment Abbreviations:
ADR-American Depositary Receipt
Rts. -Rights
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 4. |
(d) | All or a portion of this security was out on loan at October 31, 2019. |
(e) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $63,320,655, which represented 12.42% of the Fund’s Net Assets. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
This Fund has holdings greater than 10% of net assets in the following country: | ||||
China | 100.17 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.02% |
| |||||||
Australia-11.62% | ||||||||
Afterpay Touch Group Ltd.(a) | 79,237 | $ | 1,575,477 | |||||
Aristocrat Leisure Ltd. | 58,259 | 1,269,149 | ||||||
CSL Ltd. | 17,827 | 3,144,538 | ||||||
Evolution Mining Ltd. | 444,711 | 1,265,365 | ||||||
Macquarie Group Ltd. | 11,962 | 1,103,664 | ||||||
Ramsay Health Care Ltd. | 116,899 | 5,516,018 | ||||||
REA Group Ltd. | 72,214 | 5,402,552 | ||||||
Sonic Healthcare Ltd. | 55,954 | 1,100,203 | ||||||
|
| |||||||
20,376,966 | ||||||||
|
| |||||||
Belgium-2.82% | ||||||||
Galapagos N.V.(a) | 9,453 | 1,738,021 | ||||||
Sofina S.A. | 5,050 | 1,116,666 | ||||||
Warehouses De Pauw CVA | 11,234 | 2,083,021 | ||||||
|
| |||||||
4,937,708 | ||||||||
|
| |||||||
Canada-12.28% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 64,155 | 1,928,042 | ||||||
Canadian Apartment Properties REIT | 43,828 | 1,828,682 | ||||||
Canadian Imperial Bank of Commerce | 12,698 | 1,085,033 | ||||||
Canadian National Railway Co. | 24,382 | 2,185,262 | ||||||
CGI, Inc.(a) | 17,735 | 1,381,450 | ||||||
Constellation Software, Inc. | 4,709 | 4,660,561 | ||||||
Dollarama, Inc. | 35,299 | 1,190,017 | ||||||
Fortis, Inc. | 35,228 | 1,466,638 | ||||||
Metro, Inc. | 25,367 | 1,075,012 | ||||||
Parkland Fuel Corp. | 36,292 | 1,208,031 | ||||||
Royal Bank of Canada | 17,921 | 1,448,569 | ||||||
Toromont Industries Ltd. | 40,174 | 2,078,772 | ||||||
|
| |||||||
21,536,069 | ||||||||
|
| |||||||
Denmark-5.00% | ||||||||
Coloplast A/S, Class B | 11,365 | 1,370,128 | ||||||
DSV Panalpina A/S | 11,621 | 1,128,151 | ||||||
Novo Nordisk A/S, Class B | 32,940 | 1,799,853 | ||||||
Royal Unibrew A/S | 54,530 | 4,472,770 | ||||||
|
| |||||||
8,770,902 | ||||||||
|
| |||||||
Finland-4.52% | ||||||||
Elisa Oyj | 29,058 | 1,587,538 | ||||||
Huhtamaki Oyj | 26,583 | 1,230,780 | ||||||
Kone Oyj, Class B | 80,185 | 5,102,709 | ||||||
|
| |||||||
7,921,027 | ||||||||
|
| |||||||
France-6.98% | ||||||||
Airbus S.E. | 8,672 | 1,242,454 | ||||||
Dassault Systemes S.E. | 7,445 | 1,130,034 | ||||||
Hermes International | 3,209 | 2,309,179 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 2,613 | 1,115,062 | ||||||
Pernod Ricard S.A. | 9,240 | 1,706,075 | ||||||
Safran S.A. | 8,921 | 1,411,793 | ||||||
Teleperformance | 6,134 | 1,390,579 | ||||||
Vinci S.A.(b) | 17,284 | 1,939,860 | ||||||
|
| |||||||
12,245,036 | ||||||||
|
| |||||||
Germany-4.17% | ||||||||
adidas AG | 7,299 | 2,254,426 | ||||||
Hannover Rueck S.E. | 6,492 | 1,150,157 | ||||||
MTU Aero Engines AG | 5,034 | 1,344,515 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Symrise AG | 11,294 | $ | 1,087,142 | |||||
Wirecard AG(b) | 11,668 | 1,478,127 | ||||||
|
| |||||||
7,314,367 | ||||||||
|
| |||||||
HongKong-1.39% | ||||||||
Link REIT | 98,487 | 1,073,748 | ||||||
Techtronic Industries Co. Ltd. | 173,466 | 1,361,134 | ||||||
|
| |||||||
2,434,882 | ||||||||
|
| |||||||
Ireland-1.49% | ||||||||
Kerry Group PLC, Class A | 9,702 | 1,173,326 | ||||||
Kingspan Group PLC | 27,624 | 1,431,838 | ||||||
|
| |||||||
2,605,164 | ||||||||
|
| |||||||
Israel-1.16% | ||||||||
Nice Ltd.(a) | 12,896 | 2,039,321 | ||||||
|
| |||||||
Italy-0.65% | ||||||||
Snam S.p.A. | 221,209 | 1,135,243 | ||||||
|
| |||||||
Japan-6.84% | ||||||||
Daiwa House REIT Investment Corp. | 621 | 1,806,618 | ||||||
GOLDWIN. Inc.(b) | 14,700 | 1,129,985 | ||||||
Hikari Tsushin, Inc. | 8,111 | 1,787,189 | ||||||
Japan Hotel REIT Investment Corp. | 1,516 | 1,257,899 | ||||||
Keyence Corp. | 1,837 | 1,169,440 | ||||||
M3, Inc. | 82,186 | 1,979,671 | ||||||
Oriental Land Co. Ltd. | 11,984 | 1,760,935 | ||||||
Shiseido Co. Ltd. | 13,308 | 1,103,984 | ||||||
|
| |||||||
11,995,721 | ||||||||
|
| |||||||
Luxembourg-0.78% | ||||||||
Eurofins Scientific S.E.(b) | 2,694 | 1,365,126 | ||||||
|
| |||||||
Netherlands-3.32% | ||||||||
argenx S.E.(a)(b) | 15,104 | 1,833,366 | ||||||
ASM International N.V. | 19,356 | 1,944,804 | ||||||
ASML Holding N.V. | 7,800 | 2,044,987 | ||||||
|
| |||||||
5,823,157 | ||||||||
|
| |||||||
NewZealand-4.93% | ||||||||
Auckland International Airport Ltd. | 499,431 | 2,978,651 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 99,991 | 1,227,979 | ||||||
Ryman Healthcare Ltd. | 535,389 | 4,432,582 | ||||||
|
| |||||||
8,639,212 | ||||||||
|
| |||||||
Norway-0.65% | ||||||||
Mowi ASA | 46,616 | 1,138,338 | ||||||
|
| |||||||
Sweden-5.16% | ||||||||
AAK AB | 61,050 | 1,084,215 | ||||||
Fabege AB | 73,972 | 1,105,630 | ||||||
Fastighets AB Balder, Class B(a) | 74,462 | 2,890,588 | ||||||
Investor AB, Class B | 21,923 | 1,125,242 | ||||||
Nibe Industrier AB, Class B | 95,802 | 1,312,588 | ||||||
Tele2 AB, Class B | 106,495 | 1,525,968 | ||||||
|
| |||||||
9,044,231 | ||||||||
|
| |||||||
Switzerland-10.84% | ||||||||
EMS-Chemie Holding AG | 1,958 | 1,224,308 | ||||||
Givaudan S.A. | 482 | 1,415,104 | ||||||
Logitech International S.A. | 27,031 | 1,105,621 | ||||||
Lonza Group AG(a) | 3,454 | 1,242,635 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
October 31, 2019
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Nestle S.A. | 10,362 | $ | 1,105,980 | |||||
Partners Group Holding AG | 1,990 | 1,551,262 | ||||||
Schindler Holding AG, PC | 8,455 | 2,066,730 | ||||||
Sika AG | 8,257 | 1,418,355 | ||||||
Sonova Holding AG | 8,029 | 1,838,920 | ||||||
Straumann Holding AG(a) | 1,346 | 1,200,112 | ||||||
Swiss Re AG | 13,755 | 1,439,971 | ||||||
Temenos AG(a) | 9,708 | 1,384,749 | ||||||
Vifor Pharma AG | 12,808 | 2,012,547 | ||||||
|
| |||||||
19,006,294 | ||||||||
|
| |||||||
UnitedKingdom-14.77% | ||||||||
Ashtead Group PLC | 121,246 | 3,683,830 | ||||||
Beazley PLC | 154,713 | 1,174,164 | ||||||
Compass Group PLC | 45,339 | 1,206,227 | ||||||
Croda International PLC | 35,722 | 2,226,159 | ||||||
Diageo PLC | 27,956 | 1,144,759 | ||||||
Halma PLC | 51,248 | 1,242,409 | ||||||
Hiscox Ltd. | 56,731 | 1,093,073 | ||||||
HomeServe PLC | 73,378 | 1,100,483 | ||||||
InterContinental Hotels Group PLC | 19,022 | 1,147,034 | ||||||
Intermediate Capital Group PLC | 89,020 | 1,711,750 | ||||||
JD Sports Fashion PLC | 221,648 | 2,203,866 | ||||||
Next PLC | 14,243 | 1,213,091 | ||||||
Rightmove PLC | 303,050 | 2,347,389 | ||||||
Spirax-Sarco Engineering PLC | 24,007 | 2,461,904 | ||||||
UNITE Group PLC (The) | 132,653 | 1,931,095 | ||||||
|
| |||||||
25,887,233 | ||||||||
|
|
Shares | Value | |||||||
UnitedStates-0.65% | ||||||||
Waste Connections, Inc. | 12,366 | $ | 1,144,632 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (Cost $155,292,422) |
| 175,360,629 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-3.96% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(d) | 5,208,612 | 5,208,612 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 1,735,510 | 1,736,204 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,944,816 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-103.98% (Cost $162,237,164) |
| 182,305,445 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.98)% |
| (6,978,523 | ) | |||||
|
| |||||||
NETASSETS-100.00%. |
| $ | 175,326,922 | |||||
|
|
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, 2019. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.22% |
| |||||||
Brazil-9.95% | ||||||||
B2W Cia Digital(a) | 90,000 | $ | 1,138,900 | |||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 142,000 | 833,734 | ||||||
Equatorial Energia S.A. | 91,900 | 2,332,297 | ||||||
Ez Tec Empreendimentos e Participacoes S.A. | 99,400 | 1,020,147 | ||||||
IRB Brasil Resseguros S.A. | 114,200 | 1,075,034 | ||||||
Localiza Rent a Car S.A. | 122,800 | 1,320,871 | ||||||
Natura Cosmeticos S.A. | 101,100 | 784,744 | ||||||
Notre Dame Intermedica Participacoes S.A. | 65,800 | 983,460 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 190,200 | 1,439,861 | ||||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 123,500 | 981,379 | ||||||
Rumo S.A.(a) | 518,200 | 2,943,145 | ||||||
Sul America S.A. | 76,400 | 919,030 | ||||||
TOTVS S.A. | 61,600 | 955,672 | ||||||
|
| |||||||
16,728,274 | ||||||||
|
| |||||||
China-29.67% | ||||||||
ANTA Sports Products Ltd. | 480,989 | 4,713,112 | ||||||
BYD Electronic International Co. Ltd. | 552,316 | 952,743 | ||||||
China Merchants Bank Co. Ltd., H Shares | 209,302 | 1,001,419 | ||||||
China Resources Beer Holdings Co. Ltd. | 279,080 | 1,436,758 | ||||||
China SCE Group Holdings Ltd. | 2,119,286 | 973,427 | ||||||
Country Garden Services Holdings Co. Ltd. | 290,588 | 988,067 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,361,952 | 3,501,452 | ||||||
Greentown Service Group Co. Ltd.(b) | 943,192 | 1,072,233 | ||||||
Guangdong Investment Ltd. | 1,162,704 | 2,521,909 | ||||||
Kingdee International Software Group Co. Ltd. | 835,568 | 918,968 | ||||||
Li Ning Co. Ltd. | 626,498 | 2,130,239 | ||||||
Longfor Group Holdings Ltd.(b) | 279,461 | 1,162,385 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 24,877 | 3,036,487 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 96,731 | 1,120,015 | ||||||
Shenzhen Expressway Co. Ltd., H Shares | 946,283 | 1,267,715 | ||||||
Shenzhen International Holdings Ltd. | 608,143 | 1,238,369 | ||||||
Shenzhou International Group Holdings Ltd. | 364,288 | 5,047,613 | ||||||
TAL Education Group, ADR(a) | 117,335 | 5,023,111 | ||||||
Tencent Holdings Ltd. | 107,502 | 4,400,097 | ||||||
Times China Holdings Ltd. | 855,044 | 1,531,676 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 87,851 | 1,036,812 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 1,277,808 | 723,869 | ||||||
Yihai International Holding Ltd.(a) | 603,517 | 4,111,896 | ||||||
|
| |||||||
49,910,372 | ||||||||
|
| |||||||
Egypt-0.60% | ||||||||
Egypt Kuwait Holding Co. S.A.E. | 727,011 | 1,009,818 | ||||||
|
| |||||||
Hungary-0.63% | ||||||||
OTP Bank Nyrt | 22,952 | 1,058,773 | ||||||
|
| |||||||
India-0.96% | ||||||||
WNS (Holdings) Ltd., ADR(a) | 26,197 | 1,620,022 | ||||||
|
| |||||||
Indonesia-3.57% | ||||||||
PT Ace Hardware Indonesia Tbk | 6,951,343 | 836,915 | ||||||
PT Bank Central Asia Tbk | 393,448 | 881,523 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 2,883,075 | 864,697 |
Shares | Value | |||||||
Indonesia-(continued) | ||||||||
PT Barito Pacific Tbk | 14,115,880 | $ | 955,338 | |||||
PT Charoen Pokphand Indonesia Tbk | 2,355,632 | 1,057,240 | ||||||
PT Japfa Comfeed Indonesia Tbk | 11,530,908 | 1,412,920 | ||||||
|
| |||||||
6,008,633 | ||||||||
|
| |||||||
Malaysia-5.22% | ||||||||
Fraser & Neave Holdings Bhd | 110,300 | 912,809 | ||||||
Press Metal Aluminium Holdings Bhd | 1,682,600 | 1,916,759 | ||||||
QL Resources Bhd | 1,015,000 | 1,768,386 | ||||||
Sunway Bhd | 10,270,365 | 4,178,442 | ||||||
|
| |||||||
8,776,396 | ||||||||
|
| |||||||
Mexico-1.17% | ||||||||
Grupo Elektra S.A.B. de C.V.(c) | 13,211 | 963,372 | ||||||
Qualitas Controladora S.A.B. de C.V. | 233,744 | 1,011,444 | ||||||
|
| |||||||
1,974,816 | ||||||||
|
| |||||||
Philippines-3.14% | ||||||||
Ayala Corp. | 55,768 | 945,127 | ||||||
Ayala Land, Inc. | 1,359,129 | 1,300,339 | ||||||
SM Investments Corp. | 86,941 | 1,764,691 | ||||||
SM Prime Holdings, Inc. | 1,650,358 | 1,268,381 | ||||||
|
| |||||||
5,278,538 | ||||||||
|
| |||||||
SouthAfrica-5.47% | ||||||||
Anglo American Platinum Ltd. | 15,108 | 1,131,011 | ||||||
Clicks Group Ltd. | 214,483 | 3,499,561 | ||||||
Impala Platinum Holdings Ltd.(a) | 241,340 | 1,663,834 | ||||||
Naspers Ltd., Class N | 20,381 | 2,903,049 | ||||||
|
| |||||||
9,197,455 | ||||||||
|
| |||||||
Taiwan-24.66% | ||||||||
Accton Technology Corp. | 589,000 | 3,511,884 | ||||||
Chailease Holding Co. Ltd. | 436,850 | 1,973,255 | ||||||
Chang Hwa Commercial Bank Ltd. | 1,203,000 | 938,593 | ||||||
Chong Hong Construction Co., Ltd. | 323,000 | 870,091 | ||||||
Chunghwa Telecom Co., Ltd. | 246,000 | 905,110 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,629,553 | 1,474,818 | ||||||
Great Wall Enterprise Co., Ltd. | 712,700 | 882,666 | ||||||
ITEQ Corp. | 459,000 | 2,337,182 | ||||||
Largan Precision Co., Ltd. | 18,000 | 2,643,189 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,110,477 | 1,264,041 | ||||||
Lite-On Technology Corp. | 607,000 | 1,001,015 | ||||||
Mega Financial Holding Co. Ltd. | 915,000 | 898,753 | ||||||
Micro-Star International Co. Ltd. | 872,000 | 2,578,144 | ||||||
Primax Electronics Ltd. | 671,000 | 1,432,795 | ||||||
Qisda Corp. | 1,641,000 | 1,231,808 | ||||||
Radiant Opto-Electronics Corp. | 230,000 | 914,243 | ||||||
Realtek Semiconductor Corp. | 162,000 | 1,205,401 | ||||||
Sinbon Electronics Co., Ltd. | 911,000 | 3,681,050 | ||||||
Sunny Friend Environmental Technology Co., Ltd. | 171,000 | 1,477,407 | ||||||
Taiwan Cement Corp. | 672,000 | 892,968 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 225,680 | 2,213,021 | ||||||
Tripod Technology Corp. | 241,000 | 934,216 | ||||||
Unimicron Technology Corp. | 725,000 | 1,122,969 | ||||||
Uni-President Enterprises Corp. | 812,000 | 2,005,959 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
October 31, 2019
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Voltronic Power Technology Corp. | 99,600 | $ | 2,208,571 | |||||
Winbond Electronics Corp. | 1,557,000 | 877,205 | ||||||
|
| |||||||
41,476,354 | ||||||||
|
| |||||||
Thailand-14.51% | ||||||||
Airports of Thailand PCL, NVDR | 596,314 | 1,545,341 | ||||||
B. Grimm Power PCL, NVDR | 687,927 | 1,093,575 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,678,152 | 2,923,519 | ||||||
Carabao Group PCL, NVDR | 330,508 | 922,182 | ||||||
CP ALL PCL, NVDR | 1,664,264 | 4,299,142 | ||||||
Electricity Generating PCL, NVDR | 144,734 | 1,663,279 | ||||||
Gulf Energy Development PCL, NVDR | 206,386 | 1,107,287 | ||||||
Home Product Center PCL, NVDR | 1,583,906 | 902,242 | ||||||
Kiatnakin Bank PCL, NVDR | 404,378 | 877,190 | ||||||
MBK PCL, NVDR | 2,576,174 | 1,936,716 | ||||||
Siam Cement PCL (The), NVDR | 71,208 | 865,486 | ||||||
Thanachart Capital PCL, NVDR | 1,132,745 | 1,988,259 | ||||||
Tisco Financial Group PCL, NVDR | 1,059,267 | 3,420,385 | ||||||
VGI PCL, NVDR | 2,661,275 | 859,329 | ||||||
|
| |||||||
24,403,932 | ||||||||
|
| |||||||
UnitedStates-0.67% | ||||||||
JBS S.A. | 160,600 | 1,131,769 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-100.22% |
| 168,575,152 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.08% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 107,086 | $ | 107,086 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 36,037 | 36,052 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 143,138 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.30% |
| 168,718,290 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.30)% |
| (508,774 | ) | |||||
|
| |||||||
NETASSETS-100.00%. |
| $ | 168,209,516 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
NVDR-Non-Voting 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 aggregate value of these securities at October 31, 2019 was $3,271,430, which represented 1.94% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco Frontier Markets ETF (FRN)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-100.07% |
| |||||||
Argentina-13.27% | ||||||||
Banco BBVA Argentina S.A., ADR | 23,640 | $ | 82,740 | |||||
Banco Macro S.A., ADR | 9,008 | 206,283 | ||||||
Despegar.com Corp.(a) | 20,644 | 230,800 | ||||||
Grupo Financiero Galicia S.A., ADR | 36,165 | 418,067 | ||||||
Loma Negra Cia Industrial Argentina S.A., ADR(a) | 20,490 | 121,916 | ||||||
MercadoLibre, Inc.(a) | 10,536 | 5,494,735 | ||||||
Pampa Energia S.A., ADR(a) | 21,860 | 340,360 | ||||||
Telecom Argentina S.A., ADR | 15,341 | 138,069 | ||||||
Transportadora de Gas del Sur S.A., Class B, ADR | 14,475 | 109,431 | ||||||
YPF S.A., ADR | 60,698 | 568,133 | ||||||
|
| |||||||
7,710,534 | ||||||||
|
| |||||||
Bahrain-3.87% | ||||||||
GFH Financial Group BSC | 9,311,857 | 2,248,861 | ||||||
|
| |||||||
Brazil-0.88% | ||||||||
Adecoagro S.A.(a) | 35,196 | 208,712 | ||||||
Arcos Dorados Holdings, Inc., Class A | 40,910 | 305,598 | ||||||
|
| |||||||
514,310 | ||||||||
|
| |||||||
Kazakhstan-8.52% | ||||||||
KAZ Minerals PLC | 815,323 | 4,952,298 | ||||||
|
| |||||||
Kenya-11.12% | ||||||||
Equity Group Holdings PLC | 3,806,700 | 1,713,568 | ||||||
KCB Group Ltd. | 2,881,945 | 1,443,762 | ||||||
Safaricom PLC | 11,480,987 | 3,306,480 | ||||||
|
| |||||||
6,463,810 | ||||||||
|
| |||||||
Kuwait-0.00% | ||||||||
Gulf National Holding K.S.C.C.(a)(b) | 25,808 | 0 | ||||||
|
| |||||||
Morocco-9.85% | ||||||||
Attijariwafa Bank | 41,514 | 2,029,729 | ||||||
Banque Centrale Populaire | 37,924 | 1,049,401 | ||||||
Ciments du Maroc | 1,986 | 335,101 | ||||||
COSUMAR | 27,870 | 598,836 | ||||||
Label Vie | 593 | 166,619 | ||||||
Maroc Telecom | 75,765 | 1,131,009 | ||||||
Societe d’Exploitation des Ports | 14,960 | 276,233 | ||||||
Wafa Assurance | 375 | 140,553 | ||||||
|
| |||||||
5,727,481 | ||||||||
|
| |||||||
Nigeria-14.17% | ||||||||
Dangote Cement PLC | 2,791,471 | 1,151,265 | ||||||
Guaranty Trust Bank PLC | 32,150,211 | 2,209,911 | ||||||
MTN Nigeria Communications PLC | 5,336,448 | 1,856,156 | ||||||
Nestle Nigeria PLC | 294,069 | 990,377 | ||||||
SEPLAT Petroleum Development Co. PLC(c) | 348,738 | 561,827 | ||||||
Zenith Bank PLC | 31,215,564 | 1,464,913 | ||||||
|
| |||||||
8,234,449 | ||||||||
|
|
Shares | Value | |||||||
Oman-8.82% | ||||||||
Bank Muscat SAOG | 4,448,158 | $ | 5,129,158 | |||||
|
| |||||||
Panama-9.99% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A., Class E | 46,922 | 968,001 | ||||||
Copa Holdings S.A., Class A | 47,553 | 4,838,042 | ||||||
|
| |||||||
5,806,043 | ||||||||
|
| |||||||
Romania-9.77% | ||||||||
Banca Transilvania S.A. | 4,622,718 | 2,581,675 | ||||||
BRD-Groupe Societe Generale S.A. | 248,215 | 827,073 | ||||||
OMV Petrom S.A. | 14,060,343 | 1,389,010 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ S.A. | 102,297 | 880,960 | ||||||
|
| |||||||
5,678,718 | ||||||||
|
| |||||||
Vietnam-9.81% | ||||||||
Bank for Foreign Trade of Vietnam JSC | 67,414 | 254,804 | ||||||
Bank for Investment and Development of Vietnam JSC | 38,840 | 67,961 | ||||||
Bao Viet Holdings(a) | 22,290 | 69,263 | ||||||
Hoa Phat Group JSC(a) | 426,571 | 400,778 | ||||||
Hoang Anh Gia Lai International Agriculture JSC(a) | 110,820 | 71,403 | ||||||
Masan Group Corp.(a) | 121,565 | 388,748 | ||||||
No Va Land Investment Group Corp.(a) | 95,131 | 243,947 | ||||||
PetroVietnam Gas JSC | 17,390 | 77,570 | ||||||
PetroVietnam Power Corp.(a) | 106,410 | 59,848 | ||||||
Saigon Beer Alcohol Beverage Corp. | 14,570 | 163,577 | ||||||
SSI Securities Corp. | 74,040 | 68,127 | ||||||
Vietjet Aviation JSC | 77,520 | 484,437 | ||||||
Vietnam Dairy Products JSC | 142,434 | 798,018 | ||||||
Vincom Retail JSC | 216,928 | 310,391 | ||||||
Vingroup JSC(a) | 295,136 | 1,513,649 | ||||||
Vinhomes JSC(c) | 190,250 | 729,744 | ||||||
|
| |||||||
5,702,265 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $54,415,535) |
| 58,167,927 | ||||||
|
| |||||||
Money MarketFunds-0.17% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d) | 95,962 | 95,962 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.24% |
| 58,263,889 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.24)% |
| (138,597 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 58,125,292 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco Frontier Markets ETF (FRN)–(continued)
October 31, 2019
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(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, 2019 was $1,291,571, which represented 2.22% 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 the7-day SEC standardized yield as of October 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.61% |
| |||||||
Australia-5.59% | ||||||||
AGL Energy Ltd. | 50,936 | $ | 694,127 | |||||
AMP Ltd. | 507,614 | 641,737 | ||||||
APA Group | 71,516 | 574,007 | ||||||
ASX Ltd. | 5,929 | 336,260 | ||||||
Aurizon Holdings Ltd. | 171,456 | 696,935 | ||||||
Australia & New Zealand Banking Group Ltd. | 202,403 | 3,728,774 | ||||||
Bank of Queensland Ltd.(a) | 55,157 | 343,904 | ||||||
Bendigo & Adelaide Bank Ltd. | 52,501 | 385,217 | ||||||
BGP Holdings PLC(b)(c) | 231,466 | 0 | ||||||
BHP Group Ltd. | 224,737 | 5,566,231 | ||||||
BHP Group PLC | 140,414 | 2,970,360 | ||||||
BlueScope Steel Ltd. | 45,722 | 419,897 | ||||||
Boral Ltd. | 103,455 | 358,515 | ||||||
Brambles Ltd. | 87,232 | 719,379 | ||||||
Caltex Australia Ltd. | 32,194 | 604,850 | ||||||
Challenger Ltd. | 46,693 | 256,066 | ||||||
CIMIC Group Ltd. | 6,367 | 144,800 | ||||||
Coca-Cola Amatil Ltd. | 54,584 | 381,697 | ||||||
Coles Group Ltd. | 117,074 | 1,209,066 | ||||||
Commonwealth Bank of Australia | 110,165 | 5,970,151 | ||||||
Computershare Ltd. | 18,853 | 205,742 | ||||||
Crown Resorts Ltd. | 40,520 | 347,837 | ||||||
CSL Ltd. | 7,004 | 1,235,449 | ||||||
Dexus | 49,214 | 405,855 | ||||||
Downer EDI Ltd. | 62,121 | 344,526 | ||||||
Fortescue Metals Group Ltd. | 166,240 | 1,020,472 | ||||||
Goodman Group | 53,837 | 533,740 | ||||||
GPT Group (The) | 95,929 | 393,237 | ||||||
Incitec Pivot Ltd. | 157,925 | 375,368 | ||||||
Insurance Australia Group Ltd. | 193,435 | 1,058,140 | ||||||
Lendlease Group | 65,956 | 849,281 | ||||||
Macquarie Group Ltd. | 19,052 | 1,757,817 | ||||||
Medibank Pvt Ltd. | 193,077 | 449,609 | ||||||
Metcash Ltd. | 136,800 | 265,780 | ||||||
Mirvac Group | 299,531 | 662,422 | ||||||
National Australia Bank Ltd. | 216,935 | 4,275,976 | ||||||
Newcrest Mining Ltd. | 22,299 | 480,859 | ||||||
Oil Search Ltd. | 56,735 | 279,867 | ||||||
Orica Ltd. | 33,985 | 536,180 | ||||||
Origin Energy Ltd. | 167,956 | 909,507 | ||||||
Qantas Airways Ltd. | 58,786 | 259,609 | ||||||
QBE Insurance Group Ltd. | 141,546 | 1,228,728 | ||||||
Ramsay Health Care Ltd. | 6,332 | 298,783 | ||||||
Rio Tinto Ltd. | 28,654 | 1,794,078 | ||||||
Rio Tinto plc | 83,872 | 4,356,406 | ||||||
Santos Ltd. | 75,132 | 420,309 | ||||||
Scentre Group | 387,549 | 1,022,617 | ||||||
Sonic Healthcare Ltd. | 26,972 | 530,341 | ||||||
South32 Ltd. | 225,013 | 395,308 | ||||||
Stockland | 268,503 | 904,577 | ||||||
Suncorp Group Ltd. | 108,894 | 1,009,053 | ||||||
Tabcorp Holdings Ltd. | 78,080 | 258,207 | ||||||
Telstra Corp. Ltd. | 694,166 | 1,669,078 | ||||||
Transurban Group | 68,571 | 701,071 | ||||||
Treasury Wine Estates Ltd. | 20,794 | 251,708 | ||||||
Vicinity Centres | 247,932 | 456,070 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Wesfarmers Ltd. | 107,986 | $ | 2,958,023 | |||||
Westpac Banking Corp. | 229,545 | 4,461,272 | ||||||
Woodside Petroleum Ltd. | 75,169 | 1,667,564 | ||||||
Woolworths Group Ltd. | 93,351 | 2,400,205 | ||||||
Worley Ltd. | 23,131 | 217,687 | ||||||
|
| |||||||
69,650,331 | ||||||||
|
| |||||||
Austria-0.28% | ||||||||
ANDRITZ AG | 5,676 | 255,071 | ||||||
Erste Group Bank AG(b) | 28,699 | 1,014,012 | ||||||
OMV AG | 17,944 | 1,047,406 | ||||||
Raiffeisen Bank International AG | 16,872 | 415,053 | ||||||
voestalpine AG(a) | 21,983 | 550,594 | ||||||
Wienerberger AG | 8,903 | 240,767 | ||||||
|
| |||||||
3,522,903 | ||||||||
|
| |||||||
Belgium-0.78% | ||||||||
Ageas | 24,520 | 1,412,651 | ||||||
Anheuser-Busch InBev S.A./N.V. | 51,976 | 4,177,388 | ||||||
bpost S.A. | 23,357 | 267,097 | ||||||
Colruyt S.A. | 3,280 | 182,381 | ||||||
KBC Group N.V. | 20,491 | 1,437,487 | ||||||
Proximus SADP | 18,242 | 560,282 | ||||||
Solvay S.A., Class A | 7,194 | 782,534 | ||||||
UCB S.A. | 4,726 | 380,996 | ||||||
Umicore S.A. | 11,304 | 466,240 | ||||||
|
| |||||||
9,667,056 | ||||||||
|
| |||||||
Brazil-0.03% | ||||||||
Yamana Gold, Inc. | 91,892 | 336,288 | ||||||
|
| |||||||
Canada-7.17% | ||||||||
Agnico Eagle Mines Ltd. | 8,858 | 545,559 | ||||||
Air Canada(b) | 15,252 | 544,238 | ||||||
Algonquin Power & Utilities Corp. | 21,224 | 292,116 | ||||||
Alimentation Couche-Tard, Inc., Class B | 43,714 | 1,313,731 | ||||||
AltaGas Ltd.(a) | 28,897 | 421,247 | ||||||
ARC Resources Ltd.(a) | 54,855 | 232,884 | ||||||
Atco Ltd., Class I | 9,651 | 339,971 | ||||||
Bank of Montreal(a) | 51,334 | 3,808,015 | ||||||
Bank of Nova Scotia (The) | 97,902 | 5,626,749 | ||||||
Barrick Gold Corp. | 56,768 | 988,208 | ||||||
Baytex Energy Corp.(b) | 121,756 | 136,175 | ||||||
BCE, Inc. | 24,530 | 1,166,078 | ||||||
Bombardier, Inc., Class B(b) | 215,165 | 271,749 | ||||||
Brookfield Asset Management, Inc., Class A | 50,388 | 2,792,071 | ||||||
CAE, Inc. | 10,433 | 262,184 | ||||||
Cameco Corp. | 25,836 | 231,165 | ||||||
Canadian Apartment Properties REIT | 7,123 | 297,200 | ||||||
Canadian Imperial Bank of Commerce | 34,375 | 2,937,312 | ||||||
Canadian National Railway Co. | 23,833 | 2,136,058 | ||||||
Canadian Natural Resources Ltd. | 91,031 | 2,300,102 | ||||||
Canadian Pacific Railway Ltd. | 3,972 | 905,127 | ||||||
Canadian Tire Corp. Ltd., Class A(a) | 5,694 | 615,126 | ||||||
Canadian Utilities Ltd., Class A | 10,188 | 297,730 | ||||||
Capital Power Corp. | 9,605 | 230,707 | ||||||
Celestica, Inc.(b) | 26,795 | 194,487 | ||||||
Cenovus Energy, Inc. | 143,791 | 1,227,477 | ||||||
CGI, Inc.(b) | 10,529 | 820,146 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Canada-(continued) | ||||||||
CI Financial Corp. | 25,980 | $ | 378,922 | |||||
Crescent Point Energy Corp. | 333,853 | 1,221,770 | ||||||
Empire Co. Ltd., Class A | 17,714 | 471,304 | ||||||
Enbridge, Inc. | 100,274 | 3,659,713 | ||||||
Encana Corp. | 81,909 | 321,566 | ||||||
Fairfax Financial Holdings Ltd. | 1,799 | 763,755 | ||||||
Finning International, Inc. | 15,784 | 269,361 | ||||||
Fortis, Inc. | 27,973 | 1,164,593 | ||||||
Franco-Nevada Corp. | 3,870 | 376,297 | ||||||
George Weston Ltd. | 10,055 | 806,710 | ||||||
Gibson Energy, Inc. | 17,633 | 308,026 | ||||||
Gildan Activewear, Inc. | 6,959 | 178,164 | ||||||
Great-West Lifeco, Inc. | 31,564 | 769,198 | ||||||
H&R REIT | 29,563 | 501,133 | ||||||
Husky Energy, Inc. | 44,324 | 310,253 | ||||||
Hydro One Ltd.(a)(d) | 30,287 | 564,331 | ||||||
IGM Financial, Inc. | 8,771 | 248,045 | ||||||
Imperial Oil Ltd. | 21,411 | 534,318 | ||||||
Intact Financial Corp. | 7,513 | 776,823 | ||||||
Inter Pipeline Ltd.(a) | 32,421 | 545,386 | ||||||
Keyera Corp. | 15,449 | 358,853 | ||||||
Kinross Gold Corp.(b) | 70,973 | 345,591 | ||||||
Loblaw Cos., Ltd. | 13,976 | 746,889 | ||||||
Magna International, Inc. | 35,823 | 1,930,220 | ||||||
Manulife Financial Corp. | 195,378 | 3,646,382 | ||||||
MEG Energy Corp.(b) | 54,917 | 211,420 | ||||||
Methanex Corp. | 4,589 | 174,259 | ||||||
Metro, Inc. | 12,685 | 537,569 | ||||||
National Bank of Canada | 24,215 | 1,253,170 | ||||||
Nutrien Ltd. | 26,545 | 1,272,569 | ||||||
Onex Corp. | 8,231 | 484,898 | ||||||
Open Text Corp. | 7,558 | 306,035 | ||||||
Parkland Fuel Corp. | 8,326 | 277,143 | ||||||
Pembina Pipeline Corp. | 25,175 | 888,169 | ||||||
Power Corp. of Canada | 53,361 | 1,237,451 | ||||||
Power Financial Corp. | 39,357 | 922,278 | ||||||
Restaurant Brands International, Inc. | 3,269 | 214,319 | ||||||
RioCan REIT | 27,002 | 542,978 | ||||||
Rogers Communications, Inc., Class B | 20,703 | 976,751 | ||||||
Royal Bank of Canada | 93,184 | 7,532,140 | ||||||
Saputo, Inc. | 10,662 | 309,878 | ||||||
Shaw Communications, Inc., Class B | 35,500 | 726,017 | ||||||
SNC-Lavalin Group, Inc. | 20,009 | 362,471 | ||||||
Sun Life Financial, Inc.(a) | 51,834 | 2,330,331 | ||||||
Suncor Energy, Inc. | 119,496 | 3,560,287 | ||||||
TC Energy Corp. | 52,847 | 2,669,390 | ||||||
Teck Resources Ltd., Class B | 49,660 | 786,641 | ||||||
TELUS Corp. | 15,143 | 539,772 | ||||||
Thomson Reuters Corp. | 14,512 | 977,257 | ||||||
Toronto-Dominion Bank (The) | 111,699 | 6,391,663 | ||||||
Tourmaline Oil Corp. | 22,661 | 194,826 | ||||||
TransAlta Corp. | 49,903 | 295,390 | ||||||
Vermilion Energy, Inc.(a) | 11,167 | 147,834 | ||||||
West Fraser Timber Co. Ltd. | 4,075 | 188,814 | ||||||
Wheaton Precious Metals Corp. | 14,684 | 412,473 | ||||||
Whitecap Resources, Inc. | 61,200 | 170,886 | ||||||
WSP Global, Inc. | 5,317 | 332,446 | ||||||
|
| |||||||
89,358,740 | ||||||||
|
|
Shares | Value | |||||||
Chile-0.05% | ||||||||
Antofagasta PLC | 27,570 | $ | 309,378 | |||||
Lundin Mining Corp. | 52,570 | 265,980 | ||||||
|
| |||||||
575,358 | ||||||||
|
| |||||||
China-0.22% | ||||||||
AAC Technologies Holdings, Inc. | 33,444 | 217,620 | ||||||
BOC Hong Kong Holdings Ltd. | 263,477 | 907,649 | ||||||
China Mengniu Dairy Co. Ltd.(b) | 90,150 | 360,591 | ||||||
Lenovo Group Ltd. | 1,360,251 | 951,067 | ||||||
Semiconductor Manufacturing International Corp.(b) | 269,948 | 344,078 | ||||||
|
| |||||||
2,781,005 | ||||||||
|
| |||||||
Denmark-0.81% | ||||||||
AP Moller - Maersk A/S, Class A | 536 | 643,623 | ||||||
AP Moller - Maersk A/S, Class B | 795 | 1,013,757 | ||||||
Carlsberg A/S, Class B | 5,229 | 735,977 | ||||||
Coloplast A/S, Class B | 3,210 | 386,987 | ||||||
Danske Bank A/S | 95,743 | 1,366,736 | ||||||
Drilling Co. of 1972 A/S (The)(b) | 2,661 | 150,227 | ||||||
DSV Panalpina A/S | 5,074 | 492,577 | ||||||
ISS A/S(a) | 20,014 | 523,994 | ||||||
Jyske Bank A/S(a)(b) | 7,391 | 245,829 | ||||||
Novo Nordisk A/S, Class B | 49,548 | 2,707,321 | ||||||
Novozymes A/S, Class B | 5,233 | 246,503 | ||||||
Orsted A/S(d) | 5,392 | 473,197 | ||||||
Pandora A/S | 8,383 | 412,414 | ||||||
Vestas Wind Systems A/S | 8,520 | 695,791 | ||||||
|
| |||||||
10,094,933 | ||||||||
|
| |||||||
Finland-0.99% | ||||||||
Elisa Oyj | 8,449 | 461,598 | ||||||
Fortum Oyj | 38,768 | 946,776 | ||||||
Kesko Oyj, Class B | 6,909 | 460,015 | ||||||
Kone Oyj, Class B | 17,275 | 1,099,324 | ||||||
Metso Oyj(a) | 7,705 | 291,235 | ||||||
Neste Oyj | 16,278 | 587,676 | ||||||
Nokia Oyj | 353,602 | 1,299,273 | ||||||
Nokian Renkaat Oyj | 10,223 | 291,976 | ||||||
Nordea Bank Abp | 403,548 | 2,951,633 | ||||||
Outokumpu Oyj(a) | 68,517 | 194,084 | ||||||
Sampo Oyj, Class A | 35,691 | 1,462,938 | ||||||
Stora Enso Oyj, Class R | 49,120 | 637,059 | ||||||
UPM-Kymmene Oyj | 41,372 | 1,345,006 | ||||||
Wartsila Oyj Abp | 25,785 | 272,194 | ||||||
|
| |||||||
12,300,787 | ||||||||
|
| |||||||
France-10.10% | ||||||||
Accor S.A. | 9,945 | 427,385 | ||||||
AirFrance-KLM(b) | 70,813 | 843,352 | ||||||
Air Liquide S.A. | 24,070 | 3,198,277 | ||||||
Airbus S.E. | 22,546 | 3,230,207 | ||||||
Alstom S.A. | 6,947 | 300,329 | ||||||
Amundi S.A.(d) | 3,660 | 261,330 | ||||||
Arkema S.A. | 6,584 | 673,136 | ||||||
Atos S.E. | 7,082 | 548,490 | ||||||
AXA S.A. | 329,277 | 8,700,876 | ||||||
BNP Paribas S.A. | 191,080 | 9,978,886 | ||||||
Bollore S.A. | 81,817 | 354,163 | ||||||
Bouygues S.A. | 35,496 | 1,504,843 | ||||||
Bureau Veritas S.A. | 14,195 | 362,501 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
France-(continued) | ||||||||
Capgemini S.E. | 8,146 | $ | 917,443 | |||||
Carrefour S.A. | 129,677 | 2,207,005 | ||||||
Casino Guichard Perrachon S.A.(a) | 21,783 | 1,175,498 | ||||||
CGG S.A.(b) | 146,090 | 339,336 | ||||||
Cie de Saint-Gobain | 74,868 | 3,046,213 | ||||||
Cie Generale des Etablissements Michelin SCA | 17,914 | 2,180,447 | ||||||
CNP Assurances | 18,950 | 375,897 | ||||||
Covivio | 3,268 | 370,064 | ||||||
Credit Agricole S.A. | 180,329 | 2,350,837 | ||||||
Danone S.A. | 31,453 | 2,609,334 | ||||||
Dassault Systemes S.E. | 1,667 | 253,024 | ||||||
Edenred | 6,378 | 335,857 | ||||||
Eiffage S.A. | 8,813 | 947,040 | ||||||
Electricite de France S.A. | 90,371 | 932,809 | ||||||
Elis S.A. | 14,268 | 272,677 | ||||||
ENGIE S.A. | 283,588 | 4,744,195 | ||||||
EssilorLuxottica S.A. | 5,133 | 783,404 | ||||||
Eurazeo S.E. | 5,232 | 364,818 | ||||||
Eutelsat Communications S.A.(a) | 17,607 | 333,935 | ||||||
Faurecia S.E. | 11,534 | 537,621 | ||||||
Gecina S.A. | 3,254 | 558,344 | ||||||
Getlink S.E. | 18,007 | 301,544 | ||||||
Hermes International | 547 | 393,618 | ||||||
ICADE | 2,693 | 263,791 | ||||||
Iliad S.A. | 2,106 | 218,039 | ||||||
Imerys S.A.(a) | 3,744 | 144,608 | ||||||
Ingenico Group S.A. | 4,149 | 443,165 | ||||||
Kering S.A. | 1,677 | 954,557 | ||||||
Klepierre S.A. | 16,247 | 605,226 | ||||||
Lagardere SCA | 20,041 | 447,622 | ||||||
Legrand S.A. | 11,569 | 903,229 | ||||||
L’Oreal S.A. | 6,817 | 1,991,091 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 7,715 | 3,292,271 | ||||||
Natixis S.A. | 125,048 | 573,525 | ||||||
Nexity S.A. | 4,563 | 236,107 | ||||||
Orange S.A. | 264,901 | 4,267,554 | ||||||
Pernod Ricard S.A. | 7,372 | 1,361,167 | ||||||
Peugeot S.A. | 73,762 | 1,868,042 | ||||||
Publicis Groupe S.A. | 16,379 | 704,434 | ||||||
Renault S.A. | 39,353 | 2,009,056 | ||||||
Rexel S.A. | 53,510 | 662,653 | ||||||
Rubis SCA. | 4,576 | 265,216 | ||||||
Safran S.A. | 10,812 | 1,711,053 | ||||||
Sanofi S.A. | 84,327 | 7,772,846 | ||||||
Schneider Electric S.E. | 36,139 | 3,356,918 | ||||||
SCOR S.E. | 19,087 | 804,503 | ||||||
Societe Generale S.A. | 221,848 | 6,298,998 | ||||||
Sodexo S.A. | 6,756 | 743,181 | ||||||
SPIE S.A. | 15,547 | 327,821 | ||||||
Suez | 61,050 | 951,844 | ||||||
Teleperformance | 1,709 | 387,431 | ||||||
Thales S.A. | 4,428 | 432,950 | ||||||
TOTAL S.A. | 269,673 | 14,181,076 | ||||||
Unibail-Rodamco-Westfield | 10,780 | 1,667,504 | ||||||
Valeo S.A.(a) | 37,784 | 1,405,406 | ||||||
Veolia Environnement S.A. | 73,810 | 1,940,899 |
Shares | Value | |||||||
France-(continued) | ||||||||
Vinci S.A. | 33,912 | $ | 3,806,095 | |||||
Vivendi S.A. | 77,351 | 2,153,965 | ||||||
|
| |||||||
125,868,578 | ||||||||
|
| |||||||
Germany-9.50% | ||||||||
Aareal Bank AG | 9,301 | 312,545 | ||||||
adidas AG | 5,990 | 1,850,118 | ||||||
Allianz S.E. | 48,680 | 11,893,861 | ||||||
Aroundtown S.A. | 24,674 | 208,274 | ||||||
Aurubis AG | 7,193 | 353,014 | ||||||
BASF S.E. | 101,023 | 7,689,955 | ||||||
Bayer AG | 76,326 | 5,924,956 | ||||||
Bayerische Motoren Werke AG | 58,539 | 4,487,386 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 10,126 | 624,164 | ||||||
Beiersdorf AG(a) | 2,714 | 321,409 | ||||||
Brenntag AG | 13,818 | 693,723 | ||||||
CECONOMY AG(b) | 49,028 | 247,509 | ||||||
Commerzbank AG | 260,807 | 1,560,469 | ||||||
Continental AG | 11,585 | 1,549,426 | ||||||
Covestro AG(d) | 16,322 | 783,925 | ||||||
Daimler AG | 171,330 | 10,017,879 | ||||||
Deutsche Bank AG(a) | 567,476 | 4,111,383 | ||||||
Deutsche Boerse AG | 6,446 | 999,257 | ||||||
Deutsche Lufthansa AG | 41,154 | 713,725 | ||||||
Deutsche Pfandbriefbank AG(d) | 24,422 | 333,769 | ||||||
Deutsche Post AG | 105,651 | 3,742,360 | ||||||
Deutsche Telekom AG | 370,720 | 6,521,550 | ||||||
Deutsche Wohnen S.E. | 12,904 | 485,445 | ||||||
E.ON S.E. | 356,209 | 3,591,347 | ||||||
Evonik Industries AG | 18,481 | 487,624 | ||||||
Freenet AG | 18,978 | 421,233 | ||||||
Fresenius Medical Care AG& Co. KGaA | 13,183 | 954,230 | ||||||
Fresenius S.E. & Co. KGaA | 32,805 | 1,724,724 | ||||||
GEA Group AG | 16,832 | 514,722 | ||||||
Hannover Rueck S.E. | 5,212 | 923,386 | ||||||
HeidelbergCement AG | 16,979 | 1,261,958 | ||||||
Henkel AG& Co. KGaA(a) | 5,451 | 525,130 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 9,243 | 960,868 | ||||||
HOCHTIEF AG | 1,847 | 230,376 | ||||||
Hugo Boss AG | 5,203 | 218,954 | ||||||
Infineon Technologies AG | 34,549 | 669,828 | ||||||
K+S AG | 27,225 | 387,567 | ||||||
KION Group AG | 4,743 | 315,269 | ||||||
LANXESS AG | 9,329 | 606,781 | ||||||
LEG Immobilien AG | 2,903 | 333,266 | ||||||
Leoni AG(a)(b) | 9,894 | 117,502 | ||||||
Merck KGaA | 5,177 | 617,425 | ||||||
METRO AG | 45,411 | 739,677 | ||||||
MTU Aero Engines AG | 1,681 | 448,973 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 20,184 | 5,607,054 | ||||||
OSRAM Licht AG(a) | 7,763 | 346,432 | ||||||
Porsche Automobil Holding S.E., Preference Shares | 9,590 | 706,140 | ||||||
ProSiebenSat.1 Media S.E. | 35,572 | 525,442 | ||||||
Rheinmetall AG | 3,091 | 371,918 | ||||||
RWE AG | 116,063 | 3,538,846 | ||||||
Salzgitter AG | 10,282 | 186,176 | ||||||
SAP S.E. | 29,113 | 3,858,616 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Germany-(continued) | ||||||||
Siemens AG | 70,606 | $ | 8,143,411 | |||||
Symrise AG | 3,380 | 325,353 | ||||||
Talanx AG | 5,592 | 257,659 | ||||||
Telefonica Deutschland Holding AG | 90,441 | 287,062 | ||||||
thyssenkrupp AG(a) | 83,114 | 1,186,432 | ||||||
TUI AG | 72,844 | 952,027 | ||||||
Uniper S.E. | 41,142 | 1,282,449 | ||||||
United Internet AG | 8,027 | 241,883 | ||||||
Volkswagen AG | 6,080 | 1,152,458 | ||||||
Volkswagen AG, Preference Shares | 35,105 | 6,685,451 | ||||||
Vonovia S.E. | 22,874 | 1,217,530 | ||||||
|
| |||||||
118,349,281 | ||||||||
|
| |||||||
HongKong-1.46% | ||||||||
AIA Group Ltd. | 378,057 | 3,784,091 | ||||||
CK Asset Holdings Ltd. | 167,243 | 1,167,204 | ||||||
CK Hutchison Holdings Ltd. | 161,939 | 1,497,962 | ||||||
CLP Holdings Ltd. | 96,122 | 997,681 | ||||||
Hang Lung Properties Ltd. | 122,710 | 270,229 | ||||||
Hang Seng Bank Ltd. | 38,081 | 795,854 | ||||||
Henderson Land Development Co. Ltd. | 100,224 | 501,906 | ||||||
Hong Kong & China Gas Co., Ltd. (The) | 258,819 | 502,600 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 18,042 | 563,978 | ||||||
Hongkong Land Holdings Ltd. | 61,830 | 340,065 | ||||||
Jardine Matheson Holdings Ltd. | 7,279 | 415,776 | ||||||
Jardine Strategic Holdings Ltd. | 6,947 | 224,597 | ||||||
Kerry Properties Ltd. | 58,175 | 188,530 | ||||||
Link REIT | 97,095 | 1,058,572 | ||||||
MTR Corp. Ltd. | 91,485 | 525,259 | ||||||
New World Development Co. Ltd. | 385,142 | 552,330 | ||||||
NWS Holdings Ltd. | 90,342 | 134,631 | ||||||
Power Assets Holdings Ltd. | 48,246 | 344,408 | ||||||
Sino Land Co. Ltd. | 140,822 | 210,936 | ||||||
Sun Hung Kai Properties Ltd. | 112,698 | 1,709,659 | ||||||
Swire Pacific Ltd., Class A | 37,903 | 361,248 | ||||||
Swire Pacific Ltd., Class B | 67,223 | 99,492 | ||||||
Swire Properties Ltd. | 75,254 | 237,158 | ||||||
Techtronic Industries Co. Ltd. | 40,192 | 315,374 | ||||||
WH Group Ltd.(d) | 678,159 | 719,890 | ||||||
Wharf Holdings Ltd. (The) | 87,101 | 198,035 | ||||||
Wharf Real Estate Investment Co. Ltd. | 73,739 | 434,661 | ||||||
|
| |||||||
18,152,126 | ||||||||
|
| |||||||
Ireland-0.38% | ||||||||
AIB Group PLC | 58,590 | 187,731 | ||||||
Bank of Ireland Group PLC | 109,774 | 528,088 | ||||||
CRH PLC | 64,694 | 2,357,386 | ||||||
Flutter Entertainment PLC(a) | 4,337 | 446,609 | ||||||
Kerry Group PLC, Class A | 4,050 | 489,793 | ||||||
Smurfit Kappa Group PLC | 22,268 | 741,116 | ||||||
|
| |||||||
4,750,723 | ||||||||
|
| |||||||
Israel-0.23% | ||||||||
Bank Hapoalim BM | 70,313 | 562,536 | ||||||
Bank LeumiLe-Israel BM | 96,207 | 700,621 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 281,577 | 185,877 | ||||||
Israel Chemicals Ltd. | 67,742 | 300,879 | ||||||
Israel Discount Bank Ltd., Class A | 90,103 | 411,704 | ||||||
Teva Pharmaceutical Industries Ltd.(b) | 83,305 | 680,663 | ||||||
|
| |||||||
2,842,280 | ||||||||
|
|
Shares | Value | |||||||
Italy-3.34% | ||||||||
A2A S.p.A. | 143,531 | $ | 288,075 | |||||
Assicurazioni Generali S.p.A. | 244,087 | 4,949,340 | ||||||
Atlantia S.p.A. | 43,513 | 1,074,793 | ||||||
Banco BPM S.p.A.(a)(b) | 491,155 | 1,116,189 | ||||||
BPER Banca | 91,916 | 410,902 | ||||||
Enel S.p.A. | 980,454 | 7,591,278 | ||||||
Eni S.p.A. | 389,375 | 5,894,895 | ||||||
Hera S.p.A. | 79,498 | 340,400 | ||||||
Intesa Sanpaolo S.p.A. | 2,304,361 | 5,774,155 | ||||||
Leonardo S.p.A. | 49,923 | 579,802 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 53,692 | 637,951 | ||||||
Pirelli & C S.p.A.(d) | 38,730 | 223,910 | ||||||
Poste Italiane S.p.A.(d) | 68,734 | 834,312 | ||||||
Prysmian S.p.A. | 20,447 | 472,430 | ||||||
Saipem S.p.A.(b) | 86,558 | 392,068 | ||||||
Saras S.p.A. | 120,272 | 230,792 | ||||||
Snam S.p.A. | 174,059 | 893,269 | ||||||
Telecom Italia S.p.A.(b) | 2,535,292 | 1,484,114 | ||||||
Telecom Italia S.p.A., RSP | 1,449,289 | 838,848 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 87,561 | 578,701 | ||||||
UniCredit S.p.A. | 402,095 | 5,099,657 | ||||||
Unione di Banche Italiane S.p.A.(a) | 276,471 | 841,130 | ||||||
Unipol Gruppo S.p.A. | 136,713 | 762,467 | ||||||
UnipolSai Assicurazioni S.p.A.(a) | 101,670 | 283,684 | ||||||
|
| |||||||
41,593,162 | ||||||||
|
| |||||||
Japan-22.10% | ||||||||
Aeon Co. Ltd. | 98,267 | 1,986,156 | ||||||
AGC, Inc. | 25,031 | 886,811 | ||||||
Air Water, Inc. | 13,265 | 250,563 | ||||||
Aisin Seiki Co. Ltd. | 25,633 | 1,033,809 | ||||||
Ajinomoto Co., Inc. | 41,406 | 788,822 | ||||||
Alfresa Holdings Corp. | 16,001 | 359,969 | ||||||
Alps Alpine Co. Ltd. | 17,815 | 386,276 | ||||||
Amada Holdings Co. Ltd. | 27,474 | 315,898 | ||||||
ANA Holdings, Inc. | 10,275 | 353,763 | ||||||
Aozora Bank Ltd. | 12,545 | 323,880 | ||||||
Asahi Group Holdings, Ltd. | 21,340 | 1,071,886 | ||||||
Asahi Kasei Corp. | 116,487 | 1,305,435 | ||||||
Astellas Pharma, Inc. | 97,367 | 1,673,896 | ||||||
Bandai Namco Holdings, Inc. | 9,213 | 568,265 | ||||||
Bank of Kyoto Ltd. (The) | 5,670 | 227,629 | ||||||
Bridgestone Corp. | 60,446 | 2,528,997 | ||||||
Brother Industries Ltd. | 21,221 | 403,396 | ||||||
Canon, Inc. | 94,608 | 2,592,192 | ||||||
Casio Computer Co. Ltd. | 15,366 | 250,876 | ||||||
Central Japan Railway Co. | 10,262 | 2,116,380 | ||||||
Chiba Bank Ltd. (The) | 60,756 | 334,395 | ||||||
Chubu Electric Power Co., Inc. | 61,592 | 926,116 | ||||||
Chugai Pharmaceutical Co. Ltd. | 3,891 | 329,334 | ||||||
Chugoku Electric Power Co., Inc. (The)(a) | 44,629 | 594,888 | ||||||
Coca-Cola Bottlers Japan Holdings, | 10,194 | 232,631 | ||||||
Concordia Financial Group Ltd. | 151,445 | 624,804 | ||||||
Cosmo Energy Holdings Co. Ltd. | 24,720 | 534,622 | ||||||
Credit Saison Co. Ltd. | 20,206 | 294,945 | ||||||
Dai Nippon Printing Co., Ltd. | 26,563 | 714,539 | ||||||
Daicel Corp. | 32,019 | 289,076 | ||||||
Dai-ichi Life Holdings, Inc. | 170,549 | 2,816,847 | ||||||
Daiichi Sankyo Co. Ltd. | 27,430 | 1,811,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Daikin Industries, Ltd. | 11,825 | $ | 1,665,924 | |||||
Daito Trust Construction Co., Ltd. | 5,298 | 704,244 | ||||||
Daiwa House Industry Co., Ltd. | 61,416 | 2,121,907 | ||||||
Daiwa Securities Group, Inc. | 191,845 | 869,030 | ||||||
Denka Co., Ltd. | 8,391 | 244,888 | ||||||
Denso Corp. | 46,914 | 2,196,741 | ||||||
Dentsu, Inc. | 15,721 | 565,697 | ||||||
DIC Corp. | 11,575 | 335,135 | ||||||
East Japan Railway Co. | 26,854 | 2,446,557 | ||||||
Ebara Corp. | 9,624 | 288,440 | ||||||
Eisai Co. Ltd. | 8,340 | 608,460 | ||||||
Electric Power Development Co. Ltd. | 15,440 | 376,199 | ||||||
FANUC Corp. | 7,995 | 1,597,447 | ||||||
Fast Retailing Co. Ltd. | 1,106 | 685,975 | ||||||
Fuji Electric Co. Ltd. | 11,973 | 384,314 | ||||||
FUJIFILM Holdings Corp. | 27,411 | 1,212,012 | ||||||
Fujikura Ltd. | 66,239 | 310,653 | ||||||
Fujitsu Ltd. | 25,108 | 2,234,532 | ||||||
Fukuoka Financial Group, Inc. | 17,447 | 340,532 | ||||||
Furukawa Electric Co. Ltd. | 9,742 | 275,755 | ||||||
Hakuhodo DY Holdings, Inc. | 18,880 | 284,322 | ||||||
Hankyu Hanshin Holdings, Inc. | 14,344 | 577,183 | ||||||
Haseko Corp. | 29,391 | 381,984 | ||||||
Hino Motors Ltd. | 42,513 | 405,841 | ||||||
Hitachi Construction Machinery Co. Ltd. | 9,705 | 253,521 | ||||||
Hitachi Metals Ltd. | 27,075 | 342,617 | ||||||
Hitachi, Ltd. | 114,341 | 4,303,719 | ||||||
Hokkaido Electric Power Co. Inc. | 36,048 | 189,402 | ||||||
Honda Motor Co., Ltd. | 190,112 | 5,173,762 | ||||||
Hoya Corp. | 10,720 | 952,261 | ||||||
Idemitsu Kosan Co. Ltd. | 36,862 | 1,092,851 | ||||||
IHI Corp. | 17,164 | 428,842 | ||||||
Iida Group Holdings Co. Ltd. | 17,957 | 300,986 | ||||||
INPEX Corp. | 121,053 | 1,129,290 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) | 51,302 | 411,916 | ||||||
Isuzu Motors Ltd. | 48,600 | 569,821 | ||||||
ITOCHU Corp. | 149,441 | 3,139,360 | ||||||
J Front Retailing Co. Ltd. | 36,445 | 466,919 | ||||||
Japan Airlines Co. Ltd. | 11,145 | 347,840 | ||||||
Japan Display, Inc.(a)(b) | 450,323 | 266,599 | ||||||
Japan Exchange Group, Inc. | 18,982 | 315,884 | ||||||
Japan Post Bank Co. Ltd. | 45,006 | 450,455 | ||||||
Japan Post Holdings Co. Ltd. | 227,700 | 2,097,860 | ||||||
Japan Post Insurance Co. Ltd. | 13,389 | 212,282 | ||||||
Japan Tobacco, Inc. | 87,529 | 1,988,541 | ||||||
JFE Holdings, Inc. | 87,767 | 1,109,824 | ||||||
JGC Holdings Corp. | 21,088 | 309,185 | ||||||
JSR Corp. | 17,066 | 323,465 | ||||||
JTEKT Corp. | 36,627 | 472,300 | ||||||
JXTG Holdings, Inc. | 453,025 | 2,134,693 | ||||||
Kajima Corp. | 49,512 | 685,167 | ||||||
Kaneka Corp. | 6,147 | 206,691 | ||||||
Kansai Electric Power Co., Inc. (The) | 78,702 | 920,574 | ||||||
Kao Corp. | 14,958 | 1,209,868 | ||||||
Kawasaki Heavy Industries Ltd. | 24,087 | 584,434 | ||||||
Kawasaki Kisen Kaisha Ltd.(a)(b) | 20,043 | 302,763 | ||||||
KDDI Corp. | 146,564 | 4,065,912 | ||||||
Keikyu Corp. | 13,475 | 269,986 | ||||||
Keio Corp. | 5,126 | 318,167 | ||||||
Keyence Corp. | 1,040 | 662,067 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kikkoman Corp. | 4,846 | $ | 234,444 | |||||
Kintetsu Group Holdings Co. Ltd. | 12,704 | 694,516 | ||||||
Kirin Holdings Co. Ltd. | 52,868 | 1,127,244 | ||||||
Kobe Steel Ltd. | 94,126 | 511,966 | ||||||
Koito Manufacturing Co. Ltd. | 5,707 | 301,966 | ||||||
Komatsu Ltd. | 69,507 | 1,645,330 | ||||||
Konica Minolta, Inc. | 55,753 | 412,068 | ||||||
K’s Holdings Corp. | 26,708 | 306,102 | ||||||
Kubota Corp. | 83,119 | 1,331,688 | ||||||
Kuraray Co. Ltd. | 35,954 | 431,694 | ||||||
Kyocera Corp. | 22,795 | 1,505,961 | ||||||
Kyushu Electric Power Co., Inc. | 62,713 | 627,681 | ||||||
Kyushu Railway Co. | 9,391 | 310,992 | ||||||
Lawson, Inc. | 3,463 | 191,561 | ||||||
LIXIL Group Corp. | 47,907 | 897,827 | ||||||
Makita Corp. | 11,220 | 382,459 | ||||||
Marubeni Corp. | 238,093 | 1,686,616 | ||||||
Marui Group Co. Ltd. | 12,561 | 280,837 | ||||||
Mazda Motor Corp. | 114,556 | 1,064,972 | ||||||
Mebuki Financial Group, Inc. | 122,710 | 314,423 | ||||||
Medipal Holdings Corp. | 21,017 | 482,533 | ||||||
MEIJI Holdings Co. Ltd. | 7,145 | 516,848 | ||||||
Minebea Mitsumi, Inc. | 24,026 | 462,274 | ||||||
Mitsubishi Chemical Holdings Corp. | 211,849 | 1,627,693 | ||||||
Mitsubishi Corp. | 127,237 | 3,253,162 | ||||||
Mitsubishi Electric Corp. | 182,330 | 2,625,194 | ||||||
Mitsubishi Estate Co., Ltd. | 63,598 | 1,239,839 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 19,258 | 274,873 | ||||||
Mitsubishi Heavy Industries Ltd. | 42,209 | 1,718,737 | ||||||
Mitsubishi Materials Corp.(a) | 16,748 | 484,910 | ||||||
Mitsubishi Motors Corp. | 75,052 | 345,737 | ||||||
Mitsubishi Tanabe Pharma Corp. | 17,804 | 214,429 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,834,814 | 9,670,940 | ||||||
Mitsui & Co., Ltd. | 184,598 | 3,188,907 | ||||||
Mitsui Chemicals, Inc. | 23,732 | 571,430 | ||||||
Mitsui E&S Holdings Co. Ltd.(b) | 23,382 | 239,216 | ||||||
Mitsui Fudosan Co., Ltd. | 62,077 | 1,596,930 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 9,969 | 282,642 | ||||||
Mitsui OSK Lines Ltd. | 26,854 | 739,258 | ||||||
Mizuho Financial Group, Inc. | 3,738,560 | 5,837,555 | ||||||
MS&AD Insurance Group Holdings, Inc. | 43,087 | 1,398,569 | ||||||
Murata Manufacturing Co., Ltd. | 22,057 | 1,196,246 | ||||||
Nagoya Railroad Co. Ltd. | 13,457 | 429,459 | ||||||
NEC Corp. | 34,477 | 1,371,362 | ||||||
NGK Insulators Ltd. | 22,775 | 352,670 | ||||||
NGK Spark Plug Co., Ltd. | 15,960 | 327,305 | ||||||
NH Foods Ltd. | 13,281 | 558,366 | ||||||
NHK Spring Co. Ltd. | 22,633 | 186,960 | ||||||
Nidec Corp. | 5,881 | 875,037 | ||||||
Nikon Corp. | 29,253 | 376,131 | ||||||
Nintendo Co., Ltd. | 2,336 | 834,525 | ||||||
Nippon Electric Glass Co. Ltd. | 11,019 | 250,643 | ||||||
Nippon Express Co., Ltd. | 9,688 | 556,519 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 97,626 | 191,450 | ||||||
Nippon Paper Industries Co. Ltd. | 22,669 | 392,757 | ||||||
Nippon Sheet Glass Co., Ltd. | 25,951 | 163,957 | ||||||
Nippon Steel Corp. | 104,335 | 1,535,999 | ||||||
Nippon Telegraph & Telephone Corp. | 87,203 | 4,336,555 | ||||||
Nippon Yusen K.K. | 50,755 | 921,623 | ||||||
Nissan Motor Co. Ltd. | 382,444 | 2,438,896 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nisshin Seifun Group, Inc. | 13,632 | $ | 271,114 | |||||
Nisshinbo Holdings, Inc. | 25,978 | 218,676 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,210 | 243,485 | ||||||
Nitori Holdings Co. Ltd. | 2,084 | 318,272 | ||||||
Nitto Denko Corp. | 11,903 | 665,040 | ||||||
NOK Corp. | 17,921 | 283,805 | ||||||
Nomura Holdings, Inc. | 533,060 | 2,442,298 | ||||||
Nomura Real Estate Holdings, Inc. | 15,475 | 368,463 | ||||||
NSK Ltd. | 53,780 | 505,439 | ||||||
NTN Corp. | 90,575 | 284,029 | ||||||
NTT Data Corp. | 44,599 | 590,775 | ||||||
NTT DOCOMO, Inc. | 93,338 | 2,568,619 | ||||||
Obayashi Corp. | 80,688 | 835,952 | ||||||
Odakyu Electric Railway Co. Ltd. | 15,108 | 369,367 | ||||||
Oji Holdings Corp. | 112,980 | 590,479 | ||||||
Olympus Corp. | 39,178 | 536,362 | ||||||
Omron Corp. | 11,626 | 688,279 | ||||||
Ono Pharmaceutical Co. Ltd. | 15,832 | 299,784 | ||||||
Oriental Land Co. Ltd. | 2,793 | 410,405 | ||||||
ORIX Corp. | 127,477 | 2,012,298 | ||||||
Osaka Gas Co. Ltd. | 34,886 | 685,102 | ||||||
Otsuka Holdings Co. Ltd. | 26,936 | 1,130,711 | ||||||
Pan Pacific International Holdings Corp. | 15,346 | 242,316 | ||||||
Panasonic Corp. | 307,332 | 2,606,658 | ||||||
Rakuten, Inc. | 44,005 | 422,526 | ||||||
Recruit Holdings Co., Ltd. | 28,984 | 968,144 | ||||||
Renesas Electronics Corp.(b) | 43,504 | 297,793 | ||||||
Rengo Co. Ltd. | 25,888 | 189,182 | ||||||
Resona Holdings, Inc. | 284,517 | 1,250,396 | ||||||
Ricoh Co. Ltd. | 102,285 | 917,779 | ||||||
Rohm Co. Ltd. | 5,683 | 455,250 | ||||||
Santen Pharmaceutical Co. Ltd. | 16,440 | 292,743 | ||||||
SBI Holdings, Inc. | 16,137 | 353,774 | ||||||
Secom Co. Ltd. | 9,148 | 851,715 | ||||||
Sega Sammy Holdings, Inc. | 19,009 | 268,681 | ||||||
Seibu Holdings, Inc. | 14,002 | 247,776 | ||||||
Seiko Epson Corp. | 31,194 | 443,794 | ||||||
Seino Holdings Co., Ltd. | 17,568 | 227,025 | ||||||
Sekisui Chemical Co., Ltd. | 31,257 | 549,068 | ||||||
Sekisui House Ltd. | 74,391 | 1,611,616 | ||||||
Seven & i Holdings Co., Ltd. | 58,637 | 2,223,872 | ||||||
SG Holdings Co. Ltd. | 10,194 | 253,565 | ||||||
Sharp Corp. | 18,252 | 212,564 | ||||||
Shikoku Electric Power Co., Inc. | 19,714 | 196,037 | ||||||
Shimadzu Corp. | 8,830 | 238,342 | ||||||
Shimano, Inc. | 2,118 | 354,616 | ||||||
Shimizu Corp. | 63,753 | 597,988 | ||||||
Shin-Etsu Chemical Co. Ltd. | 19,489 | 2,192,186 | ||||||
Shinsei Bank Ltd. | 18,135 | 285,517 | ||||||
Shionogi & Co. Ltd. | 7,454 | 449,426 | ||||||
Shiseido Co. Ltd. | 7,577 | 628,561 | ||||||
Shizuoka Bank Ltd. (The) | 56,160 | 432,220 | ||||||
Showa Denko K.K. | 11,597 | 329,872 | ||||||
Skylark Holdings Co. Ltd. | 15,250 | 277,196 | ||||||
SMC Corp. | 1,880 | 820,658 | ||||||
Softbank Corp. | 113,746 | 1,562,488 | ||||||
SoftBank Group Corp. | 111,272 | 4,312,749 | ||||||
Sojitz Corp. | 188,032 | 594,856 | ||||||
Sompo Holdings, Inc. | 42,495 | 1,680,067 | ||||||
Sony Corp. | 79,067 | 4,845,464 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sony Financial Holdings, Inc. | 15,984 | $ | 345,836 | |||||
Stanley Electric Co. Ltd. | 9,045 | 253,516 | ||||||
Subaru Corp. | 73,204 | 2,114,760 | ||||||
Sumitomo Chemical Co., Ltd. | 223,963 | 1,033,787 | ||||||
Sumitomo Corp. | 139,659 | 2,277,590 | ||||||
Sumitomo Electric Industries Ltd. | 78,795 | 1,090,761 | ||||||
Sumitomo Forestry Co. Ltd. | 22,586 | 330,313 | ||||||
Sumitomo Heavy Industries Ltd. | 11,395 | 357,856 | ||||||
Sumitomo Metal Mining Co., Ltd. | 23,910 | 808,612 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 186,359 | 6,688,617 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 39,682 | 1,459,467 | ||||||
Sumitomo Realty & Development Co., Ltd. | 21,481 | 783,494 | ||||||
Sumitomo Rubber Industries Ltd. | 30,374 | 405,436 | ||||||
Suntory Beverage & Food Ltd. | 7,804 | 333,514 | ||||||
Suzuken Co., Ltd. | 8,747 | 469,290 | ||||||
Suzuki Motor Corp. | 29,134 | 1,384,407 | ||||||
Sysmex Corp. | 4,174 | 273,633 | ||||||
T&D Holdings, Inc. | 76,738 | 866,013 | ||||||
Taiheiyo Cement Corp. | 14,384 | 409,812 | ||||||
Taisei Corp. | 17,115 | 680,769 | ||||||
Takashimaya Co. Ltd. | 25,914 | 302,516 | ||||||
Takeda Pharmaceutical Co., Ltd. | 57,451 | 2,087,485 | ||||||
TDK Corp. | 9,819 | 983,671 | ||||||
Teijin Ltd. | 26,200 | 528,823 | ||||||
Terumo Corp. | 15,348 | 504,004 | ||||||
Tobu Railway Co. Ltd. | 15,367 | 515,290 | ||||||
Toho Gas Co. Ltd. | 6,349 | 248,134 | ||||||
Tohoku Electric Power Co., Inc. | 42,886 | 441,931 | ||||||
Tokio Marine Holdings, Inc. | 62,892 | 3,413,813 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 642,322 | 2,982,708 | ||||||
Tokyo Electron Ltd. | 6,085 | 1,242,555 | ||||||
Tokyo Gas Co., Ltd. | 46,837 | 1,146,392 | ||||||
Tokyo Tatemono Co., Ltd. | 19,856 | 284,510 | ||||||
Tokyu Corp. | 35,461 | 672,777 | ||||||
Tokyu Fudosan Holdings Corp. | 73,226 | 488,377 | ||||||
Toppan Printing Co., Ltd. | 29,370 | 546,349 | ||||||
Toray Industries, Inc. | 159,423 | 1,136,555 | ||||||
Toshiba Corp. | 49,974 | 1,712,721 | ||||||
Tosoh Corp. | 31,670 | 438,848 | ||||||
TOTO Ltd. | 8,174 | 336,850 | ||||||
Toyo Seikan Group Holdings Ltd. | 18,902 | 301,963 | ||||||
Toyo Suisan Kaisha Ltd. | 5,621 | 237,101 | ||||||
Toyoda Gosei Co. Ltd. | 10,823 | 255,896 | ||||||
Toyota Industries Corp. | 15,745 | 955,434 | ||||||
Toyota Motor Corp. | 244,252 | 17,040,364 | ||||||
Toyota Tsusho Corp. | 21,549 | 751,489 | ||||||
Trend Micro, Inc. | 4,450 | 226,400 | ||||||
Ube Industries Ltd. | 15,626 | 338,524 | ||||||
Unicharm Corp. | 9,317 | 317,935 | ||||||
West Japan Railway Co. | 15,862 | 1,381,735 | ||||||
Yakult Honsha Co. Ltd. | 3,210 | 184,693 | ||||||
Yamada Denki Co. Ltd. | 104,176 | 503,992 | ||||||
Yamaguchi Financial Group, Inc. | 25,760 | 182,766 | ||||||
Yamaha Corp. | 5,854 | 274,546 | ||||||
Yamaha Motor Co., Ltd. | 32,809 | 649,473 | ||||||
Yamato Holdings Co. Ltd. | 23,068 | 389,214 | ||||||
Yamazaki Baking Co. Ltd. | 14,271 | 243,691 | ||||||
Yaskawa Electric Corp. | 8,348 | 322,785 | ||||||
Yokogawa Electric Corp. | 12,631 | 233,330 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Yokohama Rubber Co. Ltd. (The) | 11,972 | $ | 269,884 | |||||
Z Holdings Corp. | 173,211 | 535,151 | ||||||
|
| |||||||
275,362,233 | ||||||||
|
| |||||||
Luxembourg-0.21% | ||||||||
ArcelorMittal | 99,139 | 1,463,297 | ||||||
RTL Group S.A. | 4,716 | 239,710 | ||||||
SES S.A., FDR | 32,093 | 621,926 | ||||||
Tenaris S.A. | 33,968 | 343,114 | ||||||
|
| |||||||
2,668,047 | ||||||||
|
| |||||||
Macau-0.11% | ||||||||
Galaxy Entertainment Group Ltd. | 60,545 | 418,300 | ||||||
Sands China Ltd. | 146,730 | 725,441 | ||||||
SJM Holdings Ltd. | 208,671 | 223,642 | ||||||
|
| |||||||
1,367,383 | ||||||||
|
| |||||||
Mongolia-0.00% | ||||||||
Turquoise Hill Resources Ltd.(b) | 134,627 | 55,311 | ||||||
|
| |||||||
Netherlands-1.96% | ||||||||
ABN AMRO Group N.V., CVA(d) | 48,375 | 900,752 | ||||||
Aegon N.V. | 468,908 | 2,027,681 | ||||||
Akzo Nobel N.V. | 13,361 | 1,230,507 | ||||||
ASML Holding N.V. | 6,912 | 1,812,173 | ||||||
ASR Nederland N.V. | 15,243 | 557,962 | ||||||
Boskalis Westminster | 10,508 | 230,714 | ||||||
Heineken Holding N.V. | 6,758 | 643,879 | ||||||
Heineken N.V. | 10,398 | 1,060,985 | ||||||
ING Groep N.V. | 482,464 | 5,451,510 | ||||||
Koninklijke Ahold Delhaize N.V. | 98,014 | 2,441,225 | ||||||
Koninklijke DSM N.V. | 8,838 | 1,047,638 | ||||||
Koninklijke KPN N.V. | 330,811 | 1,026,013 | ||||||
Koninklijke Philips N.V. | 52,727 | 2,310,054 | ||||||
NN Group N.V. | 43,132 | 1,644,269 | ||||||
Randstad N.V. | 12,617 | 698,741 | ||||||
SBM Offshore N.V. | 12,913 | 222,075 | ||||||
Signify N.V.(d) | 16,164 | 473,196 | ||||||
Wolters Kluwer N.V. | 9,334 | 687,498 | ||||||
|
| |||||||
24,466,872 | ||||||||
|
| |||||||
NewZealand-0.05% | ||||||||
Fletcher Building Ltd. | 60,571 | 177,906 | ||||||
Spark New Zealand Ltd. | 150,334 | 431,913 | ||||||
|
| |||||||
609,819 | �� | |||||||
|
| |||||||
Norway-0.64% | ||||||||
DNB ASA | 85,162 | 1,549,968 | ||||||
Equinor ASA | 111,238 | 2,060,905 | ||||||
Gjensidige Forsikring ASA | 14,525 | 271,952 | ||||||
Mowi ASA | 27,200 | 664,210 | ||||||
Norsk Hydro ASA | 174,505 | 616,770 | ||||||
Orkla ASA | 59,146 | 569,093 | ||||||
Storebrand ASA | 50,344 | 356,420 | ||||||
Telenor ASA | 61,931 | 1,161,223 | ||||||
Yara International ASA | 19,421 | 757,066 | ||||||
|
| |||||||
8,007,607 | ||||||||
|
| |||||||
Poland-0.25% | ||||||||
Bank Polska Kasa Opieki S.A. | 19,558 | 552,648 | ||||||
KGHM Polska Miedz S.A.(b) | 16,092 | 352,801 | ||||||
PGE Polska Grupa Energetyczna S.A.(b) | 80,170 | 172,108 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 30,033 | 821,873 |
Shares | Value | |||||||
Poland-(continued) | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 154,217 | $ | 190,154 | |||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 50,131 | 500,916 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 55,361 | 536,196 | ||||||
|
| |||||||
3,126,696 | ||||||||
|
| |||||||
Portugal-0.20% | ||||||||
Banco Comercial Portugues S.A., Class R | 874,831 | 198,129 | ||||||
EDP - Energias de Portugal S.A., Class R | 289,440 | 1,191,552 | ||||||
Galp Energia SGPS S.A. | 44,251 | 704,985 | ||||||
Jeronimo Martins SGPS S.A. | 21,314 | 357,755 | ||||||
|
| |||||||
2,452,421 | ||||||||
|
| |||||||
Russia-0.01% | ||||||||
Evraz PLC | 31,224 | 148,363 | ||||||
|
| |||||||
Singapore-0.81% | ||||||||
Ascendas REIT | 131,562 | 306,442 | ||||||
CapitaLand Ltd. | 204,487 | 540,911 | ||||||
CapitaLand Mall Trust | 120,141 | 224,224 | ||||||
City Developments Ltd. | 36,228 | 287,226 | ||||||
ComfortDelGro Corp. Ltd. | 177,049 | 299,212 | ||||||
DBS Group Holdings Ltd. | 118,635 | 2,266,439 | ||||||
Genting Singapore Ltd. | 275,591 | 190,349 | ||||||
Jardine Cycle & Carriage Ltd. | 10,876 | 261,481 | ||||||
Keppel Corp. Ltd. | 94,960 | 478,655 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 151,284 | 1,218,320 | ||||||
Singapore Airlines Ltd. | 39,762 | 274,926 | ||||||
Singapore Press Holdings Ltd. | 141,607 | 230,991 | ||||||
Singapore Technologies Engineering Ltd. | 91,968 | 269,630 | ||||||
Singapore Telecommunications Ltd. | 587,611 | 1,424,826 | ||||||
United Overseas Bank Ltd. | 75,145 | 1,481,421 | ||||||
Wilmar International Ltd. | 145,530 | 400,997 | ||||||
|
| |||||||
10,156,050 | ||||||||
|
| |||||||
SouthAfrica-0.17% | ||||||||
Anglo American PLC | 67,817 | 1,738,956 | ||||||
Investec PLC | 71,442 | 404,543 | ||||||
|
| |||||||
2,143,499 | ||||||||
|
| |||||||
SouthKorea-3.79% | ||||||||
Amorepacific Corp. | 1,096 | 180,869 | ||||||
Amorepacific Corp., Preference Shares | 373 | 30,874 | ||||||
BNK Financial Group, Inc. | 33,355 | 199,250 | ||||||
CJ CheilJedang Corp. | 958 | 188,150 | ||||||
CJ CheilJedang Corp., Preference Shares | 160 | 13,463 | ||||||
CJ Corp. | 1,891 | 133,928 | ||||||
Daelim Industrial Co. Ltd. | 3,681 | 287,912 | ||||||
DB Insurance Co. Ltd. | 4,514 | 195,932 | ||||||
Doosan Infracore Co. Ltd.(b) | 35,014 | 170,037 | ||||||
E-MART, Inc. | 2,820 | 270,256 | ||||||
GS Engineering & Construction Corp. | 5,744 | 152,555 | ||||||
GS Holdings Corp. | 5,138 | 219,263 | ||||||
Hana Financial Group, Inc. | 29,474 | 853,731 | ||||||
Hankook Tire & Technology Co., Ltd. | 8,484 | 226,420 | ||||||
Hanwha Chemical Corp. | 12,761 | 179,331 | ||||||
Hyundai Engineering & Construction | 8,685 | 320,616 | ||||||
Hyundai Glovis Co. Ltd. | 2,388 | 309,930 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 8,294 | 180,002 | ||||||
Hyundai Mobis Co., Ltd. | 8,320 | 1,701,973 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 65 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Hyundai Motor Co. | 18,188 | $ | 1,907,204 | |||||
Hyundai Motor Co., First Pfd. | 2,868 | 179,951 | ||||||
Hyundai Motor Co., Second Pfd. | 4,517 | 307,876 | ||||||
Hyundai Steel Co. | 11,879 | 324,683 | ||||||
Industrial Bank of Korea | 33,005 | 334,745 | ||||||
KB Financial Group, Inc. | 45,530 | 1,641,655 | ||||||
Kia Motors Corp. | 30,858 | 1,128,547 | ||||||
Korea Electric Power Corp.(b) | 57,749 | 1,263,236 | ||||||
Korea Gas Corp. | 6,233 | 210,543 | ||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.(b) | 5,118 | 536,676 | ||||||
Korea Zinc Co. Ltd. | 680 | 253,952 | ||||||
Korean Air Lines Co. Ltd. | 10,662 | 228,187 | ||||||
KT&G Corp. | 7,371 | 633,547 | ||||||
LG Chem Ltd. | 2,845 | 751,934 | ||||||
LG Chem Ltd., Preference Shares | 484 | 71,553 | ||||||
LG Corp. | 6,609 | 394,228 | ||||||
LG Display Co. Ltd.(b) | 53,158 | 623,668 | ||||||
LG Electronics, Inc. | 18,896 | 1,086,546 | ||||||
LG Electronics, Inc., Preference Shares | 3,035 | 71,085 | ||||||
LG Household & Health Care Ltd. | 183 | 198,344 | ||||||
LG Household & Health Care Ltd., Preference Shares | 46 | 29,218 | ||||||
LG Uplus Corp. | 25,433 | 294,017 | ||||||
Lotte Chemical Corp. | 1,562 | 304,761 | ||||||
Lotte Shopping Co. Ltd. | 2,151 | 230,177 | ||||||
Mirae Asset Daewoo Co. Ltd. | 29,457 | 181,028 | ||||||
Mirae Asset Daewoo Co. Ltd., 2nd Pfd. | 10,791 | 38,213 | ||||||
NAVER Corp. | 2,646 | 372,980 | ||||||
POSCO | 10,358 | 1,882,949 | ||||||
Samsung C&T Corp. | 4,813 | 413,683 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 3,156 | 306,526 | ||||||
Samsung Electronics Co., Ltd. | 344,224 | 14,911,590 | ||||||
Samsung Electronics Co., Ltd., Preference Shares | 61,371 | 2,165,353 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 2,181 | 405,850 | ||||||
Samsung Fire & Marine Insurance Co., Ltd., Preference Shares | 186 | 25,819 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 40,967 | 255,284 | ||||||
Samsung Life Insurance Co. Ltd. | 6,874 | 417,125 | ||||||
Samsung SDI Co. Ltd. | 1,908 | 373,089 | ||||||
Shinhan Financial Group Co., Ltd. | 37,214 | 1,359,401 | ||||||
SK Holdings Co. Ltd. | 2,842 | 631,447 | ||||||
SK Hynix, Inc. | 31,263 | 2,203,417 | ||||||
SK Innovation Co. Ltd. | 7,764 | 1,067,721 | ||||||
SK Telecom Co., Ltd. | 2,428 | 494,594 | ||||||
S-Oil Corp. | 3,925 | 336,347 | ||||||
Woongjin Coway Co., Ltd. | 2,842 | 224,243 | ||||||
Woori Financial Group, Inc. | 30,029 | 303,271 | ||||||
|
| |||||||
47,190,755 | ||||||||
|
| |||||||
Spain-3.53% | ||||||||
Acciona S.A.(a) | 2,656 | 276,908 | ||||||
Acerinox S.A. | 20,972 | 196,024 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 34,504 | 1,400,811 | ||||||
Aena SME S.A.(d) | 2,847 | 522,494 | ||||||
Amadeus IT Group S.A. | 9,751 | 721,694 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 904,751 | 4,767,330 | ||||||
Banco de Sabadell S.A. | 1,326,168 | 1,455,572 |
Shares | Value | |||||||
Spain-(continued) | ||||||||
Banco Santander S.A. | 2,987,988 | $ | 11,980,781 | |||||
Bankia S.A. | 169,473 | 322,936 | ||||||
Bankinter S.A. | 49,695 | 343,742 | ||||||
CaixaBank S.A. | 354,333 | 1,013,975 | ||||||
Distribuidora Internacional de Alimentacion S.A.(a)(b) | 138,948 | 27,113 | ||||||
Distribuidora Internacional de Alimentacion S.A., Rts., expiring 11/13/2019(b) | 1,389,480 | 27,903 | ||||||
Enagas S.A. | 16,809 | 416,128 | ||||||
Endesa S.A. | 48,479 | 1,319,689 | ||||||
Ferrovial S.A. | 32,246 | 951,906 | ||||||
Grifols S.A. | 11,203 | 360,960 | ||||||
Grifols S.A., Class B, Preference Shares | 8,758 | 190,336 | ||||||
Iberdrola S.A. | 535,755 | 5,503,763 | ||||||
Industria de Diseno Textil, S.A.(a) | 39,020 | 1,216,739 | ||||||
Mapfre, S.A. | 190,412 | 531,083 | ||||||
Merlin Properties SOCIMI, S.A. | 17,085 | 251,604 | ||||||
Naturgy Energy Group S.A. | 34,049 | 927,257 | ||||||
Red Electrica Corp. S.A. | 25,787 | 519,285 | ||||||
Repsol S.A. | 194,099 | 3,183,236 | ||||||
Telefonica S.A. | 729,528 | 5,595,551 | ||||||
|
| |||||||
44,024,820 | ||||||||
|
| |||||||
Sweden-1.98% | ||||||||
Alfa Laval AB | 16,090 | 372,594 | ||||||
Assa Abloy AB, Class B | 35,293 | 838,888 | ||||||
Atlas Copco AB, Class A | 29,079 | 1,029,535 | ||||||
Atlas Copco AB, Class B | 17,254 | 535,656 | ||||||
BillerudKorsnas AB(a) | 16,895 | 203,246 | ||||||
Boliden AB | 20,101 | 541,734 | ||||||
Castellum AB | 14,710 | 301,168 | ||||||
Electrolux AB, Series B | 23,333 | 613,943 | ||||||
Epiroc AB, Class A | 17,302 | 195,032 | ||||||
Epiroc AB, Class B | 10,467 | 114,075 | ||||||
Essity AB, Class B | 33,322 | 1,042,101 | ||||||
Getinge AB, Class B | 19,235 | 328,826 | ||||||
Hennes & Mauritz AB, Class B | 104,002 | 2,177,886 | ||||||
Hexagon AB, Class B | 7,240 | 370,405 | ||||||
Husqvarna AB, Class B | 28,900 | 221,558 | ||||||
ICA Gruppen AB | 7,176 | 318,046 | ||||||
Industrivarden AB, Class A | 17,143 | 379,718 | ||||||
Industrivarden AB, Class C | 13,705 | 297,165 | ||||||
NCC AB, Class A | 670 | 10,675 | ||||||
NCC AB, Class B | 15,606 | 251,237 | ||||||
Sandvik AB | 60,692 | 1,073,133 | ||||||
Securitas AB, Class B | 29,533 | 473,298 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 142,628 | 1,369,684 | ||||||
Skandinaviska Enskilda Banken AB, Class C | 2,064 | 19,988 | ||||||
Skanska AB, Class B | 47,036 | 1,003,280 | ||||||
SKF AB, Class B | 37,773 | 684,355 | ||||||
SSAB AB, Class A(a) | 32,385 | 90,590 | ||||||
SSAB AB, Class B(a) | 81,048 | 204,086 | ||||||
Svenska Cellulosa AB SCA, Class A | 1,058 | 11,201 | ||||||
Svenska Cellulosa AB SCA, Class B | 31,528 | 321,881 | ||||||
Svenska Handelsbanken AB, Class A | 149,060 | 1,495,504 | ||||||
Svenska Handelsbanken AB, Class B | 3,639 | 36,600 | ||||||
Swedbank AB, Class A | 92,515 | 1,296,840 | ||||||
Swedish Match AB | 7,547 | 355,013 | ||||||
Tele2 AB, Class B | 31,369 | 449,487 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 2,717 | 23,717 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 214,105 | $ | 1,874,749 | |||||
Telia Co. AB | 343,096 | 1,511,726 | ||||||
Trelleborg AB, Class B | 18,922 | 306,290 | ||||||
Volvo AB, Class B | 126,712 | 1,899,174 | ||||||
|
| |||||||
24,644,084 | ||||||||
|
| |||||||
Switzerland-6.53% | ||||||||
ABB Ltd. | 142,109 | 2,979,716 | ||||||
Adecco Group AG | 22,142 | 1,312,252 | ||||||
Alcon, Inc.(b) | 20,358 | 1,201,983 | ||||||
Baloise Holding AG | 4,786 | 883,718 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 3 | 245,655 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 30 | 222,853 | ||||||
Cie Financiere Richemont S.A. | 25,555 | 2,009,696 | ||||||
Clariant AG(b) | 13,229 | 270,948 | ||||||
Coca-Cola HBC AG(b) | 9,247 | 281,192 | ||||||
Credit Suisse Group AG(b) | 287,567 | 3,564,170 | ||||||
Dufry AG(b) | 2,633 | 228,358 | ||||||
Geberit AG | 1,229 | 623,499 | ||||||
Georg Fischer AG(a) | 293 | 279,118 | ||||||
Givaudan S.A. | 320 | 939,488 | ||||||
Glencore PLC(b) | 1,829,081 | 5,506,429 | ||||||
Helvetia Holding AG | 3,557 | 498,899 | ||||||
Julius Baer Group Ltd.(b) | 13,623 | 600,834 | ||||||
Kuehne + Nagel International AG | 3,705 | 598,319 | ||||||
LafargeHolcim Ltd.(b) | 44,392 | 2,288,994 | ||||||
Lonza Group AG(b) | 1,862 | 669,886 | ||||||
Nestle S.A. | 135,876 | 14,502,620 | ||||||
Novartis AG | 101,792 | 8,880,946 | ||||||
Partners Group Holding AG | 320 | 249,449 | ||||||
PSP Swiss Property AG | 2,069 | 273,630 | ||||||
Roche Holding AG | 30,855 | 9,280,734 | ||||||
Roche Holding AG, BR | 1,182 | 351,935 | ||||||
Schindler Holding AG | 670 | 158,342 | ||||||
Schindler Holding AG, PC | 1,410 | 344,659 | ||||||
SGS S.A. | 222 | 577,751 | ||||||
Sika AG | 4,102 | 704,625 | ||||||
Sonova Holding AG | 1,369 | 313,549 | ||||||
STMicroelectronics N.V. | 30,613 | 694,680 | ||||||
Swatch Group AG (The) | 3,396 | 181,889 | ||||||
Swatch Group AG (The), BR | 2,215 | 612,815 | ||||||
Swiss Life Holding AG | 3,560 | 1,779,369 | ||||||
Swiss Prime Site AG(b) | 5,212 | 536,650 | ||||||
Swiss Re AG | 40,406 | 4,229,987 | ||||||
Swisscom AG | 2,293 | 1,171,190 | ||||||
UBS Group AG(b) | 354,837 | 4,185,764 | ||||||
Vifor Pharma AG | 1,713 | 269,167 | ||||||
Zurich Insurance Group AG | 17,590 | 6,871,999 | ||||||
|
| |||||||
81,377,757 | ||||||||
|
| |||||||
UnitedKingdom-15.94% | ||||||||
3i Group PLC | 58,765 | 857,752 | ||||||
Admiral Group PLC | 11,949 | 312,642 | ||||||
Aggreko PLC | 30,675 | 313,896 | ||||||
Ashtead Group PLC | 21,384 | 649,712 | ||||||
Associated British Foods PLC | 21,982 | 633,179 | ||||||
AstraZeneca PLC | 59,759 | 5,800,381 | ||||||
Aviva PLC | 496,954 | 2,669,977 | ||||||
Babcock International Group PLC | 36,250 | 259,867 | ||||||
BAE Systems PLC | 289,608 | 2,159,324 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Balfour Beatty PLC | 61,006 | $ | 177,935 | |||||
Barclays PLC | 2,553,147 | 5,543,726 | ||||||
Barratt Developments PLC | 90,991 | 743,189 | ||||||
BBA Aviation PLC | 74,264 | 291,752 | ||||||
Beazley PLC | 33,405 | 253,521 | ||||||
Bellway PLC | 9,363 | 382,857 | ||||||
Berkeley Group Holdings PLC | 10,216 | 581,790 | ||||||
BP PLC | 2,567,862 | 16,258,516 | ||||||
British American Tobacco PLC | 214,902 | 7,513,803 | ||||||
British Land Co. PLC (The) | 88,503 | 710,729 | ||||||
BT Group PLC | 1,088,658 | 2,883,655 | ||||||
Bunzl PLC | 17,017 | 442,161 | ||||||
Burberry Group PLC | 17,680 | 467,624 | ||||||
Capita PLC(b) | 253,829 | 512,717 | ||||||
Centrica PLC | 1,003,182 | 941,913 | ||||||
Close Brothers Group PLC | 11,845 | 211,978 | ||||||
CNH Industrial N.V. | 104,437 | 1,135,790 | ||||||
Cobham PLC | 158,176 | 322,984 | ||||||
Compass Group PLC | 82,004 | 2,181,686 | ||||||
Croda International PLC | 4,367 | 272,147 | ||||||
DCC PLC | 7,418 | 694,575 | ||||||
Derwent London PLC | 5,624 | 258,350 | ||||||
Diageo PLC | 79,172 | 3,241,983 | ||||||
Direct Line Insurance Group PLC | 195,181 | 687,227 | ||||||
Dixons Carphone PLC | 176,739 | 300,169 | ||||||
Drax Group PLC | 52,697 | 202,388 | ||||||
DS Smith PLC | 100,710 | 466,020 | ||||||
easyJet PLC | 22,825 | 365,650 | ||||||
Experian PLC | 27,004 | 848,420 | ||||||
Fiat Chrysler Automobiles N.V. | 286,497 | 4,451,814 | ||||||
G4S PLC | 201,223 | 538,471 | ||||||
GlaxoSmithKline PLC | 339,956 | 7,780,121 | ||||||
Hammerson PLC | 82,219 | 308,535 | ||||||
Hays PLC | 114,641 | 233,051 | ||||||
Hiscox Ltd. | 16,881 | 325,257 | ||||||
HSBC Holdings PLC | 1,811,440 | 13,665,531 | ||||||
IG Group Holdings PLC | 29,615 | 243,497 | ||||||
IMI PLC | 21,378 | 277,461 | ||||||
Imperial Brands PLC | 86,092 | 1,885,384 | ||||||
Inchcape PLC | 47,239 | 394,271 | ||||||
Informa PLC | 39,415 | 395,273 | ||||||
Inmarsat PLC | 66,662 | 474,606 | ||||||
InterContinental Hotels Group PLC | 9,802 | 591,064 | ||||||
Intermediate Capital Group PLC | 21,404 | 411,574 | ||||||
International Consolidated Airlines Group S.A. | 98,398 | 676,361 | ||||||
Intertek Group PLC | 4,160 | 288,100 | ||||||
Intu Properties PLC(a)(b) | 195,122 | 113,619 | ||||||
ITV PLC | 406,907 | 704,244 | ||||||
J Sainsbury PLC | 332,111 | 874,544 | ||||||
John Wood Group PLC(a) | 62,091 | 271,809 | ||||||
Johnson Matthey PLC | 21,184 | 841,551 | ||||||
Kingfisher PLC | 395,160 | 1,059,490 | ||||||
Land Securities Group PLC | 71,471 | 869,344 | ||||||
Legal & General Group PLC | 736,920 | 2,514,574 | ||||||
Lloyds Banking Group PLC | 7,536,624 | 5,539,355 | ||||||
London Stock Exchange Group PLC | 6,790 | 610,996 | ||||||
M&G PLC(b) | 232,824 | 644,124 | ||||||
Man Group PLC | 126,984 | 235,795 | ||||||
Marks & Spencer Group PLC | 298,202 | 700,360 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Meggitt PLC | 53,962 | $ | 435,998 | |||||
Micro Focus International PLC | 16,743 | 229,654 | ||||||
Mondi PLC | 25,827 | 533,886 | ||||||
National Grid PLC | 445,186 | 5,192,122 | ||||||
Next PLC | 11,048 | 940,969 | ||||||
Pearson PLC | 62,384 | 550,705 | ||||||
Pennon Group PLC | 35,472 | 412,280 | ||||||
Persimmon PLC | 21,421 | 631,156 | ||||||
Petrofac Ltd. | 57,605 | 286,460 | ||||||
Phoenix Group Holdings PLC | 35,416 | 322,723 | ||||||
Playtech PLC | 48,736 | 247,654 | ||||||
Prudential PLC | 232,824 | 4,062,681 | ||||||
Quilter PLC(d) | 190,067 | 336,701 | ||||||
Reckitt Benckiser Group PLC | 28,196 | 2,176,001 | ||||||
RELX PLC | 59,884 | 1,439,761 | ||||||
Rentokil Initial PLC | 57,367 | 337,388 | ||||||
Rolls-Royce Holdings PLC(b) | 107,051 | 982,134 | ||||||
Rolls-Royce Holdings PLC, Class C(b)(c) | 4,924,346 | 6,372 | ||||||
Royal Bank of Scotland Group PLC (The) | 389,628 | 1,072,387 | ||||||
Royal Dutch Shell PLC, Class A | 522,056 | 15,084,809 | ||||||
Royal Dutch Shell PLC, Class B | 430,373 | 12,352,093 | ||||||
Royal Mail PLC | 236,292 | 646,992 | ||||||
RSA Insurance Group PLC | 86,942 | 587,490 | ||||||
Sage Group PLC (The) | 44,604 | 415,451 | ||||||
Schroders PLC | 7,210 | 288,755 | ||||||
Seadrill Ltd.(b) | 11,768 | 21,021 | ||||||
Segro PLC | 45,102 | 492,692 | ||||||
Severn Trent PLC | 19,627 | 572,710 | ||||||
Smith & Nephew plc | 34,087 | 728,894 | ||||||
Smiths Group PLC | 27,918 | 582,891 | ||||||
SSE PLC | 165,413 | 2,747,258 | ||||||
St James’s Place PLC | 42,130 | 567,513 | ||||||
Standard Chartered PLC | 322,222 | 2,922,855 | ||||||
Standard Life Aberdeen PLC | 395,562 | 1,553,486 | ||||||
Subsea 7 S.A. | 32,639 | 305,728 | ||||||
Tate & Lyle PLC | 39,149 | 340,934 | ||||||
Taylor Wimpey PLC | 298,237 | 638,695 | ||||||
TechnipFMC PLC | 36,866 | 729,639 | ||||||
Tesco PLC | 1,075,251 | 3,272,511 | ||||||
Thomas Cook Group PLC(a)(b)(c) | 575,015 | 0 | ||||||
Travis Perkins PLC | 31,426 | 582,733 | ||||||
Unilever N.V. | 64,153 | 3,789,755 | ||||||
Unilever PLC | 47,218 | 2,824,350 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
United Utilities Group PLC | 61,767 | $ | 695,520 | |||||
Virgin Money UK PLC | 238,358 | 423,944 | ||||||
Vodafone Group PLC | 5,279,963 | 10,753,990 | ||||||
Weir Group PLC (The) | 14,904 | 259,683 | ||||||
Whitbread PLC | 8,532 | 448,351 | ||||||
William Hill PLC | 125,333 | 320,469 | ||||||
Wm Morrison Supermarkets PLC(a) | 337,433 | 868,255 | ||||||
WPP PLC | 175,023 | 2,181,452 | ||||||
|
| |||||||
198,670,112 | ||||||||
|
| |||||||
UnitedStates-0.37% | ||||||||
Amcor PLC, CDI | 75,208 | 721,777 | ||||||
Bausch Health Cos., Inc.(b) | 42,315 | 1,054,052 | ||||||
Carnival PLC | 9,269 | 370,857 | ||||||
Ferguson PLC | 17,535 | 1,494,382 | ||||||
James Hardie Industries PLC, CDI | 16,697 | 286,204 | ||||||
Samsonite International S.A.(d) | 66,520 | 136,983 | ||||||
Waste Connections, Inc. | 5,306 | 491,138 | ||||||
|
| |||||||
4,555,393 | ||||||||
|
| |||||||
Zambia-0.03% | ||||||||
First Quantum Minerals Ltd. | 51,148 | 433,125 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,241,303,898 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-2.00% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 18,667,145 | 18,667,145 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 6,219,894 | 6,222,382 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 24,889,527 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.61% |
| 1,266,193,425 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.61)% |
| (20,117,541 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 1,246,075,884 | ||||||
|
|
Investment Abbreviations: |
BR-Bearer Shares |
CDI-CREST Depository Interest |
CVA-Dutch Certificates |
FDR-Fiduciary Depositary Receipt |
PC-Participation Certificate |
Pfd.-Preferred |
REIT-Real Estate Investment Trust |
RSP-Registered Savings Plan Shares |
Rts.-Rights |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF)–(continued)
October 31, 2019
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(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, 2019 was $6,564,790, 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 the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF (PDN)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.61% |
| |||||||
Australia-5.48% | ||||||||
Abacus Property Group | 54,847 | $ | 147,369 | |||||
Adelaide Brighton Ltd. | 84,510 | 179,327 | ||||||
ALS Ltd. | 52,171 | 290,062 | ||||||
Alumina Ltd. | 98,133 | 153,472 | ||||||
Ansell Ltd. | 18,564 | 352,995 | ||||||
Aristocrat Leisure Ltd. | 26,123 | 569,079 | ||||||
Atlas Arteria Ltd. | 26,102 | 144,403 | ||||||
AusNet Services | 349,621 | 445,612 | ||||||
Australian Pharmaceutical Industries Ltd. | 155,951 | 142,361 | ||||||
Aveo Group | 79,522 | 117,244 | ||||||
Bapcor Ltd. | 30,213 | 148,829 | ||||||
Beach Energy Ltd. | 103,183 | 162,791 | ||||||
Bega Cheese Ltd.(a) | 36,070 | 88,965 | ||||||
Blackmores Ltd.(a) | 953 | 56,833 | ||||||
Breville Group Ltd. | 11,222 | 118,600 | ||||||
Brickworks Ltd. | 7,799 | 97,200 | ||||||
BWP Trust | 50,659 | 144,841 | ||||||
carsales.com Ltd. | 18,647 | 199,640 | ||||||
Charter Hall Group | 29,060 | 226,236 | ||||||
Charter Hall Retail REIT | 53,843 | 163,590 | ||||||
Cleanaway Waste Management Ltd. | 104,912 | 133,355 | ||||||
Cochlear Ltd. | 2,507 | 365,371 | ||||||
Costa Group Holdings Ltd. | 21,522 | 42,259 | ||||||
Costa Group Holdings Ltd., Rts., expiring 11/18/2019(b) | 5,380 | 2,483 | ||||||
Cromwell Property Group | 254,759 | 232,559 | ||||||
CSR Ltd. | 172,994 | 493,423 | ||||||
Domino’s Pizza Enterprises Ltd. | 3,348 | 117,660 | ||||||
Eclipx Group Ltd. | 81,724 | 88,397 | ||||||
Elders Ltd. | 19,792 | 80,587 | ||||||
Estia Health Ltd. | 50,004 | 96,805 | ||||||
Evolution Mining Ltd. | 62,373 | 177,474 | ||||||
Flight Centre Travel Group Ltd.(a) | 9,452 | 277,344 | ||||||
G8 Education Ltd.(a) | 81,511 | 144,324 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 52,262 | 140,423 | ||||||
GrainCorp Ltd., Class A | 68,841 | 342,905 | ||||||
Growthpoint Properties Australia Ltd. | 27,356 | 80,288 | ||||||
GUD Holdings Ltd. | 12,680 | 94,522 | ||||||
GWA Group Ltd. | 42,017 | 83,948 | ||||||
Harvey Norman Holdings Ltd. | 140,880 | 396,972 | ||||||
Healius Ltd. | 159,225 | 337,870 | ||||||
Iluka Resources Ltd. | 28,701 | 185,871 | ||||||
Independence Group NL | 39,660 | 174,052 | ||||||
Inghams Group Ltd. | 44,762 | 95,600 | ||||||
InvoCare Ltd. | 14,055 | 126,753 | ||||||
IOOF Holdings Ltd.(a) | 98,010 | 498,327 | ||||||
IRESS Ltd. | 13,404 | 117,650 | ||||||
JBHi-Fi Ltd.(a) | 26,184 | 668,182 | ||||||
Link Administration Holdings Ltd. | 29,004 | 111,901 | ||||||
Magellan Financial Group Ltd. | 5,462 | 181,266 | ||||||
Mayne Pharma Group Ltd.(b) | 219,375 | 77,836 | ||||||
McMillan Shakespeare Ltd. | 9,458 | 104,453 | ||||||
Mineral Resources Ltd. | 20,201 | 199,020 | ||||||
Monadelphous Group Ltd. | 18,739 | 198,043 | ||||||
National Storage REIT | 59,389 | 76,104 | ||||||
New Hope Corp. Ltd. | 26,363 | 38,687 | ||||||
nib holdings Ltd. | 54,884 | 265,064 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Nine Entertainment Co. Holdings Ltd. | 157,807 | $ | 200,047 | |||||
Northern Star Resources Ltd. | 24,101 | 162,557 | ||||||
NRW Holdings Ltd. | 54,143 | 83,929 | ||||||
Nufarm Ltd.(b) | 63,198 | 257,758 | ||||||
OceanaGold Corp. | 77,867 | 187,210 | ||||||
Orora Ltd. | 178,673 | 380,369 | ||||||
OZ Minerals Ltd. | 48,656 | 340,244 | ||||||
Pact Group Holdings Ltd.(b) | 55,420 | 92,400 | ||||||
Pendal Group Ltd. | 33,740 | 166,203 | ||||||
Perenti Global Ltd. | 108,791 | 171,639 | ||||||
Perpetual Ltd.(a) | 8,837 | 218,751 | ||||||
Perseus Mining Ltd.(b) | 271,742 | 160,070 | ||||||
Platinum Asset Management Ltd. | 24,351 | 69,455 | ||||||
Premier Investments Ltd. | 12,340 | 163,062 | ||||||
Qube Holdings Ltd. | 133,056 | 297,924 | ||||||
REA Group Ltd. | 1,774 | 132,718 | ||||||
Regis Resources Ltd. | 38,087 | 128,576 | ||||||
Resolute Mining Ltd.(b) | 112,215 | 93,546 | ||||||
Sandfire Resources NL | 22,390 | 89,623 | ||||||
SEEK Ltd. | 33,043 | 516,310 | ||||||
Seven Group Holdings Ltd.(a) | 15,918 | 205,735 | ||||||
Seven West Media Ltd.(a)(b) | 359,262 | 99,005 | ||||||
Shopping Centres Australasia Property Group | 98,351 | 182,272 | ||||||
Sigma Healthcare Ltd. | 315,008 | 125,874 | ||||||
Southern Cross Media Group Ltd. | 162,385 | 91,738 | ||||||
St Barbara Ltd. | 25,472 | 48,962 | ||||||
Star Entertainment Group Ltd. (The) | 148,126 | 479,642 | ||||||
Steadfast Group Ltd. | 53,044 | 131,195 | ||||||
Super Retail Group Ltd. | 41,866 | 274,302 | ||||||
Sydney Airport | 81,644 | 493,863 | ||||||
Tassal Group Ltd. | 28,489 | 81,258 | ||||||
TPG Telecom Ltd. | 38,749 | 174,593 | ||||||
Virgin Australia International Holdings Pty Ltd.(b)(c) | 112,977 | 0 | ||||||
Viva Energy Group Ltd.(d) | 235,890 | 324,220 | ||||||
Viva Energy REIT Ltd. | 52,662 | 104,853 | ||||||
Vocus Group Ltd.(b) | 70,708 | 161,731 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 7,780 | 116,420 | ||||||
Whitehaven Coal Ltd. | 74,575 | 170,063 | ||||||
|
| |||||||
17,975,344 | ||||||||
|
| |||||||
Austria-0.93% | ||||||||
ams AG(b) | 7,301 | 326,297 | ||||||
BAWAG Group AG(b)(d) | 5,955 | 245,817 | ||||||
CA Immobilien Anlagen AG | 7,538 | 290,978 | ||||||
DO & CO AG | 902 | 83,927 | ||||||
EVN AG | 6,176 | 112,862 | ||||||
IMMOFINANZ AG(b) | 16,206 | 465,566 | ||||||
Lenzing AG(a) | 2,781 | 292,733 | ||||||
Oesterreichische Post AG(a) | 5,733 | 211,069 | ||||||
S IMMO AG | 6,544 | 165,729 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 1,017 | 58,092 | ||||||
Telekom Austria AG(b) | 12,737 | 98,618 | ||||||
UNIQA Insurance Group AG | 17,256 | 165,853 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
Austria-(continued) | ||||||||
Verbund AG | 5,556 | $ | 300,630 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 8,492 | 230,221 | ||||||
|
| |||||||
3,048,392 | ||||||||
|
| |||||||
Belgium-1.46% | ||||||||
Ackermans & van Haaren N.V. | 2,635 | 403,626 | ||||||
Aedifica S.A. | 1,524 | 183,287 | ||||||
AGFA-Gevaert N.V.(b) | 26,027 | 118,820 | ||||||
Barco N.V. | 964 | 209,720 | ||||||
Befimmo S.A. | 2,442 | 157,744 | ||||||
Bekaert S.A. | 12,219 | 340,531 | ||||||
Cie d’Entreprises CFE | 957 | 92,247 | ||||||
Cofinimmo S.A. | 2,988 | 442,031 | ||||||
D’ieteren S.A./N.V. | 3,286 | 207,497 | ||||||
Econocom Group S.E.(a) | 30,171 | 78,698 | ||||||
Elia System Operator S.A./N.V. | 3,538 | 305,116 | ||||||
Euronav N.V. | 32,053 | 361,533 | ||||||
Galapagos N.V.(b) | 1,048 | 192,685 | ||||||
Gimv N.V. | 1,423 | 85,411 | ||||||
Melexis N.V.(a) | 1,486 | 104,113 | ||||||
Ontex Group N.V. | 14,798 | 268,443 | ||||||
Orange Belgium S.A. | 6,309 | 138,802 | ||||||
Sofina S.A. | 1,691 | 373,917 | ||||||
Telenet Group Holding N.V.(b) | 8,973 | 440,673 | ||||||
Tessenderlo Group S.A.(b) | 2,732 | 90,372 | ||||||
Warehouses De Pauw CVA | 1,136 | 210,638 | ||||||
|
| |||||||
4,805,904 | ||||||||
|
| |||||||
Cambodia-0.06% | ||||||||
NagaCorp Ltd. | 98,476 | 179,420 | ||||||
|
| |||||||
Canada-7.48% | ||||||||
Aecon Group, Inc. | 17,956 | 248,639 | ||||||
Alamos Gold, Inc., Class A | 53,041 | 289,348 | ||||||
Allied Properties REIT | 12,197 | 497,216 | ||||||
Artis REIT | 49,640 | 468,320 | ||||||
ATS Automation Tooling Systems, Inc.(b) | 8,862 | 120,556 | ||||||
B2Gold Corp.(b) | 66,782 | 235,250 | ||||||
Birchcliff Energy Ltd. | 62,659 | 95,823 | ||||||
BlackBerry Ltd.(b) | 47,809 | 251,712 | ||||||
Boardwalk REIT | 10,112 | 336,054 | ||||||
Boyd Group Income Fund | 1,178 | 164,616 | ||||||
BRP, Inc. | 4,476 | 201,230 | ||||||
Canadian Western Bank | 15,419 | 391,238 | ||||||
Canfor Corp.(b) | 23,598 | 285,830 | ||||||
Cascades, Inc. | 24,100 | 228,651 | ||||||
CCL Industries, Inc., Class B | 9,900 | 408,323 | ||||||
Centerra Gold, Inc.(b) | 50,757 | 433,675 | ||||||
CES Energy Solutions Corp.(a) | 57,215 | 76,615 | ||||||
Chartwell Retirement Residences | 25,789 | 289,215 | ||||||
Choice Properties REIT | 16,831 | 177,997 | ||||||
Cineplex, Inc. | 15,795 | 269,789 | ||||||
Cogeco Communications, Inc. | 2,009 | 174,021 | ||||||
Colliers International Group, Inc. | 2,389 | 160,406 | ||||||
Cominar REIT | 53,859 | 550,330 | ||||||
Constellation Software, Inc. | 514 | 508,713 | ||||||
Corus Entertainment, Inc., Class B | 58,319 | 224,517 | ||||||
Descartes Systems Group, Inc. (The)(b) | 2,593 | 101,108 | ||||||
Detour Gold Corp.(b) | 27,577 | 458,865 | ||||||
Dollarama, Inc. | 12,430 | 419,046 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
Dream Global REIT | 24,944 | $ | 316,556 | |||||
Dream Office REIT(a) | 19,951 | 444,755 | ||||||
ECN Capital Corp. | 45,913 | 151,955 | ||||||
Eldorado Gold Corp.(b) | 80,345 | 677,921 | ||||||
Element Fleet Management Corp. | 56,296 | 479,716 | ||||||
Emera, Inc.(a) | 8,754 | 363,188 | ||||||
Enerflex Ltd. | 16,845 | 132,263 | ||||||
Enerplus Corp. | 57,020 | 344,892 | ||||||
Ensign Energy Services, Inc. | 26,095 | 53,209 | ||||||
Entertainment One Ltd. | 49,765 | 358,363 | ||||||
First Capital Realty, Inc. | 25,391 | 421,139 | ||||||
FirstService Corp. | 1,631 | 142,656 | ||||||
Genworth MI Canada, Inc.(a) | 7,898 | 319,682 | ||||||
Granite REIT | 5,455 | 270,685 | ||||||
Great Canadian Gaming Corp.(b) | 3,106 | 98,449 | ||||||
Home Capital Group, Inc.(b) | 24,914 | 513,880 | ||||||
Hudbay Minerals, Inc. | 42,723 | 155,374 | ||||||
Hudson’s Bay Co. | 29,275 | 222,288 | ||||||
IAMGOLD Corp.(b) | 85,792 | 323,103 | ||||||
Innergex Renewable Energy, Inc. | 13,534 | 169,284 | ||||||
Just Energy Group, Inc. | 62,931 | 146,034 | ||||||
Kirkland Lake Gold Ltd. | 4,563 | 214,723 | ||||||
Laurentian Bank of Canada | 11,081 | 381,914 | ||||||
Linamar Corp. | 12,665 | 413,864 | ||||||
Maple Leaf Foods, Inc. | 10,423 | 182,156 | ||||||
Martinrea International, Inc. | 33,954 | 277,450 | ||||||
Mullen Group Ltd. | 28,009 | 174,743 | ||||||
NFI Group, Inc. | 9,378 | 206,703 | ||||||
Norbord, Inc. | 10,749 | 310,935 | ||||||
North West Co., Inc. (The) | 8,736 | 187,302 | ||||||
Northland Power, Inc. | 15,671 | 313,575 | ||||||
Northview Apartment REIT | 7,677 | 168,569 | ||||||
NuVista Energy Ltd.(b) | 25,777 | 37,067 | ||||||
Osisko Gold Royalties Ltd. | 11,812 | 116,471 | ||||||
Pan American Silver Corp. | 15,302 | 260,437 | ||||||
Paramount Resources Ltd., Class A(a)(b) | 16,254 | 63,564 | ||||||
Pason Systems, Inc. | 8,286 | 89,142 | ||||||
Peyto Exploration & Development Corp.(a) | 85,189 | 170,462 | ||||||
PrairieSky Royalty Ltd.(a) | 21,423 | 209,609 | ||||||
Precision Drilling Corp.(b) | 143,816 | 153,188 | ||||||
Premium Brands Holdings Corp. | 2,658 | 175,717 | ||||||
Pretium Resources, Inc.(b) | 10,956 | 110,614 | ||||||
Quebecor, Inc., Class B | 12,143 | 282,892 | ||||||
Ritchie Bros. Auctioneers, Inc. | 6,847 | 282,298 | ||||||
Russel Metals, Inc. | 21,076 | 346,683 | ||||||
Secure Energy Services, Inc. | 30,119 | 97,162 | ||||||
SEMAFO, Inc.(b) | 45,102 | 145,839 | ||||||
Seven Generations Energy Ltd., Class A(b) | 55,590 | 312,135 | ||||||
ShawCor Ltd. | 15,610 | 157,484 | ||||||
Shopify, Inc., Class A(b) | 547 | 171,880 | ||||||
Sierra Wireless, Inc.(b) | 7,534 | 83,288 | ||||||
SmartCentres REIT | 18,266 | 442,492 | ||||||
SSR Mining, Inc.(b) | 9,857 | 146,091 | ||||||
Stantec, Inc. | 15,471 | 330,761 | ||||||
Stars Group, Inc. (The)(b) | 12,028 | 262,276 | ||||||
Stella-Jones, Inc. | 5,617 | 156,072 | ||||||
Superior Plus Corp.(a) | 34,780 | 314,630 | ||||||
TFI International, Inc. | 14,977 | 478,248 | ||||||
TMX Group Ltd. | 7,016 | 614,297 | ||||||
TORC Oil & Gas Ltd.(a) | 32,874 | 84,039 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 71 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
Canada-(continued) | ||||||||
Torex Gold Resources, Inc.(b) | 8,152 | $ | 119,518 | |||||
Toromont Industries Ltd. | 5,749 | 297,477 | ||||||
TransAlta Renewables, Inc. | 11,712 | 126,356 | ||||||
Transcontinental, Inc., Class A | 17,986 | 205,812 | ||||||
WestJet Airlines Ltd. | 19,203 | 447,512 | ||||||
Westshore Terminals Investment Corp.(a) | 8,337 | 144,875 | ||||||
Winpak Ltd. | 3,392 | 120,366 | ||||||
|
| |||||||
24,561,183 | ||||||||
|
| |||||||
China-0.87% | ||||||||
CapitaLand Retail China Trust | 92,270 | 103,053 | ||||||
China Travel International Investment Hong Kong Ltd. | 361,977 | 57,268 | ||||||
CITIC Telecom International Holdings Ltd. | 300,456 | 114,237 | ||||||
Guotai Junan International Holdings Ltd. | 474,459 | 79,907 | ||||||
Kerry Logistics Network Ltd. | 61,797 | 98,715 | ||||||
Minth Group Ltd. | 76,218 | 270,342 | ||||||
MMG Ltd.(b) | 405,839 | 84,920 | ||||||
Nexteer Automotive Group Ltd. | 112,027 | 104,627 | ||||||
Noble Group Ltd.(b)(c) | 760,360 | 11,314 | ||||||
Shui On Land Ltd. | 422,388 | 85,149 | ||||||
SITC International Holdings Co. Ltd. | 103,848 | 114,611 | ||||||
Tingyi Cayman Islands Holding Corp. | 322,676 | 429,812 | ||||||
Towngas China Co., Ltd.(b) | 128,445 | 99,148 | ||||||
Uni-President China Holdings Ltd. | 144,679 | 149,521 | ||||||
Want Want China Holdings Ltd. | 591,864 | 499,909 | ||||||
Xinyi Glass Holdings Ltd. | 310,326 | 349,615 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 345,271 | 195,594 | ||||||
|
| |||||||
2,847,742 | ||||||||
|
| |||||||
Colombia-0.07% | ||||||||
Gran Tierra Energy, Inc.(b) | 54,657 | 58,219 | ||||||
Parex Resources, Inc.(b) | 13,079 | 177,624 | ||||||
|
| |||||||
235,843 | ||||||||
|
| |||||||
Denmark-1.21% | ||||||||
Alm Brand A/S | 12,068 | 98,230 | ||||||
Chr Hansen Holding A/S | 2,876 | 220,867 | ||||||
D/S Norden A/S | 8,468 | 123,815 | ||||||
Demant A/S(b) | 5,190 | 137,044 | ||||||
Dfds A/S | 4,503 | 177,279 | ||||||
FLSmidth & Co. A/S | 9,316 | 333,509 | ||||||
Genmab A/S(b) | 946 | 206,279 | ||||||
GN Store Nord A/S | 5,526 | 242,974 | ||||||
H. Lundbeck A/S | 3,446 | 117,601 | ||||||
Matas A/S | 10,508 | 80,510 | ||||||
Nilfisk Holding A/S(b) | 2,023 | 34,202 | ||||||
NKT A/S(b) | 9,451 | 165,713 | ||||||
Ringkjoebing Landbobank A/S | 2,300 | 158,873 | ||||||
Rockwool International A/S, Class B | 615 | 120,876 | ||||||
Royal Unibrew A/S | 2,994 | 245,580 | ||||||
Scandinavian Tobacco Group A/S(d) | 15,603 | 184,446 | ||||||
Schouw & Co. A/S | 2,116 | 151,757 | ||||||
SimCorp A/S | 1,372 | 122,639 | ||||||
Sydbank A/S | 18,585 | 364,727 | ||||||
Topdanmark A/S | 4,789 | 214,574 | ||||||
Tryg A/S | 16,563 | 462,832 | ||||||
|
| |||||||
3,964,327 | ||||||||
|
| |||||||
Egypt-0.09% | ||||||||
Centamin PLC | 204,602 | 307,248 | ||||||
|
|
Shares | Value | |||||||
FaroeIslands-0.06% | ||||||||
Bakkafrost P/F | 3,337 | $ | 208,990 | |||||
|
| |||||||
Finland-1.28% | ||||||||
Cargotec Oyj, Class B | 11,299 | 395,820 | ||||||
Citycon Oyj(a) | 13,682 | 143,332 | ||||||
Cramo Oyj | 7,296 | 77,328 | ||||||
Finnair Oyj | 14,908 | 97,298 | ||||||
Huhtamaki Oyj | 12,976 | 600,782 | ||||||
Kemira Oyj | 16,523 | 268,213 | ||||||
Konecranes Oyj | 12,682 | 391,211 | ||||||
Metsa Board Oyj(a) | 28,422 | 188,193 | ||||||
Orion Oyj, Class B(a) | 14,335 | 635,556 | ||||||
Outotec Oyj(b) | 39,322 | 253,040 | ||||||
Sanoma Oyj | 10,941 | 114,373 | ||||||
Tieto Oyj(a) | 10,728 | 305,202 | ||||||
Uponor Oyj | 12,426 | 162,337 | ||||||
Valmet Oyj | 16,216 | 362,551 | ||||||
YIT Oyj(a) | 34,945 | 209,747 | ||||||
|
| |||||||
4,204,983 | ||||||||
|
| |||||||
France-3.11% | ||||||||
Adevinta ASA(b) | 9,390 | 107,388 | ||||||
Aeroports de Paris | 2,447 | 465,191 | ||||||
ALD S.A.(d) | 13,171 | 186,617 | ||||||
Alten S.A. | 2,504 | 275,029 | ||||||
Altran Technologies S.A. | 32,513 | 516,167 | ||||||
BioMerieux | 2,211 | 180,933 | ||||||
Cie Plastic Omnium S.A. | 11,852 | 323,956 | ||||||
Coface S.A.(b) | 21,346 | 233,384 | ||||||
Dassault Aviation S.A. | 182 | 252,795 | ||||||
Derichebourg S.A. | 36,729 | 132,273 | ||||||
Elior Group S.A.(d) | 30,898 | 399,523 | ||||||
Eramet | 2,135 | 106,567 | ||||||
Europcar Mobility Group(a)(d) | 26,638 | 97,775 | ||||||
Fnac Darty S.A.(b) | 5,637 | 326,081 | ||||||
Gaztransport Et Technigaz S.A. | 1,409 | 128,350 | ||||||
Ipsen S.A. | 1,482 | 157,899 | ||||||
Ipsos | 6,040 | 181,940 | ||||||
JCDecaux S.A.(a) | 8,789 | 240,234 | ||||||
Korian S.A. | 8,915 | 377,949 | ||||||
Maisons du Monde S.A.(d) | 6,136 | 84,817 | ||||||
Mercialys S.A. | 16,377 | 228,388 | ||||||
Mersen S.A. | 2,992 | 97,303 | ||||||
Metropole Television S.A. | 13,923 | 244,959 | ||||||
Nexans S.A. | 13,887 | 564,566 | ||||||
ORPEA Group | 4,337 | 522,082 | ||||||
Quadient | 13,187 | 282,178 | ||||||
Rallye S.A.(a) | 6,854 | 63,850 | ||||||
Remy Cointreau S.A.(a) | 1,613 | 215,765 | ||||||
Rothschild & Co. | 3,753 | 105,513 | ||||||
SEB S.A. | 2,996 | 454,913 | ||||||
Societe BIC S.A. | 4,990 | 346,552 | ||||||
Sopra Steria Group | 3,292 | 451,378 | ||||||
Tarkett S.A. | 10,039 | 163,520 | ||||||
Technicolor S.A.(b) | 229,184 | 191,383 | ||||||
Television Francaise 1 S.A. | 37,619 | 315,612 | ||||||
Ubisoft Entertainment S.A.(b) | 5,415 | 319,824 | ||||||
Vallourec S.A.(b) | 211,927 | 513,776 | ||||||
Vicat S.A. | 2,712 | 114,974 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
France-(continued) | ||||||||
Virbac S.A.(b) | 629 | $ | 153,331 | |||||
Worldline S.A.(b)(d) | 1,329 | 80,733 | ||||||
|
| |||||||
10,205,468 | ||||||||
|
| |||||||
Georgia-0.03% | ||||||||
Bank of Georgia Group PLC | 6,344 | 106,637 | ||||||
|
| |||||||
Germany-4.35% | ||||||||
1&1 Drillisch AG(a) | 5,081 | 135,934 | ||||||
ADO Properties S.A.(d) | 2,208 | 89,913 | ||||||
alstria officeREIT-AG | 17,779 | 333,231 | ||||||
Axel Springer S.E.(a) | 6,953 | 496,068 | ||||||
BayWa AG | 2,976 | 87,155 | ||||||
Bechtle AG | 2,982 | 323,205 | ||||||
Bilfinger S.E.(a) | 12,566 | 419,456 | ||||||
CANCOM S.E. | 3,180 | 169,725 | ||||||
Carl Zeiss Meditec AG, BR | 1,433 | 156,276 | ||||||
CTS Eventim AG& Co. KGaA | 3,327 | 201,363 | ||||||
Delivery Hero S.E.(b)(d) | 3,179 | 149,066 | ||||||
Deutsche Beteiligungs AG | 1,959 | 79,664 | ||||||
Deutsche EuroShop AG | 10,845 | 324,501 | ||||||
Deutz AG | 28,440 | 158,646 | ||||||
DIC Asset AG | 10,455 | 145,802 | ||||||
Draegerwerk AG& Co. KGaA | 1,016 | 42,620 | ||||||
Draegerwerk AG& Co. KGaA, Preference Shares | 2,377 | 139,357 | ||||||
Duerr AG | 9,662 | 285,008 | ||||||
DWS Group GmbH & Co. KGaA(d) | 7,716 | 249,642 | ||||||
ElringKlinger AG(b) | 14,556 | 107,830 | ||||||
Fielmann AG | 2,321 | 179,188 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 5,464 | 456,828 | ||||||
Fuchs Petrolub S.E. | 3,444 | 138,899 | ||||||
Fuchs Petrolub S.E., Preference | 6,859 | 292,928 | ||||||
Gerresheimer AG. | 4,715 | 380,056 | ||||||
Grand City Properties S.A. | 12,441 | 290,921 | ||||||
GRENKE AG(a) | 1,364 | 129,120 | ||||||
Hamburger Hafen und Logistik AG | 4,955 | 128,361 | ||||||
Heidelberger Druckmaschinen AG(a)(b) | 129,904 | 168,840 | ||||||
Hella GmbH & Co. KGaA | 9,800 | 476,914 | ||||||
Hornbach Holding AG& Co. KGaA | 1,643 | 99,349 | ||||||
Indus Holding AG | 2,219 | 84,666 | ||||||
Jenoptik AG | 3,789 | 112,866 | ||||||
Jungheinrich AG, Preference Shares | 8,141 | 206,536 | ||||||
Kloeckner & Co. S.E.(a) | 61,529 | 355,580 | ||||||
Knorr-Bremse AG | 3,205 | 323,561 | ||||||
Koenig & Bauer AG(a) | 2,444 | 80,763 | ||||||
Krones AG | 3,218 | 210,563 | ||||||
Nordex S.E.(a)(b) | 23,281 | 304,928 | ||||||
Norma Group S.E. | 4,219 | 155,140 | ||||||
Pfeiffer Vacuum Technology AG | 685 | 107,220 | ||||||
Puma S.E. | 5,724 | 430,735 | ||||||
Rational AG | 141 | 107,362 | ||||||
Rhone-Klinikum AG | 3,815 | 78,655 | ||||||
Rocket Internet S.E.(b)(d) | 8,566 | 227,640 | ||||||
Sartorius AG, Preference Shares | 857 | 166,555 | ||||||
Schaeffler AG, Preference Shares | 32,071 | 270,497 | ||||||
Scout24 AG(d) | 8,732 | 540,186 | ||||||
Siemens Healthineers AG(d) | 9,429 | 400,739 | ||||||
Siltronic AG | 1,944 | 184,827 | ||||||
Sixt S.E. | 1,938 | 189,403 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Sixt S.E., Preference Shares | 2,449 | $ | 166,119 | |||||
Software AG | 6,106 | 194,147 | ||||||
Stabilus S.A. | 2,006 | 112,907 | ||||||
Stroeer S.E. & Co. KGaA | 1,954 | 157,395 | ||||||
Suedzucker AG(a) | 31,530 | 454,480 | ||||||
TAG Immobilien AG(b) | 14,102 | 342,663 | ||||||
Takkt AG | 6,237 | 74,176 | ||||||
Tele Columbus AG(b)(d) | 51,249 | 120,870 | ||||||
TLG Immobilien AG | 8,060 | 236,044 | ||||||
Wacker Chemie AG | 3,261 | 256,125 | ||||||
Wacker Neuson S.E. | 5,072 | 86,689 | ||||||
Wirecard AG(a) | 2,294 | 290,609 | ||||||
Zalando S.E.(b)(d) | 9,136 | 395,982 | ||||||
|
| |||||||
14,262,494 | ||||||||
|
| |||||||
Ghana-0.10% | ||||||||
Tullow Oil PLC | 123,878 | 330,054 | ||||||
|
| |||||||
HongKong-2.16% | ||||||||
ASM Pacific Technology Ltd. | 30,099 | 421,279 | ||||||
Bank of East Asia Ltd. (The) | 69,629 | 167,905 | ||||||
Brightoil Petroleum Holdings Ltd.(b)(c) | 160,687 | 0 | ||||||
Cafe de Coral Holdings Ltd. | 55,282 | 150,942 | ||||||
Cathay Pacific Airways Ltd. | 167,044 | 213,555 | ||||||
Champion REIT | 286,224 | 189,898 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 224,887 | 202,572 | ||||||
CK Infrastructure Holdings Ltd. | 43,862 | 315,910 | ||||||
Dah Sing Financial Holdings Ltd. | 25,208 | 93,914 | ||||||
Dairy Farm International Holdings Ltd. | 31,373 | 189,179 | ||||||
Fortune REIT | 235,832 | 276,823 | ||||||
Global Brands Group Holding Ltd. | 201,535 | 13,885 | ||||||
Haitong International Securities Group Ltd. | 552,064 | 160,596 | ||||||
Hang Lung Group Ltd. | 82,015 | 205,726 | ||||||
HKBN Ltd. | 64,282 | 114,823 | ||||||
Hutchison Port Holdings Trust, Class U | 471,849 | 73,137 | ||||||
Hutchison Telecommunications | 214,344 | 38,834 | ||||||
Hysan Development Co. Ltd. | 66,783 | 263,717 | ||||||
Johnson Electric Holdings Ltd. | 53,043 | 97,048 | ||||||
K Wah International Holdings Ltd. | 155,150 | 84,922 | ||||||
Li & Fung Ltd. | 1,682,941 | 184,663 | ||||||
Lifestyle International Holdings Ltd. | 72,258 | 76,151 | ||||||
Luk Fook Holdings International Ltd. | 51,068 | 135,852 | ||||||
Man Wah Holdings Ltd. | 302,076 | 206,197 | ||||||
Mapletree North Asia Commercial | 283,686 | 266,812 | ||||||
Melco International Development Ltd. | 113,589 | 302,172 | ||||||
Pacific Basin Shipping Ltd. | 813,717 | 188,954 | ||||||
Pacific Textiles Holdings Ltd. | 136,218 | 99,065 | ||||||
PCCW Ltd. | 556,738 | 331,015 | ||||||
Sa Sa International Holdings Ltd.(a) | 246,794 | 59,198 | ||||||
Shangri-La Asia Ltd. | 195,427 | 200,721 | ||||||
SmarTone Telecommunications Holdings Ltd. | 111,728 | 97,078 | ||||||
Sun Art Retail Group Ltd. | 389,928 | 398,500 | ||||||
Value Partners Group Ltd. | 155,001 | 81,874 | ||||||
Vitasoy International Holdings Ltd. | 26,904 | 109,501 | ||||||
VTech Holdings Ltd. | 32,160 | 282,303 | ||||||
Wheelock & Co. Ltd. | 65,617 | 406,459 | ||||||
Yue Yuen Industrial Holdings Ltd. | 137,653 | 388,141 | ||||||
|
| |||||||
7,089,321 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
India-0.04% | ||||||||
Rhi Magnesita N.V. | 2,823 | $ | 127,050 | |||||
|
| |||||||
Indonesia-0.10% | ||||||||
First Pacific Co., Ltd. | 433,572 | 165,957 | ||||||
Golden Agri-Resources Ltd. | 969,231 | 145,995 | ||||||
|
| |||||||
311,952 | ||||||||
|
| |||||||
Ireland-0.63% | ||||||||
C&C Group PLC | 40,346 | 198,389 | ||||||
Cairn Homes PLC | 61,343 | 79,524 | ||||||
Dalata Hotel Group PLC | 19,182 | 113,422 | ||||||
Glanbia PLC | 16,888 | 188,223 | ||||||
Green REIT PLC | 82,390 | 175,197 | ||||||
Greencore Group PLC | 117,534 | 353,455 | ||||||
Hibernia REIT PLC | 87,388 | 136,102 | ||||||
Kingspan Group PLC | 9,966 | 516,569 | ||||||
UDG Healthcare PLC | 32,121 | 321,294 | ||||||
|
| |||||||
2,082,175 | ||||||||
|
| |||||||
Israel-1.39% | ||||||||
Airport City Ltd.(b) | 6,924 | 130,677 | ||||||
Alony Hetz Properties & Investments Ltd. | 12,847 | 185,401 | ||||||
Azrieli Group Ltd. | 4,089 | 315,070 | ||||||
Delek Group Ltd. | 1,613 | 201,422 | ||||||
Elbit Systems Ltd. | 2,233 | 365,982 | ||||||
First International Bank of Israel Ltd. | 9,564 | 262,555 | ||||||
Gazit-Globe Ltd. | 21,041 | 212,169 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 30,471 | 243,436 | ||||||
Israel Corp. Ltd. (The)(b) | 812 | 154,862 | ||||||
Jerusalem Economy Ltd.(b) | 26,352 | 112,481 | ||||||
Melisron Ltd. | 1,905 | 115,374 | ||||||
Mizrahi Tefahot Bank Ltd. | 20,551 | 509,758 | ||||||
Nice Ltd.(b) | 2,672 | 422,539 | ||||||
Oil Refineries Ltd. | 242,824 | 124,597 | ||||||
Partner Communications Co. Ltd.(b) | 16,384 | 73,840 | ||||||
Paz Oil Co. Ltd. | 1,261 | 193,218 | ||||||
Phoenix Holdings Ltd. (The) | 19,259 | 117,351 | ||||||
Plus500 Ltd. | 19,474 | 201,595 | ||||||
Shufersal Ltd. | 20,582 | 139,081 | ||||||
Strauss Group Ltd. | 3,151 | 95,418 | ||||||
Tower Semiconductor Ltd.(b) | 16,981 | 374,459 | ||||||
|
| |||||||
4,551,285 | ||||||||
|
| |||||||
Italy-2.98% | ||||||||
ACEA S.p.A. | 9,527 | �� | 189,618 | |||||
Amplifon S.p.A. | 6,099 | 153,234 | ||||||
Anima Holding S.p.A.(d) | 51,979 | 225,467 | ||||||
ASTM S.p.A. | 7,752 | 244,407 | ||||||
Autogrill S.p.A. | 30,865 | 304,918 | ||||||
Azimut Holding S.p.A. | 28,762 | 591,067 | ||||||
Banca Generali S.p.A. | 8,975 | 292,779 | ||||||
Banca IFIS S.p.A. | 6,319 | 107,157 | ||||||
Banca Mediolanum S.p.A. | 51,388 | 440,589 | ||||||
Banca Monte dei Paschi di Siena | 133,406 | 214,768 | ||||||
Banca Popolare di Sondrio SCPA | 32,067 | 64,074 | ||||||
Brembo S.p.A.(a) | 18,866 | 200,691 | ||||||
Buzzi Unicem S.p.A. | 12,043 | 290,750 | ||||||
Buzzi Unicem S.p.A., RSP | 7,013 | 107,346 | ||||||
Cerved Group S.p.A. | 25,231 | 245,459 | ||||||
Danieli & C. Officine Meccaniche S.p.A. | 1,054 | 18,203 | ||||||
Danieli & C. Officine Meccaniche S.p.A., RSP | 3,715 | 40,825 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Davide Campari-Milano S.p.A. | 26,647 | $ | 244,222 | |||||
De’ Longhi S.p.A.(a) | 8,020 | 147,634 | ||||||
DiaSorin S.p.A. | 1,053 | 118,653 | ||||||
Enav S.p.A.(d) | 34,180 | 199,054 | ||||||
ERG S.p.A. | 13,134 | 277,966 | ||||||
Ferrari N.V. | 3,765 | 602,551 | ||||||
Fincantieri S.p.A. | 110,583 | 116,586 | ||||||
FinecoBank Banca Fineco S.p.A. | 24,769 | 279,099 | ||||||
IMA Industria Macchine Automatiche | 1,822 | 123,996 | ||||||
Infrastrutture Wireless Italiane S.p.A.(d) | 19,068 | 195,714 | ||||||
Interpump Group S.p.A. | 5,170 | 141,660 | ||||||
Iren S.p.A. | 167,127 | 518,719 | ||||||
Italgas S.p.A. | 78,116 | 502,682 | ||||||
Maire Tecnimont S.p.A.(a) | 26,391 | 69,074 | ||||||
MARR S.p.A. | 4,684 | 98,348 | ||||||
Mediaset S.p.A.(a)(b) | 82,606 | 247,079 | ||||||
Moncler S.p.A. | 5,703 | 219,763 | ||||||
OVS S.p.A.(a)(b)(d) | 153,877 | 306,779 | ||||||
Piaggio & C S.p.A. | 41,480 | 130,502 | ||||||
PRADA S.p.A. | 74,674 | 257,243 | ||||||
Recordati S.p.A. | 6,564 | 275,862 | ||||||
Salini Impregilo S.p.A.(a)(b) | 79,343 | 161,636 | ||||||
Salvatore Ferragamo S.p.A.(a) | 7,727 | 144,396 | ||||||
Societa Cattolica di Assicurazioni SC | 40,859 | 356,242 | ||||||
Societa Iniziative Autostradali e Servizi S.p.A. | 10,003 | 172,866 | ||||||
Tod’s S.p.A. | 3,056 | 144,901 | ||||||
|
| |||||||
9,784,579 | ||||||||
|
| |||||||
IvoryCoast-0.03% | ||||||||
Endeavour Mining Corp.(b) | 5,604 | 101,689 | ||||||
|
| |||||||
Japan-33.91% | ||||||||
77 Bank Ltd. (The) | 12,005 | 191,449 | ||||||
ABC-Mart, Inc. | 2,935 | 201,450 | ||||||
Acom Co. Ltd. | 37,775 | 152,700 | ||||||
Adastria Co. Ltd. | 7,617 | 188,197 | ||||||
ADEKA Corp. | 16,967 | 245,469 | ||||||
Advantest Corp. | 10,414 | 476,363 | ||||||
Aeon Delight Co. Ltd. | 2,903 | 101,506 | ||||||
AEON Financial Service Co. Ltd. | 23,631 | 362,864 | ||||||
Aeon Mall Co. Ltd. | 21,355 | 342,928 | ||||||
Aica Kogyo Co. Ltd. | 6,391 | 204,845 | ||||||
Aida Engineering, Ltd. | 15,014 | 129,162 | ||||||
Aiful Corp.(b) | 42,949 | 100,514 | ||||||
Ain Holdings, Inc. | 2,941 | 168,671 | ||||||
Akebono Brake Industry Co. Ltd.(a)(b) | 72,590 | 139,667 | ||||||
Alpen Co. Ltd. | 6,110 | 97,495 | ||||||
Amano Corp. | 9,621 | 286,570 | ||||||
Anritsu Corp.(a) | 8,939 | 172,074 | ||||||
AOKI Holdings, Inc. | 8,658 | 88,498 | ||||||
Aoyama Trading Co. Ltd. | 16,970 | 299,826 | ||||||
Arata Corp. | 4,011 | 151,379 | ||||||
Arcs Co. Ltd. | 5,858 | 118,672 | ||||||
Asahi Diamond Industrial Co. Ltd. | 13,497 | 84,774 | ||||||
Asahi Holdings, Inc. | 7,688 | 179,426 | ||||||
Asics Corp. | 31,489 | 544,114 | ||||||
ASKUL Corp.(a) | 4,296 | 118,661 | ||||||
Autobacs Seven Co. Ltd. | 13,576 | 225,042 | ||||||
Avex, Inc. | 10,402 | 127,301 | ||||||
Awa Bank Ltd. (The) | 3,903 | 93,870 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Azbil Corp. | 17,519 | $ | 490,218 | |||||
Bank of the Ryukyus Ltd. | 8,449 | 92,771 | ||||||
Belluna Co. Ltd. | 11,337 | 74,458 | ||||||
Benesse Holdings, Inc. | 16,153 | 434,363 | ||||||
Bic Camera, Inc.(a) | 42,536 | 466,655 | ||||||
BML, Inc. | 2,568 | 75,896 | ||||||
Calbee, Inc. | 7,466 | 250,006 | ||||||
Canon Marketing Japan, Inc. | 11,391 | 242,983 | ||||||
Capcom Co. Ltd. | 6,356 | 150,926 | ||||||
Cawachi Ltd. | 4,761 | 97,462 | ||||||
Central Glass Co. Ltd. | 9,199 | 224,221 | ||||||
Chiyoda Corp.(a)(b) | 99,919 | 259,722 | ||||||
Chudenko Corp.(a) | 4,719 | 109,392 | ||||||
Chugoku Bank Ltd. (The) | 27,003 | 267,020 | ||||||
Chugoku Marine Paints Ltd. | 11,749 | 114,768 | ||||||
Citizen Watch Co. Ltd.(a) | 83,168 | 445,440 | ||||||
CKD Corp. | 13,165 | 188,150 | ||||||
cocokara fine, Inc. | 4,886 | 270,729 | ||||||
Colowide Co. Ltd.(a) | 6,126 | 119,454 | ||||||
COMSYS Holdings Corp. | 15,129 | 449,231 | ||||||
Cosmos Pharmaceutical Corp. | 976 | 201,601 | ||||||
CyberAgent, Inc. | 8,368 | 273,244 | ||||||
Daibiru Corp. | 8,271 | 92,346 | ||||||
Daido Metal Co., Ltd. | 12,740 | 81,315 | ||||||
Daido Steel Co. Ltd.(a) | 10,851 | 478,787 | ||||||
Daifuku Co. Ltd. | 6,321 | 339,716 | ||||||
Daihen Corp. | 5,081 | 160,977 | ||||||
Daiho Corp. | 4,834 | 137,501 | ||||||
Daiichikosho Co. Ltd. | 4,977 | 237,559 | ||||||
Daikyonishikawa Corp. | 12,952 | 100,520 | ||||||
Daio Paper Corp. | 21,141 | 284,149 | ||||||
Daiseki Co. Ltd. | 4,322 | 126,935 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 3,527 | 90,406 | ||||||
Daiwabo Holdings Co. Ltd. | 6,297 | 277,847 | ||||||
DCM Holdings Co. Ltd. | 30,518 | 302,908 | ||||||
DeNA Co. Ltd. | 22,795 | 389,458 | ||||||
Descente Ltd. | 2,816 | 36,416 | ||||||
Dexerials Corp. | 13,826 | 122,906 | ||||||
Disco Corp. | 2,392 | 528,384 | ||||||
DMG Mori Co. Ltd. | 17,792 | 292,131 | ||||||
Doutor Nichires Holdings Co. Ltd. | 4,854 | 97,525 | ||||||
Dowa Holdings Co. Ltd. | 15,021 | 522,445 | ||||||
DTS Corp. | 4,840 | 103,198 | ||||||
Duskin Co. Ltd. | 6,988 | 186,747 | ||||||
DyDo Group Holdings, Inc.(a) | 2,268 | 94,828 | ||||||
Earth Corp. | 2,715 | 143,906 | ||||||
EDION Corp.(a) | 33,073 | 329,797 | ||||||
Eizo Corp. | 2,961 | 110,793 | ||||||
Exedy Corp. | 10,574 | 251,280 | ||||||
Ezaki Glico Co. Ltd. | 6,571 | 305,741 | ||||||
FamilyMart Co. Ltd. | 17,032 | 424,756 | ||||||
Fancl Corp. | 4,043 | 115,001 | ||||||
FCC Co. Ltd. | 7,536 | 156,917 | ||||||
Foster Electric Co. Ltd. | 9,510 | 171,190 | ||||||
FP Corp. | 2,419 | 151,041 | ||||||
Fuji Corp. | 13,823 | 232,333 | ||||||
Fuji Media Holdings, Inc. | 14,565 | 198,053 | ||||||
Fuji Oil Co. Ltd. | 54,818 | 130,827 | ||||||
Fuji Oil Holdings, Inc. | 6,052 | 182,503 | ||||||
Fuji Seal International, Inc. | 3,754 | 93,759 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Fuji Soft, Inc. | 3,023 | $ | 132,687 | |||||
Fujitec Co. Ltd. | 10,165 | 149,412 | ||||||
Fujitsu General Ltd. | 12,592 | 228,998 | ||||||
Fukuyama Transporting Co. Ltd. | 6,095 | 220,729 | ||||||
Furukawa Co. Ltd. | 12,208 | 176,392 | ||||||
Futaba Corp. | 5,726 | 74,101 | ||||||
Futaba Industrial Co. Ltd. | 16,699 | 119,251 | ||||||
Fuyo General Lease Co. Ltd. | 3,412 | 224,090 | ||||||
Geo Holdings Corp. | 11,919 | 148,953 | ||||||
Glory Ltd. | 12,229 | 361,989 | ||||||
GMO internet, Inc.(a) | 6,453 | 109,714 | ||||||
Gree, Inc. | 25,185 | 119,978 | ||||||
GS Yuasa Corp. | 22,434 | 412,551 | ||||||
GungHo Online Entertainment, Inc. | 5,219 | 113,548 | ||||||
Gunma Bank Ltd. (The) | 108,937 | 370,832 | ||||||
Gunze Ltd. | 3,741 | 163,856 | ||||||
H.I.S. Co., Ltd.(a) | 4,912 | 127,951 | ||||||
H2O Retailing Corp.(a) | 25,802 | 294,764 | ||||||
Hachijuni Bank Ltd. (The) | 109,883 | 477,730 | ||||||
Hamakyorex Co. Ltd. | 2,674 | 91,891 | ||||||
Hamamatsu Photonics K.K. | 7,858 | 307,473 | ||||||
Hanwa Co. Ltd. | 14,636 | 429,853 | ||||||
Happinet Corp. | 6,568 | 83,235 | ||||||
Hazama Ando Corp. | 54,191 | 422,079 | ||||||
Heiwa Corp.(a) | 12,825 | 264,793 | ||||||
Heiwa Real Estate Co. Ltd. | 7,198 | 174,249 | ||||||
Heiwado Co. Ltd. | 8,912 | 166,031 | ||||||
Hikari Tsushin, Inc. | 1,842 | 405,869 | ||||||
Hirose Electric Co. Ltd. | 4,433 | 563,018 | ||||||
Hiroshima Bank Ltd. (The) | 60,380 | 311,660 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 6,543 | 306,859 | ||||||
Hitachi Capital Corp. | 9,429 | 212,731 | ||||||
Hitachi Chemical Co. Ltd. | 24,191 | 802,227 | ||||||
Hitachi High-Technologies Corp. | 10,689 | 668,402 | ||||||
Hitachi Transport System Ltd. | 8,784 | 250,670 | ||||||
Hitachi Zosen Corp. | 109,703 | 373,440 | ||||||
Hogy Medical Co. Ltd. | 2,787 | 93,712 | ||||||
Hokkoku Bank Ltd. (The) | 2,843 | 80,736 | ||||||
Hokuetsu Corp. | 36,773 | 188,789 | ||||||
Hokuhoku Financial Group, Inc. | 23,408 | 231,471 | ||||||
Hokuriku Electric Power Co.(b) | 53,180 | 380,261 | ||||||
Horiba Ltd. | 5,088 | 347,342 | ||||||
Hoshizaki Corp. | 4,842 | 413,858 | ||||||
Hosiden Corp. | 17,922 | 189,822 | ||||||
House Foods Group, Inc. | 7,960 | 302,996 | ||||||
Hulic Co., Ltd. | 37,762 | 412,533 | ||||||
Hyakugo Bank Ltd. (The) | 26,246 | 85,217 | ||||||
Ibiden Co. Ltd. | 32,332 | 748,895 | ||||||
IDOM Inc. | 25,769 | 109,412 | ||||||
Inaba Denki Sangyo Co. Ltd. | 3,891 | 180,324 | ||||||
Inabata & Co. Ltd. | 8,031 | 106,010 | ||||||
Internet Initiative Japan, Inc. | 4,868 | 115,998 | ||||||
IRISO Electronics Co., Ltd. | 1,805 | 90,329 | ||||||
Ishihara Sangyo Kaisha Ltd. | 15,491 | 161,781 | ||||||
Ito En Ltd. | 6,820 | 333,729 | ||||||
Itochu Enex Co. Ltd. | 10,307 | 86,571 | ||||||
Itochu Techno-Solutions Corp. | 10,512 | 284,229 | ||||||
Itoham Yonekyu Holdings, Inc. | 29,836 | 193,194 | ||||||
Iwatani Corp. | 11,626 | 404,902 | ||||||
Iyo Bank Ltd. (The) | 60,841 | 324,733 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Izumi Co. Ltd. | 7,332 | $ | 277,057 | |||||
J Trust Co. Ltd. | 26,609 | 96,487 | ||||||
Jaccs Co. Ltd. | 6,637 | 150,906 | ||||||
Jafco Co. Ltd. | 6,219 | 235,575 | ||||||
Japan Airport Terminal Co., Ltd. | 4,141 | 206,466 | ||||||
Japan Aviation Electronics Industry Ltd. | 12,066 | 227,357 | ||||||
Japan Petroleum Exploration Co. Ltd. | 13,581 | 350,125 | ||||||
Japan Securities Finance Co. Ltd.(a) | 23,410 | 113,255 | ||||||
Japan Steel Works Ltd. (The) | 12,753 | 273,097 | ||||||
Jeol Ltd. | 5,136 | 137,730 | ||||||
Joyful Honda Co. Ltd. | 6,178 | 79,093 | ||||||
Juki Corp. | 9,387 | 85,703 | ||||||
Juroku Bank Ltd. (The) | 4,961 | 114,359 | ||||||
JVCKenwood Corp. | 84,534 | 247,882 | ||||||
Kadokawa Corp. | 13,267 | 190,835 | ||||||
Kaga Electronics Co. Ltd. | 5,390 | 105,701 | ||||||
Kagome Co. Ltd. | 7,509 | 189,904 | ||||||
Kakaku.com, Inc. | 5,824 | 135,923 | ||||||
Kaken Pharmaceutical Co. Ltd. | 4,505 | 221,697 | ||||||
Kamigumi Co. Ltd. | 17,060 | 387,265 | ||||||
Kanamoto Co. Ltd.(a) | 6,489 | 175,033 | ||||||
Kandenko Co. Ltd. | 25,599 | 243,428 | ||||||
Kanematsu Corp. | 16,971 | 208,164 | ||||||
Kansai Paint Co. Ltd. | 22,960 | 557,514 | ||||||
Kato Sangyo Co. Ltd. | 3,223 | 103,453 | ||||||
Kato Works Co. Ltd. | 3,976 | 75,691 | ||||||
Keihan Holdings Co. Ltd. | 10,807 | 511,834 | ||||||
Keihin Corp. | 14,800 | 355,813 | ||||||
Keisei Electric Railway Co., Ltd. | 13,870 | 570,299 | ||||||
Kenedix, Inc. | 19,438 | 106,266 | ||||||
Kewpie Corp. | 20,954 | 476,822 | ||||||
KH Neochem Co., Ltd. | 4,881 | 119,965 | ||||||
Kinden Corp. | 27,356 | 413,737 | ||||||
Kintetsu World Express, Inc. | 10,999 | 179,679 | ||||||
Kissei Pharmaceutical Co. Ltd. | 5,045 | 130,996 | ||||||
Kitz Corp. | 17,705 | 121,849 | ||||||
Kiyo Bank Ltd. (The) | 8,374 | 130,523 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 3,082 | 247,746 | ||||||
Koei Tecmo Holdings Co. Ltd. | 5,870 | 136,019 | ||||||
Kohnan Shoji Co. Ltd. | 8,633 | 201,241 | ||||||
KOKUYO Co., Ltd. | 13,459 | 198,950 | ||||||
Komeri Co. Ltd. | 7,711 | 166,053 | ||||||
Komori Corp. | 8,685 | 93,193 | ||||||
Konami Holdings Corp. | 8,132 | 358,815 | ||||||
Konoike Transport Co., Ltd. | 6,357 | 97,497 | ||||||
Kose Corp. | 1,294 | 231,018 | ||||||
Kumagai Gumi Co. Ltd. | 9,032 | 280,723 | ||||||
Kumiai Chemical Industry Co. Ltd.(a) | 12,551 | 117,029 | ||||||
Kureha Corp. | 3,823 | 246,839 | ||||||
Kurita Water Industries Ltd. | 17,122 | 497,323 | ||||||
KYB Corp.(a)(b) | 12,442 | 399,944 | ||||||
Kyoei Steel Ltd. | 7,817 | 143,823 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 7,179 | 97,221 | ||||||
KYORIN Holdings, Inc. | 8,221 | 144,716 | ||||||
Kyoritsu Maintenance Co. Ltd. | 2,199 | 97,842 | ||||||
Kyowa Exeo Corp. | 12,874 | 330,231 | ||||||
Kyowa Kirin Co., Ltd. | 23,661 | 436,866 | ||||||
Kyudenko Corp. | 6,399 | 211,317 | ||||||
Kyushu Financial Group, Inc. | 70,779 | 288,734 | ||||||
Leopalace21 Corp.(a)(b) | 253,469 | 696,363 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Lintec Corp. | 10,627 | $ | 225,211 | |||||
Lion Corp. | 19,767 | 415,801 | ||||||
LIXIL VIVA Corp. | 7,392 | 128,482 | ||||||
M3, Inc. | 8,217 | 197,929 | ||||||
Mabuchi Motor Co. Ltd. | 9,305 | 380,876 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 16,587 | 284,314 | ||||||
Maeda Corp. | 32,421 | 304,102 | ||||||
Maeda Road Construction Co. Ltd. | 12,914 | 279,770 | ||||||
Makino Milling Machine Co. Ltd. | 5,274 | 265,395 | ||||||
Mandom Corp. | 4,727 | 132,053 | ||||||
Maruha Nichiro Corp. | 11,951 | 310,977 | ||||||
Maruichi Steel Tube Ltd. | 9,455 | 260,635 | ||||||
Marusan Securities Co. Ltd.(a) | 14,678 | 71,146 | ||||||
Matsui Securities Co. Ltd. | 11,204 | 92,654 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 10,984 | 388,639 | ||||||
Maxell Holdings Ltd. | 12,239 | 169,821 | ||||||
Megmilk Snow Brand Co. Ltd. | 12,952 | 312,703 | ||||||
Meidensha Corp. | 12,830 | 248,399 | ||||||
Meitec Corp. | 3,031 | 158,973 | ||||||
Miraca Holdings, Inc. | 12,551 | 297,913 | ||||||
Mirait Holdings Corp. | 13,067 | 210,924 | ||||||
MISUMI Group, Inc. | 16,215 | 411,581 | ||||||
Mitsubishi Logistics Corp. | 13,503 | 344,991 | ||||||
Mitsubishi Pencil Co. Ltd. | 4,685 | 74,497 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 91,031 | 563,339 | ||||||
Mitsui Sugar Co. Ltd. | 3,324 | 72,504 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 5,862 | 95,707 | ||||||
Miura Co. Ltd. | 7,022 | 213,703 | ||||||
Mizuho Leasing Co., Ltd. | 4,534 | 128,758 | ||||||
Mizuno Corp. | 5,418 | 142,586 | ||||||
Mochida Pharmaceutical Co. Ltd. | 3,089 | 124,011 | ||||||
Modec, Inc. | 3,670 | 102,185 | ||||||
Monex Group, Inc.(a) | 30,942 | 76,135 | ||||||
Morinaga & Co. Ltd. | 4,238 | 209,734 | ||||||
Morinaga Milk Industry Co. Ltd. | 14,236 | 553,743 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 11,900 | 167,429 | ||||||
Musashino Bank Ltd. (The) | 4,413 | 77,846 | ||||||
Nabtesco Corp. | 14,096 | 456,371 | ||||||
Nachi-Fujikoshi Corp. | 5,510 | 267,587 | ||||||
Nagase & Co. Ltd. | 14,048 | 214,804 | ||||||
Nankai Electric Railway Co. Ltd. | 17,581 | 459,264 | ||||||
Nanto Bank Ltd. (The) | 4,716 | 120,577 | ||||||
NEC Networks & System Integration Corp. | 6,110 | 193,861 | ||||||
NET One Systems Co. Ltd. | 7,608 | 207,046 | ||||||
NEXON Co., Ltd.(b) | 21,000 | 243,791 | ||||||
Nichias Corp. | 11,674 | 248,695 | ||||||
Nichicon Corp. | 13,986 | 139,207 | ||||||
Nichiha Corp. | 4,958 | 143,551 | ||||||
NichiiGakkan Co. Ltd. | 10,368 | 176,277 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 9,452 | 111,303 | ||||||
Nichirei Corp. | 18,207 | 418,523 | ||||||
Nifco, Inc. | 13,530 | 360,450 | ||||||
Nihon Kohden Corp. | 7,215 | 216,573 | ||||||
Nihon Parkerizing Co. Ltd. | 10,413 | 123,582 | ||||||
Nihon Unisys Ltd. | 7,260 | 240,758 | ||||||
Nikkiso Co. Ltd. | 14,389 | 157,060 | ||||||
Nikkon Holdings Co. Ltd. | 7,167 | 175,819 | ||||||
Nippo Corp. | 14,280 | 295,098 | ||||||
NipponChemi-Con Corp. | 6,694 | 112,078 | ||||||
Nippon Denko Co., Ltd.(a) | 40,125 | 70,151 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nippon Densetsu Kogyo Co. Ltd. | 5,424 | $ | 118,510 | |||||
Nippon Flour Mills Co. Ltd. | 9,981 | 161,110 | ||||||
Nippon Gas Co., Ltd. | 4,659 | 132,523 | ||||||
Nippon Kayaku Co. Ltd. | 32,500 | 397,738 | ||||||
Nippon Paint Holdings Co. Ltd. | 11,510 | 633,500 | ||||||
Nippon Shinyaku Co., Ltd. | 2,655 | 240,683 | ||||||
Nippon Shokubai Co., Ltd. | 6,859 | 426,368 | ||||||
Nippon Signal Company Ltd. | 10,704 | 124,165 | ||||||
Nippon Soda Co. Ltd. | 7,758 | 208,401 | ||||||
Nippon Steel Trading Corp. | 4,219 | 177,377 | ||||||
Nippon Suisan Kaisha Ltd. | 70,841 | 406,940 | ||||||
Nippon Television Holdings, Inc. | 12,113 | 159,445 | ||||||
Nippon Thompson Co., Ltd. | 15,597 | 70,551 | ||||||
Nippon Yakin Kogyo Co. Ltd.(a) | 4,712 | 104,653 | ||||||
Nipro Corp. | 29,341 | 345,236 | ||||||
Nishimatsu Construction Co. Ltd. | 16,429 | 344,826 | ||||||
Nishimatsuya Chain Co. Ltd. | 12,159 | 108,650 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 27,703 | 207,571 | ||||||
Nishi-Nippon Railroad Co. Ltd.(a) | 8,582 | 199,973 | ||||||
Nishio Rent All Co. Ltd. | 3,911 | 105,603 | ||||||
Nissan Chemical Corp. | 8,125 | 336,710 | ||||||
Nissan Shatai Co. Ltd. | 15,059 | 139,578 | ||||||
Nissha Co. Ltd. | 9,342 | 98,341 | ||||||
Nisshin Oillio Group Ltd. (The) | 6,332 | 222,869 | ||||||
Nissin Electric Co., Ltd. | 9,511 | 112,438 | ||||||
Nissin Kogyo Co. Ltd. | 11,825 | 244,365 | ||||||
Nitta Corp. | 2,468 | 72,712 | ||||||
Nitto Boseki Co. Ltd. | 5,381 | 164,758 | ||||||
Nitto Kogyo Corp. | 5,436 | 115,101 | ||||||
NOF Corp. | 7,882 | 269,040 | ||||||
Nojima Corp. | 8,103 | 145,113 | ||||||
Nomura Co. Ltd. | 5,716 | 71,169 | ||||||
Nomura Research Institute Ltd. | 31,284 | 668,769 | ||||||
Noritake Co. Ltd. | 3,201 | 148,347 | ||||||
North Pacific Bank Ltd. | 89,113 | 193,715 | ||||||
NS Solutions Corp. | 4,059 | 139,111 | ||||||
NS United Kaiun Kaisha Ltd. | 3,728 | 85,006 | ||||||
NSD Co. Ltd. | 3,802 | 117,642 | ||||||
OBIC Co. Ltd. | 2,542 | 320,969 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 5,382 | 130,885 | ||||||
Okamoto Industries, Inc. | 1,771 | 68,805 | ||||||
Okamura Corp. | 12,550 | 126,771 | ||||||
Okasan Securities Group, Inc. | 38,415 | 136,809 | ||||||
Oki Electric Industry Co. Ltd.(a) | 38,882 | 522,959 | ||||||
Okinawa Electric Power Co., Inc. (The) | 7,881 | 131,004 | ||||||
OKUMA Corp. | 4,758 | 287,844 | ||||||
Okumura Corp. | 8,684 | 247,414 | ||||||
Onward Holdings Co. Ltd. | 35,444 | 205,572 | ||||||
Open House Co. Ltd. | 7,266 | 186,918 | ||||||
Oracle Corp. Japan | 2,351 | 208,340 | ||||||
Orient Corp. | 153,603 | 225,918 | ||||||
Osaka Soda Co. Ltd. | 3,713 | 105,786 | ||||||
Osaki Electric Co. Ltd. | 12,740 | 88,740 | ||||||
OSG Corp. | 10,278 | 222,188 | ||||||
Otsuka Corp. | 10,972 | 445,558 | ||||||
Outsourcing, Inc. | 6,370 | 69,295 | ||||||
Pacific Industrial Co. Ltd. | 8,478 | 116,851 | ||||||
Paltac Corp. | 6,602 | 321,230 | ||||||
Paramount Bed Holdings Co. Ltd. | 2,794 | 107,904 | ||||||
Park24 Co. Ltd.(a) | 11,800 | 279,323 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Penta-Ocean Construction Co. Ltd. | 81,963 | $ | 505,706 | |||||
Persol Holdings Co. Ltd. | 21,191 | 409,687 | ||||||
Pigeon Corp. | 4,623 | 227,504 | ||||||
Pilot Corp. | 1,735 | 71,098 | ||||||
Piolax, Inc. | 3,991 | 78,893 | ||||||
Plenus Co. Ltd. | 5,972 | 104,132 | ||||||
Pola Orbis Holdings, Inc. | 5,292 | 120,521 | ||||||
Press Kogyo Co. Ltd. | 19,169 | 82,098 | ||||||
Prima Meat Packers Ltd. | 8,770 | 217,252 | ||||||
Raito Kogyo Co. Ltd. | 7,682 | 122,864 | ||||||
Raiznext Corp. | 8,749 | 89,590 | ||||||
Relo Group, Inc. | 4,884 | 120,400 | ||||||
Resorttrust, Inc. | 12,622 | 202,456 | ||||||
Restar Holdings Corp.(a) | 5,584 | 95,559 | ||||||
Rinnai Corp. | 5,755 | 425,350 | ||||||
Rohto Pharmaceutical Co. Ltd. | 8,301 | 251,476 | ||||||
Round One Corp. | 9,247 | 119,838 | ||||||
Royal Holdings Co. Ltd. | 3,616 | 91,684 | ||||||
Ryobi Ltd. | 8,796 | 165,578 | ||||||
Ryohin Keikaku Co. Ltd. | 17,140 | 384,483 | ||||||
Ryosan Co. Ltd. | 4,141 | 108,404 | ||||||
S Foods, Inc. | 3,484 | 94,106 | ||||||
Saizeriya Co. Ltd. | 4,616 | 104,997 | ||||||
Sakai Chemical Industry Co. Ltd. | 4,051 | 102,113 | ||||||
Sakata INX Corp. | 10,652 | 121,591 | ||||||
Sakata Seed Corp. | 2,716 | 90,194 | ||||||
San-A Co. Ltd. | 3,077 | 146,300 | ||||||
Sanden Holdings Corp.(b) | 18,415 | 121,285 | ||||||
Sangetsu Corp. | 7,545 | 143,635 | ||||||
San-In Godo Bank Ltd. (The) | 17,280 | 102,460 | ||||||
Sanken Electric Co. Ltd. | 8,110 | 192,575 | ||||||
Sanki Engineering Co. Ltd. | 10,228 | 125,550 | ||||||
Sankyo Co. Ltd. | 8,582 | 301,269 | ||||||
Sankyu, Inc. | 8,627 | 442,103 | ||||||
Sanrio Co. Ltd.(a) | 6,995 | 141,123 | ||||||
Sanwa Holdings Corp. | 35,441 | 417,994 | ||||||
Sanyo Chemical Industries Ltd. | 2,234 | 107,458 | ||||||
Sanyo Denki Co., Ltd. | 2,279 | 107,726 | ||||||
Sanyo Special Steel Co. Ltd. | 7,542 | 96,346 | ||||||
Sapporo Holdings Ltd. | 21,310 | 537,555 | ||||||
Sato Holdings Corp. | 4,151 | 123,065 | ||||||
Sawai Pharmaceutical Co. Ltd. | 5,643 | 318,937 | ||||||
SCREEN Holdings Co. Ltd.(a) | 6,895 | 484,095 | ||||||
SCSK Corp. | 4,960 | 254,183 | ||||||
Seiko Holdings Corp. | 8,911 | 220,498 | ||||||
Seiren Co. Ltd. | 6,865 | 85,348 | ||||||
Senko Group Holdings Co. Ltd. | 31,348 | 254,020 | ||||||
Senshu Ikeda Holdings, Inc. | 54,874 | 98,982 | ||||||
Seven Bank Ltd. | 95,056 | 276,977 | ||||||
Shibuya Corp. | 2,655 | 73,114 | ||||||
Shiga Bank Ltd. (The) | 9,004 | 219,051 | ||||||
Shima Seiki Manufacturing Ltd. | 3,975 | 96,153 | ||||||
Shimachu Co. Ltd. | 10,389 | 282,921 | ||||||
Shimamura Co. Ltd. | 5,476 | 466,528 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 2,447 | 83,751 | ||||||
Shinko Electric Industries Co. Ltd. | 17,894 | 175,952 | ||||||
Shinmaywa Industries Ltd. | 16,945 | 209,569 | ||||||
Ship Healthcare Holdings, Inc. | 7,462 | 319,588 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,000 | 117,108 | ||||||
Shochiku Co. Ltd. | 1,180 | 173,881 |
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, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Showa Corp. | 13,212 | $ | 278,527 | |||||
Siix Corp. | 9,748 | 149,595 | ||||||
Sinfonia Technology Co., Ltd. | 6,659 | 82,602 | ||||||
SKY Perfect JSAT Holdings, Inc. | 34,019 | 141,293 | ||||||
Sohgo Security Services Co. Ltd. | 8,203 | 448,450 | ||||||
Sotetsu Holdings, Inc. | 10,729 | 286,623 | ||||||
Square Enix Holdings Co. Ltd.(a) | 9,490 | 451,215 | ||||||
Starts Corp. Inc. | 6,396 | 165,602 | ||||||
Sugi Holdings Co. Ltd. | 5,895 | 328,818 | ||||||
SUMCO Corp. | 28,160 | 474,348 | ||||||
Sumitomo Bakelite Co. Ltd. | 5,449 | 229,089 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 14,860 | 261,447 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 49,957 | 285,587 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 8,588 | 378,141 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 2,127 | 68,175 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 14,604 | 199,394 | ||||||
Sundrug Co. Ltd. | 9,223 | 306,708 | ||||||
Suruga Bank Ltd.(b) | 90,050 | 394,003 | ||||||
Sushiro Global Holdings Ltd. | 1,489 | 102,338 | ||||||
Tachi-S Co. Ltd. | 6,853 | 92,045 | ||||||
Tadano Ltd. | 26,355 | 241,353 | ||||||
Taikisha Ltd. | 6,880 | 224,337 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 4,207 | 302,376 | ||||||
Taiyo Holdings Co. Ltd. | 2,757 | 100,737 | ||||||
Taiyo Nippon Sanso Corp. | 21,361 | 504,262 | ||||||
Taiyo Yuden Co. Ltd. | 17,790 | 477,395 | ||||||
Takara Holdings, Inc. | 24,035 | 239,894 | ||||||
Takara Leben Co., Ltd. | 26,240 | 112,140 | ||||||
Takasago Thermal Engineering Co. Ltd. | 10,683 | 194,479 | ||||||
Takeuchi Manufacturing Co. Ltd. | 5,325 | 84,280 | ||||||
Takuma Co. Ltd. | 10,210 | 122,212 | ||||||
Tamura Corp. | 16,644 | 96,534 | ||||||
TechnoPro Holdings, Inc. | 2,254 | 140,113 | ||||||
Tekken Corp. | 3,969 | 106,985 | ||||||
T-Gaia Corp. | 6,108 | 148,032 | ||||||
THK Co. Ltd. | 14,862 | 433,741 | ||||||
TIS, Inc. | 10,091 | 613,273 | ||||||
Toa Corp. | 8,977 | 121,736 | ||||||
Toagosei Co. Ltd. | 17,419 | 195,451 | ||||||
Toda Corp. | 58,510 | 369,121 | ||||||
Toei Co. Ltd. | 888 | 123,296 | ||||||
Toho Co. Ltd. | 10,037 | 405,732 | ||||||
Toho Holdings Co. Ltd. | 17,956 | 458,264 | ||||||
Toho Zinc Co. Ltd. | 5,610 | 115,049 | ||||||
Tokai Carbon Co. Ltd. | 12,207 | 124,661 | ||||||
TOKAI Holdings Corp. | 15,880 | 156,736 | ||||||
Tokai Rika Co. Ltd. | 14,272 | 278,562 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 69,033 | 181,355 | ||||||
Token Corp. | 2,588 | 166,620 | ||||||
Tokuyama Corp. | 14,481 | 390,741 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 8,223 | 132,581 | ||||||
Tokyo Century Corp. | 6,698 | 312,270 | ||||||
Tokyo Dome Corp. | 21,059 | 186,230 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 6,125 | 244,762 | ||||||
Tokyo Seimitsu Co. Ltd. | 6,209 | 201,597 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 15,875 | 128,492 | ||||||
Tokyu Construction Co. Ltd. | 18,952 | 151,469 | ||||||
Tomy Co. Ltd. | 16,798 | 183,355 | ||||||
Topcon Corp. | 13,571 | 189,056 | ||||||
Toppan Forms Co. Ltd. | 9,297 | 93,568 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Topre Corp. | 7,604 | $ | 133,222 | |||||
Toshiba Machine Co. Ltd. | 5,619 | 126,876 | ||||||
Toshiba Plant Systems & Services Corp. | 6,011 | 117,990 | ||||||
Toshiba TEC Corp. | 7,197 | 261,636 | ||||||
Totetsu Kogyo Co. Ltd. | 5,007 | 157,243 | ||||||
Towa Pharmaceutical Co. Ltd. | 3,718 | 95,886 | ||||||
Toyo Construction Co. Ltd. | 29,618 | 139,727 | ||||||
Toyo Engineering Corp.(a)(b) | 15,314 | 98,311 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 5,758 | 141,733 | ||||||
Toyo Tire Corp. | 35,207 | 495,350 | ||||||
Toyobo Co. Ltd. | 30,720 | 418,011 | ||||||
Toyota Boshoku Corp. | 23,950 | 355,578 | ||||||
TPR Co. Ltd. | 4,625 | 83,768 | ||||||
Transcosmos, Inc. | 4,614 | 116,433 | ||||||
Trusco Nakayama Corp. | 5,043 | 122,780 | ||||||
TS Tech Co. Ltd. | 14,292 | 464,039 | ||||||
TSI Holdings Co. Ltd. | 16,616 | 87,303 | ||||||
Tsubaki Nakashima Co. Ltd. | 7,286 | 125,157 | ||||||
Tsubakimoto Chain Co. | 8,518 | 293,901 | ||||||
Tsumura & Co. | 8,840 | 245,154 | ||||||
Tsuruha Holdings, Inc. | 4,777 | 540,426 | ||||||
TV Asahi Holdings Corp. | 5,671 | 89,546 | ||||||
UACJ Corp. | 13,512 | 250,354 | ||||||
Ulvac, Inc. | 8,176 | 361,512 | ||||||
Unipres Corp. | 15,160 | 250,318 | ||||||
United Arrows Ltd. | 4,320 | 132,471 | ||||||
United Super Markets Holdings, Inc. | 11,947 | 107,861 | ||||||
Unitika Ltd.(b) | 34,491 | 108,158 | ||||||
Unizo Holdings Co. Ltd. | 6,859 | 316,921 | ||||||
Ushio, Inc. | 20,083 | 302,253 | ||||||
USS Co. Ltd. | 16,078 | 313,216 | ||||||
Valor Holdings Co. Ltd. | 11,700 | 200,655 | ||||||
Vital KSK Holdings, Inc. | 8,749 | 89,671 | ||||||
VT Holdings Co. Ltd. | 22,743 | 102,244 | ||||||
Wacoal Holdings Corp. | 10,211 | 270,518 | ||||||
Wacom Co. Ltd. | 21,095 | 79,029 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 4,644 | 81,878 | ||||||
Welcia Holdings Co. Ltd. | 6,039 | 349,140 | ||||||
World Co., Ltd. | 6,848 | 158,935 | ||||||
Xebio Holdings Co. Ltd. | 8,598 | 96,793 | ||||||
YAMABIKO Corp. | 8,882 | 101,551 | ||||||
Yamato Kogyo Co. Ltd. | 7,221 | 188,833 | ||||||
Yamazen Corp. | 9,896 | 92,273 | ||||||
Yaoko Co. Ltd. | 3,079 | 144,117 | ||||||
Yokogawa Bridge Holdings Corp. | 5,498 | 101,614 | ||||||
Yokohama Reito Co. Ltd. | 12,331 | 122,962 | ||||||
Yoshinoya Holdings Co. Ltd. | 10,366 | 241,255 | ||||||
Zenkoku Hosho Co. Ltd. | 4,006 | 168,422 | ||||||
Zensho Holdings Co. Ltd. | 11,830 | 250,924 | ||||||
Zeon Corp. | 30,680 | 352,761 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 5,481 | 103,936 | ||||||
ZOZO, Inc.(a) | 7,475 | 175,008 | ||||||
|
| |||||||
111,281,690 | ||||||||
|
| |||||||
Jordan-0.10% | ||||||||
Hikma Pharmaceuticals PLC | 12,220 | 317,835 | ||||||
|
| |||||||
Kazakhstan-0.04% | ||||||||
KAZ Minerals PLC | 21,369 | 129,796 | ||||||
|
| |||||||
Liechtenstein-0.03% | ||||||||
Liechtensteinische Landesbank AG | 1,307 | 86,228 | ||||||
|
|
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, 2019
Shares | Value | |||||||
Luxembourg-0.23% | ||||||||
Aperam S.A. | 15,331 | $ | 390,998 | |||||
Eurofins Scientific S.E.(a) | 692 | 350,656 | ||||||
|
| |||||||
741,654 | ||||||||
|
| |||||||
Macau-0.19% | ||||||||
MGM China Holdings Ltd. | 102,729 | 163,314 | ||||||
Wynn Macau Ltd. | 205,897 | 448,693 | ||||||
|
| |||||||
612,007 | ||||||||
|
| |||||||
Mexico-0.05% | ||||||||
Fresnillo PLC(a) | 17,516 | 160,926 | ||||||
|
| |||||||
Netherlands-2.09% | ||||||||
Aalberts N.V. | 13,442 | 540,776 | ||||||
Altice Europe N.V.(b) | 100,475 | 573,926 | ||||||
Altice Europe N.V., Class B(b) | 8,670 | 49,718 | ||||||
AMG Advanced Metallurgical Group N.V.(a) | 3,048 | 74,845 | ||||||
Arcadis N.V.(a) | 17,159 | 338,839 | ||||||
ASM International N.V. | 4,817 | 483,990 | ||||||
BE Semiconductor Industries N.V. | 9,073 | 335,352 | ||||||
Corbion N.V. | 4,450 | 128,584 | ||||||
Eurocommercial Properties N.V., CVA | 10,677 | 340,678 | ||||||
Euronext N.V.(d) | 5,500 | 443,332 | ||||||
Flow Traders(d) | 3,574 | 84,213 | ||||||
Fugro N.V., CVA(a)(b) | 30,126 | 271,906 | ||||||
GrandVision N.V.(d) | 4,889 | 149,451 | ||||||
IMCD N.V. | 3,237 | 252,434 | ||||||
Intertrust N.V.(d) | 9,793 | 186,172 | ||||||
Koninklijke BAM Groep N.V.(a) | 117,567 | 298,004 | ||||||
Koninklijke Volkerwessels N.V. | 5,757 | 133,594 | ||||||
Koninklijke Vopak N.V. | 9,017 | 494,843 | ||||||
NIBC Holding N.V.(d) | 8,312 | 67,695 | ||||||
NSI N.V. | 2,461 | 112,433 | ||||||
OCI N.V.(b) | 10,220 | 229,293 | ||||||
PostNL N.V. | 183,141 | 420,493 | ||||||
Sligro Food Group N.V. | 3,045 | 77,455 | ||||||
TKH Group N.V., CVA(a) | 5,877 | 300,689 | ||||||
TomTom N.V.(b) | 8,055 | 91,034 | ||||||
Vastned Retail N.V. | 3,360 | 100,837 | ||||||
Wereldhave N.V.(a) | 12,033 | 284,602 | ||||||
|
| |||||||
6,865,188 | ||||||||
|
| |||||||
NewZealand-0.71% | ||||||||
Air New Zealand Ltd. | 45,846 | 83,058 | ||||||
Auckland International Airport Ltd. | 78,831 | 470,155 | ||||||
Chorus Ltd. | 52,666 | 179,175 | ||||||
Contact Energy Ltd. | 56,857 | 269,092 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 26,456 | 324,903 | ||||||
Kiwi Property Group Ltd. | 88,597 | 90,340 | ||||||
Mercury NZ Ltd. | 42,325 | 134,765 | ||||||
Meridian Energy Ltd. | 87,489 | 258,091 | ||||||
Ryman Healthcare Ltd. | 23,547 | 194,950 | ||||||
SKYCITY Entertainment Group Ltd. | 62,389 | 156,439 | ||||||
Z Energy Ltd. | 53,465 | 183,779 | ||||||
|
| |||||||
2,344,747 | ||||||||
|
| |||||||
Norway-1.14% | ||||||||
Aker BP ASA(a) | 5,170 | 142,973 | ||||||
Aker Solutions ASA(b) | 48,335 | 111,345 | ||||||
Atea ASA(b) | 7,560 | 95,682 | ||||||
Austevoll Seafood ASA | 16,299 | 164,655 | ||||||
Borregaard ASA | 8,623 | 83,072 |
Shares | Value | |||||||
Norway-(continued) | ||||||||
DNO ASA | 49,300 | $ | 59,630 | |||||
Elkem ASA(d) | 41,202 | 97,831 | ||||||
Entra ASA(d) | 15,817 | 237,052 | ||||||
Frontline Ltd.(b) | 19,658 | 206,617 | ||||||
Kongsberg Gruppen ASA | 11,786 | 174,328 | ||||||
Leroy Seafood Group ASA | 27,064 | 181,700 | ||||||
Norwegian Air Shuttle ASA(a)(b) | 14,560 | 70,840 | ||||||
Norwegian Finans Holding ASA(b) | 15,769 | 152,517 | ||||||
PGS ASA(b) | 121,965 | 205,905 | ||||||
Salmar ASA | 4,916 | 229,437 | ||||||
Schibsted ASA, Class A | 4,215 | 123,954 | ||||||
Schibsted ASA, Class B | 5,175 | 144,746 | ||||||
SpareBank 1 SMN | 12,958 | 139,725 | ||||||
SpareBank 1SR-Bank ASA | 31,034 | 331,256 | ||||||
TGS NOPEC Geophysical Co. ASA | 14,460 | 375,155 | ||||||
Tomra Systems ASA | 5,351 | 144,307 | ||||||
Veidekke ASA | 17,964 | 195,172 | ||||||
XXL ASA(a)(b)(d) | 32,276 | 66,442 | ||||||
XXL ASA, Rts., TBA(b) | 3,550 | 1,508 | ||||||
|
| |||||||
3,735,849 | ||||||||
|
| |||||||
Poland-0.82% | ||||||||
Alior Bank S.A.(b) | 17,311 | 122,334 | ||||||
Asseco Poland S.A. | 6,165 | 82,900 | ||||||
Bank Millennium S.A.(b) | 59,780 | 96,291 | ||||||
CCC S.A. | 2,143 | 62,689 | ||||||
Cyfrowy Polsat S.A. | 29,639 | 215,203 | ||||||
Enea S.A.(b) | 61,200 | 135,474 | ||||||
Energa S.A.(b) | 50,223 | 80,962 | ||||||
Eurocash S.A. | 29,921 | 171,918 | ||||||
Grupa Azoty S.A.(b) | 9,977 | 91,689 | ||||||
Grupa Lotos S.A. | 16,835 | 420,985 | ||||||
Jastrzebska Spolka Weglowa S.A.(a) | 12,106 | 61,434 | ||||||
LPP S.A. | 56 | 119,707 | ||||||
mBank S.A.(b) | 1,637 | 163,829 | ||||||
Orange Polska S.A.(b) | 143,504 | 235,098 | ||||||
Play Communications S.A.(d) | 25,055 | 198,733 | ||||||
Santander Bank Polska S.A. | 3,443 | 282,660 | ||||||
Tauron Polska Energia S.A.(b) | 329,843 | 142,918 | ||||||
|
| |||||||
2,684,824 | ||||||||
|
| |||||||
Portugal-0.39% | ||||||||
CTT-Correios de Portugal S.A. | 38,234 | 122,166 | ||||||
Mota-Engil SGPS S.A. | 68,509 | 151,718 | ||||||
Navigator Co. S.A. (The) | 65,667 | 236,781 | ||||||
NOS, SGPS S.A. | 36,705 | 218,058 | ||||||
REN - Redes Energeticas Nacionais SGPS S.A. | 62,450 | 185,329 | ||||||
Sonae SGPS S.A. | 363,935 | 366,843 | ||||||
|
| |||||||
1,280,895 | ||||||||
|
| |||||||
Russia-0.28% | ||||||||
Polymetal International PLC | 35,419 | 579,777 | ||||||
VEON Ltd. | 148,933 | 350,591 | ||||||
|
| |||||||
930,368 | ||||||||
|
| |||||||
Singapore-1.82% | ||||||||
Ascott Residence Trust | 164,609 | 166,913 | ||||||
BOC Aviation Ltd.(d) | 23,401 | 220,046 | ||||||
BW LPG Ltd.(d) | 48,055 | 336,812 | ||||||
CapitaLand Commercial Trust | 246,768 | 371,707 |
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, 2019
Shares | Value | |||||||
Singapore-(continued) | ||||||||
CDL Hospitality Trusts | 108,553 | $ | 130,811 | |||||
Ezion Holdings Ltd., Wts., expiring 04/16/2023(b)(c) | 177,436 | 0 | ||||||
Ezra Holdings Ltd.(b)(c) | 1,165,297 | 0 | ||||||
Frasers Centrepoint Trust | 68,284 | 137,978 | ||||||
Frasers Commercial Trust | 84,875 | 102,278 | ||||||
Frasers Logistics & Industrial Trust(d) | 134,778 | 124,781 | ||||||
IGG Inc. | 58,013 | 37,971 | ||||||
Keppel Infrastructure Trust | 316,441 | 124,395 | ||||||
Keppel REIT | 222,095 | 197,461 | ||||||
Mapletree Commercial Trust | 204,784 | 350,598 | ||||||
Mapletree Commercial Trust, Rts., expiring 11/07/2019(b) | 14,539 | 961 | ||||||
Mapletree Industrial Trust | 158,559 | 297,091 | ||||||
Mapletree Logistics Trust | 247,252 | 305,216 | ||||||
NetLink NBN Trust(d) | 262,046 | 179,068 | ||||||
SATS Ltd. | 67,812 | 251,626 | ||||||
Sembcorp Industries Ltd. | 227,286 | 382,442 | ||||||
Sembcorp Marine Ltd.(b) | 208,086 | 209,470 | ||||||
Singapore Exchange Ltd. | 62,511 | 410,631 | ||||||
Singapore Post Ltd. | 228,643 | 161,282 | ||||||
StarHub Ltd. | 151,273 | 144,498 | ||||||
Suntec REIT | 240,034 | 328,053 | ||||||
UOL Group Ltd. | 99,496 | 570,241 | ||||||
Venture Corp. Ltd. | 36,943 | 429,706 | ||||||
|
| |||||||
5,972,036 | ||||||||
|
| |||||||
SouthKorea-5.94% | ||||||||
AMOREPACIFIC Group | 4,693 | 341,250 | ||||||
Asiana Airlines, Inc.(b) | 47,357 | 216,952 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 1,240 | 58,725 | ||||||
Celltrion, Inc.(b) | 1,228 | 211,096 | ||||||
Cheil Worldwide, Inc. | 7,711 | 164,036 | ||||||
CJ CGV Co. Ltd. | 2,343 | 67,967 | ||||||
CJ ENM Co., Ltd. | 886 | 125,652 | ||||||
CJ Hello Co., Ltd. | 9,549 | 50,148 | ||||||
CJ Logistics Corp.(b) | 1,398 | 189,252 | ||||||
Com2uSCorp. | 860 | 72,662 | ||||||
Daesang Corp. | 6,251 | 115,247 | ||||||
Daewoo Engineering & Construction Co. Ltd.(b) | 84,964 | 318,035 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 15,088 | 365,058 | ||||||
Daishin Securities Co. Ltd. | 8,234 | 88,112 | ||||||
Daishin Securities Co. Ltd., Preference Shares | 7,045 | 56,617 | ||||||
Daou Technology, Inc. | 5,059 | 78,704 | ||||||
DB HiTek Co. Ltd. | 8,187 | 119,626 | ||||||
DGB Financial Group, Inc. | 46,018 | 278,058 | ||||||
Dongkuk Steel Mill Co. Ltd.(b) | 20,918 | 105,718 | ||||||
Doosan Bobcat, Inc. | 5,317 | 143,956 | ||||||
Doosan Corp. | 4,826 | 322,715 | ||||||
Doosan Fuel Cell Co., Ltd.(b) | 16,139 | 107,089 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 62,359 | 329,094 | ||||||
Doosan Solus Co., Ltd.(b) | 8,896 | 136,103 | ||||||
Fila Korea Ltd. | 2,960 | 146,543 | ||||||
Green Cross Corp. | 648 | 71,570 | ||||||
GS Home Shopping, Inc. | 619 | 79,167 | ||||||
GS Retail Co. Ltd. | 6,761 | 222,277 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Hanjin Kal Corp. | 4,087 | $ | 106,439 | |||||
Hanjin Transportation Co. Ltd. | 4,069 | 107,893 | ||||||
Hanmi Pharm Co. Ltd. | 200 | 57,330 | ||||||
Hanon Systems | 20,475 | 204,143 | ||||||
Hansol Paper Co. Ltd. | 5,792 | 72,932 | ||||||
Hanwha Aerospace Co. Ltd.(b) | 8,287 | 269,241 | ||||||
Hanwha Corp. | 12,863 | 262,578 | ||||||
Hanwha Corp., Preference Shares | 6,629 | 77,489 | ||||||
Hanwha Life Insurance Co. Ltd. | 73,046 | 140,008 | ||||||
Harim Holdings Co., Ltd. | 12,434 | 96,185 | ||||||
HDC Holdings Co. Ltd. | 6,761 | 68,862 | ||||||
Hite Jinro Co. Ltd. | 9,793 | 239,470 | ||||||
Hotel Shilla Co. Ltd. | 2,986 | 198,904 | ||||||
Huchems Fine Chemical Corp. | 4,036 | 76,665 | ||||||
Hyosung Corp. | 2,237 | 159,010 | ||||||
Hyundai Corp. | 5,419 | 82,208 | ||||||
Hyundai Department Store Co. Ltd. | 4,144 | 263,219 | ||||||
Hyundai Elevator Co. Ltd.(b) | 998 | 63,219 | ||||||
Hyundai Greenfood Co. Ltd. | 10,975 | 105,651 | ||||||
Hyundai Home Shopping Network Corp. | 1,082 | 78,584 | ||||||
Hyundai Merchant Marine Co. Ltd.(b) | 69,351 | 196,409 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 3,120 | 116,519 | ||||||
Hyundai Rotem Co. Ltd.(b) | 8,166 | 113,002 | ||||||
Hyundai Wia Corp. | 10,163 | 447,244 | ||||||
Innocean Worldwide, Inc. | 1,245 | 68,700 | ||||||
IS Dongseo Co. Ltd. | 2,671 | 73,350 | ||||||
JB Financial Group Co. Ltd. | 24,394 | 111,964 | ||||||
Kakao Corp. | 2,741 | 333,363 | ||||||
Kangwon Land, Inc. | 13,864 | 373,576 | ||||||
KCC Corp. | 1,581 | 307,109 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 4,098 | 114,826 | ||||||
KIWOOM Securities Co. Ltd. | 1,565 | 93,084 | ||||||
Kolon Industries, Inc. | 6,665 | 270,679 | ||||||
Korea Aerospace Industries Ltd. | 6,516 | 212,822 | ||||||
Korea Investment Holdings Co. Ltd. | 6,787 | 395,512 | ||||||
Korea Line Corp.(b) | 3,987 | 76,077 | ||||||
Korea Petrochemical Ind Co. Ltd. | 798 | 81,621 | ||||||
Korean Reinsurance Co. | 19,410 | 132,464 | ||||||
Kumho Industrial Co., Ltd. | 8,188 | 85,156 | ||||||
Kumho Petrochemical Co. Ltd. | 3,652 | 219,726 | ||||||
Kumho Tire Co., Inc.(b) | 35,974 | 130,792 | ||||||
LF Corp. | 4,414 | 74,550 | ||||||
LG Hausys Ltd. | 2,391 | 122,278 | ||||||
LG Innotek Co. Ltd. | 4,172 | 433,892 | ||||||
LG International Corp. | 10,353 | 138,372 | ||||||
LIG Nex1 Co. Ltd. | 2,640 | 76,356 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 726 | 85,489 | ||||||
Lotte Corp. | 6,808 | 213,582 | ||||||
LOTTE Fine Chemical Co., Ltd. | 2,813 | 106,867 | ||||||
Lotte Himart Co., Ltd. | 4,484 | 116,585 | ||||||
LS Corp. | 8,349 | 348,039 | ||||||
LS Industrial Systems Co., Ltd. | 3,496 | 149,492 | ||||||
Mando Corp. | 13,920 | 428,326 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 11,219 | 178,393 | ||||||
Meritz Securities Co. Ltd. | 51,762 | 200,650 | ||||||
NCSoft Corp. | 956 | 423,994 | ||||||
Netmarble Corp.(b)(d) | 837 | 64,675 | ||||||
NH Investment & Securities Co. Ltd. | 23,602 | 245,463 | ||||||
NHN Corp.(b) | 1,536 | 76,176 | ||||||
NongShim Co. Ltd. | 671 | 139,569 |
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, 2019
Shares | Value | |||||||
South Korea-(continued) | ||||||||
OCI Co. Ltd. | 4,169 | $ | 225,390 | |||||
Orange Life Insurance Ltd.(d) | 8,865 | 213,348 | ||||||
Ottogi Corp. | 132 | 64,102 | ||||||
Pan Ocean Co. Ltd.(b) | 42,182 | 159,345 | ||||||
Paradise Co. Ltd. | 5,173 | 82,923 | ||||||
Partron Co. Ltd. | 9,001 | 91,677 | ||||||
Poongsan Corp. | 8,019 | 138,883 | ||||||
Posco International Corp. | 24,264 | 380,608 | ||||||
S-1 Corp. | 1,809 | 145,690 | ||||||
Samsung Card Co. Ltd. | 7,266 | 209,527 | ||||||
Samsung Engineering Co. Ltd.(b) | 34,389 | 526,129 | ||||||
Samsung SDS Co. Ltd. | 2,407 | 416,873 | ||||||
Samsung Securities Co. Ltd. | 12,914 | 372,952 | ||||||
Seoul Semiconductor Co. Ltd. | 4,469 | 51,472 | ||||||
SFA Engineering Corp. | 2,108 | 75,735 | ||||||
Shinsegae, Inc. | 1,557 | 315,830 | ||||||
SK Gas Ltd. | 1,320 | 95,303 | ||||||
SK Networks Co. Ltd. | 84,980 | 424,370 | ||||||
SKC Co. Ltd. | 4,727 | 180,190 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 13,944 | 155,806 | ||||||
Youngone Corp. | 5,038 | 150,475 | ||||||
Yuhan Corp. | 676 | 130,441 | ||||||
|
| |||||||
19,495,271 | ||||||||
|
| |||||||
Spain-1.75% | ||||||||
Almirall S.A. | 5,446 | 102,196 | ||||||
Applus Services S.A. | 27,487 | 331,498 | ||||||
Atresmedia Corp de Medios de Comunicacion S.A. | 17,306 | 72,364 | ||||||
Bolsas y Mercados Espanoles SHMSF S.A. | 10,435 | 289,416 | ||||||
Cellnex Telecom S.A.(a)(b)(d) | 5,414 | 233,512 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 17,883 | 374,883 | ||||||
CIE Automotive S.A. | 5,209 | 129,711 | ||||||
Construcciones y Auxiliar de Ferrocarriles S.A. | 2,313 | 103,865 | ||||||
Ebro Foods S.A. | 12,934 | 283,979 | ||||||
EDP Renovaveis S.A. | 11,321 | 129,082 | ||||||
Ence Energia y Celulosa S.A. | 14,114 | 55,584 | ||||||
Euskaltel S.A.(d) | 14,114 | 131,324 | ||||||
Faes Farma S.A. | 29,059 | 166,961 | ||||||
Fomento de Construcciones y Contratas S.A. | 8,169 | 98,975 | ||||||
Gestamp Automocion S.A.(a)(d) | 52,759 | 226,260 | ||||||
Indra Sistemas S.A.(b) | 22,519 | 217,568 | ||||||
Inmobiliaria Colonial Socimi S.A. | 29,886 | 386,104 | ||||||
Liberbank S.A. | 333,257 | 106,558 | ||||||
Mediaset Espana Comunicacion S.A. | 37,484 | 229,168 | ||||||
Melia Hotels International S.A. | 18,629 | 151,823 | ||||||
Metrovacesa S.A.(a)(d) | 6,391 | 60,321 | ||||||
Neinor Homes S.A.(b)(d) | 6,923 | 91,139 | ||||||
Prosegur Cash S.A.(d) | 36,513 | 57,030 | ||||||
Prosegur Cia de Seguridad S.A. | 52,494 | 203,806 | ||||||
Sacyr S.A. | 151,832 | 431,948 | ||||||
Siemens Gamesa Renewable Energy S.A. | 20,945 | 288,002 | ||||||
Tecnicas Reunidas S.A.(a)(b) | 11,090 | 278,878 | ||||||
Unicaja Banco S.A.(d) | 166,665 | 150,890 | ||||||
Viscofan S.A. | 4,469 | 242,212 | ||||||
Zardoya Otis S.A. | 16,727 | 126,712 | ||||||
|
| |||||||
5,751,769 | ||||||||
|
|
Shares | Value | |||||||
Sweden-3.39% | ||||||||
AAK AB | 16,180 | $ | 287,348 | |||||
Adapteo Oyj(b) | 7,296 | 80,167 | ||||||
AF Poyry AB | 10,693 | 227,749 | ||||||
Arjo AB, Class B | 33,609 | 138,702 | ||||||
Atrium Ljungberg AB, Class B | 5,039 | 100,526 | ||||||
Attendo AB(d) | 17,372 | 88,823 | ||||||
Axfood AB | 19,770 | 426,415 | ||||||
Beijer Ref AB(a) | 5,075 | 137,169 | ||||||
Betsson AB(b) | 22,244 | 109,785 | ||||||
Bilia AB, Class A | 24,514 | 246,303 | ||||||
Bonava AB, Class B | 10,187 | 98,335 | ||||||
Bravida Holding AB(d) | 17,324 | 159,766 | ||||||
Bure Equity AB | 5,891 | 91,108 | ||||||
Clas Ohlson AB, Class B | 12,931 | 124,622 | ||||||
Cloetta AB, Class B | 39,825 | 135,419 | ||||||
Dometic Group AB(d) | 40,238 | 373,633 | ||||||
Elekta AB, Class B(a) | 21,695 | 302,874 | ||||||
Fabege AB | 27,640 | 413,124 | ||||||
Fastighets AB Balder, Class B(b) | 8,735 | 339,089 | ||||||
Hemfosa Fastigheter AB | 19,491 | 201,196 | ||||||
Hemfosa Fastigheter AB, Preference Shares | 1,267 | 24,855 | ||||||
Hexpol AB | 31,874 | 284,521 | ||||||
Holmen AB, Class B | 18,001 | 531,755 | ||||||
Hufvudstaden AB, Class A | 10,725 | 179,783 | ||||||
Indutrade AB | 7,178 | 221,428 | ||||||
Intrum AB | 9,363 | 252,678 | ||||||
Investment AB Latour, Class B(a) | 7,551 | 102,281 | ||||||
JM AB(a) | 19,771 | 506,880 | ||||||
Klovern AB, Class B | 78,323 | 137,065 | ||||||
Klovern AB, Preference Shares | 2,566 | 94,950 | ||||||
Kungsleden AB | 29,718 | 270,520 | ||||||
Lifco AB, Class B | 2,553 | 127,514 | ||||||
Lindab International AB | 9,371 | 104,854 | ||||||
Loomis AB, Class B | 10,144 | 392,733 | ||||||
Lundin Petroleum AB | 3,316 | 109,727 | ||||||
Mekonomen AB(a)(b) | 14,646 | 124,960 | ||||||
Modern Times Group MTG AB, Class B(b) | 11,168 | 103,771 | ||||||
Mycronic AB(a) | 6,302 | 104,986 | ||||||
NetEnt AB(b) | 20,200 | 57,239 | ||||||
Nibe Industrier AB, Class B | 18,592 | 254,730 | ||||||
Nobia AB | 28,167 | 180,095 | ||||||
Nolato AB, Class B | 2,108 | 118,153 | ||||||
Nordic Entertainment Group AB, Class B | 11,168 | 317,618 | ||||||
Pandox AB | 6,060 | 121,397 | ||||||
Peab AB | 38,768 | 327,148 | ||||||
Ratos AB, Class B | 103,305 | 266,779 | ||||||
Resurs Holding AB(d) | 14,438 | 85,121 | ||||||
Saab AB, Class B | 10,358 | 320,062 | ||||||
SAS AB(a)(b) | 176,019 | 275,512 | ||||||
Scandic Hotels Group AB(d) | 15,271 | 147,015 | ||||||
Sweco AB, Class B | 6,609 | 232,961 | ||||||
Swedish Orphan Biovitrum AB(a)(b) | 3,881 | 61,593 | ||||||
Thule Group AB(d) | 7,816 | 159,252 | ||||||
Wallenstam AB, Class B | 17,413 | 191,042 | ||||||
Wihlborgs Fastigheter AB | 17,409 | 263,639 | ||||||
|
| |||||||
11,136,770 | ||||||||
|
| |||||||
Switzerland-3.74% | ||||||||
Allreal Holding AG(b) | 1,722 | 335,413 | ||||||
ALSO Holding AG(b) | 1,057 | 157,251 |
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, 2019
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Arbonia AG(a)(b) | 8,793 | $ | 109,963 | |||||
Aryzta AG(a)(b) | 374,876 | 295,342 | ||||||
Ascom Holding AG | 6,201 | 61,397 | ||||||
Autoneum Holding AG(a) | 1,014 | 113,552 | ||||||
Banque Cantonale Vaudoise | 396 | 310,218 | ||||||
Barry Callebaut AG | 179 | 377,319 | ||||||
Belimo Holding AG | 29 | 181,920 | ||||||
Bell Food Group AG(b) | 270 | 74,153 | ||||||
BKW AG | 3,459 | 255,197 | ||||||
Bobst Group S.A. | 1,214 | 63,668 | ||||||
Bucher Industries AG | 1,017 | 313,938 | ||||||
Burckhardt Compression Holding AG | 447 | 106,456 | ||||||
Cembra Money Bank AG | 3,602 | 381,098 | ||||||
Conzzeta AG | 156 | 135,803 | ||||||
Daetwyler Holding AG, BR | 921 | 158,486 | ||||||
DKSH Holding AG | 7,084 | 336,127 | ||||||
dormakaba Holding AG(b) | 292 | 186,874 | ||||||
EFG International AG(a)(b) | 12,376 | 78,012 | ||||||
Emmi AG | 207 | 175,166 | ||||||
EMS-Chemie Holding AG | 572 | 357,663 | ||||||
Flughafen Zurich AG | 2,001 | 360,352 | ||||||
Forbo Holding AG | 111 | 176,610 | ||||||
Galenica AG(b)(d) | 9,591 | 572,981 | ||||||
GAM Holding AG(b) | 126,625 | 421,934 | ||||||
Huber + Suhner AG | 1,515 | 100,718 | ||||||
Implenia AG(a) | 7,195 | 273,144 | ||||||
Inficon Holding AG | 175 | 125,386 | ||||||
IWG PLC | 122,835 | 609,408 | ||||||
Landis+Gyr Group AG(b) | 4,718 | 437,255 | ||||||
Logitech International S.A. | 9,651 | 394,745 | ||||||
Mediclinic International PLC | 84,971 | 402,426 | ||||||
Mobimo Holding AG(b) | 1,116 | 314,414 | ||||||
OC Oerlikon Corp. AG | 25,713 | 263,189 | ||||||
Rieter Holding AG(a) | 765 | 104,119 | ||||||
Schweiter Technologies AG, BR(a) | 154 | 158,253 | ||||||
SFS Group AG(a) | 1,927 | 170,388 | ||||||
Siegfried Holding AG(b) | 324 | 131,833 | ||||||
SIG Combibloc Group AG(b) | 9,938 | 137,375 | ||||||
St Galler Kantonalbank AG | 167 | 73,028 | ||||||
Straumann Holding AG(b) | 276 | 246,085 | ||||||
Sulzer AG | 4,340 | 438,068 | ||||||
Sunrise Communications Group AG(a)(b)(d) | 5,840 | 453,647 | ||||||
Tecan Group AG, Class R | 585 | 138,254 | ||||||
Temenos AG(b) | 1,073 | 153,053 | ||||||
u-blox Holding AG(b) | 1,003 | 81,114 | ||||||
Valiant Holding AG | 1,080 | 109,450 | ||||||
Valora Holding AG(a)(b) | 895 | 255,779 | ||||||
VAT Group AG(b)(d) | 1,592 | 233,375 | ||||||
Vontobel Holding AG(a) | 4,093 | 238,093 | ||||||
Wizz Air Holdings Plc(b)(d) | 2,467 | 121,754 | ||||||
|
| |||||||
12,261,246 | ||||||||
|
| |||||||
Ukraine-0.02% | ||||||||
Ferrexpo PLC | 47,703 | 77,746 | ||||||
|
| |||||||
United ArabEmirates-0.04% | ||||||||
Borr Drilling Ltd.(b) | 7,616 | 51,372 | ||||||
NMC Health PLC | 2,573 | 72,682 | ||||||
|
| |||||||
124,054 | ||||||||
|
|
Shares | Value | |||||||
UnitedKingdom-8.63% | ||||||||
888 Holdings PLC | 50,107 | $ | 116,450 | |||||
AA PLC | 158,266 | 90,315 | ||||||
Ascential PLC(d) | 22,903 | 103,491 | ||||||
Ashmore Group PLC(a) | 39,183 | 236,072 | ||||||
Assura PLC | 246,815 | 238,895 | ||||||
Auto Trader Group PLC(d) | 24,907 | 181,195 | ||||||
AVEVA Group PLC | 3,715 | 201,037 | ||||||
B&M European Value Retail S.A. | 87,903 | 421,203 | ||||||
BCA Marketplace PLC | 93,867 | 286,655 | ||||||
Big Yellow Group PLC | 15,212 | 224,795 | ||||||
Bodycote PLC | 28,020 | 259,606 | ||||||
Bovis Homes Group PLC | 28,540 | 432,090 | ||||||
Brewin Dolphin Holdings PLC | 34,133 | 146,815 | ||||||
Britvic PLC | 34,459 | 440,102 | ||||||
Cairn Energy PLC(b) | 87,686 | 201,742 | ||||||
Capital & Counties Properties PLC | 89,464 | 295,204 | ||||||
Card Factory PLC | 53,328 | 116,897 | ||||||
Cineworld Group PLC | 65,843 | 189,742 | ||||||
Coats Group PLC | 145,447 | 134,193 | ||||||
Computacenter PLC | 16,386 | 290,275 | ||||||
ConvaTec Group PLC(d) | 194,328 | 495,754 | ||||||
Countryside Properties PLC(d) | 41,533 | 189,823 | ||||||
Cranswick PLC | 7,019 | 281,923 | ||||||
Crest Nicholson Holdings PLC | 68,019 | 341,856 | ||||||
Daily Mail and General Trust PLC, Class A | 26,417 | 299,790 | ||||||
Dechra Pharmaceuticals PLC | 3,165 | 107,712 | ||||||
Dialog Semiconductor PLC(b) | 11,042 | 495,348 | ||||||
Dignity PLC | 10,796 | 77,464 | ||||||
Diploma PLC | 7,772 | 160,811 | ||||||
Domino’s Pizza Group PLC | 47,158 | 174,463 | ||||||
Dunelm Group PLC | 16,444 | 167,994 | ||||||
EI Group PLC(b) | 137,052 | 499,404 | ||||||
Electrocomponents PLC | 50,213 | 441,964 | ||||||
Elementis PLC | 79,551 | 153,070 | ||||||
Equiniti Group PLC(d) | 38,461 | 107,102 | ||||||
Essentra PLC | 42,523 | 209,864 | ||||||
Firstgroup PLC(b) | 170,801 | 285,332 | ||||||
Galliford Try PLC | 35,019 | 332,156 | ||||||
Games Workshop Group PLC | 2,089 | 120,831 | ||||||
Genus PLC | 4,086 | 153,014 | ||||||
Go-Ahead Group PLC (The) | 7,632 | 201,861 | ||||||
Grafton Group PLC | 37,534 | 379,324 | ||||||
Grainger PLC | 56,253 | 186,928 | ||||||
Great Portland Estates PLC | 44,209 | 450,558 | ||||||
Greggs PLC | 10,618 | 244,017 | ||||||
GVC Holdings PLC | 25,247 | 290,759 | ||||||
Halfords Group PLC | 39,393 | 80,744 | ||||||
Halma PLC | 19,292 | 467,697 | ||||||
Hargreaves Lansdown PLC | 11,488 | 263,416 | ||||||
Hastings Group Holdings PLC(d) | 41,872 | 98,612 | ||||||
Hill & Smith Holdings PLC | 9,166 | 155,376 | ||||||
HomeServe PLC | 22,393 | 335,838 | ||||||
Howden Joinery Group PLC | 59,655 | 445,715 | ||||||
Hunting PLC | 20,652 | 105,024 | ||||||
Ibstock PLC(d) | 61,439 | 192,236 | ||||||
Indivior PLC(b) | 178,647 | 90,387 | ||||||
J D Wetherspoon PLC | 10,735 | 203,226 | ||||||
JD Sports Fashion PLC | 22,639 | 225,102 | ||||||
Jupiter Fund Management PLC | 101,531 | 450,111 | ||||||
Just Eat PLC(b) | 12,749 | 121,254 |
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, 2019
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Just Group PLC(b) | 221,021 | $ | 173,746 | |||||
Keller Group PLC | 12,983 | 87,528 | ||||||
Kier Group PLC(a) | 66,379 | 97,490 | ||||||
Lancashire Holdings Ltd. | 37,164 | 342,162 | ||||||
LondonMetric Property PLC | 72,296 | 216,851 | ||||||
Marshalls PLC | 17,083 | 157,280 | ||||||
Marston’s PLC | 182,444 | 291,090 | ||||||
McCarthy & Stone PLC(d) | 89,423 | 169,520 | ||||||
Merlin Entertainments PLC(d) | 88,491 | 520,436 | ||||||
Metro Bank PLC(a)(b) | 8,407 | 22,062 | ||||||
Mitchells & Butlers PLC(b) | 56,553 | 311,745 | ||||||
Mitie Group PLC | 49,879 | 102,237 | ||||||
Moneysupermarket.com Group PLC | 55,564 | 246,688 | ||||||
Morgan Advanced Materials PLC | 36,434 | 111,075 | ||||||
National Express Group PLC | 44,630 | 257,801 | ||||||
NewRiver REIT PLC | 38,540 | 100,240 | ||||||
Ocado Group PLC(b) | 10,723 | 184,406 | ||||||
OneSavings Bank PLC | 34,745 | 161,856 | ||||||
PageGroup PLC | 47,206 | 271,948 | ||||||
Paragon Banking Group PLC | 43,663 | 284,477 | ||||||
Pets at Home Group PLC | 100,239 | 267,460 | ||||||
Polypipe Group PLC | 21,130 | 123,860 | ||||||
Premier Oil PLC(a)(b) | 323,567 | 346,261 | ||||||
Primary Health Properties PLC | 74,815 | 136,890 | ||||||
Provident Financial PLC | 57,573 | 327,872 | ||||||
PZ Cussons PLC | 31,620 | 82,446 | ||||||
QinetiQ Group PLC | 69,931 | 285,227 | ||||||
Rathbone Brothers PLC | 3,196 | 85,814 | ||||||
Redrow PLC | 30,069 | 234,234 | ||||||
Renishaw PLC | 1,845 | 90,436 | ||||||
Restaurant Group PLC (The) | 109,319 | 191,818 | ||||||
Rightmove PLC | 26,283 | 203,585 | ||||||
Rotork PLC | 73,286 | 285,824 | ||||||
Safestore Holdings PLC | 18,587 | 168,481 | ||||||
Saga PLC | 212,285 | 128,888 | ||||||
Savills PLC | 22,842 | 271,190 | ||||||
Senior PLC | 79,792 | 190,704 | ||||||
Serco Group PLC(b) | 211,809 | 427,566 | ||||||
Shaftesbury PLC | 24,178 | 295,656 | ||||||
SIG PLC | 113,541 | 165,434 | ||||||
Spectris PLC | 13,890 | 429,930 | ||||||
Spirax-Sarco Engineering PLC | 4,702 | 482,187 | ||||||
Spire Healthcare Group PLC(d) | 111,608 | 168,683 | ||||||
Sports Direct International PLC(b) | 67,940 | 271,655 | ||||||
SSP Group PLC | 36,594 | 301,636 | ||||||
St Modwen Properties PLC | 15,210 | 88,765 | ||||||
Stagecoach Group PLC | 99,175 | 176,200 | ||||||
Superdry PLC | 23,416 | 123,928 | ||||||
Synthomer PLC | 44,005 | 158,869 | ||||||
TalkTalk Telecom Group PLC | 144,709 | 208,975 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Ted Baker PLC | 3,822 | $ | 20,109 | |||||
Telecom Plus PLC | 7,829 | 121,771 | ||||||
TP ICAP PLC | 113,639 | 504,230 | ||||||
Tritax Big Box REIT PLC | 142,327 | 276,809 | ||||||
UK Commercial Property REIT Ltd. | 115,678 | 131,276 | ||||||
Ultra Electronics Holdings PLC | 14,424 | 363,961 | ||||||
UNITE Group PLC (The) | 24,734 | 360,065 | ||||||
Vesuvius PLC | 40,936 | 211,567 | ||||||
Victrex PLC | 9,690 | 275,353 | ||||||
WH Smith PLC | 11,189 | 316,791 | ||||||
Workspace Group PLC | 16,416 | 215,609 | ||||||
|
| |||||||
28,319,287 | ||||||||
|
| |||||||
UnitedStates-0.39% | ||||||||
Alacer Gold Corp.(b) | 55,630 | 275,960 | ||||||
Cott Corp. | 18,568 | 239,031 | ||||||
QIAGEN N.V.(b) | 12,637 | 379,390 | ||||||
Reliance Worldwide Corp. Ltd. | 23,897 | 69,313 | ||||||
Sims Metal Management Ltd.(a) | 48,851 | 314,682 | ||||||
|
| |||||||
1,278,376 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 326,880,642 | ||||||
|
| |||||||
Money MarketFunds-0.05% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 138,610 | 138,610 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 327,019,252 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.47% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 15,926,925 | 15,926,925 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 5,306,852 | 5,308,975 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 21,235,900 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.13% |
| 348,255,152 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.13)% |
| (20,099,654 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 328,155,498 | |||||
|
|
Investment Abbreviations:
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
TBA-To Be Announced
Wts.-Warrants
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, 2019
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(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, 2019 was $13,214,158, which represented 4.03% 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 the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 84 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.77% |
| |||||||
Brazil-13.14% | ||||||||
Ambev S.A. | 1,412,350 | $ | 6,114,648 | |||||
B3 S.A.-Brasil, Bolsa, Balcao | 336,985 | 4,061,213 | ||||||
Banco Bradesco S.A. | 443,629 | 3,630,234 | ||||||
Banco Bradesco S.A., Preference Shares | 1,708,860 | 14,971,255 | ||||||
Banco BTG Pactual S.A. | 100,300 | 1,623,029 | ||||||
Banco do Brasil S.A. | 820,858 | 9,845,634 | ||||||
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares | 153,400 | 854,430 | ||||||
Banco Santander Brasil S.A. | 181,700 | 2,130,032 | ||||||
BR Malls Participacoes S.A. | 308,055 | 1,177,921 | ||||||
Braskem S.A., Class A, Preference Shares | 103,509 | 714,229 | ||||||
BRF S.A.(a) | 520,700 | 4,605,933 | ||||||
CCR S.A. | 529,900 | 2,170,077 | ||||||
Centrais Eletricas Brasileiras S.A. | 148,210 | 1,460,539 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 105,500 | 1,077,233 | ||||||
Cia Brasileira de Distribuicao, Preference Shares | 98,879 | 2,044,133 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 170,692 | 2,322,438 | ||||||
Cia de Saneamento do Parana | 34,100 | 774,691 | ||||||
Cia Energetica de Minas Gerais | 70,880 | 263,964 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 857,923 | 2,917,160 | ||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 152,400 | 1,127,511 | ||||||
Cia Paranaense de Energia | 25,600 | 350,291 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 126,808 | 1,758,520 | ||||||
Cia Siderurgica Nacional S.A. | 509,882 | 1,498,756 | ||||||
Cielo S.A. | 758,822 | 1,429,029 | ||||||
Cogna Educacao | 704,100 | 1,696,056 | ||||||
Cosan S.A. | 86,600 | 1,246,666 | ||||||
EDP - Energias do Brasil S.A. | 172,500 | 815,147 | ||||||
Embraer S.A. | 483,267 | 2,110,320 | ||||||
Equatorial Energia S.A. | 40,100 | 1,017,683 | ||||||
Gerdau S.A., Preference Shares | 730,617 | 2,444,247 | ||||||
Hypera S.A. | 116,900 | 999,404 | ||||||
IRB Brasil Resseguros S.A. | 108,800 | 1,024,201 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 2,345,975 | 21,172,448 | ||||||
Itausa - Investimentos Itau S.A., Preference Shares | 835,409 | 2,853,093 | ||||||
Klabin S.A. | 214,100 | 843,728 | ||||||
Lojas Americanas S.A. | 55,210 | 207,808 | ||||||
Lojas Americanas S.A., Preference Shares | 186,720 | 929,786 | ||||||
Lojas Renner S.A. | 109,746 | 1,387,408 | ||||||
Metalurgica Gerdau S.A., Preference Shares | 1,498,300 | 2,347,625 | ||||||
Petrobras Distribuidora S.A. | 307,100 | 2,163,409 | ||||||
Petroleo Brasileiro S.A. | 1,394,562 | 11,359,650 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 1,860,347 | 14,083,287 | ||||||
Sul America S.A. | 98,100 | 1,180,064 |
Shares | Value | |||||||
Brazil-(continued) | ||||||||
Suzano S.A. | 92,468 | $ | 751,832 | |||||
Telefonica Brasil S.A., Preference Shares | 255,443 | 3,377,569 | ||||||
TIM Participacoes S.A. | 437,966 | 1,245,908 | ||||||
Ultrapar Participacoes S.A. | 642,492 | 3,020,084 | ||||||
Vale S.A.(a) | 1,753,038 | 20,611,646 | ||||||
|
| |||||||
167,811,969 | ||||||||
|
| |||||||
Chile-0.87% | ||||||||
Banco de Chile | 8,893,862 | 1,146,209 | ||||||
Banco Santander Chile | 21,693,013 | 1,346,921 | ||||||
Cencosud S.A. | 912,986 | 1,240,691 | ||||||
Empresas CMPC S.A. | 331,273 | 755,514 | ||||||
Empresas COPEC S.A. | 101,274 | 906,262 | ||||||
Enel Americas S.A. | 11,907,801 | 2,225,622 | ||||||
Enel Chile S.A. | 9,568,290 | 787,523 | ||||||
LATAM Airlines Group S.A. | 156,327 | 1,729,888 | ||||||
SACI Falabella | 188,928 | 962,461 | ||||||
|
| |||||||
11,101,091 | ||||||||
|
| |||||||
China-32.30% | ||||||||
Agile Group Holdings Ltd. | 1,129,712 | 1,527,865 | ||||||
Agricultural Bank of China Ltd., H Shares | 22,025,024 | 9,076,748 | ||||||
Air China Ltd., H Shares | 923,666 | 817,873 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 74,211 | 13,110,857 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 4,114,888 | 1,223,278 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 372,448 | 2,231,067 | ||||||
ANTA Sports Products Ltd. | 171,568 | 1,681,159 | ||||||
BAIC Motor Corp. Ltd., H Shares(b) | 1,484,775 | 924,468 | ||||||
Baidu, Inc., ADR(a) | 43,590 | 4,439,642 | ||||||
Bank of China Ltd., H Shares | 65,893,125 | 26,987,118 | ||||||
Bank of Communications Co. Ltd., H Shares | 6,499,885 | 4,445,103 | ||||||
Beijing Enterprises Holdings Ltd. | 220,678 | 1,040,363 | ||||||
BYD Co. Ltd., H Shares(c) | 171,342 | 806,681 | ||||||
CGN Power Co. Ltd., H Shares(b) | 4,045,102 | 1,047,700 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 4,713,165 | 980,193 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 7,510,271 | 4,359,918 | ||||||
China Communications Construction Co. Ltd., H Shares | 3,693,711 | 2,813,511 | ||||||
China Communications Services Corp. Ltd., H Shares | 1,220,946 | 755,526 | ||||||
China Conch Venture Holdings Ltd. | 293,761 | 1,150,652 | ||||||
China Construction Bank Corp., H Shares | 67,644,370 | 54,459,341 | ||||||
China Everbright Bank Co. Ltd., H Shares | 2,498,389 | 1,150,744 | ||||||
China Everbright International Ltd. | 895,744 | 677,719 | ||||||
China Evergrande Group(a)(c) | 835,643 | 2,040,676 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 1,464,837 | 749,454 | ||||||
China Huarong Asset Management Co. Ltd., | 6,364,412 | 941,950 | ||||||
China Jinmao Holdings Group Ltd. | 3,290,692 | 2,195,838 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 85 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2019
Shares | Value | |||||||
China-(continued) | ||||||||
China Life Insurance Co., Ltd., H Shares | 2,702,751 | $ | 7,034,732 | |||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,899,237 | 1,027,440 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,664,365 | 7,963,266 | ||||||
China Merchants Port Holdings Co. Ltd. | 535,644 | 839,240 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 5,876,534 | 4,116,281 | ||||||
China Mobile Ltd. | 2,851,473 | 23,211,398 | ||||||
China National Building Material Co. Ltd., H Shares | 4,266,785 | 3,603,878 | ||||||
China Oilfield Services Ltd., H Shares | 951,597 | 1,328,256 | ||||||
China Oriental Group Co. Ltd. | 1,627,938 | 569,115 | ||||||
China Overseas Land & Investment Ltd. | 1,697,043 | 5,369,773 | ||||||
China Pacific Insurance (Group) Co., Ltd., H Shares | 1,050,877 | 3,821,273 | ||||||
China Petroleum & Chemical Corp., H Shares | 28,347,008 | 16,275,379 | ||||||
China Railway Construction Corp. Ltd., H Shares | 2,043,629 | 2,237,179 | ||||||
China Railway Group Ltd., H Shares | 3,652,757 | 2,204,415 | ||||||
China Resources Beer Holdings Co. Ltd. | 305,554 | 1,573,051 | ||||||
China Resources Land Ltd. | 1,168,945 | 4,988,863 | ||||||
China Resources Power Holdings Co. Ltd. | 1,309,821 | 1,649,455 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 2,461,960 | 5,007,036 | ||||||
China State Construction International Holdings Ltd. | 1,011,485 | 931,768 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 720,069 | 1,626,143 | ||||||
China Telecom Corp. Ltd., H Shares | 10,036,986 | 4,277,216 | ||||||
China Tower Corp. Ltd., H Shares(b) | 8,279,848 | 1,827,594 | ||||||
China Unicom Hong Kong Ltd. | 4,607,976 | 4,568,174 | ||||||
China Vanke Co., Ltd., H Shares | 554,524 | 2,027,012 | ||||||
CIFI Holdings Group Co., Ltd. | 1,406,467 | 942,107 | ||||||
CITIC Ltd. | 2,692,291 | 3,538,104 | ||||||
CITIC Securities Co. Ltd., H Shares | 663,133 | 1,221,741 | ||||||
CNOOC Ltd. | 8,646,372 | 12,973,364 | ||||||
Country Garden Holdings Co. Ltd. | 2,699,387 | 3,760,964 | ||||||
CRRC Corp. Ltd., H Shares | 1,393,513 | 933,430 | ||||||
CSPC Pharmaceutical Group Ltd. | 496,745 | 1,277,085 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,723,141 | 1,732,441 | ||||||
ENN Energy Holdings Ltd. | 161,092 | 1,845,702 | ||||||
Fosun International Ltd. | 1,330,747 | 1,745,420 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 10,171,976 | 408,815 | ||||||
Geely Automobile Holdings Ltd. | 980,957 | 1,864,866 | ||||||
GF Securities Co., Ltd., H Shares(a) | 670,105 | 700,226 | ||||||
Great Wall Motor Co. Ltd., H Shares | 2,192,389 | 1,784,636 | ||||||
Guangdong Investment Ltd. | 673,453 | 1,460,722 | ||||||
Guangzhou Automobile Group Co., Ltd., H Shares | 845,894 | 847,222 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 1,113,359 | 1,730,190 | ||||||
Haitong Securities Co., Ltd., H Shares | 1,520,645 | 1,557,954 | ||||||
Hengan International Group Co. Ltd. | 220,330 | 1,540,514 | ||||||
Huaneng Power International, Inc., H Shares | 4,024,538 | 1,915,297 |
Shares | Value | |||||||
China-(continued) | ||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 54,530,206 | $ | 39,239,874 | |||||
JD.com, Inc., ADR(a) | 172,600 | 5,376,490 | ||||||
Jiangxi Copper Co., Ltd., H Shares | 1,316,402 | 1,543,531 | ||||||
Kingboard Holdings Ltd. | 346,024 | 924,915 | ||||||
Kunlun Energy Co. Ltd. | 1,498,293 | 1,397,415 | ||||||
Longfor Group Holdings Ltd.(b) | 643,536 | 2,676,713 | ||||||
NetEase, Inc., ADR | 10,668 | 3,049,554 | ||||||
New China Life Insurance Co., Ltd., H Shares | 329,789 | 1,285,461 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 3,971,434 | 1,677,207 | ||||||
PetroChina Co., Ltd., H Shares | 14,965,234 | 7,351,155 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 4,457,580 | 5,658,920 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1,391,337 | 16,109,807 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 3,403,425 | 2,184,216 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 533,155 | 964,586 | ||||||
Shenzhou International Group Holdings Ltd. | 86,523 | 1,198,872 | ||||||
Shimao Property Holdings Ltd. | 899,354 | 3,023,588 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 2,010,956 | 559,333 | ||||||
Sinopharm Group Co. Ltd., H Shares | 618,032 | 2,219,733 | ||||||
Sunac China Holdings Ltd. | 477,521 | 2,175,064 | ||||||
Tencent Holdings Ltd. | 274,310 | 11,227,611 | ||||||
Trip.com Group, Ltd., ADR(a) | 79,512 | 2,623,101 | ||||||
Vipshop Holdings Ltd., ADR(a) | 192,184 | 2,217,803 | ||||||
Weichai Power Co., Ltd., H Shares | 906,717 | 1,432,200 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,043,422 | 732,186 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 1,280,533 | 1,302,148 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 2,477,802 | 856,736 | ||||||
|
| |||||||
412,502,400 | ||||||||
|
| |||||||
HongKong-0.15% | ||||||||
Haier Electronics Group Co. Ltd. | 412,271 | 1,178,263 | ||||||
Nine Dragons Paper Holdings Ltd. | 832,911 | 724,760 | ||||||
|
| |||||||
1,903,023 | ||||||||
|
| |||||||
India-8.74% | ||||||||
Axis Bank Ltd. | 404,383 | 4,198,120 | ||||||
Bharat Petroleum Corp. Ltd. | 965,284 | 7,166,608 | ||||||
Bharti Airtel Ltd. | 714,433 | 3,769,650 | ||||||
Bharti Infratel Ltd. | 250,141 | 669,006 | ||||||
Coal India Ltd. | 832,814 | 2,436,960 | ||||||
GAIL (India) Ltd. | 457,293 | 885,525 | ||||||
Grasim Industries Ltd. | 177,681 | 1,925,767 | ||||||
HCL Technologies Ltd. | 127,132 | 2,084,102 | ||||||
Hero MotoCorp Ltd. | 33,378 | 1,272,556 | ||||||
Hindalco Industries Ltd. | 814,712 | 2,158,284 | ||||||
Hindustan Petroleum Corp. Ltd. | 1,006,575 | 4,615,738 | ||||||
Hindustan Unilever Ltd. | 54,569 | 1,673,604 | ||||||
Housing Development Finance Corp. Ltd. | 273,680 | 8,225,979 | ||||||
Indiabulls Housing Finance Ltd. | 172,704 | 503,171 | ||||||
Indian Oil Corp. Ltd. | 2,368,594 | 4,902,238 | ||||||
Infosys Ltd. | 796,381 | 7,697,849 | ||||||
ITC Ltd. | 516,955 | 1,877,849 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2019
Shares | Value | |||||||
India-(continued) | ||||||||
JSW Steel Ltd. | 487,011 | $ | 1,565,494 | |||||
Larsen & Toubro Ltd. | 91,489 | 1,900,046 | ||||||
Mahindra & Mahindra Ltd. | 216,209 | 1,848,615 | ||||||
Maruti Suzuki India Ltd. | 19,137 | 2,039,571 | ||||||
NTPC Ltd. | 1,505,408 | 2,597,845 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,594,467 | 3,185,393 | ||||||
Power Finance Corp. Ltd.(a) | 668,811 | 1,029,212 | ||||||
REC Ltd. | 724,198 | 1,427,388 | ||||||
Reliance Industries Ltd. | 696,781 | 14,385,299 | ||||||
Reliance Infrastructure Ltd.(a) | 520,367 | 256,777 | ||||||
Shriram Transport Finance Co. Ltd. | 66,718 | 1,071,053 | ||||||
State Bank of India (The)(a) | 1,152,772 | 5,077,292 | ||||||
Sun Pharmaceutical Industries Ltd. | 237,172 | 1,449,206 | ||||||
Tata Consultancy Services Ltd. | 135,254 | 4,327,994 | ||||||
Tata Motors Ltd.(a) | 1,864,142 | 4,670,293 | ||||||
Tata Motors Ltd., Class A(a) | 695,908 | 802,079 | ||||||
Tata Steel Ltd. | 265,644 | 1,425,245 | ||||||
Tech Mahindra Ltd. | 92,202 | 960,644 | ||||||
Vedanta Ltd. | 1,882,711 | 3,937,757 | ||||||
Wipro Ltd. | 298,721 | 1,092,059 | ||||||
Yes Bank Ltd. | 514,499 | 510,663 | ||||||
|
| |||||||
111,622,931 | ||||||||
|
| |||||||
Indonesia-1.94% | ||||||||
PT Adaro Energy Tbk | 10,345,675 | 965,508 | ||||||
PT Astra International Tbk | 6,698,796 | 3,316,708 | ||||||
PT Bank Central Asia Tbk | 1,139,538 | 2,553,143 | ||||||
PT Bank Mandiri (Persero) Tbk | 6,475,785 | 3,240,891 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 2,693,111 | 1,472,510 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 14,518,507 | 4,354,414 | ||||||
PT Indofood Sukses Makmur Tbk | 1,683,588 | 923,533 | ||||||
PT Perusahaan Gas Negara Tbk | 6,595,487 | 991,414 | ||||||
PT Semen Indonesia (Persero) Tbk | 1,028,443 | 926,822 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 17,325,763 | 5,072,942 | ||||||
PT United Tractors Tbk | 620,450 | 958,058 | ||||||
|
| |||||||
24,775,943 | ||||||||
|
| |||||||
Malaysia-1.38% | ||||||||
CIMB Group Holdings Bhd | 1,623,100 | 2,039,314 | ||||||
Genting Bhd | 984,700 | 1,369,177 | ||||||
Genting Malaysia Bhd | 1,475,800 | 1,133,737 | ||||||
Malayan Banking Bhd | 1,409,400 | 2,900,764 | ||||||
Petronas Chemicals Group Bhd | 827,700 | 1,479,698 | ||||||
Petronas Gas Bhd | 224,700 | 894,821 | ||||||
Public Bank Bhd | 754,700 | 3,666,486 | ||||||
Sapura Energy Bhd | 15,152,300 | 960,957 | ||||||
Tenaga Nasional Bhd | 961,400 | 3,188,944 | ||||||
|
| |||||||
17,633,898 | ||||||||
|
| |||||||
Mexico-3.93% | ||||||||
ALFA S.A.B. de C.V., Class A | 1,567,271 | 1,363,555 | ||||||
America Movil S.A.B. de C.V., | 16,771,083 | 13,331,489 | ||||||
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander | 460,642 | 620,613 | ||||||
Cemex S.A.B. de C.V., Series CPO(d) | 15,490,584 | 5,841,692 |
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Coca-Cola Femsa, S.A.B. de C.V., Series L(c) | 237,204 | $ | 1,307,888 | |||||
Fibra Uno Administracion S.A. de C.V. | 1,480,711 | 2,256,748 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(c)(e) | 677,900 | 6,035,757 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 1,054,418 | 5,774,770 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 1,610,343 | 4,256,003 | ||||||
Grupo Televisa S.A.B., Series | 1,207,949 | 2,676,490 | ||||||
Orbia Advance Corp. S.A.B. de C.V.(c) | 647,082 | 1,401,021 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. | 1,758,698 | 5,295,725 | ||||||
|
| |||||||
50,161,751 | ||||||||
|
| |||||||
Romania-0.07% | ||||||||
NEPI Rockcastle PLC | 107,215 | 935,956 | ||||||
|
| |||||||
Russia-10.67% | ||||||||
Aeroflot PJSC | 900,439 | 1,502,342 | ||||||
Alrosa PJSC | 1,270,568 | 1,477,574 | ||||||
Gazprom PJSC | 8,216,684 | 33,343,158 | ||||||
LUKOIL PJSC | 347,187 | 32,076,375 | ||||||
Magnit PJSC | 81,510 | 4,111,678 | ||||||
MMC Norilsk Nickel PJSC | 22,966 | 6,411,859 | ||||||
Mobile TeleSystems PJSC | 1,155,943 | 5,141,834 | ||||||
Moscow ExchangeMICEX-RTS PJSC | 842,717 | 1,249,912 | ||||||
Novatek PJSC | 199,810 | 4,241,241 | ||||||
Novolipetsk Steel PJSC | 407,578 | 795,420 | ||||||
Rosneft Oil Co. PJSC | 1,011,703 | 6,726,659 | ||||||
RusHydro PJSC | 123,922,965 | 986,026 | ||||||
Sberbank of Russia PJSC | 6,161,867 | 22,589,866 | ||||||
Severstal PJSC | 137,430 | 1,892,280 | ||||||
Surgutneftegas PJSC | 3,461,276 | 2,322,959 | ||||||
Surgutneftegas PJSC, Preference Shares | 3,625,342 | 2,132,047 | ||||||
Tatneft PJSC | 516,279 | 6,028,912 | ||||||
Tatneft PJSC, Preference Shares | 50,204 | 516,369 | ||||||
VTB Bank PJSC | 3,955,220,594 | 2,660,015 | ||||||
|
| |||||||
136,206,526 | ||||||||
|
| |||||||
SouthAfrica-6.71% | ||||||||
Absa Group Ltd. | 548,755 | 5,642,193 | ||||||
AngloGold Ashanti Ltd. | 127,559 | 2,797,771 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 153,672 | 1,076,270 | ||||||
Barloworld Ltd. | 132,863 | 1,063,892 | ||||||
Bid Corp. Ltd. | 112,853 | 2,640,941 | ||||||
Bidvest Group Ltd. (The) | 116,500 | 1,593,653 | ||||||
Exxaro Resources Ltd. | 100,594 | 823,464 | ||||||
FirstRand Ltd. | 1,173,558 | 5,087,353 | ||||||
Foschini Group Ltd. (The) | 94,802 | 1,095,067 | ||||||
Gold Fields Ltd. | 559,807 | 3,453,942 | ||||||
Growthpoint Properties Ltd. | 1,303,142 | 1,912,734 | ||||||
Impala Platinum Holdings Ltd.(a) | 301,414 | 2,077,993 | ||||||
Investec Ltd. | 152,809 | 871,600 | ||||||
Life Healthcare Group Holdings Ltd. | 604,698 | 957,818 | ||||||
Mr Price Group Ltd. | 69,756 | 740,001 | ||||||
MTN Group Ltd. | 1,187,296 | 7,376,707 | ||||||
Naspers Ltd., Class N | 31,267 | 4,453,640 | ||||||
Nedbank Group Ltd. | 217,619 | 3,310,912 | ||||||
Netcare Ltd. | 720,291 | 818,148 | ||||||
Old Mutual Ltd. | 1,513,401 | 1,974,198 | ||||||
Pick n Pay Stores Ltd. | 187,542 | 822,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2019
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Redefine Properties Ltd. | 2,297,070 | $ | 1,149,793 | |||||
Remgro Ltd. | 167,327 | 1,924,702 | ||||||
Sanlam Ltd. | 675,308 | 3,567,183 | ||||||
Sappi Ltd. | 343,739 | 885,390 | ||||||
Sasol Ltd. | 330,920 | 6,025,255 | ||||||
Shoprite Holdings Ltd. | 221,903 | 1,994,748 | ||||||
Sibanye Gold Ltd.(a) | 1,222,689 | 2,366,076 | ||||||
SPAR Group Ltd. (The) | 103,497 | 1,394,961 | ||||||
Standard Bank Group Ltd. | 661,909 | 7,622,488 | ||||||
Telkom S.A. SOC Ltd. | 236,918 | 1,087,431 | ||||||
Tiger Brands Ltd. | 69,608 | 991,707 | ||||||
Truworths International Ltd. | 211,009 | 750,407 | ||||||
Vodacom Group Ltd. | 356,948 | 3,124,347 | ||||||
Woolworths Holdings Ltd. | 597,554 | 2,280,571 | ||||||
|
| |||||||
85,756,307 | ||||||||
|
| |||||||
Taiwan-13.77% | ||||||||
Acer, Inc. | 1,867,000 | 1,091,723 | ||||||
Asia Cement Corp. | 1,208,000 | 1,708,395 | ||||||
Asustek Computer, Inc. | 246,738 | 1,673,803 | ||||||
AU Optronics Corp. | 5,954,000 | 1,525,639 | ||||||
Catcher Technology Co. Ltd. | 363,000 | 3,076,625 | ||||||
Cathay Financial Holding Co., Ltd. | 3,202,440 | 4,239,692 | ||||||
Cathay Financial Holding Co., Ltd., Rts., expiring 11/25/2019(a) | 108,692 | 18,924 | ||||||
Chailease Holding Co. Ltd. | 318,902 | 1,440,483 | ||||||
China Development Financial Holding Corp. | 3,768,000 | 1,175,933 | ||||||
China Life Insurance Co., Ltd.(a) | 1,240,170 | 1,022,594 | ||||||
China Steel Corp. | 2,800,360 | 2,157,272 | ||||||
Chunghwa Telecom Co., Ltd. | 1,482,000 | 5,452,736 | ||||||
CTBC Financial Holding Co. Ltd. | 5,318,838 | 3,704,255 | ||||||
Delta Electronics, Inc. | 752,506 | 3,312,554 | ||||||
E.Sun Financial Holding Co. Ltd. | 3,180,408 | 2,878,410 | ||||||
Far Eastern New Century Corp. | 1,735,000 | 1,687,094 | ||||||
Far EasTone Telecommunications Co. Ltd. | 507,000 | 1,215,847 | ||||||
First Financial Holding Co. Ltd. | 2,310,614 | 1,696,497 | ||||||
Formosa Chemicals & Fibre Corp. | 1,070,920 | 3,117,016 | ||||||
Formosa Petrochemical Corp. | 486,000 | 1,547,064 | ||||||
Formosa Plastics Corp. | 1,260,280 | 4,049,059 | ||||||
Fubon Financial Holding Co. Ltd. | 2,488,928 | 3,642,573 | ||||||
Hon Hai Precision Industry Co., Ltd. | 4,786,064 | 12,672,484 | ||||||
Innolux Corp. | 4,792,490 | 1,065,855 | ||||||
Inventec Corp. | 1,459,000 | 1,059,243 | ||||||
Largan Precision Co., Ltd. | 15,000 | 2,202,658 | ||||||
Lite-On Technology Corp. | 1,439,313 | 2,373,598 | ||||||
MediaTek, Inc. | 682,091 | 9,142,200 | ||||||
Mega Financial Holding Co. Ltd. | 3,442,080 | 3,380,963 | ||||||
Micro-Star International Co. Ltd. | 343,000 | 1,014,109 | ||||||
Nan Ya Plastics Corp. | 1,036,940 | 2,452,643 | ||||||
Novatek Microelectronics Corp. | 211,000 | 1,358,585 | ||||||
Pegatron Corp. | 1,035,106 | 2,016,451 | ||||||
Pou Chen Corp. | 825,740 | 1,105,399 | ||||||
Powertech Technology, Inc. | 475,200 | 1,498,635 | ||||||
President Chain Store Corp. | 173,000 | 1,727,698 | ||||||
Quanta Computer, Inc. | 1,345,000 | 2,584,797 | ||||||
Shin Kong Financial Holding Co. | 7,745,998 | 2,447,939 | ||||||
Taishin Financial Holding Co. Ltd. | 3,416,169 | 1,587,976 | ||||||
Taiwan Cement Corp. | 2,316,324 | 3,077,982 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,506,759 | $ | 1,036,993 | |||||
Taiwan Mobile Co. Ltd. | 520,400 | 1,940,356 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 5,661,000 | 55,511,851 | ||||||
Tatung Co. Ltd.(a) | 1,198,000 | 720,205 | ||||||
Uni-President Enterprises Corp. | 1,445,941 | 3,572,043 | ||||||
United Microelectronics Corp. | 9,545,000 | 4,389,875 | ||||||
Walsin Lihwa Corp. | 1,895,000 | 927,564 | ||||||
Wistron Corp. | 1,356,875 | 1,245,862 | ||||||
Yuanta Financial Holding Co. Ltd. | 3,721,671 | 2,329,063 | ||||||
|
| |||||||
175,877,215 | ||||||||
|
| |||||||
Thailand-3.47% | ||||||||
Advanced Info Service PCL, NVDR | 442,700 | 3,357,453 | ||||||
Bangkok Bank PCL, Foreign Shares | 222,556 | 1,282,489 | ||||||
Banpu PCL, NVDR | 2,696,269 | 1,035,824 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,262,191 | 1,891,715 | ||||||
CP ALL PCL, NVDR | 924,675 | 2,388,629 | ||||||
IRPC PCL, NVDR | 6,219,746 | 700,352 | ||||||
Kasikornbank PCL, Foreign Shares | 240,132 | 1,105,426 | ||||||
Kasikornbank PCL, NVDR | 170,352 | 784,200 | ||||||
Krung Thai Bank PCL, NVDR | 3,916,096 | 2,152,913 | ||||||
PTT Exploration & Production PCL, NVDR | 653,943 | 2,609,708 | ||||||
PTT Global Chemical PCL, NVDR | 1,342,899 | 2,268,185 | ||||||
PTT PCL, NVDR | 8,504,504 | 12,744,786 | ||||||
Siam Cement PCL (The), NVDR | 362,803 | 4,409,627 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,259,962 | 4,673,481 | ||||||
Thai Oil PCL, NVDR | 764,695 | 1,734,778 | ||||||
Thanachart Capital PCL, NVDR | 660,466 | 1,159,288 | ||||||
|
| |||||||
44,298,854 | ||||||||
|
| |||||||
Turkey-2.04% | ||||||||
Akbank T.A.S.(a) | 2,663,799 | 3,222,178 | ||||||
BIM Birlesik Magazalar A.S. | 145,025 | 1,201,317 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. | 3,759,879 | 796,396 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,111,196 | 1,272,150 | ||||||
Haci Omer Sabanci Holding A.S. | 1,382,227 | 2,001,036 | ||||||
KOC Holding A.S. | 781,583 | 2,562,612 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S. | 96,376 | 2,100,430 | ||||||
Turk Hava Yollari AO(a) | 779,311 | 1,587,939 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 961,419 | 2,115,524 | ||||||
Turkiye Garanti Bankasi A.S.(a) | 2,052,161 | 3,304,983 | ||||||
Turkiye Halk Bankasi A.S.(a) | 1,579,543 | 1,448,881 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 2,150,465 | 2,183,385 | ||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 1,739,418 | 1,321,490 | ||||||
Yapi ve Kredi Bankasi A.S.(a) | 2,353,065 | 939,158 | ||||||
|
| |||||||
26,057,479 | ||||||||
|
| |||||||
UnitedStates-0.59% | ||||||||
JBS S.A. | 1,070,882 | 7,546,645 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,274,191,988 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 88 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2019
Shares | Value | |||||||
Money MarketFunds-0.17% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(g) | 2,265,414 | $ | 2,265,414 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-99.94% |
| 1,276,457,402 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-0.20% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(g)(h) | 1,898,097 | 1,898,097 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(g)(h) | 632,446 | $ | 632,699 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,530,796 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-100.14% |
| 1,278,988,198 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.14)% |
| (1,838,363 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 1,277,149,835 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
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, 2019 was $9,602,641, which represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
(e) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(f) | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares,twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(h) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
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. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the year ended October 31, 2019.
Value October 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2019 | Dividend Income | ||||||||
Invesco India ETF* | $7,884,352 | $- | $(9,080,939) | $(629,576) | $1,826,163 | $- | $82,459 |
* At October 31, 2019, this security was no longer held.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 89 |
|
Invesco Global Clean Energy ETF (PBD)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.96% |
| |||||||
Austria-0.95% | ||||||||
Verbund AG | 8,726 | $ | 472,156 | |||||
|
| |||||||
Canada-5.89% | ||||||||
Ballard Power Systems, Inc. | 89,352 | 491,509 | ||||||
Boralex, Inc., Class A | 29,072 | 482,192 | ||||||
Canadian Solar, Inc.(a) | 21,818 | 372,433 | ||||||
Innergex Renewable Energy, Inc. | 42,071 | 526,228 | ||||||
Northland Power, Inc. | 25,968 | 519,617 | ||||||
TransAlta Renewables, Inc. | 49,304 | 531,921 | ||||||
|
| |||||||
2,923,900 | ||||||||
|
| |||||||
Chile-0.97% | ||||||||
Sociedad Quimica y Minera de Chile S.A., ADR | 17,728 | 481,847 | ||||||
|
| |||||||
China-7.69% | ||||||||
BYD Co. Ltd., H Shares(b) | 95,622 | 450,190 | ||||||
Daqo New Energy Corp., ADR(a)(b) | 9,610 | 364,795 | ||||||
Huaneng Renewables Corp. Ltd., H Shares | 1,437,491 | 550,222 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 23,643 | 341,405 | ||||||
Kandi Technologies Group, Inc.(a)(b) | 97,559 | 485,844 | ||||||
NIO, Inc., ADR(a)(b) | 181,846 | 263,677 | ||||||
Xinjiang Goldwind Science & Technology Co., Ltd., H Shares | 403,450 | 482,326 | ||||||
Xinyi Energy Holdings Ltd. | 1,786,000 | 458,024 | ||||||
Xinyi Solar Holdings Ltd., A Shares | 751,103 | 425,494 | ||||||
|
| |||||||
3,821,977 | ||||||||
|
| |||||||
Denmark-3.05% | ||||||||
Novozymes A/S, Class B | 11,511 | 542,232 | ||||||
Orsted A/S(c) | 5,332 | 467,932 | ||||||
Vestas Wind Systems A/S | 6,202 | 506,490 | ||||||
|
| |||||||
1,516,654 | ||||||||
|
| |||||||
Finland-1.16% | ||||||||
Caverion Oyj(b) | 77,292 | 577,747 | ||||||
|
| |||||||
France-1.94% | ||||||||
Albioma S.A. | 18,704 | 485,161 | ||||||
Neoen S.A.(a)(b)(c) | 18,030 | 478,741 | ||||||
|
| |||||||
963,902 | ||||||||
|
| |||||||
Germany-7.72% | ||||||||
CropEnergies AG | 73,145 | 572,046 | ||||||
Encavis AG(b) | 54,263 | 538,188 | ||||||
Nordex S.E.(a)(b) | 44,716 | 585,678 | ||||||
OSRAM Licht AG(b) | 11,804 | 526,766 | ||||||
PNE AG | 123,413 | 549,366 | ||||||
SMA Solar Technology AG(a)(b) | 17,669 | 552,342 | ||||||
VERBIO Vereinigte BioEnergie AG | 50,544 | 509,761 | ||||||
|
| |||||||
3,834,147 | ||||||||
|
| |||||||
Guernsey-1.05% | ||||||||
Renewables Infrastructure Group Ltd. (The) | 307,054 | 519,704 | ||||||
|
| |||||||
HongKong-1.91% | ||||||||
Canvest Environmental Protection Group Co. Ltd.(c) | 1,105,209 | 456,878 | ||||||
China High Speed Transmission Equipment Group Co., Ltd. | 828,287 | 489,298 | ||||||
|
| |||||||
946,176 | ||||||||
|
|
Shares | Value | |||||||
Ireland-1.09% | ||||||||
Kingspan Group PLC | 10,432 | $ | 540,723 | |||||
|
| |||||||
Italy-1.04% | ||||||||
Falck Renewables S.p.A. | 115,878 | 516,083 | ||||||
|
| |||||||
Japan-9.97% | ||||||||
EF-ON, Inc. | 74,107 | 501,793 | ||||||
eRex Co. Ltd. | 45,660 | 624,681 | ||||||
GS Yuasa Corp. | 27,739 | 510,107 | ||||||
Meidensha Corp. | 28,173 | 545,452 | ||||||
RENOVA, Inc.(a) | 59,662 | 534,781 | ||||||
Takuma Co. Ltd. | 42,952 | 514,129 | ||||||
Tanaka Chemical Corp.(a)(b) | 66,097 | 595,518 | ||||||
West Holdings Corp.(b) | 41,658 | 616,556 | ||||||
W-Scope Corp. | 82,752 | 509,043 | ||||||
|
| |||||||
4,952,060 | ||||||||
|
| |||||||
Netherlands-1.06% | ||||||||
Signify N.V.(c) | 18,044 | 528,232 | ||||||
|
| |||||||
NewZealand-3.87% | ||||||||
Contact Energy Ltd. | 93,652 | 443,236 | ||||||
Mercury NZ Ltd. | 155,777 | 496,002 | ||||||
Meridian Energy Ltd. | 153,050 | 451,494 | ||||||
Tilt Renewables Ltd. | 290,286 | 530,557 | ||||||
|
| |||||||
1,921,289 | ||||||||
|
| |||||||
Norway-1.77% | ||||||||
NEL ASA(a) | 541,874 | 468,619 | ||||||
Scatec Solar ASA(c) | 36,958 | 410,993 | ||||||
|
| |||||||
879,612 | ||||||||
|
| |||||||
SouthKorea-4.08% | ||||||||
CS Wind Corp. | 18,838 | 528,653 | ||||||
Ecopro Co. Ltd.(a) | 29,529 | 527,915 | ||||||
Samsung SDI Co. Ltd. | 2,492 | 487,284 | ||||||
Seoul Semiconductor Co. Ltd. | 42,034 | 484,125 | ||||||
|
| |||||||
2,027,977 | ||||||||
|
| |||||||
Spain-3.95% | ||||||||
Atlantica Yield PLC | 20,397 | 489,732 | ||||||
Audax Renovables S.A.(a)(b) | 264,146 | 486,246 | ||||||
EDP Renovaveis S.A. | 45,530 | 519,131 | ||||||
Siemens Gamesa Renewable Energy S.A. | 34,040 | 468,063 | ||||||
|
| |||||||
1,963,172 | ||||||||
|
| |||||||
Sweden-1.06% | ||||||||
Nibe Industrier AB, Class B | 38,532 | 527,929 | ||||||
|
| |||||||
Switzerland-4.38% | ||||||||
Credit Suisse Real Estate Fund Green Property(b) | 3,646 | 549,071 | ||||||
Gurit Holding AG, BR | 412 | 587,886 | ||||||
Landis+Gyr Group AG(a) | 5,635 | 522,240 | ||||||
Meyer Burger Technology AG(a)(b) | 1,227,190 | 516,620 | ||||||
|
| |||||||
2,175,817 | ||||||||
|
| |||||||
Taiwan-7.36% | ||||||||
Epistar Corp. | 619,131 | 602,036 | ||||||
Everlight Electronics Co. Ltd.(a) | 530,000 | 486,638 | ||||||
Gigasolar Materials Corp.(a) | 132,000 | 507,350 | ||||||
Lextar Electronics Corp. | 899,000 | 527,165 | ||||||
Motech Industries, Inc.(a) | 1,536,000 | 480,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 90 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
October 31, 2019
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Sino-American Silicon Products, Inc. | 189,000 | $ | 569,971 | |||||
United Renewable Energy Co. Ltd.(a) | 1,780,241 | 482,482 | ||||||
|
| |||||||
3,656,517 | ||||||||
|
| |||||||
Thailand-1.00% | ||||||||
BCPG PCL, NVDR | 829,151 | 494,278 | ||||||
|
| |||||||
UnitedKingdom-4.26% | ||||||||
Drax Group PLC | 141,919 | 545,053 | ||||||
GCP Infrastructure Investments Ltd. | 314,827 | 523,083 | ||||||
Greencoat UK Wind PLC | 281,032 | 530,209 | ||||||
Ricardo PLC | 62,373 | 516,548 | ||||||
|
| |||||||
2,114,893 | ||||||||
|
| |||||||
UnitedStates-22.74% | ||||||||
Acuity Brands, Inc. | 3,606 | 449,993 | ||||||
Ameresco, Inc., Class A(a) | 31,030 | 457,382 | ||||||
Bloom Energy Corp., Class A(a)(b) | 144,205 | 441,267 | ||||||
Clearway Energy, Inc., Class C | 27,679 | 501,820 | ||||||
Cree, Inc.(a) | 9,586 | 457,540 | ||||||
Enphase Energy, Inc.(a)(b) | 18,165 | 352,946 | ||||||
First Solar, Inc.(a) | 7,348 | 380,553 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 16,968 | 506,664 | ||||||
Itron, Inc.(a) | 6,560 | 500,266 | ||||||
Ormat Technologies, Inc. | 6,683 | 511,650 | ||||||
Pattern Energy Group, Inc., Class A | 18,158 | 508,969 | ||||||
Plug Power, Inc.(a)(b) | 176,651 | 468,125 | ||||||
Renewable Energy Group, Inc.(a)(b) | 33,443 | 546,459 | ||||||
SolarEdge Technologies, Inc.(a) | 5,504 | 467,620 | ||||||
Sunnova Energy International, Inc.(a)(b) | 44,925 | 477,103 | ||||||
SunPower Corp.(a)(b) | 32,953 | 288,668 | ||||||
Sunrun, Inc.(a) | 28,200 | 438,228 |
Shares | Value | |||||||
United States-(continued) | ||||||||
TerraForm Power, Inc., Class A | 27,671 | $ | 469,854 | |||||
Tesla, Inc.(a)(b) | 2,050 | 645,586 | ||||||
TPI Composites, Inc.(a) | 25,070 | 514,687 | ||||||
Universal Display Corp. | 2,660 | 532,479 | ||||||
Veeco Instruments, Inc.(a) | 40,844 | 557,112 | ||||||
Vivint Solar, Inc.(a)(b) | 62,060 | 435,041 | ||||||
Willdan Group, Inc.(a) | 12,764 | 386,749 | ||||||
|
| |||||||
11,296,761 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 49,653,553 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-18.50% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 6,892,188 | 6,892,188 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 2,296,477 | 2,297,396 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 9,189,584 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-118.46% |
| 58,843,137 | ||||||
OTHER ASSETS LESS LIABILITIES-(18.46)% |
| (9,168,371 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 49,674,766 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $2,342,776, which represented 4.72% 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 the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 91 |
|
Invesco Global Water ETF (PIO)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.83% |
| |||||||
Brazil-3.86% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 554,141 | $ | 7,539,653 | |||||
|
| |||||||
Canada-0.61% | ||||||||
Stantec, Inc. | 55,585 | 1,188,373 | ||||||
|
| |||||||
CaymanIslands-0.08% | ||||||||
Consolidated Water Co. Ltd. | 8,567 | 150,265 | ||||||
|
| |||||||
China-2.55% | ||||||||
Beijing Enterprises Water Group Ltd.(a) | 3,491,283 | 1,826,334 | ||||||
China Everbright Water Ltd. | 282,694 | 62,315 | ||||||
CT Environmental Group Ltd.(a)(b) | 2,561,890 | 100,022 | ||||||
Guangdong Investment Ltd. | 1,383,977 | 3,001,851 | ||||||
|
| |||||||
4,990,522 | ||||||||
|
| |||||||
France-6.62% | ||||||||
Suez | 305,561 | 4,764,068 | ||||||
Veolia Environnement S.A. | 310,635 | 8,168,422 | ||||||
|
| |||||||
12,932,490 | ||||||||
|
| |||||||
HongKong-0.28% | ||||||||
China Water Affairs Group Ltd. | 711,075 | 544,350 | ||||||
|
| |||||||
Italy-1.59% | ||||||||
ACEA S.p.A. | 28,657 | 570,366 | ||||||
Hera S.p.A. | 590,471 | 2,528,319 | ||||||
|
| |||||||
3,098,685 | ||||||||
|
| |||||||
Japan-4.63% | ||||||||
Kurita Water Industries Ltd. | 79,541 | 2,310,335 | ||||||
METAWATER Co. Ltd. | 10,013 | 393,647 | ||||||
Miura Co. Ltd. | 51,361 | 1,563,089 | ||||||
TOTO Ltd. | 115,736 | 4,769,473 | ||||||
|
| |||||||
9,036,544 | ||||||||
|
| |||||||
Netherlands-1.70% | ||||||||
Aalberts N.V. | 65,201 | 2,623,060 | ||||||
Arcadis N.V.(c) | 35,051 | 692,152 | ||||||
|
| |||||||
3,315,212 | ||||||||
|
| |||||||
SouthKorea-1.56% | ||||||||
Woongjin Coway Co., Ltd. | 38,508 | 3,038,407 | ||||||
|
| |||||||
Spain-1.12% | ||||||||
Acciona S.A.(c) | 21,003 | 2,189,721 | ||||||
|
| |||||||
Switzerland-6.93% | ||||||||
Geberit AG | 26,695 | 13,542,961 | ||||||
|
| |||||||
Thailand-0.24% | ||||||||
TTW PCL, NVDR | 1,055,702 | 475,494 | ||||||
|
|
Shares | Value | |||||||
UnitedKingdom-16.77% | ||||||||
Halma PLC | 294,271 | $ | 7,134,034 | |||||
HomeServe PLC | 187,378 | 2,810,192 | ||||||
Pennon Group PLC | 240,574 | 2,796,120 | ||||||
Polypipe Group PLC | 92,236 | 540,671 | ||||||
Severn Trent PLC | 207,816 | 6,064,005 | ||||||
Spirax-Sarco Engineering PLC | 66,684 | 6,838,407 | ||||||
United Utilities Group PLC | 584,280 | 6,579,215 | ||||||
|
| |||||||
32,762,644 | ||||||||
|
| |||||||
UnitedStates-51.29% | ||||||||
A.O. Smith Corp. | 114,829 | 5,704,705 | ||||||
American Water Works Co., Inc. | 51,878 | 6,395,001 | ||||||
Aqua America, Inc. | 60,385 | 2,737,252 | ||||||
Danaher Corp. | 104,728 | 14,433,613 | ||||||
Ecolab, Inc. | 72,128 | 13,853,625 | ||||||
Ferguson PLC | 151,397 | 12,902,474 | ||||||
HD Supply Holdings, Inc.(a) | 107,841 | 4,264,033 | ||||||
IDEX Corp. | 44,575 | 6,932,750 | ||||||
Pentair PLC | 293,785 | 12,183,264 | ||||||
Reliance Worldwide Corp. Ltd. | 997,364 | 2,892,834 | ||||||
Roper Technologies, Inc. | 20,287 | 6,835,908 | ||||||
Waters Corp.(a) | 34,660 | 7,334,749 | ||||||
Xylem, Inc. | 48,276 | 3,702,286 | ||||||
|
| |||||||
100,172,494 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 194,977,815 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.54% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(d)(e) | 2,256,993 | 2,256,993 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 752,030 | 752,331 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,009,324 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.37% |
| 197,987,139 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.37)% |
| (2,673,382 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 195,313,757 | |||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
Invesco International BuyBack Achievers™ ETF (IPKW)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.94% |
| |||||||
Australia-7.34% | ||||||||
Qantas Airways Ltd. | 805,573 | $ | 3,557,547 | |||||
Rio Tinto plc | 131,777 | 6,844,646 | ||||||
|
| |||||||
10,402,193 | ||||||||
|
| |||||||
Brazil-0.25% | ||||||||
Ser Educacional S.A.(a) | 60,000 | 356,168 | ||||||
|
| |||||||
Canada-27.45% | ||||||||
Canadian Tire Corp. Ltd., Class A(b) | 30,435 | 3,287,911 | ||||||
CI Financial Corp. | 233,597 | 3,407,049 | ||||||
Dream Office REIT(b) | 44,829 | 999,345 | ||||||
ECN Capital Corp. | 247,506 | 819,151 | ||||||
Gildan Activewear, Inc. | 96,230 | 2,463,681 | ||||||
Home Capital Group, Inc.(c) | 43,313 | 893,381 | ||||||
Imperial Oil Ltd. | 131,152 | 3,272,938 | ||||||
Magna International, Inc. | 128,143 | 6,904,620 | ||||||
Methanex Corp. | 68,547 | 2,602,945 | ||||||
Norbord, Inc. | 34,523 | 998,641 | ||||||
RioCan REIT | 171,551 | 3,449,684 | ||||||
Thomson Reuters Corp. | 102,199 | 6,882,211 | ||||||
West Fraser Timber Co. Ltd. | 57,558 | 2,666,932 | ||||||
Westshore Terminals Investment Corp.(b) | 14,458 | 251,243 | ||||||
|
| |||||||
38,899,732 | ||||||||
|
| |||||||
Denmark-3.84% | ||||||||
Pandora A/S | 85,143 | 4,188,737 | ||||||
Sydbank A/S | 63,587 | 1,247,884 | ||||||
|
| |||||||
5,436,621 | ||||||||
|
| |||||||
Germany-4.69% | ||||||||
Bilfinger S.E. | 43,125 | 1,439,524 | ||||||
Covestro AG(a) | 69,047 | 3,316,241 | ||||||
Rocket Internet S.E.(a)(c) | 71,082 | 1,888,990 | ||||||
|
| |||||||
6,644,755 | ||||||||
|
| |||||||
Ireland-2.65% | ||||||||
Flutter Entertainment PLC(b) | 36,445 | 3,752,977 | ||||||
|
| |||||||
Japan-31.00% | ||||||||
Chugoku Marine Paints Ltd. | 53,959 | 527,087 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(b) | 138,460 | 3,159,713 | ||||||
Fancl Corp. | 77,510 | 2,204,738 | ||||||
Foster Electric Co. Ltd. | 22,073 | �� | 397,336 | |||||
Geo Holdings Corp. | 29,075 | 363,353 | ||||||
Idemitsu Kosan Co. Ltd. | 195,531 | 5,796,928 | ||||||
Isuzu Motors Ltd. | 519,215 | 6,087,646 | ||||||
Joyful Honda Co. Ltd. | 87,672 | 1,122,409 | ||||||
Kenedix, Inc. | 135,889 | 742,893 | ||||||
KYORIN Holdings, Inc. | 51,062 | 898,857 | ||||||
NTT DOCOMO, Inc. | 268,313 | 7,383,851 | ||||||
Seiren Co. Ltd. | 52,170 | 648,596 | ||||||
Shinmaywa Industries Ltd. | 73,692 | 911,394 | ||||||
Ship Healthcare Holdings, Inc. | 39,741 | 1,702,057 | ||||||
Toshiba Corp. | 223,846 | 7,671,703 | ||||||
Yondoshi Holdings, Inc. | 22,449 | 549,882 | ||||||
Z Holdings Corp. | 1,214,941 | 3,753,668 | ||||||
|
| |||||||
43,922,111 | ||||||||
|
|
Shares | Value | |||||||
Netherlands-10.00% | ||||||||
ASM International N.V. | 37,109 | $ | 3,728,545 | |||||
Koninklijke Ahold Delhaize N.V. | 273,120 | 6,802,572 | ||||||
Signify N.V.(a) | 124,246 | 3,637,261 | ||||||
|
| |||||||
14,168,378 | ||||||||
|
| |||||||
SouthAfrica-0.22% | ||||||||
DataTec Ltd. | 130,976 | 312,235 | ||||||
|
| |||||||
SouthKorea-4.16% | ||||||||
BH Co., Ltd.(c) | 26,755 | 525,465 | ||||||
S&T Motiv Co. Ltd. | 6,815 | 267,106 | ||||||
SFA Engineering Corp. | 22,185 | 797,054 | ||||||
SK Innovation Co. Ltd. | 24,625 | 3,386,480 | ||||||
SK Materials Co. Ltd. | 5,831 | 918,165 | ||||||
|
| |||||||
5,894,270 | ||||||||
|
| |||||||
Switzerland-3.71% | ||||||||
Dufry AG(c) | 36,722 | 3,184,868 | ||||||
Forbo Holding AG | 1,306 | 2,077,953 | ||||||
|
| |||||||
5,262,821 | ||||||||
|
| |||||||
Taiwan-0.41% | ||||||||
Cheng Uei Precision Industry Co. Ltd. | 383,000 | 574,994 | ||||||
|
| |||||||
UnitedKingdom-4.22% | ||||||||
Computacenter PLC | 97,735 | 1,731,361 | ||||||
Man Group PLC | 1,576,026 | 2,926,505 | ||||||
Sole Realisation Co. PLC(c)(d) | 90,508 | 0 | ||||||
Ultra Electronics Holdings PLC | 52,259 | 1,318,650 | ||||||
|
| |||||||
5,976,516 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (Cost $139,743,680) |
| 141,603,771 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-7.37% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 7,837,029 | 7,837,029 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 2,611,298 | 2,612,343 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral (Cost $10,449,319) |
| 10,449,372 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-107.31% (Cost $150,192,999) |
| 152,053,143 | ||||||
OTHER ASSETS LESS LIABILITIES-(7.31)% |
| (10,361,377 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 141,691,766 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 93 |
|
Invesco International BuyBack Achievers™ ETF (IPKW)–(continued)
October 31, 2019
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, 2019 was $9,198,660, which represented 6.49% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 94 |
|
Invesco MSCI Global Timber ETF (CUT)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.75% |
| |||||||
Australia-1.30% | ||||||||
Orora Ltd. | 817,840 | $ | 1,741,063 | |||||
Quintis Ltd.(a)(b) | 20,883 | 0 | ||||||
|
| |||||||
1,741,063 | ||||||||
|
| |||||||
Brazil-4.15% | ||||||||
Duratex S.A. | 211,042 | 690,786 | ||||||
Klabin S.A. | 476,134 | 1,876,355 | ||||||
Suzano S.A. | 369,153 | 3,001,483 | ||||||
|
| |||||||
5,568,624 | ||||||||
|
| |||||||
Canada-4.18% | ||||||||
Canfor Corp.(a) | 42,036 | 509,159 | ||||||
Canfor Pulp Products, Inc. | 19,715 | 129,898 | ||||||
Cascades, Inc. | 47,147 | 447,311 | ||||||
Interfor Corp.(a) | 45,151 | 539,332 | ||||||
Norbord, Inc. | 32,912 | 952,040 | ||||||
Stella-Jones, Inc. | 39,450 | 1,096,142 | ||||||
West Fraser Timber Co. Ltd. | 36,269 | 1,680,513 | ||||||
Western Forest Products, Inc. | 255,206 | 252,420 | ||||||
|
| |||||||
5,606,815 | ||||||||
|
| |||||||
Chile-1.30% | ||||||||
Empresas CMPC S.A. | 762,656 | 1,739,344 | ||||||
|
| |||||||
China-0.58% | ||||||||
Greatview Aseptic Packaging Co. Ltd. | 538,372 | 271,326 | ||||||
Lee & Man Paper Manufacturing Ltd. | 881,792 | 491,653 | ||||||
Youyuan International Holdings | 337,463 | 11,195 | ||||||
|
| |||||||
774,174 | ||||||||
|
| |||||||
Finland-12.38% | ||||||||
Huhtamaki Oyj | 65,739 | 3,043,683 | ||||||
Metsa Board Oyj(c) | 128,970 | 853,960 | ||||||
Stora Enso Oyj, Class R | 392,768 | 5,093,980 | ||||||
UPM-Kymmene Oyj | 234,227 | 7,614,733 | ||||||
|
| |||||||
16,606,356 | ||||||||
|
| |||||||
Germany-0.26% | ||||||||
Mercer International, Inc. | 28,653 | 349,566 | ||||||
|
| |||||||
HongKong-0.71% | ||||||||
Nine Dragons Paper Holdings Ltd. | 1,102,236 | 959,114 | ||||||
|
| |||||||
Indonesia-1.24% | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,836,656 | 951,890 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 940,620 | 708,631 | ||||||
|
| |||||||
1,660,521 | ||||||||
|
| |||||||
Ireland-3.79% | ||||||||
Smurfit Kappa Group PLC | 152,310 | 5,080,750 | ||||||
|
| |||||||
Israel-0.07% | ||||||||
Hadera Paper Ltd. | 1,942 | 93,254 | ||||||
|
| |||||||
Japan-5.06% | ||||||||
Daiken Corp. | 7,255 | 131,537 | ||||||
Daio Paper Corp. | 46,483 | 624,761 | ||||||
Hokuetsu Corp. | 84,274 | 432,654 | ||||||
Nippon Paper Industries Co. Ltd. | 66,373 | 1,149,962 | ||||||
Oji Holdings Corp. | 584,396 | 3,054,287 | ||||||
Pack Corp. (The)(c) | 8,720 | 309,340 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Rengo Co. Ltd. | 118,312 | $ | 864,590 | |||||
Tokushu Tokai Paper Co. Ltd. | 5,711 | 215,804 | ||||||
|
| |||||||
6,782,935 | ||||||||
|
| |||||||
Pakistan-0.03% | ||||||||
Packages Ltd. | 22,950 | 42,374 | ||||||
|
| |||||||
Portugal-0.78% | ||||||||
Altri SGPS S.A. | 48,204 | 293,901 | ||||||
Navigator Co. S.A. (The) | 144,519 | 521,104 | ||||||
Semapa-Sociedade de Investimento e Gestao | 16,369 | 224,989 | ||||||
|
| |||||||
1,039,994 | ||||||||
|
| |||||||
SouthAfrica-0.68% | ||||||||
Sappi Ltd. | 355,410 | 915,452 | ||||||
|
| |||||||
SouthKorea-0.15% | ||||||||
Hansol Paper Co. Ltd. | 11,294 | 142,213 | ||||||
Moorim P&P Co. Ltd. | 14,799 | 56,667 | ||||||
|
| |||||||
198,880 | ||||||||
|
| |||||||
Spain-0.42% | ||||||||
Ence Energia y Celulosa S.A. | 90,942 | 358,152 | ||||||
Miquel y Costas & Miquel S.A. | 12,491 | 209,870 | ||||||
|
| |||||||
568,022 | ||||||||
|
| |||||||
Sweden-5.77% | ||||||||
BillerudKorsnas AB(c) | 118,830 | 1,429,517 | ||||||
Holmen AB, Class B | 71,557 | 2,113,815 | ||||||
Svenska Cellulosa AB SCA, Class B | 410,297 | 4,188,868 | ||||||
|
| |||||||
7,732,200 | ||||||||
|
| |||||||
Switzerland-1.12% | ||||||||
SIG Combibloc Group AG(a) | 108,564 | 1,500,697 | ||||||
|
| |||||||
Taiwan-0.63% | ||||||||
Cheng Loong Corp. | 488,000 | 290,968 | ||||||
Chung Hwa Pulp Corp. | 262,000 | 79,442 | ||||||
Longchen Paper & Packaging Co., Ltd. | 357,000 | 158,912 | ||||||
YFY, Inc. | 788,000 | 309,344 | ||||||
|
| |||||||
838,666 | ||||||||
|
| |||||||
Thailand-0.06% | ||||||||
Polyplex Thailand PCL, NVDR | 172,519 | 78,275 | ||||||
|
| |||||||
UnitedKingdom-8.15% | ||||||||
DS Smith PLC | 925,894 | 4,284,427 | ||||||
Mondi PLC | 321,627 | 6,648,557 | ||||||
|
| |||||||
10,932,984 | ||||||||
|
| |||||||
UnitedStates-46.94% | ||||||||
Amcor PLC | 606,652 | 5,775,327 | ||||||
Avery Dennison Corp. | 52,712 | 6,739,756 | ||||||
Boise Cascade Co. | 26,169 | 936,065 | ||||||
CatchMark Timber Trust, Inc., Class A | 32,956 | 378,005 | ||||||
Clearwater Paper Corp.(a) | 11,089 | 205,590 | ||||||
Domtar Corp. | 42,797 | 1,557,383 | ||||||
Graphic Packaging Holding Co. | 200,137 | 3,134,145 | ||||||
International Paper Co. | 152,678 | 6,668,975 | ||||||
Louisiana-Pacific Corp. | 83,724 | 2,447,253 | ||||||
Neenah, Inc. | 11,325 | 730,462 | ||||||
Packaging Corp. of America | 58,990 | 6,457,045 | ||||||
PH Glatfelter Co. | 29,580 | 532,440 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 95 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
October 31, 2019
Shares | Value | |||||||
United States-(continued) | ||||||||
PotlatchDeltic Corp. | 45,858 | $ | 1,947,589 | |||||
Rayonier, Inc. | 87,862 | 2,370,517 | ||||||
Resolute Forest Products, Inc. | 39,769 | 143,964 | ||||||
Schweitzer-Mauduit International, Inc. | 20,742 | 839,844 | ||||||
Sealed Air Corp. | 105,163 | 4,392,659 | ||||||
Sonoco Products Co. | 67,558 | 3,898,097 | ||||||
Verso Corp., Class A(a) | 23,283 | 340,863 | ||||||
Westrock Co. | 173,893 | 6,498,381 | ||||||
Weyerhaeuser Co. | 238,012 | 6,952,331 | ||||||
|
| |||||||
62,946,691 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 133,756,751 | ||||||
|
| |||||||
Exchange-TradedFunds-0.05% |
| |||||||
India-0.05% | ||||||||
Invesco India ETF(d) | 2,943 | 73,870 | ||||||
|
| |||||||
Money MarketFunds-0.16% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(e) | 208,217 | 208,217 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities onloan)-99.96% |
| 134,038,838 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.89% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(e)(f) | 1,898,798 | $ | 1,898,798 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(e)(f) | 632,680 | 632,933 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,531,731 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.85% |
| 136,570,569 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.85)% |
| (2,478,001 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 134,092,568 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(c) | All or a portion of this security was out on loan at October 31, 2019. |
(d) | 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. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the fiscal year ended October 31, 2019. |
Value October 31, 2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2019 | Dividend Income | ||||||||
Invesco India ETF | $237,787 | $12,026 | $(200,356) | $36,100 | $(11,687) | $73,870 | $1,208 |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 96 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.78% |
| |||||||
Australia-4.19% | ||||||||
AusNet Services | 99,595 | $ | 126,939 | |||||
Commonwealth Bank of Australia | 9,942 | 538,785 | ||||||
GPT Group (The) | 19,865 | 81,432 | ||||||
Sonic Healthcare Ltd. | 25,521 | 501,810 | ||||||
|
| |||||||
1,248,966 | ||||||||
|
| |||||||
Canada-15.13% | ||||||||
Algonquin Power & Utilities Corp. | 6,459 | 88,898 | ||||||
Bank of Montreal(a) | 5,536 | 410,667 | ||||||
Canadian Imperial Bank of Commerce | 7,536 | 643,944 | ||||||
First Capital Realty, Inc. | 6,240 | 103,498 | ||||||
Fortis, Inc. | 2,125 | 88,470 | ||||||
H&R REIT | 7,006 | 118,761 | ||||||
Pembina Pipeline Corp. | 19,722 | 695,788 | ||||||
RioCan REIT | 5,672 | 114,057 | ||||||
Royal Bank of Canada | 5,226 | 422,422 | ||||||
Shaw Communications, Inc., Class B | 36,197 | 740,271 | ||||||
TELUS Corp. | 19,544 | 696,646 | ||||||
Toronto-Dominion Bank (The) | 6,792 | 388,653 | ||||||
|
| |||||||
4,512,075 | ||||||||
|
| |||||||
China-1.94% | ||||||||
Bank of Communications Co. Ltd., H Shares | 846,000 | 578,557 | ||||||
|
| |||||||
Finland-2.55% | ||||||||
Elisa Oyj | 13,907 | 759,787 | ||||||
|
| |||||||
France-9.19% | ||||||||
Danone S.A. | 5,071 | 420,689 | ||||||
Gecina S.A. | 545 | 93,515 | ||||||
Orange S.A. | 54,291 | 874,627 | ||||||
TOTAL S.A. | 15,755 | 828,495 | ||||||
Vinci S.A. | 4,650 | 521,890 | ||||||
|
| |||||||
2,739,216 | ||||||||
|
| |||||||
Germany-2.64% | ||||||||
alstria officeREIT-AG | 4,520 | 84,718 | ||||||
LEG Immobilien AG | 811 | 93,103 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 1,839 | 510,869 | ||||||
Vonovia S.E. | 1,847 | 98,311 | ||||||
|
| |||||||
787,001 | ||||||||
|
| |||||||
HongKong-3.01% | ||||||||
CLP Holdings Ltd. | 7,500 | 77,845 | ||||||
Jardine Matheson Holdings Ltd. | 6,900 | 394,128 | ||||||
NWS Holdings Ltd. | 220,000 | 327,851 | ||||||
Sino Land Co. Ltd. | 66,000 | 98,861 | ||||||
|
| |||||||
898,685 | ||||||||
|
| |||||||
Italy-3.13% | ||||||||
Eni S.p.A. | 54,549 | 825,838 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 16,061 | 106,149 | ||||||
|
| |||||||
931,987 | ||||||||
|
| |||||||
Japan-5.52% | ||||||||
Advance Residence Investment Corp. | 21 | 69,738 | ||||||
Japan Excellent, Inc. | 47 | 80,822 | ||||||
Kenedix Office Investment Corp.(a) | 10 | 78,257 | ||||||
Kenedix Residential Next Investment Corp. | 47 | 96,735 | ||||||
Mitsubishi Heavy Industries Ltd. | 10,700 | 435,700 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Mori Hills REIT Investment Corp. | 48 | $ | 79,301 | |||||
Nippon Accommodations Fund, Inc. | 11 | 69,192 | ||||||
Osaka Gas Co. Ltd. | 3,627 | 71,228 | ||||||
Toyota Motor Corp. | 8,200 | 572,077 | ||||||
United Urban Investment Corp. | 46 | 92,762 | ||||||
|
| |||||||
1,645,812 | ||||||||
|
| |||||||
Portugal-0.51% | ||||||||
EDP - Energias de Portugal S.A., Class R | 36,897 | 151,896 | ||||||
|
| |||||||
Singapore-1.61% | ||||||||
SATS Ltd. | 129,300 | 479,786 | ||||||
|
| |||||||
Spain-2.17% | ||||||||
Iberdrola S.A. | 9,802 | 100,696 | ||||||
Red Electrica Corp. S.A. | 5,384 | 108,420 | ||||||
Viscofan S.A. | 8,087 | 438,302 | ||||||
|
| |||||||
647,418 | ||||||||
|
| |||||||
Sweden-1.34% | ||||||||
Securitas AB, Class B | 24,910 | 399,210 | ||||||
|
| |||||||
Switzerland-10.76% | ||||||||
Helvetia Holding AG | 3,332 | 467,341 | ||||||
PSP Swiss Property AG | 678 | 89,667 | ||||||
Roche Holding AG, BR | 1,896 | 564,525 | ||||||
SGS S.A. | 210 | 546,522 | ||||||
Swiss Prime Site AG(b) | 1,323 | 136,222 | ||||||
Swiss Re AG | 6,343 | 664,030 | ||||||
Swisscom AG | 1,449 | 740,102 | ||||||
|
| |||||||
3,208,409 | ||||||||
|
| |||||||
UnitedKingdom-5.65% | ||||||||
Informa PLC | 40,093 | 402,072 | ||||||
Legal & General Group PLC | 199,591 | 681,060 | ||||||
Meggitt PLC | 74,650 | 603,152 | ||||||
|
| |||||||
1,686,284 | ||||||||
|
| |||||||
UnitedStates-30.44% | ||||||||
Alexandria Real Estate Equities, Inc. | 364 | 57,785 | ||||||
Alliant Energy Corp. | 1,294 | 69,022 | ||||||
American Electric Power Co., Inc. | 808 | 76,267 | ||||||
American National Insurance Co. | 2,566 | 307,869 | ||||||
Arbor Realty Trust, Inc.(a) | 43,604 | 595,631 | ||||||
AvalonBay Communities, Inc. | 289 | 62,904 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 14,725 | 534,518 | ||||||
Camden Property Trust | 573 | 65,534 | ||||||
Chevron Corp. | 4,622 | 536,799 | ||||||
Clorox Co. (The) | 2,558 | 377,791 | ||||||
Coca-Cola Co. (The) | 9,539 | 519,208 | ||||||
Consolidated Edison, Inc. | 900 | 82,998 | ||||||
Cracker Barrel Old Country Store, Inc.(a) | 2,835 | 440,843 | ||||||
Crown Castle International Corp. | 541 | 75,085 | ||||||
DTE Energy Co. | 551 | 70,153 | ||||||
Duke Energy Corp. | 1,162 | 109,530 | ||||||
Duke Realty Corp. | 1,527 | 53,659 | ||||||
Equity Residential | 720 | 63,835 | ||||||
Essex Property Trust, Inc. | 180 | 58,883 | ||||||
Evergy, Inc. | 1,261 | 80,591 | ||||||
Eversource Energy | 870 | 72,854 | ||||||
Gaming and Leisure Properties, Inc. | 3,456 | 139,484 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 97 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL)–(continued)
October 31, 2019
Shares | Value | |||||||
United States-(continued) | ||||||||
Genuine Parts Co. | 4,888 | $ | 501,411 | |||||
Johnson & Johnson | 3,357 | 443,258 | ||||||
MDU Resources Group, Inc. | 2,829 | 81,730 | ||||||
National Fuel Gas Co. | 1,597 | 72,360 | ||||||
National Health Investors, Inc. | 1,278 | 109,640 | ||||||
National Storage Affiliates Trust | 2,681 | 91,610 | ||||||
Northwest Bancshares, Inc. | 20,346 | 343,237 | ||||||
NorthWestern Corp. | 1,068 | 77,451 | ||||||
Old Republic International Corp. | 16,601 | 370,866 | ||||||
Paychex, Inc. | 5,436 | 454,667 | ||||||
PepsiCo, Inc. | 3,579 | 490,931 | ||||||
Pfizer, Inc. | 12,342 | 473,563 | ||||||
Pinnacle West Capital Corp. | 760 | 71,531 | ||||||
Portland General Electric Co. | 1,217 | 69,223 | ||||||
PS Business Parks, Inc. | 289 | 52,179 | ||||||
Sempra Energy | 433 | 62,573 | ||||||
Spire, Inc. | 802 | 67,416 | ||||||
UDR, Inc. | 1,297 | 65,174 | ||||||
Verizon Communications, Inc. | 11,994 | 725,277 | ||||||
|
| |||||||
9,075,340 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $28,255,689) |
| 29,750,429 | ||||||
|
| |||||||
Money MarketFunds-0.38% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) (Cost $113,532) | 113,532 | 113,532 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (Cost $28,369,221) |
| 29,863,961 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-6.38% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(d) | 1,427,632 | $ | 1,427,632 | |||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 475,687 | 475,877 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,903,505) |
| 1,903,509 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-106.54% (Cost $30,272,726) |
| 31,767,470 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.54)% |
| (1,949,631 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 29,817,839 | |||||
|
|
Investment Abbreviations:
BR-Bearer Shares
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, 2019. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 98 |
|
Invesco S&P Global Water Index ETF (CGW)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.96% |
| |||||||
Austria-1.57% | ||||||||
ANDRITZ AG | 258,834 | $ | 11,631,587 | |||||
|
| |||||||
Brazil-2.04% | ||||||||
Cia de Saneamento Basico do Estado de Sao | ||||||||
Paulo, ADR | 1,116,397 | 15,116,015 | ||||||
|
| |||||||
Canada-3.00% | ||||||||
Algonquin Power & Utilities Corp. | 1,618,928 | 22,282,046 | ||||||
|
| |||||||
China-4.13% | ||||||||
Beijing Enterprises Water Group Ltd.(a) | 19,634,035 | 10,270,812 | ||||||
Guangdong Investment Ltd. | 9,397,631 | 20,383,496 | ||||||
|
| |||||||
30,654,308 | ||||||||
|
| |||||||
France-7.87% | ||||||||
Suez | 1,384,693 | 21,589,049 | ||||||
Veolia Environnement S.A. | 1,400,049 | 36,815,526 | ||||||
|
| |||||||
58,404,575 | ||||||||
|
| |||||||
HongKong-0.29% | ||||||||
China Water Affairs Group Ltd. | 2,786,080 | 2,132,830 | ||||||
|
| |||||||
Italy-1.88% | ||||||||
ACEA S.p.A. | 146,093 | 2,907,719 | ||||||
Hera S.p.A. | 2,578,882 | 11,042,429 | ||||||
|
| |||||||
13,950,148 | ||||||||
|
| |||||||
Japan-1.88% | ||||||||
Kurita Water Industries Ltd. | 385,572 | 11,199,261 | ||||||
METAWATER Co. Ltd. | 39,223 | 1,541,998 | ||||||
Organo Corp.(a) | 21,982 | 1,207,836 | ||||||
|
| |||||||
13,949,095 | ||||||||
|
| |||||||
Netherlands-1.88% | ||||||||
Aalberts N.V. | 347,004 | 13,960,096 | ||||||
|
| |||||||
Singapore-0.68% | ||||||||
Sembcorp Industries Ltd. | 2,972,872 | 5,002,298 | ||||||
|
| |||||||
SouthKorea-1.95% | ||||||||
Woongjin Coway Co., Ltd. | 183,672 | 14,492,320 | ||||||
|
| |||||||
Sweden-3.37% | ||||||||
Alfa Laval AB | 1,080,811 | 25,028,174 | ||||||
|
| |||||||
Switzerland-7.05% | ||||||||
Geberit AG | 75,280 | 38,191,202 | ||||||
Georg Fischer AG(b) | 14,792 | 14,091,188 | ||||||
|
| |||||||
52,282,390 | �� | |||||||
|
| |||||||
UnitedKingdom-13.05% | ||||||||
Halma PLC | 1,362,990 | 33,043,069 | ||||||
Pennon Group PLC | 1,360,400 | 15,811,522 | ||||||
Severn Trent PLC | 784,574 | 22,893,620 | ||||||
United Utilities Group PLC | 2,227,485 | 25,082,330 | ||||||
|
| |||||||
96,830,541 | ||||||||
|
| |||||||
UnitedStates-49.32% | ||||||||
Advanced Drainage Systems, Inc. | 183,060 | 6,776,881 |
Shares | Value | |||||||
United States-(continued) | ||||||||
Aegion Corp.(a) | 100,920 | $ | 2,186,936 | |||||
American States Water Co. | 120,317 | 11,445,756 | ||||||
American Water Works Co., Inc. | 557,681 | 68,745,337 | ||||||
Aqua America, Inc. | 704,871 | 31,951,802 | ||||||
AquaVenture Holdings Ltd.(a) | 65,272 | 1,280,637 | ||||||
Badger Meter, Inc. | 105,013 | 6,069,751 | ||||||
California Water Service Group | 157,258 | 8,801,730 | ||||||
Danaher Corp. | 253,783 | 34,976,373 | ||||||
Energy Recovery, Inc.(a)(b) | 118,952 | 1,107,443 | ||||||
Evoqua Water Technologies Corp.(a) | 259,831 | 4,513,265 | ||||||
Forterra, Inc.(a)(b) | 67,258 | 552,188 | ||||||
Franklin Electric Co., Inc. | 138,726 | 7,470,395 | ||||||
Gorman-Rupp Co. (The) | 63,153 | 2,332,872 | ||||||
IDEX Corp. | 226,286 | 35,194,262 | ||||||
Lindsay Corp.(b) | 38,905 | 3,673,021 | ||||||
Middlesex Water Co. | 54,122 | 3,639,705 | ||||||
Mueller Water Products, Inc., Class A | 567,570 | 6,640,569 | ||||||
Olin Corp. | 592,613 | 10,868,522 | ||||||
Pentair PLC | 606,144 | 25,136,792 | ||||||
Reliance Worldwide Corp. Ltd.(b) | 2,850,031 | 8,266,457 | ||||||
Select Energy Services, Inc., Class A(a) | 204,292 | 1,552,619 | ||||||
SJW Group | 84,549 | 6,117,120 | ||||||
Tetra Tech, Inc. | 178,519 | 15,615,057 | ||||||
Watts Water Technologies, Inc., Class A | 99,699 | 9,296,932 | ||||||
Xylem, Inc. | 649,354 | 49,798,958 | ||||||
York Water Co. (The) | 42,389 | 1,866,812 | ||||||
|
| |||||||
365,878,192 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (Cost $566,152,598) |
| 741,594,615 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.06% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(d) | 5,913,122 | 5,913,122 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 1,970,252 | 1,971,041 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 7,884,163 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.02% (Cost $574,036,622) |
| 749,478,778 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.02)% |
| (7,560,839 | ) | |||||
|
| |||||||
NETASSETS-100.00% |
| $ | 741,917,939 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 99 |
|
Invesco S&P Global Water Index ETF (CGW)–(continued)
October 31, 2019
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, 2019. |
(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 the7-day SEC standardized yield as of October 31, 2019. |
(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 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 100 |
|
Invesco S&P International Developed Quality ETF (IDHQ)
October 31, 2019
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other EquityInterests-99.60% |
| |||||||
Australia-9.42% | ||||||||
AGL Energy Ltd. | 7,291 | $ | 99,358 | |||||
Alumina Ltd. | 37,303 | 58,339 | ||||||
BHP Group Ltd. | 29,286 | 725,348 | ||||||
BlueScope Steel Ltd. | 5,678 | 52,145 | ||||||
Brambles Ltd. | 16,288 | 134,323 | ||||||
CIMIC Group Ltd. | 1,762 | 40,072 | ||||||
Cochlear Ltd. | 938 | 136,705 | ||||||
Coles Group Ltd. | 13,840 | 142,931 | ||||||
Computershare Ltd. | 5,638 | 61,527 | ||||||
Crown Resorts Ltd. | 4,012 | 34,440 | ||||||
CSL Ltd. | 5,383 | 949,517 | ||||||
Flight Centre Travel Group Ltd.(a) | 772 | 22,652 | ||||||
Magellan Financial Group Ltd. | 1,488 | 49,382 | ||||||
Medibank Pvt Ltd. | 28,098 | 65,430 | ||||||
Rio Tinto plc | 16,249 | 843,991 | ||||||
South32 Ltd. | 54,731 | 96,153 | ||||||
Telstra Corp. Ltd. | 40,292 | 96,880 | ||||||
Wesfarmers Ltd. | 19,742 | 540,786 | ||||||
Woolworths Group Ltd. | 13,465 | 346,207 | ||||||
|
| |||||||
4,496,186 | ||||||||
|
| |||||||
Austria-0.09% | ||||||||
Raiffeisen Bank International AG | 1,720 | 42,312 | ||||||
|
| |||||||
Belgium-0.20% | ||||||||
UCB S.A. | 1,201 | 96,821 | ||||||
|
| |||||||
Canada-4.20% | ||||||||
Canadian National Railway Co. | 7,548 | 676,498 | ||||||
Canadian Pacific Railway Ltd. | 1,465 | 333,840 | ||||||
CGI, Inc.(b) | 2,451 | 190,918 | ||||||
CI Financial Corp. | 3,262 | 47,577 | ||||||
Constellation Software, Inc. | 195 | 192,994 | ||||||
Gildan Activewear, Inc. | 2,093 | 53,585 | ||||||
IGM Financial, Inc. | 917 | 25,933 | ||||||
Magna International, Inc. | 3,386 | 182,445 | ||||||
Onex Corp. | 1,259 | 74,169 | ||||||
Thomson Reuters Corp. | 3,388 | 228,152 | ||||||
|
| |||||||
2,006,111 | ||||||||
|
| |||||||
Denmark-4.95% | ||||||||
AP Moller - Maersk A/S, Class B | 70 | 89,261 | ||||||
Chr Hansen Holding A/S | 1,131 | 86,857 | ||||||
Coloplast A/S, Class B | 1,738 | 209,528 | ||||||
Demant A/S(b) | 1,170 | 30,894 | ||||||
DSV Panalpina A/S | 2,135 | 207,263 | ||||||
GN Store Nord A/S | 1,472 | 64,723 | ||||||
H. Lundbeck A/S | 851 | 29,042 | ||||||
Novo Nordisk A/S, Class B | 24,856 | 1,358,141 | ||||||
Novozymes A/S, Class B | 2,698 | 127,091 | ||||||
Orsted A/S(c) | 1,633 | 143,311 | ||||||
Rockwool International A/S, Class B | 85 | 16,706 | ||||||
|
| |||||||
2,362,817 | ||||||||
|
| |||||||
Finland-2.02% | ||||||||
Elisa Oyj | 1,568 | 85,665 | ||||||
Kone Oyj, Class B | 6,271 | 399,066 | ||||||
Metso Oyj(a) | 1,216 | 45,963 | ||||||
Neste Oyj | 4,081 | 147,334 |
Shares | Value | |||||||
Finland-(continued) | ||||||||
Orion Oyj, Class B(a) | 1,629 | $ | 72,223 | |||||
UPM-Kymmene Oyj | 5,170 | 168,077 | ||||||
Wartsila Oyj Abp | 4,470 | 47,187 | ||||||
|
| |||||||
965,515 | ||||||||
|
| |||||||
France-9.13% | ||||||||
Accor S.A. | 2,635 | 113,239 | ||||||
Airbus S.E. | 7,281 | 1,043,162 | ||||||
Dassault Aviation S.A. | 29 | 40,280 | ||||||
Hermes International | 496 | 356,919 | ||||||
Kering S.A. | 1,346 | 766,150 | ||||||
L’Oreal S.A. | 2,427 | 708,872 | ||||||
LVMH Moet Hennessy Louis Vuitton S.E. | 2,761 | 1,178,219 | ||||||
Peugeot S.A. | 5,942 | 150,483 | ||||||
|
| |||||||
4,357,324 | ||||||||
|
| |||||||
Germany-5.26% | ||||||||
adidas AG | 2,319 | 716,265 | ||||||
Covestro AG(c) | 2,090 | 100,380 | ||||||
Deutsche Boerse AG | 1,917 | 297,173 | ||||||
E.ON S.E. | 32,263 | 325,280 | ||||||
HOCHTIEF AG | 265 | 33,053 | ||||||
Knorr-Bremse AG | 615 | 62,087 | ||||||
Merck KGaA | 1,359 | 162,079 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 1,452 | 403,361 | ||||||
RWE AG | 5,683 | 173,279 | ||||||
Siemens Healthineers AG(c) | 1,528 | 64,941 | ||||||
Wirecard AG(a) | 1,358 | 172,034 | ||||||
|
| |||||||
2,509,932 | ||||||||
|
| |||||||
HongKong-1.55% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 12,532 | 391,740 | ||||||
Link REIT | 21,704 | 236,626 | ||||||
Techtronic Industries Co. Ltd. | 14,194 | 111,376 | ||||||
|
| |||||||
739,742 | ||||||||
|
| |||||||
Ireland-0.40% | ||||||||
ICON PLC(b) | 654 | 96,073 | ||||||
Ryanair Holdings PLC, ADR(b) | 1,243 | 92,777 | ||||||
|
| |||||||
188,850 | ||||||||
|
| |||||||
Israel-0.64% | ||||||||
Bank LeumiLe-Israel BM | 15,606 | 113,649 | ||||||
Check Point Software Technologies Ltd.(b) | 1,524 | 171,313 | ||||||
Israel Corp. Ltd. (The)(b) | 107 | 20,407 | ||||||
|
| |||||||
305,369 | ||||||||
|
| |||||||
Italy-1.06% | ||||||||
DiaSorin S.p.A. | 264 | 29,748 | ||||||
Ferrari N.V | 1,287 | 205,972 | ||||||
FinecoBank Banca Fineco S.p.A. | 6,575 | 74,087 | ||||||
Mediaset S.p.A.(a)(b) | 6,926 | 20,716 | ||||||
Moncler S.p.A. | 2,445 | 94,217 | ||||||
Recordati S.p.A. | 1,276 | 53,626 | ||||||
UnipolSai Assicurazioni S.p.A.(a) | 9,137 | 25,494 | ||||||
|
| |||||||
503,860 | ||||||||
|
| |||||||
Japan-17.72% | ||||||||
Alfresa Holdings Corp. | 2,293 | 51,585 | ||||||
Asahi Group Holdings, Ltd. | 4,462 | 224,122 | ||||||
Astellas Pharma, Inc. | 22,838 | 392,622 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 101 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
October 31, 2019
Shares | Value | |||||||
Japan-(continued) | ||||||||
Bandai Namco Holdings, Inc. | 2,312 | $ | 142,606 | |||||
Brother Industries Ltd. | 2,604 | 49,500 | ||||||
Capcom Co. Ltd. | 1,181 | 28,043 | ||||||
Chiba Bank Ltd. (The) | 7,559 | 41,604 | ||||||
Dai-ichi Life Holdings, Inc. | 13,449 | 222,128 | ||||||
Daito Trust Construction Co., Ltd. | 849 | 112,854 | ||||||
Eisai Co. Ltd. | 3,026 | 220,767 | ||||||
FamilyMart Co. Ltd. | 3,616 | 90,178 | ||||||
Fancl Corp. | 826 | 23,495 | ||||||
FANUC Corp. | 2,024 | 404,407 | ||||||
GungHo Online Entertainment, Inc. | 921 | 20,038 | ||||||
Hoshizaki Corp. | 655 | 55,984 | ||||||
Hoya Corp. | 3,687 | 327,517 | ||||||
Japan Exchange Group, Inc. | 5,295 | 88,115 | ||||||
Kagome Co. Ltd. | 1,004 | 25,391 | ||||||
Kakaku.com, Inc. | 2,172 | 50,691 | ||||||
Kaken Pharmaceutical Co. Ltd. | 471 | 23,179 | ||||||
Konami Holdings Corp. | 1,023 | 45,139 | ||||||
Kose Corp. | 282 | 50,345 | ||||||
Lion Corp. | 3,900 | 82,037 | ||||||
M3, Inc. | 3,879 | 93,436 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 784 | 39,379 | ||||||
Miura Co. Ltd. | 1,281 | 38,985 | ||||||
MonotaRO Co. Ltd. | 1,845 | 56,406 | ||||||
Morinaga & Co. Ltd. | 580 | 28,704 | ||||||
Murata Manufacturing Co., Ltd. | 9,544 | 517,612 | ||||||
NEXON Co., Ltd.(b) | 4,628 | 53,727 | ||||||
Nifco, Inc. | 864 | 23,018 | ||||||
Nihon M&A Center, Inc. | 1,529 | 46,816 | ||||||
Nintendo Co., Ltd. | 1,325 | 473,350 | ||||||
Nippon Shinyaku Co., Ltd. | 580 | 52,579 | ||||||
Nissan Chemical Corp. | 1,555 | 64,441 | ||||||
Nitori Holdings Co. Ltd. | 864 | 131,952 | ||||||
Nomura Research Institute Ltd. | 3,935 | 84,120 | ||||||
NTT DOCOMO, Inc. | 12,021 | 330,812 | ||||||
OBIC Business Consultants Co. Ltd. | 432 | 17,483 | ||||||
Oracle Corp. Japan | 552 | 48,917 | ||||||
Otsuka Corp. | 1,208 | 49,055 | ||||||
Pigeon Corp. | 1,411 | 69,437 | ||||||
Rakuten, Inc. | 7,952 | 76,353 | ||||||
Recruit Holdings Co., Ltd. | 15,330 | 512,064 | ||||||
Ryohin Keikaku Co. Ltd. | 2,693 | 60,409 | ||||||
Sankyu, Inc. | 728 | 37,307 | ||||||
Santen Pharmaceutical Co. Ltd. | 4,016 | 71,512 | ||||||
SCSK Corp. | 459 | 23,522 | ||||||
Shionogi & Co. Ltd. | 3,617 | 218,081 | ||||||
Shizuoka Bank Ltd. (The) | 6,193 | 47,663 | ||||||
Showa Denko K.K. | 1,657 | 47,133 | ||||||
Subaru Corp. | 6,016 | 173,794 | ||||||
SUMCO Corp. | 2,427 | 40,882 | ||||||
Sundrug Co. Ltd. | 858 | 28,533 | ||||||
Suzuken Co., Ltd. | 965 | 51,774 | ||||||
T&D Holdings, Inc. | 7,230 | 81,593 | ||||||
Terumo Corp. | 7,205 | 236,601 | ||||||
TIS, Inc. | 864 | 52,509 | ||||||
Tokai Carbon Co. Ltd. | 2,110 | 21,548 | ||||||
Tokio Marine Holdings, Inc. | 8,210 | 445,643 | ||||||
Tokyo Electron Ltd. | 2,247 | 458,837 | ||||||
Toshiba Corp. | 10,966 | 375,829 | ||||||
Trend Micro, Inc. | 1,740 | 88,525 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Universal Entertainment Corp. | 728 | $ | 24,445 | |||||
USS Co. Ltd. | 2,456 | 47,845 | ||||||
Yamaha Corp. | 1,557 | 73,022 | ||||||
Yaskawa Electric Corp. | 2,325 | 89,899 | ||||||
Zenkoku Hosho Co. Ltd. | 736 | 30,943 | ||||||
ZOZO, Inc.(a) | 2,024 | 47,387 | ||||||
|
| |||||||
8,456,229 | ||||||||
|
| |||||||
Luxembourg-0.05% | ||||||||
RTL Group S.A. | 438 | 22,263 | ||||||
|
| |||||||
Macau-0.47% | ||||||||
Sands China Ltd. | 37,174 | 183,790 | ||||||
Wynn Macau Ltd. | 18,509 | 40,335 | ||||||
|
| |||||||
224,125 | ||||||||
|
| |||||||
Netherlands-4.60% | ||||||||
Akzo Nobel N.V. | 2,528 | 232,821 | ||||||
ASML Holding N.V. | 4,861 | 1,274,447 | ||||||
NXP Semiconductors N.V. | 3,381 | 384,352 | ||||||
Randstad N.V. | 1,218 | 67,454 | ||||||
Wolters Kluwer N.V. | 3,188 | 234,813 | ||||||
|
| |||||||
2,193,887 | ||||||||
|
| |||||||
NewZealand-0.32% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 6,266 | 76,952 | ||||||
Spark New Zealand Ltd. | 19,421 | 55,797 | ||||||
Z Energy Ltd. | 5,726 | 19,682 | ||||||
|
| |||||||
152,431 | ||||||||
|
| |||||||
Norway-1.14% | ||||||||
Aker BP ASA | 1,273 | 35,204 | ||||||
Elkem ASA(c) | 7,447 | 17,682 | ||||||
Equinor ASA | 11,936 | 221,138 | ||||||
Gjensidige Forsikring ASA | 3,069 | 57,461 | ||||||
Leroy Seafood Group ASA | 3,305 | 22,189 | ||||||
Salmar ASA | 845 | 39,438 | ||||||
Telenor ASA | 6,702 | 125,664 | ||||||
TGS NOPEC Geophysical Co. ASA | 1,057 | 27,423 | ||||||
|
| |||||||
546,199 | ||||||||
|
| |||||||
Portugal-0.05% | ||||||||
Navigator Co. S.A. (The) | 6,085 | 21,941 | ||||||
|
| |||||||
Singapore-0.49% | ||||||||
Genting Singapore Ltd. | 56,609 | 39,099 | ||||||
SATS Ltd. | 7,268 | 26,969 | ||||||
Singapore Exchange Ltd. | 12,449 | 81,777 | ||||||
Singapore Technologies Engineering Ltd. | 20,190 | 59,193 | ||||||
Venture Corp. Ltd. | 2,358 | 27,427 | ||||||
|
| |||||||
234,465 | ||||||||
|
| |||||||
SouthAfrica-0.73% | ||||||||
Anglo American PLC | 13,689 | 351,012 | ||||||
|
| |||||||
SouthKorea-2.79% | ||||||||
BGF retail Co., Ltd. | 141 | 21,572 | ||||||
Cheil Worldwide, Inc. | 938 | 19,954 | ||||||
GS Engineering & Construction Corp. | 769 | 20,424 | ||||||
Hanssem Co., Ltd. | 350 | 19,073 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 573 | 15,243 | ||||||
KT&G Corp. | 1,290 | 110,877 | ||||||
Kumho Petrochemical Co. Ltd. | 268 | 16,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 102 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
October 31, 2019
Shares | Value | |||||||
South Korea-(continued) | ||||||||
LG Household & Health Care Ltd. | 112 | $ | 121,391 | |||||
Medy-Tox, Inc. | 65 | 18,437 | ||||||
NAVER Corp. | 1,523 | 214,682 | ||||||
NCSoft Corp. | 236 | 104,668 | ||||||
Orion Corp. | 313 | 28,517 | ||||||
Samsung C&T Corp. | 1,027 | 88,272 | ||||||
Samsung Engineering Co. Ltd.(b) | 1,784 | 27,294 | ||||||
SK Hynix, Inc. | 6,093 | 429,435 | ||||||
Studio Dragon Corp.(b) | 360 | 24,135 | ||||||
Woongjin Coway Co., Ltd. | 658 | 51,918 | ||||||
|
| |||||||
1,332,016 | ||||||||
|
| |||||||
Spain-1.09% | ||||||||
Aena SME S.A.(c) | 732 | 134,340 | ||||||
Industria de Diseno Textil, S.A.(a) | 11,488 | 358,224 | ||||||
Mapfre, S.A. | 9,674 | 26,982 | ||||||
|
| |||||||
519,546 | ||||||||
|
| |||||||
Sweden-2.58% | ||||||||
Alfa Laval AB | 3,036 | 70,304 | ||||||
Atlas Copco AB, Class A | 11,662 | 412,890 | ||||||
Axfood AB | 1,326 | 28,600 | ||||||
Boliden AB | 2,787 | 75,111 | ||||||
Epiroc AB, Class A | 6,915 | 77,948 | ||||||
Hennes & Mauritz AB, Class B(a) | 7,872 | 164,846 | ||||||
Industrivarden AB, Class C | 1,716 | 37,208 | ||||||
Sandvik AB | 10,440 | 184,596 | ||||||
Skanska AB, Class B | 4,002 | 85,363 | ||||||
SKF AB, Class B | 3,800 | 68,847 | ||||||
Swedish Orphan Biovitrum AB(b) | 1,657 | 26,297 | ||||||
|
| |||||||
1,232,010 | ||||||||
|
| |||||||
Switzerland-13.10% | ||||||||
Geberit AG | 538 | 272,939 | ||||||
Novartis AG | 25,484 | 2,223,377 | ||||||
Partners Group Holding AG | 236 | 183,969 | ||||||
Roche Holding AG | 8,181 | 2,460,725 | ||||||
Schindler Holding AG, PC | 422 | 103,153 | ||||||
SGS S.A. | 76 | 197,789 | ||||||
Sika AG | 1,287 | 221,076 | ||||||
Zurich Insurance Group AG | 1,505 | 587,968 | ||||||
|
| |||||||
6,250,996 | ||||||||
|
| |||||||
UnitedKingdom-14.93% | ||||||||
3i Group PLC | 10,071 | 146,999 | ||||||
Admiral Group PLC | 2,692 | 70,435 | ||||||
AstraZeneca PLC | 12,330 | 1,196,785 | ||||||
Barratt Developments PLC | 10,420 | 85,108 | ||||||
Berkeley Group Holdings PLC | 1,674 | 95,332 | ||||||
Burberry Group PLC | 4,515 | 119,419 | ||||||
Compass Group PLC | 20,348 | 541,351 | ||||||
Croda International PLC | 1,287 | 80,205 | ||||||
Diageo PLC | 27,834 | 1,139,764 | ||||||
Direct Line Insurance Group PLC | 14,235 | 50,121 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Experian PLC | 13,001 | $ | 408,469 | |||||
Hargreaves Lansdown PLC | 4,762 | 109,191 | ||||||
International Consolidated Airlines Group S.A. | 7,294 | 50,137 | ||||||
International Consolidated Airlines Group S.A., ADR | 1,769 | 24,271 | ||||||
ITV PLC | 47,711 | 82,575 | ||||||
Legal & General Group PLC | 81,660 | 278,646 | ||||||
Mondi PLC | 3,791 | 78,366 | ||||||
Next PLC | 1,572 | 133,889 | ||||||
Pearson PLC | 7,850 | 69,297 | ||||||
Persimmon PLC | 3,854 | 113,556 | ||||||
RELX PLC | 19,107 | 459,380 | ||||||
Sage Group PLC (The) | 11,937 | 111,184 | ||||||
St James’s Place PLC | 6,200 | 83,517 | ||||||
Taylor Wimpey PLC | 42,665 | 91,370 | ||||||
Unilever N.V. | 22,770 | 1,345,108 | ||||||
Whitbread PLC | 3,083 | 162,010 | ||||||
|
| |||||||
7,126,485 | ||||||||
|
| |||||||
UnitedStates-0.62% | ||||||||
Ferguson PLC | 3,259 | 277,741 | ||||||
Taro Pharmaceutical Industries Ltd. | 246 | 19,887 | ||||||
|
| |||||||
297,628 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 47,536,072 | ||||||
|
| |||||||
Money MarketFunds-0.15% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(d)(Cost $71,126) | 71,126 | 71,126 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 47,607,198 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money MarketFunds-1.65% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 590,423 | 590,423 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(d)(e) | 196,729 | 196,808 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 787,231 | ||||||
|
| |||||||
TOTAL INVESTMENTS INSECURITIES-101.40% |
| 48,394,429 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.40)% |
| (668,323 | ) | |||||
|
| |||||||
NETASSETS-100.00% | $ | 47,726,106 | ||||||
|
|
Investment Abbreviations: | ||||||||
ADR-American Depositary Receipt | ||||||||
PC-Participation Certificate | ||||||||
REIT-Real Estate Investment Trust |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 103 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
October 31, 2019
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019 was $460,654, which represented less than 1% 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 the7-day SEC standardized yield as of October 31, 2019. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 104 |
|
(This Page Intentionally Left Blank)
| 105 |
|
Statements of Assets and Liabilities
October 31, 2019
Invesco China Real Estate ETF (TAO) | Invesco China Small Cap ETF (HAO) | Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 51,153,166 | $ | 57,002,756 | $ | 510,822,918 | $ | 175,360,629 | ||||||||||||
Affiliated investments in securities, at value | 1,782,491 | 4,691,823 | 27,354,281 | 6,944,816 | ||||||||||||||||
Foreign currencies, at value | 26,324 | 20,351 | 523 | - | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | - | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 145,598 | 78,746 | 23,869 | 66,342 | ||||||||||||||||
Securities lending | 1,464 | 12,081 | 7,417 | 2,816 | ||||||||||||||||
Investments sold | - | - | - | - | ||||||||||||||||
Fund shares sold | - | - | - | - | ||||||||||||||||
Foreign tax reclaims | - | - | - | 598,059 | ||||||||||||||||
Other assets | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 53,109,043 | 61,805,757 | 538,209,008 | 182,972,662 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | 457,589 | 572,687 | ||||||||||||||||
Due to foreign custodian | - | - | - | 2,340 | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 26 | 19 | - | 15 | ||||||||||||||||
Collateral upon return of securities loaned | 1,611,874 | 4,596,558 | 27,353,886 | 6,944,742 | ||||||||||||||||
Collateral upon receipt of securitiesin-kind | - | - | - | - | ||||||||||||||||
Fund shares repurchased | - | - | - | - | ||||||||||||||||
Accrued unitary management fees | - | - | 420,390 | 116,865 | ||||||||||||||||
Accrued advisory fees | 13,473 | 29,907 | - | - | ||||||||||||||||
Accrued trustees’ and officer’s fees | 4,407 | 5,830 | - | - | ||||||||||||||||
Accrued expenses | 203,846 | 232,901 | 12,756 | 9,091 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 1,833,626 | 4,865,215 | 28,244,621 | 7,645,740 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 51,275,417 | $ | 56,940,542 | $ | 509,964,387 | $ | 175,326,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 61,318,625 | $ | 139,344,170 | $ | 611,145,103 | $ | 273,689,698 | ||||||||||||
Distributable earnings (loss) | (10,043,208 | ) | (82,403,628 | ) | (101,180,716 | ) | (98,362,776 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 51,275,417 | $ | 56,940,542 | $ | 509,964,387 | $ | 175,326,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 1,960,000 | 2,300,000 | 10,650,000 | 6,450,000 | ||||||||||||||||
Net asset value | $ | 26.16 | $ | 24.76 | $ | 47.88 | $ | 27.18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 25.87 | $ | 24.58 | $ | 47.67 | $ | 27.10 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 55,627,553 | $ | 68,249,207 | $ | 510,467,113 | $ | 155,292,422 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 1,782,468 | $ | 4,691,748 | $ | 27,353,886 | $ | 6,944,742 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 26,324 | $ | 20,346 | $ | 522 | $ | (2,315 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 1,483,800 | $ | 4,044,220 | $ | 26,801,595 | $ | 4,930,132 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 106 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Frontier Markets ETF (FRN) | Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Marketsex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | |||||||||||||||||||||||||||||||
$ | 168,575,152 | $ | 58,167,927 | $ | 1,241,303,898 | $ | 326,880,642 | $ | 1,274,191,988 | $ | 49,653,553 | $ | 194,977,815 | $ | 141,603,771 | |||||||||||||||||||||||
143,138 | 95,962 | 24,889,527 | 21,374,510 | 4,796,210 | 9,189,584 | 3,009,324 | 10,449,372 | |||||||||||||||||||||||||||||||
6,185 | 79,037 | 109,929 | 31,852 | 164,693 | - | 476 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 2,940,934 | |||||||||||||||||||||||||||||||
202,174 | 61,322 | 4,387,615 | 943,116 | 1,095,276 | 39,249 | 435,214 | 464,009 | |||||||||||||||||||||||||||||||
169 | - | 28,337 | 32,658 | 1,721 | 45,194 | 2,601 | 1,608 | |||||||||||||||||||||||||||||||
- | 173,938 | 439,891 | - | - | - | - | 15,593,155 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 1,474,695 | |||||||||||||||||||||||||||||||
- | 958 | 2,283,117 | 271,688 | 3,212 | 45,348 | 306,241 | 292,510 | |||||||||||||||||||||||||||||||
- | - | - | - | 6,265 | - | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
168,926,818 | 58,579,144 | 1,273,442,314 | 349,534,466 | 1,280,259,365 | 58,972,928 | 198,731,671 | 172,820,054 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
440,274 | - | 1,990,022 | - | 40,584 | 70,428 | 279,130 | 227,373 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 42 | - | 24,109 | |||||||||||||||||||||||||||||||
- | 281 | 863 | 155 | 114 | 3 | - | 7,749,350 | |||||||||||||||||||||||||||||||
143,137 | - | 24,889,243 | 21,235,672 | 2,530,762 | 9,189,384 | 3,009,250 | 10,449,319 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 2,940,934 | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 9,661,732 | |||||||||||||||||||||||||||||||
125,025 | - | 463,514 | 132,463 | 515,573 | 30,868 | 120,372 | 66,618 | |||||||||||||||||||||||||||||||
- | 15,437 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 4,494 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
8,866 | 433,640 | 22,788 | 10,678 | 22,497 | 7,437 | 9,162 | 8,853 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
717,302 | 453,852 | 27,366,430 | 21,378,968 | 3,109,530 | 9,298,162 | 3,417,914 | 31,128,288 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 168,209,516 | $ | 58,125,292 | $ | 1,246,075,884 | $ | 328,155,498 | $ | 1,277,149,835 | $ | 49,674,766 | $ | 195,313,757 | $ | 141,691,766 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 256,118,778 | $ | 127,785,604 | $ | 1,331,130,107 | $ | 345,742,179 | $ | 1,327,717,192 | $ | 112,905,284 | $ | 200,386,779 | $ | 188,685,551 | |||||||||||||||||||||||
(87,909,262 | ) | (69,660,312 | ) | (85,054,223 | ) | (17,586,681 | ) | (50,567,357 | ) | (63,230,518 | ) | (5,073,022 | ) | (46,993,785 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 168,209,516 | $ | 58,125,292 | $ | 1,246,075,884 | $ | 328,155,498 | $ | 1,277,149,835 | $ | 49,674,766 | $ | 195,313,757 | $ | 141,691,766 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
9,050,000 | 4,190,000 | 30,400,000 | 10,700,000 | 60,950,000 | 3,925,000 | 6,750,000 | 4,400,000 | |||||||||||||||||||||||||||||||
$ | 18.59 | $ | 13.87 | $ | 40.99 | $ | 30.67 | $ | 20.95 | $ | 12.66 | $ | 28.94 | $ | 32.20 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 18.51 | $ | 13.82 | $ | 40.86 | $ | 30.42 | $ | 20.93 | $ | 12.56 | $ | 28.84 | $ | 32.05 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 141,705,769 | $ | 54,415,535 | $ | 1,221,697,993 | $ | 319,452,197 | $ | 1,208,278,350 | $ | 41,897,125 | $ | 151,106,400 | $ | 139,743,680 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 143,137 | $ | 95,962 | $ | 24,889,243 | $ | 21,374,282 | $ | 4,796,176 | $ | 9,189,384 | $ | 3,009,250 | $ | 10,449,319 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 6,153 | $ | 78,653 | $ | 109,866 | $ | 31,759 | $ | 164,821 | $ | (10 | ) | $ | 434 | $ | (23,854 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 136,729 | $ | - | $ | 20,106,515 | $ | 19,106,496 | $ | 2,375,942 | $ | 8,547,594 | $ | 2,166,132 | $ | 10,064,268 | |||||||||||||||||||||||
|
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|
|
|
|
| 107 |
|
Statements of Assets and Liabilities–(continued)
October 31, 2019
Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Dividend Opportunities Index ETF (LVL) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 133,756,751 | $ | 29,750,429 | $ | 741,594,615 | $ | 47,536,072 | ||||||||||||
Affiliated investments in securities, at value | 2,813,818 | 2,017,041 | 7,884,163 | 858,357 | ||||||||||||||||
Foreign currencies, at value | - | 4,633 | - | 2,748 | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | - | 571,106 | 2,492,617 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 192,383 | 52,765 | 441,017 | 78,261 | ||||||||||||||||
Securities lending | 565 | 495 | 2,416 | 397 | ||||||||||||||||
Fund shares sold | - | - | 268,706 | 2,373,976 | ||||||||||||||||
Foreign tax reclaims | 204,750 | 50,109 | 1,053,375 | 125,891 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 136,968,267 | 31,875,472 | 751,815,398 | 53,468,319 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | 283,521 | - | ||||||||||||||||
Due to foreign custodian | 2,506 | - | 5,580 | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 174 | 5 | 268,705 | 2,444,930 | ||||||||||||||||
Collateral upon return of securities loaned | 2,531,690 | 1,903,505 | 7,884,024 | 787,227 | ||||||||||||||||
Collateral upon receipt of securitiesin-kind | - | - | 571,106 | 2,492,617 | ||||||||||||||||
Accrued unitary management fees | - | - | - | 10,206 | ||||||||||||||||
Accrued advisory fees | 47,905 | 10,407 | 300,342 | - | ||||||||||||||||
Accrued trustees’ and officer’s fees | 5,886 | 4,491 | 14,746 | - | ||||||||||||||||
Accrued expenses | 287,538 | 139,225 | 569,435 | 7,233 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 2,875,699 | 2,057,633 | 9,897,459 | 5,742,213 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 134,092,568 | $ | 29,817,839 | $ | 741,917,939 | $ | 47,726,106 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 140,589,532 | $ | 70,250,040 | $ | 586,888,714 | $ | 48,741,064 | ||||||||||||
Distributable earnings (loss) | (6,496,964 | ) | (40,432,201 | ) | 155,029,225 | (1,014,958 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 134,092,568 | $ | 29,817,839 | $ | 741,917,939 | $ | 47,726,106 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 4,850,000 | 2,480,000 | 18,760,000 | 1,950,000 | ||||||||||||||||
Net asset value | $ | 27.65 | $ | 12.02 | $ | 39.55 | $ | 24.47 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 27.56 | $ | 11.97 | $ | 39.54 | $ | 24.53 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 119,881,592 | $ | 28,255,689 | $ | 566,152,598 | $ | 43,636,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 2,815,218 | $ | 2,017,037 | $ | 7,884,024 | $ | 858,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | (2,289 | ) | $ | 4,719 | $ | (5,574 | ) | $ | 2,752 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 1,989,473 | $ | 1,372,744 | $ | 6,197,439 | $ | 683,455 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 108 |
|
(This Page Intentionally Left Blank)
| 109 |
|
Statements of Operations
For the year ended October 31, 2019
Invesco China Real Estate ETF (TAO) | Invesco China Small Cap ETF (HAO) | Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 2,080,505 | $ | 1,887,289 | $ | 3,428,015 | $ | 4,038,094 | ||||||||||||
Affiliated dividend income | 2,243 | 3,645 | 9,234 | 2,654 | ||||||||||||||||
Non-cash dividend income | - | 17,200 | - | - | ||||||||||||||||
Securities lending income | 30,420 | 117,925 | 645,305 | 30,338 | ||||||||||||||||
Foreign withholding tax | (13,532 | ) | (74,225 | ) | (92,497 | ) | (365,326 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 2,099,636 | 1,951,834 | 3,990,057 | 3,705,760 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | - | 3,536,381 | 1,489,318 | ||||||||||||||||
Advisory fees | 251,162 | 340,949 | - | - | ||||||||||||||||
Sub-licensing fees | 52,236 | 67,989 | - | - | ||||||||||||||||
Accounting & administration fees | 27,995 | 30,334 | - | - | ||||||||||||||||
Professional fees | 29,121 | 28,635 | - | 12,923 | ||||||||||||||||
Custodian & transfer agent fees | 34,193 | 59,095 | - | - | ||||||||||||||||
Trustees’ and officer’s fees | 5,834 | 5,991 | - | - | ||||||||||||||||
Proxy fees | 7,594 | 7,578 | 12,756 | 9,091 | ||||||||||||||||
Other expenses | 22,490 | 24,938 | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 430,625 | 565,509 | 3,549,137 | 1,511,332 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (70,729 | ) | (93,426 | ) | (646 | ) | (304 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 359,896 | 472,083 | 3,548,491 | 1,511,028 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1,739,740 | 1,479,751 | 441,566 | 2,194,732 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (1,557,923 | ) | (10,828,869 | ) | (70,431,351 | ) | (16,415,389 | ) | ||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
In-kind redemptions | 644,364 | 986,945 | 20,011,115 | 21,075,983 | ||||||||||||||||
Foreign currencies | 2,068 | 3,756 | (230,764 | ) | (46,759 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (911,491 | ) | (9,838,168 | ) | (50,651,000 | ) | 4,613,835 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 2,792,760 | 13,785,184 | 131,042,363 | 13,748,465 | ||||||||||||||||
Affiliated investment securities | 23 | 75 | 395 | 74 | ||||||||||||||||
Foreign currencies | 1,971 | 119 | 106 | 18,060 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation | 2,794,754 | 13,785,378 | 131,042,864 | 13,766,599 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain | 1,883,263 | 3,947,210 | 80,391,864 | 18,380,434 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 3,623,003 | $ | 5,426,961 | $ | 80,833,430 | $ | 20,575,166 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Net of foreign taxes of $18,139. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 110 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco Frontier Markets ETF (FRN) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Marketsex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | |||||||||||||||||||||||||||||||
$ | 4,231,893 | $ | 2,694,265 | $ | 57,127,579 | $ | 9,360,571 | $ | 52,066,186 | $ | 795,619 | $ | 4,070,470 | $ | 5,902,393 | |||||||||||||||||||||||
2,721 | 4,563 | 21,697 | 6,074 | 140,310 | 660 | 954 | 4,146 | |||||||||||||||||||||||||||||||
1,238,962 | 4,419 | 2,032,690 | 316,072 | 2,626,467 | - | - | - | |||||||||||||||||||||||||||||||
12,373 | 14 | 574,282 | 326,582 | 44,488 | 502,522 | 57,918 | 80,813 | |||||||||||||||||||||||||||||||
(393,353 | ) | (179,448 | ) | (5,491,567 | ) | (899,206 | ) | (5,196,902 | ) | (78,456 | ) | (161,668 | ) | (585,311 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
5,092,596 | 2,523,813 | 54,264,681 | 9,110,093 | 49,680,549 | 1,220,345 | 3,967,674 | 5,402,041 | |||||||||||||||||||||||||||||||
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|
|
|
|
|
| |||||||||||||||||||||||
1,511,759 | - | 5,966,751 | 1,564,440 | 6,139,602 | 365,107 | 1,351,872 | 990,925 | |||||||||||||||||||||||||||||||
- | 281,122 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 56,225 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 29,740 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 29,753 | 1,873 | 971 | - | 363 | 1,312 | - | |||||||||||||||||||||||||||||||
- | 486,268 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | 5,888 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
8,866 | 7,589 | 22,788 | 10,678 | 22,497 | 7,437 | 9,162 | 8,853 | |||||||||||||||||||||||||||||||
- | 23,897 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,520,625 | 920,482 | 5,991,412 | 1,576,089 | 6,162,099 | 372,907 | 1,362,346 | 999,778 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(302 | ) | (520,808 | ) | (2,012 | ) | (527 | ) | (29,585 | ) | (56 | ) | (85 | ) | (297 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,520,323 | 399,674 | 5,989,400 | 1,575,562 | 6,132,514 | 372,851 | 1,362,261 | 999,481 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
3,572,273 | 2,124,139 | 48,275,281 | 7,534,531 | 43,548,035 | 847,494 | 2,605,413 | 4,402,560 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(14,904,652 | ) | (1,683,507 | ) | (26,237,570 | ) | (8,033,338 | ) | (14,082,751 | )(a) | (1,015,686 | ) | (2,331,276 | ) | (35,626,897 | ) | |||||||||||||||||||||||
- | - | - | - | 1,826,163 | - | - | - | |||||||||||||||||||||||||||||||
2,850,673 | 225,393 | 48,903,794 | 11,685,381 | 23,256,823 | 1,818,676 | 6,680,325 | (1,567,154 | ) | ||||||||||||||||||||||||||||||
(168,783 | ) | (78,093 | ) | (20,584 | ) | 91,827 | (1,077,982 | ) | (21,127 | ) | (13,357 | ) | (146,077 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(12,222,762 | ) | (1,536,207 | ) | 22,645,640 | 3,743,870 | 9,922,253 | 781,863 | 4,335,692 | (37,340,128 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
36,358,504 | 4,568,213 | 24,030,760 | 13,555,426 | 42,946,585 | 6,281,706 | 31,277,238 | 41,800,904 | |||||||||||||||||||||||||||||||
1 | - | 284 | 228 | (629,542 | ) | 200 | 74 | 53 | ||||||||||||||||||||||||||||||
4,790 | 838 | 122,856 | 8,241 | (10,465 | ) | (534 | ) | 24,445 | (5,078 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
36,363,295 | 4,569,051 | 24,153,900 | 13,563,895 | 42,306,578 | 6,281,372 | 31,301,757 | 41,795,879 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
24,140,533 | 3,032,844 | 46,799,540 | 17,307,765 | 52,228,831 | 7,063,235 | 35,637,449 | 4,455,751 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 27,712,806 | $ | 5,156,983 | $ | 95,074,821 | $ | 24,842,296 | $ | 95,776,866 | $ | 7,910,729 | $ | 38,242,862 | $ | 8,858,311 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 111 |
|
Statements of Operations–(continued)
For the year ended October 31, 2019
Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Dividend Opportunities Index ETF (LVL) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||
Investment income: |
| |||||||||||||||||||
Unaffiliated dividend income | $ | 5,170,424 | $ | 1,310,303 | $ | 15,360,068 | $ | 1,037,467 | ||||||||||||
Affiliated dividend income | 6,709 | 2,022 | 11,749 | 587 | ||||||||||||||||
Non-cash dividend income | - | 5,444 | - | 901 | ||||||||||||||||
Securities lending income | 64,108 | 12,466 | 136,935 | 5,200 | ||||||||||||||||
Foreign withholding tax | (244,197 | ) | (91,763 | ) | (934,506 | ) | (101,103 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 4,997,044 | 1,238,472 | 14,574,246 | 943,052 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: |
| |||||||||||||||||||
Unitary management fees | - | - | - | 101,577 | ||||||||||||||||
Advisory fees | 767,200 | 150,200 | 3,027,356 | - | ||||||||||||||||
Sub-licensing fees | 92,063 | 13,218 | 266,412 | - | ||||||||||||||||
Accounting & administration fees | 41,446 | 27,995 | 62,530 | - | ||||||||||||||||
Professional fees | 31,164 | 29,424 | 32,037 | 495 | ||||||||||||||||
Custodian & transfer agent fees | 54,344 | 27,999 | 91,448 | - | ||||||||||||||||
Trustees’ and officer’s fees | 7,267 | 5,735 | 11,525 | - | ||||||||||||||||
Proxy fees | 8,749 | 7,202 | 14,701 | 7,233 | ||||||||||||||||
Other expenses | 40,979 | 18,717 | 56,954 | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 1,043,212 | 280,490 | 3,562,963 | 109,305 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (191,547 | ) | (81,197 | ) | (965 | ) | (49 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 851,665 | 199,293 | 3,561,998 | 109,256 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 4,145,379 | 1,039,179 | 11,012,248 | 833,796 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: |
| |||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | 389,732 | (346,406 | ) | (1,758,730 | ) | (1,553,978 | ) | |||||||||||||
Affiliated investment securities | (9,408 | ) | - | - | - | |||||||||||||||
Unaffiliatedin-kind redemptions | 4,165,538 | 1,631,561 | 8,774,821 | 1,211,881 | ||||||||||||||||
Affiliatedin-kind redemptions | (2,280 | ) | - | - | - | |||||||||||||||
Foreign currencies | (24,500 | ) | (3,048 | ) | (93,421 | ) | 1,253 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 4,519,082 | 1,282,107 | 6,922,670 | (340,844 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (8,988,760 | ) | 2,558,266 | 117,919,992 | 5,911,305 | |||||||||||||||
Affiliated investment securities | 36,141 | 4 | 139 | 4 | ||||||||||||||||
Foreign currencies | 3,961 | 835 | 33,238 | 2,607 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in unrealized appreciation (depreciation) | (8,948,658 | ) | 2,559,105 | 117,953,369 | 5,913,916 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (4,429,576 | ) | 3,841,212 | 124,876,039 | 5,573,072 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (284,197 | ) | $ | 4,880,391 | $ | 135,888,287 | $ | 6,406,868 | |||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 112 |
|
(This Page Intentionally Left Blank)
| 113 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2019 and 2018
Invesco China Real Estate ETF (TAO) | |||||||||||||||
Year Ended October 31, 2019 | Five Months Ended October 31, 2018(a) | Year Ended May 31, 2018 | |||||||||||||
Operations: | |||||||||||||||
Net investment income | $ | 1,739,740 | $ | 1,618,309 | $ | 4,081,900 | |||||||||
Net realized gain (loss) | (911,491 | ) | 5,809,274 | (710,055 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) | 2,794,754 | (20,178,892 | ) | 10,807,512 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | 3,623,003 | (12,751,309 | ) | 14,179,357 | |||||||||||
|
|
|
|
|
| ||||||||||
Distributions to Shareholders from: | |||||||||||||||
Distributable earnings | (2,864,833 | ) | - | (3,971,680 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Shareholder Transactions: | |||||||||||||||
Proceeds from shares sold | 18,919,394 | 1,560,368 | 32,072,370 | ||||||||||||
Value of shares repurchased | (4,959,829 | ) | (35,595,627 | ) | (2,973,908 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from share transactions | 13,959,565 | (34,035,259 | ) | 29,098,462 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets | 14,717,735 | (46,786,568 | ) | 39,306,139 | |||||||||||
|
|
|
|
|
| ||||||||||
Net assets: | |||||||||||||||
Beginning of period | 36,557,682 | 83,344,250 | 44,038,111 | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 51,275,417 | $ | 36,557,682 | $ | 83,344,250 | |||||||||
|
|
|
|
|
| ||||||||||
Changes in Shares Outstanding: | |||||||||||||||
Shares sold | 650,000 | 50,000 | 1,100,000 | ||||||||||||
Shares repurchased | (200,000 | ) | (1,300,000 | ) | (100,000 | ) | |||||||||
Shares outstanding, beginning of period | 1,510,000 | 2,760,000 | 1,760,000 | ||||||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding, end of period | 1,960,000 | 1,510,000 | 2,760,000 | ||||||||||||
|
|
|
|
|
|
(a) | For the period June 1, 2018 through October 31, 2018. |
(b) | For the period September 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 114 |
|
Invesco China Small Cap ETF (HAO) | Invesco China Technology ETF (CQQQ) | |||||||||||||||||||||||||||
Year Ended October 31, 2019 | Five Months Ended October 31, 2018(a) | Year Ended May 31, 2018 | Year Ended October 31, 2019 | Two Months Ended October 31, 2018(b) | Year Ended August 31, 2018 | |||||||||||||||||||||||
$ | 1,479,751 | $ | 1,240,225 | $ | 2,089,774 | $ | 441,566 | $ | 250,492 | $ | 2,087,528 | |||||||||||||||||
(9,838,168) | (69,902) | 9,404,735 | (50,651,000) | (9,579,998) | 38,165,068 | |||||||||||||||||||||||
13,785,378 | (24,937,663) | 15,109,775 | 131,042,864 | (64,668,718) | (102,224,494) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
5,426,961 | (23,767,340) | 26,604,284 | 80,833,430 | (73,998,224) | (61,971,898) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(3,108,404) | - | (3,252,830) | (1,984,086) | - | (5,489,280) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | - | 11,812,995 | 169,853,400 | 94,850,663 | 398,909,634 | |||||||||||||||||||||||
(7,513,488) | (8,334,088) | (26,614,585) | (144,279,474) | - | (155,778,516) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(7,513,488) | (8,334,088) | (14,801,590) | 25,573,926 | 94,850,663 | 243,131,118 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(5,194,931) | (32,101,428) | 8,549,864 | 104,423,270 | 20,852,439 | 175,669,940 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
62,135,473 | 94,236,901 | 85,687,037 | 405,541,117 | 384,688,678 | 209,018,738 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 56,940,542 | $ | 62,135,473 | $ | 94,236,901 | $ | 509,964,387 | $ | 405,541,117 | $ | 384,688,678 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | - | 400,000 | 3,800,000 | 2,200,000 | 6,650,000 | |||||||||||||||||||||||
(300,000) | (300,000) | (900,000) | (3,150,000) | - | (2,650,000) | |||||||||||||||||||||||
2,600,000 | 2,900,000 | 3,400,000 | 10,000,000 | 7,800,000 | 3,800,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,300,000 | 2,600,000 | 2,900,000 | 10,650,000 | 10,000,000 | 7,800,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 115 |
|
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2019 and 2018
Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | |||||||||||||||||||
Year Ended October 31, 2019 | Year Ended October 31, 2018 | Year Ended October 31, 2019 | Year Ended October 31, 2018 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 2,194,732 | $ | 2,162,248 | $ | 3,572,273 | $ | 5,227,883 | ||||||||||||
Net realized gain (loss) | 4,613,835 | 7,529,102 | (12,222,762 | ) | (805,903 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 13,766,599 | (32,086,298 | ) | 36,363,295 | (47,584,115 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,575,166 | (22,394,948 | ) | 27,712,806 | (43,162,135 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (2,458,183 | ) | (2,902,784 | ) | (4,189,151 | ) | (6,235,039 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 89,487,978 | 120,271,026 | 6,000,666 | 74,057,773 | ||||||||||||||||
Value of shares repurchased | (155,460,383 | ) | (103,874,858 | ) | (54,036,505 | ) | (44,653,680 | ) | ||||||||||||
Transaction fees | - | - | 61,725 | 276,198 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (65,972,405 | ) | 16,396,168 | (47,974,114 | ) | 29,680,291 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (47,855,422 | ) | (8,901,564 | ) | (24,450,459 | ) | (19,716,883 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 223,182,344 | 232,083,908 | 192,659,975 | 212,376,858 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 175,326,922 | $ | 223,182,344 | $ | 168,209,516 | $ | 192,659,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 3,400,000 | 4,350,000 | 350,000 | 3,500,000 | ||||||||||||||||
Shares repurchased | (6,050,000 | ) | (3,750,000 | ) | (3,250,000 | ) | (2,450,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 9,100,000 | 8,500,000 | 11,950,000 | 10,900,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 6,450,000 | 9,100,000 | 9,050,000 | 11,950,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) | 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.
| 116 |
|
Invesco Frontier Markets ETF (FRN) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||||||||
Year Ended October 31, 2019 | Five Months Ended October 31, 2018(a) | Year Ended May 31, 2018 | Year Ended October 31, 2019 | Year Ended October 31, 2018 | |||||||||||||||||||
$ | 2,124,139 | $ | 593,012 | $ | 1,995,265 | $ | 48,275,281 | $ | 37,870,601 | ||||||||||||||
(1,536,207 | ) | (1,724,094 | ) | 3,690,785 | 22,645,640 | 30,435,990 | |||||||||||||||||
4,569,051 | (6,095,872 | ) | (2,340,256 | ) | 24,153,900 | (169,409,936 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
5,156,983 | (7,226,954 | ) | 3,345,794 | 95,074,821 | (101,103,345 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
(957,884 | ) | - | (2,284,088 | ) | (52,102,548 | ) | (39,591,975 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
4,862,583 | - | 33,925,310 | 193,265,004 | 325,024,707 | |||||||||||||||||||
(2,706,377 | ) | (15,424,518 | ) | (24,745,195 | ) | (265,660,638 | ) | (123,802,230 | ) | ||||||||||||||
28,646 | 65,946 | 251,008 | 77,695 | 44,658 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| 2,184,852 | (15,358,572 | ) | 9,431,123 | (72,317,939 | ) | 201,267,135 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
6,383,951 | (22,585,526 | ) | 10,492,829 | (29,345,666 | ) | 60,571,815 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
51,741,341 | 74,326,867 | 63,834,038 | 1,275,421,550 | 1,214,849,735 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 58,125,292 | $ | 51,741,341 | $ | 74,326,867 | $ | 1,246,075,884 | $ | 1,275,421,550 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
350,000 | - | 2,200,000 | 5,050,000 | 7,400,000 | |||||||||||||||||||
(200,000 | ) | (1,100,000 | ) | (1,700,000 | ) | (6,500,000 | ) | (2,750,000 | ) | ||||||||||||||
4,040,000 | 5,140,000 | 4,640,000 | 31,850,000 | 27,200,000 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
4,190,000 | 4,040,000 | 5,140,000 | 30,400,000 | 31,850,000 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| 117 |
|
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2019 and 2018
Invesco FTSE RAFI Developed Markets ex-U.S.Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | |||||||||||||||||||
Year Ended October 31, 2019 | Year Ended October 31, 2018 | Year Ended October 31, 2019 | Year Ended October 31, 2018 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 7,534,531 | $ | 5,357,442 | $ | 43,548,035 | $ | 35,274,811 | ||||||||||||
Net realized gain (loss) | 3,743,870 | 21,055,482 | 9,922,253 | 34,978,087 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) | 13,563,895 | (51,693,808 | ) | 42,306,578 | (122,503,582 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 24,842,296 | (25,280,884 | ) | 95,776,866 | (52,250,684 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (8,100,512 | ) | (6,547,030 | ) | (42,921,358 | ) | (34,680,231 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 68,979,125 | 183,475,668 | 246,400,978 | 381,359,053 | ||||||||||||||||
Value of shares repurchased | (49,476,285 | ) | (66,459,873 | ) | (151,731,342 | ) | (132,537,225 | ) | ||||||||||||
Transaction fees | 48,223 | 17,894 | 291,802 | 240,894 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 19,551,063 | 117,033,689 | 94,961,438 | 249,062,722 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 36,292,847 | 85,205,775 | 147,816,946 | 162,131,807 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of year | 291,862,651 | 206,656,876 | 1,129,332,889 | 967,201,082 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 328,155,498 | $ | 291,862,651 | $ | 1,277,149,835 | $ | 1,129,332,889 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 2,450,000 | 5,650,000 | 11,700,000 | 17,550,000 | ||||||||||||||||
Shares repurchased | (1,650,000 | ) | (1,950,000 | ) | (7,150,000 | ) | (5,800,000 | ) | ||||||||||||
Shares outstanding, beginning of year | 9,900,000 | 6,200,000 | 56,400,000 | 44,650,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of year | 10,700,000 | 9,900,000 | 60,950,000 | 56,400,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 118 |
|
Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | Invesco International BuyBack Achievers™ ETF (IPKW) | ||||||||||||||||||||||||||
Year Ended October 31, 2019 | Year Ended October 31, 2018 | Year Ended October 31, 2019 | Year Ended October 31, 2018 | Year Ended October 31, 2019 | Year Ended October 31, 2018 | |||||||||||||||||||||||
$ | 847,494 | $ | 810,399 | $ | 2,605,413 | $ | 3,299,083 | $ | 4,402,560 | $ | 5,484,909 | |||||||||||||||||
781,863 | 1,250,812 | 4,335,692 | 18,398,033 | (37,340,128 | ) | 6,211,206 | ||||||||||||||||||||||
6,281,372 | (10,593,025 | ) | 31,301,757 | (28,996,844 | ) | 41,795,879 | (50,584,076 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
7,910,729 | (8,531,814 | ) | 38,242,862 | (7,299,728 | ) | 8,858,311 | (38,887,961 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(980,943 | ) | (989,690 | ) | (2,822,348 | ) | (3,250,758 | ) | (5,243,213 | ) | (5,721,629 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | 1,306,907 | 18,017,976 | 37,473,227 | 39,446,681 | 216,364,968 | |||||||||||||||||||||||
(6,919,279 | ) | (2,624,568 | ) | (23,042,889 | ) | (62,872,083 | ) | (144,764,111 | ) | (126,159,214 | ) | |||||||||||||||||
3,159 | 1,049 | 2,343 | 2,991 | 21,030 | 41,908 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
| (6,916,120 | ) | (1,316,612 | ) | (5,022,570 | ) | (25,395,865 | ) | (105,296,400 | ) | 90,247,662 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
13,666 | (10,838,116 | ) | 30,397,944 | (35,946,351 | ) | (101,681,302 | ) | 45,638,072 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
49,661,100 | 60,499,216 | 164,915,813 | 200,862,164 | 243,373,068 | 197,734,996 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 49,674,766 | $ | 49,661,100 | $ | 195,313,757 | $ | 164,915,813 | $ | 141,691,766 | $ | 243,373,068 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | 100,000 | 650,000 | 1,450,000 | 1,250,000 | 5,800,000 | |||||||||||||||||||||||
(600,000 | ) | (200,000 | ) | (850,000 | ) | (2,450,000 | ) | (4,700,000 | ) | (3,550,000 | ) | |||||||||||||||||
4,525,000 | 4,625,000 | 6,950,000 | 7,950,000 | 7,850,000 | 5,600,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,925,000 | 4,525,000 | 6,750,000 | 6,950,000 | 4,400,000 | 7,850,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 119 |
|
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2019 and 2018
Invesco MSCI Global Timber ETF (CUT) | |||||||||||||||
Year Ended October 31, 2019 | Five Months Ended October 31, 2018(a) | Year Ended May 31, 2018 | |||||||||||||
Operations: | |||||||||||||||
Net investment income | $ | 4,145,379 | $ | 1,344,021 | $ | 4,392,097 | |||||||||
Net realized gain (loss) | 4,519,082 | 11,717,144 | 4,296,270 | ||||||||||||
Change in net unrealized appreciation (depreciation) | (8,948,658 | ) | (49,008,354 | ) | 36,165,164 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | (284,197 | ) | (35,947,189 | ) | 44,853,531 | ||||||||||
|
|
|
|
|
| ||||||||||
Distributions to Shareholders from: | |||||||||||||||
Distributable earnings | (4,947,600 | ) | - | (3,518,655 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Shareholder Transactions: | |||||||||||||||
Proceeds from shares sold | 3,971,096 | 11,140,448 | 9,311,470 | ||||||||||||
Value of shares repurchased | (38,113,591 | ) | (37,927,735 | ) | (4,659,172 | ) | |||||||||
Transaction fees | 4,108 | 7,303 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from share transactions | (34,138,387 | ) | (26,779,984 | ) | 4,652,298 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets | (39,370,184 | ) | (62,727,173 | ) | 45,987,174 | ||||||||||
|
|
|
|
|
| ||||||||||
Net assets: | |||||||||||||||
Beginning of period | 173,462,752 | 236,189,925 | 190,202,751 | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 134,092,568 | $ | 173,462,752 | $ | 236,189,925 | |||||||||
|
|
|
|
|
| ||||||||||
Changes in Shares Outstanding: | |||||||||||||||
Shares sold | 150,000 | 350,000 | 300,000 | ||||||||||||
Shares repurchased. | (1,500,000 | ) | (1,200,000 | ) | (150,000 | ) | |||||||||
Shares outstanding, beginning of period | 6,200,000 | 7,050,000 | 6,900,000 | ||||||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding, end of period | 4,850,000 | 6,200,000 | 7,050,000 | ||||||||||||
|
|
|
|
|
|
(a) | For the period June 1, 2018 through October 31, 2018. |
(b) | For the period September 1, 2018 through October 31, 2018. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 120 |
|
Invesco S&P Global Dividend Opportunities Index ETF (LVL) | Invesco S&P Global Water Index ETF (CGW) | |||||||||||||||||||||||||||
Year Ended October 31, 2019 | Five Months Ended October 31, 2018(a) | Year Ended May 31, 2018 | Year Ended October 31, 2019 | Two Months Ended October 31, 2018(b) | Year Ended August 31, 2018 | |||||||||||||||||||||||
$1,039,179 | $ | 613,552 | $ | 1,476,069 | $ | 11,012,248 | $ | 646,014 | $ | 10,489,169 | ||||||||||||||||||
1,282,107 | (716,194 | ) | 4,094,203 | 6,922,670 | 6,087,031 | 70,908,281 | ||||||||||||||||||||||
2,559,105 | 120,041 | (3,385,288 | ) | 117,953,369 | (56,210,255 | ) | (37,440,161 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
4,880,391 | 17,399 | 2,184,984 | 135,888,287 | (49,477,210 | ) | 43,957,289 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(1,034,761) | (837,522 | ) | (1,765,272 | ) | (10,958,575 | ) | - | (10,492,264 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
10,412,385 | 8,947,465 | - | 109,681,761 | 16,098,469 | 98,720,757 | |||||||||||||||||||||||
(14,855,307) | (14,280,682 | ) | (23,910,516 | ) | (23,998,390 | ) | (29,428,527 | ) | (148,333,764 | ) | ||||||||||||||||||
392 | 330 | - | 6,647 | 565 | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(4,442,530) | (5,332,887 | ) | (23,910,516 | ) | 85,690,018 | (13,329,493 | ) | (49,613,007 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(596,900) | (6,153,010 | ) | (23,490,804 | ) | 210,619,730 | (62,806,703 | ) | (16,147,982 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
30,414,739 | 36,567,749 | 60,058,553 | 531,298,209 | 594,104,912 | 610,252,894 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$29,817,839 | $ | 30,414,739 | $ | 36,567,749 | $ | 741,917,939 | $ | 531,298,209 | $ | 594,104,912 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
880,000 | 800,000 | - | 3,040,000 | 480,000 | 2,800,000 | |||||||||||||||||||||||
(1,280,000) | (1,280,000 | ) | (2,160,000 | ) | (720,000 | ) | (880,000 | ) | (4,240,000 | ) | ||||||||||||||||||
2,880,000 | 3,360,000 | 5,520,000 | 16,440,000 | 16,840,000 | 18,280,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
2,480,000 | 2,880,000 | 3,360,000 | 18,760,000 | 16,440,000 | 16,840,000 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 121 |
|
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2019 and 2018
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||
Year Ended October 31, 2019 | Year Ended October 31, 2018 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 833,796 | $ | 851,083 | ||||||
Net realized gain (loss) | (340,844 | ) | 1,264,249 | |||||||
Change in net unrealized appreciation (depreciation) | 5,913,916 | (5,178,013 | ) | |||||||
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 6,406,868 | (3,062,681 | ) | |||||||
|
|
|
| |||||||
Distributions to Shareholders from: | ||||||||||
Distributable earnings | (916,670 | ) | (814,149 | ) | ||||||
|
|
|
| |||||||
Shareholder Transactions: | ||||||||||
Proceeds from shares sold | 20,510,517 | 22,491,922 | ||||||||
Value of shares repurchased | (10,317,948 | ) | (14,783,286 | ) | ||||||
Transaction fees | 4,267 | 4,530 | ||||||||
|
|
|
| |||||||
Net increase in net assets resulting from share transactions | 10,196,836 | 7,713,166 | ||||||||
|
|
|
| |||||||
Net increase in net assets | 15,687,034 | 3,836,336 | ||||||||
|
|
|
| |||||||
Net assets: | ||||||||||
Beginning of year | 32,039,072 | 28,202,736 | ||||||||
|
|
|
| |||||||
End of year | $ | 47,726,106 | $ | 32,039,072 | ||||||
|
|
|
| |||||||
Changes in Shares Outstanding: | ||||||||||
Shares sold | 900,000 | 950,000 | ||||||||
Shares repurchased | (450,000 | ) | (650,000 | ) | ||||||
Shares outstanding, beginning of year | 1,500,000 | 1,200,000 | ||||||||
|
|
|
| |||||||
Shares outstanding, end of year | 1,950,000 | 1,500,000 | ||||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 122 |
|
Financial Highlights
Invesco China Real Estate ETF (TAO)
Year Ended October 31, 2019 | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.21 | $ | 30.20 | $ | 25.02 | $ | 18.92 | $ | 24.50 | $ | 20.52 | ||||||||||||||||||
Net investment income(a) | 0.93 | 0.77 | (b) | 1.74 | (c) | 0.68 | 0.81 | 0.66 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.92 | (6.76 | ) | 5.09 | 5.82 | (5.42 | ) | 3.86 | ||||||||||||||||||||||
Total from investment operations | 3.85 | (5.99 | ) | 6.83 | 6.50 | (4.61 | ) | 4.52 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income. | (1.90 | ) | - | (1.65 | ) | (0.40 | ) | (0.97 | ) | (0.54 | ) | |||||||||||||||||||
Net asset value at end of period | $ | 26.16 | $ | 24.21 | $ | 30.20 | $ | 25.02 | $ | 18.92 | $ | 24.50 | ||||||||||||||||||
Market price at end of period | $ | 25.87 | (d) | $ | 24.17 | (d) | $ | 30.28 | (d) | $ | 25.14 | $ | 18.83 | $ | 24.55 | |||||||||||||||
Net Asset Value Total Return(e) | 16.66 | % | (19.83 | )% | 27.61 | % | 34.94 | % | (19.05 | )% | 22.50 | % | ||||||||||||||||||
Market Price Total Return(e) | 15.48 | % | (20.18 | )% | 27.37 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 51,275 | $ | 36,558 | $ | 83,344 | $ | 44,038 | $ | 12,490 | $ | 34,548 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.72 | %(f) | 0.70 | %(g) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.86 | %(f) | 0.84 | %(g) | 0.81 | % | 0.99 | % | 1.15 | % | 0.88 | % | ||||||||||||||||||
Net investment income | 3.46 | %(f) | 6.58 | %(b)(g) | 5.95 | %(c) | 3.14 | % | 3.94 | % | 3.04 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 6 | % | 2 | % | 20 | % | 17 | % | 32 | % | 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 $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 dividend 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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.
| 123 |
|
Financial Highlights–(continued)
Invesco China Small Cap ETF (HAO)
Year Ended October 31, 2019 | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.90 | $ | 32.50 | $ | 25.20 | $ | 22.06 | $ | 34.78 | $ | 24.72 | ||||||||||||||||||
Net investment income(a) | 0.59 | 0.45 | 0.66 | 0.55 | 0.72 | 0.51 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.47 | (9.05 | ) | 7.69 | 3.35 | (12.50 | ) | 10.14 | ||||||||||||||||||||||
Total from investment operations | 2.06 | (8.60 | ) | 8.35 | 3.90 | (11.78 | ) | 10.65 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (1.20 | ) | - | (1.05 | ) | (0.76 | ) | (0.94 | ) | (0.59 | ) | |||||||||||||||||||
Net asset value at end of period | $ | 24.76 | $ | 23.90 | $ | 32.50 | $ | 25.20 | $ | 22.06 | $ | 34.78 | ||||||||||||||||||
Market price at end of period | $ | 24.58 | (b) | $ | 23.50 | (b) | $ | 32.46 | (b) | $ | 24.97 | $ | 22.04 | $ | 34.56 | |||||||||||||||
Net Asset Value Total Return(c) | 9.28 | % | (26.46 | )% | 33.51 | % | 18.05 | % | (34.14 | )% | 43.88 | % | ||||||||||||||||||
Market Price Total Return(c) | 10.27 | % | (27.60 | )% | 34.61 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 56,941 | $ | 62,135 | $ | 94,237 | $ | 85,687 | $ | 94,879 | $ | 299,087 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.76 | %(d) | 0.63 | %(e) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.91 | %(d) | 0.85 | %(e) | 0.81 | % | 0.90 | % | 0.87 | % | 0.83 | % | ||||||||||||||||||
Net investment income | 2.39 | %(d) | 3.83 | %(e) | 2.24 | % | 2.27 | % | 2.83 | % | 1.86 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 25 | % | 7 | % | 34 | % | 27 | % | 28 | % | 31 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco China Technology ETF (CQQQ)
Year Ended October 31, 2019 | Two Months Ended October 31, 2018 | Years Ended August 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | $ | 38.09 | ||||||||||||||||||
Net investment income(a) | 0.04 | 0.03 | 0.31 | 0.52 | 0.32 | 0.46 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.46 | (8.80 | ) | (5.13 | ) | 15.82 | 10.03 | (8.65 | ) | |||||||||||||||||||||
Total from investment operations | 7.50 | (8.77 | ) | (4.82 | ) | 16.34 | 10.35 | (8.19 | ) | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | - | (0.86 | ) | (0.60 | ) | (0.64 | ) | (0.35 | ) | |||||||||||||||||||
Net asset value at end of period | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | ||||||||||||||||||
Market price at end of period | $ | 47.67 | (b) | $ | 40.81 | (b) | $ | 49.36 | (b) | $ | 55.21 | $ | 39.08 | $ | 29.31 | |||||||||||||||
Net Asset Value Total Return(c) | 18.59 | % | (17.78 | )% | (9.05 | )% | 42.43 | % | 35.19 | % | (21.62 | )% | ||||||||||||||||||
Market Price Total Return(c) | 17.32 | % | (17.32 | )% | (9.33 | )% | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 509,964 | $ | 405,541 | $ | 384,689 | $ | 209,019 | $ | 45,153 | $ | 45,804 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.70 | % | 0.70 | %(d) | 0.65 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Net investment income | 0.09 | % | 0.39 | %(d) | 0.52 | % | 1.20 | % | 0.94 | % | 1.20 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 80 | % | 4 | % | 21 | % | 10 | % | 48 | % | 32 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco DWA Developed Markets Momentum ETF (PIZ)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | ||||||||||
Net investment income(a) | 0.30 | 0.24 | 0.36 | 0.35 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.70 | (2.68 | ) | 5.05 | (1.04 | ) | (1.15 | ) | ||||||||||||
Total from investment operations | 3.00 | (2.44 | ) | 5.41 | (0.69 | ) | (0.88 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.35 | ) | (0.33 | ) | (0.40 | ) | (0.38 | ) | (0.25 | ) | ||||||||||
Net asset value at end of year | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | ||||||||||
Market price at end of year(b) | $ | 27.10 | $ | 24.47 | $ | 27.35 | $ | 22.27 | $ | 23.21 | ||||||||||
Net Asset Value Total Return(c) | 12.31 | % | (9.09 | )% | 24.58 | % | (2.97 | )% | (3.63 | )% | ||||||||||
Market Price Total Return(c) | 12.25 | % | (9.48 | )% | 24.91 | % | (2.43 | )% | (4.48 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 175,327 | $ | 223,182 | $ | 232,084 | $ | 173,891 | $ | 263,996 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.81 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||
Net investment income | 1.18 | % | 0.88 | % | 1.46 | % | 1.50 | % | 1.10 | % | ||||||||||
Portfolio turnover rate(d) | 106 | % | 94 | % | 98 | % | 124 | % | 120 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco DWA Emerging Markets Momentum ETF (PIE)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | ||||||||||
Net investment income(a) | 0.36 | (b) | 0.40 | 0.28 | 0.16 | 0.12 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.51 | (3.29 | ) | 3.34 | 0.14 | (c) | (2.94 | ) | ||||||||||||
Total from investment operations | 2.87 | (2.89 | ) | 3.62 | 0.30 | (2.82 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.21 | ) | (0.10 | ) | ||||||||||
Return of capital | - | - | - | (0.01 | ) | - | ||||||||||||||
Total distributions | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.22 | ) | (0.10 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.02 | 0.01 | 0.01 | 0.03 | |||||||||||||||
Net asset value at end of year | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | ||||||||||
Market price at end of year(d) | $ | 18.51 | $ | 16.08 | $ | 19.54 | $ | 16.10 | $ | 15.97 | ||||||||||
Net Asset Value Total Return(e) | 18.23 | % | (15.11 | )% | 22.72 | % | 2.00 | %(c) | (14.78 | )% | ||||||||||
Market Price Total Return(e) | 18.03 | % | (15.58 | )% | 23.18 | % | 2.25 | % | (14.50 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 168,210 | $ | 192,660 | $ | 212,377 | $ | 183,668 | $ | 196,268 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.91 | %(f) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||
Net investment income | 2.13 | %(b)(f) | 2.01 | % | 1.67 | % | 1.04 | % | 0.68 | % | ||||||||||
Portfolio turnover rate(g) | 158 | % | 163 | % | 174 | % | 160 | % | 176 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively. |
(c) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Frontier Markets ETF (FRN)
Year Ended October 31, 2019 | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.81 | $ | 14.46 | $ | 13.76 | $ | 11.48 | $ | 13.23 | $ | 16.79 | ||||||||||||||||||
Net investment income(a) | 0.52 | 0.14 | 0.42 | 0.34 | 0.34 | 0.23 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.77 | (1.81 | ) | 0.77 | 2.41 | (1.89 | ) | (3.36 | ) | |||||||||||||||||||||
Total from investment operations | 1.29 | (1.67 | ) | 1.19 | 2.75 | (1.55 | ) | (3.13 | ) | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | - | (0.54 | ) | (0.47 | ) | (0.20 | ) | (0.43 | ) | |||||||||||||||||||
Transaction fees(a) | 0.01 | 0.02 | 0.05 | - | - | - | ||||||||||||||||||||||||
Net asset value at end of period | $ | 13.87 | $ | 12.81 | $ | 14.46 | $ | 13.76 | $ | 11.48 | $ | 13.23 | ||||||||||||||||||
Market price at end of period | $ | 13.82 | (b) | $ | 12.75 | (b) | $ | 14.35 | (b) | $ | 13.74 | $ | 11.33 | $ | 13.33 | |||||||||||||||
Net Asset Value Total Return(c) | 10.41 | % | (11.41 | )% | 8.89 | % | 24.72 | % | (11.59 | )% | (18.75 | )% | ||||||||||||||||||
Market Price Total Return(c) | 10.53 | % | (11.15 | )% | 8.23 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 58,125 | $ | 51,741 | $ | 74,327 | $ | 63,834 | $ | 39,481 | $ | 62,058 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.71 | %(d) | 0.70 | %(e) | 0.70 | % | 0.70 | % | 0.70 | % | 0.70 | % | ||||||||||||||||||
Expenses, prior to Waivers | 1.64 | %(d) | 0.82 | %(e) | 1.15 | % | 1.17 | % | 1.28 | % | 0.77 | % | ||||||||||||||||||
Net investment income | 3.78 | %(d) | 2.40 | %(e) | 2.83 | % | 2.83 | % | 2.96 | % | 1.50 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 67 | % | 21 | % | 98 | % | 74 | % | 57 | % | 94 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | ||||||||||
Net investment income(a) | 1.45 | 1.34 | 1.20 | 1.09 | 1.16 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.10 | (4.56 | ) | 7.98 | (1.82 | ) | (2.65 | ) | ||||||||||||
Total from investment operations | 2.55 | (3.22 | ) | 9.18 | (0.73 | ) | (1.49 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.60 | ) | (1.40 | ) | (1.26 | ) | (1.13 | ) | (1.11 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | ||||||||||
Market price at end of year(c) | $ | 40.86 | $ | 39.98 | $ | 44.81 | $ | 36.68 | $ | 38.34 | ||||||||||
Net Asset Value Total Return(d) | 6.58 | % | (7.45 | )% | 25.38 | % | (1.73 | )% | (3.72 | )% | ||||||||||
Market Price Total Return(d) | 6.41 | % | (7.92 | )% | 25.99 | % | (1.24 | )% | (5.55 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 1,246,076 | $ | 1,275,422 | $ | 1,214,850 | $ | 938,650 | $ | 787,536 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.46 | % | ||||||||||
Net investment income | 3.64 | % | 3.02 | % | 2.95 | % | 3.05 | % | 2.87 | % | ||||||||||
Portfolio turnover rate(e) | 15 | % | 10 | % | 13 | % | 14 | % | 12 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | ||||||||||
Net investment income(a) | 0.70 | 0.75 | 0.59 | 0.53 | 0.46 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.24 | (3.66 | ) | 5.99 | 0.86 | 0.12 | ||||||||||||||
Total from investment operations | 1.94 | (2.91 | ) | 6.58 | 1.39 | 0.58 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.75 | ) | (0.94 | ) | (0.62 | ) | (0.62 | ) | (0.46 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | ||||||||||
Market price at end of year(c) | $ | 30.42 | $ | 29.48 | $ | 33.44 | $ | 27.30 | $ | 26.66 | ||||||||||
Net Asset Value Total Return(d) | 6.72 | % | (9.05 | )% | 24.36 | % | 5.37 | % | 2.18 | % | ||||||||||
Market Price Total Return(d) | 5.85 | % | (9.36 | )% | 25.09 | % | 4.87 | % | 0.01 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 328,155 | $ | 291,863 | $ | 206,657 | $ | 162,854 | $ | 143,621 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.50 | % | ||||||||||
Net investment income | 2.36 | % | 2.25 | % | 1.98 | % | 2.01 | % | 1.73 | % | ||||||||||
Portfolio turnover rate(e) | 27 | % | 21 | % | 19 | % | 25 | % | 24 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | ||||||||||
Net investment income(a) | 0.72 | 0.73 | 0.57 | 0.42 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.92 | (1.66 | ) | 2.81 | 3.37 | (5.02 | ) | |||||||||||||
Total from investment operations | 1.64 | (0.93 | ) | 3.38 | 3.79 | (4.49 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.71 | ) | (0.71 | ) | (0.53 | ) | (0.42 | ) | (0.45 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | ||||||||||
Market price at end of year(c) | $ | 20.93 | $ | 20.03 | $ | 21.62 | $ | 18.80 | $ | 15.37 | ||||||||||
Net Asset Value Total Return(d) | 8.31 | % | (4.44 | )% | 18.10 | % | 25.08 | % | (22.16 | )% | ||||||||||
Market Price Total Return(d) | 8.14 | % | (4.22 | )% | 17.94 | % | 25.57 | % | (22.00 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 1,277,150 | $ | 1,129,333 | $ | 967,201 | $ | 625,398 | $ | 293,398 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(e) | 0.48 | % | 0.48 | %(e) | 0.48 | % | 0.49 | % | ||||||||||
Expenses, prior to Waivers | 0.49 | %(e) | 0.49 | % | 0.49 | %(e) | 0.49 | % | 0.49 | % | ||||||||||
Net investment income | 3.48 | % | 3.30 | % | 2.84 | % | 2.66 | % | 2.88 | % | ||||||||||
Portfolio turnover rate(f) | 29 | % | 16 | % | 24 | % | 16 | % | 34 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Global Clean Energy ETF (PBD)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | ||||||||||
Net investment income(a) | 0.21 | 0.18 | 0.23 | 0.20 | 0.13 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.72 | (2.07 | ) | 2.39 | (0.80 | )(b) | (1.07 | ) | ||||||||||||
Total from investment operations | 1.93 | (1.89 | ) | 2.62 | (0.60 | ) | (0.94 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.24 | ) | (0.22 | ) | (0.19 | ) | (0.21 | ) | (0.12 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | ||||||||||
Market price at end of year(d) | $ | 12.56 | $ | 10.95 | $ | 13.07 | $ | 10.62 | $ | 11.46 | ||||||||||
Net Asset Value Total Return(e) | 17.86 | % | (14.69 | )% | 24.90 | % | (5.29 | )%(b) | (7.51 | )% | ||||||||||
Market Price Total Return(e) | 17.16 | % | (14.78 | )% | 25.17 | % | (5.56 | )% | (8.10 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 49,675 | $ | 49,661 | $ | 60,499 | $ | 56,152 | $ | 66,762 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.77 | %(f) | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | ||||||||||
Net investment income | 1.74 | %(f) | 1.43 | % | 1.98 | % | 1.83 | % | 1.11 | % | ||||||||||
Portfolio turnover rate(g) | 59 | % | 46 | % | 40 | % | 57 | % | 51 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Global Water ETF (PIO)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | ||||||||||
Net investment income(a) | 0.38 | 0.45 | 0.28 | 0.34 | 0.29 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 5.25 | (1.54 | ) | 3.95 | (0.60 | ) | (1.45 | ) | ||||||||||||
Total from investment operations | 5.63 | (1.09 | ) | 4.23 | (0.26 | ) | (1.16 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.45 | ) | (0.28 | ) | (0.31 | ) | (0.30 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | ||||||||||
Market price at end of year(c) | $ | 28.84 | $ | 23.69 | $ | 25.25 | $ | 21.29 | $ | 21.77 | ||||||||||
Net Asset Value Total Return(d) | 23.90 | % | (4.45 | )% | 20.01 | % | (1.14 | )% | (5.03 | )% | ||||||||||
Market Price Total Return(d) | 23.68 | % | (4.53 | )% | 20.08 | % | (0.78 | )% | (5.35 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 195,314 | $ | 164,916 | $ | 200,862 | $ | 188,665 | $ | 241,832 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.76 | %(e) | 0.75 | % | 0.75 | % | 0.74 | % | 0.76 | % | ||||||||||
Net investment income | 1.45 | %(e) | 1.77 | % | 1.22 | % | 1.62 | % | 1.27 | % | ||||||||||
Portfolio turnover rate(f) | 32 | % | 34 | % | 34 | % | 67 | % | 78 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco International BuyBack Achievers™ ETF (IPKW)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | ||||||||||
Net investment income(a) | 0.76 | 0.69 | 0.47 | 0.74 | (b) | 0.44 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.38 | (4.28 | ) | 7.28 | 0.89 | 1.82 | ||||||||||||||
Total from investment operations | 2.14 | (3.59 | ) | 7.75 | 1.63 | 2.26 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.94 | ) | (0.73 | ) | (0.38 | ) | (0.71 | ) | (0.29 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | 0.01 | - | - | - | ||||||||||||||
Net asset value at end of year | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | ||||||||||
Market price at end of year(d) | $ | 32.05 | $ | 30.96 | $ | 35.47 | $ | 28.02 | $ | 26.96 | ||||||||||
Net Asset Value Total Return(e) | 7.10 | % | (10.40 | )% | 28.03 | % | 6.25 | % | 9.04 | % | ||||||||||
Market Price Total Return(e) | 6.74 | % | (10.96 | )% | 28.24 | % | 6.78 | % | 7.51 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 141,692 | $ | 243,373 | $ | 197,735 | $ | 92,202 | $ | 58,099 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||
Net investment income | 2.44 | % | 1.90 | % | 1.47 | % | 2.76 | %(b) | 1.68 | % | ||||||||||
Portfolio turnover rate(f) | 99 | % | 121 | % | 118 | % | 106 | % | 162 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, respectively. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco MSCI Global Timber ETF (CUT)
Year Ended October 31, 2019 | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | $ | 25.37 | ||||||||||||||||||
Net investment income(a) | 0.72 | 0.20 | 0.63 | 0.47 | 0.67 | 0.61 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.23 | ) | (5.72 | ) | 5.80 | 3.99 | (2.96 | ) | 0.99 | |||||||||||||||||||||
Total from investment operations | 0.49 | (5.52 | ) | 6.43 | 4.46 | (2.29 | ) | 1.60 | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.82 | ) | - | (0.50 | ) | (0.52 | ) | (0.36 | ) | (0.69 | ) | |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | - | ||||||||||||||||||||||
Net asset value at end of period | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | ||||||||||||||||||
Market price at end of period | $ | 27.56 | (c) | $ | 27.94 | (c) | $ | 33.54 | (c) | $ | 27.52 | $ | 23.59 | $ | 26.26 | |||||||||||||||
Net Asset Value Total Return(d) | 2.32 | % | (16.48 | )% | 23.42 | % | 19.09 | % | (8.72 | )% | 6.50 | % | ||||||||||||||||||
Market Price Total Return(d) | 2.14 | % | (16.70 | )% | 23.79 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 134,093 | $ | 173,463 | $ | 236,190 | $ | 190,203 | $ | 163,060 | $ | 199,709 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.56 | %(e) | 0.55 | %(f) | 0.55 | % | 0.57 | % | 0.60 | % | 0.70 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.68 | %(e) | 0.64 | %(f) | 0.67 | % | 0.70 | % | 0.75 | % | 0.76 | % | ||||||||||||||||||
Net investment income | 2.70 | %(e) | 1.50 | %(f) | 2.02 | % | 1.85 | % | 2.83 | % | 2.44 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 18 | % | 4 | % | 10 | % | 8 | % | 60 | % | 29 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
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Financial Highlights–(continued)
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
Year Ended October 31, 2019 | Five Months Ended October 31, 2018 | Years Ended May 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.56 | $ | 10.88 | $ | 10.88 | $ | 9.54 | $ | 11.77 | $ | 14.01 | ||||||||||||||||||
Net investment income(a) | 0.39 | 0.20 | 0.30 | 0.51 | 0.52 | 0.65 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.47 | (0.25 | ) | 0.03 | 1.33 | (2.20 | ) | (2.18 | ) | |||||||||||||||||||||
Total from investment operations | 1.86 | (0.05 | ) | 0.33 | 1.84 | (1.68 | ) | (1.53 | ) | |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income. | (0.40 | ) | (0.27 | ) | (0.33 | ) | (0.50 | ) | (0.55 | ) | (0.71 | ) | ||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | - | ||||||||||||||||||||||
Net asset value at end of period | $ | 12.02 | $ | 10.56 | $ | 10.88 | $ | 10.88 | $ | 9.54 | $ | 11.77 | ||||||||||||||||||
Market price at end of period | $ | 11.97 | (c) | $ | 10.54 | (c) | $ | 10.86 | (c) | $ | 10.85 | $ | 9.49 | $ | 11.76 | |||||||||||||||
Net Asset Value Total Return(d) | 17.89 | % | (0.58 | )% | 3.07 | % | 19.90 | % | (14.31 | )% | (11.23 | )% | ||||||||||||||||||
Market Price Total Return(d) | 17.64 | % | (0.58 | )% | 3.17 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 29,818 | $ | 30,415 | $ | 36,568 | $ | 60,059 | $ | 52,650 | $ | 76,292 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.66 | %(e) | 0.64 | %(f) | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.93 | %(e) | 0.91 | %(f) | 0.77 | % | 0.77 | % | 0.77 | % | 0.74 | % | ||||||||||||||||||
Net investment income. | 3.46 | %(e) | 4.22 | %(f) | 2.73 | % | 5.00 | % | 5.46 | % | 5.16 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 67 | % | 64 | % | 66 | % | 107 | % | 85 | % | 74 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(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.
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Financial Highlights–(continued)
Invesco S&P Global Water Index ETF (CGW)
Year Ended October 31, 2019 | Two Months Ended October 31, 2018 | Years Ended August 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | $ | 29.02 | ||||||||||||||||||
Net investment income(a) | 0.64 | 0.04 | 0.59 | 0.61 | 0.54 | 0.48 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 7.26 | (3.00 | ) | 1.92 | 2.97 | 3.51 | (2.33 | ) | ||||||||||||||||||||||
Total from investment operations | 7.90 | (2.96 | ) | 2.51 | 3.58 | 4.05 | (1.85 | ) | ||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.67 | ) | - | (0.61 | ) | (0.47 | ) | (0.45 | ) | (0.50 | ) | |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | - | - | - | - | ||||||||||||||||||||||
Net asset value at end of period | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | ||||||||||||||||||
Market price at end of period | $ | 39.54 | (c) | $ | 32.27 | (c) | $ | 35.23 | (c) | $ | 33.46 | $ | 30.32 | $ | 26.64 | |||||||||||||||
Net Asset Value Total Return(d) | 25.10 | % | (8.39 | )% | 7.51 | % | 12.09 | % | 15.40 | % | (6.47 | )% | ||||||||||||||||||
Market Price Total Return(d) | 25.27 | % | (8.40 | )% | 7.09 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 741,918 | $ | 531,298 | $ | 594,105 | $ | 610,253 | $ | 432,244 | $ | 346,709 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.59 | % | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||
Net investment income | 1.82 | % | 0.67 | %(e) | 1.71 | % | 1.98 | % | 1.93 | % | 1.69 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 13 | % | 5 | % | 13 | % | 8 | % | 6 | % | 9 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed Quality ETF (IDHQ)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | ||||||||||
Net investment income(a) | 0.54 | 0.58 | 0.45 | 0.41 | 0.33 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 3.16 | (2.18 | ) | 3.88 | (0.54 | )(b) | 0.75 | |||||||||||||
Total from investment operations | 3.70 | (1.60 | ) | 4.33 | (0.13 | ) | 1.08 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.59 | ) | (0.54 | ) | (0.48 | ) | (0.41 | ) | (0.31 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | - | - | - | |||||||||||||
Net asset value at end of year | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | ||||||||||
Market price at end of year(d) | $ | 24.53 | $ | 21.31 | $ | 23.71 | $ | 19.61 | $ | 20.14 | ||||||||||
Net Asset Value Total Return(e) | 17.58 | % | (7.00 | )% | 22.36 | % | (0.62 | )%(b) | 5.60 | % | ||||||||||
Market Price Total Return(e) | 18.14 | % | (8.05 | )% | 23.70 | % | (0.59 | )% | 4.42 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 47,726 | $ | 32,039 | $ | 28,203 | $ | 20,628 | $ | 19,180 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.31 | %(f) | 0.29 | % | 0.31 | % | 0.45 | % | 0.49 | % | ||||||||||
Net investment income | 2.38 | %(f) | 2.47 | % | 2.10 | % | 2.09 | % | 1.66 | % | ||||||||||
Portfolio turnover rate(g) | 54 | % | 54 | % | 49 | % | 165 | % | 78 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
October 31, 2019
NOTE 1—Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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 China Real Estate ETF (TAO) | “China Real Estate ETF” | |
Invesco China Small Cap ETF (HAO) | “China Small Cap ETF” | |
Invesco China Technology ETF (CQQQ) | “China Technology ETF” | |
Invesco DWA Developed Markets Momentum ETF (PIZ) | “DWA Developed Markets Momentum ETF” | |
Invesco DWA Emerging Markets Momentum ETF (PIE) | “DWA Emerging Markets Momentum ETF” | |
Invesco Frontier Markets ETF (FRN) | “Frontier Markets ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | “FTSE RAFI Developed Markets ex-U.S. ETF” | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | “FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF” | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) | “FTSE RAFI Emerging Markets ETF” | |
Invesco Global Clean Energy ETF (PBD) | “Global Clean Energy ETF” | |
Invesco Global Water ETF (PIO) | “Global Water ETF” | |
Invesco International BuyBack Achievers™ ETF (IPKW) | “International BuyBack Achievers™ 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 Global Water Index ETF (CGW) | “S&P Global Water Index ETF” | |
Invesco S&P International Developed Quality ETF (IDHQ) | “S&P International Developed Quality ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:
Fund | Exchange | |
China Real Estate ETF | NYSE Arca, Inc. | |
China Small Cap ETF | NYSE Arca, Inc. | |
China Technology ETF | NYSE Arca, Inc. | |
DWA Developed Markets Momentum ETF | The Nasdaq Stock Market | |
DWA Emerging Markets Momentum ETF | The Nasdaq Stock Market | |
Frontier Markets 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 Clean Energy ETF | NYSE Arca, Inc | |
Global Water ETF | The Nasdaq Stock Market | |
International BuyBack Achievers™ ETF | The Nasdaq Stock Market | |
MSCI Global Timber ETF | NYSE Arca, Inc. | |
S&P Global Dividend Opportunities Index ETF | NYSE Arca, Inc. | |
S&P Global Water Index ETF | NYSE Arca, Inc. | |
S&P International Developed Quality ETF | NYSE Arca, Inc. |
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
China Real Estate ETF | AlphaShares China Real Estate Index | |
China Small Cap ETF | AlphaShares China Small Cap Index | |
China Technology ETF | FTSE China Incl 25% Technology Capped Index | |
DWA Developed Markets Momentum ETF | Dorsey Wright® Developed Markets Technical Leaders Index | |
DWA Emerging Markets Momentum ETF | Dorsey Wright® Emerging Markets Technical Leaders Index | |
Frontier Markets ETF | S&P/BNY Mellon New Frontier 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 Index | |
Global Clean Energy ETF | WilderHill New Energy Global Innovation Index | |
Global Water ETF | Nasdaq OMX Global Water IndexSM | |
International BuyBack Achievers™ ETF | Nasdaq International BuyBack Achievers™ 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 Global Water Index ETF | S&P Global Water Index | |
S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,Financial Services–Investment Companies.
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value
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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 |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly the underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities, which may have lower trading volumes.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets 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 of 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 investments 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.
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Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward particular industries will become negative. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, 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.
Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Investing in ETFs and Other Investment Companies Risk. A Fund’s investment performance may depend on the investment performance of the funds in which it invests. An investment in an investment company is subject to the risks associated with that investment company. Each Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests (including costs and fees of the investment companies), while continuing to pay its own management fee to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to a Fund’s investments in other investment companies.
Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, Global Water ETF, International BuyBack Achievers™ ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and S&P Global Water Index 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.
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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. For certain Funds, although the Funds will not invest in real estate directly, the REITs in which the Funds invest are subject to risks inherent in the direct ownership of real estate. These risks include, but are not limited to, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. REITs may be affected by changes in the values of the underlying properties that they own or operate and could fail to qualify for favorable tax or regulatory treatment. REITs also are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs rely heavily on cash flows and a variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. Should a lessee default on their loan, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments.
Sampling Risk. A Fund’s use of a representative sampling approach will 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 the 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.
Small- and Mid-Capitalization Company Risk. Certain Funds invest in securities of small- and mid- capitalization companies, which involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
C. | Investment Transactions and Investment Income- Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination- For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
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E. | Dividends and Distributions to Shareholders |
Each Fund (except for China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends onex-dividend date. China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends onex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them onex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscalyear-end.
F. | Federal Income Taxes- Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments forin-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses- Each Fund (except for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for 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.
China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after theperiod-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
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J. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscalperiod-end, resulting from changes in exchange rates. |
Certain 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 a Fund invests.
K. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up toone-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 inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
L. | 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 August 31, 2018, distributions from distributable earnings consisted of distributions from net investment income for China Technology ETF and S&P Global Water Index ETF. For the year ended May 31, 2018, distributions from distributable earnings for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF and S&P Global Dividend Opportunities Index ETF consisted of distributions from net investment income.
NOTE 3–Investment Advisory Agreements and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation
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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) | ||
China Technology ETF | 0.70% | |
DWA Developed Markets Momentum ETF | 0.80% | |
DWA Emerging Markets Momentum ETF | 0.90% | |
FTSE RAFI Developed Marketsex-U.S. ETF | 0.45% | |
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 0.49% | |
FTSE RAFI Emerging Markets ETF | 0.49% | |
Global Clean Energy ETF | 0.75% | |
Global Water ETF | 0.75% | |
International BuyBack Achievers™ ETF | 0.55% | |
S&P International Developed Quality ETF | 0.29% |
The Adviser has agreed to waive a portion of its unitary management fee to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) of China Technology ETF from exceeding such Fund’s unitary management fee through at least May 18, 2020. Neither the Adviser nor the Trust can discontinue the agreement prior to its expiration.
Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:
Management Fees (as a % of Net Assets) | ||
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% | |
S&P Global Water Index ETF | 0.50% |
The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each of those Funds (excluding interest expenses, brokerage commissions and other trading expenses,sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2021. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Expense Cap | ||
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% | |
S&P Global Water Index ETF | 0.63% |
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:
Limits | Contract End Date | |||
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 | ||
S&P Global Water Index ETF | 0.63% | 4/6/2020 |
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Additionally, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments 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 ended October 31, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
China Real Estate ETF | $ | 70,729 | ||
China Small Cap ETF | 93,426 | |||
China Technology ETF | 646 | |||
DWA Developed Markets Momentum ETF | 304 | |||
DWA Emerging Markets Momentum ETF | 302 | |||
Frontier Markets ETF | 520,808 | |||
FTSE RAFI Developed Marketsex-U.S. ETF | 2,012 | |||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 527 | |||
FTSE RAFI Emerging Markets ETF | 29,585 | |||
Global Clean Energy ETF | 56 | |||
Global Water ETF | 85 | |||
International BuyBack Achievers™ ETF | 297 | |||
MSCI Global Timber ETF | 191,547 | |||
S&P Global Dividend Opportunities Index ETF | 81,197 | |||
S&P Global Water Index ETF | 965 | |||
S&P International Developed Quality ETF | 49 |
The fees waived and/or expenses borne by the Adviser for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index 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.
For the following Funds, the amounts available for potential recapture by the Adviser and the expiration schedule at October 31, 2019 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
5/31/20 | 5/31/21 | 10/31/21 | 10/31/22 | |||||||||||||||||
China Real Estate ETF | $136,895 | $- | $31,613 | $34,712 | $70,570 | |||||||||||||||
China Small Cap ETF | 166,275 | - | - | 73,122 | 93,153 | |||||||||||||||
Frontier Markets ETF | 612,343 | - | 60,879 | 31,049 | 520,415 | |||||||||||||||
MSCI Global Timber ETF | 321,090 | - | 53,954 | 76,595 | 190,541 | |||||||||||||||
S&P Global Dividend Opportunities Index ETF | 145,998 | - | 25,090 | 39,876 | 81,032 |
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.
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The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |||
China Real Estate ETF | AlphaShares | |||
China Small Cap ETF | AlphaShares | |||
China Technology ETF | FTSE International Ltd. | |||
DWA Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC | |||
DWA Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC | |||
Frontier Markets ETF | The Bank of New York Corporation | |||
FTSE RAFI Developed Marketsex-U.S. ETF | FTSE International Ltd. | |||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | FTSE International Ltd. | |||
FTSE RAFI Emerging Markets ETF | FTSE International Ltd. | |||
Global Clean Energy ETF | WilderHill New Energy Finance, LLC | |||
Global Water ETF | Nasdaq, Inc. | |||
International BuyBack Achievers™ ETF | Nasdaq, Inc. | |||
MSCI Global Timber ETF | MSCI, Inc. | |||
S&P Global Dividend Opportunities Index ETF | S&P Dow Jones Indices LLC | |||
S&P Global Water Index ETF | S&P Dow Jones Indices LLC | |||
S&P International Developed Quality ETF |
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’ssub-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. |
Except for the Funds listed below, as of October 31, 2019, 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.
During the fiscal year ended October 31, 2019, 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 | $ | 51,153,166 | $ | - | $ | 0 | $ | 51,153,166 | ||||||||
Money Market Funds | 1,782,491 | - | - | 1,782,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 52,935,657 | $ | - | $ | 0 | $ | 52,935,657 | ||||||||
|
|
|
|
|
|
|
|
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
China Small Cap ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 56,924,858 | $ | - | $ | 77,898 | $ | 57,002,756 | ||||||||||
Money Market Funds | 4,691,823 | - | - | 4,691,823 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 61,616,681 | $ | - | $ | 77,898 | $ | 61,694,579 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
China Technology ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 510,822,918 | $ | - | $ | 0 | $ | 510,822,918 | ||||||||||
Money Market Funds | 27,354,281 | - | - | 27,354,281 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 538,177,199 | $ | - | $ | 0 | $ | 538,177,199 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Frontier Markets ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 58,167,927 | $ | - | $ | 0 | $ | 58,167,927 | ||||||||||
Money Market Funds | 95,962 | - | - | 95,962 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 58,263,889 | $ | - | $ | 0 | $ | 58,263,889 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,241,297,526 | $ | - | $ | 6,372 | $ | 1,241,303,898 | ||||||||||
Money Market Funds | 24,889,527 | - | - | 24,889,527 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 1,266,187,053 | $ | - | $ | 6,372 | $ | 1,266,193,425 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 326,866,859 | $ | 2,469 | $ | 11,314 | $ | 326,880,642 | ||||||||||
Money Market Funds | 21,374,510 | - | - | 21,374,510 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 348,241,369 | $ | 2,469 | $ | 11,314 | $ | 348,255,152 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
FTSE RAFI Emerging Markets ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,273,125,364 | $ | 1,066,624 | $ | - | $ | 1,274,191,988 | ||||||||||
Money Market Funds | 4,796,210 | - | - | 4,796,210 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 1,277,921,574 | $ | 1,066,624 | $ | - | $ | 1,278,988,198 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Global Water ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 194,877,793 | $ | - | $ | 100,022 | $ | 194,977,815 | ||||||||||
Money Market Funds | 3,009,324 | - | - | 3,009,324 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 197,887,117 | $ | - | $ | 100,022 | $ | 197,987,139 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
International BuyBack Achievers™ ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 141,603,771 | $ | - | $ | 0 | $ | 141,603,771 | ||||||||||
Money Market Funds | 10,449,372 | - | - | 10,449,372 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 152,053,143 | $ | - | $ | 0 | $ | 152,053,143 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
MSCI Global Timber ETF | ||||||||||||||||||
Investments in Securities | ||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 133,819,426 | $ | - | $ | 11,195 | $ | 133,830,621 | ||||||||||
Money Market Funds | 2,739,948 | - | - | 2,739,948 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Investments | $ | 136,559,374 | $ | - | $ | 11,195 | $ | 136,570,569 | ||||||||||
|
|
|
|
|
|
|
|
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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, 2019 and 2018:
2019 | 2018 | |||||||||
Ordinary Income | Ordinary Income | |||||||||
DWA Developed Markets Momentum ETF | $ | 2,458,183 | $ | 2,902,784 | ||||||
DWA Emerging Markets Momentum ETF | 4,189,151 | 6,235,039 | ||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 52,102,548 | 39,591,975 | ||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 8,100,512 | 6,547,030 | ||||||||
FTSE RAFI Emerging Markets ETF | 42,921,358 | 34,680,231 | ||||||||
Global Clean Energy ETF | 980,943 | 989,690 | ||||||||
Global Water ETF | 2,822,348 | 3,250,758 | ||||||||
International BuyBack Achievers™ ETF | 5,243,213 | 5,721,629 | ||||||||
S&P International Developed Quality ETF | 916,670 | 814,149 |
Tax Character of Distributions to Shareholder Paid during the Fiscal Year ended October 31, 2019, Period September 1, 2018 to October 31, 2018, Fiscal Year ended August 31, 2018:
October 31, 2019 | October 31, 2018 | August 31, 2018 | |||||||||||||||
Ordinary Income | Ordinary Income | Ordinary Income | |||||||||||||||
China Technology ETF | $ | 1,984,086 | $ | - | $ | 5,489,280 | |||||||||||
S&P Global Water Index ETF | 10,958,575 | - | 10,492,264 |
Tax Character of Distributions to Shareholder Paid during the Fiscal Year ended October 31, 2019, Period June 1, 2018 to October 31, 2018 and Fiscal Year ended May 31, 2018:
October 31, 2019 | October 31, 2018 | May 31, 2018 | |||||||||||||||
Ordinary Income | Ordinary Income | Ordinary Income | |||||||||||||||
China Real Estate ETF | $ | 2,864,833 | $ | - | $ | 3,971,680 | |||||||||||
China Small Cap ETF | 3,108,404 | - | 3,252,830 | ||||||||||||||
Frontier Markets ETF | 957,884 | - | 2,284,088 | ||||||||||||||
MSCI Global Timber ETF | 4,947,600 | - | 3,518,655 | ||||||||||||||
S&P Global Dividend Opportunities Index ETF | 1,034,761 | 837,522 | 1,765,272 |
Tax Components of Net Assets at FiscalYear-End:
Undistributed Ordinary Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||||||||
China Real Estate ETF | $ | 1,650,446 | $ | (2,962 | ) | $ | (5,092,718 | ) | $ | (120 | ) | $ | (6,597,854 | ) | $ | 61,318,625 | $ | 51,275,417 | |||||||||||||||||||
China Small Cap ETF | 1,555,764 | (2,791 | ) | (12,756,890 | ) | 14 | (71,199,725 | ) | 139,344,170 | 56,940,542 | |||||||||||||||||||||||||||
China Technology ETF | - | - | (3,859,369 | ) | 9 | (97,321,356 | ) | 611,145,103 | 509,964,387 | ||||||||||||||||||||||||||||
DWA Developed Markets Momentum ETF | 807,021 | - | 18,793,024 | (647 | ) | (117,962,174 | ) | 273,689,698 | 175,326,922 | ||||||||||||||||||||||||||||
DWA Emerging Markets Momentum ETF | 1,357,861 | - | 26,816,626 | 2,192 | (116,085,941 | ) | 256,118,778 | 168,209,516 | |||||||||||||||||||||||||||||
Frontier Markets ETF | 1,960,528 | (2,949 | ) | 3,051,234 | 419 | (74,669,544 | ) | 127,785,604 | 58,125,292 | ||||||||||||||||||||||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 2,010,117 | - | (7,509,133 | ) | 30,837 | (79,586,044 | ) | 1,331,130,107 | 1,246,075,884 | ||||||||||||||||||||||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 1,292,494 | - | 2,946,898 | (624 | ) | (21,825,449 | ) | 345,742,179 | 328,155,498 | ||||||||||||||||||||||||||||
FTSE RAFI Emerging Markets ETF | 4,449,122 | - | 24,491,430 | (19,814 | ) | (79,488,095 | ) | 1,327,717,192 | 1,277,149,835 | ||||||||||||||||||||||||||||
Global Clean Energy ETF | 269,110 | - | 6,957,587 | (2,728 | ) | (70,454,487 | ) | 112,905,284 | 49,674,766 | ||||||||||||||||||||||||||||
Global Water ETF | 335,458 | - | 42,869,390 | 1,318 | (48,279,188 | ) | 200,386,779 | 195,313,757 |
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Undistributed Ordinary Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||||||||
International BuyBack Achievers™ ETF | $ | 283,020 | $ | - | $ | 1,056,686 | $ | (21,104 | ) | $ | (48,312,387 | ) | $ | 188,685,551 | $ | 141,691,766 | |||||||||||||||||||||
MSCI Global Timber ETF | 3,156,804 | (3,635 | ) | 11,798,283 | 4,038 | (21,452,454 | ) | 140,589,532 | 134,092,568 | ||||||||||||||||||||||||||||
S&P Global Dividend Opportunities Index ETF | 115,378 | (2,851 | ) | 1,398,008 | (448 | ) | (41,942,288 | ) | 70,250,040 | 29,817,839 | |||||||||||||||||||||||||||
S&P Global Water Index ETF | 9,352,195 | (5,315 | ) | 169,440,094 | (7,899 | ) | (23,749,850 | ) | 586,888,714 | 741,917,939 | |||||||||||||||||||||||||||
S&P International Developed Quality ETF | 46,038 | - | 3,506,445 | (1,372 | ) | (4,566,069 | ) | 48,741,064 | 47,726,106 |
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, 2019:
No expiration | ||||||||||||||
Short-Term | Long-Term | Total* | ||||||||||||
China Real Estate ETF | $ | 1,816,911 | $ | 4,780,943 | $ | 6,597,854 | ||||||||
China Small Cap ETF | 8,649,668 | 62,550,057 | 71,199,725 | |||||||||||
China Technology ETF | 8,494,260 | 88,827,096 | 97,321,356 | |||||||||||
DWA Developed Markets Momentum ETF | 117,962,174 | - | 117,962,174 | |||||||||||
DWA Emerging Markets Momentum ETF | 116,085,941 | - | 116,085,941 | |||||||||||
Frontier Markets ETF | 14,122,396 | 60,547,148 | 74,669,544 | |||||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 145,611 | 79,440,433 | 79,586,044 | |||||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 3,292,611 | 18,532,838 | 21,825,449 | |||||||||||
FTSE RAFI Emerging Markets ETF | 6,523,672 | 72,964,423 | 79,488,095 | |||||||||||
Global Clean Energy ETF | 11,222,904 | 59,231,583 | 70,454,487 | |||||||||||
Global Water ETF | 38,686,941 | 9,592,247 | 48,279,188 | |||||||||||
International BuyBack Achievers™ ETF | 45,469,186 | 2,843,201 | 48,312,387 | |||||||||||
MSCI Global Timber ETF | 12,438,579 | 9,013,875 | 21,452,454 | |||||||||||
S&P Global Dividend Opportunities Index ETF | 17,535,121 | 24,407,167 | 41,942,288 | |||||||||||
S&P Global Water Index ETF | 2,220,590 | 21,529,260 | 23,749,850 | |||||||||||
S&P International Developed Quality ETF | 2,965,527 | 1,600,542 | 4,566,069 |
* | 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 ended October 31, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds andin-kind transactions, if any) were as follows:
Purchases | Sales | |||||||||
China Real Estate ETF | $ | 2,856,030 | $ | 4,086,881 | ||||||
China Small Cap ETF | 15,592,164 | 17,160,204 | ||||||||
China Technology ETF | 402,588,223 | 408,388,784 | ||||||||
DWA Developed Markets Momentum ETF | 203,718,182 | 203,136,650 | ||||||||
DWA Emerging Markets Momentum ETF | 264,620,022 | 285,102,349 | ||||||||
Frontier Markets ETF | 40,091,165 | 37,400,638 | ||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 194,658,830 | 199,977,287 | ||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 87,625,941 | 86,569,610 |
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Purchases | Sales | |||||||||
FTSE RAFI Emerging Markets ETF | $ | 463,980,801 | $ | 364,488,982 | ||||||
Global Clean Energy ETF | 28,737,604 | 29,260,045 | ||||||||
Global Water ETF | 57,198,804 | 56,904,157 | ||||||||
International BuyBack Achievers™ ETF | 178,887,863 | 184,896,805 | ||||||||
MSCI Global Timber ETF | 27,729,829 | 30,386,244 | ||||||||
S&P Global Dividend Opportunities Index ETF | 20,270,056 | 20,210,625 | ||||||||
S&P Global Water Index ETF | 79,534,525 | 76,716,924 | ||||||||
S&P International Developed Quality ETF | 19,290,442 | 19,151,055 |
For the fiscal year ended October 31, 2019,in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||||
China Real Estate ETF | $ | 18,919,566 | $ | 4,959,928 | ||||||
China Small Cap ETF | - | 7,498,270 | ||||||||
China Technology ETF | 160,413,000 | 129,263,977 | ||||||||
DWA Developed Markets Momentum ETF | 88,508,868 | 155,458,381 | ||||||||
DWA Emerging Markets Momentum ETF | 3,971,826 | 31,870,826 | ||||||||
Frontier Markets ETF | 1,308,404 | 683,231 | ||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 185,098,506 | 254,748,597 | ||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 64,160,060 | 45,898,544 | ||||||||
FTSE RAFI Emerging Markets ETF | 115,101,044 | 121,604,961 | ||||||||
Global Clean Energy ETF | - | 6,283,752 | ||||||||
Global Water ETF | 17,053,005 | 22,515,756 | ||||||||
International BuyBack Achievers™ ETF | 36,026,283 | 135,799,869 | ||||||||
MSCI Global Timber ETF | 3,685,666 | 35,402,143 | ||||||||
S&P Global Dividend Opportunities Index ETF | 10,297,415 | 14,785,805 | ||||||||
S&P Global Water Index ETF | 106,501,724 | 22,958,389 | ||||||||
S&P International Developed Quality ETF | 19,660,790 | 9,632,224 |
Gains (losses) onin-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, 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 reportingperiod-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||
China Real Estate ETF | $ | 3,042,096 | $ | (8,134,814 | ) | $ | (5,092,718 | ) | $ | 58,028,375 | ||||||||
China Small Cap ETF | 9,322,494 | (22,079,384 | ) | (12,756,890 | ) | 74,451,469 | ||||||||||||
China Technology ETF | 53,453,324 | (57,312,693 | ) | (3,859,369 | ) | 542,036,568 | ||||||||||||
DWA Developed Markets Momentum ETF | 22,533,976 | (3,740,952 | ) | 18,793,024 | 163,512,421 | |||||||||||||
DWA Emerging Markets Momentum ETF | 30,293,261 | (3,476,635 | ) | 26,816,626 | 141,901,664 | |||||||||||||
Frontier Markets ETF | 8,211,536 | (5,160,302 | ) | 3,051,234 | 55,212,655 | |||||||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 141,165,417 | (148,674,550 | ) | (7,509,133 | ) | 1,273,702,558 | ||||||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 40,017,768 | (37,070,870 | ) | 2,946,898 | 345,308,254 | |||||||||||||
FTSE RAFI Emerging Markets ETF | 184,317,774 | (159,826,344 | ) | 24,491,430 | 1,254,496,768 | |||||||||||||
Global Clean Energy ETF | 11,168,971 | (4,211,384 | ) | 6,957,587 | 51,885,550 | |||||||||||||
Global Water ETF | 44,656,991 | (1,787,601 | ) | 42,869,390 | 155,117,749 | |||||||||||||
International BuyBack Achievers™ ETF | 8,626,432 | (7,569,746 | ) | 1,056,686 | 150,996,457 | |||||||||||||
MSCI Global Timber ETF | 22,763,476 | (10,965,193 | ) | 11,798,283 | 124,772,286 | |||||||||||||
S&P Global Dividend Opportunities Index ETF | 1,908,268 | (510,260 | ) | 1,398,008 | 30,369,462 | |||||||||||||
S&P Global Water Index ETF | 186,346,356 | (16,906,262 | ) | 169,440,094 | 580,038,684 | |||||||||||||
S&P International Developed Quality ETF | 4,593,136 | (1,086,691 | ) | 3,506,445 | 44,887,984 |
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NOTE 7–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment ofin-kind transactions, distributions, foreign currency transactions, passive foreign investments companies and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), 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, 2019, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
China Real Estate ETF | $ | 46,717 | $ | (609,411 | ) | $ | 562,694 | ||||||||
China Small Cap ETF | 56,347 | (609,516 | ) | 553,169 | |||||||||||
China Technology ETF | 1,586,416 | (10,475,933 | ) | 8,889,517 | |||||||||||
DWA Developed Markets Momentum ETF | (31,695 | ) | (9,123,845 | ) | 9,155,540 | ||||||||||
DWA Emerging Markets Momentum ETF | (148,578 | ) | 16,187,649 | (16,039,071 | ) | ||||||||||
Frontier Markets ETF | 31,702 | (211,925 | ) | 180,223 | |||||||||||
FTSE RAFI Developed Marketsex-U.S. ETF | 998,826 | (44,061,355 | ) | 43,062,529 | |||||||||||
FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 851,996 | (11,755,572 | ) | 10,903,576 | |||||||||||
FTSE RAFI Emerging Markets ETF | (973,899 | ) | (18,958,116 | ) | 19,932,015 | ||||||||||
Global Clean Energy ETF | (81,112 | ) | 29,569,142 | (29,488,030 | ) | ||||||||||
Global Water ETF | (13,357 | ) | (2,415,861 | ) | 2,429,218 | ||||||||||
International BuyBack Achievers™ ETF | 87,058 | 2,286,152 | (2,373,210 | ) | |||||||||||
MSCI Global Timber ETF | (24,500 | ) | (3,552,937 | ) | 3,577,437 | ||||||||||
S&P Global Dividend Opportunities Index ETF | 41,424 | (1,593,590 | ) | 1,552,166 | |||||||||||
S&P Global Water Index ETF | (93,421 | ) | (8,092,500 | ) | 8,185,921 | ||||||||||
S&P International Developed Quality ETF | 4,908 | 1,251,976 | (1,256,884 | ) |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the following Funds’ unitary management fee, pays for such compensation for China Technology ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed Marketsex-U.S. ETF, FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Clean Energy 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 their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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, except for S&P Global Dividend Opportunities Index ETF and S&P Global Water Index ETF, which are issued and redeemed in Creation Units of 80,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value(marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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NOTE 10–Subsequent Event
At a meeting held on December 12, 2019, the Board of Trustees of the Trust approved the termination and winding down of China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF and S&P Global Dividend Opportunities Index ETF, with the liquidation payment to shareholders expected to take place on or about February 26, 2020. Investors, who have elected not to sell their shares before market close on February 13, 2020 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 26, 2020.
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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 sixteen Funds listed in the table 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 (sixteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of 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, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the periods indicated in the table below 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.
Fund Name | Predecessor Fund | |
Invesco China Real Estate ETF(1) | Guggenheim China Real Estate ETF | |
Invesco China Small Cap ETF(1) | Guggenheim China Small Cap ETF | |
Invesco China Technology ETF(3) | Guggenheim China Technology ETF | |
Invesco DWA Developed Markets Momentum ETF(2) | - | |
Invesco DWA Emerging Markets Momentum ETF(2) | - | |
Invesco Frontier Markets ETF(1) | Guggenheim Frontier Markets ETF | |
Invesco FTSE RAFI Developed Marketsex-U.S. ETF(2) | - | |
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF(2) | - | |
Invesco FTSE RAFI Emerging Markets ETF(2) | - | |
Invesco Global Clean Energy ETF(2) | - | |
Invesco Global Water ETF(2) | - | |
Invesco International BuyBack Achievers ETF(2) | - | |
Invesco MSCI Global Timber ETF(1) | Guggenheim MSCI Global Timber ETF | |
Invesco S&P Global Dividend Opportunities Index ETF(1) | Guggenheim S&P Global Dividend Opportunities Index ETF | |
Invesco S&P Global Water Index ETF(3) | Guggenheim S&P Global Water Index | |
Invesco S&P International Developed Quality ETF(2) | - |
(1) Statements of changes in net assets and the financial highlights for the year ended October 31, 2019, for the period June 1, 2018 through October 31, 2018 and for the year ended May 31, 2018
(2) Statements of changes in net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019
(3) Statements of changes in net assets and the financial highlights for the year ended October 31, 2019, for the period September 1, 2018 through October 31, 2018 and for the year ended August 31, 2018
The financial statements of the Predecessor Funds listed in the table above (except for Guggenheim China Technology ETF and Guggenheim S&P Global Water Index 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 financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
The financial statements of Invesco China Technology ETF (Predecessor Fund Guggenheim China Technology ETF) and Invesco S&P Global Water Index ETF (Guggenheim S&P Global Water Index ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial
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Report of Independent Registered Public Accounting Firm–(continued)
highlights) were audited by other auditors whose report dated October 30, 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, 2019 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 10 to the financial statements, on December 12, 2019, the Board of Trustees approved a plan of liquidation for the Invesco China Real Estate ETF, Invesco China Small Cap ETF, Invesco Frontier Markets ETF and Invesco S&P Global Dividend Opportunities Index ETF.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2019
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of 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 S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Marketsex-U.S. ETF, Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers™ ETF 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 for the entire period May 1, 2019 through October 31, 2019.
In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly are included in the Portfolio total returns.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During theSix-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, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco China Real Estate ETF (TAO) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 896.20 | 0.72 | % | $ | 3.44 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.58 | 0.72 | 3.67 | ||||||||||||||||
Invesco China Small Cap ETF (HAO) | ||||||||||||||||||||
Actual | 1,000.00 | 919.40 | 0.76 | 3.68 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.76 | 3.87 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco China Technology ETF (CQQQ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 936.80 | 0.70 | % | $ | 3.42 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,026.90 | 0.80 | 4.09 | ||||||||||||||||
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 | 1,087.40 | 0.91 | 4.79 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.62 | 0.91 | 4.63 | ||||||||||||||||
Invesco Frontier Markets ETF (FRN) | ||||||||||||||||||||
Actual | 1,000.00 | 1,013.10 | 0.71 | 3.60 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.63 | 0.71 | 3.62 | ||||||||||||||||
Invesco FTSE RAFI Developed Marketsex-U.S. ETF (PXF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,010.70 | 0.45 | 2.28 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||||||||||||||
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF (PDN) | ||||||||||||||||||||
Actual | 1,000.00 | 1,021.80 | 0.49 | 2.50 | ||||||||||||||||
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 | 993.40 | 0.49 | 2.46 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.74 | 0.49 | 2.50 | ||||||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,028.90 | 0.77 | 3.94 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.32 | 0.77 | 3.92 | ||||||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,059.00 | 0.75 | 3.89 | ||||||||||||||||
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 | 996.80 | 0.56 | 2.82 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||||||
Invesco MSCI Global Timber ETF (CUT) | ||||||||||||||||||||
Actual | 1,000.00 | 1,002.20 | 0.56 | 2.83 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||||||||||||||
Invesco S&P Global Dividend Opportunities Index ETF (LVL) | ||||||||||||||||||||
Actual | 1,000.00 | 1,055.90 | 0.66 | 3.42 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.88 | 0.66 | 3.36 | ||||||||||||||||
Invesco S&P Global Water Index ETF (CGW) | ||||||||||||||||||||
Actual | 1,000.00 | 1,087.70 | 0.59 | 3.10 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,061.00 | 0.31 | 1.61 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.64 | 0.31 | 1.58 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for thesix-month period ended October 31, 2019. 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 recentsix-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
| 157 |
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Tax Information
Form1099-DIV, Form1042-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, 2019:
Qualified Business Income* | Qualified Dividend Income* | Corporate Dividends- Received Deduction* | |||||||||||||
Invesco China Real Estate ETF | 0 | % | 6 | % | 0 | % | |||||||||
Invesco China Small Cap ETF | 0 | % | 35 | % | 0 | % | |||||||||
Invesco China Technology ETF | 0 | % | 60 | % | 0 | % | |||||||||
Invesco DWA Developed Markets Momentum ETF | 0 | % | 87 | % | 0 | % | |||||||||
Invesco DWA Emerging Markets Momentum ETF | 0 | % | 69 | % | 0 | % | |||||||||
Invesco Frontier Markets ETF | 0 | % | 72 | % | 0 | % | |||||||||
Invesco FTSE RAFI Developed Marketsex-U.S. ETF | 0 | % | 88 | % | 0 | % | |||||||||
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 0 | % | 78 | % | 0 | % | |||||||||
Invesco FTSE RAFI Emerging Markets ETF | 0 | % | 78 | % | 0 | % | |||||||||
Invesco Global Clean Energy ETF | 0 | % | 48 | % | 2 | % | |||||||||
Invesco Global Water ETF | 0 | % | 99 | % | 24 | % | |||||||||
Invesco International BuyBack Achievers™ ETF | 0 | % | 91 | % | 0 | % | |||||||||
Invesco MSCI Global Timber ETF | 0 | % | 95 | % | 39 | % | |||||||||
Invesco S&P Global Dividend Opportunities Index ETF | 7 | % | 83 | % | 26 | % | |||||||||
Invesco S&P Global Water Index ETF | 0 | % | 91 | % | 18 | % | |||||||||
Invesco S&P International Developed Quality ETF | 0 | % | 90 | % | 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 foreign source income and foreign taxes paid per share are as follows:
Foreign Source Income | Foreign Taxes Paid | |||||||||
Invesco China Real Estate ETF | $ | - | $ | - | ||||||
Invesco China Small Cap ETF | 0.8236 | 0.0323 | ||||||||
Invesco China Technology ETF | - | - | ||||||||
Invesco DWA Developed Markets Momentum ETF | 0.6301 | 0.0553 | ||||||||
Invesco DWA Emerging Markets Momentum ETF | 0.6012 | 0.0433 | ||||||||
Invesco Frontier Markets ETF | 0.6441 | 0.0428 | ||||||||
Invesco FTSE RAFI Developed Marketsex-U.S. ETF | 1.9396 | 0.1717 | ||||||||
Invesco FTSE RAFI Developed Marketsex-U.S.Small-Mid ETF | 0.8892 | 0.0807 | ||||||||
Invesco FTSE RAFI Emerging Markets ETF | 0.8912 | 0.0847 | ||||||||
Invesco Global Clean Energy ETF | - | - | ||||||||
Invesco Global Water ETF | - | - | ||||||||
Invesco International BuyBack Achievers™ ETF | 1.2864 | 0.1238 | ||||||||
Invesco MSCI Global Timber ETF | 0.7088 | 0.0503 | ||||||||
Invesco S&P Global Dividend Opportunities Index ETF | 0.3584 | 0.0320 | ||||||||
Invesco S&P Global Water Index ETF | 0.0156 | 0.5921 | ||||||||
Invesco S&P International Developed Quality ETF | 0.5350 | 0.0517 |
| 158 |
|
Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust II was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 1,512,443,677.35 | 33,012,849.80 | |||||||
Todd J. Barre | 1,524,592,795.07 | 20,863,732.08 | ||||||||
Kevin M. Carome | 1,522,436,691.04 | 23,019,836.11 | ||||||||
Edmund P. Giambastiani, Jr. | 1,519,831,527.21 | 25,624,999.94 | ||||||||
Victoria J. Herget | 1,524,877,948.56 | 20,578,578.59 | ||||||||
Marc M. Kole | 1,504,247,741.10 | 41,208,786.05 | ||||||||
Yung Bong Lim | 1,524,207,613.63 | 21,248,913.52 | ||||||||
Joanne Pace | 1,517,347,361.29 | 28,109,165.86 | ||||||||
Gary R. Wicker | 1,515,919,139.19 | 29,537,387.96 | ||||||||
Donald H. Wilson | 1,501,758,651.59 | 43,697,875.56 |
| 159 |
|
Trustees and Officers
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, 2019
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 the 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 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO, Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | 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. | 246 | None | |||||
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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|
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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
(2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992- |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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|
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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994- 1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
| 162 |
|
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 the 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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member, Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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|
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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | ||||||||||
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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
| 164 |
|
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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); 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). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
| 165 |
|
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 over seen 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 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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
| 166 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and 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 Executive | Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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 | Principal Financial & Accounting Officer-Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018); 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 Specialized Products, LLC (2018-Present); 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 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); 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 |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
| 167 |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
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. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); 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 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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); 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 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, Director, Invesco Canada Holdings Inc. (2002-2019);Manager, Invesco Specialized Products, LLC (2018-2019); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, 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. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website atwww.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’sForm N-PX on the Commission’s website atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 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, 2019
PCY | Invesco Emerging Markets Sovereign Debt ETF | |||
PGHY | Invesco Global Short Term High Yield Bond ETF | |||
PICB | Invesco International Corporate Bond ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
The fiscal year began with noticeable market volatility in the final few months of 2018, which continued throughyear-end, as US equity markets suffered a sharpsell-off due to ongoing trade concerns between the US and China, fears of a global economic slowdown and lower oil prices from a supply glut. Oil prices plummeted from near $64 per barrel in early November 2018 to around $45 per barrel in late December 2018.1 In this environment, there was a flight to safety, as investors fled to more defensive areas of the markets, such as health care, utilities and US Treasuries. After raising interest rates in September 2018, the US Federal Reserve (the Fed) raised interest rates one time during the fiscal year: in December 2018.2
Following a sharpsell-off during the fourth quarter of 2018, equity markets rebounded in the first quarter of 2019, fueled by optimism about a potentialUS-China trade deal and the Fed’s indication that there would be no interest rate hikes in 2019, a surprising shift in monetary policy. The Fed’s more accommodative stance provided a supportive environment for equities and fixed income, even as US economic data were mixed and overseas growth appeared to be slowing. Against this backdrop, the S&P 500 Index posted its best first quarter returns since 1998.
Although the S&P 500 Index posted modest gains for the second quarter of 2019, the US stock market experienced increased volatility. After four consecutive months of rising stock markets, the market sold off in May 2019, along with bond yields and oil prices, as investors weighed the impact of the lingering trade war between the US and China, as well as potential tariffs imposed on Mexico. In addition, economic data showed a slowing domestic and global economy.
Key issues that concerned investors in the second quarter of 2019 carried over into the third quarter. TheUS-China trade conflict worried investors and stifled business investment, even as the Fed cut interest rates by 0.25% in July and again in September 2019. This environment, combined with evidence of slowing global economic growth, fueled market volatility in August 2019. The US Treasury yield curve inverted several times, increasing fears of a possible US recession. As a result, August saw increased risk aversion, with investors crowding into asset classes perceived as safe havens, such as US Treasuries and gold. However, the Fed’s accommodative tone provided some support for risk assets.
In October 2019, optimism that phase one of aUS-China trade deal would be completed, a delay in the Brexit agreement until January 2020 and better-than-expected third-quarter corporate earnings results, helped send risk assets higher. During its October meeting, the Fed cut interest rates again by 0.25% based on business investment and exports remaining weak. Despite increased market volatility, mostUS-based equity indexes produced modest to strong returns for the fiscal year.
1 | Source: Bloomberg |
2 | Source: US Federal Reserve |
Fixed Income
Throughout the fiscal year, US economic data remained supportive of continued economic expansion as 2019 3rd quarter GDP grew 1.9%. The US economy continued to add jobs, pushing the unemployment rate to 3.6% at the close of the fiscal year, while inflation remained subdued.1Against this backdrop, the US Federal Reserve (the Fed) lowered the federal funds target rate from a range of 2.00% to 2.25% at the start of the reporting period to a range of 1.50% to 1.75% at the close of the reporting period. This was accomplished with one 0.25% rate hike December, followed by three 0.25% rate cuts in July, September, and October 2019.2 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, coupled with continued low US inflation, could encourage further Fed rate cuts in the near-term. These actions continued to drive overseas investments into higher yielding segments of the fixed income markets.
The10-year US Treasury yield continued to move upward at the start of the fiscal year and spiked in November 2018 due to continued strength of the global economy, increased risk of inflation and the high probability of additional Fed rate hikes throughout the fiscal year. However, elevated volatiltiy levels in December led to a severerisk-off tone in the markets driving US Treasury yields lower. Throughout the remainder of the fiscal year US Treasury yields continued to decline as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. The10-year US Treasury yield ended the reporting period at 1.69%, 145 basis points lower than at the beginning of the fiscal year.3 (A basis point is oneone-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 11.51% for the fiscal year. Strong performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year.Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, provided gains despite concerns over global growth, a volatile geopolitical environment and a series of juxtaposed Fed actions. Helping to support returns in high yield and US dollar-denominated EM corporate debt were very accommodative central bank policies.
1 | Bureau of Labor Statistics |
2 | US Federal Reserve |
3 | US Treasury Department |
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The Market Environment(continued)
Global Equity
The fiscal year began with global equity markets, particularly the US, declining sharply at the end of 2018 amid rising interest rates, a flattening US Treasury yield curve, signaling a possible recession, and concerns that higher inflation could result in a more restrictive monetary policy. Investors also had concerns over the Brexit negotiations, ongoing trade tensions between the US and China, declining oil prices and fears of slowing economic growth, particularly in the eurozone.
After a relatively calm start at the beginning of 2019, global equity markets faced greater volatility in the second quarter, hampered by ongoing US and China trade issues, potential for new tariffs and slowing global economic growth. Global equity markets, particularly China, declined sharply in May 2019, ending a four-month rally. Trade and tariff issues, which were not limited to the US and China, clouded the outlook for many global economies. Disagreement within the UK about its withdrawal from the European Union increased uncertainty for the UK and eurozone economies. Following better performance in June, most global equity markets managed modest positive returns for the second quarter of 2019, with developed markets generally outperforming emerging markets. China was an exception, declining during the second quarter.
Weakening global economic data and the ongoing US and China trade conflict contributed to higher market volatility in the third quarter of 2019. During the third quarter, data released showed slowing manufacturing activity and declining business investment, which was evidence that trade tensions were stifling economic growth across both developed and emerging markets. Global recession concerns caused a sharp equitysell-off in August 2019 as investors crowded into asset classes perceived as safe havens, including US Treasuries and gold. In September 2019, both the US Federal Reserve and European Central Bank cut interest rates, providing a measure of support for risk assets. Growing optimism about a potential trade deal between the US and China also boosted equities in September. However, except for the US and Japan, performance in most regions declined during the third quarter. Uncertainty about the UK’s withdrawal from the European Union continued to weigh on UK and European equities, while political and trade issues affected areas of Latin America and Asia.
Global equity markets gained in October 2019 amid several positive catalysts, including a US interest rate cut, optimism surrounding US and China trade negotiations, and a raft of upbeat corporate results. The UK equity market provided a flat return during October and while domestic politics continued to dominate the region, European markets made modest gains. October was also a positive month for emerging equity markets with all regions recording gains. Despite increased market volatility, global equity indexes, in both developed and emerging markets, ended the fiscal year in positive territory.
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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 investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). 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. The Index measures potential returns of a theoretical portfolio of liquid emerging market U.S. dollar-denominated government bonds.
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, 2019, on a market price basis, the Fund returned 17.28%. On a net asset value (“NAV”) basis, the Fund returned 16.91%. During the same time period, the Index returned 17.60%. 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 the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 13.69%. 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 760 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 Trinidad and most underweight in the country of Uruguay during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to the country of Bahrain, followed by security selection in the countries of Saudi Arabia and the United Arab Emirates.
For the fiscal year ended October 31, 2019, 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 for the fiscal year ended October 31, 2019, included Peruvian Government International Bond, 5.625% coupon, due 11/18/2050 (portfolio average weight of 0.96%), and Bahrain Government International Bond, 7.50% coupon, due 09/20/2047 (portfolio average weight of 0.88%). Positions that detracted most significantly from the Fund’s return during this period included Argentine Government International Bond, 7.50% coupon, due 04/22/2026 (portfolio average weight of 0.38%) and Argentine Government International Bond, 4.625% coupon, due 01/11/2023 (portfolio average weight of 0.38%).
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Invesco Emerging Markets Sovereign Debt ETF (PCY)(continued)
Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Qatar | 2.78 | |||
Mexico | 2.77 | |||
Russia | 2.75 | |||
Colombia | 2.75 | |||
Saudi Arabia | 2.73 | |||
Ukraine | 2.70 | |||
Romania | 2.69 | |||
Brazil | 2.68 | |||
Kazakhstan | 2.67 | |||
Indonesia | 2.67 | |||
Peru | 2.66 | |||
United Arab Emirates | 2.66 | |||
China | 2.66 | |||
Chile | 2.64 | |||
Bahrain | 2.61 | |||
Dominican Republic | 2.59 | |||
Paraguay | 2.59 | |||
Philippines | 2.57 | |||
Trinidad | 2.56 | |||
El Salvador | 2.53 | |||
Hungary | 2.53 | |||
Jordan | 2.53 | |||
Panama | 2.51 | |||
Poland | 2.51 | |||
Kenya | 2.48 | |||
Egypt | 2.48 | |||
Oman | 2.47 | |||
Croatia | 2.47 | |||
South Africa | 2.47 | |||
Sri Lanka | 2.45 | |||
Pakistan | 2.43 | |||
Turkey | 2.43 | |||
Costa Rica | 2.42 | |||
Nigeria | 2.41 | |||
Mongolia | 2.35 | |||
Angola | 2.35 | |||
Ecuador | �� | 2.21 | ||
Lebanon | 1.53 | |||
Slovenia | 1.24 | |||
Argentina | 1.13 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.34 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Chile Government International Bond, 3.86%, 06/21/2047 | 1.35 | |||
Trinidad & Tobago Government International Bond, 4.50%, 08/04/2026 | 1.29 | |||
Chile Government International Bond, 3.13%, 01/21/2026 | 1.29 | |||
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024 | 1.27 | |||
Croatia Government International Bond, 6.00%, 01/26/2024 | 1.25 | |||
Slovenia Government International Bond, 5.25%, 02/18/2024 | 1.24 | |||
Croatia Government International Bond, 5.50%, 04/04/2023 | 1.22 | |||
Peruvian Government International Bond, 5.63%, 11/18/2050 | 0.96 | |||
Russian Foreign Bond—Eurobond, 5.25%, 06/23/2047 | 0.95 | |||
China Government International Bond, 4.00%, 10/19/2048 | 0.95 | |||
Total | 11.77 |
* | Excluding money market fund holdings. |
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Invesco Emerging Markets Sovereign Debt ETF (PCY)(continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2019
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 | 17.60 | % | 4.79 | % | 15.07 | % | 5.81 | % | 32.64 | % | 7.36 | % | 103.41 | % | 7.62 | % | 142.24 | % | ||||||||||||||||||||||
JP Morgan Emerging Market Bond Global Index | 13.69 | 4.48 | 14.04 | 4.83 | 26.61 | 6.54 | 88.37 | 6.58 | 115.68 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 16.91 | 4.19 | 13.11 | 5.19 | 28.81 | 6.57 | 88.94 | 6.62 | 116.67 | |||||||||||||||||||||||||||||||
Market Price Return | 17.28 | 4.34 | 13.59 | 5.17 | 28.67 | 6.45 | 86.92 | 6.57 | 115.29 |
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. |
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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 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 that comprise 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, 2019, on a market price basis, the Fund returned 4.36%. On a net asset value (“NAV”) basis, the Fund returned 3.90%. During the same time period, the Index returned 4.64%. 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, as well as the Fund’s utilization of a sampling methodology.
During this same time period, ICE BofAML0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 4.99%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 850 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 financials sector and most underweight in the communication services sector during the fiscal year ended October 31, 2019. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the communication services and consumer discretionary sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included Hexion Holdings Corp., 6.625% coupon, due 04/15/2020, a materials company (no longer held at fiscalyear-end) and Nine West Holdings Inc., 8.25% coupon, due 12/31/2049, a consumer discretionary company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return included Hexion Holdings Corp., a materials company (no longer held at fiscalyear-end) and Nine West Holdings Inc., 8.25% coupon, due 12/31/2049, a consumer discretionary company (different security issued by the same company, no longer held at fiscal year-end) (portfolio average weight of 0.03%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 23.75 | |||
Consumer Discretionary | 12.04 | |||
Sovereign Debt | 10.91 | |||
Energy | 8.89 | |||
Industrials | 7.72 | |||
Materials | 7.43 | |||
Communication Services | 6.41 | |||
Information Technology | 4.08 | |||
Real Estate | 3.86 | |||
Health Care | 3.09 | |||
Sector Types Each Less Than 3% | 4.47 | |||
Money Market Funds Plus Other Assets Less Liabilities | 7.35 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Studio City Co. Ltd., 5.88%, 11/30/2019 | 0.35 | |||
Teva Pharmaceutical Industries Ltd., 2.25%, 03/18/2020 | 0.35 | |||
Sri Lanka Government International Bond, 5.75%, 01/18/2022 | 0.34 | |||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 0.33 | |||
Global Ports Finance PLC, 6.87%, 01/25/2022 | 0.33 | |||
Guitar Center, Inc., 9.50%, 10/15/2021 | 0.32 | |||
Bahrain Government International Bond, 5.88%, 01/26/2021 | 0.32 | |||
Navient Corp., 5.00%, 10/26/2020 | 0.31 | |||
Xerox Corp., 3.50%, 08/20/2020 | 0.31 | |||
Export Credit Bank of Turkey, 5.38%, 02/08/2021 | 0.31 | |||
Total | 3.27 |
* | Excluding money market fund holdings. |
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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, 2019
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 | 4.64 | % | 4.22 | % | 13.19 | % | 5.74 | % | 32.21 | % | 5.51 | % | 40.70 | % | ||||||||||||||||||
ICE BofAML 0-5 Year U.S. High Yield Constrained Index | 4.99 | 5.41 | 17.11 | 4.57 | 25.06 | 4.90 | 35.60 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 3.90 | 3.55 | 11.04 | 4.31 | 23.52 | 4.04 | 28.67 | |||||||||||||||||||||||||
Market Price Return | 4.36 | 3.43 | 10.65 | 4.38 | 23.88 | 4.07 | 28.92 |
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. |
| 9 |
|
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 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, 2019, on a market price basis, the Fund returned 7.77%. On a net asset value (“NAV”) basis, the Fund returned 8.12%. During the same time period, the Index returned 7.82%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to positive effects of 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 BarclaysPan- European Aggregate Index (the “Benchmark Index”) returned 7.36%. 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 thenon-U.S. dollar corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in sovereign debt during the fiscal year ended October 31, 2019. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s larger allocation to the utilities sector.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2019, included GDF Suez, 5.00% coupon, due 10/01/2060, a utilities company (no longer held at fiscal year-end) (portfolio average weight of 0.61%), and Electricite de France, SA 6.00% coupon, due 01/23/2114, a utilities company (no longer held at fiscalyear-end). Positions that detracted most significantly from the Fund’s return included Electricite de France, SA 3.875% coupon, due 01/18/2022, a utilities company (no longer held at fiscalyear-end), and Cooperatieve Rabobank UA, 4.00% coupon, due 01/11/2022, a financials company (no longer held at fiscalyear-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Financials | 48.33 | |||
Utilities | 12.43 | |||
Communication Services | 10.61 | |||
Consumer Discretionary | 6.85 | |||
Consumer Staples | 5.90 | |||
Health Care | 4.56 | |||
Energy | 4.33 | |||
Industrials | 3.00 | |||
Sector Types Each Less Than 3% | 2.78 | |||
Other Assets Less Liabilities | 1.21 | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2019 | ||||
Security | ||||
Enel Finance International N.V., 5.75%, 09/14/2040 | 0.77 | |||
Bank of Montreal, 3.19%, 03/01/2028 | 0.65 | |||
ENGIE S.A., 5.00%, 10/01/2060 | 0.61 | |||
Vattenfall AB, 6.88%, 04/15/2039 | 0.60 | |||
E.ON International Finance B.V., 5.88%, 10/30/2037 | 0.60 | |||
Lloyds Bank PLC, 6.50%, 09/17/2040 | 0.59 | |||
GlaxoSmithKline Capital PLC, 6.38%, 03/09/2039 | 0.58 | |||
Credit Agricole S.A., 2.63%, 03/17/2027 | 0.56 | |||
Bank of Montreal, 2.89%, 06/20/2023 | 0.56 | |||
GlaxoSmithKline Capital PLC, 5.25%, 04/10/2042 | 0.54 | |||
Total | 6.06 |
| 10 |
|
Invesco International Corporate Bond ETF (PICB)(continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2019
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) | 7.82 | % | 3.91 | % | 12.20 | % | 0.46 | % | 2.31 | % | 3.29 | % | 35.56 | % | ||||||||||||||||||
Bloomberg Barclays Pan-European Aggregate Index | 7.36 | 3.52 | 10.93 | 0.61 | 3.10 | 3.36 | 36.46 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 8.12 | 4.06 | 12.68 | 0.53 | 2.70 | 3.40 | 36.91 | |||||||||||||||||||||||||
Market Price Return | 7.77 | 4.00 | 12.49 | 0.45 | 2.27 | 3.27 | 35.34 |
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. |
| 11 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)
October 31, 2019
Schedule of Investments
Principal | ||||||||
Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.66% |
| |||||||
Angola-2.35% | ||||||||
Angolan Government International Bond | ||||||||
9.50%, 11/12/2025(a) | $ | 24,218,000 | $ | 27,351,083 | ||||
8.25%, 05/09/2028(a) | 26,830,000 | 28,091,949 | ||||||
9.38%, 05/08/2048(a) | 26,050,000 | 27,615,605 | ||||||
|
| |||||||
83,058,637 | ||||||||
|
| |||||||
Argentina-1.13% | ||||||||
Argentine Republic Government International Bond | ||||||||
4.63%, 01/11/2023 | 32,600,000 | 13,203,326 | ||||||
7.50%, 04/22/2026 | 31,560,000 | 13,539,556 | ||||||
6.88%, 01/26/2027 | 33,430,000 | 13,288,759 | ||||||
|
| |||||||
40,031,641 | ||||||||
|
| |||||||
Bahrain-2.61% | ||||||||
Bahrain Government International Bond | ||||||||
6.75%, 09/20/2029(a) | 26,525,000 | 30,304,282 | ||||||
6.00%, 09/19/2044(a) | 30,470,000 | 30,750,324 | ||||||
7.50%, 09/20/2047(a) | 26,472,000 | 31,071,510 | ||||||
|
| |||||||
92,126,116 | ||||||||
|
| |||||||
Brazil-2.68% | ||||||||
Brazilian Government International Bond | ||||||||
8.25%, 01/20/2034 | 22,139,000 | 30,690,410 | ||||||
5.63%, 01/07/2041 | 28,020,000 | 31,452,730 | ||||||
5.63%, 02/21/2047 | 28,800,000 | 32,475,888 | ||||||
|
| |||||||
94,619,028 | ||||||||
|
| |||||||
Chile-2.64% | ||||||||
Chile Government International Bond | ||||||||
3.13%, 01/21/2026 | 43,177,000 | 45,481,572 | ||||||
3.86%, 06/21/2047 | 41,682,000 | 47,872,194 | ||||||
|
| |||||||
93,353,766 | ||||||||
|
| |||||||
China-2.66% | ||||||||
China Government International Bond | ||||||||
2.63%, 11/02/2027(a) | 29,410,000 | 30,383,762 | ||||||
3.50%, 10/19/2028(a) | 27,340,000 | 30,186,622 | ||||||
4.00%, 10/19/2048(a) | 27,800,000 | 33,384,791 | ||||||
|
| |||||||
93,955,175 | ||||||||
|
| |||||||
Colombia-2.75% | ||||||||
Colombia Government International Bond | ||||||||
7.38%, 09/18/2037 | 22,125,000 | 31,417,721 | ||||||
6.13%, 01/18/2041 | 25,101,000 | 32,625,276 | ||||||
5.63%, 02/26/2044 | 26,733,000 | 33,149,187 | ||||||
|
| |||||||
97,192,184 | ||||||||
|
| |||||||
Costa Rica-2.42% | ||||||||
Costa Rica Government International Bond | ||||||||
5.63%, 04/30/2043(a) | 32,553,000 | 28,288,882 | ||||||
7.00%, 04/04/2044(a) | 28,889,000 | 28,600,399 | ||||||
7.16%, 03/12/2045(a) | 28,625,000 | 28,589,505 | ||||||
|
| |||||||
85,478,786 | ||||||||
|
|
Principal | ||||||||
Amount | Value | |||||||
Croatia-2.47% | ||||||||
Croatia Government International Bond | ||||||||
5.50%, 04/04/2023(a) | $ | 39,105,000 | $ | 43,272,107 | ||||
6.00%, 01/26/2024(a) | 38,281,000 | 44,078,007 | ||||||
|
| |||||||
87,350,114 | ||||||||
|
| |||||||
Dominican Republic-2.59% | ||||||||
Dominican Republic International Bond | ||||||||
7.45%, 04/30/2044(a) | 25,130,000 | 30,187,664 | ||||||
6.85%, 01/27/2045(a) | 27,024,000 | 30,537,390 | ||||||
6.50%, 02/15/2048(a) | 28,300,000 | 30,953,408 | ||||||
|
| |||||||
91,678,462 | ||||||||
|
| |||||||
Ecuador-2.21% | ||||||||
Ecuador Government International Bond | ||||||||
9.65%, 12/13/2026(a) | 26,644,000 | 26,311,216 | ||||||
9.63%, 06/02/2027(a) | 26,642,000 | 25,959,565 | ||||||
8.88%, 10/23/2027(a) | 27,478,000 | 25,681,626 | ||||||
|
| |||||||
77,952,407 | ||||||||
|
| |||||||
Egypt-2.48% | ||||||||
Egypt Government International Bond | ||||||||
8.50%, 01/31/2047(a) | 27,663,000 | 29,194,867 | ||||||
7.90%, 02/21/2048(a) | 29,106,000 | 29,250,773 | ||||||
8.70%, 03/01/2049(a) | 27,192,000 | 29,217,396 | ||||||
|
| |||||||
87,663,036 | ||||||||
|
| |||||||
El Salvador-2.53% | ||||||||
El Salvador Government International Bond | ||||||||
8.25%, 04/10/2032(a) | 25,779,000 | 29,775,003 | ||||||
7.65%, 06/15/2035(a) | 27,180,000 | 29,660,447 | ||||||
7.63%, 02/01/2041(a) | 27,672,000 | 30,128,166 | ||||||
|
| |||||||
89,563,616 | ||||||||
|
| |||||||
Hungary-2.53% | ||||||||
Hungary Government International Bond | ||||||||
5.75%, 11/22/2023 | 25,511,500 | 28,871,518 | ||||||
5.38%, 03/25/2024 | 25,564,000 | 28,808,148 | ||||||
7.63%, 03/29/2041 | 19,253,000 | 31,714,061 | ||||||
|
| |||||||
89,393,727 | ||||||||
|
| |||||||
Indonesia-2.67% | ||||||||
Indonesia Government International Bond | ||||||||
8.50%, 10/12/2035(a) | 19,853,000 | 31,071,561 | ||||||
6.63%, 02/17/2037(a) | 23,576,000 | 31,715,405 | ||||||
7.75%, 01/17/2038(a) | 21,127,000 | 31,533,862 | ||||||
|
| |||||||
94,320,828 | ||||||||
|
| |||||||
Jordan-2.53% | ||||||||
Jordan Government International Bond | ||||||||
6.13%, 01/29/2026(a) | 27,971,000 | 29,596,059 | ||||||
5.75%, 01/31/2027(a) | 28,824,000 | 29,877,950 | ||||||
7.38%, 10/10/2047(a) | 28,159,000 | 29,787,998 | ||||||
|
| |||||||
89,262,007 | ||||||||
|
| |||||||
Kazakhstan-2.67% | ||||||||
Kazakhstan Government International Bond | ||||||||
5.13%, 07/21/2025(a) | 26,354,000 | 29,931,055 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12
|
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
Kazakhstan-(continued) | ||||||||
4.88%, 10/14/2044(a) | $ | 26,415,000 | $ | 32,155,640 | ||||
6.50%, 07/21/2045(a) | 22,198,000 | 32,295,515 | ||||||
|
| |||||||
94,382,210 | ||||||||
|
| |||||||
Kenya-2.48% | ||||||||
Kenya Government International Bond | ||||||||
6.88%, 06/24/2024(a) | 27,100,000 | 28,850,877 | ||||||
7.25%, 02/28/2028(a) | 27,813,000 | 29,432,023 | ||||||
8.25%, 02/28/2048(a) | 28,090,000 | 29,537,955 | ||||||
|
| |||||||
87,820,855 | ||||||||
|
| |||||||
Lebanon-1.53% | ||||||||
Lebanon Government International Bond | ||||||||
6.10%, 10/04/2022(a) | 29,430,000 | 17,626,510 | ||||||
6.40%, 05/26/2023 | 31,210,000 | 18,485,683 | ||||||
6.65%, 04/22/2024(a) | 31,644,000 | 18,124,101 | ||||||
|
| |||||||
54,236,294 | ||||||||
|
| |||||||
Mexico-2.77% | ||||||||
Mexico Government International Bond | ||||||||
4.60%, 01/23/2046 | 30,615,750 | 32,736,197 | ||||||
5.75%, 10/12/2110 | 28,097,000 | 32,677,092 | ||||||
Series A, 6.05%, 01/11/2040 | 25,435,000 | 32,556,800 | ||||||
|
| |||||||
97,970,089 | ||||||||
|
| |||||||
Mongolia-2.35% | ||||||||
Mongolia Government International Bond | ||||||||
5.13%, 12/05/2022(a) | 27,590,000 | 28,016,594 | ||||||
5.63%, 05/01/2023(a) | 27,300,000 | 27,968,052 | ||||||
8.75%, 03/09/2024(a) | 24,100,000 | 27,256,114 | ||||||
|
| |||||||
83,240,760 | ||||||||
|
| |||||||
Nigeria-2.41% | ||||||||
Nigeria Government International Bond | ||||||||
7.70%, 02/23/2038(a) | 28,840,000 | 28,938,056 | ||||||
7.63%, 11/28/2047(a) | 28,595,000 | 27,987,642 | ||||||
9.25%, 01/21/2049(a) | 25,360,000 | 28,149,600 | ||||||
|
| |||||||
85,075,298 | ||||||||
|
| |||||||
Oman-2.47% | ||||||||
Oman Government International Bond | ||||||||
5.63%, 01/17/2028(a) | 29,782,000 | 29,543,000 | ||||||
6.50%, 03/08/2047(a) | 30,901,000 | 28,699,304 | ||||||
6.75%, 01/17/2048(a) | 31,056,000 | 29,228,354 | ||||||
|
| |||||||
87,470,658 | ||||||||
|
| |||||||
Pakistan-2.43% | ||||||||
Pakistan Government International Bond | ||||||||
8.25%, 04/15/2024(a) | 26,146,000 | 28,551,955 | ||||||
8.25%, 09/30/2025(a) | 26,064,000 | 28,518,004 | ||||||
6.88%, 12/05/2027(a) | 28,864,000 | 28,941,702 | ||||||
|
| |||||||
86,011,661 | ||||||||
|
| |||||||
Panama-2.51% | ||||||||
Panama Government International Bond | ||||||||
7.13%, 01/29/2026 | 23,468,500 | 29,511,873 | ||||||
8.88%, 09/30/2027 | 20,503,500 | 29,397,098 | ||||||
3.88%, 03/17/2028 | 27,487,000 | 29,909,567 | ||||||
|
| |||||||
88,818,538 | ||||||||
|
|
Principal | ||||||||
Amount | Value | |||||||
Paraguay-2.59% | ||||||||
Paraguay Government International Bond | ||||||||
5.00%, 04/15/2026(a) | $ | 26,761,000 | $ | 29,537,721 | ||||
6.10%, 08/11/2044(a) | 25,695,000 | 31,316,038 | ||||||
5.60%, 03/13/2048(a) | 26,540,000 | 30,653,966 | ||||||
|
| |||||||
91,507,725 | ||||||||
|
| |||||||
Peru-2.66% | ||||||||
Peruvian Government International Bond | ||||||||
2.84%, 06/20/2030(b) | 28,820,000 | 29,785,470 | ||||||
8.75%, 11/21/2033 | 18,486,500 | 30,599,964 | ||||||
5.63%, 11/18/2050 | 23,009,000 | 33,794,699 | ||||||
|
| |||||||
94,180,133 | ||||||||
|
| |||||||
Philippines-2.57% | ||||||||
Philippine Government International Bond | ||||||||
7.75%, 01/14/2031 | 20,400,000 | 30,289,514 | ||||||
6.38%, 01/15/2032 | 22,005,000 | 29,921,842 | ||||||
6.38%, 10/23/2034 | 21,708,000 | 30,710,634 | ||||||
|
| |||||||
90,921,990 | ||||||||
|
| |||||||
Poland-2.51% | ||||||||
Republic of Poland Government International Bond | ||||||||
3.00%, 03/17/2023 | 28,019,000 | 28,939,844 | ||||||
4.00%, 01/22/2024 | 27,303,000 | 29,562,505 | ||||||
3.25%, 04/06/2026 | 28,222,000 | 30,136,750 | ||||||
|
| |||||||
88,639,099 | ||||||||
|
| |||||||
Qatar-2.78% | ||||||||
Qatar Government International Bond | ||||||||
6.40%, 01/20/2040(a) | 22,403,000 | 32,783,945 | ||||||
5.10%, 04/23/2048(a) | 25,826,000 | 32,987,033 | ||||||
4.82%, 03/14/2049(a) | 26,315,000 | 32,433,501 | ||||||
|
| |||||||
98,204,479 | ||||||||
|
| |||||||
Romania-2.69% | ||||||||
Romanian Government International Bond | ||||||||
4.88%, 01/22/2024(a) | 26,861,000 | 29,564,157 | ||||||
6.13%, 01/22/2044(a) | 24,952,000 | 32,517,921 | ||||||
5.13%, 06/15/2048(a) | 28,480,000 | 32,924,332 | ||||||
|
| |||||||
95,006,410 | ||||||||
|
| |||||||
Russia-2.75% | ||||||||
Russian Foreign Bond | ||||||||
5.63%, 04/04/2042(a) | 25,800,000 | 31,929,435 | ||||||
5.88%, 09/16/2043(a) | 24,800,000 | 31,700,228 | ||||||
Russian Foreign Bond - Eurobond, 5.25%, | ||||||||
06/23/2047(a) | 28,200,000 | 33,714,228 | ||||||
|
| |||||||
97,343,891 | ||||||||
|
| |||||||
Saudi Arabia-2.73% | ||||||||
Saudi Government International Bond | ||||||||
4.50%, 10/26/2046(a) | 28,997,000 | 31,968,322 | ||||||
4.63%, 10/04/2047(a) | 28,615,000 | 32,118,764 | ||||||
5.00%, 04/17/2049(a) | 27,388,000 | 32,512,158 | ||||||
|
| |||||||
96,599,244 | ||||||||
|
| |||||||
Slovenia-1.24% | ||||||||
Slovenia Government International Bond, | ||||||||
5.25%, 02/18/2024(a) | 38,689,000 | 43,920,759 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13
|
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
South Africa-2.47% | ||||||||
Republic of South Africa Government International Bond | ||||||||
6.25%, 03/08/2041 | $ | 26,625,000 | $ | 28,714,397 | ||||
5.38%, 07/24/2044 | 30,336,000 | 29,189,906 | ||||||
6.30%, 06/22/2048 | 27,619,000 | 29,334,830 | ||||||
|
| |||||||
87,239,133 | ||||||||
|
| |||||||
Sri Lanka-2.45% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.83%, 07/18/2026(a) | 28,985,000 | 29,229,385 | ||||||
7.85%, 03/14/2029(a) | 27,210,000 | 28,226,893 | ||||||
7.55%, 03/28/2030(a) | 28,700,000 | 29,040,711 | ||||||
|
| |||||||
86,496,989 | ||||||||
|
| |||||||
Trinidad-2.56% | ||||||||
Trinidad & Tobago Government International Bond | ||||||||
4.38%, 01/16/2024(a) | 42,640,000 | 44,719,126 | ||||||
4.50%, 08/04/2026(a) | 43,821,000 | 45,629,055 | ||||||
|
| |||||||
90,348,181 | ||||||||
|
| |||||||
Turkey-2.43% | ||||||||
Turkey Government International Bond | ||||||||
8.00%, 02/14/2034 | 26,376,000 | 29,136,090 | ||||||
6.88%, 03/17/2036 | 28,579,000 | 28,224,163 | ||||||
7.25%, 03/05/2038 | 27,657,000 | 28,469,425 | ||||||
|
| |||||||
85,829,678 | ||||||||
|
| |||||||
Ukraine-2.70% | ||||||||
Ukraine Government International Bond | ||||||||
7.75%, 09/01/2026(a) | 29,473,000 | 31,742,097 | ||||||
7.75%, 09/01/2027(a) | 29,703,000 | 32,022,061 | ||||||
9.75%, 11/01/2028(a) | 26,700,000 | 31,830,245 | ||||||
|
| |||||||
95,594,403 | ||||||||
|
| |||||||
United Arab Emirates-2.66% | ||||||||
Abu Dhabi Government International Bond | ||||||||
3.13%, 10/11/2027(a) | 28,950,000 | 30,273,739 | ||||||
4.13%, 10/11/2047(a) | 28,135,000 | 32,422,127 | ||||||
Emirate of Dubai Government International | ||||||||
Bonds, 5.25%, 01/30/2043(a) | 27,251,000 | 31,321,509 | ||||||
|
| |||||||
94,017,375 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 3,487,875,382 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.20% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(c) | 7,086,626 | $ | 7,086,626 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 3,494,962,008 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.00% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(c)(d) | 71,589 | 71,589 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(c)(d) | 23,853 | 23,863 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 95,452 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-98.86% |
| 3,495,057,460 | ||||||
OTHER ASSETS LESS LIABILITIES-1.14% |
| 40,329,866 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 3,535,387,326 | ||||||
|
|
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, 2019 was $2,421,200,693, which represented 68.48% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(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, 2019. |
(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.
| 14
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)
October 31, 2019
Schedule of Investments
Principal | ||||||||
Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-92.49% |
| |||||||
Argentina-1.42% | ||||||||
Argentine Republic Government International Bond | ||||||||
6.88%, 04/22/2021 | $ | 650,000 | $ | 296,569 | ||||
5.63%, 01/26/2022 | 600,000 | 255,000 | ||||||
Banco Hipotecario S.A., 9.75%, 11/30/2020(a) | 500,000 | 377,505 | ||||||
Cia General de Combustibles S.A., 9.50%, 11/07/2021(a) | 525,000 | 409,500 | ||||||
Genneia S.A., 8.75%, 01/20/2022(a) | 500,000 | 340,000 | ||||||
Provincia de Cordoba, 7.13%, 06/10/2021(a) | 650,000 | 490,756 | ||||||
Telecom Argentina S.A., 6.50%, 06/15/2021(a) | 676,000 | 643,890 | ||||||
YPF S.A., 8.50%, 03/23/2021(a) | 500,000 | 458,750 | ||||||
|
| |||||||
3,271,970 | ||||||||
|
| |||||||
Australia-0.71% | ||||||||
Barminco Finance Pty Ltd., 6.63%, 05/15/2022(a) | 200,000 | 205,800 | ||||||
Emeco Pty Ltd., Series B, 9.25%, 03/31/2022 | 669 | 708 | ||||||
FMG Resources August 2006 Pty Ltd., 4.75%, 05/15/2022(a) | 200,000 | 206,750 | ||||||
Virgin Australia Holdings Ltd. | ||||||||
8.50%, 11/15/2019(a) | 600,000 | 600,366 | ||||||
7.88%, 10/15/2021(a) | 600,000 | 618,000 | ||||||
|
| |||||||
1,631,624 | ||||||||
|
| |||||||
Bahrain-1.19% | ||||||||
Bahrain Government International Bond | ||||||||
5.50%, 03/31/2020(a) | 600,000 | 605,814 | ||||||
5.88%, 01/26/2021(a) | 700,000 | 721,287 | ||||||
6.13%, 07/05/2022(a) | 200,000 | 213,766 | ||||||
Batelco International Finance No. 1 Ltd., 4.25%, 05/01/2020(a) | 600,000 | 601,581 | ||||||
BBK BSC, 3.50%, 03/24/2020(a) | 600,000 | 598,149 | ||||||
|
| |||||||
2,740,597 | ||||||||
|
| |||||||
Bermuda-0.22% | ||||||||
Teekay Corp., 8.50%, 01/15/2020 | 500,000 | 501,250 | ||||||
|
| |||||||
Brazil-5.43% | ||||||||
B3 S.A. - Brasil, Bolsa, Balcao, 5.50%, 07/16/2020(a) | 600,000 | 612,600 | ||||||
Banco Bradesco S.A., 5.90%, 01/16/2021(a) | 600,000 | 621,594 | ||||||
Banco BTG Pactual S.A., 4.00%, 01/16/2020(a) | 700,000 | 700,350 | ||||||
Banco do Brasil S.A. | ||||||||
6.00%, 01/22/2020(a) | 600,000 | 605,700 | ||||||
5.38%, 01/15/2021(a) | 600,000 | 618,756 | ||||||
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a) | 500,000 | 536,880 | ||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 07/12/2020(a) | 600,000 | 614,706 | ||||||
Banco Pan S.A., 8.50%, | 600,000 | 615,456 | ||||||
Banco Safra S.A., 6.75%, 01/27/2021(a) | 500,000 | 522,985 |
Principal | ||||||||
Amount | Value | |||||||
Brazil-(continued) | ||||||||
Banco Votorantim S.A., 7.38%, 01/21/2020(a) | $ | 575,000 | $ | 580,736 | ||||
Brazilian Government International Bond, 4.88%, 01/22/2021 | 600,000 | 619,050 | ||||||
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a) | 500,000 | 525,000 | ||||||
CSN Resources S.A., 6.50%, 07/21/2020(a) | 600,000 | 613,500 | ||||||
Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a) | 500,000 | 525,025 | ||||||
Globo Comunicacao e Participacoes S.A., 4.88%, 04/11/2022(a) | 100,000 | 104,062 | ||||||
Itau Unibanco Holding S.A. | ||||||||
6.20%, 04/15/2020(a) | 600,000 | 610,065 | ||||||
5.75%, 01/22/2021(a) | 600,000 | 621,000 | ||||||
6.20%, 12/21/2021(a) | 500,000 | 531,755 | ||||||
5.65%, 03/19/2022(a) | 200,000 | 211,861 | ||||||
5.50%, 08/06/2022(a) | 200,000 | 212,244 | ||||||
Petrobras Global Finance B.V. | ||||||||
5.38%, 01/27/2021 | 600,000 | 621,750 | ||||||
8.38%, 05/23/2021(b) | 600,000 | 657,000 | ||||||
6.13%, 01/17/2022 | 600,000 | 645,600 | ||||||
|
| |||||||
12,527,675 | ||||||||
|
| |||||||
Canada-1.75% | ||||||||
Air Canada, 7.75%, 04/15/2021(a) | 600,000 | 645,937 | ||||||
Athabasca Oil Corp., 9.88%, 02/24/2022(a) | 600,000 | 559,500 | ||||||
Baytex Energy Corp., 5.13%, 06/01/2021(a) | 650,000 | 640,250 | ||||||
Bombardier, Inc. | ||||||||
8.75%, 12/01/2021(a) | 600,000 | 637,500 | ||||||
5.75%, 03/15/2022(a) | 215,000 | 211,775 | ||||||
Cascades, Inc., 5.50%, | 150,000 | 153,000 | ||||||
GFL Environmental, Inc., 5.63%, 05/01/2022(a) | 200,000 | 206,000 | ||||||
Taseko Mines Ltd., 8.75%, 06/15/2022(a) | 200,000 | 177,000 | ||||||
Tervita Corp., 7.63%, 12/01/2021(a) | 600,000 | 594,000 | ||||||
Videotron Ltd., 5.00%, 07/15/2022 | 210,000 | 221,813 | ||||||
|
| |||||||
4,046,775 | ||||||||
|
| |||||||
Chile-0.27% | ||||||||
LATAM Airlines Group S.A., 7.25%, 06/09/2020(a) | 600,000 | 615,756 | ||||||
|
| |||||||
China-8.41% | ||||||||
CFLD Cayman Investment Ltd. | ||||||||
6.50%, 12/21/2020(a) | 500,000 | 503,157 | ||||||
9.00%, 07/31/2021(a) | 500,000 | 519,005 | ||||||
Changde Urban Construction and Investment Group Co., Ltd., 3.70%, 12/15/2019(a) | 500,000 | 499,750 | ||||||
China South City Holdings Ltd. | ||||||||
5.75%, 03/09/2020(a) | 600,000 | 581,400 | ||||||
11.88%, 03/27/2021(a) | 200,000 | 190,825 | ||||||
6.75%, 09/13/2021(a) | 600,000 | 509,400 | ||||||
Dr Peng Holding HongKong Ltd., 5.05%, 06/01/2020(a) | 500,000 | 344,250 | ||||||
Easy Tactic Ltd. | ||||||||
8.75%, 01/10/2021(a) | 500,000 | 512,451 | ||||||
7.00%, 04/25/2021(a) | 500,000 | 501,345 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
China-(continued) | ||||||||
5.75%, 01/13/2022(a) | $ | 700,000 | $ | 679,429 | ||||
9.13%, 07/28/2022(a) | 200,000 | 207,872 | ||||||
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a) | 200,000 | 208,100 | ||||||
Fortune Star (BVI) Ltd., 5.38%, 12/05/2020(a) | 400,000 | 402,771 | ||||||
Full Dragon (Hong Kong) International Development Ltd., 5.60%, 02/14/2021(a) | 500,000 | 505,250 | ||||||
Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a) | 200,000 | 204,200 | ||||||
Gemstones International Ltd., 8.50%, 08/15/2020(a) | 600,000 | 584,629 | ||||||
Greenland Global Investment Ltd. | ||||||||
4.85%, 08/17/2020(a) | 700,000 | 700,700 | ||||||
5.25%, 02/12/2021(a) | 500,000 | 503,187 | ||||||
Huachen Energy Co., Ltd., 6.63%, 05/18/2020(a) | 400,000 | 220,040 | ||||||
Huayi Finance I Ltd., 4.00%, 12/02/2019(a) | 600,000 | 598,515 | ||||||
Jiangsu Nantong Sanjian International Co., Ltd., 7.80%, 10/26/2020(a) | 500,000 | 347,281 | ||||||
Jiuding Group Finance Co., Ltd., 6.50%, 07/25/2020(a) | 500,000 | 473,470 | ||||||
New Metro Global Ltd. | ||||||||
6.50%, 04/23/2021(a) | 500,000 | 494,510 | ||||||
7.13%, 05/23/2021(a) | 500,000 | 495,000 | ||||||
6.50%, 05/20/2022(a) | 200,000 | 192,148 | ||||||
Oceanwide Holdings International 2017 Co., Ltd., 7.75%, | 700,000 | 601,318 | ||||||
Oriental Capital Co. Ltd., 5.15%, 11/22/2019(a) | 250,000 | 248,836 | ||||||
Prime Bloom Holdings Ltd., 7.50%, 12/19/2019(a) | 600,000 | 543,713 | ||||||
Qinghai Provincial Investment Group Co., Ltd. | ||||||||
7.25%, 02/22/2020(a) | 800,000 | 474,800 | ||||||
6.40%, 07/10/2021(a) | 500,000 | 232,557 | ||||||
Rock International Investment Inc., 6.63%, 03/27/2020(a) | 600,000 | 461,621 | ||||||
Scenery Journey Ltd. | ||||||||
11.00%, 11/06/2020(a) | 600,000 | 612,706 | ||||||
9.00%, 03/06/2021(a) | 200,000 | 195,357 | ||||||
Shandong Energy Australia Pty. Ltd., 4.55%, 07/26/2020(a) | 600,000 | 600,900 | ||||||
Shangrao City Construction Investment Development Group Co., Ltd., 5.70%, 12/28/2020(a) | 200,000 | 200,300 | ||||||
Shanxi Road & Bridge Construction Group Co., Ltd., 4.85%, 11/04/2019(a) | 500,000 | 500,000 | ||||||
Tahoe Group Global (Co.,) Ltd., 7.88%, 01/17/2021(a) | 900,000 | 671,971 | ||||||
Top Wise Excellence Enterprise Co., Ltd., 6.00%, 03/16/2020(a)(c) | 400,000 | 50,500 | ||||||
Tunghsu Venus Holdings Ltd., 7.00%, 06/12/2020(a) | 600,000 | 404,996 | ||||||
Xin Jiang Guang Hui Industry Investment Group Co. Ltd., 7.88%, 03/30/2020(a) | 600,000 | 554,100 | ||||||
Xinhu BVI Holding Co. Ltd., 6.00%, 03/01/2020(a) | 500,000 | 470,500 |
Principal | ||||||||
Amount | Value | |||||||
China-(continued) | ||||||||
Yango Justice International Ltd. | ||||||||
7.50%, 11/16/2020(a) | $ | 600,000 | $ | 585,900 | ||||
9.50%, 04/03/2021(a) | 200,000 | 196,354 | ||||||
Yihua Overseas Investment Ltd., 8.50%, 10/23/2020(a) | 500,000 | 275,625 | ||||||
Zhenro Properties Group Ltd., 9.15%, 03/08/2022(a) | 200,000 | 203,798 | ||||||
Zhongrong International Resources Co. Ltd., 7.25%, 10/26/2020(a) | 600,000 | 313,618 | ||||||
|
| |||||||
19,378,155 | ||||||||
|
| |||||||
Colombia-0.79% | ||||||||
Avianca Holdings S.A./Avianca Leasing LLC/ Grupo Taca Holdings Ltd., 8.38%, | 600,000 | 580,500 | ||||||
Banco Davivienda S.A., 5.88%, 07/09/2022(a) | 200,000 | 213,752 | ||||||
Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a) | 200,000 | 216,252 | ||||||
Bancolombia S.A., 6.13%, 07/26/2020 | 600,000 | 615,606 | ||||||
Credivalores-Crediservicios SAS, 9.75%, 07/27/2022(a) | 200,000 | 207,002 | ||||||
|
| |||||||
1,833,112 | ||||||||
|
| |||||||
Costa Rica-0.71% | ||||||||
Banco Nacional de Costa Rica, 5.88%, 04/25/2021(a) | 500,000 | 506,875 | ||||||
Costa Rica Government International Bond, 10.00%, 08/01/2020(a) | 600,000 | 627,006 | ||||||
Instituto Costarricense de Electricidad, | 500,000 | 509,380 | ||||||
|
| |||||||
1,643,261 | ||||||||
|
| |||||||
Croatia-0.76% | ||||||||
Croatia Government International Bond | ||||||||
6.75%, 11/05/2019(a) | 600,000 | 600,653 | ||||||
6.63%, 07/14/2020(a) | 600,000 | 618,594 | ||||||
6.38%, 03/24/2021(a) | 500,000 | 528,568 | ||||||
|
| |||||||
1,747,815 | ||||||||
|
| |||||||
Cyprus-0.08% | ||||||||
4finance S.A., 10.75%, | 200,000 | 176,852 | ||||||
|
| |||||||
Ecuador-0.36% | ||||||||
Ecuador Government International Bond | ||||||||
10.50%, 03/24/2020(a) | 600,000 | 609,756 | ||||||
10.75%, 03/28/2022(a) | 200,000 | 212,127 | ||||||
|
| |||||||
821,883 | ||||||||
|
| |||||||
Egypt-0.49% | ||||||||
Egypt Government International Bond | ||||||||
5.75%, 04/29/2020(a) | 600,000 | 608,704 | ||||||
6.13%, 01/31/2022(a) | 500,000 | 518,123 | ||||||
|
| |||||||
1,126,827 | ||||||||
|
| |||||||
El Salvador-0.48% | ||||||||
Agricola Senior Trust, 6.75%, 06/18/2020(a) | 500,000 | 510,005 | ||||||
El Salvador Government International Bond, 7.38%, 12/01/2019(a) | 600,000 | 600,756 | ||||||
|
| |||||||
1,110,761 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
Finland-0.09% | ||||||||
Nokia Oyj, 3.38%, 06/12/2022 | $ | 200,000 | $ | 202,750 | ||||
|
| |||||||
Georgia-0.55% | ||||||||
Georgia Government International Bond, 6.88%, 04/12/2021(a) | 500,000 | 530,660 | ||||||
Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021(a) | 500,000 | 521,236 | ||||||
Georgian Railway JSC, 7.75%, 07/11/2022(a) | 200,000 | 219,228 | ||||||
|
| |||||||
1,271,124 | ||||||||
|
| |||||||
Ghana-0.09% | ||||||||
Tullow Oil PLC, 6.25%, 04/15/2022(a) | 200,000 | 202,150 | ||||||
|
| |||||||
Greece-0.25% | ||||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022(a) | 1,000,000 | 585,000 | ||||||
|
| |||||||
Guatemala-0.09% | ||||||||
Guatemala Government Bond, 5.75%, 06/06/2022(a) | 200,000 | 215,102 | ||||||
|
| |||||||
Honduras-0.23% | ||||||||
Honduras Government International Bond, 8.75%, 12/16/2020(a) | 500,000 | 531,880 | ||||||
|
| |||||||
India-2.22% | ||||||||
ABJA Investment Co Pte Ltd., 4.85%, 01/31/2020(a) | 600,000 | 601,596 | ||||||
Delhi International Airport Ltd., 6.13%, 02/03/2022(a) | 500,000 | 525,654 | ||||||
IDBI Bank Ltd./GIFT-IFC | ||||||||
4.13%, 04/23/2020(a) | 600,000 | 601,980 | ||||||
4.25%, 11/30/2020(a) | 500,000 | 504,605 | ||||||
JSW Steel Ltd. | ||||||||
4.75%, 11/12/2019(a) | 500,000 | 500,100 | ||||||
5.25%, 04/13/2022(a) | 200,000 | 203,597 | ||||||
Jubilant Pharma Ltd., 4.88%, 10/06/2021(a) | 500,000 | 512,234 | ||||||
Lodha Developers International Ltd., 12.00%, 03/13/2020(a) | 500,000 | 399,000 | ||||||
Reliance Communications Ltd., 6.50%, 11/06/2020(a)(c) | 400,000 | 58,000 | ||||||
Shriram Transport Finance Co. Ltd., 5.70%, 02/27/2022(a) | 200,000 | 201,248 | ||||||
Syndicate Bank, 3.88%, | 500,000 | 500,365 | ||||||
Tata Motors Ltd., 4.63%, | 500,000 | 502,251 | ||||||
|
| |||||||
5,110,630 | ||||||||
|
| |||||||
Indonesia-1.18% | ||||||||
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a) | 200,000 | 177,135 | ||||||
Global Prime Capital Pte. Ltd., 7.25%, 04/26/2021(a) | 500,000 | 517,000 | ||||||
Indika Energy Capital II Pte. Ltd., 6.88%, 04/10/2022(a) | 200,000 | 208,828 | ||||||
Medco Straits Services Pte. Ltd., 8.50%, 08/17/2022(a) | 200,000 | 213,894 | ||||||
PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a) | 500,000 | 514,746 | ||||||
PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a) | 200,000 | 168,396 |
Principal | ||||||||
Amount | Value | |||||||
Indonesia-(continued) | ||||||||
PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a) | $ | 200,000 | $ | 203,097 | ||||
TBG Global Pte. Ltd., 5.25%, 02/10/2022(a) | 500,000 | 508,499 | ||||||
Theta Capital Pte Ltd., 7.00%, 04/11/2022(a) | 200,000 | 201,168 | ||||||
|
| |||||||
2,712,763 | ||||||||
|
| |||||||
Israel-1.18% | ||||||||
Teva Pharmaceutical Finance Co. B.V., Series 2, 3.65%, 11/10/2021 | 650,000 | 626,502 | ||||||
Teva Pharmaceutical Finance Netherlands III B.V., 2.20%, 07/21/2021 | 650,000 | 618,651 | ||||||
Teva Pharmaceutical Industries Ltd. | ||||||||
2.25%, 03/18/2020 | 800,000 | 792,000 | ||||||
3.65%, 11/10/2021 | 700,000 | 674,625 | ||||||
|
| |||||||
2,711,778 | ||||||||
|
| |||||||
Japan-0.09% | ||||||||
SoftBank Group Corp., 5.38%, 07/30/2022(a) | 200,000 | 208,250 | ||||||
|
| |||||||
Jersey-0.08% | ||||||||
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/2022(a) | 200,000 | 177,027 | ||||||
|
| |||||||
Jordan-0.22% | ||||||||
Hikma Pharmaceuticals PLC, 4.25%, 04/10/2020(a) | 500,000 | 502,680 | ||||||
|
| |||||||
Kazakhstan-0.32% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, 7.25%, 01/28/2021(a) | 500,000 | 526,240 | ||||||
KazMunayGas National Co. JSC, 3.88%, 04/19/2022(a) | 200,000 | 205,594 | ||||||
|
| |||||||
731,834 | ||||||||
|
| |||||||
Lebanon-1.02% | ||||||||
Lebanon Government International Bond | ||||||||
5.45%, 11/28/2019(a) | 500,000 | 483,427 | ||||||
6.38%, 03/09/2020 | 600,000 | 502,149 | ||||||
5.80%, 04/14/2020(a) | 500,000 | 413,544 | ||||||
6.15%, 06/19/2020 | 500,000 | 415,000 | ||||||
8.25%, 04/12/2021(a) | 600,000 | 419,277 | ||||||
6.25%, 05/27/2022 | 200,000 | 120,000 | ||||||
|
| |||||||
2,353,397 | ||||||||
|
| |||||||
Luxembourg-0.09% | ||||||||
Atento Luxco 1 S.A., 6.13%, | 200,000 | 204,500 | ||||||
|
| |||||||
Macau-0.64% | ||||||||
Studio City Co. Ltd. | ||||||||
5.88%, 11/30/2019(a) | 800,000 | 803,472 | ||||||
7.25%, 11/30/2021(a) | 650,000 | 668,005 | ||||||
|
| |||||||
1,471,477 | ||||||||
|
| |||||||
Malaysia-0.09% | ||||||||
SD International Sukuk Ltd., 6.30%, 05/09/2022(a) | 200,000 | 203,747 | ||||||
|
| |||||||
Mauritius-0.35% | ||||||||
HTA Group Ltd., 9.13%, | 200,000 | 209,056 | ||||||
Neerg Energy Ltd., 6.00%, 02/13/2022(a) | 600,000 | 594,895 | ||||||
|
| |||||||
803,951 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
Mexico-0.61% | ||||||||
BBVA Bancomer S.A. | ||||||||
7.25%, 04/22/2020(a) | $ | 500,000 | $ | 510,918 | ||||
6.50%, 03/10/2021(a) | 200,000 | 209,648 | ||||||
Grupo Idesa S.A. de C.V., 7.88%, 12/18/2020(a) | 700,000 | 527,625 | ||||||
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a) | 150,000 | 150,750 | ||||||
|
| |||||||
1,398,941 | ||||||||
|
| |||||||
Mongolia-0.50% | ||||||||
Mongolia Government International Bond, 10.88%, 04/06/2021(a) | 500,000 | 549,500 | ||||||
Trade and Development Bank of Mongolia LLC, 9.38%, 05/19/2020(a) | 600,000 | 615,900 | ||||||
|
| |||||||
1,165,400 | ||||||||
|
| |||||||
Namibia-0.27% | ||||||||
Namibia International Bonds, 5.50%, 11/03/2021(a) | 600,000 | 622,110 | ||||||
|
| |||||||
Netherlands-0.22% | ||||||||
Samvardhana Motherson Automotive Systems Group B.V., 4.88%, 12/16/2021(a) | 500,000 | 505,873 | ||||||
|
| |||||||
New Zealand-0.06% | ||||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 05/01/2022(a) | 150,000 | 144,000 | ||||||
|
| |||||||
Nigeria-0.67% | ||||||||
Access Bank PLC, 10.50%, 10/19/2021(a) | 550,000 | 611,848 | ||||||
Nigeria Government International Bond | ||||||||
6.75%, 01/28/2021(a) | 500,000 | 518,618 | ||||||
5.63%, 06/27/2022 | 200,000 | 206,740 | ||||||
United Bank for Africa PLC, 7.75%, 06/08/2022(a) | 200,000 | 212,616 | ||||||
|
| |||||||
1,549,822 | ||||||||
|
| |||||||
Oman-0.30% | ||||||||
Oman Government International Bond | ||||||||
3.63%, 06/15/2021(a) | 500,000 | 501,417 | ||||||
3.88%, 03/08/2022(a) | 200,000 | 200,696 | ||||||
|
| |||||||
702,113 | ||||||||
|
| |||||||
Pakistan-0.27% | ||||||||
Third Pakistan International Sukuk Co. Ltd. (The), 5.50%, 10/13/2021(a) | 617,000 | 620,344 | ||||||
|
| |||||||
Panama-0.09% | ||||||||
AES Panama S.R.L., 6.00%, 06/25/2022(a) | 200,000 | 206,652 | ||||||
|
| |||||||
Peru-0.27% | ||||||||
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a) | 600,000 | 624,006 | ||||||
|
| |||||||
Russia-4.21% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(a) | 500,000 | 534,143 | ||||||
Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC | ||||||||
4.50%, 11/11/2019(a) | 700,000 | 701,316 | ||||||
10.00%, 12/17/2019(a)(c)(d) | 800,000 | - | ||||||
Borets Finance DAC, 6.50%, 04/07/2022(a) | 200,000 | 205,609 |
Principal | ||||||||
Amount | Value | |||||||
Russia-(continued) | ||||||||
Credit Bank of Moscow Via CBOM Finance PLC, 5.88%, | $ | 500,000 | $ | 515,000 | ||||
Credit Europe Bank Ltd Via CEB Capital S.A., 8.50%, | 200,000 | 199,934 | ||||||
Evraz PLC | ||||||||
8.25%, 01/28/2021(a) | 500,000 | 533,750 | ||||||
6.75%, 01/31/2022(a) | 500,000 | 542,125 | ||||||
Global Ports Finance PLC, 6.87%, 01/25/2022(a) | 700,000 | 751,800 | ||||||
GTLK Europe DAC, 5.95%, 07/19/2021(a) | 600,000 | 627,375 | ||||||
Koks OAO Via Koks Finance DAC, 7.50%, 05/04/2022(a) | 200,000 | 203,913 | ||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 8.63%, 06/22/2020(a) | 500,000 | 520,371 | ||||||
O1 Properties Finance PLC, 8.25%, 09/27/2021(a) | 500,000 | 287,350 | ||||||
Polyus Finance PLC | ||||||||
5.63%, 04/29/2020(a) | 500,000 | 507,588 | ||||||
4.70%, 03/28/2022(a) | 200,000 | 207,574 | ||||||
Promsvyazbank OJSC Via PSB Finance S.A., 10.20%, 11/06/2019(a)(c)(e) | 200,000 | 31,000 | ||||||
Rusal Capital DAC, 5.13%, 02/02/2022(a) | 500,000 | 509,730 | ||||||
Sberbank of Russia Via SB Capital S.A. | ||||||||
6.13%, 02/07/2022(a) | 500,000 | 537,758 | ||||||
Series 7, 5.72%, 06/16/2021(a) | 500,000 | 525,188 | ||||||
TMK OAO Via TMK Capital S.A., 6.75%, 04/03/2020(a) | 600,000 | 609,272 | ||||||
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(a). | 500,000 | 534,381 | ||||||
VTB Bank OJSC Via VTB Capital S.A., 6.55%, 10/13/2020(a) | 600,000 | 622,461 | ||||||
|
| |||||||
9,707,638 | ||||||||
|
| |||||||
Saudi Arabia-0.09% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a) | 200,000 | 201,749 | ||||||
|
| |||||||
Senegal-0.28% | ||||||||
Senegal Government International Bond, 8.75%, 05/13/2021(a) | 600,000 | 652,098 | ||||||
|
| |||||||
Serbia-0.50% | ||||||||
Serbia International Bond | ||||||||
4.88%, 02/25/2020(a) | 500,000 | 504,830 | ||||||
7.25%, 09/28/2021(a) | 600,000 | 655,627 | ||||||
|
| |||||||
1,160,457 | ||||||||
|
| |||||||
Singapore-0.53% | ||||||||
Avation Capital S.A., 6.50%, 05/15/2021(a) | 500,000 | 523,750 | ||||||
Marble II Pte. Ltd., 5.30%, 06/20/2022(a) | 200,000 | 203,099 | ||||||
Yanlord Land (HK) Co., Ltd., 5.88%, 01/23/2022(a) | 500,000 | 503,747 | ||||||
|
| |||||||
1,230,596 | ||||||||
|
| |||||||
South Africa-2.12% | ||||||||
AngloGold Ashanti Holdings PLC | ||||||||
5.38%, 04/15/2020 | 600,000 | 606,723 | ||||||
5.13%, 08/01/2022 | 200,000 | 210,969 | ||||||
Eskom Holdings SOC Ltd., 5.75%, | ||||||||
01/26/2021(a) | 500,000 | 504,378 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
South Africa-(continued) | ||||||||
FirstRand Bank Ltd., 4.25%, 04/30/2020(a) | $ | 500,000 | $ | 503,560 | ||||
Gold Fields Orogen Holding (BVI) Ltd., 4.88%, 10/07/2020(a) | 600,000 | 612,114 | ||||||
Liquid Telecommunications Financing Plc, 8.50%, 07/13/2022(a) | 200,000 | 200,218 | ||||||
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a) | 500,000 | 518,469 | ||||||
Republic of South Africa Government International Bond | ||||||||
5.50%, 03/09/2020 | 600,000 | 606,600 | ||||||
5.88%, 05/30/2022 | 200,000 | 215,448 | ||||||
Stillwater Mining Co., 6.13%, 06/27/2022(a) | 200,000 | 203,901 | ||||||
Transnet SOC Ltd., 4.00%, 07/26/2022(a) | 200,000 | 202,515 | ||||||
ZAR Sovereign Capital Fund Pty. Ltd., | ||||||||
3.90%, 06/24/2020(a) | 500,000 | 503,084 | ||||||
|
| |||||||
4,887,979 | ||||||||
|
| |||||||
Spain-0.35% | ||||||||
Ajecorp B.V., 6.50%, 05/14/2022(a) | 200,000 | 196,500 | ||||||
Codere Finance 2 (Luxembourg) S.A., 7.63%, 11/01/2021(a) | 700,000 | 605,105 | ||||||
|
| |||||||
801,605 | ||||||||
|
| |||||||
Sri Lanka-0.91% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.25%, 10/04/2020(a) | 600,000 | 610,500 | ||||||
6.25%, 07/27/2021(a) | 500,000 | 509,250 | ||||||
5.75%, 01/18/2022(a) | 780,000 | 789,030 | ||||||
5.88%, 07/25/2022(a) | 200,000 | 202,594 | ||||||
|
| |||||||
2,111,374 | ||||||||
|
| |||||||
Supranational-0.09% | ||||||||
Eastern & Southern African Trade & Development Bank, 5.38%, 03/14/2022(a) | 200,000 | 208,060 | ||||||
|
| |||||||
Sweden-0.09% | ||||||||
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022 | 200,000 | 207,770 | ||||||
|
| |||||||
Turkey-6.84% | ||||||||
Akbank T.A.S., 4.00%, | 500,000 | 500,940 | ||||||
Export Credit Bank of Turkey | ||||||||
5.38%, 02/08/2021(a) | 700,000 | 705,904 | ||||||
5.00%, 09/23/2021(a) | 500,000 | 502,481 | ||||||
Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a) | 500,000 | 489,375 | ||||||
Hazine Mustesarligi Varlik Kiralama A.S. | ||||||||
4.25%, 06/08/2021(a) | 500,000 | 500,486 | ||||||
5.80%, 02/21/2022(a) | 500,000 | 509,885 | ||||||
KOC Holding A.S., 3.50%, 04/24/2020(a) | 600,000 | 600,667 | ||||||
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a) | 500,000 | 507,110 | ||||||
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.88%, 08/12/2020(a) | 500,000 | 500,871 | ||||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) | 200,000 | 199,916 | ||||||
T.C. Ziraat Bankasi A.S. | ||||||||
4.75%, 04/29/2021(a) | 500,000 | 497,240 | ||||||
5.13%, 05/03/2022(a) | 200,000 | 195,881 |
Principal | ||||||||
Amount | Value | |||||||
Turkey-(continued) | ||||||||
Turkey Government International Bond | ||||||||
7.50%, 11/07/2019 | $ | 600,000 | $ | 600,600 | ||||
7.00%, 06/05/2020 | 600,000 | 613,188 | ||||||
5.63%, 03/30/2021 | 600,000 | 614,408 | ||||||
5.13%, 03/25/2022 | 200,000 | 202,402 | ||||||
Turkiye Garanti Bankasi A.S., 6.25%, 04/20/2021(a) | 500,000 | 514,040 | ||||||
Turkiye Halk Bankasi A.S. | ||||||||
3.88%, 02/05/2020(a) | 700,000 | 690,375 | ||||||
4.75%, 02/11/2021(a) | 700,000 | 651,070 | ||||||
5.00%, 07/13/2021(a) | 600,000 | 556,743 | ||||||
Turkiye Is Bankasi A.S. | ||||||||
5.00%, 04/30/2020(a) | 600,000 | 603,825 | ||||||
5.00%, 06/25/2021(a) | 700,000 | 698,256 | ||||||
5.38%, 10/06/2021(a) | 600,000 | 601,578 | ||||||
5.50%, 04/21/2022(a) | 200,000 | 199,585 | ||||||
Turkiye Sinai Kalkinma Bankasi A.S. | ||||||||
4.88%, 05/18/2021(a) | 500,000 | 498,041 | ||||||
Series 1, 5.13%, 04/22/2020(a) | 600,000 | 602,266 | ||||||
Turkiye Sise ve Cam Fabrikalari A.S., 4.25%, 05/09/2020(a) | 600,000 | 603,762 | ||||||
Turkiye Vakiflar Bankasi T.A.O. | ||||||||
5.50%, 10/27/2021(a) | 500,000 | 497,425 | ||||||
5.63%, 05/30/2022(a) | 200,000 | 196,750 | ||||||
Yapi ve Kredi Bankasi A.S. | ||||||||
4.00%, 01/22/2020(a) | 600,000 | 601,284 | ||||||
5.75%, 02/24/2022(a) | 500,000 | 502,125 | ||||||
|
| |||||||
15,758,479 | ||||||||
|
| |||||||
Ukraine-0.84% | ||||||||
Kernel Holding S.A., 8.75%, 01/31/2022(a) | 500,000 | 530,540 | ||||||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, | 200,000 | 203,580 | ||||||
Ukraine Government International Bond | ||||||||
7.75%, 09/01/2020(a) | 600,000 | 617,160 | ||||||
7.75%, 09/01/2021(a) | 550,000 | 576,350 | ||||||
|
| |||||||
1,927,630 | ||||||||
|
| |||||||
United Arab Emirates-0.85% | ||||||||
Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a) | 200,000 | 190,992 | ||||||
DAE Funding LLC | ||||||||
4.00%, 08/01/2020(a) | 550,000 | 554,812 | ||||||
5.25%, 11/15/2021(a) | 600,000 | 624,000 | ||||||
4.50%, 08/01/2022(a) | 200,000 | 204,136 | ||||||
EA Partners I B.V., 6.88%, 09/28/2020(a)(c) | 650,000 | 295,750 | ||||||
EA Partners II B.V., 6.75%, 06/01/2021(a)(c)(e) | 200,000 | 87,000 | ||||||
|
| |||||||
1,956,690 | ||||||||
|
| |||||||
United Kingdom-1.01% | ||||||||
Avon International Operations, Inc., 7.88%, 08/15/2022(a) | 200,000 | 209,250 | ||||||
Fiat Chrysler Automobiles N.V., 4.50%, 04/15/2020 | 500,000 | 505,000 | ||||||
Inmarsat Finance PLC, 4.88%, 05/15/2022(a) | 200,000 | 203,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
United Kingdom-(continued) | ||||||||
Jaguar Land Rover Automotive PLC | ||||||||
4.25%, 11/15/2019(a) | $ | 700,000 | $ | 700,350 | ||||
3.50%, 03/15/2020(a) | 510,000 | 510,637 | ||||||
Mclaren Finance PLC, 5.75%, 08/01/2022(a) | 200,000 | 192,100 | ||||||
|
| |||||||
2,320,337 | ||||||||
|
| |||||||
United States-38.05% | ||||||||
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a) | 150,000 | 109,125 | ||||||
Acadia Healthcare Co., Inc., 5.13%, 07/01/2022 | 150,000 | 151,875 | ||||||
Actuant Corp., 5.63%, 06/15/2022 | 50,000 | 50,750 | ||||||
ADT Security Corp. (The) | ||||||||
6.25%, 10/15/2021 | 419,000 | 448,854 | ||||||
3.50%, 07/15/2022 | 200,000 | 201,214 | ||||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022 | 150,000 | 169,503 | ||||||
AES Corp. (The), 4.00%, 03/15/2021 | 425,000 | 432,969 | ||||||
AK Steel Corp., 7.63%, 10/01/2021(b) | 450,000 | 442,494 | ||||||
Allegheny Technologies, Inc., 5.95%, 01/15/2021 | 525,000 | 543,375 | ||||||
Ally Financial, Inc. | ||||||||
3.75%, 11/18/2019 | 500,000 | 500,425 | ||||||
8.00%, 03/15/2020 | 500,000 | 511,000 | ||||||
4.13%, 03/30/2020 | 500,000 | 504,500 | ||||||
7.50%, 09/15/2020 | 500,000 | 522,500 | ||||||
4.25%, 04/15/2021 | 600,000 | 615,900 | ||||||
4.13%, 02/13/2022 | 500,000 | 518,100 | ||||||
4.63%, 05/19/2022 | 200,000 | 210,040 | ||||||
American Airlines Group, Inc., 4.63%, 03/01/2020(a) | 400,000 | 403,500 | ||||||
Anixter, Inc., 5.13%, 10/01/2021 | 451,000 | 467,913 | ||||||
Antero Resources Corp., 5.38%, 11/01/2021 | 400,000 | 359,000 | ||||||
APX Group, Inc., 8.75%, 12/01/2020 | 368,000 | 362,940 | ||||||
Arconic, Inc. | ||||||||
6.15%, 08/15/2020 | 413,000 | 425,016 | ||||||
5.40%, 04/15/2021 | 476,000 | 491,237 | ||||||
5.87%, 02/23/2022 | 400,000 | 427,882 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(a) | 200,000 | 190,260 | ||||||
Ashland LLC, 4.75%, 08/15/2022 | 200,000 | 210,250 | ||||||
Ball Corp. | ||||||||
4.38%, 12/15/2020 | 487,000 | 497,044 | ||||||
5.00%, 03/15/2022 | 200,000 | 212,000 | ||||||
Bausch Health Cos., Inc., 6.50%, 03/15/2022(a) | 200,000 | 206,000 | ||||||
Berry Global, Inc., 5.50%, 05/15/2022 | 200,000 | 203,500 | ||||||
Cablevision Systems Corp., 8.00%, 04/15/2020 | 507,000 | 520,942 | ||||||
Calpine Corp., 6.00%, | 500,000 | 502,575 | ||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022(b) | 400,000 | 392,000 | ||||||
Carpenter Technology Corp., 5.20%, 07/15/2021(b) | 200,000 | 205,009 | ||||||
CEC Entertainment, Inc., 8.00%, 02/15/2022 | 500,000 | 468,750 |
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
Centene Corp., 4.75%, 05/15/2022 | $ | 200,000 | $ | 205,000 | ||||
Century Aluminum Co., 7.50%, 06/01/2021(a) | 500,000 | 483,750 | ||||||
CenturyLink, Inc. | ||||||||
Series S, 6.45%, 06/15/2021 | 400,000 | 422,000 | ||||||
Series T, 5.80%, 03/15/2022 | 200,000 | 212,250 | ||||||
Series V, 5.63%, 04/01/2020 | 500,000 | 508,125 | ||||||
CF Industries, Inc., 7.13%, 05/01/2020 | 483,000 | 495,097 | ||||||
Chesapeake Energy Corp., 4.88%, 04/15/2022(b) | 200,000 | 159,875 | ||||||
CIT Group, Inc. | ||||||||
4.13%, 03/09/2021 | 500,000 | 512,500 | ||||||
5.00%, 08/15/2022 | 150,000 | 159,836 | ||||||
CNX Resources Corp., 5.88%, 04/15/2022 | 200,000 | 196,250 | ||||||
CommScope, Inc., 5.00%, 06/15/2021(a) | 143,000 | 143,536 | ||||||
Community Health Systems, Inc. | ||||||||
5.13%, 08/01/2021(b) | 400,000 | 400,500 | ||||||
6.88%, 02/01/2022(b) | 600,000 | 466,500 | ||||||
CoreCivic, Inc., 4.13%, 04/01/2020 | 428,000 | 430,140 | ||||||
CPG Merger Sub LLC, 8.00%, 10/01/2021(a) | 400,000 | 401,000 | ||||||
Credit Acceptance Corp., 6.13%, 02/15/2021(b) | 400,000 | 401,750 | ||||||
CSC Holdings, LLC, 6.75%, 11/15/2021 | 450,000 | 486,000 | ||||||
DBP Holding Corp., 7.75%, 12/31/2049(a)(c)(d)(e) | 100,000 | 738 | ||||||
DCP Midstream Operating L.P. | ||||||||
5.35%, 03/15/2020(a) | 450,000 | 454,500 | ||||||
4.75%, 09/30/2021(a) | 400,000 | 409,000 | ||||||
4.95%, 04/01/2022 | 200,000 | 207,020 | ||||||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(a) | 219,000 | 222,642 | ||||||
Dell, Inc., 4.63%, 04/01/2021 | 600,000 | 618,675 | ||||||
Delta Air Lines, Inc., 3.40%, 04/19/2021 | 500,000 | 507,538 | ||||||
Denbury Resources, Inc., 9.00%, 05/15/2021(a) | 500,000 | 440,000 | ||||||
DISH DBS Corp. | ||||||||
5.13%, 05/01/2020 | 525,000 | 531,562 | ||||||
6.75%, 06/01/2021 | 500,000 | 526,250 | ||||||
5.88%, 07/15/2022 | 150,000 | 157,434 | ||||||
DPL, Inc., 7.25%, 10/15/2021 | 494,000 | 530,432 | ||||||
DriveTime Automotive Group Inc./ Bridgecrest Acceptance Corp., 8.00%, 06/01/2021(a) | 300,000 | 305,438 | ||||||
Edgewell Personal Care Co. | ||||||||
4.70%, 05/19/2021 | 375,000 | 385,313 | ||||||
4.70%, 05/24/2022 | 200,000 | 207,250 | ||||||
Elanco Animal Health, Inc., 3.91%, 08/27/2021 | 458,000 | 470,388 | ||||||
EMC Corp., 2.65%, 06/01/2020 | 501,000 | 501,626 | ||||||
Energen Corp., 4.63%, 09/01/2021 | 525,000 | 535,500 | ||||||
Enviva Partners L.P./Enviva Partners Finance Corp., 8.50%, 11/01/2021 | 350,000 | 358,969 | ||||||
Equinix, Inc., 5.38%, 01/01/2022 | 400,000 | 408,380 | ||||||
Ferrellgas L.P./Ferrellgas Finance Corp. | ||||||||
6.50%, 05/01/2021(b) | 500,000 | 422,500 | ||||||
6.75%, 01/15/2022(b) | 500,000 | 421,250 | ||||||
Forum Energy Technologies, Inc., 6.25%, 10/01/2021 | 525,000 | 427,875 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2019
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
Freeport-McMoRan, Inc. | ||||||||
4.00%, 11/14/2021 | $ | 315,000 | $ | 322,088 | ||||
3.55%, 03/01/2022 | 200,000 | 202,750 | ||||||
Frontier Communications Corp., 8.75%, 04/15/2022 | 250,000 | 118,125 | ||||||
FTS International, Inc., 6.25%, 05/01/2022 | 200,000 | 143,750 | ||||||
GameStop Corp., 6.75%, 03/15/2021(a) | 425,000 | 427,125 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.75%, 08/01/2022 | 200,000 | 201,750 | ||||||
Genworth Holdings, Inc. | ||||||||
7.70%, 06/15/2020(b) | 500,000 | 512,500 | ||||||
7.20%, 02/15/2021 | 511,000 | 525,052 | ||||||
7.63%, 09/24/2021(b) | 650,000 | 677,625 | ||||||
Geo Group, Inc. (The), 5.88%, 01/15/2022 | 400,000 | 388,500 | ||||||
Goodman Networks, Inc., 8.00%, 05/11/2022(f) | 98,659 | 50,809 | ||||||
Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/2020 | 481,000 | 504,449 | ||||||
Graphic Packaging International LLC, 4.75%, 04/15/2021 | 375,000 | 387,305 | ||||||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 200,000 | 212,500 | ||||||
Griffon Corp., 5.25%, 03/01/2022 | 200,000 | 202,000 | ||||||
Guitar Center, Inc. | ||||||||
9.50%, 10/15/2021(a) | 800,000 | 746,000 | ||||||
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(g) | 449,847 | 357,628 | ||||||
Harland Clarke Holdings Corp. | ||||||||
6.88%, 03/01/2020(a) | 215,000 | 211,775 | ||||||
9.25%, 03/01/2021(a) | 500,000 | 466,875 | ||||||
HC2 Holdings, Inc., 11.50%, 12/01/2021(a) | 400,000 | 366,500 | ||||||
HCA Healthcare, Inc., 6.25%, 02/15/2021 | 463,000 | 486,150 | ||||||
HCA, Inc., 7.50%, 02/15/2022 | 400,000 | 444,800 | ||||||
Hecla Mining Co., 6.88%, 05/01/2021 | 500,000 | 495,000 | ||||||
Hertz Corp. (The), 7.63%, 06/01/2022(a) | 260,000 | 270,400 | ||||||
Hornbeck Offshore Services, Inc. | ||||||||
5.00%, 03/01/2021(b) | 700,000 | 294,000 | ||||||
Second Lien Term Loan, 9.50%, 01/07/2025 | 589,900 | 424,138 | ||||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 700,000 | 756,000 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp. | ||||||||
5.88%, 02/01/2022 | 500,000 | 505,625 | ||||||
6.25%, 02/01/2022 | 400,000 | 410,500 | ||||||
Immucor, Inc., 11.13%, 02/15/2022(a) | 500,000 | 502,750 | ||||||
Ingram Micro, Inc., 5.00%, 08/10/2022 | 200,000 | 205,061 | ||||||
International Game Technology PLC, 6.25%, 02/15/2022(a) | 500,000 | 528,750 | ||||||
iStar, Inc., 6.00%, 04/01/2022 | 200,000 | 205,750 | ||||||
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, | 400,000 | 409,500 | ||||||
KB Home | ||||||||
8.00%, 03/15/2020 | 425,000 | 434,690 | ||||||
7.00%, 12/15/2021 | 400,000 | 431,800 | ||||||
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/2021(a) | 500,000 | 525,600 |
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
L Brands, Inc. | ||||||||
6.63%, 04/01/2021 | $ | 477,000 | $ | 502,042 | ||||
5.63%, 02/15/2022 | 400,000 | 422,500 | ||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.88%, 08/01/2021(a) | 515,000 | 524,012 | ||||||
Laredo Petroleum, Inc., 5.63%, 01/15/2022(b) | 400,000 | 385,000 | ||||||
Lee Enterprises, Inc., 9.50%, | 200,000 | 199,250 | ||||||
Leidos Holdings, Inc., 4.45%, 12/01/2020 | 498,000 | 506,092 | ||||||
Lennar Corp. | ||||||||
4.50%, 11/15/2019 | 470,000 | 470,822 | ||||||
6.63%, 05/01/2020 | 500,000 | 511,250 | ||||||
2.95%, 11/29/2020 | 400,000 | 401,500 | ||||||
8.38%, 01/15/2021 | 500,000 | 535,000 | ||||||
4.75%, 04/01/2021 | 500,000 | 513,150 | ||||||
6.25%, 12/15/2021 | 400,000 | 423,500 | ||||||
4.13%, 01/15/2022 | 500,000 | 515,625 | ||||||
M.D.C. Holdings, Inc., 5.63%, 02/01/2020 | 567,000 | 571,961 | ||||||
M/I Homes, Inc., 6.75%, 01/15/2021 | 400,000 | 405,076 | ||||||
Mack-Cali Realty, L.P., 4.50%, 04/18/2022 | 200,000 | 201,741 | ||||||
Mallinckrodt International Finance | ||||||||
S.A./Mallinckrodt CB LLC, 4.88%, 04/15/2020(a) | 510,000 | 323,850 | ||||||
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 7.25%, 02/15/2021 | 400,000 | 361,400 | ||||||
Mattel, Inc. | ||||||||
4.35%, 10/01/2020 | 400,000 | 406,004 | ||||||
2.35%, 08/15/2021 | 500,000 | 492,500 | ||||||
Meritage Homes Corp. | ||||||||
7.15%, 04/15/2020 | 497,000 | 508,182 | ||||||
7.00%, 04/01/2022 | 200,000 | 219,250 | ||||||
MGM Resorts International | ||||||||
5.25%, 03/31/2020 | 484,000 | 489,445 | ||||||
6.75%, 10/01/2020 | 407,000 | 423,280 | ||||||
6.63%, 12/15/2021 | 400,000 | 434,500 | ||||||
7.75%, 03/15/2022 | 200,000 | 224,000 | ||||||
Microchip Technology, Inc., 3.92%, 06/01/2021 | 200,000 | 204,781 | ||||||
Monitronics International, Inc., 9.13%, 04/01/2020(c) | 609,000 | 18,270 | ||||||
Murphy Oil Corp., 4.00%, 06/01/2022 | 164,000 | 166,050 | ||||||
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/2021 | 290,000 | 291,813 | ||||||
Navient Corp. | ||||||||
8.00%, 03/25/2020 | 500,000 | 511,875 | ||||||
5.00%, 10/26/2020 | 698,000 | 712,623 | ||||||
5.88%, 03/25/2021 | 500,000 | 520,635 | ||||||
6.63%, 07/26/2021 | 548,000 | 580,195 | ||||||
7.25%, 01/25/2022 | 500,000 | 544,225 | ||||||
6.50%, 06/15/2022 | 200,000 | 214,500 | ||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance US Inc., 8.13%, 11/15/2021(a) | 650,000 | 533,000 | ||||||
NCR Corp. | ||||||||
5.88%, 12/15/2021 | 400,000 | 402,000 | ||||||
5.00%, 07/15/2022 | 200,000 | 202,000 |
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, 2019
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
Netflix, Inc. | ||||||||
5.38%, 02/01/2021 | $ | 500,000 | $ | 518,750 | ||||
5.50%, 02/15/2022 | 400,000 | 425,500 | ||||||
New Home Co., Inc. (The), 7.25%, 04/01/2022 | 200,000 | 189,875 | ||||||
NGPL PipeCo LLC, 4.38%, | 200,000 | 207,762 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||
4.50%, 10/01/2020 | 580,000 | 580,760 | ||||||
5.00%, 04/15/2022(a) | 200,000 | 202,004 | ||||||
NuStar Logistics L.P. | ||||||||
4.80%, 09/01/2020 | 500,000 | 506,385 | ||||||
6.75%, 02/01/2021 | 400,000 | 416,472 | ||||||
4.75%, 02/01/2022 | 400,000 | 408,000 | ||||||
Oasis Petroleum, Inc., 6.88%, 03/15/2022 | 200,000 | 176,500 | ||||||
Omnimax International, Inc., 12.00%, 08/15/2020(a) | 400,000 | 393,500 | ||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 6.63%, 05/15/2022(a) | 200,000 | 193,500 | ||||||
Owens & Minor, Inc., 3.88%, 09/15/2021(b) | 400,000 | 380,720 | ||||||
Owens-Brockway Glass Container, Inc., 5.00%, 01/15/2022(a) | 500,000 | 518,125 | ||||||
Peabody Energy Corp., 6.00%, 03/31/2022(a) | 200,000 | 186,000 | ||||||
Penske Automotive Group, Inc., 3.75%, 08/15/2020 | 445,000 | 449,450 | ||||||
PetroQuest Energy, Inc., 10.00% PIK Rate, 0.00% Cash Rate, 10.00%, 02/15/2024(g) | 22,390 | 18,248 | ||||||
Prestige Brands, Inc., 5.38%, 12/15/2021(a) | 400,000 | 401,800 | ||||||
PulteGroup, Inc., 4.25%, 03/01/2021 | 500,000 | 511,875 | ||||||
Pyxus International, Inc. | ||||||||
8.50%, 04/15/2021(a) | 500,000 | 493,750 | ||||||
9.88%, 07/15/2021 | 500,000 | 312,500 | ||||||
QEP Resources, Inc., 6.88%, 03/01/2021 | 450,000 | 452,813 | ||||||
Qwest Corp., 6.75%, 12/01/2021 | 400,000 | 431,866 | ||||||
Range Resources Corp. | ||||||||
5.75%, 06/01/2021 | 425,000 | 424,469 | ||||||
5.88%, 07/01/2022 | 200,000 | 191,000 | ||||||
5.00%, 08/15/2022(b) | 200,000 | 186,000 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 12/01/2021(a) | 400,000 | 402,000 | ||||||
Revlon Consumer Products Corp., 5.75%, 02/15/2021(b) | 636,000 | 553,320 | ||||||
Reynolds Group Issuer, Inc./LLC | ||||||||
5.75%, 10/15/2020 | 581,465 | 584,198 | ||||||
6.88%, 02/15/2021 | 173,269 | 173,702 | ||||||
Rockies Express Pipeline LLC, 5.63%, 04/15/2020(a) | 500,000 | 509,648 | ||||||
Rowan Cos., Inc., 4.88%, 06/01/2022 | 15,000 | 10,125 | ||||||
Sable Permian Resources Land LLC/AEPB Finance Corp., 7.13%, 11/01/2020(a)(c) | 500,000 | 107,500 | ||||||
Sanchez Energy Corp., 7.75%, 06/15/2021(c)(e) | 200,000 | 10,000 | ||||||
SBA Communications Corp., 4.88%, 07/15/2022 | 200,000 | 202,626 | ||||||
Scientific Games International, Inc., 6.63%, 05/15/2021 | 517,000 | 526,047 | ||||||
Sealed Air Corp., 6.50%, 12/01/2020(a) | 325,000 | 336,375 |
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
Sears Holdings Corp., Conv. Series AI, 8.00%, 12/15/2019(c)(e) | $ | 665,600 | $ | 5,658 | ||||
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/2022 | 150,000 | 152,403 | ||||||
SESI, L.L.C., 7.13%, 12/15/2021(b) | 468,000 | 356,850 | ||||||
Sirius XM Radio, Inc., 3.88%, 08/01/2022(a) | 200,000 | 205,250 | ||||||
Springleaf Finance Corp. | ||||||||
8.25%, 12/15/2020 | 400,000 | 426,500 | ||||||
7.75%, 10/01/2021 | 380,000 | 415,633 | ||||||
6.13%, 05/15/2022 | 200,000 | 216,000 | ||||||
Sprint Corp. | ||||||||
7.00%, 03/01/2020(a) | 580,000 | 589,918 | ||||||
7.00%, 08/15/2020 | 606,000 | 625,798 | ||||||
7.25%, 09/15/2021 | 550,000 | 588,258 | ||||||
11.50%, 11/15/2021 | 500,000 | 580,625 | ||||||
Starwood Property Trust, Inc. | ||||||||
3.63%, 02/01/2021 | 400,000 | 404,000 | ||||||
5.00%, 12/15/2021 | 400,000 | 415,000 | ||||||
Steel Dynamics, Inc., 5.13%, 10/01/2021 | 350,000 | 351,663 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, 08/15/2022 | 200,000 | 180,000 | ||||||
Symantec Corp. | ||||||||
4.20%, 09/15/2020 | 440,000 | 445,723 | ||||||
3.95%, 06/15/2022 | 200,000 | 205,669 | ||||||
TEGNA, Inc. | ||||||||
5.13%, 07/15/2020 | 242,000 | 242,847 | ||||||
4.88%, 09/15/2021(a) | 500,000 | 501,875 | ||||||
Tenet Healthcare Corp., 8.13%, 04/01/2022 | 170,000 | 184,459 | ||||||
TIBCO Software, Inc., 11.38%, 12/01/2021(a) | 500,000 | 517,187 | ||||||
T-Mobile USA, Inc., 4.00%, 04/15/2022 | 200,000 | 206,942 | ||||||
Toll Brothers Finance Corp., 5.88%, 02/15/2022 | 400,000 | 427,000 | ||||||
TransDigm, Inc., 6.00%, 07/15/2022 | 200,000 | 203,650 | ||||||
TreeHouse Foods, Inc., 4.88%, 03/15/2022 | 150,000 | 151,313 | ||||||
TRI Pointe Group, Inc., 4.88%, 07/01/2021 | 400,000 | 413,000 | ||||||
Triumph Group, Inc., 5.25%, 06/01/2022 | 200,000 | 197,500 | ||||||
TRU Taj LLC, 12.00%, | 48,000 | 13,169 | ||||||
Tupperware Brands Corp., 4.75%, | 200,000 | 200,581 | ||||||
Unisys Corp., 10.75%, | 200,000 | 217,625 | ||||||
Unit Corp., 6.63%, 05/15/2021 | 500,000 | 332,500 | ||||||
United Airlines Holdings, Inc., 6.00%, 12/01/2020 | 564,000 | 587,124 | ||||||
Urban One, Inc., 7.38%, 04/15/2022(a) | 200,000 | 194,000 | ||||||
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/2021(a) | 500,000 | 519,495 | ||||||
W. R. Grace & Co., 5.13%, 10/01/2021(a) | 500,000 | 521,250 | ||||||
WESCO Distribution, Inc., 5.38%, | ||||||||
12/15/2021 | 399,000 | 402,507 | ||||||
Whiting Petroleum Corp., 5.75%, 03/15/2021 | 500,000 | 472,500 | ||||||
Wyndham Destinations, Inc. | ||||||||
5.63%, 03/01/2021 | 338,000 | 351,520 | ||||||
4.25%, 03/01/2022 | 200,000 | 204,500 | ||||||
Xerox Corp. | ||||||||
5.63%, 12/15/2019 | 400,000 | 402,400 |
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, 2019
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
2.80%, 05/15/2020 | $ | 500,000 | $ | 500,625 | ||||
3.50%, 08/20/2020(b) | 700,000 | 706,790 | ||||||
2.75%, 09/01/2020 | 500,000 | 501,250 | ||||||
4.50%, 05/15/2021 | 500,000 | 515,312 | ||||||
4.07%, 03/17/2022 | 200,000 | 204,500 | ||||||
XPO Logistics, Inc., 6.50%, 06/15/2022(a) | 150,000 | 153,188 | ||||||
Yum! Brands, Inc. | ||||||||
3.88%, 11/01/2020 | 420,000 | 426,300 | ||||||
3.75%, 11/01/2021 | 600,000 | 616,500 | ||||||
|
| |||||||
87,688,872 | ||||||||
|
| |||||||
Vietnam-0.26% | ||||||||
Vietnam Government International Bond, 6.75%, 01/29/2020(a) | 600,000 | 606,150 | ||||||
|
| |||||||
Zambia-0.36% | ||||||||
First Quantum Minerals Ltd. | ||||||||
7.00%, 02/15/2021(a) | 625,000 | 629,297 | ||||||
7.25%, 05/15/2022(a) | 200,000 | 201,000 | ||||||
|
| |||||||
830,297 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 213,171,395 | ||||||
|
| |||||||
Shares | ||||||||
Common Stocks & Other Equity Interests-0.16% |
| |||||||
United States-0.16% | ||||||||
Goodman Networks, Inc.(d)(f)(h) | 6,207 | 0 | ||||||
Guitar Center Holdings, Inc., Wts., expiring 04/16/2025(d)(h) | 946 | 0 | ||||||
Hexion Holdings Corp., | 22,970 | 231,997 | ||||||
PetroQuest Energy, Inc.(d)(h) | 2,367 | 0 | ||||||
Premier Brands Group Holdings LLC(h)(i) | 3,180 | 50,880 | ||||||
Premier Brands Group Holdings LLC, Wts.,expiring 03/21/2024(h)(i) | 9,966 | 17,440 |
Shares | Value | |||||||
United States-(continued) | ||||||||
Remington Outdoor Co., Inc.(d)(h) | 4,449 | $ | 25,783 | |||||
Remington Outdoor Co., Inc., Wts., expiring 06/30/2022(d)(h) | 4,487 | 0 | ||||||
TRU Taj LLC/TRU Taj Finance, Inc.(d)(h) | 2,156 | 30,055 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 356,155 | ||||||
|
| |||||||
Money Market Funds-5.91% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.67%(j) | 13,626,659 | 13,626,659 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.56% |
| 227,154,209 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.98% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 1.71%(j)(k) | 3,425,847 | 3,425,847 | ||||||
Invesco Liquid Assets Portfolio, Institutional Class, 1.90%(j)(k) | 1,141,426 | 1,141,882 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,567,729 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.54% |
| 231,721,938 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.54)% |
| (1,244,741 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 230,477,197 | ||||||
|
|
Investment Abbreviations:
Conv.-Convertible
DAC-Designated Activity Co.
PIK-Pay-in-Kind
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, 2019 was $130,543,483, which represented 56.64% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2019. |
(c) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2019 was $909,582, which represented less than 1% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The borrower has filed for protection in federal bankruptcy court. |
(f) | Acquired as part of the Goodman Networks, Inc. reorganization. |
(g) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(h) | Non-income producing security. |
(i) | Acquired as part of the Nine West Holding, Inc. reorganization. |
(j) | 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, 2019. |
(k) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23
|
|
Invesco International Corporate Bond ETF (PICB)
October 31, 2019
Schedule of Investments
Principal | ||||||||||
Amount | Value | |||||||||
Non-U.S. Dollar Denominated Bonds & Notes-98.79%(a) |
| |||||||||
Australia-1.26% | ||||||||||
APT Pipelines Ltd., 3.50%, 03/22/2030(b) | GBP | 200,000 | $ | 288,786 | ||||||
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b) | EUR | 100,000 | 116,204 | |||||||
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042 | GBP | 250,000 | 452,727 | |||||||
National Australia Bank Ltd. | ||||||||||
1.25%, 05/18/2026(b) | EUR | 100,000 | 119,443 | |||||||
1.38%, 08/30/2028(b) | EUR | 200,000 | 243,593 | |||||||
Telstra Corp. Ltd., 2.50%, 09/15/2023 | EUR | 150,000 | 183,591 | |||||||
|
| |||||||||
1,404,344 | ||||||||||
|
| |||||||||
Belgium-3.44% | ||||||||||
Anheuser-Busch InBev Finance, Inc., 2.60%, 05/15/2024 | CAD | 400,000 | 306,007 | |||||||
Anheuser-Busch InBev S.A./N.V. | ||||||||||
0.88%, 03/17/2022(b) | EUR | 300,000 | 342,263 | |||||||
0.80%, 04/20/2023(b) | EUR | 100,000 | 114,899 | |||||||
1.50%, 03/17/2025(b) | EUR | 300,000 | 360,190 | |||||||
4.00%, 09/24/2025(b) | GBP | 100,000 | 148,528 | |||||||
2.70%, 03/31/2026(b) | EUR | 100,000 | 129,596 | |||||||
1.15%, 01/22/2027(b) | EUR | 200,000 | 237,162 | |||||||
1.13%, 07/01/2027(b) | EUR | 100,000 | 118,324 | |||||||
2.00%, 03/17/2028(b) | EUR | 300,000 | 378,919 | |||||||
2.25%, 05/24/2029(b) | GBP | 200,000 | 268,974 | |||||||
1.50%, 04/18/2030(b) | EUR | 200,000 | 243,861 | |||||||
2.75%, 03/17/2036(b) | EUR | 300,000 | 419,293 | |||||||
2.85%, 05/25/2037(b) | GBP | 400,000 | 552,215 | |||||||
KBC Group N.V., 0.75%, | EUR | 200,000 | 227,358 | |||||||
|
| |||||||||
3,847,589 | ||||||||||
|
| |||||||||
Canada-13.51% | ||||||||||
Bank of Montreal | ||||||||||
2.12%, 03/16/2022 | CAD | 450,000 | 342,642 | |||||||
2.27%, 07/11/2022 | CAD | 650,000 | 496,762 | |||||||
2.89%, 06/20/2023 | CAD | 800,000 | 625,045 | |||||||
2.28%, 07/29/2024 | CAD | 500,000 | 379,477 | |||||||
3.19%, 03/01/2028 | CAD | 900,000 | 732,045 | |||||||
Bank of Nova Scotia (The) | ||||||||||
2.98%, 04/17/2023 | CAD | 700,000 | 547,516 | |||||||
2.29%, 06/28/2024 | CAD | 650,000 | 497,330 | |||||||
2.62%, 12/02/2026 | CAD | 400,000 | 311,747 | |||||||
Bell Canada, Inc. | ||||||||||
3.35%, 03/22/2023 | CAD | 300,000 | 234,949 | |||||||
2.70%, 02/27/2024 | CAD | 300,000 | 229,950 | |||||||
3.80%, 08/21/2028 | CAD | 300,000 | 242,908 | |||||||
Canadian Imperial Bank of Commerce | ||||||||||
2.04%, 03/21/2022 | CAD | 450,000 | 342,090 | |||||||
2.30%, 07/11/2022 | CAD | 600,000 | 458,668 | |||||||
2.47%, 12/05/2022 | CAD | 400,000 | 307,370 | |||||||
3.29%, 01/15/2024 | CAD | 400,000 | 315,697 | |||||||
2.35%, 08/28/2024 | CAD | 600,000 | 454,623 | |||||||
3.30%, 05/26/2025 | CAD | 550,000 | 442,293 | |||||||
Canadian Natural Resources Ltd., 3.31%, 02/11/2022 | CAD | 300,000 | 232,771 | |||||||
Enbridge, Inc., 2.99%, 10/03/2029 | CAD | 300,000 | 226,191 |
Principal | ||||||||||
Amount | Value | |||||||||
Canada-(continued) | ||||||||||
HSBC Bank Canada | ||||||||||
2.45%, 01/29/2021 | CAD | 300,000 | $ | 229,307 | ||||||
2.91%, 09/29/2021 | CAD | 300,000 | 231,425 | |||||||
2.17%, 06/29/2022 | CAD | 300,000 | 227,681 | |||||||
3.25%, 09/15/2023 | CAD | 500,000 | 392,346 | |||||||
OMERS Finance Trust, 2.60%, 05/14/2029(b) | CAD | 400,000 | 314,148 | |||||||
Rogers Communications, Inc. | ||||||||||
5.34%, 03/22/2021 | CAD | 500,000 | 396,732 | |||||||
3.25%, 05/01/2029 | CAD | 300,000 | 233,830 | |||||||
Royal Bank of Canada | ||||||||||
2.36%, 12/05/2022 | CAD | 700,000 | 536,556 | |||||||
2.95%, 05/01/2023 | CAD | 600,000 | 469,208 | |||||||
3.30%, 09/26/2023 | CAD | 600,000 | 473,166 | |||||||
2.33%, 12/05/2023 | CAD | 400,000 | 306,442 | |||||||
2.35%, 07/02/2024 | CAD | 600,000 | 456,490 | |||||||
Shaw Communications, Inc., 6.75%, 11/09/2039 | CAD | 500,000 | 507,848 | |||||||
TELUS Corp. | ||||||||||
2.35%, 03/28/2022 | CAD | 300,000 | 228,503 | |||||||
3.35%, 04/01/2024 | CAD | 350,000 | 275,169 | |||||||
Series CY, 3.30%, 05/02/2029 | CAD | 300,000 | 232,849 | |||||||
Toronto-Dominion Bank (The) | ||||||||||
1.91%, 07/18/2023 | CAD | 650,000 | 491,455 | |||||||
2.85%, 03/08/2024 | CAD | 600,000 | 466,424 | |||||||
3.23%, 07/24/2024 | CAD | 750,000 | 598,904 | |||||||
2.50%, 12/02/2024 | CAD | 500,000 | 382,410 | |||||||
TransCanada PipeLines Ltd., 4.34%, 10/15/2049 | CAD | 300,000 | 249,185 | |||||||
|
| |||||||||
15,120,152 | ||||||||||
|
| |||||||||
China-0.23% | ||||||||||
Industrial & Commercial Bank of China Ltd., 1.50%, 07/31/2022(b) | GBP | 200,000 | 259,695 | |||||||
|
| |||||||||
Denmark-1.10% | ||||||||||
Carlsberg Breweries A/S, 2.50%, 05/28/2024(b) | EUR | 100,000 | 123,363 | |||||||
Danske Bank A/S | ||||||||||
0.88%, 05/22/2023(b) | EUR | 200,000 | 227,047 | |||||||
0.75%, 06/02/2023(b) | EUR | 200,000 | 228,605 | |||||||
Orsted A/S | ||||||||||
4.88%, 01/12/2032(b) | GBP | 200,000 | 345,258 | |||||||
5.75%, 04/09/2040(b) | GBP | 150,000 | 307,893 | |||||||
|
| |||||||||
1,232,166 | ||||||||||
|
| |||||||||
Finland-0.58% | ||||||||||
Fortum Oyj, 2.25%, 09/06/2022(b) | EUR | 150,000 | 177,593 | |||||||
Nordea Bank Abp | ||||||||||
1.00%, 02/22/2023(b) | EUR | 200,000 | 230,938 | |||||||
1.13%, 02/12/2025(b) | EUR | 200,000 | 235,557 | |||||||
|
| |||||||||
644,088 | ||||||||||
|
| |||||||||
France-16.81% | ||||||||||
Air Liquide Finance S.A., 1.25%, 06/13/2028(b) | EUR | 200,000 | 244,665 | |||||||
Auchan Holding S.A., 2.38%, 04/25/2025(b) | EUR | 100,000 | 115,128 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2019
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
Autoroutes du Sud de la France S.A., | ||||||||||
1.25%, 01/18/2027(b) | EUR | 200,000 | $ | 241,415 | ||||||
Banque Federative du Credit Mutuel S.A. | ||||||||||
0.50%, 11/16/2022(b) | EUR | 200,000 | 226,929 | |||||||
2.63%, 03/18/2024(b) | EUR | 200,000 | 248,470 | |||||||
3.00%, 05/21/2024(b) | EUR | 400,000 | 496,780 | |||||||
1.25%, 01/14/2025(b) | EUR | 300,000 | 353,981 | |||||||
3.00%, 09/11/2025(b) | EUR | 100,000 | 126,943 | |||||||
2.38%, 03/24/2026(b) | EUR | 100,000 | 122,790 | |||||||
1.25%, 05/26/2027(b) | EUR | 200,000 | 240,158 | |||||||
BNP Paribas S.A. | ||||||||||
2.88%, 09/26/2023(b) | EUR | 200,000 | 248,377 | |||||||
1.13%, 10/10/2023(b) | EUR | 100,000 | 115,707 | |||||||
2.38%, 05/20/2024(b) | EUR | 200,000 | 246,861 | |||||||
2.38%, 02/17/2025(b) | EUR | 200,000 | 243,146 | |||||||
1.50%, 11/17/2025(b) | EUR | 200,000 | 237,901 | |||||||
3.38%, 01/23/2026(b) | GBP | 300,000 | 422,446 | |||||||
1.63%, 02/23/2026(b) | EUR | 100,000 | 122,106 | |||||||
1.13%, 06/11/2026(b) | EUR | 200,000 | 233,201 | |||||||
0.13%, 09/04/2026(b) | EUR | 100,000 | 109,322 | |||||||
1.50%, 05/25/2028(b) | EUR | 100,000 | 122,909 | |||||||
BPCE S.A. | ||||||||||
1.13%, 01/18/2023(b) | EUR | 100,000 | 115,283 | |||||||
4.63%, 07/18/2023(b) | EUR | 200,000 | 258,563 | |||||||
0.88%, 01/31/2024(b) | EUR | 200,000 | 229,169 | |||||||
1.00%, 07/15/2024(b) | EUR | 100,000 | 116,449 | |||||||
0.63%, 09/26/2024(b) | EUR | 200,000 | 226,606 | |||||||
1.00%, 10/05/2028(b) | EUR | 200,000 | 236,513 | |||||||
5.25%, 04/16/2029(b) | GBP | 200,000 | 320,958 | |||||||
Capgemini S.E., 2.50%, | EUR | 100,000 | 120,784 | |||||||
Carrefour S.A. | ||||||||||
3.88%, 04/25/2021(b) | EUR | 100,000 | 117,993 | |||||||
1.75%, 07/15/2022(b) | EUR | 200,000 | 232,721 | |||||||
Cie de Saint-Gobain, 1.88%, 03/15/2031(b) | EUR | 100,000 | 124,452 | |||||||
Cie Generale des Etablissements Michelin SCA, 1.75%, | EUR | 100,000 | 127,000 | |||||||
CNP Assurances, 1.88%, | EUR | 200,000 | 234,180 | |||||||
Coentreprise de Transport d’Electricite S.A. | ||||||||||
1.50%, 07/29/2028(b) | EUR | 200,000 | 242,788 | |||||||
2.13%, 07/29/2032(b) | EUR | 200,000 | 259,072 | |||||||
Credit Agricole S.A. | ||||||||||
2.38%, 05/20/2024(b) | EUR | 200,000 | 246,849 | |||||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 116,665 | |||||||
1.38%, 03/13/2025(b) | EUR | 100,000 | 117,869 | |||||||
2.70%, 07/15/2025 | EUR | 100,000 | 121,732 | |||||||
3.13%, 02/05/2026(b) | EUR | 200,000 | 264,484 | |||||||
1.25%, 04/14/2026(b) | EUR | 200,000 | 239,042 | |||||||
1.88%, 12/20/2026(b) | EUR | 200,000 | 245,327 | |||||||
2.63%, 03/17/2027(b) | EUR | 500,000 | 630,300 | |||||||
1.38%, 05/03/2027(b) | EUR | 100,000 | 120,935 | |||||||
1.75%, 03/05/2029(b) | EUR | 300,000 | 368,601 | |||||||
2.00%, 03/25/2029(b) | EUR | 100,000 | 120,414 | |||||||
Danone S.A. | ||||||||||
0.71%, 11/03/2024(b) | EUR | 100,000 | 115,368 | |||||||
1.21%, 11/03/2028(b) | EUR | 200,000 | 244,095 | |||||||
Dassault Systemes S.E., 0.38%, | ||||||||||
09/16/2029(b) | EUR | 200,000 | 222,850 |
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
ENGIE S.A. | ||||||||||
2.38%, 05/19/2026(b) | EUR | 200,000 | $ | 257,359 | ||||||
7.00%, 10/30/2028 | GBP | 100,000 | 190,312 | |||||||
5.00%, 10/01/2060(b) | GBP | 300,000 | 681,624 | |||||||
Holding d’Infrastructures de Transport SAS, 4.88%, 10/27/2021(b) | EUR | 200,000 | 244,872 | |||||||
HSBC France S.A. | ||||||||||
0.60%, 03/20/2023(b) | EUR | 200,000 | 227,719 | |||||||
0.25%, 05/17/2024(b) | EUR | 100,000 | 112,698 | |||||||
0.10%, 09/03/2027(b) | EUR | 100,000 | 109,901 | |||||||
LVMH Moet Hennessy Louis Vuitton S.E., 0.75%, 05/26/2024(b) | EUR | 200,000 | 231,355 | |||||||
Orange S.A. | ||||||||||
1.38%, 03/20/2028(b) | EUR | 100,000 | 120,992 | |||||||
8.13%, 11/20/2028(b) | GBP | 200,000 | 395,713 | |||||||
2.00%, 01/15/2029(b) | EUR | 100,000 | 127,471 | |||||||
1.38%, 01/16/2030(b) | EUR | 100,000 | 121,397 | |||||||
1.88%, 09/12/2030(b) | EUR | 100,000 | 127,630 | |||||||
3.25%, 01/15/2032(b) | GBP | 300,000 | 437,744 | |||||||
0.50%, 09/04/2032(b) | EUR | 100,000 | 108,503 | |||||||
8.13%, 01/28/2033 | EUR | 200,000 | 424,796 | |||||||
5.63%, 01/23/2034 | GBP | 150,000 | 276,454 | |||||||
5.38%, 11/22/2050(b) | GBP | 100,000 | 206,512 | |||||||
RTE Reseau de Transport d’Electricite, 1.63%, 11/27/2025(b) | EUR | 100,000 | 121,693 | |||||||
Sanofi | ||||||||||
1.75%, 09/10/2026(b) | EUR | 200,000 | 248,728 | |||||||
0.50%, 01/13/2027(b) | EUR | 200,000 | 231,035 | |||||||
Series 12 FX, 1.38%, 03/21/2030(b) | EUR | 300,000 | 373,511 | |||||||
Series 20FX, 1.88%, 03/21/2038(b) | EUR | 200,000 | 273,336 | |||||||
Series 8FXD, 1.00%, 03/21/2026(b) | EUR | 100,000 | 118,767 | |||||||
Societe Generale S.A. | ||||||||||
1.00%, 04/01/2022(b) | EUR | 100,000 | 114,225 | |||||||
0.75%, 05/26/2023(b) | EUR | 100,000 | 114,623 | |||||||
1.25%, 02/15/2024(b) | EUR | 200,000 | 231,691 | |||||||
1.13%, 01/23/2025(b) | EUR | 200,000 | 230,603 | |||||||
2.63%, 02/27/2025(b) | EUR | 100,000 | 122,566 | |||||||
2.13%, 09/27/2028(b) | EUR | 100,000 | 124,994 | |||||||
Total Capital Canada Ltd., 2.13%, 09/18/2029(b) | EUR | 200,000 | 264,121 | |||||||
Total Capital International S.A., 0.75%, 07/12/2028(b) | EUR | 400,000 | 468,328 | |||||||
Veolia Environnement S.A., 6.13%, 10/29/2037 | GBP | 150,000 | 307,334 | |||||||
Vinci S.A., 1.75%, 09/26/2030(b) | EUR | 100,000 | 126,759 | |||||||
Westfield America Management Ltd., | ||||||||||
2.63%, 03/30/2029(b) | GBP | 200,000 | 272,445 | |||||||
|
| |||||||||
18,804,108 | ||||||||||
|
| |||||||||
Germany-13.93% | ||||||||||
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b) | GBP | 200,000 | 384,473 | |||||||
Bayer Capital Corp. B.V. | ||||||||||
0.63%, 12/15/2022(b) | EUR | 200,000 | 226,828 | |||||||
1.50%, 06/26/2026(b) | EUR | 100,000 | 118,070 | |||||||
2.13%, 12/15/2029(b) | EUR | 200,000 | 245,389 | |||||||
BMW Finance N.V. | ||||||||||
0.38%, 07/10/2023(b) | EUR | 200,000 | 225,734 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2019
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
1.00%, 11/14/2024(b) | EUR | 300,000 | $ | 347,825 | ||||||
1.50%, 02/06/2029(b) | EUR | 150,000 | 181,482 | |||||||
BMW US Capital LLC, 0.63%, | ||||||||||
04/20/2022(b) | EUR | 200,000 | 226,884 | |||||||
Commerzbank AG | ||||||||||
7.75%, 03/16/2021 | EUR | 200,000 | 246,223 | |||||||
0.50%, 08/28/2023(b) | EUR | 200,000 | 225,813 | |||||||
0.50%, 09/13/2023(b) | EUR | 100,000 | 112,134 | |||||||
4.00%, 03/23/2026(b) | EUR | 100,000 | 127,436 | |||||||
Daimler AG | ||||||||||
1.40%, 01/12/2024(b) | EUR | 100,000 | 117,598 | |||||||
0.85%, 02/28/2025(b) | EUR | 200,000 | 230,168 | |||||||
1.50%, 03/09/2026(b) | EUR | 100,000 | 120,394 | |||||||
1.38%, 05/11/2028(b) | EUR | 200,000 | 238,773 | |||||||
1.50%, 07/03/2029(b) | EUR | 200,000 | 239,205 | |||||||
2.13%, 07/03/2037(b) | EUR | 200,000 | 253,738 | |||||||
Daimler International Finance B.V. | ||||||||||
0.88%, 04/09/2024(b) | EUR | 400,000 | 459,170 | |||||||
1.00%, 11/11/2025(b) | EUR | 200,000 | 231,442 | |||||||
1.38%, 06/26/2026(b) | EUR | 100,000 | 117,914 | |||||||
Deutsche Bahn Finance GmbH, 1.13%, | ||||||||||
12/18/2028(b) | EUR | 100,000 | 121,856 | |||||||
Deutsche Bank AG | ||||||||||
2.38%, 06/24/2020(b) | NOK | 400,000 | 43,596 | |||||||
0.38%, 01/18/2021(b) | EUR | 100,000 | 111,216 | |||||||
1.63%, 02/12/2021(b) | EUR | 200,000 | 225,846 | |||||||
1.25%, 09/08/2021(b) | EUR | 200,000 | 225,057 | |||||||
1.50%, 01/20/2022(b) | EUR | 100,000 | 112,890 | |||||||
2.38%, 01/11/2023(b) | EUR | 100,000 | 116,396 | |||||||
1.13%, 08/30/2023(b) | EUR | 300,000 | 344,489 | |||||||
3.88%, 02/12/2024(b) | GBP | 200,000 | 269,968 | |||||||
Deutsche Telekom AG | ||||||||||
0.50%, 07/05/2027(b) | EUR | 150,000 | 169,346 | |||||||
1.75%, 03/25/2031(b) | EUR | 100,000 | 122,999 | |||||||
Deutsche Telekom International Finance B.V. | ||||||||||
0.63%, 04/03/2023(b) | EUR | 150,000 | 171,004 | |||||||
0.88%, 01/30/2024(b) | EUR | 150,000 | 173,262 | |||||||
1.38%, 12/01/2025(b) | EUR | 100,000 | 119,667 | |||||||
1.38%, 01/30/2027(b) | EUR | 100,000 | 120,401 | |||||||
1.50%, 04/03/2028(b) | EUR | 200,000 | 242,129 | |||||||
2.00%, 12/01/2029(b) | EUR | 100,000 | 126,675 | |||||||
E.ON International Finance B.V. | ||||||||||
6.38%, 06/07/2032 | GBP | 300,000 | 563,579 | |||||||
5.88%, 10/30/2037(b) | GBP | 350,000 | 672,207 | |||||||
6.75%, 01/27/2039 | GBP | 200,000 | 424,628 | |||||||
HeidelbergCement AG, 1.50%, 02/07/2025(b) | EUR | 100,000 | 117,207 | |||||||
HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b) | EUR | 100,000 | 118,390 | |||||||
innogy Finance B.V. | ||||||||||
6.25%, 06/03/2030(b) | GBP | 300,000 | 539,159 | |||||||
4.75%, 01/31/2034(b) | GBP | 200,000 | 333,300 | |||||||
6.13%, 07/06/2039(b) | GBP | 300,000 | 602,425 | |||||||
SAP S.E. | ||||||||||
1.75%, 02/22/2027(b) | EUR | 100,000 | 125,428 | |||||||
1.25%, 03/10/2028(b) | EUR | 100,000 | 122,035 | |||||||
1.63%, 03/10/2031(b) | EUR | 200,000 | 253,931 |
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
Siemens Financieringsmaatschappij N.V. | ||||||||||
2.88%, 03/10/2028(b) | EUR | 200,000 | $ | 275,516 | ||||||
0.13%, 09/05/2029(b) | EUR | 200,000 | 220,839 | |||||||
0.50%, 09/05/2034(b) | EUR | 100,000 | 109,644 | |||||||
3.75%, 09/10/2042(b) | GBP | 200,000 | 349,040 | |||||||
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b) | EUR | 100,000 | 116,415 | |||||||
Volkswagen Financial Services N.V. | ||||||||||
1.50%, 04/12/2021(b) | GBP | 200,000 | 258,769 | |||||||
1.88%, 09/07/2021(b) | GBP | 200,000 | 260,610 | |||||||
Volkswagen International Finance N.V. | ||||||||||
0.50%, 03/30/2021(b) | EUR | 300,000 | 337,038 | |||||||
0.88%, 01/16/2023(b) | EUR | 200,000 | 228,233 | |||||||
1.13%, 10/02/2023(b) | EUR | 300,000 | 345,138 | |||||||
1.88%, 03/30/2027(b) | EUR | 400,000 | 477,486 | |||||||
1.63%, 01/16/2030(b) | EUR | 250,000 | 291,897 | |||||||
Volkswagen Leasing GmbH | ||||||||||
2.38%, 09/06/2022(b) | EUR | 300,000 | 355,776 | |||||||
2.63%, 01/15/2024(b) | EUR | 100,000 | 121,837 | |||||||
1.13%, 04/04/2024(b) | EUR | 100,000 | 114,938 | |||||||
1.38%, 01/20/2025(b) | EUR | 100,000 | 115,663 | |||||||
Vonovia Finance B.V. | ||||||||||
2.25%, 12/15/2023(b) | EUR | 100,000 | 120,750 | |||||||
1.25%, 12/06/2024(b) | EUR | 100,000 | 116,922 | |||||||
|
| |||||||||
15,582,290 | ||||||||||
|
| |||||||||
Italy-4.86% | ||||||||||
Assicurazioni Generali S.p.A. | ||||||||||
5.13%, 09/16/2024(b) | EUR | 200,000 | 277,105 | |||||||
4.13%, 05/04/2026(b) | EUR | 100,000 | 130,621 | |||||||
Autostrade per l’Italia S.p.A., 5.88%, 06/09/2024 | EUR | 100,000 | 130,853 | |||||||
Enel Finance International N.V. | ||||||||||
5.63%, 08/14/2024(b) | GBP | 300,000 | 461,686 | |||||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 116,180 | |||||||
1.97%, 01/27/2025(b) | EUR | 200,000 | 243,537 | |||||||
1.50%, 07/21/2025(b) | EUR | 100,000 | 119,451 | |||||||
1.38%, 06/01/2026(b) | EUR | 250,000 | 299,379 | |||||||
1.13%, 09/16/2026(b) | EUR | 150,000 | 176,765 | |||||||
5.75%, 09/14/2040(b) | GBP | 450,000 | 857,843 | |||||||
Enel S.p.A., 5.75%, 06/22/2037(b) | GBP | 150,000 | 276,876 | |||||||
Eni S.p.A. | ||||||||||
3.25%, 07/10/2023(b) | EUR | 100,000 | 124,943 | |||||||
3.75%, 09/12/2025(b) | EUR | 100,000 | 134,470 | |||||||
1.50%, 02/02/2026(b) | EUR | 150,000 | 180,344 | |||||||
3.63%, 01/29/2029(b) | EUR | 100,000 | 142,753 | |||||||
Intesa Sanpaolo S.p.A. | ||||||||||
2.00%, 06/18/2021(b) | EUR | 200,000 | 230,377 | |||||||
1.13%, 03/04/2022(b) | EUR | 200,000 | 228,478 | |||||||
4.00%, 10/30/2023(b) | EUR | 100,000 | 127,331 | |||||||
1.38%, 01/18/2024(b) | EUR | 100,000 | 115,776 | |||||||
1.00%, 07/04/2024(b) | EUR | 150,000 | 171,004 | |||||||
1.75%, 03/20/2028(b) | EUR | 150,000 | 177,082 | |||||||
Snam S.p.A., 0.88%, 10/25/2026(b) | EUR | 100,000 | 115,949 | |||||||
Terna Rete Elettrica Nazionale S.p.A. | ||||||||||
0.88%, 02/02/2022(b) | EUR | 100,000 | 113,880 | |||||||
1.38%, 07/26/2027(b) | EUR | 100,000 | 119,767 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2019
Principal | ||||||||||
Amount | Value | |||||||||
Italy-(continued) | ||||||||||
UniCredit S.p.A. | ||||||||||
2.00%, 03/04/2023(b) | EUR | 100,000 | $ | 118,021 | ||||||
2.13%, 10/24/2026(b) | EUR | 200,000 | 245,178 | |||||||
|
| |||||||||
5,435,649 | ||||||||||
|
| |||||||||
Japan-1.34% | ||||||||||
Development Bank of Japan, Inc. | ||||||||||
1.05%, 06/20/2023 | JPY | 30,000,000 | 290,051 | |||||||
2.30%, 03/19/2026 | JPY | 20,000,000 | 214,350 | |||||||
Sumitomo Mitsui Financial Group, Inc., 1.55%, 06/15/2026(b) | EUR | 200,000 | 241,248 | |||||||
Takeda Pharmaceutical Co., Ltd. | ||||||||||
1.13%, 11/21/2022(b) | EUR | 200,000 | 230,471 | |||||||
2.25%, 11/21/2026(b) | EUR | 200,000 | 251,019 | |||||||
3.00%, 11/21/2030(b) | EUR | 200,000 | 268,679 | |||||||
|
| |||||||||
1,495,818 | ||||||||||
|
| |||||||||
Luxembourg-0.31% | ||||||||||
ArcelorMittal, 2.25%, | EUR | 100,000 | 116,998 | |||||||
Logicor Financing S.a.r.l. | ||||||||||
1.50%, 11/14/2022(b) | EUR | 100,000 | 115,306 | |||||||
1.63%, 07/15/2027(b) | EUR | 100,000 | 113,939 | |||||||
|
| |||||||||
346,243 | ||||||||||
|
| |||||||||
Netherlands-5.68% | ||||||||||
ABN AMRO Bank N.V. | ||||||||||
6.38%, 04/27/2021(b) | EUR | 150,000 | 182,709 | |||||||
7.13%, 07/06/2022(b) | EUR | 200,000 | 263,735 | |||||||
0.50%, 07/17/2023(b) | EUR | 100,000 | 113,533 | |||||||
2.50%, 11/29/2023(b) | EUR | 300,000 | 368,186 | |||||||
1.00%, 04/16/2025(b) | EUR | 250,000 | 292,010 | |||||||
ASML Holding N.V., 1.38%, 07/07/2026(b) | EUR | 100,000 | 120,076 | |||||||
Cooperatieve Rabobank U.A. | ||||||||||
1.63%, 01/20/2022 | NOK | 1,000,000 | 109,302 | |||||||
4.13%, 09/14/2022(b) | EUR | 100,000 | 124,402 | |||||||
3.88%, 07/25/2023(b) | EUR | 100,000 | 126,703 | |||||||
0.75%, 08/29/2023(b) | EUR | 300,000 | 343,793 | |||||||
4.13%, 07/14/2025 | EUR | 200,000 | 275,405 | |||||||
1.25%, 03/23/2026(b) | EUR | 300,000 | 360,248 | |||||||
1.38%, 02/03/2027(b) | EUR | 200,000 | 243,412 | |||||||
5.25%, 09/14/2027(b) | GBP | 150,000 | 236,169 | |||||||
4.63%, 05/23/2029(b) | GBP | 300,000 | 463,677 | |||||||
ING Groep N.V. | ||||||||||
0.75%, 03/09/2022(b) | EUR | 300,000 | 340,616 | |||||||
1.00%, 09/20/2023(b) | EUR | 100,000 | 115,306 | |||||||
2.13%, 01/10/2026(b) | EUR | 100,000 | 123,749 | |||||||
3.00%, 02/18/2026(b) | GBP | 300,000 | 416,044 | |||||||
1.38%, 01/11/2028(b) | EUR | 100,000 | 120,322 | |||||||
2.00%, 09/20/2028(b) | EUR | 200,000 | 251,410 | |||||||
2.50%, 11/15/2030(b) | EUR | 200,000 | 266,406 | |||||||
Koninklijke KPN N.V., 5.75%, 09/17/2029(b) | GBP | 200,000 | 314,944 | |||||||
Shell International Finance B.V. | ||||||||||
0.38%, 02/15/2025(b) | EUR | 150,000 | 171,521 | |||||||
1.88%, 09/15/2025(b) | EUR | 100,000 | 124,332 | |||||||
2.50%, 03/24/2026 | EUR | 100,000 | 129,768 | |||||||
1.63%, 01/20/2027(b) | EUR | 150,000 | 186,186 | |||||||
0.75%, 08/15/2028(b) | EUR | 150,000 | 175,140 | |||||||
|
| |||||||||
6,359,104 | ||||||||||
|
|
Principal | ||||||||||
Amount | Value | |||||||||
Norway-0.96% | ||||||||||
Equinor ASA | ||||||||||
1.25%, 02/17/2027(b) | EUR | 150,000 | $ | 179,991 | ||||||
6.88%, 03/11/2031(b) | GBP | 200,000 | 403,479 | |||||||
1.63%, 02/17/2035(b) | EUR | 200,000 | 256,211 | |||||||
Telenor ASA, 1.13%, 05/31/2029(b) | EUR | 200,000 | 237,406 | |||||||
|
| |||||||||
1,077,087 | ||||||||||
|
| |||||||||
Portugal-0.21% | ||||||||||
EDP Finance B.V. | ||||||||||
2.63%, 01/18/2022(b) | EUR | 100,000 | 118,097 | |||||||
1.13%, 02/12/2024(b) | EUR | 100,000 | 116,075 | |||||||
|
| |||||||||
234,172 | ||||||||||
|
| |||||||||
Singapore-0.37% | ||||||||||
Temasek Financial I Ltd., 5.13%, 07/26/2040(b) | GBP | 200,000 | 416,631 | |||||||
|
| |||||||||
Spain-5.53% | ||||||||||
Abertis Infraestructuras S.A. | ||||||||||
1.38%, 05/20/2026(b) | EUR | 200,000 | 230,217 | |||||||
2.38%, 09/27/2027(b) | EUR | 200,000 | 241,938 | |||||||
Banco Bilbao Vizcaya Argentaria S.A., 3.50%, 02/10/2027(b) | EUR | 200,000 | 260,998 | |||||||
Banco de Sabadell S.A. | ||||||||||
0.88%, 03/05/2023(b) | EUR | 100,000 | 113,336 | |||||||
0.88%, 07/22/2025(b) | EUR | 100,000 | 112,584 | |||||||
Banco Santander S.A. | ||||||||||
1.38%, 12/14/2022(b) | EUR | 200,000 | 232,758 | |||||||
1.38%, 07/31/2024(b) | GBP | 300,000 | 386,080 | |||||||
1.13%, 01/17/2025(b) | EUR | 200,000 | 232,534 | |||||||
2.50%, 03/18/2025(b) | EUR | 200,000 | 243,065 | |||||||
3.25%, 04/04/2026(b) | EUR | 200,000 | 255,407 | |||||||
3.13%, 01/19/2027(b) | EUR | 200,000 | 255,961 | |||||||
2.13%, 02/08/2028(b) | EUR | 200,000 | 239,921 | |||||||
CaixaBank S.A. | ||||||||||
1.13%, 01/12/2023(b) | EUR | 200,000 | 228,688 | |||||||
2.38%, 02/01/2024(b) | EUR | 200,000 | 240,830 | |||||||
1.13%, 05/17/2024(b) | EUR | 200,000 | 232,245 | |||||||
1.13%, 03/27/2026(b) | EUR | 100,000 | 116,582 | |||||||
1.38%, 06/19/2026(b) | EUR | 200,000 | 231,304 | |||||||
Iberdrola Finanzas S.A., 1.00%, 03/07/2025(b) | EUR | 100,000 | 116,942 | |||||||
Iberdrola International, B.V., 1.13%, 04/21/2026(b) | EUR | 100,000 | 118,592 | |||||||
Mapfre, S.A., 1.63%, 05/19/2026(b) | EUR | 200,000 | 242,174 | |||||||
Naturgy Finance B.V., 1.38%, 01/19/2027(b) | EUR | 100,000 | 119,458 | |||||||
Santander Consumer Finance S.A., 0.88%, 01/24/2022(b) | EUR | 200,000 | 227,725 | |||||||
Telefonica Emisiones S.A. | ||||||||||
0.75%, 04/13/2022(b) | EUR | 200,000 | 227,379 | |||||||
2.24%, 05/27/2022(b) | EUR | 200,000 | 236,261 | |||||||
3.99%, 01/23/2023(b) | EUR | 200,000 | 251,672 | |||||||
1.53%, 01/17/2025(b) | EUR | 100,000 | 119,333 | |||||||
5.38%, 02/02/2026(b) | GBP | 200,000 | 313,005 | |||||||
1.46%, 04/13/2026(b) | EUR | 200,000 | 239,081 | |||||||
1.79%, 03/12/2029(b) | EUR | 100,000 | 122,477 | |||||||
|
| |||||||||
6,188,547 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2019
Principal | ||||||||||
Amount | Value | |||||||||
Sweden-1.22% | ||||||||||
Svenska Handelsbanken AB | ||||||||||
2.63%, 08/23/2022(b) | EUR | 200,000 | $ | 240,069 | ||||||
0.13%, 06/18/2024(b) | EUR | 200,000 | 223,862 | |||||||
Telia Co. AB, 3.63%, 11/08/2023(b) | SEK | 2,000,000 | 230,812 | |||||||
Vattenfall AB, 6.88%, 04/15/2039(b) | GBP | 300,000 | 674,589 | |||||||
|
| |||||||||
1,369,332 | ||||||||||
|
| |||||||||
Switzerland-2.56% | ||||||||||
Credit Suisse AG | ||||||||||
1.00%, 06/07/2023(b) | EUR | 100,000 | 115,589 | |||||||
1.50%, 04/10/2026(b) | EUR | 150,000 | 181,249 | |||||||
Credit Suisse Group Funding Guernsey Ltd. | ||||||||||
1.25%, 04/14/2022(b) | EUR | 250,000 | 287,509 | |||||||
1.00%, 04/14/2023(b) | CHF | 350,000 | 367,097 | |||||||
2.75%, 08/08/2025(b) | GBP | 150,000 | 204,390 | |||||||
Glencore Finance (Europe) Ltd. | ||||||||||
1.88%, 09/13/2023(b) | EUR | 100,000 | 117,102 | |||||||
3.13%, 03/26/2026(b) | GBP | 200,000 | 267,031 | |||||||
Holcim Finance (Luxembourg) S.A. | ||||||||||
1.38%, 05/26/2023(b) | EUR | 100,000 | 116,368 | |||||||
2.25%, 05/26/2028(b) | EUR | 100,000 | 124,935 | |||||||
Richemont International Holding S.A. | ||||||||||
1.00%, 03/26/2026(b) | EUR | 200,000 | 234,696 | |||||||
1.50%, 03/26/2030(b) | EUR | 100,000 | 123,601 | |||||||
2.00%, 03/26/2038(b) | EUR | 100,000 | 134,321 | |||||||
UBS Group Funding Switzerland AG | ||||||||||
1.75%, 11/16/2022(b) | EUR | 200,000 | 234,640 | |||||||
1.50%, 11/30/2024(b) | EUR | 100,000 | 117,606 | |||||||
1.25%, 09/01/2026(b) | EUR | 200,000 | 237,045 | |||||||
|
| |||||||||
2,863,179 | ||||||||||
|
| |||||||||
United Kingdom-24.39% | ||||||||||
ABP Finance PLC, 6.25%, | ||||||||||
12/14/2026(b) | GBP | 100,000 | 160,398 | |||||||
Annington Funding PLC | ||||||||||
2.65%, 07/12/2025(b) | GBP | 200,000 | 267,960 | |||||||
3.18%, 07/12/2029(b) | GBP | 150,000 | 206,401 | |||||||
3.69%, 07/12/2034(b) | GBP | 200,000 | 287,465 | |||||||
3.94%, 07/12/2047(b) | GBP | 200,000 | 300,489 | |||||||
Barclays PLC | ||||||||||
1.88%, 03/23/2021(b) | EUR | 113,000 | 129,555 | |||||||
1.50%, 04/01/2022(b) | EUR | 200,000 | 231,264 | |||||||
1.88%, 12/08/2023(b) | EUR | 100,000 | 118,654 | |||||||
3.13%, 01/17/2024(b) | GBP | 350,000 | 475,785 | |||||||
3.00%, 05/08/2026(b) | GBP | 300,000 | 407,111 | |||||||
3.25%, 02/12/2027(b) | GBP | 300,000 | 414,181 | |||||||
BAT International Finance PLC | ||||||||||
7.25%, 03/12/2024 | GBP | 150,000 | 237,955 | |||||||
4.00%, 09/04/2026(b) | GBP | 250,000 | 358,761 | |||||||
2.25%, 01/16/2030(b) | EUR | 100,000 | 115,221 | |||||||
6.00%, 11/24/2034(b) | GBP | 150,000 | 255,876 | |||||||
2.25%, 09/09/2052(b) | GBP | 200,000 | 190,481 | |||||||
BG Energy Capital PLC, 5.00%, 11/04/2036(b) | GBP | 250,000 | 471,972 | |||||||
BP Capital Markets PLC | ||||||||||
1.53%, 09/26/2022(b) | EUR | 100,000 | 116,759 | |||||||
1.11%, 02/16/2023(b) | EUR | 100,000 | 115,712 | |||||||
2.97%, 02/27/2026(b) | EUR | 100,000 | 130,622 | |||||||
1.57%, 02/16/2027(b) | EUR | 100,000 | 121,674 |
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
0.83%, 11/08/2027(b) | EUR | 100,000 | $ | 115,251 | ||||||
1.23%, 05/08/2031(b) | EUR | 100,000 | 118,368 | |||||||
British Telecommunications PLC | ||||||||||
1.13%, 03/10/2023(b) | EUR | 100,000 | 115,337 | |||||||
1.75%, 03/10/2026(b) | EUR | 100,000 | 119,191 | |||||||
1.50%, 06/23/2027(b) | EUR | 100,000 | 117,253 | |||||||
5.75%, 12/07/2028(b) | GBP | 150,000 | 251,639 | |||||||
3.13%, 11/21/2031(b) | GBP | 100,000 | 140,465 | |||||||
6.38%, 06/23/2037 | GBP | 300,000 | 586,555 | |||||||
BUPA Finance PLC, 5.00%, 04/25/2023(b) | GBP | 150,000 | 213,413 | |||||||
Cadent Finance PLC | ||||||||||
2.13%, 09/22/2028(b) | GBP | 400,000 | 529,055 | |||||||
2.63%, 09/22/2038(b) | GBP | 200,000 | 267,948 | |||||||
2.75%, 09/22/2046(b) | GBP | 200,000 | 268,897 | |||||||
Centrica PLC | ||||||||||
4.38%, 03/13/2029(b) | GBP | 150,000 | 230,086 | |||||||
7.00%, 09/19/2033(b) | GBP | 250,000 | 488,797 | |||||||
4.25%, 09/12/2044(b) | GBP | 150,000 | 235,834 | |||||||
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b) | EUR | 100,000 | 114,140 | |||||||
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b) | EUR | 100,000 | 115,361 | |||||||
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b) | GBP | 292,611 | 421,983 | |||||||
Friends Life Holdings PLC, 8.25%, 04/21/2022(b) | GBP | 150,000 | 225,985 | |||||||
GlaxoSmithKline Capital PLC | ||||||||||
1.38%, 12/02/2024(b) | EUR | 100,000 | 119,256 | |||||||
5.25%, 12/19/2033 | GBP | 300,000 | 558,512 | |||||||
6.38%, 03/09/2039 | GBP | 300,000 | 653,556 | |||||||
5.25%, 04/10/2042(b) | GBP | 300,000 | 603,899 | |||||||
4.25%, 12/18/2045(b) | GBP | 250,000 | 458,619 | |||||||
Heathrow Funding Ltd., 7.13%, 02/14/2024(b) | GBP | 200,000 | 315,701 | |||||||
HSBC Bank PLC | ||||||||||
5.38%, 08/22/2033(b) | GBP | 300,000 | 510,076 | |||||||
4.75%, 03/24/2046 | GBP | 200,000 | 338,435 | |||||||
HSBC Holdings PLC | ||||||||||
1.50%, 03/15/2022(b) | EUR | 200,000 | 231,416 | |||||||
3.20%, 12/05/2023 | CAD | 250,000 | 194,575 | |||||||
6.50%, 05/20/2024(b) | GBP | 200,000 | 316,284 | |||||||
0.88%, 09/06/2024(b) | EUR | 200,000 | 231,168 | |||||||
3.00%, 06/30/2025(b) | EUR | 200,000 | 253,152 | |||||||
2.50%, 03/15/2027(b) | EUR | 200,000 | 259,230 | |||||||
3.13%, 06/07/2028 | EUR | 200,000 | 266,887 | |||||||
2.63%, 08/16/2028(b) | GBP | 300,000 | 414,686 | |||||||
6.75%, 09/11/2028(b) | GBP | 200,000 | 346,107 | |||||||
7.00%, 04/07/2038(b) | GBP | 200,000 | 391,037 | |||||||
Hutchison Whampoa Finance (14) Ltd., 1.38%, 10/31/2021(b) | EUR | 200,000 | 228,925 | |||||||
Imperial Brands Finance PLC | ||||||||||
2.25%, 02/26/2021(b) | EUR | 100,000 | 114,240 | |||||||
8.13%, 03/15/2024(b) | GBP | 200,000 | 326,129 | |||||||
5.50%, 09/28/2026(b) | GBP | 150,000 | 231,664 | |||||||
4.88%, 06/07/2032(b) | GBP | 200,000 | 312,473 | |||||||
Lloyds Bank Corporate Markets PLC, 1.75%, 07/11/2024(b) | GBP | 300,000 | 391,166 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2019
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Lloyds Bank PLC | ||||||||||
1.00%, 11/19/2021(b) | EUR | 100,000 | $ | 114,105 | ||||||
7.50%, 04/15/2024(b) | GBP | 200,000 | 327,084 | |||||||
7.63%, 04/22/2025(b) | GBP | 200,000 | 331,473 | |||||||
6.50%, 09/17/2040(b) | GBP | 300,000 | 660,844 | |||||||
Motability Operations Group PLC | ||||||||||
3.63%, 03/10/2036(b) | GBP | 150,000 | 239,133 | |||||||
2.38%, 07/03/2039(b) | GBP | 200,000 | 270,969 | |||||||
Nationwide Building Society, 3.25%, 01/20/2028(b) | GBP | 200,000 | 292,004 | |||||||
Natwest Markets PLC, 0.63%, 03/02/2022(b) | EUR | 200,000 | 225,872 | |||||||
Rio Tinto Finance PLC, 4.00%, 12/11/2029(b) | GBP | 150,000 | 239,490 | |||||||
Royal Bank Of Scotland Group PLC (The), 2.50%, 03/22/2023(b) | EUR | 200,000 | 239,651 | |||||||
Santander UK Group Holdings PLC | ||||||||||
1.13%, 09/08/2023(b) | EUR | 100,000 | 115,284 | |||||||
3.63%, 01/14/2026(b) | GBP | 150,000 | 211,962 | |||||||
Scottish Widows Ltd. | ||||||||||
5.50%, 06/16/2023(b) | GBP | 300,000 | 432,922 | |||||||
7.00%, 06/16/2043(b) | GBP | 250,000 | 438,126 | |||||||
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026(b) | GBP | 200,000 | 289,353 | |||||||
Sky Ltd. | ||||||||||
1.50%, 09/15/2021(b) | EUR | 100,000 | 114,963 | |||||||
2.50%, 09/15/2026(b) | EUR | 200,000 | 256,458 | |||||||
Society of Lloyd’s, 4.75%, 10/30/2024(b) | GBP | 200,000 | 289,059 | |||||||
SSE PLC, 8.38%, 11/20/2028(b) | GBP | 100,000 | 195,346 | |||||||
Standard Chartered PLC | ||||||||||
5.13%, 06/06/2034(b) | GBP | 200,000 | 308,949 | |||||||
4.38%, 01/18/2038(b) | GBP | 100,000 | 171,702 |
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b) | GBP | 300,000 | $ | 581,893 | ||||||
Thames Water Utilities Finance PLC | ||||||||||
4.00%, 06/19/2025(b) | GBP | 200,000 | 289,866 | |||||||
5.13%, 09/28/2037(b) | GBP | 150,000 | 262,103 | |||||||
5.50%, 02/11/2041(b) | GBP | 200,000 | 375,611 | |||||||
University of Oxford, 2.54%, | GBP | 200,000 | 316,559 | |||||||
Vodafone Group PLC | ||||||||||
1.75%, 08/25/2023(b) | EUR | 100,000 | 118,874 | |||||||
1.88%, 09/11/2025(b) | EUR | 100,000 | 121,745 | |||||||
2.20%, 08/25/2026(b) | EUR | 200,000 | 250,059 | |||||||
1.60%, 07/29/2031(b) | EUR | 200,000 | 236,180 | |||||||
3.38%, 08/08/2049(b) | GBP | 300,000 | 408,894 | |||||||
3.00%, 08/12/2056(b) | GBP | 300,000 | 382,640 | |||||||
Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b) | GBP | 200,000 | 317,932 | |||||||
|
| |||||||||
27,284,152 | ||||||||||
|
| |||||||||
United States-0.50% | ||||||||||
American Honda Finance Corp., 0.35%, 08/26/2022 | EUR | 100,000 | 112,695 | |||||||
DH Europe Finance II S.a.r.l., 0.75%, 09/18/2031 | EUR | 300,000 | 328,716 | |||||||
Medtronic Global Holdings S.C.A., 1.63%, 03/07/2031 | EUR | 100,000 | 123,740 | |||||||
|
| |||||||||
565,151 | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-98.79% |
| 110,529,497 | ||||||||
OTHER ASSETS LESS LIABILITIES-1.21% |
| 1,348,281 | ||||||||
|
| |||||||||
NET ASSETS-100.00%. | $ | 111,877,778 | ||||||||
|
|
Investment Abbreviations:
CAD-Canadian Dollar
CHF-Swiss Franc
EUR-Euro
GBP-British Pound Sterling
JPY-Japanese Yen
NOK-Norwegian Krone
SEK-Swedish Krona
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2019 was $87,674,755, which represented 78.37% of the Fund’s Net Assets. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29
|
|
Statements of Assets and Liabilities
October 31, 2019
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) | $ | 3,487,875,382 | $ | 213,527,550 | $ | 110,529,497 | |||||||||
Affiliated investments in securities, at value | 7,182,078 | 18,194,388 | - | ||||||||||||
Foreign currencies, at value | - | - | 696,281 | ||||||||||||
Deposits with brokers: | |||||||||||||||
Cash segregated as collateral | 572,188 | 1,169,621 | - | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 44,240,835 | 4,054,408 | 1,170,682 | ||||||||||||
Securities lending | 257 | 5,239 | - | ||||||||||||
Investments sold. | 326,361 | - | 120,159 | ||||||||||||
Fund shares sold. | 3,455,769 | 1,114,421 | - | ||||||||||||
Foreign tax reclaims | - | - | 51,344 | ||||||||||||
Investments matured, at value | - | 1,574,543 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 3,543,652,870 | 239,640,170 | 112,567,963 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian. | 80,124 | 78,538 | 91,129 | ||||||||||||
Due to foreign custodian | - | 30 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 3,048,219 | 3,269,812 | 544,042 | ||||||||||||
Collateral upon return of securities loaned | 95,452 | 4,567,665 | - | ||||||||||||
Collateral upon receipt of securities in-kind. | 572,188 | 1,169,621 | - | ||||||||||||
Fund shares repurchased | 2,899,585 | - | - | ||||||||||||
Accrued unitary management fees | 1,520,707 | 67,697 | 46,694 | ||||||||||||
Accrued expenses | 47,848 | 9,610 | 8,320 | ||||||||||||
Other payables | 1,421 | - | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 8,265,544 | 9,162,973 | 690,185 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 3,535,387,326 | $ | 230,477,197 | $ | 111,877,778 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 3,768,225,606 | $ | 245,073,630 | $ | 109,155,980 | |||||||||
Distributable earnings (loss) | (232,838,280 | ) | (14,596,433 | ) | 2,721,798 | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 3,535,387,326 | $ | 230,477,197 | $ | 111,877,778 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 121,400,000 | 10,100,000 | 4,150,000 | ||||||||||||
Net asset value | $ | 29.12 | $ | 22.82 | $ | 26.96 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 29.13 | $ | 22.81 | $ | 26.84 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 3,412,279,755 | $ | 220,636,215 | $ | 107,842,620 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 7,182,078 | $ | 18,194,324 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (33 | ) | $ | 691,948 | ||||||||
|
|
|
|
|
| ||||||||||
Investments matured, at cost | $ | - | $ | 4,501,595 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 93,015 | $ | 4,378,935 | $ | - | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30
|
|
Statements of Operations
For the year ended October 31, 2019
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 | $ | 193,115,913 | $ | 12,156,712 | $ | 2,338,205 | |||||||||
Affiliated dividend income | 254,313 | 67,846 | 1,252 | ||||||||||||
Securities lending income | 6,414 | 75,010 | - | ||||||||||||
Foreign withholding tax | - | - | (4,023 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 193,376,640 | 12,299,568 | 2,335,434 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 17,484,511 | 773,325 | 585,846 | ||||||||||||
Proxy fees | 47,848 | 9,610 | 8,320 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total expenses | 17,532,359 | 782,935 | 594,166 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (21,396 | ) | (5,763 | ) | (85 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 17,510,963 | 777,172 | 594,081 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 175,865,677 | 11,522,396 | 1,741,353 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Investment securities | (63,709,826 | ) | (2,596,973 | ) | (576,525 | ) | |||||||||
In-kind redemptions | 14,467,814 | (16,571 | ) | (326,922 | ) | ||||||||||
Foreign currencies | - | - | (97,657 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | (49,242,012 | ) | (2,613,544 | ) | (1,001,104 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities. | 413,622,952 | (651,033 | ) | 8,188,600 | |||||||||||
Affiliated investment securities | - | 64 | - | ||||||||||||
Foreign currencies | - | - | 74,568 | ||||||||||||
|
|
|
|
|
| ||||||||||
Change in unrealized appreciation (depreciation) | 413,622,952 | (650,969 | ) | 8,263,168 | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | 364,380,940 | (3,264,513 | ) | 7,262,064 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | $ | 540,246,617 | $ | 8,257,883 | $ | 9,003,417 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31
|
|
Statements of Changes in Net Assets
For the years ended October 31, 2019 and 2018
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 175,865,677 | $ | 207,115,522 | $ | 11,522,396 | $ | 12,163,750 | ||||||||||||
Net realized gain (loss) | (49,242,012 | ) | (195,368,204 | ) | (2,613,544 | ) | (1,800,498 | ) | ||||||||||||
Change in net unrealized appreciation (depreciation) | 413,622,952 | (381,155,584 | ) | (650,969 | ) | (7,819,168 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 540,246,617 | (369,408,266 | ) | 8,257,883 | 2,544,084 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (176,845,023 | ) | (206,825,184 | ) | (11,538,702 | ) | (12,214,323 | ) | ||||||||||||
Return of capital | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (176,845,023 | ) | (206,825,184 | ) | (11,538,702 | ) | (12,214,323 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 1,421,704,253 | 932,638,168 | 27,735,589 | 78,433,142 | ||||||||||||||||
Value of shares repurchased | (1,954,083,096 | ) | (1,622,750,219 | ) | (10,377,575 | ) | (74,455,451 | ) | ||||||||||||
Transaction fees | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (532,378,843 | ) | (690,112,051 | ) | 17,358,014 | 3,977,691 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets. | (168,977,249 | ) | (1,266,345,501 | ) | 14,077,195 | (5,692,548 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of year | 3,704,364,575 | 4,970,710,076 | 216,400,002 | 222,092,550 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 3,535,387,326 | $ | 3,704,364,575 | $ | 230,477,197 | $ | 216,400,002 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 50,200,000 | 33,100,000 | 1,200,000 | 3,300,000 | ||||||||||||||||
Shares repurchased | (70,200,000 | ) | (59,500,000 | ) | (450,000 | ) | (3,150,000 | ) | ||||||||||||
Shares outstanding, beginning of year. | 141,400,000 | 167,800,000 | 9,350,000 | 9,200,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of year | 121,400,000 | 141,400,000 | 10,100,000 | 9,350,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32
|
|
Invesco International Corporate Bond ETF (PICB) | ||||||||
2019 | 2018 | |||||||
$ | 1,741,353 | $ | 2,330,961 | |||||
(1,001,104 | ) | (730,343 | ) | |||||
8,263,168 | (6,694,101 | ) | ||||||
|
|
|
| |||||
9,003,417 | (5,093,483 | ) | ||||||
|
|
|
| |||||
(1,050,715 | ) | (2,351,554 | ) | |||||
(702,713 | ) | - | ||||||
|
|
|
| |||||
(1,753,428 | ) | (2,351,554 | ) | |||||
|
|
|
| |||||
2,597,030 | 4,034,954 | |||||||
(16,941,838 | ) | (37,583,540 | ) | |||||
3,257 | - | |||||||
|
|
|
| |||||
(14,341,551 | ) | (33,548,586 | ) | |||||
|
|
|
| |||||
(7,091,562 | ) | (40,993,623 | ) | |||||
|
|
|
| |||||
118,969,340 | 159,962,963 | |||||||
|
|
|
| |||||
$ | 111,877,778 | $ | 118,969,340 | |||||
|
|
|
| |||||
100,000 | 150,000 | |||||||
(650,000 | ) | (1,400,000 | ) | |||||
4,700,000 | 5,950,000 | |||||||
|
|
|
| |||||
4,150,000 | 4,700,000 | |||||||
|
|
|
|
| 33
|
|
Financial Highlights
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.41 | 1.26 | 1.45 | 1.46 | 1.48 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.93 | (3.42 | ) | (0.17 | ) | 1.74 | (0.97 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations. | 4.34 | (2.16 | ) | 1.28 | 3.20 | 0.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.42 | ) | (1.26 | ) | (1.46 | ) | (1.47 | ) | (1.46 | ) | ||||||||||
Return of capital | - | - | (0.01 | ) | - | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.42 | ) | (1.26 | ) | (1.47 | ) | (1.47 | ) | (1.46 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value at end of year | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price at end of year(b) | $ | 29.13 | $ | 26.13 | $ | 29.62 | $ | 29.70 | $ | 28.02 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value Total Return(c) | 16.91 | % | (7.42 | )% | 4.49 | % | 11.79 | % | 1.87 | % | ||||||||||
Market Price Total Return(c) | 17.28 | % | (7.66 | )% | 4.88 | % | 11.61 | % | 1.49 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 3,535,387 | $ | 3,704,365 | $ | 4,970,710 | $ | 4,125,597 | $ | 2,653,385 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 5.03 | % | 4.51 | % | 4.98 | % | 5.06 | % | 5.25 | % | ||||||||||
Portfolio turnover rate(d) | 28 | % | 54 | % | 30 | % | 30 | % | 27 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34
|
|
Financial Highlights–(continued)
Invesco Global Short Term High Yield Bond ETF (PGHY)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.20 | 1.24 | 1.34 | 1.51 | 1.04 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.32 | ) | (1.00 | ) | 0.02 | 0.59 | (0.62 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations. | 0.88 | 0.24 | 1.36 | 2.10 | 0.42 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.20 | ) | (1.24 | ) | (1.37 | ) | (1.42 | ) | (1.03 | ) | ||||||||||
Return of capital | - | - | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.20 | ) | (1.24 | ) | (1.38 | ) | (1.44 | ) | (1.04 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value at end of year | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price at end of year(b) | $ | 22.81 | $ | 23.03 | $ | 24.19 | $ | 24.23 | $ | 23.37 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value Total Return(c) | 3.90 | % | 1.05 | % | 5.76 | % | 9.27 | % | 1.83 | % | ||||||||||
Market Price Total Return(c) | 4.36 | % | 0.36 | % | 5.66 | % | 10.17 | % | 1.61 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 230,477 | $ | 216,400 | $ | 222,093 | $ | 68,862 | $ | 27,029 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Net investment income | 5.21 | % | 5.25 | % | 5.52 | % | 6.43 | % | 4.43 | % | ||||||||||
Portfolio turnover rate(d) | 57 | % | 42 | % | 38 | % | 53 | % | 50 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | 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.
| 35
|
|
Financial Highlights–(continued)
Invesco International Corporate Bond ETF (PICB)
Years Ended October 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 0.39 | 0.43 | 0.42 | 0.55 | 0.62 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.65 | (1.57 | ) | 1.80 | (0.86 | ) | (2.82 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.04 | (1.14 | ) | 2.22 | (0.31 | ) | (2.20 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.23 | ) | (0.43 | ) | (0.23 | ) | - | (0.03 | ) | |||||||||||
Return of capital. | (0.16 | ) | - | (0.19 | ) | (0.56 | ) | (0.59 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions. | (0.39 | ) | (0.43 | ) | (0.42 | ) | (0.56 | ) | (0.62 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Transaction fees(a) | 0.00 | (b) | - | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value at end of year | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price at end of year(c) | $ | 26.84 | $ | 25.28 | $ | 26.89 | $ | 25.02 | $ | 25.89 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value Total Return(d) | 8.12 | % | (4.31 | )% | 8.95 | % | (1.26 | )% | (7.73 | )% | ||||||||||
Market Price Total Return(d) | 7.77 | % | (4.46 | )% | 9.25 | % | (1.26 | )% | (7.94 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 111,878 | $ | 118,969 | $ | 159,963 | $ | 160,539 | $ | 189,454 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.51 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 1.49 | %(e) | 1.58 | % | 1.62 | % | 2.12 | % | 2.29 | % | ||||||||||
Portfolio turnover rate(f) | 23 | % | 12 | % | 14 | % | 24 | % | 13 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(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.
| 36
|
|
Notes to Financial Statements
Invesco Exchange-Traded Fund Trust II
October 31, 2019
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) 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 Emerging Markets Sovereign Debt ETF (PCY) | “Emerging Markets Sovereign Debt ETF” | |
Invesco Global Short Term High Yield Bond ETF (PGHY) | “Global Short Term High Yield Bond ETF” | |
Invesco International Corporate Bond ETF (PICB) | “International Corporate Bond ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units of each Fund are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced Index | |
Global Short Term High Yield Bond ETF | DB Global Short Maturity High Yield Bond Index | |
International Corporate Bond ETF | S&P International Corporate Bond Index® |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946,Financial Services–Investment Companies.
A. | Security Valuation- Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are
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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk.Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that 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 NAV and possibly face trading halts and/or delisting. This risk may be heightened for a Fund if it invests in non-U.S. securities, which may have lower trading volumes.
Call Risk.If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Changing Global Fixed-Income Market Conditions.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 changes to 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
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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.Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed- income security may be downgraded after purchase, which may adversely affect the value of the security.
Foreign Fixed-Income Investment Risk.Investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Geographic Concentration Risk.A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk.Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming.
Industry Concentration Risk.In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Liquidity Risk.For certain Funds, 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.
Non-Correlation Risk.Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Investment Grade Securities Risk.Certain Funds invest in non-investment grade securities. The risk of investing in non-investment grade securities is a form of credit risk. Securities that are rated non-investment grade, commonly referred to as “junk bonds,” are regarded as having predominantly speculative characteristics with respect to the capacity to pay interest and repay principal. Non-investment grade securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. The prices of non-investment grade securities have found to be less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual corporate developments. Yields on non-investment grade securities will fluctuate. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.
Sampling Risk.A Fund’s use of a representative sampling approach will 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 the 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.
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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.
C. | Investment Transactions and Investment Income- Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination- For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders- Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on 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 accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes- Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
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G. | Expenses- Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the 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.
H. | Accounting Estimates- The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications- Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending- Each Fund may participate in securities lending. Each Fund may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included inSecurities lending incomeon the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. A Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s |
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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. |
Certain 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for 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) | ||
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, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments 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, 2019, the Adviser waived fees for each Fund in the following amounts:
Emerging Markets Sovereign Debt ETF | $ | 21,396 | ||
Global Short Term High Yield Bond ETF | 5,763 | |||
International Corporate Bond ETF | 85 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. | |
Global Short Term High Yield Bond ETF | Deutsche Bank Securities Inc. | |
International Corporate Bond ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
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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, 2019, 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 following is a summary of the tiered valuation input levels, as of October 31, 2019. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Emerging Markets Sovereign Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 3,487,875,382 | $ | - | $ | 3,487,875,382 | ||||||||
Money Market Funds | 7,182,078 | - | - | 7,182,078 | ||||||||||||
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Total Investments | $ | 7,182,078 | $ | 3,487,875,382 | $ | - | $ | 3,495,057,460 | ||||||||
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Global Short Term High Yield Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 213,157,488 | $ | 13,907 | $ | 213,171,395 | ||||||||
Common Stocks & Other Equity Interests | 300,317 | - | 55,838 | 356,155 | ||||||||||||
Money Market Funds | 18,194,388 | - | - | 18,194,388 | ||||||||||||
Investments Matured | - | 954,741 | 619,802 | 1,574,543 | ||||||||||||
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Total Investments | $ | 18,494,705 | $ | 214,112,229 | $ | 689,547 | $ | 233,296,481 | ||||||||
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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, 2019 and 2018:
2019 | 2018 | |||||||||||||||||||||
Ordinary Income | Long-Term Capital Gains | Return of Capital | Ordinary Income | Long-Term Capital Gains | Return of Capital | |||||||||||||||||
Emerging Markets Sovereign Debt ETF | $176,845,023 | $ - | $ - | $206,825,184 | $ - | $- | ||||||||||||||||
Global Short Term High Yield Bond ETF | 11,538,702 | - | - | 12,214,323 | - | - | ||||||||||||||||
International Corporate Bond ETF | 746,735 | 303,980 | 702,713 | 2,350,172 | 1,382 | - |
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 - Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | ||||||||||||||||||||||
Emerging Markets Sovereign Debt ETF | $ - | $ - | $69,515,712 | $ - | $(302,353,992 | ) | $3,768,225,606 | $3,535,387,326 | ||||||||||||||||||||
Global Short Term High Yield Bond ETF | 1,967 | - | (10,042,258 | ) | - | (4,556,142 | ) | 245,073,630 | 230,477,197 | |||||||||||||||||||
International Corporate Bond ETF | - | 16,457 | 2,686,877 | 18,464 | - | 109,155,980 | 111,877,778 |
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.
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The following table presents available capital loss carryforwards for each Fund as of October 31, 2019:
No expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Emerging Markets Sovereign Debt ETF | $ | 39,490,544 | $ | 262,863,448 | $ | 302,353,992 | ||||||
Global Short Term High Yield Bond ETF | 1,104,862 | 3,451,280 | 4,556,142 | |||||||||
International Corporate Bond ETF | - | - | - |
NOTE 6–Investment Transactions
For the fiscal year ended October 31, 2019, 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 | |||||||
Emerging Markets Sovereign Debt ETF | $ | 958,757,900 | $ | 946,916,142 | ||||
Global Short Term High Yield Bond ETF | 117,289,952 | 131,955,064 | ||||||
International Corporate Bond ETF | 28,035,534 | 26,444,088 |
For the fiscal year ended October 31, 2019, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Emerging Markets Sovereign Debt ETF | $ | 1,334,308,435 | $ | 1,865,907,576 | ||||
Global Short Term High Yield Bond ETF | 20,930,028 | 5,943,262 | ||||||
International Corporate Bond ETF | 1,277,105 | 16,411,456 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At October 31, 2019, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 176,859,368 | $ | (107,343,656 | ) | $ | 69,515,712 | $ | 3,425,541,748 | |||||||
Global Short Term High Yield Bond ETF | 2,311,374 | (12,353,632 | ) | (10,042,258 | ) | 243,338,739 | ||||||||||
International Corporate Bond ETF | 4,224,389 | (1,537,512 | ) | 2,686,877 | 107,842,620 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions, foreign currency transactions and expired capital loss carryforwards, amounts were reclassified between undistributed net investment income (loss), 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, 2019, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 689,008 | $ | (9,819,837 | ) | $ | 9,130,829 | ||||||||
Global Short Term High Yield Bond ETF | 18,273 | (1,700 | ) | (16,573 | ) | ||||||||||
International Corporate Bond ETF | (690,638 | ) | 1,026,932 | (336,294 | ) |
NOTE 8—Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to a 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.
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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. 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 such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of 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 Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (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, 2019, 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, 2019 and each of the financial highlights for each of the five years in the period ended October 31, 2019, 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, 2019 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.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2019
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.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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, 2019.
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, 2019 | Ending Account Value October 31, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,066.80 | 0.50 | % | $ | 2.60 | ||||||||||||
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 | 1,011.00 | 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 | 1,037.90 | 0.51 | 2.62 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 0.51 | 2.60 |
(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, 2019. 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. |
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Tax Information
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, 2019:
Qualified Dividend Income* | Corporate Dividends- Received Deduction* | Qualified Interest Income* | Long Term Capital Gains | |||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF | 0 | % | 0 | % | 0 | % | $ | - | ||||||||||||
Invesco Global Short Term High Yield Bond ETF | 0 | % | 0 | % | 49 | % | $ | - | ||||||||||||
Invesco International Corporate Bond ETF | 0 | % | 0 | % | 0 | % | $ | 303,980 |
* | The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year. |
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Proxy Results
A Special Meeting (“Meeting”) of Shareholders of Invesco Exchange-Traded Fund Trust II was held on August 19, 2019. The Meeting was held for the following purpose:
(1). | To elect ten (10) trustees to the Board of Trustees of the Trust. |
The results of the voting on the above matter was as follows:
Matter | Votes For | Votes Withheld | ||||||||
(1). | Ronn R. Bagge | 1,512,443,677.35 | 33,012,849.80 | |||||||
Todd J. Barre | 1,524,592,795.07 | 20,863,732.08 | ||||||||
Kevin M. Carome | 1,522,436,691.04 | 23,019,836.11 | ||||||||
Edmund P. Giambastiani, Jr. | 1,519,831,527.21 | 25,624,999.94 | ||||||||
Victoria J. Herget | 1,524,877,948.56 | 20,578,578.59 | ||||||||
Marc M. Kole | 1,504,247,741.10 | 41,208,786.05 | ||||||||
Yung Bong Lim | 1,524,207,613.63 | 21,248,913.52 | ||||||||
Joanne Pace | 1,517,347,361.29 | 28,109,165.86 | ||||||||
Gary R. Wicker | 1,515,919,139.19 | 29,537,387.96 | ||||||||
Donald H. Wilson | 1,501,758,651.59 | 43,697,875.56 |
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Trustees and Officers
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, 2019
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 the 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 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO, Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 246 | 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. | 246 | None | |||||
Edmund P. Giambastiani, Jr.—1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, | 246 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Maxwell School of Citizenship and Public Affairs of Syracuse University (2012- 2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). | |||||||||
Victoria J. Herget—1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 246 | Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). | ||||||||||
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(not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 246 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the 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 (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 246 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 246 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Advisory Council Member, Morgan Stanley Children’s Hospital (2012- Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. | ||||||||||
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, 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); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 246 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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); formerly, President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); 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). | 246 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
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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 over seen 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 | Number of 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 North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; Director and Secretary (2012-Present), Invesco Services (Bahamas) Private Limited; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007-2019); 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. | 246 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and 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 Executive | Since 2015 | Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2018-Present); 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 | Principal Financial & Accounting Officer-Pooled Investments, Invesco Specialized Products, LLC (2018-Present); 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 Specialized Products, LLC (2018); 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 Specialized Products, LLC (2018-Present); 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 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); 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 |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
(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. | ||||||
Anna Paglia—1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2011 | Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-Present); 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 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); 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); 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 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, Director, Invesco Canada Holdings Inc. (2002-2019);Manager, Invesco Specialized Products, LLC (2018-2019); Managing Director—Chief Administrative Officer, Americas, Invesco Capital Management LLC (2013-2019); 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). |
* | This is the date each Officer began serving the Trust. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Melanie Zimdars—1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance 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, 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, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, 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. |
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling(800) 983-0903. This information is also available on the Securities and Exchange Commission’s (“Commission”) website atwww.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’sForm N-PX on the Commission’s website atwww.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Forms N-PORT are available on the Commission’s website atwww.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 atwww.invesco.com/ETFs.
©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-TRST2-FINC-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 FormN-CSR under Item 13(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, 2019.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she 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/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her 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.
Item 4. Principal Accountant Fees and Services.
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees forpre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committeepre-approved all audit andnon-audit services provided to the Registrant.
Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2018 | |||||||||
Audit Fees | $509,720 | $564,150 | ||||||||
Audit-Related Fees | $ 0 | $ 0 | ||||||||
Tax Fees(1) | $453,887 | $218,790 | ||||||||
All Other Fees | $ 0 | $ 0 | ||||||||
Total Fees | $963,607 | $782,940 |
(1) | Tax Fees for the fiscal year ended October 31, 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise andyear-to-date estimates for variousbook-to-tax differences, including the final liquidated Federal income tax returns for the six funds with a tax year ended February 27, 2019. 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. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees forpre-approvednon-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committeepre-approved allnon-audit services provided to Invesco and Affiliates that were required to bepre-approved.
Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2018 That Were Required to bePre-Approved by the Registrant’s Audit Committee | |||
Audit-Related Fees(1) | $690,000 | $662,000 | ||
Tax Fees | $ 0 | $ 0 | ||
All Other Fees | $ 0 | $ 0 | ||
Total Fees | $690,000 | $662,000 |
(1) Audit-Related Fees for the fiscal years ended 2019 and 2018 include fees billed related to reviewing controls at a service organization.
(e)(1)Audit Committee Pre Approval Policies and Procedures
Pre-Approval of Audit andNon-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 andNon-Audit Services
| |
Relevant Law and Other Sources
| Sarbanes-Oxley Act of 2002; RegulationS-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 Committeepre-approves the audit andnon-audit services provided to the Funds by each Auditor, as well as allnon-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 forpre-approval and provide a mechanism by which management of the Funds may request and securepre-approval of audit andnon-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may bepre-approved without consideration of specificcase-by-case services by the Audit Committee (“generalpre-approval”) or require the specificpre-approval of the Audit Committee (“specificpre-approval”). As set forth in these policies and procedures, unless a type of service has received generalpre-approval, it will require specificpre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimatedpre-approved fee levels provided at the time the service waspre-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 previouslypre-approved services.
The Audit Committee will annually review and generallypre-approve the services that may be provided by each Auditor without obtaining specificpre-approval from the Audit Committee. The term of any generalpre-approval runs from the date of suchpre-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 generalpre-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 specificpre-approval fornon-prohibited services. All such delegatedpre-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 specificpre-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 specificpre-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 specificpre-approval of anynon-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 Committeepre-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 maypre-approvenon-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 specificpre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimatedpre-approved fees or established amounts for pre-approved audit andnon-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 andnon-audit services in determining whether topre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximumpre-approved fees or established amounts for previouslypre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for generalpre-approval, a list ofnon-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe thenon-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 generalpre-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 generalpre-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 thepre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specificpre-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 section2-01(f)(14) of RegulationS-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 toPre-Approval of Audit andNon-Audit Services Policies and Procedures
Conditionally ProhibitedNon-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, orcontribution-in-kind reports |
• | Actuarial services |
• | Internal audit outsourcing services |
Categorically ProhibitedNon-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 werepre-approved by the Audit Committee pursuant to the de minimus exception underRule 2-01 of RegulationS-X. | |||
(f) | Not applicable. | |||
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $3,294,000 for the fiscal year ended October 31, 2019 and $2,977,000 for the fiscal year ended October 31, 2018 fornon-audit services not required to bepre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregatenon-audit fees of $4,437,887 for the fiscal year ended October 31, 2019 and $3,858,000 for the fiscal year ended October 31, 2018 | |||
(h) | With respect to thenon-audit services above billed to Invesco and Affiliates that were not required to bepre-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 Rule2-01(f)(14) of RegulationS-X, of approximately $34 million andnon-audit services of approximately $21 million for the fiscal year ended 2019. The Audit Committee considered this information in evaluating PwC’s independence. |
During the reporting period, PwC advised the Registrant’s Audit Committee of the following matters for consideration under the SEC auditor independence rules. PwC advised the Audit Committee that four PwC Managers and two PwC Partners each held financial interests either directly or, in the case of the two PwC Partners, indirectly through their respective spouse’s equivalent brokerage account or spouse’s employee benefit plan, respectively, in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. With respect to the one PwC Partner, the financial interest was disposed of July 8, 2019. PwC noted, among other things, that during the time of its audit, or with respect to the one PwC Partner and three PwC Managers, until after it was disposed of or after they ceased providing services, the engagement team was not aware of the investments, the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliates of the Registrant, the services provided by the PwC Manager were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates, or in the case of the two PwC Partners and three PwC Managers, the individuals either did not provide any audit services or did not provide services of any kind to the Registrant or its affiliates and the investments were not material to the net worth of each individual or their respective immediate family members which PwC considered in reaching its conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by these matters as they relate to the audit of the Registrant.
On May 24, 2019, certain investment advisor subsidiaries of Invesco Ltd. assumed management responsibility from Oppenheimer Funds, Inc. (“OFI”) for 83open-end mutual funds and 20 exchange-
traded funds (collectively, the “Oppenheimer Funds”). Assumption of management responsibility for the Oppenheimer Funds was accomplished through the reorganization of each Oppenheimer Fund into a new Invesco shell fund (collectively, the “New Invesco Funds”) that did not havepre-existing assets (together, the “Reorganizations”). The Reorganizations were part of the acquisition by Invesco Ltd. (together with its subsidiaries, “Invesco”) of the asset management business of OFI (including the Oppenheimer Funds) from Massachusetts Mutual Life Insurance Company (“MassMutual”), which was also consummated on May 24, 2019 (the “Acquisition”). Subsequent to the Acquisition, MassMutual became a significant shareholder of Invesco, and the Invesco Ltd. board of directors expanded by one director with the addition of a director selected by MassMutual.
Prior to the consummation of the Acquisition and the Reorganizations on May 24, 2019, PwC completed an independence assessment to evaluate the services and relationships with OFI and its affiliates, which became affiliates of Invesco upon the closing of the Acquisition. The assessment identified the following relationship and services that are inconsistent with the auditor independence rules under Rule2-01 of RegulationS-X (“Rule2-01”) if provided to an affiliate of an audit client. A retired PwC partner who receives a benefit from PwC that is not fully funded, served as a member of Audit Committee of the Boards of Trustees of certain Oppenheimer Funds prior to the Acquisition (the“Pre-Reorganization Relationship”). Additionally, PwC provided certainnon-audit services including, expert legal services to one Oppenheimer Fund, custody of client assets in connection with payroll services, anon-audit service performed pursuant to a success-based fee,non-audit services in which PwC acted as an advocate on behalf of a MassMutual foreign affiliate and certain employee activities undertaken in connection with the provision ofnon-audit services for MassMutual and certain MassMutual foreign affiliates (collectively, the“Pre-Reorganization Services”).
PwC and the Audit Committees of the New Invesco Funds each considered the impact that thePre-Reorganization Relationship and Services have on PwC’s independence with respect to the New Invesco Funds. On the basis of the nature of the relationship and services performed, and in particular the mitigating factors described below, PwC concluded that a reasonable investor, possessing knowledge of all the relevant facts and circumstances regarding thePre-Reorganization Relationship and Services, would conclude that thePre-Reorganization Relationship and Services do not impair PwC’s ability to exhibit the requisite objectivity and impartiality to report on the financial statements of the New Invesco Funds for the years ending May 31, 2019 – April 30, 2020 (“PwC’s Conclusion”).
The Audit Committees of the Boards of Trustees of the New Invesco Funds, based upon PwC’s Conclusion and the concurrence of Invesco, considered the relevant facts and circumstances including the mitigating factors described below and, after careful consideration, concluded that PwC is capable of exercising objective and impartial judgment in connection with its audits of the financial statements of the New Invesco Funds that the respective Boards of Trustees oversee.
Mitigating factors that PwC and the Audit Committees considered in reaching their respective conclusions included, among others, the following factors:
• | none of thePre-Reorganization Relationship or Services created a mutuality of interest between PwC and the New Invesco Funds; |
• | PwC will not act in a management or employee capacity for the New Invesco Funds or their affiliates during any portion of PwC’s professional engagement period; |
• | other than the expert legal services,Pre-Reorganization Services that have been provided to OFI, MassMutual and their affiliates do not have any impact on the financial statements of the New Invesco Funds; |
• | as it relates to the expert legal services, while the service provided by PwC related to litigation involving one Oppenheimer Fund, the impact of the litigation on the Oppenheimer Fund’s financial statements was based upon OFI’s decision, and OFI management represented that the PwC service was not considered a significant component of its decision; |
• | while certain employees of OFI who were involved in the financial reporting process of the Oppenheimer Funds will be employed by Invesco subsequent to the Reorganizations, existing officers of other Invesco Funds will serve as Principal Executive Officer and Principal Financial Officer or equivalent roles for the New Invesco Funds, and are ultimately responsible for the accuracy of all financial statement assertions for the entirety of the financial reporting periods for the New Invesco Funds; |
• | thePre-Reorganization Services giving rise to the lack of independence were provided to, or entered into with, OFI, MassMutual and their affiliates at a time when PwC had no independence restriction with respect to these entities; |
• | with the exception of the expert legal service provided to one Oppenheimer Fund, none of thePre-Reorganization Services affected the operations or financial reporting of the New Invesco Funds; |
• | thePre-Reorganization Services provided by PwC to OFI, MassMutual and their affiliates were performed by persons who were not, and will not be, part of the audit engagement team for the New Invesco Funds; and |
• | the fees associated with thePre-Reorganization Services were not material to MassMutual, Invesco or PwC. |
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, Joanne Pace, 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 FormN-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-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 Rule30a-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 Rule30a-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 3, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Daniel E. Draper | ||
Name: Daniel E. Draper | ||
Title: President | ||
Date: January 3, 2020 |
By: /s/ Kelli Gallegos | ||
Name: Kelli Gallegos | ||
Title: Treasurer | ||
Date: January 3, 2020 |