UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21977
Invesco Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
Anna Paglia
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: April 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Registrant’s semi- annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Semi-Annual Report to Shareholders
April 30, 2020
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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Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
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Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
U.S. Treasury Securities-99.87% |
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U.S. Treasury Inflation – Indexed Notes-99.87%(a) |
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1.25%, 07/15/2020 | $ | 448,500 | $ | 527,504 | ||||||
1.13%, 01/15/2021 | 509,000 | 597,164 | ||||||||
0.13%, 04/15/2021 | 623,000 | 669,570 | ||||||||
0.63%, 07/15/2021 | 497,000 | 569,620 | ||||||||
0.13%, 01/15/2022 | 572,000 | 647,912 | ||||||||
0.13%, 04/15/2022 | 616,500 | 650,219 | ||||||||
0.13%, 07/15/2022 | 568,000 | 638,385 | ||||||||
0.13%, 01/15/2023 | 568,500 | 637,005 | ||||||||
0.63%, 04/15/2023 | 652,000 | 689,513 | ||||||||
0.38%, 07/15/2023 | 569,000 | 642,304 | ||||||||
0.63%, 01/15/2024 | 568,000 | 646,706 | ||||||||
0.50%, 04/15/2024 | 447,000 | 470,318 | ||||||||
0.13%, 07/15/2024 | 569,000 | 630,215 | ||||||||
0.13%, 10/15/2024 | 488,000 | 503,456 | ||||||||
0.25% - 2.38%, 01/15/2025 | 956,000 | 1,236,184 | ||||||||
0.13%, 04/15/2025 | 256,000 | 262,972 | ||||||||
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Total U.S. Treasury Securities | 10,019,047 | |||||||||
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Shares | Value | |||||||||
Money Market Funds-7.27% |
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Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(b)(c) | 729,562 | $ | 729,562 | |||||||
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TOTAL INVESTMENTS IN SECURITIES-107.14% |
| 10,748,609 | ||||||||
OTHER ASSETS LESS LIABILITIES-(7.14)% |
| (715,847 | ) | |||||||
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NET ASSETS-100.00% | $ | 10,032,762 | ||||||||
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Notes to Schedule of Investments:
(a) | Principal amount of security and interest payments are adjusted for inflation. See Note 2J. |
(b) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 8,860 | $ | 796,532 | $ | (75,830 | ) | $ | - | $ | - | $ | 729,562 | $ | 135 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | - | 232,343 | (232,343 | ) | - | - | - | 115 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | - | 77,330 | (77,322 | ) | - | (8 | ) | - | 44 | ||||||||||||||||||||||||||
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Total | $ | 8,860 | $ | 1,106,205 | $ | (385,495 | ) | $ | - | $ | (8 | ) | $ | 729,562 | $ | 294 | |||||||||||||||||||
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* | At April 30, 2020, this security was no longer held. |
(c) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Maturing in 0-5 Years | 99.87 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-99.69% |
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Australia-6.84% |
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Adelaide Brighton Ltd.(a) | 72 | $ | 129 | |||||||
Afterpay Ltd.(b) | 28 | 572 | ||||||||
AGL Energy Ltd. | 98 | 1,088 | ||||||||
ALS Ltd. | 80 | 357 | ||||||||
Altium Ltd. | 17 | 380 | ||||||||
Alumina Ltd. | 397 | 451 | ||||||||
AMP Ltd.(b) | 516 | 483 | ||||||||
Ansell Ltd. | 23 | 430 | ||||||||
APA Group | 181 | 1,294 | ||||||||
Aristocrat Leisure Ltd. | 101 | 1,686 | ||||||||
ASX Ltd. | 30 | 1,602 | ||||||||
Atlas Arteria Ltd. | 103 | 421 | ||||||||
Aurizon Holdings Ltd. | 293 | 900 | ||||||||
AusNet Services | 280 | 344 | ||||||||
Australia & New Zealand Banking Group Ltd. | 435 | 4,813 | ||||||||
Bank of Queensland Ltd. | 62 | 211 | ||||||||
Beach Energy Ltd. | 271 | 270 | ||||||||
Bendigo & Adelaide Bank Ltd. | 76 | 325 | ||||||||
BHP Group Ltd. | 453 | 9,594 | ||||||||
BHP Group PLC | 323 | 5,444 | ||||||||
BlueScope Steel Ltd. | 83 | 557 | ||||||||
Boral Ltd. | 185 | 366 | ||||||||
Brambles Ltd. | 237 | 1,719 | ||||||||
Caltex Australia Ltd. | 41 | 669 | ||||||||
Challenger Ltd. | 91 | 295 | ||||||||
Charter Hall Group | 72 | 361 | ||||||||
CIMIC Group Ltd. | 15 | 242 | ||||||||
Cleanaway Waste Management Ltd. | 208 | 255 | ||||||||
Coca-Cola Amatil Ltd. | 84 | 477 | ||||||||
Cochlear Ltd. | 9 | 1,087 | ||||||||
Coles Group Ltd. | 184 | 1,868 | ||||||||
Commonwealth Bank of Australia | 273 | 11,205 | ||||||||
Computershare Ltd. | 77 | 614 | ||||||||
Crown Resorts Ltd. | 56 | 363 | ||||||||
CSL Ltd. | 70 | 14,181 | ||||||||
CSR Ltd. | 80 | 195 | ||||||||
Dexus | 168 | 1,007 | ||||||||
Domain Holdings Australia Ltd. | 36 | 62 | ||||||||
Domino’s Pizza Enterprises Ltd.(a) | 10 | 380 | ||||||||
Downer EDI Ltd. | 94 | 257 | ||||||||
Evolution Mining Ltd. | 161 | 539 | ||||||||
Flight Centre Travel Group Ltd. | 9 | 65 | ||||||||
Fortescue Metals Group Ltd. | 244 | 1,911 | ||||||||
Goodman Group | 279 | 2,402 | ||||||||
GPT Group (The) | 298 | 825 | ||||||||
Harvey Norman Holdings Ltd.(a) | 84 | 153 | ||||||||
IDP Education Ltd. | 20 | 195 | ||||||||
Iluka Resources Ltd. | 66 | 332 | ||||||||
Incitec Pivot Ltd. | 268 | 419 | ||||||||
Insurance Australia Group Ltd. | 366 | 1,385 | ||||||||
IOOF Holdings Ltd. | 58 | 164 | ||||||||
JB Hi-Fi Ltd.(a) | 17 | 391 | ||||||||
Lendlease Group | 89 | 720 | ||||||||
Macquarie Group Ltd. | 48 | 3,226 | ||||||||
Magellan Financial Group Ltd. | 20 | 668 | ||||||||
Medibank Pvt Ltd. | 437 | 772 | ||||||||
Metcash Ltd. | 154 | 251 |
Shares | Value | |||||||||
Australia-(continued) | ||||||||||
Mirvac Group | 588 | $ | 862 | |||||||
National Australia Bank Ltd. | 488 | 5,419 | ||||||||
Newcrest Mining Ltd. | 119 | 2,146 | ||||||||
Northern Star Resources Ltd. | 95 | 795 | ||||||||
Nufarm Ltd.(b) | 49 | 169 | ||||||||
Oil Search Ltd. | 204 | 407 | ||||||||
Orica Ltd. | 60 | 704 | ||||||||
Origin Energy Ltd. | 278 | 1,012 | ||||||||
Orora Ltd. | 192 | 323 | ||||||||
OZ Minerals Ltd. | 47 | 276 | ||||||||
Perpetual Ltd.(a) | 7 | 138 | ||||||||
Platinum Asset Management Ltd.(a) | 37 | 85 | ||||||||
Qantas Airways Ltd. | 101 | 255 | ||||||||
QBE Insurance Group Ltd. | 204 | 1,129 | ||||||||
Qube Holdings Ltd. | 189 | 269 | ||||||||
Qube Holdings Ltd., Rts., expiring | 29 | 4 | ||||||||
Ramsay Health Care Ltd.(a) | 24 | 984 | ||||||||
REA Group Ltd.(a) | 8 | 466 | ||||||||
Rio Tinto Ltd. | 57 | 3,266 | ||||||||
Rio Tinto PLC | 169 | 7,854 | ||||||||
Santos Ltd. | 281 | 909 | ||||||||
Scentre Group | 787 | 1,201 | ||||||||
SEEK Ltd. | 55 | 627 | ||||||||
Seven Group Holdings Ltd.(a) | 16 | 160 | ||||||||
Shopping Centres Australasia Property Group | 118 | 172 | ||||||||
Sonic Healthcare Ltd. | 71 | 1,264 | ||||||||
South32 Ltd. | 788 | 1,024 | ||||||||
Star Entertainment Group Ltd. (The) | 131 | 260 | ||||||||
Stockland | 384 | 724 | ||||||||
Suncorp Group Ltd. | 199 | 1,197 | ||||||||
Sydney Airport | 175 | 722 | ||||||||
Tabcorp Holdings Ltd. | 299 | 630 | ||||||||
Telstra Corp. Ltd. | 661 | 1,320 | ||||||||
TPG Telecom Ltd.(a) | 57 | 275 | ||||||||
Transurban Group | 413 | 3,731 | ||||||||
Treasury Wine Estates Ltd. | 109 | 724 | ||||||||
Vicinity Centres | 481 | 469 | ||||||||
Vocus Group Ltd.(b) | 95 | 191 | ||||||||
Washington H Soul Pattinson & Co. Ltd. | 14 | 170 | ||||||||
Wesfarmers Ltd. | 174 | 4,294 | ||||||||
Westpac Banking Corp. | 555 | 5,915 | ||||||||
Whitehaven Coal Ltd. | 108 | 129 | ||||||||
WiseTech Global Ltd. | 12 | 146 | ||||||||
Woodside Petroleum Ltd. | 144 | 2,116 | ||||||||
Woolworths Group Ltd. | 194 | 4,541 | ||||||||
Worley Ltd. | 50 | 295 | ||||||||
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141,141 | ||||||||||
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Austria-0.17% | ||||||||||
ANDRITZ AG | 11 | 361 | ||||||||
Erste Group Bank AG | 44 | 955 | ||||||||
OMV AG | 22 | 720 | ||||||||
Raiffeisen Bank International AG | 20 | 345 | ||||||||
Telekom Austria AG | 22 | 155 | ||||||||
Verbund AG | 10 | 453 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Austria-(continued) | ||||||||||
Vienna Insurance Group AGWiener Versicherung Gruppe | 6 | $ | 121 | |||||||
voestalpine AG | 18 | 373 | ||||||||
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3,483 | ||||||||||
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Belgium-0.88% | ||||||||||
Ackermans & van Haaren N.V. | 3 | 397 | ||||||||
Ageas | 29 | 1,043 | ||||||||
Anheuser-Busch InBev S.A./N.V. | 119 | 5,459 | ||||||||
Colruyt S.A. | 8 | 479 | ||||||||
Elia Group S.A./N.V. | 5 | 575 | ||||||||
Galapagos N.V.(b) | 8 | 1,766 | ||||||||
Groupe Bruxelles Lambert S.A. | 11 | 878 | ||||||||
KBC Group N.V.(a) | 42 | 2,267 | ||||||||
Proximus SADP | 22 | 469 | ||||||||
Sofina S.A. | 2 | 471 | ||||||||
Solvay S.A., Class A | 11 | 858 | ||||||||
Telenet Group Holding N.V. | 8 | 334 | ||||||||
UCB S.A. | 19 | 1,739 | ||||||||
Umicore S.A. | 33 | 1,424 | ||||||||
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18,159 | ||||||||||
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Cambodia-0.01% | ||||||||||
NagaCorp Ltd. | 230 | 272 | ||||||||
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Chile-0.03% | ||||||||||
Antofagasta PLC | 55 | 564 | ||||||||
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China-0.46% | ||||||||||
AAC Technologies Holdings, Inc. | 110 | 538 | ||||||||
BOC Hong Kong Holdings Ltd. | 569 | 1,751 | ||||||||
Budweiser Brewing Co. APAC Ltd.(b)(c) | 181 | 494 | ||||||||
China Mengniu Dairy Co. Ltd.(b) | 424 | 1,512 | ||||||||
China Travel International Investment Hong Kong Ltd. | 398 | 56 | ||||||||
FIH Mobile Ltd.(b) | 455 | 52 | ||||||||
Kerry Logistics Network Ltd. | 87 | 119 | ||||||||
Lenovo Group Ltd. | 1,138 | 619 | ||||||||
Minth Group Ltd. | 109 | 262 | ||||||||
MMG Ltd.(b) | 351 | 62 | ||||||||
Nexteer Automotive Group Ltd. | 129 | 67 | ||||||||
Semiconductor Manufacturing International Corp.(b) | 444 | 849 | ||||||||
Shougang Fushan Resources Group Ltd. | 567 | 113 | ||||||||
Shui On Land Ltd. | 546 | 96 | ||||||||
SITC International Holdings Co. Ltd. | 181 | 180 | ||||||||
Sun Art Retail Group Ltd. | 348 | 580 | ||||||||
Tingyi Cayman Islands Holding Corp. | 295 | 522 | ||||||||
Towngas China Co. Ltd. | 162 | 80 | ||||||||
Uni-President China Holdings Ltd. | 182 | 183 | ||||||||
Want Want China Holdings Ltd. | 874 | 627 | ||||||||
Xinyi Glass Holdings Ltd. | 317 | 368 | ||||||||
Xinyi Solar Holdings Ltd. | 495 | 312 | ||||||||
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9,442 | ||||||||||
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Denmark-2.05% | ||||||||||
Ambu A/S, Class B | 26 | 815 | ||||||||
AP Moller - Maersk A/S, Class A | 1 | 923 | ||||||||
AP Moller - Maersk A/S, Class B | 1 | 994 | ||||||||
Carlsberg A/S, Class B | 16 | 2,017 | ||||||||
Chr. Hansen Holding A/S | 16 | 1,379 | ||||||||
Coloplast A/S, Class B | 20 | 3,163 |
Shares | Value | |||||||||
Denmark-(continued) | ||||||||||
Danske Bank A/S(b) | 103 | $ | 1,222 | |||||||
Demant A/S(b) | 16 | 382 | ||||||||
DSV Panalpina A/S | 31 | 3,198 | ||||||||
Genmab A/S(b) | 9 | 2,164 | ||||||||
GN Store Nord A/S | 21 | 960 | ||||||||
H Lundbeck A/S | 9 | 328 | ||||||||
ISS A/S(b) | 29 | 433 | ||||||||
Novo Nordisk A/S, Class B | 254 | 16,197 | ||||||||
Novozymes A/S, Class B | 31 | 1,518 | ||||||||
Orsted A/S(c) | 28 | 2,830 | ||||||||
Pandora A/S(a) | 15 | 533 | ||||||||
Rockwool International A/S, Class B | 1 | 210 | ||||||||
Tryg A/S | 19 | 503 | ||||||||
Vestas Wind Systems A/S | 29 | 2,496 | ||||||||
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42,265 | ||||||||||
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Finland-1.16% | ||||||||||
Elisa OYJ | 22 | 1,336 | ||||||||
Fortum OYJ | 68 | 1,128 | ||||||||
Huhtamaki OYJ(b) | 14 | 523 | ||||||||
Kesko OYJ, Class B | 40 | 651 | ||||||||
Kone OYJ, Class B | 60 | 3,636 | ||||||||
Metso OYJ | 17 | 472 | ||||||||
Neste OYJ | 64 | 2,266 | ||||||||
Nokia OYJ | 859 | 3,128 | ||||||||
Nokian Renkaat OYJ(a) | 21 | 449 | ||||||||
Nordea Bank Abp | 494 | 3,164 | ||||||||
Orion OYJ, Class B. | 16 | 813 | ||||||||
Sampo OYJ, Class A | 76 | 2,517 | ||||||||
Stora Enso OYJ, Class R | 86 | 1,017 | ||||||||
UPM-Kymmene OYJ | 83 | 2,296 | ||||||||
Wartsila OYJ Abp | 71 | 521 | ||||||||
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23,917 | ||||||||||
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France-9.10% | ||||||||||
Accor S.A.(a) | 29 | 804 | ||||||||
Adevinta ASA, Class B(b) | 35 | 290 | ||||||||
Aeroports de Paris | 4 | 392 | ||||||||
Air France-KLM(a)(b) | 34 | 173 | ||||||||
Air Liquide S.A.(a) | 71 | 9,029 | ||||||||
Airbus SE(b) | 85 | 5,389 | ||||||||
ALD S.A.(c) | 13 | 127 | ||||||||
Alstom S.A. | 28 | 1,146 | ||||||||
Amundi S.A.(c) | 9 | 597 | ||||||||
Arkema S.A. | 11 | 912 | ||||||||
Atos SE | 15 | 1,069 | ||||||||
AXA S.A. | 295 | 5,233 | ||||||||
BioMerieux | 6 | 745 | ||||||||
BNP Paribas S.A. | 166 | 5,214 | ||||||||
Bollore S.A. | 155 | 411 | ||||||||
Bouygues S.A. | 32 | 985 | ||||||||
Bureau Veritas S.A. | 43 | 892 | ||||||||
Capgemini SE | 24 | 2,254 | ||||||||
Carrefour S.A. | 87 | 1,286 | ||||||||
Casino Guichard Perrachon S.A.(a) | 9 | 337 | ||||||||
Cie de Saint-Gobain | 76 | 2,015 | ||||||||
Cie Generale des Etablissements Michelin S.C.A | 27 | 2,635 | ||||||||
Cie Plastic Omnium S.A. | 9 | 171 | ||||||||
CNP Assurances(b) | 25 | 258 | ||||||||
Covivio. | 7 | 438 | ||||||||
Credit Agricole S.A. | 174 | 1,388 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
France-(continued) | ||||||||||
Danone S.A. | 92 | $ | 6,375 | |||||||
Dassault Systemes SE | 20 | 2,926 | ||||||||
Edenred | 37 | 1,490 | ||||||||
Eiffage S.A. | 11 | 900 | ||||||||
Electricite de France S.A. | 76 | 605 | ||||||||
Elis S.A. | 30 | 371 | ||||||||
ENGIE S.A. | 252 | 2,734 | ||||||||
EssilorLuxottica S.A. | 45 | 5,552 | ||||||||
Eurazeo SE | 7 | 335 | ||||||||
Eutelsat Communications S.A. | 27 | 303 | ||||||||
Faurecia SE | 11 | 398 | ||||||||
Gecina S.A. | 8 | 1,044 | ||||||||
Getlink SE | 72 | 917 | ||||||||
Hermes International | 5 | 3,657 | ||||||||
ICADE | 5 | 384 | ||||||||
Iliad S.A. | 2 | 298 | ||||||||
Imerys S.A. | 6 | 188 | ||||||||
Ingenico Group S.A. | 9 | 1,131 | ||||||||
Ipsen S.A. | 5 | 371 | ||||||||
JCDecaux S.A. | 11 | 228 | ||||||||
Kering S.A. | 11 | 5,545 | ||||||||
Klepierre S.A. | 29 | 586 | ||||||||
Legrand S.A. | 41 | 2,763 | ||||||||
L’Oreal S.A. | 37 | 10,752 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 38 | 14,669 | ||||||||
Natixis S.A. | 133 | 315 | ||||||||
Orange S.A. | 294 | 3,586 | ||||||||
Orpea. | 8 | 889 | ||||||||
Pernod Ricard S.A. | 32 | 4,875 | ||||||||
Peugeot S.A. | 84 | 1,203 | ||||||||
Publicis Groupe S.A. | 33 | 981 | ||||||||
Remy Cointreau S.A.(a) | 4 | 446 | ||||||||
Renault S.A. | 28 | 555 | ||||||||
Rexel S.A. | 48 | 450 | ||||||||
Rubis S.C.A | 14 | 628 | ||||||||
Safran S.A. | 49 | 4,520 | ||||||||
Sanofi(a) | 166 | 16,216 | ||||||||
Sartorius Stedim Biotech. | 4 | 959 | ||||||||
Schneider Electric SE(a) | 81 | 7,404 | ||||||||
SCOR SE | 25 | 704 | ||||||||
SEB S.A. | 4 | 481 | ||||||||
Societe Generale S.A. | 119 | 1,859 | ||||||||
Sodexo S.A. | 13 | 1,032 | ||||||||
Suez | 58 | 655 | ||||||||
Teleperformance | 9 | 2,016 | ||||||||
Thales S.A. | 15 | 1,136 | ||||||||
TOTAL S.A. | 367 | 13,205 | ||||||||
Ubisoft Entertainment S.A.(b) | 13 | 967 | ||||||||
Unibail-Rodamco-Westfield | 21 | 1,236 | ||||||||
Valeo S.A. | 38 | 881 | ||||||||
Veolia Environnement S.A. | 78 | 1,665 | ||||||||
Vinci S.A. | 71 | 5,809 | ||||||||
Vivendi S.A. | 124 | 2,676 | ||||||||
Wendel SE | 4 | 342 | ||||||||
Worldline S.A.(b)(c) | 21 | 1,426 | ||||||||
|
| |||||||||
187,829 | ||||||||||
|
| |||||||||
Germany-8.00% | ||||||||||
1&1 Drillisch AG(a) | 7 | 163 | ||||||||
adidas AG | 30 | 6,874 |
Shares | Value | |||||||||
Germany-(continued) | ||||||||||
Allianz SE | 64 | $ | 11,838 | |||||||
Aroundtown S.A. | 170 | 914 | ||||||||
BASF SE | 142 | 7,261 | ||||||||
Bayer AG | 151 | 9,947 | ||||||||
Bayerische Motoren Werke AG | 50 | 2,960 | ||||||||
Bayerische Motoren Werke AG, Preference Shares | 9 | 426 | ||||||||
Bechtle AG | 4 | 579 | ||||||||
Beiersdorf AG | 15 | 1,570 | ||||||||
Brenntag AG | 24 | 1,083 | ||||||||
Carl Zeiss Meditec AG, BR | 6 | 591 | ||||||||
Commerzbank AG(a) | 165 | 610 | ||||||||
Continental AG | 17 | 1,437 | ||||||||
Covestro AG(c) | 26 | 874 | ||||||||
CTS Eventim AG& Co. KGaA | 9 | 374 | ||||||||
Daimler AG | 125 | 4,317 | ||||||||
Delivery Hero SE(b)(c) | 22 | 1,855 | ||||||||
Deutsche Bank AG | 314 | 2,331 | ||||||||
Deutsche Boerse AG | 28 | 4,347 | ||||||||
Deutsche Lufthansa AG(a) | 37 | 331 | ||||||||
Deutsche Post AG | 150 | 4,461 | ||||||||
Deutsche Telekom AG | 496 | 7,239 | ||||||||
Deutsche Wohnen SE | 56 | 2,269 | ||||||||
DWS Group GmbH & Co. KGaA(c) | 5 | 158 | ||||||||
E.ON SE | 333 | 3,336 | ||||||||
Evonik Industries AG | 26 | 640 | ||||||||
Fielmann AG | 4 | 262 | ||||||||
Fraport AG Frankfurt Airport Services Worldwide(a) | 6 | 263 | ||||||||
Fresenius Medical Care AG& Co. KGaA | 32 | 2,512 | ||||||||
Fresenius SE & Co. KGaA | 63 | 2,735 | ||||||||
Fuchs Petrolub SE | 5 | 167 | ||||||||
Fuchs Petrolub SE, Preference Shares | 11 | 427 | ||||||||
GEA Group AG | 26 | 597 | ||||||||
GRENKE AG(a) | 4 | 280 | ||||||||
Hannover Rueck SE | 9 | 1,434 | ||||||||
Hapag-Lloyd AG(c) | 4 | 575 | ||||||||
HeidelbergCement AG | 23 | 1,093 | ||||||||
Hella GmbH & Co. KGaA | 7 | 259 | ||||||||
Henkel AG& Co. KGaA | 16 | 1,246 | ||||||||
Henkel AG& Co. KGaA, Preference Shares | 27 | 2,397 | ||||||||
HOCHTIEF AG | 3 | 236 | ||||||||
HUGO BOSS AG | 10 | 278 | ||||||||
Infineon Technologies AG | 192 | 3,564 | ||||||||
KION Group AG. | 11 | 546 | ||||||||
Knorr-Bremse AG | 7 | 651 | ||||||||
LANXESS AG | 13 | 640 | ||||||||
LEG Immobilien AG. | 10 | 1,148 | ||||||||
Merck KGaA | 20 | 2,324 | ||||||||
METRO AG | 26 | 226 | ||||||||
MTU Aero Engines AG | 8 | 1,089 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 22 | 4,839 | ||||||||
Nemetschek SE. | 8 | 504 | ||||||||
OSRAM Licht AG | 9 | 374 | ||||||||
Porsche Automobil Holding SE, Preference Shares | 24 | 1,210 | ||||||||
ProSiebenSat.1 Media SE(a) | 32 | 321 | ||||||||
Puma SE | 13 | 817 | ||||||||
Rational AG | 1 | 483 | ||||||||
Rheinmetall AG | 7 | 474 | ||||||||
Rocket Internet SE(b)(c) | 10 | 211 | ||||||||
RWE AG | 89 | 2,558 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Germany-(continued) | ||||||||||
SAP SE | 149 | $ | 17,779 | |||||||
Sartorius AG, Preference Shares | 5 | 1,406 | ||||||||
Scout24 AG(c) | 17 | 1,112 | ||||||||
Siemens AG | 116 | 10,759 | ||||||||
Siemens Healthineers AG(c) | 21 | 925 | ||||||||
Suedzucker AG | 12 | 159 | ||||||||
Symrise AG | 19 | 1,921 | ||||||||
Talanx AG | 6 | 214 | ||||||||
TeamViewer AG(b) | 15 | 651 | ||||||||
Telefonica Deutschland Holding AG | 106 | 301 | ||||||||
thyssenkrupp AG(a)(b) | 74 | 493 | ||||||||
Traton SE(b) | 7 | 105 | ||||||||
TUI AG(a) | 69 | 275 | ||||||||
Uniper SE | 31 | 832 | ||||||||
United Internet AG | 18 | 620 | ||||||||
Varta AG(b) | 2 | 166 | ||||||||
Volkswagen AG(a) | 5 | 746 | ||||||||
Volkswagen AG, Preference Shares | 28 | 3,932 | ||||||||
Vonovia SE | 84 | 4,145 | ||||||||
Wacker Chemie AG | 2 | 117 | ||||||||
Wirecard AG(a) | 18 | 1,782 | ||||||||
Zalando SE(b)(c) | 23 | 1,121 | ||||||||
|
| |||||||||
165,086 | ||||||||||
|
| |||||||||
Hong Kong-3.05% | ||||||||||
AIA Group Ltd. | 1,859 | 17,254 | ||||||||
ASM Pacific Technology Ltd. | 47 | 478 | ||||||||
Bank of East Asia Ltd. (The) | 188 | 399 | ||||||||
Brightoil Petroleum Holdings Ltd.(b)(d) | 462 | 0 | ||||||||
Cafe de Coral Holdings Ltd. | 53 | 109 | ||||||||
Cathay Pacific Airways Ltd.(a) | 125 | 148 | ||||||||
Champion REIT | 309 | 183 | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 169 | 144 | ||||||||
CK Asset Holdings Ltd. | 413 | 2,610 | ||||||||
CK Hutchison Holdings Ltd. | 411 | 3,043 | ||||||||
CK Infrastructure Holdings Ltd. | 98 | 584 | ||||||||
CLP Holdings Ltd. | 253 | 2,702 | ||||||||
Dah Sing Banking Group Ltd. | 58 | 57 | ||||||||
Dah Sing Financial Holdings Ltd. | 23 | 76 | ||||||||
Dairy Farm International Holdings Ltd. | 47 | 225 | ||||||||
Guotai Junan International Holdings Ltd. | 369 | 49 | ||||||||
Haitong International Securities Group Ltd. | 355 | 83 | ||||||||
Hang Lung Group Ltd. | 138 | 313 | ||||||||
Hang Lung Properties Ltd. | 321 | 688 | ||||||||
Hang Seng Bank Ltd. | 110 | 1,937 | ||||||||
Henderson Land Development Co. Ltd. | 205 | 838 | ||||||||
Hong Kong & China Gas Co. Ltd. (The) | 1,513 | 2,705 | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 194 | 6,306 | ||||||||
Hongkong Land Holdings Ltd. | 185 | 779 | ||||||||
Huabao International Holdings Ltd. | 141 | 56 | ||||||||
Hutchison Port Holdings Trust, Class U | 802 | 104 | ||||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 204 | 35 | ||||||||
Hysan Development Co. Ltd. | 98 | 326 | ||||||||
Jardine Matheson Holdings Ltd. | 33 | 1,451 | ||||||||
Jardine Strategic Holdings Ltd. | 29 | 625 | ||||||||
Johnson Electric Holdings Ltd. | 54 | 91 | ||||||||
Kerry Properties Ltd. | 94 | 258 | ||||||||
Li & Fung Ltd. | 917 | 138 | ||||||||
Lifestyle International Holdings Ltd. | 71 | 68 |
Shares | Value | |||||||||
Hong Kong-(continued) | ||||||||||
Link REIT | 318 | $ | 2,855 | |||||||
Mapletree North Asia Commercial Trust(c) | 318 | 213 | ||||||||
Melco International Development Ltd. | 126 | 237 | ||||||||
MTR Corp. Ltd. | 222 | 1,233 | ||||||||
New World Development Co. Ltd. | 872 | 1,029 | ||||||||
NWS Holdings Ltd. | 221 | 230 | ||||||||
PCCW Ltd. | 659 | 404 | ||||||||
Power Assets Holdings Ltd. | 207 | 1,384 | ||||||||
Sa Sa International Holdings Ltd.(a) | 164 | 31 | ||||||||
Shangri-La Asia Ltd. | 175 | 144 | ||||||||
Shun Tak Holdings Ltd. | 293 | 103 | ||||||||
Sino Land Co. Ltd. | 470 | 657 | ||||||||
Sun Hung Kai Properties Ltd. | 218 | 2,992 | ||||||||
Swire Pacific Ltd., Class A | 80 | 525 | ||||||||
Swire Pacific Ltd., Class B | 146 | 160 | ||||||||
Swire Properties Ltd. | 167 | 469 | ||||||||
Techtronic Industries Co. Ltd. | 198 | 1,508 | ||||||||
Television Broadcasts Ltd. | 46 | 64 | ||||||||
United Energy Group Ltd. | 1,144 | 210 | ||||||||
Vitasoy International Holdings Ltd. | 120 | 432 | ||||||||
VTech Holdings Ltd. | 25 | 189 | ||||||||
WH Group Ltd.(c) | 1,328 | 1,281 | ||||||||
Wharf Holdings Ltd. (The) | 137 | 259 | ||||||||
Wharf Real Estate Investment Co. Ltd. | 156 | 659 | ||||||||
Wheelock & Co. Ltd. | 96 | 703 | ||||||||
Yue Yuen Industrial Holdings Ltd. | 114 | 183 | ||||||||
|
| |||||||||
63,016 | ||||||||||
|
| |||||||||
Indonesia-0.01% | ||||||||||
First Pacific Co. Ltd. | 369 | 77 | ||||||||
Golden Agri-Resources Ltd. | 1,011 | 112 | ||||||||
|
| |||||||||
189 | ||||||||||
|
| |||||||||
Ireland-0.53% | ||||||||||
AIB Group PLC(a)(b) | 120 | 164 | ||||||||
Bank of Ireland Group PLC | 146 | 295 | ||||||||
CRH PLC | 122 | 3,693 | ||||||||
Flutter Entertainment PLC(a) | 12 | 1,476 | ||||||||
Glanbia PLC. | 31 | 329 | ||||||||
Kerry Group PLC, Class A | 22 | 2,523 | ||||||||
Kingspan Group PLC | 24 | 1,222 | ||||||||
Smurfit Kappa Group PLC | 38 | 1,202 | ||||||||
|
| |||||||||
10,904 | ||||||||||
|
| |||||||||
Israel-0.52% | ||||||||||
Airport City Ltd.(b) | 10 | 153 | ||||||||
Alony Hetz Properties & Investments Ltd. | 16 | 194 | ||||||||
Amot Investments Ltd. | 18 | 102 | ||||||||
Azrieli Group Ltd. | 5 | 298 | ||||||||
Bank Hapoalim BM | 163 | 1,056 | ||||||||
Bank Leumi Le-Israel BM | 228 | 1,241 | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(b) . | 324 | 233 | ||||||||
Delek Group Ltd. | 1 | 46 | ||||||||
Elbit Systems Ltd. | 4 | 547 | ||||||||
Fattal Holdings 1998 Ltd. | 1 | 69 | ||||||||
First International Bank of Israel Ltd. | 8 | 200 | ||||||||
Gazit-Globe Ltd. | 15 | 111 | ||||||||
Harel Insurance Investments & Financial Services Ltd. | 18 | 116 | ||||||||
ICL Ltd. | 99 | 347 | ||||||||
Israel Corp. Ltd. (The)(b) | 1 | 130 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Israel-(continued) | ||||||||||
Israel Discount Bank Ltd., Class A | 185 | $ | 606 | |||||||
Melisron Ltd. | 2 | 81 | ||||||||
Migdal Insurance & Financial Holdings Ltd. | 87 | 56 | ||||||||
Mivne Real Estate KD Ltd.(b) | 103 | 223 | ||||||||
Mizrahi Tefahot Bank Ltd. | 20 | 413 | ||||||||
Nice Ltd.(b) | 10 | 1,672 | ||||||||
Oil Refineries Ltd. | 237 | 66 | ||||||||
Paz Oil Co. Ltd. | 2 | 177 | ||||||||
Phoenix Holdings Ltd. (The) | 20 | 106 | ||||||||
Shapir Engineering and Industry Ltd. | 17 | 120 | ||||||||
Shikun & Binui Ltd. | 28 | 117 | ||||||||
Shufersal Ltd. | 17 | 110 | ||||||||
Strauss Group Ltd. | 6 | 171 | ||||||||
Teva Pharmaceutical Industries Ltd.(b) | 152 | 1,681 | ||||||||
Tower Semiconductor Ltd.(b) | 15 | 295 | ||||||||
|
| |||||||||
10,737 | ||||||||||
|
| |||||||||
Italy-1.96% | ||||||||||
A2A S.p.A | 245 | 333 | ||||||||
Amplifon S.p.A | 18 | 412 | ||||||||
Assicurazioni Generali S.p.A | 199 | 2,837 | ||||||||
Atlantia S.p.A | 72 | 1,172 | ||||||||
Banca Mediolanum S.p.A | 40 | 244 | ||||||||
Banco BPM S.p.A.(a)(b) | 241 | 294 | ||||||||
Buzzi Unicem S.p.A | 11 | 215 | ||||||||
Buzzi Unicem S.p.A., RSP | 6 | 63 | ||||||||
Davide Campari-Milano S.p.A | 90 | 697 | ||||||||
DiaSorin S.p.A | 3 | 510 | ||||||||
Enel S.p.A | 1,194 | 8,155 | ||||||||
Eni S.p.A | 387 | 3,694 | ||||||||
Ferrari N.V | 19 | 2,984 | ||||||||
FinecoBank Banca Fineco S.p.A | 94 | 1,044 | ||||||||
Hera S.p.A | 121 | 448 | ||||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 37 | 391 | ||||||||
Intesa Sanpaolo S.p.A | 2,320 | 3,616 | ||||||||
Italgas S.p.A | 59 | 330 | ||||||||
Leonardo S.p.A | 61 | 421 | ||||||||
Mediaset S.p.A.(a)(b) | 55 | 112 | ||||||||
Mediobanca Banca di Credito Finanziario S.p.A | 110 | 637 | ||||||||
Moncler S.p.A | 28 | 1,052 | ||||||||
Nexi S.p.A.(b)(c) | 40 | 606 | ||||||||
Pirelli & C S.p.A.(c) | 67 | 261 | ||||||||
Poste Italiane S.p.A.(c) | 73 | 620 | ||||||||
PRADA S.p.A | 81 | 262 | ||||||||
Prysmian S.p.A | 40 | 752 | ||||||||
Recordati S.p.A | 16 | 695 | ||||||||
Saipem S.p.A.(b) | 91 | 233 | ||||||||
Salvatore Ferragamo S.p.A | 10 | 124 | ||||||||
Snam S.p.A | 352 | 1,576 | ||||||||
Telecom Italia S.p.A.(a) | 1,600 | 634 | ||||||||
Telecom Italia S.p.A., RSP | 957 | 381 | ||||||||
Terna Rete Elettrica Nazionale S.p.A | 224 | 1,403 | ||||||||
UniCredit S.p.A.(b) | 349 | 2,687 | ||||||||
Unione di Banche Italiane S.p.A | 156 | 446 | ||||||||
UnipolSai Assicurazioni S.p.A | 90 | 221 | ||||||||
|
| |||||||||
40,562 | ||||||||||
|
| |||||||||
Japan-25.71% | ||||||||||
77 Bank Ltd. (The) | 11 | 149 | ||||||||
ABC-Mart, Inc. | 4 | 206 | ||||||||
Acom Co. Ltd. | 60 | 246 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Advantest Corp. | 31 | $ | 1,528 | |||||||
Aeon Co. Ltd. | 110 | 2,234 | ||||||||
AEON Financial Service Co. Ltd. | 18 | 190 | ||||||||
Aeon Mall Co. Ltd. | 19 | 243 | ||||||||
AGC, Inc. | 28 | 707 | ||||||||
Aica Kogyo Co. Ltd. | 8 | 235 | ||||||||
Ain Holdings, Inc. | 4 | 226 | ||||||||
Air Water, Inc. | 24 | 327 | ||||||||
Aisin Seiki Co. Ltd. | 28 | 816 | ||||||||
Ajinomoto Co., Inc. | 76 | 1,362 | ||||||||
Alfresa Holdings Corp. | 28 | 565 | ||||||||
Alps Alpine Co. Ltd. | 30 | 315 | ||||||||
Amada Co. Ltd. | 52 | 478 | ||||||||
Amano Corp. | 10 | 207 | ||||||||
ANA Holdings, Inc. | 18 | 387 | ||||||||
Anritsu Corp.(a) | 21 | 430 | ||||||||
Aozora Bank Ltd. | 18 | 325 | ||||||||
Ariake Japan Co. Ltd. | 3 | 175 | ||||||||
Asahi Group Holdings Ltd. | 60 | 2,098 | ||||||||
Asahi Intecc Co. Ltd. | 29 | 776 | ||||||||
Asahi Kasei Corp. | 191 | 1,366 | ||||||||
Asics Corp. | 28 | 270 | ||||||||
ASKUL Corp. | 3 | 86 | ||||||||
Astellas Pharma, Inc. | 290 | 4,845 | ||||||||
Autobacs Seven Co. Ltd. | 10 | 118 | ||||||||
Azbil Corp. | 20 | 532 | ||||||||
Bandai Namco Holdings, Inc. | 30 | 1,524 | ||||||||
Bank of Kyoto Ltd. (The)(a) | 11 | 382 | ||||||||
Benefit One, Inc. | 10 | 178 | ||||||||
Benesse Holdings, Inc. | 11 | 316 | ||||||||
Bic Camera, Inc. | 24 | 225 | ||||||||
Bridgestone Corp. | 90 | 2,843 | ||||||||
Brother Industries Ltd. | 37 | 635 | ||||||||
Calbee, Inc. | 12 | 366 | ||||||||
Canon Marketing Japan, Inc. | 7 | 137 | ||||||||
Canon, Inc. | 155 | 3,311 | ||||||||
Capcom Co. Ltd. | 14 | 431 | ||||||||
Casio Computer Co. Ltd. | 34 | 544 | ||||||||
Central Japan Railway Co. | 28 | 4,453 | ||||||||
Chiba Bank Ltd. (The) | 104 | 488 | ||||||||
Chubu Electric Power Co., Inc. | 111 | 1,514 | ||||||||
Chugai Pharmaceutical Co. Ltd. | 33 | 3,953 | ||||||||
Chugoku Bank Ltd. (The) | 27 | 251 | ||||||||
Chugoku Electric Power Co., Inc. (The) | 46 | 622 | ||||||||
Citizen Watch Co. Ltd. | 43 | 154 | ||||||||
Coca-Cola Bottlers Japan Holdings, Inc.(a) | 23 | 418 | ||||||||
COMSYS Holdings Corp. | 18 | 505 | ||||||||
Concordia Financial Group Ltd. | 171 | 531 | ||||||||
Cosmo Energy Holdings Co. Ltd. | 10 | 153 | ||||||||
Cosmos Pharmaceutical Corp. | 1 | 269 | ||||||||
Credit Saison Co. Ltd. | 25 | 289 | ||||||||
CyberAgent, Inc. | 15 | 637 | ||||||||
Dai Nippon Printing Co. Ltd. | 47 | 1,007 | ||||||||
Daicel Corp. | 47 | 385 | ||||||||
Daido Steel Co. Ltd. | 6 | 202 | ||||||||
Daifuku Co. Ltd. | 15 | 1,056 | ||||||||
Dai-ichi Life Holdings, Inc. | 168 | 2,138 | ||||||||
Daiichi Sankyo Co. Ltd. | 98 | 6,765 | ||||||||
Daiichikosho Co. Ltd. | 7 | 213 | ||||||||
Daikin Industries Ltd. | 41 | 5,370 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Daishi Hokuetsu Financial Group, Inc. | 7 | $ | 154 | |||||||
Daito Trust Construction Co. Ltd. | 10 | 965 | ||||||||
Daiwa House Industry Co. Ltd. | 101 | 2,604 | ||||||||
Daiwa Securities Group, Inc. | 241 | 1,011 | ||||||||
DeNA Co. Ltd. | 17 | 211 | ||||||||
Denka Co. Ltd. | 14 | 340 | ||||||||
Denso Corp. | 70 | 2,495 | ||||||||
Dentsu Group, Inc. | 35 | 746 | ||||||||
DIC Corp. | 13 | 307 | ||||||||
Disco Corp. | 4 | 911 | ||||||||
DMG Mori Co. Ltd. | 16 | 167 | ||||||||
Dowa Holdings Co. Ltd. | 7 | 197 | ||||||||
East Japan Railway Co. | 56 | 4,123 | ||||||||
Ebara Corp. | 16 | 359 | ||||||||
Eisai Co. Ltd. | 41 | 2,887 | ||||||||
Electric Power Development Co. Ltd. | 26 | 525 | ||||||||
Ezaki Glico Co. Ltd. | 8 | 352 | ||||||||
FamilyMart Co. Ltd. | 36 | 617 | ||||||||
Fancl Corp. | 10 | 243 | ||||||||
FANUC Corp. | 30 | 5,002 | ||||||||
Fast Retailing Co. Ltd. | 8 | 3,853 | ||||||||
FP Corp. | 4 | 303 | ||||||||
Fuji Electric Co. Ltd. | 18 | 437 | ||||||||
Fuji Media Holdings, Inc. | 7 | 71 | ||||||||
Fuji Oil Holdings, Inc. | 7 | 165 | ||||||||
Fuji Seal International, Inc. | 7 | 123 | ||||||||
FUJIFILM Holdings Corp. | 57 | 2,739 | ||||||||
Fujikura Ltd. | 43 | 128 | ||||||||
Fujitsu General Ltd. | 9 | 151 | ||||||||
Fujitsu Ltd. | 30 | 2,956 | ||||||||
Fukuoka Financial Group, Inc. | 23 | 333 | ||||||||
Fukuyama Transporting Co. Ltd. | 5 | 175 | ||||||||
Furukawa Electric Co. Ltd. | 10 | 191 | ||||||||
Fuyo General Lease Co. Ltd. | 3 | 152 | ||||||||
Glory Ltd. | 9 | 205 | ||||||||
GMO internet, Inc. | 9 | 199 | ||||||||
GMO Payment Gateway, Inc. | 6 | 541 | ||||||||
GOLDWIN, Inc. | 6 | 327 | ||||||||
GS Yuasa Corp. | 12 | 173 | ||||||||
GungHo Online Entertainment, Inc. | 5 | 78 | ||||||||
Gunma Bank Ltd. (The) | 68 | 220 | ||||||||
H.I.S. Co. Ltd. | 5 | 67 | ||||||||
H2O Retailing Corp. | 14 | 111 | ||||||||
Hachijuni Bank Ltd. (The) | 65 | 234 | ||||||||
Hakuhodo DY Holdings, Inc. | 38 | 427 | ||||||||
Hamamatsu Photonics K.K | 21 | 929 | ||||||||
Hankyu Hanshin Holdings, Inc. | 34 | 1,176 | ||||||||
Haseko Corp. | 44 | 486 | ||||||||
Heiwa Corp. | 8 | 136 | ||||||||
Hikari Tsushin, Inc. | 3 | 589 | ||||||||
Hino Motors Ltd. | 42 | 254 | ||||||||
Hirose Electric Co. Ltd. | 5 | 555 | ||||||||
Hiroshima Bank Ltd. (The) | 46 | 193 | ||||||||
Hisamitsu Pharmaceutical Co., Inc. | 11 | 523 | ||||||||
Hitachi Capital Corp. | 7 | 138 | ||||||||
Hitachi Chemical Co. Ltd. | 4 | 172 | ||||||||
Hitachi Construction Machinery Co. Ltd. | 17 | 405 | ||||||||
Hitachi Ltd. | 142 | 4,304 | ||||||||
Hitachi Metals Ltd. | 31 | 306 | ||||||||
Hitachi Transport System Ltd. | 7 | 173 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Hokuhoku Financial Group, Inc. | 20 | $ | 164 | |||||||
Hokuriku Electric Power Co. | 27 | 183 | ||||||||
Honda Motor Co. Ltd. | 267 | 6,518 | ||||||||
Horiba Ltd. | 6 | 323 | ||||||||
Hoshizaki Corp. | 8 | 616 | ||||||||
House Foods Group, Inc. | 12 | 379 | ||||||||
Hoya Corp. | 57 | 5,259 | ||||||||
Hulic Co. Ltd. | 56 | 561 | ||||||||
Ibiden Co. Ltd. | 17 | 442 | ||||||||
Ichigo, Inc.(a) | 32 | 84 | ||||||||
Idemitsu Kosan Co. Ltd. | 37 | 855 | ||||||||
IHI Corp. | 21 | 265 | ||||||||
Iida Group Holdings Co. Ltd. | 22 | 296 | ||||||||
INPEX Corp. | 145 | 937 | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 57 | 351 | ||||||||
Isuzu Motors Ltd. | 79 | 609 | ||||||||
Ito En Ltd. | 9 | 503 | ||||||||
ITOCHU Corp.(a) | 209 | 4,153 | ||||||||
Itochu Techno-Solutions Corp. | 16 | 494 | ||||||||
Itoham Yonekyu Holdings, Inc. | 21 | 123 | ||||||||
Iyo Bank Ltd. (The) | 43 | 232 | ||||||||
Izumi Co. Ltd. | 6 | 178 | ||||||||
J Front Retailing Co. Ltd. | 39 | 324 | ||||||||
Japan Airlines Co. Ltd. | 19 | 345 | ||||||||
Japan Airport Terminal Co. Ltd. | 7 | 290 | ||||||||
Japan Aviation Electronics Industry Ltd. | 7 | 92 | ||||||||
Japan Exchange Group, Inc. | 85 | 1,599 | ||||||||
Japan Petroleum Exploration Co. Ltd. | 5 | 87 | ||||||||
Japan Post Bank Co. Ltd.(a) | 65 | 607 | ||||||||
Japan Post Holdings Co. Ltd. | 203 | 1,642 | ||||||||
Japan Post Insurance Co. Ltd. | 30 | 388 | ||||||||
Japan Steel Works Ltd. (The) | 10 | 125 | ||||||||
Japan Tobacco, Inc. | 182 | 3,429 | ||||||||
JCR Pharmaceuticals Co. Ltd. | 2 | 194 | ||||||||
JFE Holdings, Inc. | 82 | 555 | ||||||||
JGC Holdings Corp. | 34 | 335 | ||||||||
JSR Corp. | 30 | 572 | ||||||||
JTEKT Corp. | 36 | 268 | ||||||||
Justsystems Corp. | 5 | 309 | ||||||||
JXTG Holdings, Inc. | 433 | 1,550 | ||||||||
Kagome Co. Ltd. | 12 | 308 | ||||||||
Kajima Corp. | 72 | 761 | ||||||||
Kakaku.com, Inc. | 21 | 432 | ||||||||
Kaken Pharmaceutical Co. Ltd. | 5 | 276 | ||||||||
Kamigumi Co. Ltd. | 16 | 285 | ||||||||
Kandenko Co. Ltd. | 16 | 135 | ||||||||
Kaneka Corp. | 9 | 235 | ||||||||
Kansai Electric Power Co., Inc. (The) | 115 | 1,188 | ||||||||
Kansai Mirai Financial Group, Inc. | 28 | 96 | ||||||||
Kansai Paint Co. Ltd. | 31 | 597 | ||||||||
Kao Corp. | 73 | 5,677 | ||||||||
Kawasaki Heavy Industries Ltd. | 23 | 354 | ||||||||
Kawasaki Kisen Kaisha Ltd.(b) | 13 | 131 | ||||||||
KDDI Corp. | 260 | 7,559 | ||||||||
Keihan Holdings Co. Ltd. | 15 | 680 | ||||||||
Keikyu Corp. | 39 | 646 | ||||||||
Keio Corp. | 18 | 1,027 | ||||||||
Keisei Electric Railway Co. Ltd. | 22 | 671 | ||||||||
Kewpie Corp. | 18 | 360 | ||||||||
Keyence Corp. | 27 | 9,789 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Kikkoman Corp. | 28 | $ | 1,304 | |||||||
Kinden Corp. | 21 | 343 | ||||||||
Kintetsu Group Holdings Co. Ltd. | 28 | 1,351 | ||||||||
Kirin Holdings Co. Ltd. | 123 | 2,391 | ||||||||
Kissei Pharmaceutical Co. Ltd. | 5 | 120 | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 9 | 837 | ||||||||
Kobe Bussan Co. Ltd. | 4 | 194 | ||||||||
Kobe Steel Ltd.(b) | 47 | 160 | ||||||||
Koei Tecmo Holdings Co. Ltd. | 9 | 240 | ||||||||
Koito Manufacturing Co. Ltd. | 18 | 688 | ||||||||
KOKUYO Co. Ltd. | 13 | 160 | ||||||||
Komatsu Ltd. | 140 | 2,700 | ||||||||
Konami Holdings Corp. | 15 | 478 | ||||||||
Konica Minolta, Inc. | 72 | 283 | ||||||||
Kose Corp. | 4 | 503 | ||||||||
Kotobuki Spirits Co. Ltd. | 3 | 120 | ||||||||
K’s Holdings Corp. | 26 | 287 | ||||||||
Kubota Corp. | 170 | 2,141 | ||||||||
Kuraray Co. Ltd. | 56 | 568 | ||||||||
Kurita Water Industries Ltd. | 17 | 482 | ||||||||
Kusuri no Aoki Holdings Co. Ltd. | 2 | 157 | ||||||||
Kyocera Corp. | 47 | 2,540 | ||||||||
Kyoritsu Maintenance Co. Ltd. | 4 | 99 | ||||||||
Kyowa Exeo Corp. | 14 | 346 | ||||||||
Kyowa Kirin Co. Ltd. | 40 | 942 | ||||||||
Kyudenko Corp. | 6 | 169 | ||||||||
Kyushu Electric Power Co., Inc. | 73 | 582 | ||||||||
Kyushu Financial Group, Inc. | 61 | 259 | ||||||||
Kyushu Railway Co. | 25 | 679 | ||||||||
Lasertec Corp. | 12 | 809 | ||||||||
Lawson, Inc. | 7 | 365 | ||||||||
LINE Corp.(b) | 8 | 394 | ||||||||
Lintec Corp. | 8 | 173 | ||||||||
Lion Corp. | 40 | 842 | ||||||||
LIXIL Group Corp. | 41 | 502 | ||||||||
M3, Inc. | 64 | 2,328 | ||||||||
Mabuchi Motor Co. Ltd. | 8 | 251 | ||||||||
Maeda Corp. | 21 | 171 | ||||||||
Maeda Road Construction Co. Ltd. | 9 | 169 | ||||||||
Makita Corp. | 39 | 1,284 | ||||||||
Mani, Inc. | 9 | 202 | ||||||||
Marubeni Corp. | 248 | 1,215 | ||||||||
Maruha Nichiro Corp. | 6 | 127 | ||||||||
Marui Group Co. Ltd. | 33 | 547 | ||||||||
Maruichi Steel Tube Ltd. | 10 | 228 | ||||||||
Matsui Securities Co. Ltd. | 16 | 118 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 12 | 416 | ||||||||
Mazda Motor Corp. | 90 | 515 | ||||||||
Mebuki Financial Group, Inc. | 161 | 342 | ||||||||
Medipal Holdings Corp. | 25 | 490 | ||||||||
Megmilk Snow Brand Co. Ltd. | 7 | 161 | ||||||||
MEIJI Holdings Co. Ltd. | 21 | 1,467 | ||||||||
MINEBEA MITSUMI, Inc. | 64 | 1,062 | ||||||||
Miraca Holdings, Inc. | 8 | 202 | ||||||||
MISUMI Group, Inc. | 44 | 1,064 | ||||||||
Mitsubishi Chemical Holdings Corp. | 195 | 1,126 | ||||||||
Mitsubishi Corp. | 183 | 3,936 | ||||||||
Mitsubishi Electric Corp. | 303 | 3,798 | ||||||||
Mitsubishi Estate Co. Ltd. | 181 | 2,983 | ||||||||
Mitsubishi Gas Chemical Co., Inc. | 30 | 373 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Mitsubishi Heavy Industries Ltd. | 45 | $ | 1,163 | |||||||
Mitsubishi Logistics Corp. | 11 | 246 | ||||||||
Mitsubishi Materials Corp. | 20 | 414 | ||||||||
Mitsubishi Motors Corp. | 99 | 282 | ||||||||
Mitsubishi Shokuhin Co. Ltd. | 2 | 50 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 1,915 | 7,777 | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 69 | 335 | ||||||||
Mitsui & Co. Ltd. | 259 | 3,667 | ||||||||
Mitsui Chemicals, Inc. | 29 | 577 | ||||||||
Mitsui Fudosan Co. Ltd. | 144 | 2,691 | ||||||||
Mitsui Mining & Smelting Co. Ltd. | 9 | 173 | ||||||||
Mitsui OSK Lines Ltd. | 17 | 301 | ||||||||
Miura Co. Ltd. | 16 | 661 | ||||||||
Mizuho Financial Group, Inc. | 3,899 | 4,587 | ||||||||
Mochida Pharmaceutical Co. Ltd. | 4 | 157 | ||||||||
MonotaRO Co. Ltd. | 18 | 584 | ||||||||
Morinaga & Co. Ltd. | 6 | 249 | ||||||||
Morinaga Milk Industry Co. Ltd. | 6 | 235 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 77 | 2,248 | ||||||||
Murata Manufacturing Co. Ltd. | 88 | 4,953 | ||||||||
Nabtesco Corp. | 18 | 524 | ||||||||
Nagase & Co. Ltd. | 17 | 207 | ||||||||
Nagoya Railroad Co. Ltd. | 29 | 839 | ||||||||
Nankai Electric Railway Co. Ltd. | 17 | 382 | ||||||||
NEC Corp. | 40 | 1,558 | ||||||||
NET One Systems Co. Ltd. | 13 | 378 | ||||||||
Nexon Co. Ltd. | 64 | 1,044 | ||||||||
NGK Insulators Ltd. | 42 | 559 | ||||||||
NGK Spark Plug Co. Ltd. | 30 | 455 | ||||||||
NH Foods Ltd. | 16 | 577 | ||||||||
NHK Spring Co. Ltd. | 26 | 173 | ||||||||
Nichirei Corp. | 17 | 427 | ||||||||
Nidec Corp. | 72 | 4,232 | ||||||||
Nifco, Inc. | 14 | 274 | ||||||||
Nihon Kohden Corp. | 12 | 433 | ||||||||
Nihon M&A Center, Inc. | 20 | 665 | ||||||||
Nihon Unisys Ltd. | 10 | 294 | ||||||||
Nikon Corp. | 55 | 518 | ||||||||
Nintendo Co. Ltd. | 16 | 6,681 | ||||||||
Nippo Corp. | 8 | 182 | ||||||||
Nippon Electric Glass Co. Ltd. | 13 | 193 | ||||||||
Nippon Express Co. Ltd. | 11 | 544 | ||||||||
Nippon Kayaku Co. Ltd. | 27 | 264 | ||||||||
Nippon Paint Holdings Co. Ltd.(a) | 24 | 1,394 | ||||||||
Nippon Paper Industries Co. Ltd. | 15 | 217 | ||||||||
Nippon Shinyaku Co. Ltd. | 8 | 566 | ||||||||
Nippon Shokubai Co. Ltd. | 5 | 239 | ||||||||
Nippon Steel Corp. | 127 | 1,083 | ||||||||
Nippon Telegraph & Telephone Corp. | 183 | 4,181 | ||||||||
Nippon Television Holdings, Inc. | 4 | 45 | ||||||||
Nippon Yusen KK | 25 | 334 | ||||||||
Nipro Corp. | 19 | 215 | ||||||||
Nishi-Nippon Financial Holdings, Inc. | 25 | 148 | ||||||||
Nishi-Nippon Railroad Co. Ltd. | 12 | 296 | ||||||||
Nissan Chemical Corp. | 21 | 813 | ||||||||
Nissan Motor Co. Ltd. | 296 | 1,024 | ||||||||
Nissan Shatai Co. Ltd. | 10 | 82 | ||||||||
Nisshin Seifun Group, Inc. | 41 | 645 | ||||||||
Nisshinbo Holdings, Inc. | 20 | 142 | ||||||||
Nissin Foods Holdings Co. Ltd. | 11 | 909 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Nitori Holdings Co. Ltd. | 11 | $ | 1,699 | |||||||
Nitto Denko Corp. | 24 | 1,214 | ||||||||
Noevir Holdings Co. Ltd. | 2 | 95 | ||||||||
NOF Corp. | 11 | 368 | ||||||||
NOK Corp. | 18 | 212 | ||||||||
Nomura Holdings, Inc. | 455 | 1,914 | ||||||||
Nomura Real Estate Holdings, Inc. | 19 | 315 | ||||||||
Nomura Research Institute Ltd. | 40 | 985 | ||||||||
NS Solutions Corp. | 5 | 126 | ||||||||
NSK Ltd. | 72 | 504 | ||||||||
NTN Corp. | 67 | 130 | ||||||||
NTT Data Corp. | 100 | 1,033 | ||||||||
NTT DOCOMO, Inc. | 174 | 5,122 | ||||||||
Obayashi Corp. | 107 | 953 | ||||||||
OBIC Business Consultants Co. Ltd. | 2 | 90 | ||||||||
Obic Co. Ltd. | 10 | 1,517 | ||||||||
Odakyu Electric Railway Co. Ltd. | 48 | 1,065 | ||||||||
Oji Holdings Corp. | 139 | 715 | ||||||||
OKUMA Corp. | 5 | 193 | ||||||||
Olympus Corp. | 152 | 2,453 | ||||||||
Omron Corp. | 29 | 1,725 | ||||||||
Ono Pharmaceutical Co. Ltd. | 67 | 1,623 | ||||||||
Open House Co. Ltd. | 10 | 222 | ||||||||
Oracle Corp. Japan | 5 | 520 | ||||||||
Orient Corp. | 90 | 104 | ||||||||
Oriental Land Co. Ltd. | 29 | 3,710 | ||||||||
ORIX Corp. | 197 | 2,375 | ||||||||
Osaka Gas Co. Ltd. | 62 | 1,159 | ||||||||
OSG Corp. | 11 | 145 | ||||||||
Otsuka Corp. | 16 | 725 | ||||||||
Otsuka Holdings Co. Ltd. | 66 | 2,626 | ||||||||
Paltac Corp. | 5 | 264 | ||||||||
Pan Pacific International Holdings Corp. | 80 | 1,558 | ||||||||
Panasonic Corp. | 326 | 2,521 | ||||||||
Park24 Co. Ltd. | 17 | 275 | ||||||||
Penta-Ocean Construction Co. Ltd. | 44 | 226 | ||||||||
PeptiDream, Inc.(b) | 13 | 492 | ||||||||
Persol Holdings Co. Ltd. | 27 | 318 | ||||||||
Pigeon Corp. | 17 | 610 | ||||||||
Pilot Corp. | 4 | 136 | ||||||||
Pola Orbis Holdings, Inc. | 12 | 215 | ||||||||
Rakuten, Inc. | 127 | 1,088 | ||||||||
Recruit Holdings Co. Ltd. | 191 | 5,683 | ||||||||
Relo Group, Inc. | 16 | 352 | ||||||||
Renesas Electronics Corp.(b) | 110 | 597 | ||||||||
Rengo Co. Ltd. | 33 | 262 | ||||||||
Resona Holdings, Inc. | 347 | 1,094 | ||||||||
Resorttrust, Inc. | 10 | 104 | ||||||||
Ricoh Co. Ltd. | 108 | 747 | ||||||||
Rinnai Corp. | 6 | 458 | ||||||||
Rohm Co. Ltd. | 14 | 898 | ||||||||
Rohto Pharmaceutical Co. Ltd. | 15 | 441 | ||||||||
Ryohin Keikaku Co. Ltd. | 36 | 435 | ||||||||
Sankyo Co. Ltd. | 8 | 222 | ||||||||
Sankyu, Inc. | 8 | 312 | ||||||||
Sanrio Co. Ltd. | 9 | 136 | ||||||||
Santen Pharmaceutical Co. Ltd. | 57 | 1,015 | ||||||||
Sanwa Holdings Corp. | 31 | 245 | ||||||||
Sapporo Holdings Ltd. | 10 | 193 | ||||||||
Sawai Pharmaceutical Co. Ltd. | 6 | 330 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
SBI Holdings, Inc. | 36 | $ | 684 | |||||||
SCREEN Holdings Co. Ltd. | 6 | 295 | ||||||||
SCSK Corp. | 7 | 318 | ||||||||
Secom Co. Ltd. | 30 | 2,526 | ||||||||
Sega Sammy Holdings, Inc. | 31 | 380 | ||||||||
Seibu Holdings, Inc. | 34 | 412 | ||||||||
Seiko Epson Corp. | 44 | 505 | ||||||||
Seino Holdings Co. Ltd. | 23 | 277 | ||||||||
Sekisui Chemical Co. Ltd. | 57 | 730 | ||||||||
Sekisui House Ltd. | 89 | 1,547 | ||||||||
Seven & i Holdings Co. Ltd. | 119 | 3,954 | ||||||||
Seven Bank Ltd. | 104 | 284 | ||||||||
SG Holdings Co. Ltd. | 33 | 923 | ||||||||
Sharp Corp.(b) | 23 | 258 | ||||||||
Shiga Bank Ltd. (The) | 8 | 190 | ||||||||
Shikoku Electric Power Co., Inc. | 24 | 187 | ||||||||
Shimadzu Corp. | 41 | 1,029 | ||||||||
Shimamura Co. Ltd. | 3 | 191 | ||||||||
Shimano, Inc. | 12 | 1,778 | ||||||||
Shimizu Corp. | 90 | 704 | ||||||||
Shin-Etsu Chemical Co. Ltd. | 62 | 6,966 | ||||||||
Shinsei Bank Ltd. | 30 | 366 | ||||||||
Shionogi & Co. Ltd. | 43 | 2,384 | ||||||||
Ship Healthcare Holdings, Inc. | 6 | 274 | ||||||||
Shiseido Co. Ltd. | 60 | 3,579 | ||||||||
Shizuoka Bank Ltd. (The) | 83 | 508 | ||||||||
SHO-BOND Holdings Co. Ltd. | 8 | 327 | ||||||||
Shochiku Co. Ltd. | 2 | 220 | ||||||||
Showa Denko K.K. | 23 | 511 | ||||||||
SKY Perfect JSAT Holdings, Inc. | 19 | 72 | ||||||||
Skylark Holdings Co. Ltd. | 30 | 449 | ||||||||
SMC Corp. | 9 | 4,124 | ||||||||
SMS Co. Ltd. | 7 | 155 | ||||||||
Softbank Corp. | 247 | 3,382 | ||||||||
SoftBank Group Corp. | 249 | 10,788 | ||||||||
Sohgo Security Services Co. Ltd. | 10 | 483 | ||||||||
Sojitz Corp. | 199 | 469 | ||||||||
Sompo Holdings, Inc. | 53 | 1,735 | ||||||||
Sony Corp. | 188 | 12,187 | ||||||||
Sony Financial Holdings, Inc. | 24 | 464 | ||||||||
Sotetsu Holdings, Inc. | 12 | 310 | ||||||||
Square Enix Holdings Co. Ltd. | 12 | 494 | ||||||||
Stanley Electric Co. Ltd. | 23 | 532 | ||||||||
Subaru Corp. | 95 | 1,932 | ||||||||
Sugi Holdings Co. Ltd. | 5 | 302 | ||||||||
SUMCO Corp. | 34 | 493 | ||||||||
Sumitomo Bakelite Co. Ltd. | 5 | 132 | ||||||||
Sumitomo Chemical Co. Ltd. | 239 | 747 | ||||||||
Sumitomo Corp. | 172 | 1,976 | ||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 26 | 364 | ||||||||
Sumitomo Electric Industries Ltd. | 119 | 1,239 | ||||||||
Sumitomo Forestry Co. Ltd. | 21 | 265 | ||||||||
Sumitomo Heavy Industries Ltd. | 18 | 386 | ||||||||
Sumitomo Metal Mining Co. Ltd. | 38 | 966 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 200 | 5,319 | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 56 | 1,655 | ||||||||
Sumitomo Osaka Cement Co. Ltd. | 5 | 166 | ||||||||
Sumitomo Realty & Development Co. Ltd. | 62 | 1,689 | ||||||||
Sumitomo Rubber Industries Ltd. | 28 | 276 | ||||||||
Sundrug Co. Ltd. | 10 | 346 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Suntory Beverage & Food Ltd. | 20 | $ | 758 | |||||||
Sushiro Global Holdings Ltd. | 16 | 251 | ||||||||
Suzuken Co. Ltd. | 12 | 467 | ||||||||
Suzuki Motor Corp. | 66 | 2,141 | ||||||||
Sysmex Corp. | 29 | 2,018 | ||||||||
T&D Holdings, Inc. | 84 | 738 | ||||||||
Tadano Ltd. | 18 | 139 | ||||||||
Taiheiyo Cement Corp. | 19 | 380 | ||||||||
Taisei Corp. | 31 | 981 | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 7 | 441 | ||||||||
Taiyo Nippon Sanso Corp. | 23 | 362 | ||||||||
Taiyo Yuden Co. Ltd. | 18 | 510 | ||||||||
Takara Bio, Inc. | 7 | 158 | ||||||||
Takara Holdings, Inc. | 28 | 209 | ||||||||
Takashimaya Co. Ltd. | 23 | 210 | ||||||||
Takeda Pharmaceutical Co. Ltd. | 233 | 8,461 | ||||||||
TDK Corp. | 19 | 1,667 | ||||||||
TechnoPro Holdings, Inc. | 6 | 348 | ||||||||
Teijin Ltd. | 28 | 452 | ||||||||
Terumo Corp. | 100 | 3,340 | ||||||||
THK Co. Ltd. | 18 | 439 | ||||||||
TIS, Inc. | 36 | 698 | ||||||||
Tobu Railway Co. Ltd. | 32 | 1,097 | ||||||||
Toda Corp. | 37 | 218 | ||||||||
Toho Co. Ltd. | 18 | 596 | ||||||||
Toho Gas Co. Ltd. | 14 | 689 | ||||||||
Tohoku Electric Power Co., Inc. | 75 | 710 | ||||||||
Tokai Carbon Co. Ltd. | 31 | 260 | ||||||||
Tokai Rika Co. Ltd. | 8 | 104 | ||||||||
Tokio Marine Holdings, Inc. | 102 | 4,851 | ||||||||
Tokuyama Corp. | 11 | 237 | ||||||||
Tokyo Broadcasting System Holdings, Inc. | 6 | 94 | ||||||||
Tokyo Century Corp. | 7 | 241 | ||||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 247 | 838 | ||||||||
Tokyo Electron Ltd. | 23 | 4,934 | ||||||||
Tokyo Gas Co. Ltd. | 66 | 1,455 | ||||||||
Tokyo Tatemono Co. Ltd. | 33 | 379 | ||||||||
Tokyu Corp. | 78 | 1,185 | ||||||||
Tokyu Fudosan Holdings Corp. | 94 | 470 | ||||||||
Topcon Corp. | 17 | 142 | ||||||||
Toppan Printing Co. Ltd. | 41 | 618 | ||||||||
Toray Industries, Inc. | 240 | 1,120 | ||||||||
Toshiba Corp. | 67 | 1,684 | ||||||||
Toshiba TEC Corp. | 4 | 132 | ||||||||
Tosoh Corp. | 45 | 559 | ||||||||
TOTO Ltd. | 23 | 815 | ||||||||
Toyo Seikan Group Holdings Ltd. | 25 | 257 | ||||||||
Toyo Suisan Kaisha Ltd. | 14 | 676 | ||||||||
Toyo Tire Corp. | 16 | 193 | ||||||||
Toyobo Co. Ltd. | 14 | 166 | ||||||||
Toyoda Gosei Co. Ltd. | 12 | 226 | ||||||||
Toyota Boshoku Corp. | 10 | 126 | ||||||||
Toyota Industries Corp. | 25 | 1,269 | ||||||||
Toyota Motor Corp. | 377 | 23,501 | ||||||||
Toyota Tsusho Corp. | 35 | 847 | ||||||||
Trend Micro, Inc. | 18 | 921 | ||||||||
TS Tech Co. Ltd. | 8 | 218 | ||||||||
Tsumura & Co. | 10 | 279 | ||||||||
Tsuruha Holdings, Inc. | 6 | 807 | ||||||||
TV Asahi Holdings Corp. | 3 | 45 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Ube Industries Ltd. | 17 | $ | 290 | |||||||
Ulvac, Inc. | 8 | 224 | ||||||||
Unicharm Corp. | 61 | 2,253 | ||||||||
Ushio, Inc. | 19 | 203 | ||||||||
USS Co. Ltd. | 34 | 544 | ||||||||
Wacoal Holdings Corp. | 10 | 204 | ||||||||
Welcia Holdings Co. Ltd. | 8 | 581 | ||||||||
West Japan Railway Co. | 28 | 1,746 | ||||||||
Yakult Honsha Co. Ltd. | 19 | 1,114 | ||||||||
Yamada Denki Co. Ltd. | 116 | 555 | ||||||||
Yamaguchi Financial Group, Inc. | 36 | 196 | ||||||||
Yamaha Corp. | 24 | 983 | ||||||||
Yamaha Motor Co. Ltd. | 44 | 577 | ||||||||
Yamato Holdings Co. Ltd. | 56 | 989 | ||||||||
Yamato Kogyo Co. Ltd. | 6 | 120 | ||||||||
Yamazaki Baking Co. Ltd.(a) | 20 | 355 | ||||||||
Yaoko Co. Ltd. | 3 | 187 | ||||||||
Yaskawa Electric Corp. | 40 | 1,334 | ||||||||
Yokogawa Electric Corp. | 38 | 526 | ||||||||
Yokohama Rubber Co. Ltd. (The) | 17 | 221 | ||||||||
Z Holdings Corp. | 399 | 1,563 | ||||||||
Zenkoku Hosho Co. Ltd. | 8 | 237 | ||||||||
Zensho Holdings Co. Ltd. | 15 | 300 | ||||||||
Zeon Corp. | 23 | 205 | ||||||||
ZOZO, Inc. | 12 | 195 | ||||||||
|
| |||||||||
530,830 | ||||||||||
|
| |||||||||
Jordan-0.03% | ||||||||||
Hikma Pharmaceuticals PLC | 22 | 658 | ||||||||
|
| |||||||||
Kazakhstan-0.01% | ||||||||||
KAZ Minerals PLC | 37 | 193 | ||||||||
|
| |||||||||
Luxembourg-0.16% | ||||||||||
ArcelorMittal S.A. | 95 | 1,041 | ||||||||
Eurofins Scientific SE | 2 | 1,106 | ||||||||
L’Occitane International S.A. | 72 | 110 | ||||||||
RTL Group S.A. | 6 | 200 | ||||||||
SES S.A., FDR | 56 | 374 | ||||||||
Tenaris S.A. | 74 | 518 | ||||||||
|
| |||||||||
3,349 | ||||||||||
|
| |||||||||
Macau-0.22% | ||||||||||
Galaxy Entertainment Group Ltd. | 335 | 2,180 | ||||||||
Macau Legend Development Ltd.(b) | 265 | 32 | ||||||||
MGM China Holdings Ltd. | 118 | 148 | ||||||||
Sands China Ltd. | 380 | 1,564 | ||||||||
SJM Holdings Ltd. | 296 | 293 | ||||||||
Wynn Macau Ltd. | 231 | 405 | ||||||||
|
| |||||||||
4,622 | ||||||||||
|
| |||||||||
Malaysia-0.00% | ||||||||||
Wing Tai Holdings Ltd. | 58 | 71 | ||||||||
|
| |||||||||
Mexico-0.01% | ||||||||||
Fresnillo PLC(a) | 29 | 260 | ||||||||
|
| |||||||||
Netherlands-3.19% | ||||||||||
Aalberts N.V. | 15 | 422 | ||||||||
ABN AMRO Bank N.V., CVA(c) | 64 | 491 | ||||||||
Adyen N.V.(b)(c) | 4 | 3,948 | ||||||||
Aegon N.V. | 277 | 713 | ||||||||
Akzo Nobel N.V. | 30 | 2,274 | ||||||||
Altice Europe N.V.(b) | 84 | 335 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Netherlands-(continued) | ||||||||||
argenx SE(b) | 7 | $ | 1,054 | |||||||
ASM International N.V. | 7 | 770 | ||||||||
ASML Holding N.V. | 61 | 18,083 | ||||||||
ASR Nederland N.V. | 22 | 592 | ||||||||
Boskalis Westminster | 13 | 226 | ||||||||
Euronext N.V.(c) | 9 | 755 | ||||||||
EXOR N.V. | 16 | 874 | ||||||||
GrandVision N.V.(c) | 8 | 212 | ||||||||
Heineken Holding N.V | 16 | 1,246 | ||||||||
Heineken N.V.(a) | 36 | 3,061 | ||||||||
ING Groep N.V. | 606 | 3,324 | ||||||||
Just Eat Takeaway.com N.V.(b)(c) | 17 | 1,734 | ||||||||
Koninklijke Ahold Delhaize N.V. | 167 | 4,053 | ||||||||
Koninklijke DSM N.V. | 27 | 3,305 | ||||||||
Koninklijke KPN N.V. | 508 | 1,175 | ||||||||
Koninklijke Philips N.V. | 137 | 5,960 | ||||||||
Koninklijke Vopak N.V. | 10 | 576 | ||||||||
NN Group N.V. | 52 | 1,504 | ||||||||
OCI N.V.(b) | 15 | 182 | ||||||||
Prosus N.V.(b) | 66 | 5,001 | ||||||||
Randstad N.V. | 17 | 682 | ||||||||
Signify N.V.(c) | 16 | 326 | ||||||||
Wolters Kluwer N.V. | 41 | 3,014 | ||||||||
|
| |||||||||
65,892 | ||||||||||
|
| |||||||||
New Zealand-0.36% | ||||||||||
a2 Milk Co. Ltd.(b) | 110 | 1,332 | ||||||||
Air New Zealand Ltd. | 80 | 66 | ||||||||
Auckland International Airport Ltd. | 147 | 552 | ||||||||
Contact Energy Ltd. | 114 | 443 | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 89 | 1,504 | ||||||||
Fletcher Building Ltd. | 130 | 297 | ||||||||
Kiwi Property Group Ltd. | 225 | 134 | ||||||||
Mercury NZ Ltd. | 108 | 304 | ||||||||
Meridian Energy Ltd. | 195 | 540 | ||||||||
Ryman Healthcare Ltd. | 65 | 486 | ||||||||
SKYCITY Entertainment Group Ltd. | 106 | 174 | ||||||||
Spark New Zealand Ltd. | 291 | 797 | ||||||||
Xero Ltd.(b) | 14 | 729 | ||||||||
|
| |||||||||
7,358 | ||||||||||
|
| |||||||||
Norway-0.55% | ||||||||||
Aker ASA, Class A(b) | 4 | 106 | ||||||||
Aker BP ASA | 16 | 266 | ||||||||
DNB ASA | 162 | 1,969 | ||||||||
Equinor ASA | 153 | 2,148 | ||||||||
Gjensidige Forsikring ASA | 26 | 460 | ||||||||
Leroy Seafood Group ASA | 40 | 213 | ||||||||
Mowi ASA | 64 | 1,099 | ||||||||
Norsk Hydro ASA | 212 | 543 | ||||||||
Orkla ASA | 123 | 1,116 | ||||||||
Salmar ASA | 8 | 313 | ||||||||
Schibsted ASA, Class A | 13 | 277 | ||||||||
Schibsted ASA, Class B | 14 | 273 | ||||||||
Telenor ASA | 102 | 1,570 | ||||||||
Yara International ASA | 28 | 957 | ||||||||
|
| |||||||||
11,310 | ||||||||||
|
| |||||||||
Poland-0.24% | ||||||||||
Bank Polska Kasa Opieki S.A. | 24 | 301 | ||||||||
CD Projekt S.A. | 10 | 864 |
Shares | Value | |||||||||
Poland-(continued) | ||||||||||
Cyfrowy Polsat S.A. | 41 | $ | 253 | |||||||
Dino Polska S.A.(b)(c) | 7 | 295 | ||||||||
Grupa Lotos S.A | 15 | 226 | ||||||||
KGHM Polska Miedz S.A.(b) | 21 | 390 | ||||||||
mBank S.A.(b) | 2 | 106 | ||||||||
PGE Polska Grupa Energetyczna S.A.(b) | 111 | 110 | ||||||||
Polski Koncern Naftowy ORLEN S.A | 48 | 723 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A | 266 | 238 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 130 | 691 | ||||||||
Powszechny Zaklad Ubezpieczen S.A. | 86 | 629 | ||||||||
Santander Bank Polska S.A. | 5 | 197 | ||||||||
|
| |||||||||
5,023 | ||||||||||
|
| |||||||||
Portugal-0.15% | ||||||||||
EDP - Energias de Portugal S.A. | 360 | 1,518 | ||||||||
Galp Energia SGPS S.A. | 82 | 944 | ||||||||
Jeronimo Martins SGPS S.A. | 39 | 659 | ||||||||
|
| |||||||||
3,121 | ||||||||||
|
| |||||||||
Russia-0.06% | ||||||||||
Evraz PLC | 85 | 284 | ||||||||
Polymetal International PLC | 48 | 989 | ||||||||
|
| |||||||||
1,273 | ||||||||||
|
| |||||||||
Singapore-1.18% | ||||||||||
Ascendas REIT | 451 | 952 | ||||||||
Ascott Residence Trust | 272 | 173 | ||||||||
BOC Aviation Ltd.(c) | 33 | 223 | ||||||||
CapitaLand Commercial Trust | 374 | 428 | ||||||||
CapitaLand Ltd. | 399 | 853 | ||||||||
CapitaLand Mall Trust | 366 | 491 | ||||||||
City Developments Ltd. | 74 | 418 | ||||||||
ComfortDelGro Corp. Ltd. | 325 | 381 | ||||||||
DBS Group Holdings Ltd. | 277 | 3,928 | ||||||||
Frasers Property Ltd. | 55 | 48 | ||||||||
Genting Singapore Ltd. | 916 | 511 | ||||||||
Jardine Cycle & Carriage Ltd. | 16 | 229 | ||||||||
Keppel Corp. Ltd. | 227 | 964 | ||||||||
Keppel REIT. | 300 | 226 | ||||||||
Mapletree Commercial Trust. | 291 | 405 | ||||||||
Mapletree Industrial Trust | 201 | 364 | ||||||||
Mapletree Logistics Trust | 367 | 469 | ||||||||
Olam International Ltd. | 95 | 101 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 519 | 3,333 | ||||||||
SATS Ltd. | 100 | 233 | ||||||||
Sembcorp Industries Ltd. | 144 | 166 | ||||||||
Sembcorp Marine Ltd.(b) | 129 | 69 | ||||||||
SIA Engineering Co. Ltd. | 37 | 49 | ||||||||
Singapore Airlines Ltd. | 81 | 352 | ||||||||
Singapore Exchange Ltd. | 130 | 891 | ||||||||
Singapore Post Ltd. | 240 | 125 | ||||||||
Singapore Press Holdings Ltd. | 253 | 273 | ||||||||
Singapore Technologies Engineering Ltd. | 242 | 590 | ||||||||
Singapore Telecommunications Ltd. | 1,142 | 2,296 | ||||||||
StarHub Ltd. | 91 | 96 | ||||||||
Suntec REIT | 299 | 297 | ||||||||
United Overseas Bank Ltd. | 196 | 2,832 | ||||||||
UOL Group Ltd. | 75 | 364 | ||||||||
Venture Corp. Ltd. | 40 | 450 | ||||||||
Wilmar International Ltd. | 308 | 781 | ||||||||
|
| |||||||||
24,361 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
South Africa-0.18% | ||||||||||
Anglo American PLC | 192 | $ | 3,427 | |||||||
Investec PLC | 101 | 209 | ||||||||
|
| |||||||||
3,636 | ||||||||||
|
| |||||||||
South Korea-4.48% | ||||||||||
Amorepacific Corp. | 5 | 726 | ||||||||
Amorepacific Corp., Preference Shares | 2 | 103 | ||||||||
Amorepacific Group | 4 | 191 | ||||||||
BGF Co. Ltd. | 1 | 4 | ||||||||
BGF retail Co. Ltd. | 1 | 130 | ||||||||
BNK Financial Group, Inc. | 46 | 191 | ||||||||
Celltrion Healthcare Co. Ltd.(b) | 8 | 555 | ||||||||
Celltrion, Inc.(b) | 16 | 2,764 | ||||||||
Cheil Worldwide, Inc. | 11 | 160 | ||||||||
CJ CheilJedang Corp. | 1 | 224 | ||||||||
CJ Corp. | 2 | 133 | ||||||||
CJ ENM Co. Ltd. | 1 | 105 | ||||||||
CJ Logistics Corp.(b) | 1 | 121 | ||||||||
Coway Co. Ltd. | 9 | 454 | ||||||||
Daelim Industrial Co. Ltd. | 4 | 289 | ||||||||
Daewoo Engineering & Construction Co. Ltd.(b) | 28 | 82 | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 7 | 99 | ||||||||
DB Insurance Co. Ltd. | 7 | 254 | ||||||||
DGB Financial Group, Inc. | 24 | 104 | ||||||||
Dongsuh Cos., Inc. | 5 | 71 | ||||||||
Doosan Bobcat, Inc. | 4 | 77 | ||||||||
Doosan Fuel Cell Co. Ltd.(b) | 3 | 18 | ||||||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 10 | 33 | ||||||||
Doosan Infracore Co. Ltd.(b) | 21 | 74 | ||||||||
Doosan Solus Co. Ltd.(b) | 1 | 27 | ||||||||
E-MART, Inc. | 3 | 295 | ||||||||
Fila Holdings Corp. | 8 | 228 | ||||||||
GS Engineering & Construction Corp. | 9 | 187 | ||||||||
GS Holdings Corp. | 8 | 253 | ||||||||
GS Retail Co. Ltd. | 4 | 125 | ||||||||
Hana Financial Group, Inc. | 46 | 1,042 | ||||||||
Hankook Tire & Technology Co. Ltd. | 12 | 209 | ||||||||
Hanmi Pharm Co. Ltd. | 1 | 213 | ||||||||
Hanmi Science Co. Ltd. | 2 | 47 | ||||||||
Hanon Systems. | 25 | 187 | ||||||||
Hanssem Co. Ltd. | 2 | 119 | ||||||||
Hanwha Aerospace Co. Ltd.(b) | 6 | 132 | ||||||||
Hanwha Corp. | 8 | 136 | ||||||||
Hanwha Corp., Preference Shares | 3 | 28 | ||||||||
Hanwha Life Insurance Co. Ltd. | 38 | 56 | ||||||||
Hanwha Solutions Corp. | 13 | 155 | ||||||||
HDC Holdings Co. Ltd. | 3 | 23 | ||||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 5 | 77 | ||||||||
Helixmith Co. Ltd.(b) | 3 | 164 | ||||||||
Hite Jinro Co. Ltd. | 5 | 133 | ||||||||
HLB, Inc.(b) | 5 | 394 | ||||||||
Hotel Shilla Co. Ltd. | 5 | 350 | ||||||||
Hyundai Construction Equipment Co. Ltd.(b) | 2 | 30 | ||||||||
Hyundai Department Store Co. Ltd. | 2 | 119 | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 11 | 316 | ||||||||
Hyundai Glovis Co. Ltd. | 3 | 250 | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 2 | 399 |
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 10 | $ | 214 | |||||||
Hyundai Mipo Dockyard Co. Ltd. | 3 | 76 | ||||||||
Hyundai Mobis Co. Ltd. | 10 | 1,412 | ||||||||
Hyundai Motor Co. | 22 | 1,690 | ||||||||
Hyundai Motor Co., First Pfd | 3 | 140 | ||||||||
Hyundai Motor Co., Second Pfd | 6 | 289 | ||||||||
Hyundai Steel Co. | 12 | 213 | ||||||||
Hyundai Wia Corp. | 2 | 54 | ||||||||
Industrial Bank of Korea | 42 | 272 | ||||||||
Kakao Corp. | 8 | 1,208 | ||||||||
Kangwon Land, Inc. | 17 | 349 | ||||||||
KB Financial Group, Inc. | 60 | 1,711 | ||||||||
KEPCO Plant Service & Engineering Co. Ltd. | 3 | 80 | ||||||||
Kia Motors Corp. | 41 | 998 | ||||||||
Korea Aerospace Industries Ltd. | 10 | 211 | ||||||||
Korea Electric Power Corp.(b) | 40 | 783 | ||||||||
Korea Gas Corp. | 4 | 88 | ||||||||
Korea Investment Holdings Co. Ltd. | 6 | 247 | ||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 7 | 475 | ||||||||
Korea Zinc Co. Ltd. | 2 | 634 | ||||||||
Korean Air Lines Co. Ltd.(b) | 8 | 130 | ||||||||
KT&G Corp. | 17 | 1,132 | ||||||||
Kumho Petrochemical Co. Ltd. | 3 | 188 | ||||||||
LG Chem Ltd. | 7 | 2,163 | ||||||||
LG Chem Ltd., Preference Shares | 1 | 142 | ||||||||
LG Corp. | 14 | 712 | ||||||||
LG Display Co. Ltd.(b) | 35 | 317 | ||||||||
LG Electronics, Inc. | 17 | 766 | ||||||||
LG Electronics, Inc., Preference Shares | 3 | 52 | ||||||||
LG Household & Health Care Ltd. | 1 | 1,137 | ||||||||
LG Uplus Corp. | 31 | 340 | ||||||||
Lotte Chemical Corp. | 2 | 354 | ||||||||
Lotte Chilsung Beverage Co. Ltd. | 1 | 89 | ||||||||
Lotte Corp. | 4 | 132 | ||||||||
LOTTE Fine Chemical Co. Ltd. | 3 | 96 | ||||||||
Lotte Shopping Co. Ltd. | 2 | 164 | ||||||||
LS Corp. | 3 | 93 | ||||||||
Mando Corp. | 5 | 97 | ||||||||
Medy-Tox, Inc. | 1 | 95 | ||||||||
Mirae Asset Daewoo Co. Ltd. | 58 | 267 | ||||||||
Mirae Asset Daewoo Co. Ltd., Second Pfd | 22 | 56 | ||||||||
NAVER Corp. | 20 | 3,242 | ||||||||
NCSoft Corp. | 3 | 1,583 | ||||||||
Netmarble Corp.(b)(c) | 3 | 235 | ||||||||
NH Investment & Securities Co. Ltd. | 20 | 159 | ||||||||
NHN Corp.(b) | 1 | 63 | ||||||||
OCI Co. Ltd.(b) | 3 | 98 | ||||||||
Orion Corp. | 3 | 305 | ||||||||
Paradise Co. Ltd. | 7 | 90 | ||||||||
POSCO. | 10 | 1,514 | ||||||||
POSCO Chemical Co. Ltd. | 3 | 128 | ||||||||
Posco International Corp. | 8 | 93 | ||||||||
S-1 Corp. | 3 | 213 | ||||||||
Samsung Biologics Co. Ltd.(b)(c) | 2 | 954 | ||||||||
Samsung C&T Corp. | 13 | 1,131 | ||||||||
Samsung Card Co. Ltd. | 5 | 123 | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 9 | 838 | ||||||||
Samsung Electronics Co. Ltd. | 722 | 29,628 | ||||||||
Samsung Electronics Co. Ltd., Preference Shares | 126 | 4,369 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
Samsung Engineering Co. Ltd.(b) | 25 | $ | 236 | |||||||
Samsung Fire & Marine Insurance Co. Ltd. | 5 | 782 | ||||||||
Samsung Heavy Industries Co. Ltd.(b) | 62 | 218 | ||||||||
Samsung Life Insurance Co. Ltd. | 10 | 403 | ||||||||
Samsung SDI Co. Ltd. | 8 | 1,878 | ||||||||
Samsung SDS Co. Ltd. | 5 | 667 | ||||||||
Samsung Securities Co. Ltd. | 10 | 247 | ||||||||
Shinhan Financial Group Co. Ltd. | 70 | 1,755 | ||||||||
Shinsegae, Inc. | 1 | 217 | ||||||||
SillaJen, Inc.(b) | 8 | 83 | ||||||||
SK Holdings Co. Ltd. | 5 | 747 | ||||||||
SK Hynix, Inc. | 79 | 5,427 | ||||||||
SK Innovation Co. Ltd. | 9 | 726 | ||||||||
SK Networks Co. Ltd. | 24 | 106 | ||||||||
SK Telecom Co. Ltd. | 4 | 694 | ||||||||
SKC Co. Ltd. | 3 | 122 | ||||||||
S-Oil Corp. | 6 | 345 | ||||||||
Ssangyong Cement Industrial Co. Ltd. | 16 | 67 | ||||||||
Woori Financial Group, Inc. | 86 | 596 | ||||||||
Yuhan Corp. | 5 | 193 | ||||||||
|
| |||||||||
92,597 | ||||||||||
|
| |||||||||
Spain-2.28% | ||||||||||
Acciona S.A. | 3 | 297 | ||||||||
ACS Actividades de Construccion y Servicios S.A. | 37 | 923 | ||||||||
Aena SME S.A.(c) | 11 | 1,392 | ||||||||
Amadeus IT Group S.A. | 62 | 2,983 | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,031 | 3,373 | ||||||||
Banco de Sabadell S.A. | 902 | 374 | ||||||||
Banco Santander S.A. | 2,514 | 5,610 | ||||||||
Bankia S.A. | 185 | 188 | ||||||||
Bankinter S.A. | 109 | 449 | ||||||||
CaixaBank S.A. | 550 | 989 | ||||||||
Cellnex Telecom S.A.(b)(c) | 42 | 2,199 | ||||||||
EDP Renovaveis S.A. | 24 | 294 | ||||||||
Enagas S.A. | 36 | 840 | ||||||||
Endesa S.A. | 50 | 1,109 | ||||||||
Ferrovial S.A. | 74 | 1,848 | ||||||||
Grifols S.A. | 52 | 1,769 | ||||||||
Iberdrola S.A. | 910 | 9,110 | ||||||||
Industria de Diseno Textil S.A. | 162 | 4,125 | ||||||||
Inmobiliaria Colonial SOCIMI S.A. | 47 | 453 | ||||||||
Mapfre S.A. | 157 | 287 | ||||||||
Merlin Properties SOCIMI S.A. | 53 | 491 | ||||||||
Naturgy Energy Group S.A. | 47 | 829 | ||||||||
Red Electrica Corp. S.A. | 68 | 1,196 | ||||||||
Repsol S.A. | 212 | 1,931 | ||||||||
Siemens Gamesa Renewable Energy S.A | 36 | 535 | ||||||||
Telefonica S.A. | 697 | 3,191 | ||||||||
Zardoya Otis S.A. | 28 | 195 | ||||||||
|
| |||||||||
46,980 | ||||||||||
|
| |||||||||
Sweden-2.68% | ||||||||||
Alfa Laval AB(b) | 50 | 939 | ||||||||
Assa Abloy AB, Class B | 140 | 2,523 | ||||||||
Atlas Copco AB, Class A | 96 | 3,335 | ||||||||
Atlas Copco AB, Class B | 58 | 1,813 | ||||||||
Boliden AB(a) | 43 | 882 | ||||||||
Castellum AB | 42 | 737 | ||||||||
Electrolux AB, Series B | 35 | 483 | ||||||||
Electrolux Professional AB, Class B(b) | 35 | 80 |
Shares | Value | |||||||||
Sweden-(continued) | ||||||||||
Elekta AB, Class B(a) | 56 | $ | 518 | |||||||
Epiroc AB, Class A | 100 | 1,005 | ||||||||
Epiroc AB, Class B | 60 | 595 | ||||||||
EQT AB(b) | 31 | 433 | ||||||||
Essity AB, Class B | 94 | 3,056 | ||||||||
Fastighets AB Balder, Class B(b) | 15 | 593 | ||||||||
Hennes & Mauritz AB, Class B(a) | 134 | 1,869 | ||||||||
Hexagon AB, Class B(a)(b) | 40 | 1,995 | ||||||||
Hufvudstaden AB, Class A. | 17 | 218 | ||||||||
Husqvarna AB, Class B | 59 | 357 | ||||||||
ICA Gruppen AB(a) | 12 | 524 | ||||||||
Industrivarden AB, Class A(b) | 33 | 685 | ||||||||
Industrivarden AB, Class C(b) | 27 | 559 | ||||||||
Investment AB Latour, Class B(a) | 19 | 285 | ||||||||
Investor AB, Class A | 21 | 1,045 | ||||||||
Investor AB, Class B | 70 | 3,520 | ||||||||
Kinnevik AB, Class B | 37 | 765 | ||||||||
L E Lundbergforetagen AB, Class B | 12 | 506 | ||||||||
Lundin Energy AB | 28 | 727 | ||||||||
Nibe Industrier AB, Class B | 46 | 861 | ||||||||
Saab AB, Class B(a)(b) | 14 | 325 | ||||||||
Sandvik AB | 165 | 2,556 | ||||||||
Securitas AB, Class B(a) | 51 | 603 | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 227 | 1,867 | ||||||||
Skandinaviska Enskilda Banken AB, Class C | 3 | 27 | ||||||||
Skanska AB, Class B(b) | 56 | 1,073 | ||||||||
SKF AB, Class B | 60 | 956 | ||||||||
Svenska Cellulosa AB S.C.A., Class A(b) | 2 | 22 | ||||||||
Svenska Cellulosa AB S.C.A., Class B(b) | 94 | 1,013 | ||||||||
Svenska Handelsbanken AB, Class A(b) | 224 | 2,071 | ||||||||
Svenska Handelsbanken AB, Class B(b) | 9 | 90 | ||||||||
Swedbank AB, Class A | 153 | 1,807 | ||||||||
Swedish Match AB | 25 | 1,550 | ||||||||
Swedish Orphan Biovitrum AB(b) | 25 | 486 | ||||||||
Tele2 AB, Class B | 82 | 1,063 | ||||||||
Telefonaktiebolaget LM Ericsson, Class A | 6 | 57 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 458 | 3,991 | ||||||||
Telia Co. AB | 400 | 1,382 | ||||||||
Trelleborg AB, Class B(b) | 39 | 502 | ||||||||
Volvo AB, Class B | 230 | 2,971 | ||||||||
|
| |||||||||
55,320 | ||||||||||
|
| |||||||||
Switzerland-9.59% | ||||||||||
ABB Ltd. | 276 | 5,240 | ||||||||
Adecco Group AG | 24 | 1,052 | ||||||||
Alcon, Inc.(b) | 71 | 3,747 | ||||||||
Baloise Holding AG | 7 | 1,048 | ||||||||
Cie Financiere Richemont S.A. | 78 | 4,430 | ||||||||
Clariant AG | 33 | 611 | ||||||||
Coca-Cola HBC AG | 31 | 788 | ||||||||
Credit Suisse Group AG | 374 | 3,381 | ||||||||
DKSH Holding AG | 6 | 339 | ||||||||
Dufry AG | 4 | 130 | ||||||||
EMS-Chemie Holding AG | 1 | 648 | ||||||||
Flughafen Zurich AG(b) | 3 | 370 | ||||||||
Geberit AG. | 5 | 2,244 | ||||||||
Georg Fischer AG | 1 | 745 | ||||||||
Givaudan S.A. | 1 | 3,350 | ||||||||
Glencore PLC(b) | 1,690 | 3,136 | ||||||||
Helvetia Holding AG | 5 | 458 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Switzerland-(continued) | ||||||||||
Julius Baer Group Ltd. | 34 | $ | 1,333 | |||||||
Kuehne + Nagel International AG | 8 | 1,144 | ||||||||
LafargeHolcim Ltd.(b) | 78 | 3,236 | ||||||||
Logitech International S.A. | 23 | 1,108 | ||||||||
Lonza Group AG | 11 | 4,803 | ||||||||
Nestle S.A. | 444 | 46,877 | ||||||||
Novartis AG | 326 | 27,785 | ||||||||
OC Oerlikon Corp. AG(a) | 30 | 225 | ||||||||
Pargesa Holding S.A., BR | 6 | 427 | ||||||||
Partners Group Holding AG | 3 | 2,362 | ||||||||
PSP Swiss Property AG | 6 | 698 | ||||||||
Roche Holding AG | 107 | 37,189 | ||||||||
Roche Holding AG, BR | 4 | 1,392 | ||||||||
Schindler Holding AG | 3 | 643 | ||||||||
Schindler Holding AG, PC | 6 | 1,333 | ||||||||
SGS S.A. | 1 | 2,264 | ||||||||
Sika AG | 21 | 3,475 | ||||||||
Sonova Holding AG | 8 | 1,445 | ||||||||
STMicroelectronics N.V | 99 | 2,571 | ||||||||
Straumann Holding AG | 2 | 1,518 | ||||||||
Sulzer AG | 3 | 212 | ||||||||
Swatch Group AG (The) | 7 | 273 | ||||||||
Swatch Group AG (The), BR | 4 | 800 | ||||||||
Swiss Life Holding AG | 5 | 1,771 | ||||||||
Swiss Prime Site AG | 12 | 1,140 | ||||||||
Swiss Re AG | 43 | 3,104 | ||||||||
Swisscom AG | 4 | 2,080 | ||||||||
Temenos AG | 9 | 1,171 | ||||||||
UBS Group AG | 520 | 5,571 | ||||||||
Vifor Pharma AG | 7 | 1,052 | ||||||||
Zurich Insurance Group AG | 23 | 7,323 | ||||||||
|
| |||||||||
198,042 | ||||||||||
|
| |||||||||
Taiwan-0.00% | ||||||||||
FIT Hon Teng Ltd.(c) | 160 | 35 | ||||||||
|
| |||||||||
United Arab Emirates-0.00% | ||||||||||
NMC Health PLC(d) | 13 | 0 | ||||||||
|
| |||||||||
United Kingdom-13.46% | ||||||||||
3i Group PLC | 146 | 1,444 | ||||||||
Admiral Group PLC | 32 | 940 | ||||||||
Ashmore Group PLC | 61 | 292 | ||||||||
Ashtead Group PLC | 71 | 1,948 | ||||||||
Associated British Foods PLC | 55 | 1,313 | ||||||||
AstraZeneca PLC | 202 | 21,204 | ||||||||
Auto Trader Group PLC(c) | 139 | 804 | ||||||||
Avast PLC(c) | 83 | 480 | ||||||||
AVEVA Group PLC | 10 | 450 | ||||||||
Aviva PLC | 610 | 1,860 | ||||||||
B&M European Value Retail S.A. | 130 | 546 | ||||||||
Babcock International Group PLC | 40 | 213 | ||||||||
BAE Systems PLC | 490 | 3,142 | ||||||||
Barclays PLC | 2,640 | 3,526 | ||||||||
Barratt Developments PLC | 159 | 1,041 | ||||||||
Bellway PLC | 20 | 672 | ||||||||
Berkeley Group Holdings PLC | 18 | 950 | ||||||||
BP PLC | 3,061 | 12,089 | ||||||||
British American Tobacco PLC | 352 | 13,677 | ||||||||
British Land Co. PLC (The) | 150 | 766 | ||||||||
BT Group PLC | 1,341 | 1,963 | ||||||||
Bunzl PLC | 53 | 1,155 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Burberry Group PLC | 64 | $ | 1,122 | |||||
Centrica PLC | 887 | 446 | ||||||
Cineworld Group PLC | 154 | 127 | ||||||
CNH Industrial N.V.(b) | 152 | 951 | ||||||
Compass Group PLC | 243 | 4,095 | ||||||
ConvaTec Group PLC(c) | 208 | 557 | ||||||
Croda International PLC | 19 | 1,170 | ||||||
DCC PLC | 15 | 1,071 | ||||||
Derwent London PLC | 16 | 627 | ||||||
Diageo PLC | 353 | 12,245 | ||||||
Direct Line Insurance Group PLC | 218 | 749 | ||||||
DS Smith PLC | 196 | 771 | ||||||
easyJet PLC(a) | 30 | 228 | ||||||
Experian PLC. | 141 | 4,226 | ||||||
Fiat Chrysler Automobiles N.V.(b) | 173 | 1,519 | ||||||
G4S PLC | 246 | 339 | ||||||
GlaxoSmithKline PLC | 754 | 15,797 | ||||||
GVC Holdings PLC | 88 | 837 | ||||||
Halma PLC | 60 | 1,582 | ||||||
Hargreaves Lansdown PLC(a) | 42 | 763 | ||||||
Hiscox Ltd. | 43 | 381 | ||||||
HomeServe PLC | 42 | 591 | ||||||
Howden Joinery Group PLC | 95 | 629 | ||||||
HSBC Holdings PLC | 3,111 | 16,089 | ||||||
IMI PLC | 43 | 449 | ||||||
Imperial Brands PLC | 146 | 3,092 | ||||||
Inchcape PLC | 66 | 417 | ||||||
Informa PLC | 192 | 1,064 | ||||||
InterContinental Hotels Group PLC | 28 | 1,274 | ||||||
Intermediate Capital Group PLC | 43 | 612 | ||||||
International Consolidated Airlines Group S.A. | 63 | 176 | ||||||
Intertek Group PLC | 25 | 1,498 | ||||||
ITV PLC | 591 | 570 | ||||||
J Sainsbury PLC | 256 | 640 | ||||||
JD Sports Fashion PLC | 56 | 374 | ||||||
John Wood Group PLC | 104 | 266 | ||||||
Johnson Matthey PLC | 30 | 754 | ||||||
Kingfisher PLC | 324 | 643 | ||||||
Land Securities Group PLC | 113 | 944 | ||||||
Legal & General Group PLC | 908 | 2,343 | ||||||
Lloyds Banking Group PLC | 10,616 | 4,317 | ||||||
London Stock Exchange Group PLC | 48 | 4,514 | ||||||
M&G PLC | 403 | 672 | ||||||
Marks & Spencer Group PLC | 304 | 353 | ||||||
Meggitt PLC | 123 | 433 | ||||||
Melrose Industries PLC | 739 | 930 | ||||||
Micro Focus International PLC | 53 | 322 | ||||||
Mondi PLC | 76 | 1,352 | ||||||
National Grid PLC | 535 | 6,302 | ||||||
Next PLC | 20 | 1,192 | ||||||
Ninety One PLC(b) | 50 | 107 | ||||||
Ocado Group PLC(b) | 68 | 1,376 | ||||||
Pearson PLC(a) | 121 | 702 | ||||||
Pennon Group PLC | 66 | 912 | ||||||
Persimmon PLC | 49 | 1,363 | ||||||
Phoenix Group Holdings PLC | 81 | 614 | ||||||
Prudential PLC | 403 | 5,736 | ||||||
Quilter PLC(c) | 286 | 445 | ||||||
Reckitt Benckiser Group PLC | 97 | 8,112 | ||||||
RELX PLC | 289 | 6,549 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Renishaw PLC | 5 | $ | 222 | |||||||
Rentokil Initial PLC | 292 | 1,747 | ||||||||
Rightmove PLC. | 137 | 860 | ||||||||
Rolls-Royce Holdings PLC | 261 | 1,086 | ||||||||
Royal Bank of Scotland Group PLC (The) | 709 | 989 | ||||||||
Royal Dutch Shell PLC, Class A | 634 | 10,596 | ||||||||
Royal Dutch Shell PLC, Class B | 579 | 9,395 | ||||||||
RSA Insurance Group PLC. | 162 | 738 | ||||||||
Sage Group PLC (The) | 172 | 1,388 | ||||||||
Schroders PLC | 18 | 603 | ||||||||
Segro PLC | 168 | 1,758 | ||||||||
Severn Trent PLC. | 37 | 1,115 | ||||||||
Smith & Nephew PLC | 135 | 2,653 | ||||||||
Smiths Group PLC | 63 | 986 | ||||||||
Spirax-Sarco Engineering PLC | 11 | 1,211 | ||||||||
SSE PLC | 159 | 2,507 | ||||||||
St James’s Place PLC | 83 | 891 | ||||||||
Standard Chartered PLC | 404 | 2,077 | ||||||||
Standard Life Aberdeen PLC(a) | 364 | 1,015 | ||||||||
Subsea 7 S.A.(b) | 40 | 222 | ||||||||
Tate & Lyle PLC | 74 | 665 | ||||||||
Taylor Wimpey PLC | 515 | 955 | ||||||||
TechnipFMC PLC | 73 | 638 | ||||||||
Tesco PLC | 1,505 | 4,463 | ||||||||
Travis Perkins PLC | 40 | 524 | ||||||||
Unilever N.V | 210 | 10,484 | ||||||||
Unilever PLC | 167 | 8,641 | ||||||||
United Utilities Group PLC | 108 | 1,229 | ||||||||
Virgin Money UK PLC(b) | 188 | 181 | ||||||||
Vodafone Group PLC | 4,123 | 5,832 | ||||||||
Weir Group PLC (The) | 40 | 482 |
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
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Whitbread PLC(a) | 21 | $ | 789 | |||||||
WM Morrison Supermarkets PLC(a) | 342 | 789 | ||||||||
WPP PLC | 188 | 1,473 | ||||||||
|
| |||||||||
278,010 | ||||||||||
|
| |||||||||
United States-0.38% | ||||||||||
Amcor PLC, CDI | 248 | 2,284 | ||||||||
Carnival PLC | 24 | 332 | ||||||||
Ferguson PLC | 35 | 2,532 | ||||||||
James Hardie Industries PLC, CDI | 70 | 1,027 | ||||||||
QIAGEN N.V.(b) | 35 | 1,457 | ||||||||
Samsonite International S.A.(c) | 203 | 172 | ||||||||
Sims Ltd. | 26 | 120 | ||||||||
|
| |||||||||
7,924 | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES | 2,058,431 | |||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-3.27% |
| |||||||||
Invesco Private Government Fund, | 67,615 | 67,615 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-102.96% |
| 2,126,046 | ||||||||
OTHER ASSETS LESS LIABILITIES-(2.96)% |
| (61,135 | ) | |||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 2,064,911 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2020. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $30,934, which represented 1.50% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | 4,955 | $ | 24,622 | $ | (29,577 | ) | $ | - | $ | - | $ | - | $ | 48 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 28,712 | 168,513 | (197,225 | ) | - | - | - | 157 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 9,571 | 35,680 | (45,253 | ) | (1 | ) | 3 | - | 59 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 133,297 | (65,682 | ) | - | - | 67,615 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 43,238 | $ | 362,112 | $ | (337,737 | ) | $ | (1 | ) | $ | 3 | $ | 67,615 | $ | 264 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Financials | 15.80 | ||||
Industrials | 14.39 | ||||
Health Care | 13.89 | ||||
Consumer Staples | 11.66 | ||||
Consumer Discretionary | 11.17 | ||||
Information Technology | 9.44 | ||||
Materials | 7.30 | ||||
Communication Services | 5.45 | ||||
Utilities | 3.85 | ||||
Energy | 3.52 | ||||
Real Estate | 3.22 | ||||
Money Market Funds Plus Other Assets | 0.31 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-92.09% |
| |||||||||
Bahrain-0.08% | ||||||||||
Ahli United Bank BSC | 2,486 | $ | 1,575 | |||||||
|
| |||||||||
Brazil-5.78% | ||||||||||
Aliansce Sonae Shopping Centers S.A.(a) | 57 | 294 | ||||||||
Alpargatas S.A., Preference Shares | 84 | 425 | ||||||||
Ambev S.A. | 1,933 | 4,049 | ||||||||
Atacadao S.A. | 123 | 454 | ||||||||
Azul S.A., Preference Shares(a) | 87 | 280 | ||||||||
B2W Cia Digital(a) | 88 | 1,191 | ||||||||
B3 S.A. - Brasil, Bolsa, Balcao | 881 | 6,253 | ||||||||
Banco Bradesco S.A. | 507 | 1,645 | ||||||||
Banco Bradesco S.A., Preference Shares | 1,964 | 6,948 | ||||||||
Banco BTG Pactual S.A. | 108 | 844 | ||||||||
Banco do Brasil S.A. | 390 | 2,053 | ||||||||
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares | 94 | 218 | ||||||||
Banco Santander Brasil S.A. | 171 | 853 | ||||||||
BB Seguridade Participacoes S.A. | 300 | 1,471 | ||||||||
BR Malls Participacoes S.A. | 353 | 655 | ||||||||
Bradespar S.A., Preference Shares | 96 | 530 | ||||||||
Braskem S.A., Class A, Preference Shares | 99 | 387 | ||||||||
BRF S.A.(a) | 248 | 888 | ||||||||
CCR S.A. | 486 | 1,109 | ||||||||
Centrais Eletricas Brasileiras S.A. | 215 | 963 | ||||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 104 | 535 | ||||||||
Cia Brasileira de Distribuicao | 70 | 856 | ||||||||
Cia de Locacao das Americas | 97 | 238 | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 152 | 1,125 | ||||||||
Cia de Saneamento do Parana | 90 | 427 | ||||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 87 | 312 | ||||||||
Cia Energetica de Minas Gerais | 40 | 71 | ||||||||
Cia Energetica de Minas Gerais, Preference Shares | 414 | 728 | ||||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 85 | 442 | ||||||||
Cia Paranaense de Energia | 12 | 118 | ||||||||
Cia Paranaense de Energia, Class B, Preference Shares | 46 | 462 | ||||||||
Cia Siderurgica Nacional S.A. | 289 | 478 | ||||||||
Cielo S.A. | 507 | 380 | ||||||||
Cogna Educacao. | 629 | 644 | ||||||||
Cosan Logistica S.A.(a) | 57 | 162 | ||||||||
Cosan S.A. | 72 | 803 | ||||||||
CPFL Energia S.A. | 87 | 467 | ||||||||
CVC Brasil Operadora e Agencia de Viagens S.A. | 61 | 156 | ||||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 114 | 335 | ||||||||
Duratex S.A. | 121 | 218 | ||||||||
EDP - Energias do Brasil S.A. | 131 | 411 | ||||||||
Embraer S.A.(a) | 347 | 554 | ||||||||
Energisa S.A. | 83 | 670 | ||||||||
Eneva S.A.(a) | 33 | 219 | ||||||||
ENGIE Brasil Energia S.A. | 76 | 549 | ||||||||
Equatorial Energia S.A. | 382 | 1,293 |
Shares | Value | |||||||||
Brazil-(continued) | ||||||||||
Fleury S.A. | 78 | $ | 329 | |||||||
Gerdau S.A., Preference Shares | 446 | 967 | ||||||||
Gol Linhas Aereas Inteligentes S.A., Preference Shares(a) | 44 | 101 | ||||||||
Grendene S.A. | 111 | 143 | ||||||||
Guararapes Confeccoes S.A. | 38 | 90 | ||||||||
Hapvida Participacoes e Investimentos S.A.(b) | 69 | 668 | ||||||||
Hypera S.A. | 177 | 951 | ||||||||
IRB Brasil Resseguros S.A. | 365 | 689 | ||||||||
Itau Unibanco Holding S.A. | 228 | 927 | ||||||||
Itau Unibanco Holding S.A., Preference Shares | 2,099 | 8,829 | ||||||||
Itausa - Investimentos Itau S.A., Preference Shares | 1,943 | 3,230 | ||||||||
Klabin S.A. | 253 | 832 | ||||||||
Localiza Rent a Car S.A. | 253 | 1,598 | ||||||||
Lojas Americanas S.A. | 102 | 383 | ||||||||
Lojas Americanas S.A., Preference Shares | 335 | 1,540 | ||||||||
Lojas Renner S.A. | 352 | 2,496 | ||||||||
M Dias Branco S.A. | 36 | 213 | ||||||||
Magazine Luiza S.A. | 282 | 2,589 | ||||||||
Multiplan Empreendimentos Imobiliarios S.A. | 107 | 413 | ||||||||
Natura & Co. Holding S.A. | 274 | 1,798 | ||||||||
Neoenergia S.A. | 100 | 337 | ||||||||
Notre Dame Intermedica Participacoes S.A. | 199 | 2,015 | ||||||||
Odontoprev S.A. | 123 | 341 | ||||||||
Petrobras Distribuidora S.A. | 305 | 1,100 | ||||||||
Petroleo Brasileiro S.A. | 1,653 | 5,695 | ||||||||
Petroleo Brasileiro S.A., Preference Shares | 2,093 | 6,979 | ||||||||
Porto Seguro S.A. | 42 | 351 | ||||||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 106 | 508 | ||||||||
Raia Drogasil S.A. | 101 | 1,955 | ||||||||
Rumo S.A.(a) | 496 | 1,813 | ||||||||
Sao Martinho S.A. | 83 | 293 | ||||||||
Sul America S.A. | 101 | 835 | ||||||||
Suzano S.A.(a) | 356 | 2,592 | ||||||||
Telefonica Brasil S.A. | 13 | 111 | ||||||||
Telefonica Brasil S.A., Preference Shares | 185 | 1,560 | ||||||||
TIM Participacoes S.A. | 374 | 882 | ||||||||
TOTVS S.A. | 69 | 754 | ||||||||
Transmissora Alianca de Energia Eletrica S.A. | 97 | 493 | ||||||||
Ultrapar Participacoes S.A. | 376 | 1,007 | ||||||||
Usinas Siderurgicas de Minas Gerais S.A., Class A, Preference Shares | 220 | 195 | ||||||||
Vale S.A. | 1,526 | 12,646 | ||||||||
Via Varejo S.A.(a) | 204 | 346 | ||||||||
WEG S.A. | 327 | 2,413 | ||||||||
YDUQS Participacoes S.A., Class A | 120 | 673 | ||||||||
|
| |||||||||
118,843 | ||||||||||
|
| |||||||||
Chile-0.84% | ||||||||||
AES Gener S.A. | 1,563 | 230 | ||||||||
Aguas Andinas S.A., Class A | 1,441 | 483 | ||||||||
Banco de Chile | 21,184 | 1,865 | ||||||||
Banco de Credito e Inversiones S.A. | 19 | 704 | ||||||||
Banco Santander Chile | 28,512 | 1,223 | ||||||||
Cencosud S.A. | 652 | 788 | ||||||||
Cencosud Shopping S.A.(a) | 217 | 384 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Chile-(continued) | ||||||||
Cia Cervecerias Unidas S.A. | 68 | $ | 488 | |||||
Colbun S.A. | 3,671 | 538 | ||||||
Embotelladora Andina S.A., Class B, Preference Shares | 100 | 238 | ||||||
Empresa Nacional de Telecomunicaciones S.A.(a) . | 63 | 381 | ||||||
Empresas CMPC S.A. | 529 | 1,139 | ||||||
Empresas COPEC S.A. | 220 | 1,373 | ||||||
Enel Americas S.A. | 16,751 | 2,745 | ||||||
Enel Chile S.A. | 12,374 | 1,006 | ||||||
Engie Energia Chile S.A. | 261 | 322 | ||||||
Falabella S.A. | 341 | 930 | ||||||
Itau CorpBanca Chile S.A. | 87,586 | 248 | ||||||
Latam Airlines Group S.A. | 145 | 547 | ||||||
Parque Arauco S.A. | 261 | 437 | ||||||
Plaza S.A. | 123 | 177 | ||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 44 | 1,045 | ||||||
|
| |||||||
17,291 | ||||||||
|
| |||||||
China-43.26% | ||||||||
3SBio, Inc.(a)(b) | 545 | 552 | ||||||
51job, Inc., ADR(a) | 12 | 719 | ||||||
58.com, Inc., ADR(a) | 47 | 2,442 | ||||||
Agile Group Holdings Ltd. | 623 | 689 | ||||||
Agricultural Bank of China Ltd., A Shares | 13,000 | 6,334 | ||||||
Agricultural Bank of China Ltd., H Shares | 13,702 | 5,686 | ||||||
Air China Ltd., H Shares | 760 | 543 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 782 | 158,488 | ||||||
Alibaba Health Information Technology Ltd.(a) | 1,705 | 4,095 | ||||||
A-Living Services Co. Ltd., U Shares(b) | 148 | 809 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 1,758 | 372 | ||||||
Angang Steel Co. Ltd., H Shares | 741 | 201 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 100 | 835 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 527 | 4,080 | ||||||
Anhui Expressway Co. Ltd., H Shares | 162 | 84 | ||||||
ANTA Sports Products Ltd. | 533 | 4,554 | ||||||
Autohome,Inc.,ADR | 23 | 1,889 | ||||||
AviChina Industry & Technology Co. Ltd., H Shares(c) | 1,085 | 423 | ||||||
BAIC Motor Corp. Ltd., H Shares(b) | 943 | 416 | ||||||
Baidu, Inc., ADR(a) | 122 | 12,313 | ||||||
Bank of China Ltd., A Shares | 15,700 | 7,700 | ||||||
Bank of China Ltd., H Shares | 33,923 | 12,828 | ||||||
Bank of Communications Co. Ltd., A Shares | 1,100 | 802 | ||||||
Bank of Communications Co. Ltd., H Shares | 3,243 | 2,028 | ||||||
Bank of Shanghai Co. Ltd., A Shares | 700 | 804 | ||||||
BBMG Corp., H Shares | 1,035 | 262 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 797 | 536 | ||||||
Beijing Enterprises Holdings Ltd. | 229 | 814 | ||||||
Beijing Enterprises Water Group Ltd.(a) | 2,423 | 922 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares. | 850 | 145 | ||||||
Beijing North Star Co. Ltd., H Shares | 403 | 97 | ||||||
Bilibili, Inc., ADR(a) | 25 | 685 | ||||||
Bosideng International Holdings Ltd. | 1,015 | 275 | ||||||
Brilliance China Automotive Holdings Ltd. | 1,230 | 1,114 | ||||||
BYD Co. Ltd., H Shares | 308 | 1,894 | ||||||
BYD Electronic International Co. Ltd. | 344 | 791 | ||||||
CAR, Inc.(a) | 278 | 81 | ||||||
Central China Securities Co. Ltd., H Shares(b) | 316 | 50 |
Shares | Value | |||||||
China-(continued) | ||||||||
CGN Power Co. Ltd., H Shares(b) | 4,976 | $ | 1,230 | |||||
China Aoyuan Group Ltd. | 549 | 628 | ||||||
China Biologic Products Holdings, Inc.(a) | 12 | 1,251 | ||||||
China BlueChemical Ltd., H Shares | 618 | 92 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 3,904 | 749 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 4,151 | 2,022 | ||||||
China Coal Energy Co. Ltd., H Shares | 967 | 255 | ||||||
China Communications Construction Co. Ltd., H Shares | 1,974 | 1,302 | ||||||
China Communications Services Corp. Ltd., H Shares | 1,111 | 776 | ||||||
China Conch Venture Holdings Ltd. | 724 | 3,428 | ||||||
China Construction Bank Corp., H Shares | 41,610 | 33,549 | ||||||
China East Education Holdings Ltd.(a)(b) | 183 | 291 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(a) | 654 | 274 | ||||||
China Everbright Bank Co. Ltd., H Shares | 1,382 | 585 | ||||||
China Everbright International Ltd. | 1,606 | 919 | ||||||
China Everbright Ltd. | 372 | 566 | ||||||
China Evergrande Group(c) | 958 | 1,658 | ||||||
China Foods Ltd. | 237 | 78 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 1,645 | 836 | ||||||
China Gas Holdings Ltd. | 1,125 | 4,107 | ||||||
China Hongqiao Group Ltd. | 1,145 | 568 | ||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 4,857 | 543 | ||||||
China International Capital Corp. Ltd., | 491 | 751 | ||||||
China International Marine Containers Group Co. Ltd., H Shares. | 203 | 179 | ||||||
China International Travel Service Corp. Ltd., A Shares | 100 | 1,269 | ||||||
China Jinmao Holdings Group Ltd. | 2,599 | 1,801 | ||||||
China Lesso Group Holdings Ltd. | 414 | 578 | ||||||
China Life Insurance Co. Ltd.(a) | 1,193 | 805 | ||||||
China Life Insurance Co. Ltd., H Shares | 3,317 | 6,994 | ||||||
China Literature Ltd.(a)(b) | 101 | 448 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,505 | 739 | ||||||
China Machinery Engineering Corp., H Shares | 324 | 87 | ||||||
China Medical System Holdings Ltd. | 551 | 648 | ||||||
China Merchants Bank Co. Ltd., A Shares | 2,000 | 9,803 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,687 | 8,037 | ||||||
China Merchants Port Holdings Co. Ltd. | 578 | 734 | ||||||
China Merchants Securities Co. Ltd., H | 407 | 450 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 1,000 | 828 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 2,841 | 2,103 | ||||||
China Mobile Ltd. | 2,357 | 18,852 | ||||||
China Molybdenum Co. Ltd., H Shares | 1,753 | 526 | ||||||
China National Building Material Co. Ltd., H Shares | 1,722 | 2,151 | ||||||
China Oilfield Services Ltd., H Shares | 807 | 622 | ||||||
China Overseas Land & Investment Ltd. | 1,709 | 6,160 | ||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 200 | 857 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 1,150 | 3,734 | ||||||
China Petroleum & Chemical Corp., A Shares | 8,600 | 5,416 | ||||||
China Petroleum & Chemical Corp., H Shares | 11,372 | 5,661 | ||||||
China Power International Development Ltd. | 2,059 | 412 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
China Railway Construction Corp. Ltd., H Shares | 841 | $ | 919 | |||||
China Railway Group Ltd., H Shares | 1,705 | 1,025 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares(a)(b) | 699 | 345 | ||||||
China Reinsurance Group Corp., H Shares | 2,977 | 349 | ||||||
China Resources Beer Holdings Co. Ltd. | 701 | 3,321 | ||||||
China Resources Cement Holdings Ltd. | 976 | 1,302 | ||||||
China Resources Gas Group Ltd. | 357 | 2,000 | ||||||
China Resources Land Ltd. | 1,227 | 4,930 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 715 | 452 | ||||||
China Resources Power Holdings Co. Ltd. | 838 | 990 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 1,515 | 2,677 | ||||||
China South City Holdings Ltd. | 762 | 73 | ||||||
China Southern Airlines Co. Ltd., H Shares | 687 | 346 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 1,100 | 804 | ||||||
China State Construction International Holdings Ltd. | 790 | 608 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 647 | 1,084 | ||||||
China Telecom Corp. Ltd., H Shares | 6,187 | 2,119 | ||||||
China Tower Corp. Ltd., H Shares(b) | 20,799 | 4,641 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,088 | 478 | ||||||
China Unicom Hong Kong Ltd. | 2,636 | 1,694 | ||||||
China United Network Communications Ltd., A Shares | 15,000 | 10,957 | ||||||
China Vanke Co. Ltd., A Shares | 200 | 748 | ||||||
China Vanke Co. Ltd., H Shares | 703 | 2,291 | ||||||
China Yangtze Power Co. Ltd., A Shares | 3,500 | 8,645 | ||||||
China Zhongwang Holdings Ltd.(c) | 604 | 145 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 1,042 | 454 | ||||||
CIFI Holdings Group Co. Ltd. | 1,501 | 1,112 | ||||||
CIMC Enric Holdings Ltd. | 335 | 157 | ||||||
CITIC Ltd. | 2,188 | 2,238 | ||||||
CITIC Securities Co. Ltd., A Shares | 200 | 661 | ||||||
CITIC Securities Co. Ltd., H Shares | 1,016 | 1,948 | ||||||
CNOOC Ltd. | 7,079 | 7,947 | ||||||
COSCO SHIPPING Development Co. Ltd., H Shares | 1,631 | 166 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 577 | 377 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 1,114 | 321 | ||||||
COSCO SHIPPING Ports Ltd. | 780 | 414 | ||||||
Country Garden Holdings Co. Ltd. | 3,279 | 4,136 | ||||||
Country Garden Services Holdings Co. Ltd. | 554 | 2,557 | ||||||
CRRC Corp. Ltd., H Shares | 1,794 | 936 | ||||||
CSC Financial Co. Ltd., H Shares(b) | 390 | 358 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,946 | 3,794 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., H Shares(a) | 144 | 91 | ||||||
Dali Foods Group Co. Ltd.(b) | 916 | 564 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 1,167 | 169 | ||||||
Dongfang Electric Corp. Ltd., H Shares | 197 | 105 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,273 | 829 | ||||||
East Money Information Co. Ltd., A Shares | 400 | 1,013 | ||||||
ENN Energy Holdings Ltd. | 337 | 3,746 | ||||||
Everbright Securities Co. Ltd., | 134 | 82 | ||||||
Far East Horizon Ltd. | 938 | 746 |
Shares | Value | |||||||
China-(continued) | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd. | 100 | $ | 1,725 | |||||
Fosun International Ltd. | 1,000 | 1,242 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares(b) | 214 | 463 | ||||||
Ganfeng Lithium Co. Ltd.(b) | 64 | 207 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 21 | 1,204 | ||||||
Geely Automobile Holdings Ltd. | 2,210 | 3,371 | ||||||
Genscript Biotech Corp.(a) | 384 | 670 | ||||||
GF Securities Co. Ltd., H Shares | 689 | 749 | ||||||
GOME Retail Holdings Ltd.(a) | 4,903 | 567 | ||||||
Great Wall Motor Co. Ltd., H Shares | 1,382 | 930 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, A Shares | 100 | 764 | ||||||
Greentown China Holdings Ltd. | 339 | 359 | ||||||
GSX Techedu, Inc., ADR(a)(c) | 19 | 752 | ||||||
Guangdong Investment Ltd. | 1,301 | 2,681 | ||||||
Guangshen Railway Co. Ltd., H Shares | 541 | 114 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,381 | 1,223 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H Shares | 106 | 279 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 502 | 630 | ||||||
Guotai Junan Securities Co. Ltd., | 341 | 491 | ||||||
Haidilao International Holding Ltd.(b) | 159 | 697 | ||||||
Haier Electronics Group Co. Ltd. | 546 | 1,513 | ||||||
Haitian International Holdings Ltd. | 256 | 460 | ||||||
Haitong Securities Co. Ltd., A Shares | 400 | 720 | ||||||
Haitong Securities Co. Ltd., H Shares | 1,520 | 1,379 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares | 200 | 906 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b) | 418 | 1,615 | ||||||
Health & Happiness H&H International Holdings Ltd. | 68 | 258 | ||||||
Hengan International Group Co. Ltd. | 316 | 2,783 | ||||||
HengTen Networks Group Ltd.(a) | 10,886 | 103 | ||||||
Hopson Development Holdings Ltd. | 277 | 313 | ||||||
Huadian Fuxin Energy Corp. Ltd., H Shares | 1,108 | 195 | ||||||
Huadian Power International Corp. Ltd., H Shares | 720 | 249 | ||||||
Huaneng Power International, Inc., H Shares | 1,885 | 710 | ||||||
Huatai Securities Co. Ltd., H Shares(b) | 766 | 1,271 | ||||||
Huazhu Group Ltd., ADR. | 51 | 1,837 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 4,400 | 3,201 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 34,827 | 23,379 | ||||||
Industrial Bank Co. Ltd., A Shares | 600 | 1,395 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares | 200 | 816 | ||||||
Innovent Biologics, Inc.(a)(b) | 523 | 2,578 | ||||||
iQIYI, Inc., ADR(a)(c) | 102 | 1,731 | ||||||
JD.com, Inc., ADR(a) | 350 | 15,085 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 545 | 649 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., A Shares(a) | 100 | 1,303 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares | 100 | 1,378 | ||||||
Jiangxi Bank Co. Ltd., H Shares(b) | 396 | 175 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 530 | 509 | ||||||
Jiayuan International Group Ltd. | 585 | 244 | ||||||
Jinxin Fertility Group Ltd.(a)(b) | 422 | 535 | ||||||
JOYY, Inc., ADR(a) | 25 | 1,524 | ||||||
Kingboard Holdings Ltd. | 315 | 772 | ||||||
Kingdee International Software Group Co. Ltd. | 986 | 1,414 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
China-(continued) | ||||||||||
Kingsoft Corp. Ltd.(a) | 385 | $ | 1,312 | |||||||
Kunlun Energy Co. Ltd. | 1,267 | 825 | ||||||||
KWG Group Holdings Ltd. | 558 | 807 | ||||||||
Lee & Man Paper Manufacturing Ltd. | 641 | 388 | ||||||||
Legend Holdings Corp., H Shares(b)(c) | 230 | 268 | ||||||||
Li Ning Co. Ltd. | 799 | 2,501 | ||||||||
Livzon Pharmaceutical Group, Inc., H Shares | 70 | 311 | ||||||||
Logan Property Holdings Co. Ltd. | 452 | 711 | ||||||||
Longfor Group Holdings Ltd.(b) | 725 | 3,593 | ||||||||
Luxshare Precision Industry Co. Ltd., A Shares | 900 | 6,006 | ||||||||
Luye Pharma Group Ltd.(b) | 684 | 332 | ||||||||
Luzhou Laojiao Co. Ltd. | 100 | 1,103 | ||||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 373 | 121 | ||||||||
Mango Excellent Media Co. Ltd., A Shares(a) | 500 | 3,282 | ||||||||
Meitu, Inc.(a)(b) | 953 | 172 | ||||||||
Meituan Dianping, B Shares(a) | 1,525 | 20,258 | ||||||||
Metallurgical Corp. of China Ltd., H Shares | 1,253 | 218 | ||||||||
Momo, Inc., ADR | 49 | 1,180 | ||||||||
Muyuan Foodstuff Co. Ltd. | 100 | 1,782 | ||||||||
NetEase, Inc., ADR. | 32 | 11,039 | ||||||||
New China Life Insurance Co. Ltd., A Shares | 100 | 626 | ||||||||
New China Life Insurance Co. Ltd., H Shares | 389 | 1,321 | ||||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 60 | 7,660 | ||||||||
NIO, Inc., ADR(a)(c) | 340 | 1,159 | ||||||||
Orient Securities Co. Ltd., H Shares(b) | 365 | 187 | ||||||||
Peoples Insurance Co. Group of China Ltd. (The), H Shares | 3,656 | 1,177 | ||||||||
PetroChina Co. Ltd., H Shares | 9,275 | 3,320 | ||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,999 | 2,817 | ||||||||
Pinduoduo, Inc., ADR(a) | 51 | 2,419 | ||||||||
Ping An Bank Co. Ltd., A Shares | 700 | 1,360 | ||||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 160 | 2,204 | ||||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 200 | 2,082 | ||||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 2,439 | 24,731 | ||||||||
Poly Developments and Holdings Group Co. Ltd., A Shares | 600 | 1,359 | ||||||||
Poly Property Group Co. Ltd. | 832 | 288 | ||||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 4,176 | 2,480 | ||||||||
Qingdao Port International Co. Ltd., H Shares(b) | 460 | 247 | ||||||||
Red Star Macalline Group Corp. Ltd., H Shares(b) | 211 | 133 | ||||||||
SAIC Motor Corp. Ltd., A Shares | 200 | 525 | ||||||||
Sany Heavy Industry Co. Ltd., A Shares | 400 | 1,089 | ||||||||
Seazen Group Ltd. | 871 | 838 | ||||||||
SF Holding Co. Ltd., A Shares | 100 | 662 | ||||||||
Shandong Chenming Paper Holdings Ltd., H Shares | 280 | 108 | ||||||||
Shandong Gold Mining Co. Ltd., H | 155 | 458 | ||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 1,021 | 1,540 | ||||||||
Shanghai Electric Group Co. Ltd., H Shares | 1,259 | 386 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 242 | 920 | ||||||||
Shanghai Industrial Holdings Ltd. | 203 | 340 | ||||||||
Shanghai International Airport Co. Ltd., A Shares | 100 | 987 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 358 | 631 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,000 | $ | 1,490 | |||||||
Shenwan Hongyuan Group Co. Ltd., H Shares(b) | 750 | 180 | ||||||||
Shenzhen Expressway Co. Ltd., H Shares | 316 | 359 | ||||||||
Shenzhen International Holdings Ltd. | 401 | 770 | ||||||||
Shenzhen Investment Ltd. | 1,544 | 502 | ||||||||
Shenzhou International Group Holdings Ltd. | 320 | 3,640 | ||||||||
Shimao Property Holdings Ltd. | 594 | 2,382 | ||||||||
Sichuan Expressway Co. Ltd., H Shares | 520 | 133 | ||||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,956 | 195 | ||||||||
SINA Corp.(a) | 31 | 1,047 | ||||||||
Sino Biopharmaceutical Ltd. | 2,841 | 4,184 | ||||||||
Sino-Ocean Group Holding Ltd. | 1,296 | 339 | ||||||||
Sinopec Engineering Group Co. Ltd., H Shares | 588 | 281 | ||||||||
Sinopec Oilfield Service Corp., H Shares(a) | 1,220 | 87 | ||||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 1,558 | 422 | ||||||||
Sinopharm Group Co. Ltd., H Shares | 558 | 1,504 | ||||||||
Sinotrans Ltd., H Shares | 1,019 | 247 | ||||||||
Sinotruk Hong Kong Ltd. | 295 | 591 | ||||||||
SOHO China Ltd. | 834 | 391 | ||||||||
Sunac China Holdings Ltd. | 1,090 | 4,716 | ||||||||
Sunny Optical Technology Group Co. Ltd. | 291 | 4,032 | ||||||||
TAL Education Group, ADR(a) | 148 | 8,020 | ||||||||
Tencent Holdings Ltd. | 2,542 | 134,864 | ||||||||
Tencent Music Entertainment Group, | 53 | 605 | ||||||||
Tianjin Capital Environmental Protection Group Co. Ltd., H Shares | 197 | 62 | ||||||||
Times China Holdings Ltd. | 300 | 490 | ||||||||
Times Neighborhood Holdings Ltd.(a)(b) | 191 | 162 | ||||||||
Tongcheng-Elong Holdings Ltd.(a)(b) | 367 | 608 | ||||||||
TravelSky Technology Ltd., H Shares | 416 | 722 | ||||||||
Trip.com Group Ltd., ADR(a) | 204 | 5,255 | ||||||||
Tsingtao Brewery Co. Ltd., H Shares | 168 | 1,017 | ||||||||
Vipshop Holdings Ltd., ADR(a) | 181 | 2,883 | ||||||||
Wanhua Chemical Group Co. Ltd., A Shares | 100 | 636 | ||||||||
Weibo Corp., ADR(a)(c) | 25 | 938 | ||||||||
Weichai Power Co. Ltd., H Shares | 866 | 1,485 | ||||||||
Wuliangye Yibin Co. Ltd., A Shares | 100 | 1,888 | ||||||||
WuXi AppTec Co. Ltd., H Shares(b) | 65 | 918 | ||||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 331 | 5,133 | ||||||||
Xiaomi Corp., B Shares(a)(b) | 4,791 | 6,258 | ||||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 158 | 107 | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 320 | 313 | ||||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H Shares(b) | 88 | 163 | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,116 | 778 | ||||||||
Yanlord Land Group Ltd. | 381 | 286 | ||||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 870 | 657 | ||||||||
Yihai International Holding Ltd. | 210 | 1,671 | ||||||||
Yonyou Network Technology Co. Ltd., A Shares | 100 | 645 | ||||||||
Yuexiu Property Co. Ltd. | 2,774 | 524 | ||||||||
Yunnan Baiyao Group Co. Ltd., A Shares | 100 | 1,278 | ||||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 462 | 520 | ||||||||
Zhejiang Expressway Co. Ltd., H Shares | 639 | 481 | ||||||||
Zhengqi Financial Holding Corp., Rts., | 15 | 0 | ||||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b) | 150 | 514 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
Zhongsheng Group Holdings Ltd. | 275 | $ | 1,095 | |||||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 225 | 690 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 2,557 | 1,055 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 586 | 470 | ||||||
ZTE Corp., A Shares(a) | 100 | 573 | ||||||
ZTE Corp., H Shares(a) | 337 | 949 | ||||||
ZTO Express Cayman, Inc., ADR | 179 | 5,327 | ||||||
|
| |||||||
889,481 | ||||||||
|
| |||||||
Colombia-0.32% | ||||||||
Bancolombia S.A. | 117 | 756 | ||||||
Bancolombia S.A., Preference Shares | 191 | 1,261 | ||||||
Cementos Argos S.A. | 241 | 239 | ||||||
Corp.Financiera Colombiana S.A.(a) | 48 | 316 | ||||||
Ecopetrol S.A. | 2,133 | 1,137 | ||||||
Grupo Argos S.A. | 155 | 364 | ||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 1,506 | 325 | ||||||
Grupo de Inversiones Suramericana S.A. | 120 | 659 | ||||||
Grupo de Inversiones Suramericana S.A., Preference Shares | 40 | 193 | ||||||
Grupo Energia Bogota S.A. ESP | 841 | 481 | ||||||
Interconexion Electrica S.A. ESP | 202 | 938 | ||||||
|
| |||||||
6,669 | ||||||||
|
| |||||||
Czech Republic-0.13% | ||||||||
CEZ A.S. | 72 | 1,345 | ||||||
Komercni banka A.S.(a) | 31 | 658 | ||||||
Moneta Money Bank A.S.(b) | 261 | 547 | ||||||
O2 Czech Republic A.S. | 25 | 220 | ||||||
|
| |||||||
2,770 | ||||||||
|
| |||||||
Egypt-0.17% | ||||||||
Commercial International Bank Egypt S.A.E. | 590 | 2,396 | ||||||
Eastern Co. S.A.E. | 435 | 335 | ||||||
Egypt Kuwait Holding Co. S.A.E. | 345 | 345 | ||||||
ElSewedy Electric Co. | 329 | 186 | ||||||
Talaat Moustafa Group | 448 | 161 | ||||||
Telecom Egypt Co. | 152 | 104 | ||||||
|
| |||||||
3,527 | ||||||||
|
| |||||||
Greece-0.25% | ||||||||
Alpha Bank A.E.(a) | 657 | 480 | ||||||
Eurobank Ergasias Services and Holdings S.A.(a) | 1,054 | 425 | ||||||
FF Group(a)(d) | 21 | 0 | ||||||
Hellenic Petroleum S.A. | 34 | 225 | ||||||
Hellenic Telecommunications Organization S.A. | 102 | 1,340 | ||||||
JUMBO S.A. | 50 | 783 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 29 | 426 | ||||||
Mytilineos S.A. | 49 | 365 | ||||||
National Bank of Greece S.A.(a) | 271 | 368 | ||||||
OPAP S.A. | 84 | 754 | ||||||
|
| |||||||
5,166 | ||||||||
|
| |||||||
Hong Kong-0.09% | ||||||||
Alibaba Pictures Group Ltd.(a) | 5,836 | 780 | ||||||
Kingboard Laminates Holdings Ltd. | 460 | 443 | ||||||
Nine Dragons Paper Holdings Ltd. | 701 | 678 | ||||||
|
| |||||||
1,901 | ||||||||
|
|
Shares | Value | |||||||
Hungary-0.28% | ||||||||
Gedeon Richter PLC. | 62 | $ | 1,331 | |||||
Magyar Telekom Telecommunications PLC | 228 | 284 | ||||||
MOL Hungarian Oil & Gas PLC | 186 | 1,184 | ||||||
OTP Bank Nyrt | 103 | 3,063 | ||||||
|
| |||||||
5,862 | ||||||||
|
| |||||||
India-5.08% | ||||||||
Axis Bank Ltd., GDR(b) | 288 | 8,280 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR | 221 | 11,313 | ||||||
GAIL (India) Ltd., GDR(b) | 670 | 4,757 | ||||||
Infosys Ltd., ADR | 1,194 | 11,021 | ||||||
Larsen & Toubro Ltd., GDR(b)(c) | 628 | 7,285 | ||||||
Mahindra & Mahindra Ltd., GDR(b) | 2,006 | 9,659 | ||||||
Reliance Industries Ltd., GDR(b) | 566 | 21,649 | ||||||
State Bank of India, GDR(a)(b) | 179 | 4,502 | ||||||
Tata Motors Ltd., ADR(a)(c) | 774 | 4,582 | ||||||
Tata Steel Ltd., GDR(b) | 964 | 3,904 | ||||||
Vedanta Ltd., ADR | 2,465 | 11,142 | ||||||
Wipro Ltd., ADR | 1,917 | 6,307 | ||||||
|
| |||||||
104,401 | ||||||||
|
| |||||||
Indonesia-1.64% | ||||||||
PT Adaro Energy Tbk | 5,637 | 349 | ||||||
PT Astra Agro Lestari Tbk | 228 | 93 | ||||||
PT Astra International Tbk | 9,363 | 2,423 | ||||||
PT Bank Central Asia Tbk | 4,191 | 7,283 | ||||||
PT Bank Danamon Indonesia Tbk | 298 | 50 | ||||||
PT Bank Mandiri (Persero) Tbk | 7,679 | 2,302 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 3,372 | 929 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 22,577 | 4,124 | ||||||
PT Barito Pacific Tbk(a) | 8,646 | 838 | ||||||
PT Bukit Asam Tbk | 1,940 | 245 | ||||||
PT Bumi Serpong Damai Tbk(a) | 3,023 | 143 | ||||||
PT Charoen Pokphand Indonesia Tbk | 3,187 | 986 | ||||||
PT Gudang Garam Tbk | 228 | 694 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 4,190 | 446 | ||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,176 | 439 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 587 | 460 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,116 | 739 | ||||||
PT Indofood Sukses Makmur Tbk | 2,085 | 915 | ||||||
PT Jasa Marga (Persero) Tbk | 962 | 204 | ||||||
PT Kalbe Farma Tbk | 8,203 | 794 | ||||||
PT Matahari Department Store Tbk | 1,149 | 94 | ||||||
PT Media Nusantara Citra Tbk | 2,860 | 175 | ||||||
PT Perusahaan Gas Negara Tbk | 4,724 | 270 | ||||||
PT Semen Indonesia (Persero) Tbk | 1,307 | 698 | ||||||
PT Smartfren Telecom Tbk(a) | 18,132 | 130 | ||||||
PT Surya Citra Media Tbk | 3,314 | 196 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 19,905 | 4,683 | ||||||
PT Tower Bersama Infrastructure Tbk | 4,249 | 339 | ||||||
PT Unilever Indonesia Tbk | 2,595 | 1,435 | ||||||
PT United Tractors Tbk | 674 | 739 | ||||||
PT Vale Indonesia Tbk(a) | 1,163 | 201 | ||||||
PT XL Axiata Tbk(a) | 1,270 | 216 | ||||||
|
| |||||||
33,632 | ||||||||
|
| |||||||
Isle of Man-0.01% | ||||||||
MAS Real Estate, Inc. | 182 | 107 | ||||||
|
| |||||||
Kuwait-0.74% | ||||||||
Agility Public Warehousing Co. KSC | 407 | 846 | ||||||
Boubyan Bank KSCP | 399 | 642 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Kuwait-(continued) | ||||||||||
Boubyan Petrochemicals Co. KSCP | 169 | $ | 274 | |||||||
Burgan Bank SAK | 309 | 208 | ||||||||
Gulf Bank KSCP | 772 | 539 | ||||||||
Humansoft Holding Co. KSC(a) | 43 | 396 | ||||||||
Kuwait Finance House KSCP | 1,754 | 3,361 | ||||||||
Mabanee Co. S.A.K | 221 | 454 | ||||||||
Mobile Telecommunications Co. KSC | 933 | 1,599 | ||||||||
National Bank of Kuwait SAKP | 2,840 | 6,804 | ||||||||
|
| |||||||||
15,123 | ||||||||||
|
| |||||||||
Malaysia-2.41% | ||||||||||
AirAsia Group Bhd.. | 790 | 149 | ||||||||
Alliance Bank Malaysia Bhd.. | 488 | 220 | ||||||||
AMMB Holdings Bhd. | 788 | 544 | ||||||||
Astro Malaysia Holdings Bhd.. | 775 | 170 | ||||||||
Axiata Group Bhd.. | 2,017 | 1,839 | ||||||||
British American Tobacco Malaysia Bhd.. | 74 | 217 | ||||||||
CIMB Group Holdings Bhd. | 3,147 | 2,510 | ||||||||
Dialog Group Bhd. | 2,193 | 1,687 | ||||||||
DiGi.Com Bhd. | 1,584 | 1,704 | ||||||||
FGV Holdings Bhd..(a) | 1,077 | 211 | ||||||||
Fraser & Neave Holdings Bhd. | 52 | 384 | ||||||||
Gamuda Bhd. | 895 | 666 | ||||||||
Genting Bhd. | 981 | 945 | ||||||||
Genting Malaysia Bhd. | 1,176 | 645 | ||||||||
HAP Seng Consolidated Bhd. | 264 | 451 | ||||||||
Hartalega Holdings Bhd. | 589 | 1,041 | ||||||||
Hong Leong Bank Bhd. | 261 | 804 | ||||||||
Hong Leong Financial Group Bhd. | 120 | 363 | ||||||||
IHH Healthcare Bhd. | 1,300 | 1,579 | ||||||||
IJM Corp. Bhd. | 1,476 | 568 | ||||||||
IOI Corp. Bhd. | 1,356 | 1,280 | ||||||||
IOI Properties Group Bhd. | 1,083 | 256 | ||||||||
Kuala Lumpur Kepong Bhd. | 230 | 1,123 | ||||||||
Malayan Banking Bhd. | 2,559 | 4,493 | ||||||||
Malaysia Airports Holdings Bhd. | 360 | 438 | ||||||||
Maxis Bhd. | 1,130 | 1,435 | ||||||||
MISC Bhd. | 694 | 1,273 | ||||||||
Nestle Malaysia Bhd. | 29 | 942 | ||||||||
Petronas Chemicals Group Bhd. | 1,302 | 1,681 | ||||||||
Petronas Dagangan Bhd. | 120 | 561 | ||||||||
Petronas Gas Bhd. | 210 | 752 | ||||||||
PPB Group Bhd. | 283 | 1,083 | ||||||||
Press Metal Aluminium Holdings Bhd. | 797 | 726 | ||||||||
Public Bank Bhd. | 1,334 | 5,063 | ||||||||
QL Resources Bhd. | 366 | 685 | ||||||||
RHB Bank Bhd. | 776 | 854 | ||||||||
Sime Darby Bhd. | 1,679 | 778 | ||||||||
Sime Darby Plantation Bhd. | 1,445 | 1,650 | ||||||||
Sime Darby Property Bhd. | 1,849 | 279 | ||||||||
Telekom Malaysia Bhd. | 417 | 389 | ||||||||
Tenaga Nasional Bhd. | 1,762 | 5,007 | ||||||||
Top Glove Corp. Bhd. | 656 | 1,105 | ||||||||
UEM Sunrise Bhd..(a) | 919 | 91 | ||||||||
Westports Holdings Bhd. | 555 | 463 | ||||||||
YTL Corp. Bhd. | 2,413 | 427 | ||||||||
|
| |||||||||
49,531 | ||||||||||
|
| |||||||||
Mexico-2.17% | ||||||||||
Alfa S.A.B. de C.V., Class A | 1,456 | 603 | ||||||||
Alpek S.A.B. de C.V. | 184 | 89 |
Shares | Value | |||||||||
Mexico-(continued) | ||||||||||
Alsea S.A.B. de C.V.(a) | 195 | $ | 163 | |||||||
America Movil S.A.B. de C.V., Series L | 12,103 | 7,421 | ||||||||
Arca Continental S.A.B. de C.V. | 183 | 714 | ||||||||
Banco del Bajio S.A.(b) | 234 | 187 | ||||||||
Banco Santander Mexico S.A. Institucion de | ||||||||||
Banca Multiple Grupo Financiero Santander | 240 | 135 | ||||||||
Becle S.A.B. de C.V. | 288 | 447 | ||||||||
Cemex S.A.B. de C.V., Series CPO(e) | 6,878 | 1,465 | ||||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 215 | 877 | ||||||||
Concentradora Fibra Danhos S.A. de C.V. | 131 | 102 | ||||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 104 | 265 | ||||||||
Fibra Uno Administracion S.A. de C.V. | 1,353 | 1,123 | ||||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 906 | 5,927 | ||||||||
GMexico Transportes S.A.B. de C.V.(b) | 224 | 209 | ||||||||
Gruma S.A.B. de C.V., Class B | 98 | 942 | ||||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 154 | 568 | ||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 156 | 987 | ||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 58 | 588 | ||||||||
Grupo Bimbo S.A.B. de C.V., Series A | 1,021 | 1,526 | ||||||||
Grupo Carso S.A.B. de C.V., Series A1 | 222 | 450 | ||||||||
Grupo Elektra S.A.B. de C.V. | 28 | 1,629 | ||||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O | 1,301 | 3,601 | ||||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O | 1,094 | 666 | ||||||||
Grupo Lala S.A.B. de C.V. | 325 | 155 | ||||||||
Grupo Mexico S.A.B. de C.V., Class B | 1,629 | 3,517 | ||||||||
Grupo Televisa S.A.B., Series CPO(g) | 1,014 | 1,091 | ||||||||
Industrias Bachoco S.A.B. de C.V., Series B | 29 | 85 | ||||||||
Industrias Penoles S.A.B. de C.V. | 58 | 453 | ||||||||
Infraestructura Energetica Nova S.A.B. de C.V. | 246 | 772 | ||||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 329 | 470 | ||||||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 104 | 262 | ||||||||
Orbia Advance Corp. S.A.B. de C.V. | 483 | 577 | ||||||||
Promotora y Operadora de Infraestructura S.A.Bde C.V. | 78 | 549 | ||||||||
Regional S.A.B. de C.V.(a) | 81 | 201 | ||||||||
Telesites S.A.B. de C.V.(a) | 676 | 450 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 2,214 | 5,390 | ||||||||
|
| |||||||||
44,656 | ||||||||||
|
| |||||||||
Pakistan-0.03% | ||||||||||
Fauji Fertilizer Co. Ltd. | 373 | 258 | ||||||||
Habib Bank Ltd. | 189 | 118 | ||||||||
Oil & Gas Development Co. Ltd. | 153 | 100 | ||||||||
Pakistan Petroleum Ltd. | 414 | 233 | ||||||||
|
| |||||||||
709 | ||||||||||
|
| |||||||||
Peru-0.04% | ||||||||||
Cia de Minas Buenaventura S.A.A., ADR | 97 | 726 | ||||||||
|
| |||||||||
Philippines-1.02% | ||||||||||
Aboitiz Power Corp. | 816 | 441 | ||||||||
Alliance Global Group, Inc.(a) | 2,129 | 271 | ||||||||
Ayala Corp. | 106 | 1,203 | ||||||||
Ayala Land, Inc. | 3,229 | 1,974 | ||||||||
Bank of the Philippine Islands | 839 | 961 | ||||||||
BDO Unibank, Inc. | 896 | 1,779 | ||||||||
Bloomberry Resorts Corp. | 1,322 | 145 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Philippines-(continued) | ||||||||||
DMCI Holdings, Inc. | 1,649 | $ | 132 | |||||||
Energy Development Corp.(a)(d) | 1,155 | 0 | ||||||||
Globe Telecom, Inc. | 10 | 429 | ||||||||
GT Capital Holdings, Inc. | 51 | 454 | ||||||||
International Container Terminal Services, Inc. | 375 | 662 | ||||||||
JG Summit Holdings, Inc. | 1,319 | 1,325 | ||||||||
Jollibee Foods Corp. | 187 | 528 | ||||||||
LT Group, Inc. | 1,106 | 168 | ||||||||
Manila Electric Co. | 101 | 506 | ||||||||
Megaworld Corp. | 5,931 | 300 | ||||||||
Metro Pacific Investments Corp. | 7,448 | 375 | ||||||||
Metropolitan Bank & Trust Co. | 830 | 638 | ||||||||
PLDT, Inc. | 49 | 1,241 | ||||||||
San Miguel Corp. | 185 | 354 | ||||||||
San Miguel Food and Beverage, Inc. | 339 | 395 | ||||||||
Semirara Mining & Power Corp. | 683 | 163 | ||||||||
SM Investments Corp. | �� | 208 | 3,388 | |||||||
SM Prime Holdings, Inc. | 4,067 | 2,427 | ||||||||
Universal Robina Corp. | 325 | 794 | ||||||||
|
| |||||||||
21,053 | ||||||||||
|
| |||||||||
Qatar-1.13% | ||||||||||
Barwa Real Estate Co. | 848 | 666 | ||||||||
Commercial Bank P.S.Q.C. (The) | 882 | 969 | ||||||||
Doha Bank Q.P.S.C.(a) | 676 | 375 | ||||||||
Ezdan Holding Group Q.S.C.(a) | 692 | 141 | ||||||||
Industries Qatar Q.S.C. | 889 | 1,721 | ||||||||
Masraf Al Rayan Q.S.C. | 1,635 | 1,715 | ||||||||
Mesaieed Petrochemical Holding Co. Q.P.S.C. | 1,928 | 953 | ||||||||
Ooredoo Q.P.S.C. | 368 | 647 | ||||||||
Qatar Aluminum Manufacturing Co. | 1,217 | 208 | ||||||||
Qatar Electricity & Water Co. Q.S.C. | 224 | 929 | ||||||||
Qatar Fuel Co. Q.P.S.C. | 217 | 954 | ||||||||
Qatar Gas Transport Co. Ltd. | 1,208 | 826 | ||||||||
Qatar Insurance Co. (S.A.Q.) | 712 | 393 | ||||||||
Qatar International Islamic Bank Q.S.C. | 330 | 727 | ||||||||
Qatar Islamic Bank (S.A.Q) | 515 | 2,185 | ||||||||
Qatar National Bank Q.P.S.C. | 1,975 | 9,346 | ||||||||
United Development Co. Q.S.C. | 772 | 224 | ||||||||
Vodafone Qatar Q.S.C. | 733 | 221 | ||||||||
|
| |||||||||
23,200 | ||||||||||
|
| |||||||||
Romania-0.03% | ||||||||||
NEPI Rockcastle PLC | 158 | 673 | ||||||||
| �� | |||||||||
Russia-3.70% | ||||||||||
Aeroflot PJSC | 154 | 158 | ||||||||
Alrosa PJSC | 1,079 | 907 | ||||||||
Bashneft PJSC, Preference Shares | 10 | 186 | ||||||||
Federal Grid Co. Unified Energy System PJSC | 120,000 | 298 | ||||||||
Gazprom PJSC | 4,654 | 11,958 | ||||||||
Inter RAO UES PJSC | 14,756 | 998 | ||||||||
LUKOIL PJSC | 181 | 11,813 | ||||||||
Magnit PJSC | 31 | 1,547 | ||||||||
Magnitogorsk Iron & Steel Works PJSC | 630 | 343 | ||||||||
MMC Norilsk Nickel PJSC | 23 | 6,369 | ||||||||
Mobile TeleSystems PJSC | 398 | 1,720 | ||||||||
Moscow Exchange MICEX-RTS PJSC | 608 | 988 | ||||||||
Mosenergo PJSC | 4,000 | 106 | ||||||||
Novatek PJSC | 463 | 6,471 | ||||||||
Novolipetsk Steel PJSC | 432 | 750 |
Shares | Value | |||||||||
Russia-(continued) | ||||||||||
PhosAgro PJSC | 17 | $ | 621 | |||||||
Polyus PJSC | 11 | 1,801 | ||||||||
Rosneft Oil Co. PJSC | 532 | 2,415 | ||||||||
Rosseti PJSC | 14,000 | 243 | ||||||||
Rostelecom PJSC(a) | 420 | 466 | ||||||||
RusHydro PJSC | 55,600 | 474 | ||||||||
RussNeft PJSC(a) | 23 | 129 | ||||||||
Sberbank of Russia PJSC | 4,505 | 12,017 | ||||||||
Severstal PJSC | 78 | 938 | ||||||||
Sistema PJSFC | 1,400 | 274 | ||||||||
Surgutneftegas PJSC | 3,270 | 1,641 | ||||||||
Surgutneftegas PJSC, Preference Shares | 3,503 | 1,721 | ||||||||
Tatneft PJSC | 688 | 5,117 | ||||||||
Tatneft PJSC, Preference Shares | 70 | 487 | ||||||||
Transneft PJSC, Preference Shares | 1 | 1,841 | ||||||||
Unipro PJSC | 5,000 | 190 | ||||||||
VTB Bank PJSC | 2,232,852 | 1,054 | ||||||||
|
| |||||||||
76,041 | ||||||||||
|
| |||||||||
South Africa-4.31% | ||||||||||
Absa Group Ltd. | 333 | 1,656 | ||||||||
African Rainbow Minerals Ltd. | 53 | 386 | ||||||||
Anglo American Platinum Ltd. | 26 | 1,383 | ||||||||
AngloGold Ashanti Ltd. | 177 | 4,387 | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 163 | 1,026 | ||||||||
Assore Ltd. | 10 | 171 | ||||||||
AVI Ltd. | 91 | 390 | ||||||||
Barloworld Ltd. | 101 | 368 | ||||||||
Bid Corp. Ltd. | 152 | 2,000 | ||||||||
Bidvest Group Ltd. (The) | 153 | 1,254 | ||||||||
Capitec Bank Holdings Ltd. | 24 | 1,179 | ||||||||
Clicks Group Ltd. | 112 | 1,407 | ||||||||
Coronation Fund Managers Ltd. | 138 | 272 | ||||||||
Dis-Chem Pharmacies Ltd.(b) | 206 | 246 | ||||||||
Discovery Ltd. | 173 | 914 | ||||||||
Distell Group Holdings Ltd. | 41 | 176 | ||||||||
Exxaro Resources Ltd. | 120 | 704 | ||||||||
FirstRand Ltd. | 1,430 | 3,151 | ||||||||
Fortress REIT Ltd., Class A | 547 | 296 | ||||||||
Fortress REIT Ltd., Class B | 432 | 55 | ||||||||
Foschini Group Ltd. (The) | 96 | 382 | ||||||||
Gold Fields Ltd. | 365 | 2,728 | ||||||||
Growthpoint Properties Ltd. | 1,295 | 982 | ||||||||
Harmony Gold Mining Co. Ltd.(a) | 218 | 794 | ||||||||
Hyprop Investments Ltd. | 133 | 138 | ||||||||
Impala Platinum Holdings Ltd. | 327 | 1,998 | ||||||||
Investec Ltd. | 115 | 240 | ||||||||
Kumba Iron Ore Ltd. | 27 | 519 | ||||||||
Liberty Holdings Ltd. | 62 | 238 | ||||||||
Life Healthcare Group Holdings Ltd. | 670 | 652 | ||||||||
Momentum Metropolitan Holdings | 372 | 354 | ||||||||
Motus Holdings Ltd.(a) | 84 | 134 | ||||||||
Mr Price Group Ltd. | 88 | 620 | ||||||||
MTN Group Ltd. | 694 | 1,837 | ||||||||
MultiChoice Group(a) | 189 | 898 | ||||||||
Naspers Ltd., Class N | 191 | 30,149 | ||||||||
Nedbank Group Ltd. | 183 | 1,068 | ||||||||
Netcare Ltd. | 705 | 595 | ||||||||
Ninety One Ltd.(a) | 57 | 121 | ||||||||
Northam Platinum Ltd.(a) | 154 | 750 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
South Africa-(continued) | ||||||||||
Old Mutual Ltd. | 2,023 | $ | 1,478 | |||||||
Pepkor Holdings Ltd.(b) | 363 | 240 | ||||||||
Pick n Pay Stores Ltd. | 130 | 407 | ||||||||
PSG Group Ltd. | 79 | 684 | ||||||||
Rand Merchant Investment Holdings Ltd. | 366 | 499 | ||||||||
Redefine Properties Ltd. | 2,745 | 339 | ||||||||
Remgro Ltd. | 238 | 1,775 | ||||||||
Resilient REIT Ltd. | 119 | 227 | ||||||||
Reunert Ltd. | 85 | 185 | ||||||||
RMB Holdings Ltd. | 344 | 993 | ||||||||
Sanlam Ltd. | 711 | 2,295 | ||||||||
Santam Ltd. | 22 | 326 | ||||||||
Sappi Ltd.(a) | 269 | 330 | ||||||||
Sasol Ltd.(a) | 251 | 1,193 | ||||||||
Shoprite Holdings Ltd. | 214 | 1,248 | ||||||||
Sibanye Stillwater Ltd.(a) | 995 | 2,046 | ||||||||
SPAR Group Ltd. (The) | 82 | 790 | ||||||||
Standard Bank Group Ltd. | 551 | 3,064 | ||||||||
Telkom S.A. SOC Ltd. | 154 | 173 | ||||||||
Tiger Brands Ltd. | 79 | 777 | ||||||||
Truworths International Ltd. | 216 | 347 | ||||||||
Tsogo Sun Gaming Ltd. | 287 | 40 | ||||||||
Vodacom Group Ltd. | 266 | 1,785 | ||||||||
Vukile Property Fund Ltd. | 390 | 115 | ||||||||
Woolworths Holdings Ltd. | 419 | 696 | ||||||||
|
| |||||||||
88,670 | ||||||||||
|
| |||||||||
Taiwan-14.25% | ||||||||||
Accton Technology Corp. | 236 | 1,692 | ||||||||
Acer, Inc. | 1,145 | 634 | ||||||||
Advantech Co. Ltd. | 153 | 1,437 | ||||||||
ASE Technology Holding Co. Ltd. | 1,508 | 3,323 | ||||||||
Asia Cement Corp. | 972 | 1,415 | ||||||||
Asustek Computer, Inc. | 316 | 2,132 | ||||||||
AU Optronics Corp. | 3,691 | 963 | ||||||||
Capital Securities Corp. | 1,241 | 404 | ||||||||
Catcher Technology Co. Ltd. | 339 | 2,557 | ||||||||
Cathay Financial Holding Co. Ltd. | 3,675 | 4,882 | ||||||||
Chailease Holding Co. Ltd. | 544 | 2,044 | ||||||||
Chang Hwa Commercial Bank Ltd. | 2,917 | 1,902 | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 887 | 1,017 | ||||||||
Chicony Electronics Co. Ltd. | 219 | 616 | ||||||||
China Airlines Ltd. | 764 | 208 | ||||||||
China Development Financial Holding Corp. | 6,337 | 1,901 | ||||||||
China Motor Corp. | 149 | 158 | ||||||||
China Steel Corp. | 5,603 | 3,725 | ||||||||
Chunghwa Telecom Co. Ltd. | 1,657 | 6,083 | ||||||||
Compal Electronics, Inc. | 1,687 | 1,072 | ||||||||
CTBC Financial Holding Co. Ltd. | 7,798 | 5,166 | ||||||||
Delta Electronics, Inc. | 932 | 4,323 | ||||||||
E.Sun Financial Holding Co. Ltd. | 4,800 | 4,321 | ||||||||
Eclat Textile Co. Ltd. | 96 | 946 | ||||||||
Epistar Corp. | 501 | 639 | ||||||||
Eternal Materials Co. Ltd. | 258 | 230 | ||||||||
Eva Airways Corp. | 1,125 | 427 | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 1,192 | 438 | ||||||||
Far Eastern International Bank | 609 | 215 | ||||||||
Far Eastern New Century Corp. | 1,789 | 1,542 | ||||||||
Far EasTone Telecommunications Co. Ltd. | 684 | 1,517 | ||||||||
Feng TAY Enterprise Co. Ltd. | 155 | 873 |
Shares | Value | |||||||||
Taiwan-(continued) | ||||||||||
First Financial Holding Co. Ltd. | 4,173 | $ | 3,044 | |||||||
Formosa Chemicals & Fibre Corp. | 1,466 | 3,679 | ||||||||
Formosa Petrochemical Corp. | 619 | 1,840 | ||||||||
Formosa Plastics Corp. | 2,203 | 6,405 | ||||||||
Formosa Taffeta Co. Ltd. | 535 | 607 | ||||||||
Foxconn Technology Co. Ltd. | 538 | 1,024 | ||||||||
Fubon Financial Holding Co. Ltd. | 3,213 | 4,507 | ||||||||
Giant Manufacturing Co. Ltd. | 125 | 729 | ||||||||
Globalwafers Co. Ltd. | 102 | 1,294 | ||||||||
Hon Hai Precision Industry Co. Ltd. | 5,309 | 13,518 | ||||||||
Hotai Motor Co. Ltd. | 146 | 2,655 | ||||||||
HTC Corp. | 379 | 378 | ||||||||
Hua Nan Financial Holdings Co. Ltd. | 4,200 | 2,705 | ||||||||
Innolux Corp. | 3,822 | 823 | ||||||||
Inventec Corp. | 1,466 | 1,147 | ||||||||
Largan Precision Co. Ltd. | 45 | 6,147 | ||||||||
Lite-On Technology Corp. | 846 | 1,312 | ||||||||
MediaTek, Inc. | 652 | 8,914 | ||||||||
Mega Financial Holding Co. Ltd. | 4,848 | 4,852 | ||||||||
Nan Ya Plastics Corp. | 2,550 | 5,566 | ||||||||
Nanya Technology Corp. | 333 | 707 | ||||||||
Novatek Microelectronics Corp. | 228 | 1,408 | ||||||||
OBI Pharma, Inc.(a) | 70 | 207 | ||||||||
Oriental Union Chemical Corp. | 423 | 236 | ||||||||
Pegatron Corp. | 910 | 1,986 | ||||||||
Pou Chen Corp. | 1,194 | 1,113 | ||||||||
President Chain Store Corp. | 254 | 2,621 | ||||||||
Quanta Computer, Inc. | 1,189 | 2,556 | ||||||||
Realtek Semiconductor Corp. | 212 | 1,796 | ||||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 1,534 | 2,232 | ||||||||
Shin Kong Financial Holding Co. Ltd. | 5,108 | 1,441 | ||||||||
SinoPac Financial Holdings Co. Ltd. | 4,887 | 1,973 | ||||||||
Synnex Technology International Corp. | 674 | 896 | ||||||||
Taishin Financial Holding Co. Ltd. | 4,620 | 1,950 | ||||||||
Taiwan Business Bank | 2,327 | 835 | ||||||||
Taiwan Cement Corp. | 2,232 | 3,191 | ||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 4,318 | 2,873 | ||||||||
Taiwan Fertilizer Co. Ltd. | 387 | 595 | ||||||||
Taiwan Glass Industry Corp. | 939 | 278 | ||||||||
Taiwan High Speed Rail Corp. | 882 | 1,000 | ||||||||
Taiwan Mobile Co. Ltd. | 732 | 2,632 | ||||||||
Taiwan Secom Co. Ltd. | 70 | 206 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,752 | 108,052 | ||||||||
Teco Electric and Machinery Co. Ltd. | 664 | 595 | ||||||||
TPK Holding Co. Ltd.(a) | 183 | 253 | ||||||||
Transcend Information, Inc. | 77 | 182 | ||||||||
U-Ming Marine Transport Corp. | 246 | 241 | ||||||||
Unimicron Technology Corp. | 528 | 741 | ||||||||
Uni-President Enterprises Corp. | 2,157 | 4,989 | ||||||||
United Microelectronics Corp. | 4,671 | 2,423 | ||||||||
Vanguard International Semiconductor Corp. | 365 | 845 | ||||||||
Walsin Lihwa Corp. | 1,145 | 500 | ||||||||
Walsin Technology Corp. | 207 | 1,465 | ||||||||
Wan Hai Lines Ltd. | 423 | 236 | ||||||||
Win Semiconductors Corp. | 180 | 1,610 | ||||||||
Wistron Corp. | 1,188 | 1,104 | ||||||||
Wiwynn Corp. | 38 | 967 | ||||||||
Yageo Corp. | 169 | 2,195 | ||||||||
Yuanta Financial Holding Co. Ltd. | 4,761 | 2,684 | ||||||||
Yulon Motor Co. Ltd. | 502 | 288 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Taiwan-(continued) | ||||||||||
Yulon Nissan Motor Co. Ltd. | 14 | $ | 125 | |||||||
Zhen Ding Technology Holding Ltd. | 263 | 930 | ||||||||
|
| |||||||||
293,105 | ||||||||||
|
| |||||||||
Thailand-2.86% | ||||||||||
Advanced Info Service PCL, NVDR | 480 | 2,918 | ||||||||
Airports of Thailand PCL, NVDR | 1,825 | 3,482 | ||||||||
Asset World Corp. PCL, NVDR | 3,300 | 556 | ||||||||
B. Grimm Power PCL, NVDR | 338 | 463 | ||||||||
Bangkok Bank PCL, Foreign Shares | 226 | 721 | ||||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,761 | 2,386 | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 3,756 | 1,078 | ||||||||
Bangkok Life Assurance PCL, NVDR(a) | 300 | 142 | ||||||||
Banpu PCL, NVDR | 2,056 | 366 | ||||||||
Berli Jucker PCL, NVDR | 480 | 590 | ||||||||
BTS Group Holdings PCL, NVDR | 3,738 | 1,318 | ||||||||
Bumrungrad Hospital PCL, NVDR | 154 | 559 | ||||||||
Central Pattana PCL, NVDR | 1,031 | 1,538 | ||||||||
Charoen Pokphand Foods PCL, NVDR | 1,705 | 1,413 | ||||||||
CP ALL PCL, NVDR | 2,263 | 4,927 | ||||||||
Delta Electronics Thailand PCL, NVDR | 214 | 293 | ||||||||
Digital Telecommunications Infrastructure Fund, Class F | 1,826 | 890 | ||||||||
Electricity Generating PCL, NVDR | 126 | 1,095 | ||||||||
Energy Absolute PCL, NVDR | 784 | 960 | ||||||||
Global Power Synergy PCL, NVDR | 319 | 689 | ||||||||
Gulf Energy Development PCL, NVDR | 1,825 | 2,169 | ||||||||
Home Product Center PCL, NVDR | 2,654 | 1,116 | ||||||||
Indorama Ventures PCL, NVDR | 842 | 740 | ||||||||
Intouch Holdings PCL, NVDR | 982 | 1,613 | ||||||||
IRPC PCL, NVDR | 4,823 | 396 | ||||||||
Kasikornbank PCL, Foreign Shares | 504 | 1,332 | ||||||||
Kasikornbank PCL, NVDR | 296 | 782 | ||||||||
Krung Thai Bank PCL, NVDR | 2,916 | 976 | ||||||||
Krungthai Card PCL, NVDR. | 616 | 639 | ||||||||
Land & Houses PCL, NVDR | 3,106 | 700 | ||||||||
Minor International PCL, NVDR | 1,681 | 1,089 | ||||||||
Muangthai Capital PCL, NVDR(a) | 318 | 455 | ||||||||
Osotspa PCL, NVDR. | 574 | 723 | ||||||||
PTT Exploration & Production PCL, NVDR | 651 | 1,661 | ||||||||
PTT Global Chemical PCL, NVDR | 959 | 1,109 | ||||||||
PTT PCL, NVDR | 6,203 | 6,750 | ||||||||
Ratch Group PCL, NVDR | 367 | 743 | ||||||||
Siam Cement PCL (The), NVDR | 362 | 3,829 | ||||||||
Siam City Cement PCL, NVDR | 42 | 153 | ||||||||
Siam Commercial Bank PCL (The), NVDR | 1,103 | 2,300 | ||||||||
Siam Makro PCL, NVDR | 170 | 187 | ||||||||
Srisawad Corp. PCL, NVDR. | 255 | 417 | ||||||||
Thai Oil PCL, NVDR | 482 | 605 | ||||||||
Thai Union Group PCL, NVDR | 1,329 | 535 | ||||||||
TMB Bank PCL, NVDR | 16,868 | 491 | ||||||||
Total Access Communication PCL, NVDR | 317 | 410 | ||||||||
True Corp. PCL, NVDR | 5,013 | 513 | ||||||||
|
| |||||||||
58,817 | ||||||||||
|
| |||||||||
Turkey-0.56% | ||||||||||
Akbank T.A.S.(a) | 1,100 | 917 | ||||||||
Anadolu Efes Biracilik ve Malt Sanayii A.S. | 81 | 213 | ||||||||
Arcelik A.S.(a) | 99 | 232 | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 150 | 582 | ||||||||
BIM Birlesik Magazalar A.S. | 179 | 1,418 |
Shares | Value | |||||||||
Turkey-(continued) | ||||||||||
Coca-Cola Icecek A.S. | 38 | $ | 199 | |||||||
Enka Insaat ve Sanayi A.S. | 281 | 242 | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 537 | 617 | ||||||||
Ford Otomotiv Sanayi A.S. | 35 | 317 | ||||||||
Haci Omer Sabanci Holding A.S. | 409 | 479 | ||||||||
Iskenderun Demir ve Celik A.S. | 78 | 76 | ||||||||
KOC Holding A.S. | 369 | 810 | ||||||||
Koza Altin Isletmeleri A.S.(a) | 7 | 71 | ||||||||
Petkim Petrokimya Holding A.S.(a) | 473 | 240 | ||||||||
TAV Havalimanlari Holding A.S. | 85 | 221 | ||||||||
Tekfen Holding A.S. | 88 | 178 | ||||||||
Tofas Turk Otomobil Fabrikasi A.S. | 71 | 227 | ||||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 58 | 753 | ||||||||
Turk Hava Yollari AO(a) | 264 | 398 | ||||||||
Turk Telekomunikasyon A.S.(a) | 98 | 102 | ||||||||
Turkcell Iletisim Hizmetleri A.S. | 422 | 840 | ||||||||
Turkiye Garanti Bankasi A.S.(a) | 913 | 1,076 | ||||||||
Turkiye Is Bankasi A.S., Class C(a) | 628 | 440 | ||||||||
Turkiye Sise ve Cam Fabrikalari A.S. | 352 | 242 | ||||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 436 | 279 | ||||||||
Yapi ve Kredi Bankasi A.S.(a) | 827 | 246 | ||||||||
|
| |||||||||
11,415 | ||||||||||
|
| |||||||||
United Arab Emirates-0.82% | ||||||||||
Abu Dhabi Commercial Bank PJSC | 1,179 | 1,411 | ||||||||
Abu Dhabi Islamic Bank PJSC | 404 | 393 | ||||||||
Air Arabia PJSC | 1,017 | 316 | ||||||||
Aldar Properties PJSC | 1,714 | 846 | ||||||||
DAMAC Properties Dubai Co. PJSC(a) | 748 | 127 | ||||||||
Dana Gas PJSC | 1,521 | 304 | ||||||||
DP World PLC | 72 | 1,151 | ||||||||
Dubai Financial Market PJSC | 719 | 143 | ||||||||
Dubai Investments PJSC | 927 | 301 | ||||||||
Dubai Islamic Bank PJSC | 805 | 801 | ||||||||
Emaar Development PJSC | 356 | 221 | ||||||||
Emaar Malls PJSC | 892 | 310 | ||||||||
Emaar Properties PJSC | 1,561 | 1,148 | ||||||||
Emirates Telecommunications Group Co. PJSC | 774 | 3,266 | ||||||||
First Abu Dhabi Bank PJSC | 1,943 | 6,071 | ||||||||
|
| |||||||||
16,809 | ||||||||||
|
| |||||||||
United States-0.09% | ||||||||||
JBS S.A. | 418 | 1,841 | ||||||||
|
| |||||||||
Total Common Stocks & Other Equity Interests |
| 1,893,594 | ||||||||
|
| |||||||||
Exchange-Traded Funds-7.75% |
| |||||||||
India-4.98% | ||||||||||
Invesco India ETF(i) | 6,134 | 96,917 | ||||||||
iShares MSCI India ETF | 200 | 5,410 | ||||||||
|
| |||||||||
102,327 | ||||||||||
|
| |||||||||
United States-2.77% | ||||||||||
iShares MSCI Saudi Arabia ETF | 2,227 | 56,945 | ||||||||
|
| |||||||||
Total Exchange-Traded Funds | 159,272 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,052,866 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-0.88% | ||||||||||
Invesco Private Government | 18,134 | $ | 18,134 | |||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-100.72% |
| 2,071,000 | ||||||||
OTHER ASSETS LESS LIABILITIES-(0.72)% |
| (14,777 | ) | |||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 2,056,223 | ||||||||
|
|
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
TBA-To Be Announced
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 April 30, 2020 was $106,157, which represented 5.16% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco India ETF | $ | 100,300 | $ | 38,414 | $ | (27,883 | ) | $ | (34,295 | ) | $ | 20,381 | $ | 96,917 | $ | 933 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | 5,726 | 64,285 | (70,011 | ) | - | - | - | 36 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 55,630 | 356,211 | (411,841 | ) | - | - | - | 175 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 18,251 | 84,158 | (102,410 | ) | (1 | ) | 2 | - | 67 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 39,772 | (21,638 | ) | - | - | 18,134 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 179,907 | $ | 582,840 | $ | (633,783 | ) | $ | (34,296 | ) | $ | 20,383 | $ | 115,051 | $ | 1,211 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(j) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(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.
| 29 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Financials | 28.43 | |||||||
Consumer Discretionary | 16.15 | |||||||
Communication Services | 13.14 | |||||||
Information Technology | 11.18 | |||||||
Energy | 6.35 | |||||||
Materials | 6.18 | |||||||
Industrials | 4.61 | |||||||
Consumer Staples | 4.37 | |||||||
Utilities | 3.32 | |||||||
Health Care | 3.14 | |||||||
Real Estate | 2.97 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.16 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Statements of Assets and Liabilities
April 30, 2020
(Unaudited)
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) | $ | 10,019,047 | $ | 2,058,431 | $ | 1,955,949 | |||||||||
Affiliated investments in securities, at value | 729,562 | 67,615 | 115,051 | ||||||||||||
Foreign currencies, at value | - | 592 | 1,732 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 12,431 | 8,568 | 2,054 | ||||||||||||
Securities lending | -42 | 18 | |||||||||||||
Foreign tax reclaims | - | 487 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 10,761,040 | 2,135,735 | 2,074,804 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | 2,588 | 278 | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 727,757 | 509 | - | ||||||||||||
Collateral upon return of securities loaned | - | 67,615 | 18,134 | ||||||||||||
Accrued unitary management fees | 521 | 112 | 169 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 728,278 | 70,824 | 18,581 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 10,032,762 | $ | 2,064,911 | $ | 2,056,223 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 9,914,359 | $ | 2,500,025 | $ | 2,500,025 | |||||||||
Distributable earnings (loss) | 118,403 | (435,114 | ) | (443,802 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 10,032,762 | $ | 2,064,911 | $ | 2,056,223 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 400,001 | 100,001 | 100,001 | ||||||||||||
Net asset value | $ | 25.08 | $ | 20.65 | $ | 20.56 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 25.09 | $ | 20.56 | $ | 20.43 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 9,975,477 | $ | 2,470,688 | $ | 2,279,128 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 729,562 | $ | 67,615 | $ | 149,371 | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies, at cost | $ | - | $ | 657 | $ | 1,694 | |||||||||
|
|
|
|
|
| ||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | 62,725 | $ | 17,415 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
For the six months ended April 30, 2020
(Unaudited)
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 | $ | 95,974 | $ | - | $ | - | |||||||||
Unaffiliated dividend income | - | 31,578 | 19,034 | ||||||||||||
Affiliated dividend income | 135 | 48 | 969 | ||||||||||||
Securities lending income | 33 | 174 | 267 | ||||||||||||
Foreign withholding tax | - | (4,847 | ) | (1,489 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 96,142 | 26,953 | 18,781 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 3,531 | 808 | 1,612 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (61 | ) | (6 | ) | (355 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 3,470 | 802 | 1,257 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 92,672 | 26,151 | 17,524 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | 6,067 | (5,019 | ) | (45,708 | ) | ||||||||||
Affiliated investment securities | (8 | ) | 3 | 20,283 | |||||||||||
Unaffiliated in-kind redemptions | 26,719 | - | - | ||||||||||||
Affiliated in-kind redemptions | - | - | 100 | ||||||||||||
Foreign currencies | - | (409 | ) | (329 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 32,778 | (5,425 | ) | (25,654 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 7,345 | (357,149 | ) | (246,582 | ) | ||||||||||
Affiliated investment securities | - | (1 | ) | (34,296 | ) | ||||||||||
Foreign currencies | - | 113 | (151 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) | 7,345 | (357,037 | ) | (281,029 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | 40,123 | (362,462 | ) | (306,683 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 132,795 | $ | (336,311 | ) | $ | (289,159 | ) | |||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2020 and the year ended October 31, 2019
(Unaudited)
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) | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | |||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 92,672 | $ | 128,264 | $ | 26,151 | $ | 69,394 | $ | 17,524 | $ | 73,602 | ||||||||||||||||||
Net realized gain (loss) | 32,778 | (9,433 | ) | (5,425 | ) | (12,087 | ) | (25,654 | ) | (38,649 | ) | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 7,345 | 90,771 | (357,037 | ) | 172,266 | (281,029 | ) | 244,976 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 132,795 | 209,602 | (336,311 | ) | 229,573 | (289,159 | ) | 279,929 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||||||||
Distributable earnings | (47,416 | ) | (116,574 | ) | (29,994 | ) | (78,552 | ) | (40,581 | ) | (59,836 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||||||||
Proceeds from shares sold | 3,740,954 | 4,933,735 | - | - | - | - | ||||||||||||||||||||||||
Value of shares repurchased | (1,260,355 | ) | - | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase in net assets resulting from share transactions | 2,480,599 | 4,933,735 | - | - | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets | 2,565,978 | 5,026,763 | (366,305 | ) | 151,021 | (329,740 | ) | 220,093 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||
Beginning of period | 7,466,784 | 2,440,021 | 2,431,216 | 2,280,195 | 2,385,963 | 2,165,870 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 10,032,762 | $ | 7,466,784 | $ | 2,064,911 | $ | 2,431,216 | $ | 2,056,223 | $ | 2,385,963 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||||||||
Shares sold | 150,000 | 200,000 | - | - | - | - | ||||||||||||||||||||||||
Shares repurchased | (50,000 | ) | - | - | - | - | - | |||||||||||||||||||||||
Shares outstanding, beginning of period | 300,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Shares outstanding, end of period | 400,001 | 300,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Six Months Ended April 30, 2020 | Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, | ||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 24.89 | $ | 24.40 | $ | 24.99 | $ | 25.00 | ||||||||||||
Net investment income(b) | 0.23 | 0.59 | 0.63 | 0.06 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.08 | 0.39 | (0.55 | ) | (0.07 | ) | ||||||||||||||
Total from investment operations | 0.31 | 0.98 | 0.08 | (0.01 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.12 | ) | (0.49 | ) | (0.67 | ) | - | |||||||||||||
Net asset value at end of period | $ | 25.08 | $ | 24.89 | $ | 24.40 | $ | 24.99 | ||||||||||||
Market price at end of period(c) | $ | 25.09 | $ | 24.90 | $ | 24.40 | $ | 24.99 | ||||||||||||
Net Asset Value Total Return(d) | 1.25 | % | 4.04 | % | 0.33 | % | (0.04 | )%(e) | ||||||||||||
Market Price Total Return(d) | 1.24 | % | 4.07 | % | 0.33 | % | (0.04 | )%(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 10,033 | $ | 7,467 | $ | 2,440 | $ | 2,499 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.07 | %(f) | 0.20 | %(g) | 0.07 | % | 0.07 | %(f) | ||||||||||||
Net investment income | 1.84 | %(f) | 2.39 | %(g) | 2.53 | % | 2.22 | %(f) | ||||||||||||
Portfolio turnover rate(h) | 18 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.13%. |
(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 PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Six Months Ended April 30, 2020 | Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, | ||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $24.31 | $22.80 | $25.37 | $25.00 | ||||||||||||||||
Net investment income(b) | 0.26 | 0.69 | 0.73 | 0.07 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.62 | ) | 1.61 | (2.60 | ) | 0.30 | ||||||||||||||
Total from investment operations | (3.36 | ) | 2.30 | (1.87 | ) | 0.37 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.30 | ) | (0.77 | ) | (0.70 | ) | - | |||||||||||||
Net realized gains | - | (0.02 | ) | - | - | |||||||||||||||
Total distributions | (0.30 | ) | (0.79 | ) | (0.70 | ) | - | |||||||||||||
Net asset value at end of period | $20.65 | $24.31 | $22.80 | $25.37 | ||||||||||||||||
Market price at end of period(c) | $20.56 | $24.35 | $23.03 | $25.54 | ||||||||||||||||
Net Asset Value Total Return(d) | (13.71 | )% | 10.31 | % | (7.60 | )% | 1.48 | %(e) | ||||||||||||
Market Price Total Return(d) | (14.24 | )% | 9.37 | % | (7.30 | )% | 2.16 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $2,065 | $2,431 | $2,280 | $2,537 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.07 | %(f) | 0.37 | %(g) | 0.07 | % | 0.07 | %(f) | ||||||||||||
Net investment income | 2.27 | %(f) | 2.99 | %(g) | 2.89 | % | 2.38 | %(f) | ||||||||||||
Portfolio turnover rate(h) | 1 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.30%. |
(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 PureBetaSM FTSE Emerging Markets ETF (PBEE)
Six Months Ended April 30, 2020 (Unaudited) |
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 | $ | 23.86 | $ | 21.66 | $ | 25.07 | $ | 25.00 | ||||||||||||
Net investment income(b) | 0.18 | 0.74 | (c) | 0.66 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.07 | ) | 2.06 | (3.42 | ) | 0.04 | ||||||||||||||
Total from investment operations | (2.89 | ) | 2.80 | (2.76 | ) | 0.07 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.41 | ) | (0.60 | ) | (0.65 | ) | - | |||||||||||||
Net asset value at end of period | $ | 20.56 | $ | 23.86 | $ | 21.66 | $ | 25.07 | ||||||||||||
Market price at end of period(d) | $ | 20.43 | $ | 23.82 | $ | 21.75 | $ | 25.20 | ||||||||||||
Net Asset Value Total Return(e) | (12.24 | )% | 13.02 | % | (11.28 | )% | 0.28 | %(f) | ||||||||||||
Market Price Total Return(e) | (12.65 | )% | 12.34 | % | (11.38 | )% | 0.80 | %(f) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,056 | $ | 2,386 | $ | 2,166 | $ | 2,507 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.11 | %(g)(h) | 0.39 | %(h)(i) | 0.11 | % | 0.14 | %(g) | ||||||||||||
Expenses, prior to Waivers | 0.14 | %(g)(h) | 0.43 | %(h)(i) | 0.14 | % | 0.14 | %(g) | ||||||||||||
Net investment income | 1.52 | %(g) | 3.16 | %(c)(i) | 2.64 | % | 1.03 | %(g) | ||||||||||||
Portfolio turnover rate(j) | 9 | % | 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 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 $0.56 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) | Annualized. |
(h) | 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. |
(i) | Ratios include non-recurring costs associated with a proxy statement of 0.29%. |
(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.
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Invesco Exchange-Traded Fund Trust II
April 30, 2020
(Unaudited)
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 PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | “PureBetaSM 0-5 Yr US TIPS ETF” | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | “PureBetaSM FTSE Developed ex-North America ETF” | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | “PureBetaSM FTSE Emerging Markets ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE Developed ex North America Index | |
PureBetaSM FTSE Emerging Markets ETF | FTSE Emerging Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
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
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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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
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
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markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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 of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to risk 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. 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.
Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include,
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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.
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.
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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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.
U.S. Government Obligation/Securities Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.
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 |
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income is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, 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 - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
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.
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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. | Treasury Inflation-Protected Securities - PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity. |
K. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
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. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
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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 Fund’s investments, managing the 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. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:
Unitary Management Fees (as a % of average daily net assets) | |||||
PureBetaSM 0-5 Yr US TIPS ETF | 0.07 | % | |||
PureBetaSM FTSE Developed ex-North America ETF | 0.07 | % | |||
PureBetaSM FTSE Emerging Markets ETF | 0.14 | % |
Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM 0-5 Yr US TIPS ETF | $ | 61 | ||
PureBetaSM FTSE Developed ex-North America ETF | 6 | |||
PureBetaSM FTSE Emerging Markets ETF | 355 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
PureBetaSM 0-5 Yr US TIPS ETF | ICE Data Indices, LLC | |
PureBetaSM FTSE Developed ex-North America ETF | FTSE International Ltd. | |
PureBetaSM FTSE Emerging Markets ETF | FTSE International Ltd. |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–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. |
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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 April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Treasury Securities | $ | - | $ | 10,019,047 | $ | - | $ | 10,019,047 | ||||||||||||
Money Market Funds | 729,562 | - | - | 729,562 | ||||||||||||||||
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Total Investments | $ | 729,562 | $ | 10,019,047 | $ | - | $ | 10,748,609 | ||||||||||||
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PureBetaSM FTSE Developed ex-North America ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,056,012 | $ | 2,419 | $ | 0 | $ | 2,058,431 | ||||||||||||
Money Market Funds | - | 67,615 | - | 67,615 | ||||||||||||||||
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Total Investments | $ | 2,056,012 | $ | 70,034 | $ | 0 | $ | 2,126,046 | ||||||||||||
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PureBetaSM FTSE Emerging Markets ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 782,795 | $ | 1,110,799 | $ | 0 | $ | 1,893,594 | ||||||||||||
Exchange-Traded Funds | 159,272 | - | - | 159,272 | ||||||||||||||||
Money Market Funds | - | 18,134 | - | 18,134 | ||||||||||||||||
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Total Investments | $ | 942,067 | $ | 1,128,933 | $ | 0 | $ | 2,071,000 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2019, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 6,727 | $ | 9,793 | $ | 16,520 | ||||||
PureBetaSM FTSE Developed ex-North America ETF | - | 10,933 | 10,933 | |||||||||
PureBetaSM FTSE Emerging Markets ETF | 7,067 | 47,950 | 55,017 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 6–Investment Transactions
For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
PureBetaSM FTSE Developed ex-North America ETF | $ | 20,429 | $ | 26,087 | ||||
PureBetaSM FTSE Emerging Markets ETF | 196,183 | 201,200 |
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For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions) for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $2,324,820 and $1,690,604, respectively.
For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $3,090,236 and $1,261,098, respectively.
At April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | |||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 69,696 | $ | (26,126) | $ | 43,570 | $ | 10,705,039 | ||||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 193,301 | (611,282) | (417,981) | 2,544,027 | ||||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | 200,191 | (562,000) | (361,809) | 2,432,809 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares for PureBetaSM 0-5 Yr US TIPS ETF and 100,000 Shares for PureBetaSM FTSE Developed ex-North America ETF and PureBetaSM FTSE Emerging Markets ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 9–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.
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 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 November 1, 2019 | Ending Account Value April 30, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.50 | 0.07 | % | $ | 0.35 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.52 | 0.07 | 0.35 | ||||||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | ||||||||||||||||||||
Actual | 1,000.00 | 862.90 | 0.07 | 0.32 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.52 | 0.07 | 0.35 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value November 1, 2019 | Ending Account Value April 30, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 877.60 | 0.11 | % | $ | 0.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.32 | 0.11 | 0.55 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco DWA Developed Markets Momentum ETF
Invesco DWA Emerging Markets Momentum ETF
Invesco DWA SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco FTSE International Low Beta Equal Weight ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global Short Term High Yield Bond ETF
Invesco Global Water ETF
Invesco International BuyBack AchieversTM ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco Preferred ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF
Invesco PureBetaSM FTSE Emerging Markets ETF
Invesco PureBetaSM MSCI USA ETF
Invesco PureBetaSM MSCI USA Small Cap ETF
Invesco PureBetaSM US Aggregate Bond ETF
Invesco Russell 1000 Enhanced Equal Weight ETF
Invesco Russell 1000 Equal Weight ETF
Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Taxable Municipal Bond ETF
Invesco Treasury Collateral ETF
Invesco Variable Rate Preferred ETF
Invesco VRDO Tax-Free Weekly ETF
Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
0.04%: | Invesco PureBetaTM MSCI USA ETF | |||
0.05%: | Invesco PureBetaTM US Aggregate Bond ETF | |||
0.06%: | Invesco PureBetaTM MSCI USA Small Cap ETF | |||
0.07%: | Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF | |||
0.08%: | Invesco Treasury Collateral ETF | |||
0.10%: | Invesco S&P 500 Minimum Variance ETF | |||
0.13%: | Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
0.14%: | Invesco PureBetaTM FTSE Emerging Markets ETF | |||
0.20%: | Invesco Russell 1000 Equal Weight ETF | |||
0.22%: | Invesco Fundamental Investment Grade Corporate Bond ETF | |||
0.25%: | Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF | |||
0.28%: | Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF | |||
0.29%: | Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF | |||
0.30%: | Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF | |||
0.35%: | Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF | |||
0.39%: | Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF | |||
0.45%: | Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF | |||
0.49%: | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF | |||
0.50%: | Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF | |||
0.55%: | Invesco International BuyBack AchieversTM ETF | |||
0.60%: | Invesco DWA SmallCap Momentum ETF | |||
0.65%: | Invesco Senior Loan ETF | |||
0.70%: | Invesco China Technology ETF | |||
0.75%: | Invesco Global Clean Energy ETF, Invesco Global Water ETF | |||
0.80%: | Invesco DWA Developed Markets Momentum ETF | |||
0.90%: | Invesco DWA Emerging Markets Momentum ETF |
The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X | |||||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | X | |||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | X | |||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | N/A | X | ||||
Invesco International BuyBack AchieversTM ETF | X | X | X | |||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaTM 0-5 Yr US TIPS ETF | X | |||||
Invesco PureBetaTM FTSE Developed ex-North America ETF | X | |||||
Invesco PureBetaTM FTSE Emerging Markets ETF | X | X | ||||
Invesco PureBetaTM MSCI USA ETF | X | X | X | |||
Invesco PureBetaTM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaTM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | X | ||||
Invesco S&P 500 Enhanced Value ETF | X | X | X | |||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500 High Beta ETF | X | X | X |
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | ||||
Invesco S&P 500 Revenue ETF | X | X | ||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | X | |||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | |||||
Invesco S&P International Developed Quality ETF | X | X | ||||
Invesco S&P MidCap 400 Revenue ETF | X | |||||
Invesco S&P MidCap Low Volatility ETF | X | |||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | X | |||
Invesco S&P SmallCap Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | ||||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free Weekly ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PBETA-SAR-1 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2020
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IDLB | Invesco FTSE International Low Beta Equal 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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Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
| 3 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-99.15% |
| |||||||||
Australia-5.82% | ||||||||||
AGL Energy Ltd. | 1,894 | $ | 20,825 | |||||||
APA Group | 3,199 | 22,629 | ||||||||
Aurizon Holdings Ltd. | 7,393 | 22,442 | ||||||||
AusNet Services | 20,693 | 25,304 | ||||||||
Australia & New Zealand Banking Group Ltd. | 1,530 | 16,527 | ||||||||
Bank of Queensland Ltd. | 4,985 | 16,747 | ||||||||
Bendigo & Adelaide Bank Ltd. | 4,161 | 17,502 | ||||||||
Challenger Ltd. | 4,107 | 12,973 | ||||||||
Charter Hall Group | 2,954 | 14,593 | ||||||||
Cleanaway Waste Management Ltd. | 15,496 | 18,674 | ||||||||
Coca-Cola Amatil Ltd. | 3,071 | 17,229 | ||||||||
Commonwealth Bank of Australia | 461 | 18,520 | ||||||||
Computershare Ltd. | 2,577 | 20,150 | ||||||||
Crown Resorts Ltd. | 3,711 | 23,877 | ||||||||
CSL Ltd. | 117 | 23,300 | ||||||||
Dexus | 2,884 | 17,034 | ||||||||
Domino’s Pizza Enterprises Ltd. | 631 | 23,844 | ||||||||
Evolution Mining Ltd. | 8,411 | 27,315 | ||||||||
Goodman Group | 2,340 | 19,758 | ||||||||
GPT Group (The) | 6,183 | 16,840 | ||||||||
IDP Education Ltd. | 1,811 | 17,467 | ||||||||
Incitec Pivot Ltd. | 13,096 | 20,136 | ||||||||
Insurance Australia Group Ltd. | 5,393 | 20,080 | ||||||||
JB Hi-Fi Ltd. | 1,010 | 22,832 | ||||||||
Lendlease Group | 2,039 | 16,153 | ||||||||
Medibank Pvt Ltd. | 12,952 | 22,895 | ||||||||
National Australia Bank Ltd. | 1,527 | 16,589 | ||||||||
Newcrest Mining Ltd. | 1,263 | 22,772 | ||||||||
Northern Star Resources Ltd. | 2,519 | 20,287 | ||||||||
Nufarm Ltd.(a) | 7,069 | 23,921 | ||||||||
Orica Ltd. | 1,772 | 20,678 | ||||||||
Orora Ltd. | 13,194 | 21,846 | ||||||||
OZ Minerals Ltd. | 3,896 | 22,444 | ||||||||
Qantas Airways Ltd. | 6,999 | 17,409 | ||||||||
QBE Insurance Group Ltd. | 2,741 | 14,824 | ||||||||
Scentre Group | 10,658 | 15,946 | ||||||||
Shopping Centres Australasia Property Group | 11,791 | 16,997 | ||||||||
Star Entertainment Group Ltd. (The) | 11,421 | 22,270 | ||||||||
Stockland | 7,598 | 14,020 | ||||||||
Sydney Airport | 4,663 | 19,059 | ||||||||
TPG Telecom Ltd. | 4,712 | 22,333 | ||||||||
Transurban Group | 2,315 | 20,786 | ||||||||
Treasury Wine EstatesLtd | 3,424 | 22,753 | ||||||||
Vicinity Centres | 16,059 | 15,395 | ||||||||
Vocus Group Ltd.(a) | 10,722 | 21,069 | ||||||||
Washington H Soul Pattinson & Co. Ltd.(b) | 1,798 | 21,758 | ||||||||
Westpac Banking Corp. | 1,596 | 16,647 | ||||||||
Whitehaven Coal Ltd. | 18,153 | 21,189 | ||||||||
Woolworths Group Ltd. | 958 | 22,183 | ||||||||
|
| |||||||||
968,821 | ||||||||||
|
| |||||||||
Austria-0.46% | ||||||||||
Erste Group Bank AG | 723 | 15,700 | ||||||||
Telekom Austria AG | 2,992 | 21,039 |
Shares | Value | |||||||||
Austria-(continued) | ||||||||||
Verbund AG | 460 | $ | 20,839 | |||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 944 | 19,004 | ||||||||
|
| |||||||||
76,582 | ||||||||||
|
| |||||||||
Belgium-1.71% | ||||||||||
Ackermans & van Haaren N.V | 160 | 21,187 | ||||||||
Ageas | 506 | 18,206 | ||||||||
Colruyt S.A | 477 | 28,537 | ||||||||
Elia Group S.A./N.V | 212 | 24,381 | ||||||||
Galapagos N.V.(a) | 105 | 23,174 | ||||||||
Groupe Bruxelles Lambert S.A | 249 | 19,877 | ||||||||
KBC Group N.V | 345 | 18,622 | ||||||||
Proximus SADP | 922 | 19,662 | ||||||||
Sofina S.A | 97 | 22,842 | ||||||||
Solvay S.A., Class A. | 259 | 20,210 | ||||||||
Telenet Group Holding N.V | 589 | 24,567 | ||||||||
UCB S.A | 231 | 21,137 | ||||||||
Umicore S.A | 534 | 23,050 | ||||||||
|
| |||||||||
285,452 | ||||||||||
|
| |||||||||
Canada-3.77% | ||||||||||
Agnico Eagle Mines Ltd. | 463 | 27,111 | ||||||||
Alimentation Couche-Tard, Inc., Class B | 737 | 20,609 | ||||||||
Bank of Nova Scotia (The) | 446 | 17,918 | ||||||||
Barrick Gold Corp. | 1,144 | 29,511 | ||||||||
BCE, Inc. | 492 | 19,939 | ||||||||
Canadian Tire Corp. Ltd., Class A(b) | 239 | 16,806 | ||||||||
Canadian Utilities Ltd., Class A(b) | 741 | 18,118 | ||||||||
CGI, Inc., Class A(a) | 326 | 20,835 | ||||||||
Enbridge, Inc. | 604 | 18,547 | ||||||||
Fairfax Financial Holdings Ltd. | 55 | 14,945 | ||||||||
Fortis, Inc. | 538 | 20,893 | ||||||||
Franco-Nevada Corp. | 202 | 26,783 | ||||||||
George Weston Ltd. | 294 | 20,900 | ||||||||
Great-West Lifeco, Inc. | 1,023 | 16,881 | ||||||||
Hydro One Ltd.(c) | 1,112 | 20,207 | ||||||||
Imperial Oil Ltd. | 1,048 | 16,969 | ||||||||
Intact Financial Corp. | 201 | 19,170 | ||||||||
Inter Pipeline Ltd. | 1,617 | 13,551 | ||||||||
Loblaw Cos. Ltd. | 437 | 21,552 | ||||||||
Metro, Inc. | 567 | 23,379 | ||||||||
Nutrien Ltd. | 575 | 20,579 | ||||||||
Power Corp. of Canada | 1,056 | 16,924 | ||||||||
Restaurant Brands International, Inc. | 410 | 20,043 | ||||||||
RioCan REIT(b) | 1,201 | 13,749 | ||||||||
Rogers Communications, Inc., Class B | 479 | 20,106 | ||||||||
Royal Bank of Canada | 312 | 19,235 | ||||||||
Saputo, Inc. | 842 | 21,218 | ||||||||
Shaw Communications, Inc., Class B | 1,292 | 21,125 | ||||||||
TELUS Corp. | 1,227 | 20,097 | ||||||||
Thomson Reuters Corp. | 299 | 21,112 | ||||||||
Wheaton Precious Metals Corp. | 771 | 29,359 | ||||||||
|
| |||||||||
628,171 | ||||||||||
|
| |||||||||
China-1.58% | ||||||||||
China Mengniu Dairy Co. Ltd.(a) | 6,538 | 23,021 | ||||||||
Kerry Logistics Network Ltd. | 15,965 | 21,634 | ||||||||
Minth Group Ltd. | 6,680 | 15,698 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
China-(continued) | ||||||||||
Semiconductor Manufacturing International Corp.(a) | 12,470 | $ | 23,684 | |||||||
Shougang Fushan Resources Group Ltd. | 118,477 | 23,477 | ||||||||
SITC International Holdings Co. Ltd. | 20,299 | 19,904 | ||||||||
Sun Art Retail Group Ltd. | 18,060 | 29,862 | ||||||||
Tingyi Cayman Islands Holding Corp. | 13,072 | 23,135 | ||||||||
Towngas China Co. Ltd. | 39,739 | 19,668 | ||||||||
Uni-President China Holdings Ltd. | 21,629 | 21,466 | ||||||||
Xinyi Glass Holdings Ltd. | 19,380 | 22,200 | ||||||||
Xinyi Solar Holdings Ltd. | 29,353 | 18,732 | ||||||||
|
| |||||||||
262,481 | ||||||||||
|
| |||||||||
Denmark-1.55% | ||||||||||
Carlsberg A/S, Class B | 173 | 21,810 | ||||||||
Chr. Hansen Holding A/S | 312 | 26,882 | ||||||||
Coloplast A/S, Class B | 173 | 27,357 | ||||||||
Demant A/S(a)(b) | 731 | 17,468 | ||||||||
Genmab A/S(a) | 100 | 24,043 | ||||||||
GN Store Nord A/S | 424 | 19,380 | ||||||||
Novozymes A/S, Class B(b) | 437 | 21,405 | ||||||||
Orsted A/S(c) | 208 | 21,024 | ||||||||
Pandora A/S(b) | 513 | 18,221 | ||||||||
Rockwool International A/S, Class B | 94 | 19,737 | ||||||||
Tryg A/S | 808 | 21,390 | ||||||||
Vestas Wind Systems A/S | 226 | 19,452 | ||||||||
|
| |||||||||
258,169 | ||||||||||
|
| |||||||||
Finland-1.17% | ||||||||||
Elisa OYJ. | 382 | 23,196 | ||||||||
Fortum OYJ | 1,047 | 17,374 | ||||||||
Huhtamaki OYJ(a) | 541 | 20,218 | ||||||||
Kesko OYJ, Class B | 1,308 | 21,275 | ||||||||
Kone OYJ, Class B | 403 | 24,418 | ||||||||
Neste OYJ | 581 | 20,574 | ||||||||
Nokia OYJ. | 6,207 | 22,400 | ||||||||
Orion OYJ, Class B | 561 | 28,499 | ||||||||
Wartsila OYJ Abp. | 2,283 | 16,764 | ||||||||
|
| |||||||||
194,718 | ||||||||||
|
| |||||||||
France-4.47% | ||||||||||
Air Liquide S.A.(b) | 162 | 20,601 | ||||||||
Alstom S.A | 460 | 18,823 | ||||||||
BioMerieux | 251 | 31,148 | ||||||||
Bollore S.A | 6,697 | 17,766 | ||||||||
Bouygues S.A | 573 | 17,642 | ||||||||
Carrefour S.A | 1,249 | 18,462 | ||||||||
Covivio | 215 | 13,458 | ||||||||
Danone S.A | 336 | 23,281 | ||||||||
Edenred(b) | 437 | 17,600 | ||||||||
Electricite de France S.A | 1,572 | 12,524 | ||||||||
ENGIE S.A | 1,326 | 14,384 | ||||||||
EssilorLuxottica S.A | 163 | 20,112 | ||||||||
Eurazeo SE | 341 | 16,307 | ||||||||
Eutelsat Communications S.A | 1,852 | 20,772 | ||||||||
Gecina S.A | 124 | 16,176 | ||||||||
Getlink SE | 1,407 | 17,923 | ||||||||
ICADE | 220 | 16,904 | ||||||||
Iliad S.A | 159 | 23,685 | ||||||||
Ingenico Group S.A | 160 | 20,101 | ||||||||
Klepierre S.A | 771 | 15,585 | ||||||||
L’Oreal S.A | 80 | 23,247 |
Shares | Value | |||||||||
France-(continued) | ||||||||||
Natixis S.A | 6,133 | $ | 14,516 | |||||||
Orange S.A | 1,684 | 20,538 | ||||||||
Orpea | 173 | 19,233 | ||||||||
Pernod Ricard S.A | 142 | 21,635 | ||||||||
Publicis Groupe S.A | 604 | 17,948 | ||||||||
Remy Cointreau S.A.(b) | 216 | 24,084 | ||||||||
Rubis S.C.A | 424 | 19,022 | ||||||||
Sanofi | 235 | 22,957 | ||||||||
Sartorius Stedim Biotech | 115 | 27,585 | ||||||||
SCOR SE | 656 | 18,466 | ||||||||
Sodexo S.A | 254 | 20,170 | ||||||||
Suez. | 1,366 | 15,433 | ||||||||
Teleperformance | 90 | 20,159 | ||||||||
Thales S.A | 228 | 17,266 | ||||||||
Veolia Environnement S.A | 742 | 15,836 | ||||||||
Vinci S.A | 221 | 18,082 | ||||||||
Vivendi S.A | 881 | 19,014 | ||||||||
Wendel SE | 189 | 16,147 | ||||||||
|
| |||||||||
744,592 | ||||||||||
|
| |||||||||
Germany-4.04% | ||||||||||
1&1 Drillisch AG | 1,040 | 24,195 | ||||||||
adidas AG | 84 | 19,247 | ||||||||
Allianz SE | 105 | 19,422 | ||||||||
Aroundtown S.A | 2,671 | 14,364 | ||||||||
Bechtle AG | 173 | 25,050 | ||||||||
Beiersdorf AG | 214 | 22,403 | ||||||||
Carl Zeiss Meditec AG, BR. | 212 | 20,887 | ||||||||
Deutsche Boerse AG | 139 | 21,581 | ||||||||
Deutsche Telekom AG | 1,404 | 20,491 | ||||||||
Deutsche Wohnen SE | 562 | 22,776 | ||||||||
DWS Group GmbH & Co. KGaA(c) | 631 | 19,974 | ||||||||
E.ON SE. | 1,881 | 18,843 | ||||||||
Fielmann AG | 328 | 21,466 | ||||||||
Hannover Rueck SE | 127 | 20,240 | ||||||||
Hapag-Lloyd AG(c) | 286 | 41,099 | ||||||||
Henkel AG& Co. KGaA | 91 | 7,126 | ||||||||
Henkel AG& Co. KGaA, Preference Shares | 160 | 14,255 | ||||||||
LEG Immobilien AG | 185 | 21,244 | ||||||||
Merck KGaA | 186 | 21,615 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG. | 89 | 19,574 | ||||||||
Puma SE | 298 | 18,729 | ||||||||
Rocket Internet SE(a)(c) | 1,051 | 22,137 | ||||||||
RWE AG. | 621 | 17,848 | ||||||||
Sartorius AG, Preference Shares | 95 | 26,721 | ||||||||
Scout24 AG(c) | 351 | 22,952 | ||||||||
Siemens Healthineers AG(c) | 548 | 24,129 | ||||||||
Symrise AG | 228 | 23,133 | ||||||||
Talanx AG | 506 | 18,057 | ||||||||
Uniper SE | 742 | 19,911 | ||||||||
United Internet AG. | 770 | 26,524 | ||||||||
Vonovia SE | 398 | 19,639 | ||||||||
Wirecard AG(b) | 177 | 17,526 | ||||||||
|
| |||||||||
673,158 | ||||||||||
|
| |||||||||
Hong Kong-4.45% | ||||||||||
Bank of East Asia Ltd. (The) | 10,400 | 21,972 | ||||||||
Cafe de Coral Holdings Ltd. | 10,255 | 21,234 | ||||||||
CK Hutchison Holdings Ltd. | 2,616 | 18,971 | ||||||||
CK Infrastructure Holdings Ltd. | 3,538 | 21,008 | ||||||||
CLP Holdings Ltd. | 2,324 | 24,822 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Hong Kong-(continued) | ||||||||||
Dah Sing Banking Group Ltd. | 19,460 | $ | 19,078 | |||||||
Dairy Farm International Holdings Ltd. | 4,877 | 23,187 | ||||||||
Guotai Junan International Holdings Ltd. | 139,439 | 18,264 | ||||||||
Hang Lung Group Ltd. | 9,276 | 20,994 | ||||||||
Hang Lung Properties Ltd. | 10,784 | 23,029 | ||||||||
Hang Seng Bank Ltd. | 1,215 | 21,318 | ||||||||
Hong Kong & China Gas Co. Ltd. (The) | 11,875 | 21,015 | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 700 | 22,440 | ||||||||
Hongkong Land Holdings Ltd. | 4,715 | 19,810 | ||||||||
Huabao International Holdings Ltd. | 56,428 | 22,011 | ||||||||
Hutchison Port Holdings Trust, Class U | 165,514 | 21,250 | ||||||||
Hysan Development Co. Ltd. | 6,928 | 23,145 | ||||||||
Jardine Matheson Holdings Ltd. | 424 | 18,528 | ||||||||
Jardine Strategic Holdings Ltd. | 884 | 19,050 | ||||||||
Lifestyle International Holdings Ltd. | 24,742 | 23,635 | ||||||||
Link REIT. | 2,490 | 22,086 | ||||||||
Mapletree North Asia Commercial Trust(c) | 29,052 | 19,363 | ||||||||
MTR Corp. Ltd. | 4,234 | 23,236 | ||||||||
NWS Holdings Ltd. | 19,810 | 20,549 | ||||||||
PCCW Ltd. | 39,313 | 24,029 | ||||||||
Power Assets Holdings Ltd. | 3,449 | 22,770 | ||||||||
Shangri-La Asia Ltd. | 25,378 | 20,837 | ||||||||
Sino Land Co. Ltd. | 17,299 | 24,099 | ||||||||
Swire Pacific Ltd., Class A | 1,879 | 12,075 | ||||||||
Swire Pacific Ltd., Class B. | 3,266 | 3,562 | ||||||||
Swire Properties Ltd. | 7,661 | 21,494 | ||||||||
United Energy Group Ltd. | 127,362 | 23,250 | ||||||||
Vitasoy International Holdings Ltd. | 6,016 | 21,341 | ||||||||
VTech Holdings Ltd. | 2,827 | 21,255 | ||||||||
Wharf Holdings Ltd. (The) | 10,784 | 20,147 | ||||||||
Yue Yuen Industrial Holdings Ltd. | 10,068 | 15,814 | ||||||||
|
| |||||||||
740,668 | ||||||||||
|
| |||||||||
Indonesia-0.10% | ||||||||||
Golden Agri-Resources Ltd. | 158,599 | 17,576 | ||||||||
|
| |||||||||
Ireland-0.40% | ||||||||||
Flutter Entertainment PLC(b) | 218 | 26,810 | ||||||||
Glanbia PLC | 1,936 | 20,527 | ||||||||
Kerry Group PLC, Class A | 173 | 19,839 | ||||||||
|
| |||||||||
67,176 | ||||||||||
|
| |||||||||
Israel-3.08% | ||||||||||
Airport City Ltd.(a) | 1,243 | 19,016 | ||||||||
Alony Hetz Properties & Investments Ltd. | 1,462 | 17,767 | ||||||||
Amot Investments Ltd. | 3,156 | 17,822 | ||||||||
Azrieli Group Ltd. | 335 | 19,989 | ||||||||
Bank Hapoalim BM | 3,106 | 20,043 | ||||||||
Bank Leumi Le-Israel BM. | 3,726 | 20,278 | ||||||||
Elbit Systems Ltd. | 159 | 21,737 | ||||||||
Fattal Holdings 1998 Ltd. | 213 | 14,728 | ||||||||
First International Bank of Israel Ltd. | 905 | 22,570 | ||||||||
Gazit-Globe Ltd. | 2,115 | 15,721 | ||||||||
Harel Insurance Investments & Financial Services Ltd. | 4,275 | 27,574 | ||||||||
ICL Ltd. | 6,432 | 22,552 | ||||||||
Israel Corp. Ltd. (The)(a) | 173 | 22,429 | ||||||||
Israel Discount Bank Ltd., Class A | 5,688 | 18,633 | ||||||||
Melisron Ltd. | 395 | 16,035 | ||||||||
Mivne Real Estate KD Ltd.(a) | 8,511 | 18,413 | ||||||||
Mizrahi Tefahot Bank Ltd. | 937 | 19,367 |
Shares | Value | |||||||||
Israel-(continued) | ||||||||||
Nice Ltd.(a) | 146 | $ | 24,170 | |||||||
Oil Refineries Ltd. | 70,210 | 19,553 | ||||||||
Paz Oil Co. Ltd. | 216 | 18,987 | ||||||||
Phoenix Holdings Ltd. (The) | 5,286 | 27,846 | ||||||||
Shapir Engineering and Industry Ltd. | 3,364 | 23,687 | ||||||||
Shikun & Binui Ltd. | 4,418 | 18,520 | ||||||||
Shufersal Ltd. | 3,635 | 23,438 | ||||||||
Strauss Group Ltd. | 784 | 22,317 | ||||||||
|
| |||||||||
513,192 | ||||||||||
|
| |||||||||
Italy-2.46% | ||||||||||
A2A S.p.A | 12,847 | 17,484 | ||||||||
Amplifon S.p.A | 859 | 19,673 | ||||||||
Assicurazioni Generali S.p.A | 1,312 | 18,703 | ||||||||
Atlantia S.p.A | 1,109 | 18,044 | ||||||||
Buzzi Unicem S.p.A., RSP | 1,865 | 19,488 | ||||||||
Davide Campari-Milano S.p.A | 2,743 | 21,241 | ||||||||
DiaSorin S.p.A | 202 | 34,360 | ||||||||
Enel S.p.A | 2,560 | 17,485 | ||||||||
Eni S.p.A | 1,894 | 17,990 | ||||||||
Hera S.p.A | 5,130 | 18,981 | ||||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 2,144 | 22,673 | ||||||||
Italgas S.p.A | 3,626 | 20,275 | ||||||||
Mediaset S.p.A.(a)(b) | 10,743 | 21,827 | ||||||||
Recordati S.p.A | 535 | 23,246 | ||||||||
Salvatore Ferragamo S.p.A | 1,546 | 19,118 | ||||||||
Snam S.p.A | 4,414 | 19,764 | ||||||||
Telecom Italia S.p.A.(b) | 43,867 | 17,374 | ||||||||
Terna Rete Elettrica Nazionale S.p.A | 3,295 | 20,644 | ||||||||
Unione di Banche Italiane S.p.A | 5,956 | 17,020 | ||||||||
UnipolSai Assicurazioni S.p.A | 9,820 | 24,136 | ||||||||
|
| |||||||||
409,526 | ||||||||||
|
| |||||||||
Japan-33.99% | ||||||||||
ABC-Mart, Inc. | 445 | 22,818 | ||||||||
Aeon Mall Co. Ltd. | 1,631 | 20,678 | ||||||||
Ain Holdings, Inc. | 372 | 20,902 | ||||||||
Air Water, Inc. | 1,776 | 24,030 | ||||||||
Ajinomoto Co., Inc. | 1,360 | 24,240 | ||||||||
Alfresa Holdings Corp. | 1,312 | 26,321 | ||||||||
Amano Corp. | 989 | 20,333 | ||||||||
ANA Holdings, Inc. | 833 | 17,781 | ||||||||
Aozora Bank Ltd. | 980 | 17,561 | ||||||||
Ariake Japan Co. Ltd. | 396 | 23,010 | ||||||||
Asahi Group Holdings Ltd. | 621 | 21,547 | ||||||||
Autobacs Seven Co. Ltd. | 1,801 | 21,220 | ||||||||
Bandai Namco Holdings, Inc. | 451 | 22,755 | ||||||||
Benesse Holdings, Inc. | 924 | 26,352 | ||||||||
Bic Camera, Inc. | 2,602 | 24,234 | ||||||||
Bridgestone Corp. | 709 | 22,253 | ||||||||
Calbee, Inc. | 937 | 28,478 | ||||||||
Canon Marketing Japan, Inc. | 1,063 | 20,685 | ||||||||
Canon, Inc. | 951 | 20,164 | ||||||||
Capcom Co. Ltd. | 797 | 24,380 | ||||||||
Central Japan Railway Co. | 118 | 18,628 | ||||||||
Chubu Electric Power Co., Inc. | 1,806 | 24,479 | ||||||||
Chugai Pharmaceutical Co. Ltd. | 256 | 30,476 | ||||||||
Chugoku Electric Power Co., Inc. (The) | 1,839 | 24,806 | ||||||||
COMSYS Holdings Corp. | 924 | 25,715 | ||||||||
Cosmos Pharmaceutical Corp. | 128 | 34,299 | ||||||||
CyberAgent, Inc. | 625 | 26,370 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Daiichikosho Co. Ltd. | 548 | $ | 16,572 | |||||||
Daikin Industries Ltd. | 188 | 24,455 | ||||||||
Daito Trust Construction Co. Ltd. | 237 | 22,737 | ||||||||
Daiwa House Industry Co. Ltd. | 839 | 21,459 | ||||||||
Daiwa Securities Group, Inc. | 5,488 | 22,838 | ||||||||
East Japan Railway Co. | 307 | 22,479 | ||||||||
Electric Power Development Co. Ltd. | 1,150 | 23,117 | ||||||||
Ezaki Glico Co. Ltd. | 584 | 25,582 | ||||||||
FamilyMart Co. Ltd. | 1,094 | 18,570 | ||||||||
Fancl Corp. | 929 | 22,380 | ||||||||
Fast Retailing Co. Ltd. | 36 | 17,183 | ||||||||
FP Corp. | 412 | 31,047 | ||||||||
Fuji Media Holdings, Inc. | 2,000 | 20,027 | ||||||||
Fuji Oil Holdings, Inc. | 1,007 | 23,403 | ||||||||
Fuji Seal International, Inc. | 1,287 | 22,500 | ||||||||
FUJIFILM Holdings Corp. | 497 | 23,884 | ||||||||
Fujitsu Ltd. | 242 | 23,660 | ||||||||
Glory Ltd. | 895 | 20,265 | ||||||||
GMO internet, Inc. | 1,395 | 30,587 | ||||||||
GOLDWIN, Inc. | 403 | 21,816 | ||||||||
H.I.S. Co. Ltd. | 1,311 | 17,530 | ||||||||
Hankyu Hanshin Holdings, Inc. | 723 | 24,868 | ||||||||
Heiwa Corp. | 1,215 | 20,597 | ||||||||
Hikari Tsushin, Inc. | 105 | 20,455 | ||||||||
Hiroshima Bank Ltd. (The) | 5,584 | 23,281 | ||||||||
Hitachi Transport System Ltd. | 903 | 22,159 | ||||||||
Hokuriku Electric Power Co. | 3,424 | 23,147 | ||||||||
Honda Motor Co. Ltd. | 951 | 23,042 | ||||||||
House Foods Group, Inc. | 761 | 23,967 | ||||||||
Hoya Corp. | 285 | 26,138 | ||||||||
Hulic Co. Ltd. | 2,118 | 20,962 | ||||||||
Iida Group Holdings Co. Ltd. | 1,659 | 22,163 | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 3,668 | 22,393 | ||||||||
Ito En Ltd. | 526 | 29,237 | ||||||||
ITOCHU Corp. | 1,036 | 20,431 | ||||||||
Itochu Techno-Solutions Corp. | 868 | 26,556 | ||||||||
Itoham Yonekyu Holdings, Inc. | 4,182 | 24,374 | ||||||||
Japan Airlines Co. Ltd. | 936 | 16,833 | ||||||||
Japan Exchange Group, Inc. | 1,384 | 25,914 | ||||||||
Japan Post Bank Co. Ltd. | 2,716 | 25,239 | ||||||||
Japan Post Holdings Co. Ltd. | 2,775 | 22,310 | ||||||||
Japan Post Insurance Co. Ltd. | 1,611 | 20,657 | ||||||||
Japan Tobacco, Inc. | 1,158 | 21,723 | ||||||||
Kagome Co. Ltd. | 1,071 | 27,365 | ||||||||
Kakaku.com, Inc. | 1,090 | 22,223 | ||||||||
Kaken Pharmaceutical Co. Ltd. | 480 | 26,329 | ||||||||
Kamigumi Co. Ltd. | 1,269 | 22,420 | ||||||||
Kandenko Co. Ltd. | 2,796 | 23,538 | ||||||||
Kansai Electric Power Co., Inc. (The) | 2,162 | 22,231 | ||||||||
Kansai Paint Co. Ltd. | 1,090 | 20,894 | ||||||||
Kao Corp. | 341 | 26,396 | ||||||||
KDDI Corp. | 816 | 23,597 | ||||||||
Keihan Holdings Co. Ltd. | 590 | 26,623 | ||||||||
Keio Corp. | 472 | 26,775 | ||||||||
Keisei Electric Railway Co. Ltd. | 701 | 21,216 | ||||||||
Kewpie Corp. | 1,285 | 25,593 | ||||||||
Kinden Corp. | 1,597 | 25,933 | ||||||||
Kintetsu Group Holdings Co. Ltd. | 526 | 25,261 | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 313 | 28,966 | ||||||||
Koei Tecmo Holdings Co. Ltd. | 923 | 24,464 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
KOKUYO Co. Ltd. | 1,702 | $ | 20,871 | |||||||
Konami Holdings Corp. | 686 | 21,661 | ||||||||
Konica Minolta, Inc. | 4,375 | 17,085 | ||||||||
Kose Corp. | 201 | 25,101 | ||||||||
K’s Holdings Corp. | 2,202 | 24,142 | ||||||||
Kusuri no Aoki Holdings Co. Ltd. | 381 | 29,964 | ||||||||
Kyocera Corp. | 381 | 20,437 | ||||||||
Kyowa Kirin Co. Ltd. | 1,016 | 23,758 | ||||||||
Kyudenko Corp. | 861 | 24,158 | ||||||||
Kyushu Electric Power Co., Inc. | 3,154 | 25,041 | ||||||||
Kyushu Railway Co. | 746 | 20,171 | ||||||||
Lawson, Inc. | 438 | 22,729 | ||||||||
Lintec Corp. | 1,118 | 24,093 | ||||||||
Lion Corp. | 1,347 | 28,250 | ||||||||
Maeda Road Construction Co. Ltd. | 537 | 9,999 | ||||||||
Maruha Nichiro Corp. | 1,097 | 23,096 | ||||||||
Maruichi Steel Tube Ltd. | 1,006 | 22,777 | ||||||||
Matsui Securities Co. Ltd. | 2,940 | 21,572 | ||||||||
Medipal Holdings Corp. | 1,308 | 25,457 | ||||||||
Megmilk Snow Brand Co. Ltd. | 1,142 | 26,091 | ||||||||
MEIJI Holdings Co. Ltd. | 417 | 29,019 | ||||||||
Miraca Holdings, Inc. | 950 | 23,855 | ||||||||
Mitsubishi Corp. | 941 | 20,116 | ||||||||
Mitsubishi Estate Co. Ltd. | 1,316 | 21,493 | ||||||||
Mitsubishi Heavy Industries Ltd. | 757 | 19,426 | ||||||||
Mitsubishi Shokuhin Co. Ltd. | 950 | 23,887 | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 4,947 | 19,950 | ||||||||
Mitsui & Co. Ltd. | 1,448 | 20,382 | ||||||||
Mitsui Fudosan Co. Ltd. | 992 | 18,381 | ||||||||
Mizuho Financial Group, Inc. | 17,880 | 20,894 | ||||||||
Mochida Pharmaceutical Co. Ltd. | 700 | 27,350 | ||||||||
Morinaga & Co. Ltd. | 570 | 23,455 | ||||||||
Morinaga Milk Industry Co. Ltd. | 659 | 25,576 | ||||||||
MS&AD Insurance Group Holdings, Inc. | 760 | 22,043 | ||||||||
Nagoya Railroad Co. Ltd. | 923 | 26,588 | ||||||||
Nankai Electric Railway Co. Ltd. | 1,062 | 23,771 | ||||||||
NEC Corp. | 703 | 27,158 | ||||||||
NET One Systems Co. Ltd. | 1,076 | 31,066 | ||||||||
Nexon Co. Ltd. | 1,451 | 23,552 | ||||||||
NH Foods Ltd. | 619 | 22,157 | ||||||||
Nichirei Corp. | 940 | 23,517 | ||||||||
Nihon Kohden Corp. | 756 | 27,145 | ||||||||
Nihon Unisys Ltd. | 760 | 22,051 | ||||||||
Nikon Corp. | 2,267 | 21,199 | ||||||||
Nippo Corp. | 1,114 | 25,177 | ||||||||
Nippon Express Co. Ltd. | 464 | 22,799 | ||||||||
Nippon Kayaku Co. Ltd. | 2,172 | 21,093 | ||||||||
Nippon Paint Holdings Co. Ltd. | 521 | 30,256 | ||||||||
Nippon Paper Industries Co. Ltd. | 1,588 | 22,877 | ||||||||
Nippon Telegraph & Telephone Corp. | 1,006 | 22,983 | ||||||||
Nippon Television Holdings, Inc. | 1,974 | 22,152 | ||||||||
Nishi-Nippon Railroad Co. Ltd. | 1,090 | 26,920 | ||||||||
Nissan Chemical Corp. | 563 | 21,600 | ||||||||
Nissan Shatai Co. Ltd. | 2,562 | 20,777 | ||||||||
Nisshin Seifun Group, Inc.(b) | 1,419 | 22,187 | ||||||||
Nissin Foods Holdings Co. Ltd. | 276 | 22,719 | ||||||||
Nitori Holdings Co. Ltd. | 174 | 26,748 | ||||||||
NOF Corp. | 743 | 24,701 | ||||||||
Nomura Real Estate Holdings, Inc. | 1,007 | 16,529 | ||||||||
Nomura Research Institute Ltd. | 1,076 | 26,272 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
NS Solutions Corp. | 854 | $ | 21,404 | |||||||
NTT Data Corp. | 1,942 | 19,893 | ||||||||
NTT DOCOMO, Inc. | 826 | 24,316 | ||||||||
OBIC Business Consultants Co. Ltd. | 653 | 29,323 | ||||||||
Obic Co. Ltd. | 201 | 30,207 | ||||||||
Odakyu Electric Railway Co. Ltd. | 1,239 | 27,347 | ||||||||
Olympus Corp. | 1,298 | 20,743 | ||||||||
Open House Co. Ltd. | 909 | 19,985 | ||||||||
Oracle Corp. Japan | 333 | 34,351 | ||||||||
Oriental Land Co. Ltd. | 217 | 27,578 | ||||||||
ORIX Corp. | 1,463 | 17,477 | ||||||||
Osaka Gas Co. Ltd. | 1,488 | 27,689 | ||||||||
OSG Corp. | 1,532 | 20,038 | ||||||||
Otsuka Holdings Co. Ltd. | 667 | 26,343 | ||||||||
Paltac Corp. | 546 | 28,630 | ||||||||
Pan Pacific International Holdings Corp. | 1,368 | 26,489 | ||||||||
Rengo Co. Ltd. | 3,305 | 26,075 | ||||||||
Resona Holdings, Inc. | 6,537 | 20,447 | ||||||||
Resorttrust, Inc. | 1,812 | 18,764 | ||||||||
Ricoh Co. Ltd. | 2,492 | 17,107 | ||||||||
Rinnai Corp. | 325 | 24,699 | ||||||||
Rohm Co. Ltd. | 385 | 24,442 | ||||||||
Sankyo Co. Ltd. | 686 | 18,953 | ||||||||
Sankyu, Inc. | 570 | 22,065 | ||||||||
Sanrio Co. Ltd. | 1,629 | 24,319 | ||||||||
Sapporo Holdings Ltd. | 1,118 | 21,442 | ||||||||
SCSK Corp. | 432 | 19,507 | ||||||||
Secom Co. Ltd. | 271 | 22,690 | ||||||||
Sega Sammy Holdings, Inc. | 1,728 | 21,049 | ||||||||
Seibu Holdings, Inc. | 1,716 | 20,675 | ||||||||
Sekisui House Ltd. | 1,165 | 20,122 | ||||||||
Seven & i Holdings Co. Ltd. | 736 | 24,336 | ||||||||
Seven Bank Ltd. | 9,064 | 24,606 | ||||||||
SG Holdings Co. Ltd. | 1,214 | 33,820 | ||||||||
Shiga Bank Ltd. (The) | 1,069 | 25,210 | ||||||||
Shikoku Electric Power Co., Inc. | 3,082 | 23,858 | ||||||||
Shimamura Co. Ltd. | 363 | 22,952 | ||||||||
Shimano, Inc. | 174 | 25,676 | ||||||||
Ship Healthcare Holdings, Inc. | 572 | 25,971 | ||||||||
Shiseido Co. Ltd. | 362 | 21,430 | ||||||||
Shizuoka Bank Ltd. (The) | 3,861 | 23,460 | ||||||||
SHO-BOND Holdings Co. Ltd. | 632 | 25,691 | ||||||||
SKY Perfect JSAT Holdings, Inc. | 5,559 | 21,048 | ||||||||
Skylark Holdings Co. Ltd. | 1,520 | 22,771 | ||||||||
Sohgo Security Services Co. Ltd. | 520 | 24,990 | ||||||||
Sojitz Corp. | 8,198 | 19,150 | ||||||||
Sompo Holdings, Inc. | 653 | 21,213 | ||||||||
Sony Financial Holdings, Inc. | 1,212 | 23,242 | ||||||||
Sotetsu Holdings, Inc. | 1,034 | 26,583 | ||||||||
Subaru Corp. | 1,021 | 20,623 | ||||||||
Sumitomo Corp. | 1,687 | 19,244 | ||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 1,613 | 22,412 | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 743 | 19,637 | ||||||||
Sumitomo Mitsui Trust Holdings, Inc. | 743 | 21,786 | ||||||||
Sumitomo Realty & Development Co. Ltd. | 770 | 20,810 | ||||||||
Sundrug Co. Ltd. | 773 | 26,606 | ||||||||
Suntory Beverage & Food Ltd. | 604 | 22,774 | ||||||||
Sushiro Global Holdings Ltd. | 1,269 | 19,901 | ||||||||
Suzuken Co. Ltd. | 716 | 27,691 | ||||||||
Suzuki Motor Corp. | 603 | 19,421 |
Shares | Value | |||||||||
Japan-(continued) | ||||||||||
Sysmex Corp. | 396 | $ | 27,401 | |||||||
Taiyo Nippon Sanso Corp. | 1,269 | 19,827 | ||||||||
Takara Bio, Inc. | 1,326 | 29,731 | ||||||||
Takashimaya Co. Ltd. | 2,552 | 23,182 | ||||||||
Teijin Ltd. | 1,326 | 21,258 | ||||||||
TIS, Inc. | 1,187 | 22,833 | ||||||||
Tobu Railway Co. Ltd. | 815 | 27,803 | ||||||||
Toda Corp. | 3,933 | 23,008 | ||||||||
Toho Co. Ltd. | 695 | 22,884 | ||||||||
Toho Gas Co. Ltd. | 695 | 34,186 | ||||||||
Tohoku Electric Power Co., Inc. | 2,708 | 25,545 | ||||||||
Tokio Marine Holdings, Inc. | 452 | 21,380 | ||||||||
Tokyo Electric Power Co. Holdings, Inc.(a) | 6,346 | 21,432 | ||||||||
Tokyo Gas Co. Ltd. | 1,186 | 26,022 | ||||||||
Tokyu Corp. | 1,558 | 23,526 | ||||||||
Toray Industries, Inc. | 4,164 | 19,259 | ||||||||
Toyo Seikan Group Holdings Ltd. | 1,436 | 14,664 | ||||||||
Toyo Suisan Kaisha Ltd. | 590 | 28,368 | ||||||||
Toyo Tire Corp. | 1,776 | 21,203 | ||||||||
Toyota Motor Corp. | 353 | 21,864 | ||||||||
Trend Micro, Inc. | 456 | 23,145 | ||||||||
TV Asahi Holdings Corp. | 1,422 | 21,273 | ||||||||
Unicharm Corp. | 782 | 28,750 | ||||||||
USS Co. Ltd. | 1,521 | 24,194 | ||||||||
Wacoal Holdings Corp. | 1,016 | 20,673 | ||||||||
Welcia Holdings Co. Ltd. | 381 | 27,648 | ||||||||
West Japan Railway Co. | 339 | 20,997 | ||||||||
Yamada Denki Co. Ltd. | 4,848 | 23,087 | ||||||||
Yamaguchi Financial Group, Inc. | 4,453 | 24,058 | ||||||||
Yamato Holdings Co. Ltd. | 1,534 | 26,867 | ||||||||
Yamazaki Baking Co. Ltd. | 1,408 | 25,004 | ||||||||
Yaoko Co. Ltd. | 424 | 26,299 | ||||||||
Yokogawa Electric Corp. | 1,484 | 20,342 | ||||||||
Zenkoku Hosho Co. Ltd. | 659 | 19,348 | ||||||||
Zensho Holdings Co. Ltd. | 1,243 | 24,829 | ||||||||
|
| |||||||||
5,662,121 | ||||||||||
|
| |||||||||
Jordan-0.17% | ||||||||||
Hikma Pharmaceuticals PLC | 945 | 28,250 | ||||||||
|
| |||||||||
Luxembourg-0.34% | ||||||||||
L’Occitane International S.A | 12,639 | 19,243 | ||||||||
RTL Group S.A | 547 | 18,238 | ||||||||
SES S.A., FDR. | 2,770 | 18,495 | ||||||||
|
| |||||||||
55,976 | ||||||||||
|
| |||||||||
Malaysia-0.12% | ||||||||||
Wing Tai Holdings Ltd. | 16,658 | 20,357 | ||||||||
|
| |||||||||
Mexico-0.15% | ||||||||||
Fresnillo PLC(b) | 2,783 | 24,987 | ||||||||
|
| |||||||||
Netherlands-1.40% | ||||||||||
ABN AMRO Bank N.V., CVA(c) | 1,740 | 13,341 | ||||||||
Adyen N.V.(a)(c) | 25 | 24,580 | ||||||||
Euronext N.V.(c) | 268 | 22,485 | ||||||||
GrandVision N.V.(c) | 764 | 20,251 | ||||||||
Heineken Holding N.V | 257 | 20,014 | ||||||||
Heineken N.V.(a)(b) | 228 | 19,384 | ||||||||
Koninklijke Ahold Delhaize N.V | 923 | 22,403 | ||||||||
Koninklijke KPN N.V | 9,183 | 21,243 | ||||||||
Koninklijke Vopak N.V | 478 | 27,549 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Netherlands-(continued) | ||||||||||
NN Group N.V | 685 | $ | 19,815 | |||||||
Wolters Kluwer N.V | 298 | 21,908 | ||||||||
|
| |||||||||
232,973 | ||||||||||
|
| |||||||||
New Zealand-0.79% | ||||||||||
Air New Zealand Ltd. | 17,667 | 14,483 | ||||||||
Auckland International Airport Ltd. | 4,828 | 17,956 | ||||||||
Contact Energy Ltd. | 5,537 | 21,122 | ||||||||
Kiwi Property Group Ltd. | 26,214 | 15,289 | ||||||||
Mercury NZ Ltd. | 7,785 | 21,805 | ||||||||
SKYCITY Entertainment Group Ltd. | 11,639 | 19,101 | ||||||||
Spark New Zealand Ltd. | 7,832 | 21,251 | ||||||||
|
| |||||||||
131,007 | ||||||||||
|
| |||||||||
Norway-0.85% | ||||||||||
Gjensidige Forsikring ASA | 1,098 | 19,447 | ||||||||
Leroy Seafood Group ASA | 3,578 | 19,053 | ||||||||
Mowi ASA | 1,099 | 18,873 | ||||||||
Orkla ASA | 2,545 | 23,095 | ||||||||
Salmar ASA | 498 | 19,492 | ||||||||
Telenor ASA | 1,360 | 20,927 | ||||||||
Yara International ASA | 604 | 20,644 | ||||||||
|
| |||||||||
141,531 | ||||||||||
|
| |||||||||
Poland-0.93% | ||||||||||
Bank Polska Kasa Opieki S.A | 963 | 12,088 | ||||||||
CD Projekt S.A | 306 | 26,424 | ||||||||
Cyfrowy Polsat S.A | 3,407 | 21,029 | ||||||||
Dino Polska S.A.(a)(c) | 586 | 24,707 | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A | 28,004 | 25,109 | ||||||||
Powszechna Kasa Oszczednosci Bank Polski S.A | 2,779 | 14,770 | ||||||||
Powszechny Zaklad Ubezpieczen S.A | 2,472 | 18,075 | ||||||||
Santander Bank Polska S.A | 328 | 12,910 | ||||||||
|
| |||||||||
155,112 | ||||||||||
|
| |||||||||
Portugal-0.23% | ||||||||||
EDP - Energias de Portugal S.A | 4,488 | 18,926 | ||||||||
Galp Energia SGPS S.A | 1,656 | 19,072 | ||||||||
|
| |||||||||
37,998 | ||||||||||
|
| |||||||||
Russia-0.17% | ||||||||||
Polymetal International PLC | 1,411 | 28,806 | ||||||||
|
| |||||||||
Singapore-2.91% | ||||||||||
Ascendas REIT | 9,771 | 20,393 | ||||||||
Ascott Residence Trust | 27,090 | 17,122 | ||||||||
BOC Aviation Ltd.(c) | 2,610 | 17,158 | ||||||||
CapitaLand Commercial Trust | 15,998 | 18,100 | ||||||||
CapitaLand Ltd. | 8,942 | 18,906 | ||||||||
CapitaLand Mall Trust | 13,223 | 17,554 | ||||||||
ComfortDelGro Corp. Ltd. | 16,504 | 19,169 | ||||||||
Frasers Property Ltd. | 20,982 | 18,275 | ||||||||
Keppel REIT | 26,412 | 19,681 | ||||||||
Mapletree Commercial Trust | 14,498 | 19,952 | ||||||||
Mapletree Industrial Trust. | 11,104 | 19,975 | ||||||||
Mapletree Logistics Trust | 16,564 | 20,933 | ||||||||
Olam International Ltd. | 18,588 | 19,683 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 3,108 | 19,905 | ||||||||
SATS Ltd. | 7,984 | 18,359 | ||||||||
SIA Engineering Co. Ltd. | 13,501 | 17,743 | ||||||||
Singapore Airlines Ltd. | 4,023 | 17,264 | ||||||||
Singapore Exchange Ltd. | 3,608 | 24,665 |
Shares | Value | |||||||||
Singapore-(continued) | ||||||||||
Singapore Press Holdings Ltd. | 17,125 | $ | 18,369 | |||||||
Singapore Technologies Engineering Ltd. | 7,459 | 17,996 | ||||||||
Singapore Telecommunications Ltd. | 10,929 | 21,786 | ||||||||
StarHub Ltd. | 21,684 | 22,822 | ||||||||
Suntec REIT | 18,478 | 18,157 | ||||||||
Venture Corp. Ltd. | 1,893 | 21,242 | ||||||||
Wilmar International Ltd. | 8,025 | 20,277 | ||||||||
|
| |||||||||
485,486 | ||||||||||
|
| |||||||||
South Korea-9.18% | ||||||||||
BGF retail Co. Ltd. | 173 | 22,268 | ||||||||
BNK Financial Group, Inc. | 4,581 | 18,844 | ||||||||
Cheil Worldwide, Inc. | 1,394 | 20,047 | ||||||||
CJ CheilJedang Corp. | 106 | 23,795 | ||||||||
CJ CheilJedang Corp., Preference Shares | 254 | 23,291 | ||||||||
CJ Corp. | 337 | 22,491 | ||||||||
CJ ENM Co. Ltd. | 214 | 22,580 | ||||||||
CJ Logistics Corp.(a) | 196 | 23,745 | ||||||||
Daelim Industrial Co. Ltd. | 378 | 27,070 | ||||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 6,869 | 20,170 | ||||||||
DB Insurance Co. Ltd. | 682 | 24,566 | ||||||||
DGB Financial Group, Inc. | 5,271 | 22,897 | ||||||||
Dongsuh Cos., Inc. | 1,754 | 24,904 | ||||||||
Doosan Bobcat, Inc. | 971 | 18,826 | ||||||||
E-MART, Inc. | 243 | 24,015 | ||||||||
Fila Holdings Corp. | 724 | 20,797 | ||||||||
GS Engineering & Construction Corp. | 1,033 | 21,564 | ||||||||
GS Holdings Corp. | 682 | 21,434 | ||||||||
GS Retail Co. Ltd. | 785 | 24,289 | ||||||||
Hana Financial Group, Inc. | 904 | 20,588 | ||||||||
Hanmi Pharm Co. Ltd. | 104 | 22,019 | ||||||||
Hanmi Science Co. Ltd. | 889 | 20,682 | ||||||||
Hanon Systems | 2,615 | 19,494 | ||||||||
Hanwha Aerospace Co. Ltd.(a) | 977 | 21,345 | ||||||||
Hanwha Corp., Preference Shares | 2,218 | 20,700 | ||||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E. | 1,617 | 25,119 | ||||||||
Hyundai Department Store Co. Ltd. | 387 | 22,937 | ||||||||
Hyundai Glovis Co. Ltd. | 225 | 18,819 | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,324 | 28,251 | ||||||||
Hyundai Mipo Dockyard Co. Ltd. | 752 | 19,085 | ||||||||
Hyundai Motor Co. | 193 | 14,897 | ||||||||
Hyundai Motor Co., First Pfd | 34 | 1,594 | ||||||||
Hyundai Motor Co., Second Pfd | 50 | 2,414 | ||||||||
Industrial Bank of Korea | 2,934 | 19,107 | ||||||||
Kakao Corp. | 155 | 23,506 | ||||||||
Kangwon Land, Inc. | 1,173 | 24,206 | ||||||||
KB Financial Group, Inc. | 709 | 20,324 | ||||||||
Korea Aerospace Industries Ltd. | 1,077 | 22,788 | ||||||||
Korea Zinc Co. Ltd. | 66 | 20,970 | ||||||||
KT&G Corp. | 340 | 22,680 | ||||||||
Kumho Petrochemical Co. Ltd. | 448 | 28,182 | ||||||||
LG Chem Ltd. | 64 | 19,883 | ||||||||
LG Chem Ltd., Preference Shares | 9 | 1,281 | ||||||||
LG Corp. | 407 | 20,534 | ||||||||
LG Electronics, Inc. | 433 | 19,590 | ||||||||
LG Electronics, Inc., Preference Shares | 69 | 1,205 | ||||||||
LG Household & Health Care Ltd., Preference Shares | 34 | 20,301 | ||||||||
LG Uplus Corp. | 2,108 | 23,174 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
South Korea-(continued) | ||||||||||
Lotte Chemical Corp. | 150 | $ | 26,288 | |||||||
Medy-Tox, Inc. | 100 | 9,435 | ||||||||
Mirae Asset Daewoo Co. Ltd., Second Pfd | 7,372 | 18,457 | ||||||||
NAVER Corp. | 157 | 25,560 | ||||||||
NCSoft Corp. | 37 | 19,398 | ||||||||
Netmarble Corp.(a)(c) | 295 | 23,043 | ||||||||
NH Investment & Securities Co. Ltd. | 2,654 | 21,206 | ||||||||
NHN Corp.(a) | 366 | 22,851 | ||||||||
NongShim Co. Ltd. | 103 | 24,980 | ||||||||
Orion Corp. | 285 | 28,860 | ||||||||
Ottogi Corp. | 53 | 23,706 | ||||||||
POSCO Chemical Co. Ltd. | 467 | 19,955 | ||||||||
S-1 Corp. | 322 | 22,762 | ||||||||
Samsung Card Co. Ltd. | 820 | 20,053 | ||||||||
Samsung Electronics Co. Ltd., Preference Shares. | 575 | 20,025 | ||||||||
Samsung Engineering Co. Ltd.(a) | 1,937 | 18,395 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 137 | 21,296 | ||||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 10 | 1,067 | ||||||||
Samsung Life Insurance Co. Ltd. | 490 | 19,594 | ||||||||
Samsung SDI Co. Ltd. | 90 | 21,616 | ||||||||
Samsung SDS Co. Ltd. | 155 | 20,753 | ||||||||
Shinhan Financial Group Co. Ltd. | 835 | 20,764 | ||||||||
SK Holdings Co. Ltd. | 141 | 21,165 | ||||||||
SK Innovation Co. Ltd. | 242 | 19,639 | ||||||||
SK Telecom Co. Ltd. | 126 | 21,781 | ||||||||
Ssangyong Cement Industrial Co. Ltd. | 5,604 | 23,487 | ||||||||
Woori Financial Group, Inc. | 2,879 | 20,033 | ||||||||
|
| |||||||||
1,529,437 | ||||||||||
|
| |||||||||
Spain-1.57% | ||||||||||
Acciona S.A.(b) | 169 | 16,733 | ||||||||
Amadeus IT Group S.A | 349 | 16,789 | ||||||||
EDP Renovaveis S.A | 1,606 | 19,701 | ||||||||
Enagas S.A | 880 | 20,521 | ||||||||
Endesa S.A | 868 | 19,252 | ||||||||
Ferrovial S.A | 749 | 18,705 | ||||||||
Grifols S.A.(b) | 686 | 23,338 | ||||||||
Iberdrola S.A | 1,882 | 18,841 | ||||||||
Inmobiliaria Colonial SOCIMI S.A | 1,714 | 16,521 | ||||||||
Mapfre S.A | 10,547 | 19,303 | ||||||||
Merlin Properties SOCIMI S.A | 1,771 | 16,410 | ||||||||
Naturgy Energy Group S.A | 982 | 17,328 | ||||||||
Red Electrica Corp. S.A | 1,159 | 20,381 | ||||||||
Telefonica S.A | 3,918 | 17,867 | ||||||||
|
| |||||||||
261,690 | ||||||||||
|
| |||||||||
Sweden-2.88% | ||||||||||
Assa Abloy AB, Class B(b) | 1,031 | 18,583 | ||||||||
Castellum AB | 936 | 16,430 | ||||||||
Elekta AB, Class B(b) | 2,139 | 19,793 | ||||||||
Epiroc AB, Class A | 1,304 | 13,100 | ||||||||
Epiroc AB, Class B | 784 | 7,772 | ||||||||
Essity AB, Class B | 725 | 23,567 | ||||||||
Fastighets AB Balder, Class B(a) | 457 | 18,061 | ||||||||
Hufvudstaden AB, Class A | 1,214 | 15,586 | ||||||||
ICA Gruppen AB | 576 | 25,134 | ||||||||
Industrivarden AB, Class A | 535 | 11,108 | ||||||||
Industrivarden AB, Class C | 433 | 8,964 | ||||||||
Investment AB Latour, Class B(b) | 1,449 | 21,749 | ||||||||
Investor AB, Class A | 103 | 5,125 |
Shares | Value | |||||||||
Sweden-(continued) | ||||||||||
Investor AB, Class B | 343 | $ | 17,250 | |||||||
Kinnevik AB, Class B | 1,089 | 22,522 | ||||||||
L E Lundbergforetagen AB, Class B | 524 | 22,114 | ||||||||
Securitas AB, Class B(b) | 1,736 | 20,520 | ||||||||
Skandinaviska Enskilda Banken AB, Class A | 2,377 | 19,552 | ||||||||
Skandinaviska Enskilda Banken AB, Class C | 34 | 304 | ||||||||
Skanska AB, Class B | 1,047 | 20,062 | ||||||||
Svenska Handelsbanken AB, Class A | 2,212 | 20,451 | ||||||||
Svenska Handelsbanken AB, Class B(a) | 51 | 508 | ||||||||
Swedbank AB, Class A. | 1,475 | 17,421 | ||||||||
Swedish Match AB | 370 | 22,941 | ||||||||
Swedish Orphan Biovitrum AB(a) | 1,367 | 26,592 | ||||||||
Tele2 AB, Class B. | 1,492 | 19,339 | ||||||||
Telefonaktiebolaget LM Ericsson, Class A | 34 | 322 | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 2,893 | 25,206 | ||||||||
Telia Co. AB | 5,596 | 19,337 | ||||||||
|
| |||||||||
479,413 | ||||||||||
|
| |||||||||
Switzerland-2.44% | ||||||||||
Banque Cantonale Vaudoise | 27 | 23,863 | ||||||||
Barry Callebaut AG | 9 | 17,643 | ||||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 4 | 31,187 | ||||||||
Coca-Cola HBC AG | 702 | 17,842 | ||||||||
DKSH Holding AG. | 406 | 22,926 | ||||||||
Flughafen Zurich AG(a) | 154 | 19,004 | ||||||||
Geberit AG | 46 | 20,642 | ||||||||
Givaudan S.A | 6 | 20,098 | ||||||||
Helvetia Holding AG. | 173 | 15,836 | ||||||||
Nestle S.A | 214 | 22,594 | ||||||||
Novartis AG | 270 | 23,012 | ||||||||
Pargesa Holding S.A., BR | 309 | 21,979 | ||||||||
PSP Swiss Property AG | 149 | 17,321 | ||||||||
Roche Holding AG | 63 | 21,896 | ||||||||
Roche Holding AG, BR. | 4 | 1,392 | ||||||||
Sika AG | 121 | 20,022 | ||||||||
Sonova Holding AG | 95 | 17,156 | ||||||||
Straumann Holding AG | 21 | 15,936 | ||||||||
Swiss Prime Site AG | 184 | 17,482 | ||||||||
Swisscom AG | 40 | 20,797 | ||||||||
Zurich Insurance Group AG | 58 | 18,467 | ||||||||
|
| |||||||||
407,095 | ||||||||||
|
| |||||||||
United Arab Emirates-0.00% | ||||||||||
NMC Health PLC(d) | 1,243 | 0 | ||||||||
|
| |||||||||
United Kingdom-5.61% | ||||||||||
Admiral Group PLC | 840 | 24,687 | ||||||||
AstraZeneca PLC | 244 | 25,613 | ||||||||
Auto Trader Group PLC(c) | 3,516 | 20,343 | ||||||||
Avast PLC(c) | 4,473 | 25,852 | ||||||||
BAE Systems PLC | 2,989 | 19,168 | ||||||||
Berkeley Group Holdings PLC | 416 | 21,949 | ||||||||
BT Group PLC. | 13,098 | 19,173 | ||||||||
Bunzl PLC | 922 | 20,090 | ||||||||
Compass Group PLC | 1,104 | 18,604 | ||||||||
ConvaTec Group PLC(c) | 9,807 | 26,274 | ||||||||
Croda International PLC | 390 | 24,016 | ||||||||
DCC PLC | 319 | 22,766 | ||||||||
Derwent London PLC | 437 | 17,121 | ||||||||
Diageo PLC | 646 | 22,408 | ||||||||
Direct Line Insurance Group PLC | 5,642 | 19,392 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Experian PLC | 645 | $ | 19,330 | |||||||
GlaxoSmithKline PLC | 1,103 | 23,109 | ||||||||
Hiscox Ltd. | 1,484 | 13,151 | ||||||||
HomeServe PLC | 1,493 | 20,998 | ||||||||
Howden Joinery Group PLC | 2,834 | 18,774 | ||||||||
HSBC Holdings PLC | 3,579 | 18,509 | ||||||||
Imperial Brands PLC | 1,118 | 23,677 | ||||||||
Intertek Group PLC | 339 | 20,311 | ||||||||
J Sainsbury PLC. | 8,620 | 21,539 | ||||||||
London Stock Exchange Group PLC | 229 | 21,537 | ||||||||
Mondi PLC | 1,104 | 19,635 | ||||||||
National Grid PLC. | 1,745 | 20,553 | ||||||||
Pearson PLC(b) | 3,245 | 18,820 | ||||||||
Pennon Group PLC | 1,550 | 21,428 | ||||||||
RELX PLC | 951 | 21,550 | ||||||||
Renishaw PLC. | 534 | 23,736 | ||||||||
Rentokil Initial PLC. | 3,509 | 20,993 | ||||||||
Rightmove PLC | 2,990 | 18,767 | ||||||||
RSA Insurance Group PLC | 3,426 | 15,609 | ||||||||
Sage Group PLC (The) | 2,604 | 21,021 | ||||||||
Segro PLC. | 2,088 | 21,849 | ||||||||
Severn Trent PLC | 688 | 20,741 | ||||||||
Smith & Nephew PLC | 1,033 | 20,300 | ||||||||
Smiths Group PLC | 1,172 | 18,338 | ||||||||
SSE PLC | 1,118 | 17,627 | ||||||||
Unilever N.V | 420 | 20,968 | ||||||||
Unilever PLC. | 410 | 21,214 |
Shares | Value | |||||||||
United Kingdom-(continued) | ||||||||||
United Utilities Group PLC | 1,810 | $ | 20,598 | |||||||
Whitbread PLC(b) | 507 | 19,057 | ||||||||
WM Morrison Supermarkets PLC(b) | 9,978 | 23,032 | ||||||||
|
| |||||||||
934,227 | ||||||||||
|
| |||||||||
United States-0.36% | ||||||||||
Amcor PLC, CDI | 2,463 | 22,460 | ||||||||
Ferguson PLC | 256 | 18,522 | ||||||||
Waste Connections, Inc. | 228 | 19,659 | ||||||||
|
| |||||||||
60,641 | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 16,517,389 | ||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan | ||||||||||
Money Market Funds-2.67% | ||||||||||
Invesco Private Government Fund, 0.01%(e)(f)(g) | 444,346 | 444,346 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-101.82% | 16,961,735 | |||||||||
OTHER ASSETS LESS LIABILITIES-(1.82)% | (302,700 | ) | ||||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 16,659,035 | ||||||||
|
|
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
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $431,592, which represented 2.59% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 468,988 | $ | (468,988) | $ | - | $ | - | $ | - | $ | 122 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
April 30, 2020
(Unaudited)
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | $ | 614,148 | $ | 3,888,844 | $ | (4,502,992 | ) | $ | - | $ | - | $ | - | $ | 4,268 | ||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 205,544 | 1,159,417 | (1,364,871 | ) | (14 | ) | (76 | ) | - | 1,624 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 970,397 | (526,051 | ) | - | - | 444,346 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 819,692 | $ | 6,487,646 | $ | (6,862,902 | ) | $ | (14 | ) | $ | (76 | ) | $ | 444,346 | $ | 6,014 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Industrials | 15.32 | |||||
Consumer Staples | 14.99 | |||||
Financials | 13.68 | |||||
Consumer Discretionary | 9.70 | |||||
Communication Services | 8.39 | |||||
Materials | 7.60 | |||||
Real Estate | 7.31 | |||||
Health Care | 7.17 | |||||
Utilities | 7.01 | |||||
Information Technology | 6.14 | |||||
Energy | 1.84 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.85 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-95.99% |
| |||||||
Brazil-0.72% | ||||||||
Porto Seguro S.A | 94,800 | $ | 793,138 | |||||
Telefonica Brasil S.A., Preference Shares | 89,100 | 751,374 | ||||||
|
| |||||||
1,544,512 | ||||||||
|
| |||||||
China-24.35% | ||||||||
Agricultural Bank of China Ltd., H Shares | 3,137,243 | 1,301,938 | ||||||
Bank of China Ltd., H Shares | 3,252,548 | 1,229,957 | ||||||
Bank of Communications Co. Ltd., H Shares | 1,776,403 | 1,110,835 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 1,191,456 | 800,586 | ||||||
Beijing Enterprises Holdings Ltd. | 308,678 | 1,096,968 | ||||||
Beijing Enterprises Water Group Ltd.(a) | 2,455,734 | 934,787 | ||||||
CGN Power Co. Ltd., H Shares(b) | 4,472,267 | 1,105,375 | ||||||
China Biologic Products Holdings, Inc.(a) | 13,367 | 1,393,376 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 4,802,286 | 921,769 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 2,412,754 | 1,175,393 | ||||||
China Communications Construction Co. Ltd., H Shares | 1,408,202 | 928,889 | ||||||
China Conch Venture Holdings Ltd. | 220,764 | 1,045,240 | ||||||
China Construction Bank Corp., H Shares | 1,527,158 | 1,231,308 | ||||||
China Everbright Bank Co. Ltd., H Shares | 2,488,702 | 1,052,525 | ||||||
China Everbright International Ltd. | 1,711,546 | 979,355 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) | 5,020,205 | 0 | ||||||
China Life Insurance Co. Ltd.(a) | 1,284,680 | 867,050 | ||||||
China Life Insurance Co. Ltd., H Shares | 419,516 | 884,510 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 245,190 | 863,345 | ||||||
China Merchants Bank Co. Ltd., H Shares | 189,038 | 900,585 | ||||||
China Merchants Port Holdings Co. Ltd. | 890,932 | 1,132,047 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 1,594,704 | 1,180,217 | ||||||
China Mobile Ltd. | 121,861 | 974,700 | ||||||
China Overseas Land & Investment Ltd. | 262,906 | 947,646 | ||||||
China Petroleum & Chemical Corp., H Shares | 2,020,257 | 1,005,762 | ||||||
China Railway Group Ltd., H Shares | 1,510,420 | 907,926 | ||||||
China Resources Cement Holdings Ltd. | 691,020 | 922,084 | ||||||
China Resources Gas Group Ltd. | 155,142 | 868,963 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 580,755 | 1,026,108 | ||||||
China Telecom Corp. Ltd., H Shares | 2,927,550 | 1,002,788 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 2,544,122 | 1,109,350 | ||||||
CITIC Ltd. | 988,745 | 1,011,539 | ||||||
CRRC Corp. Ltd., H Shares | 1,738,855 | 906,781 | ||||||
Dali Foods Group Co. Ltd.(b) | 1,459,656 | 898,122 | ||||||
Guangdong Investment Ltd. | 448,590 | 924,380 | ||||||
Hengan International Group Co. Ltd. | 102,958 | 906,816 | ||||||
Huaneng Power International, Inc., H Shares | 2,425,459 | 913,573 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 1,784,269 | 1,197,777 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 977,071 | 1,162,884 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 1,042,098 | 1,000,931 | ||||||
Legend Holdings Corp., H Shares(b)(d) | 702,048 | 817,836 | ||||||
Peoples Insurance Co. Group of China Ltd. (The), H Shares | 3,151,180 | 1,014,550 | ||||||
PetroChina Co. Ltd., H Shares | 2,350,271 | 841,236 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares. | 113,938 | 1,155,325 |
Shares | Value | |||||||
China-(continued) | ||||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 1,979,262 | $ | 1,175,232 | |||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares. | 503,404 | 887,021 | ||||||
Sinopharm Group Co. Ltd., H Shares | 333,690 | 899,577 | ||||||
Tencent Holdings Ltd. | 17,990 | 954,444 | ||||||
Want Want China Holdings Ltd. | 1,180,928 | 832,924 | ||||||
Xinyi Glass Holdings Ltd. | 786,886 | 901,396 | ||||||
Yuexiu Property Co. Ltd. | 4,587,740 | 866,161 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 1,300,646 | 978,125 | ||||||
ZTO Express Cayman, Inc., ADR | 33,124 | 985,770 | ||||||
|
| |||||||
52,133,782 | ||||||||
|
| |||||||
Czech Republic-0.99% | ||||||||
CEZ A.S | 63,177 | 1,180,285 | ||||||
Komercni banka A.S.(a) | 44,474 | 944,419 | ||||||
|
| |||||||
2,124,704 | ||||||||
|
| |||||||
Egypt-0.39% | ||||||||
Commercial International Bank Egypt S.A.E | 205,225 | 833,279 | ||||||
India-0.87% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 17,574 | 899,613 | ||||||
Wipro Ltd., ADR | 293,100 | 964,299 | ||||||
|
| |||||||
1,863,912 | ||||||||
|
| |||||||
Indonesia-0.40% | ||||||||
PT Bank Central Asia Tbk | 496,697 | 863,167 | ||||||
|
| |||||||
Kuwait-0.43% | ||||||||
National Bank of Kuwait SAKP | 381,295 | 913,481 | ||||||
|
| |||||||
Malaysia-10.17% | ||||||||
AMMB Holdings Bhd | 1,556,100 | 1,074,802 | ||||||
CIMB Group Holdings Bhd | 1,055,795 | 842,166 | ||||||
Dialog Group Bhd | 1,368,100 | 1,052,674 | ||||||
DiGi.Com Bhd | 1,169,863 | 1,258,194 | ||||||
Hartalega Holdings Bhd | 601,900 | 1,063,823 | ||||||
Hong Leong Bank Bhd | 350,500 | 1,080,373 | ||||||
IHH Healthcare Bhd | 826,547 | 1,003,918 | ||||||
IOI Corp. Bhd | 1,386,700 | 1,309,303 | ||||||
Kuala Lumpur Kepong Bhd | 239,678 | 1,170,520 | ||||||
Malayan Banking Bhd | 874,792 | 1,535,775 | ||||||
MISC Bhd | 627,700 | 1,151,757 | ||||||
Nestle Malaysia Bhd | 85,700 | 2,782,676 | ||||||
Petronas Gas Bhd | 322,000 | 1,153,209 | ||||||
Public Bank Bhd | 284,624 | 1,080,276 | ||||||
RHB Bank Bhd | 859,600 | 945,514 | ||||||
Sime Darby Bhd | 2,246,900 | 1,040,525 | ||||||
Tenaga Nasional Bhd | 406,572 | 1,155,355 | ||||||
Top Glove Corp. Bhd | 635,000 | 1,069,740 | ||||||
|
| |||||||
21,770,600 | ||||||||
|
| |||||||
Mexico-4.37% | ||||||||
America Movil S.A.B. de C.V., Series L | 1,705,606 | 1,045,857 | ||||||
Arca Continental S.A.B. de C.V | 322,601 | 1,257,751 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 263,040 | 1,072,708 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(e) | 180,198 | 1,178,893 | ||||||
Gruma S.A.B. de C.V., Class B | 120,015 | 1,153,223 | ||||||
Grupo Elektra S.A.B. de C.V.(d) | 26,262 | 1,527,707 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Promotora y Operadora de Infraestructura S.A.B de C.V.(d) | 150,262 | $ | 1,056,630 | |||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 434,828 | 1,058,672 | ||||||
|
| |||||||
9,351,441 | ||||||||
|
| |||||||
Poland-0.42% | ||||||||
Powszechny Zaklad Ubezpieczen S.A | 122,032 | 892,295 | ||||||
|
| |||||||
Qatar-2.30% | ||||||||
Industries Qatar Q.S.C | 530,695 | 1,027,575 | ||||||
Masraf Al Rayan Q.S.C | 1,014,602 | 1,064,204 | ||||||
Qatar Fuel Co. Q.P.S.C | 230,560 | 1,013,805 | ||||||
Qatar Islamic Bank (S.A.Q) | 233,531 | 990,973 | ||||||
Qatar National Bank Q.P.S.C | 174,505 | 825,795 | ||||||
|
| |||||||
4,922,352 | ||||||||
|
| |||||||
South Africa-1.24% | ||||||||
Remgro Ltd. | 122,114 | 910,951 | ||||||
SPAR Group Ltd. (The) | 86,451 | 832,641 | ||||||
Vodacom Group Ltd. | 137,165 | 920,309 | ||||||
|
| |||||||
2,663,901 | ||||||||
|
| |||||||
South Korea-7.73% | ||||||||
BNK Financial Group, Inc. | 212,872 | 875,635 | ||||||
GS Holdings Corp. | 27,410 | 861,456 | ||||||
GS Retail Co. Ltd. | 32,511 | 1,005,924 | ||||||
Hanon Systems | 116,909 | 871,506 | ||||||
Kangwon Land, Inc. | 43,363 | 894,847 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 31,996 | 847,533 | ||||||
Korea Electric Power Corp.(a) | 48,604 | 954,162 | ||||||
KT&G Corp. | 18,439 | 1,229,975 | ||||||
LG Household & Health Care Ltd. | 861 | 973,856 | ||||||
LG Uplus Corp. | 91,003 | 1,000,434 | ||||||
NongShim Co. Ltd. | 3,907 | 947,531 | ||||||
POSCO | 5,783 | 870,149 | ||||||
S-1 Corp. | 15,114 | 1,068,380 | ||||||
Samsung Electronics Co. Ltd. | 22,351 | 921,020 | ||||||
Samsung SDS Co. Ltd. | 7,230 | 968,039 | ||||||
SK Telecom Co. Ltd. | 7,844 | 1,355,933 | ||||||
Yuhan Corp. | 23,716 | 914,279 | ||||||
|
| |||||||
16,560,659 | ||||||||
|
| |||||||
Taiwan-38.09% | ||||||||
Acer, Inc. | 1,819,000 | 1,006,487 | ||||||
Advantech Co. Ltd. | 114,095 | 1,071,641 | ||||||
Asia Cement Corp. | 730,000 | 1,062,768 | ||||||
Asustek Computer, Inc. | 168,838 | 1,138,855 | ||||||
Cathay Financial Holding Co. Ltd. | 1,185,000 | 1,574,181 | ||||||
Chang Hwa Commercial Bank Ltd. | 1,953,776 | 1,273,866 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,011,435 | 1,159,414 | ||||||
Chicony Electronics Co. Ltd. | 359,000 | 1,009,369 | ||||||
China Airlines Ltd. | 3,879,000 | 1,057,068 | ||||||
China Development Financial Holding Corp. | 4,218,472 | 1,265,158 | ||||||
China Petrochemical Development Corp. | 4,134,050 | 1,107,461 | ||||||
China Steel Corp. | 2,382,140 | 1,583,875 | ||||||
Chunghwa Telecom Co. Ltd. | 695,222 | 2,552,043 | ||||||
Compal Electronics, Inc. | 2,331,000 | 1,481,504 | ||||||
CTBC Financial Holding Co. Ltd. | 1,846,053 | 1,222,870 | ||||||
Delta Electronics, Inc. | 206,000 | 955,514 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,160,822 | 1,045,083 | ||||||
Eva Airways Corp. | 2,662,627 | 1,010,303 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 2,841,000 | 1,044,906 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Far Eastern New Century Corp. | 1,350,000 | $ | 1,163,885 | |||||
Far EasTone Telecommunications Co. Ltd.(a) | 758,993 | 1,683,374 | ||||||
First Financial Holding Co. Ltd. | 1,729,384 | 1,261,574 | ||||||
Formosa Chemicals & Fibre Corp. | 460,095 | 1,154,577 | ||||||
Formosa Petrochemical Corp. | 371,000 | 1,102,944 | ||||||
Formosa Plastics Corp. | 388,146 | 1,128,556 | ||||||
Foxconn Technology Co. Ltd. | 561,000 | 1,067,997 | ||||||
Fubon Financial Holding Co. Ltd. | 941,875 | 1,321,308 | ||||||
Highwealth Construction Corp. | 804,000 | 1,160,975 | ||||||
Hon Hai Precision Industry Co. Ltd. | 360,000 | 916,661 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 2,076,611 | 1,337,550 | ||||||
International CSRC Investment Holdings Co. | 1,307,000 | 918,430 | ||||||
Inventec Corp. | 1,326,000 | 1,037,448 | ||||||
King Slide Works Co. Ltd. | 96,000 | 996,642 | ||||||
Kings Town Bank Co. Ltd. | 1,001,000 | 1,055,737 | ||||||
Lite-On Technology Corp. | 673,000 | 1,043,963 | ||||||
Mega Financial Holding Co. Ltd. | 1,444,777 | 1,445,952 | ||||||
Micro-Star International Co. Ltd. | 279,000 | 858,692 | ||||||
Mitac Holdings Corp. | 943,000 | 953,139 | ||||||
Nan Ya Plastics Corp. | 522,930 | 1,141,482 | ||||||
Pou Chen Corp. | 1,051,000 | 979,526 | ||||||
Poya International Co. Ltd. | 55,000 | 919,720 | ||||||
President Chain Store Corp. | 146,000 | 1,506,371 | ||||||
Qisda Corp. | 1,846,000 | 1,034,517 | ||||||
Quanta Computer, Inc. | 498,000 | 1,070,360 | ||||||
Ruentex Development Co. Ltd. | 666,000 | 982,839 | ||||||
Ruentex Industries Ltd. | 514,000 | 1,171,982 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 611,000 | 888,983 | ||||||
Shin Kong Financial Holding Co. Ltd. | 3,513,000 | 990,848 | ||||||
SinoPac Financial Holdings Co. Ltd. | 3,024,421 | 1,221,073 | ||||||
Standard Foods Corp. | 461,000 | 1,034,949 | ||||||
Synnex Technology International Corp. | 1,138,264 | 1,513,759 | ||||||
TA Chen Stainless Pipe | 1,122,000 | 992,913 | ||||||
Taichung Commercial Bank Co. Ltd. | 3,560,000 | 1,350,935 | ||||||
Taishin Financial Holding Co. Ltd. | 3,125,384 | 1,318,964 | ||||||
Taiwan Business Bank. | 3,172,204 | 1,137,950 | ||||||
Taiwan Cement Corp. | 802,000 | 1,146,547 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 2,001,321 | 1,331,560 | ||||||
Taiwan Fertilizer Co. Ltd. | 897,000 | 1,379,136 | ||||||
Taiwan High Speed Rail Corp. | 958,000 | 1,085,947 | ||||||
Taiwan Mobile Co. Ltd. | 506,162 | 1,819,955 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 99,397 | 998,887 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,318,000 | 1,180,297 | ||||||
Uni-President Enterprises Corp. | 558,181 | 1,291,096 | ||||||
United Microelectronics Corp. | 1,877,000 | 973,571 | ||||||
Vanguard International Semiconductor Corp. | 373,000 | 863,139 | ||||||
Voltronic Power Technology Corp. | 39,000 | 925,555 | ||||||
Walsin Lihwa Corp. | 2,148,000 | 938,562 | ||||||
Wistron NeWeb Corp. | 428,000 | 878,515 | ||||||
WPG Holdings Ltd. | 992,937 | 1,282,131 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,716,472 | 967,582 | ||||||
|
| |||||||
81,551,421 | ||||||||
|
| |||||||
Thailand-2.26% | ||||||||
Advanced Info Service PCL, NVDR | 157,029 | 954,764 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,331,713 | 844,749 | ||||||
CP ALL PCL, NVDR | 570,163 | 1,241,406 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Thailand-(continued) | ||||||||
Intouch Holdings PCL, NVDR | 576,580 | $ | 946,978 | |||||
Land & Houses PCL, NVDR | 3,735,736 | 841,823 | ||||||
|
| |||||||
4,829,720 | ||||||||
|
| |||||||
Turkey-0.81% | ||||||||
BIM Birlesik Magazalar A.S | 107,564 | 851,802 | ||||||
Petkim Petrokimya Holding A.S.(a) | 1,723,032 | 875,136 | ||||||
|
| |||||||
1,726,938 | ||||||||
|
| |||||||
United Arab Emirates-0.45% | ||||||||
Dubai Islamic Bank PJSC | 980,063 | 975,237 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 205,521,401 | ||||||
|
| |||||||
Exchange-Traded Funds-3.99% |
| |||||||
United States-3.99% | ||||||||
iShares MSCI Saudi Arabia ETF | 333,770 | 8,534,499 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 214,055,900 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.45% |
| |||||||
Invesco Private Government Fund, 0.01%(f)(g)(h) | 965,251 | $ | 965,251 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.43% |
| 215,021,151 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.43)% |
| (911,882 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. |
| $ | 214,109,269 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
ETF-Exchange-Traded Fund
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 April 30, 2020 was $3,996,565, which represented 1.87% of the Fund’s Net Assets. |
(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 April 30, 2020. |
(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 rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
(h) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | $233,150 | $ | 3,767,571 | $ | (4,000,721 | ) | $- | $ | - | $ | - | $2,380 | |||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 78,343 | 1,286,667 | (1,364,888 | ) | - | (122 | ) | - | 1,005 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,914,631 | (949,380 | ) | - | - | 965,251 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $311,493 | $ | 6,968,869 | $ | (6,314,989 | ) | $- | $ | (122 | ) | $ | 965,251 | $3,386 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Financials | 31.29 | |||||
Information Technology | 12.06 | |||||
Industrials | 11.87 | |||||
Consumer Staples | 11.85 | |||||
Communication Services | 8.06 | |||||
Materials | 7.15 | |||||
Utilities | 4.81 | |||||
Health Care | 4.20 | |||||
Consumer Discretionary | 3.23 | |||||
Energy | 3.22 | |||||
Real Estate | 2.24 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.02 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.86% |
| |||||||
Brazil-7.79% | ||||||||
B3 S.A. - Brasil, Bolsa, Balcao | 9,079 | $ | 64,437 | |||||
Banco BTG Pactual S.A. | 857 | 6,697 | ||||||
BB Seguridade Participacoes S.A. | 2,987 | 14,650 | ||||||
BRF S.A.(a) | 2,585 | 9,259 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo. | 1,575 | 11,661 | ||||||
Cosan S.A. | 923 | 10,288 | ||||||
Energisa S.A. | 1,100 | 8,880 | ||||||
ENGIE Brasil Energia S.A. | 863 | 6,237 | ||||||
Equatorial Energia S.A. | 5,270 | 17,845 | ||||||
Hapvida Participacoes e Investimentos S.A.(b) | 1,152 | 11,160 | ||||||
Hypera S.A. | 1,600 | 8,595 | ||||||
Localiza Rent a Car S.A. | 2,999 | 18,941 | ||||||
Lojas Americanas S.A. | 900 | 3,380 | ||||||
Lojas Americanas S.A., Preference Shares | 2,800 | 12,869 | ||||||
Lojas Renner S.A. | 3,392 | 24,055 | ||||||
Magazine Luiza S.A. | 4,959 | 45,529 | ||||||
Multiplan Empreendimentos Imobiliarios S.A. | 945 | 3,647 | ||||||
Natura & Co. Holding S.A. | 3,648 | 23,937 | ||||||
Notre Dame Intermedica Participacoes S.A. | 3,190 | 32,299 | ||||||
Raia Drogasil S.A. | 1,800 | 34,841 | ||||||
Telefonica Brasil S.A., Preference Shares | 1,715 | 14,462 | ||||||
TIM Participacoes S.A. | 3,800 | 8,957 | ||||||
WEG S.A. | 5,476 | 40,403 | ||||||
|
| |||||||
433,029 | ||||||||
|
| |||||||
Chile-0.47% | ||||||||
Enel Americas S.A. | 160,041 | 26,228 | ||||||
|
| |||||||
China-22.60% | ||||||||
Anhui Conch Cement Co. Ltd., H Shares | 4,581 | 35,469 | ||||||
ANTA Sports Products Ltd. | 3,742 | 31,973 | ||||||
Bosideng International Holdings Ltd. | 13,113 | 3,547 | ||||||
China Aoyuan Group Ltd. | 7,064 | 8,083 | ||||||
China Biologic Products Holdings, Inc.(a) | 123 | 12,822 | ||||||
China Conch Venture Holdings Ltd. | 8,766 | 41,504 | ||||||
China Jinmao Holdings Group Ltd. | 23,558 | 16,325 | ||||||
China National Building Material Co. Ltd., H Shares | 17,110 | 21,369 | ||||||
China Oilfield Services Ltd., H Shares | 5,849 | 4,508 | ||||||
China Resources Cement Holdings Ltd. | 8,103 | 10,812 | ||||||
Country Garden Services Holdings Co. Ltd. | 8,464 | 39,068 | ||||||
Ganfeng Lithium Co. Ltd.(b) | 507 | 1,642 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 386 | 22,126 | ||||||
Haidilao International Holding Ltd.(b) | 3,121 | 13,679 | ||||||
JD.com, Inc., ADR(a) | 3,298 | 142,144 | ||||||
Li Ning Co. Ltd. | 10,429 | 32,650 | ||||||
Livzon Pharmaceutical Group, Inc., H Shares | 606 | 2,693 | ||||||
Longfor Group Holdings Ltd.(b) | 7,838 | 38,846 | ||||||
Meituan Dianping, B Shares(a) | 16,241 | 215,748 | ||||||
NetEase, Inc., ADR | 282 | 97,279 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 557 | 71,107 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 812 | 11,186 |
Shares | Value | |||||||
China-(continued) | ||||||||
Semiconductor Manufacturing International Corp.(a) | 16,234 | $ | 30,833 | |||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 10,305 | 15,546 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares | 1,300 | 2,915 | ||||||
Shimao Property Holdings Ltd. | 4,903 | 19,665 | ||||||
Silergy Corp. | 379 | 15,066 | ||||||
Sino Biopharmaceutical Ltd. | 32,675 | 48,116 | ||||||
TAL Education Group, ADR(a) | 1,652 | 89,522 | ||||||
Tingyi Cayman Islands Holding Corp. | 7,103 | 12,571 | ||||||
Vipshop Holdings Ltd., ADR(a) | 1,753 | 27,925 | ||||||
Weichai Power Co. Ltd., H Shares | 7,834 | 13,433 | ||||||
WuXi AppTec Co. Ltd., H Shares(b) | 1,002 | 14,153 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 2,324 | 36,041 | ||||||
Xinyi Solar Holdings Ltd. | 15,633 | 9,976 | ||||||
Yihai International Holding Ltd. | 2,642 | 21,026 | ||||||
Zhongsheng Group Holdings Ltd. | 2,703 | 10,763 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 8,180 | 6,559 | ||||||
ZTE Corp., H Shares(a) | 2,443 | 6,882 | ||||||
|
| |||||||
1,255,572 | ||||||||
|
| |||||||
Colombia-0.17% | ||||||||
Bancolombia S.A., Preference Shares | 1,473 | 9,726 | ||||||
|
| |||||||
Egypt-0.40% | ||||||||
Commercial International Bank Egypt S.A.E | 5,429 | 22,043 | ||||||
|
| |||||||
Greece-0.24% | ||||||||
Hellenic Telecommunications Organization S.A. | 898 | 11,799 | ||||||
Public Power Corp. S.A.(a) | 489 | 1,420 | ||||||
|
| |||||||
13,219 | ||||||||
|
| |||||||
Hungary-0.37% | ||||||||
OTP Bank Nyrt. | 694 | 20,634 | ||||||
India-9.96% | ||||||||
Alkem Laboratories Ltd.(a) | 173 | 5,908 | ||||||
Apollo Hospitals Enterprise Ltd. | 452 | 8,271 | ||||||
Asian Paints Ltd. | 1,163 | 27,055 | ||||||
AU Small Finance Bank Ltd.(b) | 428 | 3,060 | ||||||
Avenue Supermarts Ltd.(a)(b) | 544 | 17,018 | ||||||
Bajaj Finance Ltd. | 1,009 | 30,602 | ||||||
Bajaj Finserv Ltd. | 165 | 11,097 | ||||||
Berger Paints India Ltd. | 1,743 | 11,724 | ||||||
Bharti Airtel Ltd.(a) | 11,697 | 79,498 | ||||||
Divi’s Laboratories Ltd. | 319 | 9,813 | ||||||
HDFC Asset Management Co. Ltd.(b) | 210 | 6,971 | ||||||
HDFC Life Insurance Co. Ltd.(a)(b) | 2,622 | 17,290 | ||||||
Hindustan Unilever Ltd. | 3,057 | 88,959 | ||||||
ICICI Bank Ltd. | 14,167 | 70,852 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) . | 351 | 5,996 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 1,612 | 8,688 | ||||||
Info Edge India Ltd. | 243 | 8,187 | ||||||
Kotak Mahindra Bank Ltd. | 3,670 | 65,935 | ||||||
Muthoot Finance Ltd. | 513 | 5,813 | ||||||
Nestle India Ltd. | 138 | 32,828 | ||||||
Pidilite Industries Ltd. | 538 | 10,885 | ||||||
SBI Life Insurance Co. Ltd.(b) | 1,234 | 11,795 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
India-(continued) | ||||||||
Shree Cement Ltd. | 39 | $ | 10,184 | |||||
Siemens Ltd. | 324 | 4,891 | ||||||
|
| |||||||
553,320 | ||||||||
|
| |||||||
Indonesia-1.98% | ||||||||
PT Bank Central Asia Tbk | 39,796 | 69,158 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 166,006 | 30,325 | ||||||
PT Barito Pacific Tbk(a) | 108,578 | 10,521 | ||||||
|
| |||||||
110,004 | ||||||||
|
| |||||||
Kuwait-2.88% | ||||||||
Kuwait Finance House KSCP | 26,895 | 51,537 | ||||||
Mabanee Co. S.A.K | 3,505 | 7,207 | ||||||
Mobile Telecommunications Co. KSC | 10,894 | 18,668 | ||||||
National Bank of Kuwait SAKP | 34,579 | 82,842 | ||||||
|
| |||||||
160,254 | ||||||||
|
| |||||||
Malaysia-0.53% | ||||||||
Carlsberg Brewery Malaysia Bhd., Class B | 600 | 3,824 | ||||||
Hartalega Holdings Bhd | 6,500 | 11,488 | ||||||
Top Glove Corp. Bhd | 5,300 | 8,929 | ||||||
Yinson Holdings Bhd | 4,153 | 5,003 | ||||||
|
| |||||||
29,244 | ||||||||
|
| |||||||
Mexico-0.50% | ||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 1,400 | 8,855 | ||||||
Grupo Elektra S.A.B. de C.V | 330 | 19,197 | ||||||
|
| |||||||
28,052 | ||||||||
|
| |||||||
Poland-0.66% | ||||||||
CD Projekt S.A. | 304 | 26,251 | ||||||
Dino Polska S.A.(a)(b) | 162 | 6,830 | ||||||
PLAY Communications S.A.(b) | 461 | 3,705 | ||||||
|
| |||||||
36,786 | ||||||||
|
| |||||||
Russia-8.39% | ||||||||
Gazprom PJSC | 48,596 | 124,860 | ||||||
Inter RAO UES PJSC. | 145,000 | 9,804 | ||||||
MMC Norilsk Nickel PJSC | 433 | 119,907 | ||||||
Mobile TeleSystems PJSC, ADR | 2,213 | 18,965 | ||||||
Polyus PJSC. | 176 | 28,822 | ||||||
Sberbank of Russia PJSC | 39,463 | 105,263 | ||||||
Sberbank of Russia PJSC, Preference Shares | 5,160 | 12,365 | ||||||
Surgutneftegas PJSC | 39,500 | 19,825 | ||||||
Tatneft PJSC, Preference Shares | 757 | 5,263 | ||||||
VTB Bank PJSC | 18,870,000 | 8,906 | ||||||
X5 Retail Group N.V., GDR(b) | 411 | 12,133 | ||||||
|
| |||||||
466,113 | ||||||||
|
| |||||||
South Africa-2.39% | ||||||||
Anglo American Platinum Ltd. | 192 | 10,209 | ||||||
AngloGold Ashanti Ltd. | 1,313 | 32,545 | ||||||
Clicks Group Ltd. | 1,022 | 12,839 | ||||||
Gold Fields Ltd. | 3,423 | 25,587 | ||||||
Impala Platinum Holdings Ltd. | 4,768 | 29,130 | ||||||
Sibanye Stillwater Ltd.(a) | 10,877 | 22,364 | ||||||
|
| |||||||
132,674 | ||||||||
|
| |||||||
South Korea-14.06% | ||||||||
Hite Jinro Co. Ltd. | 170 | 4,545 | ||||||
Kakao Corp. | 310 | 47,013 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
KMW Co. Ltd.(a) | 206 | $ | 10,258 | |||||
NAVER Corp. | 521 | 84,821 | ||||||
NCSoft Corp. | 75 | 39,320 | ||||||
Samsung Electronics Co. Ltd. | 11,529 | 475,077 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 3,449 | 120,117 | ||||||
|
| |||||||
781,151 | ||||||||
|
| |||||||
Taiwan-24.32% | ||||||||
Accton Technology Corp. | 2,156 | 15,454 | ||||||
Advantech Co. Ltd. | 1,842 | 17,301 | ||||||
Asia Cement Corp. | 10,159 | 14,790 | ||||||
Chang Hwa Commercial Bank Ltd. | 39,268 | 25,603 | ||||||
Chicony Electronics Co. Ltd. | 2,638 | 7,417 | ||||||
Compeq Manufacturing Co. Ltd. | 5,660 | 7,378 | ||||||
CTBC Financial Holding Co. Ltd. | 79,210 | 52,471 | ||||||
E.Sun Financial Holding Co. Ltd. | 86,828 | 78,171 | ||||||
First Financial Holding Co. Ltd. | 52,845 | 38,550 | ||||||
Genius Electronic Optical Co. Ltd. | 302 | 4,866 | ||||||
Globalwafers Co. Ltd. | 789 | 10,009 | ||||||
Hotai Motor Co. Ltd. | 2,466 | 44,844 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 53,904 | 34,720 | ||||||
ITEQ Corp. | 1,296 | 6,211 | ||||||
Macronix International | 7,411 | 8,856 | ||||||
MediaTek, Inc. | 5,828 | 79,682 | ||||||
Mega Financial Holding Co. Ltd. | 63,050 | 63,101 | ||||||
Mitac Holdings Corp. | 3,677 | 3,717 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 2,300 | 3,091 | ||||||
Nanya Technology Corp. | 4,250 | 9,028 | ||||||
Pegatron Corp. | 8,131 | 17,746 | ||||||
Powertech Technology, Inc. | 4,071 | 13,588 | ||||||
Quanta Computer, Inc. | 10,016 | 21,528 | ||||||
Realtek Semiconductor Corp. | 1,689 | 14,307 | ||||||
Simplo Technology Co. Ltd. | 620 | 6,384 | ||||||
Simplo Technology Co. Ltd., Rts., expiring 12/31/2020(a)(d) | 28 | 0 | ||||||
Sino-American Silicon Products, Inc. | 2,565 | 7,517 | ||||||
SinoPac Financial Holdings Co. Ltd. | 56,907 | 22,975 | ||||||
Standard Foods Corp. | 2,253 | 5,058 | ||||||
Taichung Commercial Bank Co. Ltd. | 15,958 | 6,056 | ||||||
Taiwan Business Bank. | 20,320 | 7,289 | ||||||
Taiwan Cement Corp. | 26,252 | 37,530 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 49,794 | 33,130 | ||||||
Taiwan Fertilizer Co. Ltd. | 2,525 | 3,882 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 49,917 | 501,639 | ||||||
Teco Electric and Machinery Co. Ltd. | 11,867 | 10,627 | ||||||
Unimicron Technology Corp. | 4,882 | 6,849 | ||||||
United Microelectronics Corp. | 46,229 | 23,978 | ||||||
Win Semiconductors Corp. | 1,477 | 13,213 | ||||||
Wistron Corp. | 13,529 | 12,570 | ||||||
Wiwynn Corp. | 510 | 12,982 | ||||||
Yageo Corp. | 1,045 | 13,571 | ||||||
Yuanta Financial Holding Co. Ltd. | 45,889 | 25,868 | ||||||
Zhen Ding Technology Holding Ltd. | 2,114 | 7,479 | ||||||
|
| |||||||
1,351,026 | ||||||||
|
| |||||||
Thailand-1.23% | ||||||||
B. Grimm Power PCL, NVDR | 3,966 | 5,436 | ||||||
Carabao Group PCL, NVDR | 1,129 | 2,712 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Thailand-(continued) | ||||||||
CPN Retail Growth Leasehold REIT | 6,200 | $ | 5,662 | |||||
Gulf Energy Development PCL, NVDR | 28,515 | 33,892 | ||||||
Krungthai Card PCL, NVDR | 3,071 | 3,185 | ||||||
Muangthai Capital PCL, NVDR(a) | 2,102 | 3,009 | ||||||
Osotspa PCL, NVDR | 4,835 | 6,091 | ||||||
Srisawad Corp. PCL, NVDR | 2,938 | 4,808 | ||||||
Tisco Financial Group PCL, NVDR | 1,608 | 3,606 | ||||||
|
| |||||||
68,401 | ||||||||
|
| |||||||
Turkey-0.21% | ||||||||
Coca-Cola Icecek A.S | 305 | 1,595 | ||||||
Enerjisa Enerji AS(b) | 1,214 | 1,328 | ||||||
Ford Otomotiv Sanayi A.S | 364 | 3,297 | ||||||
Koza Altin Isletmeleri A.S.(a) | 204 | 2,069 | ||||||
Tofas Turk Otomobil Fabrikasi A.S | 486 | 1,553 | ||||||
Turk Telekomunikasyon A.S.(a) | 1,697 | 1,771 | ||||||
|
| |||||||
11,613 | ||||||||
|
| |||||||
United Arab Emirates-0.34% | ||||||||
Aldar Properties PJSC | 15,171 | 7,486 | ||||||
Emirates NBD Bank PJSC | 4,924 | 11,426 | ||||||
|
| |||||||
18,912 | ||||||||
|
| |||||||
United States-0.37% | ||||||||
JBS S.A | 4,618 | 20,337 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 5,548,338 | |||||||
|
| |||||||
Exchange-Traded Funds-0.05% |
| |||||||
United States-0.05% | ||||||||
iShares MSCI Saudi Arabia ETF | 105 | 2,685 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
ETF-Exchange-Traded Fund
GDR-Global Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
REIT-Real Estate Investment Trust
Rts.-Rights
Principal Amount | Value | |||||||
Non-U.S. Dollar Denominated Bonds & Notes-0.01% |
| |||||||
India-0.01% |
| |||||||
Britannia Industries Ltd., 8.00%, 08/28/2022 | INR 15,360 | $ | 221 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% | 5,551,244 | |||||||
|
| |||||||
Shares | ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.37% | ||||||||
Invesco Private Government Fund, 0.01%(e)(f)(g) | 20,649 | 20,649 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.29% |
| 5,571,893 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.29)% |
| (15,842 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 5,556,051 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
April 30, 2020
(Unaudited)
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 April 30, 2020 was $221,521, which represented 3.99% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | 8,384 | $ | 628,109 | $ | (636,493 | ) | $ | - | $ | - | $ | - | $ | 117 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 154,759 | 1,176,827 | (1,331,586 | ) | - | - | - | 268 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 51,586 | 372,014 | (423,589 | ) | (5 | ) | (6 | ) | - | 101 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 40,517 | (19,868 | ) | - | - | 20,649 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 214,729 | $ | 2,217,467 | $ | (2,411,536 | ) | $ | (5 | ) | $ | (6 | ) | $ | 20,649 | $ | 486 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Information Technology | 27.63 | |||||
Financials | 21.08 | |||||
Consumer Discretionary | 14.00 | |||||
Materials | 8.41 | |||||
Communication Services | 8.29 | |||||
Consumer Staples | 5.72 | |||||
Health Care | 4.28 | |||||
Industrials | 3.32 | |||||
Energy | 3.06 | |||||
Sector Types Each Less Than 3% | 4.13 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.08 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.70% |
| |||||||
Australia-16.43% | ||||||||
AGL Energy Ltd. | 14,819 | $ | 162,940 | |||||
APA Group | 19,694 | 139,311 | ||||||
Aurizon Holdings Ltd. | 42,427 | 128,789 | ||||||
AusNet Services | 170,314 | 208,266 | ||||||
BHP Group Ltd. | 6,188 | 127,334 | ||||||
Commonwealth Bank of Australia | 3,197 | 128,434 | ||||||
Dexus | 17,343 | 102,437 | ||||||
GPT Group (The) | 41,121 | 111,996 | ||||||
Insurance Australia Group Ltd. | 26,805 | 99,802 | ||||||
Macquarie Group Ltd. | 1,518 | 99,671 | ||||||
National Australia Bank Ltd. | 13,121 | 142,543 | ||||||
Scentre Group | 77,132 | 115,398 | ||||||
Suncorp Group Ltd. | 20,900 | 125,240 | ||||||
Tabcorp Holdings Ltd. | 52,904 | 109,882 | ||||||
Transurban Group | 13,356 | 119,923 | ||||||
Vicinity Centres | 128,037 | 122,746 | ||||||
Wesfarmers Ltd. | 4,969 | 120,511 | ||||||
|
| |||||||
2,165,223 | ||||||||
|
| |||||||
Belgium-0.69% | ||||||||
Ageas | 2,513 | 90,419 | ||||||
|
| |||||||
Finland-2.39% | ||||||||
Kesko OYJ, Class B | 7,920 | 128,820 | ||||||
Sampo OYJ, Class A | 5,618 | 186,079 | ||||||
|
| |||||||
314,899 | ||||||||
|
| |||||||
France-4.49% | ||||||||
AXA S.A. | 6,762 | 119,954 | ||||||
ENGIE S.A. | 10,881 | 118,035 | ||||||
Orange S.A. | 12,983 | 158,343 | ||||||
TOTAL S.A. | 2,636 | 94,845 | ||||||
Veolia Environnement S.A. | 4,705 | 100,414 | ||||||
|
| |||||||
591,591 | ||||||||
|
| |||||||
Germany-3.02% | ||||||||
Allianz SE | 582 | 107,655 | ||||||
Deutsche Telekom AG | 10,326 | 150,706 | ||||||
E.ON SE | 14,012 | 140,367 | ||||||
|
| |||||||
398,728 | ||||||||
|
| |||||||
Hong Kong-7.16% | ||||||||
CK Hutchison Holdings Ltd. | 15,904 | 115,332 | ||||||
CK Infrastructure Holdings Ltd. | 21,562 | 128,032 | ||||||
CLP Holdings Ltd. | 12,610 | 134,683 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 162,447 | 166,878 | ||||||
HKT Trust & HKT Ltd. | 150,767 | 242,785 | ||||||
Power Assets Holdings Ltd. | 23,622 | 155,949 | ||||||
|
| |||||||
943,659 | ||||||||
|
| |||||||
Israel-1.73% | ||||||||
Amot Investments Ltd. | 23,208 | 131,054 | ||||||
Bank Leumi Le-Israel BM | 17,746 | 96,581 | ||||||
|
| |||||||
227,635 | ||||||||
|
| |||||||
Italy-5.67% | ||||||||
A2A S.p.A | 75,473 | 102,712 | ||||||
Assicurazioni Generali S.p.A | 8,337 | 118,847 | ||||||
Enel S.p.A | 16,765 | 114,510 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Eni S.p.A | 14,298 | $ | 135,808 | |||||
Snam S.p.A | 32,149 | 143,950 | ||||||
Terna Rete Elettrica Nazionale S.p.A | 20,932 | 131,141 | ||||||
|
| |||||||
746,968 | ||||||||
|
| |||||||
Japan-18.26% | ||||||||
Bridgestone Corp. | 3,843 | 120,616 | ||||||
Canon, Inc. | 6,631 | 140,598 | ||||||
Daiwa House REIT Investment Corp. | 55 | 133,249 | ||||||
Frontier Real Estate Investment Corp. | 38 | 106,953 | ||||||
GLP J-REIT | 117 | 150,501 | ||||||
Invincible Investment Corp. | 351 | 89,900 | ||||||
Japan Hotel REIT Investment Corp. | 219 | 72,827 | ||||||
Japan Post Bank Co. Ltd. | 17,379 | 161,499 | ||||||
Japan Post Holdings Co. Ltd. | 17,965 | 144,429 | ||||||
Japan Retail Fund Investment Corp. | 62 | 67,955 | ||||||
Japan Tobacco, Inc. | 10,334 | 193,852 | ||||||
Mitsubishi Corp. | 5,884 | 125,786 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 25,579 | 103,153 | ||||||
Mizuho Financial Group, Inc. | 100,790 | 117,781 | ||||||
Mori Trust Sogo Reit, Inc. | 75 | 83,353 | ||||||
MS&AD Insurance Group Holdings, Inc. | 4,147 | 120,280 | ||||||
NTT DOCOMO, Inc. | 4,792 | 141,069 | ||||||
Sankyo Co. Ltd. | 4,204 | 116,148 | ||||||
Seiko Epson Corp. | 8,767 | 99,747 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,415 | 116,686 | ||||||
|
| |||||||
2,406,382 | ||||||||
|
| |||||||
Netherlands-2.15% | ||||||||
Koninklijke Ahold Delhaize N.V | 6,530 | 158,495 | ||||||
Koninklijke KPN N.V | 53,724 | 124,278 | ||||||
|
| |||||||
282,773 | ||||||||
|
| |||||||
Norway-1.97% | ||||||||
Gjensidige Forsikring ASA | 5,872 | 104,000 | ||||||
Telenor ASA | 10,114 | 155,626 | ||||||
|
| |||||||
259,626 | ||||||||
|
| |||||||
Portugal-2.56% | ||||||||
EDP - Energias de Portugal S.A. | 37,842 | 159,576 | ||||||
NOS, SGPS S.A. | 47,631 | 177,588 | ||||||
|
| |||||||
337,164 | ||||||||
|
| |||||||
Singapore-13.63% | ||||||||
Ascendas REIT | 73,760 | 153,946 | ||||||
CapitaLand Commercial Trust | 96,191 | 108,832 | ||||||
CapitaLand Mall Trust | 78,157 | 103,756 | ||||||
ComfortDelGro Corp. Ltd. | 96,314 | 111,866 | ||||||
DBS Group Holdings Ltd. | 10,128 | 142,211 | ||||||
Genting Singapore Ltd. | 197,431 | 108,705 | ||||||
Keppel REIT | 156,562 | 116,660 | ||||||
Mapletree Commercial Trust | 80,329 | 110,549 | ||||||
Mapletree Logistics Trust | 128,447 | 162,325 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 18,013 | 115,360 | ||||||
SATS Ltd. | 36,028 | 82,846 | ||||||
Singapore Technologies Engineering Ltd. | 43,955 | 106,049 | ||||||
Singapore Telecommunications Ltd. | 75,614 | 150,728 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Suntec REIT | 124,806 | $ | 122,636 | |||||
United Overseas Bank Ltd. | 6,965 | 99,679 | ||||||
|
| |||||||
1,796,148 | ||||||||
|
| |||||||
Spain-7.67% | ||||||||
Aena SME S.A.(a) | 765 | 96,778 | ||||||
Endesa S.A. | 7,858 | 174,289 | ||||||
Iberdrola S.A. | 12,921 | 129,353 | ||||||
Naturgy Energy Group S.A. | 8,324 | 146,879 | ||||||
Red Electrica Corp. S.A. | 9,747 | 171,402 | ||||||
Repsol S.A. | 15,670 | 142,696 | ||||||
Telefonica S.A. | 32,752 | 149,358 | ||||||
|
| |||||||
1,010,755 | ||||||||
|
| |||||||
Sweden-1.26% | ||||||||
Telia Co. AB | 48,256 | 166,746 | ||||||
|
| |||||||
Switzerland-2.89% | ||||||||
Swiss Re AG | 1,553 | 112,088 | ||||||
Swisscom AG | 277 | 144,018 | ||||||
Zurich Insurance Group AG | 391 | 124,493 | ||||||
|
| |||||||
380,599 | ||||||||
|
|
Shares | Value | |||||||
United Kingdom-7.73% | ||||||||
Admiral Group PLC | 6,327 | $ | 185,947 | |||||
BP PLC | 49,092 | 193,878 | ||||||
GlaxoSmithKline PLC | 6,655 | 139,429 | ||||||
HSBC Holdings PLC | 38,907 | 201,209 | ||||||
National Grid PLC | 13,708 | 161,460 | ||||||
Royal Dutch Shell PLC, Class A | 8,179 | 136,695 | ||||||
|
| |||||||
1,018,618 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 13,137,933 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.70% |
| 13,137,933 | ||||||
OTHER ASSETS LESS LIABILITIES-0.30% |
| 39,228 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 13,177,161 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented less than 1% of the Fund’s Net Assets. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 456,841 | $ | (456,841 | ) | $ | - | $ | - | $ | - | $ | 137 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 10,160 | 2,121,550 | (2,131,710 | ) | - | - | - | 788 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 3,536 | 522,755 | (526,347 | ) | - | 56 | - | 287 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 13,696 | $ | 3,101,146 | $ | (3,114,898 | ) | $ | - | $ | 56 | $ | - | $ | 1,212 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Financials | 24.03 | |||||
Utilities | 21.93 | |||||
Real Estate | 16.44 | |||||
Communication Services | 13.35 | |||||
Industrials | 6.74 | |||||
Energy | 5.34 | |||||
Consumer Discretionary | 4.36 | |||||
Consumer Staples | 3.65 | |||||
Sector Types Each Less Than 3% | 3.86 | |||||
Other Assets Less Liabilities | 0.30 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.70% |
| |||||||
Australia-2.54% | ||||||||
AGL Energy Ltd. | 360,090 | $ | 3,959,324 | |||||
ASX Ltd. | 71,044 | 3,744,161 | ||||||
AusNet Services | 4,351,587 | 5,321,264 | ||||||
Telstra Corp. Ltd. | 1,907,941 | 3,774,976 | ||||||
Woolworths Group Ltd. | 162,161 | 3,754,932 | ||||||
|
| |||||||
20,554,657 | ||||||||
|
| |||||||
Austria-0.46% | ||||||||
UNIQA Insurance Group AG | 549,747 | 3,697,126 | ||||||
|
| |||||||
Belgium-0.50% | ||||||||
Ackermans & van Haaren N.V | 30,707 | 4,066,275 | ||||||
|
| |||||||
Canada-2.37% | ||||||||
CGI,Inc.,Class A(a) | 62,244 | 3,978,113 | ||||||
Choice Properties REIT | 403,074 | 3,662,331 | ||||||
Hydro One Ltd.(b) | 206,186 | 3,746,812 | ||||||
Metro, Inc. | 101,783 | 4,196,776 | ||||||
Thomson Reuters Corp. | 50,925 | 3,595,676 | ||||||
|
| |||||||
19,179,708 | ||||||||
|
| |||||||
China-0.49% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,323,667 | 4,015,090 | ||||||
|
| |||||||
Denmark-1.46% | ||||||||
Coloplast A/S, Class B | 25,982 | 4,108,656 | ||||||
Novo Nordisk A/S, Class B | 63,997 | 4,080,946 | ||||||
Tryg A/S | 137,999 | 3,653,281 | ||||||
|
| |||||||
11,842,883 | ||||||||
|
| |||||||
Finland-0.59% | ||||||||
Kone OYJ, Class B | 78,458 | 4,753,926 | ||||||
|
| |||||||
France-3.92% | ||||||||
Air Liquide S.A.(c) | 28,350 | 3,605,108 | ||||||
Danone S.A. | 61,607 | 4,268,667 | ||||||
Hermes International | 5,376 | 3,932,228 | ||||||
L’Oreal S.A. | 13,678 | 3,974,595 | ||||||
Orange S.A. | 324,508 | 3,957,753 | ||||||
Pernod Ricard S.A. | 28,210 | 4,297,969 | ||||||
Sanofi(c) | 43,362 | 4,236,025 | ||||||
Vivendi S.A. | 161,141 | 3,477,887 | ||||||
|
| |||||||
31,750,232 | ||||||||
|
| |||||||
Germany-4.25% | ||||||||
Beiersdorf AG | 45,521 | 4,765,537 | ||||||
Deutsche Telekom AG | 311,139 | 4,541,033 | ||||||
E.ON SE | 408,511 | 4,092,305 | ||||||
Fresenius Medical Care AG& Co. KGaA | 57,646 | 4,524,588 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 48,296 | 4,302,739 | ||||||
Merck KGaA | 36,706 | 4,265,652 | ||||||
Symrise AG | 38,026 | 3,858,205 | ||||||
Uniper SE | 153,515 | 4,119,551 | ||||||
|
| |||||||
34,469,610 | ||||||||
|
| |||||||
Hong Kong-8.40% | ||||||||
CK Hutchison Holdings Ltd. | 492,486 | 3,571,387 | ||||||
CK Infrastructure Holdings Ltd. | 636,672 | 3,780,490 | ||||||
CLP Holdings Ltd. | 463,821 | 4,953,902 | ||||||
Hang Lung Properties Ltd. | 1,676,772 | 3,580,687 | ||||||
Hang Seng Bank Ltd. | 233,424 | 4,095,544 | ||||||
Henderson Land Development Co. Ltd. | 937,391 | 3,783,964 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
HK Electric Investments & HK Electric Investments Ltd. | 7,075,137 | $ | 7,268,130 | |||||
HKT Trust & HKT Ltd. | 2,910,528 | 4,686,927 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 2,356,481 | 4,170,244 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 126,609 | 4,058,796 | ||||||
Hongkong Land Holdings Ltd. | 840,047 | 3,529,425 | ||||||
Link REIT | 477,863 | 4,238,494 | ||||||
MTR Corp. Ltd. | 767,673 | 4,212,951 | ||||||
Power Assets Holdings Ltd. | 726,228 | 4,794,437 | ||||||
Sino Land Co. Ltd. | 2,752,668 | 3,834,760 | ||||||
Sun Hung Kai Properties Ltd. | 259,460 | 3,510,933 | ||||||
|
| |||||||
68,071,071 | ||||||||
|
| |||||||
Israel-1.76% | ||||||||
Elbit Systems Ltd. | 33,805 | 4,621,416 | ||||||
Shufersal Ltd. | 652,395 | 4,206,575 | ||||||
Strauss Group Ltd. | 190,503 | 5,422,713 | ||||||
|
| |||||||
14,250,704 | ||||||||
|
| |||||||
Italy-0.94% | ||||||||
Assicurazioni Generali S.p.A | 265,085 | 3,778,873 | ||||||
UnipolSai Assicurazioni S.p.A | 1,577,727 | 3,877,821 | ||||||
|
| |||||||
7,656,694 | ||||||||
|
| |||||||
Japan-43.04% | ||||||||
ABC-Mart, Inc. | 81,545 | 4,181,243 | ||||||
Ajinomoto Co., Inc. | 211,864 | 3,776,219 | ||||||
ANA Holdings, Inc. | 161,549 | 3,448,462 | ||||||
Asahi Group Holdings Ltd. | 106,130 | 3,682,418 | ||||||
Azbil Corp. | 144,459 | 3,821,165 | ||||||
Bridgestone Corp. | 149,714 | 4,698,891 | ||||||
Calbee, Inc. | 132,855 | 4,037,769 | ||||||
Canon, Inc. | 185,371 | 3,930,438 | ||||||
Central Japan Railway Co. | 23,315 | 3,680,673 | ||||||
Chubu Electric Power Co., Inc. | 260,734 | 3,534,054 | ||||||
Chugai Pharmaceutical Co. Ltd. | 27,610 | 3,286,873 | ||||||
Chugoku Electric Power Co., Inc. (The) | 359,829 | 4,853,707 | ||||||
COMSYS Holdings Corp. | 142,511 | 3,966,125 | ||||||
Daito Trust Construction Co. Ltd. | 39,795 | 3,817,843 | ||||||
Denso Corp. | 104,275 | 3,688,503 | ||||||
East Japan Railway Co. | 62,198 | 4,554,204 | ||||||
Electric Power Development Co. Ltd. | 185,820 | 3,735,374 | ||||||
Ezaki Glico Co. Ltd. | 83,500 | 3,657,626 | ||||||
Hankyu Hanshin Holdings, Inc. | 105,734 | 3,636,725 | ||||||
Hirose Electric Co. Ltd. | 34,826 | 3,841,239 | ||||||
House Foods Group, Inc. | 119,881 | 3,775,598 | ||||||
ITOCHU Corp. | 221,282 | 4,363,871 | ||||||
Japan Airlines Co. Ltd. | 205,471 | 3,695,230 | ||||||
Japan Exchange Group, Inc. | 197,039 | 3,689,338 | ||||||
Japan Post Bank Co. Ltd.(c) | 523,212 | 4,862,103 | ||||||
Japan Post Holdings Co. Ltd. | 586,898 | 4,718,346 | ||||||
Japan Tobacco, Inc. | 278,796 | 5,229,837 | ||||||
Kamigumi Co. Ltd. | 210,305 | 3,715,611 | ||||||
Kao Corp. | 46,530 | 3,601,829 | ||||||
KDDI Corp. | 125,639 | 3,633,205 | ||||||
Keihan Holdings Co. Ltd. | 85,431 | 3,854,887 | ||||||
Keio Corp. | 59,889 | 3,397,286 | ||||||
Keisei Electric Railway Co. Ltd. | 122,221 | 3,699,041 | ||||||
Kewpie Corp. | 227,670 | 4,534,484 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kinden Corp. | 234,790 | $ | 3,812,691 | |||||
Kyocera Corp. | 69,545 | 3,730,405 | ||||||
Kyushu Electric Power Co., Inc. | 432,214 | 3,431,498 | ||||||
Kyushu Railway Co. | 146,899 | 3,971,960 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 111,540 | 5,483,595 | ||||||
MEIJI Holdings Co. Ltd. | 62,329 | 4,337,401 | ||||||
Mitsubishi Chemical Holdings Corp. | 661,054 | 3,790,075 | ||||||
Mitsubishi Corp. | 231,669 | 4,952,537 | ||||||
Mitsubishi Heavy Industries Ltd. | 157,321 | 4,037,213 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,012,468 | 4,082,997 | ||||||
Mitsui & Co. Ltd. | 278,095 | 3,914,529 | ||||||
Mizuho Financial Group, Inc. | 3,711,048 | 4,336,646 | ||||||
MS&AD Insurance Group Holdings, Inc. | 172,967 | 5,016,773 | ||||||
Nagoya Railroad Co. Ltd. | 148,554 | 4,279,307 | ||||||
Nankai Electric Railway Co. Ltd. | 178,404 | 3,993,268 | ||||||
Nichirei Corp. | 141,734 | 3,545,843 | ||||||
Nippon Paper Industries Co. Ltd. | 261,904 | 3,773,049 | ||||||
Nippon Telegraph & Telephone Corp. | 188,629 | 4,309,353 | ||||||
Nissin Foods Holdings Co. Ltd. | 44,575 | 3,669,134 | ||||||
Nitori Holdings Co. Ltd. | 24,870 | 3,823,062 | ||||||
NTT DOCOMO, Inc. | 161,580 | 4,756,664 | ||||||
Odakyu Electric Railway Co. Ltd. | 168,066 | 3,709,537 | ||||||
Osaka Gas Co. Ltd. | 201,430 | 3,748,202 | ||||||
Resona Holdings, Inc. | 1,194,026 | 3,734,831 | ||||||
Sankyo Co. Ltd. | 155,874 | 4,306,493 | ||||||
Secom Co. Ltd. | 52,410 | 4,388,168 | ||||||
Seibu Holdings, Inc. | 329,790 | 3,973,477 | ||||||
Seino Holdings Co. Ltd. | 327,450 | 3,922,278 | ||||||
Sekisui House Ltd. | 223,887 | 3,866,983 | ||||||
Seven Bank Ltd. | 1,440,327 | 3,910,107 | ||||||
Shionogi & Co. Ltd. | 71,111 | 3,915,959 | ||||||
Shizuoka Bank Ltd. (The) | 668,855 | 4,064,128 | ||||||
Softbank Corp. | 426,364 | 5,820,456 | ||||||
Sojitz Corp. | 1,593,076 | 3,721,394 | ||||||
Sony Financial Holdings, Inc. | 205,914 | 3,948,782 | ||||||
Sotetsu Holdings, Inc. | 152,656 | 3,924,558 | ||||||
Sugi Holdings Co. Ltd. | 63,891 | 3,848,481 | ||||||
Sumitomo Corp. | 370,859 | 4,230,541 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 167,977 | 4,439,522 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 128,282 | 3,761,450 | ||||||
Suntory Beverage & Food Ltd. | 99,495 | 3,751,530 | ||||||
Takashimaya Co. Ltd. | 447,624 | 4,066,099 | ||||||
Teijin Ltd. | 251,955 | 4,039,235 | ||||||
Tobu Railway Co. Ltd. | 110,125 | 3,756,837 | ||||||
Tohoku Electric Power Co., Inc. | 401,779 | 3,790,047 | ||||||
Tokio Marine Holdings, Inc. | 89,480 | 4,232,537 | ||||||
Tokyo Gas Co. Ltd. | 151,579 | 3,325,729 | ||||||
Tokyu Corp. | 276,540 | 4,175,717 | ||||||
Toyo Suisan Kaisha Ltd. | 71,696 | 3,447,278 | ||||||
Toyota Industries Corp. | 76,180 | 3,846,173 | ||||||
Toyota Motor Corp. | 65,769 | 4,073,611 | ||||||
USS Co. Ltd. | 246,690 | 3,924,020 | ||||||
West Japan Railway Co. | 58,120 | 3,599,785 | ||||||
|
| |||||||
348,912,162 | ||||||||
|
| |||||||
Netherlands-2.46% | ||||||||
Akzo Nobel N.V | 52,811 | 4,002,797 | ||||||
Heineken Holding N.V | 54,330 | 4,230,993 | ||||||
Koninklijke Ahold Delhaize N.V | 164,584 | 3,994,757 |
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Koninklijke DSM N.V | 30,665 | $ | 3,753,389 | |||||
Wolters Kluwer N.V | 53,901 | 3,962,614 | ||||||
|
| |||||||
19,944,550 | ||||||||
|
| |||||||
New Zealand-0.98% | ||||||||
Goodman Property Trust | 2,788,888 | 3,814,791 | ||||||
Spark New Zealand Ltd. | 1,538,282 | 4,173,902 | ||||||
|
| |||||||
7,988,693 | ||||||||
|
| |||||||
Norway-1.43% | ||||||||
Gjensidige Forsikring ASA | 208,862 | 3,699,186 | ||||||
Orkla ASA | 429,568 | 3,898,228 | ||||||
Telenor ASA | 258,270 | 3,974,046 | ||||||
|
| |||||||
11,571,460 | ||||||||
|
| |||||||
Portugal-0.92% | ||||||||
Jeronimo Martins SGPS S.A. | 211,288 | 3,567,396 | ||||||
NOS, SGPS S.A. | 1,049,672 | 3,913,598 | ||||||
|
| |||||||
7,480,994 | ||||||||
|
| |||||||
Singapore-8.98% | ||||||||
Ascendas REIT | 1,810,934 | 3,779,627 | ||||||
CapitaLand Commercial Trust | 3,789,153 | 4,287,105 | ||||||
CapitaLand Ltd. | 1,871,083 | 3,955,943 | ||||||
CapitaLand Mall Trust. | 2,927,974 | 3,886,992 | ||||||
ComfortDelGro Corp. Ltd. | 3,604,515 | 4,186,533 | ||||||
DBS Group Holdings Ltd. | 306,978 | 4,310,403 | ||||||
Keppel Corp. Ltd. | 972,492 | 4,101,757 | ||||||
Keppel REIT | 5,286,221 | 3,938,942 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 740,352 | 4,741,420 | ||||||
Singapore Airlines Ltd. | 863,217 | 3,704,418 | ||||||
Singapore Exchange Ltd. | 594,128 | 4,061,553 | ||||||
Singapore Press Holdings Ltd. | 3,487,855 | 3,741,264 | ||||||
Singapore Technologies Engineering Ltd. | 1,575,396 | 3,800,917 | ||||||
Singapore Telecommunications Ltd. | 2,131,510 | 4,248,926 | ||||||
Suntec REIT | 3,945,254 | 3,876,649 | ||||||
United Overseas Bank Ltd. | 301,025 | 4,308,090 | ||||||
UOL Group Ltd. | 845,112 | 4,087,897 | ||||||
Wilmar International Ltd. | 1,483,422 | 3,748,243 | ||||||
|
| |||||||
72,766,679 | ||||||||
|
| |||||||
Spain-0.47% | ||||||||
Red Electrica Corp. S.A. | 218,126 | 3,835,754 | ||||||
|
| |||||||
Sweden-2.84% | ||||||||
Assa Abloy AB, Class B | 200,603 | 3,615,792 | ||||||
Axfood AB | 176,562 | 3,745,561 | ||||||
Essity AB, Class B | 125,521 | 4,080,281 | ||||||
Investor AB, Class B | 80,872 | 4,067,115 | ||||||
Swedish Match AB | 60,766 | 3,767,701 | ||||||
Telia Co. AB | 1,086,692 | 3,755,002 | ||||||
|
| |||||||
23,031,452 | ||||||||
|
| |||||||
Switzerland-5.32% | ||||||||
Chocoladefabriken Lindt & Spruengli AG | 47 | 3,934,725 | ||||||
Geberit AG | 9,404 | 4,219,937 | ||||||
Givaudan S.A. | 1,378 | 4,615,940 | ||||||
Kuehne + Nagel International AG | 26,731 | 3,823,462 | ||||||
Nestle S.A. | 45,826 | 4,838,284 | ||||||
Novartis AG | 48,677 | 4,148,754 | ||||||
Roche Holding AG | 13,507 | 4,694,527 | ||||||
Schindler Holding AG, PC | 20,142 | 4,476,464 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
SGS S.A. | 1,792 | $ | 4,056,903 | |||||
Swisscom AG | 8,235 | 4,281,535 | ||||||
|
| |||||||
43,090,531 | ||||||||
|
| |||||||
United Kingdom-5.58% | ||||||||
Admiral Group PLC | 138,791 | 4,078,994 | ||||||
AstraZeneca PLC | 38,760 | 4,068,621 | ||||||
Croda International PLC | 74,818 | 4,607,228 | ||||||
Diageo PLC | 109,262 | 3,789,986 | ||||||
GlaxoSmithKline PLC | 214,126 | 4,486,161 | ||||||
HSBC Holdings PLC | 807,861 | 4,177,883 | ||||||
National Grid PLC | 323,263 | 3,807,551 | ||||||
Reckitt Benckiser Group PLC | 48,505 | 4,056,354 | ||||||
RELX PLC | 172,964 | 3,919,392 | ||||||
Tesco PLC | 1,321,582 | 3,919,066 | ||||||
Unilever N.V | 87,277 | 4,357,197 | ||||||
|
| |||||||
45,268,433 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 808,198,684 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.65% | ||||||||
Invesco Private Government Fund, 0.01%(d)(e)(f) | 13,393,117 | $ | 13,393,117 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.35% |
| 821,591,801 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.35)% |
| (10,946,984 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 810,644,817 | ||||||
|
|
Investment Abbreviations:
PC-Participation Certificate
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2020 represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(d) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | $ | 23,606,275 | $ | 199,343,992 | $ | (222,950,267 | ) | $ | - | $ | - | $ | - | $ | 154,060 | ||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 7,868,758 | 45,449,103 | (53,314,324 | ) | (313 | ) | (3,224 | ) | - | 58,330 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 30,586,555 | (17,193,438 | ) | - | - | 13,393,117 | 8 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 31,475,033 | $ | 275,379,650 | $ | (293,458,029 | ) | $ | (313 | ) | $ | (3,224 | ) | $ | 13,393,117 | $ | 212,398 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Industrials | 21.61 | |||||
Consumer Staples | 18.52 | |||||
Financials | 15.18 | |||||
Utilities | 9.90 | |||||
Communication Services | 8.27 | |||||
Real Estate | 7.60 | |||||
Consumer Discretionary | 6.15 | |||||
Health Care | 5.65 | |||||
Materials | 4.45 | |||||
Information Technology | 2.37 | |||||
Money Market Funds Plus Other Assets | ||||||
Less Liabilities | 0.30 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.78% |
| |||||||
Australia-10.61% | ||||||||
Aristocrat Leisure Ltd. | 431 | $ | 7,193 | |||||
Coca-Cola Amatil Ltd. | 447 | 2,540 | ||||||
Coles Group Ltd. | 812 | 8,245 | ||||||
Commonwealth Bank of Australia | 937 | 38,457 | ||||||
CSL Ltd. | 489 | 99,067 | ||||||
Fortescue Metals Group Ltd. | 1,422 | 11,135 | ||||||
Goodman Group | 811 | 6,982 | ||||||
Lendlease Group | 379 | 3,067 | ||||||
Magellan Financial Group Ltd. | 115 | 3,841 | ||||||
Mirvac Group | 2,129 | 3,122 | ||||||
Northern Star Resources Ltd. | 411 | 3,442 | ||||||
Orica Ltd. | 185 | 2,170 | ||||||
QBE Insurance Group Ltd. | 631 | 3,491 | ||||||
Sonic Healthcare Ltd. | 292 | 5,198 | ||||||
Stockland | 1,916 | 3,613 | ||||||
Telstra Corp. Ltd. | 1,943 | 3,880 | ||||||
Transurban Group | 1,692 | 15,287 | ||||||
Wesfarmers Ltd. | 755 | 18,630 | ||||||
Woolworths Group Ltd. | 1,117 | 26,144 | ||||||
|
| |||||||
265,504 | ||||||||
|
| |||||||
Austria-0.07% | ||||||||
CA Immobilien Anlagen AG | 54 | 1,718 | ||||||
|
| |||||||
Belgium-0.45% | ||||||||
Galapagos N.V.(a) | 51 | 11,256 | ||||||
|
| |||||||
Canada-14.29% | ||||||||
Algonquin Power & Utilities Corp. | 571 | 7,934 | ||||||
Atco Ltd., Class I | 46 | 1,295 | ||||||
Barrick Gold Corp. | 1,331 | 34,335 | ||||||
Brookfield Asset Management, Inc., Class A | 1,299 | 43,994 | ||||||
CAE, Inc.(a) | 162 | 2,683 | ||||||
Canadian Apartment Properties REIT | 42 | 1,448 | ||||||
Canadian Pacific Railway Ltd. | 87 | 19,816 | ||||||
Canadian Utilities Ltd., Class A(b) | 86 | 2,103 | ||||||
CI Financial Corp. | 121 | 1,288 | ||||||
Constellation Software, Inc. | 13 | 12,528 | ||||||
Emera, Inc.(b) | 213 | 8,497 | ||||||
Fortis, Inc. | 349 | 13,553 | ||||||
Franco-Nevada Corp. | 162 | 21,479 | ||||||
Genworth MI Canada, Inc. | 31 | 766 | ||||||
Hydro One Ltd.(c) | 331 | 6,015 | ||||||
iA Financial Corp., Inc. | 81 | 2,635 | ||||||
Intact Financial Corp. | 151 | 14,402 | ||||||
Kinross Gold Corp.(a) | 760 | 5,029 | ||||||
National Bank of Canada | 259 | 10,469 | ||||||
Shopify, Inc., Class A(a) | 114 | 72,455 | ||||||
Sun Life Financial, Inc. | 392 | 13,465 | ||||||
TC Energy Corp. | 725 | 33,438 | ||||||
Thomson Reuters Corp. | 165 | 11,650 | ||||||
TMX Group Ltd. | 39 | 3,386 | ||||||
Wheaton Precious Metals Corp. | 253 | 9,634 | ||||||
WSP Global, Inc. | 47 | 3,161 | ||||||
|
| |||||||
357,458 | ||||||||
|
| |||||||
China-0.23% | ||||||||
Alibaba Health Information Technology Ltd.(a) | 2,396 | 5,798 | ||||||
|
|
Shares | Value | |||||||
Denmark-4.43% | ||||||||
Coloplast A/S, Class B | 96 | $ | 15,181 | |||||
DSV Panalpina A/S | 108 | 11,141 | ||||||
Genmab A/S(a) | 41 | 9,858 | ||||||
Novo Nordisk A/S, Class B | 951 | 60,643 | ||||||
Orsted A/S(c) | 138 | 13,949 | ||||||
|
| |||||||
110,772 | ||||||||
|
| |||||||
Finland-1.35% | ||||||||
Elisa OYJ | 150 | 9,109 | ||||||
Kesko OYJ, Class B | 148 | 2,407 | ||||||
Kone OYJ, Class B | 235 | 14,239 | ||||||
Neste OYJ | 225 | 7,967 | ||||||
|
| |||||||
33,722 | ||||||||
|
| |||||||
France-7.37% | ||||||||
Air Liquide S.A.(b) | 324 | 41,201 | ||||||
ENGIE S.A. | 1,013 | 10,989 | ||||||
Hermes International | 17 | 12,434 | ||||||
Legrand S.A. | 153 | 10,310 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 146 | 56,362 | ||||||
Sartorius Stedim Biotech | 23 | 5,517 | ||||||
Schneider Electric SE(b) | 397 | 36,291 | ||||||
Veolia Environnement S.A.(b) | 530 | 11,311 | ||||||
|
| |||||||
184,415 | ||||||||
|
| |||||||
Germany-3.50% | ||||||||
Beiersdorf AG | 54 | 5,653 | ||||||
Deutsche Boerse AG | 135 | 20,960 | ||||||
Hannover Rueck SE | 43 | 6,853 | ||||||
Merck KGaA | 74 | 8,600 | ||||||
MTU Aero Engines AG | 25 | 3,404 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 77 | 16,935 | ||||||
Puma SE | 52 | 3,268 | ||||||
RWE AG | 489 | 14,054 | ||||||
Sartorius AG, Preference Shares | 24 | 6,750 | ||||||
Talanx AG | 34 | 1,213 | ||||||
|
| |||||||
87,690 | ||||||||
|
| |||||||
Ireland-0.87% | ||||||||
Flutter Entertainment PLC(b) | 47 | 5,750 | ||||||
Kerry Group PLC, Class A | 94 | 10,780 | ||||||
Kingspan Group PLC | 102 | 5,195 | ||||||
|
| |||||||
21,725 | ||||||||
|
| |||||||
Israel-0.68% | ||||||||
Airport City Ltd.(a) | 41 | 627 | ||||||
Alony Hetz Properties & Investments Ltd. | 118 | 1,434 | ||||||
Amot Investments Ltd. | 115 | 649 | ||||||
Azrieli Group Ltd. | 21 | 1,253 | ||||||
First International Bank of Israel Ltd. | 24 | 599 | ||||||
Gazit-Globe Ltd. | 63 | 468 | ||||||
Israel Discount Bank Ltd., Class A | 564 | 1,848 | ||||||
Melisron Ltd. | 12 | 487 | ||||||
Mizrahi Tefahot Bank Ltd. | 93 | 1,922 | ||||||
Nice Ltd.(a) | 40 | 6,688 | ||||||
Shapir Engineering and Industry Ltd. | 144 | 1,014 | ||||||
|
| |||||||
16,989 | ||||||||
|
| |||||||
Italy-3.02% | ||||||||
Amplifon S.p.A | 65 | 1,489 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Italy-(continued) | ||||||||
Banca Mediolanum S.p.A | 151 | $ | 921 | |||||
Enel S.p.A | 7,398 | 50,530 | ||||||
Ferrari N.V | 72 | 11,309 | ||||||
Hera S.p.A | 590 | 2,183 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 122 | 1,290 | ||||||
Nexi S.p.A.(a)(c) | 227 | 3,437 | ||||||
Poste Italiane S.p.A.(c) | 260 | 2,208 | ||||||
Recordati S.p.A | 49 | 2,129 | ||||||
|
| |||||||
75,496 | ||||||||
|
| |||||||
Japan-13.14% | ||||||||
Advantest Corp. | 158 | 7,787 | ||||||
Canon Marketing Japan, Inc. | 28 | 548 | ||||||
Capcom Co. Ltd. | 43 | 1,325 | ||||||
Casio Computer Co. Ltd. | 124 | 1,983 | ||||||
Chugai Pharmaceutical Co. Ltd. | 214 | 25,635 | ||||||
Daiichi Sankyo Co. Ltd. | 424 | 29,270 | ||||||
Daikin Industries Ltd. | 155 | 20,300 | ||||||
Disco Corp. | 17 | 3,871 | ||||||
Fujitsu Ltd. | 154 | 15,172 | ||||||
GLP J-REIT | 2 | 2,594 | ||||||
Hitachi Metals Ltd. | 134 | 1,323 | ||||||
Hoya Corp. | 268 | 24,726 | ||||||
Hulic Co. Ltd. | 277 | 2,777 | ||||||
Ibiden Co. Ltd. | 96 | 2,497 | ||||||
ITOCHU Corp. | 1,174 | 23,330 | ||||||
Japan Real Estate Investment Corp. | 1 | 5,461 | ||||||
Kobe Bussan Co. Ltd. | 60 | 2,906 | ||||||
Kyowa Kirin Co. Ltd. | 134 | 3,155 | ||||||
M3, Inc. | 287 | 10,440 | ||||||
Miura Co. Ltd. | 66 | 2,728 | ||||||
Nippon Building Fund, Inc. | 1 | 6,013 | ||||||
Nippon Prologis REIT, Inc. | 2 | �� | 5,529 | |||||
Nomura Real Estate Master Fund, Inc. | 2 | 2,312 | ||||||
Nomura Research Institute Ltd. | 338 | 8,325 | ||||||
NTT DOCOMO, Inc. | 696 | 20,489 | ||||||
Obic Co. Ltd. | 35 | 5,309 | ||||||
Olympus Corp. | 991 | 15,991 | ||||||
Open House Co. Ltd. | 33 | 733 | ||||||
ORIX JREIT, Inc. | 2 | 2,426 | ||||||
Sekisui House Ltd. | 498 | 8,655 | ||||||
Sekisui House Reit, Inc. | 2 | 1,234 | ||||||
Shin-Etsu Chemical Co. Ltd. | 240 | 26,966 | ||||||
Taiyo Nippon Sanso Corp. | 102 | 1,604 | ||||||
TIS, Inc. | 129 | 2,502 | ||||||
Tokyo Electron Ltd. | 121 | 25,957 | ||||||
Tsuruha Holdings, Inc. | 21 | 2,824 | ||||||
Welcia Holdings Co. Ltd. | 42 | 3,048 | ||||||
Workman Co. Ltd. | 15 | 964 | ||||||
|
| |||||||
328,709 | ||||||||
|
| |||||||
Netherlands-4.70% | ||||||||
ASML Holding N.V | 358 | 106,127 | ||||||
GrandVision N.V.(c) | 56 | 1,484 | ||||||
Wolters Kluwer N.V | 136 | 9,998 | ||||||
|
| |||||||
117,609 | ||||||||
|
| |||||||
New Zealand-0.89% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 625 | 10,561 | ||||||
Meridian Energy Ltd. | 636 | 1,762 | ||||||
Ryman Healthcare Ltd. | 297 | 2,219 |
Shares | Value | |||||||
New Zealand-(continued) | ||||||||
Spark New Zealand Ltd. | 1,227 | $ | 3,361 | |||||
Xero Ltd.(a) | 82 | 4,270 | ||||||
|
| |||||||
22,173 | ||||||||
|
| |||||||
Norway-0.39% | ||||||||
Entra ASA(c) | 93 | 1,174 | ||||||
Gjensidige Forsikring ASA | 134 | 2,373 | ||||||
Orkla ASA | 487 | 4,420 | ||||||
TOMRA Systems ASA | 56 | 1,865 | ||||||
|
| |||||||
9,832 | ||||||||
|
| |||||||
Portugal-0.41% | ||||||||
EDP - Energias de Portugal S.A. | 1,891 | 7,974 | ||||||
Jeronimo Martins SGPS S.A. | 132 | 2,229 | ||||||
|
| |||||||
10,203 | ||||||||
|
| |||||||
Singapore-0.64% | ||||||||
Ascendas REIT | 1,851 | 3,905 | ||||||
Mapletree Commercial Trust. | 1,264 | 1,760 | ||||||
Mapletree Logistics Trust | 2,694 | 3,445 | ||||||
Singapore Technologies Engineering Ltd. | 782 | 1,905 | ||||||
Wilmar International Ltd. | 1,929 | 4,892 | ||||||
|
| |||||||
15,907 | ||||||||
|
| |||||||
Spain-3.55% | ||||||||
Cellnex Telecom S.A.(a)(c) | 293 | 15,340 | ||||||
Ferrovial S.A. | 353 | 8,815 | ||||||
Grifols S.A. | 177 | 6,022 | ||||||
Iberdrola S.A. | 5,849 | 58,555 | ||||||
|
| |||||||
88,732 | ||||||||
|
| |||||||
Sweden-3.74% | ||||||||
AAK AB | 90 | 1,479 | ||||||
Assa Abloy AB, Class B | 442 | 7,967 | ||||||
Atlas Copco AB, Class A | 416 | 14,451 | ||||||
Atlas Copco AB, Class B | 215 | 6,720 | ||||||
Beijer Ref AB | 64 | 1,329 | ||||||
Castellum AB | 202 | 3,546 | ||||||
Epiroc AB, Class B | 207 | 2,052 | ||||||
Fabege AB. | 162 | 1,940 | ||||||
Fastighets AB Balder, Class B(a) | 97 | 3,833 | ||||||
Getinge AB, Class B | 144 | 2,773 | ||||||
Hennes & Mauritz AB, Class B | 411 | 5,731 | ||||||
Holmen AB, Class B | 71 | 2,075 | ||||||
Hufvudstaden AB, Class A | 58 | 745 | ||||||
Investment AB Latour, Class B(b) | 78 | 1,171 | ||||||
Investor AB, Class B | 255 | 12,824 | ||||||
L E Lundbergforetagen AB, Class B | 56 | 2,363 | ||||||
Lifco AB, Class B | 27 | 1,289 | ||||||
Nibe Industrier AB, Class B | 253 | 4,736 | ||||||
Skanska AB, Class B | 240 | 4,599 | ||||||
Swedish Match AB | 103 | 6,386 | ||||||
Tele2 AB, Class B | 299 | 3,876 | ||||||
Wallenstam AB, Class B | 170 | 1,763 | ||||||
|
| |||||||
93,648 | ||||||||
|
| |||||||
Switzerland-16.76% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 17,797 | |||||||
Geberit AG | 23 | 10,321 | ||||||
Givaudan S.A. | 620,098 | |||||||
Lonza Group AG | 55 | 24,014 | ||||||
Nestle S.A. | 1,441 | 152,140 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Partners Group Holding AG | 10 | $ | 7,872 | |||||
Roche Holding AG | 369 | 128,250 | ||||||
Roche Holding AG, BR | 15 | 5,219 | ||||||
Sika AG | 79 | 13,072 | ||||||
STMicroelectronics N.V | 495 | 12,855 | ||||||
Swisscom AG | 17 | 8,839 | ||||||
Zurich Insurance Group AG | 90 | 28,656 | ||||||
|
| |||||||
419,133 | ||||||||
|
| |||||||
Taiwan-0.38% | ||||||||
Sea Ltd., ADR(a)(b) | 170 | 9,449 | ||||||
|
| |||||||
United Kingdom-6.74% | ||||||||
AVEVA Group PLC | 49 | 2,207 | ||||||
BAE Systems PLC | 2,443 | 15,666 | ||||||
Barratt Developments PLC | 599 | 3,921 | ||||||
Clarivate Analytics PLC(a) | 190 | 4,366 | ||||||
ConvaTec Group PLC(c) | 1,234 | 3,306 | ||||||
Experian PLC | 647 | 19,390 | ||||||
Halma PLC | 209 | 5,510 | ||||||
JD Sports Fashion PLC | 320 | 2,137 | ||||||
London Stock Exchange Group PLC | 297 | 27,932 | ||||||
National Grid PLC | 2,347 | 27,644 | ||||||
Persimmon PLC | 165 | 4,589 | ||||||
Rentokil Initial PLC | 1,471 | 8,800 | ||||||
Segro PLC | 752 | 7,869 | ||||||
Severn Trent PLC | 149 | 4,492 | ||||||
Smith & Nephew PLC | 484 | 9,512 | ||||||
Spirax-Sarco Engineering PLC | 44 | 4,844 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
SSE PLC | 814 | $ | 12,834 | |||||
United Utilities Group PLC | 317 | 3,608 | ||||||
|
| |||||||
168,627 | ||||||||
|
| |||||||
United States-1.57% | ||||||||
Atlassian Corp. PLC, Class A(a) | 60 | 9,330 | ||||||
Ferguson PLC | 146 | 10,563 | ||||||
James Hardie Industries PLC, CDI | 424 | 6,224 | ||||||
Waste Connections, Inc. | 153 | 13,192 | ||||||
|
| |||||||
39,309 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,495,874 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.11% |
| |||||||
Invesco Private Government Fund, 0.01%(d)(e)(f) | 102,778 | 102,778 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.89% |
| 2,598,652 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.89)% |
| (97,418 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,501,234 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $48,203, which represented 1.93% of the Fund’s Net Assets. |
(d) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | $ | 7,660 | $ | 216,817 | $ | (224,477 | ) | $ | - | $ | - | $ | - | $ | 130 | ||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 2,541 | 45,000 | (47,535 | ) | - | (6 | ) | - | 48 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 168,548 | (65,770 | ) | - | - | 102,778 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 10,201 | $ | 430,365 | $ | (337,782 | ) | $ | - | $ | (6 | ) | $ | 102,778 | $ | 178 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Health Care | 21.29 | |||||
Industrials | 13.38 | |||||
Information Technology | 12.29 | |||||
Financials | 10.86 | |||||
Utilities | 10.36 | |||||
Consumer Staples | 9.75 | |||||
Materials | 7.98 | |||||
Consumer Discretionary | 5.78 | |||||
Real Estate | 3.35 | |||||
Communication Services | 3.08 | |||||
Energy | 1.66 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.22 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2020
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 16,517,389 | $ | 214,055,900 | $ | 5,551,244 | $ | 13,137,933 | ||||||||||||
Affiliated investments in securities, at value | 444,346 | 965,251 | 20,649 | - | ||||||||||||||||
Foreign currencies, at value | - | 80,954 | 13,472 | 149 | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | 5,954,664 | - | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 114,982 | 525,065 | 9,466 | 44,600 | ||||||||||||||||
Securities lending | 784 | 2,320 | 44 | 267 | ||||||||||||||||
Investments sold | 1,270,322 | 6,710,498 | 64,124 | - | ||||||||||||||||
Fund shares sold | - | 11,558 | - | 342,065 | ||||||||||||||||
Foreign tax reclaims | 182,339 | 41,715 | - | 11,525 | ||||||||||||||||
Other assets | - | 13,359 | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 18,530,162 | 228,361,284 | 5,658,999 | 13,536,539 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 375,871 | 1,571,154 | 80,749 | 14,471 | ||||||||||||||||
Due to foreign custodian | 2,583 | - | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 46 | 11,716 | 75 | 342,065 | ||||||||||||||||
Collateral upon return of securities loaned | 444,346 | 965,251 | 20,649 | - | ||||||||||||||||
Collateral upon receipt of securities in-kind | - | 5,954,664 | - | - | ||||||||||||||||
Fund shares repurchased | 1,040,737 | 5,671,108 | - | - | ||||||||||||||||
Accrued unitary management fees | 7,544 | 78,122 | 1,475 | 2,842 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 1,871,127 | 14,252,015 | 102,948 | 359,378 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 16,659,035 | $ | 214,109,269 | $ | 5,556,051 | $ | 13,177,161 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 34,958,732 | $ | 359,614,843 | $ | 7,824,857 | $ | 16,902,868 | ||||||||||||
Distributable earnings (loss) | (18,299,697 | ) | (145,505,574 | ) | (2,268,806 | ) | (3,725,707 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 16,659,035 | $ | 214,109,269 | $ | 5,556,051 | $ | 13,177,161 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 700,001 | 11,300,000 | 450,000 | 600,001 | ||||||||||||||||
Net asset value | $ | 23.80 | $ | 18.95 | $ | 12.35 | $ | 21.96 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 23.57 | $ | 18.67 | $ | 12.25 | $ | 21.88 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 18,590,056 | $ | 227,438,736 | $ | 5,357,630 | $ | 15,922,258 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 444,346 | $ | 965,251 | $ | 20,649 | $ | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | (2,577 | ) | $ | 79,626 | $ | 13,461 | $ | 147 | |||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 395,863 | $ | 920,975 | $ | 19,890 | $ | - | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||
$ | 808,198,684 | $ | 2,495,874 | |||||
13,393,117 | 102,778 | |||||||
2,080,889 | 2,919 | |||||||
- | - | |||||||
2,748,054 | 3,520 | |||||||
22,883 | 13 | |||||||
16,597,965 | 6,842 | |||||||
- | - | |||||||
1,192,405 | 3,872 | |||||||
- | - | |||||||
|
|
|
| |||||
844,233,997 | 2,615,818 | |||||||
|
|
|
| |||||
1,582,087 | 6,285 | |||||||
- | - | |||||||
12,649,723 | 4,921 | |||||||
13,393,117 | 102,778 | |||||||
- | - | |||||||
5,784,185 | - | |||||||
180,068 | 600 | |||||||
|
|
|
| |||||
33,589,180 | 114,584 | |||||||
|
|
|
| |||||
$ | 810,644,817 | $ | 2,501,234 | |||||
|
|
|
| |||||
$ | 1,033,924,067 | $ | 4,093,093 | |||||
(223,279,250 | ) | (1,591,859 | ) | |||||
|
|
|
| |||||
$ | 810,644,817 | $ | 2,501,234 | |||||
|
|
|
| |||||
30,100,000 | 100,000 | |||||||
$ | 26.93 | $ | 25.01 | |||||
|
|
|
| |||||
$ | 26.78 | $ | 24.89 | |||||
|
|
|
| |||||
$ | 835,776,693 | $ | 2,292,401 | |||||
|
|
|
| |||||
$ | 13,393,117 | $ | 102,778 | |||||
|
|
|
| |||||
$ | 2,079,689 | $ | 2,896 | |||||
|
|
|
| |||||
$ | 7,400,802 | $ | 91,030 | |||||
|
|
|
|
33 | ||||
|
| |||
For the six months ended April 30, 2020
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated interest income | $ | - | $ | - | $ | 9 | $ | - | ||||||||||||
Unaffiliated dividend income | 402,022 | 4,234,376 | 71,499 | 274,810 | ||||||||||||||||
Affiliated dividend income | 122 | 1,058 | 117 | 137 | ||||||||||||||||
Securities lending income | 7,138 | 6,618 | 124 | 850 | ||||||||||||||||
Foreign withholding tax | (47,876 | ) | (375,589 | ) | (3,831 | ) | (32,575 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 361,406 | 3,866,463 | 67,918 | 243,222 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 77,106 | 691,966 | 13,023 | 20,232 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (16 | ) | (246,410 | ) | (4,655 | ) | (19 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 77,090 | 445,556 | 8,368 | 20,213 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 284,316 | 3,420,907 | 59,550 | 223,009 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (2,967,392 | ) | (45,882,824 | )(a) | (1,443,637 | )(a) | (131,597 | ) | ||||||||||||
Affiliated investment securities | (76 | ) | (122 | ) | (6 | ) | 56 | |||||||||||||
In-kind redemptions | 152,313 | (6,767,938 | ) | - | 128,359 | |||||||||||||||
Foreign currencies | (2,233 | ) | (22,067 | ) | (2,022 | ) | (4,504 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (2,817,388 | ) | (52,672,951 | ) | (1,445,665 | ) | (7,686 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (2,341,647 | ) | (13,995,902 | ) | (300,232 | )(b) | (3,428,346 | ) | ||||||||||||
Affiliated investment securities | (14 | ) | - | (5 | ) | - | ||||||||||||||
Foreign currencies | 2,401 | 3,788 | (190 | ) | 290 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | (2,339,260 | ) | (13,992,114 | ) | (300,427 | ) | (3,428,056 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (5,156,648 | ) | (66,665,065 | ) | (1,746,092 | ) | (3,435,742 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (4,872,332 | ) | $ | (63,244,158 | ) | $ | (1,686,542 | ) | $ | (3,212,733 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) Net of foreign taxes of $13,359 and $2,941, respectively.
(b) Net of foreign taxes of $(1,533).
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||
$ | - | $ | - | |||||
15,256,408 | 37,866 | |||||||
9,294 | 11 | |||||||
105,008 | 59 | |||||||
(1,823,123 | ) | (7,318 | ) | |||||
|
|
|
| �� | ||||
13,547,587 | 30,618 | |||||||
|
|
|
| |||||
1,671,454 | 4,602 | |||||||
|
|
|
| |||||
(479,503 | ) | (1,317 | ) | |||||
|
|
|
| |||||
1,191,951 | 3,285 | |||||||
|
|
|
| |||||
12,355,636 | 27,333 | |||||||
|
|
|
| |||||
(111,368,211 | ) | (163,347 | ) | |||||
(3,224 | ) | (6 | ) | |||||
8,867,347 | - | |||||||
(396,828 | ) | (664 | ) | |||||
|
|
|
| |||||
(102,900,916 | ) | (164,017 | ) | |||||
|
|
|
| |||||
(106,841,536 | ) | (16,461 | ) | |||||
(313 | ) | - | ||||||
48,613 | (14 | ) | ||||||
|
|
|
| |||||
(106,793,236 | ) | (16,475 | ) | |||||
|
|
|
| |||||
(209,694,152 | ) | (180,492 | ) | |||||
|
|
|
| |||||
$ | (197,338,516 | ) | $ | (153,159 | ) | |||
|
|
|
|
35 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended April 30, 2020 and the year ended October 31, 2019
(Unaudited)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | |||||||||||||||||||
Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 284,316 | $ | 2,415,163 | $ | 3,420,907 | $ | 10,014,091 | ||||||||||||
Net realized gain (loss) | (2,817,388 | ) | 1,941,655 | (52,672,951 | ) | (7,722,334 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | (2,339,260 | ) | 3,926,336 | (13,992,114 | ) | 12,756,268 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (4,872,332 | ) | 8,283,154 | (63,244,158 | ) | 15,048,025 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (640,967 | ) | (2,663,090 | ) | (5,364,408 | ) | (14,807,076 | ) | ||||||||||||
|
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|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 12,658 | 38,328,349 | 29,874,938 | 92,611,360 | ||||||||||||||||
Value of shares repurchased | (31,455,683 | ) | (99,591,478 | ) | (83,054,284 | ) | (3,576,939 | ) | ||||||||||||
Transaction fees | - | - | 264,808 | 86,655 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (31,443,025 | ) | (61,263,129 | ) | (52,914,538 | ) | 89,121,076 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (36,956,324 | ) | (55,643,065 | ) | (121,523,104 | ) | 89,362,025 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 53,615,359 | 109,258,424 | 335,632,373 | 246,270,348 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
End of period | $ | 16,659,035 | $ | 53,615,359 | $ | 214,109,269 | $ | 335,632,373 | ||||||||||||
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|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | - | 1,400,000 | 1,350,000 | 3,900,000 | ||||||||||||||||
Shares repurchased | (1,200,000 | ) | (3,550,000 | ) | (4,500,000 | ) | (150,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 1,900,001 | 4,050,001 | 14,450,000 | 10,700,000 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 700,001 | 1,900,001 | 11,300,000 | 14,450,000 | ||||||||||||||||
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|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||||||||||||||||||||||||||||
Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 | Year Ended October 31, 2019 | |||||||||||||||||||||||||||||||
$ | 59,550 | $ | 203,116 | $ | 223,009 | $ | 454,113 | $ | 12,355,636 | $ | 25,935,348 | $ | 27,333 | $ | 60,984 | |||||||||||||||||||||||
(1,445,665 | ) | (976,139 | ) | (7,686 | ) | (192,917 | ) | (102,900,916 | ) | (12,989,782 | ) | (164,017 | ) | (148,718 | ) | |||||||||||||||||||||||
(300,427 | ) | 1,692,906 | (3,428,056 | ) | 1,100,346 | (106,793,236 | ) | 101,291,478 | (16,475 | ) | 361,473 | |||||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,686,542 | ) | 919,883 | (3,212,733 | ) | 1,361,542 | (197,338,516 | ) | 114,237,044 | (153,159 | ) | 273,739 | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(131,358 | ) | (1,227,256 | ) | (472,310 | ) | (462,652 | ) | (37,257,150 | ) | (27,200,949 | ) | (30,985 | ) | (74,476 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
1,432,120 | - | 6,387,340 | 10,898,206 | 201,460,892 | 436,062,565 | - | - | |||||||||||||||||||||||||||||||
- | (6,681,594 | ) | (3,825,583 | ) | (2,734,982 | ) | (145,272,315 | ) | (71,976,046 | ) | - | - | ||||||||||||||||||||||||||
1,016 | 5,965 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
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|
|
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|
|
|
|
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|
|
|
| |||||||||||||||||||||||
1,433,136 | (6,675,629 | ) | 2,561,757 | 8,163,224 | 56,188,577 | 364,086,519 | - | - | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(384,764 | ) | (6,983,002 | ) | (1,123,286 | ) | 9,062,114 | (178,407,089 | ) | 451,122,614 | (184,144 | ) | 199,263 | ||||||||||||||||||||||||||
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|
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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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|
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| |||||||||||||||||||||||
$ | 5,556,051 | $ | 5,940,815 | $ | 13,177,161 | $ | 14,300,447 | $ | 810,644,817 | $ | 989,051,906 | $ | 2,501,234 | $ | 2,685,378 | |||||||||||||||||||||||
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|
|
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|
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|
|
| |||||||||||||||||||||||
100,000 | - | 250,000 | 400,000 | 6,400,000 | 13,300,000 | - | - | |||||||||||||||||||||||||||||||
- | (400,000 | ) | (150,000 | ) | (100,000 | ) | (4,900,000 | ) | (2,150,000 | ) | - | - | ||||||||||||||||||||||||||
350,000 | 750,000 | 500,001 | 200,001 | 28,600,000 | 17,450,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
450,000 | 350,000 | 600,001 | 500,001 | 30,100,000 | 28,600,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
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|
37 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Six Months Ended 2020 | Years Ended October 31, | For the Period October 31, | |||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | $ | 24.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net investment income(b) | 0.22 | 0.68 | 0.67 | 0.64 | 0.54 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.14 | ) | 1.43 | (2.30 | ) | 4.45 | 0.03 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Total from investment operations | (3.92 | ) | 2.11 | (1.63 | ) | 5.09 | 0.57 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.50 | ) | (0.87 | ) | (0.86 | ) | (0.71 | ) | (0.40 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net asset value at end of period | $ | 23.80 | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Market price at end of period(c) | $ | 23.57 | $ | 28.02 | $ | 26.86 | $ | 29.44 | $ | 25.20 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Net Asset Value Total Return(d) | (13.95 | )% | 7.94 | % | (5.81 | )% | 20.63 | % | 2.33 | %(e) | |||||||||||||||
Market Price Total Return(d) | (14.17 | )% | 7.65 | % | (6.12 | )% | 19.98 | % | 2.77 | %(e) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 16,659 | $ | 53,615 | $ | 109,258 | $ | 134,104 | $ | 146,797 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses | 0.45 | %(f) | 0.46 | %(g) | 0.45 | % | 0.45 | % | 0.45 | %(f) | |||||||||||||||
Net investment income | 1.66 | %(f) | 2.48 | %(g) | 2.23 | % | 2.38 | % | 2.22 | %(f) | |||||||||||||||
Portfolio turnover rate(h) | 14 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Six Months Ended 2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | `2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | $ | 27.37 | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.24 | 0.74 | 1.04 | 0.63 | 0.57 | 0.69 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.17 | ) | 0.58 | (1.68 | ) | 2.29 | (0.14 | ) | (5.11 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations. | (3.93 | ) | 1.32 | (0.64 | ) | 2.92 | 0.43 | (4.42 | ) | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.37 | ) | (1.12 | ) | (1.01 | ) | (0.61 | ) | (0.49 | ) | (0.66 | ) | ||||||||||||||||||
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|
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|
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|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.02 | 0.01 | 0.08 | 0.01 | 0.02 | 0.02 | ||||||||||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 18.95 | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(b) | $ | 18.67 | $ | 23.12 | $ | 23.03 | $ | 24.63 | $ | 22.15 | $ | 22.13 | ||||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (16.80 | )% | 5.87 | % | (2.54 | )% | 13.30 | % | 2.12 | % | (16.21 | )% | ||||||||||||||||||
Market Price Total Return(c) | (17.64 | )% | 5.32 | % | (2.60 | )% | 14.09 | % | 2.39 | % | (16.48 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 214,109 | $ | 335,632 | $ | 246,270 | $ | 277,832 | $ | 269,478 | $ | 176,244 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(d) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||||||||||
Expenses, prior to Waivers. | 0.45 | %(d) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||
Net investment income | 2.22 | %(d) | 3.14 | % | 4.12 | % | 2.74 | % | 2.60 | % | 2.78 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 54 | % | 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) | 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.
39 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Six Months Ended 2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | $ | 21.70 | ||||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.16 | 0.40 | 0.27 | (b) | 0.40 | 0.22 | 0.52 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.44 | ) | 1.61 | (3.03 | ) | 4.70 | (0.23 | ) | (5.69 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (4.28 | ) | 2.01 | (2.76 | ) | 5.10 | (0.01 | ) | (5.17 | ) | ||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.34 | ) | (0.43 | ) | (0.14 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||||||||
Net realized gains. | - | (1.85 | ) | (0.76 | ) | - | - | - | ||||||||||||||||||||||
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| |||||||||||||||||||
Total distributions | (0.34 | ) | (2.28 | ) | (0.90 | ) | (0.37 | ) | (0.32 | ) | (0.33 | ) | ||||||||||||||||||
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| |||||||||||||||||||
Transaction fees(a) | 0.00 | 0.01 | 0.04 | 0.25 | - | - | ||||||||||||||||||||||||
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Net asset value at end of period | $ | 12.35 | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | ||||||||||||||||||
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Market price at end of period(c) | $ | 12.25 | $ | 16.92 | $ | 17.18 | $ | 20.96 | $ | 15.84 | $ | 16.09 | ||||||||||||||||||
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Net Asset Value Total Return(d) | (24.96 | )% | 13.60 | % | (13.66 | )% | 34.38 | % | 0.17 | % | (24.15 | )% | ||||||||||||||||||
Market Price Total Return(d) | (25.36 | )% | 13.66 | % | (14.35 | )% | 35.37 | % | 0.69 | % | (24.18 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 5,556 | $ | 5,941 | $ | 12,924 | $ | 390,986 | $ | 1,587 | $ | 1,620 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.29 | %(e)(f) | 0.36 | %(f)(g) | 0.27 | %(f) | 0.27 | %(f) | 0.28 | % | 0.29 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.45 | %(e)(f) | 0.53 | %(f)(g) | 0.45 | %(f) | 0.45 | %(f) | 0.45 | % | 0.45 | % | ||||||||||||||||||
Net investment income | 2.06 | %(e)(f) | 2.42 | %(g) | 1.26 | %(b) | 2.16 | % | 1.44 | % | 2.52 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 115 | % | 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 the non-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) | Annualized. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.08%. |
(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. 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.
40 | ||||
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Financial Highlights–(continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Six Months Ended 2020 | Years Ended October 31, | For the Period October 31, | ||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 28.60 | $ | 26.19 | $ | 28.39 | $ | 25.19 | ||||||||||||
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Net investment income(b) | 0.43 | 1.25 | 1.27 | 1.02 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.15 | ) | 2.41 | (2.09 | ) | 3.16 | ||||||||||||||
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Total from investment operations | (5.72 | ) | 3.66 | (0.82 | ) | 4.18 | ||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.92 | ) | (1.25 | ) | (1.38 | ) | (0.98 | ) | ||||||||||||
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Net asset value at end of period | $ | 21.96 | $ | 28.60 | $ | 26.19 | $ | 28.39 | ||||||||||||
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Market price at end of period(c) | $ | 21.88 | $ | 28.61 | $ | 26.41 | $ | 28.60 | ||||||||||||
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Net Asset Value Total Return(d) | (20.33 | )% | 14.30 | % | (3.11 | )% | 16.70 | %(e) | ||||||||||||
Market Price Total Return(d) | (20.64 | )% | 13.34 | % | (3.06 | )% | 17.55 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 13,177 | $ | 14,300 | $ | 5,238 | $ | 4,258 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.30 | %(f) | 0.37 | %(g) | 0.30 | % | 0.30 | %(f) | ||||||||||||
Net investment income | 3.31 | %(f) | 4.60 | %(g) | 4.51 | % | 4.00 | %(f) | ||||||||||||
Portfolio turnover rate(h) | 27 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.07%. |
(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 | ||||
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Financial Highlights—(continued)
Invesco S&P International Developed Low Volatility ETF (IDLV)
Six Months Ended 2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | $ | 31.75 | ||||||||||||||||||
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Net investment income(a) | 0.41 | 1.15 | 1.08 | 1.00 | 0.99 | 1.02 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.82 | ) | 3.79 | (2.22 | ) | 4.04 | (0.55 | ) | (1.86 | ) | ||||||||||||||||||||
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Total from investment operations. | (6.41 | ) | 4.94 | (1.14 | ) | 5.04 | 0.44 | (0.84 | ) | |||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (1.24 | ) | (1.19 | ) | (1.31 | ) | (1.08 | ) | (1.11 | ) | (0.92 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 26.93 | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | ||||||||||||||||||
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Market price at end of period(b) | $ | 26.78 | $ | 34.57 | $ | 30.76 | $ | 33.29 | $ | 29.38 | $ | 29.90 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (18.96 | )% | 16.33 | % | (3.62 | )% | 17.59 | % | 1.56 | % | (2.69 | )% | ||||||||||||||||||
Market Price Total Return(c) | (19.39 | )% | 16.56 | % | (3.87 | )% | 17.38 | % | 2.07 | % | (3.78 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 810,645 | $ | 989,052 | $ | 537,929 | $ | 569,124 | $ | 384,137 | $ | 313,428 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||
Expenses, prior to Waivers. | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net investment income | 2.59 | %(d) | 3.51 | % | 3.26 | % | 3.19 | % | 3.33 | % | 3.32 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 64 | % | 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) | 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.
42 | ||||
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| |||
Financial Highlights–(continued)
Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended 2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period. | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | $ | 27.75 | ||||||||||||||||||
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Net investment income(a) | 0.27 | 0.61 | 0.61 | 0.71 | 0.51 | 0.69 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.80 | ) | 2.12 | (3.04 | ) | 4.49 | (2.30 | ) | (2.13 | ) | ||||||||||||||||||||
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Total from investment operations | (1.53 | ) | 2.73 | (2.43 | ) | 5.20 | (1.79 | ) | (1.44 | ) | ||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.74 | ) | (0.67 | ) | (0.81 | ) | (0.49 | ) | (0.46 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 25.01 | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | ||||||||||||||||||
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Market price at end of period(b) | $ | 24.89 | $ | 26.79 | $ | 24.78 | $ | 27.80 | $ | 23.51 | $ | 25.74 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (5.54 | )% | 11.30 | % | (8.95 | )% | 22.57 | % | (6.92 | )% | (5.34 | )% | ||||||||||||||||||
Market Price Total Return(c) | (5.78 | )% | 11.42 | % | (8.70 | )% | 22.19 | % | (6.77 | )% | (6.99 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,501 | $ | 2,685 | $ | 2,486 | $ | 2,796 | $ | 3,535 | $ | 3,877 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.25 | %(d) | 0.53 | %(e) | 0.25 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.35 | %(d) | 0.63 | %(e) | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||
Net investment income | 2.08 | %(d) | 2.39 | %(e) | 2.21 | % | 2.87 | % | 2.13 | % | 2.42 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 44 | % | 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) | Annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.27%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
43 | ||||
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Invesco Exchange-Traded Fund Trust II
April 30, 2020
(Unaudited)
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 FTSE International Low Beta Equal Weight ETF (IDLB) | “FTSE International Low Beta Equal 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 Developed ex-U.S. Low Beta Equal Weight 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 EPAC Ex-Korea Low Volatility High Dividend Index | |
S&P International Developed Low Volatility ETF | S&P BMI International Developed Low VolatilityTM Index | |
S&P International Developed Momentum ETF | S&P Momentum Developed ex-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 the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an
44 | ||||
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independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each
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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 Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, 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 risk 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. 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.
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. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the
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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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Mid-Capitalization Company Risk. Investing in securities of mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Mid-capitalization companies tend to have inexperienced management as well as limited product and market diversification and financial resources. Often 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.
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 have previously exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
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.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective 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 gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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 an 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 |
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revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, 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 - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
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 and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the |
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borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the 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. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:
Unitary Management Fees | |||||
(as a % of average daily net assets) | |||||
FTSE International Low Beta Equal Weight ETF | 0.45 | % | |||
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 | %** |
* | Effective May 1, 2020 the Adviser contractually reduced the annual unitary management fee from 0.45% to 0.29% of its average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.29% of its average daily net assets. |
** | Effective May 1, 2020 the Adviser contractually reduced the annual unitary management fee from 0.35% to 0.25% of its average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.25% of its average daily net assets. |
Further, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 16 | ||
S&P Emerging Markets Low Volatility ETF | 246,410 | |||
S&P Emerging Markets Momentum ETF | 4,655 | |||
S&P International Developed High Dividend Low Volatility ETF | 19 | |||
S&P International Developed Low Volatility ETF | 479,503 | |||
S&P International Developed Momentum ETF | 1,317 |
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 | |
FTSE International Low Beta Equal Weight ETF | FTSE International Ltd. | |
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’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
FTSE International Low Beta Equal Weight ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 6,920,478 | $ | 9,596,911 | $ | 0 | $ | 16,517,389 | ||||||||||||
Money Market Funds | - | 444,346 | - | 444,346 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 6,920,478 | $ | 10,041,257 | $ | 0 | $ | 16,961,735 | ||||||||||||
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
S&P Emerging Markets Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 41,566,033 | $ | 163,955,368 | $ | 0 | $ | 205,521,401 | ||||||||
Exchange-Traded Fund | 8,534,499 | - | - | 8,534,499 | ||||||||||||
Money Market Funds | - | 965,251 | - | 965,251 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Total Investments | $ | 50,100,532 | $ | 164,920,619 | $ | 0 | $ | 215,021,151 | ||||||||
|
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|
|
|
|
|
| |||||||||
S&P Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,830,465 | $ | 3,717,873 | $ | 0 | $ | 5,548,338 | ||||||||
Exchange-Traded Fund | 2,685 | - | - | 2,685 | ||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes | - | 221 | - | 221 | ||||||||||||
Money Market Funds | - | 20,649 | - | 20,649 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Total Investments | $ | 1,833,150 | $ | 3,738,743 | $ | 0 | $ | 5,571,893 | ||||||||
|
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|
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| |||||||||
S&P International Developed High Dividend Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 5,817,106 | $ | 7,320,827 | $ | - | $ | 13,137,933 | ||||||||
|
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|
|
|
|
|
| |||||||||
Total Investments | $ | 5,817,106 | $ | 7,320,827 | $ | - | $ | 13,137,933 | ||||||||
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| |||||||||
S&P International Developed Low Volatility ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 291,749,307 | $ | 516,449,377 | $ | - | $ | 808,198,684 | ||||||||
Money Market Funds | - | 13,393,117 | - | 13,393,117 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Total Investments | $ | 291,749,307 | $ | 529,842,494 | $ | - | $ | 821,591,801 | ||||||||
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| |||||||||
S&P International Developed Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,495,874 | $ | - | $ | - | $ | 2,495,874 | ||||||||
Money Market Funds | - | 102,778 | - | 102,778 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,495,874 | $ | 102,778 | $ | - | $ | 2,598,652 | ||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2019, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 6,801,019 | $ | 5,855,992 | $ | 12,657,011 | ||||||
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 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. |
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NOTE 6–Investment Transactions
For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
FTSE International Low Beta Equal Weight ETF | $ | 4,780,093 | $ | 7,870,226 | ||||
S&P Emerging Markets Low Volatility ETF | 162,979,546 | 200,049,016 | ||||||
S&P Emerging Markets Momentum ETF | 7,400,501 | 6,680,064 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 3,909,254 | 3,598,667 | ||||||
S&P International Developed Low Volatility ETF | 598,505,271 | 623,887,876 | ||||||
S&P International Developed Momentum ETF | 1,170,109 | 1,176,616 |
For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
FTSE International Low Beta Equal Weight ETF | $ | - | $ | 28,596,963 | ||||
S&P Emerging Markets Low Volatility ETF | 11,744,566 | 29,721,536 | ||||||
S&P Emerging Markets Momentum ETF | 639,962 | - | ||||||
S&P International Developed High Dividend Low Volatility ETF | 6,376,830 | 4,382,522 | ||||||
S&P International Developed Low Volatility ETF | 201,350,889 | 144,812,362 | ||||||
S&P International Developed Momentum ETF | - | - |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 540,292 | $ | (3,282,082 | ) | $ | (2,741,790 | ) | $ | 19,703,525 | ||||||
S&P Emerging Markets Low Volatility ETF | 12,530,788 | (29,000,507 | ) | (16,469,719 | ) | 231,490,870 | ||||||||||
S&P Emerging Markets Momentum ETF | 358,970 | (171,366 | ) | 187,604 | 5,384,289 | |||||||||||
S&P International Developed High Dividend Low Volatility ETF | 133,514 | (3,269,645 | ) | (3,136,131 | ) | 16,274,064 | ||||||||||
S&P International Developed Low Volatility ETF | 24,321,322 | (84,807,808 | ) | (60,486,486 | ) | 882,078,287 | ||||||||||
S&P International Developed Momentum ETF | 253,620 | (57,588 | ) | 196,032 | 2,402,620 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at
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least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 9–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.
In addition to the fees and expenses which the Invesco S&P Emerging Markets Momentum 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 the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2019 | April 30, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 860.50 | 0.45 | % | $ | 2.08 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 0.45 | 2.26 | ||||||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||||||
Actual | 1,000.00 | 832.00 | 0.29 | 1.32 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 | ||||||||||||||||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | ||||||||||||||||||||
Actual | 1,000.00 | 750.40 | 0.29 | 1.26 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2019 | April 30, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 796.70 | 0.30 | % | $ | 1.34 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.37 | 0.30 | 1.51 | ||||||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||||||
Actual | 1,000.00 | 810.40 | 0.25 | 1.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.62 | 0.25 | 1.26 | ||||||||||||||||
Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||||||||||||||
Actual | 1,000.00 | 944.60 | 0.25 | 1.21 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.62 | 0.25 | 1.26 | ||||||||||||||||
(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 April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF
Invesco California AMT-Free Municipal Bond ETF
Invesco CEF Income Composite ETF
Invesco China Technology ETF
Invesco DWA Developed Markets Momentum ETF
Invesco DWA Emerging Markets Momentum ETF
Invesco DWA SmallCap Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF
Invesco FTSE International Low Beta Equal Weight ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Invesco FTSE RAFI Emerging Markets ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF
Invesco Global Clean Energy ETF
Invesco Global Short Term High Yield Bond ETF
Invesco Global Water ETF
Invesco International BuyBack AchieversTM ETF
Invesco International Corporate Bond ETF
Invesco KBW Bank ETF
Invesco KBW High Dividend Yield Financial ETF
Invesco KBW Premium Yield Equity REIT ETF
Invesco KBW Property & Casualty Insurance ETF
Invesco KBW Regional Banking ETF
Invesco National AMT-Free Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF
Invesco Preferred ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF
Invesco PureBetaSM FTSE Emerging Markets ETF
Invesco PureBetaSM MSCI USA ETF
Invesco PureBetaSM MSCI USA Small Cap ETF
Invesco PureBetaSM US Aggregate Bond ETF
Invesco Russell 1000 Enhanced Equal Weight ETF
Invesco Russell 1000 Equal Weight ETF
Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco S&P 500® Enhanced Value ETF
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco S&P 500® High Beta ETF
Invesco S&P 500® High Dividend Low Volatility ETF
Invesco S&P 500® Low Volatility ETF
Invesco S&P 500 Minimum Variance ETF
Invesco S&P 500® Momentum ETF
Invesco S&P 500 Revenue ETF
Invesco S&P Emerging Markets Low Volatility ETF
Invesco S&P Emerging Markets Momentum ETF
Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco S&P International Developed Low Volatility ETF
Invesco S&P International Developed Momentum ETF
Invesco S&P International Developed Quality ETF
Invesco S&P MidCap 400 Revenue ETF
Invesco S&P MidCap Low Volatility ETF
Invesco S&P SmallCap 600 Revenue ETF
Invesco S&P SmallCap Consumer Discretionary ETF
Invesco S&P SmallCap Consumer Staples ETF
Invesco S&P SmallCap Energy ETF
Invesco S&P SmallCap Financials ETF
Invesco S&P SmallCap Health Care ETF
Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco S&P SmallCap Industrials ETF
Invesco S&P SmallCap Information Technology ETF
Invesco S&P SmallCap Low Volatility ETF
Invesco S&P SmallCap Materials ETF
Invesco S&P SmallCap Quality ETF
Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco S&P Ultra Dividend Revenue ETF
Invesco Senior Loan ETF
Invesco Taxable Municipal Bond ETF
Invesco Treasury Collateral ETF
Invesco Variable Rate Preferred ETF
Invesco VRDO Tax-Free Weekly ETF
Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
0.04%: | Invesco PureBetaTM MSCI USA ETF | |||
0.05%: | Invesco PureBetaTM US Aggregate Bond ETF | |||
0.06%: | Invesco PureBetaTM MSCI USA Small Cap ETF | |||
0.07%: | Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF | |||
0.08%: | Invesco Treasury Collateral ETF | |||
0.10%: | Invesco S&P 500 Minimum Variance ETF | |||
0.13%: | Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF |
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
0.14%: | Invesco PureBetaTM FTSE Emerging Markets ETF | |||
0.20%: | Invesco Russell 1000 Equal Weight ETF | |||
0.22%: | Invesco Fundamental Investment Grade Corporate Bond ETF | |||
0.25%: | Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF | |||
0.28%: | Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF | |||
0.29%: | Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF | |||
0.30%: | Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF | |||
0.35%: | Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF | |||
0.39%: | Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF | |||
0.45%: | Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF | |||
0.49%: | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF | |||
0.50%: | Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF | |||
0.55%: | Invesco International BuyBack AchieversTM ETF | |||
0.60%: | Invesco DWA SmallCap Momentum ETF | |||
0.65%: | Invesco Senior Loan ETF | |||
0.70%: | Invesco China Technology ETF | |||
0.75%: | Invesco Global Clean Energy ETF, Invesco Global Water ETF | |||
0.80%: | Invesco DWA Developed Markets Momentum ETF | |||
0.90%: | Invesco DWA Emerging Markets Momentum ETF |
The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal to/Lower | Lower | |||||
Equal to/Lower | than Open-End | than Open-End | ||||
than ETF Peer | Index Fund | Active Fund | ||||
Invesco Fund | Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X | |||||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | X | |||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | X | |||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | N/A | X | ||||
Invesco International BuyBack AchieversTM ETF | X | X | X | |||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaTM 0-5 Yr US TIPS ETF | X | |||||
Invesco PureBetaTM FTSE Developed ex-North America ETF | X | |||||
Invesco PureBetaTM FTSE Emerging Markets ETF | X | X | ||||
Invesco PureBetaTM MSCI USA ETF | X | X | X | |||
Invesco PureBetaTM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaTM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | X | ||||
Invesco S&P 500 Enhanced Value ETF | X | X | X | |||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X |
59 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Equal to/Lower | Lower | |||||
Equal to/Lower | than Open-End | than Open-End | ||||
than ETF Peer | Index Fund | Active Fund | ||||
Invesco Fund | Median | Peer Median* | Peer Median | |||
Invesco S&P 500 High Beta ETF | X | X | X | |||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | ||||
Invesco S&P 500 Revenue ETF | X | X | ||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | X | |||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | |||||
Invesco S&P International Developed Quality ETF | X | X | ||||
Invesco S&P MidCap 400 Revenue ETF | X | |||||
Invesco S&P MidCap Low Volatility ETF | X | |||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | X | |||
Invesco S&P SmallCap Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | ||||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free Weekly ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
60 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
61 | ||||
|
| |||
Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
62 | ||||
|
| |||
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 | ||||||
Downers Grove, IL 60515 | P-PS-SAR-12 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2020
| ||||
CQQQ | Invesco China Technology ETF | |||
PIZ | Invesco DWA Developed Markets Momentum ETF | |||
PIE | Invesco DWA Emerging Markets Momentum ETF | |||
PXF | Invesco FTSE RAFI Developed Markets ex-U.S. ETF | |||
PDN | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | |||
PXH | Invesco FTSE RAFI Emerging Markets ETF | |||
PBD | Invesco Global Clean Energy ETF | |||
PIO | Invesco Global Water ETF | |||
IPKW | Invesco International BuyBack AchieversTM ETF | |||
CUT | Invesco MSCI Global Timber ETF | |||
CGW | Invesco S&P Global Water Index ETF | |||
IDHQ | Invesco S&P International Developed Quality 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.
| 2 |
|
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments�� that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
| 3 |
|
Invesco China Technology ETF (CQQQ)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Capital Markets-0.65% | ||||||||
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China) | 265,000 | $ | 4,397,113 | |||||
|
| |||||||
Diversified Financial Services-0.00% | ||||||||
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c) | 122,862 | 0 | ||||||
|
| |||||||
Electrical Equipment-0.48% | ||||||||
Qingdao TGOOD Electric Co. Ltd., A Shares (China) | 491,618 | 1,326,570 | ||||||
Sieyuan Electric Co. Ltd., A Shares (China) | 374,620 | 1,044,630 | ||||||
Suzhou Anjie Technology Co. Ltd., A Shares (China) | 339,700 | 917,785 | ||||||
|
| |||||||
3,288,985 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-17.03% |
| |||||||
All Winner Technology Co. Ltd., A Shares (China) | 139,623 | 563,250 | ||||||
Avary Holding Shenzhen Co. Ltd., A Shares (China) | 406,756 | 2,397,690 | ||||||
BOE Technology Group Co. Ltd., A Shares (China) | 16,688,674 | 8,858,193 | ||||||
BOE Technology Group Co. Ltd., B Shares (China) | 6,590,739 | 2,313,772 | ||||||
Chaozhou Three-Circle Group Co. Ltd., A Shares (China) | 859,090 | 2,525,114 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China) | 333,700 | 481,260 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China) | 115,100 | 1,236,801 | ||||||
Hangzhou Century Co. Ltd., A Shares (China) | 423,460 | 719,689 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (China) | 4,607,305 | 20,863,728 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China) | 810,000 | 1,175,213 | ||||||
Leyard Optoelectronic Co. Ltd., A Shares (China) | 1,253,200 | 975,914 | ||||||
Lingyi iTech Guangdong Co., A Shares (China)(b) | 3,363,700 | 4,404,906 | ||||||
NAURA Technology Group Co. Ltd., A Shares (China) | 241,757 | 5,190,380 | ||||||
OFILM Group Co. Ltd., A Shares (China)(b) | 1,336,973 | 2,826,543 | ||||||
Shengyi Technology Co. Ltd., A Shares (China) | 1,121,798 | 5,138,216 | ||||||
Shennan Circuits Co. Ltd., A Shares (China) | 60,360 | 1,987,250 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China) | 448,400 | 1,233,776 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China) | 124,743 | 886,001 | ||||||
Sunny Optical Technology Group Co. Ltd. (China) | 2,593,473 | 35,936,110 | ||||||
Tianma Microelectronics Co. Ltd., A Shares (China) | 1,009,400 | 2,021,698 | ||||||
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China) | 2,700,900 | 1,060,385 | ||||||
Unisplendour Corp. Ltd., A Shares (China) | 467,456 | 2,704,716 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China) | 404,400 | 1,019,579 |
Shares | Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
| |||||||
Westone Information Industry, Inc., A Shares (China) | 413,200 | $ | 1,317,383 | |||||
Wuhan Guide Infrared Co. Ltd., A Shares (China) | 461,523 | 2,676,036 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China) | 850,100 | 3,178,979 | ||||||
Xiamen Meiya Pico Information Co. Ltd., A Shares (China) | 396,280 | 1,195,998 | ||||||
Zhejiang Crystal-Optech Co. Ltd., A Shares (China) | 595,670 | 1,237,696 | ||||||
|
| |||||||
116,126,276 | ||||||||
|
| |||||||
Entertainment-8.76% | ||||||||
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)(b) | 342,200 | 925,000 | ||||||
NetEase, Inc., ADR (China) | 144,188 | 49,739,093 | ||||||
Tencent Music Entertainment Group, ADR (China)(b) | 796,784 | 9,091,305 | ||||||
|
| |||||||
59,755,398 | ||||||||
|
| |||||||
Health Care Technology-0.43% | ||||||||
Winning Health Technology Group Co. Ltd., A Shares (China) | 808,738 | 2,905,300 | ||||||
|
| |||||||
Interactive Media & Services-36.82% |
| |||||||
58.com, Inc., ADR (China)(b) | 517,016 | 26,858,981 | ||||||
Autohome, Inc., ADR (China) | 346,810 | 28,490,442 | ||||||
Baidu, Inc., ADR (China)(b) | 525,626 | 53,051,432 | ||||||
JOYY, Inc., ADR (China)(b) | 374,380 | 22,822,205 | ||||||
Momo, Inc., ADR (China) | 719,855 | 17,334,108 | ||||||
SINA Corp. (China)(b) | 422,730 | 14,275,592 | ||||||
Tencent Holdings Ltd. (China) | 1,403,328 | 74,452,347 | ||||||
Weibo Corp., ADR (China)(b)(d) | 366,267 | 13,746,001 | ||||||
|
| |||||||
251,031,108 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-10.14% |
| |||||||
Hangzhou Lianluo Interactive Information Technology Co. Ltd., A Shares (China)(b) | 1,073,100 | 314,987 | ||||||
Meituan Dianping, B Shares (China)(b) | 5,179,586 | 68,806,483 | ||||||
|
| |||||||
69,121,470 | ||||||||
|
| |||||||
IT Services-6.36% | ||||||||
Beijing Lanxum Technology Co. Ltd., A Shares (China)(b) | 428,000 | 1,016,757 | ||||||
Beijing Ultrapower Software Co. Ltd., A Shares (China)(b) | 966,500 | 710,520 | ||||||
China TransInfo Technology Co. Ltd., A Shares (China) | 470,971 | 1,530,610 | ||||||
DHC Software Co. Ltd., A Shares (China) | 1,535,500 | 2,949,677 | ||||||
GDS Holdings Ltd., ADR (China)(b) | 376,356 | 21,572,726 | ||||||
Taiji Computer Corp. Ltd., A Shares (China) | 204,000 | 1,113,616 | ||||||
TravelSky Technology Ltd., H Shares (China) | 6,565,430 | 11,389,794 | ||||||
Wangsu Science & Technology Co. Ltd., A Shares (China) | 1,198,945 | 1,361,012 | ||||||
Wonders Information Co. Ltd., A Shares (China) | 561,700 | 1,689,431 | ||||||
|
| |||||||
43,334,143 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 4 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Machinery-0.29% | ||||||||
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China) | 469,500 | $ | 2,009,108 | |||||
|
| |||||||
Media-1.71% | ||||||||
China Literature Ltd. (China)(b)(e) | 1,523,205 | 6,761,668 | ||||||
Focus Media Information Technology Co. Ltd., A Shares (China) | 7,233,860 | 4,870,463 | ||||||
|
| |||||||
11,632,131 | ||||||||
|
| |||||||
Metals & Mining-0.12% | ||||||||
Shenghe Resources Holding Co. Ltd., A Shares (China) | 865,109 | 827,071 | ||||||
|
| |||||||
Pharmaceuticals-0.00% | ||||||||
Anxin-China Holdings Ltd. (China)(b)(c) | 2,144,054 | 0 | ||||||
|
| |||||||
Real Estate Management & Development-0.12% |
| |||||||
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China) | 478,620 | 842,160 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-4.64% |
| |||||||
Gigadevice Semiconductor Beijing, Inc., A Shares (China) | 157,988 | 6,196,284 | ||||||
LONGi Green Energy Technology Co. Ltd., A Shares (China) | 1,858,932 | 8,084,467 | ||||||
Sanan Optoelectronics Co. Ltd., A Shares (China) | 2,010,015 | 6,229,256 | ||||||
SG Micro Corp., A Shares (China) | 51,100 | 2,285,555 | ||||||
Shenzhen Goodix Technology Co. Ltd., A Shares (China) | 88,500 | 2,949,798 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China) | 1,372,625 | 3,283,919 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China) | 299,100 | 2,600,146 | ||||||
|
| |||||||
31,629,425 | ||||||||
|
| |||||||
Software-10.10% | ||||||||
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China) | 520,800 | 1,098,039 | ||||||
Beijing Shiji Information Technology Co. Ltd., A Shares (China) | 525,803 | 2,276,811 | ||||||
Bluedon Information Security Technology Co. Ltd., A Shares (China) | 616,200 | 338,518 | ||||||
China National Software & Service Co. Ltd., A Shares (China) | 243,700 | 2,844,996 | ||||||
Glodon Co. Ltd., A Shares (China) | 555,125 | 4,061,564 | ||||||
Hundsun Technologies, Inc., A Shares (China) | 395,867 | 5,735,713 | ||||||
Iflytek Co. Ltd., A Shares (China) | 1,084,400 | 5,096,032 | ||||||
Kingdee International Software Group Co. Ltd. (China)(d) | 15,571,837 | 22,324,460 | ||||||
Link Motion, Inc., ADR (China)(b)(c) | 367,331 | 0 | ||||||
National Agricultural Holdings Ltd., ADR (Hong Kong)(b)(c) | 534,446 | 0 | ||||||
Newland Digital Technology Co. Ltd., A Shares (China) | 514,600 | 1,186,681 | ||||||
NSFOCUS Technologies Group Co. Ltd., A Shares (China) | 366,000 | 1,080,973 |
Shares | Value | |||||||
Software-(continued) | ||||||||
Sangfor Technologies, Inc., A Shares (China) | 71,500 | $ | 1,935,308 | |||||
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China) | 1,653,100 | 688,198 | ||||||
Shanghai Baosight Software Co. Ltd., A Shares (China) | 254,993 | 1,825,809 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares (China) | 2,094,110 | 4,695,868 | ||||||
Shenzhen Infogem Technologies Co. Ltd., A Shares (China) | 348,200 | 683,327 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)(b) | 420,600 | 1,000,722 | ||||||
Thunder Software Technology Co. Ltd., A Shares (China) | 177,400 | 1,552,493 | ||||||
Venustech Group, Inc., A Shares (China) | 441,935 | 2,527,486 | ||||||
Yonyou Network Technology Co. Ltd., A Shares (China) | 1,225,603 | 7,909,287 | ||||||
|
| |||||||
68,862,285 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-2.29% |
| |||||||
China Greatwall Technology Group Co. Ltd., A Shares (China) | 1,447,046 | 2,416,313 | ||||||
Dawning Information Industry Co. Ltd., A Shares (China) | 396,100 | 2,702,984 | ||||||
Inspur Electronic Information Industry Co. Ltd., A Shares (China) | 711,558 | 4,166,353 | ||||||
Legend Holdings Corp., H Shares (China)(d)(e) | 3,632,532 | 4,231,641 | ||||||
Shenzhen Kaifa Technology Co. Ltd., A Shares (China) | 725,117 | 2,076,383 | ||||||
|
| |||||||
15,593,674 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 681,355,647 | ||||||
|
| |||||||
Money Market Funds-0.11% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(f)(g) | 768,360 | 768,360 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 682,124,007 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.34% |
| |||||||
Invesco Private Government Fund, 0.01%(f)(h)(i) | 9,145,803 | 9,145,803 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.39% |
| 691,269,810 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.39)% |
| (9,491,421 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 681,778,389 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Rts. -Rights
TBA -To Be Announced
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 5 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | All or a portion of this security was out on loan at April 30, 2020. |
(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 April 30, 2020 was $10,993,309, which represented 1.61% of the Fund’s Net Assets. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | (Depreciation) | (Loss) | April 30, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 6,470,532 | $ | (5,702,172 | ) | $ | - | $ | - | $ | 768,360 | $ | 547 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 20,515,711 | 78,632,399 | (99,148,110 | ) | - | - | - | 89,943 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 6,838,570 | 18,843,773 | (25,681,509 | ) | (395 | ) | (439 | ) | - | 33,931 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 17,734,237 | (8,588,434 | ) | - | - | 9,145,803 | 5 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 27,354,281 | $ | 121,680,941 | $ | (139,120,225 | ) | $ | (395 | ) | $ | (439 | ) | $ | 9,914,163 | $ | 124,426 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(g) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
(h) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(i) | 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 | 99.94 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 6 |
|
Invesco China Technology ETF (CQQQ)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Interactive Media & Services | 36.82 | |||||||
Electronic Equipment, Instruments & Components | 17.03 | |||||||
Internet & Direct Marketing Retail | 10.14 | |||||||
Software | 10.10 | |||||||
Entertainment | 8.76 | |||||||
IT Services | 6.36 | |||||||
Semiconductors & Semiconductor Equipment | 4.64 | |||||||
Industry Types Each Less Than 3% | 6.09 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 7 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-99.83% |
| |||||||||
Australia-3.57% |
| |||||||||
CSL Ltd. | 17,746 | $ | 3,595,169 | |||||||
Evolution Mining Ltd. | 346,272 | 1,158,459 | ||||||||
|
| |||||||||
4,753,628 | ||||||||||
|
| |||||||||
Belgium-2.85% | ||||||||||
Ackermans & van Haaren N.V. | 4,928 | 652,574 | ||||||||
Sofina S.A. | 3,591 | 845,643 | ||||||||
Warehouses De Pauw C.V.A. | 83,811 | 2,294,954 | ||||||||
|
| |||||||||
3,793,171 | ||||||||||
|
| |||||||||
Canada-13.09% | ||||||||||
Alimentation Couche-Tard, Inc., Class B | 55,884 | 1,562,716 | ||||||||
Canadian National Railway Co. | 28,697 | 2,378,280 | ||||||||
Canadian Pacific Railway Ltd. | 3,163 | 720,434 | ||||||||
Constellation Software, Inc. | 3,943 | 3,799,866 | ||||||||
Dollarama, Inc. | 28,165 | 885,333 | ||||||||
Metro, Inc. | 18,107 | 746,598 | ||||||||
Open Text Corp. | 26,595 | 1,007,162 | ||||||||
Royal Bank of Canada | 14,120 | 870,511 | ||||||||
Shopify, Inc., Class A(a) | 6,029 | 3,831,873 | ||||||||
Toromont Industries Ltd. | 34,754 | 1,636,424 | ||||||||
|
| |||||||||
17,439,197 | ||||||||||
|
| |||||||||
Denmark-4.95% | ||||||||||
Chr. Hansen Holding A/S | 8,746 | 753,548 | ||||||||
Coloplast A/S, Class B | 9,239 | 1,461,006 | ||||||||
GN Store Nord A/S | 37,578 | 1,717,609 | ||||||||
Novo Nordisk A/S, Class B | 24,958 | 1,591,516 | ||||||||
Novozymes A/S, Class B | 22,017 | 1,078,439 | ||||||||
|
| |||||||||
6,602,118 | ||||||||||
|
| |||||||||
Finland-4.08% | ||||||||||
Elisa OYJ | 24,835 | 1,508,066 | ||||||||
Kone OYJ, Class B | 64,816 | 3,927,331 | ||||||||
|
| |||||||||
5,435,397 | ||||||||||
|
| |||||||||
France-6.87% | ||||||||||
Air Liquide S.A.(b) | 5,149 | 654,769 | ||||||||
Dassault Systemes SE | 5,045 | 737,969 | ||||||||
Hermes International | 3,772 | 2,758,996 | ||||||||
Kering S.A. | 1,904 | 959,725 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,816 | 701,046 | ||||||||
Pernod Ricard S.A. | 7,376 | 1,123,779 | ||||||||
Rubis S.C.A. | 25,720 | 1,153,889 | ||||||||
Teleperformance | 4,740 | 1,061,707 | ||||||||
|
| |||||||||
9,151,880 | ||||||||||
|
| |||||||||
Germany-1.10% | ||||||||||
Carl Zeiss Meditec AG, BR | 7,140 | 703,448 | ||||||||
Symrise AG | 7,543 | 762,734 | ||||||||
|
| |||||||||
1,466,182 | ||||||||||
|
| |||||||||
Hong Kong-3.94% | ||||||||||
Link REIT | 99,624 | 894,417 | ||||||||
Techtronic Industries Co. Ltd. | 126,847 | 966,199 | ||||||||
Vitasoy International Holdings Ltd.(b) | 942,216 | 3,390,949 | ||||||||
|
| |||||||||
5,251,565 | ||||||||||
|
| |||||||||
Ireland-2.04% | ||||||||||
Kerry Group PLC, Class A | 6,578 | 754,351 |
Shares | Value | |||||||||
Ireland-(continued) | ||||||||||
Kingspan Group PLC | 23,049 | $ | 1,173,919 | |||||||
Smurfit Kappa Group PLC | 25,402 | 796,289 | ||||||||
|
| |||||||||
2,724,559 | ||||||||||
|
| |||||||||
Israel-1.55% | ||||||||||
Nice Ltd.(a) | 12,339 | 2,062,958 | ||||||||
|
| |||||||||
Italy-0.54% | ||||||||||
Snam S.p.A. | 160,592 | 719,064 | ||||||||
|
| |||||||||
Japan-16.04% | ||||||||||
Asahi Intecc Co. Ltd. | 107,306 | 2,872,933 | ||||||||
Chugai Pharmaceutical Co. Ltd. | 5,492 | 657,900 | ||||||||
Daifuku Co. Ltd. | 12,380 | 871,758 | ||||||||
Daiichi Sankyo Co. Ltd. | 10,424 | 719,596 | ||||||||
Daikin Industries Ltd. | 5,216 | 683,126 | ||||||||
Hoya Corp. | 7,916 | 730,343 | ||||||||
Keyence Corp. | 2,637 | 956,062 | ||||||||
Kobayashi Pharmaceutical Co. Ltd. | 6,520 | 606,058 | ||||||||
Lion Corp. | 30,444 | 640,851 | ||||||||
M3, Inc. | 87,172 | 3,171,077 | ||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 16,760 | 581,471 | ||||||||
MINEBEA MITSUMI, Inc. | 47,699 | 791,303 | ||||||||
MISUMI Group, Inc. | 32,960 | 797,069 | ||||||||
Nexon Co. Ltd. | 62,379 | 1,017,337 | ||||||||
Nomura Research Institute Ltd. | 28,956 | 713,238 | ||||||||
Obic Co. Ltd. | 6,145 | 932,079 | ||||||||
Oriental Land Co. Ltd. | 9,128 | 1,167,729 | ||||||||
PeptiDream, Inc.(a) | 18,900 | 715,809 | ||||||||
Shimadzu Corp. | 24,208 | 607,832 | ||||||||
SMC Corp. | 1,580 | 723,991 | ||||||||
Sohgo Security Services Co. Ltd. | 13,500 | 652,686 | ||||||||
Sony Corp. | 11,920 | 772,707 | ||||||||
|
| |||||||||
21,382,955 | ||||||||||
|
| |||||||||
Luxembourg-0.92% | ||||||||||
Eurofins Scientific SE | 2,229 | 1,232,919 | ||||||||
|
| |||||||||
Netherlands-4.40% | ||||||||||
argenx SE(a) | 14,728 | 2,218,092 | ||||||||
ASML Holding N.V. | 7,605 | 2,254,448 | ||||||||
Koninklijke Ahold Delhaize N.V. | 28,931 | 702,209 | ||||||||
Wolters Kluwer N.V. | 9,372 | 688,997 | ||||||||
|
| |||||||||
5,863,746 | ||||||||||
|
| |||||||||
New Zealand-3.52% | ||||||||||
a2 Milk Co. Ltd.(a) | 305,971 | 3,705,532 | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 58,165 | 982,887 | ||||||||
|
| |||||||||
4,688,419 | ||||||||||
|
| |||||||||
Singapore-1.32% | ||||||||||
Singapore Exchange Ltd. | 256,932 | 1,761,308 | ||||||||
|
| |||||||||
Spain-0.51% | ||||||||||
Grifols S.A.(b) | 19,932 | 678,087 | ||||||||
|
| |||||||||
Sweden-4.42% | ||||||||||
Assa Abloy AB, Class B(b) | 36,950 | 666,010 | ||||||||
Hexagon AB, Class B(a)(b) | 22,033 | 1,098,808 | ||||||||
Investor AB, Class B | 16,473 | 828,440 | ||||||||
Nibe Industrier AB, Class B | 74,289 | 1,390,751 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 8 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||||
Sweden-(continued) | ||||||||||
Svenska Cellulosa AB S.C.A., | 75,782 | $ | 816,616 | |||||||
Tele2 AB, Class B | 84,641 | 1,097,095 | ||||||||
|
| |||||||||
5,897,720 | ||||||||||
|
| |||||||||
Switzerland-16.14% | ||||||||||
Barry Callebaut AG | 803 | 1,574,135 | ||||||||
EMS-Chemie Holding AG | 1,449 | 939,076 | ||||||||
Geberit AG | 4,747 | 2,130,162 | ||||||||
Givaudan S.A. | 384 | 1,286,300 | ||||||||
Kuehne + Nagel International AG | 19,195 | 2,745,552 | ||||||||
Logitech International S.A | 18,137 | 874,011 | ||||||||
Lonza Group AG | 2,669 | 1,165,328 | ||||||||
Nestle S.A. | 7,265 | 767,035 | ||||||||
Novartis AG | 29,425 | 2,507,901 | ||||||||
Partners Group Holding AG | 1,651 | 1,299,725 | ||||||||
Schindler Holding AG, PC | 7,737 | 1,719,511 | ||||||||
SGS S.A. | 709 | 1,605,103 | ||||||||
Sika AG | 6,534 | 1,081,158 | ||||||||
Sonova Holding AG | 6,643 | 1,199,684 | ||||||||
Swiss Prime Site AG | 6,431 | 611,017 | ||||||||
|
| |||||||||
21,505,698 | ||||||||||
|
| |||||||||
United Kingdom-7.38% | ||||||||||
Croda International PLC | 42,242 | 2,601,226 | ||||||||
Experian PLC | 26,714 | 800,610 | ||||||||
Halma PLC | 38,990 | 1,027,863 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Intertek Group PLC | 12,864 | $ | 770,736 | |||||
Rentokil Initial PLC | 138,847 | 830,664 | ||||||
Spirax-Sarco Engineering PLC | 28,498 | 3,137,364 | ||||||
Unilever N.V. | 13,310 | 664,486 | ||||||
|
| |||||||
9,832,949 | ||||||||
|
| |||||||
United States-0.60% | ||||||||
Waste Connections, Inc. | 9,212 | 794,290 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 133,037,810 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.94% |
| |||||||
Invesco Private Government Fund, | 3,914,536 | 3,914,536 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.77% |
| 136,952,346 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.77)% |
| (3,685,863 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 133,266,483 | ||||||
|
|
Investment Abbreviations:
BR-Bearer Shares
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 April 30, 2020. |
(c) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government | |||||||||||||||||||||||||||||||||||
Money Portfolio, Institutional Class* | $ | - | $ | 1,798,070 | $ | (1,798,070 | ) | $ | - | $ | - | $ | - | $ | 285 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency | |||||||||||||||||||||||||||||||||||
Portfolio, Institutional Class* | 5,208,612 | 30,794,022 | (36,002,634 | ) | - | - | - | 33,202 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, | |||||||||||||||||||||||||||||||||||
Institutional Class* | 1,736,204 | 7,292,953 | (9,028,475 | ) | (74 | ) | (608 | ) | - | 12,834 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 7,907,892 | (3,993,356 | ) | - | - | 3,914,536 | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 6,944,816 | $ | 47,792,937 | $ | (50,822,535 | ) | $ | (74 | ) | $ | (608 | ) | $ | 3,914,536 | $ | 46,323 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* At April 30, 2020, this security was no longer held.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 9 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Industrials | 25.27 | |||||||
Health Care | 20.95 | |||||||
Information Technology | 14.95 | |||||||
Consumer Staples | 12.61 | |||||||
Materials | 8.94 | |||||||
Consumer Discretionary | 5.44 | |||||||
Financials | 4.70 | |||||||
Sector Types Each Less Than 3% | 6.97 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.17 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 10 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.17% |
| |||||||
Brazil-1.86% | ||||||||
Alpargatas S.A., Preference Shares | 122,200 | $ | 618,303 | |||||
B2W Cia Digital(a) | 77,400 | 1,047,337 | ||||||
WEG S.A. | 76,300 | 562,951 | ||||||
|
| |||||||
2,228,591 | ||||||||
|
| |||||||
China-44.11% | ||||||||
51job, Inc., ADR(a) | 11,088 | 664,615 | ||||||
Agile Group Holdings Ltd. | 645,647 | 714,445 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 3,167 | 641,856 | ||||||
Alibaba Health Information Technology Ltd.(a) | 668,418 | 1,605,554 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 104,213 | 806,883 | ||||||
ANTA Sports Products Ltd. | 385,360 | 3,292,619 | ||||||
BYD Electronic International Co. Ltd. | 439,954 | 1,011,321 | ||||||
China Aoyuan Group Ltd. | 522,349 | 597,727 | ||||||
China Conch Venture Holdings Ltd. | 149,381 | 707,266 | ||||||
China Jinmao Holdings Group Ltd. | 1,331,995 | 923,044 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 158,182 | 556,979 | ||||||
China Merchants Bank Co. Ltd., H Shares | 172,350 | 821,083 | ||||||
China National Building Material Co. Ltd., H Shares | 560,514 | 700,043 | ||||||
China Overseas Grand Oceans Group Ltd. | 1,023,951 | 636,548 | ||||||
China Resources Beer Holdings Co. Ltd. | 307,270 | 1,455,554 | ||||||
China Resources Cement Holdings Ltd. | 1,001,726 | 1,336,684 | ||||||
China Resources Gas Group Ltd. | 105,412 | 590,422 | ||||||
China SCE Group Holdings Ltd. | 1,776,313 | 774,653 | ||||||
China Vanke Co. Ltd., H Shares | 181,264 | 590,788 | ||||||
Country Garden Services Holdings Co. Ltd. | 234,054 | 1,080,345 | ||||||
ENN Energy Holdings Ltd. | 60,214 | 669,303 | ||||||
Fu Shou Yuan International Group Ltd. | 633,612 | 572,489 | ||||||
Greentown Service Group Co. Ltd.(b) | 836,660 | 1,094,919 | ||||||
Huazhu Group Ltd., ADR | 52,301 | 1,883,359 | ||||||
Kingdee International Software Group Co. Ltd. | 774,850 | 1,110,859 | ||||||
Kingsoft Corp. Ltd.(a) | 193,324 | 658,919 | ||||||
KWG Group Holdings Ltd. | 457,846 | 662,167 | ||||||
Longfor Group Holdings Ltd.(b) | 280,840 | 1,391,860 | ||||||
Meituan Dianping, B Shares(a) | 49,761 | 661,033 | ||||||
MicroPort Scientific Corp. | 405,132 | 877,506 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 19,411 | 2,478,008 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 80,903 | 820,352 | ||||||
Semiconductor Manufacturing International Corp.(a) | 345,006 | 655,255 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 488,416 | 736,837 | ||||||
Shenzhen Expressway Co. Ltd., H Shares | 860,653 | 976,762 | ||||||
Shenzhen International Holdings Ltd. | 552,456 | 1,060,983 | ||||||
Sinotruk Hong Kong Ltd. | 671,935 | 1,345,861 | ||||||
TAL Education Group, ADR(a) | 56,936 | 3,085,362 | ||||||
Tencent Holdings Ltd. | 62,160 | 3,297,845 | ||||||
Times China Holdings Ltd. | 972,769 | 1,588,058 | ||||||
Vipshop Holdings Ltd., ADR(a) | 53,294 | 848,973 | ||||||
Weichai Power Co. Ltd., H Shares | 449,252 | 770,356 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 77,935 | 1,208,645 | ||||||
Xinyi Solar Holdings Ltd. | 1,069,293 | 682,365 |
Shares | Value | |||||||
China-(continued) | ||||||||
Yihai International Holding Ltd. | 431,018 | $ | 3,430,139 | |||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 823,772 | 660,528 | ||||||
|
| |||||||
52,737,172 | ||||||||
|
| |||||||
Malaysia-6.85% | ||||||||
Fraser & Neave Holdings Bhd | 91,900 | 678,350 | ||||||
Hartalega Holdings Bhd | 1,938,100 | 3,425,479 | ||||||
QL Resources Bhd | 993,100 | 1,859,347 | ||||||
Sunway Bhd | 6,114,765 | 2,221,214 | ||||||
|
| |||||||
8,184,390 | ||||||||
|
| |||||||
Mexico-0.51% | ||||||||
Grupo Elektra S.A.B. de C.V.(c) | 10,451 | 607,953 | ||||||
|
| |||||||
Philippines-1.31% | ||||||||
SM Investments Corp. | 96,474 | 1,571,535 | ||||||
|
| |||||||
South Africa-4.85% | ||||||||
AngloGold Ashanti Ltd. | 36,505 | 904,843 | ||||||
Clicks Group Ltd. | 162,364 | 2,039,695 | ||||||
Naspers Ltd., Class N | 18,076 | 2,853,242 | ||||||
|
| |||||||
5,797,780 | ||||||||
|
| |||||||
Taiwan-37.09% | ||||||||
Accton Technology Corp. | 503,000 | 3,605,343 | ||||||
Airtac International Group | 50,000 | 959,568 | ||||||
Asia Cement Corp. | 419,000 | 610,000 | ||||||
Chang Hwa Commercial Bank Ltd. | 956,000 | 623,314 | ||||||
Cheng Loong Corp. | 1,249,000 | 880,589 | ||||||
Chong Hong Construction Co. Ltd. | 261,000 | 714,269 | ||||||
Chunghwa Telecom Co. Ltd. | 200,000 | 734,166 | ||||||
CTBC Financial Holding Co. Ltd. | 1,000,000 | 662,424 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,712,553 | 1,541,804 | ||||||
Far EasTone Telecommunications Co. Ltd.(a) | 280,000 | 621,013 | ||||||
First Financial Holding Co. Ltd. | 897,000 | 654,355 | ||||||
Getac Technology Corp. | 799,000 | 1,190,264 | ||||||
Great Wall Enterprise Co. Ltd. | 545,700 | 751,755 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 900,000 | 579,692 | ||||||
IBF Financial Holdings Co. Ltd. | 1,622,000 | 597,276 | ||||||
ITEQ Corp. | 424,000 | 2,032,054 | ||||||
King Yuan Electronics Co. Ltd. | 516,000 | 619,207 | ||||||
Kings Town Bank Co. Ltd. | 1,238,000 | 1,305,697 | ||||||
Largan Precision Co. Ltd. | 15,000 | 2,049,127 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,147,477 | 1,641,210 | ||||||
Lite-On Technology Corp. | 492,000 | 763,194 | ||||||
Mega Financial Holding Co. Ltd. | 728,000 | 728,592 | ||||||
Micro-Star International Co. Ltd. | 781,000 | 2,403,722 | ||||||
President Chain Store Corp. | 141,000 | 1,454,783 | ||||||
Realtek Semiconductor Corp. | 136,000 | 1,151,992 | ||||||
Sinbon Electronics Co. Ltd. | 727,000 | 3,508,082 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,528,000 | 616,912 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 210,000 | 1,811,492 | ||||||
TA Chen Stainless Pipe | 713,000 | 630,969 | ||||||
Taishin Financial Holding Co. Ltd. | 1,466,000 | 618,677 | ||||||
Taiwan Cement Corp. | 519,000 | 741,968 | ||||||
Taiwan Mobile Co. Ltd.(a) | 163,000 | 586,082 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 214,680 | 2,157,420 | ||||||
Uni-President Enterprises Corp. | 728,000 | 1,683,895 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Voltronic Power Technology Corp. | 85,600 | $ | 2,031,474 | |||||
WT Microelectronics Co. Ltd. | 842,000 | 1,075,662 | ||||||
|
| |||||||
44,338,043 | ||||||||
|
| |||||||
Thailand-2.64% | ||||||||
B. Grimm Power PCL, NVDR | 552,154 | 756,770 | ||||||
Carabao Group PCL, NVDR | 291,508 | 700,184 | ||||||
Gulf Energy Development PCL, NVDR | 867,125 | 1,030,629 | ||||||
Ratch Group PCL, NVDR | 331,881 | 672,150 | ||||||
|
| |||||||
3,159,733 | ||||||||
|
| |||||||
Turkey-0.42% | ||||||||
BIM Birlesik Magazalar A.S. | 64,012 | 506,912 | ||||||
|
| |||||||
United States-0.53% | ||||||||
JBS S.A. | 142,400 | 627,125 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 119,759,234 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.43% |
| |||||||
Invesco Private Government Fund, | 511,084 | $ | 511,084 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.60% |
| 120,270,318 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.60)% |
| (720,691 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 119,549,627 | |||||
|
|
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 April 30, 2020 was $3,695,424, which represented 3.09% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(d) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 7,709,887 | $ | (7,709,887 | ) | $ | - | $ | - | $ | - | $ | 835 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 107,086 | 2,610,330 | (2,717,416 | ) | - | - | - | 938 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 36,052 | 683,525 | (719,634 | ) | (1 | ) | 58 | - | 350 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,013,770 | (502,686 | ) | - | - | 511,084 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 143,138 | $ | 12,017,512 | $ | (11,649,623 | ) | $ | (1 | ) | $ | 58 | $ | 511,084 | $ | 2,123 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* At April 30, 2020, this security was no longer held.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Information Technology | 20.64 | |||||||
Consumer Discretionary | 15.03 | |||||||
Consumer Staples | 14.55 | |||||||
Industrials | 12.80 | |||||||
Real Estate | 9.04 | |||||||
Financials | 8.52 | |||||||
Health Care | 6.57 | |||||||
Materials | 5.54 | |||||||
Communication Services | 4.38 | |||||||
Utilities | 3.10 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.17 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.51% |
| |||||||
Australia-5.56% | ||||||||
AGL Energy Ltd. | 68,581 | $ | 761,504 | |||||
AMP Ltd.(a) | 432,720 | 405,122 | ||||||
APA Group | 79,997 | 571,924 | ||||||
Aristocrat Leisure Ltd. | 12,924 | 215,680 | ||||||
ASX Ltd. | 6,413 | 342,395 | ||||||
Aurizon Holdings Ltd. | 194,320 | 596,668 | ||||||
Australia & New Zealand Banking Group Ltd. | 224,871 | 2,488,070 | ||||||
Bank of Queensland Ltd.(b) | 77,633 | 264,805 | ||||||
Bendigo & Adelaide Bank Ltd. | 59,978 | 256,810 | ||||||
BHP Group Ltd. | 304,967 | 6,459,063 | ||||||
BHP Group PLC | 196,917 | 3,318,872 | ||||||
BlueScope Steel Ltd. | 67,664 | 454,071 | ||||||
Boral Ltd. | 148,641 | 293,892 | ||||||
Brambles Ltd. | 96,554 | 700,410 | ||||||
Caltex Australia Ltd. | 37,740 | 615,733 | ||||||
Challenger Ltd. | 45,795 | 148,711 | ||||||
CIMIC Group Ltd. | 13,862 | 223,619 | ||||||
Coca-Cola Amatil Ltd. | 41,983 | 238,581 | ||||||
Coles Group Ltd. | 106,270 | 1,079,108 | ||||||
Commonwealth Bank of Australia | 104,943 | 4,307,191 | ||||||
Computershare Ltd. | 26,967 | 215,041 | ||||||
Crown Resorts Ltd. | 47,854 | 309,854 | ||||||
CSL Ltd. | 5,713 | 1,157,399 | ||||||
Dexus | 61,808 | 370,666 | ||||||
Downer EDI Ltd. | 63,186 | 172,504 | ||||||
Fortescue Metals Group Ltd. | 124,657 | 976,091 | ||||||
Goodman Group | 57,835 | 497,919 | ||||||
GPT Group (The) | 117,578 | 325,618 | ||||||
GPT Group (The)(a)(c) | 231,466 | 0 | ||||||
Incitec Pivot Ltd. | 209,880 | 328,406 | ||||||
Insurance Australia Group Ltd. | 231,092 | 874,490 | ||||||
JB Hi-Fi Ltd.(b) | 9,787 | 225,289 | ||||||
Lendlease Group | 54,084 | 437,653 | ||||||
Macquarie Group Ltd. | 22,491 | 1,511,654 | ||||||
Medibank Pvt Ltd. | 250,878 | 443,474 | ||||||
Metcash Ltd. | 202,012 | 329,321 | ||||||
Mirvac Group | 298,987 | 438,473 | ||||||
National Australia Bank Ltd. | 232,304 | 2,579,437 | ||||||
Newcrest Mining Ltd. | 29,421 | 530,473 | ||||||
Oil Search Ltd. | 111,258 | 222,164 | ||||||
Orica Ltd. | 31,904 | 374,305 | ||||||
Origin Energy Ltd. | 185,407 | 674,906 | ||||||
Orora Ltd. | 128,844 | 216,790 | ||||||
Qantas Airways Ltd. | 77,260 | 195,247 | ||||||
QBE Insurance Group Ltd. | 121,438 | 671,821 | ||||||
Ramsay Health Care Ltd. | 8,142 | 333,747 | ||||||
Rio Tinto Ltd. | 38,902 | 2,228,805 | ||||||
Rio Tinto PLC | 123,136 | 5,722,679 | ||||||
Santos Ltd. | 86,778 | 280,659 | ||||||
Scentre Group | 568,269 | 866,867 | ||||||
Sonic Healthcare Ltd. | 27,359 | 487,026 | ||||||
South32 Ltd. | 545,518 | 708,944 | ||||||
Star Entertainment Group Ltd. (The) | 101,528 | 201,405 | ||||||
Stockland | 233,917 | 441,059 | ||||||
SunCorp Group Ltd. | 124,167 | 747,075 | ||||||
TabCorp Holdings Ltd. | 180,558 | 380,640 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Telstra Corp. Ltd. | 706,210 | $ | 1,410,185 | |||||
Transurban Group | 78,135 | 705,939 | ||||||
Treasury Wine Estates Ltd. | 38,234 | 254,073 | ||||||
Vicinity Centres | 351,562 | 342,950 | ||||||
Wesfarmers Ltd. | 72,579 | 1,790,934 | ||||||
Westpac Banking Corp. | 276,335 | 2,945,321 | ||||||
Woodside Petroleum Ltd. | 105,548 | 1,551,346 | ||||||
Woolworths Group Ltd. | 84,298 | 1,973,039 | ||||||
|
| |||||||
61,193,917 | ||||||||
|
| |||||||
Austria-0.29% | ||||||||
ANDRITZ AG. | 9,972 | 327,670 | ||||||
BAWAG Group AG(d) | 6,688 | 227,233 | ||||||
Erste Group Bank AG | 33,447 | 726,279 | ||||||
OMV AG | 23,932 | 783,760 | ||||||
Raiffeisen Bank International AG | 20,856 | 359,329 | ||||||
voestalpine AG | 27,894 | 577,286 | ||||||
Wienerberger AG | 9,607 | 179,409 | ||||||
|
| |||||||
3,180,966 | ||||||||
|
| |||||||
Belgium-0.73% | ||||||||
Ageas | 27,388 | 985,437 | ||||||
Anheuser-Busch InBev S.A./N.V. | 66,820 | 3,065,111 | ||||||
Colruyt S.A. | 5,547 | 331,851 | ||||||
KBC Group N.V. | 25,142 | 1,357,074 | ||||||
Proximus SADP | 19,685 | 419,792 | ||||||
Solvay S.A., Class A | 9,926 | 774,517 | ||||||
UCB S.A. | 5,533 | 506,277 | ||||||
Umicore S.A. | 13,444 | 580,321 | ||||||
|
| |||||||
8,020,380 | ||||||||
|
| |||||||
Brazil-0.02% | ||||||||
Yamana Gold, Inc. | 52,185 | 246,469 | ||||||
|
| |||||||
Canada-7.30% | ||||||||
Agnico Eagle Mines Ltd. | 8,215 | 481,030 | ||||||
Air Canada(a) | 16,017 | 233,402 | ||||||
Algonquin Power & Utilities Corp. | 20,377 | 283,146 | ||||||
Alimentation Couche-Tard, Inc., Class B | 50,272 | 1,405,785 | ||||||
AltaGas Ltd. | 29,407 | 352,304 | ||||||
ARC Resources Ltd.(b) | 90,471 | 382,350 | ||||||
Atco Ltd., Class I | 8,855 | 249,211 | ||||||
Bank of Montreal(b) | 61,518 | 3,134,475 | ||||||
Bank of Nova Scotia (The) | 123,309 | 4,953,844 | ||||||
Barrick Gold Corp. | 47,095 | 1,214,885 | ||||||
BCE, Inc. | 26,388 | 1,069,427 | ||||||
Bombardier, Inc., Class B(a) | 398,645 | 140,636 | ||||||
Brookfield Asset Management, Inc., Class A | 70,327 | 2,381,786 | ||||||
CAE, Inc.(a) | 9,134 | 151,252 | ||||||
Cameco Corp. | 37,795 | 376,603 | ||||||
Canadian Apartment Properties REIT | 7,291 | 251,441 | ||||||
Canadian Imperial Bank of Commerce | 45,346 | 2,692,781 | ||||||
Canadian National Railway Co. | 26,495 | 2,195,788 | ||||||
Canadian Natural Resources Ltd. | 107,073 | 1,796,949 | ||||||
Canadian Pacific Railway Ltd. | 3,721 | 847,529 | ||||||
Canadian Tire Corp. Ltd., Class A(b) | 6,417 | 451,239 | ||||||
Canadian Utilities Ltd., Class A(b) | 9,626 | 235,357 | ||||||
Capital Power Corp. | 9,574 | 185,697 | ||||||
CCL Industries, Inc., Class B | 7,507 | 235,163 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Canada-(continued) | ||||||||
Celestica, Inc.(a) | 35,404 | $ | 221,506 | |||||
Cenovus Energy, Inc. | 141,516 | 514,530 | ||||||
CGI,Inc.,ClassA(a) | 11,145 | 712,295 | ||||||
CI Financial Corp. | 22,661 | 241,302 | ||||||
Constellation Software, Inc. | 249 | 239,961 | ||||||
Crescent Point Energy Corp.(b) | 271,600 | 379,354 | ||||||
Emera, Inc.(b) | 16,762 | 668,694 | ||||||
Empire Co. Ltd., Class A | 20,964 | 463,821 | ||||||
Enbridge, Inc. | 123,508 | 3,792,517 | ||||||
Fairfax Financial Holdings Ltd. | 2,509 | 681,772 | ||||||
Finning International, Inc. | 17,820 | 226,703 | ||||||
Fortis, Inc. | 27,766 | 1,078,295 | ||||||
Franco-Nevada Corp. | 3,016 | 399,890 | ||||||
George Weston Ltd. | 8,337 | 592,675 | ||||||
Gibson Energy, Inc. | 15,507 | 221,393 | ||||||
Gildan Activewear, Inc. | 11,308 | 158,106 | ||||||
Great-West Lifeco, Inc. | 33,552 | 553,664 | ||||||
H&R REIT | 34,809 | 247,105 | ||||||
Husky Energy, Inc. | 93,922 | 302,265 | ||||||
Hydro One Ltd.(d) | 25,456 | 462,586 | ||||||
iA Financial Corp., Inc. | 10,913 | 355,058 | ||||||
IGM Financial, Inc. | 8,524 | 180,919 | ||||||
Imperial Oil Ltd. | 28,304 | 458,301 | ||||||
Intact Financial Corp. | 6,519 | 621,744 | ||||||
Inter Pipeline Ltd.(b) | 41,385 | 346,824 | ||||||
Keyera Corp. | 15,938 | 236,956 | ||||||
Kinross Gold Corp.(a) | 82,666 | 546,960 | ||||||
Linamar Corp. | 8,978 | 216,152 | ||||||
Loblaw Cos. Ltd. | 17,226 | 849,549 | ||||||
Magna International, Inc. | 45,981 | 1,795,608 | ||||||
Manulife Financial Corp. | 221,483 | 2,795,347 | ||||||
MEG Energy Corp.(a) | 50,835 | 113,825 | ||||||
Methanex Corp. | 10,476 | 166,913 | ||||||
Metro, Inc. | 15,292 | 630,529 | ||||||
National Bank of Canada | 25,288 | 1,022,116 | ||||||
Nutrien Ltd. | 54,982 | 1,967,785 | ||||||
Onex Corp. | 8,451 | 390,378 | ||||||
Open Text Corp. | 8,730 | 330,608 | ||||||
Parkland Fuel Corp. | 10,881 | 257,973 | ||||||
Pembina Pipeline Corp.(b) | 30,016 | 689,809 | ||||||
Power Corp. of Canada | 66,553 | 1,066,611 | ||||||
Restaurant Brands International, Inc. | 5,639 | 275,667 | ||||||
RioCan REIT(b) | 27,364 | 313,249 | ||||||
Rogers Communications, Inc., Class B | 27,915 | 1,171,708 | ||||||
Royal Bank of Canada | 108,333 | 6,678,826 | ||||||
Saputo, Inc. | 13,702 | 345,275 | ||||||
Seven Generations Energy Ltd., Class A(a) | 59,593 | 123,567 | ||||||
Shaw Communications, Inc., Class B | 43,379 | 709,268 | ||||||
SmartCentres REIT | 10,852 | 166,575 | ||||||
SNC-Lavalin Group, Inc.(b) | 22,544 | 416,649 | ||||||
Sun Life Financial, Inc. | 48,957 | 1,681,658 | ||||||
Suncor Energy, Inc. | 159,190 | 2,844,664 | ||||||
TC Energy Corp. | 51,641 | 2,381,743 | ||||||
Teck Resources Ltd., Class B | 124,653 | 1,101,186 | ||||||
TELUS Corp. | 33,994 | 556,797 | ||||||
TFI International, Inc. | 7,101 | 197,342 | ||||||
Thomson Reuters Corp. | 9,583 | 676,630 | ||||||
Toronto-Dominion Bank (The) | 140,953 | 5,902,175 | ||||||
Tourmaline Oil Corp. | 47,854 | 475,456 | ||||||
TransAlta Corp. | 37,806 | 222,925 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
Vermilion Energy, Inc. | 26,867 | $ | 132,502 | |||||
West Fraser Timber Co. Ltd. | 6,412 | 178,841 | ||||||
Wheaton Precious Metals Corp. | 11,530 | 439,052 | ||||||
Whitecap Resources, Inc. | 77,520 | 102,136 | ||||||
WSP Global, Inc. | 5,441 | 365,919 | ||||||
|
| |||||||
80,360,289 | ||||||||
|
| |||||||
Chile-0.06% | ||||||||
Antofagasta PLC | 31,374 | 321,733 | ||||||
Lundin Mining Corp. | 60,373 | 296,443 | ||||||
|
| |||||||
618,176 | ||||||||
|
| |||||||
China-0.25% | ||||||||
AAC Technologies Holdings, Inc. | 40,162 | 196,605 | ||||||
BOC Hong Kong Holdings Ltd. | 323,737 | 995,973 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 104,412 | 372,402 | ||||||
Lenovo Group Ltd. | 1,106,648 | 602,405 | ||||||
Semiconductor Manufacturing International Corp.(a) | 188,443 | 360,242 | ||||||
Want Want China Holdings Ltd. | 346,638 | 248,609 | ||||||
|
| |||||||
2,776,236 | ||||||||
|
| |||||||
Denmark-0.96% | ||||||||
AP Moller - Maersk A/S, Class A | 649 | 598,910 | ||||||
AP Moller - Maersk A/S, Class B | 975 | 969,181 | ||||||
Carlsberg A/S, Class B | 5,244 | 661,097 | ||||||
Coloplast A/S, Class B(b) | 2,824 | 446,572 | ||||||
Danske Bank A/S(a) | 114,969 | 1,363,966 | ||||||
DSV Panalpina A/S | 4,479 | 462,063 | ||||||
ISS A/S(a)(b) | 32,579 | 486,007 | ||||||
Jyske Bank A/S(a) | 8,904 | 240,555 | ||||||
Novo Nordisk A/S, Class B | 49,959 | 3,185,774 | ||||||
Novozymes A/S, Class B(b) | 5,767 | 282,480 | ||||||
Orsted A/S(d) | 6,388 | 645,680 | ||||||
Pandora A/S(b) | 11,219 | 398,475 | ||||||
Vestas Wind Systems A/S | 9,361 | 805,711 | ||||||
|
| |||||||
10,546,471 | ||||||||
|
| |||||||
Finland-1.31% | ||||||||
Elisa OYJ | 6,838 | 415,227 | ||||||
Fortum OYJ | 41,878 | 694,915 | ||||||
Huhtamaki OYJ(a) | 5,960 | 222,735 | ||||||
Kesko OYJ, Class B | 26,812 | 436,103 | ||||||
Kone OYJ, Class B | 18,551 | 1,124,042 | ||||||
Konecranes OYJ | 7,735 | 168,087 | ||||||
Metso OYJ | 9,114 | 252,858 | ||||||
Neste OYJ | 16,735 | 592,604 | ||||||
Nokia OYJ | 631,506 | 2,299,172 | ||||||
Nokian Renkaat OYJ(b) | 14,611 | 312,627 | ||||||
Nordea Bank Abp | 491,029 | 3,144,657 | ||||||
Orion OYJ, Class B | 5,855 | 297,434 | ||||||
Outokumpu OYJ | 82,194 | 221,197 | ||||||
Sampo OYJ, Class A | 48,671 | 1,612,074 | ||||||
Stora Enso OYJ, Class R | 68,438 | 809,569 | ||||||
UPM-Kymmene OYJ | 51,383 | 1,421,628 | ||||||
Wartsila OYJ Abp | 47,649 | 349,881 | ||||||
|
| |||||||
14,374,810 | ||||||||
|
| |||||||
France-9.41% | ||||||||
Accor S.A. | 13,599 | 377,141 | ||||||
Aeroports de Paris | 1,502 | 147,076 | ||||||
Air France-KLM(a)(b) | 103,068 | 524,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
France-(continued) | ||||||||
Air Liquide S.A.(b) | 22,695 | $ | 2,885,994 | |||||
Airbus SE(a) | 24,882 | 1,577,418 | ||||||
Alstom S.A. | 8,437 | 345,245 | ||||||
Amundi S.A.(d) | 3,685 | 244,592 | ||||||
Arkema S.A. | 8,558 | 709,580 | ||||||
Atos SE | 8,405 | 598,942 | ||||||
AXA S.A. | 343,172 | 6,087,692 | ||||||
BNP Paribas S.A. | 196,968 | 6,186,316 | ||||||
Bollore S.A. | 81,161 | 215,305 | ||||||
Bouygues S.A. | 36,199 | 1,114,527 | ||||||
Bureau Veritas S.A. | 14,507 | 300,947 | ||||||
Capgemini SE | 9,806 | 920,891 | ||||||
Carrefour S.A. | 132,955 | 1,965,217 | ||||||
Casino Guichard Perrachon S.A.(b) | 20,599 | 772,300 | ||||||
Cie de Saint-Gobain | 85,153 | 2,258,020 | ||||||
Cie Generale des Etablissements Michelin S.C.A. | 22,209 | 2,167,403 | ||||||
CNP Assurances(a) | 26,268 | 271,170 | ||||||
Covivio(b) | 3,444 | 215,582 | ||||||
Credit Agricole S.A. | 189,778 | 1,513,664 | ||||||
Danone S.A. | 40,070 | 2,776,397 | ||||||
Dassault Systemes SE | 1,899 | 277,781 | ||||||
Edenred | 6,097 | 245,552 | ||||||
Eiffage S.A. | 8,834 | 722,788 | ||||||
Electricite de France S.A. | 103,894 | 827,745 | ||||||
Elior Group S.A.(d) | 17,910 | 118,387 | ||||||
Elis S.A. | 18,740 | 231,943 | ||||||
ENGIE S.A. | 296,747 | 3,219,067 | ||||||
EssilorLuxottica S.A. | 11,819 | 1,458,294 | ||||||
Eurazeo SE | 4,772 | 228,201 | ||||||
Eutelsat Communications S.A.(b) | 32,728 | 367,073 | ||||||
Faurecia SE | 13,841 | 501,191 | ||||||
Gecina S.A. | 2,943 | 383,915 | ||||||
Getlink SE | 17,936 | 228,475 | ||||||
Hermes International | 581 | 424,967 | ||||||
ICADE | 2,398 | 184,251 | ||||||
Imerys S.A. | 6,072 | 190,342 | ||||||
Ingenico Group S.A. | 2,253 | 283,046 | ||||||
Kering S.A. | 2,039 | 1,027,772 | ||||||
Klepierre S.A. | 20,306 | 410,461 | ||||||
Lagardere S.C.A. | 19,548 | 316,882 | ||||||
Legrand S.A. | 11,404 | 768,434 | ||||||
L’Oreal S.A. | 7,701 | 2,237,780 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 8,125 | 3,136,562 | ||||||
Natixis S.A. | 187,538 | 443,892 | ||||||
Orange S.A. | 324,444 | 3,956,972 | ||||||
Orpea | 2,174 | 241,690 | ||||||
Pernod Ricard S.A. | 9,018 | 1,373,948 | ||||||
Peugeot S.A. | 127,919 | 1,831,934 | ||||||
Publicis Groupe S.A. | 27,653 | 821,722 | ||||||
Renault S.A.(a) | 103,638 | 2,055,297 | ||||||
Rexel S.A. | 54,099 | 506,627 | ||||||
Rubis S.C.A. | 6,058 | 271,783 | ||||||
Safran S.A. | 12,844 | 1,184,810 | ||||||
Sanofi(b) | 83,141 | 8,122,027 | ||||||
Schneider Electric SE(b) | 31,508 | 2,880,264 | ||||||
SCOR SE | 21,787 | 613,287 | ||||||
SEB S.A. | 2,178 | 261,935 | ||||||
Societe Generale S.A. | 214,534 | 3,350,801 | ||||||
Sodexo S.A. | 8,270 | 656,714 |
Shares | Value | |||||||
France-(continued) | ||||||||
SPIE S.A. | 15,099 | $ | 227,893 | |||||
Suez | 54,459 | 615,279 | ||||||
Teleperformance | 1,604 | 359,278 | ||||||
Thales S.A. | 6,592 | 499,206 | ||||||
TOTAL S.A. | 375,596 | 13,514,169 | ||||||
Unibail-Rodamco-Westfield(b) | 18,509 | 1,089,060 | ||||||
Valeo S.A. | 53,481 | 1,240,091 | ||||||
Veolia Environnement S.A. | 61,780 | 1,318,504 | ||||||
Vinci S.A. | 33,839 | 2,768,670 | ||||||
Vivendi S.A. | 67,315 | 1,452,852 | ||||||
|
| |||||||
103,625,635 | ||||||||
|
| |||||||
Germany-9.76% | ||||||||
Aareal Bank AG | 10,967 | 179,221 | ||||||
adidas AG | 6,026 | 1,380,778 | ||||||
Allianz SE | 50,620 | 9,363,396 | ||||||
Aroundtown S.A. | 47,607 | 256,027 | ||||||
Aurubis AG | 9,276 | 485,038 | ||||||
BASF SE | 136,335 | 6,971,364 | ||||||
Bayer AG | 92,637 | 6,102,123 | ||||||
Bayerische Motoren Werke AG | 85,517 | 5,062,688 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 14,675 | 694,698 | ||||||
Beiersdorf AG | 3,079 | 322,337 | ||||||
Brenntag AG | 16,685 | 752,750 | ||||||
Commerzbank AG(b) | 318,066 | 1,175,426 | ||||||
Continental AG | 19,431 | 1,643,030 | ||||||
Covestro AG(d) | 30,545 | 1,026,428 | ||||||
Daimler AG | 259,600 | 8,966,657 | ||||||
Deutsche Bank AG(b) | 565,611 | 4,199,063 | ||||||
Deutsche Boerse AG | 5,914 | 918,200 | ||||||
Deutsche Lufthansa AG(a)(b) | 87,866 | 785,123 | ||||||
Deutsche Pfandbriefbank AG(d) | 21,594 | 158,823 | ||||||
Deutsche Post AG | 116,407 | 3,461,640 | ||||||
Deutsche Telekom AG | 420,621 | 6,138,909 | ||||||
Deutsche Wohnen SE | 20,580 | 834,027 | ||||||
E.ON SE | 260,397 | 2,608,556 | ||||||
Evonik Industries AG | 26,445 | 650,558 | ||||||
Freenet AG | 20,066 | 380,334 | ||||||
Fresenius Medical Care AG& Co. KGaA | 16,630 | 1,305,275 | ||||||
Fresenius SE & Co. KGaA | 43,830 | 1,902,517 | ||||||
Fuchs Petrolub SE | 2,143 | 71,590 | ||||||
Fuchs Petrolub SE, Preference Shares | 4,320 | 167,786 | ||||||
GEA Group AG | 16,315 | 374,909 | ||||||
Hannover Rueck SE | 4,797 | 764,479 | ||||||
HeidelbergCement AG | 23,450 | 1,114,206 | ||||||
Hella GmbH & Co. KGaA | 6,007 | 222,386 | ||||||
Henkel AG& Co. KGaA | 7,036 | 547,934 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 11,947 | 1,060,453 | ||||||
HOCHTIEF AG | 3,152 | 247,709 | ||||||
HUGO BOSS AG | 8,978 | 249,577 | ||||||
Infineon Technologies AG | 48,926 | 908,327 | ||||||
K+S AG(b) | 65,203 | 439,214 | ||||||
KION Group AG | 6,822 | 338,562 | ||||||
Knorr-Bremse AG | 3,012 | 279,957 | ||||||
LANXESS AG | 10,465 | 515,346 | ||||||
LEG Immobilien AG | 3,382 | 388,359 | ||||||
Merck KGaA | 5,759 | 669,261 | ||||||
METRO AG | 58,201 | 505,391 | ||||||
MTU Aero Engines AG | 1,700 | 231,448 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Germany-(continued) | ||||||||
Muenchener Rueckversicherungs- Gesellschaft AG | 18,339 | $ | 4,033,410 | |||||
OSRAM Licht AG(a) | 7,226 | 299,965 | ||||||
Porsche Automobil Holding SE, Preference Shares | 11,316 | 570,515 | ||||||
ProSiebenSat.1 Media SE(b) | 48,233 | 483,180 | ||||||
Rheinmetall AG | 4,516 | 305,785 | ||||||
RWE AG | 70,073 | 2,013,945 | ||||||
Salzgitter AG | 21,691 | 289,493 | ||||||
SAP SE | 29,566 | 3,527,873 | ||||||
Siemens AG | 78,666 | 7,296,271 | ||||||
Siemens Healthineers AG(d) | 6,290 | 276,955 | ||||||
Symrise AG | 3,642 | 368,272 | ||||||
Talanx AG | 5,220 | 186,275 | ||||||
Telefonica Deutschland Holding AG | 133,500 | 379,447 | ||||||
thyssenkrupp AG(a)(b) | 142,781 | 950,839 | ||||||
TUI AG(b) | 100,563 | 401,465 | ||||||
Uniper SE | 24,155 | 648,196 | ||||||
United Internet AG | 11,811 | 406,856 | ||||||
Volkswagen AG(b) | 7,250 | 1,082,348 | ||||||
Volkswagen AG, Preference Shares | 41,257 | 5,794,106 | ||||||
Vonovia SE | 28,016 | 1,382,401 | ||||||
|
| |||||||
107,519,477 | ||||||||
|
| |||||||
Hong Kong-1.85% | ||||||||
AIA Group Ltd. | 448,765 | 4,165,013 | ||||||
CK Asset Holdings Ltd. | 193,369 | 1,222,221 | ||||||
CK Hutchison Holdings Ltd. | 174,475 | 1,291,849 | ||||||
CLP Holdings Ltd. | 109,065 | 1,164,883 | ||||||
Hang Lung Properties Ltd. | 137,927 | 295,697 | ||||||
Hang Seng Bank Ltd. | 54,887 | 966,426 | ||||||
Henderson Land Development Co. Ltd. | 145,463 | 594,810 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 347,410 | 621,115 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 22,730 | 738,868 | ||||||
Hongkong Land Holdings Ltd. | 77,314 | 325,492 | ||||||
Hysan Development Co. Ltd. | 77,780 | 258,854 | ||||||
Jardine Matheson Holdings Ltd. | 8,891 | 390,848 | ||||||
Jardine Strategic Holdings Ltd. | 9,066 | 195,372 | ||||||
Link REIT | 141,209 | 1,267,764 | ||||||
MTR Corp. Ltd. | 126,580 | 702,918 | ||||||
New World Development Co. Ltd. | 582,504 | 687,522 | ||||||
Power Assets Holdings Ltd. | 41,850 | 279,905 | ||||||
Sino Land Co. Ltd. | 222,403 | 310,983 | ||||||
Sun Hung Kai Properties Ltd. | 143,526 | 1,969,876 | ||||||
Swire Pacific Ltd., Class A | 54,817 | 359,915 | ||||||
Swire Pacific Ltd., Class B | 101,423 | 110,943 | ||||||
Swire Properties Ltd. | 121,430 | 340,684 | ||||||
Techtronic Industries Co. Ltd. | 39,572 | 301,422 | ||||||
WH Group Ltd.(d) | 825,268 | 796,275 | ||||||
Wharf Holdings Ltd. (The)(b) | 138,495 | 261,900 | ||||||
Wharf Real Estate Investment Co. Ltd.(b) | 114,957 | 485,639 | ||||||
Wheelock & Co. Ltd. | 41,292 | 302,272 | ||||||
|
| |||||||
20,409,466 | ||||||||
|
| |||||||
Ireland-0.41% | ||||||||
AIB Group PLC(a)(b) | 134,823 | 184,589 | ||||||
Bank of Ireland Group PLC | 159,854 | 322,687 | ||||||
CRH PLC | 70,562 | 2,136,082 | ||||||
Flutter Entertainment PLC(a)(b) | 3,838 | 472,004 | ||||||
Kerry Group PLC, Class A | 4,058 | 465,363 |
Shares | Value | |||||||
Ireland-(continued) | ||||||||
Kingspan Group PLC | 3,842 | $ | 195,679 | |||||
Smurfit Kappa Group PLC | 24,153 | 764,072 | ||||||
|
| |||||||
4,540,476 | ||||||||
|
| |||||||
Israel-0.27% | ||||||||
Bank Hapoalim BM | 75,910 | 491,647 | ||||||
Bank Leumi Le-Israel BM | 102,086 | 555,592 | ||||||
ICL Ltd. | 67,964 | 238,302 | ||||||
Israel Discount Bank Ltd., Class A | 87,109 | 285,352 | ||||||
Teva Pharmaceutical Industries Ltd.(a) | 125,975 | 1,393,350 | ||||||
|
| |||||||
2,964,243 | ||||||||
|
| |||||||
Italy-2.77% | ||||||||
A2A S.p.A. | 172,462 | 234,705 | ||||||
Assicurazioni Generali S.p.A. | 200,097 | 2,852,448 | ||||||
Atlantia S.p.A. | 49,747 | 809,418 | ||||||
Banca Monte dei Paschi di Siena S.p.A.(a)(b) . | 131,353 | 160,272 | ||||||
Banco BPM S.p.A.(a)(b) | 495,177 | 603,926 | ||||||
BPER Banca(b) | 91,234 | 225,039 | ||||||
Enel S.p.A. | 784,659 | 5,359,448 | ||||||
Eni S.p.A. | 559,534 | 5,340,440 | ||||||
Ferrari N.V. | 1,799 | 282,562 | ||||||
FinecoBank Banca Fineco S.p.A. | 24,849 | 275,982 | ||||||
Hera S.p.A. | 72,168 | 267,016 | ||||||
Intesa Sanpaolo S.p.A. | 2,502,587 | 3,900,561 | ||||||
Italgas S.p.A. | 38,794 | 216,917 | ||||||
Leonardo S.p.A. | 55,064 | 379,601 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 95,489 | 553,067 | ||||||
Pirelli & C S.p.A.(d) | 64,055 | 249,347 | ||||||
Poste Italiane S.p.A.(d) | 59,074 | 501,583 | ||||||
Prysmian S.p.A. | 22,584 | 424,722 | ||||||
Saipem S.p.A.(a) | 116,812 | 299,517 | ||||||
Saras S.p.A. | 240,536 | 226,575 | ||||||
Snam S.p.A. | 181,598 | 813,121 | ||||||
Telecom Italia S.p.A.(a)(b) | 2,941,042 | 1,164,830 | ||||||
Telecom Italia S.p.A., RSP | 1,647,179 | 655,630 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 91,054 | 570,464 | ||||||
UniCredit S.p.A.(a) | 392,469 | 3,021,565 | ||||||
Unione di Banche Italiane S.p.A. | 183,922 | 525,582 | ||||||
Unipol Gruppo S.p.A. | 82,856 | 285,325 | ||||||
UnipolSai Assicurazioni S.p.A.(b) | 106,686 | 262,219 | ||||||
|
| |||||||
30,461,882 | ||||||||
|
| |||||||
Japan-21.40% | ||||||||
Aeon Co. Ltd. | 62,903 | 1,277,354 | ||||||
AEON Financial Service Co. Ltd. | 15,456 | 163,326 | ||||||
AGC, Inc. | 30,189 | 761,959 | ||||||
Air Water, Inc. | 21,425 | 291,717 | ||||||
Aisin Seiki Co. Ltd. | 20,681 | 602,434 | ||||||
Ajinomoto Co., Inc. | 40,812 | 731,246 | ||||||
Alfresa Holdings Corp. | 20,409 | 411,863 | ||||||
Alps Alpine Co. Ltd. | 28,031 | 294,373 | ||||||
Amada Co. Ltd. | 38,016 | 349,462 | ||||||
ANA Holdings, Inc.(a) | 16,541 | 355,925 | ||||||
Aozora Bank Ltd. | 15,659 | 283,058 | ||||||
Asahi Group Holdings Ltd. | 26,850 | 939,066 | ||||||
Asahi Kasei Corp. | 126,903 | 907,849 | ||||||
Astellas Pharma, Inc. | 102,982 | 1,720,460 | ||||||
Bandai Namco Holdings, Inc. | 10,063 | 511,078 | ||||||
Bridgestone Corp. | 77,426 | 2,445,832 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Brother Industries Ltd. | 25,305 | $ | 434,469 | |||||
Canon, Inc. | 124,991 | 2,670,238 | ||||||
Casio Computer Co. Ltd. | 13,356 | 213,576 | ||||||
Central Japan Railway Co. | 10,408 | 1,655,099 | ||||||
Chiba Bank Ltd. (The) | 79,324 | 372,382 | ||||||
Chubu Electric Power Co., Inc. | 60,881 | 830,364 | ||||||
Chugai Pharmaceutical Co. Ltd. | 2,967 | 355,424 | ||||||
Chugoku Electric Power Co., Inc. (The) | 40,301 | 544,960 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(b) | 12,528 | 227,867 | ||||||
Concordia Financial Group Ltd. | 95,385 | 296,141 | ||||||
Credit Saison Co. Ltd. | 20,400 | 235,601 | ||||||
Dai Nippon Printing Co. Ltd. | 34,919 | 747,786 | ||||||
Daicel Corp. | 44,465 | 364,252 | ||||||
Dai-ichi Life Holdings, Inc. | 149,498 | 1,902,715 | ||||||
Daiichi Sankyo Co. Ltd. | 16,068 | 1,109,216 | ||||||
Daikin Industries Ltd. | 11,889 | 1,557,072 | ||||||
Daito Trust Construction Co. Ltd. | 7,372 | 711,107 | ||||||
Daiwa House Industry Co. Ltd. | 58,065 | 1,497,304 | ||||||
Daiwa Securities Group, Inc. | 206,994 | 867,968 | ||||||
Denka Co. Ltd. | 11,187 | 271,894 | ||||||
Denso Corp. | 49,269 | 1,756,333 | ||||||
Dentsu Group, Inc. | 26,377 | 561,900 | ||||||
DIC Corp. | 10,317 | 243,513 | ||||||
East Japan Railway Co. | 31,850 | 2,344,930 | ||||||
Ebara Corp. | 13,060 | 292,991 | ||||||
Eisai Co. Ltd. | 9,520 | 670,366 | ||||||
Electric Power Development Co. Ltd. | 15,662 | 316,360 | ||||||
FamilyMart Co. Ltd. | 10,652 | 182,589 | ||||||
FANUC Corp. | 10,249 | 1,708,885 | ||||||
Fast Retailing Co. Ltd.(b) | 1,246 | 600,075 | ||||||
Fuji Electric Co. Ltd. | 15,289 | 370,876 | ||||||
FUJIFILM Holdings Corp. | 28,917 | 1,389,671 | ||||||
Fujikura Ltd. | 83,713 | 249,726 | ||||||
Fujitsu Ltd. | 18,152 | 1,788,295 | ||||||
Fukuoka Financial Group, Inc. | 26,869 | 389,460 | ||||||
Furukawa Electric Co. Ltd. | 16,610 | 317,180 | ||||||
Hakuhodo DY Holdings, Inc. | 21,944 | 246,661 | ||||||
Hankyu Hanshin Holdings, Inc. | 13,236 | 457,972 | ||||||
Haseko Corp. | 39,382 | 435,307 | ||||||
Hino Motors Ltd. | 51,445 | 310,782 | ||||||
Hirose Electric Co. Ltd. | 2,116 | 234,880 | ||||||
Hitachi Construction Machinery Co. Ltd. | 11,969 | 284,968 | ||||||
Hitachi Ltd. | 107,124 | 3,246,728 | ||||||
Hitachi Metals Ltd. | 21,489 | 212,207 | ||||||
Honda Motor Co. Ltd. | 134,244 | 3,277,168 | ||||||
Hoya Corp. | 8,620 | 795,295 | ||||||
Idemitsu Kosan Co. Ltd. | 40,168 | 927,806 | ||||||
IHI Corp. | 25,072 | 316,756 | ||||||
Iida Group Holdings Co. Ltd. | 18,141 | 244,119 | ||||||
INPEX Corp. | 146,707 | 948,139 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 64,944 | 399,618 | ||||||
Isuzu Motors Ltd. | 80,880 | 623,911 | ||||||
ITOCHU Corp. | 132,344 | 2,629,925 | ||||||
J Front Retailing Co. Ltd. | 39,481 | 328,224 | ||||||
Japan Airlines Co. Ltd. | 18,253 | 331,143 | ||||||
Japan Exchange Group, Inc. | 24,512 | 461,197 | ||||||
Japan Post Bank Co. Ltd. | 57,537 | 537,518 | ||||||
Japan Post Holdings Co. Ltd. | 200,431 | 1,620,917 | ||||||
Japan Post Insurance Co. Ltd. | 59,081 | 763,547 | ||||||
Japan Tobacco, Inc. | 128,572 | 2,422,110 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
JFE Holdings, Inc. | 121,087 | $ | 819,816 | |||||
JGC Holdings Corp. | 26,026 | 256,524 | ||||||
JSR Corp. | 17,232 | 328,735 | ||||||
JTEKT Corp. | 31,301 | 232,998 | ||||||
JXTG Holdings, Inc. | 457,479 | 1,637,230 | ||||||
Kajima Corp. | 62,172 | 656,982 | ||||||
Kaneka Corp. | 10,107 | 263,698 | ||||||
Kansai Electric Power Co., Inc. (The) | 99,226 | 1,025,340 | ||||||
Kao Corp. | 18,060 | 1,404,470 | ||||||
Kawasaki Heavy Industries Ltd. | 29,375 | 451,606 | ||||||
Kawasaki Kisen Kaisha Ltd.(a) | 27,429 | 276,252 | ||||||
KDDI Corp. | 152,513 | 4,434,123 | ||||||
Keikyu Corp. | 16,359 | 271,082 | ||||||
Keio Corp. | 6,730 | 383,906 | ||||||
Keisei Electric Railway Co. Ltd. | 7,092 | 216,205 | ||||||
Kewpie Corp. | 12,868 | 257,155 | ||||||
Keyence Corp. | 2,338 | 847,658 | ||||||
Kikkoman Corp. | 5,778 | 269,083 | ||||||
Kintetsu Group Holdings Co. Ltd. | 12,530 | 604,618 | ||||||
Kirin Holdings Co. Ltd. | 70,463 | 1,369,592 | ||||||
Kobe Steel Ltd.(a) | 171,386 | 584,990 | ||||||
Koito Manufacturing Co. Ltd. | 10,641 | 406,992 | ||||||
Komatsu Ltd. | 108,319 | 2,089,194 | ||||||
Konica Minolta, Inc. | 110,999 | 437,000 | ||||||
K’s Holdings Corp. | 23,440 | 259,093 | ||||||
Kubota Corp. | 99,717 | 1,256,079 | ||||||
Kuraray Co. Ltd. | 46,218 | 468,944 | ||||||
Kyocera Corp. | 22,095 | 1,194,062 | ||||||
Kyowa Kirin Co. Ltd. | 10,652 | 250,823 | ||||||
Kyushu Electric Power Co., Inc. | 60,798 | 484,974 | ||||||
Kyushu Railway Co. | 12,368 | 335,758 | ||||||
Lawson, Inc. | 4,655 | 242,468 | ||||||
LIXIL Group Corp. | 41,613 | 508,999 | ||||||
Makita Corp. | 13,430 | 442,078 | ||||||
Marubeni Corp. | 204,880 | 1,003,947 | ||||||
Marui Group Co. Ltd. | 12,887 | 213,548 | ||||||
Mazda Motor Corp. | 139,443 | 798,047 | ||||||
Medipal Holdings Corp. | 19,735 | 386,451 | ||||||
MEIJI Holdings Co. Ltd. | 11,145 | 778,540 | ||||||
MINEBEA MITSUMI, Inc. | 26,454 | 438,859 | ||||||
Mitsubishi Chemical Holdings Corp. | 178,052 | 1,028,001 | ||||||
Mitsubishi Corp. | 156,796 | 3,372,430 | ||||||
Mitsubishi Electric Corp. | 147,096 | 1,843,944 | ||||||
Mitsubishi Estate Co. Ltd. | 67,288 | 1,109,039 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 24,608 | 305,831 | ||||||
Mitsubishi Heavy Industries Ltd. | 39,245 | 1,014,201 | ||||||
Mitsubishi Materials Corp.(b) | 17,214 | 356,723 | ||||||
Mitsubishi Motors Corp. | 126,640 | 361,203 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,440,134 | 5,848,882 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 41,092 | 199,437 | ||||||
Mitsui & Co. Ltd. | 157,731 | 2,233,177 | ||||||
Mitsui Chemicals, Inc. | 28,028 | 557,231 | ||||||
Mitsui E&S Holdings Co. Ltd.(a) | 31,788 | 183,412 | ||||||
Mitsui Fudosan Co. Ltd. | 70,910 | 1,324,900 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 10,494 | 201,175 | ||||||
Mitsui OSK Lines Ltd. | 31,400 | 555,854 | ||||||
Mizuho Financial Group, Inc. | 2,804,485 | 3,299,240 | ||||||
MS&AD Insurance Group Holdings, Inc. | 39,501 | 1,153,244 | ||||||
Murata Manufacturing Co. Ltd. | 26,557 | 1,494,801 | ||||||
Nagoya Railroad Co. Ltd.(b) | 12,109 | 350,469 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
NEC Corp. | 30,677 | $ | 1,194,835 | |||||
NGK Insulators Ltd. | 25,163 | 335,083 | ||||||
NGK Spark Plug Co. Ltd. | 24,200 | 367,068 | ||||||
NH Foods Ltd. | 13,777 | 496,660 | ||||||
Nidec Corp. | 14,514 | 853,182 | ||||||
Nikon Corp. | 51,651 | 486,394 | ||||||
Nintendo Co. Ltd. | 2,816 | 1,175,802 | ||||||
Nippon Electric Glass Co. Ltd. | 18,127 | 268,680 | ||||||
Nippon Express Co. Ltd. | 10,708 | 529,717 | ||||||
Nippon Paint Holdings Co. Ltd. | 5,176 | 300,584 | ||||||
Nippon Paper Industries Co. Ltd. | 15,615 | 226,190 | ||||||
Nippon Steel Corp. | 143,494 | 1,223,661 | ||||||
Nippon Suisan Kaisha Ltd. | 45,896 | 206,014 | ||||||
Nippon Telegraph & Telephone Corp. | 152,206 | 3,477,246 | ||||||
Nippon Yusen KK | 51,839 | 693,223 | ||||||
Nissan Motor Co. Ltd. | 509,521 | 1,762,013 | ||||||
Nisshin Seifun Group, Inc. | 19,959 | 313,939 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,060 | 252,961 | ||||||
Nitori Holdings Co. Ltd. | 2,294 | 354,392 | ||||||
Nitto Denko Corp. | 16,091 | 814,068 | ||||||
Nomura Holdings, Inc. | 401,793 | 1,690,059 | ||||||
Nomura Real Estate Holdings, Inc. | 13,763 | 228,064 | ||||||
NSK Ltd. | 76,338 | 533,977 | ||||||
NTN Corp. | 129,412 | 251,720 | ||||||
NTT Data Corp. | 46,519 | 480,699 | ||||||
NTT DOCOMO, Inc. | 94,732 | 2,788,763 | ||||||
Obayashi Corp. | 78,190 | 696,095 | ||||||
Odakyu Electric Railway Co. Ltd. | 19,246 | 427,089 | ||||||
Oji Holdings Corp. | 105,889 | 544,620 | ||||||
Olympus Corp. | 25,012 | 403,593 | ||||||
Omron Corp. | 10,368 | 616,641 | ||||||
Ono Pharmaceutical Co. Ltd. | 17,452 | 422,856 | ||||||
Oriental Land Co. Ltd. | 3,143 | 402,078 | ||||||
ORIX Corp. | 139,738 | 1,684,409 | ||||||
Osaka Gas Co. Ltd. | 34,642 | 647,584 | ||||||
Otsuka Holdings Co. Ltd. | 30,742 | 1,223,240 | ||||||
Pan Pacific International Holdings Corp. | 19,012 | 370,159 | ||||||
Panasonic Corp. | 244,492 | 1,890,363 | ||||||
Rakuten, Inc. | 48,865 | 418,575 | ||||||
Recruit Holdings Co. Ltd. | 27,440 | 816,515 | ||||||
Renesas Electronics Corp.(a) | 53,048 | 287,725 | ||||||
Resona Holdings, Inc. | 288,175 | 908,168 | ||||||
Ricoh Co. Ltd. | 114,495 | 792,316 | ||||||
Rohm Co. Ltd. | 6,585 | 422,435 | ||||||
Santen Pharmaceutical Co. Ltd. | 15,914 | 283,352 | ||||||
SBI Holdings, Inc. | 20,615 | 391,538 | ||||||
Secom Co. Ltd. | 10,770 | 906,942 | ||||||
Sega Sammy Holdings, Inc. | 16,275 | 199,528 | ||||||
Seibu Holdings, Inc. | 21,088 | 255,379 | ||||||
Seiko Epson Corp. | 36,781 | 422,035 | ||||||
Seino Holdings Co. Ltd. | 19,970 | 240,533 | ||||||
Sekisui Chemical Co. Ltd. | 30,965 | 396,709 | ||||||
Sekisui House Ltd. | 63,129 | 1,097,164 | ||||||
Seven & i Holdings Co. Ltd. | 73,699 | 2,448,708 | ||||||
SG Holdings Co. Ltd. | 18,004 | 503,745 | ||||||
Sharp Corp.(a) | 18,708 | 209,762 | ||||||
Shimadzu Corp. | 10,852 | 272,480 | ||||||
Shimano, Inc. | 2,911 | 431,199 | ||||||
Shimizu Corp. | 73,291 | 572,977 | ||||||
Shin-Etsu Chemical Co. Ltd. | 17,237 | 1,936,714 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Shinsei Bank Ltd. | 24,739 | $ | 301,907 | |||||
Shionogi & Co. Ltd. | 10,482 | 581,173 | ||||||
Shiseido Co. Ltd. | 9,939 | 592,799 | ||||||
Shizuoka Bank Ltd. (The) | 53,062 | 324,520 | ||||||
Showa Denko K.K | 24,451 | 543,051 | ||||||
SMC Corp. | 1,890 | 866,040 | ||||||
Softbank Corp.(b) | 137,321 | 1,880,001 | ||||||
SoftBank Group Corp. | 143,303 | 6,208,658 | ||||||
Sojitz Corp. | 177,729 | 418,831 | ||||||
Sompo Holdings, Inc. | 30,867 | 1,010,282 | ||||||
Sony Corp. | 71,650 | 4,644,670 | ||||||
Sony Financial Holdings, Inc. | 15,016 | 290,111 | ||||||
Stanley Electric Co. Ltd. | 11,911 | 275,679 | ||||||
Subaru Corp. | 87,722 | 1,784,218 | ||||||
SUMCO Corp. | 14,312 | 207,449 | ||||||
Sumitomo Chemical Co. Ltd. | 257,109 | 803,052 | ||||||
Sumitomo Corp. | 132,288 | 1,519,763 | ||||||
Sumitomo Electric Industries Ltd. | 80,775 | 841,099 | ||||||
Sumitomo Heavy Industries Ltd. | 19,345 | 414,994 | ||||||
Sumitomo Metal Mining Co. Ltd. | 27,666 | 703,325 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 153,182 | 4,073,966 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 34,006 | 1,005,218 | ||||||
Sumitomo Realty & Development Co. Ltd. | 26,201 | 713,860 | ||||||
Sumitomo Rubber Industries Ltd. | 23,694 | 233,317 | ||||||
Suntory Beverage & Food Ltd. | 9,958 | 377,610 | ||||||
Suzuken Co. Ltd. | 10,399 | 404,543 | ||||||
Suzuki Motor Corp. | 43,618 | 1,414,980 | ||||||
Sysmex Corp. | 4,864 | 338,413 | ||||||
T&D Holdings, Inc. | 88,646 | 778,404 | ||||||
Taiheiyo Cement Corp. | 21,930 | 438,456 | ||||||
Taisei Corp. | 25,395 | 803,872 | ||||||
Takashimaya Co. Ltd.(b) | 38,232 | 349,303 | ||||||
Takeda Pharmaceutical Co. Ltd. | 102,605 | 3,725,770 | ||||||
TDK Corp. | 9,785 | 858,309 | ||||||
Teijin Ltd. | 28,338 | 457,129 | ||||||
Terumo Corp. | 17,942 | 599,325 | ||||||
THK Co. Ltd. | 9,608 | 234,236 | ||||||
TIS, Inc. | 11,836 | 229,559 | ||||||
Tobu Railway Co. Ltd. | 15,885 | 544,429 | ||||||
Tohoku Electric Power Co., Inc. | 45,740 | 433,297 | ||||||
Tokio Marine Holdings, Inc. | 51,456 | 2,447,330 | ||||||
Tokyo Electric Power Co. Holdings, | 257,611 | 874,483 | ||||||
Tokyo Electron Ltd. | 5,763 | 1,236,295 | ||||||
Tokyo Gas Co. Ltd. | 41,461 | 914,247 | ||||||
Tokyo Tatemono Co. Ltd. | 19,378 | 222,711 | ||||||
Tokyu Corp. | 42,068 | 638,878 | ||||||
Tokyu Fudosan Holdings Corp. | 74,676 | 373,607 | ||||||
Toppan Printing Co. Ltd. | 42,387 | 638,966 | ||||||
Toray Industries, Inc. | 210,547 | 982,690 | ||||||
Toshiba Corp. | 64,431 | 1,618,984 | ||||||
Tosoh Corp. | 37,448 | 465,408 | ||||||
TOTO Ltd. | 9,372 | 332,163 | ||||||
Toyo Seikan Group Holdings Ltd. | 16,268 | 167,495 | ||||||
Toyo Suisan Kaisha Ltd. | 6,151 | 296,808 | ||||||
Toyoda Gosei Co. Ltd. | 11,711 | 220,563 | ||||||
Toyota Industries Corp. | 14,777 | 750,354 | ||||||
Toyota Motor Corp. | 160,551 | 10,008,257 | ||||||
Toyota Tsusho Corp. | 21,206 | 513,220 | ||||||
Trend Micro, Inc. | 5,040 | 257,809 | ||||||
Tsuruha Holdings, Inc. | 2,216 | 297,995 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Ube Industries Ltd. | 18,118 | $ | 308,871 | |||||
Unicharm Corp. | 10,739 | 396,681 | ||||||
West Japan Railway Co. | 16,560 | 1,032,454 | ||||||
Yakult Honsha Co. Ltd. | 5,376 | 315,215 | ||||||
Yamada Denki Co. Ltd. | 89,136 | 426,779 | ||||||
Yamaha Corp. | 6,382 | 261,403 | ||||||
Yamaha Motor Co. Ltd. | 48,907 | 641,666 | ||||||
Yamato Holdings Co. Ltd. | 42,056 | 742,523 | ||||||
Yamazaki Baking Co. Ltd. | 13,835 | 245,688 | ||||||
Yaskawa Electric Corp. | 9,728 | 324,312 | ||||||
Yokogawa Electric Corp. | 17,089 | 236,515 | ||||||
Yokohama Rubber Co. Ltd. (The) | 16,632 | 216,347 | ||||||
Z Holdings Corp. | 165,281 | 647,615 | ||||||
|
| |||||||
235,661,768 | ||||||||
|
| |||||||
Luxembourg-0.29% | ||||||||
Aperam S.A. | 8,022 | 208,591 | ||||||
ArcelorMittal S.A. | 184,876 | 2,025,352 | ||||||
RTL Group S.A. | 6,387 | 212,948 | ||||||
SES S.A., FDR | 63,114 | 421,409 | ||||||
Tenaris S.A. | 53,809 | 376,843 | ||||||
|
| |||||||
3,245,143 | ||||||||
|
| |||||||
Macau-0.11% | ||||||||
Galaxy Entertainment Group Ltd. | 78,097 | 508,232 | ||||||
Sands China Ltd. | 161,044 | 662,677 | ||||||
|
| |||||||
1,170,909 | ||||||||
|
| |||||||
Netherlands-2.13% | ||||||||
Aalberts N.V. | 6,096 | 171,598 | ||||||
ABN AMRO Bank N.V., CVA(d) | 92,445 | 708,785 | ||||||
Aegon N.V. | 492,504 | 1,267,683 | ||||||
Akzo Nobel N.V. | 18,960 | 1,437,068 | ||||||
Altice Europe N.V.(a) | 50,045 | 199,250 | ||||||
Altice Europe N.V., Class B(a) | 3,320 | 13,273 | ||||||
ASML Holding N.V. | 5,862 | 1,737,748 | ||||||
ASR Nederland N.V. | 21,816 | 586,624 | ||||||
Boskalis Westminster | 12,675 | 220,044 | ||||||
Heineken Holding N.V. | 6,494 | 505,726 | ||||||
Heineken N.V.(b) | 11,651 | 990,535 | ||||||
ING Groep N.V. | 724,175 | 3,972,289 | ||||||
Koninklijke Ahold Delhaize N.V. | 131,875 | 3,200,849 | ||||||
Koninklijke BAM Groep N.V.(a) | 96,833 | 161,425 | ||||||
Koninklijke DSM N.V. | 9,660 | 1,182,382 | ||||||
Koninklijke KPN N.V. | 373,655 | 864,366 | ||||||
Koninklijke Philips N.V. | 50,916 | 2,214,838 | ||||||
NN Group N.V. | 57,136 | 1,652,766 | ||||||
Prosus N.V.(a) | 5,269 | 399,247 | ||||||
Randstad N.V. | 15,881 | 637,159 | ||||||
SBM Offshore N.V. | 16,580 | 209,840 | ||||||
Signify N.V.(d) | 19,399 | 395,526 | ||||||
Wolters Kluwer N.V. | 9,551 | 702,156 | ||||||
|
| |||||||
23,431,177 | ||||||||
|
| |||||||
New Zealand-0.05% | ||||||||
Fletcher Building Ltd. | 83,844 | 191,392 | ||||||
Spark New Zealand Ltd. | 113,159 | 309,972 | ||||||
|
| |||||||
501,364 | ||||||||
|
| |||||||
Norway-0.76% | ||||||||
DNB ASA | 97,709 | 1,187,475 | ||||||
Equinor ASA | 182,052 | 2,555,431 |
Shares | Value | |||||||
Norway-(continued) | ||||||||
Gjensidige Forsikring ASA | 11,801 | $ | 209,009 | |||||
Mowi ASA | 30,697 | 527,159 | ||||||
Norsk Hydro ASA | 291,241 | 745,804 | ||||||
Orkla ASA | 57,701 | 523,623 | ||||||
Storebrand ASA | 64,142 | 322,607 | ||||||
Telenor ASA | 81,319 | 1,251,270 | ||||||
Yara International ASA | 30,200 | 1,032,223 | ||||||
|
| |||||||
8,354,601 | ||||||||
|
| |||||||
Poland-0.19% | ||||||||
Bank Polska Kasa Opieki S.A. | 18,681 | 234,485 | ||||||
KGHM Polska Miedz S.A.(a) | 19,133 | 355,664 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 35,576 | 535,726 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 76,677 | 407,534 | ||||||
Powszechny Zaklad Ubezpieczen S.A. | 77,709 | 568,207 | ||||||
|
| |||||||
2,101,616 | ||||||||
|
| |||||||
Portugal-0.23% | ||||||||
Banco Comercial Portugues S.A., Class R | 1,290,308 | 144,154 | ||||||
EDP - Energias de Portugal S.A. | 321,680 | 1,356,494 | ||||||
Galp Energia SGPS S.A. | 59,761 | 688,272 | ||||||
Jeronimo Martins SGPS S.A. | 19,731 | 333,139 | ||||||
|
| |||||||
2,522,059 | ||||||||
|
| |||||||
Russia-0.05% | ||||||||
Evraz PLC | 70,769 | 236,729 | ||||||
Polymetal International PLC | 15,030 | 309,491 | ||||||
|
| |||||||
546,220 | ||||||||
|
| |||||||
Singapore-0.81% | ||||||||
Ascendas REIT | 144,475 | 304,817 | ||||||
CapitaLand Ltd. | 223,360 | 477,597 | ||||||
CapitaLand Mall Trust | 146,831 | 197,138 | ||||||
City Developments Ltd. | 41,000 | 231,839 | ||||||
ComfortDelGro Corp. Ltd. | 265,565 | 311,275 | ||||||
DBS Group Holdings Ltd. | 136,967 | 1,942,077 | ||||||
Genting Singapore Ltd. | 456,953 | 254,818 | ||||||
Keppel Corp. Ltd. | 93,850 | 398,681 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 143,199 | 919,599 | ||||||
Singapore Airlines Ltd. | 42,366 | 183,886 | ||||||
Singapore Press Holdings Ltd. | 173,884 | 187,756 | ||||||
Singapore Technologies Engineering Ltd. | 98,376 | 239,703 | ||||||
Singapore Telecommunications Ltd. | 780,386 | 1,568,866 | ||||||
United Overseas Bank Ltd. | 71,179 | 1,028,473 | ||||||
Venture Corp. Ltd. | 21,304 | 239,872 | ||||||
Wilmar International Ltd. | 168,632 | 427,659 | ||||||
|
| |||||||
8,914,056 | ||||||||
|
| |||||||
South Africa-0.19% | ||||||||
Anglo American PLC | 105,896 | 1,890,311 | ||||||
Investec PLC | 93,994 | 194,378 | ||||||
|
| |||||||
2,084,689 | ||||||||
|
| |||||||
South Korea-4.48% | ||||||||
Amorepacific Corp. | 1,609 | 233,734 | ||||||
Amorepacific Corp., Preference Shares | 508 | 26,099 | ||||||
CJ CheilJedang Corp. | 1,080 | 241,536 | ||||||
CJ CheilJedang Corp., Preference Shares | 204 | 18,668 | ||||||
Coway Co. Ltd. | 4,837 | 243,746 | ||||||
Daelim Industrial Co. Ltd. | 4,482 | 324,071 | ||||||
DB Insurance Co. Ltd. | 6,590 | 238,786 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
E-MART, Inc. | 6,768 | $ | 666,552 | |||||
GS Engineering & Construction Corp. | 11,155 | 231,623 | ||||||
Hana Financial Group, Inc. | 32,160 | 728,480 | ||||||
Hanwha Solutions Corp. | 18,517 | 221,119 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 17,589 | 505,966 | ||||||
Hyundai Glovis Co. Ltd. | 2,702 | 225,084 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,280 | 255,275 | ||||||
Hyundai Mobis Co. Ltd. | 8,915 | 1,258,468 | ||||||
Hyundai Motor Co. | 29,175 | 2,241,192 | ||||||
Hyundai Motor Co., First Pfd | 4,952 | 231,252 | ||||||
Hyundai Motor Co., Second Pfd | 7,849 | 377,489 | ||||||
Hyundai Steel Co. | 17,140 | 303,848 | ||||||
Industrial Bank of Korea | 55,839 | 362,040 | ||||||
KB Financial Group, Inc. | 48,269 | 1,376,624 | ||||||
Kia Motors Corp. | 37,817 | 920,246 | ||||||
Korea Electric Power Corp.(a) | 45,680 | 894,143 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 5,045 | 342,420 | ||||||
Korea Zinc Co. Ltd. | 942 | 298,422 | ||||||
Korean Air Lines Co. Ltd.(a) | 19,196 | 311,938 | ||||||
KT&G Corp. | 11,205 | 745,804 | ||||||
LG Chem Ltd. | 3,673 | 1,134,954 | ||||||
LG Chem Ltd., Preference Shares | 657 | 93,014 | ||||||
LG Corp. | 7,818 | 397,814 | ||||||
LG Display Co. Ltd.(a) | 69,838 | 633,354 | ||||||
LG Electronics, Inc. | 16,266 | 732,901 | ||||||
LG Electronics, Inc., Preference Shares | 2,647 | 46,056 | ||||||
LG Household & Health Care Ltd. | 271 | 308,265 | ||||||
LG Household & Health Care Ltd., Preference Shares | 65 | 38,730 | ||||||
LG Uplus Corp. | 37,490 | 410,761 | ||||||
Lotte Chemical Corp. | 3,566 | 630,697 | ||||||
Lotte Shopping Co. Ltd. | 3,350 | 274,390 | ||||||
Mirae Asset Daewoo Co. Ltd. | 46,023 | 211,900 | ||||||
Mirae Asset Daewoo Co. Ltd., Second Pfd | 16,216 | 40,924 | ||||||
NAVER Corp. | 2,516 | 407,821 | ||||||
POSCO | 10,006 | 1,515,127 | ||||||
Samsung C&T Corp. | 7,013 | 610,101 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 3,467 | 322,955 | ||||||
Samsung Electronics Co. Ltd. | 391,831 | 16,079,076 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 67,465 | 2,339,362 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,709 | 579,888 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 339 | 36,308 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 67,008 | 235,651 | ||||||
Samsung Life Insurance Co. Ltd. | 7,371 | 297,030 | ||||||
Samsung SDI Co. Ltd. | 2,013 | 472,500 | ||||||
Samsung SDS Co. Ltd. | 1,740 | 232,057 | ||||||
Shinhan Financial Group Co. Ltd. | 50,158 | 1,257,603 | ||||||
SK Holdings Co. Ltd. | 6,645 | 992,564 | ||||||
SK Hynix, Inc. | 38,625 | 2,653,299 | ||||||
SK Innovation Co. Ltd. | 12,158 | 980,862 | ||||||
SK Telecom Co. Ltd. | 3,866 | 671,065 | ||||||
S-Oil Corp. | 7,213 | 414,387 | ||||||
Woori Financial Group, Inc. | 73,303 | 507,758 | ||||||
|
| |||||||
49,383,799 | ||||||||
|
|
Shares | Value | |||||||
Spain-3.23% | ||||||||
Acciona S.A. | 2,480 | $ | 245,557 | |||||
Acerinox S.A. | 29,326 | 222,468 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 50,638 | 1,262,911 | ||||||
Aena SME S.A.(d) | 4,144 | 524,246 | ||||||
Amadeus IT Group S.A. | 13,461 | 647,549 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,275,669 | 4,173,556 | ||||||
Banco de Sabadell S.A. | 1,464,643 | 606,557 | ||||||
Banco Santander S.A. | 3,504,423 | 7,820,728 | ||||||
Bankia S.A.(b) | 309,565 | 314,925 | ||||||
Bankinter S.A. | 75,735 | 312,233 | ||||||
CaixaBank S.A. | 463,498 | 833,085 | ||||||
Enagas S.A. | 22,099 | 515,325 | ||||||
Endesa S.A. | 49,931 | 1,107,461 | ||||||
Ferrovial S.A. | 26,230 | 655,037 | ||||||
Grifols S.A.(b) | 11,148 | 379,255 | ||||||
Iberdrola S.A. | 466,848 | 4,673,634 | ||||||
Industria de Diseno Textil S.A. | 48,183 | 1,227,015 | ||||||
Mapfre S.A. | 201,582 | 368,945 | ||||||
Merlin Properties SOCIMI S.A. | 21,698 | 201,059 | ||||||
Naturgy Energy Group S.A. | 41,582 | 733,726 | ||||||
Red Electrica Corp. S.A. | 34,051 | 598,788 | ||||||
Repsol S.A. | 355,641 | 3,238,582 | ||||||
Telefonica S.A. | 1,079,694 | 4,943,221 | ||||||
|
| |||||||
35,605,863 | ||||||||
|
| |||||||
Sweden-2.09% | ||||||||
Alfa Laval AB(a) | 17,617 | 330,977 | ||||||
Assa Abloy AB, Class B(b) | 36,065 | 650,058 | ||||||
Atlas Copco AB, Class A(b) | 26,392 | 916,824 | ||||||
Atlas Copco AB, Class B | 15,952 | 498,622 | ||||||
BillerudKorsnas AB(b) | 19,740 | 249,701 | ||||||
Boliden AB(b) | 30,941 | 634,520 | ||||||
Castellum AB | 13,878 | 243,609 | ||||||
Electrolux AB, Series B | 33,268 | 459,312 | ||||||
Electrolux Professional AB, Class B(a) | 26,064 | 59,935 | ||||||
Epiroc AB, Class A | 17,457 | 175,371 | ||||||
Epiroc AB, Class B | 10,760 | 106,661 | ||||||
Essity AB, Class B(a) | 36,105 | 1,173,656 | ||||||
Hennes & Mauritz AB, Class B(b) | 88,882 | 1,239,427 | ||||||
Hexagon AB, Class B(a)(b) | 8,662 | 431,983 | ||||||
Husqvarna AB, Class B | 40,250 | 243,794 | ||||||
ICA Gruppen AB(b) | 8,436 | 368,112 | ||||||
NCC AB, Class A | 553 | 8,549 | ||||||
NCC AB, Class B | 13,231 | 203,873 | ||||||
Sandvik AB(a) | 68,807 | 1,065,863 | ||||||
Securitas AB, Class B(b) | 37,229 | 440,053 | ||||||
Skandinaviska Enskilda Banken AB, | 173,279 | 1,425,305 | ||||||
Skandinaviska Enskilda Banken AB, | 2,452 | 21,941 | ||||||
Skanska AB, Class B(a) | 40,169 | 769,681 | ||||||
SKF AB, Class B | 42,654 | 679,297 | ||||||
SSAB AB, Class A(a)(b) | 45,911 | 112,296 | ||||||
SSAB AB, Class B(a)(b) | 114,243 | 268,788 | ||||||
Svenska Cellulosa AB S.C.A., | 1,142 | 12,394 | ||||||
Svenska Cellulosa AB S.C.A., | 32,134 | 346,272 | ||||||
Svenska Handelsbanken AB, | 169,741 | 1,569,294 | ||||||
Svenska Handelsbanken AB, | 4,136 | 41,202 | ||||||
Swedbank AB, Class A | 154,918 | 1,829,730 | ||||||
Swedish Match AB | 7,443 | 461,492 | ||||||
Tele2 AB, Class B | 39,088 | 506,649 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Telefonaktiebolaget LM Ericsson, Class A | 2,848 | $ | 26,972 | |||||
Telefonaktiebolaget LM Ericsson, Class B | 226,618 | 1,974,485 | ||||||
Telia Co. AB | 369,959 | 1,278,372 | ||||||
Trelleborg AB, Class B(a) | 23,821 | 306,811 | ||||||
Volvo AB, Class B | 146,808 | 1,896,125 | ||||||
|
| |||||||
23,028,006 | ||||||||
|
| |||||||
Switzerland-6.64% | ||||||||
ABB Ltd. | 133,541 | 2,535,501 | ||||||
Adecco Group AG | 25,101 | 1,100,371 | ||||||
Alcon, Inc.(a) | 26,224 | 1,384,086 | ||||||
Baloise Holding AG | 4,964 | 743,199 | ||||||
Barry Callebaut AG | 126 | 247,000 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 3 | 251,153 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 30 | 233,902 | ||||||
Cie Financiere Richemont S.A. | 31,906 | 1,812,244 | ||||||
Clariant AG | 14,753 | 273,079 | ||||||
Coca-Cola HBC AG | 10,474 | 266,209 | ||||||
Credit Suisse Group AG | 305,681 | 2,763,687 | ||||||
Dufry AG | 4,166 | 135,665 | ||||||
Geberit AG | 1,125 | 504,831 | ||||||
Georg Fischer AG | 355 | 264,645 | ||||||
Givaudan S.A. | 299 | 1,001,572 | ||||||
Glencore PLC(a) | 1,814,607 | 3,366,907 | ||||||
Helvetia Holding AG | 2,476 | 226,653 | ||||||
Julius Baer Group Ltd. | 15,571 | 610,482 | ||||||
Kuehne + Nagel International AG | 4,013 | 573,999 | ||||||
LafargeHolcim Ltd.(a) | 58,736 | 2,436,709 | ||||||
Lonza Group AG | 1,656 | 723,036 | ||||||
Nestle S.A. | 131,781 | 13,913,365 | ||||||
Novartis AG | 89,788 | 7,652,656 | ||||||
Partners Group Holding AG | 361 | 284,192 | ||||||
PSP Swiss Property AG | 1,621 | 188,443 | ||||||
Roche Holding AG | 29,245 | 10,164,467 | ||||||
Roche Holding AG, BR | 1,113 | 387,241 | ||||||
Schindler Holding AG | 843 | 180,802 | ||||||
Schindler Holding AG, PC | 1,778 | 395,152 | ||||||
SGS S.A. | 261 | 590,877 | ||||||
Sika AG | 3,304 | 546,701 | ||||||
Sonova Holding AG | 1,331 | 240,370 | ||||||
STMicroelectronics N.V. | 23,092 | 599,689 | ||||||
Sunrise Communications Group AG(a)(d) | 3,056 | 244,759 | ||||||
Swatch Group AG (The) | 4,569 | 177,903 | ||||||
Swatch Group AG (The), BR | 2,953 | 590,967 | ||||||
Swiss Life Holding AG | 3,640 | 1,289,453 | ||||||
Swiss Prime Site AG | 4,410 | 418,999 | ||||||
Swiss Re AG | 36,692 | 2,648,256 | ||||||
Swisscom AG | 2,094 | 1,088,711 | ||||||
UBS Group AG | 461,161 | 4,940,584 | ||||||
Vifor Pharma AG | 1,444 | 217,015 | ||||||
Zurich Insurance Group AG | 15,226 | 4,847,899 | ||||||
|
| |||||||
73,063,431 | ||||||||
|
| |||||||
United Kingdom-15.49% | ||||||||
3i Group PLC | 62,090 | 614,007 | ||||||
Admiral Group PLC | 13,728 | 403,459 | ||||||
Aggreko PLC | 26,117 | 151,207 | ||||||
Ashtead Group PLC | 22,799 | 625,476 | ||||||
Associated British Foods PLC | 24,451 | 583,671 | ||||||
AstraZeneca PLC | 56,829 | 5,965,317 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Aviva PLC | 541,169 | $ | 1,650,536 | |||||
Babcock International Group PLC | 49,628 | 263,852 | ||||||
BAE Systems PLC | 268,248 | 1,720,196 | ||||||
Barclays PLC | 2,500,067 | 3,339,515 | ||||||
Barratt Developments PLC | 86,941 | 569,151 | ||||||
Beazley PLC | 35,950 | 179,568 | ||||||
Bellway PLC | 8,990 | 301,972 | ||||||
Berkeley Group Holdings PLC | 8,931 | 471,220 | ||||||
BP PLC | 3,520,828 | 13,904,766 | ||||||
British American Tobacco PLC | 236,030 | 9,171,159 | ||||||
British Land Co. PLC (The) | 107,822 | 550,261 | ||||||
BT Group PLC | 1,392,229 | 2,037,941 | ||||||
Bunzl PLC | 26,707 | 581,941 | ||||||
Burberry Group PLC | 22,339 | 391,665 | ||||||
Capita PLC(a) | 204,854 | 100,722 | ||||||
Centrica PLC | 1,389,551 | 699,332 | ||||||
Close Brothers Group PLC | 14,298 | 196,760 | ||||||
CNH Industrial N.V.(a) | 157,674 | 986,464 | ||||||
Compass Group PLC | 103,268 | 1,740,236 | ||||||
Croda International PLC | 5,230 | 322,059 | ||||||
DCC PLC | 9,812 | 700,255 | ||||||
Derwent London PLC | 5,037 | 197,337 | ||||||
Diageo PLC | 96,215 | 3,337,423 | ||||||
Direct Line Insurance Group PLC | 240,986 | 828,312 | ||||||
Dixons Carphone PLC | 147,039 | 144,016 | ||||||
DS Smith PLC | 136,807 | 538,220 | ||||||
easyJet PLC(b) | 24,458 | 186,088 | ||||||
Experian PLC | 23,431 | 702,220 | ||||||
Fiat Chrysler Automobiles N.V.(a) | 454,427 | 3,989,834 | ||||||
G4S PLC | 197,449 | 271,965 | ||||||
GlaxoSmithKline PLC | 385,328 | 8,073,020 | ||||||
GVC Holdings PLC | 25,776 | 245,145 | ||||||
Hammerson PLC | 145,229 | 129,292 | ||||||
Hays PLC | 133,879 | 183,222 | ||||||
Hiscox Ltd. | 21,451 | 190,104 | ||||||
HSBC Holdings PLC | 2,053,818 | 10,621,397 | ||||||
IG Group Holdings PLC | 31,014 | 295,157 | ||||||
IMI PLC | 22,599 | 235,881 | ||||||
Imperial Brands PLC | 169,243 | 3,584,241 | ||||||
Inchcape PLC | 47,528 | 300,647 | ||||||
Informa PLC | 63,008 | 349,055 | ||||||
InterContinental Hotels Group PLC | 10,640 | 484,221 | ||||||
Intermediate Capital Group PLC | 13,840 | 196,916 | ||||||
International Consolidated Airlines Group S.A. | 83,399 | 233,429 | ||||||
Intertek Group PLC | 4,920 | 294,778 | ||||||
ITV PLC | 504,151 | 486,472 | ||||||
J Sainsbury PLC | 381,045 | 952,131 | ||||||
John Wood Group PLC | 99,778 | 254,982 | ||||||
Johnson Matthey PLC | 28,534 | 717,128 | ||||||
Kingfisher PLC | 379,728 | 753,420 | ||||||
Land Securities Group PLC | 73,348 | 612,466 | ||||||
Legal & General Group PLC | 777,276 | 2,005,934 | ||||||
Lloyds Banking Group PLC | 10,349,696 | 4,208,801 | ||||||
London Stock Exchange Group PLC | 4,871 | 458,100 | ||||||
M&G PLC | 469,467 | 783,135 | ||||||
Man Group PLC | 141,411 | 237,944 | ||||||
Marks & Spencer Group PLC(b) | 472,295 | 548,667 | ||||||
Meggitt PLC | 58,155 | 204,877 | ||||||
Micro Focus International PLC | 59,832 | 363,535 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Mondi PLC | 52,987 | $ | 942,376 | |||||
National Grid PLC | 408,000 | 4,805,625 | ||||||
Next PLC | 8,920 | 531,734 | ||||||
Ninety One PLC(a) | 47,554 | 101,790 | ||||||
Pearson PLC(b) | 106,295 | 616,478 | ||||||
Pennon Group PLC | 27,783 | 384,083 | ||||||
Persimmon PLC | 24,289 | 675,545 | ||||||
Phoenix Group Holdings PLC | 51,399 | 389,641 | ||||||
Prudential PLC | 249,629 | 3,553,304 | ||||||
Quilter PLC(d) | 160,254 | 249,133 | ||||||
Reckitt Benckiser Group PLC | 34,715 | 2,903,130 | ||||||
RELX PLC | 64,752 | 1,467,291 | ||||||
Rentokil Initial PLC | 48,388 | 289,485 | ||||||
Rolls-Royce Holdings PLC | 134,926 | 561,624 | ||||||
Royal Bank of Scotland Group PLC (The) | 489,098 | 682,010 | ||||||
Royal Dutch Shell PLC, Class A | 795,988 | 13,303,264 | ||||||
Royal Dutch Shell PLC, Class B | 711,207 | 11,540,055 | ||||||
Royal Mail PLC | 219,975 | 461,980 | ||||||
RSA Insurance Group PLC | 106,063 | 483,223 | ||||||
Sage Group PLC (The) | 43,006 | 347,172 | ||||||
Schroders PLC | 7,604 | 254,553 | ||||||
Segro PLC | 41,607 | 435,383 | ||||||
Severn Trent PLC | 17,208 | 518,757 | ||||||
Signature Aviation PLC | 76,951 | 189,999 | ||||||
Smith & Nephew PLC | 32,226 | 633,300 | ||||||
Smiths Group PLC | 27,201 | 425,616 | ||||||
Spectris PLC | 6,387 | 214,860 | ||||||
SSE PLC | 135,655 | 2,138,856 | ||||||
St James’s Place PLC | 37,042 | 397,799 | ||||||
Standard Chartered PLC | 344,358 | 1,770,001 | ||||||
Standard Life Aberdeen PLC(b) | 300,660 | 838,495 | ||||||
Subsea 7 S.A.(a) | 45,370 | 252,254 | ||||||
Tate & Lyle PLC | 41,988 | 377,192 | ||||||
Taylor Wimpey PLC | 305,128 | 565,956 | ||||||
TechnipFMC PLC | 59,730 | 522,331 | ||||||
Tesco PLC | 1,090,397 | 3,233,502 | ||||||
Thomas Cook Group PLC(a)(b)(c) | 575,015 | 0 | ||||||
Travis Perkins PLC | 28,150 | 369,095 | ||||||
Unilever N.V. | 78,730 | 3,930,498 | ||||||
Unilever PLC | 59,067 | 3,056,162 |
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
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
United Utilities Group PLC | 57,769 | $ | 657,406 | |||||
Vodafone Group PLC | 3,999,755 | 5,657,568 | ||||||
Weir Group PLC (The)(b) | 22,495 | 270,859 | ||||||
Whitbread PLC(b) | 13,839 | 520,184 | ||||||
William Hill PLC | 107,222 | 154,314 | ||||||
WM Morrison Supermarkets PLC(b) | 417,919 | 964,671 | ||||||
WPP PLC | 193,632 | 1,517,205 | ||||||
|
| |||||||
170,577,979 | ||||||||
|
| |||||||
United States-0.38% | ||||||||
Amcor PLC, CDI | 93,875 | 864,742 | ||||||
Bausch Health Cos., Inc.(a) | 41,925 | 759,145 | ||||||
Carnival PLC | 15,789 | 218,174 | ||||||
Ferguson PLC | 16,606 | 1,201,462 | ||||||
James Hardie Industries PLC, CDI | 16,183 | 237,540 | ||||||
QIAGEN N.V.(a) | 7,141 | 297,218 | ||||||
Samsonite International S.A.(d) | 134,450 | 113,597 | ||||||
Waste Connections, Inc. | 5,912 | 509,753 | ||||||
|
| |||||||
4,201,631 | ||||||||
|
| |||||||
Zambia-0.04% | ||||||||
First Quantum Minerals Ltd. | 80,662 | 493,630 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,095,726,834 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.55% |
| |||||||
Invesco Private Government Fund, | 39,043,325 | 39,043,325 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.06% |
| 1,134,770,159 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.06)% |
| (33,709,290 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 1,101,060,869 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $6,943,935, which represented less than 1% of the Fund’s Net Assets. |
(e) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 16,628,906 | $ | (16,628,906 | ) | $ | - | $ | - | $ | - | $ | 6,081 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 18,667,145 | 157,012,950 | (175,680,095 | ) | - | - | - | 122,800 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 6,222,382 | 37,725,638 | (43,951,427 | ) | (284 | ) | 3,691 | - | 46,410 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 78,203,175 | (39,159,850 | ) | - | - | 39,043,325 | 21 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 24,889,527 | $ | 289,570,669 | $ | (275,420,278 | ) | $ | (284 | ) | $ | 3,691 | $ | 39,043,325 | $ | 175,312 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* At April 30, 2020, this security was no longer held.
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020 | ||||||||
Financials | 22.91 | |||||||
Industrials | 12.65 | |||||||
Consumer Discretionary | 10.88 | |||||||
Consumer Staples | 9.08 | |||||||
Materials | 8.94 | |||||||
Energy | 8.37 | |||||||
Health Care | 7.21 | |||||||
Communication Services | 6.29 | |||||||
Information Technology | 5.73 | |||||||
Utilities | 4.80 | |||||||
Real Estate | 2.65 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.49 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.46% |
| |||||||
Australia-5.32% | ||||||||
Abacus Property Group | 64,331 | $ | 105,346 | |||||
Adelaide Brighton Ltd.(a) | 177,602 | 315,572 | ||||||
ALS Ltd. | 49,620 | 217,908 | ||||||
Alumina Ltd. | 151,584 | 168,791 | ||||||
Ansell Ltd. | 21,974 | 405,222 | ||||||
AP Eagers Ltd. | 35,251 | 116,410 | ||||||
Atlas Arteria Ltd. | 31,083 | 124,455 | ||||||
AusNet Services | 458,739 | 560,961 | ||||||
Austal Ltd. | 45,336 | 99,730 | ||||||
Australian Pharmaceutical Industries Ltd. | 105,235 | 79,894 | ||||||
Bapcor Ltd. | 36,323 | 116,754 | ||||||
Beach Energy Ltd. | 150,560 | 145,822 | ||||||
Bega Cheese Ltd.(a) | 60,061 | 190,318 | ||||||
Blackmores Ltd. | 2,512 | 124,287 | ||||||
Breville Group Ltd. | 9,775 | 109,730 | ||||||
Brickworks Ltd. | 9,493 | 84,031 | ||||||
BWP Trust | 63,168 | 145,264 | ||||||
carsales.com Ltd. | 17,203 | 156,464 | ||||||
Charter Hall Group | 25,687 | 126,896 | ||||||
Charter Hall Long Wale REIT | 22,520 | 65,553 | ||||||
Charter Hall Retail REIT | 65,138 | 132,777 | ||||||
Cleanaway Waste Management Ltd. | 159,904 | 192,697 | ||||||
Cochlear Ltd. | 2,735 | 330,367 | ||||||
Collins Foods Ltd. | 15,263 | 72,641 | ||||||
Costa Group Holdings Ltd. | 64,040 | 120,599 | ||||||
Cromwell Property Group(a) | 387,871 | 198,579 | ||||||
CSR Ltd. | 159,477 | 387,114 | ||||||
Domino’s Pizza Enterprises Ltd. | 3,783 | 142,949 | ||||||
Eclipx Group Ltd.(b) | 150,138 | 69,557 | ||||||
Elders Ltd. | 23,162 | 130,073 | ||||||
Estia Health Ltd. | 66,642 | 64,000 | ||||||
Evolution Mining Ltd. | 90,308 | 293,278 | ||||||
FlexiGroup Ltd. | 83,437 | 48,463 | ||||||
Flight Centre Travel Group Ltd. | 16,526 | 118,128 | ||||||
G8 Education Ltd.(a) | 271,681 | 153,105 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 63,568 | 87,378 | ||||||
GrainCorp.Ltd., Class A(b) | 75,712 | 174,477 | ||||||
Growthpoint Properties Australia Ltd. | 37,532 | 74,962 | ||||||
GUD Holdings Ltd. | 16,607 | 98,719 | ||||||
GWA Group Ltd. | 47,230 | 84,044 | ||||||
Harvey Norman Holdings Ltd.(a) | 146,045 | 264,596 | ||||||
Healius Ltd. | 123,630 | 209,636 | ||||||
IGO Ltd. | 48,898 | 148,986 | ||||||
Iluka Resources Ltd. | 50,271 | 248,105 | ||||||
Inghams Group Ltd. | 71,785 | 163,649 | ||||||
InvoCare Ltd. | 16,438 | 110,633 | ||||||
IOOF Holdings Ltd. | 110,933 | 306,400 | ||||||
IRESS Ltd. | 22,956 | 167,848 | ||||||
Link Administration Holdings Ltd. | 73,324 | 180,778 | ||||||
Magellan Financial Group Ltd. | 4,243 | 140,141 | ||||||
Mayne Pharma Group Ltd.(b) | 598,578 | 158,556 | ||||||
McMillan Shakespeare Ltd. | 17,122 | 74,074 | ||||||
Mineral Resources Ltd. | 25,062 | 270,120 | ||||||
Monadelphous Group Ltd. | 24,997 | 183,674 | ||||||
National Storage REIT | 72,510 | 81,858 | ||||||
New Hope Corp. Ltd. | 89,256 | 89,156 | ||||||
NEXTDC Ltd.(b) | 18,632 | 106,722 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
nib holdings Ltd. | 90,415 | $ | 291,238 | |||||
Nine Entertainment Co. Holdings Ltd. | 206,692 | 188,287 | ||||||
Northern Star Resources Ltd. | 25,554 | 205,804 | ||||||
NRW Holdings Ltd. | 135,222 | 146,897 | ||||||
Nufarm Ltd.(b) | 87,964 | 297,665 | ||||||
OceanaGold Corp. | 169,752 | 259,098 | ||||||
oOh!media Ltd. | 80,247 | 53,479 | ||||||
OZ Minerals Ltd. | 72,783 | 419,291 | ||||||
Pact Group Holdings Ltd.(b) | 66,425 | 82,311 | ||||||
Pendal Group Ltd. | 50,555 | 179,671 | ||||||
Perenti Global Ltd. | 144,921 | 85,314 | ||||||
Perpetual Ltd.(a) | 10,249 | 200,994 | ||||||
Perseus Mining Ltd.(b) | 122,868 | 75,362 | ||||||
Platinum Asset Management Ltd.(a) | 47,256 | 106,075 | ||||||
Premier Investments Ltd. | 11,741 | 117,090 | ||||||
Qube Holdings Ltd. | 158,655 | 225,882 | ||||||
Qube Holdings Ltd., Rts., expiring 05/30/2020(b) | 24,985 | 3,674 | ||||||
REA Group Ltd.(a) | 1,879 | 107,036 | ||||||
Regis Resources Ltd. | 57,546 | 164,942 | ||||||
Resolute Mining Ltd.(b) | 120,547 | 72,060 | ||||||
Sandfire Resources Ltd. | 51,999 | 150,440 | ||||||
Saracen Mineral Holdings Ltd.(b) | 32,267 | 88,062 | ||||||
SEEK Ltd. | 33,249 | 371,513 | ||||||
Seven Group Holdings Ltd.(a) | 16,459 | 161,065 | ||||||
Shopping Centres Australasia Property Group | 117,761 | 169,759 | ||||||
Southern Cross Media Group Ltd. | 362,507 | 33,227 | ||||||
St Barbara Ltd. | 70,486 | 115,592 | ||||||
Steadfast Group Ltd. | 67,688 | 134,017 | ||||||
Super Retail Group Ltd. | 45,614 | 186,976 | ||||||
Sydney Airport | 84,750 | 346,396 | ||||||
Tassal Group Ltd. | 45,999 | 112,740 | ||||||
TPG Telecom Ltd. | 47,029 | 222,896 | ||||||
United Malt Grp Ltd.(b) | 75,712 | 211,162 | ||||||
Virgin Australia International Holdings Pty. | 112,977 | 0 | ||||||
Viva Energy Group Ltd.(d) | 272,834 | 256,856 | ||||||
Viva Energy REIT | 59,775 | 93,400 | ||||||
Vocus Group Ltd.(b) | 99,831 | 196,172 | ||||||
Washington H Soul Pattinson & Co. Ltd.(a) | 13,882 | 167,987 | ||||||
Whitehaven Coal Ltd. | 324,875 | 379,205 | ||||||
Worley Ltd. | 52,197 | 299,643 | ||||||
|
| |||||||
16,317,525 | ||||||||
|
| |||||||
Austria-0.61% | ||||||||
ams AG(b) | 12,975 | 168,985 | ||||||
CA Immobilien Anlagen AG | 7,770 | 247,229 | ||||||
DO & CO AG | 1,035 | 51,694 | ||||||
IMMOFINANZ AG(b) | 14,489 | 267,882 | ||||||
Lenzing AG | 3,548 | 202,856 | ||||||
Oesterreichische Post AG(a) | 6,566 | 247,396 | ||||||
SIMMO AG | 5,237 | 97,284 | ||||||
S&T AG(a) | 3,672 | 80,600 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 2,218 | 65,593 | ||||||
UNIQA Insurance Group AG | 12,684 | 85,302 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Austria-(continued) | ||||||||
Verbund AG | 5,446 | $ | 246,712 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 5,165 | 103,980 | ||||||
|
| |||||||
1,865,513 | ||||||||
|
| |||||||
Belgium-1.58% | ||||||||
Ackermans & van Haaren N.V. | 3,055 | 404,548 | ||||||
Aedifica S.A. | 1,171 | 113,253 | ||||||
AGFA-Gevaert N.V.(b) | 43,714 | 173,086 | ||||||
Barco N.V. | 815 | 130,330 | ||||||
Befimmo S.A. | 3,444 | 153,718 | ||||||
Bekaert S.A. | 11,801 | 250,240 | ||||||
bpost S.A. | 35,485 | 247,775 | ||||||
Cie d’Entreprises CFE | 1,289 | 99,817 | ||||||
Cofinimmo S.A. | 2,861 | 397,974 | ||||||
D’ieteren S.A./N.V. | 6,562 | 327,744 | ||||||
Elia Group S.A./N.V. | 3,713 | 427,019 | ||||||
Euronav N.V. | 39,167 | 437,576 | ||||||
Fagron | 4,444 | 100,173 | ||||||
Galapagos N.V.(b) | 567 | 125,139 | ||||||
Gimv N.V. | 1,765 | 96,854 | ||||||
Melexis N.V. | 1,986 | 120,836 | ||||||
Ontex Group N.V. | 25,868 | 471,748 | ||||||
Orange Belgium S.A. | 5,823 | 96,817 | ||||||
Retail Estates N.V. | 1,063 | 57,458 | ||||||
Telenet Group Holding N.V. | 9,968 | 415,755 | ||||||
Warehouses De Pauw C.V.A. | 7,500 | 205,369 | ||||||
|
| |||||||
4,853,229 | ||||||||
|
| |||||||
Cambodia-0.06% | ||||||||
NagaCorp.Ltd. | 148,291 | 171,102 | ||||||
|
| |||||||
Canada-5.77% | ||||||||
Aecon Group, Inc. | 22,784 | 250,813 | ||||||
Alamos Gold, Inc., Class A | 40,743 | 328,830 | ||||||
Allied Properties REIT | 11,834 | 379,656 | ||||||
Aphria, Inc.(a)(b) | 30,988 | 110,213 | ||||||
Artis REIT | 32,836 | 206,621 | ||||||
ATS Automation Tooling Systems, Inc.(b) | 10,769 | 160,106 | ||||||
Aurora Cannabis, Inc.(a)(b) | 61,068 | 44,846 | ||||||
B2Gold Corp. | 61,660 | 312,528 | ||||||
Baytex Energy Corp.(b) | 460,129 | 147,419 | ||||||
BlackBerry Ltd.(b) | 78,701 | 336,574 | ||||||
Boardwalk REIT | 8,718 | 166,897 | ||||||
Boyd Group Services, Inc. | 960 | 135,366 | ||||||
BRP, Inc. | 3,205 | 96,130 | ||||||
Canadian Western Bank | 18,701 | 296,615 | ||||||
Canfor Corp.(b) | 36,762 | 256,734 | ||||||
Canopy Growth Corp.(a)(b) | 15,681 | 250,634 | ||||||
Cascades, Inc. | 14,702 | 147,449 | ||||||
Centerra Gold, Inc. | 38,202 | 306,122 | ||||||
Chartwell Retirement Residences(a) | 31,746 | 204,334 | ||||||
Choice Properties REIT | 26,425 | 240,098 | ||||||
Cineplex, Inc. | 13,923 | 166,801 | ||||||
Cogeco Communications, Inc. | 1,815 | 134,477 | ||||||
Colliers International Group, Inc. | 2,633 | 144,811 | ||||||
Cominar REIT, Class U | 48,044 | 293,670 | ||||||
Corus Entertainment, Inc., Class B | 103,934 | 237,209 | ||||||
Descartes Systems Group, Inc. (The)(b) | 2,645 | 111,422 | ||||||
Dollarama, Inc. | 15,077 | 473,928 | ||||||
Dream Office REIT | 13,826 | 216,207 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
ECN Capital Corp. | 32,677 | $ | 92,929 | |||||
Eldorado Gold Corp.(b) | 30,788 | 294,148 | ||||||
Element Fleet Management Corp. | 42,841 | 316,770 | ||||||
Enerflex Ltd. | 38,938 | 147,179 | ||||||
Enerplus Corp. | 101,275 | 273,430 | ||||||
First Capital REIT | 29,505 | 304,832 | ||||||
FirstService Corp. | 1,447 | 125,380 | ||||||
Genworth MI Canada, Inc. | 7,037 | 173,879 | ||||||
Granite REIT | 5,759 | 263,705 | ||||||
Great Canadian Gaming Corp.(b) | 5,582 | 108,951 | ||||||
Home Capital Group, Inc.(b) | 13,335 | 178,862 | ||||||
Hudbay Minerals, Inc.(a) | 134,998 | 330,461 | ||||||
IAMGOLD Corp.(b) | 145,374 | 509,717 | ||||||
Innergex Renewable Energy, Inc. | 12,509 | 168,234 | ||||||
Ivanhoe Mines Ltd., Class A(b) | 46,068 | 96,849 | ||||||
Kelt Exploration Ltd.(b) | 41,608 | 47,930 | ||||||
Kirkland Lake Gold Ltd. | 6,465 | 267,825 | ||||||
Laurentian Bank of Canada | 13,878 | 310,643 | ||||||
Maple Leaf Foods, Inc. | 15,400 | 285,282 | ||||||
Martinrea International, Inc. | 29,752 | 180,146 | ||||||
Mullen Group Ltd. | 31,434 | 130,810 | ||||||
NFI Group, Inc. | 14,338 | 164,341 | ||||||
Norbord, Inc. | 13,886 | 225,743 | ||||||
North West Co., Inc. (The) | 12,456 | 235,856 | ||||||
Northland Power, Inc. | 14,239 | 306,216 | ||||||
Northview Apartment REIT(a) | 6,616 | 167,669 | ||||||
Osisko Gold Royalties Ltd. | 13,084 | 119,729 | ||||||
Pan American Silver Corp. | 10,437 | 222,424 | ||||||
Paramount Resources Ltd., Class A(a)(b) | 38,230 | 52,296 | ||||||
Pason Systems, Inc. | 15,870 | 86,494 | ||||||
PrairieSky Royalty Ltd. | 32,811 | 240,481 | ||||||
Premium Brands Holdings Corp. | 3,111 | 188,011 | ||||||
Pretium Resources, Inc.(b) | 17,467 | 133,680 | ||||||
Quebecor, Inc., Class B | 13,738 | 299,794 | ||||||
Ritchie Bros. Auctioneers, Inc. | 7,824 | 337,475 | ||||||
Russel Metals, Inc. | 22,295 | 242,060 | ||||||
Secure Energy Services, Inc.(b) | 66,192 | 59,570 | ||||||
SEMAFO, Inc.(b) | 70,305 | 177,161 | ||||||
ShawCor Ltd. | 20,064 | 29,469 | ||||||
Shopify, Inc., Class A(b) | 494 | 313,973 | ||||||
SSR Mining, Inc.(b) | 11,282 | 198,112 | ||||||
Stantec, Inc. | 14,503 | 428,423 | ||||||
Stars Group, Inc. (The)(b) | 17,756 | 496,393 | ||||||
Stella-Jones, Inc. | 8,479 | 211,830 | ||||||
Superior Plus Corp.(a) | 46,116 | 328,036 | ||||||
TMX Group Ltd. | 6,030 | 523,530 | ||||||
TORC Oil & Gas Ltd.(b) | 54,836 | 44,218 | ||||||
Torex Gold Resources, Inc.(b) | 8,979 | 128,064 | ||||||
Toromont Industries Ltd. | 7,328 | 345,046 | ||||||
TransAlta Renewables, Inc. | 10,085 | 109,204 | ||||||
Transcontinental, Inc., Class A | 23,960 | 217,528 | ||||||
Westshore Terminals Investment Corp.(a) | 13,582 | 145,897 | ||||||
Winpak Ltd. | 4,637 | 154,739 | ||||||
|
| |||||||
17,697,934 | ||||||||
|
| |||||||
China-1.28% | ||||||||
Asia Cement China Holdings Corp. | 95,183 | 107,930 | ||||||
Budweiser Brewing Co. APAC Ltd.(b)(d) | 79,648 | 214,153 | ||||||
CapitaLand Retail China Trust | 136,703 | 129,374 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
China Harmony New Energy Auto Holding Ltd. | 269,395 | $ | 135,422 | |||||
China Travel International Investment Hong Kong Ltd. | 822,747 | 116,285 | ||||||
CITIC Telecom International Holdings Ltd. | 328,712 | 121,326 | ||||||
FIH Mobile Ltd.(b) | 1,454,704 | 164,280 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 906,943 | 142,957 | ||||||
Minth Group Ltd. | 115,191 | 270,707 | ||||||
MMG Ltd.(b) | 1,378,716 | 240,183 | ||||||
Nexteer Automotive Group Ltd. | 285,553 | 147,261 | ||||||
Noble Group Ltd.(b)(c) | 760,360 | 10,938 | ||||||
Road King Infrastructure Ltd. | 50,276 | 77,434 | ||||||
Shui On Land Ltd. | 461,472 | 81,306 | ||||||
SITC International Holdings Co. Ltd. | 136,341 | 133,688 | ||||||
Sun Art Retail Group Ltd. | 353,675 | 584,792 | ||||||
Tingyi Cayman Islands Holding Corp. | 294,132 | 520,551 | ||||||
Uni-President China Holdings Ltd. | 156,792 | 155,607 | ||||||
Xinyi Glass Holdings Ltd. | 351,776 | 402,967 | ||||||
Xinyi Solar Holdings Ltd. | 241,930 | 154,387 | ||||||
|
| |||||||
3,911,548 | ||||||||
|
| |||||||
Colombia-0.08% | ||||||||
Parex Resources, Inc.(b) | 21,494 | 236,148 | ||||||
|
| |||||||
Denmark-1.48% | ||||||||
Alm Brand A/S | 13,490 | 105,770 | ||||||
Chr. Hansen Holding A/S | 5,824 | 501,791 | ||||||
D/S Norden A/S(b) | 11,279 | 158,818 | ||||||
Demant A/S(a)(b) | 6,746 | 161,205 | ||||||
Dfds A/S(b) | 7,122 | 180,281 | ||||||
Drilling Co. of 1972 A/S (The)(b) | 6,911 | 162,662 | ||||||
FLSmidth & Co. A/S(b) | 15,720 | 413,967 | ||||||
Genmab A/S(b) | 890 | 213,985 | ||||||
GN Store Nord A/S | 5,525 | 252,536 | ||||||
H Lundbeck A/S | 6,351 | 231,356 | ||||||
NKT A/S(b) | 8,405 | 188,200 | ||||||
Ringkjoebing Landbobank A/S | 2,952 | 184,645 | ||||||
Rockwool International A/S, Class B | 834 | 175,111 | ||||||
Royal Unibrew A/S(b) | 3,566 | 275,933 | ||||||
Scandinavian Tobacco Group A/S(d) | 16,461 | 189,730 | ||||||
Schouw & Co. A/S | 1,300 | 93,244 | ||||||
SimCorp.A/S | 1,497 | 138,476 | ||||||
Sydbank A/S | 13,803 | 229,623 | ||||||
Topdanmark A/S | 5,954 | 240,410 | ||||||
Tryg A/S | 16,780 | 444,221 | ||||||
|
| |||||||
4,541,964 | ||||||||
|
| |||||||
Egypt-0.13% | ||||||||
Centamin PLC | 207,182 | 399,396 | ||||||
|
| |||||||
Faroe Islands-0.05% | ||||||||
Bakkafrost P/F | 3,065 | 151,907 | ||||||
|
| |||||||
Finland-0.81% | ||||||||
Cargotec OYJ, Class B | 16,014 | 349,575 | ||||||
Citycon OYJ(a) | 11,739 | 77,532 | ||||||
Finnair OYJ(b) | 15,789 | 62,984 | ||||||
Kemira OYJ | 26,278 | 316,317 | ||||||
Kojamo OYJ | 7,924 | 142,338 | ||||||
Metsa Board OYJ(a) | 44,849 | 312,423 | ||||||
Outotec OYJ | 22,942 | 95,739 | ||||||
Sanoma OYJ | 10,879 | 98,424 | ||||||
TietoEVRY OYJ | 13,659 | 332,726 |
Shares | Value | |||||||
Finland-(continued) | ||||||||
Uponor OYJ | 8,765 | $ | 98,499 | |||||
Valmet OYJ | 21,225 | 485,878 | ||||||
YIT OYJ | 22,870 | 125,248 | ||||||
|
| |||||||
2,497,683 | ||||||||
|
| |||||||
France-2.81% | ||||||||
Adevinta ASA, Class B(b) | 8,336 | �� | 69,130 | |||||
Akka Technologies | 1,725 | 55,265 | ||||||
Albioma S.A. | 3,829 | 127,075 | ||||||
ALD S.A.(d) | 9,303 | 90,687 | ||||||
Alten S.A. | 2,905 | 209,047 | ||||||
Beneteau S.A. | 10,054 | 63,926 | ||||||
BioMerieux | 2,156 | 267,554 | ||||||
Carmila S.A. | 4,705 | 60,398 | ||||||
CGG S.A.(b) | 170,537 | 214,808 | ||||||
Cie Plastic Omnium S.A. | 19,499 | 370,762 | ||||||
Coface S.A.(b) | 16,838 | 98,853 | ||||||
Dassault Aviation S.A. | 322 | 262,752 | ||||||
Derichebourg S.A. | 31,806 | 89,531 | ||||||
Eramet(a) | 6,042 | 191,916 | ||||||
Europcar Mobility Group(a)(d) | 104,295 | 194,313 | ||||||
Fnac Darty S.A.(b) | 7,802 | 251,409 | ||||||
Gaztransport Et Technigaz S.A. | 1,608 | 116,594 | ||||||
Iliad S.A. | 3,504 | 521,959 | ||||||
Ipsen S.A. | 4,040 | 299,795 | ||||||
Ipsos | 6,316 | 121,755 | ||||||
JCDecaux S.A. | 13,862 | 287,263 | ||||||
Korian S.A. | 9,797 | 329,216 | ||||||
Maisons du Monde S.A.(d) | 16,444 | 148,502 | ||||||
Mercialys S.A. | 22,948 | 178,709 | ||||||
Mersen S.A. | 4,160 | 91,357 | ||||||
Metropole Television S.A. | 11,573 | 128,787 | ||||||
Nexans S.A. | 11,053 | 393,456 | ||||||
Nexity S.A. | 9,758 | 299,262 | ||||||
Quadient | 6,095 | 84,116 | ||||||
Rallye S.A. | 12,733 | 108,643 | ||||||
Remy Cointreau S.A.(a) | 2,499 | 278,642 | ||||||
Sartorius Stedim Biotech | 508 | 121,854 | ||||||
SMCP S.A.(a)(b)(d) | 12,939 | 60,940 | ||||||
Societe BIC S.A. | 8,597 | 430,136 | ||||||
Sopra Steria Group | 2,599 | 307,727 | ||||||
Tarkett S.A. | 10,527 | 104,233 | ||||||
Television Francaise 1 | 46,236 | 226,472 | ||||||
Trigano S.A. | 1,545 | 113,972 | ||||||
Ubisoft Entertainment S.A.(b) | 6,675 | 496,572 | ||||||
Vallourec S.A.(a)(b) | 182,453 | 216,927 | ||||||
Vicat S.A. | 2,478 | 69,482 | ||||||
Virbac S.A.(b) | 393 | 77,482 | ||||||
Worldline S.A.(b)(d) | 5,702 | 387,090 | ||||||
|
| |||||||
8,618,369 | ||||||||
|
| |||||||
Georgia-0.02% | ||||||||
Bank of Georgia Group PLC | 5,887 | 73,959 | ||||||
|
| |||||||
Germany-4.19% | ||||||||
1&1 Drillisch AG(a) | 12,244 | 284,846 | ||||||
ADO Properties S.A.(a)(d) | 5,814 | 163,023 | ||||||
alstria office REIT-AG | 19,711 | 295,128 | ||||||
Bechtle AG | 2,248 | 325,507 | ||||||
Bilfinger SE(a) | 11,228 | 211,157 | ||||||
CANCOM SE. | 3,176 | 161,828 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Germany-(continued) | ||||||||
Carl Zeiss Meditec AG, BR | 1,401 | $ | 138,030 | |||||
CECONOMY AG(b) | 82,789 | 211,282 | ||||||
CTS Eventim AG& Co. KGaA | 3,616 | 150,265 | ||||||
Delivery Hero SE(b)(d) | 1,850 | 156,025 | ||||||
Deutsche EuroShop AG | 13,540 | 195,168 | ||||||
Deutz AG | 53,594 | 206,277 | ||||||
DIC Asset AG | 7,460 | 98,705 | ||||||
Draegerwerk AG& Co. KGaA, Preference Shares(a) | 2,967 | 247,956 | ||||||
Duerr AG(a) | 16,816 | 392,684 | ||||||
DWS Group GmbH & Co. KGaA(d) | 7,707 | 243,959 | ||||||
ElringKlinger AG(b) | 12,652 | 68,942 | ||||||
Encavis AG | 9,507 | 116,834 | ||||||
Evotec SE(b) | 3,739 | 92,432 | ||||||
Fielmann AG | 2,597 | 169,958 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a) | 7,807 | 342,382 | ||||||
Gerresheimer AG | 5,232 | 417,475 | ||||||
Grand City Properties S.A. | 16,171 | 338,301 | ||||||
GRENKE AG(a) | 1,678 | 117,626 | ||||||
Hamburger Hafen und Logistik AG | 5,322 | 86,738 | ||||||
Hapag-Lloyd AG(d) | 2,405 | 345,607 | ||||||
Heidelberger Druckmaschinen AG(a)(b) | 108,143 | 76,992 | ||||||
Hornbach Holding AG& Co. KGaA | 2,010 | 114,481 | ||||||
Jenoptik AG | 6,812 | 140,569 | ||||||
Jungheinrich AG, Preference Shares | 16,043 | 290,639 | ||||||
Kloeckner & Co. SE | 57,933 | 236,683 | ||||||
Koenig & Bauer AG | 6,371 | 131,050 | ||||||
Krones AG | 4,681 | 282,247 | ||||||
KWS Saat SE & Co. KGaA | 1,485 | 85,670 | ||||||
Leoni AG(b) | 29,838 | 205,404 | ||||||
Nordex SE(b) | 24,440 | 197,958 | ||||||
Norma Group SE | 8,321 | 209,075 | ||||||
PATRIZIA AG | 3,922 | 87,419 | ||||||
Pfeiffer Vacuum Technology AG | 788 | 129,982 | ||||||
Puma SE. | 4,704 | 295,638 | ||||||
Rational AG | 177 | 85,457 | ||||||
Rocket Internet SE(b)(d) | 10,576 | 222,758 | ||||||
Sartorius AG, Preference Shares | 734 | 206,454 | ||||||
Schaeffler AG, Preference Shares | 38,059 | 259,495 | ||||||
Scout24 AG(d) | 4,800 | 313,869 | ||||||
SGL Carbon SE(a)(b) | 21,386 | 66,173 | ||||||
Siltronic AG | 3,341 | 286,824 | ||||||
Sixt SE(a) | 2,495 | 168,475 | ||||||
Sixt SE, Preference Shares | 3,179 | 146,765 | ||||||
Software AG | 7,597 | 269,600 | ||||||
Stabilus S.A. | 3,043 | 130,187 | ||||||
Stroeer SE & Co. KGaA(a) | 2,153 | 136,421 | ||||||
Suedzucker AG | 26,260 | 347,164 | ||||||
TAG Immobilien AG | 16,850 | 368,193 | ||||||
TLG Immobilien AG | 3,949 | 69,768 | ||||||
Traton SE(b) | 16,785 | 253,046 | ||||||
Vossloh AG | 2,016 | 76,180 | ||||||
Wacker Chemie AG | 5,575 | 326,985 | ||||||
Wacker Neuson SE | 11,049 | 136,994 | ||||||
Washtec AG | 1,546 | 60,960 | ||||||
Wirecard AG(a) | 3,206 | 317,442 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Zalando SE(b)(d) | 8,576 | $ | 417,908 | |||||
zooplus AG(b) | 1,051 | 130,081 | ||||||
|
| |||||||
12,859,141 | ||||||||
|
| |||||||
Ghana-0.09% | ||||||||
Tullow Oil PLC(a) | 873,033 | 285,541 | ||||||
|
| |||||||
Guernsey-0.03% | ||||||||
Sirius Real Estate Ltd. | 115,404 | 102,623 | ||||||
|
| |||||||
Hong Kong-2.22% | ||||||||
ASM Pacific Technology Ltd. | 39,525 | 400,036 | ||||||
Bank of East Asia Ltd. (The) | 92,589 | 195,610 | ||||||
Brightoil Petroleum Holdings Ltd.(b)(c) | 160,687 | 0 | ||||||
Cafe de Coral Holdings Ltd. | 76,893 | 159,217 | ||||||
Cathay Pacific Airways Ltd.(a) | 223,384 | 264,810 | ||||||
Champion REIT | 421,496 | 246,722 | ||||||
Chow Sang Sang Holdings International Ltd. | 79,029 | 80,055 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 303,863 | 259,479 | ||||||
CK Infrastructure Holdings Ltd. | 62,223 | 369,474 | ||||||
Dah Sing Financial Holdings Ltd. | 26,836 | 88,272 | ||||||
Dairy Farm International Holdings Ltd. | 61,437 | 292,094 | ||||||
Fortune REIT | 201,711 | 186,149 | ||||||
Guotai Junan International Holdings Ltd. | 769,994 | 100,856 | ||||||
Haitong International Securities Group Ltd. | 936,018 | 218,761 | ||||||
Hang Lung Group Ltd. | 94,864 | 214,702 | ||||||
HKBN Ltd. | 62,204 | 106,672 | ||||||
Johnson Electric Holdings Ltd. | 60,449 | 100,354 | ||||||
Kerry Properties Ltd. | 149,510 | 403,853 | ||||||
Li & Fung Ltd. | 1,741,514 | 261,715 | ||||||
Luk Fook Holdings International Ltd. | 39,352 | 83,873 | ||||||
Man Wah Holdings Ltd. | 256,816 | 147,286 | ||||||
Mapletree North Asia Commercial Trust(d) | 417,840 | 278,492 | ||||||
Melco International Development Ltd. | 170,554 | 312,675 | ||||||
NWS Holdings Ltd. | 257,718 | 267,337 | ||||||
Pacific Basin Shipping Ltd. | 678,990 | 84,082 | ||||||
PCCW Ltd. | 501,220 | 306,352 | ||||||
Sa Sa International Holdings Ltd.(a) | 482,122 | 89,694 | ||||||
Shangri-La Asia Ltd. | 321,792 | 264,218 | ||||||
Shun Tak Holdings Ltd. | 686,040 | 235,291 | ||||||
Truly International Holdings Ltd.(b) | 818,940 | 90,848 | ||||||
Value Partners Group Ltd. | 226,730 | 91,249 | ||||||
Vitasoy International Holdings Ltd. | 49,073 | 174,078 | ||||||
VTech Holdings Ltd. | 34,267 | 257,641 | ||||||
Yue Yuen Industrial Holdings Ltd. | 119,626 | 187,902 | ||||||
|
| |||||||
6,819,849 | ||||||||
|
| |||||||
India-0.06% | ||||||||
Rhi Magnesita N.V. | 5,451 | 167,903 | ||||||
|
| |||||||
Indonesia-0.15% | ||||||||
First Pacific Co. Ltd. | 363,941 | 75,583 | ||||||
Golden Agri-Resources Ltd. | 3,429,077 | 380,007 | ||||||
|
| |||||||
455,590 | ||||||||
|
| |||||||
Ireland-0.43% | ||||||||
C&C Group PLC | 52,844 | 129,977 | ||||||
Cairn Homes PLC | 87,989 | 81,725 | ||||||
Dalata Hotel Group PLC | 28,369 | 92,285 | ||||||
Glanbia PLC | 35,294 | 374,205 | ||||||
Greencore Group PLC | 119,423 | 274,456 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Ireland-(continued) | ||||||||
Hibernia REIT PLC | 110,948 | $ | 143,395 | |||||
UDG Healthcare PLC | 28,600 | 226,549 | ||||||
|
| |||||||
1,322,592 | ||||||||
|
| |||||||
Israel-1.73% | ||||||||
Airport City Ltd.(b) | 8,106 | 124,011 | ||||||
Alony Hetz Properties & Investments Ltd. | 10,101 | 122,752 | ||||||
Amot Investments Ltd. | 12,009 | 67,814 | ||||||
Azrieli Group Ltd. | 3,458 | 206,330 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(b) | 499,194 | 358,262 | ||||||
Cellcom Israel Ltd.(b) | 30,656 | 113,760 | ||||||
Clal Insurance Enterprises Holdings Ltd.(b) | 17,648 | 176,434 | ||||||
Delek Group Ltd. | 2,972 | 137,002 | ||||||
Elbit Systems Ltd. | 2,368 | 323,725 | ||||||
First International Bank of Israel Ltd. | 10,251 | 255,647 | ||||||
Gazit-Globe Ltd. | 16,757 | 124,559 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 40,466 | 261,005 | ||||||
Israel Corp. Ltd. (The)(b) | 971 | 125,890 | ||||||
Melisron Ltd. | 1,890 | 76,724 | ||||||
Mivne Real Estate KD Ltd.(b) | 35,556 | 76,922 | ||||||
Mizrahi Tefahot Bank Ltd. | 17,813 | 368,177 | ||||||
Nice Ltd.(b) | 2,432 | 402,604 | ||||||
Oil Refineries Ltd. | 529,001 | 147,321 | ||||||
Partner Communications Co. Ltd.(b) | 24,730 | 108,656 | ||||||
Paz Oil Co. Ltd. | 1,938 | 170,360 | ||||||
Phoenix Holdings Ltd. (The) | 31,235 | 164,543 | ||||||
Plus500 Ltd. | 32,989 | 520,342 | ||||||
Reit 1 Ltd. | 18,268 | 91,579 | ||||||
Shikun & Binui Ltd. | 28,201 | 118,218 | ||||||
Shufersal Ltd. | 28,312 | 182,553 | ||||||
Strauss Group Ltd. | 3,232 | 92,000 | ||||||
Tower Semiconductor Ltd.(b) | 20,257 | 398,848 | ||||||
|
| |||||||
5,316,038 | ||||||||
|
| |||||||
Italy-2.59% | ||||||||
ACEA S.p.A. | 9,380 | 156,677 | ||||||
Amplifon S.p.A. | 5,018 | 114,926 | ||||||
Anima Holding S.p.A.(d) | 64,943 | 229,614 | ||||||
ASTM S.p.A. | 12,823 | 250,002 | ||||||
Autogrill S.p.A. | 40,509 | 209,247 | ||||||
Azimut Holding S.p.A. | 22,146 | 376,582 | ||||||
Banca Farmafactoring S.p.A.(d) | 28,387 | 146,600 | ||||||
Banca Generali S.p.A. | 8,464 | 210,072 | ||||||
Banca IFIS S.p.A. | 13,707 | 133,994 | ||||||
Banca Mediolanum S.p.A. | 54,633 | 333,306 | ||||||
Banca Popolare di Sondrio SCPA | 61,071 | 96,791 | ||||||
Buzzi Unicem S.p.A. | 12,681 | 248,414 | ||||||
Buzzi Unicem S.p.A., RSP | 7,536 | 78,745 | ||||||
Cairo Communication S.p.A. | 33,668 | 60,773 | ||||||
Cerved Group S.p.A. | 27,659 | 188,283 | ||||||
Danieli & C. Officine Meccaniche S.p.A. | 2,646 | 33,503 | ||||||
Danieli & C. Officine Meccaniche S.p.A., RSP | 9,117 | 67,604 | ||||||
Davide Campari-Milano S.p.A.(a) | 35,183 | 272,449 | ||||||
De Longhi S.p.A. | 14,813 | 267,545 | ||||||
DiaSorin S.p.A. | 1,061 | 180,476 | ||||||
Enav S.p.A.(d) | 35,267 | 157,988 | ||||||
ERG S.p.A. | 11,132 | 199,963 | ||||||
Fincantieri S.p.A.(a) | 196,790 | 152,174 | ||||||
Freni Brembo S.p.A.(a) | 27,183 | 231,192 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
IMA Industria Macchine Automatiche S.p.A.(a) | 2,781 | $ | 189,463 | |||||
Infrastrutture Wireless Italiane S.p.A.(d) | 17,243 | 182,347 | ||||||
Interpump Group S.p.A. | 7,067 | 205,742 | ||||||
Iren S.p.A. | 158,183 | 389,830 | ||||||
Maire Tecnimont S.p.A.(a)(b) | 60,817 | 117,905 | ||||||
Mediaset S.p.A.(a)(b) | 130,601 | 265,353 | ||||||
Moncler S.p.A. | 9,134 | 343,153 | ||||||
Nexi S.p.A.(b)(d) | 7,516 | 113,811 | ||||||
OVS S.p.A.(a)(b)(d) | 141,184 | 121,237 | ||||||
Piaggio & C S.p.A. | 50,680 | 116,015 | ||||||
PRADA S.p.A. | 71,065 | 230,089 | ||||||
Recordati S.p.A. | 7,959 | 345,823 | ||||||
Reply S.p.A. | 1,411 | 98,601 | ||||||
Salini Impregilo S.p.A.(b) | 128,438 | 189,915 | ||||||
Salvatore Ferragamo S.p.A.(a) | 12,067 | 149,220 | ||||||
Societa Cattolica di Assicurazioni SC | 53,587 | 295,523 | ||||||
Technogym S.p.A.(d) | 7,866 | 57,983 | ||||||
Tods S.p.A.(a) | 4,552 | 139,303 | ||||||
|
| |||||||
7,948,233 | ||||||||
|
| |||||||
Ivory Coast-0.04% | ||||||||
Endeavour Mining Corp.(b) | 6,914 | 124,745 | ||||||
|
| |||||||
Japan-34.86% | ||||||||
77 Bank Ltd. (The) | 15,618 | 209,283 | ||||||
ABC-Mart, Inc. | 3,558 | 182,437 | ||||||
Acom Co. Ltd. | 38,235 | 155,649 | ||||||
Adastria Co. Ltd. | 8,517 | 120,342 | ||||||
ADEKA Corp. | 19,200 | 243,030 | ||||||
Advantest Corp. | 10,364 | 505,820 | ||||||
Aeon Delight Co. Ltd. | 3,253 | 93,579 | ||||||
Aeon Mall Co. Ltd. | 28,543 | 361,874 | ||||||
Aica Kogyo Co. Ltd. | 9,141 | 266,342 | ||||||
Aida Engineering Ltd. | 11,985 | 82,901 | ||||||
Aiful Corp.(b) | 54,299 | 120,325 | ||||||
Ain Holdings, Inc.(a) | 4,183 | 235,030 | ||||||
Akebono Brake Industry Co. Ltd.(b) | 56,195 | 104,759 | ||||||
Alpen Co. Ltd. | 6,389 | 98,646 | ||||||
Amano Corp. | 10,220 | 210,115 | ||||||
Anritsu Corp.(a) | 11,753 | 238,947 | ||||||
AOKI Holdings, Inc. | 9,570 | 58,846 | ||||||
Aoyama Trading Co. Ltd. | 36,006 | 307,670 | ||||||
Arata Corp. | 4,313 | 179,092 | ||||||
Arcs Co. Ltd. | 10,805 | 203,700 | ||||||
Ariake Japan Co. Ltd. | 1,728 | 100,409 | ||||||
Asahi Holdings, Inc. | 7,929 | 180,933 | ||||||
Asahi Intecc Co. Ltd. | 4,141 | 110,272 | ||||||
Asics Corp. | 44,571 | 426,358 | ||||||
ASKUL Corp. | 3,764 | 106,878 | ||||||
Autobacs Seven Co. Ltd. | 18,831 | 221,873 | ||||||
Avex, Inc. | 13,744 | 104,856 | ||||||
Awa Bank Ltd. (The) | 5,032 | 109,871 | ||||||
Azbil Corp. | 17,659 | 467,108 | ||||||
Bank of Kyoto Ltd. (The)(a) | 13,405 | 461,407 | ||||||
Benesse Holdings, Inc. | 18,007 | 513,547 | ||||||
Bic Camera, Inc. | 50,474 | 470,093 | ||||||
BML, Inc. | 3,447 | 88,886 | ||||||
Bunka Shutter Co. Ltd. | 13,015 | 95,537 | ||||||
Calbee, Inc. | 10,355 | 314,712 | ||||||
Canon Electronics, Inc. | 5,206 | 76,935 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Canon Marketing Japan, Inc. | 10,883 | $ | 211,777 | |||||
Capcom Co. Ltd. | 5,222 | 159,737 | ||||||
Central Glass Co. Ltd. | 8,969 | 154,326 | ||||||
Chiyoda Corp.(a)(b) | 57,878 | 131,685 | ||||||
Chudenko Corp.(a) | 4,956 | 100,878 | ||||||
Chugoku Bank Ltd. (The) | 20,678 | 191,171 | ||||||
Chugoku Marine Paints Ltd. | 10,574 | 80,946 | ||||||
Citizen Watch Co. Ltd.(a) | 130,568 | 463,065 | ||||||
CKD Corp. | 9,123 | 153,900 | ||||||
CMK Corp.(b) | 17,502 | 67,990 | ||||||
cocokara fine, Inc. | 6,107 | 288,667 | ||||||
Colowide Co. Ltd. | 8,199 | 113,881 | ||||||
COMSYS Holdings Corp. | 21,523 | 598,992 | ||||||
CONEXIO Corp. | 6,917 | 93,911 | ||||||
Cosmo Energy Holdings Co. Ltd. | 30,239 | 457,127 | ||||||
Cosmos Pharmaceutical Corp. | 1,101 | 295,025 | ||||||
Create SD Holdings Co. Ltd. | 4,041 | 115,824 | ||||||
CyberAgent, Inc. | 8,717 | 367,781 | ||||||
Daibiru Corp. | 7,635 | 70,754 | ||||||
Daido Metal Co. Ltd. | 14,300 | 71,673 | ||||||
Daido Steel Co. Ltd. | 9,866 | 328,971 | ||||||
Daifuku Co. Ltd. | 7,685 | 537,173 | ||||||
Daihen Corp. | 4,516 | 129,726 | ||||||
Daiho Corp. | 5,409 | 113,850 | ||||||
Daiichikosho Co. Ltd. | 7,123 | 215,408 | ||||||
Daio Paper Corp. | 17,634 | 243,068 | ||||||
Daiseki Co. Ltd. | 4,875 | 108,133 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 5,390 | 117,386 | ||||||
Daiwabo Holdings Co. Ltd. | 9,434 | 585,756 | ||||||
DCM Holdings Co. Ltd. | 32,205 | 317,184 | ||||||
DeNA Co. Ltd. | 23,216 | 286,208 | ||||||
Descente Ltd.(b) | 7,383 | 98,834 | ||||||
Dexerials Corp. | 14,519 | 95,772 | ||||||
Disco Corp. | 2,181 | 491,647 | ||||||
DMG Mori Co. Ltd. | 26,429 | 273,090 | ||||||
Doutor Nichires Holdings Co. Ltd. | 6,248 | 95,595 | ||||||
Dowa Holdings Co. Ltd. | 15,907 | 444,479 | ||||||
DTS Corp. | 5,961 | 114,614 | ||||||
Duskin Co. Ltd. | 7,014 | 182,204 | ||||||
DyDo Group Holdings, Inc.(a) | 3,708 | 146,688 | ||||||
Eagle Industry Co. Ltd. | 11,231 | 71,285 | ||||||
Earth Corp. | 2,361 | 137,396 | ||||||
EDION Corp. | 31,254 | 273,042 | ||||||
Eizo Corp. | 3,930 | 118,705 | ||||||
Exedy Corp. | 11,265 | 182,688 | ||||||
Ezaki Glico Co. Ltd. | 9,733 | 426,343 | ||||||
Fancl Corp. | 3,626 | 87,353 | ||||||
FCC Co. Ltd. | 10,874 | 155,823 | ||||||
Foster Electric Co. Ltd. | 8,638 | 94,396 | ||||||
FP Corp. | 2,884 | 217,330 | ||||||
Fuji Corp.(a) | 15,531 | 261,344 | ||||||
Fuji Media Holdings, Inc. | 20,189 | 202,160 | ||||||
Fuji Oil Holdings, Inc.(a) | 9,661 | 224,528 | ||||||
Fuji Seal International, Inc. | 9,147 | 159,913 | ||||||
Fuji Soft, Inc. | 4,225 | 149,805 | ||||||
Fujitec Co. Ltd. | 13,482 | 194,033 | ||||||
Fujitsu General Ltd. | 9,327 | 155,355 | ||||||
Fukuyama Transporting Co. Ltd. | 3,052 | 106,885 | ||||||
Furukawa Co. Ltd. | 7,491 | 77,243 | ||||||
Futaba Industrial Co. Ltd. | 22,846 | 109,199 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Fuyo General Lease Co. Ltd. | 2,776 | $ | 139,350 | |||||
Geo Holdings Corp. | 14,840 | 195,649 | ||||||
Glory Ltd. | 10,333 | 233,968 | ||||||
GMO internet, Inc.(a) | 7,436 | 163,045 | ||||||
Godo Steel Ltd. | 3,868 | 73,551 | ||||||
Gree, Inc. | 24,037 | 95,163 | ||||||
GS Yuasa Corp. | 25,092 | 358,898 | ||||||
GungHo Online Entertainment, Inc. | 8,726 | 135,809 | ||||||
Gunma Bank Ltd. (The) | 94,370 | 303,319 | ||||||
Gunze Ltd. | 3,572 | 121,816 | ||||||
H.I.S. Co. Ltd. | 10,826 | 144,761 | ||||||
H2O Retailing Corp.(a) | 32,416 | 255,569 | ||||||
Hachijuni Bank Ltd. (The) | 87,161 | 312,025 | ||||||
Hamakyorex Co. Ltd. | 3,445 | 94,679 | ||||||
Hamamatsu Photonics K.K | 8,484 | 373,005 | ||||||
Hanwa Co. Ltd. | 13,942 | 223,872 | ||||||
Hazama Ando Corp. | 64,589 | 406,032 | ||||||
Heiwa Corp. | 13,892 | 235,497 | ||||||
Heiwa Real Estate Co. Ltd. | 5,099 | 137,941 | ||||||
Heiwado Co. Ltd. | 7,086 | 121,075 | ||||||
Hikari Tsushin, Inc. | 1,994 | 388,446 | ||||||
Hirata Corp. | 2,074 | 100,641 | ||||||
Hiroshima Bank Ltd. (The) | 36,073 | 150,394 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 9,185 | 432,965 | ||||||
Hitachi Capital Corp. | 9,224 | 179,964 | ||||||
Hitachi Chemical Co. Ltd. | 3,453 | 148,472 | ||||||
Hitachi Transport System Ltd. | 11,034 | 270,767 | ||||||
Hitachi Zosen Corp. | 89,373 | 298,576 | ||||||
Hogy Medical Co. Ltd. | 3,658 | 114,213 | ||||||
Hokkaido Electric Power Co., Inc. | 70,135 | 269,296 | ||||||
Hokkoku Bank Ltd. (The) | 4,393 | 130,715 | ||||||
Hokuetsu Corp. | 27,932 | 110,633 | ||||||
Hokuhoku Financial Group, Inc. | 21,045 | 171,487 | ||||||
Hokuriku Electric Power Co. | 57,788 | 390,654 | ||||||
Hokuto Corp. | 4,933 | 88,594 | ||||||
Horiba Ltd. | 6,232 | 332,663 | ||||||
Hoshizaki Corp. | 4,542 | 348,054 | ||||||
Hosiden Corp. | 19,396 | 167,244 | ||||||
House Foods Group, Inc. | 12,164 | 383,100 | ||||||
Hulic Co. Ltd. | 42,273 | 418,371 | ||||||
Ibiden Co. Ltd. | 20,894 | 537,959 | ||||||
Idec Corp. | 5,479 | 80,684 | ||||||
IDOM Inc. | 19,876 | 80,454 | ||||||
Inaba Denki Sangyo Co. Ltd. | 11,316 | 242,156 | ||||||
Inabata & Co. Ltd. | 8,768 | 98,298 | ||||||
Internet Initiative Japan, Inc. | 4,724 | 163,370 | ||||||
IRISO Electronics Co. Ltd. | 2,724 | 76,250 | ||||||
Ishihara Sangyo Kaisha Ltd. | 20,348 | 122,195 | ||||||
Ito En Ltd.(a) | 7,537 | 418,938 | ||||||
Itochu Enex Co. Ltd. | 10,398 | 77,387 | ||||||
Itochu Techno-Solutions Corp. | 9,926 | 303,682 | ||||||
Itoham Yonekyu Holdings, Inc. | 23,040 | 134,283 | ||||||
Iwatani Corp.(a) | 8,058 | 276,186 | ||||||
Iyo Bank Ltd. (The) | 36,960 | 198,604 | ||||||
Izumi Co. Ltd. | 13,455 | 397,181 | ||||||
Jaccs Co. Ltd. | 7,818 | 130,643 | ||||||
Jafco Co. Ltd. | 6,145 | 199,080 | ||||||
Japan Airport Terminal Co. Ltd. | 5,022 | 205,987 | ||||||
Japan Aviation Electronics Industry Ltd. | 11,760 | 153,708 | ||||||
Japan Display, Inc.(b) | 526,391 | 213,194 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Japan Lifeline Co. Ltd. | 6,744 | $ | 79,760 | |||||
Japan Petroleum Exploration Co. Ltd. | 13,096 | 226,925 | ||||||
Japan Steel Works Ltd. (The) | 18,627 | 229,670 | ||||||
Japan Wool Textile Co. Ltd. (The) | 10,958 | 96,623 | ||||||
Jeol Ltd. | 3,449 | 102,557 | ||||||
Juki Corp. | 14,874 | 82,126 | ||||||
JVCKenwood Corp. | 128,010 | 205,466 | ||||||
Kadokawa Corp. | 10,250 | 148,792 | ||||||
Kaga Electronics Co. Ltd. | 6,967 | 127,098 | ||||||
Kagome Co. Ltd. | 10,774 | 275,287 | ||||||
Kakaku.com, Inc. | 5,913 | 120,552 | ||||||
Kaken Pharmaceutical Co. Ltd. | 5,030 | 275,905 | ||||||
Kamigumi Co. Ltd. | 21,969 | 388,142 | ||||||
Kanamoto Co. Ltd.(a) | 10,341 | 201,721 | ||||||
Kandenko Co. Ltd. | 34,294 | 288,707 | ||||||
Kanematsu Corp. | 18,212 | 181,068 | ||||||
Kansai Mirai Financial Group, Inc. | 20,561 | 69,718 | ||||||
Kansai Paint Co. Ltd. | 22,372 | 428,835 | ||||||
Kanto Denka Kogyo Co. Ltd. | 9,520 | 76,347 | ||||||
Keihan Holdings Co. Ltd. | 12,412 | 560,064 | ||||||
Keihin Corp. | 13,700 | 327,591 | ||||||
Kenedix, Inc. | 21,726 | 99,054 | ||||||
KH Neochem Co. Ltd. | 7,340 | 128,308 | ||||||
Kinden Corp. | 27,238 | 442,310 | ||||||
Kintetsu World Express, Inc. | 14,343 | 209,994 | ||||||
Kissei Pharmaceutical Co. Ltd. | 5,572 | 132,581 | ||||||
Kitz Corp. | 13,715 | 84,821 | ||||||
Kiyo Bank Ltd. (The) | 7,964 | 118,452 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 3,878 | 358,885 | ||||||
Koei Tecmo Holdings Co. Ltd. | 4,513 | 119,618 | ||||||
Kohnan Shoji Co. Ltd. | 7,780 | 181,904 | ||||||
KOKUYO Co. Ltd. | 15,986 | 196,025 | ||||||
Komeri Co. Ltd. | 10,555 | 206,002 | ||||||
Konami Holdings Corp.(a) | 11,701 | 369,467 | ||||||
Konoike Transport Co. Ltd. | 7,107 | 77,169 | ||||||
Kose Corp. | 2,253 | 281,352 | ||||||
Kumagai Gumi Co. Ltd. | 11,926 | 262,603 | ||||||
Kumiai Chemical Industry Co. Ltd.(a) | 13,986 | 112,917 | ||||||
Kureha Corp. | 5,165 | 209,953 | ||||||
Kurita Water Industries Ltd. | 18,616 | 523,316 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 1,784 | 140,304 | ||||||
KYB Corp.(b) | 10,530 | 210,947 | ||||||
Kyoei Steel Ltd. | 8,742 | 112,023 | ||||||
KYORIN Holdings, Inc. | 8,983 | 188,506 | ||||||
Kyoritsu Maintenance Co. Ltd. | 3,747 | 92,470 | ||||||
Kyowa Exeo Corp. | 21,571 | 529,270 | ||||||
Kyudenko Corp. | 10,667 | 299,294 | ||||||
Kyushu Financial Group, Inc. | 81,581 | 344,218 | ||||||
Leopalace21 Corp.(b) | 128,945 | 287,146 | ||||||
LINE Corp.(b) | 1,884 | 93,262 | ||||||
Lintec Corp. | 11,564 | 249,204 | ||||||
Lion Corp. | 27,685 | 580,618 | ||||||
LIXIL VIVA Corp. | 5,664 | 97,103 | ||||||
M3, Inc. | 6,143 | 221,719 | ||||||
Mabuchi Motor Co. Ltd. | 10,778 | 336,164 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 16,363 | 224,135 | ||||||
Maeda Corp. | 45,411 | 367,439 | ||||||
Maeda Road Construction Co. Ltd. | 6,297 | 117,254 | ||||||
Makino Milling Machine Co. Ltd. | 7,610 | 218,945 | ||||||
Mandom Corp. | 5,683 | 110,296 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Maruha Nichiro Corp. | 19,440 | $ | 409,285 | |||||
Maruichi Steel Tube Ltd. | 12,928 | 292,704 | ||||||
Matsui Securities Co. Ltd.(a) | 16,047 | 117,744 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 14,535 | 504,277 | ||||||
Max Co. Ltd. | 7,190 | 107,595 | ||||||
Maxell Holdings Ltd. | 15,797 | 146,405 | ||||||
MCJ Co. Ltd. | 14,373 | 95,721 | ||||||
Mebuki Financial Group, Inc. | 234,647 | 495,538 | ||||||
Megmilk Snow Brand Co. Ltd. | 13,212 | 301,853 | ||||||
Meidensha Corp. | 15,069 | 235,317 | ||||||
Meitec Corp. | 3,454 | 153,120 | ||||||
Miraca Holdings, Inc. | 16,399 | 411,783 | ||||||
Mirait Holdings Corp. | 19,681 | 256,989 | ||||||
MISUMI Group, Inc. | 22,884 | 549,908 | ||||||
Mitsubishi Logisnext Co. Ltd. | 14,899 | 140,588 | ||||||
Mitsubishi Logistics Corp. | 14,708 | 326,047 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 7,560 | 103,081 | ||||||
Miura Co. Ltd. | 6,159 | 253,112 | ||||||
Mizuho Leasing Co. Ltd. | 5,292 | 102,543 | ||||||
Mizuno Corp. | 4,565 | 79,727 | ||||||
Mochida Pharmaceutical Co. Ltd. | 4,056 | 158,473 | ||||||
Modec, Inc. | 7,204 | 103,129 | ||||||
Monex Group, Inc.(a) | 52,049 | 102,691 | ||||||
Morinaga & Co. Ltd. | 5,357 | 220,437 | ||||||
Morinaga Milk Industry Co. Ltd. | 13,308 | 516,481 | ||||||
MOS Food Services, Inc. | 3,149 | 79,651 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 15,590 | 127,609 | ||||||
Nabtesco Corp. | 18,084 | 521,261 | ||||||
Nachi-Fujikoshi Corp. | 5,541 | 161,659 | ||||||
Nagase & Co. Ltd. | 13,328 | 161,374 | ||||||
Nankai Electric Railway Co. Ltd. | 16,263 | 364,019 | ||||||
Nanto Bank Ltd. (The) | 4,407 | 92,604 | ||||||
NEC Networks & System Integration Corp. | 4,332 | 187,189 | ||||||
NET One Systems Co. Ltd. | 10,119 | 292,152 | ||||||
Nexon Co. Ltd. | 25,180 | 408,708 | ||||||
NHK Spring Co. Ltd. | 40,047 | 264,569 | ||||||
Nichias Corp. | 12,230 | 247,554 | ||||||
Nichicon Corp. | 18,299 | 121,187 | ||||||
Nichiha Corp. | 6,931 | 128,159 | ||||||
NichiiGakkan Co. Ltd. | 12,372 | 125,579 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 16,633 | 216,501 | ||||||
Nichirei Corp. | 20,946 | 524,018 | ||||||
Nifco, Inc. | 16,697 | 324,384 | ||||||
Nihon Kohden Corp. | 8,911 | 319,958 | ||||||
Nihon M&A Center, Inc. | 2,703 | 89,197 | ||||||
Nihon Parkerizing Co. Ltd. | 15,293 | 158,028 | ||||||
Nihon Unisys Ltd. | 7,078 | 205,361 | ||||||
Nikkiso Co. Ltd. | 18,658 | 146,611 | ||||||
Nikkon Holdings Co. Ltd. | 9,109 | 177,783 | ||||||
Nippo Corp. | 13,059 | 295,142 | ||||||
Nippon Chemi-Con Corp. | 9,486 | 108,426 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 5,190 | 102,747 | ||||||
Nippon Flour Mills Co. Ltd. | 7,521 | 118,841 | ||||||
Nippon Gas Co. Ltd. | 6,581 | 217,859 | ||||||
Nippon Kayaku Co. Ltd. | 34,257 | 332,679 | ||||||
Nippon Koei Co. Ltd. | 4,041 | 116,973 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 221,702 | 353,779 | ||||||
Nippon Sheet Glass Co. Ltd.(b) | 64,110 | 205,959 | ||||||
Nippon Shinyaku Co. Ltd. | 2,582 | 181,790 | ||||||
Nippon Shokubai Co. Ltd. | 8,974 | 426,954 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nippon Signal Co. Ltd. | 12,087 | $ | 113,181 | |||||
Nippon Soda Co. Ltd. | 5,642 | 145,330 | ||||||
Nippon Steel Trading Corp. | 4,333 | 137,514 | ||||||
Nippon Television Holdings, Inc. | 9,034 | 101,380 | ||||||
Nippon Thompson Co. Ltd. | 26,692 | 93,314 | ||||||
Nippon Yakin Kogyo Co. Ltd.(a) | 7,552 | 117,334 | ||||||
Nipro Corp. | 36,847 | 414,178 | ||||||
Nishimatsu Construction Co. Ltd. | 22,366 | 426,559 | ||||||
Nishimatsuya Chain Co. Ltd. | 14,709 | 116,855 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 32,334 | 189,301 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 8,197 | 202,443 | ||||||
Nishio Rent All Co. Ltd. | 5,972 | 123,895 | ||||||
Nissan Chemical Corp. | 11,695 | 448,686 | ||||||
Nissha Co. Ltd. | 18,640 | 136,520 | ||||||
Nisshin Oillio Group Ltd. (The) | 6,060 | 200,328 | ||||||
Nisshinbo Holdings, Inc. | 50,995 | 358,554 | ||||||
Nissin Electric Co. Ltd. | 11,082 | 104,354 | ||||||
Nissin Kogyo Co. Ltd. | 9,759 | 202,521 | ||||||
Nitto Boseki Co. Ltd.(a) | 3,050 | 146,335 | ||||||
Nitto Kogyo Corp. | 6,019 | 102,107 | ||||||
NOF Corp. | 10,168 | 338,031 | ||||||
Nojima Corp. | 7,948 | 138,628 | ||||||
NOK Corp. | 24,865 | 289,676 | ||||||
Nomura Co. Ltd. | 10,259 | 78,934 | ||||||
Nomura Research Institute Ltd. | 21,292 | 519,880 | ||||||
Noritake Co. Ltd. | 2,261 | 74,356 | ||||||
North Pacific Bank Ltd. | 58,081 | 104,177 | ||||||
NS Solutions Corp. | 4,667 | 116,971 | ||||||
NSD Co. Ltd. | 6,234 | 89,453 | ||||||
Obic Co. Ltd. | 2,396 | 360,078 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 5,248 | 107,401 | ||||||
Okamura Corp. | 16,961 | 123,365 | ||||||
Okasan Securities Group, Inc. | 26,654 | 80,969 | ||||||
Oki Electric Industry Co. Ltd.(a) | 29,226 | 283,296 | ||||||
Okinawa Electric Power Co., Inc. (The) | 8,829 | 162,734 | ||||||
OKUMA Corp. | 7,425 | 283,187 | ||||||
Okumura Corp. | 7,459 | 160,883 | ||||||
Onward Holdings Co. Ltd. | 36,794 | 115,728 | ||||||
Open House Co. Ltd. | 7,004 | 153,987 | ||||||
Oracle Corp. Japan | 2,686 | 277,081 | ||||||
Orient Corp. | 136,811 | 157,295 | ||||||
Osaka Soda Co. Ltd. | 3,725 | 84,990 | ||||||
OSG Corp. | 16,917 | 221,270 | ||||||
Otsuka Corp. | 11,852 | 533,509 | ||||||
Outsourcing, Inc. | 17,905 | 85,669 | ||||||
Pacific Industrial Co. Ltd. | 11,016 | 93,626 | ||||||
Paltac Corp. | 6,335 | 332,179 | ||||||
Paramount Bed Holdings Co. Ltd. | 3,898 | 161,533 | ||||||
Park24 Co. Ltd. | 15,934 | 254,308 | ||||||
Pasona Group, Inc. | 8,701 | 86,973 | ||||||
Penta-Ocean Construction Co. Ltd. | 96,076 | 490,194 | ||||||
Persol Holdings Co. Ltd. | 34,212 | 399,977 | ||||||
Pigeon Corp. | 7,430 | 264,976 | ||||||
Pilot Corp. | 4,498 | 151,343 | ||||||
Piolax, Inc. | 5,731 | 85,485 | ||||||
Plenus Co. Ltd. | 4,984 | 82,419 | ||||||
Pola Orbis Holdings, Inc. | 10,577 | 188,473 | ||||||
Pressance Corp. | 9,866 | 102,160 | ||||||
Prima Meat Packers Ltd. | 9,928 | 226,649 | ||||||
Qol Holdings Co. Ltd. | 7,010 | 78,175 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Raito Kogyo Co. Ltd. | 9,807 | $ | 123,113 | |||||
Raiznext Corp. | 8,196 | 91,006 | ||||||
Relia, Inc. | 7,090 | 75,443 | ||||||
Relo Group, Inc. | 7,616 | 166,436 | ||||||
Rengo Co. Ltd. | 75,187 | 593,200 | ||||||
Resorttrust, Inc. | 15,495 | 160,460 | ||||||
Restar Holdings Corp.(a) | 7,259 | 117,793 | ||||||
Ricoh Leasing Co. Ltd. | 2,776 | 74,307 | ||||||
Rinnai Corp. | 6,543 | 497,254 | ||||||
Rohto Pharmaceutical Co. Ltd. | 9,196 | 268,713 | ||||||
Round One Corp. | 16,403 | 135,019 | ||||||
Royal Holdings Co. Ltd.(a) | 5,652 | 94,345 | ||||||
Ryobi Ltd. | 7,078 | 83,947 | ||||||
Ryohin Keikaku Co. Ltd. | 34,969 | 418,734 | ||||||
Ryoyo Electro Corp. | 5,825 | 131,935 | ||||||
S Foods, Inc. | 6,933 | 147,781 | ||||||
Saizeriya Co. Ltd. | 5,093 | 102,589 | ||||||
Sakata INX Corp. | 9,432 | 84,603 | ||||||
Sakata Seed Corp. | 3,760 | 122,193 | ||||||
SAMTY Co. Ltd. | 5,925 | 77,386 | ||||||
San-A Co. Ltd. | 2,841 | 114,905 | ||||||
Sanden Holdings Corp.(b) | 19,586 | 62,902 | ||||||
Sangetsu Corp. | 8,576 | 128,502 | ||||||
San-In Godo Bank Ltd. (The) | 18,819 | 99,013 | ||||||
Sanken Electric Co. Ltd. | 7,469 | 157,872 | ||||||
Sanki Engineering Co. Ltd. | 13,545 | 154,340 | ||||||
Sankyo Co. Ltd. | 11,153 | 308,136 | ||||||
Sankyu, Inc. | 11,605 | 449,239 | ||||||
Sanoh Industrial Co. Ltd. | 9,966 | 64,937 | ||||||
Sanrio Co. Ltd.(a) | 8,872 | 132,448 | ||||||
Sanwa Holdings Corp. | 48,508 | 380,446 | ||||||
Sanyo Chemical Industries Ltd. | 3,161 | 125,793 | ||||||
Sanyo Denki Co. Ltd. | 2,281 | 100,792 | ||||||
Sanyo Special Steel Co. Ltd. | 11,326 | 99,795 | ||||||
Sapporo Holdings Ltd. | 24,310 | 466,238 | ||||||
Sato Holdings Corp. | 5,113 | 106,030 | ||||||
Sawai Pharmaceutical Co. Ltd. | 6,251 | 342,278 | ||||||
SCREEN Holdings Co. Ltd.(a) | 7,165 | 348,426 | ||||||
SCSK Corp. | 4,636 | 209,342 | ||||||
Seiko Holdings Corp. | 11,905 | 199,132 | ||||||
Seiren Co. Ltd. | 6,460 | 76,648 | ||||||
Senko Group Holdings Co. Ltd. | 22,297 | 181,832 | ||||||
Senshu Ikeda Holdings, Inc. | 62,248 | 97,169 | ||||||
Seven Bank Ltd. | 122,119 | 331,521 | ||||||
Shibuya Corp. | 3,807 | 94,235 | ||||||
Shiga Bank Ltd. (The) | 6,066 | 143,054 | ||||||
Shikoku Electric Power Co., Inc. | 52,825 | 408,930 | ||||||
Shima Seiki Manufacturing Ltd. | 9,383 | 142,738 | ||||||
Shimachu Co. Ltd. | 12,839 | 323,070 | ||||||
Shimamura Co. Ltd. | 7,854 | 496,599 | ||||||
Shinko Electric Industries Co. Ltd. | 13,060 | 164,414 | ||||||
Shinmaywa Industries Ltd. | 18,838 | 192,519 | ||||||
Ship Healthcare Holdings, Inc. | 7,791 | 353,737 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,523 | 143,209 | ||||||
Shochiku Co. Ltd. | 1,074 | 117,492 | ||||||
Shoei Foods Corp. | 2,703 | 98,739 | ||||||
Showa Corp. | 11,423 | 240,610 | ||||||
Siix Corp. | 12,842 | 105,602 | ||||||
SKY Perfect JSAT Holdings, Inc. | 31,591 | 119,612 | ||||||
Skylark Holdings Co. Ltd.(a) | 33,744 | 505,521 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sodick Co. Ltd. | 13,461 | $ | 93,640 | |||||
Sohgo Security Services Co. Ltd. | 8,951 | 430,167 | ||||||
Sotetsu Holdings, Inc. | 11,516 | 296,059 | ||||||
Square Enix Holdings Co. Ltd. | 7,796 | 319,252 | ||||||
Star Micronics Co. Ltd. | 7,536 | 83,985 | ||||||
Starts Corp., Inc. | 5,631 | 109,725 | ||||||
Sugi Holdings Co. Ltd. | 6,422 | 386,830 | ||||||
Sumitomo Bakelite Co. Ltd. | 7,810 | 203,873 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 28,894 | 401,477 | ||||||
Sumitomo Forestry Co. Ltd. | 33,220 | 415,724 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 70,800 | 294,391 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 11,492 | 378,707 | ||||||
Sumitomo Riko Co. Ltd. | 12,296 | 66,384 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 11,462 | 132,219 | ||||||
Sundrug Co. Ltd. | 13,422 | 461,965 | ||||||
Suruga Bank Ltd.(a) | 110,363 | 384,521 | ||||||
Sushiro Global Holdings Ltd. | 8,227 | 129,019 | ||||||
SWCC Showa Holdings Co. Ltd. | 9,520 | 97,938 | ||||||
Tadano Ltd. | 37,167 | 285,588 | ||||||
Taikisha Ltd. | 4,764 | 140,557 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 8,146 | 509,441 | ||||||
Taiyo Holdings Co. Ltd. | 2,636 | 108,287 | ||||||
Taiyo Nippon Sanso Corp. | 19,800 | 309,354 | ||||||
Taiyo Yuden Co. Ltd. | 15,969 | 448,120 | ||||||
Takara Holdings, Inc.(a) | 39,412 | 291,762 | ||||||
Takara Leben Co. Ltd. | 25,367 | 84,218 | ||||||
Takasago Thermal Engineering Co. Ltd. | 12,785 | 204,445 | ||||||
Takeuchi Manufacturing Co. Ltd. | 7,857 | 113,880 | ||||||
Takuma Co. Ltd. | 15,331 | 168,550 | ||||||
Tamura Corp. | 22,282 | 91,976 | ||||||
TechnoPro Holdings, Inc. | 2,529 | 144,153 | ||||||
T-Gaia Corp. | 8,717 | 174,293 | ||||||
TKC Corp. | 1,884 | 93,726 | ||||||
Toa Corp.(a) | 9,168 | 121,493 | ||||||
Toagosei Co. Ltd. | 14,965 | 137,093 | ||||||
Tocalo Co. Ltd. | 8,628 | 85,709 | ||||||
Toda Corp. | 39,477 | 230,939 | ||||||
Toei Co. Ltd. | 1,121 | 139,993 | ||||||
Toho Co. Ltd. | 13,689 | 450,728 | ||||||
Toho Gas Co. Ltd. | 14,470 | 711,761 | ||||||
Toho Holdings Co. Ltd. | 16,375 | 341,537 | ||||||
Toho Zinc Co. Ltd.(b) | 10,880 | 134,782 | ||||||
Tokai Carbon Co. Ltd. | 34,805 | 289,571 | ||||||
TOKAI Holdings Corp. | 15,354 | 139,644 | ||||||
Tokai Rika Co. Ltd. | 14,665 | 188,431 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 99,880 | 213,732 | ||||||
Token Corp.(a) | 1,623 | 111,819 | ||||||
Tokuyama Corp. | 20,483 | 436,305 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 10,150 | 158,890 | ||||||
Tokyo Century Corp. | 8,871 | 302,808 | ||||||
Tokyo Dome Corp. | 26,020 | 192,204 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 5,818 | 250,383 | ||||||
Tokyo Seimitsu Co. Ltd. | 6,721 | 219,195 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 22,812 | 146,648 | ||||||
Tokyu Construction Co. Ltd. | 33,556 | 175,400 | ||||||
Tomy Co. Ltd. | 23,616 | 191,485 | ||||||
Topcon Corp. | 21,512 | 177,915 | ||||||
Toppan Forms Co. Ltd. | 13,506 | 119,295 | ||||||
Topre Corp. | 12,465 | 146,165 | ||||||
Toshiba Machine Co. Ltd. | 4,874 | 96,557 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Toshiba TEC Corp. | 6,050 | $ | 198,032 | |||||
Totetsu Kogyo Co. Ltd. | 3,110 | 81,053 | ||||||
Towa Pharmaceutical Co. Ltd. | 5,248 | 108,110 | ||||||
Toyo Construction Co. Ltd. | 29,441 | 119,001 | ||||||
Toyo Engineering Corp.(b) | 18,339 | 64,872 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 6,083 | 116,479 | ||||||
Toyo Tire Corp. | 32,065 | 382,817 | ||||||
Toyobo Co. Ltd. | 30,688 | 360,875 | ||||||
Toyota Boshoku Corp. | 26,679 | 333,213 | ||||||
TPR Co. Ltd. | 5,721 | 67,132 | ||||||
Trancom Co. Ltd. | 1,165 | 77,186 | ||||||
Transcosmos, Inc. | 6,056 | 122,575 | ||||||
Trusco Nakayama Corp. | 8,246 | 179,442 | ||||||
TS Tech Co. Ltd. | 14,296 | 389,569 | ||||||
Tsubaki Nakashima Co. Ltd. | 14,740 | 104,281 | ||||||
Tsubakimoto Chain Co. | 5,843 | 137,289 | ||||||
Tsumura & Co. | 13,341 | 372,278 | ||||||
TV Asahi Holdings Corp. | 6,892 | 103,104 | ||||||
UACJ Corp. | 13,086 | 213,193 | ||||||
Uchida Yoko Co. Ltd. | 2,157 | 94,758 | ||||||
Ulvac, Inc. | 11,723 | 325,287 | ||||||
Unipres Corp. | 12,228 | 107,996 | ||||||
United Arrows Ltd. | 7,010 | 110,452 | ||||||
United Super Markets Holdings, Inc. | 10,531 | 103,377 | ||||||
Unitika Ltd.(a)(b) | 55,813 | 168,476 | ||||||
Unizo Holdings Co. Ltd.(b) | 599 | 33,497 | ||||||
Ushio, Inc. | 25,152 | 267,362 | ||||||
USS Co. Ltd. | 20,923 | 332,816 | ||||||
Valor Holdings Co. Ltd. | 10,605 | 198,019 | ||||||
Wacoal Holdings Corp. | 10,266 | 208,883 | ||||||
Wacom Co. Ltd. | 29,571 | 103,638 | ||||||
Welcia Holdings Co. Ltd. | 5,507 | 399,629 | ||||||
World Co. Ltd. | 7,964 | 94,277 | ||||||
Yamaguchi Financial Group, Inc. | 53,791 | 290,617 | ||||||
Yamato Kogyo Co. Ltd. | 10,674 | 212,575 | ||||||
Yaoko Co. Ltd. | 3,562 | 220,940 | ||||||
Yellow Hat Ltd. | 7,729 | 107,648 | ||||||
Yokogawa Bridge Holdings Corp. | 6,421 | 113,229 | ||||||
Yokohama Reito Co. Ltd. | 10,792 | 91,578 | ||||||
Yoshinoya Holdings Co. Ltd. | 8,775 | 183,977 | ||||||
Yuasa Trading Co. Ltd. | 3,422 | 92,737 | ||||||
Zenkoku Hosho Co. Ltd. | 4,854 | 142,513 | ||||||
Zensho Holdings Co. Ltd.(a) | 15,516 | 309,928 | ||||||
Zeon Corp. | 35,099 | 310,175 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 5,139 | 100,014 | ||||||
Zojirushi Corp.(a) | 5,652 | 82,718 | ||||||
ZOZO, Inc. | 5,645 | 91,075 | ||||||
|
| |||||||
106,965,291 | ||||||||
|
| |||||||
Jordan-0.15% | ||||||||
Hikma Pharmaceuticals PLC | 14,844 | 443,747 | ||||||
|
| |||||||
Kazakhstan-0.06% | ||||||||
KAZ Minerals PLC(a) | 32,793 | 171,493 | ||||||
|
| |||||||
Luxembourg-0.14% | ||||||||
Eurofins Scientific SE | 793 | 438,629 | ||||||
|
| |||||||
Macau-0.33% | ||||||||
MGM China Holdings Ltd. | 124,927 | 155,491 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Macau-(continued) | ||||||||
SJM Holdings Ltd. | 420,250 | $ | 405,812 | |||||
Wynn Macau Ltd. | 256,325 | 447,274 | ||||||
|
| |||||||
1,008,577 | ||||||||
|
| |||||||
Mexico-0.08% | ||||||||
Fresnillo PLC | 26,498 | 237,907 | ||||||
|
| |||||||
Mongolia-0.06% | ||||||||
Turquoise Hill Resources Ltd.(b) | 384,760 | 188,370 | ||||||
|
| |||||||
Netherlands-1.76% | ||||||||
Adyen N.V.(b)(d) | 206 | 202,541 | ||||||
AMG Advanced Metallurgical Group N.V.(a) | 7,057 | 118,842 | ||||||
Arcadis N.V. | 15,771 | 245,118 | ||||||
ASM International N.V. | 3,209 | 353,063 | ||||||
BE Semiconductor Industries N.V. | 8,229 | 338,537 | ||||||
Corbion N.V. | 4,334 | 154,991 | ||||||
Eurocommercial Properties N.V., CVA | 11,035 | 122,558 | ||||||
Euronext N.V.(d) | 4,557 | 382,332 | ||||||
Flow Traders(d) | 6,783 | 225,854 | ||||||
Fugro N.V., CVA(a)(b) | 29,832 | 111,095 | ||||||
GrandVision N.V.(d) | 4,843 | 128,370 | ||||||
IMCD N.V. | 4,131 | 365,232 | ||||||
Intertrust N.V.(d) | 13,445 | 211,764 | ||||||
Just Eat Takeaway.com N.V.(b)(d) | 2,143 | 218,625 | ||||||
Koninklijke Vopak N.V. | 9,862 | 568,393 | ||||||
NIBC Holding N.V.(d) | 11,208 | 84,091 | ||||||
NSI N.V. | 1,653 | 66,446 | ||||||
OCI N.V.(b) | 16,674 | 201,807 | ||||||
PostNL N.V. | 321,881 | 553,161 | ||||||
Sligro Food Group N.V. | 5,189 | 80,592 | ||||||
TKH Group N.V., CVA | 7,629 | 268,229 | ||||||
TomTom N.V.(b) | 13,671 | 107,812 | ||||||
Vastned Retail N.V. | 3,746 | 68,766 | ||||||
Wereldhave N.V.(a) | 23,663 | 207,345 | ||||||
|
| |||||||
5,385,564 | ||||||||
|
| |||||||
New Zealand-0.88% | ||||||||
a2 Milk Co. Ltd.(b) | 10,691 | 128,008 | ||||||
Air New Zealand Ltd. | 55,637 | 45,611 | ||||||
Auckland International Airport Ltd. | 83,448 | 310,350 | ||||||
Chorus Ltd. | 66,621 | 291,132 | ||||||
Contact Energy Ltd. | 89,239 | 340,420 | ||||||
EBOS Group Ltd. | 6,857 | 93,367 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 19,625 | 328,856 | ||||||
Goodman Property Trust | 62,892 | 86,027 | ||||||
Infratil Ltd. | 32,174 | 90,437 | ||||||
Kiwi Property Group Ltd. | 92,277 | 53,821 | ||||||
Mercury NZ Ltd. | 71,205 | 199,440 | ||||||
Meridian Energy Ltd. | 123,024 | 337,649 | ||||||
Metlifecare Ltd. | 23,252 | 59,476 | ||||||
Ryman Healthcare Ltd. | 22,503 | 163,790 | ||||||
SKYCITY Entertainment Group Ltd. | 54,939 | 90,160 | ||||||
Z Energy Ltd. | 48,091 | 91,192 | ||||||
|
| |||||||
2,709,736 | ||||||||
|
| |||||||
Norway-1.10% | ||||||||
Aker BP ASA | 14,160 | 235,687 | ||||||
Aker Solutions ASA(a)(b) | 164,451 | 108,620 | ||||||
Austevoll Seafood ASA | 24,576 | 192,264 | ||||||
BW Offshore Ltd.(b) | 35,796 | 101,578 | ||||||
DNO ASA(a) | 249,447 | 113,672 |
Shares | Value | |||||||
Norway-(continued) | ||||||||
Elkem ASA(d) | 94,051 | $ | 158,200 | |||||
Entra ASA(d) | 23,157 | 292,308 | ||||||
Frontline Ltd. | 26,030 | 246,557 | ||||||
Grieg Seafood ASA | 6,781 | 66,751 | ||||||
Kongsberg Gruppen ASA | 7,959 | 102,646 | ||||||
Leroy Seafood Group ASA | 46,369 | 246,919 | ||||||
Norwegian Air Shuttle ASA(a)(b) | 26,103 | 13,073 | ||||||
Norwegian Finans Holding ASA(b) | 20,321 | 109,265 | ||||||
Ocean Yield ASA | 20,153 | 52,554 | ||||||
PGS ASA(b) | 170,870 | 61,780 | ||||||
Salmar ASA | 6,983 | 273,319 | ||||||
Schibsted ASA, Class A | 4,990 | 106,152 | ||||||
Schibsted ASA, Class B | 6,062 | 118,102 | ||||||
SpareBank 1 SMN | 15,467 | 113,359 | ||||||
SpareBank 1 SR-Bank ASA | 18,880 | 120,361 | ||||||
TGS NOPEC Geophysical Co. ASA | 18,639 | 287,166 | ||||||
TOMRA Systems ASA. | 5,388 | 179,467 | ||||||
Veidekke ASA | 8,324 | 74,447 | ||||||
|
| |||||||
3,374,247 | ||||||||
|
| |||||||
Peru-0.02% | ||||||||
Hochschild Mining PLC | 36,797 | 64,655 | ||||||
|
| |||||||
Poland-0.82% | ||||||||
Alior Bank S.A.(a)(b) | 39,610 | 144,144 | ||||||
Bank Millennium S.A.(b) | 62,519 | 42,483 | ||||||
CCC S.A.(a) | 6,034 | 75,506 | ||||||
Cyfrowy Polsat S.A. | 28,852 | 178,080 | ||||||
Grupa Lotos S.A. | 27,771 | 418,193 | ||||||
Jastrzebska Spolka Weglowa S.A.(a) | 57,229 | 189,190 | ||||||
KRUK S.A. | 2,619 | 49,393 | ||||||
LPP S.A. | 81 | 127,139 | ||||||
mBank S.A.(b) | 1,545 | 81,706 | ||||||
Orange Polska S.A.(b) | 117,529 | 197,956 | ||||||
PGE Polska Grupa Energetyczna S.A.(b) | 150,677 | 149,980 | ||||||
PLAY Communications S.A.(d) | 26,361 | 211,848 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 438,324 | 393,006 | ||||||
Santander Bank Polska S.A. | 4,541 | 178,738 | ||||||
Tauron Polska Energia S.A.(b) | 280,303 | 76,690 | ||||||
|
| |||||||
2,514,052 | ||||||||
|
| |||||||
Portugal-0.39% | ||||||||
Altri SGPS S.A. | 14,924 | 78,789 | ||||||
CTT-Correios de Portugal S.A. | 76,589 | 180,359 | ||||||
Mota-Engil SGPS S.A. | 72,357 | 91,140 | ||||||
Navigator Co. S.A. (The) | 98,500 | 256,124 | ||||||
NOS, SGPS S.A. | 72,170 | 269,079 | ||||||
REN - Redes Energeticas Nacionais SGPS S.A. | 50,679 | 137,384 | ||||||
Sonae SGPS S.A. | 251,528 | 197,257 | ||||||
|
| |||||||
1,210,132 | ||||||||
|
| |||||||
Singapore-1.84% | ||||||||
AIMS APAC REIT | 100,662 | 81,383 | ||||||
Ascendas India Trust | 79,475 | 71,274 | ||||||
Ascott Residence Trust | 179,744 | 113,607 | ||||||
BOC Aviation Ltd.(d) | 30,252 | 198,871 | ||||||
BW LPG Ltd.(d) | 35,829 | 123,128 | ||||||
CapitaLand Commercial Trust | 292,778 | 331,254 | ||||||
CDL Hospitality Trusts | 145,264 | 99,932 | ||||||
ESR-REIT | 294,087 | 69,736 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Ezion Holdings Ltd., Wts., expiring | 177,436 | $ | 0 | |||||
Ezra Holdings Ltd.(b)(c) | 1,165,297 | 0 | ||||||
First Resources Ltd. | 80,001 | 71,350 | ||||||
Frasers Centrepoint Trust | 72,759 | 109,207 | ||||||
Frasers Logistics & Industrial Trust(d) | 327,899 | 243,329 | ||||||
IGG, Inc. | 186,957 | 118,034 | ||||||
Jardine Cycle & Carriage Ltd. | 21,197 | 299,493 | ||||||
Keppel DC REIT | 69,236 | 114,924 | ||||||
Keppel Infrastructure Trust | 337,598 | 117,496 | ||||||
Keppel REIT | 264,557 | 197,130 | ||||||
Manulife US Real Estate Investment Trust(d) | 148,964 | 107,175 | ||||||
Mapletree Commercial Trust | 214,813 | 295,627 | ||||||
Mapletree Industrial Trust | 142,304 | 255,992 | ||||||
Mapletree Logistics Trust | 246,122 | 311,038 | ||||||
NetLink NBN Trust(d) | 338,216 | 239,082 | ||||||
SATS Ltd. | 100,393 | 230,853 | ||||||
Sembcorp Industries Ltd. | 231,868 | 265,958 | ||||||
Sembcorp Marine Ltd.(b) | 235,157 | 123,879 | ||||||
Singapore Exchange Ltd. | 70,377 | 481,108 | ||||||
Singapore Post Ltd. | 176,037 | 90,574 | ||||||
StarHub Ltd. | 118,332 | 124,541 | ||||||
Suntec REIT | 328,414 | 322,703 | ||||||
UOL Group Ltd. | 87,623 | 423,842 | ||||||
|
| |||||||
5,632,520 | ||||||||
|
| |||||||
South Korea-8.33% | ||||||||
Amorepacific Group | 6,611 | 313,842 | ||||||
Asiana Airlines, Inc.(b) | 103,348 | 353,696 | ||||||
BGF retail Co. Ltd. | 1,594 | 205,172 | ||||||
BNK Financial Group, Inc. | 63,037 | 259,299 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 2,248 | 155,588 | ||||||
Celltrion, Inc.(b) | 2,851 | 490,694 | ||||||
Cheil Worldwide, Inc. | 14,394 | 206,998 | ||||||
CJ CGV Co. Ltd.(b) | 5,295 | 114,898 | ||||||
CJ Corp. | 5,643 | 376,611 | ||||||
CJ ENM Co. Ltd. | 2,441 | 257,554 | ||||||
CJ Logistics Corp.(b) | 2,826 | 342,364 | ||||||
Com2uSCorp. | 1,545 | 136,108 | ||||||
Daeduck Electronics Co., Ltd. | 12,964 | 87,352 | ||||||
Daesang Corp. | 6,919 | 124,794 | ||||||
Daewoo Engineering & Construction Co. | 71,058 | 208,651 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 10,883 | 154,016 | ||||||
Daishin Securities Co. Ltd. | 9,609 | 78,748 | ||||||
Daishin Securities Co. Ltd., Preference Shares | 6,239 | 43,932 | ||||||
Daou Technology, Inc. | 7,322 | 98,969 | ||||||
DB HiTek Co. Ltd. | 5,898 | 128,093 | ||||||
DGB Financial Group, Inc. | 56,994 | 247,581 | ||||||
Doosan Bobcat, Inc. | 8,452 | 163,868 | ||||||
Doosan Co. Ltd. | 5,923 | 194,301 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 80,304 | 260,451 | ||||||
Doosan Infracore Co. Ltd.(b) | 71,462 | 253,363 | ||||||
Fila Holdings Corp. | 6,381 | 183,292 | ||||||
Green Cross Corp. | 1,170 | 143,357 | ||||||
GS Holdings Corp. | 13,322 | 418,691 | ||||||
GS Home Shopping, Inc. | 1,034 | 108,640 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
GS Retail Co. Ltd. | 9,881 | $ | 305,728 | |||||
Handsome Co. Ltd. | 4,715 | 93,877 | ||||||
Hanjin Kal Corp. | 2,741 | 195,713 | ||||||
Hanjin Transportation Co. Ltd. | 7,837 | 298,002 | ||||||
Hankook Tire & Technology Co. Ltd. | 21,649 | 374,544 | ||||||
Hanmi Pharm Co. Ltd. | 484 | 102,475 | ||||||
Hanon Systems | 33,548 | 250,086 | ||||||
Hanssem Co. Ltd. | 1,870 | 112,127 | ||||||
Hanwha Aerospace Co. Ltd.(b) | 12,862 | 281,000 | ||||||
Hanwha Corp. | 13,090 | 220,192 | ||||||
Hanwha Corp., Preference Shares | 6,619 | 61,773 | ||||||
Hanwha Life Insurance Co. Ltd. | 163,821 | 239,838 | ||||||
HDC Holdings Co. Ltd. | 24,234 | 185,612 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 8,700 | 135,151 | ||||||
Hite Jinro Co. Ltd. | 7,565 | 202,246 | ||||||
Hotel Shilla Co. Ltd. | 4,163 | 288,450 | ||||||
HS Industries Co. Ltd. | 9,001 | 61,141 | ||||||
Huchems Fine Chemical Corp. | 7,242 | 103,354 | ||||||
Hyosung Corp. | 4,082 | 234,754 | ||||||
Hyundai Construction Equipment Co. Ltd.(b) | 8,065 | 122,840 | ||||||
Hyundai Department Store Co. Ltd. | 6,766 | 401,010 | ||||||
Hyundai Electric & Energy System Co. Ltd.(b) | 19,951 | 135,806 | ||||||
Hyundai Elevator Co. Ltd. | 3,445 | 173,556 | ||||||
Hyundai Home Shopping Network Corp. | 1,774 | 104,172 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 22,247 | 474,695 | ||||||
Hyundai Merchant Marine Co. Ltd.(b) | 65,279 | 194,291 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 6,531 | 165,753 | ||||||
Hyundai Rotem Co. Ltd.(b) | 18,015 | 267,332 | ||||||
Hyundai Wia Corp. | 11,072 | 300,178 | ||||||
Innocean Worldwide, Inc. | 1,927 | 91,427 | ||||||
IS Dongseo Co. Ltd. | 4,556 | 94,537 | ||||||
JB Financial Group Co. Ltd. | 25,341 | 99,920 | ||||||
Kakao Corp. | 2,327 | 352,897 | ||||||
Kangwon Land, Inc. | 23,923 | 493,680 | ||||||
KCC Corp. | 1,827 | 245,306 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 5,749 | 152,284 | ||||||
KIWOOM Securities Co. Ltd. | 3,027 | 186,975 | ||||||
Kolon Industries, Inc. | 8,405 | 213,736 | ||||||
Korea Aerospace Industries Ltd. | 11,288 | 238,835 | ||||||
Korea Gas Corp. | 19,260 | 428,031 | ||||||
Korea Investment Holdings Co. Ltd. | 9,800 | 398,661 | ||||||
Korea Line Corp.(b) | 6,524 | 97,661 | ||||||
Korea Petrochemical Ind Co. Ltd. | 2,382 | 272,397 | ||||||
Korean Reinsurance Co. | 30,461 | 210,641 | ||||||
Kumho Petrochemical Co. Ltd. | 7,245 | 455,754 | ||||||
Kumho Tire Co., Inc.(b) | 30,358 | 75,824 | ||||||
LF Corp. | 8,758 | 95,127 | ||||||
LG Innotek Co. Ltd. | 4,163 | 453,353 | ||||||
LG International Corp. | 12,136 | 132,222 | ||||||
LIG Nex1 Co. Ltd. | 4,798 | 102,024 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1,134 | 101,818 | ||||||
Lotte Corp. | 8,684 | 283,854 | ||||||
LOTTE Fine Chemical Co. Ltd. | 5,917 | 187,690 | ||||||
Lotte Himart Co. Ltd. | 7,251 | 161,360 | ||||||
LS Corp. | 6,769 | 207,934 | ||||||
LS Electric Co. Ltd. | 5,153 | 163,953 | ||||||
Mando Corp. | 17,677 | 339,643 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 14,069 | 160,478 | ||||||
Meritz Securities Co. Ltd. | 108,690 | 292,997 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
NCSoft Corp. | 827 | $ | 433,573 | |||||
Netmarble Corp.(b)(d) | 1,549 | 120,993 | ||||||
NH Investment & Securities Co. Ltd. | 45,831 | 366,206 | ||||||
NHN Corp.(b) | 2,224 | 138,857 | ||||||
NongShim Co. Ltd. | 862 | 209,053 | ||||||
OCI Co. Ltd.(b) | 10,043 | 330,926 | ||||||
Orion Corp. | 2,859 | 289,513 | ||||||
Ottogi Corp. | 238 | 106,455 | ||||||
Pan Ocean Co. Ltd.(b) | 73,402 | 208,621 | ||||||
Paradise Co. Ltd. | 7,484 | 96,177 | ||||||
Partron Co. Ltd. | 10,675 | 70,829 | ||||||
Poongsan Corp. | 8,771 | 153,190 | ||||||
Posco International Corp. | 16,946 | 195,429 | ||||||
S&T Motiv Co. Ltd. | 2,676 | 78,321 | ||||||
S-1 Corp. | 3,230 | 228,323 | ||||||
Samsung Biologics Co. Ltd.(b)(d) | 249 | 119,099 | ||||||
Samsung Card Co. Ltd. | 7,988 | 195,346 | ||||||
Samsung Engineering Co. Ltd.(b) | 42,927 | 407,660 | ||||||
Samsung Securities Co. Ltd. | 17,897 | 444,144 | ||||||
Seoul Semiconductor Co. Ltd. | 8,730 | 95,022 | ||||||
SFA Engineering Corp. | 3,721 | 107,188 | ||||||
Shinsegae, Inc. | 2,372 | 518,470 | ||||||
SK Chemicals Co. Ltd. | 2,820 | 179,830 | ||||||
SK Discovery Co. Ltd. | 7,413 | 154,040 | ||||||
SK Networks Co. Ltd. | 75,091 | 334,014 | ||||||
SKC Co. Ltd. | 4,974 | 203,398 | ||||||
Ssangyong Cement Industrial Co. Ltd. | 26,600 | 111,483 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 15,081 | 179,085 | ||||||
WONIK IPS Co. Ltd.(b) | 3,444 | 79,126 | ||||||
Youngone Corp. | 9,312 | 205,734 | ||||||
Yuhan Corp. | 5,632 | 217,120 | ||||||
|
| |||||||
25,564,863 | ||||||||
|
| |||||||
Spain-1.87% | ||||||||
Almirall S.A. | 10,651 | 137,659 | ||||||
Applus Services S.A. | 28,563 | 187,710 | ||||||
Atresmedia Corp.de Medios de Comunicacion S.A. | 35,093 | 90,712 | ||||||
Befesa S.A.(d) | 5,466 | 172,722 | ||||||
Bolsas y Mercados Espanoles SHMSF S.A. | 9,048 | 329,814 | ||||||
Cellnex Telecom S.A.(b)(d) | 3,796 | 198,741 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 16,571 | 295,123 | ||||||
CIE Automotive S.A. | 9,573 | 167,660 | ||||||
Construcciones y Auxiliar de Ferrocarriles S.A. | 2,955 | 101,144 | ||||||
Distribuidora Internacional de Alimentacion S.A.(a)(b) | 966,309 | 138,650 | ||||||
Ebro Foods S.A. | 6,175 | 131,516 | ||||||
EDP Renovaveis S.A. | 15,665 | 192,168 | ||||||
Ence Energia y Celulosa S.A.(a) | 38,081 | 122,211 | ||||||
Faes Farma S.A. | 28,403 | 124,284 | ||||||
Gestamp Automocion S.A.(d) | 118,077 | 298,100 | ||||||
Global Dominion Access S.A.(b)(d) | 24,252 | 74,908 | ||||||
Indra Sistemas S.A.(b) | 26,957 | 232,222 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 33,059 | 318,644 | ||||||
Lar Espana Real Estate Socimi S.A. | 13,638 | 55,942 | ||||||
Liberbank S.A. | 402,819 | 80,741 | ||||||
Masmovil Ibercom S.A.(b) | 6,885 | 130,009 |
Shares | Value | |||||||
Spain-(continued) | ||||||||
Mediaset Espana Comunicacion S.A. | 64,327 | $ | 230,677 | |||||
Melia Hotels International S.A. | 29,570 | 135,706 | ||||||
Prosegur Cash S.A.(d) | 75,791 | 66,245 | ||||||
Prosegur Cia de Seguridad S.A. | 67,261 | 147,931 | ||||||
Sacyr S.A. | 152,868 | 285,312 | ||||||
Siemens Gamesa Renewable Energy S.A. | 29,482 | 438,197 | ||||||
Tecnicas Reunidas S.A.(b) | 14,157 | 216,776 | ||||||
Unicaja Banco S.A.(d) | 210,829 | 114,075 | ||||||
Viscofan S.A. | 5,999 | 384,058 | ||||||
Zardoya Otis S.A. | 21,296 | 148,117 | ||||||
|
| |||||||
5,747,774 | ||||||||
|
| |||||||
Sweden-3.63% | ||||||||
AAK AB | 16,489 | 270,872 | ||||||
Addtech AB, Class B | 3,903 | 106,774 | ||||||
AF Poyry AB, Class B(b) | 10,237 | 187,086 | ||||||
Arjo AB, Class B | 29,330 | 145,941 | ||||||
Atrium Ljungberg AB, Class B | 6,507 | 90,871 | ||||||
Attendo AB(b)(d) | 21,928 | 83,427 | ||||||
Avanza Bank Holding AB | 9,200 | 111,713 | ||||||
Axfood AB | 21,841 | 463,332 | ||||||
Beijer Ref AB | 3,589 | 74,520 | ||||||
Betsson AB | 38,064 | 215,901 | ||||||
Bilia AB, Class A | 19,734 | 133,046 | ||||||
Bonava AB, Class B. | 29,135 | 142,167 | ||||||
Bravida Holding AB(b)(d) | 30,446 | 248,750 | ||||||
Bure Equity AB | 5,311 | 97,877 | ||||||
Clas Ohlson AB, Class B | 11,523 | 100,929 | ||||||
Cloetta AB, Class B(b) | 41,840 | 96,726 | ||||||
Dios Fastigheter AB | 12,214 | 75,406 | ||||||
Dometic Group AB(b)(d) | 55,102 | 370,874 | ||||||
Elekta AB, Class B | 30,540 | 282,599 | ||||||
Fabege AB | 25,420 | 304,373 | ||||||
Fastighets AB Balder, Class B(b) | 7,291 | 288,140 | ||||||
Getinge AB, Class B | 30,711 | 591,443 | ||||||
Hexpol AB(b) | 44,709 | 326,144 | ||||||
Holmen AB, Class B | 13,688 | 399,967 | ||||||
Hufvudstaden AB, Class A | 6,575 | 84,416 | ||||||
Indutrade AB(a) | 7,903 | 254,716 | ||||||
Intrum AB(a) | 12,959 | 199,151 | ||||||
Investment AB Latour, Class B(a) | 7,372 | 110,649 | ||||||
JM AB | 15,461 | 287,068 | ||||||
Klovern AB, Class B(a) | 65,893 | 89,389 | ||||||
Klovern AB, Preference Shares | 2,171 | 67,016 | ||||||
Kungsleden AB | 25,928 | 198,564 | ||||||
Lifco AB, Class B | 2,642 | 126,106 | ||||||
Lindab International AB | 9,626 | 88,995 | ||||||
Loomis AB, Class B | 13,125 | 320,895 | ||||||
Lundin Energy AB | 12,366 | 321,203 | ||||||
Mekonomen AB(b) | 14,902 | 77,812 | ||||||
Modern Times Group MTG AB, Class B(b) | 14,075 | 142,520 | ||||||
Mycronic AB(a) | 6,882 | 115,696 | ||||||
NetEnt AB | 39,606 | 137,870 | ||||||
Nibe Industrier AB, Class B | 17,246 | 322,859 | ||||||
Nobia AB | 36,265 | 136,190 | ||||||
Nolato AB, Class B | 2,097 | 110,140 | ||||||
Nordic Entertainment Group AB, Class B | 7,081 | 168,920 | ||||||
Nyfosa AB(b) | 15,383 | 94,970 | ||||||
Pandox AB(a)(b) | 11,731 | 123,949 | ||||||
Peab AB, Class B | 49,745 | 381,216 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Ratos AB, Class B(b) | 87,846 | $ | 209,740 | |||||
Resurs Holding AB(d) | 28,531 | 105,744 | ||||||
Saab AB, Class B(a)(b) | 17,400 | 403,504 | ||||||
SAS AB(a)(b) | 281,015 | 261,099 | ||||||
Scandic Hotels Group AB(a)(d) | 19,243 | 87,869 | ||||||
Sweco AB, Class B | 5,806 | 199,731 | ||||||
Swedish Orphan Biovitrum AB(b) | 8,627 | 167,820 | ||||||
Thule Group AB(d) | 10,535 | 197,925 | ||||||
Wallenstam AB, Class B | 15,089 | 156,495 | ||||||
Wihlborgs Fastigheter AB | 13,364 | 191,282 | ||||||
|
| |||||||
11,150,397 | ||||||||
|
| |||||||
Switzerland-3.74% | ||||||||
Allreal Holding AG | 2,009 | 373,429 | ||||||
ALSO Holding AG(b) | 1,053 | 216,895 | ||||||
Aryzta AG(b) | 516,972 | 208,471 | ||||||
Autoneum Holding AG(a)(b) | 1,796 | 158,265 | ||||||
Banque Cantonale Vaudoise | 387 | 342,031 | ||||||
Belimo Holding AG | 26 | 172,678 | ||||||
BKW AG | 3,254 | 263,651 | ||||||
Bobst Group S.A.(a) | 2,395 | 119,607 | ||||||
Bucher Industries AG | 1,128 | 317,661 | ||||||
Burckhardt Compression Holding AG | 536 | 108,849 | ||||||
Cembra Money Bank AG | 3,218 | 305,913 | ||||||
Conzzeta AG | 179 | 153,564 | ||||||
Daetwyler Holding AG, BR | 952 | 162,949 | ||||||
DKSH Holding AG | 9,130 | 515,552 | ||||||
dormakaba Holding AG(b) | 445 | 222,512 | ||||||
EFG International AG(b) | 16,923 | 105,380 | ||||||
Emmi AG | 231 | 212,296 | ||||||
EMS-Chemie Holding AG | 657 | 425,792 | ||||||
Flughafen Zurich AG(b) | 2,620 | 323,309 | ||||||
Forbo Holding AG | 113 | 151,502 | ||||||
Galenica AG(d) | 7,252 | 518,832 | ||||||
GAM Holding AG(a)(b) | 82,043 | 172,221 | ||||||
Huber + Suhner AG | 2,592 | 166,238 | ||||||
Implenia AG | 6,241 | 253,998 | ||||||
Inficon Holding AG | 171 | 115,341 | ||||||
IWG PLC | 82,019 | 246,222 | ||||||
Komax Holding AG(b) | 528 | 76,644 | ||||||
Landis+Gyr Group AG(b) | 3,445 | 232,724 | ||||||
Logitech International S.A. | 11,631 | 560,491 | ||||||
Mediclinic International PLC | 88,291 | 288,883 | ||||||
Mobimo Holding AG(b) | 803 | 220,479 | ||||||
OC Oerlikon Corp. AG(a) | 45,799 | 343,083 | ||||||
Rieter Holding AG | 991 | 96,415 | ||||||
Schweiter Technologies AG, BR | 162 | 160,296 | ||||||
SFS Group AG | 2,426 | 192,416 | ||||||
Siegfried Holding AG | 335 | 153,069 | ||||||
SIG Combibloc Group AG(b) | 30,864 | 496,625 | ||||||
St Galler Kantonalbank AG | 202 | 87,066 | ||||||
Stadler Rail AG(b) | 3,566 | 155,845 | ||||||
Straumann Holding AG. | 278 | 210,959 | ||||||
Sulzer AG | 4,936 | 349,302 | ||||||
Tecan Group AG, Class R | 589 | 190,037 | ||||||
Temenos AG | 1,292 | 168,135 | ||||||
u-blox Holding AG(b) | 1,314 | 91,966 | ||||||
Valiant Holding AG | 1,783 | 172,361 | ||||||
Valora Holding AG(b) | 1,048 | 187,199 | ||||||
VAT Group AG(d) | 1,779 | 293,443 |
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Vetropack Holding AG, BR | 37 | $ | 109,258 | |||||
Vontobel Holding AG | 4,096 | 212,619 | ||||||
Wizz Air Holdings PLC(b)(d) | 2,467 | 89,432 | ||||||
|
| |||||||
11,471,905 | ||||||||
|
| |||||||
Taiwan-0.02% | ||||||||
FIT Hon Teng Ltd.(d) | 313,390 | 67,655 | ||||||
|
| |||||||
Ukraine-0.06% | ||||||||
Ferrexpo PLC | 111,971 | 191,514 | ||||||
|
| |||||||
United Arab Emirates-0.03% | ||||||||
Borr Drilling Ltd.(b) | 43,055 | 30,544 | ||||||
Network International Holdings PLC(b)(d) | 11,728 | 61,392 | ||||||
NMC Health PLC(b)(c) | 2,523 | 0 | ||||||
|
| |||||||
91,936 | ||||||||
|
| |||||||
United Kingdom-7.46% | ||||||||
888 Holdings PLC | 60,288 | 109,808 | ||||||
AG Barr PLC | 12,075 | 75,164 | ||||||
Airtel Africa PLC(d) | 115,239 | 58,433 | ||||||
Ascential PLC(d) | 34,342 | 109,593 | ||||||
Ashmore Group PLC | 33,098 | 158,393 | ||||||
Assura PLC | 222,273 | 213,918 | ||||||
Auto Trader Group PLC(d) | 30,804 | 178,226 | ||||||
Avast PLC(d) | 14,642 | 84,624 | ||||||
AVEVA Group PLC | 2,617 | 117,844 | ||||||
B&M European Value Retail S.A. | 118,147 | 495,955 | ||||||
Balfour Beatty PLC | 151,778 | 496,992 | ||||||
Big Yellow Group PLC | 15,276 | 206,557 | ||||||
Bodycote PLC | 37,491 | 275,933 | ||||||
Brewin Dolphin Holdings PLC | 39,330 | 135,928 | ||||||
Britvic PLC | 41,929 | 387,399 | ||||||
Cairn Energy PLC(b) | 82,312 | 116,283 | ||||||
Capital & Counties Properties PLC | 106,792 | 224,010 | ||||||
Card Factory PLC | 119,161 | 62,526 | ||||||
Chemring Group PLC | 36,252 | 90,630 | ||||||
Cineworld Group PLC | 245,440 | 202,655 | ||||||
Coats Group PLC | 179,041 | 103,883 | ||||||
Computacenter PLC | 14,254 | 261,779 | ||||||
Concentric AB(b) | 5,999 | 68,176 | ||||||
ConvaTec Group PLC(d) | 140,576 | 376,618 | ||||||
Countryside Properties PLC(d) | 39,287 | 200,796 | ||||||
Cranswick PLC | 6,128 | 287,385 | ||||||
Crest Nicholson Holdings PLC | 70,634 | 228,794 | ||||||
Daily Mail and General Trust PLC, Class A | 21,686 | 193,390 | ||||||
Dechra Pharmaceuticals PLC | 4,408 | 154,013 | ||||||
Dialog Semiconductor PLC(b) | 10,858 | 341,917 | ||||||
Diploma PLC | 6,527 | 142,016 | ||||||
Domino’s Pizza Group PLC | 46,524 | 201,987 | ||||||
Drax Group PLC | 106,505 | 280,502 | ||||||
Dunelm Group PLC | 11,933 | 138,551 | ||||||
Electrocomponents PLC | 54,600 | 398,067 | ||||||
Elementis PLC | 118,222 | 104,384 | ||||||
Equiniti Group PLC(d) | 53,531 | 115,732 | ||||||
Essentra PLC | 29,700 | 104,519 | ||||||
Firstgroup PLC(b) | 187,934 | 158,468 | ||||||
Frasers Group PLC(b) | 49,476 | 162,257 | ||||||
Games Workshop Group PLC | 1,550 | 117,697 | ||||||
Genus PLC | 3,827 | 164,704 | ||||||
Go-Ahead Group PLC (The) | 8,069 | 136,179 | ||||||
Grafton Group PLC | 42,610 | 341,288 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Grainger PLC | 52,428 | $ | 176,700 | |||||
Great Portland Estates PLC | 38,299 | 326,952 | ||||||
Greggs PLC | 9,375 | 216,637 | ||||||
Halfords Group PLC | 48,027 | 65,206 | ||||||
Halma PLC | 17,049 | 449,450 | ||||||
Hargreaves Lansdown PLC | 14,484 | 263,171 | ||||||
Hastings Group Holdings PLC(d) | 51,754 | 119,136 | ||||||
Hill & Smith Holdings PLC | 6,866 | 99,941 | ||||||
HomeServe PLC | 22,386 | 314,838 | ||||||
Howden Joinery Group PLC | 53,587 | 354,993 | ||||||
Hunting PLC | 44,858 | 103,205 | ||||||
Ibstock PLC(d) | 59,724 | 151,871 | ||||||
Indivior PLC(b) | 200,315 | 124,616 | ||||||
Intu Properties PLC(a)(b) | 606,033 | 42,425 | ||||||
J D Wetherspoon PLC | 8,694 | 103,630 | ||||||
JD Sports Fashion PLC. | 19,712 | 131,629 | ||||||
John Laing Group PLC(d) | 49,583 | 228,152 | ||||||
Jupiter Fund Management PLC | 108,556 | 299,323 | ||||||
Just Group PLC(b) | 161,618 | 113,854 | ||||||
Lancashire Holdings Ltd. | 28,495 | 219,966 | ||||||
LondonMetric Property PLC | 75,792 | 185,656 | ||||||
Marshalls PLC | 14,797 | 118,984 | ||||||
Marston’s PLC | 159,706 | 76,066 | ||||||
McCarthy & Stone PLC(d) | 54,363 | 48,548 | ||||||
Metro Bank PLC(a)(b) | 94,000 | 109,769 | ||||||
Mitchells & Butlers PLC(b) | 33,943 | 75,952 | ||||||
Moneysupermarket.com Group PLC | 59,496 | 238,344 | ||||||
Morgan Advanced Materials PLC | 39,156 | 107,916 | ||||||
National Express Group PLC | 54,454 | 187,649 | ||||||
NewRiver REIT PLC | 66,393 | 56,193 | ||||||
Ocado Group PLC(b) | 13,618 | 275,606 | ||||||
OneSavings Bank PLC | 39,569 | 121,781 | ||||||
PageGroup PLC | 68,193 | 323,417 | ||||||
Paragon Banking Group PLC | 52,820 | 222,259 | ||||||
Petrofac Ltd. | 98,703 | 245,139 | ||||||
Pets at Home Group PLC | 86,513 | 280,010 | ||||||
Picton Property Income Ltd. (The) | 72,051 | 62,254 | ||||||
Playtech PLC | 84,984 | 250,192 | ||||||
Polypipe Group PLC | 20,437 | 128,762 | ||||||
Premier Oil PLC(a)(b) | 438,616 | 180,525 | ||||||
Primary Health Properties PLC | 82,362 | 159,987 | ||||||
Provident Financial PLC | 53,008 | 129,377 | ||||||
PZ Cussons PLC. | 35,883 | 84,638 | ||||||
QinetiQ Group PLC | 67,364 | 258,308 | ||||||
Rank Group PLC | 24,015 | 49,314 | ||||||
Rathbone Brothers PLC | 5,067 | 96,636 | ||||||
Redde Northgate PLC | 34,629 | 78,448 | ||||||
Redrow PLC | 32,697 | 190,210 | ||||||
Renishaw PLC | 2,933 | 130,372 | ||||||
Restaurant Group PLC (The)(a) | 104,911 | 71,392 | ||||||
Rightmove PLC | 25,003 | 156,931 | ||||||
Rotork PLC | 86,392 | 270,901 | ||||||
Safestore Holdings PLC | 18,061 | 163,797 | ||||||
Saga PLC | 268,006 | 54,899 | ||||||
Savills PLC | 21,153 | 257,475 | ||||||
Senior PLC | 79,919 | 65,524 | ||||||
Serco Group PLC(b) | 175,351 | 284,879 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Shaftesbury PLC | 30,549 | $ | 231,198 | |||||
SIG PLC | 132,287 | 40,046 | ||||||
Softcat PLC | 7,487 | 106,714 | ||||||
Spirax-Sarco Engineering PLC | 4,458 | 490,784 | ||||||
Spirent Communications PLC | 44,470 | 135,182 | ||||||
SSP Group PLC | 53,793 | 190,257 | ||||||
St Modwen Properties PLC | 15,084 | 70,016 | ||||||
Stagecoach Group PLC | 85,755 | 80,909 | ||||||
Superdry PLC | 20,248 | 32,410 | ||||||
Synthomer PLC | 67,139 | 240,169 | ||||||
TalkTalk Telecom Group PLC | 103,027 | 107,406 | ||||||
Telecom Plus PLC | 8,503 | 142,003 | ||||||
TP ICAP PLC | 84,165 | 360,312 | ||||||
Tritax Big Box REIT PLC | 184,935 | 281,321 | ||||||
UK Commercial Property REIT Ltd. | 109,841 | 93,520 | ||||||
Ultra Electronics Holdings PLC | 10,224 | 254,181 | ||||||
UNITE Group PLC (The) | 18,967 | 209,455 | ||||||
Vectura Group PLC | 79,490 | 85,225 | ||||||
Vesuvius PLC. | 56,459 | 285,428 | ||||||
Victrex PLC | 12,953 | 326,112 | ||||||
Virgin Money UK PLC(b) | 215,628 | 207,033 | ||||||
Vistry Group PLC | 27,521 | 280,486 | ||||||
WH Smith PLC | 12,412 | 196,168 | ||||||
Workspace Group PLC | 16,997 | 167,440 | ||||||
|
| |||||||
22,901,553 | ||||||||
|
| |||||||
United States-0.30% | ||||||||
Alacer Gold Corp.(b) | 31,335 | 161,080 | ||||||
Primo Water Corp. | 24,909 | 255,555 | ||||||
Reliance Worldwide Corp. Ltd. | 93,835 | 166,677 | ||||||
Sims Ltd. | 74,287 | 339,791 | ||||||
|
| |||||||
923,103 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 305,194,152 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(e)(f) | 117,680 | 117,680 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 305,311,832 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.52% |
| |||||||
Invesco Private Government Fund, | 13,887,017 | 13,887,017 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.02% |
| 319,198,849 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.02)% |
| (12,340,523 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 306,858,326 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Investment Abbreviations:
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Wts.-Warrants
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2020. |
(b) | Non-income producing security. |
(c) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $12,682,965, which represented 4.13% of the Fund’s Net Assets. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 138,610 | $ | 9,313,546 | $ | (9,334,476 | ) | $ | - | $ | - | $ | 117,680 | $ | 3,337 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 15,926,925 | 28,479,806 | (44,406,731 | ) | - | - | - | 87,107 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 5,308,975 | 8,025,743 | (13,334,050 | ) | (228 | ) | (440 | ) | - | 33,407 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 27,527,461 | (13,640,444 | ) | - | - | 13,887,017 | 7 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 21,374,510 | $ | 73,346,556 | $ | (80,715,701 | ) | $ | (228 | ) | $ | (440 | ) | $ | 14,004,697 | $ | 123,858 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(f) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
(g) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020 | ||||||||
Industrials | 23.17 | |||||||
Consumer Discretionary | 14.66 | |||||||
Materials | 10.18 | |||||||
Financials | 9.37 | |||||||
Consumer Staples | 8.49 | |||||||
Information Technology | 8.40 | |||||||
Real Estate | 7.28 | |||||||
Health Care | 6.18 | |||||||
Communication Services | 5.55 | |||||||
Energy | 3.44 | |||||||
Utilities | 2.74 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.54 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-97.59% |
| |||||||
Brazil-8.06% | ||||||||
Ambev S.A | 1,398,450 | $ | 2,929,530 | |||||
B3 S.A. - Brasil, Bolsa, Balcao | 224,885 | 1,596,084 | ||||||
Banco Bradesco S.A | 609,311 | 1,976,521 | ||||||
Banco Bradesco S.A., Preference Shares | 2,309,736 | 8,170,884 | ||||||
Banco BTG Pactual S.A | 57,100 | 446,184 | ||||||
Banco do Brasil S.A | 733,258 | 3,860,465 | ||||||
Banco Santander Brasil S.A | 232,200 | 1,158,147 | ||||||
Braskem S.A., Class A, Preference Shares | 198,309 | 774,436 | ||||||
BRF S.A.(a) | 313,900 | 1,124,364 | ||||||
CCR S.A | 402,000 | 917,130 | ||||||
Centrais Eletricas Brasileiras S.A | 196,310 | 879,411 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 93,000 | 478,289 | ||||||
Cia Brasileira de Distribuicao | 105,179 | 1,286,637 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 107,392 | 795,129 | ||||||
Cia Energetica de Minas Gerais | 56,680 | 101,250 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 659,723 | 1,160,210 | ||||||
Cia Paranaense de Energia | 10,200 | 100,242 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 52,508 | 527,670 | ||||||
Cia Siderurgica Nacional S.A | 392,382 | 649,464 | ||||||
Cielo S.A | 1,197,722 | 898,297 | ||||||
Cogna Educacao | 756,800 | 774,513 | ||||||
Embraer S.A.(a) | 467,967 | 747,772 | ||||||
Equatorial Energia S.A | 159,900 | 541,438 | ||||||
Gerdau S.A., Preference Shares | 583,817 | 1,266,143 | ||||||
IRB Brasil Resseguros S.A | 232,500 | 438,947 | ||||||
Itau Unibanco Holding S.A | 317,000 | 1,288,308 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 2,938,375 | 12,359,706 | ||||||
Klabin S.A | 229,800 | 756,052 | ||||||
Lojas Americanas S.A | 37,110 | 139,369 | ||||||
Lojas Americanas S.A., Preference Shares | 128,120 | 588,851 | ||||||
Lojas Renner S.A | 88,246 | 625,822 | ||||||
Marfrig Global Foods S.A.(a) | 313,300 | 743,127 | ||||||
Metalurgica Gerdau S.A., Preference Shares | 1,198,800 | 1,140,491 | ||||||
Petrobras Distribuidora S.A | 426,000 | 1,536,915 | ||||||
Petroleo Brasileiro S.A | 1,306,762 | 4,502,080 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 2,092,647 | 6,977,681 | ||||||
Suzano S.A | 142,768 | 1,039,382 | ||||||
Telefonica Brasil S.A | 16,300 | 139,715 | ||||||
Telefonica Brasil S.A., Preference Shares | 244,143 | 2,058,842 | ||||||
TIM Participacoes S.A | 308,666 | 727,574 | ||||||
Ultrapar Participacoes S.A | 899,692 | 2,409,904 | ||||||
Vale S.A | 1,659,338 | 13,750,929 | ||||||
|
| |||||||
84,383,905 | ||||||||
|
| |||||||
Canada-0.08% | ||||||||
Canadian Solar, Inc.(a) | 43,954 | 784,139 | ||||||
|
|
Shares | Value | |||||||
Chile-0.76% | ||||||||
Banco de Chile | 19,419,438 | $ | 1,709,715 | |||||
Banco Santander Chile | 33,526,253 | 1,437,751 | ||||||
Enel Americas S.A | 13,585,690 | 2,226,443 | ||||||
Enel Chile S.A | 11,140,470 | 906,062 | ||||||
Falabella S.A | 347,016 | 946,441 | ||||||
Latam Airlines Group S.A | 196,091 | 740,059 | ||||||
|
| |||||||
7,966,471 | ||||||||
|
| |||||||
China-42.56% | ||||||||
Agile Group Holdings Ltd. | 831,987 | 920,641 | ||||||
Agricultural Bank of China Ltd., A Shares | 7,695,400 | 3,749,290 | ||||||
Agricultural Bank of China Ltd., H Shares | 23,543,718 | 9,770,506 | ||||||
Air China Ltd., A Shares | 236,300 | 239,237 | ||||||
Air China Ltd., H Shares | 965,070 | 689,016 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 103,072 | 20,889,602 | ||||||
Aluminum Corp. of China Ltd., A Shares(a) | 988,000 | 394,638 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 4,276,385 | 905,575 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 73,000 | 609,758 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 307,392 | 2,380,025 | ||||||
ANTA Sports Products Ltd. | 115,547 | 987,264 | ||||||
Baidu, Inc., ADR(a) | 70,629 | 7,128,585 | ||||||
Bank of China Ltd., A Shares | 3,887,700 | 1,906,659 | ||||||
Bank of China Ltd., H Shares | 54,199,910 | 20,495,793 | ||||||
Bank of Communications Co. Ltd., A Shares | 2,758,693 | 2,010,150 | ||||||
Bank of Communications Co. Ltd., H Shares | 6,969,475 | 4,358,211 | ||||||
Baoshan Iron & Steel Co. Ltd., A Shares | 1,298,000 | 885,149 | ||||||
Beijing Enterprises Holdings Ltd. | 239,502 | 851,133 | ||||||
Beijing Enterprises Water Group Ltd. | 2,236,538 | 851,349 | ||||||
BYD Co. Ltd., A Shares | 28,500 | 241,226 | ||||||
BYD Co. Ltd., H Shares | 141,203 | 868,104 | ||||||
China CITIC Bank Corp. Ltd., A Shares | 655,301 | 478,975 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 8,563,900 | 4,171,974 | ||||||
China Communications Construction Co. Ltd., A Shares | 426,000 | 479,346 | ||||||
China Communications Construction Co. Ltd., H Shares | 4,955,379 | 3,268,705 | ||||||
China Communications Services Corp. Ltd., H Shares | 1,559,024 | 1,089,140 | ||||||
China Conch Venture Holdings Ltd. | 220,709 | 1,044,979 | ||||||
China Construction Bank Corp., A Shares | 482,900 | 436,427 | ||||||
China Construction Bank Corp., H Shares | 60,946,495 | 49,139,572 | ||||||
China Everbright Bank Co. Ltd., A Shares | 2,469,100 | 1,290,969 | ||||||
China Everbright Bank Co. Ltd., H Shares | 2,552,278 | 1,079,412 | ||||||
China Everbright International Ltd. | 1,755,671 | 1,004,603 | ||||||
China Evergrande Group(b) | 1,278,924 | 2,213,304 | ||||||
China Gas Holdings Ltd. | 312,130 | 1,139,366 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
China Jinmao Holdings Group Ltd. | 2,376,827 | $ | 1,647,090 | |||||
China Life Insurance Co. Ltd., A Shares | 96,000 | 382,196 | ||||||
China Life Insurance Co. Ltd., H Shares | 1,926,216 | 4,061,243 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,829,389 | 898,285 | ||||||
China Merchants Bank Co. Ltd., A Shares | 571,100 | 2,799,297 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,468,168 | 6,994,415 | ||||||
China Merchants Port Holdings Co. Ltd. | 644,659 | 819,125 | ||||||
China Minsheng Banking Corp. Ltd., A Shares | 2,427,545 | 2,009,742 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 6,205,482 | 4,592,587 | ||||||
China Mobile Ltd. | 3,439,348 | 27,509,485 | ||||||
China National Building Material Co. Ltd., H Shares | 3,717,491 | 4,642,890 | ||||||
China Overseas Land & Investment Ltd. | 1,974,407 | 7,116,762 | ||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 193,900 | 831,276 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 1,028,549 | 3,339,881 | ||||||
China Petroleum & Chemical Corp., A Shares | 2,712,800 | 1,708,361 | ||||||
China Petroleum & Chemical Corp., H Shares | 27,963,625 | 13,921,375 | ||||||
China Railway Construction Corp. Ltd., A Shares | 1,085,400 | 1,481,853 | ||||||
China Railway Construction Corp. Ltd., H Shares | 2,247,466 | 2,454,780 | ||||||
China Railway Group Ltd., H Shares | 4,409,826 | 2,650,782 | ||||||
China Resources Land Ltd. | 1,117,361 | 4,489,188 | ||||||
China Resources Power Holdings Co. Ltd. | 937,812 | 1,107,437 | ||||||
China Shenhua Energy Co. Ltd., A Shares | 418,300 | 933,210 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 2,756,859 | 4,870,962 | ||||||
China Southern Airlines Co. Ltd., A Shares | 463,701 | 350,393 | ||||||
China Southern Airlines Co. Ltd., H Shares | 1,111,432 | 559,766 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 3,463,137 | 2,531,639 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,045,355 | 1,750,592 | ||||||
China Telecom Corp. Ltd., H Shares | 11,011,846 | 3,771,940 | ||||||
China Tower Corp. Ltd., H Shares(c) | 9,274,463 | 2,069,283 | ||||||
China Unicom Hong Kong Ltd. | 5,274,824 | 3,388,786 | ||||||
China United Network Communications Ltd., A Shares | 1,453,100 | 1,061,392 | ||||||
China Vanke Co. Ltd., A Shares | 304,100 | 1,137,855 | ||||||
China Vanke Co. Ltd., H Shares | 650,376 | 2,119,748 | ||||||
CIFI Holdings Group Co. Ltd. | 1,408,678 | 1,043,924 | ||||||
CITIC Ltd. | 1,403,694 | 1,436,054 | ||||||
CITIC Securities Co. Ltd., A Shares | 175,500 | 579,571 | ||||||
CITIC Securities Co. Ltd., H Shares | 530,578 | 1,017,262 | ||||||
CNOOC Ltd. | 9,515,770 | 10,682,034 | ||||||
Country Garden Holdings Co. Ltd. | 3,547,063 | 4,473,670 | ||||||
CRRC Corp. Ltd., A Shares | 878,354 | 762,963 |
Shares | Value | |||||||
China-(continued) | ||||||||
CRRC Corp. Ltd., H Shares | 1,975,439 | $ | 1,030,155 | |||||
CSPC Pharmaceutical Group Ltd. | 415,042 | 809,249 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,628,096 | 1,060,166 | ||||||
ENN Energy Holdings Ltd. | 153,350 | 1,704,548 | ||||||
Fosun International Ltd. | 1,478,500 | 1,835,571 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 19,514,263 | 554,148 | ||||||
Geely Automobile Holdings Ltd. | 1,206,850 | 1,840,878 | ||||||
GF Securities Co. Ltd., A Shares | 155,700 | 297,779 | ||||||
GF Securities Co. Ltd., H Shares | 531,262 | 577,713 | ||||||
Great Wall Motor Co. Ltd., A Shares | 134,500 | 150,935 | ||||||
Great Wall Motor Co. Ltd., H Shares | 1,715,392 | 1,153,786 | ||||||
Guangdong Investment Ltd. | 669,719 | 1,380,046 | ||||||
Guangzhou Automobile Group Co. Ltd., A Shares | 69,800 | 95,432 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 890,678 | 788,500 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 1,278,827 | 1,603,743 | ||||||
Haier Electronics Group Co. Ltd. | 414,186 | 1,147,415 | ||||||
Haitong Securities Co. Ltd., A Shares | 195,800 | 352,355 | ||||||
Haitong Securities Co. Ltd., H Shares | 1,083,894 | 983,557 | ||||||
Hengan International Group Co. Ltd. | 222,013 | 1,955,408 | ||||||
Huadian Power International Corp. Ltd., A Shares | 643,709 | 331,513 | ||||||
Huadian Power International Corp. Ltd., H Shares | 2,254,118 | 780,194 | ||||||
Huaneng Power International, Inc., A Shares | 614,100 | 363,313 | ||||||
Huaneng Power International, Inc., H Shares | 5,380,770 | 2,026,721 | ||||||
Huatai Securities Co. Ltd., A Shares | 142,600 | 360,633 | ||||||
Huatai Securities Co. Ltd., H Shares(c) | 451,212 | 748,880 | ||||||
Huaxia Bank Co. Ltd., A Shares | 960,600 | 886,987 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 3,690,312 | 2,684,529 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 49,338,455 | 33,120,831 | ||||||
Industrial Bank Co. Ltd., A Shares | 1,035,600 | 2,408,460 | ||||||
JD.com, Inc., ADR(a) | 131,780 | 5,679,718 | ||||||
Jiangxi Copper Co. Ltd., A Shares | 152,200 | 271,872 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 1,201,457 | 1,153,994 | ||||||
Kunlun Energy Co. Ltd. | 2,241,801 | 1,460,344 | ||||||
Kweichow Moutai Co. Ltd., A Shares | 6,000 | 1,061,718 | ||||||
Longfor Group Holdings Ltd.(c) | 477,891 | 2,368,457 | ||||||
Meituan Dianping, B Shares(a) | 169,150 | 2,247,017 | ||||||
Metallurgical Corp. of China Ltd., A Shares | 1,345,300 | 483,612 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 3,420,246 | 595,604 | ||||||
NetEase, Inc., ADR | 7,334 | 2,529,937 | ||||||
New China Life Insurance Co. Ltd., A Shares | 55,400 | 346,546 | ||||||
New China Life Insurance Co. Ltd., H Shares | 314,206 | 1,067,232 | ||||||
Peoples Insurance Co. Group of China Ltd. (The), H Shares | 3,371,437 | 1,085,463 | ||||||
PetroChina Co. Ltd., H Shares | 20,228,528 | 7,240,429 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 3,210,903 | 3,015,997 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
China-(continued) | ||||||||
Ping An Bank Co. Ltd., A Shares | 601,300 | $ | 1,168,624 | |||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 208,800 | 2,173,857 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1,468,495 | 14,890,463 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(c) | 4,229,604 | 2,511,423 | ||||||
SAIC Motor Corp. Ltd., A Shares | 602,656 | 1,582,357 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares | 87,300 | 229,017 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 555,562 | 978,926 | ||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,585,452 | 2,362,794 | ||||||
Shenzhou International Group Holdings Ltd. | 87,422 | 994,440 | ||||||
Shimao Property Holdings Ltd. | 750,010 | 3,008,141 | ||||||
Sino Biopharmaceutical Ltd.(b) | 677,800 | 998,114 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., A Shares | 378,300 | 215,647 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 3,102,982 | 839,513 | ||||||
Sinopharm Group Co. Ltd., H Shares | 813,182 | 2,192,213 | ||||||
Sunac China Holdings Ltd. | 464,806 | 2,011,159 | ||||||
Tencent Holdings Ltd. | 291,442 | 15,462,202 | ||||||
Trip.com Group Ltd., ADR(a) | 88,926 | 2,290,734 | ||||||
Vipshop Holdings Ltd., ADR(a) | 128,011 | 2,039,215 | ||||||
Weichai Power Co. Ltd., A Shares | 156,400 | 291,442 | ||||||
Weichai Power Co. Ltd., H Shares | 700,519 | 1,201,216 | ||||||
Xiaomi Corp., B Shares(a)(c) | 1,457,752 | 1,904,124 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,411,330 | 983,521 | ||||||
Yanzhou Coal Mining Co. Ltd., A Shares | 78,200 | 90,651 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 1,577,542 | 1,191,040 | ||||||
Zijin Mining Group Co. Ltd., A Shares | 412,000 | 223,031 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 1,676,446 | 692,000 | ||||||
ZTO Express Cayman, Inc., ADR | 39,502 | 1,175,579 | ||||||
|
| |||||||
445,310,605 | ||||||||
|
| |||||||
Hong Kong-0.09% | ||||||||
Nine Dragons Paper Holdings Ltd. | 989,558 | 957,346 | ||||||
|
| |||||||
India-7.42% | ||||||||
Axis Bank Ltd. | 372,399 | 2,179,735 | ||||||
Bharat Petroleum Corp. Ltd. | 671,964 | 3,294,553 | ||||||
Bharti Airtel Ltd.(a) | 336,595 | 2,287,642 | ||||||
Bharti Infratel Ltd. | 329,308 | 764,782 | ||||||
Coal India Ltd. | 1,154,416 | 2,266,806 | ||||||
GAIL (India) Ltd. | 602,841 | 761,386 | ||||||
Grasim Industries Ltd. | 176,976 | 1,175,419 | ||||||
HCL Technologies Ltd. | 228,174 | 1,641,691 | ||||||
Hero MotoCorp.Ltd. | 39,922 | 1,148,328 | ||||||
Hindalco Industries Ltd. | 840,588 | 1,447,299 | ||||||
Hindustan Petroleum Corp. Ltd. | 747,226 | 2,184,438 | ||||||
Hindustan Unilever Ltd. | 43,525 | 1,266,579 | ||||||
Housing Development Finance Corp. Ltd. | 238,579 | 6,012,650 | ||||||
Indiabulls Housing Finance Ltd. | 346,081 | 605,036 | ||||||
Indian Oil Corp. Ltd. | 1,624,953 | 1,815,751 | ||||||
Infosys Ltd. | 759,930 | 7,182,245 | ||||||
ITC Ltd. | 689,201 | 1,648,546 | ||||||
Jindal Steel & Power Ltd.(a) | 440,812 | 553,023 |
Shares | Value | |||||||
India-(continued) | ||||||||
JSW Steel Ltd. | 533,679 | $ | 1,266,062 | |||||
Larsen & Toubro Ltd. | 95,795 | 1,139,308 | ||||||
Mahindra & Mahindra Ltd. | 269,772 | 1,309,544 | ||||||
Maruti Suzuki India Ltd. | 21,453 | 1,521,436 | ||||||
NTPC Ltd. | 1,458,257 | 1,834,015 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,928,369 | 2,039,208 | ||||||
Power Finance Corp. Ltd. | 572,208 | 720,197 | ||||||
REC Ltd. | 610,652 | 773,786 | ||||||
Reliance Industries Ltd. | 641,891 | 12,454,656 | ||||||
Shriram Transport Finance Co. Ltd. | 53,928 | 555,613 | ||||||
State Bank of India(a) | 883,148 | 2,224,942 | ||||||
Sun Pharmaceutical Industries Ltd. | 238,403 | 1,468,315 | ||||||
Tata Consultancy Services Ltd. | 133,925 | 3,565,242 | ||||||
Tata Motors Ltd.(a) | 1,621,936 | 1,996,115 | ||||||
Tata Motors Ltd., Class A(a) | 629,707 | 331,263 | ||||||
Tata Steel Ltd. | 295,183 | 1,164,384 | ||||||
Tech Mahindra Ltd. | 92,716 | 669,994 | ||||||
Vedanta Ltd. | 2,124,775 | 2,418,822 | ||||||
Vodafone Idea Ltd.(a) | 17,606,006 | 984,689 | ||||||
Wipro Ltd. | 325,066 | 822,023 | ||||||
Yes Bank Ltd. | 409,658 | 150,941 | ||||||
|
| |||||||
77,646,464 | ||||||||
|
| |||||||
Indonesia-1.05% | ||||||||
PT Astra International Tbk | 4,080,852 | 1,056,221 | ||||||
PT Bank Central Asia Tbk | 979,825 | 1,702,755 | ||||||
PT Bank Mandiri (Persero) Tbk | 5,365,750 | 1,608,823 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 3,077,312 | 848,200 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 12,354,907 | 2,256,936 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 14,761,216 | 3,473,227 | ||||||
|
| |||||||
10,946,162 | ||||||||
|
| |||||||
Malaysia-0.74% | ||||||||
CIMB Group Holdings Bhd | 1,100,000 | 877,427 | ||||||
Malayan Banking Bhd | 1,074,700 | 1,886,731 | ||||||
MISC Bhd | 682,800 | 1,252,859 | ||||||
Public Bank Bhd | 555,800 | 2,109,510 | ||||||
Tenaga Nasional Bhd | 553,100 | 1,571,743 | ||||||
|
| |||||||
7,698,270 | ||||||||
|
| |||||||
Mexico-2.67% | ||||||||
America Movil S.A.B. de C.V., Series L(b) | 12,491,648 | 7,659,725 | ||||||
Cemex S.A.B. de C.V., Series CPO(d) | 16,026,922 | 3,412,704 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 214,139 | 873,284 | ||||||
Fibra Uno Administracion S.A. de C.V | 1,276,701 | 1,060,075 | ||||||
Fomento Economico Mexicano, S.A.B | 683,798 | 4,473,550 | ||||||
Grupo Financiero Banorte S.A.B. de | 1,032,289 | 2,857,546 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 1,031,090 | 2,225,873 | ||||||
Grupo Televisa S.A.B., Series CPO(b)(f) | 1,083,773 | 1,165,705 | ||||||
Orbia Advance Corp. S.A.B. de C.V.(b) | 443,700 | 529,980 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., | 1,510,799 | 3,678,329 | ||||||
|
| |||||||
27,936,771 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Romania-0.05% | ||||||||
NEPI Rockcastle PLC | 119,362 | $ | 508,105 | |||||
|
| |||||||
Russia-9.30% | ||||||||
Aeroflot PJSC | 640,828 | 656,524 | ||||||
Alrosa PJSC | 1,373,337 | 1,155,145 | ||||||
Gazprom PJSC | 10,476,575 | 26,917,957 | ||||||
Inter RAO UES PJSC | 16,174,366 | 1,093,620 | ||||||
LUKOIL PJSC | 269,504 | 17,590,034 | ||||||
Magnit PJSC | 79,512 | 3,967,603 | ||||||
MMC Norilsk Nickel PJSC | 14,914 | 4,130,007 | ||||||
Mobile TeleSystems PJSC | 634,582 | 2,742,608 | ||||||
Moscow Exchange MICEX-RTS PJSC | 576,746 | 937,706 | ||||||
Novatek PJSC | 194,011 | 2,711,573 | ||||||
Novolipetsk Steel PJSC | 725,941 | 1,259,890 | ||||||
Rosneft Oil Co. PJSC | 775,305 | 3,519,074 | ||||||
Rosseti PJSC | 47,589,376 | 825,669 | ||||||
RusHydro PJSC | 96,305,796 | 820,599 | ||||||
Sberbank of Russia PJSC | 5,197,637 | 13,864,114 | ||||||
Severstal PJSC. | 163,563 | 1,967,655 | ||||||
Sistema PJSFC. | 4,675,728 | 913,663 | ||||||
Surgutneftegas PJSC | 4,804,355 | 2,411,314 | ||||||
Surgutneftegas PJSC, Preference Shares | 5,369,516 | 2,638,695 | ||||||
Tatneft PJSC | 578,049 | 4,299,288 | ||||||
Tatneft PJSC, Preference Shares | 55,860 | 388,345 | ||||||
VTB Bank PJSC | 5,340,108,004 | 2,520,256 | ||||||
|
| |||||||
97,331,339 | ||||||||
|
| |||||||
South Africa-4.50% | ||||||||
Absa Group Ltd. | 405,384 | 2,015,331 | ||||||
AngloGold Ashanti Ltd. | 86,844 | 2,152,586 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 211,412 | 1,331,211 | ||||||
Bid Corp. Ltd. | 116,299 | 1,530,283 | ||||||
Bidvest Group Ltd. (The) | 141,274 | 1,158,116 | ||||||
Discovery Ltd. | 142,363 | 751,931 | ||||||
Exxaro Resources Ltd. | 127,827 | 750,396 | ||||||
FirstRand Ltd. | 1,415,842 | 3,120,018 | ||||||
Foschini Group Ltd. (The) | 124,867 | 496,476 | ||||||
Gold Fields Ltd. | 245,471 | 1,834,930 | ||||||
Growthpoint Properties Ltd. | 1,146,412 | 869,563 | ||||||
Impala Platinum Holdings Ltd. | 102,375 | 625,455 | ||||||
Mr Price Group Ltd. | 93,923 | 661,326 | ||||||
MTN Group Ltd. | 614,306 | 1,625,996 | ||||||
MultiChoice Group(a) | 202,600 | 962,309 | ||||||
Naspers Ltd., Class N | 27,901 | 4,404,089 | ||||||
Nedbank Group Ltd. | 202,903 | 1,184,494 | ||||||
Netcare Ltd. | 902,598 | 761,790 | ||||||
Old Mutual Ltd. | 2,699,071 | 1,972,313 | ||||||
Remgro Ltd. | 197,505 | 1,473,356 | ||||||
Sanlam Ltd. | 680,092 | 2,195,255 | ||||||
Sappi Ltd.(a) | 749,524 | 918,284 | ||||||
Sasol Ltd.(a) | 376,398 | 1,788,428 | ||||||
Shoprite Holdings Ltd. | 361,643 | 2,109,601 | ||||||
Sibanye Stillwater Ltd.(a) | 421,951 | 867,567 | ||||||
SPAR Group Ltd. (The) | 123,720 | 1,191,592 | ||||||
Standard Bank Group Ltd. | 572,577 | 3,184,170 | ||||||
Telkom S.A. SOC Ltd. | 557,258 | 625,683 | ||||||
Tiger Brands Ltd. | 106,367 | 1,046,005 | ||||||
Truworths International Ltd. | 334,602 | 537,294 |
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Vodacom Group Ltd. | 272,595 | $ | 1,828,977 | |||||
Woolworths Holdings Ltd. | 636,172 | 1,056,188 | ||||||
|
| |||||||
47,031,013 | ||||||||
|
| |||||||
Taiwan-14.58% | ||||||||
ASE Technology Holding Co. Ltd. | 1,491,000 | 3,285,801 | ||||||
Asia Cement Corp. | 997,000 | 1,451,478 | ||||||
Asustek Computer, Inc. | 210,738 | 1,421,482 | ||||||
AU Optronics Corp. | 11,864,000 | 3,094,989 | ||||||
Catcher Technology Co. Ltd. | 359,000 | 2,708,235 | ||||||
Cathay Financial Holding Co. Ltd. | 2,468,440 | 3,279,131 | ||||||
Chailease Holding Co. Ltd. | 330,902 | 1,243,384 | ||||||
China Development Financial Holding Corp. | 3,488,000 | 1,046,083 | ||||||
China Steel Corp. | 1,546,360 | 1,028,169 | ||||||
Chunghwa Telecom Co. Ltd. | 1,416,000 | 5,197,898 | ||||||
Compal Electronics, Inc. | 1,708,000 | 1,085,547 | ||||||
CTBC Financial Holding Co. Ltd. | 4,326,838 | 2,866,203 | ||||||
Delta Electronics, Inc. | 767,506 | 3,560,012 | ||||||
E.Sun Financial Holding Co. Ltd. | 2,295,408 | 2,066,545 | ||||||
Far Eastern New Century Corp. | 1,093,000 | 942,316 | ||||||
Far EasTone Telecommunications Co. | 502,000 | 1,113,388 | ||||||
First Financial Holding Co. Ltd. | 1,901,614 | 1,387,214 | ||||||
Formosa Chemicals & Fibre Corp. | 682,920 | 1,713,741 | ||||||
Formosa Petrochemical Corp. | 507,000 | 1,507,257 | ||||||
Formosa Plastics Corp. | 791,280 | 2,300,691 | ||||||
Foxconn Technology Co. Ltd. | 484,000 | 921,409 | ||||||
Fubon Financial Holding Co. Ltd. | 1,923,928 | 2,698,979 | ||||||
Hon Hai Precision Industry Co. Ltd. | 5,900,064 | 15,023,221 | ||||||
Hotai Motor Co. Ltd. | 55,000 | 1,000,178 | ||||||
Innolux Corp. | 15,385,490 | 3,314,255 | ||||||
Largan Precision Co. Ltd. | 13,000 | 1,775,910 | ||||||
Lite-On Technology Corp. | 930,313 | 1,443,109 | ||||||
MediaTek, Inc. | 445,091 | 6,085,430 | ||||||
Mega Financial Holding Co. Ltd. | 2,529,080 | 2,531,137 | ||||||
Micro-Star International Co. Ltd. | 320,000 | 984,880 | ||||||
Nan Ya Plastics Corp. | 701,940 | 1,532,235 | ||||||
Novatek Microelectronics Corp. | 176,000 | 1,086,915 | ||||||
Pegatron Corp. | 1,055,106 | 2,302,836 | ||||||
Powertech Technology, Inc. | 305,200 | 1,018,681 | ||||||
President Chain Store Corp. | 131,000 | 1,351,607 | ||||||
Quanta Computer, Inc. | 1,351,000 | 2,903,729 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 674,000 | 980,646 | ||||||
Shin Kong Financial Holding Co. Ltd. | 6,504,998 | 1,834,747 | ||||||
SinoPac Financial Holdings Co. Ltd. | 2,657,000 | 1,072,732 | ||||||
Taishin Financial Holding Co. Ltd. | 2,050,169 | 865,206 | ||||||
Taiwan Cement Corp. | 2,022,324 | 2,891,135 | ||||||
Taiwan Mobile Co. Ltd.(a) | 491,400 | 1,766,876 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,260,000 | 42,810,732 | ||||||
Uni-President Enterprises Corp. | 1,299,941 | 3,006,819 | ||||||
United Microelectronics Corp. | 7,286,000 | 3,779,134 | ||||||
Wistron Corp. | 2,052,875 | 1,907,401 | ||||||
Yageo Corp. | 98,000 | 1,272,716 | ||||||
Yuanta Financial Holding Co. Ltd. | 2,213,671 | 1,247,855 | ||||||
Zhen Ding Technology Holding Ltd. | 247,000 | 873,823 | ||||||
|
| |||||||
152,583,897 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Thailand-3.65% | ||||||||
Advanced Info Service PCL, NVDR | 352,028 | $ | 2,140,392 | |||||
Bangkok Bank PCL, Foreign Shares | 331,691 | 1,058,100 | ||||||
Banpu PCL, NVDR | 5,035,927 | 895,318 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,047,078 | 1,696,610 | ||||||
CP ALL PCL, NVDR | 1,103,132 | 2,401,830 | ||||||
Indorama Ventures PCL, NVDR | 1,090,928 | 959,005 | ||||||
IRPC PCL, NVDR | 14,094,498 | 1,157,088 | ||||||
Kasikornbank PCL, Foreign Shares | 362,061 | 956,630 | ||||||
Kasikornbank PCL, NVDR | 184,812 | 488,307 | ||||||
Krung Thai Bank PCL, NVDR | 4,766,107 | 1,595,384 | ||||||
PTT Exploration & Production PCL, NVDR | 614,037 | 1,566,733 | ||||||
PTT Global Chemical PCL, NVDR | 1,933,464 | 2,234,869 | ||||||
PTT PCL, NVDR | 9,395,465 | 10,224,592 | ||||||
Siam Cement PCL (The), NVDR | 491,825 | 5,202,539 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,699,536 | 3,543,867 | ||||||
Thai Oil PCL, NVDR | 1,123,704 | 1,409,386 | ||||||
Thanachart Capital PCL, NVDR | 592,901 | 663,269 | ||||||
|
| |||||||
38,193,919 | ||||||||
|
| |||||||
Turkey-1.79% | ||||||||
Akbank T.A.S.(a) | 2,279,948 | 1,900,317 | ||||||
BIM Birlesik Magazalar A.S | 150,216 | 1,189,564 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,383,123 | 1,589,632 | ||||||
Haci Omer Sabanci Holding A.S | 1,336,108 | 1,563,683 | ||||||
KOC Holding A.S | 635,484 | 1,394,710 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 144,648 | 1,879,110 | ||||||
Turk Hava Yollari AO(a) | 904,019 | 1,363,652 | ||||||
Turkcell Iletisim Hizmetleri A.S | 1,108,928 | 2,207,808 | ||||||
Turkiye Garanti Bankasi A.S.(a) | 1,687,855 | 1,988,805 | ||||||
Turkiye Halk Bankasi A.S.(a) | 1,764,441 | 1,299,303 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 2,021,539 | 1,415,531 | ||||||
Turkiye Vakiflar Bankasi T.A.O., | 1,530,312 | 979,854 | ||||||
|
| |||||||
18,771,969 | ||||||||
|
|
Shares | Value | |||||||
United States-0.29% | ||||||||
JBS S.A | 683,682 | $ | 3,010,914 | |||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 1,021,061,289 | ||||||
|
| |||||||
Exchange-Traded Funds-2.40% |
| |||||||
United States-1.65% | ||||||||
iShares MSCI Saudi Arabia ETF | 674,900 | 17,257,193 | ||||||
|
| |||||||
Ireland-0.75% | ||||||||
Invesco MSCI Saudi Arabia UCITS ETF(a)(g) | 224,630 | 3,911,707 | ||||||
iShares MSCI Saudi Arabia Capped UCITS ETF(a) | 1,074,318 | 3,967,456 | ||||||
|
| |||||||
7,879,163 | ||||||||
|
| |||||||
Total Exchange-Traded Funds | 25,136,356 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,046,197,645 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.14% |
| |||||||
Invesco Private Government Fund, | 1,465,406 | 1,465,406 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.13% |
| 1,047,663,051 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.13)% |
| (1,324,575 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,046,338,476 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
ETF-Exchange-Traded Fund
NVDR-Non-Voting Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $9,602,167, which represented less than 1% of the Fund’s Net Assets. |
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco MSCI Saudi Arabia UCITS ETF | $ | - | $ | 3,582,435 | $ | (132,614 | ) | $ | 453,614 | $ | 8,272 | $ | 3,911,707 | $ | - | ||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | 2,265,414 | 50,096,264 | (52,361,678 | ) | - | - | - | 15,156 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 1,898,097 | 5,400,868 | (7,298,965 | ) | - | - | - | 13,237 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 632,699 | 1,480,882 | (2,113,643 | ) | (35 | ) | 97 | - | 5,035 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 2,862,447 | (1,397,041 | ) | - | - | 1,465,406 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,796,210 | $ | 63,422,896 | $ | (63,303,941 | ) | $ | 453,579 | $ | 8,369 | $ | 5,377,113 | $ | 33,429 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(h) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(i) | 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.
| 46 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2020 | ||||||||
Financials | 34.29 | |||||||
Energy | 15.16 | |||||||
Information Technology | 11.54 | |||||||
Communication Services | 9.87 | |||||||
Materials | 8.16 | |||||||
Consumer Discretionary | 6.14 | |||||||
Consumer Staples | 4.17 | |||||||
Industrials | 3.70 | |||||||
Real Estate | 3.50 | |||||||
Sector Types Each Less Than 3% | 3.46 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco Global Clean Energy ETF (PBD)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.04% |
| |||||||
Austria-1.21% | ||||||||
Verbund AG | 15,134 | $ | 685,594 | |||||
|
| |||||||
Canada-6.74% | ||||||||
Ballard Power Systems, Inc.(a)(b) | 66,228 | 674,701 | ||||||
Boralex, Inc., Class A | 30,462 | 591,059 | ||||||
Canadian Solar, Inc.(a) | 39,266 | 700,505 | ||||||
Innergex Renewable Energy, Inc. | 44,112 | 593,263 | ||||||
Northland Power, Inc. | 29,934 | 643,744 | ||||||
TransAlta Renewables, Inc. | 57,937 | 627,361 | ||||||
|
| |||||||
3,830,633 | ||||||||
|
| |||||||
Chile-1.09% | ||||||||
Sociedad Quimica y Minera de Chile S.A., ADR | 27,206 | 620,297 | ||||||
|
| |||||||
China-7.31% | ||||||||
BYD Co. Ltd., H Shares | 101,624 | 639,709 | ||||||
Daqo New Energy Corp., ADR(a) | 9,883 | 515,201 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 42,062 | 665,421 | ||||||
NIO, Inc., ADR(a)(b) | 176,832 | 602,997 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 634,036 | 622,394 | ||||||
Xinyi Energy Holdings Ltd. | 2,019,138 | 570,396 | ||||||
Xinyi Solar Holdings Ltd. | 854,901 | 538,149 | ||||||
|
| |||||||
4,154,267 | ||||||||
|
| |||||||
Denmark-3.16% | ||||||||
Novozymes A/S, Class B(b) | 12,741 | 624,081 | ||||||
Orsted A/S(c) | 6,019 | 608,383 | ||||||
Vestas Wind Systems A/S. | 6,533 | 562,302 | ||||||
|
| |||||||
1,794,766 | ||||||||
|
| |||||||
Finland-0.95% | ||||||||
Caverion OYJ | 94,770 | 540,806 | ||||||
|
| |||||||
France-2.28% | ||||||||
Albioma S.A | 19,693 | 653,563 | ||||||
Neoen S.A.(a)(c) | 16,911 | 639,957 | ||||||
|
| |||||||
1,293,520 | ||||||||
|
| |||||||
Germany-5.62% | ||||||||
CropEnergies AG | 71,697 | 566,985 | ||||||
Encavis AG | 60,617 | 744,938 | ||||||
Nordex SE(a) | 68,639 | 555,958 | ||||||
SMA Solar Technology AG(a) | 21,197 | 674,224 | ||||||
VERBIO Vereinigte BioEnergie AG | 71,478 | 651,371 | ||||||
|
| |||||||
3,193,476 | ||||||||
|
| |||||||
Guernsey-1.01% | ||||||||
Renewables Infrastructure Group Ltd. (The) | 367,590 | 571,229 | ||||||
|
| |||||||
Hong Kong-0.89% | ||||||||
Canvest Environmental Protection Group Co. | 1,156,981 | 507,425 | ||||||
|
| |||||||
Ireland-0.91% | ||||||||
Kingspan Group PLC | 10,192 | 519,093 | ||||||
|
| |||||||
Italy-2.25% | ||||||||
Falck Renewables S.p.A | 137,117 | 673,727 | ||||||
Terna Rete Elettrica Nazionale S.p.A | 96,654 | 605,548 | ||||||
|
| |||||||
1,279,275 | ||||||||
|
|
Shares | Value | |||||||
Japan-6.11% | ||||||||
eRex Co. Ltd. | 48,398 | $ | 680,247 | |||||
GS Yuasa Corp. | 41,501 | 599,607 | ||||||
Meidensha Corp. | 40,205 | 633,144 | ||||||
RENOVA, Inc.(a) | 71,514 | 730,956 | ||||||
West Holdings Corp. | 49,455 | 828,297 | ||||||
|
| |||||||
3,472,251 | ||||||||
|
| |||||||
Netherlands-0.90% | ||||||||
Signify N.V.(c) | 25,114 | 512,050 | ||||||
|
| |||||||
New Zealand-4.07% | ||||||||
Contact Energy Ltd. | 144,295 | 559,953 | ||||||
Mercury NZ Ltd. | 212,476 | 598,412 | ||||||
Meridian Energy Ltd. | 204,796 | 567,307 | ||||||
Tilt Renewables Ltd.(a) | 297,170 | 586,685 | ||||||
|
| |||||||
2,312,357 | ||||||||
|
| |||||||
Norway-2.59% | ||||||||
NEL ASA(a) | 654,318 | 808,330 | ||||||
Scatec Solar ASA(c) | 45,468 | 666,033 | ||||||
|
| |||||||
1,474,363 | ||||||||
|
| |||||||
South Korea-3.19% | ||||||||
CS Wind Corp. | 24,237 | 637,528 | ||||||
Ecopro Co. Ltd. | 35,314 | 585,451 | ||||||
Samsung SDI Co. Ltd. | 2,519 | 591,271 | ||||||
|
| |||||||
1,814,250 | ||||||||
|
| |||||||
Spain-6.85% | ||||||||
Acciona S.A.(b) | 5,580 | 552,504 | ||||||
Atlantica Yield PLC | 27,063 | 647,888 | ||||||
Audax Renovables S.A.(a)(b) | 340,442 | 760,688 | ||||||
EDP Renovaveis S.A | 47,289 | 580,111 | ||||||
Siemens Gamesa Renewable Energy S.A | 38,606 | 573,810 | ||||||
Solaria Energia y Medio Ambiente S.A.(a) | 76,516 | 779,833 | ||||||
|
| |||||||
3,894,834 | ||||||||
|
| |||||||
Sweden-3.97% | ||||||||
Eolus Vind AB, Class B | 57,661 | 611,016 | ||||||
Nibe Industrier AB, Class B | 42,277 | 791,460 | ||||||
PowerCell Sweden AB(a)(b) | 32,944 | 851,325 | ||||||
|
| |||||||
2,253,801 | ||||||||
|
| |||||||
Switzerland-3.18% | ||||||||
Credit Suisse Real Estate Fund Green Property | 3,626 | 555,650 | ||||||
Gurit Holding AG, BR | 471 | 669,546 | ||||||
Landis+Gyr Group AG(a) | 8,590 | 580,291 | ||||||
|
| |||||||
1,805,487 | ||||||||
|
| |||||||
Taiwan-5.83% | ||||||||
Epistar Corp. | 580,131 | 749,148 | ||||||
Everlight Electronics Co. Ltd. | 607,000 | 665,451 | ||||||
Gigasolar Materials Corp.(a) | 184,000 | 571,742 | ||||||
Lextar Electronics Corp. | 1,324,000 | 783,629 | ||||||
Sino-American Silicon Products, Inc. | 182,000 | 545,330 | ||||||
|
| |||||||
3,315,300 | ||||||||
|
| |||||||
United Kingdom-2.83% | ||||||||
GCP Infrastructure Investments Ltd. | 381,498 | 553,383 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Greencoat UK Wind PLC | 336,082 | $ | 573,136 | |||||
Ricardo PLC | 98,480 | 483,207 | ||||||
|
| |||||||
1,609,726 | ||||||||
|
| |||||||
United States-27.10% | ||||||||
Ameresco, Inc., Class A(a) | 36,534 | 659,804 | ||||||
Bloom Energy Corp., Class A(a)(b) | 97,906 | 750,939 | ||||||
Cree, Inc.(a) | 17,476 | 753,740 | ||||||
Enphase Energy, Inc.(a)(b) | 18,939 | 886,913 | ||||||
First Solar, Inc.(a) | 16,483 | 725,417 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 26,376 | 738,264 | ||||||
Itron, Inc.(a) | 9,947 | 694,500 | ||||||
Ormat Technologies, Inc. | 8,699 | 542,905 | ||||||
Plug Power, Inc.(a)(b) | 188,365 | 788,308 | ||||||
Renewable Energy Group, Inc.(a) | 24,850 | 616,529 | ||||||
SolarEdge Technologies, Inc.(a) | 6,403 | 714,511 | ||||||
Sunnova Energy International, Inc.(a) | 57,637 | 726,226 | ||||||
SunPower Corp.(a)(b) | 115,787 | 851,034 | ||||||
Sunrun, Inc.(a) | 54,783 | 768,605 | ||||||
TerraForm Power, Inc., Class A | 43,288 | 749,748 | ||||||
Tesla, Inc.(a) | 1,168 | 913,236 | ||||||
TPI Composites, Inc.(a) | 46,172 | 809,395 |
Shares | Value | |||||||
United States-(continued) | ||||||||
Universal Display Corp. | 4,358 | $ | 654,223 | |||||
Veeco Instruments, Inc.(a) | 66,313 | 724,801 | ||||||
Vivint Solar, Inc.(a)(b) | 99,025 | 627,818 | ||||||
Willdan Group, Inc.(a) | 27,905 | 707,671 | ||||||
|
| |||||||
15,404,587 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 56,859,387 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-12.11% |
| |||||||
Invesco Private Government Fund, | 6,885,105 | 6,885,105 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-112.15% |
| 63,744,492 | ||||||
OTHER ASSETS LESS LIABILITIES-(12.15)% | (6,904,628 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 56,839,864 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $2,933,848, which represented 5.16% of the Fund’s Net Assets. |
(d) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 887,782 | $ | (887,782 | ) | $ | - | $ | - | $ | - | $ | 302 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 6,892,188 | 28,159,631 | (35,051,819 | ) | - | - | - | 41,314 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 2,297,396 | 7,221,660 | (9,518,549 | ) | (200 | ) | (307 | ) | - | 15,859 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 13,044,172 | (6,159,067 | ) | - | - | 6,885,105 | 4 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 9,189,584 | $ | 49,313,245 | $ | (51,617,217 | ) | $ | (200 | ) | $ | (307 | ) | $ | 6,885,105 | $ | 57,479 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020 | ||||||||
Renewable Electricity | 26.43 | |||||||
Semiconductors | 11.53 | |||||||
Heavy Electrical Equipment | 9.35 | |||||||
Semiconductor Equipment | 9.11 | |||||||
Electrical Components & Equipment | 8.48 | |||||||
Electric Utilities | 6.36 | |||||||
Automobile Manufacturers | 3.80 | |||||||
Oil & Gas Refining & Marketing | 3.22 | |||||||
Sub-Industry Types Each Less Than 3% | 21.76 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.04 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco Global Water ETF (PIO)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.03% |
| |||||||
Brazil-2.43% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 592,541 | $ | 4,387,166 | |||||
|
| |||||||
Canada-1.00% | ||||||||
Stantec, Inc. | 61,245 | 1,809,196 | ||||||
|
| |||||||
Cayman Islands-0.10% | ||||||||
Consolidated Water Co. Ltd. | 12,184 | 183,004 | ||||||
|
| |||||||
China-2.24% | ||||||||
Beijing Enterprises Water Group Ltd. | 3,505,438 | 1,356,533 | ||||||
China Everbright Water Ltd. | 156,120 | 22,735 | ||||||
CT Environmental Group Ltd.(a)(b) | 2,561,890 | 56,179 | ||||||
Guangdong Investment Ltd. | 1,249,489 | 2,598,149 | ||||||
|
| |||||||
4,033,596 | ||||||||
|
| |||||||
France-6.45% | ||||||||
Suez | 363,868 | 4,110,987 | ||||||
Veolia Environnement S.A.(c) | 352,227 | 7,517,200 | ||||||
|
| |||||||
11,628,187 | ||||||||
|
| |||||||
Hong Kong-0.20% | ||||||||
China Water Affairs Group Ltd. | 462,844 | 350,461 | ||||||
|
| |||||||
Italy-1.77% | ||||||||
ACEA S.p.A | 26,821 | 448,000 | ||||||
Hera S.p.A | 743,382 | 2,750,456 | ||||||
|
| |||||||
3,198,456 | ||||||||
|
| |||||||
Japan-4.94% | ||||||||
Kurita Water Industries Ltd. | 87,335 | 2,474,635 | ||||||
METAWATER Co. Ltd. | 9,872 | 396,966 | ||||||
Miura Co. Ltd. | 49,218 | 2,034,353 | ||||||
TOTO Ltd. | 112,722 | 3,995,104 | ||||||
|
| |||||||
8,901,058 | ||||||||
|
| |||||||
Netherlands-1.32% | ||||||||
Aalberts N.V | 62,353 | 1,755,187 | ||||||
Arcadis N.V | 40,492 | 629,339 | ||||||
|
| |||||||
2,384,526 | ||||||||
|
| |||||||
South Korea-3.80% | ||||||||
Coway Co. Ltd. | 136,016 | 6,854,103 | ||||||
|
| |||||||
Spain-0.88% | ||||||||
Acciona S.A | 16,016 | 1,585,826 | ||||||
|
| |||||||
Switzerland-7.76% | ||||||||
Geberit AG | 31,186 | 13,994,360 | ||||||
|
| |||||||
Thailand-0.19% | ||||||||
TTW PCL, NVDR | 825,061 | 341,703 | ||||||
|
| |||||||
United Kingdom-14.61% | ||||||||
Halma PLC | 199,529 | 5,260,029 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
HomeServe PLC | 119,550 | $ | 1,681,358 | |||||
Pennon Group PLC | 259,228 | 3,583,672 | ||||||
Polypipe Group PLC | 83,604 | 526,743 | ||||||
Severn Trent PLC | 188,571 | 5,684,714 | ||||||
Spirax-Sarco Engineering PLC | 34,224 | 3,767,743 | ||||||
United Utilities Group PLC | 512,432 | 5,831,427 | ||||||
|
| |||||||
26,335,686 | ||||||||
|
| |||||||
United States-52.34% | ||||||||
A.O. Smith Corp. | 143,508 | 6,081,869 | ||||||
American Water Works Co., Inc. | 62,401 | 7,593,578 | ||||||
Danaher Corp. | 106,741 | 17,447,884 | ||||||
Ecolab, Inc. | 76,507 | 14,804,104 | ||||||
Essential Utilities, Inc. | 100,342 | 4,193,292 | ||||||
Ferguson PLC | 89,632 | 6,484,971 | ||||||
HD Supply Holdings, Inc.(a) | 94,755 | 2,812,328 | ||||||
IDEX Corp. | 31,517 | 4,841,957 | ||||||
Pentair PLC | 230,684 | 7,979,360 | ||||||
Reliance Worldwide Corp. Ltd. | 662,888 | 1,184,800 | ||||||
Roper Technologies, Inc. | 21,941 | 7,482,539 | ||||||
Waters Corp.(a) | 39,287 | 7,346,669 | ||||||
Xylem, Inc. | 85,044 | 6,114,664 | ||||||
|
| |||||||
94,368,015 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 180,355,343 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) | 69,566 | 69,566 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 180,424,909 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.05% |
| |||||||
Invesco Private Government Fund, | 96,110 | 96,110 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.12% |
| 180,521,019 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.12)% |
| (224,958 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 180,296,061 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco Global Water ETF (PIO)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 831,432 | $ | (761,866 | ) | $ | - | $ | - | $ | 69,566 | $ | 133 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 2,256,993 | 22,521,053 | (24,778,046 | ) | - | - | - | 10,713 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 752,331 | 7,214,024 | (7,966,733 | ) | (74 | ) | 452 | - | 4,210 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 188,185 | (92,075 | ) | - | - | 96,110 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,009,324 | $ | 30,754,694 | $ | (33,598,720 | ) | $ | (74 | ) | $ | 452 | $ | 165,676 | $ | 15,056 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
(f) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) | ||||||||
Industrials | 42.20 | |||||||
Utilities | 29.15 | |||||||
Health Care | 13.75 | |||||||
Materials | 8.21 | |||||||
Consumer Discretionary | 3.80 | |||||||
Information Technology | 2.92 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.03 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.02% |
| |||||||
Australia-7.35% | ||||||||
Qantas Airways Ltd. | 1,000,895 | $ | 2,489,563 | |||||
Rio Tinto PLC | 85,829 | 3,988,857 | ||||||
|
| |||||||
6,478,420 | ||||||||
|
| |||||||
Brazil-0.17% | ||||||||
Ser Educacional S.A.(a) | 48,300 | 151,682 | ||||||
|
| |||||||
Canada-28.24% | ||||||||
Canadian Tire Corp. Ltd., Class A(b) | 33,157 | 2,331,577 | ||||||
CI Financial Corp. | 193,822 | 2,063,881 | ||||||
Dream Office REIT | 32,895 | 514,403 | ||||||
ECN Capital Corp. | 198,952 | 565,795 | ||||||
Gildan Activewear, Inc. | 149,266 | 2,087,005 | ||||||
Home Capital Group, Inc.(c) | 34,177 | 458,416 | ||||||
Imperial Oil Ltd. | 177,019 | 2,866,307 | ||||||
Magna International, Inc. | 125,423 | 4,897,904 | ||||||
Methanex Corp. | 53,827 | 857,620 | ||||||
Norbord, Inc. | 29,152 | 473,921 | ||||||
RioCan REIT(b) | 174,647 | 1,999,271 | ||||||
Thomson Reuters Corp. | 58,748 | 4,148,037 | ||||||
West Fraser Timber Co. Ltd. | 45,736 | 1,275,649 | ||||||
Westshore Terminals Investment Corp.(b) | 32,022 | 343,978 | ||||||
|
| |||||||
24,883,764 | ||||||||
|
| |||||||
Denmark-3.42% | ||||||||
Pandora A/S(b) | 60,918 | 2,163,680 | ||||||
Sydbank A/S | 51,165 | 851,166 | ||||||
|
| |||||||
3,014,846 | ||||||||
|
| |||||||
Germany-4.59% | ||||||||
Bilfinger SE(b) | 34,701 | 652,597 | ||||||
Covestro AG(a) | 64,705 | 2,181,518 | ||||||
Rocket Internet SE(a)(c) | 57,462 | 1,210,300 | ||||||
|
| |||||||
4,044,415 | ||||||||
|
| |||||||
Ireland-5.23% | ||||||||
Flutter Entertainment PLC(b) | 37,467 | 4,607,755 | ||||||
|
| |||||||
Japan-28.63% | ||||||||
Chugoku Marine Paints Ltd. | 35,765 | 273,789 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(b) | 96,278 | 1,738,733 | ||||||
Fancl Corp. | 54,361 | 1,309,602 | ||||||
Foster Electric Co. Ltd. | 15,478 | 169,144 | ||||||
Geo Holdings Corp. | 18,791 | 247,739 | ||||||
Idemitsu Kosan Co. Ltd. | 86,247 | 1,976,738 | ||||||
Isuzu Motors Ltd. | 298,620 | 2,286,350 | ||||||
Joyful Honda Co. Ltd. | 61,392 | 750,930 | ||||||
Kenedix, Inc. | 97,115 | 442,771 | ||||||
KYORIN Holdings, Inc. | 35,721 | 749,595 | ||||||
NTT DOCOMO, Inc. | 126,481 | 3,723,404 | ||||||
Seiren Co. Ltd. | 38,492 | 456,707 | ||||||
Shinmaywa Industries Ltd. | 36,208 | 370,035 | ||||||
Ship Healthcare Holdings, Inc. | 27,811 | 1,262,709 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Toshiba Corp. | 179,545 | $ | 4,475,743 | |||||
Yondoshi Holdings, Inc. | 13,712 | 223,077 | ||||||
Z Holdings Corp. | 1,227,664 | 4,766,057 | ||||||
|
| |||||||
25,223,123 | ||||||||
|
| |||||||
Netherlands-9.49% | ||||||||
ASM International N.V | 19,743 | 2,172,181 | ||||||
Koninklijke Ahold Delhaize N.V | 169,445 | 4,112,743 | ||||||
Signify N.V.(a) | 101,940 | 2,078,455 | ||||||
|
| |||||||
8,363,379 | ||||||||
|
| |||||||
South Africa-0.16% | ||||||||
DataTec Ltd. | 105,415 | 139,482 | ||||||
|
| |||||||
South Korea-4.26% | ||||||||
BH Co. Ltd.(c) | 22,359 | 310,115 | ||||||
S&T Motiv Co. Ltd. | 6,635 | 194,193 | ||||||
SFA Engineering Corp. | 15,980 | 460,325 | ||||||
SK Innovation Co. Ltd. | 27,701 | 2,248,072 | ||||||
SK Materials Co. Ltd. | 4,142 | 537,501 | ||||||
|
| |||||||
3,750,206 | ||||||||
|
| |||||||
Switzerland-2.71% | ||||||||
Dufry AG | 29,989 | 976,588 | ||||||
Forbo Holding AG | 1,050 | 1,407,761 | ||||||
|
| |||||||
2,384,349 | ||||||||
|
| |||||||
Taiwan-0.44% | ||||||||
Cheng Uei Precision Industry Co. Ltd. | 308,000 | 388,706 | ||||||
|
| |||||||
United Kingdom-5.33% | ||||||||
Computacenter PLC | 78,642 | 1,444,281 | ||||||
Man Group PLC | 1,246,544 | 2,097,487 | ||||||
Sole Realisation Co. PLC(c)(d) | 90,508 | 0 | ||||||
Ultra Electronics Holdings PLC | 46,417 | 1,153,983 | ||||||
|
| |||||||
4,695,751 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 88,125,878 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-10.96% |
| |||||||
Invesco Private Government Fund, | 9,655,196 | 9,655,196 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-110.98% |
| 97,781,074 | ||||||
OTHER ASSETS LESS LIABILITIES-(10.98)% |
| (9,674,454 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 88,106,620 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)
April 30, 2020
(Unaudited)
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 April 30, 2020 was $5,621,955, which represented 6.38% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at April 30, 2020. |
(c) | Non-income producing security. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(e) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(g) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 2,836,858 | $ | (2,836,858 | ) | $ | - | $ | - | $ | - | $ | 322 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 7,837,029 | 33,281,797 | (41,118,826 | ) | - | - | - | 31,652 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 2,612,343 | 7,870,351 | (10,480,991 | ) | (53 | ) | (1,650 | ) | - | 12,162 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 18,296,261 | (8,641,065 | ) | - | - | 9,655,196 | 5 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 10,449,372 | $ | 62,285,267 | $ | (63,077,740 | ) | $ | (53 | ) | $ | (1,650 | ) | $ | 9,655,196 | $ | 44,141 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) |
| |||||||
Consumer Discretionary | 27.42 | |||||||
Industrials | 18.36 | |||||||
Materials | 10.89 | |||||||
Communication Services | 9.64 | |||||||
Consumer Staples | 8.13 | |||||||
Energy | 8.05 | |||||||
Financials | 6.85 | |||||||
Information Technology | 5.05 | |||||||
Real Estate | 3.35 | |||||||
Health Care | 2.28 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.02 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco MSCI Global Timber ETF (CUT)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.98% |
| |||||||
Australia-1.20% | ||||||||
Orora Ltd. | 530,915 | $ | 893,306 | |||||
|
| |||||||
Brazil-4.01% | ||||||||
Duratex S.A | 135,242 | 243,337 | ||||||
Klabin S.A | 306,034 | 1,006,866 | ||||||
Suzano S.A.(a) | 239,553 | 1,743,998 | ||||||
|
| |||||||
2,994,201 | ||||||||
|
| |||||||
Canada-3.29% | ||||||||
Canfor Corp.(a) | 27,196 | 189,929 | ||||||
Canfor Pulp Products, Inc.(a) | 12,747 | 63,691 | ||||||
Cascades, Inc. | 30,511 | 306,000 | ||||||
Interfor Corp.(a) | 29,217 | 172,700 | ||||||
Norbord, Inc. | 21,298 | 346,239 | ||||||
Stella-Jones, Inc. | 25,178 | 629,020 | ||||||
West Fraser Timber Co. Ltd. | 23,137 | 645,327 | ||||||
Western Forest Products, Inc.(a) | 163,078 | 109,192 | ||||||
|
| |||||||
2,462,098 | ||||||||
|
| |||||||
Chile-1.43% | ||||||||
Empresas CMPC S.A | 495,270 | 1,066,350 | ||||||
|
| |||||||
China-0.84% | ||||||||
Lee & Man Paper Manufacturing Ltd. | 570,258 | 351,614 | ||||||
Shandong Sun Paper Industry JSC Ltd., A Shares | 67,400 | 79,804 | ||||||
Shanying International Holding Co. Ltd., A Shares(a) | 119,500 | 51,175 | ||||||
Youyuan International Holdings Ltd.(a)(b) | 337,463 | 11,318 | ||||||
Yunnan Energy New Material Co. Ltd. | 17,500 | 136,013 | ||||||
|
| |||||||
629,924 | ||||||||
|
| |||||||
Finland-12.09% | ||||||||
Huhtamaki OYJ(a) | 42,673 | 1,594,760 | ||||||
Metsa Board OYJ(c) | 84,726 | 590,210 | ||||||
Stora Enso OYJ, Class R | 255,762 | 3,025,470 | ||||||
UPM-Kymmene OYJ | 138,165 | 3,822,649 | ||||||
|
| |||||||
9,033,089 | ||||||||
|
| |||||||
Germany-0.25% | ||||||||
Mercer International, Inc.(c) | 18,532 | 186,803 | ||||||
|
| |||||||
Hong Kong-0.93% | ||||||||
Nine Dragons Paper Holdings Ltd. | 715,444 | 692,155 | ||||||
|
| |||||||
Indonesia-0.87% | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,188,232 | 443,340 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 608,520 | 204,545 | ||||||
|
| |||||||
647,885 | ||||||||
|
| |||||||
Ireland-4.17% | ||||||||
Smurfit Kappa Group PLC | 99,381 | 3,115,344 | ||||||
|
| |||||||
Israel-0.08% | ||||||||
Hadera Paper Ltd. | 1,282 | 59,577 | ||||||
|
| |||||||
Japan-5.65% | ||||||||
Daiken Corp. | 4,713 | 70,782 | ||||||
Daio Paper Corp.(c) | 30,055 | 414,280 | ||||||
Hokuetsu Corp. | 54,515 | 217,173 | ||||||
Nippon Paper Industries Co. Ltd. | 43,608 | 631,681 | ||||||
Oji Holdings Corp. | 379,192 | 1,950,303 | ||||||
Pack Corp. (The)(c) | 5,616 | 179,086 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Rengo Co. Ltd. | 77,796 | $ | 616,926 | |||||
Tokushu Tokai Paper Co. Ltd. | 3,697 | 141,055 | ||||||
|
| |||||||
4,221,286 | ||||||||
|
| |||||||
Pakistan-0.04% | ||||||||
Packages Ltd. | 15,150 | 29,560 | ||||||
|
| |||||||
Portugal-0.68% | ||||||||
Altri SGPS S.A | 31,189 | 164,657 | ||||||
Navigator Co. S.A. (The) | 93,502 | 243,128 | ||||||
Semapa-Sociedade de Investimento e Gestao | 10,589 | 104,383 | ||||||
|
| |||||||
512,168 | ||||||||
|
| |||||||
South Africa-0.39% | ||||||||
Sappi Ltd.(a) | 238,065 | 291,667 | ||||||
|
| |||||||
South Korea-0.40% | ||||||||
Hansol Paper Co. Ltd. | 7,241 | 93,302 | ||||||
Kuk-il Paper Manufacturing Co. Ltd.(a) | 36,837 | 182,001 | ||||||
Moorim P&P Co. Ltd. | 9,487 | 26,356 | ||||||
|
| |||||||
301,659 | ||||||||
|
| |||||||
Spain-0.39% | ||||||||
Ence Energia y Celulosa S.A.(c) | 58,840 | 188,831 | ||||||
Miquel y Costas & Miquel S.A | 8,081 | 102,319 | ||||||
|
| |||||||
291,150 | ||||||||
|
| |||||||
Sweden-6.98% | ||||||||
BillerudKorsnas AB(c) | 77,996 | 986,609 | ||||||
Holmen AB, Class B | 46,457 | 1,357,485 | ||||||
Svenska Cellulosa AB S.C.A., Class B(a) | 266,246 | 2,869,030 | ||||||
|
| |||||||
5,213,124 | ||||||||
|
| |||||||
Switzerland-2.42% | ||||||||
SIG Combibloc Group AG(a) | 112,600 | 1,811,820 | ||||||
|
| |||||||
Taiwan-0.79% | ||||||||
Cheng Loong Corp. | 312,000 | 222,434 | ||||||
Chung Hwa Pulp Corp. | 168,000 | 43,050 | ||||||
Longchen Paper & Packaging Co. Ltd. | 236,000 | 106,347 | ||||||
YFY, Inc. | 504,000 | 216,946 | ||||||
|
| |||||||
588,777 | ||||||||
|
| |||||||
Thailand-0.07% | ||||||||
Polyplex Thailand PCL, NVDR | 116,663 | 50,480 | ||||||
|
| |||||||
United Kingdom-8.07% | ||||||||
DS Smith PLC | 603,311 | 2,373,517 | ||||||
Mondi PLC | 205,666 | 3,657,779 | ||||||
|
| |||||||
6,031,296 | ||||||||
|
| |||||||
United States-44.94% | ||||||||
Amcor PLC | 431,466 | 3,870,250 | ||||||
Avery Dennison Corp. | 32,396 | 3,576,194 | ||||||
Boise Cascade Co. | 16,930 | 529,401 | ||||||
CatchMark Timber Trust, Inc., Class A | 21,292 | 167,355 | ||||||
Clearwater Paper Corp.(a) | 7,180 | 171,889 | ||||||
Domtar Corp. | 24,954 | 582,925 | ||||||
Graphic Packaging Holding Co. | 127,107 | 1,696,879 | ||||||
International Paper Co. | 101,931 | 3,491,137 | ||||||
Louisiana-Pacific Corp. | 51,758 | 1,035,160 | ||||||
Neenah, Inc. | 7,318 | 357,558 | ||||||
Packaging Corp. of America | 41,601 | 4,020,737 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
United States-(continued) | ||||||||
PH Glatfelter Co. | 19,192 | $ | 280,203 | |||||
PotlatchDeltic Corp. | 29,633 | 1,040,415 | ||||||
Rayonier, Inc. | 56,905 | 1,367,427 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 13,423 | 432,489 | ||||||
Sealed Air Corp. | 67,661 | 1,934,428 | ||||||
Sonoco Products Co. | 44,000 | 2,148,960 | ||||||
Verso Corp., Class A(a) | 14,969 | 207,919 | ||||||
Westrock Co. | 107,698 | 3,466,799 | ||||||
Weyerhaeuser Co. | 146,301 | 3,199,603 | ||||||
|
| |||||||
33,577,728 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 74,701,447 | ||||||
|
| |||||||
Exchange-Traded Funds-0.16% | ||||||||
India-0.16% | ||||||||
Invesco India ETF(c)(d) | 7,489 | 118,326 | ||||||
|
| |||||||
Money Market Funds-0.08% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(d)(e) (Cost $60,261) | 60,261 | 60,261 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 74,880,034 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.87% | ||||||||
Invesco Private Government Fund, | 1,397,991 | $ | 1,397,991 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.09% (Cost $80,825,219) |
| 76,278,025 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.09)% | (1,558,273 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 74,719,752 | ||||||
|
|
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 5. |
(c) | All or a portion of this security was out on loan at April 30, 2020. |
(d) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | (Depreciation) | (Loss) | April 30, 2020 | Income | |||||||||||||||||||||||||||||
Invesco India ETF | $ | 73,870 | $ | 170,768 | $ | (96,520 | ) | $ | (57,969 | ) | $ | 28,177 | $ | 118,326 | $ | 1,346 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 208,217 | 4,935,733 | (5,083,689 | ) | - | - | 60,261 | 2,085 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 1,898,798 | 25,025,621 | (26,924,419 | ) | - | - | - | 15,173 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 632,933 | 7,568,210 | (8,200,374 | ) | (41 | ) | (728 | ) | - | 6,372 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 2,761,318 | (1,363,327 | ) | - | - | 1,397,991 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,813,818 | $ | 40,461,650 | $ | (41,668,329 | ) | $ | (58,010 | ) | $ | 27,449 | $ | 1,576,578 | $ | 24,977 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
April 30, 2020
(Unaudited)
(e) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
(f) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Materials | 92.26 | |||||||
Real Estate | 7.72 | |||||||
Financials | 0.16 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.14 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco S&P Global Water Index ETF (CGW)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.09% |
| |||||||
Austria-1.24% | ||||||||
ANDRITZ AG | 229,134 | $ | 7,529,113 | |||||
|
| |||||||
Brazil-1.26% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 1,005,018 | 7,698,438 | ||||||
|
| |||||||
Canada-3.51% | ||||||||
Algonquin Power & Utilities Corp.(a) | 1,541,477 | 21,419,422 | ||||||
|
| |||||||
China-4.01% | ||||||||
Beijing Enterprises Water Group Ltd. | 17,682,191 | 6,842,644 | ||||||
Guangdong Investment Ltd. | 8,459,231 | 17,589,867 | ||||||
|
| |||||||
24,432,511 | ||||||||
|
| |||||||
France-7.36% | ||||||||
Suez | 1,246,548 | 14,083,522 | ||||||
Veolia Environnement S.A.(a) | 1,442,922 | 30,794,722 | ||||||
|
| |||||||
44,878,244 | ||||||||
|
| |||||||
Hong Kong-0.31% | ||||||||
China Water Affairs Group Ltd. | 2,500,943 | 1,893,688 | ||||||
|
| |||||||
Italy-1.77% | ||||||||
ACEA S.p.A | 131,518 | 2,196,788 | ||||||
Hera S.p.A | 2,321,597 | 8,589,730 | ||||||
|
| |||||||
10,786,518 | ||||||||
|
| |||||||
Japan-1.99% | ||||||||
Kurita Water Industries Ltd. | 341,391 | 9,673,304 | ||||||
METAWATER Co. Ltd. | 34,808 | 1,399,676 | ||||||
Organo Corp. | 19,814 | 1,067,271 | ||||||
|
| |||||||
12,140,251 | ||||||||
|
| |||||||
Netherlands-1.42% | ||||||||
Aalberts N.V | 307,187 | 8,647,070 | ||||||
|
| |||||||
Singapore-0.51% | ||||||||
Sembcorp Industries Ltd. | 2,676,310 | 3,079,933 | ||||||
|
| |||||||
South Korea-1.35% | ||||||||
Coway Co. Ltd. | 162,597 | 8,193,570 | ||||||
|
| |||||||
Spain-0.23% | ||||||||
Fomento de Construcciones y Contratas S.A | 149,962 | 1,424,077 | ||||||
|
| |||||||
Sweden-2.95% | ||||||||
Alfa Laval AB(b) | 956,793 | 17,975,624 | ||||||
|
| |||||||
Switzerland-6.68% | ||||||||
Geberit AG | 68,985 | 30,956,228 | ||||||
Georg Fischer AG | 13,095 | 9,762,060 | ||||||
|
| |||||||
40,718,288 | ||||||||
|
| |||||||
United Kingdom-15.26% | ||||||||
Halma PLC | 1,206,593 | 31,808,479 | ||||||
Pennon Group PLC | 1,237,944 | 17,113,836 | ||||||
Severn Trent PLC | 706,299 | 21,292,287 | ||||||
United Utilities Group PLC | 2,005,258 | 22,819,645 | ||||||
|
| |||||||
93,034,247 | ||||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Shares | Value | |||||||
United States-50.24% | ||||||||
Advanced Drainage Systems, Inc. | 165,680 | $ | 6,716,667 | |||||
Aegion Corp.(b) | 90,455 | 1,451,803 | ||||||
American States Water Co. | 108,335 | 8,598,549 | ||||||
American Water Works Co., Inc. | 466,816 | 56,806,839 | ||||||
Badger Meter, Inc. | 92,953 | 5,487,016 | ||||||
California Water Service Group | 141,583 | 6,359,908 | ||||||
Danaher Corp. | 201,597 | 32,953,046 | ||||||
Energy Recovery, Inc.(a)(b) | 105,593 | 859,527 | ||||||
Essential Utilities, Inc. | 634,736 | 26,525,617 | ||||||
Evoqua Water Technologies Corp.(b) | 230,130 | 3,693,587 | ||||||
Franklin Electric Co., Inc. | 122,870 | 6,241,796 | ||||||
Gorman-Rupp Co. (The) | 55,908 | 1,649,286 | ||||||
IDEX Corp. | 193,760 | 29,767,349 | ||||||
Lindsay Corp. | 34,527 | 3,107,430 | ||||||
Middlesex Water Co. | 51,260 | 3,090,978 | ||||||
Mueller Water Products, Inc., Class A | 503,290 | 4,776,222 | ||||||
Olin Corp.(a) | 509,839 | 6,806,351 | ||||||
Pentair PLC | 536,731 | 18,565,525 | ||||||
Reliance Worldwide Corp. Ltd. | 2,523,002 | 4,509,440 | ||||||
Rexnord Corp. | 389,349 | 10,617,547 | ||||||
Select Energy Services, Inc., Class A(b) | 184,421 | 885,221 | ||||||
SJW Group | 76,151 | 4,533,269 | ||||||
Tetra Tech, Inc. | 160,530 | 12,084,698 | ||||||
Watts Water Technologies, Inc., Class A | 88,135 | 7,262,324 | ||||||
Xylem, Inc. | 575,003 | 41,342,716 | ||||||
York Water Co. (The) | 38,197 | 1,540,103 | ||||||
|
| |||||||
306,232,814 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% |
| 610,083,808 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.59% |
| |||||||
Invesco Private Government Fund, | 15,773,015 | 15,773,015 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.68% (Cost $543,985,145) |
| 625,856,823 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.68)% | (16,318,615 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 609,538,208 | ||||||
|
| |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco S&P Global Water Index ETF (CGW)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2020. |
(b) | Non-income producing security. |
(c) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(d) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(e) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Realized | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | (Depreciation) | Gain | April 30, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | - | $ | 13,265,039 | $ | (13,265,039 | ) | $ | - | $ | - | $ | - | $ | 3,179 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 5,913,122 | 78,493,521 | (84,406,643 | ) | - | - | - | 50,019 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 1,971,041 | 22,194,630 | (24,165,629 | ) | (139 | ) | 97 | - | 19,630 | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 31,448,475 | (15,675,460 | ) | - | - | 15,773,015 | 8 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 7,884,163 | $ | 145,401,665 | $ | (137,512,771 | ) | $ | (139 | ) | $ | 97 | $ | 15,773,015 | $ | 72,836 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* At April 30, 2020, this security was no longer held.
Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Water Utilities | 33.24 | |||||||
Machinery | 30.18 | |||||||
Multi-Utilities | 12.64 | |||||||
Building Products | 6.92 | |||||||
Electronic Equipment, Instruments & Components | 6.12 | |||||||
Health Care Equipment & Supplies | 5.41 | |||||||
Industry Types Each Less Than 3% | 5.58 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | (0.09 | ) |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco S&P International Developed Quality ETF (IDHQ)
April 30, 2020
(Unaudited)
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.86% |
| |||||||
Australia-10.55% | ||||||||
Alumina Ltd. | 38,045 | $ | 43,215 | |||||
Aristocrat Leisure Ltd. | 7,712 | 128,700 | ||||||
BHP Group Ltd. | 38,025 | 805,352 | ||||||
BlueScope Steel Ltd. | 5,725 | 38,419 | ||||||
Brambles Ltd. | 30,050 | 217,985 | ||||||
CIMIC Group Ltd. | 1,689 | 27,247 | ||||||
Cochlear Ltd. | 832 | 100,499 | ||||||
Coles Group Ltd. | 12,667 | 128,626 | ||||||
CSL Ltd. | 5,563 | 1,127,010 | ||||||
Fortescue Metals Group Ltd. | 23,276 | 182,256 | ||||||
Insurance Australia Group Ltd. | 27,609 | 104,477 | ||||||
Magellan Financial Group Ltd. | 2,090 | 69,812 | ||||||
Medibank Pvt Ltd. | 39,580 | 69,965 | ||||||
Qantas Airways Ltd. | 17,558 | 44,372 | ||||||
REA Group Ltd.(a) | 587 | 34,215 | ||||||
Rio Tinto PLC | 15,570 | 723,607 | ||||||
Wesfarmers Ltd. | 23,003 | 567,614 | ||||||
Woolworths Group Ltd. | 17,401 | 407,280 | ||||||
|
| |||||||
4,820,651 | ||||||||
|
| |||||||
Austria-0.05% | ||||||||
Raiffeisen Bank International AG | 1,406 | 24,224 | ||||||
|
| |||||||
Belgium-0.36% | ||||||||
Colruyt S.A | 548 | 32,784 | ||||||
Galapagos N.V.(b) | 606 | 133,746 | ||||||
|
| |||||||
166,530 | ||||||||
|
| |||||||
Canada-6.03% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 9,841 | 275,189 | ||||||
Barrick Gold Corp. | 18,087 | 466,581 | ||||||
Canadian National Railway Co. | 7,919 | 656,291 | ||||||
Canadian Pacific Railway Ltd. | 1,612 | 367,164 | ||||||
CGI,Inc.,Class A(b) | 2,511 | 160,482 | ||||||
CI Financial Corp. | 3,030 | 32,264 | ||||||
Constellation Software, Inc. | 216 | 208,159 | ||||||
Gildan Activewear, Inc. | 2,178 | 30,452 | ||||||
IGM Financial, Inc. | 924 | 19,612 | ||||||
Kirkland Lake Gold Ltd. | 2,976 | 123,287 | ||||||
Magna International, Inc. | 3,086 | 120,512 | ||||||
Onex Corp. | 1,383 | 63,885 | ||||||
Thomson Reuters Corp. | 3,239 | 228,697 | ||||||
|
| |||||||
2,752,575 | ||||||||
|
| |||||||
Denmark-5.79% | ||||||||
Carlsberg A/S, Class B | 1,113 | 140,313 | ||||||
Chr. Hansen Holding A/S | 1,276 | 109,939 | ||||||
Coloplast A/S, Class B(a) | 1,987 | 314,214 | ||||||
GN Store Nord A/S | 1,667 | 76,195 | ||||||
H Lundbeck A/S | 772 | 28,123 | ||||||
Novo Nordisk A/S, Class B | 25,646 | 1,635,388 | ||||||
Novozymes A/S, Class B(a) | 2,674 | 130,978 | ||||||
Orsted A/S(c) | 1,855 | 187,498 | ||||||
Rockwool International A/S, Class B | 110 | 23,096 | ||||||
|
| |||||||
2,645,744 | ||||||||
|
| |||||||
Finland-2.09% | ||||||||
Elisa OYJ | 1,786 | 108,452 | ||||||
Kone OYJ, Class B | 6,200 | 375,670 |
Shares | Value | |||||||
Finland-(continued) | ||||||||
Metso OYJ | 1,465 | $ | 40,645 | |||||
Neste OYJ | 5,883 | 208,323 | ||||||
Orion OYJ, Class B | 1,492 | 75,794 | ||||||
UPM-Kymmene OYJ | 5,283 | 146,166 | ||||||
|
| |||||||
955,050 | ||||||||
|
| |||||||
France-7.59% | ||||||||
Airbus SE(b) | 8,555 | 542,352 | ||||||
Dassault Aviation S.A | 38 | 31,008 | ||||||
Hermes International | 511 | 373,767 | ||||||
Kering S.A | 1,048 | 528,252 | ||||||
L’Oreal S.A | 2,566 | 745,636 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,812 | 1,085,540 | ||||||
Peugeot S.A | 6,768 | 96,925 | ||||||
Sartorius Stedim Biotech | 254 | 60,927 | ||||||
|
| |||||||
3,464,407 | ||||||||
|
| |||||||
Germany-5.49% | ||||||||
adidas AG | 2,442 | 559,552 | ||||||
Covestro AG(c) | 1,756 | 59,008 | ||||||
Deutsche Boerse AG | 2,065 | 320,609 | ||||||
E.ON SE | 23,243 | 232,839 | ||||||
Evonik Industries AG | 2,029 | 49,914 | ||||||
HOCHTIEF AG | 286 | 22,476 | ||||||
Knorr-Bremse AG | 642 | 59,672 | ||||||
Merck KGaA | 1,504 | 174,782 | ||||||
MTU Aero Engines AG | 513 | 69,843 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 1,530 | 336,503 | ||||||
RWE AG | 11,198 | 321,838 | ||||||
Siemens Healthineers AG(c) | 1,637 | 72,079 | ||||||
Uniper SE | 1,858 | 49,859 | ||||||
Wirecard AG(a) | 1,786 | 176,841 | ||||||
|
| |||||||
2,505,815 | ||||||||
|
| |||||||
Hong Kong-3.72% | ||||||||
AIA Group Ltd. | 124,567 | 1,156,113 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 12,750 | 414,455 | ||||||
Techtronic Industries Co. Ltd. | 17,014 | 129,597 | ||||||
|
| |||||||
1,700,165 | ||||||||
|
| |||||||
Ireland-0.24% | ||||||||
ICON PLC(b) | 682 | 109,441 | ||||||
|
| |||||||
Israel-0.61% | ||||||||
Bank Leumi Le-Israel BM | 17,611 | 95,846 | ||||||
Check Point Software Technologies Ltd.(b) | 1,538 | 162,628 | ||||||
First International Bank of Israel Ltd. | 841 | 20,974 | ||||||
|
| |||||||
279,448 | ||||||||
|
| |||||||
Italy-0.94% | ||||||||
DiaSorin S.p.A | 187 | 31,809 | ||||||
Ferrari N.V | 1,412 | 221,777 | ||||||
Mediaset S.p.A.(a)(b) | 8,407 | 17,081 | ||||||
Moncler S.p.A | 2,710 | 101,812 | ||||||
Recordati S.p.A | 1,279 | 55,573 | ||||||
|
| |||||||
428,052 | ||||||||
|
| |||||||
Japan-16.26% | ||||||||
ABC-Mart, Inc. | 425 | 21,899 | ||||||
Alfresa Holdings Corp. | 2,188 | 44,155 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
Japan-(continued) | ||||||||
Asahi Group Holdings Ltd. | 5,037 | $ | 176,167 | |||||
Astellas Pharma, Inc. | 22,078 | 368,844 | ||||||
Bandai Namco Holdings, Inc. | 2,218 | 112,647 | ||||||
Bank of Kyoto Ltd. (The)(a) | 825 | 28,623 | ||||||
Brother Industries Ltd. | 2,639 | 45,310 | ||||||
Capcom Co. Ltd. | 931 | 28,687 | ||||||
Casio Computer Co. Ltd. | 2,289 | 36,603 | ||||||
Chugai Pharmaceutical Co. Ltd. | 2,200 | 263,543 | ||||||
Daito Trust Construction Co. Ltd. | 759 | 73,213 | ||||||
Eisai Co. Ltd. | 3,012 | 212,095 | ||||||
FamilyMart Co. Ltd.(a) | 2,481 | 42,527 | ||||||
Fancl Corp. | 931 | 22,601 | ||||||
FANUC Corp. | 1,984 | 330,806 | ||||||
Fast Retailing Co. Ltd.(a) | 800 | 385,281 | ||||||
GOLDWIN, Inc. | 625 | 34,074 | ||||||
GungHo Online Entertainment, Inc. | 1,146 | 17,951 | ||||||
Hoshizaki Corp. | 543 | 41,841 | ||||||
Hoya Corp. | 3,962 | 365,541 | ||||||
Itochu Techno-Solutions Corp. | 893 | 27,558 | ||||||
Japan Exchange Group, Inc. | 5,075 | 95,487 | ||||||
Japan Tobacco, Inc. | 11,197 | 210,935 | ||||||
Kagome Co. Ltd. | 1,034 | 26,523 | ||||||
Kakaku.com, Inc. | 1,952 | 40,159 | ||||||
Kaken Pharmaceutical Co. Ltd. | 431 | 23,820 | ||||||
Kobe Bussan Co. Ltd. | 825 | 39,963 | ||||||
Kose Corp. | 317 | 39,901 | ||||||
Lion Corp. | 4,092 | 86,137 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 684 | 33,773 | ||||||
Miura Co. Ltd. | 1,162 | 48,030 | ||||||
MonotaRO Co. Ltd. | 2,169 | 70,383 | ||||||
Morinaga & Co. Ltd. | 555 | 23,018 | ||||||
Nexon Co. Ltd. | 4,926 | 80,338 | ||||||
Nifco, Inc. | 874 | 17,123 | ||||||
Nihon M&A Center, Inc. | 1,549 | 51,496 | ||||||
Nihon Unisys Ltd. | 800 | 23,528 | ||||||
Nintendo Co. Ltd. | 1,195 | 498,964 | ||||||
Nippon Shinyaku Co. Ltd. | 755 | 53,447 | ||||||
Nissan Chemical Corp. | 1,555 | 60,202 | ||||||
Nitori Holdings Co. Ltd. | 874 | 135,021 | ||||||
Nomura Research Institute Ltd. | 4,670 | 115,030 | ||||||
NS Solutions Corp. | 693 | 17,478 | ||||||
NTT DOCOMO, Inc. | 13,065 | 384,613 | ||||||
Otsuka Corp. | 1,163 | 52,693 | ||||||
PeptiDream, Inc.(b) | 1,116 | 42,267 | ||||||
Pigeon Corp. | 1,607 | 57,632 | ||||||
Recruit Holdings Co. Ltd. | 14,997 | 446,257 | ||||||
Sankyu, Inc. | 748 | 29,169 | ||||||
Santen Pharmaceutical Co. Ltd. | 4,186 | 74,533 | ||||||
SCSK Corp. | 519 | 23,588 | ||||||
Shionogi & Co. Ltd. | 3,691 | 204,647 | ||||||
Shizuoka Bank Ltd. (The) | 5,588 | 34,175 | ||||||
Showa Denko K.K | 1,572 | 34,914 | ||||||
Sompo Holdings, Inc. | 4,000 | 130,921 | ||||||
Sony Financial Holdings, Inc. | 1,496 | 28,903 | ||||||
Subaru Corp. | 6,483 | 131,861 | ||||||
Sundrug Co. Ltd. | 668 | 23,082 | ||||||
Suzuken Co. Ltd. | 890 | 34,623 | ||||||
T&D Holdings, Inc. | 5,852 | 51,387 | ||||||
TIS, Inc. | 2,627 | 50,951 | ||||||
Tokio Marine Holdings, Inc. | 7,988 | 379,922 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Tokyo Electron Ltd. | 2,133 | $ | 457,577 | |||||
Trend Micro, Inc. | 1,887 | 96,525 | ||||||
USS Co. Ltd. | 2,471 | 39,514 | ||||||
Workman Co. Ltd. | 303 | 19,466 | ||||||
Yamaha Corp. | 1,665 | 68,197 | ||||||
Zenkoku Hosho Co. Ltd. | 731 | 21,636 | ||||||
ZOZO, Inc. | 2,184 | 35,537 | ||||||
|
| |||||||
7,425,312 | ||||||||
|
| |||||||
Luxembourg-0.04% | ||||||||
RTL Group S.A | 530 | 17,671 | ||||||
|
| |||||||
Macau-0.33% | ||||||||
Sands China Ltd. | 36,353 | 149,588 | ||||||
|
| |||||||
Netherlands-4.22% | ||||||||
Akzo Nobel N.V | 2,586 | 196,005 | ||||||
ASML Holding N.V | 4,876 | 1,445,456 | ||||||
Randstad N.V | 1,204 | 48,305 | ||||||
Wolters Kluwer N.V | 3,212 | 236,135 | ||||||
|
| |||||||
1,925,901 | ||||||||
|
| |||||||
New Zealand-0.68% | ||||||||
a2 Milk Co. Ltd.(b) | 8,285 | 100,337 | ||||||
Contact Energy Ltd. | 7,919 | 30,731 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 6,306 | 106,560 | ||||||
Fletcher Building Ltd. | 8,715 | 19,894 | ||||||
Spark New Zealand Ltd. | 20,152 | 55,202 | ||||||
|
| |||||||
312,724 | ||||||||
|
| |||||||
Norway-0.57% | ||||||||
Equinor ASA | 11,277 | 158,293 | ||||||
Gjensidige Forsikring ASA | 3,081 | 54,568 | ||||||
Salmar ASA | 697 | 27,281 | ||||||
TGS NOPEC Geophysical Co. ASA | 1,244 | 19,166 | ||||||
|
| |||||||
259,308 | ||||||||
|
| |||||||
Portugal-0.04% | ||||||||
Navigator Co. S.A. (The) | 6,307 | 16,400 | ||||||
|
| |||||||
Singapore-0.48% | ||||||||
Genting Singapore Ltd. | 59,079 | 32,945 | ||||||
Mapletree Commercial Trust | 22,800 | 31,746 | ||||||
SATS Ltd. | 6,999 | 16,308 | ||||||
Singapore Exchange Ltd. | 8,152 | 55,883 | ||||||
Singapore Technologies Engineering Ltd. | 21,085 | 51,376 | ||||||
Venture Corp. Ltd. | 2,563 | 28,858 | ||||||
|
| |||||||
217,116 | ||||||||
|
| |||||||
South Africa-0.58% | ||||||||
Anglo American PLC | 14,932 | 266,546 | ||||||
|
| |||||||
South Korea-2.17% | ||||||||
BGF retail Co. Ltd. | 188 | 24,378 | ||||||
Cheil Worldwide, Inc. | 1,192 | 17,316 | ||||||
Coway Co. Ltd. | 673 | 33,914 | ||||||
GS Engineering & Construction Corp. | 966 | 20,058 | ||||||
Hanssem Co. Ltd. | 497 | 29,695 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 1,365 | 21,117 | ||||||
KMW Co. Ltd.(b) | 605 | 30,288 | ||||||
Korea Aerospace Industries Ltd. | 893 | 18,799 | ||||||
KT&G Corp. | 1,359 | 90,455 | ||||||
LG Household & Health Care Ltd. | 88 | 100,101 | ||||||
Lotte Corp. | 867 | 28,534 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2020
(Unaudited)
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Medy-Tox, Inc. | 112 | $ | 10,626 | |||||
NAVER Corp. | 1,511 | 244,920 | ||||||
NCSoft Corp. | 194 | 102,378 | ||||||
Orion Corp. | 283 | 28,800 | ||||||
Samsung C&T Corp. | 1,017 | 88,475 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 590 | 54,959 | ||||||
Samsung Engineering Co. Ltd.(b) | 2,308 | 21,783 | ||||||
Studio Dragon Corp.(b) | 415 | 26,158 | ||||||
|
| |||||||
992,754 | ||||||||
|
| |||||||
Spain-0.91% | ||||||||
Aena SME S.A.(c) | 817 | 103,356 | ||||||
Industria de Diseno Textil S.A | 11,490 | 292,601 | ||||||
Mapfre S.A | 9,916 | 18,149 | ||||||
|
| |||||||
414,106 | ||||||||
|
| |||||||
Sweden-2.58% | ||||||||
Alfa Laval AB(b) | 3,368 | 63,276 | ||||||
Atlas Copco AB, Class A(a) | 11,354 | 394,423 | ||||||
Axfood AB | 1,504 | 31,906 | ||||||
Boliden AB(a) | 2,755 | 56,498 | ||||||
Epiroc AB, Class A | 7,198 | 72,310 | ||||||
Hennes & Mauritz AB, Class B(a) | 8,398 | 117,107 | ||||||
Industrivarden AB, Class C(b) | 1,649 | 34,138 | ||||||
Investment AB Latour, Class B(a) | 1,601 | 24,030 | ||||||
Kinnevik AB, Class B | 3,369 | 69,676 | ||||||
Sandvik AB | 10,765 | 166,757 | ||||||
Skanska AB, Class B(b) | 4,367 | 83,676 | ||||||
SKF AB, Class B | 3,954 | 62,970 | ||||||
|
| |||||||
1,176,767 | ||||||||
|
| |||||||
Switzerland-14.13% | ||||||||
Geberit AG | 583 | 261,614 | ||||||
Kuehne + Nagel International AG | 536 | 76,667 | ||||||
Novartis AG | 27,214 | 2,319,457 | ||||||
Partners Group Holding AG | 229 | 180,277 | ||||||
Roche Holding AG | 8,199 | 2,849,665 | ||||||
Schindler Holding AG, PC | 425 | 94,454 | ||||||
SGS S.A | 73 | 165,264 | ||||||
Zurich Insurance Group AG | 1,592 | 506,887 | ||||||
|
| |||||||
6,454,285 | ||||||||
|
| |||||||
United Kingdom-12.94% | ||||||||
Admiral Group PLC | 2,452 | 72,063 | ||||||
AstraZeneca PLC | 13,042 | 1,369,013 | ||||||
Barratt Developments PLC | 10,397 | 68,063 |
Investment Abbreviations:
PC-Participation Certificate
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Berkeley Group Holdings PLC | 1,523 | $ | 80,357 | |||||
Burberry Group PLC | 5,087 | 89,189 | ||||||
Compass Group PLC | 20,632 | 347,683 | ||||||
Croda International PLC | 1,411 | 86,888 | ||||||
Diageo PLC | 31,900 | 1,106,520 | ||||||
Direct Line Insurance Group PLC | 14,856 | 51,063 | ||||||
Experian PLC | 11,492 | 344,412 | ||||||
Hargreaves Lansdown PLC | 4,748 | 86,270 | ||||||
International Consolidated Airlines Group S.A | 13,030 | 36,470 | ||||||
ITV PLC | 44,951 | 43,375 | ||||||
Legal & General Group PLC | 87,887 | 226,812 | ||||||
Micro Focus International PLC | 4,829 | 29,340 | ||||||
Mondi PLC | 5,563 | 98,938 | ||||||
Persimmon PLC | 4,399 | 122,348 | ||||||
Sage Group PLC (The) | 14,729 | 118,902 | ||||||
Smith & Nephew PLC | 9,123 | 179,284 | ||||||
Spirax-Sarco Engineering PLC | 967 | 106,458 | ||||||
St James’s Place PLC | 5,843 | 62,749 | ||||||
Taylor Wimpey PLC | 42,118 | 78,121 | ||||||
Unilever N.V | 20,612 | 1,029,029 | ||||||
Whitbread PLC(a) | 2,064 | 77,582 | ||||||
|
| |||||||
5,910,929 | ||||||||
|
| |||||||
United States-0.47% | ||||||||
Ferguson PLC | 2,664 | 192,743 | ||||||
Taro Pharmaceutical Industries Ltd.(b) | 289 | 19,973 | ||||||
|
| |||||||
212,716 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $48,395,034) | 45,604,225 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.11% | ||||||||
Invesco Private Government Fund, | 1,420,795 | 1,420,795 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.97% |
| 47,025,020 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.97)% | (1,354,489 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 45,670,531 | ||||||
|
| |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
April 30, 2020
(Unaudited)
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at April 30, 2020. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2020 was $421,941, which represented less than 1% of the Fund’s Net Assets. |
(d) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2K. |
(f) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | (Depreciation) | (Loss) | April 30, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $ | 71,126 | $ | 836,476 | $ | (907,602 | ) | $ | - | $ | - | $ | - | $ | 175 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 590,423 | 4,748,787 | (5,339,210 | ) | - | - | - | 3,257 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 196,808 | 1,189,136 | (1,385,853 | ) | (4 | ) | (87 | ) | - | 1,268 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 2,817,378 | (1,396,583 | ) | - | - | 1,420,795 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 858,357 | $ | 9,591,777 | $ | (9,029,248 | ) | $ | (4 | ) | $ | (87 | ) | $ | 1,420,795 | $ | 4,701 | ||||||||||||||||||
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|
|
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|
|
|
* At April 30, 2020, this security was no longer held.
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
Health Care | 27.45 | |||||||
Industrials | 14.57 | |||||||
Consumer Discretionary | 14.05 | |||||||
Consumer Staples | 10.98 | |||||||
Financials | 10.75 | |||||||
Materials | 8.12 | |||||||
Information Technology | 7.29 | |||||||
Communication Services | 3.77 | |||||||
Sector Types Each Less Than 3% | 2.88 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.14 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Statements of Assets and Liabilities
April 30, 2020
(Unaudited)
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 681,355,647 | $ | 133,037,810 | $ | 119,759,234 | $ | 1,095,726,834 | ||||||||||||
Affiliated investments in securities, at value | 9,914,163 | 3,914,536 | 511,084 | 39,043,325 | ||||||||||||||||
Foreign currencies, at value | 915 | 21,604 | 5,969 | 385,823 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 24,181 | 151,369 | 31,860 | 5,013,383 | ||||||||||||||||
Securities lending | 3,764 | 1,905 | 1,095 | 35,877 | ||||||||||||||||
Investments sold | - | - | 30,893 | 116 | ||||||||||||||||
Fund shares sold | - | - | - | 35,728,616 | ||||||||||||||||
Foreign tax reclaims | - | 601,483 | - | 2,497,387 | ||||||||||||||||
Other assets | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 691,298,670 | 137,728,707 | 120,340,135 | 1,178,431,361 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | 461,322 | 164,440 | 3,844,349 | ||||||||||||||||
Due to foreign custodian | - | - | - | - | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 210 | - | 34,104,685 | ||||||||||||||||
Collateral upon return of securities loaned | 9,145,803 | 3,914,536 | 511,084 | 39,043,325 | ||||||||||||||||
Fund shares repurchased | - | - | 30,893 | - | ||||||||||||||||
Accrued unitary management fees | 374,478 | 86,156 | 84,091 | 378,133 | ||||||||||||||||
Accrued advisory fees | - | - | - | - | ||||||||||||||||
Accrued trustees’ and officer’s fees | - | - | - | - | ||||||||||||||||
Accrued expenses | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 9,520,281 | 4,462,224 | 790,508 | 77,370,492 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 681,778,389 | $ | 133,266,483 | $ | 119,549,627 | $ | 1,101,060,869 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 744,546,181 | $ | 252,204,139 | $ | 232,333,091 | $ | 1,449,674,140 | ||||||||||||
Distributable earnings (loss) | (62,767,792 | ) | (118,937,656 | ) | (112,783,464 | ) | (348,613,271 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 681,778,389 | $ | 133,266,483 | $ | 119,549,627 | $ | 1,101,060,869 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 13,050,000 | 5,400,000 | 7,400,000 | 33,900,000 | ||||||||||||||||
Net asset value | $ | 52.24 | $ | 24.68 | $ | 16.16 | $ | 32.48 | ||||||||||||
|
|
|
|
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|
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| |||||||||||||
Market price | $ | 51.75 | $ | 24.46 | $ | 15.91 | $ | 32.25 | ||||||||||||
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|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 648,843,437 | $ | 119,349,562 | $ | 105,705,971 | $ | 1,297,456,481 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 9,914,163 | $ | 3,914,536 | $ | 511,084 | $ | 39,043,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 913 | $ | 21,409 | $ | 5,988 | $ | 383,896 | ||||||||||||
|
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|
|
|
|
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| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 9,072,265 | $ | 3,700,674 | $ | 488,527 | $ | 36,011,967 | ||||||||||||
|
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|
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 64 |
|
Invesco FTSE RAFI Developed Markets ex-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 AchieversTM ETF (IPKW) | Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||||||||||||||||
$ | 305,194,152 | $ | 1,042,285,938 | $ | 56,859,387 | $ | 180,355,343 | $ | 88,125,878 | $ | 74,701,447 | $ | 610,083,808 | $ | 45,604,225 | |||||||||||||||||||||||
14,004,697 | 5,377,113 | 6,885,105 | 165,676 | 9,655,196 | 1,576,578 | 15,773,015 | 1,420,795 | |||||||||||||||||||||||||||||||
- | 36,662 | 251 | 21,154 | - | - | - | 4,546 | |||||||||||||||||||||||||||||||
1,757,025 | 1,216,373 | 34,235 | 326,034 | 637,204 | 63,270 | 292,740 | 126,212 | |||||||||||||||||||||||||||||||
29,288 | 852 | 30,715 | 742 | 3,270 | 4,532 | 5,248 | 849 | |||||||||||||||||||||||||||||||
114,696 | - | 433,279 | 12,681,746 | 8,535,208 | - | - | - | |||||||||||||||||||||||||||||||
- | - | 333 | 41 | - | - | - | 539 | |||||||||||||||||||||||||||||||
269,812 | 2,960 | 40,994 | 309,306 | 272,410 | 154,635 | 1,300,771 | 170,058 | |||||||||||||||||||||||||||||||
- | 5,918 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
321,369,670 | 1,048,925,816 | 64,284,299 | 193,860,042 | 107,229,166 | 76,500,462 | 627,455,582 | 47,327,224 | |||||||||||||||||||||||||||||||
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|
|
|
|
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| |||||||||||||||||||||||
- | 164,858 | 135,198 | - | 253,772 | - | 1,138,221 | 226,373 | |||||||||||||||||||||||||||||||
402,047 | - | - | - | 28,371 | 2,538 | 5,623 | - | |||||||||||||||||||||||||||||||
99,477 | 551,874 | 16 | 13,363,885 | 9,144,881 | - | - | 59 | |||||||||||||||||||||||||||||||
13,887,017 | 1,465,406 | 6,885,105 | 96,110 | 9,655,196 | 1,397,991 | 15,773,015 | 1,420,795 | |||||||||||||||||||||||||||||||
2,989 | - | 391,274 | - | - | - | - | - | |||||||||||||||||||||||||||||||
119,814 | 405,202 | 32,842 | 103,986 | 40,326 | - | - | 9,466 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 31,850 | 240,204 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 9,763 | 21,789 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 338,568 | 738,522 | - | |||||||||||||||||||||||||||||||
|
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|
|
|
|
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|
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|
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|
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| |||||||||||||||||||||||
14,511,344 | 2,587,340 | 7,444,435 | 13,563,981 | 19,122,546 | 1,780,710 | 17,917,374 | 1,656,693 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 306,858,326 | $ | 1,046,338,476 | $ | 56,839,864 | $ | 180,296,061 | $ | 88,106,620 | $ | 74,719,752 | $ | 609,538,208 | $ | 45,670,531 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 378,696,882 | $ | 1,381,405,220 | $ | 117,712,108 | $ | 198,165,144 | $ | 161,936,085 | $ | 97,878,838 | $ | 526,864,392 | $ | 49,840,147 | |||||||||||||||||||||||
(71,838,556 | ) | (335,066,744 | ) | (60,872,244 | ) | (17,869,083 | ) | (73,829,465 | ) | (23,159,086 | ) | 82,673,816 | (4,169,616 | ) | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 306,858,326 | $ | 1,046,338,476 | $ | 56,839,864 | $ | 180,296,061 | $ | 88,106,620 | $ | 74,719,752 | $ | 609,538,208 | $ | 45,670,531 | |||||||||||||||||||||||
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|
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|
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| |||||||||||||||||||||||
11,950,000 | 62,900,000 | 4,225,000 | 6,700,000 | 3,400,000 | 3,200,000 | 17,080,000 | 2,000,000 | |||||||||||||||||||||||||||||||
$ | 25.68 | $ | 16.63 | $ | 13.45 | $ | 26.91 | $ | 25.91 | $ | 23.35 | $ | 35.69 | $ | 22.84 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 25.46 | $ | 16.43 | $ | 13.39 | $ | 26.88 | $ | 25.78 | $ | 23.23 | $ | 35.66 | $ | 22.98 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 330,043,991 | $ | 1,177,583,652 | $ | 46,114,262 | $ | 151,792,819 | $ | 109,122,117 | $ | 79,189,231 | $ | 528,212,130 | $ | 48,395,034 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | 14,004,697 | $ | 4,923,500 | $ | 6,885,105 | $ | 165,676 | $ | 9,655,196 | $ | 1,635,988 | $ | 15,773,015 | $ | 1,420,795 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
$ | (660,386 | ) | $ | 35,151 | $ | 300 | $ | 21,129 | $ | (29,321 | ) | $ | (2,522 | ) | $ | (5,569 | ) | $ | 4,546 | |||||||||||||||||||
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| |||||||||||||||||||||||
$ | 12,830,060 | $ | 1,371,021 | $ | 6,432,229 | $ | 88,782 | $ | 9,124,444 | $ | 1,360,112 | $ | 14,095,881 | $ | 1,342,329 | |||||||||||||||||||||||
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| 65 |
|
For the six months ended April 30, 2020
(Unaudited)
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 1,814,143 | $ | 1,276,734 | $ | 702,200 | $ | 18,327,780 | ||||||||||||
Affiliated dividend income | 547 | 285 | 835 | 6,081 | ||||||||||||||||
Non-cash dividend income | - | - | 224,840 | 103,193 | ||||||||||||||||
Securities lending income | 30,155 | 18,687 | 3,255 | 158,669 | ||||||||||||||||
Foreign withholding tax | (3,482 | ) | (140,457 | ) | (65,363 | ) | (1,810,528 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 1,841,363 | 1,155,249 | 865,767 | 16,785,195 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 2,148,420 | 689,362 | 754,321 | 2,641,056 | ||||||||||||||||
Advisory fees | - | - | - | - | ||||||||||||||||
Sub-licensing fees | - | - | - | - | ||||||||||||||||
Accounting & administration fees | - | - | - | - | ||||||||||||||||
Custodian & transfer agent fees | - | - | - | - | ||||||||||||||||
Trustees’ and officer’s fees | - | - | - | - | ||||||||||||||||
Other expenses | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total expenses | 2,148,420 | 689,362 | 754,321 | 2,641,056 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (148 | ) | (37 | ) | (126 | ) | (745 | ) | ||||||||||||
|
|
|
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|
|
|
| |||||||||||||
Net expenses | 2,148,272 | 689,325 | 754,195 | 2,640,311 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (306,909 | ) | 465,924 | 111,572 | 14,144,884 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (5,564,116 | ) | (13,492,674 | ) | (13,886,169 | ) | (57,266,698 | ) | ||||||||||||
Affiliated investment securities | (439 | ) | (608 | ) | 58 | 3,691 | ||||||||||||||
Unaffiliated in-kind redemptions | 12,213,270 | 31,086 | 3,636,913 | 16,804,795 | ||||||||||||||||
Affiliated in-kind redemptions | - | - | - | - | ||||||||||||||||
Short Sales | - | - | - | - | ||||||||||||||||
Foreign currencies | (28,981 | ) | (13,222 | ) | (407,622 | ) | 561 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 6,619,734 | (13,475,418 | ) | (10,656,820 | ) | (40,457,651 | ) | |||||||||||||
|
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|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 32,156,405 | (6,379,959 | ) | (12,816,120 | ) | (221,335,552 | ) | |||||||||||||
Affiliated investment securities | (395 | ) | (74 | ) | (1 | ) | (284 | ) | ||||||||||||
Foreign currencies | 264 | 4,627 | (4,918 | ) | 35,318 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | 32,156,274 | (6,375,406 | ) | (12,821,039 | ) | (221,300,518 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | 38,776,008 | (19,850,824 | ) | (23,477,859 | ) | (261,758,169 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 38,469,099 | $ | (19,384,900 | ) | $ | (23,366,287 | ) | $ | (247,613,285 | ) | |||||||||
|
|
|
|
|
|
|
|
(a) Net of foreign taxes of $3,715.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco FTSE RAFI Developed Markets ex-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 AchieversTM ETF (IPKW) | Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||||||||||||||||
$ | 4,491,613 | $ | 12,686,829 | $ | 340,519 | $ | 1,319,933 | $ | 1,875,107 | $ | 1,537,818 | $ | 5,049,375 | $ | 662,908 | |||||||||||||||||||||||
3,337 | 15,156 | 302 | 133 | 322 | 3,431 | 3,179 | 175 | |||||||||||||||||||||||||||||||
184,393 | 167,514 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
173,871 | 13,282 | 276,180 | 32,300 | 14,443 | 20,365 | 82,379 | 4,429 | |||||||||||||||||||||||||||||||
(422,039 | ) | (1,064,322 | ) | (35,448 | ) | (61,551 | ) | (194,926 | ) | (52,771 | ) | (237,828 | ) | (67,011 | ) | |||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||
4,431,175 | 11,818,459 | 581,553 | 1,290,815 | 1,694,946 | 1,508,843 | 4,897,105 | 600,501 | |||||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||
772,256 | 3,133,114 | 209,893 | 710,890 | 349,356 | - | - | 70,190 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 281,186 | 1,713,846 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 33,780 | 150,969 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 16,750 | 29,827 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 24,162 | 20,758 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 3,818 | 6,948 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 38,048 | 54,422 | - | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
772,256 | 3,133,114 | 209,893 | 710,890 | 349,356 | 397,744 | 1,976,770 | 70,190 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(465 | ) | (3,969 | ) | (43 | ) | (22 | ) | (47 | ) | (89,224 | ) | (437 | ) | (28 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
771,791 | 3,129,145 | 209,850 | 710,868 | 349,309 | 308,520 | 1,976,333 | 70,162 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
3,659,384 | 8,689,314 | 371,703 | 579,947 | 1,345,637 | 1,200,323 | 2,920,772 | 530,339 | |||||||||||||||||||||||||||||||
|
|
|
|
|
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|
|
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|
|
|
|
|
|
| |||||||||||||||||||||||
(30,614,224 | ) | (84,225,278 | )(a) | (869,079 | ) | 526,994 | (675,968 | ) | 182,059 | (387,073 | ) | (196,100 | ) | |||||||||||||||||||||||||
(440 | ) | 8,369 | (307 | ) | 452 | (1,650 | ) | 42,822 | 97 | (87 | ) | |||||||||||||||||||||||||||
9,518,311 | 3,833,603 | 473,458 | 1,863,772 | (3,053,998 | ) | 4,133,928 | 29,263,047 | 3,724,531 | ||||||||||||||||||||||||||||||
- | - | - | - | - | (15,373 | ) | - | - | ||||||||||||||||||||||||||||||
3 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
70,729 | (780,668 | ) | 1,065 | (6,600 | ) | (20,305 | ) | (39,410 | ) | 7,395 | (11,522 | ) | ||||||||||||||||||||||||||
|
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|
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|
|
|
|
| |||||||||||||||||||||||
(21,025,621 | ) | (81,163,974 | ) | (394,863 | ) | 2,384,618 | (3,751,921 | ) | 4,304,026 | 28,883,466 | 3,516,822 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(32,278,284 | ) | (201,211,352 | ) | 2,988,697 | (15,308,891 | ) | (22,856,330 | ) | (18,362,943 | ) | (93,570,339 | ) | (6,690,188 | ) | ||||||||||||||||||||||||
(228 | ) | 453,579 | (200 | ) | (74 | ) | (53 | ) | (58,010 | ) | (139 | ) | (4 | ) | ||||||||||||||||||||||||
6,896 | (215,394 | ) | 485 | 6,610 | 17,831 | (6,314 | ) | 18,744 | 2,873 | |||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||
(32,271,616 | ) | (200,973,167 | ) | 2,988,982 | (15,302,355 | ) | (22,838,552 | ) | (18,427,267 | ) | (93,551,734 | ) | (6,687,319 | ) | ||||||||||||||||||||||||
|
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| |||||||||||||||||||||||
(53,297,237 | ) | (282,137,141 | ) | 2,594,119 | (12,917,737 | ) | (26,590,473 | ) | (14,123,241 | ) | (64,668,268 | ) | (3,170,497 | ) | ||||||||||||||||||||||||
|
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| |||||||||||||||||||||||
$ | (49,637,853 | ) | $ | (273,447,827 | ) | $ | 2,965,822 | $ | (12,337,790 | ) | $ | (25,244,836 | ) | $ | (12,922,918 | ) | $ | (61,747,496 | ) | $ | (2,640,158 | ) | ||||||||||||||||
|
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| 67 |
|
Statements of Changes in Net Assets
For the six months ended April 30, 2020 and the year ended October 31, 2019
(Unaudited)
Invesco China | Invesco DWA Developed Markets | |||||||||||||||||||
Technology ETF (CQQQ) | Momentum ETF (PIZ) | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (306,909 | ) | $ | 441,566 | $ | 465,924 | $ | 2,194,732 | |||||||||||
Net realized gain (loss) | 6,619,734 | (50,651,000 | ) | (13,475,418 | ) | 4,613,835 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | 32,156,274 | 131,042,864 | (6,375,406 | ) | 13,766,599 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 38,469,099 | 80,833,430 | (19,384,900 | ) | 20,575,166 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (56,175 | ) | (1,984,086 | ) | (1,189,980 | ) | (2,458,183 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 167,564,060 | 169,853,400 | 11,553,042 | 89,487,978 | ||||||||||||||||
Value of shares repurchased | (34,162,982 | ) | (144,279,474 | ) | (33,038,601 | ) | (155,460,383 | ) | ||||||||||||
Transaction fees | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from | 133,401,078 | 25,573,926 | (21,485,559 | ) | (65,972,405 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 171,814,002 | 104,423,270 | (42,060,439 | ) | (47,855,422 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 509,964,387 | 405,541,117 | 175,326,922 | 223,182,344 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 681,778,389 | $ | 509,964,387 | $ | 133,266,483 | $ | 175,326,922 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 3,050,000 | 3,800,000 | 400,000 | 3,400,000 | ||||||||||||||||
Shares repurchased | (650,000 | ) | (3,150,000 | ) | (1,450,000 | ) | (6,050,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 10,650,000 | 10,000,000 | 6,450,000 | 9,100,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 13,050,000 | 10,650,000 | 5,400,000 | 6,450,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco DWA Emerging Markets | Invesco FTSE RAFI Developed Markets | Invesco FTSE RAFI Developed Markets | Invesco FTSE RAFI Emerging Markets | |||||||||||||||||||||||||||||||||||
Momentum ETF (PIE) | ex-U.S. ETF (PXF) | ex-U.S. Small-Mid ETF (PDN) | ETF (PXH) | |||||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
$ | 111,572 | $ | 3,572,273 | $ | 14,144,884 | $ | 48,275,281 | $ | 3,659,384 | $ | 7,534,531 | $ | 8,689,314 | $ | 43,548,035 | |||||||||||||||||||||||
(10,656,820 | ) | (12,222,762 | ) | (40,457,651 | ) | 22,645,640 | (21,025,621 | ) | 3,743,870 | (81,163,974 | ) | 9,922,253 | ||||||||||||||||||||||||||
(12,821,039 | ) | 36,363,295 | (221,300,518 | ) | 24,153,900 | (32,271,616 | ) | 13,563,895 | (200,973,167 | ) | 42,306,578 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(23,366,287 | ) | 27,712,806 | (247,613,285 | ) | 95,074,821 | (49,637,853 | ) | 24,842,296 | (273,447,827 | ) | 95,776,866 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,507,915 | ) | (4,189,151 | ) | (15,945,763 | ) | (52,102,548 | ) | (4,614,022 | ) | (8,100,512 | ) | (11,051,560 | ) | (42,921,358 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
27,249,246 | 6,000,666 | 232,570,131 | 193,265,004 | 77,851,708 | 68,979,125 | 122,452,421 | 246,400,978 | |||||||||||||||||||||||||||||||
(51,087,513 | ) | (54,036,505 | ) | (114,140,632 | ) | (265,660,638 | ) | (44,905,825 | ) | (49,476,285 | ) | (68,906,539 | ) | (151,731,342 | ) | |||||||||||||||||||||||
52,580 | 61,725 | 114,534 | 77,695 | 8,820 | 48,223 | 142,146 | 291,802 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||||||||
(23,785,687 | ) | (47,974,114 | ) | 118,544,033 | (72,317,939 | ) | 32,954,703 | 19,551,063 | 53,688,028 | 94,961,438 | ||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(48,659,889 | ) | (24,450,459 | ) | (145,015,015 | ) | (29,345,666 | ) | (21,297,172 | ) | 36,292,847 | (230,811,359 | ) | 147,816,946 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
168,209,516 | 192,659,975 | 1,246,075,884 | 1,275,421,550 | 328,155,498 | 291,862,651 | 1,277,149,835 | 1,129,332,889 | |||||||||||||||||||||||||||||||
|
|
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|
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 119,549,627 | $ | 168,209,516 | $ | 1,101,060,869 | $ | 1,246,075,884 | $ | 306,858,326 | $ | 328,155,498 | $ | 1,046,338,476 | $ | 1,277,149,835 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,450,000 | 350,000 | 6,900,000 | 5,050,000 | 3,000,000 | 2,450,000 | 5,950,000 | 11,700,000 | |||||||||||||||||||||||||||||||
(3,100,000 | ) | (3,250,000 | ) | (3,400,000 | ) | (6,500,000 | ) | (1,750,000 | ) | (1,650,000 | ) | (4,000,000 | ) | (7,150,000 | ) | |||||||||||||||||||||||
9,050,000 | 11,950,000 | 30,400,000 | 31,850,000 | 10,700,000 | 9,900,000 | 60,950,000 | 56,400,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
7,400,000 | 9,050,000 | 33,900,000 | 30,400,000 | 11,950,000 | 10,700,000 | 62,900,000 | 60,950,000 | |||||||||||||||||||||||||||||||
|
|
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|
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|
|
|
|
| 69 |
|
Statements of Changes in Net Assets–(continued)
For the six months ended April 30, 2020 and the year ended October 31, 2019
(Unaudited)
Invesco Global | Invesco Global | |||||||||||||||||||
Clean Energy ETF (PBD) | Water ETF (PIO) | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 371,703 | $ | 847,494 | $ | 579,947 | $ | 2,605,413 | ||||||||||||
Net realized gain (loss) | (394,863 | ) | 781,863 | 2,384,618 | 4,335,692 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | 2,988,982 | 6,281,372 | (15,302,355 | ) | 31,301,757 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,965,822 | 7,910,729 | (12,337,790 | ) | 38,242,862 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (607,548 | ) | (980,943 | ) | (458,271 | ) | (2,822,348 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 6,129,112 | - | 3,599,772 | 18,017,976 | ||||||||||||||||
Value of shares repurchased | (1,323,100 | ) | (6,919,279 | ) | (5,822,037 | ) | (23,042,889 | ) | ||||||||||||
Transaction fees | 812 | 3,159 | 630 | 2,343 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 4,806,824 | (6,916,120 | ) | (2,221,635 | ) | (5,022,570 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 7,165,098 | 13,666 | (15,017,696 | ) | 30,397,944 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 49,674,766 | 49,661,100 | 195,313,757 | 164,915,813 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 56,839,864 | $ | 49,674,766 | $ | 180,296,061 | $ | 195,313,757 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 400,000 | - | 150,000 | 650,000 | ||||||||||||||||
Shares repurchased | (100,000 | ) | (600,000 | ) | (200,000 | ) | (850,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 3,925,000 | 4,525,000 | 6,750,000 | 6,950,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 4,225,000 | 3,925,000 | 6,700,000 | 6,750,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco International BuyBack | Invesco MSCI Global | Invesco S&P Global | Invesco S&P International | |||||||||||||||||||||||||||||||||||
AchieversTM ETF (IPKW) | Timber ETF (CUT) | Water Index ETF (CGW) | Developed Quality ETF (IDHQ) | |||||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||||||||||||||
April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | April 30, | October 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
$ | 1,345,637 | $ | 4,402,560 | $ | 1,200,323 | $ | 4,145,379 | $ | 2,920,772 | $ | 11,012,248 | $ | 530,339 | $ | 833,796 | |||||||||||||||||||||||
(3,751,921 | ) | (37,340,128 | ) | 4,304,026 | 4,519,082 | 28,883,466 | 6,922,670 | 3,516,822 | (340,844 | ) | ||||||||||||||||||||||||||||
(22,838,552 | ) | 41,795,879 | (18,427,267 | ) | (8,948,658 | ) | (93,551,734 | ) | 117,953,369 | (6,687,319 | ) | 5,913,916 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(25,244,836 | ) | 8,858,311 | (12,922,918 | ) | (284,197 | ) | (61,747,496 | ) | 135,888,287 | (2,640,158 | ) | 6,406,868 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,590,844 | ) | (5,243,213 | ) | (3,739,204 | ) | (4,947,600 | ) | (10,607,913 | ) | (10,958,575 | ) | (514,500 | ) | (916,670 | ) | |||||||||||||||||||||||
|
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|
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
4,938,756 | 39,446,681 | - | 3,971,096 | 13,200,165 | 109,681,761 | 26,017,390 | 20,510,517 | |||||||||||||||||||||||||||||||
(31,701,412 | ) | (144,764,111 | ) | (42,750,381 | ) | (38,113,591 | ) | (73,236,873 | ) | (23,998,390 | ) | (24,920,323 | ) | (10,317,948 | ) | |||||||||||||||||||||||
13,190 | 21,030 | 39,687 | 4,108 | 12,386 | 6,647 | 2,016 | 4,267 | |||||||||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(26,749,466 | ) | (105,296,400 | ) | (42,710,694 | ) | (34,138,387 | ) | (60,024,322 | ) | 85,690,018 | 1,099,083 | 10,196,836 | ||||||||||||||||||||||||||
|
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|
|
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|
|
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|
|
|
|
| |||||||||||||||||||||||
(53,585,146 | ) | (101,681,302 | ) | (59,372,816 | ) | (39,370,184 | ) | (132,379,731 | ) | 210,619,730 | (2,055,575 | ) | 15,687,034 | |||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
141,691,766 | 243,373,068 | 134,092,568 | 173,462,752 | 741,917,939 | 531,298,209 | 47,726,106 | 32,039,072 | |||||||||||||||||||||||||||||||
|
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|
|
|
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|
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|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 88,106,620 | $ | 141,691,766 | $ | 74,719,752 | $ | 134,092,568 | $ | 609,538,208 | $ | 741,917,939 | $ | 45,670,531 | $ | 47,726,106 | |||||||||||||||||||||||
|
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|
|
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|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
150,000 | 1,250,000 | - | 150,000 | 320,000 | 3,040,000 | 1,050,000 | 900,000 | |||||||||||||||||||||||||||||||
(1,150,000 | ) | (4,700,000 | ) | (1,650,000 | ) | (1,500,000 | ) | (2,000,000 | ) | (720,000 | ) | (1,000,000 | ) | (450,000 | ) | |||||||||||||||||||||||
4,400,000 | 7,850,000 | 4,850,000 | 6,200,000 | 18,760,000 | 16,440,000 | 1,950,000 | 1,500,000 | |||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
3,400,000 | 4,400,000 | 3,200,000 | 4,850,000 | 17,080,000 | 18,760,000 | 2,000,000 | 1,950,000 | |||||||||||||||||||||||||||||||
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|
| 71 |
|
Invesco China Technology ETF (CQQQ)
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, | Two Months Ended | ||||||||||||||||||||||||||||||||||
2020 | Year Ended October 31, | October 31, | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | $ | 38.09 | |||||||||||||||||||||
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Net investment income (loss)(a) | (0.03 | ) | 0.04 | 0.03 | 0.31 | 0.52 | 0.32 | 0.46 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 4.40 | 7.46 | (8.80 | ) | (5.13 | ) | 15.82 | 10.03 | (8.65 | ) | |||||||||||||||||||||||||
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Total from investment operations | 4.37 | 7.50 | (8.77 | ) | (4.82 | ) | 16.34 | 10.35 | (8.19 | ) | |||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.17 | ) | - | (0.86 | ) | (0.60 | ) | (0.64 | ) | (0.35 | ) | ||||||||||||||||||||||
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Net asset value at end of period | $ | 52.24 | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | |||||||||||||||||||||
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Market price at end of period | $ | 51.75 | (b) | $ | 47.67 | (b) | $ | 40.81 | (b) | $ | 49.36 | (b) | $ | 55.21 | $ | 39.08 | $ | 29.31 | |||||||||||||||||
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Net Asset Value Total Return(c) | 9.12 | % | 18.59 | % | (17.78 | )% | (9.05 | )% | 42.43 | % | 35.19 | % | (21.62 | )% | |||||||||||||||||||||
Market Price Total Return(c) | 8.57 | % | 17.32 | % | (17.32 | )% | (9.33 | )% | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 681,778 | $ | 509,964 | $ | 405,541 | $ | 384,689 | $ | 209,019 | $ | 45,153 | $ | 45,804 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.70 | %(d) | 0.70 | % | 0.70 | %(d) | 0.65 | % | 0.70 | % | 0.70 | % | 0.70 | % | |||||||||||||||||||||
Net investment income (loss) | (0.10 | )%(d) | 0.09 | % | 0.39 | %(d) | 0.52 | % | 1.20 | % | 0.94 | % | 1.20 | % | |||||||||||||||||||||
Portfolio turnover rate(e) | 14 | % | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
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Financial Highlights–(continued)
Invesco DWA Developed Markets Momentum ETF (PIZ)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | $ | 24.49 | ||||||||||||||||||
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Net investment income(a) | 0.07 | 0.30 | 0.24 | 0.36 | 0.35 | 0.27 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.39 | ) | 2.70 | (2.68 | ) | 5.05 | (1.04 | ) | (1.15 | ) | ||||||||||||||||||||
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Total from investment operations | (2.32 | ) | 3.00 | (2.44 | ) | 5.41 | (0.69 | ) | (0.88 | ) | ||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.35 | ) | (0.33 | ) | (0.40 | ) | (0.38 | ) | (0.25 | ) | ||||||||||||||||||
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Net asset value at end of period | $ | 24.68 | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | ||||||||||||||||||
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Market price at end of period(b) | $ | 24.46 | $ | 27.10 | $ | 24.47 | $ | 27.35 | $ | 22.27 | $ | 23.21 | ||||||||||||||||||
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Net Asset Value Total Return(c) | (8.54 | )% | 12.31 | % | (9.09 | )% | 24.58 | % | (2.97 | )% | (3.63 | )% | ||||||||||||||||||
Market Price Total Return(c) | (9.09 | )% | 12.25 | % | (9.48 | )% | 24.91 | % | (2.43 | )% | (4.48 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 133,266 | $ | 175,327 | $ | 223,182 | $ | 232,084 | $ | 173,891 | $ | 263,996 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.80 | %(d) | 0.81 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||
Net investment income | 0.54 | %(d) | 1.18 | % | 0.88 | % | 1.46 | % | 1.50 | % | 1.10 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 54 | % | 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) | 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.
| 73 |
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Financial Highlights–(continued)
Invesco DWA Emerging Markets Momentum ETF (PIE)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | $ | 18.91 | ||||||||||||||||||
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Net investment income(a) | 0.01 | 0.36 | (b) | 0.40 | 0.28 | 0.16 | 0.12 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.30 | ) | 2.51 | (3.29 | ) | 3.34 | 0.14 | (c) | (2.94 | ) | ||||||||||||||||||||
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Total from investment operations | (2.29 | ) | 2.87 | (2.89 | ) | 3.62 | 0.30 | (2.82 | ) | |||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.21 | ) | (0.10 | ) | ||||||||||||||||||
Return of capital | - | - | - | - | (0.01 | ) | - | |||||||||||||||||||||||
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Total distributions | (0.15 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.22 | ) | (0.10 | ) | ||||||||||||||||||
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Transaction fees(a) | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.03 | ||||||||||||||||||||||||
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Net asset value at end of period | $ | 16.16 | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | ||||||||||||||||||
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Market price at end of period(d) | $ | 15.91 | $ | 18.51 | $ | 16.08 | $ | 19.54 | $ | 16.10 | $ | 15.97 | ||||||||||||||||||
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Net Asset Value Total Return(e) | (12.37 | )% | 18.23 | % | (15.11 | )% | 22.72 | % | 2.00 | %(c) | (14.78 | )% | ||||||||||||||||||
Market Price Total Return(e) | (13.35 | )% | 18.03 | % | (15.58 | )% | 23.18 | % | 2.25 | % | (14.50 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 119,550 | $ | 168,210 | $ | 192,660 | $ | 212,377 | $ | 183,668 | $ | 196,268 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.90 | %(f) | 0.91 | %(g) | 0.90 | % | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||||||||||
Net investment income | 0.13 | %(f) | 2.13 | %(b)(g) | 2.01 | % | 1.67 | % | 1.04 | % | 0.68 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 72 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
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Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Six Months Ended | ||||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | $ | 41.20 | ||||||||||||||||||||
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Net investment income(a) | 0.46 | 1.45 | 1.34 | 1.20 | 1.09 | 1.16 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (8.49 | ) | 1.10 | (4.56 | ) | 7.98 | (1.82 | ) | (2.65 | ) | ||||||||||||||||||||||
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Total from investment operations | (8.03 | ) | 2.55 | (3.22 | ) | 9.18 | (0.73 | ) | (1.49 | ) | ||||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | (0.48 | ) | (1.60 | ) | (1.40 | ) | (1.26 | ) | (1.13 | ) | (1.11 | ) | ||||||||||||||||||||
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Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||||||||||||
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Net asset value at end of period | $ | 32.48 | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | ||||||||||||||||||||
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Market price at end of period(c) | $ | 32.25 | $ | 40.86 | $ | 39.98 | $ | 44.81 | $ | 36.68 | $ | 38.34 | ||||||||||||||||||||
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Net Asset Value Total Return(d) | (19.52 | )% | 6.58 | % | (7.45 | )% | 25.38 | % | (1.73 | )% | (3.72 | )% | ||||||||||||||||||||
Market Price Total Return(d) | (19.84 | )% | 6.41 | % | (7.92 | )% | 25.99 | % | (1.24 | )% | (5.55 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,101,061 | $ | 1,246,076 | $ | 1,275,422 | $ | 1,214,850 | $ | 938,650 | $ | 787,536 | ||||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||||
Expenses | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.46 | % | ||||||||||||||||||||
Net investment income | 2.41 | %(e) | 3.64 | % | 3.02 | % | 2.95 | % | 3.05 | % | 2.87 | % | ||||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 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) | 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.
| 75 |
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Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Six Months Ended | ||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | $ | 26.48 | ||||||||||||||||
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Net investment income(a) | 0.33 | 0.70 | 0.75 | 0.59 | 0.53 | 0.46 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.93 | ) | 1.24 | (3.66 | ) | 5.99 | 0.86 | 0.12 | ||||||||||||||||||||
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Total from investment operations. | (4.60 | ) | 1.94 | (2.91 | ) | 6.58 | 1.39 | 0.58 | ||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.75 | ) | (0.94 | ) | (0.62 | ) | (0.62 | ) | (0.46 | ) | ||||||||||||||||
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Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||||||||
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Net asset value at end of period | $ | 25.68 | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | ||||||||||||||||
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Market price at end of period(c) | $ | 25.46 | $ | 30.42 | $ | 29.48 | $ | 33.44 | $ | 27.30 | $ | 26.66 | ||||||||||||||||
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Net Asset Value Total Return(d) | (14.94 | )% | 6.72 | % | (9.05 | )% | 24.36 | % | 5.37 | % | 2.18 | % | ||||||||||||||||
Market Price Total Return(d) | (14.98 | )% | 5.85 | % | (9.36 | )% | 25.09 | % | 4.87 | % | 0.01 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 306,858 | $ | 328,155 | $ | 291,863 | $ | 206,657 | $ | 162,854 | $ | 143,621 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses | 0.49 | %(e) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.50 | % | ||||||||||||||||
Net investment income | 2.32 | %(e) | 2.36 | % | 2.25 | % | 1.98 | % | 2.01 | % | 1.73 | % | ||||||||||||||||
Portfolio turnover rate(f) | 24 | % | 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) | 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.
| 76 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | $ | 20.38 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.13 | 0.72 | 0.73 | 0.57 | 0.42 | 0.53 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.28 | ) | 0.92 | (1.66 | ) | 2.81 | 3.37 | (5.02 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (4.15 | ) | 1.64 | (0.93 | ) | 3.38 | 3.79 | (4.49 | ) | |||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.71 | ) | (0.71 | ) | (0.53 | ) | (0.42 | ) | (0.45 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||||||||||
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|
|
|
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| |||||||||||||||||||
Net asset value at end of period | $ | 16.63 | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 16.43 | $ | 20.93 | $ | 20.03 | $ | 21.62 | $ | 18.80 | $ | 15.37 | ||||||||||||||||||
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|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | (19.89 | )% | 8.31 | % | (4.44 | )% | 18.10 | % | 25.08 | % | (22.16 | )% | ||||||||||||||||||
Market Price Total Return(d) | (20.78 | )% | 8.14 | % | (4.22 | )% | 17.94 | % | 25.57 | % | (22.00 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,046,338 | $ | 1,277,150 | $ | 1,129,333 | $ | 967,201 | $ | 625,398 | $ | 293,398 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(e)(f) | 0.49 | %(f) | 0.48 | % | 0.48 | %(f) | 0.48 | % | 0.49 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.49 | %(e)(f) | 0.49 | %(f) | 0.49 | % | 0.49 | %(f) | 0.49 | % | 0.49 | % | ||||||||||||||||||
Net investment income | 1.36 | %(e) | 3.48 | % | 3.30 | % | 2.84 | % | 2.66 | % | 2.88 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 16 | % | 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) | Annualized. |
(f) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 77 |
|
Financial Highlights–(continued)
Invesco Global Clean Energy ETF (PBD)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | $ | 12.52 | ||||||||||||||||||
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| |||||||||||||||||||
Net investment income(a) | 0.09 | 0.21 | 0.18 | 0.23 | 0.20 | 0.13 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.85 | 1.72 | (2.07 | ) | 2.39 | (0.80 | )(b) | (1.07 | ) | |||||||||||||||||||||
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|
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|
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| |||||||||||||||||||
Total from investment operations | 0.94 | 1.93 | (1.89 | ) | 2.62 | (0.60 | ) | (0.94 | ) | |||||||||||||||||||||
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| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.24 | ) | (0.22 | ) | (0.19 | ) | (0.21 | ) | (0.12 | ) | ||||||||||||||||||
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|
|
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| |||||||||||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | - | |||||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 13.45 | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(d) | $ | 13.39 | $ | 12.56 | $ | 10.95 | $ | 13.07 | $ | 10.62 | $ | 11.46 | ||||||||||||||||||
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| |||||||||||||||||||
Net Asset Value Total Return(e) | 7.49 | % | 17.86 | % | (14.69 | )% | 24.90 | % | (5.29 | )%(b) | (7.51 | )% | ||||||||||||||||||
Market Price Total Return(e) | 7.86 | % | 17.16 | % | (14.78 | )% | 25.17 | % | (5.56 | )% | (8.10 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 56,840 | $ | 49,675 | $ | 49,661 | $ | 60,499 | $ | 56,152 | $ | 66,762 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.75 | %(f) | 0.77 | %(g) | 0.75 | % | 0.75 | % | 0.75 | % | 0.77 | % | ||||||||||||||||||
Net investment income | 1.33 | %(f) | 1.74 | %(g) | 1.43 | % | 1.98 | % | 1.83 | % | 1.11 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 26 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
Financial Highlights–(continued)
Invesco Global Water ETF (PIO)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | $ | 23.35 | ||||||||||||||||||
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|
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|
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|
|
| |||||||||||||||||||
Net investment income(a) | 0.09 | 0.38 | 0.45 | 0.28 | 0.34 | 0.29 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.05 | ) | 5.25 | (1.54 | ) | 3.95 | (0.60 | ) | (1.45 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations. | (1.96 | ) | 5.63 | (1.09 | ) | 4.23 | (0.26 | ) | (1.16 | ) | ||||||||||||||||||||
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|
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|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.42 | ) | (0.45 | ) | (0.28 | ) | (0.31 | ) | (0.30 | ) | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 26.91 | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(c) | $ | 26.88 | $ | 28.84 | $ | 23.69 | $ | 25.25 | $ | 21.29 | $ | 21.77 | ||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | (6.79 | )% | 23.90 | % | (4.45 | )% | 20.01 | % | (1.14 | )% | (5.03 | )% | ||||||||||||||||||
Market Price Total Return(d) | (6.57 | )% | 23.68 | % | (4.53 | )% | 20.08 | % | (0.78 | )% | (5.35 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 180,296 | $ | 195,314 | $ | 164,916 | $ | 200,862 | $ | 188,665 | $ | 241,832 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.75 | %(e) | 0.76 | %(f) | 0.75 | % | 0.75 | % | 0.74 | % | 0.76 | % | ||||||||||||||||||
Net investment income | 0.61 | %(e) | 1.45 | %(f) | 1.77 | % | 1.22 | % | 1.62 | % | 1.27 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 15 | % | 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) | 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.
| 79 |
|
Financial Highlights–(continued)
Invesco International BuyBack AchieversTM ETF (IPKW)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | $ | 25.05 | ||||||||||||||||||
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|
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|
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| |||||||||||||||||||
Net investment income(a) | 0.32 | 0.76 | 0.69 | 0.47 | 0.74 | (b) | 0.44 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.23 | ) | 1.38 | (4.28 | ) | 7.28 | 0.89 | 1.82 | ||||||||||||||||||||||
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|
|
|
|
|
|
|
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| |||||||||||||||||||
Total from investment operations | (5.91 | ) | 2.14 | (3.59 | ) | 7.75 | 1.63 | 2.26 | ||||||||||||||||||||||
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|
|
|
|
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|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.94 | ) | (0.73 | ) | (0.38 | ) | (0.71 | ) | (0.29 | ) | ||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.01 | - | - | - | ||||||||||||||||||||||
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| |||||||||||||||||||
Net asset value at end of period | $ | 25.91 | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | ||||||||||||||||||
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| |||||||||||||||||||
Market price at end of period(d) | $ | 25.78 | $ | 32.05 | $ | 30.96 | $ | 35.47 | $ | 28.02 | $ | 26.96 | ||||||||||||||||||
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|
| |||||||||||||||||||
Net Asset Value Total Return(e) | (18.21 | )% | 7.10 | % | (10.40 | )% | 28.03 | % | 6.25 | % | 9.04 | % | ||||||||||||||||||
Market Price Total Return(e) | (18.24 | )% | 6.74 | % | (10.96 | )% | 28.24 | % | 6.78 | % | 7.51 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 88,107 | $ | 141,692 | $ | 243,373 | $ | 197,735 | $ | 92,202 | $ | 58,099 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.55 | %(f) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||||||||
Net investment income | 2.12 | %(f) | 2.44 | % | 1.90 | % | 1.47 | % | 2.76 | %(b) | 1.68 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 12 | % | 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) | 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.
| 80 |
|
Financial Highlights–(continued)
Invesco MSCI Global Timber ETF (CUT)
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, | Five Months Ended | ||||||||||||||||||||||||||||||||||
2020 | Year Ended October 31, | October 31, | Years Ended May 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | $ | 25.37 | |||||||||||||||||||||
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|
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|
| ||||||||||||||||||||||
Net investment income(a) | 0.28 | 0.72 | 0.20 | 0.63 | 0.47 | 0.67 | 0.61 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.82 | ) | (0.23 | ) | (5.72 | ) | 5.80 | 3.99 | (2.96 | ) | 0.99 | ||||||||||||||||||||||||
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|
|
|
|
| ||||||||||||||||||||||
Total from investment operations | (3.54 | ) | 0.49 | (5.52 | ) | 6.43 | 4.46 | (2.29 | ) | 1.60 | |||||||||||||||||||||||||
|
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|
|
|
|
| ||||||||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.77 | ) | (0.82 | ) | - | (0.50 | ) | (0.52 | ) | (0.36 | ) | (0.69 | ) | ||||||||||||||||||||||
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|
| ||||||||||||||||||||||
Transaction fees(a) | 0.01 | 0.00 | (b) | 0.00 | (b) | - | - | - | - | ||||||||||||||||||||||||||
|
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|
|
|
|
| ||||||||||||||||||||||
Net asset value at end of period | $ | 23.35 | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | |||||||||||||||||||||
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| ||||||||||||||||||||||
Market price at end of period | $ | 23.23 | (c) | $ | 27.56 | (c) | $ | 27.94 | (c) | $ | 33.54 | (c) | $ | 27.52 | $ | 23.59 | $ | 26.26 | |||||||||||||||||
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Net Asset Value Total Return(d) | (13.31 | )% | 2.32 | % | (16.48 | )% | 23.42 | % | 19.09 | % | (8.72 | )% | 6.50 | % | |||||||||||||||||||||
Market Price Total Return(d) | (13.47 | )% | 2.14 | % | (16.70 | )% | 23.79 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 74,720 | $ | 134,093 | $ | 173,463 | $ | 236,190 | $ | 190,203 | $ | 163,060 | $ | 199,709 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | %(e) | 0.56 | %(f) | 0.55 | %(e) | 0.55 | % | 0.57 | % | 0.60 | % | 0.70 | % | |||||||||||||||||||||
Expenses, prior to Waivers | 0.71 | %(e) | 0.68 | %(f) | 0.64 | %(e) | 0.67 | % | 0.70 | % | 0.75 | % | 0.76 | % | |||||||||||||||||||||
Net investment income | 2.13 | %(e) | 2.70 | %(f) | 1.50 | %(e) | 2.02 | % | 1.85 | % | 2.83 | % | 2.44 | % | |||||||||||||||||||||
Portfolio turnover rate(g) | 4 | % | 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) | 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 S&P Global Water Index ETF (CGW)
Six Months Ended | |||||||||||||||||||||||||||||||||||
April 30, | Two Months Ended | ||||||||||||||||||||||||||||||||||
2020 | Year Ended October 31, | October 31, | Years Ended August 31, | ||||||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | $ | 29.02 | |||||||||||||||||||||
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Net investment income(a) | 0.16 | 0.64 | 0.04 | 0.59 | 0.61 | 0.54 | 0.48 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.41 | ) | 7.26 | (3.00 | ) | 1.92 | 2.97 | 3.51 | (2.33 | ) | |||||||||||||||||||||||||
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Total from investment operations | (3.25 | ) | 7.90 | (2.96 | ) | 2.51 | 3.58 | 4.05 | (1.85 | ) | |||||||||||||||||||||||||
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Distributions to shareholders from: | |||||||||||||||||||||||||||||||||||
Net investment income | (0.61 | ) | (0.67 | ) | - | (0.61 | ) | (0.47 | ) | (0.45 | ) | (0.50 | ) | ||||||||||||||||||||||
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Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | - | - | |||||||||||||||||||||||||
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Net asset value at end of period | $ | 35.69 | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | |||||||||||||||||||||
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Market price at end of period | $ | 35.66 | (c) | $ | 39.54 | (c) | $ | 32.27 | (c) | $ | 35.23 | (c) | $ | 33.46 | $ | 30.32 | $ | 26.64 | |||||||||||||||||
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Net Asset Value Total Return(d) | (8.42 | )% | 25.10 | % | (8.39 | )% | 7.51 | % | 12.09 | % | 15.40 | % | (6.47 | )% | |||||||||||||||||||||
Market Price Total Return(d) | (8.47 | )% | 25.27 | % | (8.40 | )% | 7.09 | % | |||||||||||||||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 609,538 | $ | 741,918 | $ | 531,298 | $ | 594,105 | $ | 610,253 | $ | 432,244 | $ | 346,709 | |||||||||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||||||||||||
Expenses | 0.58 | %(e) | 0.59 | % | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.64 | % | 0.64 | % | |||||||||||||||||||||
Net investment income | 0.85 | %(e) | 1.82 | % | 0.67 | %(e) | 1.71 | % | 1.98 | % | 1.93 | % | 1.69 | % | |||||||||||||||||||||
Portfolio turnover rate(f) | 3 | % | 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)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | $ | 19.42 | ||||||||||||||||||
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Net investment income(a) | 0.26 | 0.54 | 0.58 | 0.45 | 0.41 | 0.33 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.63 | ) | 3.16 | (2.18 | ) | 3.88 | (0.54 | )(b) | 0.75 | |||||||||||||||||||||
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Total from investment operations | (1.37 | ) | 3.70 | (1.60 | ) | 4.33 | (0.13 | ) | 1.08 | |||||||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.59 | ) | (0.54 | ) | (0.48 | ) | (0.41 | ) | (0.31 | ) | ||||||||||||||||||
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Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | - | |||||||||||||||||||||
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Net asset value at end of period | $ | 22.84 | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | ||||||||||||||||||
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Market price at end of period(d) | $ | 22.98 | $ | 24.53 | $ | 21.31 | $ | 23.71 | $ | 19.61 | $ | 20.14 | ||||||||||||||||||
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Net Asset Value Total Return(e) | (5.41 | )% | 17.58 | % | (7.00 | )% | 22.36 | % | (0.62 | )%(b) | 5.60 | % | ||||||||||||||||||
Market Price Total Return(e) | (5.10 | )% | 18.14 | % | (8.05 | )% | 23.70 | % | (0.59 | )% | 4.42 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 45,671 | $ | 47,726 | $ | 32,039 | $ | 28,203 | $ | 20,628 | $ | 19,180 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.29 | %(f) | 0.31 | %(g) | 0.29 | % | 0.31 | % | 0.45 | % | 0.49 | % | ||||||||||||||||||
Net investment income | 2.19 | %(f) | 2.38 | %(g) | 2.47 | % | 2.10 | % | 2.09 | % | 1.66 | % | ||||||||||||||||||
Portfolio turnover rate(h) | 14 | % | 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) | Annualized. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 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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Invesco Exchange-Traded Fund Trust II
April 30, 2020
(Unaudited)
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 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 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 AchieversTM ETF (IPKW) | “International BuyBack AchieversTM ETF” | |
Invesco MSCI Global Timber ETF (CUT) | “MSCI Global Timber 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 Technology ETF | NYSE Arca, Inc. | |
DWA Developed Markets Momentum ETF | The Nasdaq Stock Market | |
DWA Emerging Markets Momentum ETF | The Nasdaq Stock Market | |
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 AchieversTM ETF | The Nasdaq Stock Market | |
MSCI Global Timber 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 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 | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE RAFITM Developed ex U.S. 1000 Index | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index | |
FTSE RAFI Emerging Markets ETF | FTSE RAFITM Emerging Index | |
Global Clean Energy ETF | WilderHill New Energy Global Innovation Index | |
Global Water ETF | Nasdaq OMX Global Water IndexSM | |
International BuyBack AchieversTM ETF | Nasdaq International BuyBack AchieversTM Index | |
MSCI Global Timber ETF | MSCI ACWI IMI Timber Select Capped 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 market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value
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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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally 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 the underlying foreign securities directly 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, because their values depend on the performance of the non-dollar denominated underlying foreign securities. 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 APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
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 one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs, that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. For certain Funds, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, 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 risk 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. 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.
Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
Investing in ETFs and Other Investment Companies Risk. Because certain Funds may invest in ETFs and other investment companies, 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. Certain Funds 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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. 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
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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. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber 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 a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their respective portfolio securities in connection with the rebalancing or adjustment of their respective 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 gain distributions to a Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. REITs are securities that invest substantially all of their assets in real estate, trade like stocks and may qualify for special tax considerations. In addition to the risks pertaining to real estate investments more generally, such as declining property values or rising interest rates, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are subject to the risks affecting those properties or areas to a greater extent than a REIT with less concentrated investments. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and a REIT’s shareholders will incur a proportionate share of those expenses.
Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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 an 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 |
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revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders |
Each Fund (except for China Technology 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 on the ex-dividend date. China Technology 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 on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, 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 - Each Fund (except for MSCI Global Timber 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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. |
MSCI Global Timber 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.
Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) 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 (if applicable) 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 |
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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. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
K. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3–Investment Advisory 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, litigation expenses, acquired fund fees and expenses, if
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any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:
Unitary Management Fees | ||
(as a % of average daily net assets) | ||
China Technology ETF | 0.70% | |
DWA Developed Markets Momentum ETF | 0.80% | |
DWA Emerging Markets Momentum ETF | 0.90% | |
FTSE RAFI Developed Markets ex-U.S. ETF | 0.45% | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 0.49% | |
FTSE RAFI Emerging Markets ETF | 0.49% | |
Global Clean Energy ETF | 0.75% | |
Global Water ETF | 0.75% | |
International BuyBack AchieversTM 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 average daily net assets) | ||
MSCI Global Timber ETF | 0.50% | |
S&P Global Water Index ETF | 0.50% |
The Adviser has contractually 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, 2022. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.
Expense Cap | ||
MSCI Global Timber ETF | 0.55% | |
S&P Global Water Index ETF | 0.63% |
Further, the Adviser agrees to reimburse MSCI Global Timber ETF in the amount equal to the licensing fees that the 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 0.55% of its average daily net assets, through at least December 31, 2020. Through April 6, 2020, the Adviser agreed to reimburse the S&P Global Water Index ETF in the amount equal to the licensing fees that the Fund paid that caused 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 0.63% of the Fund’s average daily net assets.
Additionally, through at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For the six-month period ended April 30, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
China Technology ETF | $ | 148 | ||
DWA Developed Markets Momentum ETF | 37 | |||
DWA Emerging Markets Momentum ETF | 126 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 745 | |||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 465 | |||
FTSE RAFI Emerging Markets ETF | 3,969 | |||
Global Clean Energy ETF | 43 | |||
Global Water ETF | 22 | |||
International BuyBack AchieversTM ETF | 47 | |||
MSCI Global Timber ETF | 89,224 | |||
S&P Global Water Index ETF | 437 | |||
S&P International Developed Quality ETF | 28 |
The fees waived and/or expenses borne by the MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the 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 Fund, the amounts available for potential recapture by the Adviser and the expiration schedule at April 30, 2020 are as follows:
Total | ||||||||||
Potential | ||||||||||
Recapture | Potential Recapture Amounts Expiring | |||||||||
Amounts | 5/31/21 | 10/31/21 | 10/31/22 | 10/31/23 | ||||||
MSCI Global Timber ETF | $409,529 | $53,954 | $76,595 | $190,541 | $88,439 |
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 Fund 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 | |
China Technology ETF | FTSE International Ltd. | |
DWA Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
DWA Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC | |
FTSE RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. | |
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. | |
FTSE RAFI Emerging Markets ETF | FTSE International Ltd. | |
Global Clean Energy ETF | WilderHill New Energy Finance, LLC | |
Global Water ETF | Nasdaq, Inc. | |
International BuyBack AchieversTM ETF | Nasdaq, Inc. | |
MSCI Global Timber ETF | MSCI, Inc. | |
S&P Global Water Index ETF | S&P Dow Jones Indices LLC | |
S&P International Developed Quality 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a
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common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the six-month period ended April 30, 2020, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | ||||
Global Water ETF | $1,469,586 | $- | $- |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
China Technology ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 262,258,462 | $ | 419,097,185 | $ | 0 | $ | 681,355,647 | ||||||||
Money Market Funds | 768,360 | 9,145,803 | - | 9,914,163 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total Investments | $ | 263,026,822 | $ | 428,242,988 | $ | 0 | $ | 691,269,810 | ||||||||
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|
|
|
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| |||||||||
DWA Developed Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 133,037,810 | $ | - | $ | - | $ | 133,037,810 | ||||||||
Money Market Funds | - | 3,914,536 | - | 3,914,536 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Total Investments | $ | 133,037,810 | $ | 3,914,536 | $ | - | $ | 136,952,346 | ||||||||
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| |||||||||
DWA Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 23,166,797 | $ | 96,592,437 | $ | - | $ | 119,759,234 | ||||||||
Money Market Funds | - | 511,084 | - | 511,084 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investments | $ | 23,166,797 | $ | 97,103,521 | $ | - | $ | 120,270,318 | ||||||||
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FTSE RAFI Developed Markets ex-U.S. ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,095,196,361 | $ | 530,473 | $ | 0 | $ | 1,095,726,834 | ||||||||
Money Market Funds | - | 39,043,325 | - | 39,043,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,095,196,361 | $ | 39,573,798 | $ | 0 | $ | 1,134,770,159 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 143,689,297 | $ | 161,493,917 | $ | 10,938 | $ | 305,194,152 | ||||||||
Money Market Funds | 117,680 | 13,887,017 | - | 14,004,697 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 143,806,977 | $ | 175,380,934 | $ | 10,938 | $ | 319,198,849 | ||||||||
|
|
|
|
|
|
|
|
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
FTSE RAFI Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 331,193,649 | $ | 689,867,640 | $ | - | $ | 1,021,061,289 | ||||||||
Exchange-Traded Funds | 25,136,356 | - | - | 25,136,356 | ||||||||||||
Money Market Funds | - | 1,465,406 | - | 1,465,406 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 356,330,005 | $ | 691,333,046 | $ | - | $ | 1,047,663,051 | ||||||||
|
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|
|
|
|
|
| |||||||||
Global Clean Energy ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 56,859,387 | $ | - | $ | - | $ | 56,859,387 | ||||||||
Money Market Funds | - | 6,885,105 | - | 6,885,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 56,859,387 | $ | 6,885,105 | $ | - | $ | 63,744,492 | ||||||||
|
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| |||||||||
Global Water ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 180,299,164 | $ | - | $ | 56,179 | $ | 180,355,343 | ||||||||
Money Market Funds | 69,566 | 96,110 | - | 165,676 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 180,368,730 | $ | 96,110 | $ | 56,179 | $ | 180,521,019 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International BuyBack AchieversTM ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 59,316,691 | $ | 28,809,187 | $ | 0 | $ | 88,125,878 | ||||||||
Money Market Funds | - | 9,655,196 | - | 9,655,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 59,316,691 | $ | 38,464,383 | $ | 0 | $ | 97,781,074 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Timber ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 74,690,129 | $ | - | $ | 11,318 | $ | 74,701,447 | ||||||||
Exchange-Traded Funds | 118,326 | - | - | 118,326 | ||||||||||||
Money Market Funds | 60,261 | 1,397,991 | - | 1,458,252 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 74,868,716 | $ | 1,397,991 | $ | 11,318 | $ | 76,278,025 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P Global Water Index ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 610,083,808 | $ | - | $ | - | $ | 610,083,808 | ||||||||
Money Market Funds | - | 15,773,015 | - | 15,773,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 610,083,808 | $ | 15,773,015 | $ | - | $ | 625,856,823 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P International Developed Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 45,604,225 | $ | - | $ | - | $ | 45,604,225 | ||||||||
Money Market Funds | - | 1,420,795 | - | 1,420,795 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 45,604,225 | $ | 1,420,795 | $ | - | $ | 47,025,020 | ||||||||
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NOTE 6–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
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The Funds had capital loss carryforwards as of October 31, 2019, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
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 | |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 145,611 | 79,440,433 | 79,586,044 | |||||||||
FTSE RAFI Developed Markets ex-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 AchieversTM 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 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 are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
China Technology ETF | $ | 127,543,696 | $ | 86,379,553 | ||||
DWA Developed Markets Momentum ETF | 92,288,771 | 93,264,527 | ||||||
DWA Emerging Markets Momentum ETF | 116,721,592 | 129,265,411 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 111,561,923 | 108,561,396 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 74,512,626 | 74,613,779 | ||||||
FTSE RAFI Emerging Markets ETF | 215,251,761 | 194,806,675 | ||||||
Global Clean Energy ETF | 15,005,108 | 14,597,424 | ||||||
Global Water ETF | 28,791,552 | 28,399,575 | ||||||
International BuyBack AchieversTM ETF | 15,562,160 | 18,117,174 | ||||||
MSCI Global Timber ETF | 4,336,497 | 9,714,517 | ||||||
S&P Global Water Index ETF | 19,695,129 | 27,522,463 | ||||||
S&P International Developed Quality ETF | 7,308,517 | 7,042,154 |
For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
China Technology ETF | $ | 122,690,306 | $ | 32,128,647 | ||||
DWA Developed Markets Momentum ETF | 11,551,961 | 33,048,348 | ||||||
DWA Emerging Markets Momentum ETF | 15,720,384 | 28,927,234 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 221,821,149 | 108,606,386 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 73,077,496 | 41,272,778 | ||||||
FTSE RAFI Emerging Markets ETF | 75,496,010 | 42,794,070 | ||||||
Global Clean Energy ETF | 5,456,253 | 1,203,809 | ||||||
Global Water ETF | 3,459,889 | 5,525,842 | ||||||
International BuyBack AchieversTM ETF | 4,719,704 | 29,054,199 | ||||||
MSCI Global Timber ETF | - | 39,512,891 | ||||||
S&P Global Water Index ETF | 12,986,612 | 71,977,869 | ||||||
S&P International Developed Quality ETF | 25,381,873 | 24,418,116 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Net | ||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||
China Technology ETF | $ | 102,557,884 | $ | (74,261,243 | ) | $ | 28,296,641 | $ | 662,973,169 | |||||||
DWA Developed Markets Momentum ETF | 16,907,391 | (4,494,400 | ) | 12,412,991 | 124,539,355 | |||||||||||
DWA Emerging Markets Momentum ETF | 17,358,971 | (3,358,466 | ) | 14,000,505 | 106,269,813 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 78,513,566 | (307,358,535 | ) | (228,844,969 | ) | 1,363,615,128 | ||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 27,989,689 | (57,321,303 | ) | (29,331,614 | ) | 348,530,463 | ||||||||||
FTSE RAFI Emerging Markets ETF | 95,897,270 | (272,163,613 | ) | (176,266,343 | ) | 1,223,929,394 | ||||||||||
Global Clean Energy ETF | 13,460,043 | (3,513,959 | ) | 9,946,084 | 53,798,408 | |||||||||||
Global Water ETF | 34,955,623 | (7,395,198 | ) | 27,560,425 | 152,960,594 | |||||||||||
International BuyBack AchieversTM ETF | 4,328,853 | (26,128,550 | ) | (21,799,697 | ) | 119,580,771 | ||||||||||
MSCI Global Timber ETF | 9,469,765 | (16,092,435 | ) | (6,622,670 | ) | 82,900,695 | ||||||||||
S&P Global Water Index ETF | 124,333,156 | (48,463,540 | ) | 75,869,616 | 549,987,207 | |||||||||||
S&P International Developed Quality ETF | 2,214,215 | (5,397,962 | ) | (3,183,747 | ) | 50,208,767 |
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 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 Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-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 ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares, except for 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.
NOTE 10–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on
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valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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Calculating your ongoing Fund expenses
Example
As a shareholder of Invesco MSCI Global Timber 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 Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.
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 the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2019 | April 30, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco China Technology ETF (CQQQ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,091.20 | 0.70 | % | $ | 3.64 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.38 | 0.70 | 3.52 | ||||||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||||||
Actual | 1,000.00 | 914.60 | 0.80 | 3.81 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.89 | 0.80 | 4.02 |
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Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
November 1, 2019 | April 30, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco DWA Emerging Markets Momentum ETF (PIE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 876.30 | 0.90 | % | $ | 4.20 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.39 | 0.90 | 4.52 | ||||||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||||||
Actual | 1,000.00 | 804.80 | 0.45 | 2.02 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.63 | 0.45 | 2.26 | ||||||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | ||||||||||||||||||||
Actual | 1,000.00 | 850.60 | 0.49 | 2.25 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.49 | 2.46 | ||||||||||||||||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | ||||||||||||||||||||
Actual | 1,000.00 | 801.10 | 0.49 | 2.19 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.43 | 0.49 | 2.46 | ||||||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,074.90 | 0.75 | 3.87 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.13 | 0.75 | 3.77 | ||||||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||||||
Actual | 1,000.00 | 932.10 | 0.75 | 3.60 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.13 | 0.75 | 3.77 | ||||||||||||||||
Invesco International BuyBack AchieversTM ETF (IPKW) | ||||||||||||||||||||
Actual | 1,000.00 | 817.90 | 0.55 | 2.49 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.13 | 0.55 | 2.77 | ||||||||||||||||
Invesco MSCI Global Timber ETF (CUT) | ||||||||||||||||||||
Actual | 1,000.00 | 866.90 | 0.55 | 2.55 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.13 | 0.55 | 2.77 | ||||||||||||||||
Invesco S&P Global Water Index ETF (CGW) | ||||||||||||||||||||
Actual | 1,000.00 | 915.80 | 0.58 | 2.76 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.98 | 0.58 | 2.92 | ||||||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 945.90 | 0.29 | 1.40 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF | Invesco S&P 500® Enhanced Value ETF | |
Invesco California AMT-Free Municipal Bond ETF | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco CEF Income Composite ETF | Invesco S&P 500® High Beta ETF | |
Invesco China Technology ETF | Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Developed Markets Momentum ETF | Invesco S&P 500® Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF | Invesco S&P 500 Minimum Variance ETF | |
Invesco DWA SmallCap Momentum ETF | Invesco S&P 500® Momentum ETF | |
Invesco Emerging Markets Sovereign Debt ETF | Invesco S&P 500 Revenue ETF | |
Invesco FTSE International Low Beta Equal Weight ETF | Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | Invesco S&P International Developed High Dividend Low Volatility ETF | |
Invesco FTSE RAFI Emerging Markets ETF | Invesco S&P International Developed Low Volatility ETF | |
Invesco Fundamental High Yield® Corporate Bond ETF | Invesco S&P International Developed Momentum ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF | Invesco S&P International Developed Quality ETF | |
Invesco Global Clean Energy ETF | Invesco S&P MidCap 400 Revenue ETF | |
Invesco Global Short Term High Yield Bond ETF | Invesco S&P MidCap Low Volatility ETF | |
Invesco Global Water ETF | Invesco S&P SmallCap 600 Revenue ETF | |
Invesco International BuyBack AchieversTM ETF | Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco International Corporate Bond ETF | Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW Bank ETF | Invesco S&P SmallCap Energy ETF | |
Invesco KBW High Dividend Yield Financial ETF | Invesco S&P SmallCap Financials ETF | |
Invesco KBW Premium Yield Equity REIT ETF | Invesco S&P SmallCap Health Care ETF | |
Invesco KBW Property & Casualty Insurance ETF | Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco KBW Regional Banking ETF | Invesco S&P SmallCap Industrials ETF | |
Invesco National AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Information Technology ETF | |
Invesco New York AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Low Volatility ETF | |
Invesco Preferred ETF | Invesco S&P SmallCap Materials ETF | |
Invesco PureBetaSM 0-5YrUSTIPSETF | Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM FTSE Developed ex-North America ETF | Invesco S&P SmallCap Utilities & Communication Services | |
Invesco PureBetaSM FTSE Emerging Markets ETF | ETF | |
Invesco PureBetaSM MSCI USA ETF | Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF | Invesco Senior Loan ETF | |
Invesco PureBetaSM US Aggregate Bond ETF | Invesco Taxable Municipal Bond ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF | Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Equal Weight ETF | Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Low Beta Equal Weight ETF | Invesco VRDO Tax-Free Weekly ETF |
Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
0.04%: | Invesco PureBetaTM MSCI USA ETF | |
0.05%: | Invesco PureBetaTM US Aggregate Bond ETF | |
0.06%: | Invesco PureBetaTM MSCI USA Small Cap ETF | |
0.07%: | Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF | |
0.08%: | Invesco Treasury Collateral ETF | |
0.10%: | Invesco S&P 500 Minimum Variance ETF | |
0.13%: | Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF | |
0.14%: | Invesco PureBetaTM FTSE Emerging Markets ETF |
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0.20%: | Invesco Russell 1000 Equal Weight ETF | |
0.22%: | Invesco Fundamental Investment Grade Corporate Bond ETF | |
0.25%: | Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF | |
0.28%: | Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF | |
0.29%: | Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF | |
0.30%: | Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF | |
0.35%: | Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF | |
0.39%: | Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF | |
0.45%: | Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF | |
0.49%: | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF | |
0.50%: | Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF | |
0.55%: | Invesco International BuyBack AchieversTM ETF | |
0.60%: | Invesco DWA SmallCap Momentum ETF | |
0.65%: | Invesco Senior Loan ETF | |
0.70%: | Invesco China Technology ETF | |
0.75%: | Invesco Global Clean Energy ETF, Invesco Global Water ETF | |
0.80%: | Invesco DWA Developed Markets Momentum ETF | |
0.90%: | Invesco DWA Emerging Markets Momentum ETF |
The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
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Equal to/Lower | Lower than | |||||
Equal to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X | |||||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | X | |||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | X | |||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | N/A | X | ||||
Invesco International BuyBack AchieversTM ETF | X | X | X | |||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | �� | X | |||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaTM 0-5 Yr US TIPS ETF | X | |||||
Invesco PureBetaTM FTSE Developed ex-North America ETF | X | |||||
Invesco PureBetaTM FTSE Emerging Markets ETF | X | X | ||||
Invesco PureBetaTM MSCI USA ETF | X | X | X | |||
Invesco PureBetaTM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaTM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | X | ||||
Invesco S&P 500 Enhanced Value ETF | X | X | X | |||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500 High Beta ETF | X | X | X | |||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X |
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Equal to/Lower | Lower than | |||||
Equal to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco S&P 500 Revenue ETF | X | X | ||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | X | |||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | |||||
Invesco S&P International Developed Quality ETF | X | X | ||||
Invesco S&P MidCap 400 Revenue ETF | X | |||||
Invesco S&P MidCap Low Volatility ETF | X | |||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | X | |||
Invesco S&P SmallCap Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | ||||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free Weekly ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of
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scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratio. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2022, as set forth below:
● | 0.55% for Invesco MSCI Global Timber ETF; |
● | 0.63% for Invesco S&P Global Water Index ETF; and |
● | 0.65% for Invesco Solar ETF. |
The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) actively-managed funds and open-end (non-ETF) index funds, noting that comparative information for an open-end (non-ETF) index fund was only available for the Invesco MSCI Global Timber ETF. The Trustees noted that each Fund’s contractual advisory fee was higher than the median net advisory fees of its ETF peer funds and lower than the median net advisory fees of their open-end actively-managed peer funds. The Trustees noted that each Fund’s net expense ratio was higher than the median net expense ratio of its ETF peers and lower than the median net expense ratio of its open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-license fees paid by the Funds, and noted, with the exception of Invesco S&P
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Global Water Index ETF, the Adviser has agreed to reimburse the amount equal to the sub-licensing fee paid that causes a Fund’s annual 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 percentage of the Fund’s average daily net assets as set forth below:
Invesco Fund | Percentage of Average Daily Net Assets | Termination Date | ||||||||||||
Invesco MSCI Global Timber ETF | 0.55 | % | December 31, 2020 | |||||||||||
Invesco Solar ETF | 0.70 | % | May 18, 2020 |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
| 108 |
|
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC | ||||||
3500 Lacey Road, Suite 700 | ||||||
Downers Grove, IL 60515 | P-PS-SAR-8 | invesco.com/ETFs |
Invesco Semi-Annual Report to Shareholders
April 30, 2020
| ||||
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.
2 | ||||
|
| |||
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
• | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
• | Each Fund’s investment strategy remained appropriate for an open-end fund; |
• | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
• | The Funds did not breach the 15% limit on Illiquid Investments; and |
• | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
3 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-98.57% |
| |||||||||
Angola-1.40% | ||||||||||
Angolan Government International Bond | ||||||||||
8.25%, 05/09/2028(a) | $ | 27,945,000 | $ | 12,608,784 | ||||||
9.38%, 05/08/2048(a) | 28,120,000 | 12,347,492 | ||||||||
9.13%, 11/26/2049(a) | 28,836,000 | 12,684,956 | ||||||||
|
| |||||||||
37,641,232 | ||||||||||
|
| |||||||||
Bahrain-2.71% | ||||||||||
Bahrain Government International Bond | ||||||||||
6.75%, 09/20/2029(a) | 25,071,000 | 24,662,343 | ||||||||
6.00%, 09/19/2044(a) | 28,420,000 | 24,509,408 | ||||||||
7.50%, 09/20/2047(a) | 24,332,000 | 23,541,210 | ||||||||
|
| |||||||||
72,712,961 | ||||||||||
|
| |||||||||
Brazil-2.84% | ||||||||||
Brazilian Government International Bond | ||||||||||
5.63%, 01/07/2041 | 24,984,000 | 25,358,760 | ||||||||
5.63%, 02/21/2047 | 25,290,000 | 25,694,640 | ||||||||
4.75%, 01/14/2050 | 27,380,000 | 25,189,600 | ||||||||
|
| |||||||||
76,243,000 | ||||||||||
|
| |||||||||
Chile-3.19% | ||||||||||
Chile Government International Bond | ||||||||||
3.13%, 01/21/2026 | 41,347,000 | 44,654,760 | ||||||||
3.86%, 06/21/2047 | 37,642,000 | 41,022,252 | ||||||||
|
| |||||||||
85,677,012 | ||||||||||
|
| |||||||||
China-3.33% | ||||||||||
China Government International Bond | ||||||||||
2.63%, 11/02/2027(a) | 27,160,000 | 29,713,040 | ||||||||
2.75%, 12/03/2039(a) | 27,950,000 | 29,744,390 | ||||||||
4.00%, 10/19/2048(a) | 22,190,000 | 29,936,529 | ||||||||
|
| |||||||||
89,393,959 | ||||||||||
|
| |||||||||
Colombia-2.75% | ||||||||||
Colombia Government International Bond | ||||||||||
7.38%, 09/18/2037 | 19,445,000 | 24,314,028 | ||||||||
6.13%, 01/18/2041 | 21,551,000 | 24,348,320 | ||||||||
5.63%, 02/26/2044 | 23,243,000 | 25,190,763 | ||||||||
|
| |||||||||
73,853,111 | ||||||||||
|
| |||||||||
Costa Rica-2.53% | ||||||||||
Costa Rica Government International Bond | ||||||||||
5.63%, 04/30/2043(a) | 32,063,000 | 23,245,675 | ||||||||
7.00%, 04/04/2044(a) | 27,980,000 | 22,523,900 | ||||||||
7.16%, 03/12/2045(a) | 27,225,000 | 22,188,375 | ||||||||
|
| |||||||||
67,957,950 | ||||||||||
|
| |||||||||
Croatia-3.24% | ||||||||||
Croatia Government International Bond | ||||||||||
5.50%, 04/04/2023(a) | 39,285,000 | 42,958,148 | ||||||||
6.00%, 01/26/2024(a) | 39,121,000 | 44,226,290 | ||||||||
|
| |||||||||
87,184,438 | ||||||||||
|
| |||||||||
Dominican Republic-2.50% | ||||||||||
Dominican Republic International Bond | ||||||||||
7.45%, 04/30/2044(a) | 24,680,000 | 22,555,052 | ||||||||
6.85%, 01/27/2045(a) | 26,064,000 | 22,667,861 | ||||||||
6.50%, 02/15/2048(a) | 26,190,000 | 21,868,650 | ||||||||
|
| |||||||||
67,091,563 | ||||||||||
|
|
Principal Amount | Value | |||||||||
Egypt-2.76% | ||||||||||
Egypt Government International Bond | �� | |||||||||
8.50%, 01/31/2047(a) | $ | 27,084,000 | $ | 24,727,692 | ||||||
7.90%, 02/21/2048(a) | 28,786,000 | 25,619,540 | ||||||||
8.70%, 03/01/2049(a) | 26,092,000 | 23,895,054 | ||||||||
|
| |||||||||
74,242,286 | ||||||||||
|
| |||||||||
El Salvador-2.31% | ||||||||||
El Salvador Government International Bond | ||||||||||
7.65%, 06/15/2035(a) | 25,732,000 | 20,657,650 | ||||||||
7.63%, 02/01/2041(a) | 26,072,000 | 20,171,906 | ||||||||
7.12%, 01/20/2050(a) | 27,649,000 | 21,137,661 | ||||||||
|
| |||||||||
61,967,217 | ||||||||||
|
| |||||||||
Hungary-3.20% | ||||||||||
Hungary Government International Bond | ||||||||||
5.75%, 11/22/2023 | 25,547,500 | 28,830,354 | ||||||||
5.38%, 03/25/2024 | 26,393,000 | 29,771,304 | ||||||||
7.63%, 03/29/2041 | 16,793,000 | 27,501,896 | ||||||||
|
| |||||||||
86,103,554 | ||||||||||
|
| |||||||||
Indonesia-2.99% | ||||||||||
Indonesia Government International Bond | ||||||||||
6.63%, 02/17/2037(a) | 20,716,000 | 26,920,442 | ||||||||
7.75%, 01/17/2038(a) | 18,736,000 | 26,916,137 | ||||||||
6.75%, 01/15/2044(a) | 19,329,000 | 26,619,899 | ||||||||
|
| |||||||||
80,456,478 | ||||||||||
|
| |||||||||
Jordan-2.98% | ||||||||||
Jordan Government International Bond | ||||||||||
6.13%, 01/29/2026(a) | 27,201,000 | 27,247,242 | ||||||||
5.75%, 01/31/2027(a) | 28,284,000 | 27,199,676 | ||||||||
7.38%, 10/10/2047(a) | 26,909,000 | 25,507,041 | ||||||||
|
| |||||||||
79,953,959 | ||||||||||
|
| |||||||||
Kazakhstan-2.93% | ||||||||||
Kazakhstan Government International Bond | ||||||||||
5.13%, 07/21/2025(a) | 25,394,000 | 28,611,420 | ||||||||
4.88%, 10/14/2044(a) | 21,265,000 | 24,231,319 | ||||||||
6.50%, 07/21/2045(a) | 19,158,000 | 25,819,236 | ||||||||
|
| |||||||||
78,661,975 | ||||||||||
|
| |||||||||
Kenya-2.81% | ||||||||||
Kenya Government International Bond | ||||||||||
6.88%, 06/24/2024(a) | 27,067,000 | 25,212,911 | ||||||||
7.25%, 02/28/2028(a) | 27,503,000 | 25,305,510 | ||||||||
8.25%, 02/28/2048(a) | 27,340,000 | 24,961,420 | ||||||||
|
| |||||||||
75,479,841 | ||||||||||
|
| |||||||||
Mexico-2.59% | ||||||||||
Mexico Government International Bond | ||||||||||
4.60%, 01/23/2046 | 26,065,750 | 24,143,401 | ||||||||
5.75%, 10/12/2110 | 22,287,000 | 21,284,308 | ||||||||
Series A, 6.05%, 01/11/2040 | 21,667,000 | 24,039,536 | ||||||||
|
| |||||||||
69,467,245 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
Mongolia-2.80% | ||||||||||
Mongolia Government International Bond | ||||||||||
5.63%, 05/01/2023(a) | $ | 26,910,000 | $ | 24,084,461 | ||||||
8.75%, 03/09/2024(a) | 52,850,000 | 51,090,095 | ||||||||
|
| |||||||||
75,174,556 | ||||||||||
|
| |||||||||
Nigeria-2.49% | ||||||||||
Nigeria Government International Bond | ||||||||||
7.70%, 02/23/2038(a) | 30,310,000 | 22,874,957 | ||||||||
7.63%, 11/28/2047(a) | 30,615,000 | 22,927,574 | ||||||||
9.25%, 01/21/2049(a) | 25,690,000 | 21,086,249 | ||||||||
|
| |||||||||
66,888,780 | ||||||||||
|
| |||||||||
Oman-2.49% | ||||||||||
Oman Government International Bond | ||||||||||
5.63%, 01/17/2028(a) | 29,112,000 | 22,678,248 | ||||||||
6.50%, 03/08/2047(a) | 30,718,000 | 22,070,883 | ||||||||
6.75%, 01/17/2048(a) | 30,646,000 | 22,132,541 | ||||||||
|
| |||||||||
66,881,672 | ||||||||||
|
| |||||||||
Pakistan-2.68% | ||||||||||
Pakistan Government International Bond | ||||||||||
8.25%, 04/15/2024(a) | 25,316,000 | 24,275,512 | ||||||||
8.25%, 09/30/2025(a) | 24,884,000 | 23,468,100 | ||||||||
6.88%, 12/05/2027(a) | 27,664,000 | 24,374,751 | ||||||||
|
| |||||||||
72,118,363 | ||||||||||
|
| |||||||||
Panama-3.11% | ||||||||||
Panama Government International Bond | ||||||||||
7.13%, 01/29/2026 | 22,968,500 | 28,131,819 | ||||||||
8.88%, 09/30/2027 | 19,829,500 | 27,134,688 | ||||||||
3.88%, 03/17/2028 | 26,017,000 | 28,309,097 | ||||||||
|
| |||||||||
83,575,604 | ||||||||||
|
| |||||||||
Paraguay-2.84% | ||||||||||
Paraguay Government International Bond | ||||||||||
5.00%, 04/15/2026(a) | 25,701,000 | 27,137,686 | ||||||||
6.10%, 08/11/2044(a) | 22,689,000 | 24,762,775 | ||||||||
5.60%, 03/13/2048(a) | 23,220,000 | 24,302,052 | ||||||||
|
| |||||||||
76,202,513 | ||||||||||
|
| |||||||||
Peru-3.16% | ||||||||||
Peruvian Government International Bond | ||||||||||
2.84%, 06/20/2030 | 27,320,000 | 28,675,072 | ||||||||
8.75%, 11/21/2033 | 17,396,500 | 27,766,554 | ||||||||
5.63%, 11/18/2050 | 18,889,000 | 28,380,722 | ||||||||
|
| |||||||||
84,822,348 | ||||||||||
|
| |||||||||
Philippines-3.17% | ||||||||||
Philippine Government International Bond | ||||||||||
6.38%, 01/15/2032 | 20,715,000 | 28,607,415 | ||||||||
6.38%, 10/23/2034 | 19,488,000 | 28,304,371 | ||||||||
3.95%, 01/20/2040 | 23,818,000 | 28,250,530 | ||||||||
|
| |||||||||
85,162,316 | ||||||||||
|
| |||||||||
Poland-3.32% | ||||||||||
Republic of Poland Government International Bond | ||||||||||
3.00%, 03/17/2023 | 28,274,000 | 29,973,267 | ||||||||
4.00%, 01/22/2024 | 26,893,000 | 29,816,269 | ||||||||
3.25%, 04/06/2026 | 26,742,000 | 29,549,910 | ||||||||
|
| |||||||||
89,339,446 | ||||||||||
|
|
Principal Amount | Value | |||||||||
Qatar-3.10% | ||||||||||
Qatar Government International Bond | ||||||||||
6.40%, 01/20/2040(a) | $ | 19,533,000 | $ | 28,188,072 | ||||||
5.10%, 04/23/2048(a) | 21,784,000 | 27,598,150 | ||||||||
4.82%, 03/14/2049(a) | 22,555,000 | 27,550,932 | ||||||||
|
| |||||||||
83,337,154 | ||||||||||
|
| |||||||||
Romania-2.99% | ||||||||||
Romanian Government International Bond | ||||||||||
4.88%, 01/22/2024(a) | 25,841,000 | 27,456,063 | ||||||||
6.13%, 01/22/2044(a) | 21,842,000 | 26,313,057 | ||||||||
5.13%, 06/15/2048(a) | 24,490,000 | 26,505,527 | ||||||||
|
| |||||||||
80,274,647 | ||||||||||
|
| |||||||||
Russia-3.16% | ||||||||||
Russian Foreign Bond | ||||||||||
5.63%, 04/04/2042(a) | 22,000,000 | 28,347,000 | ||||||||
5.88%, 09/16/2043(a) | 20,800,000 | 27,736,800 | ||||||||
Russian Foreign Bond - Eurobond, 5.25%, 06/23/2047(a) | 23,000,000 | 28,844,300 | ||||||||
|
| |||||||||
84,928,100 | ||||||||||
|
| |||||||||
Saudi Arabia-2.91% | ||||||||||
Saudi Government International Bond | ||||||||||
4.50%, 10/26/2046(a) | 25,178,000 | 26,530,059 | ||||||||
4.63%, 10/04/2047(a) | 23,355,000 | 24,578,218 | ||||||||
5.00%, 04/17/2049(a) | 24,025,000 | 27,016,112 | ||||||||
|
| |||||||||
78,124,389 | ||||||||||
|
| |||||||||
South Africa-2.65% | ||||||||||
Republic of South Africa Government International Bond | ||||||||||
6.25%, 03/08/2041 | 26,655,000 | 23,754,936 | ||||||||
5.38%, 07/24/2044 | 30,889,000 | 24,131,506 | ||||||||
6.30%, 06/22/2048 | 27,799,000 | 23,409,538 | ||||||||
|
| |||||||||
71,295,980 | ||||||||||
|
| |||||||||
Sri Lanka-1.95% | ||||||||||
Sri Lanka Government International Bond | ||||||||||
6.83%, 07/18/2026(a) | 30,334,000 | 17,830,325 | ||||||||
7.85%, 03/14/2029(a) | 29,120,000 | 17,131,296 | ||||||||
7.55%, 03/28/2030(a) | 29,770,000 | 17,412,809 | ||||||||
|
| |||||||||
52,374,430 | ||||||||||
|
| |||||||||
Turkey-2.97% | ||||||||||
Turkey Government International Bond | ||||||||||
8.00%, 02/14/2034 | 26,416,000 | 27,010,360 | ||||||||
6.88%, 03/17/2036 | 29,109,000 | 26,561,962 | ||||||||
7.25%, 03/05/2038 | 27,876,000 | 26,342,820 | ||||||||
|
| |||||||||
79,915,142 | ||||||||||
|
| |||||||||
Ukraine-2.69% | ||||||||||
Ukraine Government International Bond | ||||||||||
7.75%, 09/01/2026(a) | 25,793,000 | 24,242,841 | ||||||||
7.75%, 09/01/2027(a) | 26,252,000 | 24,506,242 | ||||||||
9.75%, 11/01/2028(a) | 23,710,000 | 23,605,676 | ||||||||
|
| |||||||||
72,354,759 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
United Arab Emirates-3.03% | ||||||||||
Abu Dhabi Government International Bond | ||||||||||
4.13%, 10/11/2047(a) | $ | 24,534,000 | $ | 28,047,269 | ||||||
3.13%, 09/30/2049(a) | 28,400,000 | 27,772,360 | ||||||||
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a) | 25,721,000 | 25,715,856 | ||||||||
|
| |||||||||
81,535,485 | ||||||||||
|
| |||||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 2,648,393,465 | ||||||||
|
|
Shares | Value | |||||||||
Money Market Funds-1.15% | ||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(b)(c) (Cost $30,939,534) | 30,939,534 | $ | 30,939,534 | |||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-99.72% |
| 2,679,332,999 | ||||||||
OTHER ASSETS LESS LIABILITIES-0.28% |
| 7,535,769 | ||||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 2,686,868,768 | ||||||||
|
|
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 April 30, 2020 was $1,762,938,707, which represented 65.61% of the Fund’s Net Assets. |
(b) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 7,086,626 | $ | 146,643,437 | $ | (122,790,529 | ) | $ | - | $ | - | $ | 30,939,534 | $ | 42,265 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 71,589 | 48,270,983 | (48,342,572 | ) | - | - | - | 6,442 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 23,863 | 12,757,354 | (12,782,140 | ) | - | 923 | - | 2,442 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 7,182,078 | $ | 207,671,774 | $ | (183,915,241 | ) | $ | - | $ | 923 | $ | 30,939,534 | $ | 51,149 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | At April 30, 2020, this security was no longer held. |
(c) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition | ||||||
Country Breakdown (% of the Fund’s Net Assets) | ||||||
as of April 30, 2020 | ||||||
China | 3.33 | |||||
Poland | 3.32 | |||||
Croatia | 3.24 | |||||
Hungary | 3.20 | |||||
Chile | 3.19 | |||||
Philippines | 3.17 | |||||
Russia | 3.16 | |||||
Peru | 3.16 | |||||
Panama | 3.11 | |||||
Qatar | 3.10 | |||||
United Arab Emirates | 3.03 | |||||
Indonesia | 2.99 | |||||
Romania | 2.99 | |||||
Jordan | 2.98 | |||||
Turkey | 2.97 | |||||
Kazakhstan | 2.93 | |||||
Saudi Arabia | 2.91 | |||||
Brazil | 2.84 | |||||
Paraguay | 2.84 | |||||
Kenya | 2.81 | |||||
Mongolia | 2.80 | |||||
Egypt | 2.76 | |||||
Colombia | 2.75 | |||||
Bahrain | 2.71 | |||||
Ukraine | 2.69 | |||||
Pakistan | 2.68 | |||||
South Africa | 2.65 | |||||
Mexico | 2.59 | |||||
Costa Rica | 2.53 | |||||
Dominican Republic | 2.50 | |||||
Nigeria | 2.49 | |||||
Oman | 2.49 | |||||
El Salvador | 2.31 | |||||
Sri Lanka | 1.95 | |||||
Angola | 1.40 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.43 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)
April 30, 2020
(Unaudited)
Schedule of Investments
Principal Amount | Value | |||||||||
U.S. Dollar Denominated Bonds & Notes-95.94% |
| |||||||||
Argentina-1.62% | ||||||||||
Argentine Republic Government International Bond | ||||||||||
6.88%, 04/22/2021 | $ | 650,000 | $ | 188,825 | ||||||
5.63%, 01/26/2022 | 600,000 | 169,500 | ||||||||
Banco Hipotecario S.A., 9.75%, 11/30/2020(a) | 500,000 | 347,875 | ||||||||
Cia General de Combustibles S.A., 9.50%, 11/07/2021(a) | 525,000 | 325,500 | ||||||||
Genneia S.A., 8.75%, 01/20/2022(a) | 650,000 | 362,797 | ||||||||
Provincia de Cordoba, 7.13%, 06/10/2021(a) | 650,000 | 299,007 | ||||||||
Tecpetrol S.A., 4.88%, 12/12/2022(a) | 400,000 | 315,920 | ||||||||
Telecom Argentina S.A., 6.50%, 06/15/2021(a) | 676,000 | 617,499 | ||||||||
YPF S.A., 8.50%, 03/23/2021(a) | 500,000 | 317,380 | ||||||||
|
| |||||||||
2,944,303 | ||||||||||
|
| |||||||||
Australia-0.74% | ||||||||||
Barminco Finance Pty. Ltd., 6.63%, 05/15/2022(a) | 400,000 | 384,500 | ||||||||
Emeco Pty. Ltd., Series B, 9.25%, 03/31/2022 | 450,669 | 434,873 | ||||||||
FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022(a) | 400,000 | 403,580 | ||||||||
Virgin Australia Holdings Ltd., 7.88%, 10/15/2021(a) | 700,000 | 122,500 | ||||||||
|
| |||||||||
1,345,453 | ||||||||||
|
| |||||||||
Bahrain-0.83% | ||||||||||
Bahrain Government International Bond | ||||||||||
5.88%, 01/26/2021(a) | 700,000 | 701,361 | ||||||||
6.13%, 07/05/2022(a) | 200,000 | 201,492 | ||||||||
Batelco International Finance No. 1 Ltd., 4.25%, 05/01/2020(a) | 600,000 | 600,000 | ||||||||
|
| |||||||||
1,502,853 | ||||||||||
|
| |||||||||
Bolivia-0.23% | ||||||||||
Bolivian Government International Bond, 4.88%, 10/29/2022(a) | 450,000 | 423,927 | ||||||||
|
| |||||||||
Brazil-5.94% | ||||||||||
B3 S.A. - Brasil, Bolsa, Balcao, 5.50%, 07/16/2020(a) | 600,000 | 597,006 | ||||||||
Banco Bradesco S.A., 5.90%, 01/16/2021(a) | 600,000 | 605,256 | ||||||||
Banco do Brasil S.A., 5.38%, | 400,000 | 404,324 | ||||||||
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a) | 700,000 | 720,685 | ||||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 07/12/2020(a) | 600,000 | 601,200 | ||||||||
Banco Safra S.A., 6.75%, | 400,000 | 409,904 | ||||||||
Banco Votorantim S.A., 4.00%, 09/24/2022(a) | 500,000 | 499,375 | ||||||||
Brazilian Government International Bond | ||||||||||
4.88%, 01/22/2021 | 175,000 | 179,044 | ||||||||
2.63%, 01/05/2023 | 500,000 | 503,750 | ||||||||
Caixa Economica Federal, 3.50%, 11/07/2022(a) | 300,000 | 296,115 | ||||||||
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a) | 750,000 | 772,163 |
Principal Amount | Value | |||||||||
Brazil-(continued) | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, 6.25%, 12/16/2020(a) | $ | 200,000 | $ | 201,160 | ||||||
CSN Resources S.A., 7.63%, 02/13/2023(a) | 400,000 | 316,080 | ||||||||
Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a) | 700,000 | 676,382 | ||||||||
Itau Unibanco Holding S.A. | ||||||||||
5.75%, 01/22/2021(a) | 400,000 | 406,824 | ||||||||
6.20%, 12/21/2021(a) | 500,000 | 518,755 | ||||||||
5.65%, 03/19/2022(a) | 400,000 | 413,180 | ||||||||
5.50%, 08/06/2022(a) | 400,000 | 411,000 | ||||||||
Natura Cosmeticos S.A., 5.38%, 02/01/2023(a) | 400,000 | 384,004 | ||||||||
Petrobras Global Finance B.V. | ||||||||||
5.38%, 01/27/2021 | 600,000 | 607,230 | ||||||||
8.38%, 05/23/2021 | 650,000 | 679,250 | ||||||||
6.13%, 01/17/2022 | 600,000 | 616,500 | ||||||||
|
| |||||||||
10,819,187 | ||||||||||
|
| |||||||||
Canada-2.84% | ||||||||||
Air Canada, 7.75%, 04/15/2021(a) | 600,000 | 589,350 | ||||||||
Athabasca Oil Corp., 9.88%, | 700,000 | 102,935 | ||||||||
Bombardier, Inc. | ||||||||||
8.75%, 12/01/2021(a) | 698,000 | 584,680 | ||||||||
5.75%, 03/15/2022(a) | 215,000 | 162,207 | ||||||||
6.00%, 10/15/2022(a) | 400,000 | 302,500 | ||||||||
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc., 8.50%, 12/15/2022(a) | 500,000 | 503,525 | ||||||||
Hudbay Minerals, Inc., 7.25%, 01/15/2023(a) | 500,000 | 458,850 | ||||||||
New Gold Inc., 6.25%, 11/15/2022(a) | 300,000 | 300,375 | ||||||||
Quebecor Media, Inc., 5.75%, 01/15/2023 | 400,000 | 423,652 | ||||||||
Taseko Mines Ltd., 8.75%, | 355,000 | 187,103 | ||||||||
Teine Energy Ltd., 6.88%, 09/30/2022(a) | 400,000 | 386,820 | ||||||||
Tervita Corp., 7.63%, 12/01/2021(a) | 700,000 | 465,955 | ||||||||
TransAlta Corp., 4.50%, 11/15/2022 | 500,000 | 489,375 | ||||||||
Videotron Ltd., 5.00%, 07/15/2022 | 210,000 | 217,087 | ||||||||
|
| |||||||||
5,174,414 | ||||||||||
|
| |||||||||
China-10.40% | ||||||||||
CFLD Cayman Investment Ltd. | ||||||||||
6.50%, 12/21/2020(a) | 700,000 | 698,433 | ||||||||
9.00%, 07/31/2021(a) | 700,000 | 700,237 | ||||||||
China Grand Automotive Services Ltd., 8.63%, 04/08/2022(a) | 450,000 | 295,672 | ||||||||
China South City Holdings Ltd. | ||||||||||
11.88%, 03/27/2021(a) | 200,000 | 184,791 | ||||||||
6.75%, 09/13/2021(a) | 600,000 | 474,320 | ||||||||
7.25%, 11/20/2022(a) | 400,000 | 306,154 | ||||||||
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022(a) | 200,000 | 203,664 | ||||||||
Dr. Peng Holding HongKong Ltd., 5.05%, 06/01/2020(a) | 500,000 | 278,078 | ||||||||
Easy Tactic Ltd. | ||||||||||
8.75%, 01/10/2021(a) | 800,000 | 798,207 | ||||||||
7.00%, 04/25/2021(a) | 700,000 | 675,168 | ||||||||
5.75%, 01/13/2022(a) | 700,000 | 641,674 | ||||||||
9.13%, 07/28/2022(a) | 200,000 | 189,272 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
China-(continued) | ||||||||||
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a) | $ | 400,000 | $ | 396,412 | ||||||
Fortune Star (BVI) Ltd., 5.38%, 12/05/2020(a) | 800,000 | 798,214 | ||||||||
Full Dragon (Hong Kong) International Development Ltd., 5.60%, | 500,000 | 503,239 | ||||||||
Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a) | 200,000 | 201,564 | ||||||||
Gemstones International Ltd., 8.50%, 08/15/2020(a) | 600,000 | 591,261 | ||||||||
Greenland Global Investment Ltd. | ||||||||||
4.85%, 08/17/2020(a) | 700,000 | 699,372 | ||||||||
5.25%, 02/12/2021(a) | 500,000 | 497,667 | ||||||||
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022(a) | 600,000 | 591,242 | ||||||||
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022(a) | 400,000 | 342,407 | ||||||||
Huachen Energy Co. Ltd., 6.63%, 05/18/2020(a) | 400,000 | 110,000 | ||||||||
Huayuan Property Co. Ltd., 8.50%, 09/27/2021(a) | 300,000 | 298,497 | ||||||||
Jiangsu Nantong Sanjian International Co. Ltd., 7.80%, 10/26/2020(a) | 500,000 | 355,765 | ||||||||
Jiuding Group Finance Co. Ltd., 6.50%, 07/25/2020(a) | 500,000 | 489,939 | ||||||||
New Metro Global Ltd. | ||||||||||
6.50%, 04/23/2021(a) | 700,000 | 694,928 | ||||||||
7.13%, 05/23/2021(a) | 500,000 | 499,713 | ||||||||
6.50%, 05/20/2022(a) | 200,000 | 195,041 | ||||||||
Oceanwide Holdings International 2017 Co. Ltd., 7.75%, 07/27/2020(a) | 700,000 | 642,770 | ||||||||
RongXingDa Development BVI Ltd., 8.00%, 04/24/2022(a) | 215,000 | 190,517 | ||||||||
Scenery Journey Ltd. | ||||||||||
11.00%, 11/06/2020(a) | 800,000 | 803,193 | ||||||||
9.00%, 03/06/2021(a) | 200,000 | 193,594 | ||||||||
Shandong Energy Australia Pty. Ltd., 4.55%, 07/26/2020(a) | 600,000 | 598,483 | ||||||||
Shangrao City Construction Investment Development Group Co. Ltd., 5.70%, 12/28/2020(a) | 400,000 | 396,119 | ||||||||
Tahoe Group Global (Co.,) Ltd., 7.88%, 01/17/2021(a) | 900,000 | 631,117 | ||||||||
Tunghsu Venus Holdings Ltd., 7.00%, 06/12/2020(a) | 600,000 | 222,714 | ||||||||
Yancoal International Resources Development Co. Ltd., 6.00%, 11/29/2021(a) | 600,000 | 611,002 | ||||||||
Yango Justice International Ltd. | ||||||||||
7.50%, 11/16/2020(a) | 600,000 | 597,168 | ||||||||
9.50%, 04/03/2021(a) | 200,000 | 198,051 | ||||||||
Yihua Overseas Investment Ltd., 8.50%, 10/23/2020(a) | 500,000 | 282,500 | ||||||||
Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022(a) | 400,000 | 398,271 |
Principal Amount | Value | |||||||||
China-(continued) | ||||||||||
Zhongrong International Resources Co. Ltd., 7.25%, 10/26/2020(a) | $ | 600,000 | $ | 157,135 | ||||||
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a) | 317,000 | 306,555 | ||||||||
|
| |||||||||
18,940,120 | ||||||||||
|
| |||||||||
Colombia-1.25% | ||||||||||
Avianca Holdings S.A./Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/2020(a) | 600,000 | 111,006 | ||||||||
Banco Davivienda S.A., 5.88%, 07/09/2022(a) | 200,000 | 199,892 | ||||||||
Banco de Bogota S.A., 5.38%, 02/19/2023(a) | 350,000 | 352,520 | ||||||||
Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a) | 200,000 | 196,570 | ||||||||
Bancolombia S.A., 5.13%, 09/11/2022 | 550,000 | 553,828 | ||||||||
Colombia Telecomunicaciones S.A. ESP, 5.38%, 09/27/2022(a) | 325,000 | 321,152 | ||||||||
Grupo Aval Ltd., 4.75%, 09/26/2022(a) | 545,000 | 542,030 | ||||||||
|
| |||||||||
2,276,998 | ||||||||||
|
| |||||||||
Costa Rica-0.80% | ||||||||||
Banco Nacional de Costa Rica, 5.88%, 04/25/2021(a) | 400,000 | 393,000 | ||||||||
Costa Rica Government International Bond, 10.00%, 08/01/2020(a) | 600,000 | 604,326 | ||||||||
Instituto Costarricense de Electricidad, 6.95%, 11/10/2021(a) | 490,000 | 456,317 | ||||||||
|
| |||||||||
1,453,643 | ||||||||||
|
| |||||||||
Croatia-0.63% | ||||||||||
Croatia Government International Bond | ||||||||||
6.63%, 07/14/2020(a) | 400,000 | 403,187 | ||||||||
6.38%, 03/24/2021(a) | 400,000 | 413,128 | ||||||||
Hrvatska Elektroprivreda, 5.88%, 10/23/2022(a) | 300,000 | 323,411 | ||||||||
|
| |||||||||
1,139,726 | ||||||||||
|
| |||||||||
Cyprus-0.07% | ||||||||||
4finance S.A., 10.75%, 05/01/2022(a) | 200,000 | 137,026 | ||||||||
|
| |||||||||
Denmark-0.25% | ||||||||||
Welltec A/S, 9.50%, 12/01/2022(a) | 500,000 | 447,500 | ||||||||
|
| |||||||||
Dominican Republic-0.11% | ||||||||||
HTA Group Ltd., 9.13%, 03/08/2022(a) | 200,000 | 197,800 | ||||||||
|
| |||||||||
Egypt-0.22% | ||||||||||
Egypt Government International Bond, 6.13%, 01/31/2022(a) | 400,000 | 399,420 | ||||||||
|
| |||||||||
El Salvador-0.35% | ||||||||||
Agricola Senior Trust, 6.75%, 06/18/2020(a) | 650,000 | 638,437 | ||||||||
|
| |||||||||
Finland-0.11% | ||||||||||
Nokia OYJ, 3.38%, 06/12/2022 | 200,000 | 202,750 | ||||||||
|
| |||||||||
Georgia-0.86% | ||||||||||
Georgia Government International Bond, 6.88%, 04/12/2021(a) | 500,000 | 504,152 | ||||||||
Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021(a) | 700,000 | 672,000 | ||||||||
Georgian Railway JSC, 7.75%, 07/11/2022(a) | 400,000 | 394,000 | ||||||||
|
| |||||||||
1,570,152 | ||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
Ghana-0.06% | ||||||||||
Tullow Oil PLC, 6.25%, 04/15/2022(a) | $ | 200,000 | $ | 113,130 | ||||||
|
| |||||||||
Greece-0.22% | ||||||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022(a) | 1,000,000 | 396,250 | ||||||||
|
| |||||||||
Guatemala-0.40% | ||||||||||
Guatemala Government Bond, 5.75%, 06/06/2022(a) | 320,000 | 329,936 | ||||||||
Industrial Senior Trust, 5.50%, 11/01/2022(a) | 400,000 | 403,300 | ||||||||
|
| |||||||||
733,236 | ||||||||||
|
| |||||||||
Honduras-0.22% | ||||||||||
Honduras Government International Bond, 8.75%, 12/16/2020(a) | 400,000 | 398,000 | ||||||||
|
| |||||||||
India-1.98% | ||||||||||
Azure Power Energy Ltd., 5.50%, 11/03/2022(a) | 400,000 | 385,000 | ||||||||
Delhi International Airport Ltd., 6.13%, 02/03/2022(a) | 700,000 | 682,656 | ||||||||
Greenko Dutch B.V., 4.88%, 07/24/2022(a) | 200,000 | 185,466 | ||||||||
IDBI Bank Ltd./GIFT-IFC, 4.25%, 11/30/2020(a) | 700,000 | 693,000 | ||||||||
JSW Steel Ltd., 5.25%, 04/13/2022(a) | 200,000 | 179,000 | ||||||||
Jubilant Pharma Ltd., 4.88%, 10/06/2021(a) | 466,667 | 438,662 | ||||||||
Muthoot Finance Ltd., 6.13%, 10/31/2022(a) | 300,000 | 272,865 | ||||||||
Reliance Communications Ltd., 6.50%, 11/06/2020(a)(b)(c) | 400,000 | 26,000 | ||||||||
ReNew Power Pvt Ltd., 6.45%, 09/27/2022(a) | 400,000 | 352,692 | ||||||||
Shriram Transport Finance Co. Ltd. | ||||||||||
5.70%, 02/27/2022(a) | 200,000 | 157,500 | ||||||||
5.95%, 10/24/2022(a) | 300,000 | 230,435 | ||||||||
|
| |||||||||
3,603,276 | ||||||||||
|
| |||||||||
Indonesia-1.98% | ||||||||||
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a) | 400,000 | 178,830 | ||||||||
Global Prime Capital Pte. Ltd., 7.25%, 04/26/2021(a) | 500,000 | 480,000 | ||||||||
Indika Energy Capital II Pte. Ltd., 6.88%, 04/10/2022(a) | 400,000 | 366,846 | ||||||||
Indo Energy Finance II B.V., 6.38%, 01/24/2023(a) | 228,000 | 199,215 | ||||||||
PT ABM Investama Tbk, 7.13%, 08/01/2022(a) | 400,000 | 208,358 | ||||||||
PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a) | 700,000 | 451,490 | ||||||||
PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a) | 200,000 | 116,669 | ||||||||
PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a) | 400,000 | 378,095 | ||||||||
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023(a) | 400,000 | 232,734 | ||||||||
TBG Global Pte. Ltd., 5.25%, 02/10/2022(a) | 700,000 | 679,000 | ||||||||
TBLA International Pte. Ltd., 7.00%, 01/24/2023 | 400,000 | 308,272 | ||||||||
|
| |||||||||
3,599,509 | ||||||||||
|
|
Principal Amount | Value | |||||||||
Israel-0.78% | ||||||||||
Teva Pharmaceutical Finance Co. B.V. | ||||||||||
2.95%, 12/18/2022 | $ | 100,000 | $ | 95,695 | ||||||
Series 2, 3.65%, 11/10/2021 | 400,000 | 391,260 | ||||||||
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021 | 200,000 | 194,090 | ||||||||
Teva Pharmaceutical Finance Netherlands III B.V., 2.20%, 07/21/2021 | 750,000 | 733,725 | ||||||||
|
| |||||||||
1,414,770 | ||||||||||
|
| |||||||||
Japan-0.24% | ||||||||||
SoftBank Group Corp., 5.38%, 07/30/2022(a) | 435,000 | 435,631 | ||||||||
|
| |||||||||
Jersey-0.08% | ||||||||||
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/2022(a) | 200,000 | 154,600 | ||||||||
|
| |||||||||
Kazakhstan-0.33% | ||||||||||
Halyk Savings Bank of Kazakhstan JSC, 7.25%, 01/28/2021(a) | 400,000 | 406,760 | ||||||||
KazMunayGas National Co. JSC, 3.88%, 04/19/2022(a) | 200,000 | 197,942 | ||||||||
|
| |||||||||
604,702 | ||||||||||
|
| |||||||||
Macau-0.36% | ||||||||||
Studio City Co. Ltd., 7.25%, | 650,000 | 656,077 | ||||||||
|
| |||||||||
Malaysia-0.10% | ||||||||||
SD International Sukuk Ltd., 6.30%, 05/09/2022(a) | 200,000 | 189,500 | ||||||||
|
| |||||||||
Mauritius Island-0.30% | ||||||||||
Neerg Energy Ltd., 6.00%, 02/13/2022(a) | 600,000 | 552,286 | ||||||||
|
| |||||||||
Mexico-0.63% | ||||||||||
BBVA Bancomer S.A. | ||||||||||
6.50%, 03/10/2021(a) | 200,000 | 204,412 | ||||||||
6.75%, 09/30/2022(a) | 300,000 | 312,585 | ||||||||
Grupo Idesa S.A. de C.V., 7.88%, 12/18/2020(a) | 700,000 | 318,507 | ||||||||
Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022(a) | 250,000 | 150,512 | ||||||||
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a) | 400,000 | 159,100 | ||||||||
|
| |||||||||
1,145,116 | ||||||||||
|
| |||||||||
Mongolia-0.83% | ||||||||||
Mongolia Government International Bond, 10.88%, 04/06/2021(a) | 730,000 | 720,875 | ||||||||
Trade and Development Bank of Mongolia LLC, 9.38%, 05/19/2020(a) | 800,000 | 798,500 | ||||||||
|
| |||||||||
1,519,375 | ||||||||||
|
| |||||||||
Namibia-0.32% | ||||||||||
Namibia International Bonds, 5.50%, 11/03/2021(a) | 600,000 | 581,080 | ||||||||
|
| |||||||||
Netherlands-0.24% | ||||||||||
Samvardhana Motherson Automotive Systems Group B.V., 4.88%, 12/16/2021(a) | 500,000 | 444,992 | ||||||||
|
| |||||||||
New Zealand-0.08% | ||||||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 05/01/2022(a) | 150,000 | 139,058 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
Nigeria-1.02% | ||||||||||
Access Bank PLC, 10.50%, | $ | 550,000 | $ | 539,055 | ||||||
Fidelity Bank PLC, 10.50%, | 300,000 | 294,646 | ||||||||
Nigeria Government International Bond | ||||||||||
6.75%, 01/28/2021(a) | 700,000 | 665,182 | ||||||||
5.63%, 06/27/2022 | 200,000 | 176,010 | ||||||||
United Bank for Africa PLC, 7.75%, 06/08/2022(a) | 200,000 | 179,000 | ||||||||
|
| |||||||||
1,853,893 | ||||||||||
|
| |||||||||
Norway-0.23% | ||||||||||
Aker BP ASA, 6.00%, 07/01/2022(a) | 450,000 | 428,297 | ||||||||
|
| |||||||||
Oman-0.47% | ||||||||||
Bank Muscat SAOG, 3.75%, 05/03/2021(a) | 200,000 | 188,456 | ||||||||
Oman Government International Bond | ||||||||||
3.63%, 06/15/2021(a) | 499,000 | 480,657 | ||||||||
3.88%, 03/08/2022(a) | 200,000 | 184,000 | ||||||||
|
| |||||||||
853,113 | ||||||||||
|
| |||||||||
Pakistan-0.32% | ||||||||||
Third Pakistan International Sukuk Co. Ltd. (The), 5.50%, 10/13/2021(a) | 617,000 | 585,607 | ||||||||
|
| |||||||||
Panama-0.11% | ||||||||||
AES Panama S.R.L., 6.00%, 06/25/2022(a) | 200,000 | 200,502 | ||||||||
|
| |||||||||
Paraguay-0.15% | ||||||||||
Paraguay Government International Bond, 4.63%, 01/25/2023(a) | 270,000 | 277,425 | ||||||||
|
| |||||||||
Peru-0.51% | ||||||||||
SAN Miguel Industrias Pet S.A., 4.50%, 09/18/2022(a) | 400,000 | 393,642 | ||||||||
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a) | 700,000 | 528,997 | ||||||||
|
| |||||||||
922,639 | ||||||||||
|
| |||||||||
Russia-4.38% | ||||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(a) | 800,000 | 839,768 | ||||||||
Borets Finance DAC, 6.50%, 04/07/2022(a) | 200,000 | 190,000 | ||||||||
Credit Bank of Moscow Via CBOM Finance PLC | ||||||||||
5.88%, 11/07/2021(a) | 900,000 | 912,695 | ||||||||
5.55%, 02/14/2023(a) | 500,000 | 503,905 | ||||||||
Evraz PLC | ||||||||||
8.25%, 01/28/2021(a) | 500,000 | 523,625 | ||||||||
6.75%, 01/31/2022(a) | 400,000 | 426,604 | ||||||||
GTLK Europe DAC, 5.95%, | 530,000 | 535,448 | ||||||||
Koks OAO Via Koks Finance DAC, 7.50%, 05/04/2022(a) | 400,000 | 375,724 | ||||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 8.63%, 06/22/2020(a) | 600,000 | 607,169 | ||||||||
O1 Properties Finance PLC, 8.25%, 09/27/2021(a) | 500,000 | 173,010 | ||||||||
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a) | 300,000 | 314,250 | ||||||||
Polyus Finance PLC, 4.70%, 03/28/2022(a) | 200,000 | 207,250 | ||||||||
Rusal Capital DAC, 5.13%, | 200,000 | 199,200 | ||||||||
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022(a) | 500,000 | 518,345 | ||||||||
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(a) | 500,000 | 520,070 |
Principal Amount | Value | |||||||||
Russia-(continued) | ||||||||||
VTB Bank OJSC Via VTB Capital S.A. | ||||||||||
6.55%, 10/13/2020(a) | $ | 600,000 | $ | 611,948 | ||||||
6.95%, 10/17/2022(a) | 500,000 | 522,733 | ||||||||
|
| |||||||||
7,981,744 | ||||||||||
|
| |||||||||
Saudi Arabia-0.10% | ||||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a) | 200,000 | 187,831 | ||||||||
|
| |||||||||
Senegal-0.32% | ||||||||||
Senegal Government International Bond, 8.75%, 05/13/2021(a) | 600,000 | 584,377 | ||||||||
|
| |||||||||
Serbia-0.23% | ||||||||||
Serbia International Bond, 7.25%, 09/28/2021(a) | 400,000 | 419,896 | ||||||||
|
| |||||||||
Singapore-0.87% | ||||||||||
Avation Capital S.A., 6.50%, | 700,000 | 593,075 | ||||||||
Marble II Pte. Ltd., 5.30%, 06/20/2022(a) | 317,000 | 291,841 | ||||||||
Yanlord Land (HK) Co. Ltd., 5.88%, 01/23/2022(a) | 700,000 | 692,303 | ||||||||
|
| |||||||||
1,577,219 | ||||||||||
|
| |||||||||
South Africa-2.03% | ||||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022 | 200,000 | 207,219 | ||||||||
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021(a) | 900,000 | 808,875 | ||||||||
Gold Fields Orogen Holding (BVI) Ltd., 4.88%, 10/07/2020(a) | 600,000 | 598,944 | ||||||||
Liquid Telecommunications Financing Plc, 8.50%, 07/13/2022(a) | 400,000 | 346,680 | ||||||||
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a) | 400,000 | 390,980 | ||||||||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 200,000 | 205,948 | ||||||||
Stillwater Mining Co., 6.13%, 06/27/2022(a) | 400,000 | 394,966 | ||||||||
Transnet SOC Ltd., 4.00%, | 400,000 | 372,253 | ||||||||
ZAR Sovereign Capital Fund Pty. Ltd., 3.90%, 06/24/2020(a) | 375,000 | 375,491 | ||||||||
|
| |||||||||
3,701,356 | ||||||||||
|
| |||||||||
Spain-0.38% | ||||||||||
Ajecorp B.V., 6.50%, 05/14/2022(a) | 325,000 | 285,854 | ||||||||
Atento Luxco 1 S.A., 6.13%, | 200,000 | 128,250 | ||||||||
Codere Finance 2 (Luxembourg) S.A., 7.63%, 11/01/2021(a) | 700,000 | 270,347 | ||||||||
|
| |||||||||
684,451 | ||||||||||
|
| |||||||||
Sri Lanka-0.96% | ||||||||||
Sri Lanka Government International Bond | ||||||||||
6.25%, 10/04/2020(a) | 700,000 | 626,500 | ||||||||
6.25%, 07/27/2021(a) | 900,000 | 652,500 | ||||||||
5.75%, 01/18/2022(a) | 520,000 | 335,399 | ||||||||
5.88%, 07/25/2022(a) | 200,000 | 126,000 | ||||||||
|
| |||||||||
1,740,399 | ||||||||||
|
| |||||||||
Supranational-0.10% | ||||||||||
Eastern & Southern African Trade & Development Bank, 5.38%, 03/14/2022(a) | 200,000 | 184,500 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
Sweden-0.11% | ||||||||||
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022 | $ | 200,000 | $ | 208,500 | ||||||
|
| |||||||||
Turkey-7.35% | ||||||||||
Akbank T.A.S., 5.00%, 10/24/2022(a) | 500,000 | 487,012 | ||||||||
Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a) | 700,000 | 364,000 | ||||||||
Hazine Mustesarligi Varlik Kiralama A.S. | ||||||||||
4.25%, 06/08/2021(a) | 900,000 | 893,025 | ||||||||
5.80%, 02/21/2022(a) | 400,000 | 396,626 | ||||||||
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a) | 700,000 | 687,809 | ||||||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) . | 200,000 | 196,520 | ||||||||
T.C. Ziraat Bankasi A.S. | ||||||||||
4.75%, 04/29/2021(a) | 400,000 | 399,944 | ||||||||
5.13%, 05/03/2022(a) | 200,000 | 195,110 | ||||||||
Turkey Government International Bond | ||||||||||
7.00%, 06/05/2020 | 300,000 | 300,920 | ||||||||
5.63%, 03/30/2021 | 400,000 | 403,184 | ||||||||
5.13%, 03/25/2022 | 200,000 | 198,250 | ||||||||
6.25%, 09/26/2022 | 300,000 | 301,443 | ||||||||
Turkiye Garanti Bankasi A.S. | ||||||||||
6.25%, 04/20/2021(a) | 400,000 | 407,212 | ||||||||
5.25%, 09/13/2022(a) | 300,000 | 296,190 | ||||||||
Turkiye Halk Bankasi A.S. | ||||||||||
4.75%, 02/11/2021(a) | 910,000 | 886,021 | ||||||||
5.00%, 07/13/2021(a) | 400,000 | 386,381 | ||||||||
Turkiye Ihracat Kredi Bankasi A.S. | ||||||||||
5.38%, 02/08/2021(a) | 700,000 | 702,867 | ||||||||
5.00%, 09/23/2021(a) | 700,000 | 699,756 | ||||||||
4.25%, 09/18/2022(a) | 350,000 | 334,061 | ||||||||
Turkiye Is Bankasi A.S. | ||||||||||
5.00%, 06/25/2021(a) | 700,000 | 702,370 | ||||||||
5.38%, 10/06/2021(a) | 600,000 | 602,250 | ||||||||
5.50%, 04/21/2022(a) | 200,000 | 198,286 | ||||||||
6.00%, 10/24/2022(a) | 400,000 | 377,160 | ||||||||
Turkiye Sinai Kalkinma Bankasi A.S., 4.88%, 05/18/2021(a) | 700,000 | 691,565 | ||||||||
Turkiye Sise ve Cam Fabrikalari A.S., 4.25%, 05/09/2020(a) | 600,000 | 599,792 | ||||||||
Turkiye Vakiflar Bankasi T.A.O. | ||||||||||
5.50%, 10/27/2021(a) | 400,000 | 397,059 | ||||||||
5.63%, 05/30/2022(a) | 200,000 | 196,287 | ||||||||
6.00%, 11/01/2022(a) | 400,000 | 375,120 | ||||||||
Yapi ve Kredi Bankasi A.S., 5.75%, 02/24/2022(a) | 700,000 | 699,125 | ||||||||
|
| |||||||||
13,375,345 | ||||||||||
|
| |||||||||
Ukraine-1.40% | ||||||||||
Kernel Holding S.A., 8.75%, | 700,000 | 666,750 | ||||||||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022(a) | 200,000 | 182,250 | ||||||||
Ukraine Government International Bond | ||||||||||
7.75%, 09/01/2020(a) | 700,000 | 682,681 | ||||||||
7.75%, 09/01/2021(a) | 750,000 | 726,024 | ||||||||
7.75%, 09/01/2022(a) | 300,000 | 287,178 | ||||||||
|
| |||||||||
2,544,883 | ||||||||||
|
|
Principal Amount | Value | |||||||||
United Arab Emirates-0.99% | ||||||||||
Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a) | $ | 200,000 | $ | 153,938 | ||||||
DAE Funding LLC | ||||||||||
4.00%, 08/01/2020(a) | 650,000 | 643,305 | ||||||||
5.25%, 11/15/2021(a) | 600,000 | 549,930 | ||||||||
4.50%, 08/01/2022(a) | 200,000 | 179,250 | ||||||||
EA Partners I B.V., 6.88%, 09/28/2020(a) | 650,000 | 283,418 | ||||||||
|
| |||||||||
1,809,841 | ||||||||||
|
| |||||||||
United Kingdom-0.39% | ||||||||||
Avon International Capital PLC, 6.50%, 08/15/2022(a) | 150,000 | 142,058 | ||||||||
Avon International Operations, Inc., 7.88%, 08/15/2022(a) | 400,000 | 392,000 | ||||||||
Mclaren Finance PLC, 5.75%, 08/01/2022(a) | 200,000 | 141,860 | ||||||||
Valaris PLC, 4.88%, 06/01/2022 | 215,000 | 27,853 | ||||||||
|
| |||||||||
703,771 | ||||||||||
|
| |||||||||
United States-36.92% | ||||||||||
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a) | 150,000 | 6,750 | ||||||||
Acadia Healthcare Co., Inc. | ||||||||||
5.13%, 07/01/2022 | 341,000 | 329,764 | ||||||||
5.63%, 02/15/2023 | 400,000 | 385,080 | ||||||||
ADT Security Corp. (The) | ||||||||||
6.25%, 10/15/2021 | 419,000 | 432,806 | ||||||||
3.50%, 07/15/2022 | 200,000 | 196,250 | ||||||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022 | 150,000 | 164,933 | ||||||||
AES Corp. (The), 4.00%, 03/15/2021 | 400,000 | 402,260 | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(a) | 500,000 | 493,125 | ||||||||
Ally Financial, Inc., 7.50%, 09/15/2020 | 520,000 | 527,800 | ||||||||
AMC Networks, Inc., 4.75%, 12/15/2022 | 442,000 | 439,547 | ||||||||
American Axle & Manufacturing, Inc., 6.63%, 10/15/2022 | 186,000 | 156,621 | ||||||||
Anixter, Inc., 5.13%, 10/01/2021 | 451,000 | 461,035 | ||||||||
Antero Resources Corp., 5.38%, 11/01/2021(d) | 600,000 | 539,355 | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 09/15/2022(a) | 500,000 | 505,775 | ||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(a) | 200,000 | 165,250 | ||||||||
Ashland LLC, 4.75%, 08/15/2022 | 200,000 | 210,044 | ||||||||
Ball Corp., 5.00%, 03/15/2022 | 200,000 | 210,390 | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/2022(a) | 400,000 | 341,780 | ||||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022 | 586,000 | 498,364 | ||||||||
Carpenter Technology Corp., 5.20%, 07/15/2021 | 200,000 | 202,340 | ||||||||
Century Aluminum Co., 7.50%, 06/01/2021(a) | 500,000 | 457,375 | ||||||||
CenturyLink, Inc. | ||||||||||
Series S, 6.45%, 06/15/2021 | 666,000 | 685,780 | ||||||||
Series T, 5.80%, 03/15/2022 | 200,000 | 205,678 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
CIT Group, Inc. | ||||||||||
4.13%, 03/09/2021 | $ | 400,000 | $ | 394,820 | ||||||
5.00%, 08/15/2022 | 420,000 | 416,325 | ||||||||
CITGO Petroleum Corp., 6.25%, 08/15/2022(a) | 200,000 | 192,750 | ||||||||
Clearwater Paper Corp., 4.50%, 02/01/2023(d) | 200,000 | 195,750 | ||||||||
CNX Resources Corp., 5.88%, 04/15/2022 | 350,000 | 346,500 | ||||||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(a) | 215,000 | 219,397 | ||||||||
CommScope, Inc., 5.00%, 06/15/2021(a) | 28,000 | 27,783 | ||||||||
Consolidated Communications, Inc., 6.50%, 10/01/2022(d) | 295,000 | 266,606 | ||||||||
Continental Resources, Inc., 5.00%, 09/15/2022 | 308,000 | 292,600 | ||||||||
CoreCivic, Inc., 5.00%, 10/15/2022 | 400,000 | 387,180 | ||||||||
CPG Merger Sub LLC, 8.00%, 10/01/2021(a) | 400,000 | 392,220 | ||||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | 273,000 | 281,586 | ||||||||
CSC Holdings LLC | ||||||||||
6.75%, 11/15/2021 | 514,000 | 539,016 | ||||||||
5.88%, 09/15/2022 | 350,000 | 365,995 | ||||||||
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.25%, 08/15/2022 | 200,000 | 65,500 | ||||||||
DBP Holding Corp., 7.75%, 10/15/2020, (Acquired 03/09/2018; Cost | 100,000 | 738 | ||||||||
DCP Midstream Operating L.P. | ||||||||||
4.75%, 09/30/2021(a) | 400,000 | 380,260 | ||||||||
4.95%, 04/01/2022 | 200,000 | 183,410 | ||||||||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(a) | 388,000 | 389,222 | ||||||||
Dell, Inc., 4.63%, 04/01/2021(d) | 464,000 | 471,424 | ||||||||
Delta Air Lines, Inc., 3.40%, 04/19/2021 | 500,000 | 479,865 | ||||||||
Denbury Resources, Inc. | ||||||||||
9.00%, 05/15/2021(a) | 535,000 | 99,323 | ||||||||
9.25%, 03/31/2022(a) | 200,000 | 37,410 | ||||||||
DISH DBS Corp. | ||||||||||
5.13%, 05/01/2020 | 525,000 | 525,000 | ||||||||
6.75%, 06/01/2021 | 500,000 | 500,275 | ||||||||
5.88%, 07/15/2022 | 287,000 | 289,023 | ||||||||
DPL, Inc., 7.25%, 10/15/2021 | 494,000 | 500,916 | ||||||||
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/2021(a) | 300,000 | 269,910 | ||||||||
Edgewell Personal Care Co. | ||||||||||
4.70%, 05/19/2021 | 600,000 | 606,570 | ||||||||
4.70%, 05/24/2022 | 200,000 | 204,178 | ||||||||
EMC Corp., 2.65%, 06/01/2020 | 149,000 | 148,724 | ||||||||
Energen Corp., 4.63%, 09/01/2021 | 525,000 | 495,257 | ||||||||
Enerpac Tool Group Corp., 5.63%, 06/15/2022 | 445,000 | 414,985 | ||||||||
Ferrellgas L.P./Ferrellgas Finance Corp. | ||||||||||
6.50%, 05/01/2021 | 500,000 | 403,625 | ||||||||
6.75%, 01/15/2022(d) | 600,000 | 482,796 | ||||||||
Forum Energy Technologies, Inc., 6.25%, 10/01/2021 | 525,000 | 171,806 | ||||||||
Freeport-McMoRan, Inc., 3.55%, 03/01/2022 | 312,000 | 315,791 | ||||||||
Frontier Communications Corp., 8.75%, 04/15/2022 | 250,000 | 69,188 |
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
FTS International, Inc., 6.25%, 05/01/2022 | $ | 200,000 | $ | 51,500 | ||||||
GameStop Corp., 6.75%, 03/15/2021(a) | 715,000 | 565,744 | ||||||||
Genworth Holdings, Inc. | ||||||||||
7.20%, 02/15/2021 | 511,000 | 479,893 | ||||||||
7.63%, 09/24/2021 | 650,000 | 621,172 | ||||||||
Goodman Networks, Inc., 8.00%, 05/11/2022(f) | 98,659 | 42,423 | ||||||||
Goodyear Tire & Rubber Co. (The), 8.75%, 08/15/2020 | 681,000 | 688,457 | ||||||||
Graphic Packaging International LLC | ||||||||||
4.75%, 04/15/2021 | 375,000 | 379,331 | ||||||||
4.88%, 11/15/2022 | 255,000 | 259,348 | ||||||||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 400,000 | 410,864 | ||||||||
Guitar Center, Inc. | ||||||||||
9.50%, 10/15/2021(a) | 800,000 | 556,520 | ||||||||
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(g) | 467,840 | 212,867 | ||||||||
Harland Clarke Holdings Corp., 9.25%, 03/01/2021(a) | 500,000 | 506,430 | ||||||||
HC2 Holdings, Inc., 11.50%, | 334,000 | 292,667 | ||||||||
Hertz Corp. (The) | ||||||||||
7.63%, 06/01/2022(a) | 74,000 | 28,583 | ||||||||
6.25%, 10/15/2022(d) | 398,000 | 93,033 | ||||||||
HighPoint Operating Corp., 7.00%, 10/15/2022 | 400,000 | 114,820 | ||||||||
Hornbeck Offshore Services, Inc. 5.00%, 03/01/2021 | 700,000 | 38,500 | ||||||||
Second Lien Term Loan, 9.50%, 02/07/2025 | 589,900 | 210,889 | ||||||||
Howmet Aerospace, Inc. | ||||||||||
5.40%, 04/15/2021 | 362,000 | 369,575 | ||||||||
5.87%, 02/23/2022 | 440,000 | 449,045 | ||||||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 400,000 | 417,216 | ||||||||
Huntsman International LLC, 5.13%, 11/15/2022 | 497,000 | 502,144 | ||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022 | 400,000 | 405,780 | ||||||||
Immucor, Inc., 11.13%, 02/15/2022(a) | 500,000 | 453,525 | ||||||||
Infor (US), Inc., 6.50%, 05/15/2022 | 404,000 | 406,161 | ||||||||
Ingram Micro, Inc., 5.00%, 08/10/2022 | 200,000 | 187,370 | ||||||||
International Game Technology PLC, 6.25%, 02/15/2022(a) | 400,000 | 392,030 | ||||||||
iStar, Inc., 5.25%, 09/15/2022 | 500,000 | 456,025 | ||||||||
JBS Investments GmbH, 6.25%, 02/05/2023(a) | 250,000 | 249,640 | ||||||||
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/2022(a) | 500,000 | 483,125 | ||||||||
KB Home | ||||||||||
7.00%, 12/15/2021 | 400,000 | 416,900 | ||||||||
7.50%, 09/15/2022 | 359,000 | 386,661 | ||||||||
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/01/2021(a) | 500,000 | 500,000 | ||||||||
Kraft Heinz Foods Co., 3.38%, 06/15/2021 | 150,000 | 152,213 | ||||||||
Kraft Heinz Foods Co. (The) | ||||||||||
3.50%, 06/06/2022 | 398,000 | 409,263 | ||||||||
3.50%, 07/15/2022 | 340,000 | 347,828 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
L Brands, Inc. | ||||||||||
6.63%, 04/01/2021 | $ | 477,000 | $ | 436,336 | ||||||
5.63%, 02/15/2022 | 400,000 | 351,220 | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder | ||||||||||
Capital Finance Corp., 5.88%, 08/01/2021(a) | 465,000 | 414,896 | ||||||||
Leidos Holdings, Inc., 4.45%, 12/01/2020 | 523,000 | 526,792 | ||||||||
Lennar Corp. | ||||||||||
2.95%, 11/29/2020 | 158,000 | 158,553 | ||||||||
8.38%, 01/15/2021 | 500,000 | 516,125 | ||||||||
4.75%, 04/01/2021 | 500,000 | 505,075 | ||||||||
6.25%, 12/15/2021 | 525,000 | 544,556 | ||||||||
4.13%, 01/15/2022 | 500,000 | 504,205 | ||||||||
4.75%, 11/15/2022 | 400,000 | 409,780 | ||||||||
Mack-Cali Realty L.P., 4.50%, 04/18/2022 | 200,000 | 170,795 | ||||||||
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 7.25%, 02/15/2021 | 650,000 | 264,712 | ||||||||
Meritage Homes Corp., 7.00%, 04/01/2022 | 200,000 | 205,410 | ||||||||
MGM Resorts International, 7.75%, 03/15/2022 | 594,000 | 606,854 | ||||||||
Microchip Technology, Inc., 3.92%, 06/01/2021 | 360,000 | 366,080 | ||||||||
Molina Healthcare, Inc., 5.38%, 11/15/2022 | 400,000 | 415,280 | ||||||||
Murphy Oil Corp., 4.00%, 06/01/2022 | 200,000 | 161,250 | ||||||||
Navient Corp. | ||||||||||
5.00%, 10/26/2020 | 698,000 | 686,441 | ||||||||
5.88%, 03/25/2021 | 500,000 | 494,075 | ||||||||
6.63%, 07/26/2021 | 548,000 | 548,329 | ||||||||
7.25%, 01/25/2022 | 500,000 | 492,225 | ||||||||
6.50%, 06/15/2022 | 200,000 | 194,750 | ||||||||
Navios Maritime Acquisition Corp./Navios | ||||||||||
Acquisition Finance US, Inc., 8.13%, 11/15/2021(a) | 650,000 | 426,172 | ||||||||
NCR Corp., 5.00%, 07/15/2022 | 200,000 | 200,130 | ||||||||
Netflix, Inc. | ||||||||||
5.38%, 02/01/2021 | 500,000 | 511,550 | ||||||||
5.50%, 02/15/2022 | 500,000 | 523,125 | ||||||||
New Home Co., Inc. (The), 7.25%, 04/01/2022 | 393,000 | 344,681 | ||||||||
Newell Brands, Inc. | ||||||||||
4.70%, 08/15/2020 | 350,000 | 352,187 | ||||||||
4.00%, 06/15/2022 | 400,000 | 404,500 | ||||||||
NGPL PipeCo. LLC, 4.38%, | 440,000 | 441,694 | ||||||||
Nielsen Finance LLC/Nielsen Finance Co. | ||||||||||
4.50%, 10/01/2020 | 630,000 | 625,653 | ||||||||
5.00%, 04/15/2022(a) | 200,000 | 197,912 | ||||||||
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(a) | 500,000 | 51,875 | ||||||||
NortonLifeLock, Inc. | ||||||||||
4.20%, 09/15/2020 | 515,000 | 517,575 | ||||||||
3.95%, 06/15/2022 | 200,000 | 204,820 | ||||||||
NuStar Logistics L.P. | ||||||||||
4.80%, 09/01/2020 | 500,000 | 493,600 | ||||||||
6.75%, 02/01/2021 | 400,000 | 388,900 | ||||||||
4.75%, 02/01/2022 | 662,000 | 620,327 | ||||||||
Oasis Petroleum, Inc., 6.88%, 03/15/2022 | 200,000 | 30,750 | ||||||||
Omnimax International, Inc., 12.00%, 08/15/2020(a) | 400,000 | 298,880 |
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics S.A., 6.63%, 05/15/2022(a) | $ | 46,000 | $ | 42,148 | ||||||
Owens-Brockway Glass Container, Inc., 5.00%, 01/15/2022(a) | 500,000 | 507,225 | ||||||||
Peabody Energy Corp., 6.00%, 03/31/2022(a) | 200,000 | 149,250 | ||||||||
Penske Automotive Group, Inc., 3.75%, 08/15/2020 | 454,000 | 453,296 | ||||||||
PetroQuest Energy, Inc., 10.00%, 02/15/2024(g) | 23,509 | 18,582 | ||||||||
PulteGroup, Inc., 4.25%, 03/01/2021 | 500,000 | 510,400 | ||||||||
Pyxus International, Inc. | ||||||||||
8.50%, 04/15/2021(a) | 500,000 | 448,850 | ||||||||
9.88%, 07/15/2021 | 500,000 | 95,000 | ||||||||
QEP Resources, Inc. | ||||||||||
6.88%, 03/01/2021 | 550,000 | 267,987 | ||||||||
5.38%, 10/01/2022 | 400,000 | 140,820 | ||||||||
QVC, Inc., 5.13%, 07/02/2022 | 180,000 | 177,750 | ||||||||
Qwest Corp., 6.75%, 12/01/2021 | 500,000 | 523,398 | ||||||||
Range Resources Corp., 5.00%, 08/15/2022(d) | 200,000 | 185,250 | ||||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 12/01/2021(a) | 400,000 | 338,260 | ||||||||
Revlon Consumer Products Corp., 5.75%, 02/15/2021(d) | 636,000 | 289,793 | ||||||||
Scientific Games International, Inc., 6.63%, 05/15/2021 | 556,000 | 501,651 | ||||||||
Sirius XM Radio, Inc., 3.88%, | 200,000 | 202,500 | ||||||||
SM Energy Co., 6.13%, 11/15/2022 | 400,000 | 162,820 | ||||||||
Springleaf Finance Corp. | ||||||||||
8.25%, 12/15/2020 | 500,000 | 501,550 | ||||||||
7.75%, 10/01/2021 | 480,000 | 479,784 | ||||||||
6.13%, 05/15/2022 | 200,000 | 198,750 | ||||||||
Sprint Communications, Inc. | ||||||||||
7.00%, 08/15/2020 | 606,000 | 613,060 | ||||||||
11.50%, 11/15/2021 | 600,000 | 671,730 | ||||||||
6.00%, 11/15/2022 | 400,000 | 424,824 | ||||||||
Sprint Corp., 7.25%, 09/15/2021 | 650,000 | 684,645 | ||||||||
Starwood Property Trust, Inc. | ||||||||||
3.63%, 02/01/2021 | 725,000 | 686,756 | ||||||||
5.00%, 12/15/2021 | 500,000 | 470,325 | ||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, 08/15/2022 | 500,000 | 123,525 | ||||||||
Sunoco L.P./Sunoco Finance Corp., 4.88%, 01/15/2023 | 500,000 | 488,650 | ||||||||
TEGNA, Inc., 4.88%, 09/15/2021(a) | 500,000 | 497,800 | ||||||||
Tenet Healthcare Corp., 8.13%, 04/01/2022 | 170,000 | 172,083 | ||||||||
T-Mobile USA, Inc., 4.00%, 04/15/2022 | 402,000 | 413,557 | ||||||||
Toll Brothers Finance Corp., 5.88%, 02/15/2022 | 450,000 | 465,750 | ||||||||
TRI Pointe Group, Inc., 4.88%, 07/01/2021 | 400,000 | 394,900 | ||||||||
Triumph Group, Inc., 5.25%, 06/01/2022 | 400,000 | 311,820 | ||||||||
TRU Taj LLC, 08/15/2021(e) | 48,000 | 13,169 | ||||||||
Tupperware Brands Corp., 4.75%, 06/01/2021 | 200,000 | 81,000 | ||||||||
Unit Corp., 6.63%, 05/15/2021 | 300,000 | 19,305 |
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)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||||
United States-(continued) | ||||||||||
United Airlines Holdings, Inc. | ||||||||||
6.00%, 12/01/2020(d) | $ | 564,000 | $ | 539,889 | ||||||
4.25%, 10/01/2022 | 400,000 | 332,740 | ||||||||
Urban One, Inc., 7.38%, 04/15/2022(a) | 200,000 | 170,910 | ||||||||
Vericast Corp., 8.38%, 08/15/2022(a) | 350,000 | 253,033 | ||||||||
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/2021(a) | 500,000 | 413,625 | ||||||||
W. R. Grace & Co.-Conn., 5.13%, 10/01/2021(a) | 500,000 | 505,325 | ||||||||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 399,000 | 394,830 | ||||||||
Whiting Petroleum Corp., 5.75%, 03/15/2021(b)(c) | 500,000 | 52,825 | ||||||||
Wyndham Destinations, Inc. | ||||||||||
5.63%, 03/01/2021 | 538,000 | 519,035 | ||||||||
4.25%, 03/01/2022 | 200,000 | 190,250 | ||||||||
Xerox Corp. | ||||||||||
3.50%, 08/20/2020 | 480,000 | 483,456 | ||||||||
2.75%, 09/01/2020 | 500,000 | 503,600 | ||||||||
4.50%, 05/15/2021 | 500,000 | 503,625 | ||||||||
4.07%, 03/17/2022 | 200,000 | 200,910 | ||||||||
XPO Logistics, Inc., 6.50%, | 150,000 | 151,268 | ||||||||
Yum! Brands, Inc. | ||||||||||
3.88%, 11/01/2020 | 680,000 | 684,896 | ||||||||
3.75%, 11/01/2021 | 600,000 | 605,850 | ||||||||
|
| |||||||||
67,221,468 | ||||||||||
|
| |||||||||
Zambia-0.20% | ||||||||||
First Quantum Minerals Ltd., 7.25%, 05/15/2022(a) | 200,000 | 188,110 | ||||||||
Zambia Government International Bond, 5.38%, 09/20/2022(a) | 500,000 | 171,682 | ||||||||
|
| |||||||||
359,792 | ||||||||||
|
| |||||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 174,701,146 | ||||||||
|
| |||||||||
Shares | ||||||||||
Common Stocks & Other Equity Interests-0.22% |
| |||||||||
United States-0.22% | ||||||||||
American Energy- Permian Basin LLC, Wts.,expiring 10/16/2024(e)(h) | 500 | 0 | ||||||||
Goodman Networks, Inc.(e)(f)(h) | 6,207 | 0 |
Investment Abbreviations:
DAC-Designated Activity Co.
Pfd.-Preferred
PIK-Pay-in-Kind
Wts.-Warrants
Shares | Value | |||||||||
United States-(continued) | ||||||||||
Guitar Center Holdings, Inc., Wts., expiring 04/16/2025(e)(h) | 1,189 | $ | 0 | |||||||
Hexion Holdings Corp., Class B(h) | 22,970 | 194,096 | ||||||||
PetroQuest Energy, Inc.(h) | 2,367 | 1,243 | ||||||||
PHI Group, Inc.(e)(h) | 23,470 | 146,921 | ||||||||
Premier Brands Group Holdings LLC(h)(i) | 3,222 | 30,609 | ||||||||
Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024(h)(i) | 10,096 | 2,272 | ||||||||
Remington Outdoor Co., Inc.(h) | 4,449 | 2,224 | ||||||||
Remington Outdoor Co., Inc., Wts., expiring 06/30/2022(e)(h) | 4,487 | 0 | ||||||||
TRU Taj LLC/TRU Taj Finance, Inc.(e)(h) | 2,156 | 30,055 | ||||||||
|
| |||||||||
Total Common Stocks & Other Equity Interests |
| 407,420 | ||||||||
|
| |||||||||
Preferred Stocks-0.00% |
| |||||||||
Goodman Networks, Inc., Series A-1, Pfd., 0.00%(e)(f) | 7,385 | 0 | ||||||||
Money Market Funds-2.50% | ||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.21%(j)(k) | 4,548,814 | 4,548,814 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES |
| 179,657,380 | ||||||||
|
| |||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||||
Money Market Funds-1.08% |
| |||||||||
Invesco Private Government Fund, 0.01%(j)(l)(m) | 1,956,881 | 1,956,881 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-99.74% |
| 181,614,261 | ||||||||
OTHER ASSETS LESS LIABILITIES-0.26% |
| 478,939 | ||||||||
|
| |||||||||
NET ASSETS-100.00% |
| $ | 182,093,200 | |||||||
|
|
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)
April 30, 2020
(Unaudited)
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 April 30, 2020 was $112,193,467, which represented 61.61% of the Fund’s Net Assets. |
(b) | The borrower has filed for protection in federal bankruptcy court. |
(c) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2020 was $79,563, which represented less than 1% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at April 30, 2020. |
(e) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(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) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value April 30, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 13,626,659 | $ | 46,137,293 | $ | (55,215,138 | ) | $ | - | $ | - | $ | 4,548,814 | $ | 36,629 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class* | 3,425,847 | 13,367,964 | (16,793,811 | ) | - | - | - | 20,072 | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class* | 1,141,882 | 4,648,317 | (5,789,390 | ) | (64 | ) | (745 | ) | - | 7,829 | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 4,364,936 | (2,408,055 | ) | - | - | 1,956,881 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 18,194,388 | $ | 68,518,510 | $ | (80,206,394 | ) | $ | (64 | ) | $ | (745 | ) | $ | 6,505,695 | $ | 64,531 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* At April 30, 2020, this security was no longer held.
(k) | The rate shown is the 7-day SEC standardized yield as of April 30, 2020. |
(l) | The rate shown is the 3-day SEC standardized yield as of April 30, 2020. The money market fund commenced operations on April 28, 2020. |
(m) | 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.
16 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
April 30, 2020
(Unaudited)
Portfolio Composition | ||||||
Sector Breakdown (% of the Fund’s Net Assets) | ||||||
as of April 30, 2020 | ||||||
Financials | 22.05 | |||||
Sovereign Debt | 9.80 | |||||
Energy | 9.42 | |||||
Consumer Discretionary | 9.21 | |||||
Communication Services | 8.81 | |||||
Materials | 7.79 | |||||
Industrials | 7.71 | |||||
Real Estate | 7.44 | |||||
Information Technology | 4.29 | |||||
Utilities | 3.81 | |||||
Consumer Staples | 3.34 | |||||
Health Care | 2.49 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 3.84 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)
April 30, 2020
(Unaudited)
Schedule of Investments
Principal Amount | Value | |||||||
Non-U.S. Dollar Denominated Bonds & Notes-98.77%(a) |
| |||||||
Australia-1.21% | ||||||||
APT Pipelines Ltd., 3.50%, 03/22/2030(b) | GBP | 200,000 | $ | 267,441 | ||||
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b) | EUR | 100,000 | 110,764 | |||||
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042 | GBP | 250,000 | 450,460 | |||||
National Australia Bank Ltd. | ||||||||
1.25%, 05/18/2026(b) | EUR | 100,000 | 114,794 | |||||
1.38%, 08/30/2028(b) | EUR | 200,000 | 231,229 | |||||
Telstra Corp. Ltd., 2.50%, 09/15/2023 | EUR | 150,000 | 175,676 | |||||
|
| |||||||
1,350,364 | ||||||||
|
| |||||||
Belgium-2.96% | ||||||||
Anheuser-Busch InBev Finance, Inc., 2.60%, 05/15/2024 | CAD | 400,000 | 293,096 | |||||
Anheuser-Busch InBev S.A./N.V. | ||||||||
0.88%, 03/17/2022(b) | EUR | 200,000 | 221,024 | |||||
0.80%, 04/20/2023(b) | EUR | 100,000 | 110,984 | |||||
1.50%, 03/17/2025(b) | EUR | 300,000 | 345,027 | |||||
4.00%, 09/24/2025(b) | GBP | 100,000 | 141,464 | |||||
2.70%, 03/31/2026(b) | EUR | 100,000 | 122,968 | |||||
1.15%, 01/22/2027(b) | EUR | 200,000 | 224,389 | |||||
1.13%, 07/01/2027(b) | EUR | 100,000 | 111,680 | |||||
2.00%, 03/17/2028(b) | EUR | 300,000 | 356,762 | |||||
2.25%, 05/24/2029(b) | GBP | 200,000 | 255,840 | |||||
1.50%, 04/18/2030(b) | EUR | 200,000 | 225,299 | |||||
2.75%, 03/17/2036(b) | EUR | 300,000 | 357,635 | |||||
2.85%, 05/25/2037(b) | GBP | 250,000 | 328,380 | |||||
KBC Group N.V., 0.75%, 03/01/2022(b) | EUR | 200,000 | 219,399 | |||||
|
| |||||||
3,313,947 | ||||||||
|
| |||||||
Canada-16.26% | ||||||||
Bank of Montreal | ||||||||
2.12%, 03/16/2022 | CAD | 450,000 | 329,192 | |||||
2.27%, 07/11/2022 | CAD | 650,000 | 477,667 | |||||
2.89%, 06/20/2023 | CAD | 800,000 | 604,272 | |||||
2.85%, 03/06/2024 | CAD | 200,000 | 152,013 | |||||
2.28%, 07/29/2024 | CAD | 500,000 | 366,669 | |||||
2.37%, 02/03/2025 | CAD | 450,000 | 330,773 | |||||
3.19%, 03/01/2028 | CAD | 900,000 | 720,376 | |||||
Bank of Nova Scotia (The) | ||||||||
2.98%, 04/17/2023 | CAD | 700,000 | 528,804 | |||||
2.38%, 05/01/2023 | CAD | 800,000 | 588,087 | |||||
2.29%, 06/28/2024 | CAD | 650,000 | 484,574 | |||||
2.49%, 09/23/2024 | CAD | 450,000 | 332,189 | |||||
2.16%, 02/03/2025 | CAD | 500,000 | 364,095 | |||||
2.62%, 12/02/2026 | CAD | 400,000 | 306,707 | |||||
Bell Canada, Inc. | ||||||||
3.35%, 03/22/2023 | CAD | 300,000 | 227,062 | |||||
2.70%, 02/27/2024 | CAD | 300,000 | 222,738 | |||||
3.80%, 08/21/2028 | CAD | 300,000 | 240,732 | |||||
Canadian Imperial Bank of Commerce | ||||||||
2.04%, 03/21/2022 | CAD | 450,000 | 329,416 | |||||
2.30%, 07/11/2022 | CAD | 600,000 | 441,696 | |||||
2.47%, 12/05/2022 | CAD | 400,000 | 296,996 | |||||
3.29%, 01/15/2024 | CAD | 400,000 | 303,233 |
Principal Amount | Value | |||||||
Canada-(continued) | ||||||||
2.35%, 08/28/2024 | CAD | 600,000 | $ | 440,439 | ||||
3.30%, 05/26/2025 | CAD | 550,000 | 432,175 | |||||
Canadian Natural Resources Ltd., 3.31%, 02/11/2022 | CAD | 300,000 | 215,956 | |||||
Enbridge, Inc., 2.99%, 10/03/2029 | CAD | 300,000 | 209,314 | |||||
Federation des Caisses Desjardins du Quebec, 2.42%, 10/04/2024 | CAD | 300,000 | 220,665 | |||||
HSBC Bank Canada | ||||||||
2.91%, 09/29/2021 | CAD | 300,000 | 219,956 | |||||
2.17%, 06/29/2022 | CAD | 300,000 | 218,394 | |||||
3.25%, 09/15/2023 | CAD | 500,000 | 375,899 | |||||
National Bank of Canada | ||||||||
2.98%, 03/04/2024 | CAD | 300,000 | 225,198 | |||||
2.55%, 07/12/2024 | CAD | 300,000 | 222,148 | |||||
Rogers Communications, Inc., | CAD | 300,000 | 232,466 | |||||
Royal Bank of Canada | ||||||||
2.36%, 12/05/2022 | CAD | 700,000 | 517,651 | |||||
2.95%, 05/01/2023 | CAD | 600,000 | 452,997 | |||||
3.30%, 09/26/2023 | CAD | 600,000 | 460,436 | |||||
2.33%, 12/05/2023 | CAD | 400,000 | 297,966 | |||||
2.35%, 07/02/2024 | CAD | 600,000 | 441,640 | |||||
2.61%, 11/01/2024 | CAD | 600,000 | 446,915 | |||||
2.33%, 01/28/2027 | CAD | 650,000 | 476,665 | |||||
Shaw Communications, Inc., | CAD | 500,000 | 483,851 | |||||
Suncor Energy, Inc., 5.00%, 04/09/2030 | CAD | 400,000 | 305,673 | |||||
TELUS Corp. | ||||||||
2.35%, 03/28/2022 | CAD | 300,000 | 219,265 | |||||
3.35%, 04/01/2024 | CAD | 350,000 | 265,851 | |||||
Series CY, 3.30%, 05/02/2029 | CAD | 300,000 | 232,410 | |||||
Toronto-Dominion Bank (The) | ||||||||
1.91%, 07/18/2023 | CAD | 650,000 | 477,732 | |||||
2.85%, 03/08/2024 | CAD | 600,000 | 450,085 | |||||
3.23%, 07/24/2024 | CAD | 750,000 | 580,005 | |||||
2.50%, 12/02/2024 | CAD | 500,000 | 370,060 | |||||
1.94%, 03/13/2025 | CAD | 500,000 | 361,536 | |||||
TransCanada PipeLines Ltd. | ||||||||
3.80%, 04/05/2027 | CAD | 600,000 | 459,472 | |||||
4.34%, 10/15/2049 | CAD | 300,000 | 224,827 | |||||
|
| |||||||
18,184,938 | ||||||||
|
| |||||||
China-0.22% | ||||||||
Industrial & Commercial Bank of China Ltd., 1.50%, 07/31/2022(b) | GBP | 200,000 | 250,798 | |||||
|
| |||||||
Denmark-1.27% | ||||||||
Carlsberg Breweries A/S, 2.50%, 05/28/2024(b) | EUR | 100,000 | 117,040 | |||||
Danske Bank A/S | ||||||||
1.38%, 05/24/2022(b) | EUR | 200,000 | 219,470 | |||||
0.88%, 05/22/2023(b) | EUR | 200,000 | 216,112 | |||||
0.75%, 06/02/2023(b) | EUR | 200,000 | 221,269 | |||||
Orsted A/S | ||||||||
4.88%, 01/12/2032(b) | GBP | 200,000 | 337,187 | |||||
5.75%, 04/09/2040(b) | GBP | 150,000 | 310,510 | |||||
|
| |||||||
1,421,588 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
Principal Amount | Value | |||||||
Finland-0.56% | ||||||||
Fortum OYJ, 2.25%, 09/06/2022(b) | EUR | 150,000 | $ | 170,741 | ||||
Nordea Bank Abp | ||||||||
1.00%, 02/22/2023(b) | EUR | 200,000 | 223,694 | |||||
1.13%, 02/12/2025(b) | EUR | 200,000 | 227,273 | |||||
|
| |||||||
621,708 | ||||||||
|
| |||||||
France-17.64% | ||||||||
Air Liquide Finance S.A., 1.25%, 06/13/2028(b) | EUR | 200,000 | 237,939 | |||||
Auchan Holding S.A., 2.38%, 04/25/2025(b) | EUR | 100,000 | 110,748 | |||||
Autoroutes du Sud de la France S.A., 1.25%, 01/18/2027(b) | EUR | 200,000 | 227,868 | |||||
Banque Federative du Credit Mutuel S.A. | ||||||||
0.50%, 11/16/2022(b) | EUR | 200,000 | 220,190 | |||||
0.75%, 06/15/2023(b) | EUR | 200,000 | 221,937 | |||||
2.63%, 03/18/2024(b) | EUR | 200,000 | 237,795 | |||||
3.00%, 05/21/2024(b) | EUR | 400,000 | 464,003 | |||||
1.25%, 01/14/2025(b) | EUR | 300,000 | 341,451 | |||||
3.00%, 09/11/2025(b) | EUR | 100,000 | 117,527 | |||||
2.38%, 03/24/2026(b) | EUR | 100,000 | 113,780 | |||||
1.25%, 05/26/2027(b) | EUR | 200,000 | 230,887 | |||||
0.75%, 01/17/2030(b) | EUR | 100,000 | 105,841 | |||||
BNP Paribas S.A. | ||||||||
2.88%, 09/26/2023(b) | EUR | 200,000 | 238,202 | |||||
1.13%, 10/10/2023(b) | EUR | 100,000 | 111,024 | |||||
2.38%, 05/20/2024(b) | EUR | 200,000 | 237,359 | |||||
2.38%, 02/17/2025(b) | EUR | 200,000 | 230,638 | |||||
1.50%, 11/17/2025(b) | EUR | 200,000 | 226,565 | |||||
3.38%, 01/23/2026(b) | GBP | 300,000 | 403,592 | |||||
1.63%, 02/23/2026(b) | EUR | 100,000 | 117,951 | |||||
1.13%, 06/11/2026(b) | EUR | 200,000 | 221,482 | |||||
0.13%, 09/04/2026(b) | EUR | 100,000 | 104,099 | |||||
1.50%, 05/25/2028(b) | EUR | 100,000 | 119,700 | |||||
BPCE S.A. | ||||||||
1.13%, 01/18/2023(b) | EUR | 100,000 | 110,485 | |||||
4.63%, 07/18/2023(b) | EUR | 200,000 | 242,295 | |||||
0.88%, 01/31/2024(b) | EUR | 200,000 | 219,342 | |||||
1.00%, 07/15/2024(b) | EUR | 100,000 | 112,392 | |||||
0.63%, 09/26/2024(b) | EUR | 200,000 | 216,515 | |||||
0.25%, 01/15/2026(b) | EUR | 200,000 | 215,713 | |||||
1.00%, 10/05/2028(b) | EUR | 200,000 | 226,717 | |||||
5.25%, 04/16/2029(b) | GBP | 200,000 | 300,581 | |||||
Capgemini SE, 2.50%, 07/01/2023(b) | EUR | 100,000 | 114,844 | |||||
Carrefour S.A., 1.75%, 07/15/2022(b) | EUR | 200,000 | 223,640 | |||||
Cie de Saint-Gobain, 1.88%, 03/15/2031(b) | EUR | 100,000 | 110,048 | |||||
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030(b) | EUR | 100,000 | 115,934 | |||||
CNP Assurances, 1.88%, 10/20/2022(b) . | EUR | 100,000 | 111,562 | |||||
Coentreprise de Transport d’Electricite S.A. | ||||||||
1.50%, 07/29/2028(b) | EUR | 200,000 | 233,894 | |||||
2.13%, 07/29/2032(b) | EUR | 200,000 | 245,691 | |||||
Credit Agricole S.A. | ||||||||
2.38%, 05/20/2024(b) | EUR | 200,000 | 237,390 | |||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 112,837 | |||||
1.38%, 03/13/2025(b) | EUR | 100,000 | 112,526 | |||||
2.70%, 07/15/2025 | EUR | 100,000 | 115,357 |
Principal Amount | Value | |||||||
France-(continued) | ||||||||
3.13%, 02/05/2026(b) | EUR | 200,000 | $ | 253,060 | ||||
1.25%, 04/14/2026(b) | EUR | 200,000 | 230,550 | |||||
1.88%, 12/20/2026(b) | EUR | 200,000 | 231,645 | |||||
2.63%, 03/17/2027(b) | EUR | 500,000 | 596,820 | |||||
1.38%, 05/03/2027(b) | EUR | 300,000 | 350,525 | |||||
1.75%, 03/05/2029(b) | EUR | 300,000 | 346,969 | |||||
2.00%, 03/25/2029(b) | EUR | 100,000 | 115,050 | |||||
Danone S.A. | ||||||||
0.71%, 11/03/2024(b) | EUR | 100,000 | 113,017 | |||||
1.21%, 11/03/2028(b) | EUR | 200,000 | 239,328 | |||||
Dassault Systemes SE, 0.38%, 09/16/2029(b) | EUR | 200,000 | 213,156 | |||||
ENGIE S.A. | ||||||||
2.38%, 05/19/2026(b) | EUR | 200,000 | 245,074 | |||||
7.00%, 10/30/2028 | GBP | 100,000 | 183,063 | |||||
5.00%, 10/01/2060(b) | GBP | 300,000 | 747,072 | |||||
EssilorLuxottica S.A., 0.38%, 11/27/2027(b) | EUR | 200,000 | 218,124 | |||||
Holding d’Infrastructures de Transport S.A.S.U., 4.88%, 10/27/2021(b) | EUR | 200,000 | 230,970 | |||||
HSBC France S.A. | ||||||||
0.60%, 03/20/2023(b) | EUR | 200,000 | 221,166 | |||||
0.25%, 05/17/2024(b) | EUR | 100,000 | 109,072 | |||||
0.10%, 09/03/2027(b) | EUR | 100,000 | 105,673 | |||||
LVMH Moet Hennessy Louis Vuitton SE | ||||||||
0.75%, 05/26/2024(b) | EUR | 200,000 | 223,619 | |||||
1.13%, 02/11/2027(b) | GBP | 300,000 | 370,631 | |||||
0.13%, 02/11/2028(b) | EUR | 200,000 | 215,736 | |||||
0.38%, 02/11/2031(b) | EUR | 200,000 | 216,080 | |||||
Orange S.A. | ||||||||
1.38%, 03/20/2028(b) | EUR | 100,000 | 117,672 | |||||
8.13%, 11/20/2028(b) | GBP | 200,000 | 381,958 | |||||
2.00%, 01/15/2029(b) | EUR | 100,000 | 123,651 | |||||
1.38%, 01/16/2030(b) | EUR | 100,000 | 117,967 | |||||
1.88%, 09/12/2030(b) | EUR | 100,000 | 123,648 | |||||
3.25%, 01/15/2032(b) | GBP | 200,000 | 287,930 | |||||
0.50%, 09/04/2032(b) | EUR | 100,000 | 106,870 | |||||
8.13%, 01/28/2033 | EUR | 200,000 | 399,948 | |||||
5.63%, 01/23/2034 | GBP | 150,000 | 272,646 | |||||
5.38%, 11/22/2050(b) | GBP | 100,000 | 220,329 | |||||
RTE Reseau de Transport d’Electricite, 1.63%, 11/27/2025(b) | EUR | 100,000 | 117,374 | |||||
Sanofi | ||||||||
1.75%, 09/10/2026(b) | EUR | 200,000 | 242,666 | |||||
0.50%, 01/13/2027(b) | EUR | 100,000 | 112,863 | |||||
Series 12 FX, 1.38%, 03/21/2030(b) | EUR | 200,000 | 244,564 | |||||
Series 20FX, 1.88%, 03/21/2038(b) | EUR | 100,000 | 130,339 | |||||
Series 8FXD, 1.00%, 03/21/2026(b) | EUR | 100,000 | 116,098 | |||||
Societe Generale S.A. | ||||||||
1.00%, 04/01/2022(b) | EUR | 100,000 | 109,860 | |||||
0.75%, 05/26/2023(b) | EUR | 100,000 | 110,876 | |||||
1.25%, 02/15/2024(b) | EUR | 200,000 | 221,131 | |||||
1.13%, 01/23/2025(b) | EUR | 200,000 | 219,588 | |||||
2.63%, 02/27/2025(b) | EUR | 100,000 | 115,762 | |||||
0.13%, 02/24/2026(b) | EUR | 200,000 | 214,919 | |||||
0.75%, 01/25/2027(b) | EUR | 200,000 | 211,353 | |||||
2.13%, 09/27/2028(b) | EUR | 100,000 | 116,132 | |||||
Total Capital Canada Ltd., 2.13%, 09/18/2029(b) | EUR | 200,000 | 245,717 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
Total Capital International S.A. | ||||||||||
1.49%, 04/08/2027(b) | EUR | 100,000 | $ | 115,925 | ||||||
0.75%, 07/12/2028(b) | EUR | 200,000 | 220,822 | |||||||
1.99%, 04/08/2032(b) | EUR | 200,000 | 244,858 | |||||||
Veolia Environnement S.A., 6.13%, 10/29/2037 | GBP | 150,000 | 307,984 | |||||||
Vinci S.A., 1.75%, 09/26/2030(b) | EUR | 100,000 | 118,610 | |||||||
Westfield America Management Ltd., 2.63%, 03/30/2029(b) | GBP | 200,000 | 243,695 | |||||||
|
| |||||||||
19,728,496 | ||||||||||
|
| |||||||||
Germany-12.37% | ||||||||||
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b) | GBP | 200,000 | 402,883 | |||||||
Bayer Capital Corp. B.V. | ||||||||||
0.63%, 12/15/2022(b) | EUR | 100,000 | 109,937 | |||||||
1.50%, 06/26/2026(b) | EUR | 200,000 | 228,020 | |||||||
2.13%, 12/15/2029(b) | EUR | 200,000 | 238,375 | |||||||
BMW Finance N.V. | ||||||||||
0.38%, 07/10/2023(b) | EUR | 200,000 | 216,799 | |||||||
1.00%, 11/14/2024(b) | EUR | 100,000 | 110,680 | |||||||
1.50%, 02/06/2029(b) | EUR | 150,000 | 171,731 | |||||||
BMW US Capital LLC, 0.63%, | EUR | 200,000 | 218,518 | |||||||
Commerzbank AG | ||||||||||
0.50%, 08/28/2023(b) | EUR | 200,000 | 217,658 | |||||||
0.50%, 09/13/2023(b) | EUR | 100,000 | 105,781 | |||||||
0.63%, 08/28/2024(b) | EUR | 100,000 | 108,832 | |||||||
Daimler AG | ||||||||||
1.40%, 01/12/2024(b) | EUR | 100,000 | 110,876 | |||||||
0.85%, 02/28/2025(b) | EUR | 200,000 | 215,400 | |||||||
1.50%, 03/09/2026(b) | EUR | 100,000 | 111,546 | |||||||
1.38%, 05/11/2028(b) | EUR | 200,000 | 219,492 | |||||||
1.50%, 07/03/2029(b) | EUR | 200,000 | 218,966 | |||||||
1.13%, 11/06/2031(b) | EUR | 100,000 | 104,117 | |||||||
2.13%, 07/03/2037(b) | EUR | 200,000 | 229,469 | |||||||
Daimler International Finance B.V. | ||||||||||
0.25%, 11/06/2023(b) | EUR | 200,000 | 212,183 | |||||||
0.88%, 04/09/2024(b) | EUR | 100,000 | 108,088 | |||||||
1.00%, 11/11/2025(b) | EUR | 200,000 | 217,663 | |||||||
1.38%, 06/26/2026(b) | EUR | 100,000 | 110,205 | |||||||
0.63%, 05/06/2027(b) | EUR | 125,000 | 130,192 | |||||||
Deutsche Bahn Finance GmbH, 1.13%, 12/18/2028(b) | EUR | 100,000 | 117,884 | |||||||
Deutsche Bank AG | ||||||||||
1.25%, 09/08/2021(b) | EUR | 200,000 | 215,158 | |||||||
1.50%, 01/20/2022(b) | EUR | 100,000 | 107,454 | |||||||
2.38%, 01/11/2023(b) | EUR | 100,000 | 109,213 | |||||||
1.13%, 08/30/2023(b) | EUR | 300,000 | 330,358 | |||||||
3.88%, 02/12/2024(b) | GBP | 200,000 | 254,828 | |||||||
2.63%, 12/16/2024(b) | GBP | 200,000 | 242,399 | |||||||
Deutsche Telekom AG | ||||||||||
0.50%, 07/05/2027(b) | EUR | 150,000 | 164,354 | |||||||
1.75%, 03/25/2031(b) | EUR | 100,000 | 118,987 | |||||||
Deutsche Telekom International Finance B.V. | ||||||||||
0.63%, 04/03/2023(b) | EUR | 150,000 | 166,324 | |||||||
0.88%, 01/30/2024(b) | EUR | 150,000 | 168,422 | |||||||
1.38%, 12/01/2025(b) | EUR | 100,000 | 116,155 |
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
1.38%, 01/30/2027(b) | EUR | 100,000 | $ | 116,145 | ||||||
1.50%, 04/03/2028(b) | EUR | 200,000 | 233,674 | |||||||
2.00%, 12/01/2029(b) | EUR | 100,000 | 121,634 | |||||||
E.ON International Finance B.V. | ||||||||||
6.38%, 06/07/2032 | GBP | 300,000 | 556,772 | |||||||
5.88%, 10/30/2037(b) | GBP | 250,000 | 486,317 | |||||||
6.75%, 01/27/2039 | GBP | 200,000 | 429,736 | |||||||
HeidelbergCement AG, 1.50%, 02/07/2025(b) | EUR | 100,000 | 108,635 | |||||||
HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b) | EUR | 100,000 | 108,510 | |||||||
Henkel AG& Co. KGaA, 1.00%, | GBP | 200,000 | 252,271 | |||||||
innogy Finance B.V. | ||||||||||
6.25%, 06/03/2030(b) | GBP | 200,000 | 352,989 | |||||||
4.75%, 01/31/2034(b) | GBP | 200,000 | 332,674 | |||||||
6.13%, 07/06/2039(b) | GBP | 300,000 | 610,405 | |||||||
SAP SE | ||||||||||
1.75%, 02/22/2027(b) | EUR | 100,000 | 120,700 | |||||||
1.25%, 03/10/2028(b) | EUR | 100,000 | 118,278 | |||||||
1.63%, 03/10/2031(b) | EUR | 200,000 | 246,604 | |||||||
Siemens Financieringsmaatschappij N.V. | ||||||||||
2.88%, 03/10/2028(b) | EUR | 200,000 | 261,555 | |||||||
0.13%, 09/05/2029(b) | EUR | 200,000 | 212,014 | |||||||
0.50%, 09/05/2034(b) | EUR | 100,000 | 106,325 | |||||||
3.75%, 09/10/2042(b) | GBP | 200,000 | 358,295 | |||||||
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b) | EUR | 100,000 | 109,515 | |||||||
Volkswagen Financial Services N.V. | ||||||||||
1.50%, 04/12/2021(b) | GBP | 100,000 | 125,361 | |||||||
1.88%, 09/07/2021(b) | GBP | 200,000 | 250,704 | |||||||
Volkswagen International Finance N.V. | ||||||||||
0.88%, 01/16/2023(b) | EUR | 200,000 | 217,296 | |||||||
1.13%, 10/02/2023(b) | EUR | 200,000 | 218,909 | |||||||
1.88%, 03/30/2027(b) | EUR | 200,000 | 225,441 | |||||||
1.63%, 01/16/2030(b) | EUR | 250,000 | 280,926 | |||||||
Volkswagen Leasing GmbH | ||||||||||
2.38%, 09/06/2022(b) | EUR | 100,000 | 112,437 | |||||||
2.63%, 01/15/2024(b) | EUR | 100,000 | 114,884 | |||||||
1.13%, 04/04/2024(b) | EUR | 100,000 | 108,431 | |||||||
1.38%, 01/20/2025(b) | EUR | 100,000 | 108,683 | |||||||
Vonovia Finance B.V. | ||||||||||
2.25%, 12/15/2023(b) | EUR | 100,000 | 115,606 | |||||||
1.25%, 12/06/2024(b) | EUR | 100,000 | 112,417 | |||||||
Wintershall Dea Finance B.V. | ||||||||||
0.84%, 09/25/2025(b) | EUR | 200,000 | 195,458 | |||||||
1.82%, 09/25/2031(b) | EUR | 200,000 | 181,420 | |||||||
|
| |||||||||
13,839,968 | ||||||||||
|
| |||||||||
Italy-4.59% | ||||||||||
Assicurazioni Generali S.p.A. | ||||||||||
5.13%, 09/16/2024(b) | EUR | 200,000 | 257,296 | |||||||
4.13%, 05/04/2026(b) | EUR | 100,000 | 119,246 | |||||||
Enel Finance International N.V. | ||||||||||
5.63%, 08/14/2024(b) | GBP | 200,000 | 291,745 | |||||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 111,719 | |||||||
1.97%, 01/27/2025(b) | EUR | 200,000 | 233,143 | |||||||
1.50%, 07/21/2025(b) | EUR | 100,000 | 114,423 | |||||||
1.38%, 06/01/2026(b) | EUR | 250,000 | 286,163 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
Italy-(continued) | ||||||||||
1.13%, 09/16/2026(b) | EUR | 150,000 | $ | 168,613 | ||||||
0.38%, 06/17/2027(b) | EUR | 100,000 | 106,877 | |||||||
5.75%, 09/14/2040(b) | GBP | 400,000 | 757,708 | |||||||
Enel S.p.A., 5.75%, 06/22/2037(b) | GBP | 150,000 | 274,438 | |||||||
Eni S.p.A. | ||||||||||
3.25%, 07/10/2023(b) | EUR | 100,000 | 117,783 | |||||||
3.75%, 09/12/2025(b) | EUR | 100,000 | 124,969 | |||||||
1.50%, 02/02/2026(b) | EUR | 150,000 | 168,253 | |||||||
3.63%, 01/29/2029(b) | EUR | 100,000 | 129,677 | |||||||
Intesa Sanpaolo S.p.A. | ||||||||||
2.00%, 06/18/2021(b) | EUR | 200,000 | 221,128 | |||||||
1.13%, 03/04/2022(b) | EUR | 200,000 | 218,172 | |||||||
4.00%, 10/30/2023(b) | EUR | 100,000 | 118,831 | |||||||
1.38%, 01/18/2024(b) | EUR | 100,000 | 109,027 | |||||||
1.00%, 07/04/2024(b) | EUR | 150,000 | 160,709 | |||||||
1.00%, 11/19/2026(b) | EUR | 200,000 | 209,553 | |||||||
1.75%, 03/20/2028(b) | EUR | 150,000 | 160,965 | |||||||
Snam S.p.A., 0.88%, 10/25/2026(b) | EUR | 100,000 | 110,149 | |||||||
Terna Rete Elettrica Nazionale S.p.A. | ||||||||||
0.88%, 02/02/2022(b) | EUR | 100,000 | 110,098 | |||||||
1.38%, 07/26/2027(b) | EUR | 100,000 | 113,047 | |||||||
UniCredit S.p.A. | ||||||||||
2.00%, 03/04/2023(b) | EUR | 100,000 | 111,329 | |||||||
2.13%, 10/24/2026(b) | EUR | 200,000 | 223,775 | |||||||
|
| |||||||||
5,128,836 | ||||||||||
|
| |||||||||
Japan-1.28% | ||||||||||
Development Bank of Japan, Inc. | ||||||||||
1.05%, 06/20/2023 | JPY | 30,000,000 | 288,097 | |||||||
2.30%, 03/19/2026 | JPY | 20,000,000 | 211,817 | |||||||
Sumitomo Mitsui Financial Group, Inc., 1.55%, 06/15/2026(b) | EUR | 200,000 | 224,054 | |||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||||
1.13%, 11/21/2022(b) | EUR | 200,000 | 220,379 | |||||||
2.25%, 11/21/2026(b) | EUR | 200,000 | 238,599 | |||||||
3.00%, 11/21/2030(b) | EUR | 200,000 | 249,102 | |||||||
|
| |||||||||
1,432,048 | ||||||||||
|
| |||||||||
Luxembourg-0.29% | ||||||||||
ArcelorMittal S.A., 2.25%, 01/17/2024(b) | EUR | 100,000 | 105,622 | |||||||
Logicor Financing S.a r.l., 1.50%, 11/14/2022(b) | EUR | 100,000 | 109,761 | |||||||
Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b) | EUR | 100,000 | 104,465 | |||||||
|
| |||||||||
319,848 | ||||||||||
|
| |||||||||
Netherlands-6.29% | ||||||||||
ABN AMRO Bank N.V. | ||||||||||
7.13%, 07/06/2022(b) | EUR | 200,000 | 244,998 | |||||||
0.50%, 07/17/2023(b) | EUR | 100,000 | 110,111 | |||||||
2.50%, 11/29/2023(b) | EUR | 100,000 | 117,896 | |||||||
1.00%, 04/16/2025(b) | EUR | 250,000 | 282,656 | |||||||
0.60%, 01/15/2027(b) | EUR | 200,000 | 212,727 | |||||||
ASML Holding N.V., 1.38%, | EUR | 100,000 | 116,326 | |||||||
Cooperatieve Rabobank U.A. | ||||||||||
1.63%, 01/20/2022 | NOK | 1,000,000 | 99,028 | |||||||
4.13%, 09/14/2022(b) | EUR | 100,000 | 117,715 | |||||||
3.88%, 07/25/2023(b) | EUR | 100,000 | 118,828 |
Principal | ||||||||||
Amount | Value | |||||||||
Netherlands-(continued) | ||||||||||
0.75%, 08/29/2023(b) | EUR | 300,000 | $ | 331,478 | ||||||
4.13%, 07/14/2025 | EUR | 300,000 | 394,242 | |||||||
1.25%, 03/23/2026(b) | EUR | 300,000 | 347,750 | |||||||
1.38%, 02/03/2027(b) | EUR | 200,000 | 235,260 | |||||||
5.25%, 09/14/2027(b) | GBP | 150,000 | 219,939 | |||||||
4.63%, 05/23/2029(b) | GBP | 300,000 | 433,093 | |||||||
ING Groep N.V. | ||||||||||
0.75%, 03/09/2022(b) | EUR | 200,000 | 219,434 | |||||||
1.00%, 09/20/2023(b) | EUR | 100,000 | 110,734 | |||||||
2.13%, 01/10/2026(b) | EUR | 100,000 | 117,126 | |||||||
3.00%, 02/18/2026(b) | GBP | 300,000 | 393,992 | |||||||
1.38%, 01/11/2028(b) | EUR | 100,000 | 112,880 | |||||||
2.00%, 09/20/2028(b) | EUR | 200,000 | 236,745 | |||||||
2.50%, 11/15/2030(b) | EUR | 700,000 | 878,614 | |||||||
Koninklijke KPN N.V., 5.75%, 09/17/2029(b) | GBP | 200,000 | 309,985 | |||||||
Shell International Finance B.V. | ||||||||||
1.13%, 04/07/2024(b) | EUR | 100,000 | 112,209 | |||||||
0.38%, 02/15/2025(b) | EUR | 150,000 | 163,548 | |||||||
1.88%, 09/15/2025(b) | EUR | 100,000 | 117,265 | |||||||
2.50%, 03/24/2026 | EUR | 100,000 | 121,747 | |||||||
1.63%, 01/20/2027(b) | EUR | 150,000 | 174,719 | |||||||
0.13%, 11/08/2027(b) | EUR | 100,000 | 104,703 | |||||||
1.25%, 05/12/2028(b) | EUR | 100,000 | 113,807 | |||||||
0.75%, 08/15/2028(b) | EUR | 150,000 | 164,298 | |||||||
0.50%, 11/08/2031(b) | EUR | 100,000 | 103,721 | |||||||
0.88%, 11/08/2039(b) | EUR | 100,000 | 100,039 | |||||||
|
| |||||||||
7,037,613 | ||||||||||
|
| |||||||||
Norway-1.26% | ||||||||||
DNB Bank ASA | ||||||||||
1.38%, 06/12/2023(b) | GBP | 150,000 | 187,384 | |||||||
0.05%, 11/14/2023(b) | EUR | 200,000 | 216,148 | |||||||
Equinor ASA | ||||||||||
1.25%, 02/17/2027(b) | EUR | 150,000 | 169,080 | |||||||
6.88%, 03/11/2031(b) | GBP | 200,000 | 380,437 | |||||||
1.63%, 02/17/2035(b) | EUR | 200,000 | 228,358 | |||||||
Telenor ASA, 1.13%, 05/31/2029(b) | EUR | 200,000 | 227,322 | |||||||
|
| |||||||||
1,408,729 | ||||||||||
|
| |||||||||
Portugal-0.20% | ||||||||||
EDP Finance B.V. | ||||||||||
2.63%, 01/18/2022(b) | EUR | 100,000 | 113,398 | |||||||
1.13%, 02/12/2024(b) | EUR | 100,000 | 111,685 | |||||||
|
| |||||||||
225,083 | ||||||||||
|
| |||||||||
Singapore-0.38% | ||||||||||
Temasek Financial I Ltd., 5.13%, | GBP | 200,000 | 427,422 | |||||||
|
| |||||||||
Spain-5.68% | ||||||||||
Abertis Infraestructuras S.A. | ||||||||||
1.38%, 05/20/2026(b) | EUR | 200,000 | 203,841 | |||||||
2.38%, 09/27/2027(b) | EUR | 200,000 | 213,974 | |||||||
Banco Bilbao Vizcaya Argentaria S.A. | ||||||||||
1.13%, 02/28/2024(b) | EUR | 100,000 | 109,212 | |||||||
0.38%, 10/02/2024(b) | EUR | 100,000 | 105,008 | |||||||
1.00%, 06/21/2026(b) | EUR | 100,000 | 107,516 | |||||||
0.50%, 01/14/2027(b) | EUR | 100,000 | 102,758 | |||||||
3.50%, 02/10/2027(b) | EUR | 200,000 | 242,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
Spain-(continued) | ||||||||||
Banco de Sabadell S.A. | ||||||||||
0.88%, 03/05/2023(b) | EUR | 100,000 | $ | 105,719 | ||||||
0.88%, 07/22/2025(b) | EUR | 100,000 | 101,197 | |||||||
Banco Santander S.A. | ||||||||||
1.38%, 12/14/2022(b) | EUR | 200,000 | 223,793 | |||||||
1.38%, 07/31/2024(b) | GBP | 200,000 | 246,624 | |||||||
1.13%, 01/17/2025(b) | EUR | 200,000 | 219,250 | |||||||
2.50%, 03/18/2025(b) | EUR | 200,000 | 227,958 | |||||||
3.25%, 04/04/2026(b) | EUR | 200,000 | 236,764 | |||||||
3.13%, 01/19/2027(b) | EUR | 200,000 | 236,593 | |||||||
1.75%, 02/17/2027(b) | GBP | 200,000 | 244,227 | |||||||
2.13%, 02/08/2028(b) | EUR | 200,000 | 223,146 | |||||||
CaixaBank S.A. | ||||||||||
1.13%, 01/12/2023(b) | EUR | 200,000 | 216,898 | |||||||
2.38%, 02/01/2024(b) | EUR | 200,000 | 224,414 | |||||||
1.13%, 05/17/2024(b) | EUR | 200,000 | 219,257 | |||||||
0.38%, 02/03/2025(b) | EUR | 100,000 | 105,279 | |||||||
1.13%, 03/27/2026(b) | EUR | 100,000 | 108,910 | |||||||
1.38%, 06/19/2026(b) | EUR | 200,000 | 212,008 | |||||||
Iberdrola Finanzas S.A., 1.00%, 03/07/2025(b) | EUR | 100,000 | 113,273 | |||||||
Iberdrola International, B.V., 1.13%, 04/21/2026(b) | EUR | 100,000 | 114,948 | |||||||
Mapfre S.A., 1.63%, 05/19/2026(b) | EUR | 100,000 | 114,365 | |||||||
Naturgy Finance B.V., 1.38%, 01/19/2027(b) | EUR | 100,000 | 113,887 | |||||||
Santander Consumer Finance S.A., 0.88%, 01/24/2022(b) | EUR | 200,000 | 219,108 | |||||||
Telefonica Emisiones S.A. | ||||||||||
0.75%, 04/13/2022(b) | EUR | 200,000 | 219,634 | |||||||
2.24%, 05/27/2022(b) | EUR | 200,000 | 226,404 | |||||||
3.99%, 01/23/2023(b) | EUR | 200,000 | 239,626 | |||||||
1.53%, 01/17/2025(b) | EUR | 100,000 | 113,931 | |||||||
5.38%, 02/02/2026(b) | GBP | 200,000 | 298,471 | |||||||
1.46%, 04/13/2026(b) | EUR | 200,000 | 227,624 | |||||||
1.79%, 03/12/2029(b) | EUR | 100,000 | 115,080 | |||||||
|
| |||||||||
6,352,897 | ||||||||||
|
| |||||||||
Sweden-1.19% | ||||||||||
Skandinaviska Enskilda Banken AB, 0.63%, 11/12/2029(b) | EUR | 200,000 | 207,773 | |||||||
Svenska Handelsbanken AB | ||||||||||
2.63%, 08/23/2022(b) | EUR | 200,000 | 230,945 | |||||||
0.13%, 06/18/2024(b) | EUR | 200,000 | 218,079 | |||||||
Telia Co. AB, 3.63%, 11/08/2023(b) | SEK | 2,000,000 | 219,581 | |||||||
Vattenfall AB, 6.88%, 04/15/2039(b) | GBP | 200,000 | 455,383 | |||||||
|
| |||||||||
1,331,761 | ||||||||||
|
| |||||||||
Switzerland-2.43% | ||||||||||
Credit Suisse AG | ||||||||||
1.00%, 06/07/2023(b) | EUR | 100,000 | 111,506 | |||||||
1.50%, 04/10/2026(b) | EUR | 150,000 | 173,634 | |||||||
Credit Suisse Group Funding Guernsey Ltd. | ||||||||||
1.25%, 04/14/2022(b) | EUR | 250,000 | 275,136 | |||||||
1.00%, 04/14/2023(b) | CHF | 350,000 | 366,831 | |||||||
2.75%, 08/08/2025(b) | GBP | 150,000 | 194,870 | |||||||
Glencore Finance (Europe) Ltd. | ||||||||||
1.88%, 09/13/2023(b) | EUR | 100,000 | 108,852 | |||||||
3.13%, 03/26/2026(b) | GBP | 200,000 | 235,324 |
Principal | ||||||||||
Amount | Value | |||||||||
Switzerland-(continued) | ||||||||||
Holcim Finance (Luxembourg) S.A. | ||||||||||
1.38%, 05/26/2023(b) | EUR | 100,000 | $ | 110,373 | ||||||
2.25%, 05/26/2028(b) | EUR | 100,000 | 113,679 | |||||||
Richemont International Holding S.A. | ||||||||||
1.00%, 03/26/2026(b) | EUR | 200,000 | 227,256 | |||||||
1.50%, 03/26/2030(b) | EUR | 100,000 | 115,958 | |||||||
2.00%, 03/26/2038(b) | EUR | 100,000 | 121,094 | |||||||
UBS Group AG | ||||||||||
1.75%, 11/16/2022(b) | EUR | 200,000 | 224,867 | |||||||
1.50%, 11/30/2024(b) | EUR | 100,000 | 112,244 | |||||||
1.25%, 09/01/2026(b) | EUR | 200,000 | 223,839 | |||||||
|
| |||||||||
2,715,463 | ||||||||||
|
| |||||||||
United Kingdom-22.29% | ||||||||||
ABP Finance PLC, 6.25%, 12/14/2026(b) | GBP | 100,000 | 147,554 | |||||||
Annington Funding PLC | ||||||||||
2.65%, 07/12/2025(b) | GBP | 200,000 | 257,175 | |||||||
3.18%, 07/12/2029(b) | GBP | 150,000 | 195,014 | |||||||
3.69%, 07/12/2034(b) | GBP | 200,000 | 269,826 | |||||||
3.94%, 07/12/2047(b) | GBP | 200,000 | 284,051 | |||||||
Barclays PLC | ||||||||||
1.50%, 04/01/2022(b) | EUR | 200,000 | 219,703 | |||||||
1.88%, 12/08/2023(b) | EUR | 100,000 | 110,991 | |||||||
3.13%, 01/17/2024(b) | GBP | 350,000 | 450,789 | |||||||
3.00%, 05/08/2026(b) | GBP | 200,000 | 256,410 | |||||||
3.25%, 02/12/2027(b) | GBP | 300,000 | 390,064 | |||||||
BAT International Finance PLC | ||||||||||
7.25%, 03/12/2024 | GBP | 150,000 | 224,522 | |||||||
4.00%, 09/04/2026(b) | GBP | 250,000 | 340,405 | |||||||
2.25%, 01/16/2030(b) | EUR | 100,000 | 107,339 | |||||||
6.00%, 11/24/2034(b) | GBP | 150,000 | 242,345 | |||||||
2.25%, 09/09/2052(b) | GBP | 200,000 | 190,133 | |||||||
BG Energy Capital PLC, 5.00%, | GBP | 250,000 | 441,446 | |||||||
BP Capital Markets PLC | ||||||||||
1.53%, 09/26/2022(b) | EUR | 100,000 | 110,869 | |||||||
1.11%, 02/16/2023(b) | EUR | 100,000 | 109,996 | |||||||
0.90%, 07/03/2024(b) | EUR | 200,000 | 216,717 | |||||||
2.97%, 02/27/2026(b) | EUR | 100,000 | 119,332 | |||||||
1.57%, 02/16/2027(b) | EUR | 100,000 | 110,298 | |||||||
0.83%, 11/08/2027(b) | EUR | 100,000 | 103,973 | |||||||
1.23%, 05/08/2031(b) | EUR | 100,000 | 103,468 | |||||||
British Telecommunications PLC | ||||||||||
1.13%, 03/10/2023(b) | EUR | 100,000 | 110,916 | |||||||
1.75%, 03/10/2026(b) | EUR | 100,000 | 113,777 | |||||||
1.50%, 06/23/2027(b) | EUR | 100,000 | 111,726 | |||||||
5.75%, 12/07/2028(b) | GBP | 150,000 | 244,821 | |||||||
3.13%, 11/21/2031(b) | GBP | 100,000 | 137,057 | |||||||
6.38%, 06/23/2037 | GBP | 170,000 | 327,610 | |||||||
BUPA Finance PLC, 5.00%, 04/25/2023(b) | GBP | 150,000 | 201,240 | |||||||
Cadent Finance PLC | ||||||||||
2.13%, 09/22/2028(b) | GBP | 250,000 | 327,605 | |||||||
2.63%, 09/22/2038(b) | GBP | 200,000 | 276,115 | |||||||
2.75%, 09/22/2046(b) | GBP | 200,000 | 285,561 | |||||||
Centrica PLC | ||||||||||
4.38%, 03/13/2029(b) | GBP | 150,000 | 220,372 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
7.00%, 09/19/2033(b) | GBP | 250,000 | $ | 471,628 | ||||||
4.25%, 09/12/2044(b) | GBP | 150,000 | 235,397 | |||||||
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b) | EUR | 100,000 | 109,407 | |||||||
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b) | EUR | 100,000 | 110,966 | |||||||
CK Hutchison Group Telecom Finance S.A. | ||||||||||
0.38%, 10/17/2023(b) | EUR | 150,000 | 162,644 | |||||||
0.75%, 04/17/2026(b) | EUR | 100,000 | 107,859 | |||||||
2.00%, 10/17/2027(b) | GBP | 200,000 | 248,864 | |||||||
1.13%, 10/17/2028(b) | EUR | 100,000 | 108,984 | |||||||
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b) | GBP | 288,834 | 402,138 | |||||||
Friends Life Holdings PLC, 8.25%, 04/21/2022(b) | GBP | 150,000 | 211,503 | |||||||
GlaxoSmithKline Capital PLC | ||||||||||
1.38%, 12/02/2024(b) | EUR | 100,000 | 115,497 | |||||||
5.25%, 12/19/2033 | GBP | 300,000 | 554,810 | |||||||
6.38%, 03/09/2039 | GBP | 200,000 | 443,503 | |||||||
5.25%, 04/10/2042(b) | GBP | 300,000 | 623,376 | |||||||
4.25%, 12/18/2045(b) | GBP | 250,000 | 479,480 | |||||||
Heathrow Funding Ltd., 7.13%, 02/14/2024(b) | GBP | 200,000 | 287,211 | |||||||
HSBC Bank PLC | ||||||||||
5.38%, 08/22/2033(b) | GBP | 150,000 | 231,704 | |||||||
4.75%, 03/24/2046 | GBP | 100,000 | 154,455 | |||||||
HSBC Holdings PLC | ||||||||||
1.50%, 03/15/2022(b) | EUR | 200,000 | 223,182 | |||||||
3.20%, 12/05/2023 | CAD | 250,000 | 185,640 | |||||||
6.50%, 05/20/2024(b) | GBP | 100,000 | 148,800 | |||||||
0.88%, 09/06/2024(b) | EUR | 200,000 | 221,472 | |||||||
3.00%, 06/30/2025(b) | EUR | 200,000 | 233,631 | |||||||
2.50%, 03/15/2027(b) | EUR | 200,000 | 244,955 | |||||||
3.13%, 06/07/2028 | EUR | 200,000 | 244,474 | |||||||
2.63%, 08/16/2028(b) | GBP | 200,000 | 264,921 | |||||||
6.75%, 09/11/2028(b) | GBP | 200,000 | 325,690 | |||||||
7.00%, 04/07/2038(b) | GBP | 200,000 | 358,959 | |||||||
Hutchison Whampoa Finance (14) Ltd., 1.38%, 10/31/2021(b) | EUR | 200,000 | 221,820 | |||||||
Imperial Brands Finance PLC | ||||||||||
8.13%, 03/15/2024(b) | GBP | 200,000 | 302,354 | |||||||
5.50%, 09/28/2026(b) | GBP | 150,000 | 218,958 | |||||||
4.88%, 06/07/2032(b) | GBP | 100,000 | 145,870 | |||||||
Lloyds Bank Corporate Markets PLC, 1.75%, 07/11/2024(b) | GBP | 150,000 | 187,290 | |||||||
Lloyds Bank PLC | ||||||||||
1.00%, 11/19/2021(b) | EUR | 100,000 | 110,192 | |||||||
7.50%, 04/15/2024(b) | GBP | 200,000 | 306,286 | |||||||
7.63%, 04/22/2025(b) | GBP | 200,000 | 305,093 | |||||||
6.50%, 09/17/2040(b) | GBP | 200,000 | 421,393 | |||||||
Motability Operations Group PLC | ||||||||||
3.63%, 03/10/2036(b) | GBP | 150,000 | 240,306 | |||||||
2.38%, 07/03/2039(b) | GBP | 200,000 | 277,481 | |||||||
Nationwide Building Society, 3.25%, 01/20/2028(b) | GBP | 200,000 | 276,688 | |||||||
NatWest Markets PLC, 0.63%, 03/02/2022(b) | EUR | 200,000 | 216,036 |
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Rio Tinto Finance PLC, 4.00%, | GBP | 150,000 | $ | 229,470 | ||||||
Royal Bank Of Scotland Group PLC (The), 2.50%, 03/22/2023(b) | EUR | 200,000 | 224,118 | |||||||
Santander UK Group Holdings PLC | ||||||||||
1.13%, 09/08/2023(b) | EUR | 100,000 | 108,632 | |||||||
3.63%, 01/14/2026(b) | GBP | 150,000 | 202,242 | |||||||
Scottish Widows Ltd. | ||||||||||
5.50%, 06/16/2023(b) | GBP | 200,000 | 272,667 | |||||||
7.00%, 06/16/2043(b) | GBP | 150,000 | 256,069 | |||||||
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026(b) | GBP | 200,000 | 280,512 | |||||||
Sky Ltd. | ||||||||||
1.50%, 09/15/2021(b) | EUR | 100,000 | 110,846 | |||||||
2.50%, 09/15/2026(b) | EUR | 200,000 | 244,845 | |||||||
Society of Lloyd’s, 4.75%, 10/30/2024(b) | GBP | 200,000 | 267,607 | |||||||
SSE PLC, 8.38%, 11/20/2028(b) | GBP | 170,000 | 320,035 | |||||||
Standard Chartered PLC | ||||||||||
5.13%, 06/06/2034(b) | GBP | 200,000 | 295,659 | |||||||
4.38%, 01/18/2038(b) | GBP | 100,000 | 160,018 | |||||||
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b) | GBP | 300,000 | 597,390 | |||||||
Thames Water Utilities Finance PLC | ||||||||||
4.00%, 06/19/2025(b) | GBP | 200,000 | 280,150 | |||||||
5.13%, 09/28/2037(b) | GBP | 150,000 | 267,945 | |||||||
5.50%, 02/11/2041(b) | GBP | 100,000 | 193,759 | |||||||
University of Oxford, 2.54%, 12/08/2117(b) | GBP | 200,000 | 394,463 | |||||||
Vodafone Group PLC | ||||||||||
1.75%, 08/25/2023(b) | EUR | 100,000 | 114,323 | |||||||
1.88%, 09/11/2025(b) | EUR | 100,000 | 117,177 | |||||||
2.20%, 08/25/2026(b) | EUR | 200,000 | 240,591 | |||||||
1.60%, 07/29/2031(b) | EUR | 200,000 | 231,842 | |||||||
3.38%, 08/08/2049(b) | GBP | 200,000 | 288,940 | |||||||
3.00%, 08/12/2056(b) | GBP | 300,000 | 413,299 | |||||||
Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b) | GBP | 200,000 | 405,542 | |||||||
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026(b) | GBP | 250,000 | 315,336 | |||||||
|
| |||||||||
24,933,614 | ||||||||||
|
| |||||||||
United States-0.40% | ||||||||||
American Honda Finance Corp., 0.35%, 08/26/2022 | EUR | 100,000 | 107,690 | |||||||
DH Europe Finance II S.a.r.l., 0.75%, 09/18/2031 | EUR | 200,000 | 214,141 | |||||||
Medtronic Global Holdings S.C.A., 1.63%, 03/07/2031 | EUR | 100,000 | 120,724 | |||||||
|
| |||||||||
442,555 | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-98.77% |
| 110,467,676 | ||||||||
OTHER ASSETS LESS LIABILITIES-1.23% | 1,381,182 | |||||||||
|
| |||||||||
NET ASSETS-100.00% | $ | 111,848,858 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco International Corporate Bond ETF (PICB)–(continued)
April 30, 2020
(Unaudited)
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 April 30, 2020 was $85,405,500, which represented 76.36% of the Fund’s Net Assets. |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco, Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six-month period ended April 30, 2020.
Change in | ||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | ||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | Appreciation | Gain | April 30, 2020 | Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class* | $- | $1,485,614 | $(1,485,614) | $- | $- | $- | $226 |
* | At April 30, 2020, this security was no longer held. |
Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of April 30, 2020
| ||||||||
Financials | 49.73 | |||||||
Utilities | 11.45 | |||||||
Communication Services | 10.12 | |||||||
Energy | 5.82 | |||||||
Consumer Discretionary | 5.74 | |||||||
Consumer Staples | 5.30 | |||||||
Health Care | 4.19 | |||||||
Industrials | 3.08 | |||||||
Sector Types Each Less Than 3% | 3.34 | |||||||
Other Assets Less Liabilities | 1.23 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Statements of Assets and Liabilities
April 30, 2020
Invesco | |||||||||||||||
Invesco Emerging | Global Short Term | Invesco International | |||||||||||||
Markets Sovereign | High Yield Bond | Corporate Bond | |||||||||||||
Debt ETF (PCY) | ETF (PGHY) | ETF (PICB) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,648,393,465 | $ | 175,108,566 | $ | 110,467,676 | |||||||||
Affiliated investments in securities, at value | 30,939,534 | 6,505,695 | - | ||||||||||||
Cash | 17,716,727 | - | - | ||||||||||||
Foreign currencies, at value | - | - | 307,990 | ||||||||||||
Deposits with brokers: | |||||||||||||||
Cash segregated as collateral | 11,860,514 | - | - | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 39,277,985 | 3,984,776 | 1,072,653 | ||||||||||||
Securities lending | 102 | 2,863 | - | ||||||||||||
Investments sold | 33,531,305 | 127,488 | 2,132,428 | ||||||||||||
Fund shares sold | 46,570,046 | - | - | ||||||||||||
Foreign tax reclaims | - | - | 50,658 | ||||||||||||
Investments matured, at value | - | 1,775,179 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 2,828,289,678 | 187,504,567 | 114,031,405 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | 33,503 | 53,199 | ||||||||||||
Due to foreign custodian | - | 29 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 126,623,111 | 3,366,988 | 2,085,256 | ||||||||||||
Collateral upon return of securities loaned | - | 1,956,881 | - | ||||||||||||
Collateral upon receipt of securities in-kind | 11,860,514 | - | - | ||||||||||||
Fund shares repurchased | 1,861,603 | - | - | ||||||||||||
Accrued unitary management fees | 1,075,682 | 53,966 | 44,092 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 141,420,910 | 5,411,367 | 2,182,547 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,686,868,768 | $ | 182,093,200 | $ | 111,848,858 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 3,427,564,116 | $ | 219,607,393 | $ | 113,216,319 | |||||||||
Distributable earnings (loss) | (740,695,348 | ) | (37,514,193 | ) | (1,367,461 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,686,868,768 | $ | 182,093,200 | $ | 111,848,858 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 108,900,000 | 8,850,000 | 4,300,000 | ||||||||||||
Net asset value | $ | 24.67 | $ | 20.58 | $ | 26.01 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 24.46 | $ | 20.46 | $ | 25.90 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 2,875,936,938 | $ | 198,321,856 | $ | 111,581,435 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 30,939,534 | $ | 6,505,695 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (33 | ) | $ | 302,860 | ||||||||
|
|
|
|
|
| ||||||||||
Investments matured, at cost | $ | - | $ | 6,391,902 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | - | $ | 1,875,403 | $ | - | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
For the six months ended April 30, 2020
(Unaudited)
Invesco | |||||||||||||||
Invesco Emerging | Global Short Term | Invesco International | |||||||||||||
Markets Sovereign | High Yield Bond | Corporate Bond | |||||||||||||
Debt ETF (PCY) | ETF (PGHY) | ETF (PICB) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated interest income | $ | 83,968,992 | $ | 6,198,817 | $ | 1,021,585 | |||||||||
Affiliated dividend income | 45,265 | 36,629 | 226 | ||||||||||||
Securities lending income | 1,312 | 32,101 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 84,015,569 | 6,267,547 | 1,021,811 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 8,202,057 | 387,699 | 275,953 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (6,797 | ) | (5,191 | ) | (39 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 8,195,260 | 382,508 | 275,914 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 75,820,309 | 5,885,039 | 745,897 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (198,015,049 | ) | (4,151,907 | ) | (201,447 | ) | |||||||||
Affiliated investment securities | 923 | (745 | ) | - | |||||||||||
In-kind redemptions | 1,434,764 | (749,146 | ) | 8,527 | |||||||||||
Foreign currencies | - | - | (50,529 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | (196,579,362 | ) | (4,901,798 | ) | (243,449 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | (303,139,100 | ) | (17,794,296 | ) | (3,800,636 | ) | |||||||||
Affiliated investment securities | - | (64 | ) | - | |||||||||||
Foreign currencies | - | 1 | (23,324 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) | (303,139,100 | ) | (17,794,359 | ) | (3,823,960 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | (499,718,462 | ) | (22,696,157 | ) | (4,067,409 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (423,898,153 | ) | $ | (16,811,118 | ) | $ | (3,321,512 | ) | ||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
(This Page Intentionally Left Blank)
27 | ||||
|
| |||
Statements of Changes in Net Assets
For the six months ended April 30, 2020 and the year ended October 31, 2019
(Unaudited)
Invesco Emerging Markets Sovereign | Invesco Global Short Term High | |||||||||||||||||||
Debt ETF (PCY) | Yield Bond ETF (PGHY) | |||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||
April 30, | October 31, | April 30, | October 31, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 75,820,309 | $ | 175,865,677 | $ | 5,885,039 | $ | 11,522,396 | ||||||||||||
Net realized gain (loss) | (196,579,362 | ) | (49,242,012 | ) | (4,901,798 | ) | (2,613,544 | ) | ||||||||||||
Change in net unrealized appreciation (depreciation) | (303,139,100 | ) | 413,622,952 | (17,794,359 | ) | (650,969 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (423,898,153 | ) | 540,246,617 | (16,811,118 | ) | 8,257,883 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||
Distributable earnings | (83,958,915 | ) | (176,845,023 | ) | (6,106,642 | ) | (11,538,702 | ) | ||||||||||||
Return of capital | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (83,958,915 | ) | (176,845,023 | ) | (6,106,642 | ) | (11,538,702 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||
Proceeds from shares sold | 355,642,272 | 1,421,704,253 | 12,555,351 | 27,735,589 | ||||||||||||||||
Value of shares repurchased | (696,303,762 | ) | (1,954,083,096 | ) | (38,021,588 | ) | (10,377,575 | ) | ||||||||||||
Transaction fees | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (340,661,490 | ) | (532,378,843 | ) | (25,466,237 | ) | 17,358,014 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | (848,518,558 | ) | (168,977,249 | ) | (48,383,997 | ) | 14,077,195 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 3,535,387,326 | 3,704,364,575 | 230,477,197 | 216,400,002 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,686,868,768 | $ | 3,535,387,326 | $ | 182,093,200 | $ | 230,477,197 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||
Shares sold | 13,600,000 | 50,200,000 | 550,000 | 1,200,000 | ||||||||||||||||
Shares repurchased | (26,100,000 | ) | (70,200,000 | ) | (1,800,000 | ) | (450,000 | ) | ||||||||||||
Shares outstanding, beginning of period | 121,400,000 | 141,400,000 | 10,100,000 | 9,350,000 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of period | 108,900,000 | 121,400,000 | 8,850,000 | 10,100,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco International Corporate | ||||||||
Bond ETF (PICB) | ||||||||
Six Months Ended | Year Ended | |||||||
April 30, | October 31, | |||||||
2020 | 2019 | |||||||
$ | 745,897 | $ | 1,741,353 | |||||
(243,449 | ) | (1,001,104 | ) | |||||
(3,823,960 | ) | 8,263,168 | ||||||
|
|
|
| |||||
(3,321,512 | ) | 9,003,417 | ||||||
|
|
|
| |||||
(767,747 | ) | (1,050,715 | ) | |||||
- | (702,713 | ) | ||||||
|
|
|
| |||||
(767,747 | ) | (1,753,428 | ) | |||||
|
|
|
| |||||
5,399,375 | 2,597,030 | |||||||
(1,339,036 | ) | (16,941,838 | ) | |||||
- | 3,257 | |||||||
|
|
|
| |||||
4,060,339 | (14,341,551 | ) | ||||||
|
|
|
| |||||
(28,920 | ) | (7,091,562 | ) | |||||
|
|
|
| |||||
111,877,778 | 118,969,340 | |||||||
|
|
|
| |||||
$ | 111,848,858 | $ | 111,877,778 | |||||
|
|
|
| |||||
200,000 | 100,000 | |||||||
(50,000 | ) | (650,000 | ) | |||||
4,150,000 | 4,700,000 | |||||||
|
|
|
| |||||
4,300,000 | 4,150,000 | |||||||
|
|
|
|
29 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | $ | 29.03 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.65 | 1.41 | 1.26 | 1.45 | 1.46 | 1.48 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (4.38 | ) | 2.93 | (3.42 | ) | (0.17 | ) | 1.74 | (0.97 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (3.73 | ) | 4.34 | (2.16 | ) | 1.28 | 3.20 | 0.51 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.72 | ) | (1.42 | ) | (1.26 | ) | (1.46 | ) | (1.47 | ) | (1.46 | ) | ||||||||||||||||||
Return of capital | - | - | - | (0.01 | ) | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.72 | ) | (1.42 | ) | (1.26 | ) | (1.47 | ) | (1.47 | ) | (1.46 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 24.67 | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 24.46 | $ | 29.13 | $ | 26.13 | $ | 29.62 | $ | 29.70 | $ | 28.02 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (13.00 | )% | 16.91 | % | (7.42 | )% | 4.49 | % | 11.79 | % | 1.87 | % | ||||||||||||||||||
Market Price Total Return(c) | (13.77 | )% | 17.28 | % | (7.66 | )% | 4.88 | % | 11.61 | % | 1.49 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,686,869 | $ | 3,535,387 | $ | 3,704,365 | $ | 4,970,710 | $ | 4,125,597 | $ | 2,653,385 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.50 | %(d) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||
Net investment income | 4.62 | %(d) | 5.03 | % | 4.51 | % | 4.98 | % | 5.06 | % | 5.25 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 19 | % | 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) | 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.
30 | ||||
|
| |||
Financial Highlights–(continued)
Invesco Global Short Term High Yield Bond ETF (PGHY)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | $ | 24.12 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.59 | 1.20 | 1.24 | 1.34 | 1.51 | 1.04 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.21 | ) | (0.32 | ) | (1.00 | ) | 0.02 | 0.59 | (0.62 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | (1.62 | ) | 0.88 | 0.24 | 1.36 | 2.10 | 0.42 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.62 | ) | (1.20 | ) | (1.24 | ) | (1.37 | ) | (1.42 | ) | (1.03 | ) | ||||||||||||||||||
Return of capital | - | - | - | (0.01 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.62 | ) | (1.20 | ) | (1.24 | ) | (1.38 | ) | (1.44 | ) | (1.04 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 20.58 | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period(b) | $ | 20.46 | $ | 22.81 | $ | 23.03 | $ | 24.19 | $ | 24.23 | $ | 23.37 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(c) | (7.24 | )% | 3.90 | % | 1.05 | % | 5.76 | % | 9.27 | % | 1.83 | % | ||||||||||||||||||
Market Price Total Return(c) | (7.71 | )% | 4.36 | % | 0.36 | % | 5.66 | % | 10.17 | % | 1.61 | % | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 182,093 | $ | 230,477 | $ | 216,400 | $ | 222,093 | $ | 68,862 | $ | 27,029 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.35 | %(d) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||||||||
Net investment income | 5.31 | %(d) | 5.21 | % | 5.25 | % | 5.52 | % | 6.43 | % | 4.43 | % | ||||||||||||||||||
Portfolio turnover rate(e) | 28 | % | 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) | 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 International Corporate Bond ETF (PICB)
Six Months Ended | ||||||||||||||||||||||||||||||
April 30, | ||||||||||||||||||||||||||||||
2020 | Years Ended October 31, | |||||||||||||||||||||||||||||
(Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | $ | 28.77 | ||||||||||||||||||
Net investment income(a) | 0.18 | 0.39 | 0.43 | 0.42 | 0.55 | 0.62 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.95 | ) | 1.65 | (1.57 | ) | 1.80 | (0.86 | ) | (2.82 | ) | ||||||||||||||||||||
Total from investment operations | (0.77 | ) | 2.04 | (1.14 | ) | 2.22 | (0.31 | ) | (2.20 | ) | ||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.23 | ) | (0.43 | ) | (0.23 | ) | - | (0.03 | ) | |||||||||||||||||||
Return of capital | - | (0.16 | ) | - | (0.19 | ) | (0.56 | ) | (0.59 | ) | ||||||||||||||||||||
Total distributions | (0.18 | ) | (0.39 | ) | (0.43 | ) | (0.42 | ) | (0.56 | ) | (0.62 | ) | ||||||||||||||||||
Transaction fees | - | 0.00 | (b) | - | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||||||||||||
Net asset value at end of period | $ | 26.01 | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | ||||||||||||||||||
Market price at end of period(c) | $ | 25.90 | $ | 26.84 | $ | 25.28 | $ | 26.89 | $ | 25.02 | $ | 25.89 | ||||||||||||||||||
Net Asset Value Total Return(d) | (2.85 | )% | 8.12 | % | (4.31 | )% | 8.95 | % | (1.26 | )% | (7.73 | )% | ||||||||||||||||||
Market Price Total Return(d) | (2.83 | )% | 7.77 | % | (4.46 | )% | 9.25 | % | (1.26 | )% | (7.94 | )% | ||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 111,849 | $ | 111,878 | $ | 118,969 | $ | 159,963 | $ | 160,539 | $ | 189,454 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses | 0.50 | %(e) | 0.51 | %(f) | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||
Net investment income | 1.35 | %(e) | 1.49 | %(f) | 1.58 | % | 1.62 | % | 2.12 | % | 2.29 | % | ||||||||||||||||||
Portfolio turnover rate(g) | 7 | % | 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) | 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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Invesco Exchange-Traded Fund Trust II
April 30, 2020
(Unaudited)
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 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
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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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B. | Other Risks |
Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Shares, and Shares may be more likely to trade at a premium or discount to each Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.
Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Changing Global Fixed-Income Market Conditions Risk. 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 at, near or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s changes to the target range for the Federal Funds Rate (and continued possible fluctuations in equivalent foreign rates) may
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expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and each Fund’s 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 country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected country or region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.
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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. 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. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk
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of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.
Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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 an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, 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
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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 - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
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 and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of |
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securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the 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. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The annual unitary management fee paid by each Fund to the Adviser is equal to a percentage of each Fund’s average daily net assets as follows:
Unitary Management Fees (as a % of average daily 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 at least August 31, 2022, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.
For the six-month period ended April 30, 2020, the Adviser waived fees for each Fund in the following amounts:
Emerging Markets Sovereign Debt ETF | $ | 6,797 | ||
Global Short Term High Yield Bond ETF | 5,191 | |||
International Corporate Bond ETF | 39 |
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.
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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 April 30, 2020, 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 April 30, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Emerging Markets Sovereign Debt ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 2,648,393,465 | $ | - | $ | 2,648,393,465 | ||||||||||||
Money Market Funds | 30,939,534 | - | - | 30,939,534 | ||||||||||||||||
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Total Investments | $ | 30,939,534 | $ | 2,648,393,465 | $ | - | $ | 2,679,332,999 | ||||||||||||
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Global Short Term High Yield Bond ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 174,687,239 | $ | 13,907 | $ | 174,701,146 | ||||||||||||
Common Stocks & Other Equity Interests | 230,444 | - | 176,976 | 407,420 | ||||||||||||||||
Money Market Funds | 4,548,814 | 1,956,881 | - | 6,505,695 | ||||||||||||||||
Investments Matured | - | 997,475 | 777,704 | 1,775,179 | ||||||||||||||||
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Total Investments | $ | 4,779,258 | $ | 177,641,595 | $ | 968,587 | $ | 183,389,440 | ||||||||||||
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NOTE 5–Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds’ fiscal year-end.
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had capital loss carryforwards as of October 31, 2019, as follows:
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 | - | - | - |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
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NOTE 6–Investment Transactions
For the six-month period ended April 30, 2020, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
Emerging Markets Sovereign Debt ETF | $ | 649,215,997 | $ | 626,760,903 | ||||
Global Short Term High Yield Bond ETF | 58,825,669 | 56,189,489 | ||||||
International Corporate Bond ETF | 8,552,046 | 8,233,102 |
For the six-month period ended April 30, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Emerging Markets Sovereign Debt ETF | $ | 307,449,824 | $ | 666,875,376 | ||||
Global Short Term High Yield Bond ETF | 7,495,459 | 23,486,443 | ||||||
International Corporate Bond ETF | 5,276,494 | 1,332,466 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of April 30, 2020, the aggregate cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:
Gross | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | Cost | ||||||||||||||
Emerging Markets Sovereign Debt ETF | $67,089,201 | $ | (300,712,589 | ) | $ | (233,623,388 | ) | $ | 2,912,956,387 | ||||||||
Global Short Term High Yield Bond ETF | 545,333 | (28,381,951 | ) | (27,836,618 | ) | 211,226,058 | |||||||||||
International Corporate Bond ETF | 2,445,798 | (3,559,557 | ) | (1,113,759 | ) | 111,581,435 |
NOTE 7–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 8–Capital
Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares (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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NOTE 9–Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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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, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2019 through April 30, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Annualized | ||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||
November 1, 2019 | April 30, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 870.00 | 0.50 | % | $ | 2.32 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.50 | 2.51 | ||||||||||||
Invesco Global Short Term High Yield Bond ETF (PGHY) | ||||||||||||||||
Actual | 1,000.00 | 927.60 | 0.35 | 1.68 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.12 | 0.35 | 1.76 | ||||||||||||
Invesco International Corporate Bond ETF (PICB) | ||||||||||||||||
Actual | 1,000.00 | 971.50 | 0.50 | 2.45 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.38 | 0.50 | 2.51 |
(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 April 30, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366. |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 71 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF | Invesco S&P 500® Enhanced Value ETF | |
Invesco California AMT-Free Municipal Bond ETF | Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco CEF Income Composite ETF | Invesco S&P 500® High Beta ETF | |
Invesco China Technology ETF | Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Developed Markets Momentum ETF | Invesco S&P 500® Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF | Invesco S&P 500 Minimum Variance ETF | |
Invesco DWA SmallCap Momentum ETF | Invesco S&P 500® Momentum ETF | |
Invesco Emerging Markets Sovereign Debt ETF | Invesco S&P 500 Revenue ETF | |
Invesco FTSE International Low Beta Equal Weight ETF | Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF Invesco FTSE RAFI Emerging Markets ETF | Invesco S&P International Developed High Dividend Low Volatility ETF | |
Invesco Fundamental High Yield® Corporate Bond ETF | Invesco S&P International Developed Low Volatility ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF | Invesco S&P International Developed Momentum ETF | |
Invesco Global Clean Energy ETF | Invesco S&P International Developed Quality ETF | |
Invesco Global Short Term High Yield Bond ETF | Invesco S&P MidCap 400 Revenue ETF | |
Invesco Global Water ETF | Invesco S&P MidCap Low Volatility ETF | |
Invesco International BuyBack AchieversTM ETF | Invesco S&P SmallCap 600 Revenue ETF | |
Invesco International Corporate Bond ETF | Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco KBW Bank ETF | Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW High Dividend Yield Financial ETF | Invesco S&P SmallCap Energy ETF | |
Invesco KBW Premium Yield Equity REIT ETF | Invesco S&P SmallCap Financials ETF | |
Invesco KBW Property & Casualty Insurance ETF | Invesco S&P SmallCap Health Care ETF | |
Invesco KBW Regional Banking ETF | Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco National AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Industrials ETF | |
Invesco New York AMT-Free Municipal Bond ETF | Invesco S&P SmallCap Information Technology ETF | |
Invesco Preferred ETF | Invesco S&P SmallCap Low Volatility ETF | |
Invesco PureBetaSM 0-5YrUSTIPSETF | Invesco S&P SmallCap Materials ETF | |
Invesco PureBetaSM FTSE Developed ex-North America ETF | Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM FTSE Emerging Markets ETF | Invesco S&P SmallCap Utilities & Communication Services ETF | |
Invesco PureBetaSM MSCI USA ETF | Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF | Invesco Senior Loan ETF | |
Invesco PureBetaSM US Aggregate Bond ETF | Invesco Taxable Municipal Bond ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF | Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Equal Weight ETF | Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Low Beta Equal Weight ETF | Invesco VRDO Tax-Free Weekly ETF |
Also at the April 14, 2020 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year and ten-year periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including acquired fund fees and expenses, if any).
0.04%: | Invesco PureBetaTM MSCI USA ETF | |
0.05%: | Invesco PureBetaTM US Aggregate Bond ETF | |
0.06%: | Invesco PureBetaTM MSCI USA Small Cap ETF | |
0.07%: | Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF | |
0.08%: | Invesco Treasury Collateral ETF | |
0.10%: | Invesco S&P 500 Minimum Variance ETF | |
0.13%: | Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF | |
0.14%: | Invesco PureBetaTM FTSE Emerging Markets ETF |
44 | ||||
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
0.20%: | Invesco Russell 1000 Equal Weight ETF | |
0.22%: | Invesco Fundamental Investment Grade Corporate Bond ETF | |
0.25%: | Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF | |
0.28%: | Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF | |
0.29%: | Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF | |
0.30%: | Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF | |
0.35%: | Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF | |
0.39%: | Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF, Invesco S&P Ultra Dividend Revenue ETF | |
0.45%: | Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF | |
0.49%: | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF | |
0.50%: | Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF | |
0.55%: | Invesco International BuyBack AchieversTM ETF | |
0.60%: | Invesco DWA SmallCap Momentum ETF | |
0.65%: | Invesco Senior Loan ETF | |
0.70%: | Invesco China Technology ETF | |
0.75%: | Invesco Global Clean Energy ETF, Invesco Global Water ETF | |
0.80%: | Invesco DWA Developed Markets Momentum ETF | |
0.90%: | Invesco DWA Emerging Markets Momentum ETF |
The Trustees considered that, effective May 1, 2020, the Adviser had agreed to reduce the unitary advisory fee for Invesco S&P Emerging Markets Low Volatility ETF and Invesco S&P Emerging Markets Momentum ETF from 0.45% to 0.29% of average daily net assets, and to reduce the unitary advisory fee for Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF from 0.35% to 0.25% of average daily net assets.
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The
.
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Equal to/Lower | Lower than | |||||
Equal to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco 1-30 Laddered Treasury ETF | X | |||||
Invesco California AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco CEF Income Composite ETF | X | N/A | X | |||
Invesco China Technology ETF | N/A | X | ||||
Invesco DWA Developed Markets Momentum ETF | X | |||||
Invesco DWA Emerging Markets Momentum ETF | X | |||||
Invesco DWA SmallCap Momentum ETF | X | |||||
Invesco Emerging Markets Sovereign Debt ETF | X | |||||
Invesco FTSE International Low Beta Equal Weight ETF | X | X | X | |||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | X | X | ||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | X | X | X | |||
Invesco FTSE RAFI Emerging Markets ETF | X | X | ||||
Invesco Fundamental High Yield® Corporate Bond ETF | X | X | ||||
Invesco Fundamental Investment Grade Corporate Bond ETF | X | |||||
Invesco Global Clean Energy ETF | N/A | X | ||||
Invesco Global Short Term High Yield Bond ETF | X | N/A | X | |||
Invesco Global Water ETF | N/A | X | ||||
Invesco International BuyBack AchieversTM ETF | X | X | X | |||
Invesco International Corporate Bond ETF | X | |||||
Invesco KBW Bank ETF | X | X | ||||
Invesco KBW High Dividend Yield Financial ETF | X | X | ||||
Invesco KBW Premium Yield Equity REIT ETF | X | X | ||||
Invesco KBW Property & Casualty Insurance ETF | X | X | ||||
Invesco KBW Regional Banking ETF | X | X | ||||
Invesco National AMT-Free Municipal Bond ETF | X | |||||
Invesco New York AMT-Free Municipal Bond ETF | N/A | X | ||||
Invesco Preferred ETF | N/A | X | ||||
Invesco PureBetaTM 0-5 Yr US TIPS ETF | X | |||||
Invesco PureBetaTM FTSE Developed ex-North America ETF | X | |||||
Invesco PureBetaTM FTSE Emerging Markets ETF | X | X | ||||
Invesco PureBetaTM MSCI USA ETF | X | X | X | |||
Invesco PureBetaTM MSCI USA Small Cap ETF | X | X | X | |||
Invesco PureBetaTM US Aggregate Bond ETF | X | X | X | |||
Invesco Russell 1000 Enhanced Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Equal Weight ETF | X | X | X | |||
Invesco Russell 1000 Low Beta Equal Weight ETF | X | X | ||||
Invesco S&P 500 Enhanced Value ETF | X | X | X | |||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | X | X | X | |||
Invesco S&P 500 High Beta ETF | X | X | X | |||
Invesco S&P 500® High Dividend Low Volatility ETF | X | X | X |
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
Equal to/Lower | Lower than | |||||
Equal to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco S&P 500® Low Volatility ETF | X | X | ||||
Invesco S&P 500 Minimum Variance ETF | X | X | X | |||
Invesco S&P 500 Momentum ETF | X | X | ||||
Invesco S&P 500 Revenue ETF | X | X | ||||
Invesco S&P Emerging Markets Low Volatility ETF | X | X | X | |||
Invesco S&P Emerging Markets Momentum ETF | X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Low Volatility ETF | X | X | ||||
Invesco S&P International Developed Momentum ETF | X | |||||
Invesco S&P International Developed Quality ETF | X | X | ||||
Invesco S&P MidCap 400 Revenue ETF | X | |||||
Invesco S&P MidCap Low Volatility ETF | X | |||||
Invesco S&P SmallCap 600 Revenue ETF | X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF | X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF | X | X | ||||
Invesco S&P SmallCap Energy ETF | X | X | ||||
Invesco S&P SmallCap Financials ETF | X | X | ||||
Invesco S&P SmallCap Health Care ETF | X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Industrials ETF | X | X | ||||
Invesco S&P SmallCap Information Technology ETF | X | X | X | |||
Invesco S&P SmallCap Low Volatility ETF | X | X | X | |||
Invesco S&P SmallCap Materials ETF | X | X | ||||
Invesco S&P SmallCap Quality ETF | X | X | ||||
Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF | X | X | ||||
Invesco Senior Loan ETF | X | X | ||||
Invesco Taxable Municipal Bond ETF | N/A | X | ||||
Invesco Treasury Collateral ETF | X | X | ||||
Invesco Variable Rate Preferred ETF | X | X | ||||
Invesco VRDO Tax-Free Weekly ETF | N/A | X |
* | The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
47 | ||||
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Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 14, 2020. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
48 | ||||
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| |||
Approval of Investment Advisory and Sub-Advisory Contracts (continued)
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 12, 2020 Board meeting, and Invesco Advisers, Inc., in connection with the April 14, 2020 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees on the excess cash invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ and other Invesco ETFs’ excess cash invested in the money market funds. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and that the Sub-Advisers do not have any soft-dollar arrangements with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | P-PS-SAR-9 | invesco.com/ETFs |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.
Item 11. Controls and Procedures.
(a) | Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) |
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/ Anna Paglia
Name: Anna Paglia
Title: President
Date: July 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Anna Paglia
Name: Anna Paglia
Title: President
Date: July 6, 2020
By: /s/ Kelli Gallegos
Name: Kelli Gallegos
Title: Treasurer
Date: July 6, 2020