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: October 31, 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 annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Invesco Annual Report to Shareholders
October 31, 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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Domestic Equity
At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.
During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.1
In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.2 However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%2, a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.
Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.
1 | Source: US Federal Reserve |
2 | Source: US Bureau of Economic Analysis |
Fixed Income
At the start of the fiscal year, US economic data remained supportive of continued economic expansion as fourth quarter 2019 GDP grew 2.40%.1 The US economy continued to add jobs, pushing the unemployment rate to 3.50% at the close of the 2019 calendar year, while inflation remained subdued.2 However, initial optimism in 2020 was dampened by the outbreak of the novel coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market ended abruptly, while global equity markets also fell sharply.
As market panic set in, central banks around the world took aggressive action to support both local markets and the global economy. In the US, the Fed accomplished this with one 0.25% rate cut on March 3, followed by a 1.00% rate cut on March 16, bringing the target Fed Funds range of 0.00% to 0.25%.3 Second quarter GDP fell by an annualized rate of 31.40%,1 and unemployment in the US rose to 14.70%2 in April, a rate not seen since 1940.
The 10-year US Treasury yield reached a high of 1.94%4 in November of 2019 due to the continued strength of the global economy. However, a severe risk-off tone drove US Treasury yields sharply lower in mid-February as COVID-19 began its spread through Europe before falling sharply to a level of 0.54%4 in February of 2020 amid COVID-19 concerns. Throughout the remainder of the fiscal year, US Treasury yields remained comparatively low, as the Fed prolonged its accomodative stance and continued geoeconomic uncertainty forced investors to seek higher quality fixed income instruments. The 10-year US Treasury yield ended the fiscal year at 0.87%, 82 basis points lower than at the beginning of the fiscal year.4 (A basis point is one one-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays US Aggregate Bond Index, gained 6.19% for the fiscal year. Positive performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays US Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, experienced small gains despite longer-term economic concerns stemming from the COVID-19 pandemic. Helping to support returns in high yield was the Fed’s corporate bond purchase program, while US dollar-denominated EM corporate debt was bouyed by very accommodative central bank policies.
1 | Source: Bureau of Economic Analysis |
2 | Source: Bureau of Labor Statistics |
3 | Source: US Federal Reserve |
4 | Source: US Treasury Department |
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The Market Environment (continued)
Global Equity
At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.
Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.
Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.
Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.
At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.
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PBTP | Management’s Discussion of Fund Performance | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) |
As an index fund, the Invesco PureBetaSM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked, “meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.
To qualify for inclusion in the Underlying Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; and (iii) a minimum amount outstanding of $1 billion. Original issue zero coupon bonds may be included in the Underlying Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Underlying Index constituents are market capitalization weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 4.28%. On a net asset value (“NAV”) basis, the Fund returned 4.28%. During the same time period, the Index returned 4.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund.
For the fiscal year ended October 31, 2020, bonds with maturities between 2 and 3 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 3 and 4 years. No maturities detracted from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included U.S. Inflation Index Bond, 0.13% coupon, due 07/15/2024 (portfolio average weight of 5.98%) and U.S. Inflation Index Bond, 0.63% coupon, due 01/15/2024 (portfolio average weight of 6.12%). No positions detracted from the Fund’s return.
Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Maturing in 0-5 Years | 99.89 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.11 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023 | 6.48 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2021 | 6.23 | |||
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025 | 6.13 | |||
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024 | 6.11 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2022 | 6.08 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2022 | 6.07 | |||
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023 | 6.05 | |||
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025 | 6.04 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023 | 6.00 | |||
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2022 | 5.99 | |||
Total | 61.18 |
* | Excluding money market fund holdings. |
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Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM | 4.40 | % | 2.99 | % | 9.24 | % | 2.92 | % | 9.34 | % | ||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 4.28 | 2.87 | 8.84 | 2.81 | 8.97 | |||||||||||||||||||
Market Price Return | 4.28 | 2.88 | 8.88 | 2.82 | 9.02 |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund. |
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PBDM | Management’s Discussion of Fund Performance | |
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) |
As an index fund, the Invesco PureBetaSM FTSE Developed ex-North America ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex North America Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as developed markets within the country classification definition of the Index Provider, excluding the United States and Canada. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (4.66)%. On a net asset value (“NAV”) basis, the Fund returned (5.33)%. During the same time period, the Index returned (5.45)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline.
For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included ASML Holding N.V., an information technology company (portfolio average weight of 0.86%), and Softbank Group Corp., a communication services company (portfolio average weight of 0.52%). Positions that detracted most significantly from the Fund’s return included HSBC Holdings PLC, a financials company (portfolio average weight of 0.77%), and BP PLC, an energy company (portfolio average weight of 0.60%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Industrials | 15.45 | |||
Financials | 15.01 | |||
Health Care | 12.73 | |||
Consumer Discretionary | 12.19 | |||
Consumer Staples | 10.86 | |||
Information Technology | 10.28 | |||
Materials | 7.99 | |||
Communication Services | 5.83 | |||
Utilities | 3.83 | |||
Real Estate | 3.02 | |||
Energy | 2.54 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.27 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Nestle S.A. | 2.14 | |||
Samsung Electronics Co. Ltd. | 1.60 | |||
Roche Holding AG | 1.52 | |||
Novartis AG | 1.14 | |||
Toyota Motor Corp. | 1.09 | |||
ASML Holding N.V. | 0.99 | |||
AstraZeneca PLC | 0.90 | |||
SAP SE | 0.81 | |||
LVMH Moet Hennessy Louis Vuitton SE | 0.79 | |||
AIA Group Ltd. | 0.78 | |||
Total | 11.76 |
* | Excluding money market fund holdings. |
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Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
FTSE Developed ex North America Index (Net) | (5.45 | )% | (1.13 | )% | (3.35 | )% | (0.50 | )% | (1.55 | )% | ||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | (5.33 | ) | (1.18 | ) | (3.51 | ) | (0.57 | ) | (1.77 | ) | ||||||||||||||
Market Price Return | (4.66 | ) | (1.13 | ) | (3.35 | ) | (0.42 | ) | (1.29 | ) |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
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PBEE | Management’s Discussion of Fund Performance | |
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) |
As an index fund, the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Underlying Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 8.33%. On a net asset value (“NAV”) basis, the Fund returned 7.13%. During the same time period, the Index returned 7.52%. During the fiscal year, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period, as well as the impact of the sampling methodology.
For the fiscal year ended October 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Tencent Holdings Ltd., a communication services company (portfolio average weight of 6.24%), and Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 7.55%). Positions that detracted most significantly from the Fund’s return included HDFC Bank Ltd., ADR, a financials company (no longer held at fiscal year-end), and Itau Unibanco Holding S.A., financials company (portfolio average weight of 0.54%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 23.78 | |||
Consumer Discretionary | 20.78 | |||
Communication Services | 13.28 | |||
Information Technology | 13.19 | |||
Materials | 6.25 | |||
Consumer Staples | 4.73 | |||
Energy | 4.70 | |||
Industrials | 4.45 | |||
Health Care | 3.47 | |||
Sector Types Each Less Than 3% | 5.21 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.16 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Alibaba Group Holding Ltd., ADR | 9.33 | |||
Tencent Holdings Ltd. | 7.68 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.21 | |||
Invesco India ETF | 4.49 | |||
Meituan Dianping, B Shares | 2.29 | |||
iShares MSCI India ETF | 1.52 | |||
Naspers Ltd., Class N | 1.38 | |||
China Construction Bank Corp., H Shares | 1.16 | |||
JD.com, Inc., ADR | 1.15 | |||
Reliance Industries Ltd., GDR | 1.01 | |||
Total | 36.22 |
* | Excluding money market fund holdings. |
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Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
3 Years Average | 3 Years Cumulative | Fund Inception | ||||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||||||
FTSE Emerging Index (Net) | 7.52 | % | 2.86 | % | 8.82 | % | 2.95 | % | 9.44 | % | ||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | 7.13 | 2.40 | 7.37 | 2.66 | 8.50 | |||||||||||||||||||
Market Price Return | 8.33 | 2.55 | 7.85 | 2.33 | 7.42 |
Fund Inception: September 22, 2017
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% (0.15% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in their respective constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
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Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
October 31, 2020
Principal Amount | Value | |||||||
U.S. Treasury Securities-99.89% |
| |||||||
U.S. Treasury Inflation – Indexed Notes-99.89%(a) |
| |||||||
1.13%, 01/15/2021 | $ | 710,532 | $ | 711,531 | ||||
0.13%, 04/15/2021 | 802,762 | 802,030 | ||||||
0.63%, 07/15/2021 | 673,480 | 679,618 | ||||||
0.13%, 01/15/2022 | 772,860 | 781,724 | ||||||
0.13%, 04/15/2022 | 773,248 | 783,057 | ||||||
0.13%, 07/15/2022 | 755,014 | 770,585 | ||||||
0.13%, 01/15/2023 | 752,764 | 772,166 | ||||||
0.63%, 04/15/2023 | 801,542 | 833,683 | ||||||
0.38%, 07/15/2023 | 746,076 | 778,607 | ||||||
0.63%, 01/15/2024 | 744,119 | 786,430 | ||||||
0.50%, 04/15/2024 | 541,049 | 571,166 | ||||||
0.13%, 07/15/2024 | 731,220 | 769,195 | ||||||
0.13%, 10/15/2024 | 580,489 | 612,273 | ||||||
0.25% - 2.38%, 01/15/2025 | 1,361,828 | 1,501,369 | ||||||
0.13%, 04/15/2025 | 582,625 | 616,067 |
Principal Amount | Value | |||||||
U.S. Treasury Inflation – Indexed Notes-(continued) |
| |||||||
0.38%, 07/15/2025 | $ | 732,155 | $ | 789,086 | ||||
0.13%, 10/15/2025 | 277,479 | 296,461 | ||||||
|
| |||||||
Total U.S. Treasury Securities | 12,855,048 | |||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.10% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) | 12,806 | 12,806 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.99% |
| 12,867,854 | ||||||
OTHER ASSETS LESS LIABILITIES-0.01% |
| 1,869 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 12,869,723 | ||||||
|
|
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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized (Loss) | Value | Dividend | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 50,364 | $ | (37,558 | ) | $ | - | $ | - | $ | 12,806 | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 8,860 | 862,867 | (871,727 | ) | - | - | - | 134 | |||||||||||||||||||||||||||
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 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 8,860 | $ | 1,222,904 | $ | (1,218,950 | ) | $ | - | $ | (8 | ) | $ | 12,806 | $ | 293 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
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)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.73% |
| |||||||
Australia-7.53% | ||||||||
Adbri Ltd. | 70 | $ | 139 | |||||
Afterpay Ltd.(a) | 32 | 2,173 | ||||||
AGL Energy Ltd. | 96 | 841 | ||||||
ALS Ltd. | 74 | 486 | ||||||
Altium Ltd. | 17 | 444 | ||||||
Alumina Ltd. | 384 | 387 | ||||||
AMP Ltd. | 527 | 566 | ||||||
Ampol Ltd. | 38 | 692 | ||||||
Ansell Ltd. | 20 | 564 | ||||||
APA Group | 181 | 1,333 | ||||||
Appen Ltd. | 17 | 386 | ||||||
Aristocrat Leisure Ltd. | 98 | 1,970 | ||||||
ASX Ltd. | 30 | 1,678 | ||||||
Atlas Arteria Ltd. | 145 | 574 | ||||||
Aurizon Holdings Ltd. | 282 | 747 | ||||||
AusNet Services | 280 | 393 | ||||||
Australia & New Zealand Banking Group Ltd. | 435 | 5,746 | ||||||
Bank of Queensland Ltd.(b) | 70 | 316 | ||||||
Beach Energy Ltd. | 271 | 225 | ||||||
Bendigo & Adelaide Bank Ltd. | 81 | 381 | ||||||
BHP Group Ltd. | 452 | 10,722 | ||||||
BHP Group PLC | 319 | 6,147 | ||||||
BlueScope Steel Ltd. | 77 | 793 | ||||||
Boral Ltd. | 187 | 599 | ||||||
Brambles Ltd. | 233 | 1,569 | ||||||
carsales.com Ltd. | 33 | 481 | ||||||
Challenger Ltd. | 88 | 297 | ||||||
Charter Hall Group | 71 | 615 | ||||||
CIMIC Group Ltd.(a) | 15 | 226 | ||||||
Cleanaway Waste Management Ltd. | 208 | 299 | ||||||
Coca-Cola Amatil Ltd. | 78 | 681 | ||||||
Cochlear Ltd. | 10 | 1,490 | ||||||
Coles Group Ltd. | 195 | 2,431 | ||||||
Commonwealth Bank of Australia | 272 | 13,184 | ||||||
Computershare Ltd. | 74 | 631 | ||||||
Crown Resorts Ltd. | 54 | 314 | ||||||
CSL Ltd. | 69 | 13,934 | ||||||
CSR Ltd. | 74 | 229 | ||||||
Deterra Royalties Ltd.(a)(b) | 64 | 177 | ||||||
Dexus | 168 | 1,016 | ||||||
Domain Holdings Australia Ltd. | 35 | 97 | ||||||
Domino’s Pizza Enterprises Ltd. | 9 | 536 | ||||||
Downer EDI Ltd. | 91 | 281 | ||||||
Evolution Mining Ltd. | 245 | 953 | ||||||
Flight Centre Travel Group Ltd.(a) | 22 | 174 | ||||||
Fortescue Metals Group Ltd. | 244 | 2,976 | ||||||
Glencore PLC(a) | 1,655 | 3,336 | ||||||
Goodman Group | 275 | 3,553 | ||||||
GPT Group (The) | 299 | 846 | ||||||
Harvey Norman Holdings Ltd. | 91 | 284 | ||||||
IDP Education Ltd. | 21 | 284 | ||||||
Iluka Resources Ltd. | 64 | 231 | ||||||
Incitec Pivot Ltd. | 293 | 395 | ||||||
Insurance Australia Group Ltd. | 355 | 1,189 | ||||||
IOOF Holdings Ltd. | 53 | 109 | ||||||
JB Hi-Fi Ltd. | 17 | 566 | ||||||
Lendlease Corp. Ltd. | 101 | 848 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Macquarie Group Ltd. | 49 | $ | 4,362 | |||||
Magellan Financial Group Ltd. | 21 | 813 | ||||||
Medibank Pvt Ltd. | 423 | 793 | ||||||
Metcash Ltd. | 156 | 323 | ||||||
Mineral Resources Ltd. | 21 | 368 | ||||||
Mirvac Group | 603 | 894 | ||||||
National Australia Bank Ltd. | 491 | 6,413 | ||||||
Newcrest Mining Ltd. | 124 | 2,546 | ||||||
NEXTDC Ltd.(a) | 69 | 617 | ||||||
Northern Star Resources Ltd. | 110 | 1,147 | ||||||
Nufarm Ltd.(a) | 49 | 118 | ||||||
Oil Search Ltd. | 318 | 574 | ||||||
Orica Ltd. | 62 | 664 | ||||||
Origin Energy Ltd. | 270 | 758 | ||||||
Orora Ltd. | 148 | 268 | ||||||
OZ Minerals Ltd. | 49 | 511 | ||||||
Perpetual Ltd. | 7 | 134 | ||||||
Platinum Asset Management Ltd. | 46 | 99 | ||||||
Qantas Airways Ltd.(a) | 89 | 262 | ||||||
QBE Insurance Group Ltd. | 223 | 1,292 | ||||||
Qube Holdings Ltd. | 223 | 415 | ||||||
Ramsay Health Care Ltd. | 26 | 1,138 | ||||||
REA Group Ltd.(b) | 8 | 664 | ||||||
Rio Tinto Ltd. | 57 | 3,700 | ||||||
Rio Tinto PLC | 167 | 9,408 | ||||||
Santos Ltd. | 272 | 904 | ||||||
Saracen Mineral Holdings Ltd.(a) | 168 | 665 | ||||||
Scentre Group | 796 | 1,174 | ||||||
SEEK Ltd. | 53 | 801 | ||||||
Seven Group Holdings Ltd.(b) | 20 | 273 | ||||||
Shopping Centres Australasia Property Group | 162 | 264 | ||||||
Sonic Healthcare Ltd. | 73 | 1,785 | ||||||
South32 Ltd. | 744 | 1,061 | ||||||
Star Entertainment Group Ltd. (The) | 127 | 293 | ||||||
Stockland | 366 | 990 | ||||||
Suncorp Group Ltd. | 193 | 1,113 | ||||||
Sydney Airport | 170 | 651 | ||||||
Tabcorp Holdings Ltd. | 292 | 675 | ||||||
Telstra Corp. Ltd. | 639 | 1,203 | ||||||
TPG Telecom Ltd.(a) | 56 | 282 | ||||||
Transurban Group | 420 | 3,970 | ||||||
Treasury Wine Estates Ltd. | 111 | 715 | ||||||
Tuas Ltd.(a) | 28 | 15 | ||||||
Vicinity Centres | 576 | 489 | ||||||
Vocus Group Ltd.(a) | 91 | 220 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 14 | 249 | ||||||
Wesfarmers Ltd. | 174 | 5,616 | ||||||
Westpac Banking Corp. | 554 | 6,968 | ||||||
Whitehaven Coal Ltd. | 132 | 99 | ||||||
WiseTech Global Ltd.(b) | 13 | 264 | ||||||
Woodside Petroleum Ltd. | 146 | 1,796 | ||||||
Woolworths Group Ltd. | 194 | 5,199 | ||||||
Worley Ltd. | 49 | 324 | ||||||
|
| |||||||
168,873 | ||||||||
|
| |||||||
Austria-0.15% | ||||||||
ANDRITZ AG | 11 | 371 | ||||||
Erste Group Bank AG(a) | 44 | 901 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Austria-(continued) | ||||||||
OMV AG | 22 | $ | 505 | |||||
Raiffeisen Bank International AG(a) | 20 | 287 | ||||||
Telekom Austria AG | 21 | 141 | ||||||
Verbund AG | 10 | 575 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6 | 122 | ||||||
voestalpine AG | 18 | 500 | ||||||
|
| |||||||
3,402 | ||||||||
|
| |||||||
Belgium-0.82% | ||||||||
Ackermans & van Haaren N.V.(a) | 3 | 369 | ||||||
Ageas(b) | 28 | 1,127 | ||||||
Anheuser-Busch InBev S.A./N.V. | 127 | 6,592 | ||||||
Colruyt S.A. | 8 | 474 | ||||||
Elia Group S.A./N.V | 5 | 484 | ||||||
Galapagos N.V.(a) | 7 | 827 | ||||||
Groupe Bruxelles Lambert S.A. | 16 | 1,310 | ||||||
KBC Group N.V | 42 | 2,071 | ||||||
Proximus SADP | 21 | 408 | ||||||
Sofina S.A. | 2 | 519 | ||||||
Solvay S.A., Class A | 11 | 893 | ||||||
Telenet Group Holding N.V. | 7 | 269 | ||||||
UCB S.A. | 18 | 1,776 | ||||||
Umicore S.A. | 31 | 1,193 | ||||||
18,312 | ||||||||
|
| |||||||
Brazil-0.04% | ||||||||
Yara International ASA | 26 | 904 | ||||||
|
| |||||||
Cambodia-0.01% | ||||||||
NagaCorp Ltd. | 230 | 237 | ||||||
|
| |||||||
Chile-0.03% | ||||||||
Antofagasta PLC | 53 | 705 | ||||||
|
| |||||||
China-0.41% | ||||||||
AAC Technologies Holdings, Inc. | 110 | 579 | ||||||
BOC Hong Kong Holdings Ltd. | 569 | 1,578 | ||||||
Budweiser Brewing Co. APAC Ltd.(c) | 281 | 826 | ||||||
China Travel International Investment Hong Kong Ltd.(a) | 398 | 51 | ||||||
Chow Tai Fook Jewellery Group Ltd.(b) | 169 | 216 | ||||||
ESR Cayman Ltd.(a)(c) | 200 | 602 | ||||||
FIH Mobile Ltd.(a) | 455 | 50 | ||||||
Kerry Logistics Network Ltd. | 87 | 181 | ||||||
Lenovo Group Ltd. | 1,138 | 712 | ||||||
Minth Group Ltd. | 109 | 451 | ||||||
MMG Ltd.(a) | 351 | 83 | ||||||
Nexteer Automotive Group Ltd. | 129 | 107 | ||||||
Shangri-La Asia Ltd.(a) | 175 | 137 | ||||||
Shui On Land Ltd. | 546 | 72 | ||||||
SITC International Holdings Co. Ltd. | 181 | 279 | ||||||
Sun Art Retail Group Ltd. | 348 | 376 | ||||||
Tingyi Cayman Islands Holding Corp. | 295 | 539 | ||||||
Towngas China Co. Ltd.(a) | 162 | 73 | ||||||
Uni-President China Holdings Ltd. | 182 | 157 | ||||||
Want Want China Holdings Ltd. | 874 | 577 | ||||||
Wilmar International Ltd. | 308 | 911 | ||||||
Xinyi Glass Holdings Ltd. | 317 | 694 | ||||||
|
| |||||||
9,251 | ||||||||
|
| |||||||
Denmark-2.30% | ||||||||
Ambu A/S, Class B | 26 | 788 |
Shares | Value | |||||||
Denmark-(continued) | ||||||||
AP Moller - Maersk A/S, Class A | 1 | $ | 1,475 | |||||
AP Moller - Maersk A/S, Class B | 1 | 1,597 | ||||||
Carlsberg A/S, Class B | 15 | 1,899 | ||||||
Chr. Hansen Holding A/S | 16 | 1,612 | ||||||
Coloplast A/S, Class B | 20 | 2,919 | ||||||
Danske Bank A/S(a) | 101 | 1,343 | ||||||
Demant A/S(a) | 16 | 504 | ||||||
DSV Panalpina A/S | 30 | 4,858 | ||||||
Genmab A/S(a) | 9 | 2,998 | ||||||
GN Store Nord A/S | 20 | 1,439 | ||||||
H Lundbeck A/S | 9 | 253 | ||||||
ISS A/S(a) | 28 | 363 | ||||||
Novo Nordisk A/S, Class B | 248 | 15,930 | ||||||
Novozymes A/S, Class B | 31 | 1,863 | ||||||
Orsted A/S(c) | 29 | 4,603 | ||||||
Pandora A/S | 15 | 1,188 | ||||||
Rockwool International A/S, Class B | 1 | 391 | ||||||
Tryg A/S | 19 | 527 | ||||||
Vestas Wind Systems A/S | 30 | 5,121 | ||||||
|
| |||||||
51,671 | ||||||||
|
| |||||||
Finland-1.28% | ||||||||
Elisa OYJ | 22 | 1,082 | ||||||
Fortum OYJ | 66 | 1,242 | ||||||
Huhtamaki OYJ | 14 | 684 | ||||||
Kesko OYJ, Class B | 41 | 1,054 | ||||||
Kojamo OYJ | 30 | 618 | ||||||
Kone OYJ, Class B | 60 | 4,776 | ||||||
Metso Outotec OYJ | 68 | 479 | ||||||
Neles OYJ | 16 | 214 | ||||||
Neste OYJ(b) | 64 | 3,331 | ||||||
Nokia OYJ(a) | 861 | 2,908 | ||||||
Nokian Renkaat OYJ(b) | 21 | 646 | ||||||
Nordea Bank Abp(a) | 495 | 3,725 | ||||||
Orion OYJ, Class B | 16 | 685 | ||||||
Sampo OYJ, Class A | 78 | 2,944 | ||||||
Stora Enso OYJ, Class R | 88 | 1,284 | ||||||
UPM-Kymmene OYJ | 82 | 2,317 | ||||||
Wartsila OYJ Abp | 75 | 596 | ||||||
|
| |||||||
28,585 | ||||||||
|
| |||||||
France-8.95% | ||||||||
Accor S.A.(a)(b) | 29 | 738 | ||||||
Adevinta ASA, Class B(a) | 35 | 540 | ||||||
Aeroports de Paris(b) | 4 | 391 | ||||||
Air Liquide S.A. | 71 | 10,379 | ||||||
Airbus SE(a) | 85 | 6,197 | ||||||
ALD S.A.(c) | 12 | 129 | ||||||
Alstom S.A.(a) | 29 | 1,300 | ||||||
Amundi S.A.(a)(c) | 9 | 590 | ||||||
Arkema S.A. | 10 | 979 | ||||||
Atos SE(a) | 14 | 956 | ||||||
AXA S.A. | 295 | 4,742 | ||||||
BioMerieux | 7 | 1,042 | ||||||
BNP Paribas S.A.(a) | 166 | 5,773 | ||||||
Bollore S.A. | 151 | 541 | ||||||
Bouygues S.A. | 33 | 1,082 | ||||||
Bureau Veritas S.A.(a) | 42 | 922 | ||||||
Capgemini SE | 24 | 2,772 | ||||||
Carrefour S.A. | 88 | 1,369 | ||||||
Casino Guichard Perrachon S.A.(a)(b) | 8 | 180 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
France-(continued) | ||||||||
Cie de Saint-Gobain(a) | 74 | $ | 2,888 | |||||
Cie Generale des Etablissements Michelin S.C.A. | 27 | 2,914 | ||||||
Cie Plastic Omnium S.A. | 9 | 205 | ||||||
CNP Assurances(a) | 23 | 259 | ||||||
Covivio | 7 | 417 | ||||||
Credit Agricole S.A.(a) | 177 | 1,398 | ||||||
Danone S.A. | 92 | 5,080 | ||||||
Dassault Systemes SE | 20 | 3,414 | ||||||
Edenred | 37 | 1,726 | ||||||
Eiffage S.A.(a) | 12 | 871 | ||||||
Electricite de France S.A. | 79 | 917 | ||||||
ENGIE S.A.(a) | 254 | 3,073 | ||||||
EssilorLuxottica S.A.(a) | 45 | 5,567 | ||||||
Eurazeo SE(a) | 7 | 318 | ||||||
Faurecia SE(a) | 11 | 417 | ||||||
Gecina S.A. | 8 | 993 | ||||||
Getlink SE(a) | 70 | 941 | ||||||
Hermes International | 5 | 4,654 | ||||||
ICADE | 5 | 253 | ||||||
Iliad S.A. | 2 | 387 | ||||||
Imerys S.A. | 6 | 179 | ||||||
Ingenico Group S.A.(a) | 1 | 144 | ||||||
Ipsen S.A. | 5 | 455 | ||||||
JCDecaux S.A.(a) | 11 | 170 | ||||||
Kering S.A. | 11 | 6,644 | ||||||
Klepierre S.A.(b) | 29 | 367 | ||||||
La Francaise des Jeux SAEM(c) | 13 | 487 | ||||||
Legrand S.A. | 41 | 3,032 | ||||||
L’Oreal S.A. | 37 | 11,969 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 38 | 17,808 | ||||||
Natixis S.A.(a) | 129 | 300 | ||||||
Orange S.A. | 293 | 3,287 | ||||||
Orpea S.A.(a) | 7 | 699 | ||||||
Pernod Ricard S.A. | 32 | 5,159 | ||||||
Peugeot S.A.(a) | 84 | 1,510 | ||||||
Publicis Groupe S.A. | 33 | 1,145 | ||||||
Remy Cointreau S.A.(b) | 4 | 676 | ||||||
Renault S.A.(a) | 28 | 693 | ||||||
Rexel S.A.(a) | 46 | 484 | ||||||
Rubis S.C.A. | 14 | 460 | ||||||
Safran S.A.(a) | 49 | 5,167 | ||||||
Sanofi | 166 | 14,961 | ||||||
Sartorius Stedim Biotech | 4 | 1,517 | ||||||
Schneider Electric SE | 80 | 9,710 | ||||||
SCOR SE(a) | 24 | 583 | ||||||
SEB S.A. | 4 | 650 | ||||||
Societe Generale S.A.(a) | 119 | 1,613 | ||||||
Sodexo S.A. | 13 | 834 | ||||||
Suez S.A. | 57 | 1,044 | ||||||
Teleperformance | 9 | 2,702 | ||||||
Thales S.A | 15 | 976 | ||||||
TOTAL SE | 371 | 11,158 | ||||||
Ubisoft Entertainment S.A.(a) | 14 | 1,235 | ||||||
Unibail-Rodamco-Westfield(b) | 21 | 854 | ||||||
Valeo S.A. | 37 | 1,119 | ||||||
Veolia Environnement S.A. | 77 | 1,434 | ||||||
Vinci S.A. | 71 | 5,609 | ||||||
Vivendi S.A. | 123 | 3,552 |
Shares | Value | �� | ||||||
France-(continued) | ||||||||
Wendel SE | 4 | $ | 347 | |||||
Worldline S.A.(a)(c) | 36 | 2,669 | ||||||
|
| |||||||
200,716 | ||||||||
|
| |||||||
Germany-8.32% | ||||||||
1&1 Drillisch AG | 7 | 147 | ||||||
adidas AG(a) | 29 | 8,614 | ||||||
Allianz SE | 63 | 11,086 | ||||||
Aroundtown S.A.(a) | 185 | 887 | ||||||
BASF SE | 140 | 7,676 | ||||||
Bayer AG | 151 | 7,099 | ||||||
Bayerische Motoren Werke AG | 49 | 3,349 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 9 | 465 | ||||||
Bechtle AG | 4 | 686 | ||||||
Beiersdorf AG | 15 | 1,571 | ||||||
Brenntag AG | 24 | 1,534 | ||||||
Carl Zeiss Meditec AG, BR | 6 | 775 | ||||||
Commerzbank AG(a)(b) | 160 | 754 | ||||||
Continental AG | 17 | 1,808 | ||||||
Covestro AG(c) | 26 | 1,241 | ||||||
CTS Eventim AG& Co. KGaA(a) | 9 | 399 | ||||||
Daimler AG | 124 | 6,413 | ||||||
Delivery Hero SE(a)(c) | 22 | 2,531 | ||||||
Deutsche Bank AG(a) | 314 | 2,890 | ||||||
Deutsche Boerse AG | 28 | 4,121 | ||||||
Deutsche Lufthansa AG(a)(b) | 37 | 318 | ||||||
Deutsche Post AG | 150 | 6,647 | ||||||
Deutsche Telekom AG | 495 | 7,536 | ||||||
Deutsche Wohnen SE | 53 | 2,675 | ||||||
DWS Group GmbH & Co. KGaA(a)(c) | 5 | 170 | ||||||
E.ON SE | 332 | 3,462 | ||||||
Evonik Industries AG | 29 | 698 | ||||||
Fielmann AG(a) | 4 | 303 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a)(b) | 5 | 181 | ||||||
Fresenius Medical Care AG& Co. KGaA | 31 | 2,368 | ||||||
Fresenius SE & Co. KGaA | 62 | 2,299 | ||||||
Fuchs Petrolub SE | 5 | 192 | ||||||
Fuchs Petrolub SE, Preference Shares | 11 | 566 | ||||||
GEA Group AG | 25 | 832 | ||||||
GRENKE AG | 4 | 156 | ||||||
Hannover Rueck SE | 9 | 1,307 | ||||||
HeidelbergCement AG | 23 | 1,316 | ||||||
Hella GmbH & Co. KGaA(a) | 7 | 306 | ||||||
HelloFresh SE(a) | 21 | 1,123 | ||||||
Henkel AG& Co. KGaA | 15 | 1,357 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 27 | 2,627 | ||||||
HOCHTIEF AG | 3 | 221 | ||||||
Infineon Technologies AG | 200 | 5,568 | ||||||
Just Eat Takeaway.com N.V.(a)(c) | 18 | 1,994 | ||||||
KION Group AG | 11 | 856 | ||||||
Knorr-Bremse AG | 10 | 1,158 | ||||||
LANXESS AG | 13 | 659 | ||||||
LEG Immobilien AG | 11 | 1,487 | ||||||
Merck KGaA | 20 | 2,962 | ||||||
METRO AG | 26 | 255 | ||||||
MTU Aero Engines AG | 8 | 1,366 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 21 | 4,912 | ||||||
Nemetschek SE | 8 | 579 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Germany-(continued) | ||||||||
OSRAM Licht AG(a) | 4 | $ | 235 | |||||
Porsche Automobil Holding SE, Preference Shares | 24 | 1,286 | ||||||
ProSiebenSat.1 Media SE(a) | 24 | 268 | ||||||
Puma SE(a) | 13 | 1,136 | ||||||
Rational AG | 1 | 750 | ||||||
Rheinmetall AG | 7 | 511 | ||||||
RWE AG | 97 | 3,592 | ||||||
SAP SE | 171 | 18,224 | ||||||
Sartorius AG, Preference Shares | 5 | 2,116 | ||||||
Scout24 AG(c) | 16 | 1,289 | ||||||
Siemens AG | 117 | 13,724 | ||||||
Siemens Energy AG(a) | 59 | 1,281 | ||||||
Siemens Healthineers AG(c) | 20 | 859 | ||||||
Suedzucker AG | 12 | 173 | ||||||
Symrise AG | 19 | 2,343 | ||||||
Talanx AG | 6 | 177 | ||||||
TeamViewer AG(a)(c) | 19 | 837 | ||||||
Telefonica Deutschland Holding AG | 102 | 257 | ||||||
thyssenkrupp AG(a)(b) | 71 | 339 | ||||||
Traton SE | 8 | 155 | ||||||
TUI AG(b) | 67 | 262 | ||||||
Uniper SE | 17 | 508 | ||||||
United Internet AG | 16 | 561 | ||||||
Varta AG(a) | 2 | 251 | ||||||
Volkswagen AG | 5 | 778 | ||||||
Volkswagen AG, Preference Shares | 28 | 4,080 | ||||||
Vonovia SE | 87 | 5,556 | ||||||
Wacker Chemie AG | 2 | 193 | ||||||
Zalando SE(a)(c) | 25 | 2,335 | ||||||
|
| |||||||
186,578 | ||||||||
|
| |||||||
Hong Kong-2.77% | ||||||||
AIA Group Ltd. | 1,859 | 17,512 | ||||||
ASM Pacific Technology Ltd. | 47 | 473 | ||||||
Bank of East Asia Ltd. (The) | 188 | 338 | ||||||
Brightoil Petroleum Holdings Ltd.(a)(d) | 462 | 0 | ||||||
Cafe de Coral Holdings Ltd. | 53 | 109 | ||||||
Cathay Pacific Airways Ltd.(a) | 125 | 85 | ||||||
Champion REIT | 309 | 149 | ||||||
CK Asset Holdings Ltd. | 413 | 1,912 | ||||||
CK Hutchison Holdings Ltd. | 411 | 2,475 | ||||||
CK Infrastructure Holdings Ltd. | 98 | 461 | ||||||
CLP Holdings Ltd. | 253 | 2,326 | ||||||
Dah Sing Banking Group Ltd. | 58 | 50 | ||||||
Dah Sing Financial Holdings Ltd. | 23 | 57 | ||||||
Dairy Farm International Holdings Ltd. | 47 | 177 | ||||||
Guotai Junan International Holdings Ltd.(b) | 369 | 47 | ||||||
Haitong International Securities Group Ltd. | 355 | 81 | ||||||
Hang Lung Group Ltd. | 138 | 305 | ||||||
Hang Lung Properties Ltd. | 321 | 779 | ||||||
Hang Seng Bank Ltd. | 110 | 1,691 | ||||||
Henderson Land Development Co. Ltd. | 205 | 726 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 1,588 | 2,281 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 194 | 9,261 | ||||||
Hongkong Land Holdings Ltd. | 185 | 679 | ||||||
Huabao International Holdings Ltd.(b) | 141 | 127 | ||||||
Hutchison Port Holdings Trust, Class U | 802 | 116 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 204 | 31 | ||||||
Hysan Development Co. Ltd. | 98 | 312 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Jardine Matheson Holdings Ltd. | 33 | $ | 1,465 | |||||
Jardine Strategic Holdings Ltd. | 29 | 629 | ||||||
Johnson Electric Holdings Ltd., H Shares | 54 | 112 | ||||||
Kerry Properties Ltd. | 94 | 230 | ||||||
Lifestyle International Holdings Ltd.(a) | 71 | 56 | ||||||
Link REIT | 318 | 2,421 | ||||||
Man Wah Holdings Ltd. | 400 | 553 | ||||||
Mapletree North Asia Commercial Trust (c) | 318 | 203 | ||||||
Melco International Development Ltd. | 126 | 204 | ||||||
MTR Corp. Ltd. | 222 | 1,098 | ||||||
New World Development Co. Ltd. | 218 | 1,037 | ||||||
NWS Holdings Ltd. | 221 | 193 | ||||||
PCCW Ltd. | 659 | 396 | ||||||
Power Assets Holdings Ltd. | 207 | 1,064 | ||||||
Sa Sa International Holdings Ltd.(a) | 164 | 23 | ||||||
Shun Tak Holdings Ltd. | 293 | 86 | ||||||
Sino Land Co. Ltd. | 470 | 555 | ||||||
Sun Hung Kai Properties Ltd. | 218 | 2,787 | ||||||
Swire Pacific Ltd., Class A | 80 | 364 | ||||||
Swire Pacific Ltd., Class B | 146 | 119 | ||||||
Swire Properties Ltd. | 167 | 447 | ||||||
Techtronic Industries Co. Ltd. | 198 | 2,640 | ||||||
United Energy Group Ltd. | 1,144 | 155 | ||||||
Vitasoy International Holdings Ltd. | 120 | 484 | ||||||
VTech Holdings Ltd. | 25 | 166 | ||||||
WH Group Ltd.(c) | 1,328 | 1,043 | ||||||
Wharf Holdings Ltd. (The) | 137 | 283 | ||||||
Wharf Real Estate Investment Co. Ltd. | 156 | 598 | ||||||
Yue Yuen Industrial Holdings Ltd. | 114 | 186 | ||||||
|
| |||||||
62,157 | ||||||||
|
| |||||||
Indonesia-0.01% | ||||||||
First Pacific Co. Ltd. | 369 | 114 | ||||||
Golden Agri-Resources Ltd. | 1,011 | 105 | ||||||
|
| |||||||
219 | ||||||||
|
| |||||||
Ireland-0.63% | ||||||||
AIB Group PLC(a)(b) | 120 | 135 | ||||||
CRH PLC | 120 | 4,220 | ||||||
Flutter Entertainment PLC(a) | 18 | 3,110 | ||||||
Glanbia PLC | 30 | 285 | ||||||
Kerry Group PLC, Class A | 24 | 2,871 | ||||||
Kingspan Group PLC(a) | 23 | 2,005 | ||||||
Smurfit Kappa Group PLC | 37 | 1,393 | ||||||
|
| |||||||
14,019 | ||||||||
|
| |||||||
Israel-0.46% | ||||||||
Airport City Ltd.(a) | 11 | 120 | ||||||
Alony Hetz Properties & Investments Ltd. | 16 | 162 | ||||||
Amot Investments Ltd. | 21 | 97 | ||||||
Azrieli Group Ltd. | 6 | 283 | ||||||
Bank Hapoalim BM(a) | 167 | 980 | ||||||
Bank Leumi Le-Israel BM | 222 | 1,053 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 313 | 357 | ||||||
Elbit Systems Ltd. | 4 | 453 | ||||||
Energix-Renewable Energies Ltd.(a) | 28 | 120 | ||||||
First International Bank of Israel Ltd. | 8 | 178 | ||||||
Gazit-Globe Ltd. | 13 | 54 | ||||||
Harel Insurance Investments & Financial Services Ltd.(a) | 17 | 125 | ||||||
ICL Group Ltd. | 106 | 386 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Israel-(continued) | ||||||||
Israel Discount Bank Ltd., Class A | 179 | $ | 505 | |||||
Melisron Ltd. | 3 | 109 | ||||||
Mivne Real Estate KD Ltd. | 103 | 198 | ||||||
Mizrahi Tefahot Bank Ltd. | 20 | 391 | ||||||
Nice Ltd.(a) | 10 | 2,291 | ||||||
Paz Oil Co. Ltd. | 2 | 184 | ||||||
Phoenix Holdings Ltd. (The)(a) | 19 | 100 | ||||||
Shapir Engineering and Industry Ltd. (a) | 17 | 115 | ||||||
Shikun & Binui Ltd.(a) | 30 | 141 | ||||||
Shufersal Ltd. | 17 | 129 | ||||||
Strauss Group Ltd. | 6 | 174 | ||||||
Teva Pharmaceutical Industries Ltd. (a) | 151 | 1,309 | ||||||
Tower Semiconductor Ltd.(a) | 16 | 334 | ||||||
|
| |||||||
10,348 | ||||||||
|
| |||||||
Italy-1.84% | ||||||||
A2A S.p.A. | 237 | 301 | ||||||
Amplifon S.p.A.(a) | 19 | 691 | ||||||
Assicurazioni Generali S.p.A. | 194 | 2,601 | ||||||
Atlantia S.p.A.(a) | 75 | 1,149 | ||||||
Banca Mediolanum S.p.A. | 39 | 266 | ||||||
Buzzi Unicem S.p.A. | 11 | 238 | ||||||
Buzzi Unicem S.p.A., RSP | 6 | 85 | ||||||
Davide Campari-Milano N.V. | 86 | 898 | ||||||
DiaSorin S.p.A. | 3 | 659 | ||||||
Enel S.p.A. | 1,193 | 9,497 | ||||||
Eni S.p.A. | 374 | 2,619 | ||||||
Ferrari N.V | 19 | 3,390 | ||||||
FinecoBank Banca Fineco S.p.A.(a) | 93 | 1,273 | ||||||
Hera S.p.A. | 118 | 371 | ||||||
Infrastrutture Wireless Italiane S.p.A. (c) | 43 | 465 | ||||||
Intesa Sanpaolo S.p.A.(a) | 2,386 | 3,946 | ||||||
Italgas S.p.A. | 75 | 433 | ||||||
Leonardo S.p.A.(b) | 60 | 286 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 118 | 837 | ||||||
Moncler S.p.A.(a) | 29 | 1,161 | ||||||
Nexi S.p.A.(a)(c) | 44 | 676 | ||||||
Pirelli & C S.p.A.(a)(c) | 60 | 250 | ||||||
Poste Italiane S.p.A.(c) | 70 | 571 | ||||||
PRADA S.p.A.(a) | 81 | 318 | ||||||
Prysmian S.p.A. | 37 | 1,006 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 15 | 777 | ||||||
Snam S.p.A. | 335 | 1,635 | ||||||
Telecom Italia S.p.A. | 1,633 | 554 | ||||||
Telecom Italia S.p.A., RSP | 926 | 337 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 213 | 1,440 | ||||||
UniCredit S.p.A.(a) | 328 | 2,446 | ||||||
UnipolSai Assicurazioni S.p.A. | 76 | 176 | ||||||
|
| |||||||
41,352 | ||||||||
|
| |||||||
Japan-26.04% | ||||||||
77 Bank Ltd. (The) | 11 | 153 | ||||||
ABC-Mart, Inc. | 4 | 203 | ||||||
Acom Co. Ltd. | 60 | 268 | ||||||
Advantest Corp. | 31 | 1,788 | ||||||
Aeon Co. Ltd. | 110 | 2,803 | ||||||
AEON Financial Service Co. Ltd. | 18 | 183 | ||||||
Aeon Mall Co. Ltd. | 19 | 295 | ||||||
AGC, Inc. | 28 | 869 | ||||||
Aica Kogyo Co. Ltd. | 8 | 269 | ||||||
Ain Holdings, Inc. | 4 | 279 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Air Water, Inc. | 24 | $ | 342 | |||||
Aisin Seiki Co. Ltd. | 28 | 842 | ||||||
Ajinomoto Co., Inc. | 76 | 1,525 | ||||||
Alfresa Holdings Corp. | 28 | 512 | ||||||
Alps Alpine Co. Ltd. | 30 | 428 | ||||||
Amada Co. Ltd. | 52 | 450 | ||||||
Amano Corp. | 10 | 234 | ||||||
ANA Holdings, Inc.(a)(b) | 18 | 391 | ||||||
Anritsu Corp. | 21 | 458 | ||||||
Aozora Bank Ltd. | 18 | 294 | ||||||
Ariake Japan Co. Ltd. | 3 | 192 | ||||||
Asahi Group Holdings Ltd. | 60 | 1,850 | ||||||
Asahi Intecc Co. Ltd. | 29 | 897 | ||||||
Asahi Kasei Corp. | 191 | 1,645 | ||||||
Asics Corp. | 28 | 348 | ||||||
ASKUL Corp. | 3 | 115 | ||||||
Astellas Pharma, Inc. | 290 | 3,981 | ||||||
Azbil Corp. | 20 | 808 | ||||||
Bandai Namco Holdings, Inc. | 30 | 2,232 | ||||||
Bank of Kyoto Ltd. (The)(b) | 11 | 484 | ||||||
Benefit One, Inc. | 10 | 249 | ||||||
Benesse Holdings, Inc. | 11 | 259 | ||||||
Bic Camera, Inc. | 24 | 264 | ||||||
Bridgestone Corp. | 90 | 2,919 | ||||||
Brother Industries Ltd. | 37 | 568 | ||||||
Calbee, Inc. | 12 | 367 | ||||||
Canon Marketing Japan, Inc. | 7 | 148 | ||||||
Canon, Inc. | 155 | 2,670 | ||||||
Capcom Co. Ltd. | 14 | 770 | ||||||
Casio Computer Co. Ltd. | 34 | 514 | ||||||
Central Japan Railway Co. | 28 | 3,371 | ||||||
Chiba Bank Ltd. (The) | 104 | 534 | ||||||
Chubu Electric Power Co., Inc. | 111 | 1,244 | ||||||
Chugai Pharmaceutical Co. Ltd. | 99 | 3,808 | ||||||
Chugoku Bank Ltd. (The) | 27 | 233 | ||||||
Chugoku Electric Power Co., Inc. (The) | 46 | 579 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(b) | 23 | 324 | ||||||
COMSYS Holdings Corp. | 18 | 456 | ||||||
Concordia Financial Group Ltd. | 171 | 561 | ||||||
Cosmo Energy Holdings Co. Ltd. | 10 | 145 | ||||||
Cosmos Pharmaceutical Corp. | 2 | 339 | ||||||
Credit Saison Co. Ltd. | 25 | 268 | ||||||
CyberAgent, Inc. | 15 | 940 | ||||||
Dai Nippon Printing Co. Ltd. | 47 | 872 | ||||||
Daicel Corp. | 47 | 335 | ||||||
Daido Steel Co. Ltd. | 6 | 195 | ||||||
Daifuku Co. Ltd. | 15 | 1,540 | ||||||
Dai-ichi Life Holdings, Inc. | 168 | 2,485 | ||||||
Daiichi Sankyo Co. Ltd. | 294 | 7,728 | ||||||
Daiichikosho Co. Ltd. | 7 | 239 | ||||||
Daikin Industries Ltd. | 41 | 7,640 | ||||||
Daito Trust Construction Co. Ltd. | 10 | 908 | ||||||
Daiwa House Industry Co. Ltd. | 101 | 2,643 | ||||||
Daiwa Securities Group, Inc. | 241 | 971 | ||||||
DeNA Co. Ltd. | 17 | 290 | ||||||
Denka Co. Ltd. | 14 | 429 | ||||||
Denso Corp. | 70 | 3,240 | ||||||
Dentsu Group, Inc. | 35 | 1,001 | ||||||
DIC Corp. | 13 | 315 | ||||||
Disco Corp. | 4 | 1,073 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
DMG Mori Co. Ltd. | 16 | $ | 212 | |||||
Dowa Holdings Co. Ltd. | 7 | 199 | ||||||
East Japan Railway Co. | 56 | 2,923 | ||||||
Ebara Corp. | 16 | 442 | ||||||
Eisai Co. Ltd. | 41 | 3,172 | ||||||
Electric Power Development Co. Ltd. | 26 | 351 | ||||||
ENEOS Holdings, Inc. | 433 | 1,452 | ||||||
Ezaki Glico Co. Ltd. | 8 | 332 | ||||||
FamilyMart Co. Ltd. | 36 | 788 | ||||||
Fancl Corp. | 10 | 314 | ||||||
FANUC Corp. | 30 | 6,328 | ||||||
Fast Retailing Co. Ltd. | 8 | 5,564 | ||||||
FP Corp. | 8 | 319 | ||||||
Fuji Electric Co. Ltd. | 18 | 542 | ||||||
Fuji Media Holdings, Inc. | 7 | 67 | ||||||
Fuji Oil Holdings, Inc. | 7 | 221 | ||||||
Fuji Seal International, Inc. | 7 | 131 | ||||||
FUJIFILM Holdings Corp. | 57 | 2,900 | ||||||
Fujitsu General Ltd. | 9 | 248 | ||||||
Fujitsu Ltd. | 30 | 3,508 | ||||||
Fukuoka Financial Group, Inc. | 23 | 382 | ||||||
Fukuyama Transporting Co. Ltd. | 5 | 209 | ||||||
Furukawa Electric Co. Ltd. | 10 | 249 | ||||||
Fuyo General Lease Co. Ltd. | 3 | 171 | ||||||
Glory Ltd. | 9 | 189 | ||||||
GMO internet, Inc. | 9 | 240 | ||||||
GMO Payment Gateway, Inc. | 6 | 733 | ||||||
GOLDWIN, Inc. | 6 | 446 | ||||||
GS Yuasa Corp. | 12 | 208 | ||||||
GungHo Online Entertainment, Inc. | 5 | 124 | ||||||
Gunma Bank Ltd. (The) | 68 | 215 | ||||||
H.U. Group Holdings, Inc. | 8 | 203 | ||||||
Hachijuni Bank Ltd. (The) | 65 | 239 | ||||||
Hakuhodo DY Holdings, Inc. | 38 | 482 | ||||||
Hamamatsu Photonics KK | 21 | 1,053 | ||||||
Hankyu Hanshin Holdings, Inc. | 34 | 1,034 | ||||||
Haseko Corp. | 44 | 525 | ||||||
Heiwa Corp. | 8 | 129 | ||||||
Hikari Tsushin, Inc. | 3 | 701 | ||||||
Hino Motors Ltd. | 42 | 320 | ||||||
Hirogin Holdings, Inc.(a) | 46 | 249 | ||||||
Hirose Electric Co. Ltd. | 5 | 695 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 11 | 523 | ||||||
Hitachi Capital Corp. | 7 | 147 | ||||||
Hitachi Construction Machinery Co. Ltd. | 17 | 416 | ||||||
Hitachi Ltd. | 142 | 4,757 | ||||||
Hitachi Metals Ltd. | 31 | 410 | ||||||
Hitachi Transport System Ltd. | 7 | 221 | ||||||
Hokuhoku Financial Group, Inc. | 20 | 189 | ||||||
Hokuriku Electric Power Co. | 27 | 192 | ||||||
Honda Motor Co. Ltd. | 267 | 6,219 | ||||||
Horiba Ltd. | 6 | 293 | ||||||
Hoshizaki Corp. | 8 | 637 | ||||||
House Foods Group, Inc. | 12 | 397 | ||||||
Hoya Corp. | 57 | 6,434 | ||||||
Hulic Co. Ltd. | 56 | 517 | ||||||
Ibiden Co. Ltd. | 17 | 687 | ||||||
Ichigo, Inc. | 32 | 90 | ||||||
Idemitsu Kosan Co. Ltd. | 37 | 745 | ||||||
IHI Corp. | 21 | 252 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Iida Group Holdings Co. Ltd. | 22 | $ | 396 | |||||
INPEX Corp. | 145 | 682 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 57 | 275 | ||||||
Isuzu Motors Ltd. | 79 | 637 | ||||||
Ito En Ltd. | 9 | 569 | ||||||
ITOCHU Corp. | 209 | 4,998 | ||||||
Itochu Techno-Solutions Corp. | 16 | 544 | ||||||
Itoham Yonekyu Holdings, Inc. | 21 | 140 | ||||||
Iyo Bank Ltd. (The) | 43 | 269 | ||||||
Izumi Co. Ltd. | 6 | 203 | ||||||
J Front Retailing Co. Ltd. | 39 | 295 | ||||||
Japan Airlines Co. Ltd.(a) | 19 | 330 | ||||||
Japan Airport Terminal Co. Ltd. | 7 | 303 | ||||||
Japan Aviation Electronics Industry Ltd. | 7 | 96 | ||||||
Japan Exchange Group, Inc. | 85 | 2,067 | ||||||
Japan Post Bank Co. Ltd. | 65 | 517 | ||||||
Japan Post Holdings Co. Ltd. | 203 | 1,388 | ||||||
Japan Post Insurance Co. Ltd. | 30 | 474 | ||||||
Japan Tobacco, Inc. | 182 | 3,430 | ||||||
JCR Pharmaceuticals Co. Ltd. | 8 | 206 | ||||||
JFE Holdings, Inc.(a) | 82 | 571 | ||||||
JGC Holdings Corp. | 34 | 278 | ||||||
JSR Corp. | 30 | 673 | ||||||
JTEKT Corp. | 36 | 284 | ||||||
Justsystems Corp. | 5 | 327 | ||||||
Kagome Co. Ltd. | 12 | 410 | ||||||
Kajima Corp. | 72 | 766 | ||||||
Kakaku.com, Inc. | 21 | 557 | ||||||
Kaken Pharmaceutical Co. Ltd. | 5 | 196 | ||||||
Kamigumi Co. Ltd. | 16 | 285 | ||||||
Kandenko Co. Ltd. | 16 | 120 | ||||||
Kaneka Corp. | 9 | 250 | ||||||
Kansai Electric Power Co., Inc. (The) | 115 | 1,046 | ||||||
Kansai Mirai Financial Group, Inc. | 28 | 102 | ||||||
Kansai Paint Co. Ltd. | 31 | 797 | ||||||
Kao Corp. | 73 | 5,181 | ||||||
Kawasaki Heavy Industries Ltd.(a) | 23 | 273 | ||||||
KDDI Corp. | 260 | 6,945 | ||||||
Keihan Holdings Co. Ltd. | 15 | 568 | ||||||
Keikyu Corp. | 39 | 543 | ||||||
Keio Corp. | 18 | 1,042 | ||||||
Keisei Electric Railway Co. Ltd. | 22 | 613 | ||||||
Kewpie Corp. | 18 | 368 | ||||||
Keyence Corp. | 27 | 12,203 | ||||||
Kikkoman Corp. | 28 | 1,387 | ||||||
Kinden Corp. | 21 | 329 | ||||||
Kintetsu Group Holdings Co. Ltd. | 28 | 1,114 | ||||||
Kirin Holdings Co. Ltd. | 123 | 2,211 | ||||||
Kissei Pharmaceutical Co. Ltd. | 5 | 98 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 9 | 876 | ||||||
Kobe Bussan Co. Ltd.(b) | 8 | 225 | ||||||
Kobe Steel Ltd.(a) | 47 | 182 | ||||||
Koei Tecmo Holdings Co. Ltd. | 9 | 441 | ||||||
Koito Manufacturing Co. Ltd. | 18 | 864 | ||||||
KOKUYO Co. Ltd. | 13 | 176 | ||||||
Komatsu Ltd. | 140 | 3,135 | ||||||
Konami Holdings Corp. | 15 | 584 | ||||||
Konica Minolta, Inc. | 72 | 182 | ||||||
Kose Corp. | 4 | 508 | ||||||
Kotobuki Spirits Co. Ltd. | 3 | 138 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
K’s Holdings Corp. | 26 | $ | 332 | |||||
Kubota Corp. | 170 | 2,944 | ||||||
Kuraray Co. Ltd. | 56 | 515 | ||||||
Kurita Water Industries Ltd. | 17 | 504 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 2 | 160 | ||||||
Kyocera Corp. | 47 | 2,577 | ||||||
Kyoritsu Maintenance Co. Ltd. | 4 | 142 | ||||||
Kyowa Exeo Corp. | 14 | 322 | ||||||
Kyowa Kirin Co. Ltd. | 40 | 991 | ||||||
Kyudenko Corp. | 6 | 163 | ||||||
Kyushu Electric Power Co., Inc. | 73 | 612 | ||||||
Kyushu Financial Group, Inc. | 61 | 284 | ||||||
Kyushu Railway Co. | 25 | 531 | ||||||
Lasertec Corp. | 12 | 1,038 | ||||||
Lawson, Inc. | 7 | 322 | ||||||
LINE Corp.(a) | 8 | 411 | ||||||
Lintec Corp. | 8 | 177 | ||||||
Lion Corp. | 40 | 818 | ||||||
LIXIL Group Corp. | 41 | 885 | ||||||
M3, Inc. | 64 | 4,302 | ||||||
Mabuchi Motor Co. Ltd. | 8 | 328 | ||||||
Maeda Corp. | 21 | 151 | ||||||
Maeda Road Construction Co. Ltd. | 9 | 150 | ||||||
Makita Corp. | 39 | 1,716 | ||||||
Mani, Inc. | 9 | 225 | ||||||
Marubeni Corp. | 248 | 1,289 | ||||||
Marui Group Co. Ltd. | 33 | 592 | ||||||
Maruichi Steel Tube Ltd. | 10 | 229 | ||||||
Matsui Securities Co. Ltd. | 16 | 127 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 12 | 443 | ||||||
Mazda Motor Corp. | 90 | 470 | ||||||
Mebuki Financial Group, Inc. | 161 | 322 | ||||||
Medipal Holdings Corp. | 25 | 445 | ||||||
Megmilk Snow Brand Co. Ltd. | 7 | 151 | ||||||
MEIJI Holdings Co. Ltd. | 21 | 1,519 | ||||||
MINEBEA MITSUMI, Inc. | 64 | 1,147 | ||||||
MISUMI Group, Inc. | 44 | 1,301 | ||||||
Mitsubishi Chemical Holdings Corp. | 195 | 1,093 | ||||||
Mitsubishi Corp. | 183 | 4,071 | ||||||
Mitsubishi Electric Corp. | 303 | 3,884 | ||||||
Mitsubishi Estate Co. Ltd. | 181 | 2,691 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 30 | 543 | ||||||
Mitsubishi Heavy Industries Ltd. | 45 | 962 | ||||||
Mitsubishi Logistics Corp. | 11 | 288 | ||||||
Mitsubishi Materials Corp. | 20 | 365 | ||||||
Mitsubishi Motors Corp.(a) | 99 | 180 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 2 | 52 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,915 | 7,514 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 69 | 290 | ||||||
Mitsui & Co. Ltd. | 259 | 4,038 | ||||||
Mitsui Chemicals, Inc. | 29 | 740 | ||||||
Mitsui Fudosan Co. Ltd. | 144 | 2,444 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 9 | 225 | ||||||
Mitsui OSK Lines Ltd. | 17 | 380 | ||||||
Miura Co. Ltd. | 16 | 749 | ||||||
Mizuho Financial Group, Inc. | 389 | 4,769 | ||||||
Mochida Pharmaceutical Co. Ltd. | 4 | 145 | ||||||
MonotaRO Co. Ltd. | 18 | 999 | ||||||
Morinaga & Co. Ltd. | 6 | 228 | ||||||
Morinaga Milk Industry Co. Ltd. | 6 | 289 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
MS&AD Insurance Group Holdings, Inc. | 77 | $ | 2,095 | |||||
Murata Manufacturing Co. Ltd. | 88 | 6,117 | ||||||
Nabtesco Corp. | 18 | 670 | ||||||
Nagase & Co. Ltd. | 17 | 221 | ||||||
Nagoya Railroad Co. Ltd. | 29 | 770 | ||||||
Nankai Electric Railway Co. Ltd. | 17 | 387 | ||||||
NEC Corp. | 40 | 2,009 | ||||||
NET One Systems Co. Ltd. | 13 | 388 | ||||||
Nexon Co. Ltd. | 64 | 1,787 | ||||||
NGK Insulators Ltd. | 42 | 596 | ||||||
NGK Spark Plug Co. Ltd. | 30 | 524 | ||||||
NH Foods Ltd. | 16 | 654 | ||||||
NHK Spring Co. Ltd. | 26 | 156 | ||||||
Nichirei Corp. | 17 | 427 | ||||||
Nidec Corp. | 72 | 7,232 | ||||||
Nifco, Inc. | 14 | 417 | ||||||
Nihon Kohden Corp. | 12 | 375 | ||||||
Nihon M&A Center, Inc. | 20 | 1,169 | ||||||
Nihon Unisys Ltd. | 10 | 294 | ||||||
Nikon Corp. | 55 | 331 | ||||||
Nintendo Co. Ltd. | 16 | 8,721 | ||||||
Nippo Corp. | 8 | 205 | ||||||
Nippon Electric Glass Co. Ltd. | 13 | 254 | ||||||
Nippon Express Co. Ltd. | 11 | 616 | ||||||
Nippon Kayaku Co. Ltd. | 27 | 231 | ||||||
Nippon Paint Holdings Co. Ltd.(b) | 24 | 2,156 | ||||||
Nippon Paper Industries Co. Ltd. | 15 | 169 | ||||||
Nippon Sanso Holdings Corp. | 23 | 336 | ||||||
Nippon Shinyaku Co. Ltd. | 8 | 569 | ||||||
Nippon Shokubai Co. Ltd. | 5 | 244 | ||||||
Nippon Steel Corp.(a) | 127 | 1,223 | ||||||
Nippon Telegraph & Telephone Corp. | 183 | 3,844 | ||||||
Nippon Television Holdings, Inc. | 4 | 42 | ||||||
Nippon Yusen KK | 25 | 458 | ||||||
Nipro Corp. | 19 | 199 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 12 | 316 | ||||||
Nissan Chemical Corp. | 21 | 1,109 | ||||||
Nissan Motor Co. Ltd.(a) | 296 | 1,036 | ||||||
Nissan Shatai Co. Ltd. | 10 | 84 | ||||||
Nisshin Seifun Group, Inc. | 41 | 616 | ||||||
Nisshinbo Holdings, Inc. | 20 | 132 | ||||||
Nissin Foods Holdings Co. Ltd. | 11 | 951 | ||||||
Nitori Holdings Co. Ltd. | 11 | 2,268 | ||||||
Nitto Denko Corp. | 24 | 1,678 | ||||||
Noevir Holdings Co. Ltd. | 2 | 89 | ||||||
NOF Corp. | 11 | 412 | ||||||
NOK Corp. | 18 | 204 | ||||||
Nomura Holdings, Inc. | 455 | 2,022 | ||||||
Nomura Real Estate Holdings, Inc. | 19 | 331 | ||||||
Nomura Research Institute Ltd. | 40 | 1,184 | ||||||
NS Solutions Corp. | 5 | 146 | ||||||
NSK Ltd. | 72 | 571 | ||||||
NTT Data Corp. | 100 | 1,124 | ||||||
NTT DOCOMO, Inc. | 174 | 6,470 | ||||||
Obayashi Corp. | 107 | 890 | ||||||
OBIC Business Consultants Co. Ltd. | 2 | 108 | ||||||
Obic Co. Ltd. | 10 | 1,774 | ||||||
Odakyu Electric Railway Co. Ltd. | 48 | 1,154 | ||||||
Oji Holdings Corp. | 139 | 584 | ||||||
OKUMA Corp. | 5 | 241 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Olympus Corp. | 152 | $ | 2,892 | |||||
Omron Corp. | 29 | 2,081 | ||||||
Ono Pharmaceutical Co. Ltd. | 67 | 1,905 | ||||||
Open House Co. Ltd. | 10 | 340 | ||||||
Oracle Corp. Japan | 5 | 500 | ||||||
Orient Corp. | 90 | 99 | ||||||
Oriental Land Co. Ltd. | 29 | 4,046 | ||||||
ORIX Corp. | 197 | 2,291 | ||||||
Osaka Gas Co. Ltd. | 62 | 1,175 | ||||||
OSG Corp. | 11 | 164 | ||||||
Otsuka Corp. | 16 | 738 | ||||||
Otsuka Holdings Co. Ltd. | 66 | 2,434 | ||||||
Paltac Corp. | 5 | 280 | ||||||
Pan Pacific International Holdings Corp. | 80 | 1,700 | ||||||
Panasonic Corp. | 326 | 2,996 | ||||||
Park24 Co. Ltd.(a) | 17 | 229 | ||||||
Penta-Ocean Construction Co. Ltd. | 44 | 278 | ||||||
PeptiDream, Inc.(a) | 13 | 600 | ||||||
Persol Holdings Co. Ltd. | 27 | 406 | ||||||
Pigeon Corp. | 17 | 781 | ||||||
Pilot Corp. | 4 | 111 | ||||||
Pola Orbis Holdings, Inc. | 12 | 236 | ||||||
Rakuten, Inc. | 127 | 1,233 | ||||||
Recruit Holdings Co. Ltd. | 191 | 7,253 | ||||||
Relo Group, Inc. | 16 | 382 | ||||||
Renesas Electronics Corp.(a) | 110 | 906 | ||||||
Rengo Co. Ltd. | 33 | 253 | ||||||
Resona Holdings, Inc. | 347 | 1,137 | ||||||
Resorttrust, Inc. | 10 | 141 | ||||||
Ricoh Co. Ltd. | 108 | 705 | ||||||
Rinnai Corp. | 6 | 591 | ||||||
Rohm Co. Ltd. | 14 | 1,071 | ||||||
Rohto Pharmaceutical Co. Ltd. | 15 | 468 | ||||||
Ryohin Keikaku Co. Ltd. | 36 | 751 | ||||||
Sankyo Co. Ltd. | 8 | 203 | ||||||
Sankyu, Inc. | 8 | 285 | ||||||
Sanrio Co. Ltd. | 9 | 165 | ||||||
Santen Pharmaceutical Co. Ltd. | 57 | 1,013 | ||||||
Sanwa Holdings Corp. | 31 | 352 | ||||||
Sapporo Holdings Ltd. | 10 | 163 | ||||||
Sawai Pharmaceutical Co. Ltd. | 6 | 289 | ||||||
SBI Holdings, Inc. | 36 | 824 | ||||||
SCREEN Holdings Co. Ltd. | 6 | 327 | ||||||
SCSK Corp. | 7 | 348 | ||||||
Secom Co. Ltd. | 30 | 2,524 | ||||||
Sega Sammy Holdings, Inc. | 31 | 387 | ||||||
Seibu Holdings, Inc. | 34 | 339 | ||||||
Seiko Epson Corp. | 44 | 507 | ||||||
Seino Holdings Co. Ltd. | 23 | 297 | ||||||
Sekisui Chemical Co. Ltd. | 57 | 883 | ||||||
Sekisui House Ltd. | 89 | 1,470 | ||||||
Seven & i Holdings Co. Ltd. | 119 | 3,619 | ||||||
Seven Bank Ltd. | 104 | 238 | ||||||
SG Holdings Co. Ltd. | 66 | 1,588 | ||||||
Sharp Corp. | 23 | 264 | ||||||
Shiga Bank Ltd. (The) | 8 | 172 | ||||||
Shikoku Electric Power Co., Inc. | 24 | 173 | ||||||
Shimadzu Corp. | 41 | 1,165 | ||||||
Shimamura Co. Ltd. | 3 | 319 | ||||||
Shimano, Inc. | 12 | 2,728 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Shimizu Corp. | 90 | $ | 623 | |||||
Shin-Etsu Chemical Co. Ltd. | 62 | 8,238 | ||||||
Shinsei Bank Ltd. | 30 | 359 | ||||||
Shionogi & Co. Ltd. | 43 | 2,025 | ||||||
Ship Healthcare Holdings, Inc. | 6 | 284 | ||||||
Shiseido Co. Ltd. | 60 | 3,702 | ||||||
Shizuoka Bank Ltd. (The) | 83 | 556 | ||||||
SHO-BOND Holdings Co. Ltd. | 8 | 384 | ||||||
Shochiku Co. Ltd. | 2 | 231 | ||||||
Showa Denko K.K | 23 | 389 | ||||||
SKY Perfect JSAT Holdings, Inc. | 19 | 81 | ||||||
Skylark Holdings Co. Ltd. | 30 | 427 | ||||||
SMC Corp. | 9 | 4,761 | ||||||
SMS Co. Ltd. | 7 | 206 | ||||||
Softbank Corp. | 447 | 5,185 | ||||||
SoftBank Group Corp. | 225 | 14,620 | ||||||
Sohgo Security Services Co. Ltd. | 10 | 464 | ||||||
Sojitz Corp. | 199 | 436 | ||||||
Sompo Holdings, Inc. | 53 | 1,973 | ||||||
Sony Corp. | 188 | 15,599 | ||||||
Sotetsu Holdings, Inc. | 12 | 295 | ||||||
Square Enix Holdings Co. Ltd. | 12 | 703 | ||||||
Stanley Electric Co. Ltd. | 23 | 651 | ||||||
Subaru Corp. | 95 | 1,732 | ||||||
Sugi Holdings Co. Ltd. | 5 | 331 | ||||||
SUMCO Corp. | 34 | 516 | ||||||
Sumitomo Bakelite Co. Ltd. | 5 | 141 | ||||||
Sumitomo Chemical Co. Ltd. | 239 | 777 | ||||||
Sumitomo Corp. | 172 | 1,883 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 26 | 304 | ||||||
Sumitomo Electric Industries Ltd. | 119 | 1,304 | ||||||
Sumitomo Forestry Co. Ltd. | 21 | 329 | ||||||
Sumitomo Heavy Industries Ltd. | 18 | 382 | ||||||
Sumitomo Metal Mining Co. Ltd. | 38 | 1,172 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 200 | 5,512 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 56 | 1,491 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 5 | 152 | ||||||
Sumitomo Realty & Development Co. Ltd. | 62 | 1,653 | ||||||
Sumitomo Rubber Industries Ltd. | 28 | 245 | ||||||
Sundrug Co. Ltd. | 10 | 371 | ||||||
Suntory Beverage & Food Ltd. | 20 | 689 | ||||||
Sushiro Global Holdings Ltd. | 16 | 431 | ||||||
Suzuken Co. Ltd. | 12 | 432 | ||||||
Suzuki Motor Corp. | 66 | 2,814 | ||||||
Sysmex Corp. | 29 | 2,719 | ||||||
T&D Holdings, Inc. | 84 | 833 | ||||||
Taiheiyo Cement Corp. | 19 | 444 | ||||||
Taisei Corp. | 31 | 962 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 7 | 420 | ||||||
Taiyo Yuden Co. Ltd. | 18 | 661 | ||||||
Takara Bio, Inc. | 7 | 190 | ||||||
Takara Holdings, Inc. | 28 | 281 | ||||||
Takashimaya Co. Ltd. | 23 | 171 | ||||||
Takeda Pharmaceutical Co. Ltd. | 233 | 7,219 | ||||||
TDK Corp. | 19 | 2,219 | ||||||
TechnoPro Holdings, Inc. | 6 | 371 | ||||||
Teijin Ltd. | 28 | 427 | ||||||
Terumo Corp. | 100 | 3,670 | ||||||
THK Co. Ltd. | 18 | 473 | ||||||
TIS, Inc. | 36 | 689 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Tobu Railway Co. Ltd. | 32 | $ | 905 | |||||
Toda Corp. | 37 | 210 | ||||||
Toho Co. Ltd. | 18 | 711 | ||||||
Toho Gas Co. Ltd. | 14 | 722 | ||||||
Tohoku Electric Power Co., Inc. | 75 | 661 | ||||||
Tokai Carbon Co. Ltd. | 31 | 350 | ||||||
Tokai Rika Co. Ltd. | 8 | 124 | ||||||
Tokio Marine Holdings, Inc. | 102 | 4,546 | ||||||
Tokuyama Corp. | 11 | 243 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 6 | 92 | ||||||
Tokyo Century Corp. | 7 | 341 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(a) | 247 | 636 | ||||||
Tokyo Electron Ltd. | 23 | 6,138 | ||||||
Tokyo Gas Co. Ltd. | 66 | 1,493 | ||||||
Tokyo Tatemono Co. Ltd. | 33 | 378 | ||||||
Tokyu Corp. | 78 | 921 | ||||||
Tokyu Fudosan Holdings Corp. | 94 | 408 | ||||||
Toppan Printing Co. Ltd. | 41 | 519 | ||||||
Toray Industries, Inc. | 240 | 1,080 | ||||||
Toshiba Corp. | 67 | 1,685 | ||||||
Toshiba TEC Corp. | 4 | 160 | ||||||
Tosoh Corp. | 45 | 727 | ||||||
TOTO Ltd. | 23 | 1,044 | ||||||
Toyo Seikan Group Holdings Ltd. | 25 | 233 | ||||||
Toyo Suisan Kaisha Ltd. | 14 | 696 | ||||||
Toyo Tire Corp. | 16 | 236 | ||||||
Toyobo Co. Ltd. | 14 | 185 | ||||||
Toyoda Gosei Co. Ltd. | 12 | 303 | ||||||
Toyota Boshoku Corp. | 10 | 144 | ||||||
Toyota Industries Corp. | 25 | 1,607 | ||||||
Toyota Motor Corp. | 377 | 24,534 | ||||||
Toyota Tsusho Corp. | 35 | 971 | ||||||
Trend Micro, Inc. | 18 | 1,007 | ||||||
TS Tech Co. Ltd. | 8 | 220 | ||||||
Tsumura & Co. | 10 | 293 | ||||||
Tsuruha Holdings, Inc. | 6 | 839 | ||||||
TV Asahi Holdings Corp. | 3 | 45 | ||||||
Ube Industries Ltd. | 17 | 291 | ||||||
Ulvac, Inc. | 8 | 290 | ||||||
Unicharm Corp. | 61 | 2,824 | ||||||
Ushio, Inc. | 19 | 212 | ||||||
USS Co. Ltd. | 34 | 621 | ||||||
Wacoal Holdings Corp. | 10 | 181 | ||||||
Welcia Holdings Co. Ltd. | 16 | 628 | ||||||
West Japan Railway Co. | 28 | 1,195 | ||||||
Yakult Honsha Co. Ltd. | 19 | 920 | ||||||
Yamada Denki Co. Ltd. | 116 | 564 | ||||||
Yamaguchi Financial Group, Inc. | 36 | 233 | ||||||
Yamaha Corp. | 24 | 1,130 | ||||||
Yamaha Motor Co. Ltd. | 44 | 624 | ||||||
Yamato Holdings Co. Ltd. | 56 | 1,475 | ||||||
Yamato Kogyo Co. Ltd. | �� | 6 | 143 | |||||
Yamazaki Baking Co. Ltd. | 20 | 328 | ||||||
Yaoko Co. Ltd. | 3 | 212 | ||||||
Yaskawa Electric Corp. | 40 | 1,544 | ||||||
Yokogawa Electric Corp. | 38 | 555 | ||||||
Yokohama Rubber Co. Ltd. (The) | 17 | 242 | ||||||
Z Holdings Corp. | 399 | 2,768 | ||||||
Zenkoku Hosho Co. Ltd. | 8 | 314 | ||||||
Zensho Holdings Co. Ltd. | 15 | 349 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Zeon Corp. | 23 | $ | 278 | |||||
ZOZO, Inc. | 12 | 304 | ||||||
|
| |||||||
584,177 | ||||||||
|
| |||||||
Jordan-0.03% | ||||||||
Hikma Pharmaceuticals PLC | 22 | 714 | ||||||
|
| |||||||
Kazakhstan-0.01% | ||||||||
KAZ Minerals PLC. | 34 | 277 | ||||||
|
| |||||||
Luxembourg-0.15% | ||||||||
ArcelorMittal S.A.(a) | 99 | 1,344 | ||||||
Eurofins Scientific SE(a) | 2 | 1,593 | ||||||
L’Occitane International S.A. | 72 | 131 | ||||||
RTL Group S.A.(a) | 6 | 228 | ||||||
|
| |||||||
3,296 | ||||||||
|
| |||||||
Macau-0.20% | ||||||||
Galaxy Entertainment Group Ltd. | 335 | 2,207 | ||||||
Macau Legend Development Ltd.(a) | 265 | 36 | ||||||
MGM China Holdings Ltd. | 118 | 156 | ||||||
Sands China Ltd. | 380 | 1,330 | ||||||
SJM Holdings Ltd. | 296 | 306 | ||||||
Wynn Macau Ltd.(a) | 231 | 319 | ||||||
|
| |||||||
4,354 | ||||||||
|
| |||||||
Malaysia-0.00% | ||||||||
Wing Tai Holdings Ltd. | 58 | 76 | ||||||
|
| |||||||
Mexico-0.02% | ||||||||
Fresnillo PLC | 28 | 421 | ||||||
|
| |||||||
Netherlands-3.54% | ||||||||
Aalberts N.V. | 15 | 504 | ||||||
ABN AMRO Bank N.V., CVA(a)(c) | 64 | 525 | ||||||
Adyen N.V.(a)(c) | 4 | 6,745 | ||||||
Aegon N.V. | 270 | 728 | ||||||
Akzo Nobel N.V. | 29 | 2,794 | ||||||
Altice Europe N.V.(a) | 83 | 409 | ||||||
Altice Europe N.V., Class B(a) | 4 | 20 | ||||||
Argenx SE(a) | 7 | 1,748 | ||||||
ASM International N.V. | 7 | 1,001 | ||||||
ASML Holding N.V. | 61 | 22,169 | ||||||
ASR Nederland N.V. | 21 | 638 | ||||||
Euronext N.V.(c) | 9 | 939 | ||||||
EXOR N.V. | 16 | 831 | ||||||
GrandVision N.V.(a)(c) | 7 | 194 | ||||||
Heineken Holding N.V. | 16 | 1,237 | ||||||
Heineken N.V.(b) | 36 | 3,195 | ||||||
IMCD N.V | 9 | 1,043 | ||||||
ING Groep N.V.(a) | 599 | 4,088 | ||||||
JDE Peet’s B.V.(a) | 10 | 356 | ||||||
Koninklijke Ahold Delhaize N.V. | 164 | 4,507 | ||||||
Koninklijke DSM N.V. | 26 | 4,163 | ||||||
Koninklijke KPN N.V. | 508 | 1,373 | ||||||
Koninklijke Philips N.V.(a) | 139 | 6,456 | ||||||
Koninklijke Vopak N.V. | 10 | 520 | ||||||
NN Group N.V. | 50 | 1,744 | ||||||
Prosus N.V.(a) | 66 | 6,595 | ||||||
Randstad N.V.(a) | 17 | 850 | ||||||
Signify N.V.(a)(c) | 19 | 677 | ||||||
Wolters Kluwer N.V. | 41 | 3,323 | ||||||
|
| |||||||
79,372 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
New Zealand-0.39% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 112 | $ | 1,084 | |||||
Air New Zealand Ltd.(a) | 78 | 73 | ||||||
Auckland International Airport Ltd.(a) | 181 | 837 | ||||||
Contact Energy Ltd. | 110 | 537 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 87 | 2,012 | ||||||
Fletcher Building Ltd.(a) | 126 | 341 | ||||||
Kiwi Property Group Ltd., (Acquired 09/19/2017-06/19/2020; Cost $233)(e) | 241 | 196 | ||||||
Mercury NZ Ltd. | 104 | 368 | ||||||
Meridian Energy Ltd. | 189 | 662 | ||||||
Ryman Healthcare Ltd. | 63 | 583 | ||||||
SKYCITY Entertainment Group Ltd. | 102 | 189 | ||||||
Spark New Zealand Ltd. | 282 | 837 | ||||||
Xero Ltd.(a) | 14 | 1,083 | ||||||
|
| |||||||
8,802 | ||||||||
|
| |||||||
Norway-0.51% | ||||||||
Aker ASA, Class A | 4 | 159 | ||||||
Aker BP ASA. | 17 | 264 | ||||||
DNB ASA(a) | 160 | 2,154 | ||||||
Equinor ASA | 151 | 1,915 | ||||||
Gjensidige Forsikring ASA | 25 | 474 | ||||||
Leroy Seafood Group ASA | 39 | 183 | ||||||
Mowi ASA | 65 | 1,024 | ||||||
Norsk Hydro ASA(a) | 205 | 573 | ||||||
Orkla ASA | 117 | 1,103 | ||||||
Salmar ASA(a) | 8 | 404 | ||||||
Schibsted ASA, Class A(a) | 12 | 489 | ||||||
Schibsted ASA, Class B(a) | 15 | 538 | ||||||
Telenor ASA | 99 | 1,525 | ||||||
TOMRA Systems ASA | 18 | 724 | ||||||
|
| |||||||
11,529 | ||||||||
|
| |||||||
Poland-0.23% | ||||||||
Allegro.eu S.A.(a)(c) | 31 | 629 | ||||||
Bank Polska Kasa Opieki S.A.(a) | 24 | 256 | ||||||
CD Projekt S.A.(a) | 10 | 846 | ||||||
Cyfrowy Polsat S.A. | 41 | 255 | ||||||
Dino Polska S.A.(a)(c) | 7 | 384 | ||||||
Grupa Lotos S.A. | 15 | 106 | ||||||
KGHM Polska Miedz S.A.(a) | 21 | 626 | ||||||
PGE Polska Grupa Energetyczna S.A.(a) | 112 | 127 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 48 | 461 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 266 | 280 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 131 | 627 | ||||||
Powszechny Zaklad Ubezpieczen S.A.(a) | 86 | 469 | ||||||
Santander Bank Polska S.A.(a) | 5 | 155 | ||||||
|
| |||||||
5,221 | ||||||||
|
| |||||||
Portugal-0.14% | ||||||||
EDP - Energias de Portugal S.A. | 398 | 1,962 | ||||||
Galp Energia SGPS S.A. | 79 | 640 | ||||||
Jeronimo Martins SGPS S.A. | 37 | 588 | ||||||
|
| |||||||
3,190 | ||||||||
|
| |||||||
Russia-0.07% | ||||||||
Evraz PLC | 88 | 409 | ||||||
Polymetal International PLC | 52 | 1,102 | ||||||
|
| |||||||
1,511 | ||||||||
|
| |||||||
Singapore-1.04% | ||||||||
Ascendas REIT | 451 | 951 |
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Ascott Residence Trust | 272 | $ | 165 | |||||
BOC Aviation Ltd.(c) | 33 | 204 | ||||||
CapitaLand Integrated Commercial Trust | 635 | 805 | ||||||
CapitaLand Ltd. | 399 | 751 | ||||||
City Developments Ltd. | 74 | 344 | ||||||
ComfortDelGro Corp. Ltd. | 325 | 321 | ||||||
DBS Group Holdings Ltd. | 277 | 4,128 | ||||||
Frasers Logistics & Commercial Trust(c) | 400 | 360 | ||||||
Frasers Property Ltd. | 55 | 44 | ||||||
Genting Singapore Ltd. | 916 | 433 | ||||||
Jardine Cycle & Carriage Ltd. | 16 | 208 | ||||||
Keppel Corp. Ltd. | 227 | 730 | ||||||
Keppel DC REIT | 200 | 425 | ||||||
Keppel REIT | 300 | 219 | ||||||
Mapletree Commercial Trust | 291 | 367 | ||||||
Mapletree Industrial Trust | 201 | 448 | ||||||
Mapletree Logistics Trust | 367 | 524 | ||||||
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(d) | 6 | 0 | ||||||
NetLink NBN Trust(c) | 400 | 281 | ||||||
Olam International Ltd. | 95 | 89 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 519 | 3,200 | ||||||
SATS Ltd. | 100 | 218 | ||||||
Sembcorp Industries Ltd. | 144 | 167 | ||||||
Sembcorp Marine Ltd.(a) | 836 | 73 | ||||||
SIA Engineering Co. Ltd. | 37 | 44 | ||||||
Singapore Airlines Ltd. | 181 | 449 | ||||||
Singapore Exchange Ltd. | 130 | 824 | ||||||
Singapore Post Ltd. | 240 | 117 | ||||||
Singapore Press Holdings Ltd. | 253 | 183 | ||||||
Singapore Technologies Engineering Ltd. | 242 | 619 | ||||||
Singapore Telecommunications Ltd. | 1,142 | 1,698 | ||||||
StarHub Ltd. | 91 | 78 | ||||||
Suntec REIT | 299 | 293 | ||||||
United Overseas Bank Ltd. | 196 | 2,726 | ||||||
UOL Group Ltd. | 75 | 342 | ||||||
Venture Corp. Ltd. | 40 | 564 | ||||||
|
| |||||||
23,392 | ||||||||
|
| |||||||
South Africa-0.20% | ||||||||
Anglo American PLC | 189 | 4,426 | ||||||
|
| |||||||
South Korea-5.22% | ||||||||
Alteogen, Inc.(a) | 3 | 418 | ||||||
Amorepacific Corp. | 5 | 696 | ||||||
Amorepacific Corp., Preference Shares | 2 | 92 | ||||||
Amorepacific Group | 4 | 154 | ||||||
BGF retail Co. Ltd. | 1 | 104 | ||||||
BNK Financial Group, Inc. | 45 | 219 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 11 | 821 | ||||||
Celltrion Pharm, Inc.(a) | 3 | 288 | ||||||
Celltrion, Inc.(a) | 16 | 3,398 | ||||||
Cheil Worldwide, Inc. | 11 | 202 | ||||||
CJ CheilJedang Corp. | 1 | 318 | ||||||
CJ Corp. | 2 | 134 | ||||||
CJ ENM Co. Ltd. | 1 | 116 | ||||||
CJ Logistics Corp.(a) | 1 | 141 | ||||||
Coway Co. Ltd. | 9 | 550 | ||||||
Daelim Industrial Co. Ltd. | 4 | 275 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 27 | 71 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 7 | $ | 132 | |||||
DB Insurance Co. Ltd. | 7 | 273 | ||||||
DGB Financial Group, Inc. | 23 | 125 | ||||||
Dongsuh Cos., Inc. | 5 | 128 | ||||||
Doosan Bobcat, Inc. | 4 | 102 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a) | 21 | 254 | ||||||
Doosan Heavy Industries & Construction Co. Ltd., Rts.(a) | 8 | 29 | ||||||
Doosan Infracore Co. Ltd.(a) | 20 | 147 | ||||||
Doosan Solus Co. Ltd.(a) | 2 | 56 | ||||||
E-MART, Inc. | 3 | 375 | ||||||
Fila Holdings Corp. | 8 | 270 | ||||||
GS Engineering & Construction Corp. | 9 | 212 | ||||||
GS Holdings Corp. | 8 | 233 | ||||||
GS Retail Co. Ltd. | 4 | 113 | ||||||
Hana Financial Group, Inc. | 44 | 1,179 | ||||||
Hanjin Kal Corp. | 5 | 329 | ||||||
Hankook Tire & Technology Co. Ltd. | 11 | 307 | ||||||
Hanmi Pharm Co. Ltd. | 1 | 231 | ||||||
Hanmi Science Co. Ltd. | 2 | 94 | ||||||
Hanon Systems | 25 | 247 | ||||||
Hanssem Co. Ltd. | 1 | 83 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 5 | 111 | ||||||
Hanwha Corp. | 6 | 127 | ||||||
Hanwha Corp., Preference Shares | 3 | 34 | ||||||
Hanwha Life Insurance Co. Ltd. | 42 | 57 | ||||||
Hanwha Solutions Corp. | 12 | 462 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 7 | 122 | ||||||
Helixmith Co. Ltd.(a) | 3 | 49 | ||||||
Hite Jinro Co. Ltd. | 5 | 148 | ||||||
HLB, Inc.(a) | 6 | 486 | ||||||
Hotel Shilla Co. Ltd. | 5 | 327 | ||||||
Hyundai Department Store Co. Ltd. | 2 | 104 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 11 | 297 | ||||||
Hyundai Glovis Co. Ltd. | 3 | 443 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 2 | 378 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 9 | 185 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 3 | 74 | ||||||
Hyundai Mobis Co. Ltd. | 10 | 1,987 | ||||||
Hyundai Motor Co. | 21 | 3,044 | ||||||
Hyundai Motor Co., First Pfd | 3 | 208 | ||||||
Hyundai Motor Co., Second Pfd | 5 | 352 | ||||||
Hyundai Steel Co. | 11 | 280 | ||||||
Hyundai Wia Corp. | 2 | 74 | ||||||
Industrial Bank of Korea | 48 | 346 | ||||||
Kakao Corp. | 8 | 2,327 | ||||||
Kangwon Land, Inc. | 16 | 297 | ||||||
KB Financial Group, Inc. | 59 | 2,085 | ||||||
KCC Corp. | 1 | 135 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 3 | 73 | ||||||
Kia Motors Corp. | 39 | 1,736 | ||||||
Korea Aerospace Industries Ltd. | 10 | 192 | ||||||
Korea Electric Power Corp.(a) | 39 | 686 | ||||||
Korea Gas Corp. | 4 | 96 | ||||||
Korea Investment Holdings Co. Ltd. | 6 | 363 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 7 | 484 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Korea Zinc Co. Ltd. | 2 | $ | 674 | |||||
Korean Air Lines Co. Ltd.(a) | 12 | 211 | ||||||
KT&G Corp. | 17 | 1,214 | ||||||
Kumho Petrochemical Co. Ltd. | 3 | 352 | ||||||
LG Chem Ltd. | 7 | 3,769 | ||||||
LG Chem Ltd., Preference Shares | 1 | 273 | ||||||
LG Corp. | 14 | 836 | ||||||
LG Display Co. Ltd.(a) | 34 | 421 | ||||||
LG Electronics, Inc. | 16 | 1,184 | ||||||
LG Electronics, Inc., Preference Shares | 3 | 85 | ||||||
LG Household & Health Care Ltd. | 1 | 1,322 | ||||||
LG Innotek Co. Ltd. | 2 | 268 | ||||||
LG Uplus Corp. | 29 | 282 | ||||||
Lotte Chemical Corp. | 2 | 411 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1 | 76 | ||||||
Lotte Corp. | 4 | 100 | ||||||
LOTTE Fine Chemical Co. Ltd. | 3 | 128 | ||||||
Lotte Shopping Co. Ltd. | 2 | 147 | ||||||
LS Corp. | 3 | 137 | ||||||
Mando Corp. | 5 | 157 | ||||||
Medy-Tox, Inc. | 1 | 163 | ||||||
Mirae Asset Daewoo Co. Ltd. | 58 | 428 | ||||||
Mirae Asset Daewoo Co. Ltd., Second Pfd | 21 | 84 | ||||||
NAVER Corp. | 20 | 5,111 | ||||||
NCSoft Corp. | 3 | 2,052 | ||||||
Netmarble Corp.(a)(c) | 3 | 309 | ||||||
NH Investment & Securities Co. Ltd. | 20 | 168 | ||||||
NHN Corp.(a) | 1 | 61 | ||||||
OCI Co. Ltd.(a) | 3 | 163 | ||||||
Orion Corp. | 3 | 287 | ||||||
Paradise Co. Ltd. | 7 | 78 | ||||||
POSCO | 10 | 1,833 | ||||||
POSCO Chemical Co. Ltd. | 3 | 195 | ||||||
Posco International Corp. | 8 | 94 | ||||||
S-1 Corp. | 3 | 216 | ||||||
Samsung Biologics Co. Ltd.(a)(c) | 2 | 1,202 | ||||||
Samsung C&T Corp. | 13 | 1,266 | ||||||
Samsung Card Co. Ltd. | 5 | 130 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 8 | 941 | ||||||
Samsung Electronics Co. Ltd. | 718 | 35,815 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 126 | 5,563 | ||||||
Samsung Engineering Co. Ltd.(a) | 24 | 248 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 5 | 789 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 67 | 298 | ||||||
Samsung Life Insurance Co. Ltd. | 10 | 557 | ||||||
Samsung SDI Co. Ltd. | 8 | 3,116 | ||||||
Samsung SDS Co. Ltd. | 5 | 742 | ||||||
Samsung Securities Co. Ltd. | 10 | 283 | ||||||
Shinhan Financial Group Co. Ltd. | 71 | 1,899 | ||||||
Shinsegae, Inc. | 1 | 183 | ||||||
SillaJen, Inc.(a)(d) | 8 | 43 | ||||||
SK Holdings Co. Ltd. | 5 | 804 | ||||||
SK Hynix, Inc. | 79 | 5,563 | ||||||
SK Innovation Co. Ltd. | 8 | 885 | ||||||
SK Networks Co. Ltd. | 22 | 88 | ||||||
SK Telecom Co. Ltd. | 4 | 754 | ||||||
SKC Co. Ltd. | 3 | 194 | ||||||
S-Oil Corp. | 6 | 287 | ||||||
Ssangyong Cement Industrial Co. Ltd. | 16 | 78 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Woori Financial Group, Inc. | 83 | $ | 650 | |||||
Yuhan Corp. | 7 | 367 | ||||||
|
| |||||||
117,119 | ||||||||
|
| |||||||
Spain-2.08% | ||||||||
Acciona S.A. | 3 | 303 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 36 | 855 | ||||||
Aena SME S.A.(a)(c) | 11 | 1,481 | ||||||
Amadeus IT Group S.A. | 65 | 3,104 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 1,021 | 2,928 | ||||||
Banco Santander S.A.(a) | 2,517 | 5,016 | ||||||
Bankia S.A. | 184 | 225 | ||||||
Bankinter S.A. | 105 | 393 | ||||||
CaixaBank S.A. | 551 | 1,003 | ||||||
Cellnex Telecom S.A.(c) | 52 | 3,339 | ||||||
EDP Renovaveis S.A. | 23 | 437 | ||||||
Enagas S.A. | 38 | 820 | ||||||
Endesa S.A. | 49 | 1,313 | ||||||
Ferrovial S.A. | 74 | 1,601 | ||||||
Grifols S.A.(b) | 51 | 1,378 | ||||||
Iberdrola S.A. | 908 | 10,709 | ||||||
Industria de Diseno Textil S.A. | 161 | 3,974 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 50 | 356 | ||||||
Mapfre S.A. | 151 | 228 | ||||||
Merlin Properties SOCIMI S.A. | 51 | 343 | ||||||
Naturgy Energy Group S.A. | 46 | 855 | ||||||
Red Electrica Corp. S.A. | 66 | 1,163 | ||||||
Repsol S.A. | 211 | 1,312 | ||||||
Siemens Gamesa Renewable Energy S.A. | 34 | 964 | ||||||
Telefonica S.A. | 724 | 2,366 | ||||||
Zardoya Otis S.A. | 27 | 165 | ||||||
|
| |||||||
46,631 | ||||||||
|
| |||||||
Sweden-3.14% | ||||||||
Alfa Laval AB(a) | 48 | 973 | ||||||
Assa Abloy AB, Class B | 141 | 3,025 | ||||||
Atlas Copco AB, Class A | 97 | 4,282 | ||||||
Atlas Copco AB, Class B | 58 | 2,224 | ||||||
Boliden AB | 42 | 1,147 | ||||||
Castellum AB | 41 | 854 | ||||||
Electrolux AB, Series B(b) | 35 | 790 | ||||||
Elekta AB, Class B | 55 | 644 | ||||||
Epiroc AB, Class A | 96 | 1,434 | ||||||
Epiroc AB, Class B | 58 | 831 | ||||||
EQT AB | 31 | 590 | ||||||
Essity AB, Class B(b) | 93 | 2,695 | ||||||
Evolution Gaming Group AB(c) | 20 | 1,485 | ||||||
Fastighets AB Balder, Class B(a) | 15 | 707 | ||||||
Hennes & Mauritz AB, Class B(b) | 134 | 2,177 | ||||||
Hexagon AB, Class B(a) | 39 | 2,850 | ||||||
Holmen AB, Class B | 15 | 569 | ||||||
Husqvarna AB, Class B(b) | 62 | 641 | ||||||
ICA Gruppen AB(b) | 12 | 568 | ||||||
Industrivarden AB, Class A(a) | 32 | 861 | ||||||
Industrivarden AB, Class C(a) | 26 | 665 | ||||||
Investment AB Latour, Class B | 18 | 420 | ||||||
Investor AB, Class A | 20 | 1,198 | ||||||
Investor AB, Class B | 70 | 4,203 | ||||||
Kinnevik AB, Class B | 37 | 1,518 | ||||||
L E Lundbergforetagen AB, Class B (a) | 11 | 495 | ||||||
Lifco AB, Class B | 7 | 512 |
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Lundin Energy AB | 29 | $ | 553 | |||||
Nibe Industrier AB, Class B(a) | 46 | 1,109 | ||||||
Saab AB, Class B(a) | 14 | 322 | ||||||
Sandvik AB(a) | 165 | 2,938 | ||||||
Securitas AB, Class B(a) | 47 | 665 | ||||||
Sinch AB(a)(c) | 6 | 572 | ||||||
Skandinaviska Enskilda Banken AB, Class A(a) | 220 | 1,886 | ||||||
Skandinaviska Enskilda Banken AB, Class C(a) | 3 | 28 | ||||||
Skanska AB, Class B(b) | 55 | 1,034 | ||||||
SKF AB, Class B | 59 | 1,208 | ||||||
Svenska Cellulosa AB S.C.A., Class A (a) | 3 | 42 | ||||||
Svenska Cellulosa AB S.C.A., Class B (a) | 91 | 1,234 | ||||||
Svenska Handelsbanken AB, Class A(a) | 228 | 1,847 | ||||||
Svenska Handelsbanken AB, Class B (a) | 5 | 48 | ||||||
Sweco AB, Class B | 10 | 504 | ||||||
Swedbank AB, Class A(a) | 154 | 2,413 | ||||||
Swedish Match AB | 24 | 1,808 | ||||||
Swedish Orphan Biovitrum AB(a) | 27 | 466 | ||||||
Tele2 AB, Class B | 82 | 972 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 6 | 72 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 460 | 5,131 | ||||||
Telia Co. AB | 394 | 1,510 | ||||||
Trelleborg AB, Class B(a) | 37 | 615 | ||||||
Volvo AB, Class A(a) | 30 | 583 | ||||||
Volvo AB, Class B(a) | 230 | 4,474 | ||||||
|
| |||||||
70,392 | ||||||||
|
| |||||||
Switzerland-9.07% | ||||||||
ABB Ltd. | 274 | 6,652 | ||||||
Adecco Group AG | 24 | 1,178 | ||||||
Alcon, Inc.(a) | 70 | 3,979 | ||||||
Baloise Holding AG | 7 | 957 | ||||||
Banque Cantonale Vaudoise | 4 | 388 | ||||||
Cie Financiere Richemont S.A. | 78 | 4,893 | ||||||
Clariant AG | 31 | 532 | ||||||
Coca-Cola HBC AG(a) | 30 | 681 | ||||||
Credit Suisse Group AG | 357 | 3,359 | ||||||
DKSH Holding AG | 5 | 322 | ||||||
EMS-Chemie Holding AG | 1 | 879 | ||||||
Flughafen Zurich AG(a) | 3 | 405 | ||||||
Geberit AG | 5 | 2,848 | ||||||
Georg Fischer AG | 1 | 1,009 | ||||||
Givaudan S.A. | 1 | 4,076 | ||||||
Helvetia Holding AG | 5 | 392 | ||||||
Julius Baer Group Ltd. | 33 | 1,474 | ||||||
Kuehne + Nagel International AG | 8 | 1,598 | ||||||
LafargeHolcim Ltd.(a) | 78 | 3,349 | ||||||
Logitech International S.A. | 23 | 1,937 | ||||||
Lonza Group AG | 11 | 6,663 | ||||||
Nestle S.A. | 426 | 47,919 | ||||||
Novartis AG | 328 | 25,584 | ||||||
OC Oerlikon Corp. AG | 29 | 202 | ||||||
Partners Group Holding AG | 3 | 2,706 | ||||||
PSP Swiss Property AG | 7 | 847 | ||||||
Roche Holding AG | 106 | 34,088 | ||||||
Roche Holding AG, BR | 4 | 1,288 | ||||||
Schindler Holding AG | 3 | 770 | ||||||
Schindler Holding AG, PC | 6 | 1,535 | ||||||
SGS S.A. | 1 | 2,500 | ||||||
SIG Combibloc Group AG(a) | 44 | 905 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Sika AG | 21 | $ | 5,171 | |||||
Sonova Holding AG(a) | 8 | 1,898 | ||||||
STMicroelectronics N.V. | 97 | 2,955 | ||||||
Straumann Holding AG | 2 | 2,086 | ||||||
Sulzer AG | 3 | 219 | ||||||
Swatch Group AG (The) | 7 | 286 | ||||||
Swatch Group AG (The), BR | 4 | 846 | ||||||
Swiss Life Holding AG | 5 | 1,681 | ||||||
Swiss Prime Site AG | 11 | 925 | ||||||
Swiss Re AG | 43 | 3,084 | ||||||
Swisscom AG | 4 | 2,035 | ||||||
Temenos AG | 9 | 967 | ||||||
UBS Group AG | 514 | 5,970 | ||||||
VAT Group AG(a)(c) | 4 | 750 | ||||||
Vifor Pharma AG | 8 | 900 | ||||||
Zurich Insurance Group AG | 23 | 7,629 | ||||||
|
| |||||||
203,317 | ||||||||
|
| |||||||
Taiwan-0.00% | ||||||||
FIT Hon Teng Ltd.(a)(c) | 160 | 63 | ||||||
|
| |||||||
United Arab Emirates-0.00% | ||||||||
NMC Health PLC(a)(d) | 13 | 0 | ||||||
|
| |||||||
United Kingdom-11.66% | ||||||||
3i Group PLC | 146 | 1,814 | ||||||
Admiral Group PLC | 32 | 1,138 | ||||||
Ashmore Group PLC | 70 | 322 | ||||||
Ashtead Group PLC | 69 | 2,498 | ||||||
Associated British Foods PLC | 53 | 1,163 | ||||||
AstraZeneca PLC | 201 | 20,183 | ||||||
Auto Trader Group PLC(b)(c) | 145 | 1,086 | ||||||
Avast PLC(c) | 84 | 515 | ||||||
AVEVA Group PLC | 10 | 555 | ||||||
Aviva PLC | 601 | 2,001 | ||||||
B&M European Value Retail S.A. | 131 | 821 | ||||||
BAE Systems PLC | 493 | 2,531 | ||||||
Barclays PLC(a) | 2,652 | 3,654 | ||||||
Barratt Developments PLC(a) | 155 | 967 | ||||||
Bellway PLC | 19 | 574 | ||||||
Berkeley Group Holdings PLC | 18 | 944 | ||||||
BP PLC | 3,043 | 7,735 | ||||||
British American Tobacco PLC | 350 | 11,078 | ||||||
British Land Co. PLC (The) | 142 | 640 | ||||||
BT Group PLC | 1,334 | 1,749 | ||||||
Bunzl PLC | 52 | 1,614 | ||||||
Burberry Group PLC | 62 | 1,087 | ||||||
Centrica PLC(a) | 895 | 430 | ||||||
CNH Industrial N.V.(a) | 151 | 1,171 | ||||||
Compass Group PLC | 273 | 3,724 | ||||||
ConvaTec Group PLC(c) | 243 | 568 | ||||||
Croda International PLC | 19 | 1,482 | ||||||
DCC PLC | 15 | 974 | ||||||
Derwent London PLC | 15 | 516 | ||||||
Diageo PLC | 352 | 11,374 | ||||||
Direct Line Insurance Group PLC | 210 | 715 | ||||||
DS Smith PLC(a) | 196 | 717 | ||||||
easyJet PLC | 30 | 196 | ||||||
Experian PLC | 139 | 5,063 | ||||||
Fiat Chrysler Automobiles N.V.(a) | 169 | 2,075 | ||||||
GlaxoSmithKline PLC | 756 | 12,627 | ||||||
GVC Holdings PLC(a) | 89 | 1,112 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Halma PLC | 58 | $ | 1,776 | |||||
Hargreaves Lansdown PLC(b) | 55 | 962 | ||||||
Hiscox Ltd.(a) | 51 | 544 | ||||||
HomeServe PLC | 42 | 600 | ||||||
Howden Joinery Group PLC(a) | 87 | 716 | ||||||
HSBC Holdings PLC | 3,126 | 13,118 | ||||||
IMI PLC | 41 | 548 | ||||||
Imperial Brands PLC | 145 | 2,295 | ||||||
Informa PLC(a) | 229 | 1,238 | ||||||
InterContinental Hotels Group PLC(a) | 28 | 1,418 | ||||||
Intermediate Capital Group PLC | 43 | 651 | ||||||
International Consolidated Airlines Group S.A. | 69 | 86 | ||||||
Intertek Group PLC | 25 | 1,801 | ||||||
ITV PLC(a) | 572 | 534 | ||||||
J Sainsbury PLC | 250 | 652 | ||||||
JD Sports Fashion PLC | 66 | 633 | ||||||
Johnson Matthey PLC | 29 | 806 | ||||||
Kingfisher PLC(a) | 324 | 1,203 | ||||||
Land Securities Group PLC | 109 | 718 | ||||||
Legal & General Group PLC | 909 | 2,172 | ||||||
Lloyds Banking Group PLC(a) | 10,790 | 3,910 | ||||||
London Stock Exchange Group PLC | 48 | 5,138 | ||||||
M&G PLC | 399 | 757 | ||||||
Meggitt PLC(a) | 119 | 421 | ||||||
Melrose Industries PLC(a) | 738 | 1,142 | ||||||
Mondi PLC | 74 | 1,400 | ||||||
National Grid PLC | 538 | 6,393 | ||||||
Natwest Group PLC(a) | 697 | 1,119 | ||||||
Next PLC | 19 | 1,435 | ||||||
Ocado Group PLC(a) | 70 | 2,060 | ||||||
Pearson PLC(b) | 115 | 758 | ||||||
Pennon Group PLC | 64 | 821 | ||||||
Persimmon PLC | 49 | 1,480 | ||||||
Phoenix Group Holdings PLC | 81 | 694 | ||||||
Prudential PLC | 400 | 4,876 | ||||||
Quilter PLC(c) | 281 | 444 | ||||||
Reckitt Benckiser Group PLC | 96 | 8,441 | ||||||
RELX PLC | 285 | 5,629 | ||||||
Renishaw PLC(a) | 5 | 362 | ||||||
Rentokil Initial PLC(a) | 285 | 1,938 | ||||||
Rightmove PLC(a)(b) | 133 | 1,063 | ||||||
Rolls-Royce Holdings PLC(b) | 264 | 243 | ||||||
Rolls-Royce Holdings PLC, Rts., expiring 11/06/2020(a) | 880 | 444 | ||||||
Royal Dutch Shell PLC, Class A | 630 | 7,864 | ||||||
Royal Dutch Shell PLC, Class B | 569 | 6,835 | ||||||
RSA Insurance Group PLC | 158 | 865 | ||||||
Sage Group PLC (The) | 167 | 1,372 | ||||||
Schroders PLC(b) | 17 | 575 | ||||||
Segro PLC | 182 | 2,123 | ||||||
Severn Trent PLC | 37 | 1,163 | ||||||
Smith & Nephew PLC | 134 | 2,316 | ||||||
Smiths Group PLC | 61 | 1,049 | ||||||
Spirax-Sarco Engineering PLC | 11 | 1,604 | ||||||
SSE PLC | 160 | 2,596 | ||||||
St James’s Place PLC | 81 | 942 | ||||||
Standard Chartered PLC(a) | 396 | 1,801 | ||||||
Standard Life Aberdeen PLC(b) | 345 | 1,001 | ||||||
Tate & Lyle PLC | 72 | 554 | ||||||
Taylor Wimpey PLC(a) | 500 | 684 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
TechnipFMC PLC | 70 | $ | 383 | |||||
Tesco PLC | 1,484 | 3,943 | ||||||
Travis Perkins PLC(a) | 39 | 535 | ||||||
Unilever N.V. | 223 | 12,611 | ||||||
Unilever PLC | 167 | 9,510 | ||||||
United Utilities Group PLC | 105 | 1,172 | ||||||
Vodafone Group PLC | 4,110 | 5,474 | ||||||
Weir Group PLC (The)(a) | 40 | 741 | ||||||
Whitbread PLC(a)(b) | 31 | 861 | ||||||
WM Morrison Supermarkets PLC(b) | 340 | 716 | ||||||
WPP PLC | 182 | 1,451 | ||||||
|
| |||||||
261,593 | ||||||||
|
| |||||||
United States-0.44% | ||||||||
Amcor PLC, CDI | 246 | 2,558 | ||||||
Ferguson PLC | 34 | 3,395 | ||||||
James Hardie Industries PLC, CDI | 68 | 1,651 | ||||||
QIAGEN N.V.(a) | 34 | 1,615 | ||||||
Samsonite International S.A.(a)(c) | 203 | 204 | ||||||
Sims Ltd. | 25 | 167 | ||||||
Tenaris S.A. | 72 | 342 | ||||||
|
| |||||||
9,932 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 2,237,134 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(f)(g) | 567 | $ | 567 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,237,701 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.56% | ||||||||
Invesco Private Government Fund, 0.04%(f)(g)(h) | 13,279 | 13,279 | ||||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 21,654 | 21,660 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from |
| 34,939 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.32% |
| 2,272,640 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.32)% |
| (29,547 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,243,093 | ||||||
|
|
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
CVA-Dutch Certificates
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $47,326, which represented 2.11% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Restricted security. The value of this security at October 31, 2020 represented less than 1% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 11,508 | $ | (10,941) | $ | - | $ | - | $ | 567 | $ | - | |||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 4,955 | 44,092 | (49,047 | ) | - | - | - | 48 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
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 | - | 321,666 | (308,387 | ) | - | - | 13,279 | 7 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 70,218 | (48,562 | ) | - | 4 | 21,660 | 6 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 43,238 | $ | 651,677 | $ | (659,415 | ) | $ | (1 | ) | $ | 7 | $ | 35,506 | $ | 277 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 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.
| 26 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||||
Common Stocks & Other Equity Interests-93.83% |
| |||||||||
Bahrain-0.08% | ||||||||||
Ahli United Bank BSC | 2,486 | $ | 1,919 | |||||||
|
| |||||||||
Brazil-5.09% | ||||||||||
Aliansce Sonae Shopping Centers S.A.(a) | 57 | 227 | ||||||||
Alpargatas S.A., Preference Shares | 84 | 590 | ||||||||
Ambev S.A. | 1,933 | 4,083 | ||||||||
Atacadao S.A. | 123 | 394 | ||||||||
Azul S.A., Preference Shares(a) | 87 | 340 | ||||||||
B2W Cia Digital(a) | 88 | 1,148 | ||||||||
B3 S.A. - Brasil, Bolsa, Balcao | 881 | 7,800 | ||||||||
Banco Bradesco S.A. | 507 | 1,598 | ||||||||
Banco Bradesco S.A., Preference Shares | 1,864 | 6,517 | ||||||||
Banco BTG Pactual S.A. | 108 | 1,358 | ||||||||
Banco do Brasil S.A. | 390 | 2,016 | ||||||||
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares | 94 | 196 | ||||||||
Banco Santander Brasil S.A. | 171 | 950 | ||||||||
BB Seguridade Participacoes S.A. | 300 | 1,232 | ||||||||
BR Malls Participacoes S.A.(a) | 353 | 500 | ||||||||
Bradespar S.A., Preference Shares | 96 | 778 | ||||||||
Braskem S.A., Class A, Preference Shares | 99 | 392 | ||||||||
BRF S.A.(a) | 248 | 722 | ||||||||
CCR S.A. | 486 | 941 | ||||||||
Centrais Eletricas Brasileiras S.A. | 215 | 1,158 | ||||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 104 | 559 | ||||||||
Cia Brasileira de Distribuicao | 70 | 752 | ||||||||
Cia de Locacao das Americas | 97 | 423 | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 152 | 1,120 | ||||||||
Cia de Saneamento do Parana | 90 | 370 | ||||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 87 | 355 | ||||||||
Cia Energetica de Minas Gerais, Preference Shares | 431 | 766 | ||||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 85 | 393 | ||||||||
Cia Paranaense de Energia, Class B, Preference Shares | 46 | 493 | ||||||||
Cia Siderurgica Nacional S.A. | 289 | 1,030 | ||||||||
Cielo S.A. | 507 | 296 | ||||||||
Cogna Educacao. | 629 | 468 | ||||||||
Cosan Logistica S.A.(a) | 157 | 446 | ||||||||
Cosan S.A. | 72 | 812 | ||||||||
CPFL Energia S.A. | 87 | 421 | ||||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 114 | 451 | ||||||||
Duratex S.A. | 121 | 402 | ||||||||
EDP—Energias do Brasil S.A. | 131 | 386 | ||||||||
Embraer S.A.(a) | 347 | 363 | ||||||||
Energisa S.A. | 83 | 604 | ||||||||
Eneva S.A.(a) | 33 | 301 | ||||||||
ENGIE Brasil Energia S.A. | 76 | 526 | ||||||||
Equatorial Energia S.A. | 382 | 1,320 | ||||||||
Fleury S.A. | 78 | 370 | ||||||||
Gerdau S.A., Preference Shares | 446 | 1,687 | ||||||||
Grendene S.A. | 111 | 154 |
Shares | Value | |||||||||
Brazil-(continued) | ||||||||||
Hapvida Participacoes e Investimentos S.A.(b) | 69 | $ | 770 | |||||||
Hypera S.A. | 177 | 856 | ||||||||
IRB Brasil Resseguros S.A. | 365 | 389 | ||||||||
Itau Unibanco Holding S.A. | 228 | 869 | ||||||||
Itau Unibanco Holding S.A., Preference Shares | 2,099 | 8,547 | ||||||||
Itausa S.A., Preference Shares | 1,943 | 3,063 | ||||||||
Klabin S.A. | 253 | 1,042 | ||||||||
Localiza Rent a Car S.A. | 253 | 2,663 | ||||||||
Lojas Americanas S.A. | 102 | 357 | ||||||||
Lojas Americanas S.A., Preference Shares | 335 | 1,350 | ||||||||
Lojas Renner S.A. | 352 | 2,286 | ||||||||
M Dias Branco S.A. | 36 | 203 | ||||||||
Magazine Luiza S.A. | 1,128 | 4,818 | ||||||||
Multiplan Empreendimentos Imobiliarios S.A. | 107 | 352 | ||||||||
Natura & Co. Holding S.A. | 274 | 2,191 | ||||||||
Neoenergia S.A. | 100 | 302 | ||||||||
Notre Dame Intermedica Participacoes S.A. | 199 | 2,269 | ||||||||
Odontoprev S.A. | 123 | 269 | ||||||||
Petrobras Distribuidora S.A. | 305 | 1,015 | ||||||||
Petroleo Brasileiro S.A. | 1,653 | 5,447 | ||||||||
Petroleo Brasileiro S.A., Preference Shares | 1,624 | 5,334 | ||||||||
Porto Seguro S.A. | 42 | 345 | ||||||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 106 | 585 | ||||||||
Raia Drogasil S.A. | 505 | 2,107 | ||||||||
Rumo S.A.(a) | 496 | 1,578 | ||||||||
Sao Martinho S.A. | 83 | 303 | ||||||||
Sul America S.A. | 101 | 700 | ||||||||
Suzano S.A.(a) | 323 | 2,804 | ||||||||
Telefonica Brasil S.A., Preference Shares | 185 | 1,365 | ||||||||
TIM S.A. | 374 | 769 | ||||||||
TOTVS S.A. | 207 | 969 | ||||||||
Transmissora Alianca de Energia Eletrica S.A. | 97 | 474 | ||||||||
Ultrapar Participacoes S.A. | 376 | 1,068 | ||||||||
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares | 220 | 416 | ||||||||
Vale S.A. | 1,376 | 14,450 | ||||||||
Via Varejo S.A.(a) | 204 | 607 | ||||||||
WEG S.A. | 327 | 4,300 | ||||||||
YDUQS Participacoes S.A., Class A | 120 | 477 | ||||||||
|
| |||||||||
125,917 | ||||||||||
|
| |||||||||
Chile-0.59% | ||||||||||
AES Gener S.A. | 1,560 | 242 | ||||||||
Aguas Andinas S.A., Class A | 1,438 | 373 | ||||||||
Banco de Chile | 21,146 | 1,631 | ||||||||
Banco de Credito e Inversiones S.A. | 20 | 625 | ||||||||
Banco Santander Chile | 28,461 | 995 | ||||||||
Cencosud S.A. | 442 | 614 | ||||||||
Cencosud Shopping S.A. | 217 | 286 | ||||||||
Cia Cervecerias Unidas S.A. | 68 | 378 | ||||||||
Colbun S.A. | 3,664 | 552 | ||||||||
Embotelladora Andina S.A., Class B, Preference Shares | 100 | 208 | ||||||||
Empresa Nacional de Telecomunicaciones S.A. | 63 | 355 | ||||||||
Empresas CMPC S.A. | 528 | 1,097 | ||||||||
Empresas COPEC S.A. | 220 | 1,677 | ||||||||
Enel Americas S.A. | 10,914 | 1,447 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||||
Chile-(continued) | ||||||||||
Enel Chile S.A. | 12,352 | $ | 828 | |||||||
Engie Energia Chile S.A. | 261 | 274 | ||||||||
Falabella S.A. | 340 | 931 | ||||||||
Parque Arauco S.A. | 261 | 335 | ||||||||
Plaza S.A. | 123 | 157 | ||||||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 44 | 1,606 | ||||||||
|
| |||||||||
14,611 | ||||||||||
|
| |||||||||
China-47.89% | ||||||||||
3SBio, Inc.(a)(b) | 545 | 507 | ||||||||
51job, Inc., ADR(a) | 12 | 841 | ||||||||
AECC Aero-Engine Control Co. Ltd., A Shares | 400 | 1,066 | ||||||||
Agile Group Holdings Ltd. | 623 | 852 | ||||||||
Agricultural Bank of China Ltd., A Shares | 5,800 | 2,727 | ||||||||
Agricultural Bank of China Ltd., H Shares | 13,702 | 4,629 | ||||||||
Air China Ltd., H Shares | 760 | 490 | ||||||||
Airtac International Group | 33 | 886 | ||||||||
Alibaba Group Holding Ltd., ADR(a) | 757 | 230,650 | ||||||||
Alibaba Health Information Technology Ltd.(a) | 1,705 | 4,452 | ||||||||
A-Living Services Co. Ltd., U Shares(b) | 148 | 620 | ||||||||
Anhui Conch Cement Co. Ltd., A Shares | 100 | 759 | ||||||||
Anhui Conch Cement Co. Ltd., H Shares | 527 | 3,286 | ||||||||
Anhui Gujing Distillery Co. Ltd., B Shares | 100 | 1,135 | ||||||||
ANTA Sports Products Ltd. | 533 | 5,863 | ||||||||
Autohome, Inc., ADR | 23 | 2,198 | ||||||||
AviChina Industry & Technology Co. Ltd., H Shares | 1,085 | 558 | ||||||||
BAIC Motor Corp. Ltd., H Shares(b) | 943 | 348 | ||||||||
Baidu, Inc., ADR(a) | 122 | 16,232 | ||||||||
Bank of China Ltd., A Shares | 6,300 | 2,990 | ||||||||
Bank of China Ltd., H Shares | 33,923 | 10,717 | ||||||||
Bank of Communications Co. Ltd., A Shares | 1,100 | 744 | ||||||||
Bank of Communications Co. Ltd., H Shares | 3,243 | 1,593 | ||||||||
Bank of Shanghai Co. Ltd., A Shares | 700 | 820 | ||||||||
Beijing Capital International Airport Co. Ltd., H Shares | 797 | 486 | ||||||||
Beijing Enterprises Holdings Ltd. | 229 | 688 | ||||||||
Beijing Enterprises Water Group Ltd. | 2,423 | 919 | ||||||||
Bilibili, Inc., ADR(a) | 38 | 1,697 | ||||||||
Brilliance China Automotive Holdings Ltd. | 1,230 | 1,061 | ||||||||
BYD Co. Ltd., H Shares | 308 | 6,120 | ||||||||
BYD Electronic International Co. Ltd. | 344 | 1,477 | ||||||||
CanSino Biologics, Inc., H Shares(a)(b) | 33 | 642 | ||||||||
Central China Securities Co. Ltd., A Shares | 3,500 | 2,685 | ||||||||
CGN Power Co. Ltd., H Shares(b) | 4,976 | 1,065 | ||||||||
Changsha Jingjia Microelectronics Co. Ltd., A Shares | 100 | 904 | ||||||||
China Aoyuan Group Ltd. | 549 | 514 | ||||||||
China Biologic Products Holdings, Inc.(a) | 12 | 1,395 | ||||||||
China Cinda Asset Management Co. Ltd., H Shares | 3,904 | 730 | ||||||||
China CITIC Bank Corp. Ltd., H Shares | 4,151 | 1,686 | ||||||||
China Communications Construction Co. Ltd., H Shares | 1,974 | 1,031 | ||||||||
China Communications Services Corp. Ltd., H Shares | 1,111 | 645 | ||||||||
China Conch Venture Holdings Ltd. | 724 | 3,216 | ||||||||
China Construction Bank Corp., H Shares | 41,610 | 28,706 | ||||||||
China East Education Holdings Ltd.(b) | 183 | 352 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
China Everbright Bank Co. Ltd., H Shares | 1,382 | $ | 478 | |||||||
China Everbright Environment Group Ltd. | 1,606 | 808 | ||||||||
China Everbright Ltd. | 372 | 490 | ||||||||
China Evergrande Group(c) | 958 | 1,902 | ||||||||
China Feihe Ltd.(b) | 1,746 | 3,958 | ||||||||
China Galaxy Securities Co. Ltd., H Shares | 1,645 | 899 | ||||||||
China Gas Holdings Ltd. | 1,125 | 3,445 | ||||||||
China Hongqiao Group Ltd. | 1,145 | 827 | ||||||||
China Huarong Asset Management Co. Ltd., H Shares(b) | 4,857 | 507 | ||||||||
China International Capital Corp. Ltd., H Shares(a)(b)(c) | 491 | 1,142 | ||||||||
China Jinmao Holdings Group Ltd. | 2,599 | 1,310 | ||||||||
China Lesso Group Holdings Ltd. | 414 | 668 | ||||||||
China Life Insurance Co. Ltd. | 1,264 | 846 | ||||||||
China Life Insurance Co. Ltd., H Shares | 3,317 | 7,203 | ||||||||
China Literature Ltd.(a)(b) | 101 | 827 | ||||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,505 | 1,029 | ||||||||
China Medical System Holdings Ltd. | 551 | 577 | ||||||||
China Merchants Bank Co. Ltd., A Shares | 1,600 | 9,507 | ||||||||
China Merchants Bank Co. Ltd., H Shares | 1,687 | 8,767 | ||||||||
China Merchants Port Holdings Co. Ltd. | 578 | 613 | ||||||||
China Merchants Securities Co. Ltd., H Shares(a)(b) | 407 | 504 | ||||||||
China Minsheng Banking Corp. Ltd., A Shares | 1,000 | 788 | ||||||||
China Minsheng Banking Corp. Ltd., H Shares | 2,841 | 1,553 | ||||||||
China Mobile Ltd. | 2,320 | 14,106 | ||||||||
China Molybdenum Co. Ltd., H Shares | 1,753 | 635 | ||||||||
China National Building Material Co. Ltd., H Shares | 1,722 | 1,974 | ||||||||
China Oilfield Services Ltd., H Shares | 807 | 485 | ||||||||
China Overseas Land & Investment Ltd. | 1,709 | 4,275 | ||||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 200 | 953 | ||||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 1,150 | 3,581 | ||||||||
China Petroleum & Chemical Corp., A Shares | 8,200 | 4,773 | ||||||||
China Petroleum & Chemical Corp., H Shares | 11,372 | 4,414 | ||||||||
China Power International Development Ltd. | 2,059 | 396 | ||||||||
China Railway Construction Corp. Ltd., H Shares | 841 | 568 | ||||||||
China Railway Group Ltd., H Shares | 1,705 | 783 | ||||||||
China Resources Beer Holdings Co. Ltd. | 701 | 4,343 | ||||||||
China Resources Cement Holdings Ltd. | 976 | 1,274 | ||||||||
China Resources Gas Group Ltd. | 357 | 1,547 | ||||||||
China Resources Land Ltd. | 1,227 | 4,992 | ||||||||
China Resources Power Holdings Co. Ltd. | 838 | 871 | ||||||||
China Shenhua Energy Co. Ltd., H Shares | 1,515 | 2,618 | ||||||||
China State Construction Engineering Corp. Ltd., A Shares | 1,100 | 839 | ||||||||
China State Construction International Holdings Ltd. | 790 | 546 | ||||||||
China Taiping Insurance Holdings Co. Ltd. | 647 | 973 | ||||||||
China Telecom Corp. Ltd., H Shares | 6,187 | 1,947 | ||||||||
China Tourism Group Duty Free Corp. Ltd., A Shares | 100 | 2,976 | ||||||||
China Tower Corp. Ltd., H Shares(b) | 20,799 | 3,245 | ||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,088 | 434 | ||||||||
China TransInfo Technology Co. Ltd., A Shares | 200 | 662 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||||
China-(continued) | ||||||||||
China Unicom Hong Kong Ltd. | 2,636 | $ | 1,618 | |||||||
China United Network Communications Ltd., A Shares | 12,200 | 8,685 | ||||||||
China Vanke Co. Ltd., A Shares | 200 | 822 | ||||||||
China Vanke Co. Ltd., H Shares | 803 | 2,485 | ||||||||
China Yangtze Power Co. Ltd., A Shares | 2,400 | 6,791 | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 1,042 | 415 | ||||||||
CIFI Holdings Group Co. Ltd. | 1,501 | 1,036 | ||||||||
CITIC Ltd. | 2,188 | 1,560 | ||||||||
CITIC Securities Co. Ltd., A Shares | 200 | 855 | ||||||||
CITIC Securities Co. Ltd., H Shares | 1,016 | 2,191 | ||||||||
CNOOC Ltd. | 7,079 | 6,426 | ||||||||
COSCO SHIPPING Ports Ltd. | 780 | 456 | ||||||||
Country Garden Holdings Co. Ltd. | 3,279 | 4,034 | ||||||||
Country Garden Services Holdings Co. Ltd. | 554 | 3,476 | ||||||||
CRRC Corp. Ltd., H Shares | 1,794 | 694 | ||||||||
CSC Financial Co. Ltd., H Shares(b) | 390 | 471 | ||||||||
CSG Holding Co. Ltd., B Shares | 3,100 | 935 | ||||||||
CSPC Pharmaceutical Group Ltd. | 3,113 | 3,280 | ||||||||
Da An Gene Co. Ltd. of Sun Yat-sen University, A Shares | 200 | 1,128 | ||||||||
Dali Foods Group Co. Ltd.(b) | 916 | 567 | ||||||||
Dalian Huarui Heavy Industry Group Co. Ltd., A Shares | 1,200 | 623 | ||||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,273 | 895 | ||||||||
Doushen Beijing Education & Technology, Inc., A Shares(a) | 400 | 839 | ||||||||
East Group Co. Ltd., A Shares | 800 | 1,199 | ||||||||
East Money Information Co. Ltd., A Shares | 480 | 1,675 | ||||||||
ENN Energy Holdings Ltd. | 337 | 4,257 | ||||||||
Eternal Asia Supply Chain Management Ltd., A Shares | 1,000 | 727 | ||||||||
Far East Horizon Ltd. | 938 | 920 | ||||||||
Foshan Haitian Flavouring & Food Co. Ltd., A Shares | 120 | 2,869 | ||||||||
Fosun International Ltd. | 1,000 | 1,204 | ||||||||
Fuyao Glass Industry Group Co. Ltd., H | 214 | 907 | ||||||||
GDS Holdings Ltd., ADR(a)(c) | 21 | 1,765 | ||||||||
Geely Automobile Holdings Ltd. | 2,210 | 4,537 | ||||||||
Genscript Biotech Corp.(a) | 384 | 532 | ||||||||
GF Securities Co. Ltd., H Shares | 689 | 888 | ||||||||
GOME Retail Holdings Ltd.(a)(c) | 4,903 | 544 | ||||||||
Great Wall Motor Co. Ltd., H Shares | 1,382 | 2,235 | ||||||||
Gree Electric Appliances, Inc. of Zhuhai, A Shares | 100 | 872 | ||||||||
Greentown China Holdings Ltd. | 339 | 548 | ||||||||
GSX Techedu, Inc., ADR(a)(c) | 30 | 1,993 | ||||||||
Guangdong Investment Ltd. | 1,301 | 1,926 | ||||||||
Guangdong Marubi Biotechnology Co. Ltd., A Shares | 100 | 925 | ||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 1,381 | 1,416 | ||||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 502 | 636 | ||||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares | 800 | 1,875 | ||||||||
Guotai Junan Securities Co. Ltd., H Shares(b) | 341 | 443 | ||||||||
Haidilao International Holding Ltd.(b) | 278 | 1,835 | ||||||||
Haier Electronics Group Co. Ltd. | 546 | 2,070 | ||||||||
Haitian International Holdings Ltd. | 256 | 634 | ||||||||
Haitong Securities Co. Ltd., A Shares(a) | 400 | 838 | ||||||||
Haitong Securities Co. Ltd., H Shares(a) | 1,520 | 1,282 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
Hangzhou Century Co. Ltd., A Shares | 800 | $ | 1,214 | |||||||
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares | 200 | 1,340 | ||||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b) | 418 | 1,862 | ||||||||
Hengan International Group Co. Ltd. | 316 | 2,190 | ||||||||
HengTen Networks Group Ltd.(a) | 11,745 | 507 | ||||||||
Hongta Securities Co. Ltd., A Shares | 300 | 774 | ||||||||
Huaan Securities Co. Ltd., A Shares | 1,200 | 1,426 | ||||||||
Huaneng Power International, Inc., H Shares | 1,885 | 702 | ||||||||
Huatai Securities Co. Ltd., H Shares(b) | 766 | 1,237 | ||||||||
Huazhu Group Ltd., ADR | 74 | 2,933 | ||||||||
Hubei Biocause Pharmaceutical Co. Ltd., A Shares | 500 | 372 | ||||||||
Industrial & Commercial Bank of China Ltd., A Shares | 1,300 | 955 | ||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 34,411 | 19,347 | ||||||||
Industrial Bank Co. Ltd., A Shares | 600 | 1,594 | ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares | 200 | 1,186 | ||||||||
Innovent Biologics, Inc.(a)(b) | 523 | 3,858 | ||||||||
Intco Medical Technology Co. Ltd., A Shares | 150 | 2,602 | ||||||||
iQIYI, Inc., ADR(a) | 102 | 2,519 | ||||||||
JD.com, Inc., ADR(a) | 349 | 28,450 | ||||||||
Jiangsu Eastern Shenghong Co. Ltd., A Shares | 1,000 | 916 | ||||||||
Jiangsu Expressway Co. Ltd., H Shares | 545 | 545 | ||||||||
Jiangsu Hengrui Medicine Co. Ltd., A Shares | 120 | 1,591 | ||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares | 100 | 2,508 | ||||||||
Jiangxi Copper Co. Ltd., H Shares | 530 | 630 | ||||||||
Jiayuan International Group Ltd. | 8,585 | 3,664 | ||||||||
Jiayuan International Group Ltd., Rts., expiring 12/31/2020(a)(d) | 104 | 0 | ||||||||
Jinxin Fertility Group Ltd.(b) | 422 | 512 | ||||||||
Joyoung Co. Ltd., A Shares | 100 | 528 | ||||||||
JOYY, Inc., ADR | 25 | 2,285 | ||||||||
Juewei Food Co. Ltd., A Shares | 100 | 1,210 | ||||||||
KE Holdings, Inc., ADR(a) | 46 | 3,209 | ||||||||
Kingboard Holdings Ltd. | 315 | 1,064 | ||||||||
KingClean Electric Co. Ltd., A Shares | 600 | 3,250 | ||||||||
Kingdee International Software Group Co. | 986 | 2,587 | ||||||||
Kingsoft Corp. Ltd.(c) | 385 | 2,055 | ||||||||
Kunlun Energy Co. Ltd. | 1,267 | 817 | ||||||||
Kunwu Jiuding Investment Holdings Co. Ltd., A Shares(a) | 600 | 2,096 | ||||||||
KWG Group Holdings Ltd. | 558 | 737 | ||||||||
KWG Living Group Holdings Ltd.(a)(b) | 279 | 219 | ||||||||
Leyard Optoelectronic Co. Ltd., A Shares | 500 | 532 | ||||||||
Li Ning Co. Ltd. | 799 | 4,121 | ||||||||
LianChuang Electronic Technology Co. Ltd., A Shares | 600 | 902 | ||||||||
Logan Group Co. Ltd. | 452 | 706 | ||||||||
Longfor Group Holdings Ltd.(b) | 725 | 3,959 | ||||||||
LONGi Green Energy Technology Co. Ltd., A Shares | 100 | 1,134 | ||||||||
Luxshare Precision Industry Co. Ltd., A Shares | 669 | 5,478 | ||||||||
Luye Pharma Group Ltd.(b) | 684 | 395 | ||||||||
Luzhou Laojiao Co. Ltd., A Shares | 100 | 2,575 | ||||||||
Mango Excellent Media Co. Ltd., A Shares | 500 | 5,522 | ||||||||
Meituan Dianping, B Shares(a) | 1,525 | 56,675 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||||
China-(continued) | ||||||||||
Momo, Inc., ADR | 49 | $ | 735 | |||||||
Muyuan Foods Co. Ltd., A Shares | 170 | 1,798 | ||||||||
Nanyang Topsec Technologies Group, Inc., A Shares(a) | 300 | 943 | ||||||||
NAURA Technology Group Co. Ltd., A Shares | 100 | 2,552 | ||||||||
NetEase, Inc., ADR | 160 | 13,886 | ||||||||
New China Life Insurance Co. Ltd., A Shares | 100 | 958 | ||||||||
New China Life Insurance Co. Ltd., H Shares | 389 | 1,548 | ||||||||
New Hope Liuhe Co. Ltd., A Shares | 200 | 802 | ||||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 60 | 9,623 | ||||||||
NIO, Inc., ADR(a) | 390 | 11,926 | ||||||||
OneConnect Financial Technology Co. Ltd., ADR(a)(c) | 24 | 483 | ||||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 3,656 | 1,084 | ||||||||
PetroChina Co. Ltd., H Shares | 9,275 | 2,595 | ||||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,999 | 2,026 | ||||||||
Pinduoduo, Inc., ADR(a) | 109 | 9,808 | ||||||||
Ping An Bank Co. Ltd., A Shares | 700 | 1,854 | ||||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b) | 160 | 2,063 | ||||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 200 | 2,323 | ||||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 2,439 | 25,020 | ||||||||
Poly Developments and Holdings Group Co. Ltd., AShares | 600 | 1,375 | ||||||||
Postal Savings Bank of China Co. Ltd., H Shares(b) | 4,176 | 2,046 | ||||||||
Qingdao Hanhe Cable Co. Ltd., A Shares | 1,600 | 984 | ||||||||
Rongan Property Co. Ltd., A Shares | 5,900 | 2,289 | ||||||||
SAIC Motor Corp. Ltd., A Shares | 200 | 691 | ||||||||
Sany Heavy Industry Co. Ltd., A Shares | 400 | 1,549 | ||||||||
Seazen Group Ltd.(a) | 871 | 651 | ||||||||
Semiconductor Manufacturing International Corp.(a) | 1,687 | 4,949 | ||||||||
SF Holding Co. Ltd., A Shares | 100 | 1,236 | ||||||||
Shandong Gold Mining Co. Ltd., | 217 | 510 | ||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 1,021 | 1,972 | ||||||||
Shanghai Bairun Investment Holding Group Co. Ltd., A Shares | 300 | 2,986 | ||||||||
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares | 300 | 2,319 | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 242 | 994 | ||||||||
Shanghai International Airport Co. Ltd., A Shares | 100 | 987 | ||||||||
Shanghai Jahwa United Co. Ltd., A Shares | 100 | 615 | ||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 358 | 554 | ||||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,000 | 1,382 | ||||||||
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares | 6,400 | 1,530 | ||||||||
Shenzhen Agricultural Products Group Co. Ltd., A Shares | 1,900 | 1,999 | ||||||||
Shenzhen Aisidi Co. Ltd., A Shares | 900 | 1,081 | ||||||||
Shenzhen Huaqiang Industry Co. Ltd., A Shares | 400 | 827 | ||||||||
Shenzhen International Holdings Ltd. | 401 | 623 | ||||||||
Shenzhen Investment Ltd. | 1,544 | 470 |
Shares | Value | |||||||||
China-(continued) | ||||||||||
Shenzhen MTC Co. Ltd., A Shares(a) | 1,800 | $ | 1,620 | |||||||
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares(a) | 2,100 | 1,263 | ||||||||
Shenzhen SC New Energy Technology Corp., A Shares | 100 | 1,491 | ||||||||
Shenzhou International Group Holdings Ltd. | 320 | 5,525 | ||||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., A Shares(a) | 500 | 508 | ||||||||
Shimao Group Holdings Ltd. | 594 | 2,095 | ||||||||
Sichuan Swellfun Co. Ltd.., A Shares | 200 | 1,977 | ||||||||
Sieyuan Electric Co. Ltd., A Shares | 600 | 1,912 | ||||||||
Silergy Corp. | 21 | 1,292 | ||||||||
SINA Corp.(a) | 31 | 1,328 | ||||||||
Sino Biopharmaceutical Ltd. | 4,261 | 4,297 | ||||||||
Sinopec Oilfield Service Corp., A Shares(a) | 3,100 | 814 | ||||||||
Sinopharm Group Co. Ltd., H Shares | 558 | 1,275 | ||||||||
Sinotruk Hong Kong Ltd. | 295 | 752 | ||||||||
Sou Yu Te Group Co. Ltd., A Shares(a) | 3,300 | 1,113 | ||||||||
Sunac China Holdings Ltd. | 1,090 | 4,020 | ||||||||
Sunny Optical Technology Group Co. Ltd. | 291 | 4,811 | ||||||||
Taiji Computer Corp. Ltd., A Shares | 139 | 556 | ||||||||
TAL Education Group, ADR(a) | 148 | 9,836 | ||||||||
Tencent Holdings Ltd. | 2,491 | 189,840 | ||||||||
Tencent Music Entertainment Group, ADR(a) | 85 | 1,265 | ||||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares | 100 | 348 | ||||||||
Times China Holdings Ltd. | 300 | 399 | ||||||||
Times Neighborhood Holdings Ltd.(b) | 380 | 385 | ||||||||
Tongcheng-Elong Holdings Ltd.(a)(b) | 367 | 609 | ||||||||
TravelSky Technology Ltd., H Shares | 416 | 873 | ||||||||
Trip.com Group Ltd., ADR(a) | 204 | 5,867 | ||||||||
Tsingtao Brewery Co. Ltd., H Shares | 168 | 1,388 | ||||||||
Vipshop Holdings Ltd., ADR(a) | 181 | 3,873 | ||||||||
Wanhua Chemical Group Co. Ltd., A Shares | 100 | 1,171 | ||||||||
Weibo Corp., ADR(a) | 25 | 1,039 | ||||||||
Weichai Power Co. Ltd., H Shares | 866 | 1,635 | ||||||||
Wingtech Technology Co. Ltd., A Shares | 100 | 1,501 | ||||||||
Wuliangye Yibin Co. Ltd., A Shares | 100 | 3,647 | ||||||||
WuXi AppTec Co. Ltd., H Shares(b) | 91 | 1,449 | ||||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 360 | 10,055 | ||||||||
Xiaomi Corp., B Shares(a)(b) | 4,791 | 13,592 | ||||||||
Xinyi Solar Holdings Ltd. | 1,162 | 2,113 | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,116 | 752 | ||||||||
Yanlord Land Group Ltd. | 381 | 293 | ||||||||
Yantai Eddie Precision Machinery Co. Ltd., A Shares | 100 | 762 | ||||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 870 | 632 | ||||||||
Yihai International Holding Ltd.(a) | 210 | 2,778 | ||||||||
Yonyou Network Technology Co. Ltd., A Shares | 130 | 837 | ||||||||
Yuexiu Property Co. Ltd. | 2,774 | 537 | ||||||||
Yunnan Baiyao Group Co. Ltd., A Shares | 100 | 1,537 | ||||||||
Zai Lab Ltd., ADR(a) | 14 | 1,149 | ||||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 462 | 593 | ||||||||
Zhefu Holding Group Co. Ltd., A Shares(a) | 1,800 | 1,327 | ||||||||
Zhejiang Expressway Co. Ltd., H Shares | 639 | 435 | ||||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares | 200 | 866 | ||||||||
Zhejiang Kaishan Compressor Co. Ltd., A Shares(a) | 600 | 1,388 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||||
China-(continued) | ||||||||||
Zhejiang Weiming Environment Protection Co. Ltd., A Shares | 130 | $ | 424 | |||||||
Zhengqi Financial Holding Corp., Rts., TBA(a)(d) | 15 | 0 | ||||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b) | 150 | 780 | ||||||||
Zhongsheng Group Holdings Ltd. | 275 | 1,954 | ||||||||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 225 | 691 | ||||||||
Zijin Mining Group Co. Ltd., H Shares | 2,557 | 1,850 | ||||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 586 | 516 | ||||||||
ZTE Corp., A Shares | 100 | 482 | ||||||||
ZTE Corp., H Shares | 337 | 742 | ||||||||
ZTO Express Cayman, Inc., ADR | 179 | 5,187 | ||||||||
|
| |||||||||
1,183,856 | ||||||||||
|
| |||||||||
Colombia-0.27% | ||||||||||
Bancolombia S.A. | 117 | 744 | ||||||||
Bancolombia S.A., Preference Shares | 191 | 1,214 | ||||||||
Cementos Argos S.A. | 241 | 285 | ||||||||
Corp Financiera Colombiana S.A.(a) | 48 | 324 | ||||||||
Ecopetrol S.A. | 2,129 | 989 | ||||||||
Grupo Argos S.A. | 155 | 427 | ||||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 1,503 | 347 | ||||||||
Grupo de Inversiones Suramericana S.A. | 120 | 626 | ||||||||
Grupo de Inversiones Suramericana S.A., Preference Shares | 40 | 173 | ||||||||
Grupo Energia Bogota S.A. ESP | 839 | 522 | ||||||||
Interconexion Electrica S.A. ESP | 202 | 1,093 | ||||||||
|
| |||||||||
6,744 | ||||||||||
|
| |||||||||
Czech Republic-0.11% | ||||||||||
CEZ A.S | 72 | 1,359 | ||||||||
Komercni banka A.S.(a) | 31 | 627 | ||||||||
Moneta Money Bank A.S.(b) | 261 | 591 | ||||||||
O2 Czech Republic A.S. | 25 | 234 | ||||||||
|
| |||||||||
2,811 | ||||||||||
|
| |||||||||
Egypt-0.12% | ||||||||||
Commercial International Bank Egypt S.A.E | 590 | 2,294 | ||||||||
Eastern Co. S.A.E | 435 | 332 | ||||||||
Egypt Kuwait Holding Co. S.A.E | 345 | 358 | ||||||||
|
| |||||||||
2,984 | ||||||||||
|
| |||||||||
Greece-0.16% | ||||||||||
Alpha Bank A.E.(a) | 354 | 179 | ||||||||
Eurobank Ergasias Services and Holdings S.A.(a) | 563 | 187 | ||||||||
FF Group(a)(d) | 21 | 0 | ||||||||
Hellenic Petroleum S.A | 34 | 166 | ||||||||
Hellenic Telecommunications Organization S.A. | 102 | 1,357 | ||||||||
JUMBO S.A. | 50 | 699 | ||||||||
Motor Oil Hellas Corinth Refineries S.A. | 29 | 270 | ||||||||
Mytilineos S.A. | 49 | 535 | ||||||||
OPAP S.A. | 84 | 678 | ||||||||
|
| |||||||||
4,071 | ||||||||||
|
| |||||||||
Hong Kong-0.10% | ||||||||||
Alibaba Pictures Group Ltd.(a) | 5,836 | 760 | ||||||||
Kingboard Laminates Holdings Ltd. | 460 | 732 | ||||||||
Nine Dragons Paper Holdings Ltd. | 701 | 931 | ||||||||
|
| |||||||||
2,423 | ||||||||||
|
|
Shares | Value | |||||||||
Hungary-0.23% | ||||||||||
Gedeon Richter PLC | 62 | $ | 1,265 | |||||||
Magyar Telekom Telecommunications PLC | 228 | 251 | ||||||||
MOL Hungarian Oil & Gas PLC(a) | 186 | 902 | ||||||||
OTP Bank Nyrt(a) | 103 | 3,208 | ||||||||
|
| |||||||||
5,626 | ||||||||||
|
| |||||||||
India-4.10% | ||||||||||
Axis Bank Ltd., GDR(a)(b) | 287 | 9,327 | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 150 | 9,721 | ||||||||
GAIL (India) Ltd., GDR(b) | 669 | 4,322 | ||||||||
Infosys Ltd., ADR | 817 | 11,659 | ||||||||
Larsen & Toubro Ltd., GDR(b)(c) | 627 | 7,649 | ||||||||
Mahindra & Mahindra Ltd., GDR(b) | 1,023 | 8,000 | ||||||||
Reliance Industries Ltd., GDR(b) | 456 | 25,034 | ||||||||
State Bank of India, GDR(a)(b) | 179 | 4,538 | ||||||||
Tata Motors Ltd., ADR(a) | 368 | 3,227 | ||||||||
Tata Steel Ltd., GDR(b)(c) | 962 | 5,099 | ||||||||
Vedanta Ltd., ADR | 882 | 4,516 | ||||||||
Wipro Ltd., ADR | 1,702 | 8,238 | ||||||||
|
| |||||||||
101,330 | ||||||||||
|
| |||||||||
Indonesia-1.51% | ||||||||||
PT Adaro Energy Tbk | 5,637 | 434 | ||||||||
PT Astra International Tbk | 9,363 | 3,473 | ||||||||
PT Bank Central Asia Tbk | 4,191 | 8,296 | ||||||||
PT Bank Mandiri (Persero) Tbk | 7,679 | 3,032 | ||||||||
PT Bank Negara Indonesia (Persero) Tbk | 3,372 | 1,093 | ||||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 22,577 | 5,187 | ||||||||
PT Barito Pacific Tbk(a) | 8,646 | 532 | ||||||||
PT Bukit Asam Tbk | 1,940 | 260 | ||||||||
PT Charoen Pokphand Indonesia Tbk | 3,187 | 1,275 | ||||||||
PT Gudang Garam Tbk(a) | 228 | 639 | ||||||||
PT Hanjaya Mandala Sampoerna Tbk | 4,190 | 405 | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,176 | 734 | ||||||||
PT Indocement Tunggal Prakarsa Tbk | 587 | 491 | ||||||||
PT Indofood CBP Sukses Makmur Tbk | 1,116 | 736 | ||||||||
PT Indofood Sukses Makmur Tbk | 2,085 | 998 | ||||||||
PT Jasa Marga (Persero) Tbk | 962 | 234 | ||||||||
PT Kalbe Farma Tbk | 8,203 | 855 | ||||||||
PT Media Nusantara Citra Tbk(a) | 2,860 | 162 | ||||||||
PT Perusahaan Gas Negara Tbk | 4,724 | 347 | ||||||||
PT Semen Indonesia (Persero) Tbk | 1,307 | 856 | ||||||||
PT Surya Citra Media Tbk | 3,314 | 339 | ||||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 19,905 | 3,566 | ||||||||
PT Tower Bersama Infrastructure Tbk | 4,249 | 436 | ||||||||
PT Unilever Indonesia Tbk | 2,595 | 1,388 | ||||||||
PT United Tractors Tbk | 674 | 974 | ||||||||
PT Vale Indonesia Tbk(a) | 1,163 | 322 | ||||||||
PT XL Axiata Tbk | 1,270 | 176 | ||||||||
|
| |||||||||
37,240 | ||||||||||
|
| |||||||||
Kuwait-0.62% | ||||||||||
Agility Public Warehousing Co. KSC | 468 | 1,019 | ||||||||
Boubyan Bank KSCP | 399 | 780 | ||||||||
Boubyan Petrochemicals Co. KSCP | 169 | 298 | ||||||||
Burgan Bank SAK | 309 | 209 | ||||||||
Gulf Bank KSCP | 772 | 558 | ||||||||
Humansoft Holding Co. KSC(a) | 43 | 411 | ||||||||
Kuwait Finance House KSCP | 1,415 | 3,063 | ||||||||
Mabanee Co. S.A.K | 234 | 496 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||
Kuwait-(continued) | ||||||||
Mobile Telecommunications Co. KSC | 347 | $ | 665 | |||||
National Bank of Kuwait SAKP | 2,840 | 7,848 | ||||||
|
| |||||||
15,347 | ||||||||
|
| |||||||
Malaysia-2.02% | ||||||||
AirAsia Group Bhd.(a) | 790 | 105 | ||||||
Alliance Bank Malaysia Bhd. | 488 | 256 | ||||||
AMMB Holdings Bhd. | 788 | 541 | ||||||
Astro Malaysia Holdings Bhd. | 775 | 136 | ||||||
Axiata Group Bhd. | 2,017 | 1,422 | ||||||
British American Tobacco Malaysia Bhd. | 74 | 180 | ||||||
CIMB Group Holdings Bhd. | 3,147 | 2,234 | ||||||
Dialog Group Bhd. | 2,193 | 1,953 | ||||||
DiGi.Com Bhd. | 1,584 | 1,437 | ||||||
FGV Holdings Bhd. | 1,077 | 275 | ||||||
Fraser & Neave Holdings Bhd. | 52 | 395 | ||||||
Gamuda Bhd. | 895 | 717 | ||||||
Genting Bhd. | 981 | 699 | ||||||
Genting Malaysia Bhd. | 1,176 | 566 | ||||||
HAP Seng Consolidated Bhd. | 264 | 466 | ||||||
Hartalega Holdings Bhd. | 589 | 2,552 | ||||||
Hong Leong Bank Bhd. | 261 | 930 | ||||||
Hong Leong Financial Group Bhd. | 120 | 407 | ||||||
IHH Healthcare Bhd. | 1,300 | 1,555 | ||||||
IJM Corp. Bhd. | 1,476 | 476 | ||||||
IOI Corp. Bhd. | 1,356 | 1,403 | ||||||
IOI Properties Group Bhd. | 1,083 | 224 | ||||||
Kuala Lumpur Kepong Bhd. | 106 | 541 | ||||||
Malayan Banking Bhd. | 1,682 | 2,834 | ||||||
Malaysia Airports Holdings Bhd. | 360 | 362 | ||||||
Maxis Bhd. | 1,130 | 1,305 | ||||||
MISC Bhd. | 560 | 888 | ||||||
Nestle Malaysia Bhd. | 29 | 973 | ||||||
Petronas Chemicals Group Bhd. | 1,302 | 1,833 | ||||||
Petronas Dagangan Bhd. | 120 | 498 | ||||||
Petronas Gas Bhd. | 210 | 796 | ||||||
PPB Group Bhd. | 283 | 1,280 | ||||||
Press Metal Aluminium Holdings Bhd. | 797 | 1,053 | ||||||
Public Bank Bhd. | 1,334 | 4,842 | ||||||
QL Resources Bhd. | 549 | 832 | ||||||
RHB Bank Bhd. | 776 | 790 | ||||||
Sime Darby Bhd. | 1,679 | 974 | ||||||
Sime Darby Plantation Bhd. | 1,445 | 1,683 | ||||||
Sime Darby Property Bhd. | 1,849 | 240 | ||||||
Telekom Malaysia Bhd. | 417 | 421 | ||||||
Tenaga Nasional Bhd. | 1,647 | 3,782 | ||||||
Top Glove Corp. Bhd. | 1,968 | 4,059 | ||||||
Westports Holdings Bhd. | 555 | 521 | ||||||
YTL Corp. Bhd.(a) | 2,493 | 435 | ||||||
|
| |||||||
49,871 | ||||||||
|
| |||||||
Mexico-1.97% | ||||||||
Alfa S.A.B. de C.V., Class A | 1,456 | 970 | ||||||
America Movil S.A.B. de C.V., Series L | 12,103 | 7,343 | ||||||
Arca Continental S.A.B. de C.V. | 183 | 794 | ||||||
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander | 240 | 177 | ||||||
Becle S.A.B. de C.V. | 288 | 603 | ||||||
Cemex S.A.B. de C.V., Series CPO(e) | 6,878 | 2,832 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 215 | 812 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 104 | 279 |
Shares | Value | |||||||
Mexico-(continued) | ||||||||
Fibra Uno Administracion S.A. de C.V. | 1,353 | $ | 1,022 | |||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f) | 906 | 4,841 | ||||||
GMexico Transportes S.A.B. de C.V.(b) | 224 | 264 | ||||||
Gruma S.A.B. de C.V., Class B | 98 | 1,039 | ||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(a) | 154 | 693 | ||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 156 | 1,294 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(a) | 58 | 668 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 1,021 | 1,967 | ||||||
Grupo Carso S.A.B. de C.V., Series A1(a) | 222 | 410 | ||||||
Grupo Elektra S.A.B. de C.V. | 28 | 1,582 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O(a) | 1,301 | 5,778 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a) | 1,094 | 808 | ||||||
Grupo Lala S.A.B. de C.V. | 325 | 199 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 1,399 | 3,961 | ||||||
Grupo Televisa S.A.B., Series CPO(a)(g) | 1,014 | 1,279 | ||||||
Industrias Penoles S.A.B. de C.V. | 58 | 921 | ||||||
Infraestructura Energetica Nova S.A.B. de C.V.(a) | 246 | 821 | ||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 329 | 487 | ||||||
Megacable Holdings S.A.B. de C.V., Series CPO(h) | 104 | 329 | ||||||
Orbia Advance Corp. S.A.B. de C.V | 483 | 851 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V | 78 | 509 | ||||||
Telesites S.A.B. de C.V.(a) | 676 | 622 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 1,866 | 4,494 | ||||||
|
| |||||||
48,649 | ||||||||
|
| |||||||
Philippines-1.00% | ||||||||
Aboitiz Power Corp. | 816 | 456 | ||||||
Alliance Global Group, Inc.(a) | 2,129 | 349 | ||||||
Ayala Corp. | 106 | 1,671 | ||||||
Ayala Land, Inc. | 3,229 | 2,202 | ||||||
Bank of the Philippine Islands | 839 | 1,275 | ||||||
BDO Unibank, Inc. | 896 | 1,646 | ||||||
Bloomberry Resorts Corp. | 1,322 | 193 | ||||||
Energy Development Corp.(a)(d) | 1,155 | 0 | ||||||
Globe Telecom, Inc. | 10 | 419 | ||||||
GT Capital Holdings, Inc. | 51 | 453 | ||||||
International Container Terminal Services, Inc. | 375 | 891 | ||||||
JG Summit Holdings, Inc. | 1,384 | 1,837 | ||||||
Jollibee Foods Corp. | 187 | 657 | ||||||
LT Group, Inc. | 1,106 | 264 | ||||||
Manila Electric Co. | 101 | 626 | ||||||
Megaworld Corp.(a) | 5,931 | 371 | ||||||
Metro Pacific Investments Corp. | 7,448 | 617 | ||||||
Metropolitan Bank & Trust Co. | 830 | 699 | ||||||
PLDT, Inc. | 49 | 1,344 | ||||||
San Miguel Corp. | 185 | 390 | ||||||
San Miguel Food and Beverage, Inc. | 339 | 446 | ||||||
Semirara Mining & Power Corp. | 683 | 150 | ||||||
SM Investments Corp. | 208 | 4,083 | ||||||
SM Prime Holdings, Inc. | 4,067 | 2,832 | ||||||
Universal Robina Corp. | 325 | 925 | ||||||
|
| |||||||
24,796 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||
Qatar-0.96% | ||||||||
Barwa Real Estate Co. | 848 | $ | 776 | |||||
Commercial Bank P.S.Q.C. (The) | 882 | 1,030 | ||||||
Doha Bank Q.P.S.C.(a) | 676 | 451 | ||||||
Industries Qatar Q.S.C. | 889 | 2,201 | ||||||
Masraf Al Rayan Q.S.C. | 1,635 | 1,929 | ||||||
Mesaieed Petrochemical Holding Co. Q.P.S.C. | 1,928 | 982 | ||||||
Ooredoo Q.P.S.C. | 228 | 415 | ||||||
Qatar Aluminum Manufacturing Co. | 1,217 | 289 | ||||||
Qatar Electricity & Water Co. Q.S.C. | 224 | 1,027 | ||||||
Qatar Fuel Co. Q.P.S.C. | 140 | 661 | ||||||
Qatar Gas Transport Co. Ltd.. | 1,208 | 893 | ||||||
Qatar Insurance Co. (S.A.Q.) | 712 | 450 | ||||||
Qatar International Islamic Bank Q.S.C. | 330 | 752 | ||||||
Qatar Islamic Bank (S.A.Q.) | 515 | 2,291 | ||||||
Qatar National Bank Q.P.S.C. | 1,876 | 9,120 | ||||||
United Development Co. Q.S.C. | 772 | 315 | ||||||
Vodafone Qatar Q.S.C. | 733 | 262 | ||||||
|
| |||||||
23,844 | ||||||||
|
| |||||||
Romania-0.02% | ||||||||
NEPI Rockcastle PLC | 164 | 581 | ||||||
|
| |||||||
Russia-2.47% | ||||||||
Aeroflot PJSC(a) | 334 | 239 | ||||||
Alrosa PJSC | 765 | 687 | ||||||
Bashneft PJSC, Preference Shares | 10 | 144 | ||||||
Gazprom PJSC | 3,662 | 7,141 | ||||||
Inter RAO UES PJSC | 14,756 | 944 | ||||||
LUKOIL PJSC | 155 | 7,888 | ||||||
Magnit PJSC | 31 | 1,841 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 630 | 298 | ||||||
MMC Norilsk Nickel PJSC | 22 | 5,220 | ||||||
Mobile TeleSystems PJSC | 398 | 1,557 | ||||||
Moscow Exchange MICEX-RTS PJSC | 608 | 1,025 | ||||||
Novatek PJSC | 462 | 5,551 | ||||||
Novolipetsk Steel PJSC | 432 | 1,011 | ||||||
PhosAgro PJSC | 17 | 603 | ||||||
Polyus PJSC | 11 | 2,153 | ||||||
Rosneft Oil Co. PJSC | 368 | 1,625 | ||||||
Rostelecom PJSC | 420 | 490 | ||||||
RusHydro PJSC | 55,600 | 505 | ||||||
Sberbank of Russia PJSC | 4,495 | 11,368 | ||||||
Severstal PAO | 78 | 1,066 | ||||||
Sistema PJSFC | 1,400 | 445 | ||||||
Surgutneftegas PJSC | 2,870 | 1,190 | ||||||
Surgutneftegas PJSC, Preference Shares | 3,002 | 1,369 | ||||||
Tatneft PJSC | 687 | 3,548 | ||||||
Tatneft PJSC, Preference Shares | 70 | 350 | ||||||
Transneft PJSC, Preference Shares | 1 | 1,662 | ||||||
Unipro PJSC | 5,000 | 163 | ||||||
VTB Bank PJSC | 2,232,852 | 920 | ||||||
|
| |||||||
61,003 | ||||||||
|
| |||||||
Saudi Arabia-3.07% | ||||||||
Abdullah Al Othaim Markets Co. | 27 | 943 | ||||||
Advanced Petrochemical Co. | 198 | 3,052 | ||||||
Al Rajhi Bank | 194 | 3,404 | ||||||
Almarai Co. JSC | 39 | 537 | ||||||
Arab National Bank | 394 | 1,994 | ||||||
Arabian Centres Co. Ltd. | 227 | 1,463 | ||||||
Bank AlBilad | 348 | 2,158 |
Shares | Value | |||||||
Saudi Arabia-(continued) | ||||||||
Banque Saudi Fransi | 276 | $ | 2,186 | |||||
Bupa Arabia for Cooperative Insurance Co.(a) | 91 | 2,781 | ||||||
Co. for Cooperative Insurance (The)(a) | 108 | 2,333 | ||||||
Dallah Healthcare Co. | 149 | 1,748 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 26 | 654 | ||||||
Emaar Economic City(a) | 474 | 1,125 | ||||||
Etihad Etisalat Co.(a) | 77 | 575 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 130 | 645 | ||||||
Jarir Marketing Co. | 61 | 2,817 | ||||||
Mobile Telecommunications Co.(a) | 408 | 1,340 | ||||||
Mouwasat Medical Services Co. | 55 | 1,877 | ||||||
National Commercial Bank | 275 | 2,863 | ||||||
National Industrialization Co.(a) | 400 | 1,205 | ||||||
National Petrochemical Co. | 266 | 1,919 | ||||||
Qassim Cement Co. (The) | 77 | 1,412 | ||||||
Riyad Bank | 488 | 2,342 | ||||||
Sahara International Petrochemical Co. | 324 | 1,260 | ||||||
Samba Financial Group | 348 | 2,561 | ||||||
Saudi Airlines Catering Co. | 130 | 2,697 | ||||||
Saudi Arabian Fertilizer Co. | 145 | 2,915 | ||||||
Saudi Arabian Mining Co.(a) | 170 | 1,691 | ||||||
Saudi Arabian Oil Co.(b) | 326 | 2,929 | ||||||
Saudi Basic Industries Corp. | 123 | 2,952 | ||||||
Saudi British Bank (The) | 432 | 2,744 | ||||||
Saudi Cement Co. | 61 | 882 | ||||||
Saudi Ground Services Co.(a) | 240 | 1,792 | ||||||
Saudi Industrial Investment Group | 166 | 898 | ||||||
Saudi Kayan Petrochemical Co.(a) | 434 | 1,097 | ||||||
Saudi Research & Marketing Group(a) | 112 | 2,046 | ||||||
Saudi Telecom Co. | 82 | 2,180 | ||||||
Saudia Dairy & Foodstuff Co. | 36 | 1,628 | ||||||
Savola Group (The) | 65 | 794 | ||||||
Southern Province Cement Co. | 97 | 1,735 | ||||||
Yanbu Cement Co. | 66 | 581 | ||||||
Yanbu National Petrochemical Co., Class A | 71 | 1,089 | ||||||
|
| |||||||
75,844 | ||||||||
|
| |||||||
South Africa-3.91% | ||||||||
Absa Group Ltd. | 332 | 1,776 | ||||||
African Rainbow Minerals Ltd. | 53 | 742 | ||||||
Anglo American Platinum Ltd. | 26 | 1,705 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 163 | 1,059 | ||||||
AVI Ltd. | 91 | 412 | ||||||
Barloworld Ltd. | 101 | 353 | ||||||
Bid Corp. Ltd. | 134 | 1,837 | ||||||
Bidvest Group Ltd. (The) | 153 | 1,255 | ||||||
Capitec Bank Holdings Ltd.(a) | 35 | 2,456 | ||||||
Clicks Group Ltd. | 112 | 1,626 | ||||||
Coronation Fund Managers Ltd. | 138 | 319 | ||||||
Dis-Chem Pharmacies Ltd.(b) | 206 | 228 | ||||||
Discovery Ltd. | 173 | 1,139 | ||||||
Distell Group Holdings Ltd. | 41 | 205 | ||||||
Exxaro Resources Ltd. | 120 | 805 | ||||||
FirstRand Ltd. | 2,094 | 4,846 | ||||||
Fortress REIT Ltd., Class A | 546 | 422 | ||||||
Foschini Group Ltd. (The) | 96 | 508 | ||||||
Gold Fields Ltd. | 364 | 3,868 | ||||||
Growthpoint Properties Ltd. | 1,293 | 844 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 218 | 1,070 | ||||||
Impala Platinum Holdings Ltd. | 326 | 2,864 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||
South Africa-(continued) | ||||||||
Investec Ltd. | 115 | $ | 211 | |||||
Kumba Iron Ore Ltd. | 27 | 798 | ||||||
Liberty Holdings Ltd. | 62 | 204 | ||||||
Life Healthcare Group Holdings Ltd. | 669 | 671 | ||||||
Momentum Metropolitan Holdings | 371 | 297 | ||||||
Mr Price Group Ltd. | 88 | 665 | ||||||
MTN Group Ltd. | 693 | 2,465 | ||||||
MultiChoice Group | 189 | 1,558 | ||||||
Naspers Ltd., Class N | 176 | 34,242 | ||||||
Nedbank Group Ltd. | 183 | 1,081 | ||||||
Netcare Ltd. | 704 | 559 | ||||||
Northam Platinum Ltd.(a) | 154 | 1,467 | ||||||
Old Mutual Ltd. | 2,019 | 1,165 | ||||||
Pepkor Holdings Ltd.(b) | 362 | 266 | ||||||
Pick n Pay Stores Ltd. | 130 | 410 | ||||||
PSG Group Ltd. | 79 | 254 | ||||||
Rand Merchant Investment Holdings Ltd. | 365 | 637 | ||||||
Redefine Properties Ltd. | 2,740 | 336 | ||||||
Remgro Ltd. | 238 | 1,265 | ||||||
Resilient REIT Ltd. | 113 | 214 | ||||||
Sanlam Ltd. | 710 | 2,065 | ||||||
Santam Ltd. | 22 | 332 | ||||||
Sappi Ltd.(a) | 269 | 384 | ||||||
Sasol Ltd.(a) | 224 | 1,158 | ||||||
Shoprite Holdings Ltd. | 214 | 1,698 | ||||||
Sibanye Stillwater Ltd. | 993 | 2,868 | ||||||
SPAR Group Ltd. (The) | 82 | 871 | ||||||
Standard Bank Group Ltd. | 550 | 3,590 | ||||||
Telkom S.A. SOC Ltd. | 154 | 243 | ||||||
Tiger Brands Ltd. | 79 | 980 | ||||||
Truworths International Ltd. | 216 | 416 | ||||||
Vodacom Group Ltd. | 266 | 2,006 | ||||||
Woolworths Holdings Ltd. | 418 |
|
899 |
| ||||
|
| |||||||
| 96,614
|
| ||||||
|
| |||||||
Taiwan-14.22% | ||||||||
Accton Technology Corp. | 236 | 1,712 | ||||||
Acer, Inc.(a) | 1,145 | 955 | ||||||
Advantech Co. Ltd. | 168 | 1,697 | ||||||
ASE Technology Holding Co. Ltd. | 1,508 | 3,332 | ||||||
Asia Cement Corp | 972 | 1,398 | ||||||
Asustek Computer, Inc. | 316 | 2,679 | ||||||
AU Optronics Corp.(a) | 2,691 | 1,087 | ||||||
Capital Securities Corp | 1,241 | 473 | ||||||
Catcher Technology Co. Ltd. | 339 | 2,139 | ||||||
Cathay Financial Holding Co. Ltd. | 3,675 | 4,934 | ||||||
Chailease Holding Co. Ltd. | 565 | 2,736 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,033 | 1,808 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 887 | 1,119 | ||||||
Chicony Electronics Co. Ltd. | 219 | 659 | ||||||
China Airlines Ltd.(a) | 764 | 234 | ||||||
China Development Financial Holding Corp. | 6,337 | 1,857 | ||||||
China Steel Corp. | 5,603 | 3,976 | ||||||
Chunghwa Telecom Co. Ltd. | 1,369 | 5,121 | ||||||
Compal Electronics, Inc. | 1,687 | 1,097 | ||||||
CTBC Financial Holding Co. Ltd. | 7,798 | 4,921 | ||||||
Delta Electronics, Inc. | 932 | 6,191 | ||||||
E.Sun Financial Holding Co. Ltd. | 5,182 | 4,402 | ||||||
Eclat Textile Co. Ltd. | 96 | 1,270 | ||||||
Epistar Corp.(a) | 501 | 587 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Eternal Materials Co. Ltd. | 258 | $ | 303 | |||||
Eva Airways Corp. | 1,125 | 425 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 1,192 | 788 | ||||||
Far Eastern International Bank | 625 | 226 | ||||||
Far Eastern New Century Corp. | 1,789 | 1,611 | ||||||
Far EasTone Telecommunications Co. Ltd. | 684 | 1,435 | ||||||
Feng TAY Enterprise Co. Ltd. | 186 | 1,125 | ||||||
First Financial Holding Co. Ltd. | 4,298 | 3,013 | ||||||
Formosa Chemicals & Fibre Corp. | 1,466 | 3,526 | ||||||
Formosa Petrochemical Corp. | 619 | 1,701 | ||||||
Formosa Plastics Corp. | 2,203 | 6,092 | ||||||
Formosa Taffeta Co. Ltd. | 535 | 584 | ||||||
Foxconn Technology Co. Ltd. | 538 | 942 | ||||||
Fubon Financial Holding Co. Ltd. | 3,213 | 4,572 | ||||||
Giant Manufacturing Co. Ltd. | 125 | 1,228 | ||||||
Globalwafers Co. Ltd. | 102 | 1,480 | ||||||
Hon Hai Precision Industry Co. Ltd. | 5,219 | 14,141 | ||||||
Hotai Motor Co. Ltd. | 146 | 3,073 | ||||||
HTC Corp.(a) | 379 | 380 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 4,435 | 2,667 | ||||||
Inventec Corp. | 1,466 | 1,158 | ||||||
Largan Precision Co. Ltd. | 45 | 4,759 | ||||||
Lite-On Technology Corp. | 846 | 1,377 | ||||||
MediaTek, Inc. | 652 | 15,455 | ||||||
Mega Financial Holding Co. Ltd. | 4,848 | 4,669 | ||||||
Nan Ya Plastics Corp. | 2,550 | 5,233 | ||||||
Novatek Microelectronics Corp. | 228 | 2,128 | ||||||
OBI Pharma, Inc.(a) | 70 | 272 | ||||||
Oneness Biotech Co. Ltd.(a) | 86 | 881 | ||||||
Pegatron Corp. | 910 | 1,957 | ||||||
Pou Chen Corp. | 1,194 | 1,052 | ||||||
President Chain Store Corp. | 254 | 2,291 | ||||||
Quanta Computer, Inc. | 1,189 | 2,993 | ||||||
Realtek Semiconductor Corp. | 212 | 2,635 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 1,534 | 1,987 | ||||||
Shin Kong Financial Holding Co. Ltd. | 5,108 | 1,421 | ||||||
SinoPac Financial Holdings Co. Ltd. | 4,887 | 1,828 | ||||||
Synnex Technology International Corp. | 674 | 1,000 | ||||||
Taishin Financial Holding Co. Ltd. | 4,726 | 2,082 | ||||||
Taiwan Business Bank | 2,443 | 803 | ||||||
Taiwan Cement Corp. | 2,343 | 3,322 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 4,447 | 2,985 | ||||||
Taiwan Fertilizer Co. Ltd. | 387 | 693 | ||||||
Taiwan Glass Industry Corp.(a) | 939 | 412 | ||||||
Taiwan High Speed Rail Corp. | 882 | 933 | ||||||
Taiwan Mobile Co. Ltd. | 372 | 1,271 | ||||||
Taiwan Secom Co. Ltd. | 70 | 215 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,166 | 153,538 | ||||||
Teco Electric and Machinery Co. Ltd. | 664 | 694 | ||||||
TPK Holding Co. Ltd.(a) | 183 | 322 | ||||||
Transcend Information, Inc. | 77 | 171 | ||||||
U-Ming Marine Transport Corp. | 246 | 249 | ||||||
Unimicron Technology Corp. | 528 | 1,259 | ||||||
Uni-President Enterprises Corp. | 2,157 | 4,623 | ||||||
United Microelectronics Corp. | 4,671 | 5,013 | ||||||
Vanguard International Semiconductor Corp. | 365 | 1,189 | ||||||
Walsin Lihwa Corp. | 1,145 | 711 | ||||||
Walsin Technology Corp. | 207 | 1,183 | ||||||
Wan Hai Lines Ltd. | 423 | 387 | ||||||
Win Semiconductors Corp. | 180 | 1,957 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Wistron Corp. | 1,188 | $ | 1,184 | |||||
Wiwynn Corp. | 38 | 966 | ||||||
Yageo Corp. | 169 | 2,100 | ||||||
Yuanta Financial Holding Co. Ltd. | 4,951 | 3,072 | ||||||
Yulon Motor Co. Ltd.(a) | 319 | 397 | ||||||
Zhen Ding Technology Holding Ltd. | 263 | 1,113 | ||||||
|
| |||||||
351,636 | ||||||||
|
| |||||||
Tanzania-0.16% | ||||||||
AngloGold Ashanti Ltd. | 177 | 4,018 | ||||||
|
| |||||||
Thailand-2.08% | ||||||||
Advanced Info Service PCL, NVDR | 480 | 2,656 | ||||||
Airports of Thailand PCL, NVDR | 1,825 | 3,030 | ||||||
Asset World Corp. PCL, NVDR | 3,300 | 309 | ||||||
B. Grimm Power PCL, NVDR | 338 | 426 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,761 | 2,112 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 3,756 | 988 | ||||||
Banpu PCL, NVDR | 2,056 | 432 | ||||||
Berli Jucker PCL, NVDR | 480 | 443 | ||||||
BTS Group Holdings PCL, NVDR | 3,738 | 1,067 | ||||||
Bumrungrad Hospital PCL, NVDR | 154 | 450 | ||||||
Central Pattana PCL, NVDR | 1,031 | 1,273 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,705 | 1,381 | ||||||
CP ALL PCL, NVDR(a) | 2,263 | 3,903 | ||||||
Delta Electronics Thailand PCL, NVDR | 214 | 1,229 | ||||||
Electricity Generating PCL, NVDR | 126 | 671 | ||||||
Energy Absolute PCL, NVDR | 784 | 956 | ||||||
Global Power Synergy PCL, NVDR | 319 | 530 | ||||||
Gulf Energy Development PCL, NVDR | 1,825 | 1,669 | ||||||
Home Product Center PCL, NVDR | 2,654 | 1,192 | ||||||
Indorama Ventures PCL, NVDR | 842 | 597 | ||||||
Intouch Holdings PCL, NVDR | 982 | 1,686 | ||||||
IRPC PCL, NVDR | 4,823 | 312 | ||||||
Kasikornbank PCL, NVDR | 296 | 724 | ||||||
Krung Thai Bank PCL, NVDR | 2,316 | 643 | ||||||
Krungthai Card PCL, NVDR. | 816 | 1,034 | ||||||
Land & Houses PCL, NVDR | 3,106 | 638 | ||||||
Minor International PCL, NVDR(a) | 1,681 | 901 | ||||||
Minor International PCL, Wts., expiring 07/31/2023(a) | 76 | 15 | ||||||
Muangthai Capital PCL, NVDR(a) | 318 | 559 | ||||||
Osotspa PCL, NVDR | 574 | 589 | ||||||
PTT Exploration & Production PCL, NVDR | 651 | 1,645 | ||||||
PTT Global Chemical PCL, NVDR | 959 | 1,231 | ||||||
PTT PCL, NVDR | 6,203 | 6,170 | ||||||
Ratch Group PCL, NVDR | 367 | 547 | ||||||
Siam Cement PCL (The), NVDR | 362 | 3,926 | ||||||
Siam City Cement PCL, NVDR | 42 | 160 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,103 | 2,300 | ||||||
Siam Makro PCL, NVDR | 170 | 217 | ||||||
Srisawad Corp. PCL, NVDR | 255 | 405 | ||||||
Srisawad Corp. PCL, Wts., expiring 08/29/2025(a) | 10 | 3 | ||||||
Thai Oil PCL, NVDR | 482 | 530 | ||||||
Thai Union Group PCL, NVDR | 1,329 | 648 | ||||||
TMB Bank PCL, NVDR | 16,868 | 438 | ||||||
Total Access Communication PCL, NVDR | 317 | 313 | ||||||
True Corp. PCL, NVDR | 5,013 | 437 | ||||||
|
| |||||||
51,385 | ||||||||
|
|
Shares | Value | |||||||
Turkey-0.33% | ||||||||
Akbank T.A.S.(a) | 715 | $ | 407 | |||||
Anadolu Efes Biracilik ve Malt Sanayii A.S | 81 | 188 | ||||||
Arcelik A.S.(a) | 99 | 317 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S | 300 | 599 | ||||||
BIM Birlesik Magazalar A.S. | 179 | 1,426 | ||||||
Coca-Cola Icecek A.S.(a) | 38 | 204 | ||||||
Enka Insaat ve Sanayi A.S. | 315 | 271 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 536 | 609 | ||||||
Ford Otomotiv Sanayi A.S | 35 | 451 | ||||||
Haci Omer Sabanci Holding A.S. | 408 | 401 | ||||||
KOC Holding A.S. | 368 | 622 | ||||||
Petkim Petrokimya Holding A.S.(a) | 472 | 231 | ||||||
Tekfen Holding A.S. | 88 | 139 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 35 | 312 | ||||||
Turk Hava Yollari AO(a) | 89 | 96 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 421 | 733 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 627 | 382 | ||||||
Turkiye Sise ve Cam Fabrikalari A.S. | 351 | 257 | ||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 435 | 198 | ||||||
Yapi ve Kredi Bankasi A.S.(a) | 826 | 212 | ||||||
|
| |||||||
8,055 | ||||||||
|
| |||||||
United Arab Emirates-0.69% | ||||||||
Abu Dhabi Commercial Bank PJSC | 1,179 | 1,884 | ||||||
Abu Dhabi Islamic Bank PJSC | 404 | 478 | ||||||
Air Arabia PJSC | 1,813 | 543 | ||||||
Aldar Properties PJSC | 1,714 | 1,279 | ||||||
Dana Gas PJSC | 1,521 | 282 | ||||||
Dubai Investments PJSC | 927 | 288 | ||||||
Dubai Islamic Bank PJSC | 805 | 912 | ||||||
Emaar Development PJSC(a) | 893 | 554 | ||||||
Emaar Malls PJSC(a) | 892 | 359 | ||||||
Emaar Properties PJSC(a) | 1,274 | 926 | ||||||
Emirates Telecommunications Group Co. PJSC | 774 | 3,557 | ||||||
First Abu Dhabi Bank PJSC | 1,943 | 6,062 | ||||||
|
| |||||||
17,124 | ||||||||
|
| |||||||
United States-0.06% | ||||||||
JBS S.A | 418 | 1,410 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $2,211,159) | 2,319,709 | |||||||
|
| |||||||
Exchange-Traded Funds-6.01% |
| |||||||
India-6.01% | ||||||||
Invesco India ETF(a)(i) | 5,683 | 110,818 | ||||||
iShares MSCI India ETF | 1,120 | 37,621 | ||||||
|
| |||||||
Total Exchange-Traded Funds (Cost $155,459) | 148,439 | |||||||
|
| |||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(i)(j) | 515 | 515 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,367,133) | 2,468,663 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.84% | ||||||||
Invesco Private Government Fund, | 8,324 | $ | 8,324 | |||||
Invesco Private Prime Fund, 0.11%(i)(j)(k) | 12,482 | 12,486 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 20,810 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.70% |
| 2,489,473 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.70)% |
| (17,286 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 2,472,187 | |||||
|
|
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
Wts.-Warrants
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $130,488, which represented 5.28% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco India ETF | $ | 100,300 | $ | 38,414 | $ | (16,230 | ) | $ | (9,016 | ) | $ | 17,631 | $ | 110,818 | $ | 933 | |||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 17,165 | (16,650 | ) | - | - | 515 | - | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 5,726 | 98,301 | (104,027 | ) | - | - | - | 37 | |||||||||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 541,506 | $ | (533,182 | ) | $ | - | $ | - | $ | 8,324 | $ | 11 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 133,261 | (120,777 | ) | - | 2 | 12,486 | 10 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 179,907 | $ | 1,269,016 | $ | (1,305,117 | ) | $ | (9,017 | ) | $ | 17,635 | ** | $ | 132,143 | $ | 1,233 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
** | Includes capital gains distributions from affiliated underlying funds as follows: |
Fund Name | Capital Gain | ||||
Invesco India ETF | $ | 20,281 |
(j) | The rate shown is the 7-day SEC standardized yield as of October 31, 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.
| 37 |
|
Statements of Assets and Liabilities
October 31, 2020
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) | $ | 12,855,048 | $ | 2,237,134 | $ | 2,357,330 | |||||||||
Affiliated investments in securities, at value | 12,806 | 35,506 | 132,143 | ||||||||||||
Foreign currencies, at value | - | - | 2,142 | ||||||||||||
Deposits with brokers: | |||||||||||||||
Cash segregated as collateral | 73,635 | - | - | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 13,249 | 5,802 | 1,566 | ||||||||||||
Securities lending | - | 35 | 36 | ||||||||||||
Investments sold | 285,832 | 9 | - | ||||||||||||
Fund shares sold | 70,137 | - | - | ||||||||||||
Foreign tax reclaims | - | 10 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 13,310,707 | 2,278,496 | 2,493,217 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to foreign custodian | - | 324 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 366,657 | - | - | ||||||||||||
Collateral upon return of securities loaned | - | 34,939 | 20,810 | ||||||||||||
Collateral upon receipt of securities in-kind | 73,635 | - | - | ||||||||||||
Accrued unitary management fees | 692 | 140 | 220 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 440,984 | 35,403 | 21,030 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 12,869,723 | $ | 2,243,093 | $ | 2,472,187 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 12,573,902 | $ | 2,500,025 | $ | 2,500,011 | |||||||||
Distributable earnings (loss) | 295,821 | (256,932 | ) | (27,824 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 12,869,723 | $ | 2,243,093 | $ | 2,472,187 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 500,001 | 100,001 | 100,001 | ||||||||||||
Net asset value | $ | 25.74 | $ | 22.43 | $ | 24.72 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 25.75 | $ | 22.63 | $ | 24.97 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 12,630,561 | $ | 2,456,288 | $ | 2,246,759 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 12,806 | $ | 35,506 | $ | 141,184 | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (331) | $ | 2,102 | |||||||||
|
|
|
|
|
| ||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | 32,465 | $ | 18,426 | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
For the year ended October 31, 2020
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 | $ | 151,536 | $ | - | $ | - | |||||||||
Unaffiliated dividend income | - | 62,178 | 61,868 | ||||||||||||
Affiliated dividend income | 134 | 48 | 970 | ||||||||||||
Securities lending income | 33 | 431 | 468 | ||||||||||||
Foreign withholding tax | - | (8,257 | ) | (6,043 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 151,703 | 54,400 | 57,263 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 7,208 | 1,610 | 3,267 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (78 | ) | (8 | ) | (777 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 7,130 | 1,602 | 2,490 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 144,573 | 52,798 | 54,773 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | 15,643 | (23,561 | ) | (88,194 | ) | ||||||||||
Affiliated investment securities | (8 | ) | 7 | (2,646 | ) | ||||||||||
In-kind redemptions | 81,975 | - | - | ||||||||||||
Foreign currencies | - | (338 | ) | (849 | ) | ||||||||||
Distributions of underlying fund shares | - | - | 20,281 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | 97,610 | (23,892 | ) | (71,408 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | 188,262 | (164,046 | ) | 187,168 | |||||||||||
Affiliated investment securities | - | (1 | ) | (9,017 | ) | ||||||||||
Foreign currencies | - | 74 | (26 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) | 188,262 | (163,973 | ) | 178,125 | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | 285,872 | (187,865 | ) | 106,717 | |||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 430,445 | $ | (135,067 | ) | $ | 161,490 | ||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2020 and 2019
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP) | Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 144,573 | $ | 128,264 | $ | 52,798 | $ | 69,394 | $ | 54,773 | $ | 73,602 | ||||||||||||
Net realized gain (loss) | 97,610 | (9,433 | ) | (23,892 | ) | (12,087 | ) | (71,408 | ) | (38,649 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 188,262 | 90,771 | (163,973 | ) | 172,266 | 178,125 | 244,976 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 430,445 | 209,602 | (135,067 | ) | 229,573 | 161,490 | 279,929 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings | (88,376 | ) | (116,574 | ) | (53,056 | ) | (78,552 | ) | (75,266 | ) | (59,836 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||
Proceeds from shares sold | 7,616,756 | 4,933,735 | - | - | - | - | ||||||||||||||||||
Value of shares repurchased | (2,555,886 | ) | - | - | - | - | - | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from share transactions | 5,060,870 | 4,933,735 | - | - | - | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets | 5,402,939 | 5,026,763 | (188,123 | ) | 151,021 | 86,224 | 220,093 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 7,466,784 | 2,440,021 | 2,431,216 | 2,280,195 | 2,385,963 | 2,165,870 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of year | $ | 12,869,723 | $ | 7,466,784 | $ | 2,243,093 | $ | 2,431,216 | $ | 2,472,187 | $ | 2,385,963 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||
Shares sold | 300,000 | 200,000 | - | - | - | - | ||||||||||||||||||
Shares repurchased | (100,000 | ) | - | - | - | - | - | |||||||||||||||||
Shares outstanding, beginning of year | 300,001 | 100,001 | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding, end of year | 500,001 | 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.
| 40 |
|
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 24.89 | $ | 24.40 | $ | 24.99 | $ | 25.00 | ||||||||||||
Net investment income(b) | 0.35 | 0.59 | 0.63 | 0.06 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.71 | 0.39 | (0.55 | ) | (0.07 | ) | ||||||||||||||
Total from investment operations | 1.06 | 0.98 | 0.08 | (0.01 | ) | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.21 | ) | (0.49 | ) | (0.67 | ) | - | |||||||||||||
Net asset value at end of period | $ | 25.74 | $ | 24.89 | $ | 24.40 | $ | 24.99 | ||||||||||||
Market price at end of period(c) | $ | 25.75 | $ | 24.90 | $ | 24.40 | $ | 24.99 | ||||||||||||
Net Asset Value Total Return(d) | 4.28 | % | 4.04 | % | 0.33 | % | (0.04 | )%(e) | ||||||||||||
Market Price Total Return(d) | 4.28 | % | 4.07 | % | 0.33 | % | (0.04 | )%(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 12,870 | $ | 7,467 | $ | 2,440 | $ | 2,499 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.07 | % | 0.20 | %(f) | 0.07 | % | 0.07 | %(g) | ||||||||||||
Net investment income | 1.40 | % | 2.39 | %(f) | 2.53 | % | 2.22 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 29 | % | 30 | % | 19 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.13%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Financial Highlights–(continued)
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 24.31 | $ | 22.80 | $ | 25.37 | $ | 25.00 | ||||||||||||
Net investment income(b) | 0.53 | 0.69 | 0.73 | 0.07 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.88 | ) | 1.61 | (2.60 | ) | 0.30 | ||||||||||||||
Total from investment operations | (1.35 | ) | 2.30 | (1.87 | ) | 0.37 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.53 | ) | (0.77 | ) | (0.70 | ) | - | |||||||||||||
Net realized gains | - | (0.02 | ) | - | - | |||||||||||||||
Total distributions | (0.53 | ) | (0.79 | ) | (0.70 | ) | - | |||||||||||||
Net asset value at end of period | $ | 22.43 | $ | 24.31 | $ | 22.80 | $ | 25.37 | ||||||||||||
Market price at end of period(c) | $ | 22.63 | $ | 24.35 | $ | 23.03 | $ | 25.54 | ||||||||||||
Net Asset Value Total Return(d) | (5.33 | )% | 10.31 | % | (7.60 | )% | 1.48 | %(e) | ||||||||||||
Market Price Total Return(d) | (4.66 | )% | 9.37 | % | (7.30 | )% | 2.16 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,243 | $ | 2,431 | $ | 2,280 | $ | 2,537 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.07 | % | 0.37 | %(f) | 0.07 | % | 0.07 | %(g) | ||||||||||||
Net investment income | 2.30 | % | 2.99 | %(f) | 2.89 | % | 2.38 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 3 | % | 4 | % | 7 | % | 2 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the Exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.30%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Financial Highlights–(continued)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Years Ended October 31, | For the Period September 19, 2017(a) Through October 31, 2017 | |||||||||||||||||||
2020 | 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) | 0.55 | 0.74 | (c) | 0.66 | 0.03 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.06 | 2.06 | (3.42 | ) | 0.04 | |||||||||||||||
Total from investment operations | 1.61 | 2.80 | (2.76 | ) | 0.07 | |||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.75 | ) | (0.60 | ) | (0.65 | ) | - | |||||||||||||
Net asset value at end of period | $ | 24.72 | $ | 23.86 | $ | 21.66 | $ | 25.07 | ||||||||||||
Market price at end of period(d) | $ | 24.97 | $ | 23.82 | $ | 21.75 | $ | 25.20 | ||||||||||||
Net Asset Value Total Return(e) | 7.08 | % | 13.02 | % | (11.28 | )% | 0.28 | %(f) | ||||||||||||
Market Price Total Return(e) | 8.33 | % | 12.34 | % | (11.38 | )% | 0.80 | %(f) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,472 | $ | 2,386 | $ | 2,166 | $ | 2,507 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.11 | %(g) | 0.39 | %(g)(h) | 0.11 | % | 0.14 | %(i) | ||||||||||||
Expenses, prior to Waivers | 0.14 | %(g) | 0.43 | %(g)(h) | 0.14 | % | 0.14 | %(i) | ||||||||||||
Net investment income | 2.35 | % | 3.16 | %(c)(h) | 2.64 | % | 1.03 | %(i) | ||||||||||||
Portfolio turnover rate(j) | 18 | % | 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) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(h) | Ratios include non-recurring costs associated with a proxy statement of 0.29%. |
(i) | Annualized. |
(j) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco Exchange-Traded Fund Trust II
October 31, 2020
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 BofA 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 securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are
| 44 |
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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 a 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.
Changing U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 a Fund’s investments and share price may
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decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
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. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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.
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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 located 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ 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 with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
U.S. Government Obligations 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
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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 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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.
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G. | Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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. | 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 the 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 a 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
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 fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:
PureBetaSM 0-5 Yr US TIPS ETF | $ | 78 | ||
PureBetaSM FTSE Developed ex-North America ETF | 8 | |||
PureBetaSM FTSE Emerging Markets ETF | 777 |
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.
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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. |
The following is a summary of the tiered valuation input levels, as of October 31, 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 0-5YrUSTIPSETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
U.S. Treasury Securities | $ | - | $ | 12,855,048 | $ | - | $ | 12,855,048 | ||||||||||||
Money Market Funds | 12,806 | - | - | 12,806 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 12,806 | $ | 12,855,048 | $ | - | $ | 12,867,854 | ||||||||||||
|
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PureBetaSM FTSE Developed ex-North America ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,236,261 | $ | 830 | $ | 43 | $ | 2,237,134 | ||||||||||||
Money Market Funds | 567 | 34,939 | - | 35,506 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 2,236,828 | $ | 35,769 | $ | 43 | $ | 2,272,640 | ||||||||||||
|
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| |||||||||||||
PureBetaSM FTSE Emerging Markets ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 2,317,825 | $ | 1,884 | $ | 0 | $ | 2,319,709 | ||||||||||||
Exchange-Traded Funds | 148,439 | - | - | 148,439 | ||||||||||||||||
Money Market Funds | 515 | 20,810 | - | 21,325 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 2,466,779 | $ | 22,694 | $ | 0 | $ | 2,489,473 | ||||||||||||
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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:
2020 | 2019 | |||||||||||||||||||
Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | |||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 88,376 | $ | - | $ | 116,574 | $ | - | ||||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 53,056 | - | 78,401 | 151 | ||||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | 75,266 | - | 59,836 | - |
* Includes short-term capital gain distributions, if any.
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Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | 77,732 | $ | 218,089 | $ | - | $ | - | $ | 12,573,902 | $ | 12,869,723 | ||||||||||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 2,639 | (224,831 | ) | 64 | (34,804 | ) | 2,500,025 | 2,243,093 | ||||||||||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | - | 98,321 | (25 | ) | (126,120 | ) | 2,500,011 | 2,472,187 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
PureBetaSM 0-5Yr US TIPS ETF | $ | - | $ | - | $ | - | |||||||||
PureBetaSM FTSE Developed ex-North America ETF | - | 34,804 | 34,804 | ||||||||||||
PureBetaSM FTSE Emerging Markets ETF | - | 126,120 | 126,120 |
* | 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 fiscal year ended October 31, 2020, the cost of securities purchased and the 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 | $ | 67,664 | $ | 69,011 | ||||||
PureBetaSM FTSE Emerging Markets ETF | 426,228 | 429,742 |
For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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 $3,760,076 and $2,885,053, respectively.
For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $7,607,356 and $2,553,894, respectively.
At October 31, 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 | $ | 227,981 | $ | (9,892 | ) | $ | 218,089 | $ | 12,649,765 | |||||||||||
PureBetaSM FTSE Developed ex-North America ETF | 343,673 | (568,504 | ) | (224,831 | ) | 2,497,471 | ||||||||||||||
PureBetaSM FTSE Emerging Markets ETF | 561,958 | (463,637 | ) | 98,321 | 2,391,152 |
NOTE 7–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, foreign currency transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
PureBetaSM 0-5 Yr US TIPS ETF | $ | - | $ | (79,272 | ) | $ | 79,272 | ||||||||
PureBetaSM FTSE Developed ex-North America ETF | (56 | ) | 56 | - | |||||||||||
PureBetaSM FTSE Emerging Markets ETF | (506 | ) | 520 | (14 | ) |
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NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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 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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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF and Invesco PureBetaSM FTSE Emerging Markets ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBetaSM 0-5 Yr US TIPS ETF, Invesco PureBetaSM FTSE Developed ex-North America ETF and Invesco PureBetaSM FTSE Emerging Markets ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2020 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the three years in the period ended October 31, 2020 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2020
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 May 1, 2020 through October 31, 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 | Ending Account Value October 31, 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 | $ | 1,030.00 | 0.07 | % | $ | 0.36 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.78 | 0.07 | 0.36 | ||||||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,097.20 | 0.07 | 0.37 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.78 | 0.07 | 0.36 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the | |||||||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,220.20 | 0.10 | % | $ | 0.56 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 |
(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 October 31, 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 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:
Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | |||||||||||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF | 0 | % | 0 | % | 100 | % | 93 | % | 95 | % | |||||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | 86 | % | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF | 67 | % | 0 | % | 0 | % | 0 | % | 0 | % |
* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Foreign Taxes Per Share | Foreign Source Income Per Share | |||||||||
Invesco PureBetaSM 0-5Yr US TIPS ETF | $ | - | $ | - | ||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF | 0.0595 | 0.6151 | ||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF | 0.0600 | 0.5996 |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by | Other Held by Independent | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 216 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 216 | None. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Overseen by Independent Trustees | Other Held by | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 216 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of Office and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget - 1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 216 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 216 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 216 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 216 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 216 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 216 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Trustee | Other Held by Interested Trustee During | |||||
Kevin M. Carome - 1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 216 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) with Trust | Length of Served* | Principal Occupation(s) During the Past 5 Years | |||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2020 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2020 | Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020). | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
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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-AR-1 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 2020
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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Domestic Equity
At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.
During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.1
In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.2 However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%2, a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.
Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.
1 | Source: US Federal Reserve |
2 | Source: US Bureau of Economic Analysis |
Global Equity
At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.
Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of COVID-19 that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.
Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.
Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.
At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.
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IDLB | Management’s Discussion of Fund Performance | |
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) |
As an index fund, the Invesco FTSE International Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the FTSE Developed ex US Index (the “Developed ex US Index”) that exhibit low beta characteristics. The Developed ex US Index is designed to measure the performance of the international equity markets and consists of large and mid-capitalization companies from developed markets throughout the world, excluding the United States. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (5.02)%. On a net asset value (“NAV”) basis, the Fund returned (5.44)%. During the same time period, the Index returned (5.21)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period that were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates.
During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned (6.79)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 985 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall international
equity market.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the energy and financials sectors.
For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hanmi Pharm Co., Ltd., a health care company (portfolio average weight of 0.14%), and SG Holdings Co. Ltd., an industrials company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included NMC Health PLC, a health care company (portfolio average weight of 0.00%), and International Consolidated Airlines Group S.A., an industrials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Consumer Staples | 16.79 | |||
Financials | 12.06 | |||
Industrials | 11.71 | |||
Health Care | 10.45 | |||
Materials | 8.23 | |||
Communication Services | 7.96 | |||
Real Estate | 7.90 | |||
Information Technology | 7.83 | |||
Utilities | 6.93 | |||
Consumer Discretionary | 6.74 | |||
Energy | 1.23 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.17 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
CapitaLand Integrated Commercial Trust | 0.25 | |||
Shimamura Co. Ltd. | 0.21 | |||
Kumho Petrochemical Co. Ltd. | 0.21 | |||
NTT DOCOMO, Inc. | 0.21 | |||
Lotte Chemical Corp. | 0.20 | |||
Coca-Cola Amatil Ltd. | 0.20 | |||
Toho Gas Co. Ltd. | 0.19 | |||
Tokyo Ohka Kogyo Co. Ltd. | 0.19 | |||
Nihon M&A Center, Inc. | 0.19 | |||
Canon Marketing Japan, Inc. | 0.19 | |||
Total | 2.04 |
* | Excluding money market fund holdings. |
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Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net) | (5.21 | )% | (0.86 | )% | (2.56 | )% | 3.98 | % | 21.45 | % | ||||||||||||||
MSCI World ex USA Index (Net) | (6.79 | ) | (1.17 | ) | (3.46 | ) | 3.13 | 16.60 | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | (5.44 | ) | (1.30 | ) | (3.86 | ) | 3.46 | 18.48 | ||||||||||||||||
Market Price Return | (5.02 | ) | (1.36 | ) | (4.01 | ) | 3.31 | 17.65 |
Fund Inception: November 5, 2015
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
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EELV | Management’s Discussion of Fund Performance | |
Invesco S&P Emerging Markets Low Volatility ETF (EELV) |
As an index fund, the Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility IndexTM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks (over the trailing 12 months) of the S&P Emerging Plus LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (11.03)%. On a net asset value (“NAV”) basis, the Fund returned (10.92)%. During the same time period, the Index returned (10.37)%. During the fiscal year, the Fund utilized sampling for the smaller components of the Index, specifically within Saudi Arabia. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses the Fund incurred, trading costs around quarterly rebalances during the period, as well as the sampling used for Saudi Arabian components of the Index. During this same time period, the MSCI Emerging Markets IndexSM (Net) returned 8.25%.
For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care sector. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and utilities sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Top Glove Corp. Bhd., a health care company (no longer held at fiscal year-end), United Microelectronics Corp., an information technology company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return included Redefine Properties Ltd., a real estate company (no longer held at fiscal year-end), and Bank Polska Kasa Opieki S.A., a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 28.99 | |||
Information Technology | 13.06 | |||
Consumer Staples | 11.25 | |||
Communication Services | 10.86 | |||
Industrials | 9.99 | |||
Materials | 9.29 | |||
Utilities | 4.25 | |||
Energy | 3.37 | |||
Consumer Discretionary | 3.16 | |||
Real Estate | 3.11 | |||
Health Care | 2.80 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.13) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Chunghwa Telecom Co. Ltd. | 1.42 | |||
Grupo Elektra S.A.B. de C.V. | 1.00 | |||
Taiwan Mobile Co. Ltd. | 0.95 | |||
Far EasTone Telecommunications Co. Ltd. | 0.82 | |||
President Chain Store Corp. | 0.78 | |||
China Steel Corp. | 0.75 | |||
Mega Financial Holding Co. Ltd. | 0.73 | |||
Cathay Financial Holding Co. Ltd. | 0.72 | |||
China Biologic Products Holdings, Inc. | 0.70 | |||
Taichung Commercial Bank Co. Ltd. | 0.70 | |||
Total | 8.56 |
* | Excluding money market fund holdings. |
| 6 |
|
Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
S&P BMI Emerging Markets Low Volatility IndexTM (Net) | (10.37 | )% | (2.15 | )% | (6.32 | )% | 1.92 | % | 9.99 | % | 1.28 | % | 11.85 | % | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 8.25 | 1.94 | 5.93 | 7.92 | 46.36 | 4.19 | 43.50 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (10.92 | ) | (2.77 | ) | (8.08 | ) | 1.24 | 6.35 | 0.49 | 4.42 | ||||||||||||||||||||||
Market Price Return | (11.03 | ) | (3.00 | ) | (8.73 | ) | 1.29 | 6.61 | 0.34 | 3.03 |
Fund Inception: January 13, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets IndexSM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 7 |
|
EEMO | Management’s Discussion of Fund Performance | |
Invesco S&P Emerging Markets Momentum ETF (EEMO) |
As an index fund, the Invesco S&P Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index.
In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Emerging LargeMidCap Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.59%. On a net asset value (“NAV”) basis, the Fund returned 0.20%. During the same time period, the Index returned 0.55%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Saudi Arabian securities included in the Index. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of sampling in Saudi Arabia, as well as the fees and expenses that the Fund incurred during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline. During this same time period, the MSCI Emerging Markets IndexSM (Net) returned 8.25%.
For the fiscal year ended October 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy sector.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Meituan Dianping, B Shares, a consumer discretionary company (portfolio average weight of 3.92%) and Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (portfolio average weight of 4.89%). Positions that detracted most significantly from the Fund’s return included Banco Bradesco SA Pfd, a financials company (no longer held at fiscal year-end), and Itau Unibanco Holding SA Pfd., a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Consumer Discretionary | 30.77 | |||
Information Technology | 27.77 | |||
Communication Services | 16.33 | |||
Health Care | 9.08 | |||
Materials | 5.09 | |||
Energy | 3.52 | |||
Consumer Staples | 3.06 | |||
Sector Types Each Less Than 3% | 4.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.06 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Meituan Dianping, B Shares | 9.93 | |||
Tencent Holdings Ltd. | 9.81 | |||
Alibaba Group Holding Ltd., ADR | 9.35 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 9.15 | |||
Samsung Electronics Co. Ltd. | 7.18 | |||
JD.com, Inc., ADR | 3.41 | |||
Reliance Industries Ltd. | 3.37 | |||
Pinduoduo, Inc., ADR | 2.34 | |||
MediaTek, Inc. | 2.12 | |||
NAVER Corp. | 1.94 | |||
Total | 58.6 |
* | Excluding money market fund holdings. |
| 8 |
|
Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended — S&P Momentum Emerging Plus LargeMidCap Index (Net) | 0.55 | % | 0.21 | % | 0.62 | % | 7.33 | % | 42.41 | % | 0.24 | % | 2.11 | % | ||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 8.25 | 1.94 | 5.93 | 7.92 | 46.36 | 2.88 | 27.92 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 0.20 | (0.58 | ) | (1.72 | ) | 5.76 | 32.30 | (1.08 | ) | (8.99 | ) | |||||||||||||||||||||
Market Price Return | 0.59 | (0.70 | ) | (2.07 | ) | 5.94 | 33.47 | (1.15 | ) | (9.57 | ) |
Fund Inception: February 24, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.31% (0.29% after fee waiver) includes the unitary management fee of 0.29% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2020. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets IndexSM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 9 |
|
IDHD | Management’s Discussion of Fund Performance | |
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) |
As an index fund, the Invesco S&P International Developed High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P EPAC Ex-Korea Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 100 securities in the S&P EPAC Ex-Korea LargeMidCap (which is comprised of large and mid-cap equity securities, excluding those securities issued by companies in the United States and South Korea) that historically have provided high dividend yields with lower volatility. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.
The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.
The Index Provider weights each of the 100 constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. Each constituent security comprises between 0.05% and 3.0% of the weight of the Index, and no sector comprises more than 25% of the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (16.38)%. On a net asset value (“NAV”) basis, the Fund returned (16.91)%. During the same time period, the Index returned (17.19)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index, and income received from the securities lending program in which the Fund participates. This was offset by fees and expenses that the Fund incurred during the period. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the consumer staples sector was the only sector that contributed to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Coca-Cola Amatil Ltd., a consumer staples company (portfolio average weight of 0.30%), and Admiral Group PLC, a financials company (portfolio average weight of 1.21%). Positions that detracted most significantly from the Fund’s return included Vicinity Centres, a real estate company (no longer held at fiscal year-end), HSBC Holdings PLC, a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Utilities | 22.53 | |||
Financials | 18.22 | |||
Real Estate | 15.09 | |||
Communication Services | 14.41 | |||
Industrials | 10.25 | |||
Consumer Staples | 9.68 | |||
Consumer Discretionary | 4.03 | |||
Materials | 3.63 | |||
Sector Types Each Less Than 3% | 1.78 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.38 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Imperial Brands PLC | 2.30 | |||
Contact Energy Ltd. | 1.76 | |||
Japan Tobacco, Inc. | 1.62 | |||
Naturgy Energy Group S.A. | 1.59 | |||
CapitaLand Integrated Commercial Trust | 1.54 | |||
Coca-Cola Amatil Ltd. | 1.54 | |||
UnipolSai Assicurazioni S.p.A. | 1.39 | |||
AusNet Services | 1.38 | |||
ComfortDelGro Corp. Ltd. | 1.32 | |||
Swire Pacific Ltd., Class A | 1.30 | |||
Total | 15.75 |
* | Excluding money market fund holdings. |
| 10 |
|
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | Fund Inception | |||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||
S&P EPAC Ex-Korea Low Volatility High Dividend Index (Net) | (17.19 | )% | (2.77 | )% | (8.08 | )% | 1.97 | % | 7.95 | % | ||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 5.04 | 21.22 | ||||||||||||||||
Fund | ||||||||||||||||||||||||
NAV Return | (16.91 | ) | (2.74 | ) | (7.99 | ) | 1.95 | 7.86 | ||||||||||||||||
Market Price Return | (16.38 | ) | (2.78 | ) | (8.12 | ) | 2.12 | 8.57 |
Fund Inception: December 1, 2016
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and
capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 11 |
|
IDLV | Management’s Discussion of Fund Performance | |
Invesco S&P International Developed Low Volatility ETF (IDLV) |
As an index fund, the Invesco S&P International Developed Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low VolatilityTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (16.28)%. On a net asset value (“NAV”) basis, the Fund returned (16.49)%. During the same time period, the Index returned (16.56)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses incurred by the Fund during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and utilities sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hong Kong Exchanges & Clearing Ltd., a financials company (portfolio average weight of 0.30%), and Azbil Corp., an information technology company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return included H&R Real Estate Investment Trust, a real estate company (no longer held at fiscal year-end), and RioCan Real Estate Investment Trust, a real estate company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Consumer Staples | 23.37 | |||
Industrials | 14.50 | |||
Financials | 12.04 | |||
Utilities | 10.58 | |||
Communication Services | 9.38 | |||
Health Care | 7.11 | |||
Consumer Discretionary | 6.65 | |||
Materials | 5.41 | |||
Information Technology | 5.13 | |||
Real Estate | 4.28 | |||
Energy | 0.93 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.62 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
HK Electric Investments & HK Electric Investments Ltd. | 1.00 | |||
NTT DOCOMO, Inc. | 0.83 | |||
Chugoku Electric Power Co., Inc. (The) | 0.70 | |||
Softbank Corp. | 0.70 | |||
AusNet Services | 0.65 | |||
Azbil Corp. | 0.64 | |||
CLP Holdings Ltd. | 0.64 | |||
Japan Tobacco, Inc. | 0.63 | |||
LINE Corp. | 0.62 | |||
Nestle S.A. | 0.62 | |||
Total | 7.03 |
* | Excluding money market fund holdings. |
| 12 |
|
Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
S&P BMI International Developed Low VolatilityTM Index (Net) | (16.56 | )% | (2.25 | )% | (6.59 | )% | 2.26 | % | 11.85 | % | 4.79 | % | 50.91 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 5.54 | 60.65 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (16.49 | ) | (2.17 | ) | (6.37 | ) | 2.26 | 11.81 | 4.72 | 50.01 | ||||||||||||||||||||||
Market Price Return | (16.28 | ) | (2.11 | ) | (6.19 | ) | 2.36 | 12.40 | 4.69 | 49.62 |
Fund Inception: January 13, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 13 |
|
IDMO | Management’s Discussion of Fund Performance | |
Invesco S&P International Developed Momentum ETF (IDMO) |
As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. & South Korea LargeMidCap (the “Developed ex-U.S. & South Korea Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Developed ex-U.S. & South Korea Index.
In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Developed ex-U.S. & South Korea Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 10.24%. On a net asset value (“NAV”) basis, the Fund returned 10.11%. During the same time period, the Index returned 10.21%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and materials sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and communication services sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Shopify, Inc., Class A, an information technology company (portfolio average weight of 2.27%), and ASML Holding N.V., an information technology company (portfolio average weight of 2.26%). Positions that detracted most significantly from the Fund’s return included Airbus SE, an industrials company (no longer held at fiscal year-end), and Allianz SE, a financials company (no longer held at fiscal year-end).
Sector Breakdown as of October 31, 2020 | ||||
Health Care | 23.95 | |||
Information Technology | 21.87 | |||
Industrials | 10.96 | |||
Materials | 10.67 | |||
Consumer Discretionary | 8.72 | |||
Communication Services | 5.91 | |||
Consumer Staples | 5.72 | |||
Utilities | 5.17 | |||
Financials | 4.40 | |||
Sector Types Each Less Than 3% | 2.59 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Roche Holding AG | 4.49 | |||
Shopify, Inc., Class A | 4.15 | |||
ASML Holding N.V. | 3.76 | |||
AstraZeneca PLC | 2.60 | |||
Novo Nordisk A/S, Class B | 2.56 | |||
Sony Corp. | 2.41 | |||
Keyence Corp. | 2.28 | |||
Adyen N.V. | 2.12 | |||
Sanofi | 2.01 | |||
Sea Ltd., ADR | 1.93 | |||
Total | 28.31 |
* | Excluding money market fund holdings. |
| 14 |
|
Invesco S&P International Developed Momentum ETF (IDMO) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Blended — S&P Momentum Developed ex-US and South Korea LargeMidCap Index (Net) | 10.21 | % | 4.03 | % | 12.57 | % | 5.36 | % | 29.85 | % | 4.40 | % | 45.34 | % | ||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 4.30 | 44.14 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 10.11 | 3.72 | 11.58 | 4.94 | 27.29 | 4.00 | 40.54 | |||||||||||||||||||||||||
Market Price Return | 10.24 | 3.89 | 12.14 | 5.02 | 27.75 | 3.89 | 39.32 |
Fund Inception: February 24, 2012
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.26% includes the unitary management fee of 0.25% to cover operating expenses and expenses incurred in connection with managing the portfolio and other expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot
invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta IndexTM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2020. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 15 |
|
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
October 31, 2020
Shares | Value | |||||||
Common Stocks & Other Equity Interests-97.83% |
| |||||||
Australia-5.92% | ||||||||
AGL Energy Ltd. | 1,255 | $ | 10,999 | |||||
Altium Ltd. | 518 | 13,525 | ||||||
AMP Ltd. | 12,526 | 13,458 | ||||||
Ansell Ltd. | 492 | 13,886 | ||||||
APA Group | 1,778 | 13,098 | ||||||
ASX Ltd. | 211 | 11,799 | ||||||
Aurizon Holdings Ltd. | 4,334 | 11,474 | ||||||
AusNet Services | 10,106 | 14,194 | ||||||
BHP Group Ltd. | 491 | 11,648 | ||||||
Brambles Ltd. | 1,703 | 11,469 | ||||||
Coca-Cola Amatil Ltd. | 2,081 | 18,165 | ||||||
Coles Group Ltd. | 1,069 | 13,325 | ||||||
Commonwealth Bank of Australia | 280 | 13,571 | ||||||
CSL Ltd. | 66 | 13,328 | ||||||
Dexus | 2,167 | 13,102 | ||||||
Domino’s Pizza Enterprises Ltd. | 227 | 13,507 | ||||||
Evolution Mining Ltd. | 3,333 | 12,967 | ||||||
Fortescue Metals Group Ltd. | 1,049 | 12,796 | ||||||
Goodman Group | 1,025 | 13,244 | ||||||
Harvey Norman Holdings Ltd. | 4,247 | 13,242 | ||||||
Insurance Australia Group Ltd. | 3,897 | 13,054 | ||||||
Medibank Pvt Ltd. | 7,105 | 13,322 | ||||||
Mineral Resources Ltd. | 639 | 11,200 | ||||||
Newcrest Mining Ltd. | 599 | 12,300 | ||||||
Northern Star Resources Ltd. | 1,409 | 14,694 | ||||||
Orora Ltd. | 8,076 | 14,632 | ||||||
Platinum Asset Management Ltd. | 5,094 | 10,911 | ||||||
Ramsay Health Care Ltd. | 288 | 12,610 | ||||||
Rio Tinto Ltd. | 191 | 12,398 | ||||||
Rio Tinto PLC | 223 | 12,563 | ||||||
Saracen Mineral Holdings Ltd.(a) | 3,620 | 14,338 | ||||||
Shopping Centres Australasia Property Group | 8,513 | 13,870 | ||||||
Sonic Healthcare Ltd. | 581 | 14,207 | ||||||
Suncorp Group Ltd. | 2,050 | 11,819 | ||||||
Telstra Corp. Ltd. | 6,517 | 12,265 | ||||||
Treasury Wine Estates Ltd. | 2,036 | 13,111 | ||||||
Washington H Soul Pattinson & Co. Ltd.(b) | 881 | 15,677 | ||||||
Wesfarmers Ltd. | 392 | 12,652 | ||||||
Whitehaven Coal Ltd. | 21,975 | 16,435 | ||||||
WiseTech Global Ltd. | 644 | 13,065 | ||||||
Woolworths Group Ltd. | 482 | 12,917 | ||||||
|
| |||||||
540,837 | ||||||||
|
| |||||||
Austria-0.58% | ||||||||
ANDRITZ AG | 431 | 14,519 | ||||||
Telekom Austria AG | 1,882 | 12,671 | ||||||
Verbund AG | 251 | 14,438 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 570 | 11,566 | ||||||
|
| |||||||
53,194 | ||||||||
|
| |||||||
Belgium-1.51% | ||||||||
Ackermans & van Haaren N.V.(a) | 97 | 11,932 | ||||||
Ageas(b) | 329 | 13,241 | ||||||
Colruyt S.A. | 218 | 12,905 | ||||||
Elia Group S.A./N.V.(b) | 131 | 12,681 | ||||||
Galapagos N.V.(a) | 106 | 12,520 | ||||||
Groupe Bruxelles Lambert S.A. | 147 | 12,034 |
Shares | Value | |||||||
Belgium-(continued) | ||||||||
Proximus SADP | 709 | $ | 13,788 | |||||
Sofina S.A. | 46 | 11,949 | ||||||
Telenet Group Holding N.V. | 372 | 14,300 | ||||||
UCB S.A. | 117 | 11,543 | ||||||
Umicore S.A. | 296 | 11,392 | ||||||
|
| |||||||
138,285 | ||||||||
|
| |||||||
Brazil-0.26% | ||||||||
Wheaton Precious Metals Corp. | 259 | 11,876 | ||||||
Yara International ASA | 335 | 11,653 | ||||||
|
| |||||||
23,529 | ||||||||
|
| |||||||
Cambodia-0.14% | ||||||||
NagaCorp Ltd. | 12,000 | 12,379 | ||||||
|
| |||||||
Canada-3.55% | ||||||||
Bank of Nova Scotia (The) | 323 | 13,408 | ||||||
Barrick Gold Corp. | 468 | 12,502 | ||||||
BCE, Inc. | 317 | 12,729 | ||||||
Canadian National Railway Co. | 132 | 13,103 | ||||||
Canadian Pacific Railway Ltd. | 47 | 14,034 | ||||||
Canadian Utilities Ltd., Class A(b) | 541 | 12,635 | ||||||
Constellation Software, Inc. | 12 | 12,587 | ||||||
Dollarama, Inc. | 351 | 12,078 | ||||||
Enbridge, Inc. | 425 | 11,701 | ||||||
Fortis, Inc. | 340 | 13,421 | ||||||
Franco-Nevada Corp. | 92 | 12,530 | ||||||
George Weston Ltd. | 186 | 13,033 | ||||||
Hydro One Ltd.(c) | 652 | 14,235 | ||||||
Intact Financial Corp. | 130 | 13,418 | ||||||
Loblaw Cos. Ltd. | 263 | 13,081 | ||||||
Metro, Inc. | 302 | 14,077 | ||||||
Nutrien Ltd. | 361 | 14,664 | ||||||
Rogers Communications, Inc., | 318 | 12,907 | ||||||
Royal Bank of Canada | 182 | 12,716 | ||||||
Saputo, Inc. | 541 | 13,158 | ||||||
Shaw Communications, Inc., Class B | 726 | 11,952 | ||||||
TC Energy Corp. | 296 | 11,642 | ||||||
TELUS Corp. | 735 | 12,557 | ||||||
Thomson Reuters Corp. | 175 | 13,595 | ||||||
Topicus.com, Inc.(a)(d) | 22 | 0 | ||||||
Toronto-Dominion Bank (The) | 278 | 12,255 | ||||||
|
| |||||||
324,018 | ||||||||
|
| |||||||
Chile-0.14% | ||||||||
Antofagasta PLC | 947 | 12,606 | ||||||
|
| |||||||
China-1.53% | ||||||||
Kerry Logistics Network Ltd. | 7,890 | 16,442 | ||||||
Lenovo Group Ltd. | 21,002 | 13,135 | ||||||
Minth Group Ltd. | 3,500 | 14,465 | ||||||
Sun Art Retail Group Ltd. | 10,426 | 11,266 | ||||||
Tingyi Cayman Islands Holding Corp. | 8,041 | 14,683 | ||||||
Towngas China Co. Ltd.(a) | 31,639 | 14,320 | ||||||
Uni-President China Holdings Ltd. | 14,689 | 12,691 | ||||||
Want Want China Holdings Ltd. | 20,000 | 13,205 | ||||||
Wilmar International Ltd. | 4,265 | 12,619 | ||||||
Xinyi Glass Holdings Ltd. | 7,581 | 16,599 | ||||||
|
| |||||||
139,425 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Denmark-1.15% | ||||||||
Carlsberg A/S, Class B | 100 | $ | 12,658 | |||||
Chr. Hansen Holding A/S | 121 | 12,188 | ||||||
Coloplast A/S, Class B | 84 | 12,259 | ||||||
GN Store Nord A/S | 189 | 13,594 | ||||||
Novo Nordisk A/S, Class B | 210 | 13,489 | ||||||
Novozymes A/S, Class B | 226 | 13,582 | ||||||
Orsted A/S(c) | 96 | 15,238 | ||||||
Tryg A/S | 449 | 12,455 | ||||||
|
| |||||||
105,463 | ||||||||
|
| |||||||
Finland-1.16% | ||||||||
Elisa OYJ | 232 | 11,415 | ||||||
Kesko OYJ, Class B | 612 | 15,726 | ||||||
Kojamo OYJ | 569 | 11,732 | ||||||
Kone OYJ, Class B | 160 | 12,737 | ||||||
Neste OYJ(b) | 252 | 13,115 | ||||||
Nokian Renkaat OYJ(b) | 496 | 15,247 | ||||||
Orion OYJ, Class B | 299 | 12,800 | ||||||
UPM-Kymmene OYJ | 454 | 12,830 | ||||||
|
| |||||||
105,602 | ||||||||
|
| |||||||
France-4.16% | ||||||||
Air Liquide S.A. | 82 | 11,988 | ||||||
Alstom S.A.(a) | 247 | 11,071 | ||||||
Atos SE(a) | 157 | 10,717 | ||||||
BioMerieux | 96 | 14,291 | ||||||
Carrefour S.A. | 863 | 13,430 | ||||||
Danone S.A. | 210 | 11,595 | ||||||
Dassault Systemes SE | 73 | 12,462 | ||||||
Edenred | 265 | 12,360 | ||||||
Gecina S.A. | 102 | 12,666 | ||||||
Hermes International | 16 | 14,891 | ||||||
ICADE | 221 | 11,173 | ||||||
Iliad S.A. | 66 | 12,762 | ||||||
Kering S.A. | 21 | 12,683 | ||||||
Legrand S.A. | 165 | 12,201 | ||||||
L’Oreal S.A. | 42 | 13,586 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 29 | 13,590 | ||||||
Natixis S.A.(a) | 5,068 | 11,783 | ||||||
Orange S.A. | 1,268 | 14,224 | ||||||
Orpea S.A.(a) | 115 | 11,486 | ||||||
Pernod Ricard S.A. | 81 | 13,058 | ||||||
Remy Cointreau S.A. | 83 | 14,019 | ||||||
Sanofi | 137 | 12,347 | ||||||
Sartorius Stedim Biotech | 39 | 14,792 | ||||||
Schneider Electric SE | 110 | 13,352 | ||||||
SEB S.A. | 80 | 13,009 | ||||||
Teleperformance | 44 | 13,208 | ||||||
Thales S.A. | 176 | 11,456 | ||||||
Veolia Environnement S.A. | 579 | 10,784 | ||||||
Vinci S.A. | 146 | 11,534 | ||||||
Vivendi S.A. | 484 | 13,976 | ||||||
|
| |||||||
380,494 | ||||||||
|
| |||||||
Germany-4.56% | ||||||||
1&1 Drillisch AG | 489 | 10,304 | ||||||
adidas AG(a) | 44 | 13,070 | ||||||
Allianz SE | 64 | 11,262 | ||||||
Bechtle AG | 68 | 11,668 | ||||||
Beiersdorf AG | 118 | 12,357 | ||||||
Carl Zeiss Meditec AG, BR | 119 | 15,373 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
CTS Eventim AG & Co. KGaA(a) | 283 | $ | 12,540 | |||||
Deutsche Boerse AG | 74 | 10,891 | ||||||
Deutsche Post AG | 304 | 13,470 | ||||||
Deutsche Telekom AG | 759 | 11,555 | ||||||
Deutsche Wohnen SE | 255 | 12,871 | ||||||
E.ON SE | 1,160 | 12,096 | ||||||
Fielmann AG(a) | 187 | 14,180 | ||||||
Fresenius Medical Care AG & Co. KGaA | 161 | 12,299 | ||||||
Fuchs Petrolub SE | 106 | 4,062 | ||||||
Fuchs Petrolub SE, Preference Shares | 219 | 11,270 | ||||||
Hannover Rueck SE | 80 | 11,621 | ||||||
HelloFresh SE(a) | 274 | 14,656 | ||||||
Henkel AG & Co. KGaA | 52 | 4,703 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 89 | 8,659 | ||||||
Knorr-Bremse AG | 107 | 12,393 | ||||||
LEG Immobilien AG | 93 | 12,569 | ||||||
Merck KGaA | 99 | 14,663 | ||||||
Puma SE(a) | 164 | 14,335 | ||||||
Rational AG | 21 | 15,741 | ||||||
RWE AG | 347 | 12,850 | ||||||
SAP SE | 83 | 8,845 | ||||||
Sartorius AG, Preference Shares | 32 | 13,546 | ||||||
Scout24 AG(c) | 149 | 12,002 | ||||||
Siemens Healthineers AG(c) | 305 | 13,094 | ||||||
Symrise AG | 99 | 12,207 | ||||||
Talanx AG | 372 | 10,954 | ||||||
Uniper SE | 429 | 12,823 | ||||||
United Internet AG | 277 | 9,712 | ||||||
Vonovia SE | 188 | 12,005 | ||||||
|
| |||||||
416,646 | ||||||||
|
| |||||||
Hong Kong-3.03% | ||||||||
Bank of East Asia Ltd. (The)(b) | 6,141 | 11,055 | ||||||
CLP Holdings Ltd. | 1,554 | 14,288 | ||||||
Dairy Farm International Holdings Ltd. | 3,311 | 12,482 | ||||||
Guotai Junan International Holdings Ltd.(b) | 93,918 | 11,990 | ||||||
Haitong International Securities Group Ltd. | 52,000 | 11,802 | ||||||
Hang Lung Properties Ltd. | 5,329 | 12,933 | ||||||
Hang Seng Bank Ltd. | 899 | 13,819 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 9,627 | 13,829 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 245 | 11,696 | ||||||
Huabao International Holdings Ltd.(b) | 15,889 | 14,363 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 88,000 | 13,163 | ||||||
Kerry Properties Ltd. | 5,500 | 13,447 | ||||||
MTR Corp. Ltd. | 2,592 | 12,818 | ||||||
NWS Holdings Ltd. | 15,789 | 13,825 | ||||||
Power Assets Holdings Ltd. | 2,554 | 13,124 | ||||||
Sino Land Co. Ltd. | 12,550 | 14,824 | ||||||
Swire Properties Ltd. | 5,188 | 13,882 | ||||||
United Energy Group Ltd. | 82,949 | 11,231 | ||||||
Vinda International Holdings Ltd. | 4,123 | 10,899 | ||||||
Vitasoy International Holdings Ltd. | 3,819 | 15,414 | ||||||
VTech Holdings Ltd. | 2,397 | 15,903 | ||||||
|
| |||||||
276,787 | ||||||||
|
| |||||||
Ireland-0.42% | ||||||||
Glanbia PLC | 1,211 | 11,511 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Ireland-(continued) | ||||||||
Kerry Group PLC, Class A | 103 | $ | 12,322 | |||||
Smurfit Kappa Group PLC | 380 | 14,308 | ||||||
|
| |||||||
38,141 | ||||||||
|
| |||||||
Israel-2.91% | ||||||||
Airport City Ltd.(a) | 1,186 | 12,951 | ||||||
Alony Hetz Properties & Investments Ltd. | 1,195 | 12,102 | ||||||
Amot Investments Ltd. | 2,733 | 12,596 | ||||||
Azrieli Group Ltd. | 258 | 12,186 | ||||||
Bank Hapoalim BM(a) | 2,314 | 13,579 | ||||||
Bank Leumi Le-Israel BM | 2,707 | 12,833 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 12,304 | 14,050 | ||||||
Elbit Systems Ltd. | 105 | 11,901 | ||||||
Electra Ltd. | 31 | 13,568 | ||||||
Energix-Renewable Energies Ltd.(a) | 3,074 | 13,120 | ||||||
First International Bank of Israel Ltd. | 610 | 13,575 | ||||||
Harel Insurance Investments & Financial Services Ltd.(a) | 2,040 | 14,941 | ||||||
ICL Group Ltd. | 3,742 | 13,643 | ||||||
Melisron Ltd. | 357 | 12,974 | ||||||
Mivne Real Estate KD Ltd. | 6,901 | 13,297 | ||||||
Nice Ltd.(a) | 60 | 13,745 | ||||||
Phoenix Holdings Ltd. (The)(a) | 2,841 | 14,986 | ||||||
Shapir Engineering and Industry Ltd.(a) | 1,972 | 13,314 | ||||||
Shufersal Ltd. | 1,746 | 13,218 | ||||||
Strauss Group Ltd. | 477 | 13,815 | ||||||
|
| |||||||
266,394 | ||||||||
|
| |||||||
Italy-2.56% | ||||||||
A2A S.p.A. | 9,425 | 11,983 | ||||||
Amplifon S.p.A.(a) | 404 | 14,687 | ||||||
Assicurazioni Generali S.p.A. | 898 | 12,040 | ||||||
Buzzi Unicem S.p.A. | 570 | 12,333 | ||||||
Davide Campari-Milano N.V. | 1,287 | 13,439 | ||||||
DiaSorin S.p.A. | 77 | 16,907 | ||||||
Enel S.p.A. | 1,528 | 12,164 | ||||||
Ferrari N.V. | 71 | 12,666 | ||||||
FinecoBank Banca Fineco S.p.A.(a) | 917 | 12,551 | ||||||
Hera S.p.A. | 3,576 | 11,247 | ||||||
Infrastrutture Wireless Italiane S.p.A.(c) | 1,388 | 15,004 | ||||||
Italgas S.p.A. | 2,133 | 12,329 | ||||||
Moncler S.p.A.(a) | 349 | 13,969 | ||||||
Poste Italiane S.p.A.(c) | 1,497 | 12,206 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 255 | 13,215 | ||||||
Snam S.p.A. | 2,656 | 12,963 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 1,883 | 12,731 | ||||||
UnipolSai Assicurazioni S.p.A. | 4,902 | 11,386 | ||||||
|
| |||||||
233,820 | ||||||||
|
| |||||||
Japan-34.53% | ||||||||
Advance Residence Investment Corp. | 5 | 14,588 | ||||||
Aica Kogyo Co. Ltd. | 400 | 13,430 | ||||||
Ain Holdings, Inc. | 204 | 14,245 | ||||||
Air Water, Inc. | 978 | 13,939 | ||||||
Ajinomoto Co., Inc. | 772 | 15,489 | ||||||
Alfresa Holdings Corp. | 647 | 11,827 | ||||||
Anritsu Corp. | 600 | 13,092 | ||||||
Ariake Japan Co. Ltd. | 189 | 12,095 | ||||||
As One Corp. | 100 | 14,406 | ||||||
ASKUL Corp. | 400 | 15,267 | ||||||
Astellas Pharma, Inc. | 900 | 12,354 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Azbil Corp. | 400 | $ | 16,166 | |||||
Bandai Namco Holdings, Inc. | 222 | 16,513 | ||||||
Benesse Holdings, Inc. | 555 | 13,055 | ||||||
Bridgestone Corp. | 452 | 14,657 | ||||||
Calbee, Inc. | 445 | 13,622 | ||||||
Canon Marketing Japan, Inc. | 824 | 17,451 | ||||||
Canon, Inc. | 890 | 15,329 | ||||||
Capcom Co. Ltd. | 293 | 16,116 | ||||||
Chubu Electric Power Co., Inc. | 1,094 | 12,260 | ||||||
Chugai Pharmaceutical Co. Ltd. | 331 | 12,731 | ||||||
Chugoku Bank Ltd. (The) | 1,500 | 12,942 | ||||||
Chugoku Electric Power Co., Inc. (The) | 1,108 | 13,937 | ||||||
COMSYS Holdings Corp. | 455 | 11,516 | ||||||
Cosmos Pharmaceutical Corp. | 79 | 13,406 | ||||||
CyberAgent, Inc. | 248 | 15,539 | ||||||
Daifuku Co. Ltd. | 153 | 15,704 | ||||||
Daiichi Sankyo Co. Ltd. | 465 | 12,223 | ||||||
Daikin Industries Ltd. | 73 | 13,603 | ||||||
Daiwa House Industry Co. Ltd. | 514 | 13,450 | ||||||
Daiwa House REIT Investment Corp. | 5 | 11,570 | ||||||
Daiwa Office Investment Corp. | 2 | 10,848 | ||||||
Daiwa Securities Group, Inc. | 3,114 | 12,541 | ||||||
Eisai Co. Ltd. | 155 | 11,993 | ||||||
Elecom Co. Ltd. | 300 | 14,980 | ||||||
Electric Power Development Co. Ltd. | 869 | 11,721 | ||||||
Ezaki Glico Co. Ltd. | 295 | 12,233 | ||||||
FamilyMart Co. Ltd. | 659 | 14,423 | ||||||
FP Corp. | 402 | 16,016 | ||||||
Fuji Oil Holdings, Inc. | 496 | 15,657 | ||||||
Fuji Seal International, Inc. | 736 | 13,729 | ||||||
FUJIFILM Holdings Corp. | 295 | 15,007 | ||||||
Fujitsu General Ltd. | 500 | 13,794 | ||||||
Fujitsu Ltd. | 112 | 13,097 | ||||||
Glory Ltd. | 640 | 13,432 | ||||||
GLP J-REIT | 9 | 13,861 | ||||||
GMO internet, Inc. | 473 | 12,596 | ||||||
GMO Payment Gateway, Inc. | 126 | 15,391 | ||||||
Gunma Bank Ltd. (The) | 4,200 | 13,258 | ||||||
Hachijuni Bank Ltd. (The) | 3,600 | 13,224 | ||||||
Hamamatsu Photonics KK | 300 | 15,037 | ||||||
Heiwa Corp. | 799 | 12,886 | ||||||
Hirogin Holdings, Inc.(a) | 2,761 | 14,949 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 14,277 | ||||||
Hitachi Transport System Ltd. | 348 | 11,002 | ||||||
Hokuhoku Financial Group, Inc. | 1,500 | 14,148 | ||||||
Hokuriku Electric Power Co. | 1,893 | 13,490 | ||||||
Hoshizaki Corp. | 200 | 15,936 | ||||||
House Foods Group, Inc. | 376 | 12,427 | ||||||
Hoya Corp. | 133 | 15,012 | ||||||
Hulic Co. Ltd. | 1,547 | 14,295 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 8 | 13,591 | ||||||
Ito En Ltd. | 227 | 14,353 | ||||||
ITOCHU Corp. | 561 | 13,416 | ||||||
Itochu Techno-Solutions Corp. | 327 | 11,120 | ||||||
Itoham Yonekyu Holdings, Inc. | 2,066 | 13,794 | ||||||
Iyo Bank Ltd. (The) | 2,200 | 13,742 | ||||||
Izumi Co. Ltd. | 400 | 13,526 | ||||||
Japan Exchange Group, Inc. | 484 | 11,771 | ||||||
Japan Logistics Fund, Inc. | 5 | 14,019 | ||||||
Japan Post Bank Co. Ltd. | 1,742 | 13,847 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Japan Post Holdings Co. Ltd. | 1,873 | $ | 12,809 | |||||
Japan Real Estate Investment Corp. | 3 | 14,693 | ||||||
Japan Tobacco, Inc. | 770 | 14,510 | ||||||
JCR Pharmaceuticals Co. Ltd. | 508 | 13,106 | ||||||
JSR Corp. | 600 | 13,465 | ||||||
Justsystems Corp. | 200 | 13,086 | ||||||
Kagome Co. Ltd. | 430 | 14,705 | ||||||
Kaken Pharmaceutical Co. Ltd. | 335 | 13,155 | ||||||
Kandenko Co. Ltd. | 1,782 | 13,347 | ||||||
Kansai Electric Power Co., Inc. (The) | 1,370 | 12,462 | ||||||
Kao Corp. | 183 | 12,989 | ||||||
KDDI Corp. | 484 | 12,929 | ||||||
Keihan Holdings Co. Ltd. | 291 | 11,023 | ||||||
Kenedix Office Investment Corp. | 2 | 11,555 | ||||||
Kewpie Corp. | 734 | 15,011 | ||||||
Keyence Corp. | 33 | 14,915 | ||||||
Kinden Corp. | 790 | 12,363 | ||||||
Kirin Holdings Co. Ltd. | 700 | 12,582 | ||||||
Kissei Pharmaceutical Co. Ltd. | 600 | 11,777 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 154 | 14,982 | ||||||
Kobe Bussan Co. Ltd.(b) | 476 | 13,409 | ||||||
Koei Tecmo Holdings Co. Ltd. | 354 | 17,338 | ||||||
KOKUYO Co. Ltd. | 1,241 | 16,786 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 187 | 14,990 | ||||||
Kyocera Corp. | 240 | 13,157 | ||||||
Kyowa Exeo Corp. | 548 | 12,612 | ||||||
Kyowa Kirin Co. Ltd. | 503 | 12,462 | ||||||
Kyudenko Corp. | 527 | 14,342 | ||||||
Kyushu Electric Power Co., Inc. | 1,558 | 13,055 | ||||||
Kyushu Financial Group, Inc. | 3,000 | 13,975 | ||||||
LaSalle Logiport REIT | 8 | 12,443 | ||||||
Lawson, Inc. | 316 | 14,524 | ||||||
Lintec Corp. | 551 | 12,175 | ||||||
Lion Corp. | 666 | 13,614 | ||||||
M3, Inc. | 200 | 13,444 | ||||||
Maeda Road Construction Co. Ltd. | 764 | 12,709 | ||||||
Mani, Inc. | 500 | 12,498 | ||||||
Matsui Securities Co. Ltd. | 1,554 | 12,383 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 400 | 14,750 | ||||||
Medipal Holdings Corp. | 766 | 13,643 | ||||||
Megmilk Snow Brand Co. Ltd. | 666 | 14,411 | ||||||
MEIJI Holdings Co. Ltd. | 201 | 14,536 | ||||||
Mitsubishi Estate Co. Ltd. | 851 | 12,650 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 567 | 14,769 | ||||||
Miura Co. Ltd. | 300 | 14,047 | ||||||
Mochida Pharmaceutical Co. Ltd. | 345 | 12,541 | ||||||
MonotaRO Co. Ltd. | 300 | 16,644 | ||||||
Mori Hills REIT Investment Corp. | 11 | 13,521 | ||||||
Morinaga & Co. Ltd. | 383 | 14,526 | ||||||
Morinaga Milk Industry Co. Ltd. | 325 | 15,638 | ||||||
MS&AD Insurance Group | 475 | 12,925 | ||||||
Nagoya Railroad Co. Ltd. | 454 | 12,056 | ||||||
Nankai Electric Railway Co. Ltd. | 623 | 14,172 | ||||||
NEC Corp. | 289 | 14,514 | ||||||
NEC Networks & System Integration Corp. | 700 | 12,120 | ||||||
NET One Systems Co. Ltd. | 362 | 10,804 | ||||||
Nexon Co. Ltd. | 516 | 14,408 | ||||||
NH Foods Ltd. | 304 | 12,417 | ||||||
Nichirei Corp. | 567 | 14,254 | ||||||
Nihon Kohden Corp. | 373 | 11,667 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nihon M&A Center, Inc. | 300 | $ | 17,534 | |||||
Nihon Unisys Ltd. | 475 | 13,972 | ||||||
Nintendo Co. Ltd. | 25 | 13,626 | ||||||
Nippo Corp. | 556 | 14,254 | ||||||
Nippon Accommodations Fund, Inc. | 2 | 11,441 | ||||||
Nippon Building Fund, Inc. | 2 | 10,101 | ||||||
Nippon Paint Holdings Co. Ltd. | 157 | 14,102 | ||||||
Nippon Paper Industries Co. Ltd. | 1,083 | 12,193 | ||||||
Nippon Prologis REIT, Inc. | 4 | 13,162 | ||||||
Nippon Shinyaku Co. Ltd. | 200 | 14,234 | ||||||
Nippon Telegraph & Telephone Corp. | 595 | 12,499 | ||||||
Nippon Television Holdings, Inc. | 1,173 | 12,343 | ||||||
Nissan Chemical Corp. | 276 | 14,574 | ||||||
Nisshin Seifun Group, Inc. | 903 | 13,570 | ||||||
Nissin Foods Holdings Co. Ltd. | 153 | 13,231 | ||||||
Nitori Holdings Co. Ltd. | 66 | 13,605 | ||||||
Noevir Holdings Co. Ltd. | 300 | 13,373 | ||||||
NOF Corp. | 365 | 13,669 | ||||||
Nomura Holdings, Inc. | 2,700 | 11,997 | ||||||
Nomura Real Estate Master Fund, Inc. | 11 | 13,111 | ||||||
Nomura Research Institute Ltd. | 530 | 15,691 | ||||||
NS Solutions Corp. | 520 | 15,171 | ||||||
NTT DOCOMO, Inc. | 506 | 18,814 | ||||||
OBIC Business Consultants Co. Ltd. | 224 | 12,128 | ||||||
Obic Co. Ltd. | 75 | 13,308 | ||||||
Oji Holdings Corp. | 3,100 | 13,018 | ||||||
Olympus Corp. | 740 | 14,079 | ||||||
Ono Pharmaceutical Co. Ltd. | 400 | 11,372 | ||||||
Oracle Corp. Japan | 117 | 11,707 | ||||||
Oriental Land Co. Ltd. | 98 | 13,673 | ||||||
Osaka Gas Co. Ltd. | 737 | 13,973 | ||||||
Otsuka Corp. | 300 | 13,832 | ||||||
Otsuka Holdings Co. Ltd. | 325 | 11,985 | ||||||
Paltac Corp. | 277 | 15,501 | ||||||
Pan Pacific International Holdings Corp. | 575 | 12,222 | ||||||
Pigeon Corp. | 300 | 13,789 | ||||||
Rengo Co. Ltd. | 1,832 | 14,072 | ||||||
Rinnai Corp. | 152 | 14,976 | ||||||
Rohto Pharmaceutical Co. Ltd. | 400 | 12,474 | ||||||
Sankyo Co. Ltd. | 538 | 13,679 | ||||||
Santen Pharmaceutical Co. Ltd. | 700 | 12,434 | ||||||
Sawai Pharmaceutical Co. Ltd. | 300 | 14,435 | ||||||
SCSK Corp. | 255 | 12,660 | ||||||
Secom Co. Ltd. | 149 | 12,535 | ||||||
Sega Sammy Holdings, Inc. | 1,253 | 15,653 | ||||||
Sekisui House Reit, Inc. | 19 | 13,268 | ||||||
Seven & i Holdings Co. Ltd. | 472 | 14,353 | ||||||
SG Holdings Co. Ltd. | 596 | 14,338 | ||||||
Shiga Bank Ltd. (The) | 630 | 13,553 | ||||||
Shikoku Electric Power Co., Inc. | 1,821 | 13,099 | ||||||
Shimadzu Corp. | 500 | 14,210 | ||||||
Shimamura Co. Ltd. | 182 | 19,359 | ||||||
Shimano, Inc. | 66 | 15,004 | ||||||
Shinsei Bank Ltd. | 1,200 | 14,372 | ||||||
Shionogi & Co. Ltd. | 251 | 11,822 | ||||||
Ship Healthcare Holdings, Inc. | 283 | 13,400 | ||||||
Shizuoka Bank Ltd. (The) | 2,008 | 13,446 | ||||||
SHO-BOND Holdings Co. Ltd. | 310 | 14,886 | ||||||
SKY Perfect JSAT Holdings, Inc. | 3,550 | 15,111 | ||||||
SMS Co. Ltd. | 500 | 14,683 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Softbank Corp. | 1,100 | $ | 12,758 | |||||
Sohgo Security Services Co. Ltd. | 296 | 13,747 | ||||||
Sojitz Corp. | 6,052 | 13,257 | ||||||
Sompo Holdings, Inc. | 424 | 15,781 | ||||||
Sony Corp. | 200 | 16,595 | ||||||
Sotetsu Holdings, Inc. | 509 | 12,518 | ||||||
Square Enix Holdings Co. Ltd. | 200 | 11,708 | ||||||
Sugi Holdings Co. Ltd. | 200 | 13,239 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 400 | 12,129 | ||||||
Sundrug Co. Ltd. | 387 | 14,345 | ||||||
Suntory Beverage & Food Ltd. | 403 | 13,878 | ||||||
Suzuken Co. Ltd. | 352 | 12,677 | ||||||
Sysmex Corp. | 156 | 14,624 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 11,995 | ||||||
Takara Bio, Inc. | 537 | 14,609 | ||||||
Takara Holdings, Inc. | 1,400 | 14,062 | ||||||
Teijin Ltd. | 854 | 13,038 | ||||||
Terumo Corp. | 300 | 11,011 | ||||||
TIS, Inc. | 685 | 13,112 | ||||||
Tobu Railway Co. Ltd. | 412 | 11,646 | ||||||
Toda Corp. | 2,143 | 12,177 | ||||||
Toho Gas Co. Ltd. | 345 | 17,788 | ||||||
Tohoku Electric Power Co., Inc. | 1,336 | 11,783 | ||||||
Tokio Marine Holdings, Inc. | 323 | 14,395 | ||||||
Tokyo Electron Ltd. | 53 | 14,145 | ||||||
Tokyo Gas Co. Ltd. | 584 | 13,215 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 300 | 17,706 | ||||||
Tokyu Corp. | 1,069 | 12,629 | ||||||
Toyo Suisan Kaisha Ltd. | 291 | 14,475 | ||||||
Toyota Motor Corp. | 211 | 13,731 | ||||||
Trend Micro, Inc. | 225 | 12,591 | ||||||
Tsumura & Co. | 500 | 14,659 | ||||||
Tsuruha Holdings, Inc. | 100 | 13,985 | ||||||
Unicharm Corp. | 285 | 13,195 | ||||||
Welcia Holdings Co. Ltd. | 372 | 14,590 | ||||||
Yakult Honsha Co. Ltd. | 251 | 12,149 | ||||||
Yamaguchi Financial Group, Inc. | 2,099 | 13,573 | ||||||
Yamato Holdings Co. Ltd. | 468 | 12,329 | ||||||
Yamazaki Baking Co. Ltd. | 794 | 13,033 | ||||||
Yaoko Co. Ltd. | 177 | 12,529 | ||||||
|
| |||||||
3,155,436 | ||||||||
|
| |||||||
Jordan-0.15% | ||||||||
Hikma Pharmaceuticals PLC | 430 | 13,955 | ||||||
|
| |||||||
Luxembourg-0.48% | ||||||||
Eurofins Scientific SE(a) | 17 | 13,541 | ||||||
L’Occitane International S.A. | 7,996 | 14,580 | ||||||
RTL Group S.A.(a) | 410 | 15,579 | ||||||
|
| |||||||
43,700 | ||||||||
|
| |||||||
Malaysia-0.16% | ||||||||
Wing Tai Holdings Ltd. | 11,033 | 14,463 | ||||||
|
| |||||||
Mexico-0.13% | ||||||||
Fresnillo PLC | 814 | 12,235 | ||||||
|
| |||||||
Netherlands-1.44% | ||||||||
Adyen N.V.(a)(c) | 8 | �� | 13,489 | |||||
Euronext N.V.(c) | 112 | 11,683 | ||||||
Heineken Holding N.V. | 171 | 13,216 | ||||||
Heineken N.V. | 151 | 13,403 | ||||||
Koninklijke Ahold Delhaize N.V. | 460 | 12,640 |
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Koninklijke DSM N.V. | 85 | $ | 13,609 | |||||
Koninklijke KPN N.V. | 5,208 | 14,075 | ||||||
Koninklijke Philips N.V.(a) | 285 | 13,238 | ||||||
Koninklijke Vopak N.V. | 249 | 12,945 | ||||||
Wolters Kluwer N.V. | 166 | 13,454 | ||||||
|
| |||||||
131,752 | ||||||||
|
| |||||||
New Zealand-0.89% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 1,120 | 10,837 | ||||||
Contact Energy Ltd. | 3,268 | 15,939 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 567 | 13,115 | ||||||
Mercury NZ Ltd. | 4,041 | 14,288 | ||||||
Spark New Zealand Ltd. | 4,242 | 12,588 | ||||||
Xero Ltd.(a) | 183 | 14,156 | ||||||
|
| |||||||
80,923 | ||||||||
|
| |||||||
Norway-0.93% | ||||||||
Gjensidige Forsikring ASA | 646 | 12,253 | ||||||
Leroy Seafood Group ASA | 2,199 | 10,315 | ||||||
Mowi ASA | 724 | 11,410 | ||||||
Orkla ASA | 1,387 | 13,071 | ||||||
Salmar ASA(a) | 259 | 13,074 | ||||||
Telenor ASA | 835 | 12,858 | ||||||
TOMRA Systems ASA | 303 | 12,194 | ||||||
|
| |||||||
85,175 | ||||||||
|
| |||||||
Poland-0.84% | ||||||||
CD Projekt S.A.(a) | 117 | 9,900 | ||||||
Cyfrowy Polsat S.A. | 1,909 | 11,886 | ||||||
Dino Polska S.A.(a)(c) | 232 | 12,725 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 1,027 | 9,872 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 9,626 | 10,127 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 2,425 | 11,597 | ||||||
Powszechny Zaklad Ubezpieczen S.A.(a) | 1,891 | 10,305 | ||||||
|
| |||||||
76,412 | ||||||||
|
| |||||||
Portugal-0.15% | ||||||||
Jeronimo Martins SGPS S.A. | 845 | 13,426 | ||||||
|
| |||||||
Russia-0.12% | ||||||||
Polymetal International PLC | 530 | 11,235 | ||||||
|
| |||||||
Singapore-3.10% | ||||||||
Ascendas REIT | 5,627 | 11,868 | ||||||
CapitaLand Integrated Commercial Trust | 17,776 | 22,522 | ||||||
CapitaLand Ltd. | 6,818 | 12,832 | ||||||
Genting Singapore Ltd. | 26,900 | 12,706 | ||||||
Keppel DC REIT | 6,400 | 13,592 | ||||||
Keppel REIT | 17,755 | 12,938 | ||||||
Mapletree Commercial Trust | 9,465 | 11,922 | ||||||
Mapletree Industrial Trust | 6,088 | 13,554 | ||||||
Mapletree Logistics Trust | 8,988 | 12,835 | ||||||
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(d) | 170 | 0 | ||||||
NetLink NBN Trust(c) | 19,500 | 13,709 | ||||||
Olam International Ltd. | 14,288 | 13,393 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,138 | 13,184 | ||||||
SATS Ltd. | 6,345 | 13,847 | ||||||
Singapore Exchange Ltd. | 2,181 | 13,832 | ||||||
Singapore Post Ltd. | 26,900 | 13,100 | ||||||
Singapore Press Holdings Ltd. | 17,662 | 12,805 | ||||||
Singapore Telecommunications Ltd. | 8,202 | 12,194 | ||||||
StarHub Ltd. | 15,416 | 13,209 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Suntec REIT | 13,234 | $ | 12,987 | |||||
UOL Group Ltd. | 2,800 | 12,754 | ||||||
Venture Corp. Ltd. | 934 | 13,174 | ||||||
|
| |||||||
282,957 | ||||||||
|
| |||||||
South Korea-8.02% | ||||||||
Amorepacific Corp. | 96 | 13,367 | ||||||
Amorepacific Group | 315 | 12,090 | ||||||
BGF retail Co. Ltd. | 132 | 13,727 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 163 | 12,167 | ||||||
Celltrion Pharm, Inc.(a) | 145 | 13,903 | ||||||
Celltrion, Inc.(a) | 55 | 11,682 | ||||||
Cheil Worldwide, Inc. | 863 | 15,858 | ||||||
CJ Logistics Corp.(a) | 103 | 14,478 | ||||||
Coway Co. Ltd. | 202 | 12,355 | ||||||
Daelim Industrial Co. Ltd. | 175 | 12,030 | ||||||
Dongsuh Cos., Inc. | 651 | 16,609 | ||||||
E-MART, Inc. | 128 | 16,018 | ||||||
Hanmi Pharm Co. Ltd. | 53 | 12,261 | ||||||
Hanon Systems | 1,247 | 12,308 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 665 | 11,604 | ||||||
Hite Jinro Co. Ltd. | 429 | 12,665 | ||||||
Hyundai Department Store Co. Ltd. | 290 | 15,130 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 719 | 14,764 | ||||||
Hyundai Mobis Co. Ltd. | 70 | 13,911 | ||||||
Hyundai Motor Co., Second Pfd. | 186 | 13,097 | ||||||
Industrial Bank of Korea | 1,996 | 14,371 | ||||||
KB Financial Group, Inc. | 435 | 15,373 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 582 | 14,105 | ||||||
Korea Aerospace Industries Ltd. | 701 | 13,468 | ||||||
Korea Investment Holdings Co. Ltd. | 248 | 14,993 | ||||||
Korea Zinc Co. Ltd. | 41 | 13,821 | ||||||
KT&G Corp. | 194 | 13,849 | ||||||
Kumho Petrochemical Co. Ltd. | 165 | 19,340 | ||||||
LG Corp. | 197 | 11,771 | ||||||
LG Household & Health Care Ltd. | 10 | 13,219 | ||||||
LG Household & Health Care Ltd., Preference Shares | 2 | 1,218 | ||||||
LG Uplus Corp. | 1,356 | 13,205 | ||||||
Lotte Chemical Corp. | 91 | 18,686 | ||||||
NAVER Corp. | 49 | 12,523 | ||||||
NCSoft Corp. | 19 | 12,994 | ||||||
Netmarble Corp.(a)(c) | 95 | 9,796 | ||||||
NH Investment & Securities Co. Ltd. | 1,736 | 14,595 | ||||||
NHN Corp.(a) | 221 | 13,517 | ||||||
NongShim Co. Ltd. | 46 | 11,675 | ||||||
Orion Corp. | 118 | 11,283 | ||||||
Ottogi Corp. | 28 | 13,128 | ||||||
S-1 Corp. | 186 | 13,376 | ||||||
Samsung Card Co. Ltd. | 567 | 14,691 | ||||||
Samsung Electronics Co. Ltd. | 262 | 13,069 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 46 | 2,031 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 121 | 15,142 | ||||||
Samsung SDI Co. Ltd. | 36 | 14,023 | ||||||
Samsung SDS Co. Ltd. | 102 | 15,147 | ||||||
Samsung Securities Co. Ltd. | 508 | 14,371 | ||||||
Shinhan Financial Group Co. Ltd. | 543 | 14,524 | ||||||
SK Hynix, Inc. | 217 | 15,280 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
SK Telecom Co. Ltd. | 68 | $ | 12,825 | |||||
Ssangyong Cement Industrial Co. Ltd. | 2,694 | 13,177 | ||||||
Woori Financial Group, Inc. | 1,903 | 14,909 | ||||||
Yuhan Corp. | 246 | 12,899 | ||||||
|
| |||||||
732,418 | ||||||||
|
| |||||||
Spain-1.82% | ||||||||
Acciona S.A.(b) | 113 | 11,412 | ||||||
Bankia S.A. | 11,560 | 14,166 | ||||||
EDP Renovaveis S.A. | 810 | 15,399 | ||||||
Enagas S.A. | 565 | 12,196 | ||||||
Endesa S.A. | 497 | 13,321 | ||||||
Grifols S.A.(b) | 523 | 14,128 | ||||||
Iberdrola S.A. | 1,092 | 12,879 | ||||||
Industria de Diseno Textil S.A. | 498 | 12,292 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 1,572 | 11,179 | ||||||
Mapfre S.A. | 7,550 | 11,380 | ||||||
Naturgy Energy Group S.A. | 701 | 13,024 | ||||||
Red Electrica Corp. S.A. | 716 | 12,615 | ||||||
Zardoya Otis S.A | 2,083 | 12,714 | ||||||
|
| |||||||
166,705 | ||||||||
|
| |||||||
Sweden-3.03% | ||||||||
Assa Abloy AB, Class B | 600 | 12,875 | ||||||
Castellum AB | 654 | 13,622 | ||||||
Elekta AB, Class B | 1,072 | 12,561 | ||||||
Epiroc AB, Class A | 582 | 8,696 | ||||||
Epiroc AB, Class B | 353 | 5,060 | ||||||
Essity AB, Class B(b) | 402 | 11,648 | ||||||
Evolution Gaming Group AB(c) | 189 | 14,035 | ||||||
Fastighets AB Balder, Class B(a) | 328 | 15,455 | ||||||
Holmen AB, Class B | 382 | 14,480 | ||||||
ICA Gruppen AB | 282 | 13,347 | ||||||
Industrivarden AB, Class C(a) | 520 | 13,296 | ||||||
Investment AB Latour, Class B | 611 | 14,264 | ||||||
Investor AB, Class A | 49 | 2,934 | ||||||
Investor AB, Class B | 167 | 10,026 | ||||||
L E Lundbergforetagen AB, | 297 | 13,367 | ||||||
Sinch AB(a)(c) | 135 | 12,861 | ||||||
Svenska Cellulosa AB S.C.A., Class A(a) | 37 | 513 | ||||||
Svenska Cellulosa AB S.C.A., Class B(a) | 1,021 | 13,851 | ||||||
Svenska Handelsbanken AB, Class A(a) | 1,377 | 11,157 | ||||||
Svenska Handelsbanken AB, Class B(a) | 33 | 318 | ||||||
Swedish Match AB | 180 | 13,561 | ||||||
Swedish Orphan Biovitrum AB(a) | 619 | 10,689 | ||||||
Tele2 AB, Class B | 970 | 11,502 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 14 | 167 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,184 | 13,206 | ||||||
Telia Co. AB(b) | 3,556 | 13,631 | ||||||
|
| |||||||
277,122 | ||||||||
|
| |||||||
Switzerland-2.28% | ||||||||
Banque Cantonale Vaudoise | 129 | 12,498 | ||||||
Barry Callebaut AG | 6 | 12,392 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 2 | 15,864 | ||||||
DKSH Holding AG | 202 | 13,003 | ||||||
EMS-Chemie Holding AG | 15 | 13,191 | ||||||
Givaudan S.A. | 3 | 12,228 | ||||||
Lonza Group AG | 22 | 13,326 | ||||||
Nestle S.A. | 115 | 12,936 | ||||||
Novartis AG | 157 | 12,246 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
PSP Swiss Property AG | 112 | $ | 13,552 | |||||
Roche Holding AG | 37 | 11,899 | ||||||
Roche Holding AG, BR | 1 | 322 | ||||||
Schindler Holding AG, PC | 51 | 13,048 | ||||||
SIG Combibloc Group AG(a) | 713 | 14,664 | ||||||
Swiss Prime Site AG | 149 | 12,534 | ||||||
Swisscom AG | 25 | 12,719 | ||||||
Zurich Insurance Group AG | 37 | 12,272 | ||||||
|
| |||||||
208,694 | ||||||||
|
| |||||||
United Arab Emirates-0.00% | ||||||||
NMC Health PLC(a)(d) | 1,243 | 0 | ||||||
|
| |||||||
United Kingdom-5.75% | ||||||||
Admiral Group PLC | 393 | 13,974 | ||||||
AstraZeneca PLC | 125 | 12,552 | ||||||
Auto Trader Group PLC(c) | 1,835 | 13,738 | ||||||
Avast PLC(c) | 1,886 | 11,569 | ||||||
BAE Systems PLC | 2,024 | 10,390 | ||||||
Bunzl PLC | 428 | 13,282 | ||||||
ConvaTec Group PLC(c) | 5,446 | 12,724 | ||||||
Croda International PLC | 172 | 13,419 | ||||||
DCC PLC | 158 | 10,264 | ||||||
Derwent London PLC | 373 | 12,819 | ||||||
Diageo PLC | 411 | 13,280 | ||||||
Direct Line Insurance Group PLC | 3,532 | 12,034 | ||||||
Experian PLC | 367 | 13,368 | ||||||
GlaxoSmithKline PLC | 699 | 11,675 | ||||||
Halma PLC | 460 | 14,084 | ||||||
HomeServe PLC | 793 | 11,330 | ||||||
Imperial Brands PLC | 833 | 13,183 | ||||||
Intertek Group PLC | 173 | 12,464 | ||||||
J Sainsbury PLC | 5,761 | 15,017 | ||||||
London Stock Exchange Group PLC | 117 | 12,523 | ||||||
Mondi PLC | 708 | 13,393 | ||||||
National Grid PLC | 1,205 | 14,319 | ||||||
Pearson PLC | 1,930 | 12,727 | ||||||
Pennon Group PLC | 989 | 12,693 | ||||||
Phoenix Group Holdings PLC | 1,512 | 12,950 | ||||||
RELX PLC | 603 | 11,910 | ||||||
Renishaw PLC(a) | 211 | 15,264 | ||||||
Rentokil Initial PLC(a) | 1,929 | 13,119 |
Investment Abbreviations:
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
Pfd.-Preferred
REIT-Real Estate Investment Trust
Rts.-Rights
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Rightmove PLC(a) | 1,594 | $ | 12,737 | |||||
RSA Insurance Group PLC | 2,319 | 12,702 | ||||||
Sage Group PLC (The) | 1,396 | 11,473 | ||||||
Segro PLC | 1,093 | 12,748 | ||||||
Severn Trent PLC | 432 | 13,573 | ||||||
Smith & Nephew PLC | 667 | 11,526 | ||||||
Spirax-Sarco Engineering PLC | 99 | 14,439 | ||||||
Tate & Lyle PLC | 1,536 | 11,821 | ||||||
Tesco PLC | 4,794 | 12,738 | ||||||
Unilever N.V. | 234 | 13,234 | ||||||
Unilever PLC | 229 | 13,040 | ||||||
United Utilities Group PLC | 1,206 | 13,463 | ||||||
WM Morrison Supermarkets PLC | 5,443 | 11,465 | ||||||
|
| |||||||
525,023 | ||||||||
|
| |||||||
United States-0.43% | ||||||||
Amcor PLC, CDI | 1,261 | 13,115 | ||||||
QIAGEN N.V.(a) | 274 | 13,012 | ||||||
Waste Connections, Inc. | 135 | 13,371 | ||||||
|
| |||||||
39,498 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 8,938,749 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.66% | ||||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 60,781 | 60,781 | ||||||
Invesco Private Prime Fund, | 91,144 | 91,172 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 151,953 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.49% |
| 9,090,702 | ||||||
OTHER ASSETS LESS LIABILITIES-0.51% |
| 46,959 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 9,137,661 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $208,108, which represented 2.28% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 131,275 | $ | (131,275 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 709,196 | (709,196 | ) | - | - | - | 125 | |||||||||||||||||||||||||||
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 | - | 2,207,493 | (2,146,712 | ) | - | - | 60,781 | 37 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 430,826 | (339,669 | ) | - | 15 | 91,172 | 29 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 819,692 | $ | 8,527,051 | $ | (9,194,715 | ) | $ | (14 | ) | $ | (61 | ) | $ | 151,953 | $ | 6,083 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.13% |
| |||||||
China-19.15% | ||||||||
Agricultural Bank of China Ltd., H Shares | 4,601,701 | $ | 1,554,699 | |||||
Anhui Conch Cement Co. Ltd., H Shares | 153,403 | 956,438 | ||||||
Bank of China Ltd., H Shares | 5,037,133 | 1,591,388 | ||||||
Bank of Communications Co. Ltd., H Shares | 2,964,703 | 1,456,575 | ||||||
Beijing Enterprises Holdings Ltd. | 385,580 | 1,158,503 | ||||||
Beijing Enterprises Water Group Ltd. | 2,902,487 | 1,100,384 | ||||||
CGN Power Co. Ltd., H Shares(a) | 6,520,633 | 1,395,804 | ||||||
China Biologic Products Holdings, | 16,283 | 1,892,247 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 5,702,399 | 1,066,233 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 3,247,176 | 1,318,995 | ||||||
China Coal Energy Co. Ltd., H Shares | 5,207,277 | 1,269,109 | ||||||
China Communications Construction Co. Ltd., H Shares | 2,231,375 | 1,165,344 | ||||||
China Conch Venture Holdings Ltd. | 309,188 | 1,373,531 | ||||||
China Construction Bank Corp., H Shares | 2,295,801 | 1,583,852 | ||||||
China Everbright Environment Group Ltd. | 2,085,716 | 1,048,930 | ||||||
China Life Insurance Co. Ltd. | 1,762,440 | 1,179,951 | ||||||
China Merchants Bank Co. Ltd., H Shares | 222,328 | 1,155,383 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 2,840,992 | 1,553,326 | ||||||
China Mobile Ltd. | 173,612 | 1,055,572 | ||||||
China Overseas Land & Investment Ltd. | 408,938 | 1,023,024 | ||||||
China Petroleum & Chemical Corp., H Shares | 2,650,375 | 1,028,728 | ||||||
China Railway Group Ltd., H Shares | 2,348,655 | 1,078,191 | ||||||
China Resources Cement Holdings Ltd. | 772,930 | 1,008,666 | ||||||
China Resources Gas Group Ltd. | 231,440 | 1,002,777 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 722,629 | 1,248,667 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 3,258,604 | 1,298,424 | ||||||
CRRC Corp. Ltd., H Shares | 2,686,241 | 1,039,185 | ||||||
Dali Foods Group Co. Ltd.(a) | 1,915,442 | 1,185,596 | ||||||
Guangdong Investment Ltd. | 744,627 | 1,102,319 | ||||||
Hengan International Group Co. Ltd. | 156,371 | 1,083,830 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 2,787,730 | 1,567,342 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 1,296,907 | 1,296,096 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 161,773 | 1,659,483 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(a) | 3,082,071 | 1,510,264 | ||||||
Shenzhen International Holdings Ltd. | 735,130 | 1,141,346 | ||||||
Tencent Holdings Ltd. | 17,009 | 1,296,262 | ||||||
Uni-President China Holdings Ltd. | 1,286,596 | 1,111,587 | ||||||
Want Want China Holdings Ltd. | 1,590,401 | 1,050,034 | ||||||
Xinyi Glass Holdings Ltd. | 667,142 | 1,460,772 | ||||||
Yuexiu Property Co. Ltd. | 6,710,224 | 1,297,941 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 1,737,292 | 1,182,860 | ||||||
|
| |||||||
51,549,658 | ||||||||
|
| |||||||
Czech Republic-0.89% | ||||||||
CEZ A.S. | 73,408 | 1,385,349 | ||||||
Komercni banka A.S.(b) | 49,607 | 1,003,957 | ||||||
|
| |||||||
2,389,306 | ||||||||
|
| |||||||
Egypt-0.41% | ||||||||
Commercial International Bank Egypt S.A.E. | 282,187 | 1,097,294 | ||||||
|
|
Shares | Value | |||||||
India-0.44% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 18,243 | $ | 1,182,329 | |||||
|
| |||||||
Kuwait-1.34% | ||||||||
Kuwait Finance House KSCP | 578,584 | 1,252,527 | ||||||
Mobile Telecommunications Co. KSC | 637,230 | 1,221,114 | ||||||
National Bank of Kuwait SAKP | 413,229 | 1,141,853 | ||||||
|
| |||||||
3,615,494 | ||||||||
|
| |||||||
Malaysia-8.98% | ||||||||
AMMB Holdings Bhd. | 1,913,300 | 1,312,372 | ||||||
Axiata Group Bhd. | 1,490,800 | 1,051,274 | ||||||
Dialog Group Bhd. | 1,567,800 | 1,396,115 | ||||||
DiGi.Com Bhd. | 1,696,763 | 1,539,542 | ||||||
Hong Leong Bank Bhd. | 400,300 | 1,425,858 | ||||||
IHH Healthcare Bhd. | 992,747 | 1,187,473 | ||||||
Kuala Lumpur Kepong Bhd. | 277,178 | 1,415,576 | ||||||
Malayan Banking Bhd. | 985,092 | 1,659,601 | ||||||
Maxis Bhd. | 1,104,700 | 1,276,188 | ||||||
MISC Bhd. | 839,700 | 1,331,799 | ||||||
Petronas Gas Bhd. | 327,900 | 1,242,153 | ||||||
PPB Group Bhd. | 387,600 | 1,753,762 | ||||||
Public Bank Bhd. | 309,524 | 1,123,375 | ||||||
QL Resources Bhd. | 863,700 | 1,309,581 | ||||||
RHB Bank Bhd. | 1,119,900 | 1,140,115 | ||||||
Sime Darby Bhd. | 2,281,800 | 1,323,499 | ||||||
Telekom Malaysia Bhd. | 1,231,900 | 1,242,277 | ||||||
Tenaga Nasional Bhd. | 630,572 | 1,447,811 | ||||||
|
| |||||||
24,178,371 | ||||||||
|
| |||||||
Mexico-4.57% | ||||||||
America Movil S.A.B. de C.V., Series L | 1,942,055 | 1,178,331 | ||||||
Arca Continental S.A.B. de C.V. | 343,187 | 1,489,523 | ||||||
Becle S.A.B. de C.V.(c) | 588,333 | 1,231,276 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., | 323,966 | 1,222,932 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(d) | 219,708 | 1,173,944 | ||||||
Gruma S.A.B. de C.V., Class B(c) | 94,906 | 1,006,309 | ||||||
Grupo Elektra S.A.B. de C.V.(c) | 47,447 | 2,679,978 | ||||||
Promotora y Operadora de Infraestructura S.A.B de C.V.(c) | 152,186 | 993,903 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., | 554,626 | 1,335,898 | ||||||
|
| |||||||
12,312,094 | ||||||||
|
| |||||||
Poland-0.37% | ||||||||
Cyfrowy Polsat S.A. | 161,165 | 1,003,495 | ||||||
|
| |||||||
Qatar-3.76% | ||||||||
Barwa Real Estate Co. | 1,462,140 | 1,338,454 | ||||||
Industries Qatar Q.S.C. | 457,574 | 1,132,939 | ||||||
Masraf Al Rayan Q.S.C. | 1,519,726 | 1,792,701 | ||||||
Qatar Fuel Co. Q.P.S.C. | 329,834 | 1,558,128 | ||||||
Qatar Gas Transport Co. Ltd. | 1,701,863 | 1,257,350 | ||||||
Qatar Islamic Bank (S.A.Q) | 367,827 | 1,636,583 | ||||||
Qatar National Bank Q.P.S.C. | 286,553 | 1,393,020 | ||||||
|
| |||||||
10,109,175 | ||||||||
|
| |||||||
Saudi Arabia-8.87% | ||||||||
Advanced Petrochemical Co. | 90,340 | 1,392,329 | ||||||
Al Rajhi Bank | 80,991 | 1,421,008 | ||||||
Alinma Bank(b) | 301,384 | 1,227,941 | ||||||
Almarai Co. JSC | 88,295 | 1,214,842 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
October 31, 2020
Shares | Value | |||||||
Saudi Arabia-(continued) | ||||||||
Bank Al-Jazira | 385,455 | $ | 1,338,193 | |||||
Bupa Arabia for Cooperative Insurance | 39,216 | 1,198,345 | ||||||
Dar Al Arkan Real Estate Development | 528,768 | 1,126,538 | ||||||
Emaar Economic City(b) | 437,645 | 1,038,594 | ||||||
Jarir Marketing Co. | 29,123 | 1,344,987 | ||||||
Mouwasat Medical Services Co. | 34,593 | 1,180,680 | ||||||
National Commercial Bank | 118,207 | 1,230,830 | ||||||
National Industrialization Co.(b) | 344,901 | 1,039,219 | ||||||
Riyad Bank | 220,725 | 1,059,395 | ||||||
Saudi Arabian Fertilizer Co. | 57,738 | 1,160,826 | ||||||
Saudi Basic Industries Corp. | 50,257 | 1,206,072 | ||||||
Saudi Electricity Co. | 315,499 | 1,591,670 | ||||||
Saudi Kayan Petrochemical Co.(b) | 474,579 | 1,199,640 | ||||||
Saudi Telecom Co. | 62,433 | 1,659,753 | ||||||
Yanbu National Petrochemical Co., Class A | 82,004 | 1,257,294 | ||||||
|
| |||||||
23,888,156 | ||||||||
|
| |||||||
South Africa-0.84% | ||||||||
SPAR Group Ltd. (The) | 107,529 | 1,142,542 | ||||||
Vodacom Group Ltd. | 149,201 | 1,125,108 | ||||||
|
| |||||||
2,267,650 | ||||||||
|
| |||||||
South Korea-4.86% | ||||||||
CJ Logistics Corp.(b) | 8,685 | 1,220,814 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 50,698 | 1,228,691 | ||||||
KT&G Corp. | 19,303 | 1,377,935 | ||||||
LG Uplus Corp. | 114,150 | 1,111,622 | ||||||
NongShim Co. Ltd. | 4,347 | 1,103,319 | ||||||
Ottogi Corp. | 2,483 | 1,164,146 | ||||||
S-1 Corp. | 15,615 | 1,122,926 | ||||||
Samsung Electronics Co. Ltd. | 23,523 | 1,173,351 | ||||||
Samsung SDS Co. Ltd. | 7,410 | 1,100,366 | ||||||
SK Telecom Co. Ltd. | 7,145 | 1,347,519 | ||||||
Ssangyong Cement Industrial Co. Ltd. | 232,367 | 1,136,544 | ||||||
|
| |||||||
13,087,233 | ||||||||
|
| |||||||
Taiwan-41.43% | ||||||||
Acer, Inc.(b) | 1,357,000 | 1,131,486 | ||||||
Advantech Co. Ltd. | 133,689 | 1,350,748 | ||||||
Asia Cement Corp. | 1,015,000 | 1,460,215 | ||||||
Asustek Computer, Inc. | 160,838 | 1,363,582 | ||||||
Capital Securities Corp. | 3,900,000 | 1,486,182 | ||||||
Cathay Financial Holding Co. Ltd. | 1,446,000 | 1,941,245 | ||||||
Chang Hwa Commercial Bank Ltd. | 2,892,047 | 1,723,894 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 947,435 | 1,195,742 | ||||||
Chicony Electronics Co. Ltd. | 465,000 | 1,399,706 | ||||||
China Airlines Ltd.(b) | 3,547,000 | 1,085,051 | ||||||
China Development Financial Holding Corp. | 5,557,472 | 1,628,179 | ||||||
China Petrochemical Development Corp. | 4,259,050 | 1,273,092 | ||||||
China Steel Corp. | 2,841,140 | 2,016,367 | ||||||
Chipbond Technology Corp. | 633,000 | 1,383,135 | ||||||
Chunghwa Telecom Co. Ltd. | 1,024,222 | 3,831,411 | ||||||
Compal Electronics, Inc. | 2,844,000 | 1,849,368 | ||||||
CTBC Financial Holding Co. Ltd. | 2,530,053 | 1,596,569 | ||||||
CTCI Corp. | 1,033,000 | 1,406,658 | ||||||
Delta Electronics, Inc. | 196,000 | 1,301,939 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,622,519 | 1,378,405 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(b) | 1,684,000 | 1,112,717 | ||||||
Far Eastern New Century Corp. | 1,446,000 | 1,301,746 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,056,993 | 2,217,196 | ||||||
First Financial Holding Co. Ltd. | 2,287,995 | 1,603,800 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Formosa Chemicals & Fibre Corp. | 613,095 | $ | 1,474,677 | |||||
Formosa Petrochemical Corp. | 478,000 | 1,313,504 | ||||||
Formosa Plastics Corp. | 556,146 | 1,537,964 | ||||||
Formosa Taffeta Co. Ltd. | 1,556,000 | 1,699,967 | ||||||
Foxconn Technology Co. Ltd. | 784,000 | 1,373,203 | ||||||
Fubon Financial Holding Co. Ltd. | 1,165,875 | 1,658,927 | ||||||
Highwealth Construction Corp. | 1,000,300 | 1,451,307 | ||||||
Hon Hai Precision Industry Co. Ltd. | 502,000 | 1,360,148 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 2,893,345 | 1,739,841 | ||||||
Inventec Corp. | 1,955,000 | 1,544,671 | ||||||
King Slide Works Co. Ltd. | 121,000 | 1,218,312 | ||||||
Kings Town Bank Co. Ltd. | 919,000 | 1,244,996 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,053,800 | 1,471,824 | ||||||
Lite-On Technology Corp. | 835,000 | 1,358,898 | ||||||
Mega Financial Holding Co. Ltd. | 2,035,777 | 1,960,797 | ||||||
Merry Electronics Co. Ltd. | 213,000 | 1,049,976 | ||||||
Micro-Star International Co. Ltd. | 241,000 | 968,937 | ||||||
Mitac Holdings Corp. | 1,274,720 | 1,256,738 | ||||||
Nan Ya Plastics Corp. | 629,930 | 1,292,740 | ||||||
Pegatron Corp. | 510,000 | 1,096,544 | ||||||
Pou Chen Corp. | 1,279,000 | 1,126,813 | ||||||
President Chain Store Corp. | 232,000 | 2,092,611 | ||||||
Qisda Corp. | 1,837,000 | 1,200,968 | ||||||
Quanta Computer, Inc. | 516,000 | 1,298,862 | ||||||
Ruentex Development Co. Ltd. | 798,500 | 1,102,688 | ||||||
Ruentex Industries Ltd. | 728,000 | 1,684,885 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 880,000 | 1,139,861 | ||||||
Shin Kong Financial Holding Co. Ltd. | 4,606,000 | 1,281,793 | ||||||
Simplo Technology Co. Ltd. | 100,000 | 1,113,500 | ||||||
SinoPac Financial Holdings Co. Ltd. | 4,143,421 | 1,549,971 | ||||||
St. Shine Optical Co. Ltd. | 125,000 | 1,129,669 | ||||||
Standard Foods Corp. | 657,000 | 1,403,419 | ||||||
Synnex Technology International Corp. | 1,157,264 | 1,717,477 | ||||||
TA Chen Stainless Pipe | 1,569,540 | 1,201,703 | ||||||
Taichung Commercial Bank Co. Ltd. | 4,933,536 | 1,871,410 | ||||||
Taishin Financial Holding Co. Ltd. | 3,581,256 | 1,577,563 | ||||||
Taiwan Business Bank | 4,531,314 | 1,489,131 | ||||||
Taiwan Cement Corp. | 1,083,317 | 1,535,774 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 2,629,930 | 1,765,331 | ||||||
Taiwan Fertilizer Co. Ltd. | 952,000 | 1,704,071 | ||||||
Taiwan High Speed Rail Corp. | 1,378,000 | 1,457,322 | ||||||
Taiwan Mobile Co. Ltd. | 751,162 | 2,565,718 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 84,397 | 1,274,652 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,581,000 | 1,652,661 | ||||||
Uni-President Enterprises Corp. | 780,181 | 1,672,002 | ||||||
United Microelectronics Corp. | 1,390,000 | 1,491,880 | ||||||
Vanguard International Semiconductor Corp. | 335,000 | 1,091,545 | ||||||
Walsin Lihwa Corp. | 2,001,000 | 1,241,727 | ||||||
Wistron NeWeb Corp. | 398,000 | 1,050,536 | ||||||
WPG Holdings Ltd. | 1,192,937 | 1,618,192 | ||||||
Yuanta Financial Holding Co. Ltd. | 2,102,010 | 1,304,410 | ||||||
|
| |||||||
111,520,549 | ||||||||
|
| |||||||
Thailand-1.74% | ||||||||
Advanced Info Service PCL, NVDR | 228,843 | 1,266,557 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,702,356 | 955,843 | ||||||
CP ALL PCL, NVDR(b) | 756,706 | 1,304,979 | ||||||
Intouch Holdings PCL, NVDR | 673,306 | 1,155,751 | ||||||
|
| |||||||
4,683,130 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 | ||||
|
| |||
Invesco S&P Emerging Markets Low Volatility ETF (EELV)–(continued)
October 31, 2020
Shares | Value | |||||||
Turkey-1.20% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,010,681 | $ | 1,148,967 | |||||
Haci Omer Sabanci Holding A.S. | 1,042,662 | 1,023,632 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 605,225 | 1,054,072 | ||||||
|
| |||||||
3,226,671 | ||||||||
|
| |||||||
United Arab Emirates-1.28% | ||||||||
Abu Dhabi Islamic Bank PJSC | 1,039,663 | 1,231,241 | ||||||
Dubai Islamic Bank PJSC | 985,782 | 1,116,441 | ||||||
Emirates Telecommunications Group Co. PJSC | 241,638 | 1,110,450 | ||||||
|
| |||||||
3,458,132 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 269,568,737 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.86% |
| |||||||
Invesco Private Government | 921,462 | $ 921,462 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 1,381,779 | 1,382,193 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,303,655 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN |
| 271,872,392 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.99)% |
| (2,665,646 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $269,206,746 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $4,091,664, which represented 1.52% of the Fund’s Net Assets. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at October 31, 2020. |
(d) | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 1,217,184 | $ | (1,217,184 | ) | $ | - | $ | - | $ | - | $ | 4 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 30,800,536 | (30,800,536 | ) | - | - | - | 1,116 | |||||||||||||||||||||||||||
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 | - | 18,824,769 | (17,903,307 | ) | - | - | 921,462 | 458 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 6,190,747 | (4,808,657 | ) | 21 | 82 | 1,382,193 | 359 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 311,493 | $ | 62,087,474 | $ | (60,095,293 | ) | $ | 21 | $ | (40 | ) | $ | 2,303,655 | $ | 5,322 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.94% |
| |||||||
Brazil-2.65% | ||||||||
B2W Cia Digital(a) | 653 | $ | 8,521 | |||||
B3 S.A. - Brasil, Bolsa, Balcao | 3,370 | 29,837 | ||||||
Cosan S.A. | 282 | 3,178 | ||||||
Equatorial Energia S.A. | 1,043 | 3,605 | ||||||
Hapvida Participacoes e Investimentos S.A.(b) | 311 | 3,472 | ||||||
Lojas Americanas S.A. | 563 | 1,969 | ||||||
Lojas Americanas S.A., Preference Shares | 1,780 | 7,171 | ||||||
Magazine Luiza S.A. | 6,524 | 27,868 | ||||||
Natura & Co. Holding S.A. | 1,053 | 8,419 | ||||||
Notre Dame Intermedica Participacoes S.A. | 697 | 7,948 | ||||||
Raia Drogasil S.A. | 2,096 | 8,746 | ||||||
Via Varejo S.A.(a) | 3,071 | 9,140 | ||||||
WEG S.A. | 2,520 | 33,141 | ||||||
|
| |||||||
153,015 | ||||||||
|
| |||||||
China-51.54% | ||||||||
Airtac International Group | 311 | 8,350 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 1,771 | 539,606 | ||||||
A-Living Services Co. Ltd., U Shares(b) | 1,537 | 6,441 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 1,928 | 12,021 | ||||||
Bilibili, Inc., ADR(a) | 546 | 24,390 | ||||||
BYD Electronic International Co. Ltd. | 1,471 | 6,317 | ||||||
CanSino Biologics, Inc., H Shares(a)(b) | 186 | 3,619 | ||||||
China Conch Venture Holdings Ltd. | 2,608 | 11,586 | ||||||
China Lesso Group Holdings Ltd. | 2,335 | 3,770 | ||||||
China National Building Material Co. Ltd., H Shares | 8,566 | 9,820 | ||||||
China Resources Beer Holdings Co. Ltd. | 2,462 | 15,255 | ||||||
China Resources Cement Holdings Ltd. | 4,923 | 6,424 | ||||||
Country Garden Services Holdings Co. Ltd. | 4,774 | 29,950 | ||||||
CSC Financial Co. Ltd., H Shares(b) | 1,747 | 2,109 | ||||||
Flat Glass Group Co. Ltd., H Shares | 978 | 2,907 | ||||||
Ganfeng Lithium Co. Ltd., H Shares(b) | 450 | 2,600 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 220 | 18,489 | ||||||
GSX Techedu, Inc., ADR(a)(c) | 446 | 29,623 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a)(b) | 2,042 | 9,098 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 722 | 2,649 | ||||||
Innovent Biologics, Inc.(a)(b) | 1,829 | 13,491 | ||||||
JD.com, Inc., ADR(a) | 2,414 | 196,789 | ||||||
Kingdee International Software Group Co. | 8,302 | 21,786 | ||||||
Kingsoft Corp. Ltd.(c) | 2,344 | 12,514 | ||||||
KWG Group Holdings Ltd. | 3,254 | 4,297 | ||||||
KWG Living Group Holdings Ltd.(a)(b) | 1,627 | 1,276 | ||||||
Livzon Pharmaceutical Group, Inc., H Shares | 393 | 1,733 | ||||||
Longfor Group Holdings Ltd.(b) | 2,672 | 14,592 | ||||||
Meituan Dianping, B Shares(a) | 15,414 | 572,843 | ||||||
MicroPort Scientific Corp. | 2,889 | 10,152 | ||||||
NetEase, Inc., ADR | 1,045 | 90,696 | ||||||
NIO, Inc., ADR(a) | 2,560 | 78,285 | ||||||
Pinduoduo, Inc., ADR(a) | 1,503 | 135,240 | ||||||
Ping An Healthcare and Technology Co. | 1,376 | 17,744 | ||||||
Semiconductor Manufacturing International Corp.(a) | 13,299 | 39,015 | ||||||
Shandong Gold Mining Co. Ltd., H Shares(b) | 1,153 | 2,709 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 8,696 | 16,798 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares | 675 | 2,630 |
Shares | Value | |||||||
China-(continued) | ||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 869 | $ | 3,569 | |||||
Shanghai Junshi Biosciences Co. Ltd., H Shares(a)(b) | 133 | 797 | ||||||
Shimao Group Holdings Ltd. | 2,417 | 8,524 | ||||||
Sino Biopharmaceutical Ltd. | 19,757 | 19,923 | ||||||
Sinotruk Hong Kong Ltd. | 1,685 | 4,294 | ||||||
TAL Education Group, ADR(a) | 1,291 | 85,800 | ||||||
Tencent Holdings Ltd. | 7,427 | 566,014 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,488 | 4,543 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 725 | 5,988 | ||||||
Vipshop Holdings Ltd., ADR(a) | 1,269 | 27,157 | ||||||
Weichai Power Co. Ltd., H Shares | 3,098 | 5,849 | ||||||
WuXi AppTec Co. Ltd., H Shares(b) | 907 | 14,444 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 2,386 | 66,643 | ||||||
Xiaomi Corp., B Shares(a)(b) | 25,761 | 73,082 | ||||||
Xinyi Glass Holdings Ltd. | 5,430 | 11,889 | ||||||
Xinyi Solar Holdings Ltd. | 9,954 | 18,099 | ||||||
Yihai International Holding Ltd.(a) | 1,138 | 15,056 | ||||||
Zai Lab Ltd., ADR(a) | 149 | 12,225 | ||||||
Zhongsheng Group Holdings Ltd. | 1,638 | 11,638 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 10,473 | 7,576 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares | 2,052 | 1,807 | ||||||
ZTO Express Cayman, Inc., ADR | 1,082 | 31,356 | ||||||
|
| |||||||
2,973,887 | ||||||||
|
| |||||||
Hong Kong-0.03% | ||||||||
Vinda International Holdings Ltd. | 707 | 1,869 | ||||||
|
| |||||||
India-6.66% | ||||||||
Adani Green Energy Ltd.(a) | 1,391 | 16,075 | ||||||
Alkem Laboratories Ltd. | 65 | 2,311 | ||||||
Avenue Supermarts Ltd.(a)(b) | 242 | 7,314 | ||||||
Berger Paints India Ltd. | 443 | 3,724 | ||||||
Bharti Airtel Ltd. | 4,627 | 27,082 | ||||||
Biocon Ltd.(a) | 1,089 | 5,931 | ||||||
Britannia Industries Ltd. | 213 | 9,983 | ||||||
Cadila Healthcare Ltd. | 518 | 2,920 | ||||||
Divi’s Laboratories Ltd. | 292 | 12,380 | ||||||
Dr. Reddy’s Laboratories Ltd. | 319 | 21,043 | ||||||
Hindustan Unilever Ltd. | 1,347 | 37,649 | ||||||
Info Edge India Ltd. | 106 | 5,076 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 78 | 3,072 | ||||||
Muthoot Finance Ltd. | 234 | 3,886 | ||||||
Nestle India Ltd. | 67 | 15,516 | ||||||
PI Industries Ltd. | 147 | 4,358 | ||||||
Reliance Industries Ltd. | 7,016 | 194,506 | ||||||
Tata Consumer Products Ltd. | 1,254 | 8,340 | ||||||
Torrent Pharmaceuticals Ltd. | 93 | 3,221 | ||||||
|
| |||||||
384,387 | ||||||||
|
| |||||||
Malaysia-1.83% | ||||||||
Bursa Malaysia Bhd. | 919 | 1,783 | ||||||
Hartalega Holdings Bhd. | 7,677 | 33,258 | ||||||
Kossan Rubber Industries | 5,688 | 10,267 | ||||||
Supermax Corp. Bhd.(a) | 7,739 | 17,638 | ||||||
Top Glove Corp. Bhd. | 20,497 | 42,277 | ||||||
|
| |||||||
105,223 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
October 31, 2020
Shares | Value | |||||||
Mexico-0.18% | ||||||||
Becle S.A.B. de C.V. | 1,096 | $ | 2,294 | |||||
Gruma S.A.B. de C.V., Class B | 403 | 4,273 | ||||||
Industrias Penoles S.A.B. de C.V. | 243 | 3,857 | ||||||
|
| |||||||
10,424 | ||||||||
|
| |||||||
Pakistan-0.02% | ||||||||
Lucky Cement Ltd. | 197 | 828 | ||||||
|
| |||||||
Poland-0.28% | ||||||||
CD Projekt S.A.(a) | 147 | 12,439 | ||||||
Dino Polska S.A.(a)(b) | 67 | 3,675 | ||||||
|
| |||||||
16,114 | ||||||||
|
| |||||||
Russia-1.33% | ||||||||
Inter RAO UES PJSC | 49,026 | 3,136 | ||||||
MMC Norilsk Nickel PJSC | 113 | 26,814 | ||||||
Polymetal International PLC | 765 | 16,217 | ||||||
Polyus PJSC | 129 | 25,252 | ||||||
Surgutneftegas PJSC | 13,130 | 5,443 | ||||||
|
| |||||||
76,862 | ||||||||
|
| |||||||
Saudi Arabia-0.10% | ||||||||
Savola Group (The) | 483 | 5,898 | ||||||
|
| |||||||
South Africa-1.28% | ||||||||
Anglo American Platinum Ltd. | 89 | 5,836 | ||||||
Gold Fields Ltd. | 2,487 | 26,425 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 1,471 | 7,220 | ||||||
Impala Platinum Holdings Ltd. | 1,434 | 12,600 | ||||||
Northam Platinum Ltd.(a) | 704 | 6,707 | ||||||
Sibanye Stillwater Ltd. | 5,261 | 15,195 | ||||||
|
| |||||||
73,983 | ||||||||
|
| |||||||
South Korea-17.33% | ||||||||
Alteogen, Inc.(a) | 100 | 13,951 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 96 | 1,971 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 207 | 15,452 | ||||||
Celltrion Pharm, Inc.(a) | 46 | 4,411 | ||||||
Celltrion, Inc.(a) | 201 | 42,691 | ||||||
Doosan Fuel Cell Co. Ltd.(a) | 173 | 6,327 | ||||||
Doosan Fuel Cell Co. Ltd., Rts., expiring 12/08/2020(a) | 22 | 153 | ||||||
Ecopro BM Co. Ltd. | 23 | 2,522 | ||||||
Genexine, Inc.(a) | 39 | 3,874 | ||||||
Green Cross Corp. | 14 | 3,701 | ||||||
Hanjin Kal Corp. | 40 | 2,633 | ||||||
Hanssem Co. Ltd. | 18 | 1,494 | ||||||
Hite Jinro Co. Ltd. | 82 | 2,421 | ||||||
HLB, Inc.(a) | 122 | 9,892 | ||||||
HMM Co. Ltd.(a) | 483 | 3,818 | ||||||
Kakao Corp. | 257 | 74,742 | ||||||
LG Chem Ltd. | 91 | 49,001 | ||||||
NAVER Corp. | 439 | 112,197 | ||||||
NCSoft Corp. | 35 | 23,936 | ||||||
NongShim Co. Ltd. | 8 | 2,030 | ||||||
Orion Corp. | 50 | 4,781 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 57 | 34,259 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 102 | 12,001 | ||||||
Samsung Electro-Mechanics Co. Ltd., Preference Shares | 5 | 265 | ||||||
Samsung Electronics Co. Ltd. | 8,301 | 414,062 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 1,504 | 66,406 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Samsung SDI Co. Ltd. | 97 | $ | 37,784 | |||||
Seegene, Inc. | 96 | 22,209 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(a) | 127 | 14,046 | ||||||
SK Chemicals Co. Ltd. | 35 | 10,672 | ||||||
SKC Co. Ltd. | 33 | 2,129 | ||||||
Yuhan Corp. | 83 | 4,352 | ||||||
|
| |||||||
1,000,183 | ||||||||
|
| |||||||
Taiwan-15.89% | ||||||||
Accton Technology Corp. | 1,150 | 8,342 | ||||||
Advantech Co. Ltd. | 745 | 7,527 | ||||||
ASMedia Technology, Inc. | 124 | 6,221 | ||||||
Compeq Manufacturing Co. Ltd. | 2,082 | 3,170 | ||||||
Delta Electronics, Inc. | 3,508 | 23,302 | ||||||
Elan Microelectronics Corp. | 980 | 4,625 | ||||||
Epistar Corp.(a) | 2,182 | 2,556 | ||||||
FLEXium Interconnect, Inc. | 487 | 1,983 | ||||||
Genius Electronic Optical Co. Ltd. | 140 | 2,746 | ||||||
Gigabyte Technology Co. Ltd. | 1,061 | 2,663 | ||||||
Globalwafers Co. Ltd. | 297 | 4,309 | ||||||
Hotai Motor Co. Ltd. | 608 | 12,796 | ||||||
International Games System Co. Ltd. | 189 | 4,969 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,587 | 2,217 | ||||||
Lotes Co. Ltd. | 187 | 2,854 | ||||||
MediaTek, Inc. | 5,151 | 122,096 | ||||||
Micro-Star International Co. Ltd. | 1,607 | 6,461 | ||||||
Mitac Holdings Corp. | 1,291 | 1,273 | ||||||
momo.com, Inc. | 143 | 3,420 | ||||||
Nan Ya Printed Circuit Board Corp.(a) | 528 | 2,132 | ||||||
Novatek Microelectronics Corp. | 1,379 | 12,872 | ||||||
Oneness Biotech Co. Ltd.(a) | 978 | 10,018 | ||||||
Parade Technologies Ltd. | 245 | 9,336 | ||||||
Pegatron Corp. | 3,460 | 7,439 | ||||||
Poya International Co. Ltd. | 108 | 2,326 | ||||||
Quanta Computer, Inc. | 6,199 | 15,604 | ||||||
Realtek Semiconductor Corp. | 1,186 | 14,740 | ||||||
Simplo Technology Co. Ltd. | 286 | 3,185 | ||||||
Simplo Technology Co. Ltd., Rts., expiring 12/31/2020(a)(d) | 28 | 0 | ||||||
Synnex Technology International Corp. | 2,454 | 3,642 | ||||||
Taiwan Cement Corp. | 7,228 | 10,247 | ||||||
Taiwan Fertilizer Co. Ltd. | 1,126 | 2,016 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 34,973 | 528,199 | ||||||
Unimicron Technology Corp. | 2,513 | 5,992 | ||||||
United Microelectronics Corp. | 30,934 | 33,201 | ||||||
Vanguard International Semiconductor Corp. | 2,020 | 6,582 | ||||||
Voltronic Power Technology Corp. | 114 | 3,906 | ||||||
Wistron Corp. | 5,984 | 5,962 | ||||||
Wiwynn Corp. | 240 | 6,100 | ||||||
Yageo Corp. | 794 | 9,868 | ||||||
|
| |||||||
916,897 | ||||||||
|
| |||||||
Tanzania-0.35% | ||||||||
AngloGold Ashanti Ltd. | 890 | 20,202 | ||||||
|
| |||||||
Thailand-0.14% | ||||||||
Carabao Group PCL, NVDR | 519 | 1,824 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,090 | 6,260 | ||||||
Srisawad Corp. PCL, Wts., expiring | 104 | 27 | ||||||
|
| |||||||
8,111 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
October 31, 2020
Shares | Value | |||||||
Turkey-0.33% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 1,331 | $ | 2,659 | |||||
BIM Birlesik Magazalar A.S. | 993 | 7,913 | ||||||
Coca-Cola Icecek A.S.(a) | 111 | 595 | ||||||
Dogan Sirketler Grubu Holding A.S. | 2,145 | 622 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. | 4,269 | 876 | ||||||
Enerjisa Enerji A.S.(b) | 526 | 564 | ||||||
Ford Otomotiv Sanayi A.S. | 121 | 1,559 | ||||||
Koza Altin Isletmeleri A.S.(a) | 77 | 676 | ||||||
Migros Ticaret A.S.(a) | 293 | 1,309 | ||||||
Sasa Polyester Sanayi A.S.(a) | 276 | 504 | ||||||
Tofas Turk Otomobil Fabrikasi A.S. | 208 | 663 | ||||||
Turk Telekomunikasyon A.S. | 640 | 491 | ||||||
Vestel Elektronik Sanayi ve Ticaret A.S.(a) | 150 | 296 | ||||||
|
| |||||||
18,727 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 5,766,610 | |||||||
|
| |||||||
Principal Amount | ||||||||
Non-U.S. Dollar Denominated Bonds & Notes-0.00%(e) |
| |||||||
India-0.00% | ||||||||
Britannia Industries Ltd., 8.00%, 08/28/2022 | INR 15,360 | 220 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 5,766,830 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.11% |
| |||||||
Invesco Private Government Fund, | 25,572 | $ | 25,572 | |||||
Invesco Private Prime Fund, 0.11%(f)(g)(h) | 38,346 | 38,358 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from |
| 63,930 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.05% |
| 5,830,760 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.05)% |
| (60,445 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 5,770,315 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
INR-Indian Rupee
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
Wts.-Warrants
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $283,650, which represented 4.92% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 2020. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(e) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 230,305 | $ | (230,305 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 8,384 | 756,192 | (764,576 | ) | - | - | - | 117 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 | ||||
|
| |||
Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
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 | - | 456,002 | (430,430 | ) | - | - | 25,572 | 6 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 154,819 | (116,461 | ) | - | - | 38,358 | 6 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 214,729 | $ | 3,146,159 | $ | (3,296,947 | ) | $ | (5 | ) | $ | (6 | ) | $ | 63,930 | $ | 498 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.62% |
| |||||||
Australia-6.46% | ||||||||
AGL Energy Ltd. | 16,518 | $ | 144,765 | |||||
APA Group | 17,698 | 130,374 | ||||||
AusNet Services | 153,729 | 215,913 | ||||||
Coca-Cola Amatil Ltd. | 27,624 | 241,129 | ||||||
Medibank Pvt Ltd. | 65,109 | 122,080 | ||||||
Rio Tinto Ltd. | 2,406 | 156,171 | ||||||
|
| |||||||
1,010,432 | ||||||||
|
| |||||||
Belgium-0.78% | ||||||||
Groupe Bruxelles Lambert S.A. | 1,481 | 121,243 | ||||||
|
| |||||||
Brazil-0.76% | ||||||||
Yara International ASA | 3,429 | 119,276 | ||||||
|
| |||||||
China-0.79% | ||||||||
Fosun International Ltd. | 102,000 | 122,850 | ||||||
|
| |||||||
Finland-3.20% | ||||||||
Fortum OYJ | 9,606 | 180,711 | ||||||
Kesko OYJ, Class B | 6,300 | 161,888 | ||||||
UPM-Kymmene OYJ | 5,572 | 157,461 | ||||||
|
| |||||||
500,060 | ||||||||
|
| |||||||
France-0.83% | ||||||||
Orange S.A. | 11,632 | 130,482 | ||||||
|
| |||||||
Germany-3.26% | ||||||||
Deutsche Telekom AG | 7,075 | 107,714 | ||||||
E.ON SE | 11,719 | 122,203 | ||||||
Telefonica Deutschland Holding AG | 68,921 | 173,972 | ||||||
Uniper SE | 3,555 | 106,259 | ||||||
|
| |||||||
510,148 | ||||||||
|
| |||||||
Hong Kong-18.35% | ||||||||
CK Asset Holdings Ltd. | 25,189 | 116,609 | ||||||
CK Hutchison Holdings Ltd. | 30,401 | 183,076 | ||||||
CK Infrastructure Holdings Ltd. | 38,378 | 180,635 | ||||||
CLP Holdings Ltd. | 13,633 | 125,345 | ||||||
Dairy Farm International Holdings Ltd. | 32,690 | 123,241 | ||||||
Hang Lung Properties Ltd. | 53,268 | 129,274 | ||||||
Hang Seng Bank Ltd. | 11,500 | 176,767 | ||||||
Henderson Land Development Co. Ltd. | 51,056 | 180,724 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 121,506 | 123,624 | ||||||
HKT Trust & HKT Ltd. | 130,201 | 168,232 | ||||||
Hongkong Land Holdings Ltd. | 41,989 | 154,100 | ||||||
Link REIT | 18,400 | 140,108 | ||||||
New World Development Co. Ltd. | 36,000 | 171,299 | ||||||
Power Assets Holdings Ltd. | 37,916 | 194,840 | ||||||
Sino Land Co. Ltd. | 145,807 | 172,227 | ||||||
Sun Hung Kai Properties Ltd. | 12,897 | 164,895 | ||||||
Swire Pacific Ltd., Class A | 44,838 | 204,102 | ||||||
Swire Properties Ltd. | 60,200 | 161,080 | ||||||
|
| |||||||
2,870,178 | ||||||||
|
| |||||||
Israel-1.67% | ||||||||
Bank Leumi Le-Israel BM | 23,584 | 111,807 | ||||||
First International Bank of Israel Ltd. | 6,697 | 149,034 | ||||||
|
| |||||||
260,841 | ||||||||
|
| |||||||
Italy-4.43% | ||||||||
A2A S.p.A. | 125,684 | 159,799 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Assicurazioni Generali S.p.A. | 7,183 | $ | 96,306 | |||||
Enel S.p.A. | 12,836 | 102,182 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 17,168 | 116,069 | ||||||
UnipolSai Assicurazioni S.p.A. | 93,723 | 217,691 | ||||||
|
| |||||||
692,047 | ||||||||
|
| |||||||
Japan-20.16% | ||||||||
Bridgestone Corp. | 4,487 | 145,504 | ||||||
Chubu Electric Power Co., Inc. | 9,300 | 104,218 | ||||||
Electric Power Development Co. Ltd. | 7,200 | 97,111 | ||||||
ITOCHU Corp. | 5,100 | 121,963 | ||||||
Japan Post Bank Co. Ltd. | 25,667 | 204,030 | ||||||
Japan Post Holdings Co. Ltd. | 28,105 | 192,197 | ||||||
Japan Tobacco, Inc. | 13,461 | 253,665 | ||||||
Mitsubishi Corp. | 8,590 | 191,085 | ||||||
Mitsui & Co. Ltd. | 10,200 | 159,040 | ||||||
Mizuho Financial Group, Inc. | 13,655 | 167,389 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,992 | 163,040 | ||||||
Nippon Telegraph & Telephone Corp. | 5,000 | 105,032 | ||||||
NTT DOCOMO, Inc. | 4,729 | 175,833 | ||||||
Sankyo Co. Ltd. | 7,093 | 180,344 | ||||||
Seven Bank Ltd. | 45,900 | 104,937 | ||||||
Softbank Corp. | 14,569 | 168,978 | ||||||
Sumitomo Corp. | 17,161 | 187,878 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 6,904 | 190,266 | ||||||
Tohoku Electric Power Co., Inc. | 12,900 | 113,773 | ||||||
Tokio Marine Holdings, Inc. | 2,859 | 127,416 | ||||||
|
| |||||||
3,153,699 | ||||||||
|
| |||||||
Netherlands-1.00% | ||||||||
Koninklijke KPN N.V. | 57,957 | 156,626 | ||||||
|
| |||||||
New Zealand-2.82% | ||||||||
Contact Energy Ltd. | 56,573 | 275,932 | ||||||
Spark New Zealand Ltd. | 55,520 | 164,752 | ||||||
|
| |||||||
440,684 | ||||||||
|
| |||||||
Norway-2.52% | ||||||||
Entra ASA(a) | 8,500 | 110,798 | ||||||
Mowi ASA | 7,112 | 112,087 | ||||||
Telenor ASA | 11,144 | 171,610 | ||||||
|
| |||||||
394,495 | ||||||||
|
| |||||||
Portugal-0.83% | ||||||||
EDP - Energias de Portugal S.A. | 26,460 | 130,438 | ||||||
|
| |||||||
Singapore-15.86% | ||||||||
CapitaLand Integrated Commercial Trust | 190,596 | 241,472 | ||||||
ComfortDelGro Corp. Ltd. | 208,120 | 205,758 | ||||||
DBS Group Holdings Ltd. | 12,298 | 183,277 | ||||||
Genting Singapore Ltd. | 292,239 | 138,040 | ||||||
Jardine Cycle & Carriage Ltd. | 12,825 | 166,805 | ||||||
Keppel REIT | 197,648 | 144,020 | ||||||
Mapletree Commercial Trust | 92,016 | 115,904 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 28,003 | 172,673 | ||||||
Singapore Airlines Ltd. | 66,432 | 164,925 | ||||||
Singapore Press Holdings Ltd. | 196,275 | 142,301 | ||||||
Singapore Technologies Engineering Ltd. | 60,423 | 154,432 | ||||||
Singapore Telecommunications Ltd. | 123,782 | 184,019 | ||||||
Suntec REIT | 158,208 | 155,254 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
31 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
October 31, 2020
Shares | Value | |||||||
Singapore-(continued) | ||||||||
United Overseas Bank Ltd. | 11,398 | $ | 158,512 | |||||
Venture Corp. Ltd. | 10,909 | 153,868 | ||||||
|
| |||||||
2,481,260 | ||||||||
|
| |||||||
Spain-3.99% | ||||||||
Endesa S.A. | 7,442 | 199,469 | ||||||
Naturgy Energy Group S.A. | 13,425 | 249,428 | ||||||
Red Electrica Corp. S.A. | 9,925 | 174,862 | ||||||
|
| |||||||
623,759 | ||||||||
|
| |||||||
Sweden-1.75% | ||||||||
Tele2 AB, Class B | 8,391 | 99,500 | ||||||
Telia Co. AB(b) | 45,491 | 174,377 | ||||||
|
| |||||||
273,877 | ||||||||
|
| |||||||
Switzerland-2.40% | ||||||||
ABB Ltd. | 4,531 | 109,993 | ||||||
LafargeHolcim Ltd.(c) | 3,126 | 134,208 | ||||||
Swisscom AG | 258 | 131,259 | ||||||
|
| |||||||
375,460 | ||||||||
|
| |||||||
United Kingdom-7.76% | ||||||||
Admiral Group PLC | 5,353 | 190,339 | ||||||
British American Tobacco PLC | 4,527 | 143,292 | ||||||
GlaxoSmithKline PLC | 7,466 | 124,704 | ||||||
Imperial Brands PLC | 22,718 | 359,542 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Severn Trent PLC | 4,057 | $ | 127,471 | |||||
Tesco PLC | 45,838 | 121,797 | ||||||
United Utilities Group PLC | 13,150 | 146,804 | ||||||
|
| |||||||
1,213,949 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 15,581,804 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.22% |
| |||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 76,193 | 76,193 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 114,256 | 114,290 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 190,483 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.84% |
| 15,772,287 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.84)% | (131,889 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 15,640,398 | ||||||
|
|
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 October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at October 31, 2020. |
(c) | Non-income producing security. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 114,909 | $ | (114,909 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 854,896 | (854,896 | ) | - | - | - | 143 | |||||||||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 | ||||
|
| |||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 3,444,173 | $ | (3,367,980 | ) | $ | - | $ | - | $ | 76,193 | $ | 58 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 953,130 | (838,890 | ) | - | 50 | 114,290 | 53 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 13,696 | $ | 8,011,413 | $ | (7,834,732 | ) | $ | - | $ | 106 | $ | 190,483 | $ | 1,329 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.38% |
| |||||||
Australia-3.00% | ||||||||
AGL Energy Ltd. | 392,657 | $ | 3,441,278 | |||||
ASX Ltd. | 62,413 | 3,490,146 | ||||||
AusNet Services | 3,598,260 | 5,053,757 | ||||||
Coles Group Ltd. | 300,874 | 3,750,376 | ||||||
Telstra Corp. Ltd. | 1,880,140 | 3,538,481 | ||||||
Woolworths Group Ltd. | 147,081 | 3,941,457 | ||||||
|
| |||||||
23,215,495 | ||||||||
|
| |||||||
Belgium-0.43% | ||||||||
Ackermans & van Haaren N.V.(a) | 27,078 | 3,330,814 | ||||||
|
| |||||||
Canada-3.35% | ||||||||
CGI, Inc., Class A(a) | 51,464 | 3,190,857 | ||||||
Choice Properties REIT(b) | 381,491 | 3,441,959 | ||||||
Hydro One Ltd.(c) | 176,734 | 3,858,497 | ||||||
Loblaw Cos. Ltd. | 69,620 | 3,462,855 | ||||||
Metro, Inc. | 97,062 | 4,524,246 | ||||||
Thomson Reuters Corp. | 50,455 | 3,919,548 | ||||||
TMX Group Ltd. | 36,553 | 3,549,069 | ||||||
|
| |||||||
25,947,031 | ||||||||
|
| |||||||
China-0.53% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,472,156 | 4,081,491 | ||||||
|
| |||||||
Denmark-2.37% | ||||||||
Carlsberg A/S, Class B | 28,284 | 3,580,057 | ||||||
Coloplast A/S, Class B | 24,494 | 3,574,776 | ||||||
Novo Nordisk A/S, Class B | 64,087 | 4,116,581 | ||||||
Novozymes A/S, Class B | 61,388 | 3,689,168 | ||||||
Tryg A/S | 122,116 | 3,387,520 | ||||||
|
| |||||||
18,348,102 | ||||||||
|
| |||||||
Finland-0.55% | ||||||||
Kone OYJ, Class B | 53,641 | 4,270,136 | ||||||
|
| |||||||
France-3.31% | ||||||||
Air Liquide S.A. | 22,609 | 3,305,178 | ||||||
Danone S.A. | 59,146 | 3,265,679 | ||||||
Hermes International | 4,332 | 4,031,856 | ||||||
L’Oreal S.A. | 11,093 | 3,588,349 | ||||||
Orange S.A. | 330,802 | 3,710,772 | ||||||
Pernod Ricard S.A. | 25,076 | 4,042,632 | ||||||
Sanofi | 40,840 | 3,680,681 | ||||||
|
| |||||||
25,625,147 | ||||||||
|
| |||||||
Germany-4.77% | ||||||||
Beiersdorf AG | 37,709 | 3,948,886 | ||||||
Deutsche Telekom AG | 215,993 | 3,288,403 | ||||||
Deutsche Wohnen SE | 81,552 | 4,116,168 | ||||||
E.ON SE | 327,651 | 3,416,657 | ||||||
Fresenius Medical Care AG & Co. KGaA | 49,149 | 3,754,533 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 40,303 | 3,921,008 | ||||||
Merck KGaA | 26,027 | 3,854,875 | ||||||
Symrise AG | 29,755 | 3,668,771 | ||||||
Uniper SE | 118,449 | 3,540,445 | ||||||
Vonovia SE | 54,341 | 3,470,056 | ||||||
|
| |||||||
36,979,802 | ||||||||
|
| |||||||
Hong Kong-6.24% | ||||||||
CLP Holdings Ltd. | 537,812 | 4,944,776 | ||||||
Hang Seng Bank Ltd. | 247,342 | 3,801,900 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Henderson Land Development Co. Ltd. | 1,038,602 | $ | 3,676,361 | |||||
HK Electric Investments & HK Electric Investments Ltd. | 7,631,774 | 7,764,779 | ||||||
HKT Trust & HKT Ltd. | 3,233,926 | 4,178,538 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 3,135,206 | 4,503,787 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 76,596 | 3,656,530 | ||||||
Link REIT | 487,867 | 3,714,907 | ||||||
MTR Corp. Ltd. | 807,583 | 3,993,734 | ||||||
Power Assets Holdings Ltd. | 844,206 | 4,338,138 | ||||||
Sun Hung Kai Properties Ltd. | 294,592 | 3,766,520 | ||||||
|
| |||||||
48,339,970 | ||||||||
|
| |||||||
Ireland-0.42% | ||||||||
Kerry Group PLC, Class A | 27,343 | 3,271,044 | ||||||
|
| |||||||
Israel-1.52% | ||||||||
Elbit Systems Ltd.(b) | 33,267 | 3,770,442 | ||||||
Shufersal Ltd. | 462,218 | 3,499,267 | ||||||
Strauss Group Ltd.(b) | 156,447 | 4,530,929 | ||||||
|
| |||||||
11,800,638 | ||||||||
|
| |||||||
Italy-0.40% | ||||||||
UnipolSai Assicurazioni S.p.A.(b) | 1,337,575 | 3,106,799 | ||||||
|
| |||||||
Japan-48.08% | ||||||||
ABC-Mart, Inc. | 75,190 | 3,819,197 | ||||||
Ajinomoto Co., Inc. | 205,279 | 4,118,736 | ||||||
Azbil Corp. | 122,380 | 4,946,006 | ||||||
Benesse Holdings, Inc. | 147,417 | 3,467,557 | ||||||
Bridgestone Corp. | 128,426 | 4,164,570 | ||||||
Calbee, Inc. | 121,598 | 3,722,150 | ||||||
Canon Marketing Japan, Inc. | 206,664 | 4,376,833 | ||||||
Chubu Electric Power Co., Inc. | 340,744 | 3,818,458 | ||||||
Chugoku Electric Power Co., Inc. (The) | 432,503 | 5,440,419 | ||||||
COMSYS Holdings Corp. | 138,998 | 3,518,163 | ||||||
Daikin Industries Ltd. | 20,861 | 3,887,242 | ||||||
East Japan Railway Co. | 57,199 | 2,985,794 | ||||||
Electric Power Development Co. Ltd. | 234,072 | 3,157,084 | ||||||
ENEOS Holdings, Inc. | 1,062,246 | 3,562,497 | ||||||
Ezaki Glico Co. Ltd. | 90,308 | 3,744,836 | ||||||
Hamamatsu Photonics KK | 78,493 | 3,934,411 | ||||||
Hirose Electric Co. Ltd. | 31,295 | 4,352,681 | ||||||
House Foods Group, Inc. | 114,966 | 3,799,575 | ||||||
Idemitsu Kosan Co. Ltd. | 181,534 | 3,655,338 | ||||||
Ito En Ltd.(b) | 60,922 | 3,852,061 | ||||||
ITOCHU Corp. | 164,023 | 3,922,494 | ||||||
Itochu Techno-Solutions Corp. | 109,221 | 3,714,183 | ||||||
Japan Exchange Group, Inc. | 139,439 | 3,391,273 | ||||||
Japan Post Bank Co. Ltd.(b) | 489,163 | 3,888,411 | ||||||
Japan Post Holdings Co. Ltd. | 523,703 | 3,581,359 | ||||||
Japan Tobacco, Inc. | 260,289 | 4,905,006 | ||||||
Kagome Co. Ltd. | 122,389 | 4,185,390 | ||||||
Kaken Pharmaceutical Co. Ltd. | 82,502 | 3,239,628 | ||||||
Kansai Electric Power Co., Inc. (The) | 367,067 | 3,338,856 | ||||||
Kansai Paint Co. Ltd. | 154,031 | 3,962,018 | ||||||
Kao Corp. | 56,207 | 3,989,439 | ||||||
KDDI Corp. | 144,087 | 3,848,890 | ||||||
Keihan Holdings Co. Ltd. | 91,923 | 3,482,065 | ||||||
Kewpie Corp. | 223,065 | 4,562,014 | ||||||
Keyence Corp. | 9,395 | 4,246,353 |
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)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kinden Corp. | 246,939 | $ | 3,864,475 | |||||
Kyocera Corp. | 66,491 | 3,645,111 | ||||||
Kyowa Exeo Corp. | 149,379 | 3,437,975 | ||||||
Kyushu Electric Power Co., Inc. | 413,322 | 3,463,460 | ||||||
Kyushu Railway Co. | 176,052 | 3,736,937 | ||||||
Lawson, Inc. | 74,176 | 3,409,371 | ||||||
LINE Corp.(a) | 93,576 | 4,806,802 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 98,659 | 4,671,533 | ||||||
Medipal Holdings Corp. | 197,532 | 3,518,314 | ||||||
MEIJI Holdings Co. Ltd. | 64,353 | 4,653,804 | ||||||
Mitsubishi Corp. | 187,634 | 4,173,932 | ||||||
Mitsubishi Electric Corp. | 275,436 | 3,530,555 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 896,816 | 3,518,978 | ||||||
Mitsui & Co. Ltd. | 204,360 | 3,186,405 | ||||||
Mizuho Financial Group, Inc. | 286,180 | 3,508,128 | ||||||
Morinaga & Co. Ltd. | 102,644 | 3,893,088 | ||||||
MS&AD Insurance Group Holdings, Inc. | 168,472 | 4,584,069 | ||||||
Murata Manufacturing Co. Ltd. | 60,606 | 4,212,969 | ||||||
Nagoya Railroad Co. Ltd. | 159,311 | 4,230,413 | ||||||
Nankai Electric Railway Co. Ltd. | 170,061 | 3,868,424 | ||||||
Nichirei Corp. | 150,115 | 3,773,696 | ||||||
Nintendo Co. Ltd. | 7,398 | 4,032,313 | ||||||
Nippon Paper Industries Co. Ltd. | 299,280 | 3,369,548 | ||||||
Nippon Telegraph & Telephone Corp. | 201,509 | 4,232,961 | ||||||
Nippon Television Holdings, Inc. | 315,163 | 3,316,236 | ||||||
Nissin Foods Holdings Co. Ltd. | 46,110 | 3,987,320 | ||||||
Nitori Holdings Co. Ltd. | 20,383 | 4,201,776 | ||||||
NTT DOCOMO, Inc. | 172,744 | 6,422,957 | ||||||
Ono Pharmaceutical Co. Ltd. | 131,004 | 3,724,353 | ||||||
Osaka Gas Co. Ltd. | 207,208 | 3,928,508 | ||||||
Rinnai Corp. | 42,135 | 4,151,430 | ||||||
Rohto Pharmaceutical Co. Ltd. | 111,149 | 3,466,097 | ||||||
Sankyo Co. Ltd. | 141,415 | 3,595,572 | ||||||
Secom Co. Ltd. | 48,884 | 4,112,634 | ||||||
Sega Sammy Holdings, Inc. | 312,428 | 3,903,109 | ||||||
Seino Holdings Co. Ltd. | 266,485 | 3,436,214 | ||||||
Sekisui House Ltd. | 187,594 | 3,098,154 | ||||||
Seven Bank Ltd. | 1,724,513 | 3,942,592 | ||||||
Shikoku Electric Power Co., Inc. | 495,581 | 3,564,922 | ||||||
Shimizu Corp. | 478,777 | 3,315,808 | ||||||
Shizuoka Bank Ltd. (The) | 594,463 | 3,980,525 | ||||||
Softbank Corp. | 467,914 | 5,427,068 | ||||||
Sony Corp. | 50,875 | 4,221,253 | ||||||
Sotetsu Holdings, Inc. | 135,138 | 3,323,511 | ||||||
Sugi Holdings Co. Ltd. | 57,570 | 3,810,832 | ||||||
Sumitomo Corp. | 284,215 | 3,111,575 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 132,222 | 3,643,884 | ||||||
Suntory Beverage & Food Ltd. | 101,282 | 3,487,806 | ||||||
Takeda Pharmaceutical Co. Ltd. | 101,857 | 3,155,872 | ||||||
Teijin Ltd. | 247,640 | 3,780,691 | ||||||
Toho Co. Ltd. | 90,829 | 3,588,328 | ||||||
Tohoku Electric Power Co., Inc. | 423,627 | 3,736,217 | ||||||
Tokai Carbon Co. Ltd. | 355,440 | 4,015,445 | ||||||
Tokio Marine Holdings, Inc. | 82,838 | 3,691,814 | ||||||
Tokyo Gas Co. Ltd. | 164,710 | 3,727,009 | ||||||
Toyo Suisan Kaisha Ltd. | 70,591 | 3,511,318 | ||||||
Toyota Motor Corp. | 60,070 | 3,909,089 | ||||||
Tsumura & Co. | 137,494 | 4,031,176 | ||||||
Tsuruha Holdings, Inc. | 27,563 | 3,854,707 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Unicharm Corp. | 87,843 | $ | 4,066,961 | |||||
USS Co. Ltd. | 235,366 | 4,300,259 | ||||||
|
| |||||||
372,447,270 | ||||||||
|
| |||||||
Netherlands-2.01% | ||||||||
Heineken Holding N.V. | 47,876 | 3,700,229 | ||||||
Koninklijke Ahold Delhaize N.V. | 143,941 | 3,955,326 | ||||||
Koninklijke DSM N.V. | 24,983 | 3,999,992 | ||||||
Wolters Kluwer N.V. | 48,603 | 3,939,284 | ||||||
|
| |||||||
15,594,831 | ||||||||
|
| |||||||
New Zealand-0.47% | ||||||||
Spark New Zealand Ltd. | 1,232,138 | 3,656,297 | ||||||
|
| |||||||
Norway-1.42% | ||||||||
Gjensidige Forsikring ASA | 180,854 | 3,430,207 | ||||||
Orkla ASA | 395,090 | 3,723,221 | ||||||
Telenor ASA | 248,665 | 3,829,277 | ||||||
|
| |||||||
10,982,705 | ||||||||
|
| |||||||
Portugal-0.48% | ||||||||
Jeronimo Martins SGPS S.A. | 231,743 | 3,682,060 | ||||||
|
| |||||||
Singapore-4.58% | ||||||||
CapitaLand Ltd. | 1,844,354 | 3,471,248 | ||||||
DBS Group Holdings Ltd. | 273,284 | 4,072,742 | ||||||
Keppel Corp. Ltd. | 1,196,632 | 3,847,100 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 719,392 | 4,435,943 | ||||||
Singapore Exchange Ltd. | 584,114 | 3,704,451 | ||||||
Singapore Technologies Engineering Ltd. | 1,461,136 | 3,734,430 | ||||||
Singapore Telecommunications Ltd. | 2,699,263 | 4,012,819 | ||||||
United Overseas Bank Ltd. | 304,830 | 4,239,269 | ||||||
UOL Group Ltd. | 862,634 | 3,929,391 | ||||||
|
| |||||||
35,447,393 | ||||||||
|
| |||||||
Spain-0.89% | ||||||||
Iberdrola S.A. | 283,372 | 3,342,118 | ||||||
Red Electrica Corp. S.A. | 200,855 | 3,538,733 | ||||||
|
| |||||||
6,880,851 | ||||||||
|
| |||||||
Sweden-3.16% | ||||||||
Axfood AB | 180,139 | 4,189,209 | ||||||
Essity AB, Class B(b) | 116,478 | 3,374,808 | ||||||
Holmen AB, Class B | 96,498 | 3,657,777 | ||||||
Investor AB, Class B | 55,379 | 3,324,799 | ||||||
Swedish Match AB | 44,573 | 3,358,067 | ||||||
Tele2 AB, Class B | 254,597 | 3,019,016 | ||||||
Telia Co. AB(b) | 931,821 | 3,571,868 | ||||||
|
| |||||||
24,495,544 | ||||||||
|
| |||||||
Switzerland-5.81% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 479 | 3,799,389 | ||||||
Geberit AG | 6,915 | 3,938,279 | ||||||
Givaudan S.A. | 1,038 | 4,231,049 | ||||||
Kuehne + Nagel International AG | 19,929 | 3,981,234 | ||||||
Lonza Group AG | 5,945 | 3,601,183 | ||||||
Nestle S.A. | 42,421 | 4,771,813 | ||||||
Novartis AG | 51,422 | 4,010,865 | ||||||
Roche Holding AG | 12,157 | 3,909,526 | ||||||
Schindler Holding AG, PC | 17,948 | 4,592,009 | ||||||
SGS S.A. | 1,596 | 3,989,347 | ||||||
Swisscom AG | 8,137 | 4,139,745 | ||||||
|
| |||||||
44,964,439 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
October 31, 2020
Shares | Value | |||||||
United Kingdom-5.59% | ||||||||
Admiral Group PLC | 113,094 | $ | 4,021,341 | |||||
AstraZeneca PLC | 33,656 | 3,379,547 | ||||||
Croda International PLC(b) | 53,835 | 4,200,187 | ||||||
GlaxoSmithKline PLC | 206,357 | 3,446,777 | ||||||
J Sainsbury PLC | 1,452,839 | 3,787,099 | ||||||
Reckitt Benckiser Group PLC | 43,527 | 3,827,069 | ||||||
RELX PLC | 155,055 | 3,062,426 | ||||||
Sage Group PLC (The) | 381,234 | 3,133,099 | ||||||
Segro PLC | 303,026 | 3,534,151 | ||||||
Tesco PLC | 1,442,087 | 3,831,792 | ||||||
Unilever N.V.(b) | 69,728 | 3,943,359 | ||||||
WM Morrison Supermarkets PLC | 1,482,143 | 3,121,834 | ||||||
|
| |||||||
43,288,681 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 769,756,540 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.19% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 6,794,633 | $ | 6,794,633 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 10,188,882 | 10,191,939 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 16,986,572 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.57% |
| 786,743,112 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.57)% |
| (12,178,875 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 774,564,237 | ||||||
|
|
Investment Abbreviations:
PC-Participation Certificate
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 7,327,088 | $ | (7,327,088 | ) | $ | - | $ | - | $ | - | $ | 13 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 54,824,962 | (54,824,962 | ) | - | - | - | 9,432 | |||||||||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized `Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 184,204,370 | $ | (177,409,737 | ) | $ | - | $ | - | $ | 6,794,633 | $ | 3,087 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 49,638,811 | (39,448,894 | ) | - | 2,022 | 10,191,939 | 2,846 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 31,475,033 | $ | 540,788,326 | $ | (555,275,272 | ) | $ | (313 | ) | $ | (1,202 | ) | $ | 16,986,572 | $ | 227,768 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
37 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.96% |
| |||||||
Argentina-0.14% | ||||||||
Globant S.A.(a) | 2,267 | $ | 409,443 | |||||
|
| |||||||
Australia-2.46% | ||||||||
Afterpay Ltd.(a) | 19,159 | 1,300,907 | ||||||
Coles Group Ltd. | 92,704 | 1,155,550 | ||||||
Domino’s Pizza Enterprises Ltd. | 7,212 | 429,126 | ||||||
Fortescue Metals Group Ltd. | 204,565 | 2,495,301 | ||||||
Wesfarmers Ltd. | 60,563 | 1,954,696 | ||||||
|
| |||||||
7,335,580 | ||||||||
|
| |||||||
Belgium-0.65% | ||||||||
Elia Group S.A./N.V. | 2,059 | 199,309 | ||||||
Sofina S.A. | 1,031 | 267,814 | ||||||
UCB S.A. | 10,299 | 1,016,128 | ||||||
Umicore S.A. | 12,154 | 467,766 | ||||||
|
| |||||||
1,951,017 | ||||||||
|
| |||||||
Brazil-0.82% | ||||||||
Wheaton Precious Metals Corp. | 53,354 | 2,446,517 | ||||||
|
| |||||||
Canada-9.05% | ||||||||
Agnico Eagle Mines Ltd. | 16,686 | 1,319,888 | ||||||
B2Gold Corp. | 99,707 | 640,859 | ||||||
Barrick Gold Corp. | 162,949 | 4,353,128 | ||||||
Constellation Software, Inc. | 1,190 | 1,248,226 | ||||||
Franco-Nevada Corp. | 20,393 | 2,777,339 | ||||||
Hydro One Ltd.(b) | 19,571 | 427,279 | ||||||
Intact Financial Corp. | 7,418 | 765,639 | ||||||
Kinross Gold Corp. | 127,106 | 1,010,480 | ||||||
Pan American Silver Corp. | 22,865 | 726,069 | ||||||
Ritchie Bros. Auctioneers, Inc. | 7,006 | 424,348 | ||||||
Shopify, Inc., Class A(a) | 13,426 | 12,367,507 | ||||||
TMX Group Ltd. | 4,326 | 420,028 | ||||||
Topicus.com, Inc.(a)(c) | 2,224 | 0 | ||||||
Yamana Gold, Inc. | 94,147 | 523,215 | ||||||
|
| |||||||
27,004,005 | ||||||||
|
| |||||||
China-0.84% | ||||||||
Alibaba Health Information Technology Ltd.(a) | 518,108 | 1,352,919 | ||||||
China Evergrande New Energy Vehicle Group Ltd.(a)(d) | 268,427 | 742,472 | ||||||
Wilmar International Ltd. | 140,498 | 415,681 | ||||||
|
| |||||||
2,511,072 | ||||||||
|
| |||||||
Denmark-6.05% | ||||||||
Coloplast A/S, Class B | 9,477 | 1,383,121 | ||||||
DSV Panalpina A/S | 12,359 | 2,001,356 | ||||||
Genmab A/S(a) | 6,591 | 2,195,470 | ||||||
Novo Nordisk A/S, Class B | 118,660 | 7,622,036 | ||||||
Orsted A/S(b) | 14,948 | 2,372,661 | ||||||
Vestas Wind Systems A/S | 14,454 | 2,467,251 | ||||||
|
| |||||||
18,041,895 | ||||||||
|
| |||||||
Finland-1.54% | ||||||||
Elisa OYJ | 8,241 | 405,484 | ||||||
Kesko OYJ, Class B | 17,922 | 460,534 | ||||||
Kone OYJ, Class B | 31,312 | 2,492,617 | ||||||
Neste OYJ(d) | 23,741 | 1,235,612 | ||||||
|
| |||||||
4,594,247 | ||||||||
|
|
Shares | Value | |||||||
France-5.22% | ||||||||
Adevinta ASA, Class B(a) | 14,213 | $ | 219,317 | |||||
Air Liquide S.A. | 28,460 | 4,160,528 | ||||||
BioMerieux | 4,120 | 613,335 | ||||||
Sanofi | 66,541 | 5,996,968 | ||||||
Sartorius Stedim Biotech | 2,267 | 859,817 | ||||||
Schneider Electric SE | 30,693 | 3,725,434 | ||||||
|
| |||||||
15,575,399 | ||||||||
|
| |||||||
Germany-4.50% | ||||||||
BioNTech SE, ADR(a) | 1,032 | 88,092 | ||||||
Delivery Hero SE(a)(b) | 17,716 | 2,038,471 | ||||||
Deutsche Boerse AG | 10,302 | 1,516,235 | ||||||
Deutsche Wohnen SE | 22,866 | 1,154,114 | ||||||
Merck KGaA | 6,679 | 989,231 | ||||||
RWE AG | 41,613 | 1,540,953 | ||||||
Sartorius AG, Preference Shares | 3,090 | 1,308,016 | ||||||
Symrise AG | 8,445 | 1,041,263 | ||||||
TeamViewer AG(a)(b) | 11,125 | 489,848 | ||||||
Vonovia SE | 34,866 | 2,226,440 | ||||||
Zalando SE(a)(b) | 10,918 | 1,019,715 | ||||||
|
| |||||||
13,412,378 | ||||||||
|
| |||||||
Hong Kong-1.96% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 93,529 | 4,464,875 | ||||||
Techtronic Industries Co. Ltd. | 104,034 | 1,387,147 | ||||||
|
| |||||||
5,852,022 | ||||||||
|
| |||||||
Ireland-1.00% | ||||||||
Flutter Entertainment PLC(a) | 12,359 | 2,152,978 | ||||||
Kingspan Group PLC(a) | 9,682 | 844,164 | ||||||
|
| |||||||
2,997,142 | ||||||||
|
| |||||||
Israel-1.07% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 132,049 | 150,787 | ||||||
Compugen Ltd.(a)(d) | 10,300 | 132,767 | ||||||
Energix-Renewable Energies Ltd.(a) | 23,071 | 98,471 | ||||||
Fiverr International Ltd.(a) | 2,061 | 301,772 | ||||||
Kornit Digital Ltd.(a) | 2,884 | 194,151 | ||||||
Matrix IT Ltd. | 2,060 | 47,603 | ||||||
Maytronics Ltd. | 4,532 | 69,724 | ||||||
Nice Ltd.(a) | 3,503 | 802,484 | ||||||
Nova Measuring Instruments Ltd.(a) | 2,059 | 118,163 | ||||||
Plus500 Ltd. | 11,538 | 220,124 | ||||||
Wix.com Ltd.(a) | 4,270 | 1,056,056 | ||||||
|
| |||||||
3,192,102 | ||||||||
|
| |||||||
Italy-1.49% | ||||||||
Amplifon S.p.A.(a) | 4,327 | 157,308 | ||||||
DiaSorin S.p.A. | 1,444 | 317,065 | ||||||
Enel S.p.A. | 451,773 | 3,596,376 | ||||||
Nexi S.p.A.(a)(b) | 24,720 | 379,807 | ||||||
|
| |||||||
4,450,556 | ||||||||
|
| |||||||
Japan-28.99% | ||||||||
Advantest Corp. | 10,711 | 617,824 | ||||||
Aeon Co. Ltd. | 58,503 | 1,490,556 | ||||||
Azbil Corp. | 9,683 | 391,340 | ||||||
Capcom Co. Ltd. | 8,241 | 453,279 | ||||||
Casio Computer Co. Ltd. | 14,421 | 217,819 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
38 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Chugai Pharmaceutical Co. Ltd. | 78,285 | $ | 3,011,134 | |||||
Cosmos Pharmaceutical Corp. | 2,678 | 454,445 | ||||||
Daifuku Co. Ltd. | 11,536 | 1,184,057 | ||||||
Daiichi Sankyo Co. Ltd. | 118,454 | 3,113,752 | ||||||
Daikin Industries Ltd. | 21,837 | 4,069,110 | ||||||
Disco Corp. | 1,443 | 386,907 | ||||||
Eisai Co. Ltd. | 19,775 | 1,530,132 | ||||||
FP Corp. | 3,298 | 131,396 | ||||||
Fujitsu Ltd. | 18,747 | 2,192,291 | ||||||
GLP J-REIT | 276 | 425,062 | ||||||
GMO internet, Inc. | 5,974 | 159,093 | ||||||
GMO Payment Gateway, Inc. | 2,473 | 302,087 | ||||||
Harmonic Drive Systems, Inc. | 2,472 | 162,688 | ||||||
Hitachi Metals Ltd. | 9,887 | 130,610 | ||||||
Hoya Corp. | 21,011 | 2,371,626 | ||||||
Ibiden Co. Ltd. | 8,859 | 358,038 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 127 | 215,757 | ||||||
Ito En Ltd. | 4,325 | 273,467 | ||||||
ITOCHU Corp. | 70,263 | 1,680,290 | ||||||
Itochu Techno-Solutions Corp. | 9,272 | 315,305 | ||||||
Japan Exchange Group, Inc. | 53,972 | 1,312,644 | ||||||
JCR Pharmaceuticals Co. Ltd. | 4,326 | 111,605 | ||||||
JSR Corp. | 12,773 | 286,641 | ||||||
Justsystems Corp. | 3,503 | 229,200 | ||||||
Kagome Co. Ltd. | 5,355 | 183,127 | ||||||
Keyence Corp. | 15,039 | 6,797,329 | ||||||
Kobe Bussan Co. Ltd.(d) | 14,834 | 417,889 | ||||||
Koei Tecmo Holdings Co. Ltd. | 5,563 | 272,456 | ||||||
K’s Holdings Corp. | 13,392 | 170,891 | ||||||
Kyowa Kirin Co. Ltd. | 20,188 | 500,162 | ||||||
Lasertec Corp. | 9,681 | 837,156 | ||||||
Lion Corp. | 18,333 | 374,762 | ||||||
M3, Inc. | 53,148 | 3,572,518 | ||||||
Mercari, Inc.(a) | 5,975 | 251,483 | ||||||
Miura Co. Ltd. | 7,210 | 337,602 | ||||||
MonotaRO Co. Ltd. | 13,598 | 754,433 | ||||||
Murata Manufacturing Co. Ltd. | 47,999 | 3,336,605 | ||||||
NEC Corp. | 16,894 | 848,417 | ||||||
Nexon Co. Ltd. | 32,342 | 903,064 | ||||||
Nihon M&A Center, Inc. | 12,568 | 734,556 | ||||||
Nippo Corp. | 3,504 | 89,829 | ||||||
Nippon Paint Holdings Co. Ltd. | 15,246 | 1,369,427 | ||||||
Nippon Prologis REIT, Inc. | 165 | 542,950 | ||||||
Nissin Foods Holdings Co. Ltd. | 7,415 | 641,205 | ||||||
Nitori Holdings Co. Ltd. | 9,065 | 1,868,670 | ||||||
Nomura Holdings, Inc. | 222,899 | 990,402 | ||||||
Nomura Research Institute Ltd. | 28,224 | 835,597 | ||||||
NTT DOCOMO, Inc. | 56,238 | 2,091,038 | ||||||
OBIC Business Consultants Co. Ltd. | 1,030 | 55,766 | ||||||
Obic Co. Ltd. | 6,387 | 1,133,335 | ||||||
Olympus Corp. | 93,115 | 1,771,626 | ||||||
Omron Corp. | 16,070 | 1,152,908 | ||||||
Ono Pharmaceutical Co. Ltd. | 46,969 | 1,335,296 | ||||||
Open House Co. Ltd. | 3,504 | 119,157 | ||||||
Oracle Corp. Japan | 2,472 | 247,342 | ||||||
Otsuka Corp. | 6,388 | 294,530 | ||||||
Pan Pacific International Holdings Corp. | 41,820 | 888,885 | ||||||
Seria Co. Ltd. | 4,120 | 158,431 | ||||||
SG Holdings Co. Ltd. | 36,672 | 882,247 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Shimano, Inc. | 7,003 | $ | 1,591,987 | |||||
SMC Corp. | 4,427 | 2,341,813 | ||||||
Sony Corp. | 86,731 | 7,196,333 | ||||||
Square Enix Holdings Co. Ltd. | 6,594 | 386,027 | ||||||
Sugi Holdings Co. Ltd. | 3,298 | 218,310 | ||||||
Taiyo Yuden Co. Ltd. | 9,272 | 340,582 | ||||||
TDK Corp. | 8,239 | 962,294 | ||||||
TIS, Inc. | 11,948 | 228,697 | ||||||
Tokyo Electron Ltd. | 12,565 | 3,353,391 | ||||||
Toyo Suisan Kaisha Ltd. | 8,857 | 440,562 | ||||||
Trend Micro, Inc. | 8,652 | 484,161 | ||||||
Tsuruha Holdings, Inc. | 2,471 | 345,571 | ||||||
Unicharm Corp. | 41,407 | 1,917,064 | ||||||
Welcia Holdings Co. Ltd. | 10,918 | 428,198 | ||||||
Workman Co. Ltd. | 2,474 | 218,433 | ||||||
Z Holdings Corp. | 220,387 | 1,528,626 | ||||||
ZOZO, Inc. | 5,767 | 146,244 | ||||||
|
| |||||||
86,467,539 | ||||||||
|
| |||||||
Luxembourg-0.22% | ||||||||
Eurofins Scientific SE(a) | 824 | 656,336 | ||||||
|
| |||||||
Mexico-0.09% | ||||||||
Fresnillo PLC | 18,745 | 281,759 | ||||||
|
| |||||||
Netherlands-7.33% | ||||||||
Adyen N.V.(a)(b) | 3,748 | 6,319,576 | ||||||
ASML Holding N.V. | 30,849 | 11,211,546 | ||||||
Koninklijke Ahold Delhaize N.V. | 67,573 | 1,856,825 | ||||||
Prosus N.V.(a) | 24,721 | 2,470,142 | ||||||
|
| |||||||
21,858,089 | ||||||||
|
| |||||||
New Zealand-0.87% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 71,485 | 1,653,555 | ||||||
Spark New Zealand Ltd. | 127,311 | 377,788 | ||||||
Xero Ltd.(a) | 7,209 | 557,637 | ||||||
|
| |||||||
2,588,980 | ||||||||
|
| |||||||
Norway-0.50% | ||||||||
NEL ASA(a)(d) | 94,556 | 178,847 | ||||||
Nordic Semiconductor ASA(a) | 16,686 | 175,259 | ||||||
Orkla ASA | 46,351 | 436,799 | ||||||
Scatec Solar ASA(b) | 7,829 | 171,997 | ||||||
Schibsted ASA, Class A(a) | 5,355 | 218,035 | ||||||
TOMRA Systems ASA | 7,415 | 298,420 | ||||||
|
| |||||||
1,479,357 | ||||||||
|
| |||||||
Portugal-0.32% | ||||||||
EDP - Energias de Portugal S.A. | 193,440 | 953,590 | ||||||
|
| |||||||
Singapore-0.30% | ||||||||
Ascendas REIT | 159,861 | 337,165 | ||||||
Mapletree Industrial Trust | 127,725 | 284,353 | ||||||
Mapletree Logistics Trust | 184,170 | 263,004 | ||||||
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(c) | 3,516 | 0 | ||||||
|
| |||||||
884,522 | ||||||||
|
| |||||||
Spain-2.47% | ||||||||
Cellnex Telecom S.A.(b) | 38,727 | 2,486,525 | ||||||
Iberdrola S.A. | 374,316 | 4,414,721 | ||||||
Siemens Gamesa Renewable Energy S.A. | 16,276 | 461,275 | ||||||
|
| |||||||
7,362,521 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
39 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
October 31, 2020
Shares | Value | |||||||
Sweden-3.39% | ||||||||
Atlas Copco AB, Class A | 38,522 | $ | 1,700,375 | |||||
Atlas Copco AB, Class B | 22,453 | 860,924 | ||||||
Beijer Ref AB | 5,356 | 147,903 | ||||||
Embracer Group AB(a) | 16,479 | 333,240 | ||||||
Epiroc AB, Class B | 19,160 | 274,663 | ||||||
EQT AB | 19,777 | 376,714 | ||||||
Evolution Gaming Group AB(b) | 16,480 | 1,223,806 | ||||||
Getinge AB, Class B | 15,449 | 302,605 | ||||||
Holmen AB, Class B | 7,416 | 281,105 | ||||||
Indutrade AB(a) | 7,621 | 386,480 | ||||||
Investment AB Latour, Class B | 8,447 | 197,198 | ||||||
Kinnevik AB, Class B | 20,599 | 845,028 | ||||||
Lifco AB, Class B | 2,473 | 180,867 | ||||||
Nibe Industrier AB, Class B(a) | 28,016 | 675,445 | ||||||
Svenska Cellulosa AB S.C.A., | 36,052 | 489,069 | ||||||
Sweco AB, Class B | 5,975 | 300,994 | ||||||
Swedish Match AB | 20,226 | 1,523,798 | ||||||
|
| |||||||
10,100,214 | ||||||||
|
| |||||||
Switzerland-8.53% | ||||||||
Givaudan S.A. | 757 | 3,085,649 | ||||||
Lonza Group AG | 7,828 | 4,741,810 | ||||||
Roche Holding AG | 41,612 | 13,381,853 | ||||||
Roche Holding AG, BR | 1,647 | 530,461 | ||||||
Sika AG | 10,223 | 2,517,409 | ||||||
STMicroelectronics N.V. | 38,316 | 1,168,029 | ||||||
|
| |||||||
25,425,211 | ||||||||
|
| |||||||
Taiwan-1.93% | ||||||||
Sea Ltd., ADR(a) | 36,463 | 5,750,215 | ||||||
|
| |||||||
United Kingdom-6.89% | ||||||||
AstraZeneca PLC | 77,253 | 7,757,314 | ||||||
Avast PLC(b) | 61,594 | 377,817 | ||||||
B&M European Value Retail S.A. | 53,355 | 334,454 | ||||||
Clarivate PLC(a) | 20,807 | 577,394 | ||||||
ConvaTec Group PLC(b) | 97,440 | 227,664 | ||||||
Croda International PLC | 8,242 | 643,038 | ||||||
London Stock Exchange Group PLC | 18,127 | 1,940,216 | ||||||
Ocado Group PLC(a) | 47,998 | 1,412,518 | ||||||
Reckitt Benckiser Group PLC | 45,939 | 4,039,142 | ||||||
Rentokil Initial PLC(a) | 92,497 | 629,089 |
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
REIT-Real Estate Investment Trust
Rts.-Rights
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Segro PLC | 78,489 | $ | 915,406 | |||||
Severn Trent PLC | 14,420 | 453,075 | ||||||
SSE PLC | 52,944 | 859,130 | ||||||
United Utilities Group PLC | 33,783 | 377,146 | ||||||
|
| |||||||
20,543,403 | ||||||||
|
| |||||||
United States-1.34% | ||||||||
Atlassian Corp. PLC, Class A(a) | 6,387 | 1,223,877 | ||||||
Inmode Ltd.(a) | 1,237 | 45,225 | ||||||
James Hardie Industries PLC, CDI | 26,987 | 655,347 | ||||||
Spotify Technology S.A.(a) | 8,653 | 2,075,768 | ||||||
|
| |||||||
4,000,217 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 298,125,328 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, | 126,469 | 126,469 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 298,251,797 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.88% | ||||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 1,048,728 | 1,048,728 | ||||||
Invesco Private Prime Fund, | 1,572,620 | 1,573,092 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,621,820 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.88% |
| 300,873,617 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.88)% |
| (2,637,016 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 298,236,601 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
40 | ||||
|
| |||
Invesco S&P International Developed Momentum ETF (IDMO)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $17,535,166, which represented 5.88% 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 October 31, 2020. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 4,328,383 | $ | (4,201,914 | ) | $ | - | $ | - | $ | 126,469 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 876,008 | (876,008 | ) | - | - | - | 12 | |||||||||||||||||||||||||||
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 | - | 2,086,322 | (1,037,594 | ) | - | - | 1,048,728 | 19 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,012,881 | (439,790 | ) | - | 1 | 1,573,092 | 59 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 10,201 | $ | 9,565,411 | $ | (6,827,318 | ) | $ | - | $ | (5 | ) | $ | 2,748,289 | $ | 270 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
41 | ||||
|
| |||
Statements of Assets and Liabilities
October 31, 2020
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) | $ | 8,938,749 | $ | 269,568,737 | $ | 5,766,830 | $ | 15,581,804 | ||||||||||||
Affiliated investments in securities, at value | 151,953 | 2,303,655 | 63,930 | 190,483 | ||||||||||||||||
Foreign currencies, at value | 10,348 | 749,738 | 20,493 | 184 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 26,412 | 203,646 | 5,365 | 79,078 | ||||||||||||||||
Securities lending | 83 | 4,283 | 28 | 311 | ||||||||||||||||
Investments sold | - | - | - | - | ||||||||||||||||
Foreign tax reclaims | 187,692 | 44,777 | - | 9,143 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 9,315,237 | 272,874,836 | 5,856,646 | 15,861,003 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | 22,002 | 1,272,250 | 20,781 | 25,992 | ||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 23 | - | - | ||||||||||||||||
Collateral upon return of securities loaned | 151,953 | 2,303,634 | 63,930 | 190,483 | ||||||||||||||||
Accrued unitary management fees | 3,621 | 92,183 | 1,620 | 4,130 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 177,576 | 3,668,090 | 86,331 | 220,605 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 9,137,661 | $ | 269,206,746 | $ | 5,770,315 | $ | 15,640,398 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 25,491,293 | $ | 398,503,852 | $ | 6,585,410 | $ | 19,321,048 | ||||||||||||
Distributable earnings (loss) | (16,353,632 | ) | (129,297,106 | ) | (815,095 | ) | (3,680,650 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 9,137,661 | $ | 269,206,746 | $ | 5,770,315 | $ | 15,640,398 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 350,001 | 13,500,000 | 350,000 | 700,001 | ||||||||||||||||
Net asset value | $ | 26.11 | $ | 19.94 | $ | 16.49 | $ | 22.34 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 26.04 | $ | 19.82 | $ | 16.51 | $ | 22.49 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 9,064,415 | $ | 271,550,093 | $ | 4,604,485 | $ | 16,689,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 151,953 | $ | 2,303,634 | $ | 63,930 | $ | 190,483 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Foreign currencies, at cost | $ | 9,935 | $ | 738,582 | $ | 20,321 | $ | 178 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a)Includes securities on loan with an aggregate value of: | $ | 136,688 | $ | 2,186,230 | $ | 53,785 | $ | 170,965 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
42 | ||||
|
| |||
Invesco S&P International Developed Low Volatility ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||||
$ | 769,756,540 | $ | 298,125,328 | |||||||
16,986,572 | 2,748,289 | |||||||||
9,544 | 53 | |||||||||
4,090,607 | 31,186 | |||||||||
19,121 | 3,529 | |||||||||
- | 2,045 | |||||||||
1,187,958 | 4,002 | |||||||||
|
|
|
| |||||||
792,050,342 | 300,914,432 | |||||||||
|
|
|
| |||||||
314,974 | - | |||||||||
38 | - | |||||||||
16,986,572 | 2,621,820 | |||||||||
184,521 | 56,011 | |||||||||
|
|
|
| |||||||
17,486,105 | 2,677,831 | |||||||||
|
|
|
| |||||||
$ | 774,564,237 | $ | 298,236,601 | |||||||
|
|
|
| |||||||
$ | 987,853,437 | $ | 310,593,399 | |||||||
(213,289,200 | ) | (12,356,798 | ) | |||||||
|
|
|
| |||||||
$ | 774,564,237 | $ | 298,236,601 | |||||||
|
|
|
| |||||||
28,300,000 | 10,300,000 | |||||||||
$ | 27.37 | $ | 28.96 | |||||||
|
|
|
| |||||||
$ | 27.43 | $ | 28.92 | |||||||
|
|
|
| |||||||
$ | 789,082,674 | $ | 308,673,441 | |||||||
|
|
|
| |||||||
$ | 16,986,572 | $ | 2,748,289 | |||||||
|
|
|
| |||||||
$ | 12,899 | $ | 50 | |||||||
|
|
|
| |||||||
$ | 15,937,949 | $ | 2,275,682 | |||||||
|
|
|
|
43 | ||||
|
| |||
For the year ended October 31, 2020
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 | $ | - | $ | - | $ | 16 | $ | - | ||||||||||||
Unaffiliated dividend income | 540,703 | 11,505,921 | 159,371 | 753,237 | ||||||||||||||||
Affiliated dividend income | 125 | 1,120 | 117 | 143 | ||||||||||||||||
Securities lending income | 8,854 | 28,136 | 254 | 3,126 | ||||||||||||||||
Foreign withholding tax | (47,525 | ) | (1,313,329 | ) | (17,255 | ) | (71,916 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 502,157 | 10,221,848 | 142,503 | 684,590 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 102,743 | 1,045,533 | 21,918 | 43,801 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (28 | ) | (246,793 | ) | (4,657 | ) | (33 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 102,715 | 798,740 | 17,261 | 43,768 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 399,442 | 9,423,108 | 125,242 | 640,822 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (3,290,414 | ) | (50,014,697 | ) | (1,048,983 | )(a) | (1,735,671 | ) | ||||||||||||
Affiliated investment securities | (61 | ) | (40 | ) | (6 | ) | 106 | |||||||||||||
In-kind redemptions | (531,314 | ) | (7,142,899 | ) | 358,904 | 128,359 | ||||||||||||||
Foreign currencies | 2,964 | (72,116 | ) | (21,742 | ) | (7,661 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (3,818,825 | ) | (57,229,752 | ) | (711,827 | ) | (1,614,867 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (394,646 | ) | (2,594,422 | ) | 668,499 | (b) | (1,752,041 | ) | ||||||||||||
Affiliated investment securities | (14 | ) | 21 | (5 | ) | - | ||||||||||||||
Foreign currencies | 11,367 | 6,648 | (98 | ) | 1,202 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | (383,293 | ) | (2,587,753 | ) | 668,396 | (1,750,839 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (4,202,118 | ) | (59,817,505 | ) | (43,431 | ) | (3,365,706 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (3,802,676 | ) | $ | (50,394,397 | ) | $ | 81,811 | $ | (2,724,884 | ) | |||||||||
|
|
|
|
|
|
|
|
(a) | Net of foreign taxes of $201. |
(b) | Net of foreign taxes of $1,533. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
44 | ||||
|
| |||
Invesco S&P ETF (IDLV) | Invesco S&P International Developed Momentum ETF (IDMO) | |||||||
$ | - | $ | - | |||||
29,287,532 | 107,734 | |||||||
9,445 | 14 | |||||||
185,957 | 3,672 | |||||||
(2,947,628 | ) | (14,738 | ) | |||||
|
|
|
| |||||
26,535,306 | 96,682 | |||||||
|
|
|
| |||||
2,673,085 | 64,898 | |||||||
|
|
|
| |||||
(480,058 | ) | (1,340 | ) | |||||
|
|
|
| |||||
2,193,027 | 63,558 | |||||||
|
|
|
| |||||
24,342,279 | 33,124 | |||||||
|
|
|
| |||||
(122,849,679 | ) | (188,025 | ) | |||||
(1,202 | ) | (5 | ) | |||||
23,874,399 | 937,967 | |||||||
(338,746 | ) | (932 | ) | |||||
|
|
|
| |||||
(99,315,228 | ) | 749,005 | ||||||
|
|
|
| |||||
(98,589,661 | ) | (10,768,047 | ) | |||||
(313 | ) | - | ||||||
110,010 | (64 | ) | ||||||
|
|
|
| |||||
(98,479,964 | ) | (10,768,111 | ) | |||||
|
|
|
| |||||
(197,795,192 | ) | (10,019,106 | ) | |||||
|
|
|
| |||||
$ | (173,452,913 | ) | $ | (9,985,982 | ) | |||
|
|
|
|
45 | ||||
|
| |||
Statements of Changes in Net Assets
For the years ended October 31, 2020 and 2019
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | Invesco S&P Emerging Markets Low Volatility ETF (EELV) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 399,442 | $ | 2,415,163 | $ | 9,423,108 | $ | 10,014,091 | ||||||||
Net realized gain (loss) | (3,818,825 | ) | 1,941,655 | (57,229,752 | ) | (7,722,334 | ) | |||||||||
Change in net unrealized appreciation (depreciation) | (383,293 | ) | 3,926,336 | (2,587,753 | ) | 12,756,268 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (3,802,676 | ) | 8,283,154 | (50,394,397 | ) | 15,048,025 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (658,693 | ) | (2,663,090 | ) | (9,726,970 | ) | (14,807,076 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | - | 38,328,349 | 117,564,428 | 92,611,360 | ||||||||||||
Value of shares repurchased | (40,031,688 | ) | (99,591,478 | ) | (124,343,540 | ) | (3,576,939 | ) | ||||||||
Transaction fees | 15,359 | - | 474,852 | 86,655 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (40,016,329 | ) | (61,263,129 | ) | (6,304,260 | ) | 89,121,076 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | (44,477,698 | ) | (55,643,065 | ) | (66,425,627 | ) | 89,362,025 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 53,615,359 | 109,258,424 | 335,632,373 | 246,270,348 | ||||||||||||
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| |||||||||
End of year | $ | 9,137,661 | $ | 53,615,359 | $ | 269,206,746 | $ | 335,632,373 | ||||||||
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|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | - | 1,400,000 | 5,650,000 | 3,900,000 | ||||||||||||
Shares repurchased | (1,550,000 | ) | (3,550,000 | ) | (6,600,000 | ) | (150,000 | ) | ||||||||
Shares outstanding, beginning of year | 1,900,001 | 4,050,001 | 14,450,000 | 10,700,000 | ||||||||||||
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|
|
| |||||||||
Shares outstanding, end of year | 350,001 | 1,900,001 | 13,500,000 | 14,450,000 | ||||||||||||
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|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
46 | ||||
|
| |||
Invesco S&P International | Invesco S&P International | Invesco S&P International | ||||||||||||||||||||||||||||||||||||
Invesco S&P Emerging Markets | Developed High Dividend | Developed Low Volatility ETF | Developed Momentum ETF | |||||||||||||||||||||||||||||||||||
Momentum ETF (EEMO) | Low Volatility ETF (IDHD) | (IDLV) | (IDMO) | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
$ | 125,242 | $ | 203,116 | $ | 640,822 | $ | 454,113 | $ | 24,342,279 | $ | 25,935,348 | $ | 33,124 | $ | 60,984 | |||||||||||||||||||||||
(711,827 | ) | (976,139 | ) | (1,614,867 | ) | (192,917 | ) | (99,315,228 | ) | (12,989,782 | ) | 749,005 | (148,718 | ) | ||||||||||||||||||||||||
668,396 | 1,692,906 | (1,750,839 | ) | 1,100,346 | (98,479,964 | ) | 101,291,478 | (10,768,111 | ) | 361,473 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
81,811 | 919,883 | (2,724,884 | ) | 1,361,542 | (173,452,913 | ) | 114,237,044 | (9,985,982 | ) | 273,739 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(131,358 | ) | (1,227,256 | ) | (875,930 | ) | (462,652 | ) | (48,157,293 | ) | (27,200,949 | ) | (61,403 | ) | (74,476 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||
2,249,937 | - | 8,766,348 | 10,898,206 | 377,754,851 | 436,062,565 | 311,702,336 | - | |||||||||||||||||||||||||||||||
(2,371,906 | ) | (6,681,594 | ) | (3,825,583 | ) | (2,734,982 | ) | (370,632,314 | ) | (71,976,046 | ) | (6,103,728 | ) | - | ||||||||||||||||||||||||
1,016 | 5,965 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(120,953 | ) | (6,675,629 | ) | 4,940,765 | 8,163,224 | 7,122,537 | 364,086,519 | 305,598,608 | - | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
(170,500 | ) | (6,983,002 | ) | 1,339,951 | 9,062,114 | (214,487,669 | ) | 451,122,614 | 295,551,223 | 199,263 | ||||||||||||||||||||||||||||
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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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| |||||||||||||||||||||||
$ | 5,770,315 | $ | 5,940,815 | $ | 15,640,398 | $ | 14,300,447 | $ | 774,564,237 | $ | 989,051,906 | $ | 298,236,601 | $ | 2,685,378 | |||||||||||||||||||||||
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| |||||||||||||||||||||||
150,000 | - | 350,000 | 400,000 | �� | 12,650,000 | 13,300,000 | 10,400,000 | - | ||||||||||||||||||||||||||||||
(150,000 | ) | (400,000 | ) | (150,000 | ) | (100,000 | ) | (12,950,000 | ) | (2,150,000 | ) | (200,000 | ) | - | ||||||||||||||||||||||||
350,000 | 750,000 | 500,001 | 200,001 | 28,600,000 | 17,450,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||
350,000 | 350,000 | 700,001 | 500,001 | 28,300,000 | 28,600,000 | 10,300,000 | 100,000 | |||||||||||||||||||||||||||||||
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47 | ||||
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| |||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
For the Period November 04, 2015(a) Through October 31, 2016 | |||||||||||||||||||||||||
Years Ended October 31, | |||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||
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| ||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||
Net asset value at beginning of period | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | $ | 24.92 | |||||||||||||||
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| ||||||||||||||||
Net investment income(b) | 0.47 | 0.68 | 0.67 | 0.64 | 0.54 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.05 | ) | 1.43 | (2.30 | ) | 4.45 | 0.03 | ||||||||||||||||||
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|
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| ||||||||||||||||
Total from investment operations | (1.58 | ) | 2.11 | (1.63 | ) | 5.09 | 0.57 | ||||||||||||||||||
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| ||||||||||||||||
Distributions to shareholders from: | |||||||||||||||||||||||||
Net investment income | (0.55 | ) | (0.87 | ) | (0.86 | ) | (0.71 | ) | (0.40 | ) | |||||||||||||||
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| ||||||||||||||||
Transaction fees(b) | 0.02 | - | - | - | - | ||||||||||||||||||||
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| ||||||||||||||||
Net asset value at end of period | $ | 26.11 | $ | 28.22 | $ | 26.98 | $ | 29.47 | $ | 25.09 | |||||||||||||||
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Market price at end of period(c) | $ | 26.04 | $ | 28.02 | $ | 26.86 | $ | 29.44 | $ | 25.20 | |||||||||||||||
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| ||||||||||||||||
Net Asset Value Total Return(d) | (5.44 | )% | 7.94 | % | (5.81 | )% | 20.63 | % | 2.33 | %(e) | |||||||||||||||
Market Price Total Return(d) | (5.02 | )% | 7.65 | % | (6.12 | )% | 19.98 | % | 2.77 | %(e) | |||||||||||||||
Ratios/Supplemental Data: | |||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 9,138 | $ | 53,615 | $ | 109,258 | $ | 134,104 | $ | 146,797 | |||||||||||||||
Ratio to average net assets of: | |||||||||||||||||||||||||
Expenses | 0.45 | % | 0.46 | %(f) | 0.45 | % | 0.45 | % | 0.45 | %(g) | |||||||||||||||
Net investment income | 1.75 | % | 2.48 | %(f) | 2.23 | % | 2.38 | % | 2.22 | %(g) | |||||||||||||||
Portfolio turnover rate(h) | 38 | % | 53 | % | 50 | % | 39 | % | 59 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
48 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | $ | 22.31 | ||||||||||
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| |||||||||||
Net investment income(a) | 0.72 | 0.74 | 1.04 | 0.63 | 0.57 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.33 | ) | 0.58 | (1.68 | ) | 2.29 | (0.14 | ) | ||||||||||||
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|
|
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| |||||||||||
Total from investment operations | (2.61 | ) | 1.32 | (0.64 | ) | 2.92 | 0.43 | |||||||||||||
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| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.72 | ) | (1.12 | ) | (1.01 | ) | (0.61 | ) | (0.49 | ) | ||||||||||
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| |||||||||||
Transaction fees(a) | 0.04 | 0.01 | 0.08 | 0.01 | 0.02 | |||||||||||||||
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| |||||||||||
Net asset value at end of year | $ | 19.94 | $ | 23.23 | $ | 23.02 | $ | 24.59 | $ | 22.27 | ||||||||||
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Market price at end of year(b) | $ | 19.82 | $ | 23.12 | $ | 23.03 | $ | 24.63 | $ | 22.15 | ||||||||||
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| |||||||||||
Net Asset Value Total Return(c) | (10.92 | )% | 5.87 | % | (2.54 | )% | 13.30 | % | 2.12 | % | ||||||||||
Market Price Total Return(c) | (11.03 | )% | 5.32 | % | (2.60 | )% | 14.09 | % | 2.39 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 269,207 | $ | 335,632 | $ | 246,270 | $ | 277,832 | $ | 269,478 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||
Expenses, prior to Waivers | 0.38 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Net investment income | 3.42 | % | 3.14 | % | 4.12 | % | 2.74 | % | 2.60 | % | ||||||||||
Portfolio turnover rate(d) | 114 | % | 67 | % | 125 | % | 81 | % | 73 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
49 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | $ | 16.20 | ||||||||||
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|
| |||||||||||
Net investment income(a) | 0.32 | 0.40 | 0.27 | (b) | 0.40 | 0.22 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.46 | ) | 1.61 | (3.03 | ) | 4.70 | (0.23 | ) | ||||||||||||
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|
|
|
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|
|
| |||||||||||
Total from investment operations | (0.14 | ) | 2.01 | (2.76 | ) | 5.10 | (0.01 | ) | ||||||||||||
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|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | (0.43 | ) | (0.14 | ) | (0.37 | ) | (0.32 | ) | ||||||||||
|
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|
| |||||||||||
Net realized gains | - | (1.85 | ) | (0.76 | ) | - | - | |||||||||||||
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| |||||||||||
Total distributions | (0.34 | ) | (2.28 | ) | (0.90 | ) | (0.37 | ) | (0.32 | ) | ||||||||||
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| |||||||||||
Transaction fees(a) | 0.00 | (c) | 0.01 | 0.04 | 0.25 | - | ||||||||||||||
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|
| |||||||||||
Net asset value at end of year | $ | 16.49 | $ | 16.97 | $ | 17.23 | $ | 20.85 | $ | 15.87 | ||||||||||
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|
| |||||||||||
Market price at end of year(d) | $ | 16.51 | $ | 16.92 | $ | 17.18 | $ | 20.96 | $ | 15.84 | ||||||||||
|
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|
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|
|
| |||||||||||
Net Asset Value Total Return(e) | 0.20 | % | 13.60 | % | (13.66 | )% | 34.38 | % | 0.17 | % | ||||||||||
Market Price Total Return(e) | 0.59 | % | 13.66 | % | (14.35 | )% | 35.37 | % | 0.69 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 5,770 | $ | 5,941 | $ | 12,924 | $ | 390,986 | $ | 1,587 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.29 | % | 0.36 | %(f)(g) | 0.27 | %(f) | 0.27 | %(f) | 0.28 | % | ||||||||||
Expenses, prior to Waivers | 0.37 | % | 0.53 | %(f)(g) | 0.45 | %(f) | 0.45 | %(f) | 0.45 | % | ||||||||||
Net investment income | 2.10 | % | 2.42 | %(g) | 1.26 | %(b) | 2.16 | % | 1.44 | % | ||||||||||
Portfolio turnover rate(h) | 172 | % | 114 | % | 140 | % | 111 | % | 182 | % |
(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) | 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) | 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.
50 | ||||
|
| |||
Financial Highlights–(continued)
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
For the Period November 29, 2016(a) Through October 31, 2017 | ||||||||||||||||||||
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
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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) | 1.07 | 1.25 | 1.27 | 1.02 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (5.83 | ) | 2.41 | (2.09 | ) | 3.16 | ||||||||||||||
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Total from investment operations | (4.76 | ) | 3.66 | (0.82 | ) | 4.18 | ||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.50 | ) | (1.25 | ) | (1.38 | ) | (0.98 | ) | ||||||||||||
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Net asset value at end of period | $ | 22.34 | $ | 28.60 | $ | 26.19 | $28.39 | |||||||||||||
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Market price at end of period(c) | $ | 22.49 | $ | 28.61 | $ | 26.41 | $28.60 | |||||||||||||
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Net Asset Value Total Return(d) | (16.91 | )% | 14.30 | % | (3.11 | )% | 16.70 | %(e) | ||||||||||||
Market Price Total Return(d) | (16.38 | )% | 13.34 | % | (3.06 | )% | 17.55 | %(e) | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 15,640 | $ | 14,300 | $ | 5,238 | $4,258 | |||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.30 | % | 0.37 | %(f) | 0.30 | % | 0.30 | %(g) | ||||||||||||
Net investment income | 4.39 | % | 4.60 | %(f) | 4.51 | % | 4.00 | %(g) | ||||||||||||
Portfolio turnover rate(h) | 88 | % | 58 | % | 65 | % | 72 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.07%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed Low Volatility ETF (IDLV)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | $ | 29.99 | ||||||||||
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Net investment income(a) | 0.83 | 1.15 | 1.08 | 1.00 | 0.99 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (6.40 | ) | 3.79 | (2.22 | ) | 4.04 | (0.55 | ) | ||||||||||||
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Total from investment operations | (5.57 | ) | 4.94 | (1.14 | ) | 5.04 | 0.44 | |||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.64 | ) | (1.19 | ) | (1.31 | ) | (1.08 | ) | (1.11 | ) | ||||||||||
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Net asset value at end of year | $ | 27.37 | $ | 34.58 | $ | 30.83 | $ | 33.28 | $ | 29.32 | ||||||||||
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Market price at end of year(b) | $ | 27.43 | $ | 34.57 | $ | 30.76 | $ | 33.29 | $ | 29.38 | ||||||||||
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Net Asset Value Total Return(c) | (16.49 | )% | 16.33 | % | (3.62 | )% | 17.59 | % | 1.56 | % | ||||||||||
Market Price Total Return(c) | (16.28 | )% | 16.56 | % | (3.87 | )% | 17.38 | % | 2.07 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 774,564 | $ | 989,052 | $ | 537,929 | $ | 569,124 | $ | 384,137 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
Expenses, prior to Waivers | 0.30 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Net investment income | 2.77 | % | 3.51 | % | 3.26 | % | 3.19 | % | 3.33 | % | ||||||||||
Portfolio turnover rate(d) | 99 | % | 59 | % | 65 | % | 69 | % | 56 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco S&P International Developed Momentum ETF (IDMO)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | $ | 25.85 | ||||||||||
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Net investment income(a) | 0.04 | 0.61 | 0.61 | 0.71 | 0.51 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.58 | 2.12 | (3.04 | ) | 4.49 | (2.30 | ) | |||||||||||||
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Total from investment operations | 2.62 | 2.73 | (2.43 | ) | 5.20 | (1.79 | ) | |||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.51 | ) | (0.74 | ) | (0.67 | ) | (0.81 | ) | (0.49 | ) | ||||||||||
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Net asset value at end of year | $ | 28.96 | $ | 26.85 | $ | 24.86 | $ | 27.96 | $ | 23.57 | ||||||||||
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Market price at end of year(b) | $ | 28.92 | $ | 26.79 | $ | 24.78 | $ | 27.80 | $ | 23.51 | ||||||||||
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Net Asset Value Total Return(c) | 10.14 | % | 11.30 | % | (8.95 | )% | 22.57 | % | (6.92 | )% | ||||||||||
Market Price Total Return(c) | 10.24 | % | 11.42 | % | (8.70 | )% | 22.19 | % | (6.77 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 298,237 | $ | 2,685 | $ | 2,486 | $ | 2,796 | $ | 3,535 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.25 | % | 0.53 | %(d) | 0.25 | % | 0.26 | % | 0.26 | % | ||||||||||
Expenses, prior to Waivers | 0.26 | % | 0.63 | %(d) | 0.35 | % | 0.36 | % | 0.36 | % | ||||||||||
Net investment income | 0.13 | % | 2.39 | %(d) | 2.21 | % | 2.87 | % | 2.13 | % | ||||||||||
Portfolio turnover rate(e) | 15 | % | 104 | % | 123 | % | 134 | % | 198 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Ratios include non-recurring costs associated with a proxy statement of 0.27%. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
October 31, 2020
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
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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 a 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. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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.
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 located 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
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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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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 and 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 less experienced management as well as limited product and market diversification and financial resources compared to larger capitalization companies. 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 previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
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-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ 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 their respective securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
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 with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
C. | 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 a 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
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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 a Fund’s NAV and, accordingly, they reduce a 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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 |
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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. | 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 the 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 a 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the
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election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
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 | 0.29 | %* | ||||||||||
S&P Emerging Markets Momentum ETF | 0.29 | %* | ||||||||||
S&P International Developed High Dividend Low Volatility ETF | 0.30 | % | ||||||||||
S&P International Developed Low Volatility ETF | 0.25 | %** | ||||||||||
S&P International Developed Momentum ETF | 0.25 | %** |
* | Effective May 1, 2020, the Adviser contractually reduced the annual unitary management fee from 0.45% to 0.29% of the Fund’s 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 the Fund’s average daily net assets. |
** | Effective May 1, 2020, the Adviser contractually reduced the annual unitary management fee from 0.35% to 0.25% of the Fund’s 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 the Fund’s 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.
For the fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:
FTSE International Low Beta Equal Weight ETF | $ | 28 | ||
S&P Emerging Markets Low Volatility ETF | 246,793 | |||
S&P Emerging Markets Momentum ETF | 4,657 | |||
S&P International Developed High Dividend Low Volatility ETF | 33 | |||
S&P International Developed Low Volatility ETF | 480,058 | |||
S&P International Developed Momentum ETF | 1,340 |
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.
For the fiscal year ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
S&P Emerging Markets Low Volatility ETF | $ | 382 | ||
S&P Emerging Markets Momentum ETF | 9 |
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
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market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 | – | Prices are determined using quoted prices in an active market for identical assets. | ||
Level 2 | – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | ||
Level 3 | – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 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 | $ | 8,938,749 | $ | - | $ | 0 | $ | 8,938,749 | ||||||||||||
Money Market Funds | - | 151,953 | - | 151,953 | ||||||||||||||||
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Total Investments | $ | 8,938,749 | $ | 151,953 | $ | 0 | $ | 9,090,702 | ||||||||||||
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S&P Emerging Markets Low Volatility ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 269,568,737 | $ | - | $ | - | $ | 269,568,737 | ||||||||||||
Money Market Funds | - | 2,303,655 | - | 2,303,655 | ||||||||||||||||
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Total Investments | $ | 269,568,737 | $ | 2,303,655 | $ | - | $ | 271,872,392 | ||||||||||||
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S&P Emerging Markets Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 5,766,457 | $ | 153 | $ | 0 | $ | 5,766,610 | ||||||||||||
Non-U.S. Dollar Denominated Bonds & Notes | - | 220 | - | 220 | ||||||||||||||||
Money Market Funds | - | 63,930 | - | 63,930 | ||||||||||||||||
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| �� |
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Total Investments | $ | 5,766,457 | $ | 64,303 | $ | 0 | $ | 5,830,760 | ||||||||||||
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S&P International Developed High Dividend Low Volatility ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 15,581,804 | $ | - | $ | - | $ | 15,581,804 | ||||||||||||
Money Market Funds | - | 190,483 | - | 190,483 | ||||||||||||||||
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|
|
|
|
|
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| |||||||||||||
Total Investments | $ | 15,581,804 | $ | 190,483 | $ | - | $ | 15,772,287 | ||||||||||||
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S&P International Developed Low Volatility ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 769,756,540 | $ | - | $ | - | $ | 769,756,540 | ||||||||||||
Money Market Funds | - | 16,986,572 | - | 16,986,572 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total Investments | $ | 769,756,540 | $ | 16,986,572 | $ | - | $ | 786,743,112 | ||||||||||||
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S&P International Developed Momentum ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 298,125,328 | $ | - | $ | 0 | $ | 298,125,328 | ||||||||||||
Money Market Funds | 126,469 | 2,621,820 | - | 2,748,289 | ||||||||||||||||
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|
|
|
|
| |||||||||||||
Total Investments | $ | 298,251,797 | $ | 2,621,820 | $ | 0 | $ | 300,873,617 | ||||||||||||
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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:
2020 | 2019 | ||||||||||||||
Ordinary Income* | Ordinary Income* | Long-Term Capital Gains | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 658,693 | $ | 2,663,090 | $ | - | |||||||||
S&P Emerging Markets Low Volatility ETF | 9,726,970 | 14,807,076 | - | ||||||||||||
S&P Emerging Markets Momentum ETF | 131,358 | 1,203,025 | 24,231 | ||||||||||||
S&P International Developed High Dividend Low Volatility ETF | 875,930 | 462,652 | - | ||||||||||||
S&P International Developed Low Volatility ETF | 48,157,293 | 27,200,949 | - | ||||||||||||
S&P International Developed Momentum ETF | 61,403 | 74,476 | - |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 21,760 | $ | (248,281) | $ | 9,854 | $ | (16,136,965 | ) | $ | 25,491,293 | $ | 9,137,661 | |||||||||||||||||
S&P Emerging Markets Low Volatility ETF | 385,636 | (6,096,013 | ) | 1,961 | (123,588,690 | ) | 398,503,852 | 269,206,746 | ||||||||||||||||||||||
S&P Emerging Markets Momentum ETF | - | 1,152,795 | (209 | ) | (1,967,681 | ) | 6,585,410 | 5,770,315 | ||||||||||||||||||||||
S&P International Developed High Dividend Low Volatility ETF | 40,151 | (1,185,197 | ) | 868 | (2,536,472 | ) | 19,321,048 | 15,640,398 | ||||||||||||||||||||||
S&P International Developed Low Volatility ETF | - | (22,099,000 | ) | 102,264 | (191,292,464 | ) | 987,853,437 | 774,564,237 | ||||||||||||||||||||||
S&P International Developed Momentum ETF | - | (10,576,668) | (45 | ) | (1,780,085 | ) | 310,593,399 | 298,236,601 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 7,279,616 | $ | 8,857,349 | $ | 16,136,965 | ||||||
S&P Emerging Markets Low Volatility ETF | 71,055,956 | 52,532,734 | 123,588,690 | |||||||||
S&P Emerging Markets Momentum ETF | 1,292,435 | 675,246 | 1,967,681 | |||||||||
S&P International Developed High Dividend Low Volatility ETF | 1,391,074 | 1,145,398 | 2,536,472 | |||||||||
S&P International Developed Low Volatility ETF | 107,271,504 | 84,020,960 | 191,292,464 | |||||||||
S&P International Developed Momentum ETF | 1,331,865 | 448,220 | 1,780,085 |
* | 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 fiscal year ended October 31, 2020, the cost of securities purchased and the 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 | $ | 8,694,689 | $ | 12,636,206 | ||||
S&P Emerging Markets Low Volatility ETF | 315,277,368 | 318,264,077 | ||||||
S&P Emerging Markets Momentum ETF | 10,683,070 | 10,178,793 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 13,125,209 | 12,821,391 | ||||||
S&P International Developed Low Volatility ETF | 855,789,009 | 882,936,107 | ||||||
S&P International Developed Momentum ETF | 7,672,812 | 3,855,422 |
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For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
FTSE International Low Beta Equal Weight ETF | $ | - | $ | 36,264,301 | ||||
S&P Emerging Markets Low Volatility ETF | 39,675,491 | 43,131,070 | ||||||
S&P Emerging Markets Momentum ETF | 907,608 | 1,561,337 | ||||||
S&P International Developed High Dividend Low Volatility ETF | 8,755,321 | 4,382,522 | ||||||
S&P International Developed Low Volatility ETF | 376,773,668 | 368,688,713 | ||||||
S&P International Developed Momentum ETF | 308,276,236 | 6,632,360 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 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 | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 806,780 | $ | (1,055,061) | $ | (248,281) | $ | 9,338,983 | ||||||||
S&P Emerging Markets Low Volatility ETF | 18,452,763 | (24,548,776) | (6,096,013) | 277,968,405 | ||||||||||||
S&P Emerging Markets Momentum ETF | 1,298,012 | (145,217) | 1,152,795 | 4,677,965 | ||||||||||||
S&P International Developed High Dividend Low Volatility ETF | 499,433 | (1,684,630) | (1,185,197) | 16,957,484 | ||||||||||||
S&P International Developed Low Volatility ETF | 38,250,903 | (60,349,903) | (22,099,000) | 808,842,112 | ||||||||||||
S&P International Developed Momentum ETF | 4,607,258 | (15,183,926) | (10,576,668) | 311,450,285 |
NOTE 7–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions and passive foreign investment companies, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
FTSE International Low Beta Equal Weight ETF | $ | 244,441 | $ | 649,694 | $ | (894,135 | ) | ||||||||
S&P Emerging Markets Low Volatility ETF | (17,082 | ) | 7,738,351 | (7,721,269 | ) | ||||||||||
S&P Emerging Markets Momentum ETF | 5,366 | (320,008 | ) | 314,642 | |||||||||||
S&P International Developed High Dividend Low Volatility ETF | 242,941 | (282,113 | ) | 39,172 | |||||||||||
S&P International Developed Low Volatility ETF | 22,998,770 | (25,994,180 | ) | 2,995,410 | |||||||||||
S&P International Developed Momentum ETF | 25,464 | (927,162 | ) | 901,698 |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 on the transaction date. However, for all Funds, cash in an amount equivalent to the
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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 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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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2020
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 May 1, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF (IDLB) | ||||||||||||||||||||
Actual | $1,000.00 | $1,098.90 | 0.45% | $2.37 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.87 | 0.45 | 2.29 | ||||||||||||||||
Invesco S&P Emerging Markets Low Volatility ETF (EELV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,070.70 | 0.29 | 1.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco S&P Emerging Markets Momentum ETF (EEMO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,335.20 | 0.29 | 1.70 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,042.90 | 0.30 | 1.54 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.63 | 0.30 | 1.53 | ||||||||||||||||
Invesco S&P International Developed Low Volatility ETF (IDLV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,030.50 | 0.25 | 1.28 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.88 | 0.25 | 1.27 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco S&P International Developed Momentum ETF (IDMO) | ||||||||||||||||||||
Actual | $1,000.00 | $1,165.70 | 0.25% | $1.36 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.88 | 0.25 | 1.27 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:
Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | ||||
Invesco FTSE International Low Beta Equal Weight ETF | 83% | 0% | 0% | |||
Invesco S&P Emerging Markets Low Volatility ETF | 43% | 0% | 0% | |||
Invesco S&P Emerging Markets Momentum ETF | 46% | 0% | 0% | |||
Invesco S&P International Developed High Dividend Low Volatility ETF | 58% | 0% | 0% | |||
Invesco S&P International Developed Low Volatility ETF | 51% | 0% | 0% | |||
Invesco S&P International Developed Momentum ETF | 100% | 0% | 0% |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Foreign Taxes Per Share | Foreign Source Income Per Share | |||||||||
Invesco FTSE International Low Beta Equal Weight ETF | $ | 0.1945 | $ | 1.5444 | ||||||
Invesco S&P Emerging Markets Low Volatility ETF | 0.0961 | 0.8294 | ||||||||
Invesco S&P Emerging Markets Momentum ETF | 0.0497 | 0.4384 | ||||||||
Invesco S&P International Developed High Dividend Low Volatility ETF | 0.0579 | 1.0762 | ||||||||
Invesco S&P International Developed Low Volatility ETF | 0.0715 | 1.0331 | ||||||||
Invesco S&P International Developed Momentum ETF | - | - |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Held by | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 216 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 216 | None. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Held by | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 216 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 216 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 216 | Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 216 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 216 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s | |||||
and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 216 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 216 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:
Name, Address and Year of Birth of Interested Trustee | Position(s) with Trust | Term of and Length of Served* | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Trustee | Other Held by Interested Trustee During | |||||
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 216 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) with Trust | Length of Served* | Principal Occupation(s) During the Past 5 Years | |||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2020 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) with Trust | Length of Served* | Principal Occupation(s) During the Past 5 Years | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2020 | Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020). | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) with Trust | Length of Served* | Principal Occupation(s) During the Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
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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-TRST2-HBLV-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 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.
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Domestic Equity
At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.
During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.1
In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.2 However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%2, a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.
Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.
1 | Source: US Federal Reserve |
2 | Source: US Bureau of Economic Analysis |
Fixed Income
At the start of the fiscal year, US economic data remained supportive of continued economic expansion as fourth quarter 2019 GDP grew 2.40%.1 The US economy continued to add jobs, pushing the unemployment rate to 3.50% at the close of the 2019 calendar year, while inflation remained subdued.2 However, initial optimism in 2020 was dampened by the outbreak of the novel coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market ended abruptly, while global equity markets also fell sharply.
As market panic set in, central banks around the world took aggressive action to support both local markets and the global economy. In the US, the Fed accomplished this with one 0.25% rate cut on March 3, followed by a 1.00% rate cut on March 16, bringing the target Fed Funds range of 0.00% to 0.25%.3 Second quarter GDP fell by an annualized rate of 31.40%,1 and unemployment in the US rose to 14.70%2 in April, a rate not seen since 1940.
The 10-year US Treasury yield reached a high of 1.94%4 in November of 2019 due to the continued strength of the global economy. However, a severe risk-off tone drove US Treasury yields sharply lower in mid-February as COVID-19 began its spread through Europe before falling sharply to a level of 0.54%4 in February of 2020 amid COVID-19 concerns. Throughout the remainder of the fiscal year, US Treasury yields remained comparatively low, as the Fed prolonged its accomodative stance and continued geoeconomic uncertainty forced investors to seek higher quality fixed income instruments. The 10-year US Treasury yield ended the fiscal year at 0.87%, 82 basis points lower than at the beginning of the fiscal year.4 (A basis point is one one-hundredth of a percentage point.)
The broader bond market, as represented by the Bloomberg Barclays US Aggregate Bond Index, gained 6.19% for the fiscal year. Positive performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays US Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, experienced small gains despite longer-term economic concerns stemming from the COVID-19 pandemic. Helping to support returns in high yield was the Fed’s corporate bond purchase program, while US dollar-denominated EM corporate debt was bouyed by very accommodative central bank policies.
1 | Source: Bureau of Economic Analysis |
2 | Source: Bureau of Labor Statistics |
3 | Source: US Federal Reserve |
4 | Source: US Treasury Department |
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The Market Environment (continued)
Global Equity
At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.
Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.
Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.
Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.
At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.
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PCY | Management’s Discussion of Fund Performance | |
Invesco Emerging Markets Sovereign Debt ETF (PCY) |
As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest 80% of its total assets in U.S. dollar denominated government bonds from emerging market countries that comprise the Index. The Index measures potential returns of a theoretical portfolio of liquid emerging market U.S. dollar denominated government bonds.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects one to three securities from each eligible emerging market country as determined by the Index Provider that (i) are denominated in U.S. dollars, (ii) are sovereign bonds, (iii) have at least three years to maturity, (iv) have an outstanding float of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (3.38)%. On a net asset value (“NAV”) basis, the Fund returned (3.07)%. During the same time period, the Index returned (2.14)%. During the fiscal year, the Fund mostly replicated the components of the Index; the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses as well as trading costs incurred by the Fund during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 1.97%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities.
The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.
Relative to the Benchmark Index, the Fund was most overweight in the country of Paraguay and most underweight in the country of Uruguay during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to the country of Lebanon, followed by security selection in the country of Ecuador.
For the fiscal year ended October 31, 2020, the country of Saudi Arabia contributed most significantly to the Fund’s return, followed by the country of Russia and the country of Qatar, respectively. The country of Ecuador detracted most significantly
from the Fund’s return, followed by the country of Lebanon and the country of Sri Lanka, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Mongolia Government International Bond, 8.75% coupon, due 03/09/2024 (portfolio average weight of 1.47%), and Angolan Government International Bond, 9.50% coupon, due 11/12/2025 (portfolio average weight of 0.78%). Positions that detracted most significantly from the Fund’s return during this period included Ecuador Government International Bond, 9.63% coupon, due 06/02/2027 (no longer held at fiscal year-end) and Ecuador Government International Bond, 9.65% coupon, due 12/13/2026 (no longer held at fiscal year-end).
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Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Saudi Arabia | 3.23 | |||
Qatar | 3.21 | |||
Kazakhstan | 3.19 | |||
Peru | 3.17 | |||
Chile | 3.16 | |||
Poland | 3.15 | |||
China | 3.15 | |||
United Arab Emirates | 3.15 | |||
Hungary | 3.13 | |||
Romania | 3.11 | |||
Panama | 3.10 | |||
Paraguay | 3.10 | |||
Indonesia | 3.07 | |||
Russia | 3.07 | |||
Philippines | 3.05 | |||
Jordan | 2.99 | |||
Kenya | 2.98 | |||
Colombia | 2.96 | |||
Dominican Republic | 2.96 | |||
Nigeria | 2.93 | |||
Mexico | 2.90 | |||
Brazil | 2.86 | |||
Egypt | 2.85 | |||
Pakistan | 2.84 | |||
Bahrain | 2.82 | |||
South Africa | 2.82 | |||
Turkey | 2.80 | |||
Ukraine | 2.76 | |||
Oman | 2.70 | |||
Costa Rica | 2.37 | |||
Angola | 2.29 | |||
El Salvador | 2.13 | |||
Sri Lanka | 1.62 | |||
Mongolia | 1.50 | |||
Croatia | 1.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.39 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Chile Government International Bond, 3.13%, 01/21/2026 | 1.61 | |||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 | 1.58 | |||
Republic of Poland Government International Bond, 4.00%, 01/22/2024 | 1.57 | |||
Chile Government International Bond, 3.86%, 06/21/2047 | 1.55 | |||
Mongolia Government International Bond, 8.75%, 03/09/2024 | 1.50 | |||
Croatia Government International Bond, 6.00%, 01/26/2024 | 1.49 | |||
Peruvian Government International Bond, 5.63%, 11/18/2050 | 1.11 | |||
Saudi Government International Bond, 4.50%, 10/26/2046 | 1.09 | |||
Qatar Government International Bond, 5.10%, 04/23/2048 | 1.09 | |||
Kazakhstan Government International Bond, 6.50%, 07/21/2045 | 1.08 | |||
Total | 13.67 |
* | Excluding money market fund holdings. |
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Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
DBIQ Emerging Market USD Liquid Balanced Index | (2.14 | )% | 2.33 | % | 7.16 | % | 4.89 | % | 26.96 | % | 5.39 | % | 69.03 | % | 6.84 | % | 137.07 | % | ||||||||||||||||||||||
JP Morgan Emerging Market Bond Global Index | 1.97 | 3.17 | 9.82 | 5.35 | 29.75 | 5.02 | 63.19 | 6.22 | 119.93 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (3.07 | ) | 1.61 | 4.91 | 4.15 | 22.57 | 4.56 | 56.12 | 5.85 | 110.00 | ||||||||||||||||||||||||||||||
Market Price Return | (3.38 | ) | 1.52 | 4.63 | 4.14 | 22.49 | 4.52 | 55.55 | 5.77 | 108.01 |
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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PGHY | Management’s Discussion of Fund Performance | |
Invesco Global Short Term High Yield Bond ETF (PGHY) |
As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally invests at least 80% of its total assets in U.S. and foreign short-term, non-investment grade bonds that comprise the Index, all of which are denominated in U.S. dollars.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects such bonds issued by corporations, as well as sovereign, sub-sovereign or quasi-government entities, from a universe of eligible securities for inclusion in the Index that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of no greater than “BB+”); (iii) have not been marked as defaulted by any rating agency; (iv) have three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.
Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.15%. On a net asset value (“NAV”) basis, the Fund returned 0.02%. During the same time period, the Index returned (1.12)%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the Fund’s utilization of a sampling methodology, which was partially offset by fees and operating expenses incurred by the Fund during the period.
During this same time period, ICE BofAML 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the communication services sector during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s holdings in sovereign debt, which the benchmark does not hold.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Nine West Holding, Inc., 8.25% coupon, due 12/31/2049, a consumer discretionary company (no longer held at fiscal year-end) Zhongrong International Resources Co. Ltd., 7.25% coupon, due 10/26/2020, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Virgin Australia Holdings Ltd., 7.88% coupon, due 10/15/2021, an industrials company (portfolio average weight of 0.16%) and PHI Group, Inc., 5.25% coupon, due 12/31/2049, a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 24.08 | |||
Energy | 10.52 | |||
Sovereign Debt | 10.21 | |||
Consumer Discretionary | 8.60 | |||
Communication Services | 7.77 | |||
Materials | 7.28 | |||
Industrials | 7.16 | |||
Real Estate | 6.92 | |||
Utilities | 3.93 | |||
Information Technology | 3.01 | |||
Sector Types Each Less Than 3% | 5.07 | |||
Money Market Funds Plus Other Assets Less Liabilities | 5.45 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Greenland Global Investment Ltd., 5.25%, 02/12/2021 | 0.51 | |||
Credit Bank of Moscow Via CBOM Finance PLC, 5.88%, 11/07/2021 | 0.47 | |||
Turkiye Halk Bankasi A.S., 4.75%, 02/11/2021 | 0.46 | |||
Hazine Mustesarligi Varlik Kiralama A.S., 4.25%, 06/08/2021 | 0.46 | |||
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021 | 0.45 | |||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021 | 0.42 | |||
Fortune Star (BVI) Ltd., 5.38%, 12/05/2020 | 0.41 | |||
Easy Tactic Ltd., 8.75%, 01/10/2021 | 0.41 | |||
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021 | 0.40 | |||
Ukraine Government International Bond, 7.75%, 09/01/2021 | 0.40 | |||
Total | 4.39 |
* | Excluding money market fund holdings. |
| 8 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
DB Global Short Maturity High Yield Bond Index | (1.12 | )% | 1.57 | % | 4.79 | % | 5.07 | % | 28.06 | % | 4.59 | % | 39.12 | % | ||||||||||||||||||
ICE BofAML 0-5 Year U.S. High Yield Constrained Index | 0.21 | 2.69 | 8.30 | 5.10 | 28.24 | 4.25 | 35.89 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 0.02 | 1.64 | 5.01 | 3.94 | 21.32 | 3.49 | 28.70 | |||||||||||||||||||||||||
Market Price Return | 0.15 | 1.60 | 4.89 | 4.08 | 22.11 | 3.53 | 29.11 |
Fund Inception: June 20, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 9 |
|
PICB | Management’s Discussion of Fund Performance | |
Invesco International Corporate Bond ETF (PICB) |
As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index® (the “Index”). The Fund generally will invest at least 80% of its total assets in investment grade corporate bonds that comprise the Index.
The Index measures the performance of investment grade corporate bonds issued in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (CHF). S&P Dow Jones Indices LLC, the Index Provider, constructs the Index from investment grade corporate bonds denominated in the currencies noted above. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 6.24%. On a net asset value (“NAV”) basis, the Fund returned 5.57%. During the same time period, the Index returned 5.73%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by positive effects of the Fund’s sampling methodology.
During this same time period, the Bloomberg Barclays Pan-European Aggregate Index (the “Benchmark Index”) returned 6.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the communications services sector and most underweight in the real estate sector during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to currency effects from the Fund’s non-Euro denominated holdings.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Royal Bank of Canada, 2.33% coupon, due 01/28/2027, a financials company (portfolio average weight of 0.25%), and Enel Finance International N.V., 5.75% coupon, due 09/14/2040, a utilities company (portfolio average weight of 0.71%). Positions that detracted most significantly from the Fund’s return included OMERS Finance Trust, 2.60% coupon, due 05/14/2029, a financials company (no longer held at fiscal year-end), and Commerzbank AG, 4.00% coupon, due 03/23/2026, a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 42.97 | |||
Utilities | 11.43 | |||
Communication Services | 10.46 | |||
Consumer Discretionary | 7.57 | |||
Industrials | 6.54 | |||
Consumer Staples | 6.01 | |||
Energy | 5.82 | |||
Health Care | 4.76 | |||
Sector Types Each Less Than 3% | 3.17 | |||
Other Assets Less Liabilities | 1.27 | |||
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Enel Finance International N.V., 5.75%, 09/14/2040 | 0.68 | |||
ENGIE S.A., 5.00%, 10/01/2060 | 0.62 | |||
Bank of Nova Scotia (The), 2.38%, 05/01/2023 | 0.59 | |||
Lloyds Bank PLC, 6.50%, 09/17/2040 | 0.58 | |||
innogy Finance B.V., 6.13%, 07/06/2039 | 0.54 | |||
Royal Bank of Canada, 2.61%, 11/01/2024 | 0.54 | |||
Bank of Montreal, 2.89%, 06/20/2023 | 0.54 | |||
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043 | 0.52 | |||
Bank of Montreal, 3.19%, 03/01/2028 | 0.50 | |||
GlaxoSmithKline Capital PLC, 5.25%, 04/10/2042 | 0.49 | |||
Total | 5.60 |
| 10 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P International Corporate Bond Index® (Net) | 5.73 | % | 2.89 | % | 8.93 | % | 3.25 | % | 17.36 | % | 2.16 | % | 23.83 | % | 3.52 | % | 43.33 | % | ||||||||||||||||||||||
Bloomberg Barclays Pan-European Aggregate Index | 6.22 | 3.23 | 10.01 | 3.31 | 17.67 | 2.26 | 25.06 | 3.63 | 44.95 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 5.57 | 2.99 | 9.23 | 3.28 | 17.50 | 2.27 | 25.11 | 3.60 | 44.54 | |||||||||||||||||||||||||||||||
Market Price Return | 6.24 | 3.04 | 9.39 | 3.37 | 18.00 | 2.23 | 24.72 | 3.55 | 43.78 |
Fund Inception: June 3, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 11 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.61% |
| |||||||
Angola-2.29% | ||||||||
Angolan Government International Bond | ||||||||
9.50%, 11/12/2025(a) | $ | 23,245,000 | $ | 20,045,721 | ||||
8.25%, 05/09/2028(a) | 26,328,000 | 20,786,614 | ||||||
9.38%, 05/08/2048(a) | 26,520,000 | 20,397,779 | ||||||
|
| |||||||
61,230,114 | ||||||||
|
| |||||||
Bahrain-2.82% | ||||||||
Bahrain Government International Bond | ||||||||
6.75%, 09/20/2029(a) | 23,734,000 | 25,748,642 | ||||||
6.00%, 09/19/2044(a) | 26,911,000 | 25,225,758 | ||||||
7.50%, 09/20/2047(a) | 23,122,000 | 24,505,411 | ||||||
|
| |||||||
75,479,811 | ||||||||
|
| |||||||
Brazil-2.86% | ||||||||
Brazilian Government International Bond | ||||||||
5.63%, 01/07/2041 | 23,221,000 | 25,456,021 | ||||||
5.63%, 02/21/2047 | 23,218,000 | 25,581,477 | ||||||
4.75%, 01/14/2050 | 26,016,000 | 25,576,980 | ||||||
|
| |||||||
76,614,478 | ||||||||
|
| |||||||
Chile-3.16% | ||||||||
Chile Government International Bond | ||||||||
3.13%, 01/21/2026 | 39,147,000 | 43,030,383 | ||||||
3.86%, 06/21/2047 | 35,654,000 | 41,602,513 | ||||||
|
| |||||||
84,632,896 | ||||||||
|
| |||||||
China-3.15% | ||||||||
China Government International Bond | ||||||||
2.63%, 11/02/2027(a) | 25,770,000 | 28,274,973 | ||||||
2.75%, 12/03/2039(a) | 26,560,000 | 28,257,623 | ||||||
4.00%, 10/19/2048(a) | 20,920,000 | 27,728,320 | ||||||
|
| |||||||
84,260,916 | ||||||||
|
| |||||||
Colombia-2.96% | ||||||||
Colombia Government International Bond | ||||||||
7.38%, 09/18/2037 | 18,437,000 | 26,019,401 | ||||||
6.13%, 01/18/2041 | 20,405,000 | 26,434,677 | ||||||
5.63%, 02/26/2044 | 21,540,000 | 26,763,450 | ||||||
|
| |||||||
79,217,528 | ||||||||
|
| |||||||
Costa Rica-2.37% | ||||||||
Costa Rica Government International Bond | ||||||||
5.63%, 04/30/2043(a) | 30,253,000 | 22,160,322 | ||||||
7.00%, 04/04/2044(a) | 26,276,000 | 20,725,195 | ||||||
7.16%, 03/12/2045(a) | 25,792,000 | 20,601,360 | ||||||
|
| |||||||
63,486,877 | ||||||||
|
| |||||||
Croatia-1.49% | ||||||||
Croatia Government International Bond, 6.00%, 01/26/2024(a) | 34,612,000 | 39,946,055 | ||||||
|
| |||||||
Dominican Republic-2.96% | ||||||||
Dominican Republic International Bond | ||||||||
7.45%, 04/30/2044(a) | 22,828,000 | 26,172,302 | ||||||
6.85%, 01/27/2045(a) | 24,575,000 | 26,450,072 | ||||||
6.50%, 02/15/2048(a) | 25,682,000 | 26,516,922 | ||||||
|
| |||||||
79,139,296 | ||||||||
|
|
Principal | ||||||||
Amount | Value | |||||||
Egypt-2.85% | ||||||||
Egypt Government International Bond | ||||||||
8.50%, 01/31/2047(a) | $ | 25,441,000 | $ | 25,366,814 | ||||
7.90%, 02/21/2048(a) | 27,364,000 | 26,029,731 | ||||||
8.70%, 03/01/2049(a) | 24,605,000 | 24,862,024 | ||||||
|
| |||||||
76,258,569 | ||||||||
|
| |||||||
El Salvador-2.13% | ||||||||
El Salvador Government International Bond | ||||||||
8.63%, 02/28/2029(a) | 7,800,000 | 6,817,278 | ||||||
7.65%, 06/15/2035(a) | 24,372,000 | 19,461,286 | ||||||
7.12%, 01/20/2050(a) | 17,150,000 | 12,862,500 | ||||||
9.50%, 07/15/2052(a) | 20,480,000 | 17,838,285 | ||||||
|
| |||||||
56,979,349 | ||||||||
|
| |||||||
Hungary-3.13% | ||||||||
Hungary Government International Bond | ||||||||
5.75%, 11/22/2023 | 24,091,500 | 27,675,231 | ||||||
5.38%, 03/25/2024 | 23,957,000 | 27,509,464 | ||||||
7.63%, 03/29/2041 | 15,933,000 | 28,500,472 | ||||||
|
| |||||||
83,685,167 | ||||||||
|
| |||||||
Indonesia-3.07% | ||||||||
Indonesia Government International Bond | ||||||||
6.63%, 02/17/2037(a) | 19,749,000 | 27,618,862 | ||||||
7.75%, 01/17/2038(a) | 17,748,000 | 27,426,665 | ||||||
6.75%, 01/15/2044(a) | 18,029,000 | 27,158,531 | ||||||
|
| |||||||
82,204,058 | ||||||||
|
| |||||||
Jordan-2.99% | ||||||||
Jordan Government International Bond | ||||||||
6.13%, 01/29/2026(a) | 25,772,000 | 27,169,714 | ||||||
5.75%, 01/31/2027(a) | 25,711,000 | 26,612,581 | ||||||
7.38%, 10/10/2047(a) | 25,161,000 | 26,089,054 | ||||||
|
| |||||||
79,871,349 | ||||||||
|
| |||||||
Kazakhstan-3.19% | ||||||||
Kazakhstan Government International Bond | ||||||||
5.13%, 07/21/2025(a) | 23,861,000 | 27,786,612 | ||||||
4.88%, 10/14/2044(a) | 21,461,000 | 28,541,842 | ||||||
6.50%, 07/21/2045(a) | 18,371,000 | 29,056,988 | ||||||
|
| |||||||
85,385,442 | ||||||||
|
| |||||||
Kenya-2.98% | ||||||||
Kenya Government International Bond | ||||||||
6.88%, 06/24/2024(a) | 25,122,000 | 26,668,887 | ||||||
7.25%, 02/28/2028(a) | 25,752,000 | 27,037,823 | ||||||
8.25%, 02/28/2048(a) | 25,526,000 | 26,160,321 | ||||||
|
| |||||||
79,867,031 | ||||||||
|
| |||||||
Mexico-2.90% | ||||||||
Mexico Government International Bond | ||||||||
4.60%, 01/23/2046 | 24,398,750 | 26,627,942 | ||||||
5.75%, 10/12/2110 | 21,633,000 | 25,241,492 | ||||||
Series A, 6.05%, 01/11/2040 | 20,499,000 | 25,842,577 | ||||||
|
| |||||||
77,712,011 | ||||||||
|
| |||||||
Mongolia-1.50% | ||||||||
Mongolia Government International Bond, 8.75%, 03/09/2024(a) | 35,060,000 | 40,140,455 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12
|
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
Nigeria-2.93% | ||||||||
Nigeria Government International Bond | ||||||||
7.70%, 02/23/2038(a) | $ | 28,789,000 | $ | 26,539,859 | ||||
7.63%, 11/28/2047(a) | 28,673,000 | 26,223,179 | ||||||
9.25%, 01/21/2049(a) | 25,170,000 | 25,659,557 | ||||||
|
| |||||||
78,422,595 | ||||||||
|
| |||||||
Oman-2.70% | ||||||||
Oman Government International Bond | ||||||||
5.63%, 01/17/2028(a) | 27,452,000 | 25,151,248 | ||||||
6.50%, 03/08/2047(a) | 28,506,000 | 23,146,644 | ||||||
6.75%, 01/17/2048(a) | 28,998,000 | 23,828,671 | ||||||
|
| |||||||
72,126,563 | ||||||||
|
| |||||||
Pakistan-2.84% | ||||||||
Pakistan Government International Bond | ||||||||
8.25%, 04/15/2024(a) | 23,882,000 | 24,953,346 | ||||||
8.25%, 09/30/2025(a) | 23,664,000 | 24,894,528 | ||||||
6.88%, 12/05/2027(a) | 26,562,000 | 26,066,566 | ||||||
|
| |||||||
75,914,440 | ||||||||
|
| |||||||
Panama-3.10% | ||||||||
Panama Government International Bond | ||||||||
7.13%, 01/29/2026 | 21,660,500 | 27,450,785 | ||||||
8.88%, 09/30/2027 | 18,802,500 | 27,025,209 | ||||||
3.88%, 03/17/2028 | 24,981,000 | 28,349,813 | ||||||
|
| |||||||
82,825,807 | ||||||||
|
| |||||||
Paraguay-3.10% | ||||||||
Paraguay Government International Bond | ||||||||
5.00%, 04/15/2026(a) | 24,236,000 | 27,665,637 | ||||||
6.10%, 08/11/2044(a) | 21,398,000 | 27,806,701 | ||||||
5.60%, 03/13/2048(a) | 22,085,000 | 27,352,493 | ||||||
|
| |||||||
82,824,831 | ||||||||
|
| |||||||
Peru-3.17% | ||||||||
Peruvian Government International Bond | ||||||||
2.84%, 06/20/2030 | 25,722,000 | 28,167,133 | ||||||
8.75%, 11/21/2033 | 15,898,500 | 26,903,442 | ||||||
5.63%, 11/18/2050 | 18,563,000 | 29,734,121 | ||||||
|
| |||||||
84,804,696 | ||||||||
|
| |||||||
Philippines-3.05% | ||||||||
Philippine Government International Bond | ||||||||
6.38%, 10/23/2034 | 18,456,000 | 26,762,236 | ||||||
5.00%, 01/13/2037 | 21,477,000 | 28,077,072 | ||||||
3.95%, 01/20/2040 | 22,668,000 | 26,728,245 | ||||||
|
| |||||||
81,567,553 | ||||||||
|
| |||||||
Poland-3.15% | ||||||||
Republic of Poland Government International Bond | ||||||||
4.00%, 01/22/2024 | 37,810,000 | 42,138,867 | ||||||
3.25%, 04/06/2026 | 37,337,000 | 42,199,024 | ||||||
|
| |||||||
84,337,891 | ||||||||
|
| |||||||
Qatar-3.21% | ||||||||
Qatar Government International Bond | ||||||||
6.40%, 01/20/2040(a) | 18,463,000 | 28,539,293 | ||||||
5.10%, 04/23/2048(a) | 21,051,000 | 29,087,030 | ||||||
4.82%, 03/14/2049(a) | 21,260,000 | 28,397,513 | ||||||
|
| |||||||
86,023,836 | ||||||||
|
|
Principal | ||||||||
Amount | Value | |||||||
Romania-3.11% | ||||||||
Romanian Government International Bond | ||||||||
6.13%, 01/22/2044(a) | $ | 20,542,000 | $ | 27,746,901 | ||||
5.13%, 06/15/2048(a) | 23,094,000 | 27,934,341 | ||||||
4.00%, 02/14/2051(a) | 26,918,000 | 27,540,855 | ||||||
|
| |||||||
83,222,097 | ||||||||
|
| |||||||
Russia-3.07% | ||||||||
Russian Foreign Bond - Eurobond | ||||||||
5.63%, 04/04/2042(a) | 20,600,000 | 27,153,004 | ||||||
5.88%, 09/16/2043(a) | 19,800,000 | 27,087,786 | ||||||
5.25%, 06/23/2047(a) | 21,200,000 | 27,876,813 | ||||||
|
| |||||||
82,117,603 | ||||||||
|
| |||||||
Saudi Arabia-3.23% | ||||||||
Saudi Government International Bond | ||||||||
4.50%, 10/26/2046(a) | 24,516,000 | 29,129,544 | ||||||
4.63%, 10/04/2047(a) | 23,927,000 | 29,000,481 | ||||||
5.00%, 04/17/2049(a) | 22,040,000 | 28,207,938 | ||||||
|
| |||||||
86,337,963 | ||||||||
|
| |||||||
South Africa-2.82% | ||||||||
Republic of South Africa Government International Bond | ||||||||
6.25%, 03/08/2041 | 25,155,000 | 24,898,369 | ||||||
5.38%, 07/24/2044 | 28,645,000 | 25,421,292 | ||||||
6.30%, 06/22/2048 | 26,029,000 | 25,076,338 | ||||||
|
| |||||||
75,395,999 | ||||||||
|
| |||||||
Sri Lanka-1.62% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.85%, 03/14/2024(a) | 24,888,000 | 14,060,748 | ||||||
6.35%, 06/28/2024(a) | 24,434,000 | 13,927,380 | ||||||
6.83%, 07/18/2026(a) | 27,948,000 | 15,229,971 | ||||||
|
| |||||||
43,218,099 | ||||||||
|
| |||||||
Turkey-2.80% | ||||||||
Turkey Government International Bond | ||||||||
8.00%, 02/14/2034 | 25,026,000 | 25,878,536 | ||||||
6.88%, 03/17/2036 | 26,822,000 | 24,776,823 | ||||||
7.25%, 03/05/2038 | 25,658,000 | 24,351,366 | ||||||
|
| |||||||
75,006,725 | ||||||||
|
| |||||||
Ukraine-2.76% | ||||||||
Ukraine Government International Bond | ||||||||
7.75%, 09/01/2026(a) | 24,384,000 | 24,726,108 | ||||||
7.75%, 09/01/2027(a) | 24,477,000 | 24,716,507 | ||||||
9.75%, 11/01/2028(a) | 22,352,000 | 24,432,524 | ||||||
|
| |||||||
73,875,139 | ||||||||
|
| |||||||
United Arab Emirates-3.15% | ||||||||
Abu Dhabi Government International Bond | ||||||||
4.13%, 10/11/2047(a) | 22,574,000 | 27,825,841 | ||||||
3.13%, 09/30/2049(a) | 26,990,000 | 28,516,662 | ||||||
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a) | 24,371,000 | 27,871,188 | ||||||
|
| |||||||
84,213,691 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 2,638,346,930 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 13
|
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2020
Shares | Value | |||||||
Money Market Funds-0.03% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, | 660,305 | $ | 660,305 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-98.64% |
| 2,639,007,235 | ||||||
OTHER ASSETS LESS LIABILITIES-1.36% |
| 36,438,811 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,675,446,046 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $1,752,546,179, which represented 65.50% 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 fiscal year ended October 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Realized | Value | Dividend | |||||||||||||||||||||||||||||
October 31, 2019 | at Cost | from Sales | Appreciation | Gain | October 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 26,267,338 | $ | (25,607,033 | ) | $ | - | $ | - | $ | 660,305 | $ | 97 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 7,086,626 | 357,796,129 | (364,882,755 | ) | - | - | - | 49,377 | |||||||||||||||||||||||||||
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 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 36,105,837 | (36,105,837 | ) | - | - | - | 626 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,524,982 | (8,525,127 | ) | - | 145 | - | 403 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 7,182,078 | $ | 489,722,623 | $ | (496,245,464 | ) | $ | - | $ | 1,068 | $ | 660,305 | $ | 59,387 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)
October 31, 2020
Schedule of Investments
Principal | ||||||||
Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-94.12% |
| |||||||
Argentina-1.62% | ||||||||
Banco Hipotecario S.A., 9.75%, 11/30/2020(a) | $ | 500,000 | $ | 492,000 | ||||
Cia General de Combustibles S.A., 9.50%, 11/07/2021(a) | 525,000 | 389,812 | ||||||
Genneia S.A., 8.75%, 01/20/2022(a) | 650,000 | 498,875 | ||||||
Provincia de Cordoba, 7.13%, 06/10/2021(a) | 650,000 | 347,757 | ||||||
Tecpetrol S.A., 4.88%, 12/12/2022(a) | 400,000 | 374,800 | ||||||
Telecom Argentina S.A., 6.50%, 06/15/2021(a) | 676,000 | 643,897 | ||||||
YPF S.A., 8.50%, 03/23/2021(a) | 500,000 | 425,880 | ||||||
|
| |||||||
3,173,021 | ||||||||
|
| |||||||
Australia-0.37% | ||||||||
FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022(a) | 650,000 | 666,364 | ||||||
Virgin Australia Holdings Ltd., 7.88%, 10/15/2021(a) | 700,000 | 52,500 | ||||||
|
| |||||||
718,864 | ||||||||
|
| |||||||
Bahrain-0.62% | ||||||||
Bahrain Government International Bond | ||||||||
5.88%, 01/26/2021(a) | 700,000 | 705,222 | ||||||
6.13%, 07/05/2022(a) | 500,000 | 522,399 | ||||||
|
| |||||||
1,227,621 | ||||||||
|
| |||||||
Belarus-0.23% | ||||||||
Republic of Belarus International Bond, 6.88%, 02/28/2023(a) | 450,000 | 446,186 | ||||||
|
| |||||||
Bolivia-0.22% | ||||||||
Bolivian Government International Bond, 4.88%, 10/29/2022(a) | 450,000 | 442,586 | ||||||
|
| |||||||
Brazil-6.51% | ||||||||
Atento Luxco 1 S.A., 6.13%, | 450,000 | 416,250 | ||||||
Banco Bradesco S.A. | ||||||||
5.90%, 01/16/2021(a) | 600,000 | 604,050 | ||||||
2.85%, 01/27/2023(a) | 500,000 | 507,875 | ||||||
Banco BTG Pactual S.A., 5.50%, 01/31/2023(a) | 500,000 | 525,625 | ||||||
Banco do Brasil S.A., 5.38%, | 750,000 | 754,695 | ||||||
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a) | 700,000 | 726,939 | ||||||
Banco Safra S.A. | ||||||||
6.75%, 01/27/2021(a) | 400,000 | 405,204 | ||||||
4.13%, 02/08/2023(a) | 600,000 | 620,580 | ||||||
Banco Votorantim S.A., 4.00%, 09/24/2022(a) | 500,000 | 512,500 | ||||||
Brazilian Government International Bond | ||||||||
4.88%, 01/22/2021 | 475,000 | 478,686 | ||||||
2.63%, 01/05/2023 | 500,000 | 516,250 | ||||||
Caixa Economica Federal, 3.50%, 11/07/2022(a) | 450,000 | 463,955 | ||||||
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a) | 750,000 | 777,187 | ||||||
CSN Resources S.A., 7.63%, | 400,000 | 415,600 | ||||||
Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a) | 700,000 | 708,396 |
Principal | ||||||||
Amount | Value | |||||||
Brazil-(continued) | ||||||||
Embraer S.A., 5.15%, 06/15/2022 | $ | 200,000 | $ | 201,277 | ||||
Itau Unibanco Holding S.A. | ||||||||
5.75%, 01/22/2021(a) | 754,000 | 760,040 | ||||||
6.20%, 12/21/2021(a) | 500,000 | 519,500 | ||||||
5.65%, 03/19/2022(a) | 400,000 | 416,004 | ||||||
5.50%, 08/06/2022(a) | 400,000 | 421,400 | ||||||
2.90%, 01/24/2023(a) | 200,000 | 201,802 | ||||||
Light Servicos de Eletricidade S.A./Light Energia S.A., 7.25%, 05/03/2023(a) | 130,000 | 136,030 | ||||||
Natura Cosmeticos S.A., 5.38%, 02/01/2023(a) | 400,000 | 412,000 | ||||||
Petrobras Global Finance B.V. | ||||||||
5.38%, 01/27/2021 | 600,000 | 605,850 | ||||||
8.38%, 05/23/2021 | 650,000 | 674,538 | ||||||
|
| |||||||
12,782,233 | ||||||||
|
| |||||||
Canada-2.95% | ||||||||
Air Canada, 7.75%, 04/15/2021(a) | 600,000 | 597,750 | ||||||
Athabasca Oil Corp., 9.88%, 02/24/2022(a) | 700,000 | 238,711 | ||||||
Bombardier, Inc. | ||||||||
8.75%, 12/01/2021(a) | 698,000 | 696,115 | ||||||
5.75%, 03/15/2022(a) | 215,000 | 204,465 | ||||||
6.00%, 10/15/2022(a) | 500,000 | 445,938 | ||||||
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc., 8.50%, 12/15/2022(a) | 500,000 | 516,757 | ||||||
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a) | 225,000 | 181,055 | ||||||
Quebecor Media, Inc., 5.75%, 01/15/2023 | 400,000 | 430,400 | ||||||
Taseko Mines Ltd., 8.75%, 06/15/2022(a) | 355,000 | 342,935 | ||||||
Teine Energy Ltd., 6.88%, 09/30/2022(a) | 400,000 | 399,406 | ||||||
Tervita Corp., 7.63%, 12/01/2021(a) | 700,000 | 673,750 | ||||||
TransAlta Corp., 4.50%, 11/15/2022 | 500,000 | 518,750 | ||||||
Videotron Ltd., 5.00%, 07/15/2022 | 513,000 | 538,381 | ||||||
|
| |||||||
5,784,413 | ||||||||
|
| |||||||
China-9.81% | ||||||||
CFLD Cayman Investment Ltd. | ||||||||
6.50%, 12/21/2020(a) | 700,000 | 699,300 | ||||||
9.00%, 07/31/2021(a) | 700,000 | 702,185 | ||||||
China Grand Automotive Services Ltd., 8.63%, 04/08/2022(a) | 450,000 | 383,621 | ||||||
China South City Holdings Ltd. | ||||||||
11.88%, 03/27/2021(a) | 200,000 | 201,500 | ||||||
6.75%, 09/13/2021(a) | 600,000 | 577,874 | ||||||
11.50%, 02/12/2022(a) | 500,000 | 495,312 | ||||||
7.25%, 11/20/2022(a) | 400,000 | 361,487 | ||||||
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022(a) | 200,000 | 205,103 | ||||||
Easy Tactic Ltd. | ||||||||
8.75%, 01/10/2021(a) | 800,000 | 798,000 | ||||||
7.00%, 04/25/2021(a) | 700,000 | 687,750 | ||||||
5.75%, 01/13/2022(a) | 700,000 | 649,247 | ||||||
9.13%, 07/28/2022(a) | 200,000 | 189,496 | ||||||
8.13%, 02/27/2023(a) | 500,000 | 439,992 | ||||||
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a) | 400,000 | 404,500 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
China-(continued) | ||||||||
Fortune Star (BVI) Ltd. | ||||||||
5.38%, 12/05/2020(a) | $ | 800,000 | $ | 800,880 | ||||
6.75%, 07/02/2023(a) | 500,000 | 517,753 | ||||||
Fujian Zhanglong Group Co. Ltd., 5.88%, 08/26/2022(a) | 450,000 | 469,675 | ||||||
Full Dragon (Hong Kong) International Development Ltd., 5.60%, | 500,000 | 505,938 | ||||||
Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a) | 200,000 | 204,800 | ||||||
Greenland Global Investment Ltd., 5.25%, 02/12/2021(a) | 1,000,000 | 998,750 | ||||||
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022(a) | 600,000 | 601,462 | ||||||
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022(a) | 400,000 | 370,989 | ||||||
Huayuan Property Co. Ltd., 8.50%, 09/27/2021(a) | 500,000 | 499,163 | ||||||
New Metro Global Ltd. | ||||||||
6.50%, 04/23/2021(a) | 700,000 | 705,600 | ||||||
7.13%, 05/23/2021(a) | 500,000 | 504,072 | ||||||
6.50%, 05/20/2022(a) | 350,000 | 358,093 | ||||||
RongXingDa Development BVI Ltd., 8.00%, 04/24/2022(a) | 215,000 | 211,509 | ||||||
Scenery Journey Ltd. | ||||||||
9.00%, 03/06/2021(a) | 200,000 | 189,500 | ||||||
11.50%, 10/24/2022(a) | 500,000 | 425,088 | ||||||
13.00%, 11/06/2022(a) | 500,000 | 433,822 | ||||||
Shangrao City Construction Investment Development Group Co. Ltd., 5.70%, 12/28/2020(a) | 400,000 | 401,500 | ||||||
Tahoe Group Global (Co.,) Ltd., 7.88%, 01/17/2021(a) | 900,000 | 324,000 | ||||||
Wanda Properties Overseas Ltd., 6.95%, 12/05/2022(a) | 500,000 | 497,481 | ||||||
Yancoal International Resources Development Co. Ltd., 6.00%, 11/29/2021(a) | 600,000 | 620,998 | ||||||
Yango Justice International Ltd. | ||||||||
7.50%, 11/16/2020(a) | 600,000 | 599,850 | ||||||
9.50%, 04/03/2021(a) | 500,000 | 508,437 | ||||||
Yanlord Land (HK) Co. Ltd., 5.88%, 01/23/2022(a) | 700,000 | 712,683 | ||||||
Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022(a) | 400,000 | 414,000 | ||||||
Zijin International Capital Co. Ltd., 5.28%, 10/18/2021(a) | 250,000 | 253,569 | ||||||
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a) | 317,000 | 333,172 | ||||||
|
| |||||||
19,258,151 | ||||||||
|
| |||||||
Colombia-1.39% | ||||||||
Banco Davivienda S.A., 5.88%, 07/09/2022(a) | 500,000 | 531,117 | ||||||
Banco de Bogota S.A., 5.38%, 02/19/2023(a) | 350,000 | 368,028 | ||||||
Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a) | 575,000 | 583,631 | ||||||
Bancolombia S.A., 5.13%, 09/11/2022 | 550,000 | 576,950 |
Principal | ||||||||
Amount | Value | |||||||
Colombia-(continued) | ||||||||
Gilex Holding S.a.r.l., 8.50%, | $ | 100,000 | $ | 100,438 | ||||
Grupo Aval Ltd., 4.75%, 09/26/2022(a) | 545,000 | 567,536 | ||||||
|
| |||||||
2,727,700 | ||||||||
|
| |||||||
Costa Rica-0.68% | ||||||||
Banco Nacional de Costa Rica, 5.88%, 04/25/2021(a) | 400,000 | 403,254 | ||||||
Costa Rica Government International Bond, 4.25%, 01/26/2023(a) | 500,000 | 456,255 | ||||||
Instituto Costarricense de Electricidad, 6.95%, 11/10/2021(a) | 490,000 | 482,042 | ||||||
|
| |||||||
1,341,551 | ||||||||
|
| |||||||
Croatia-0.37% | ||||||||
Croatia Government International Bond, 6.38%, 03/24/2021(a) | 400,000 | 409,082 | ||||||
Hrvatska Elektroprivreda, 5.88%, 10/23/2022(a) | 300,000 | 326,408 | ||||||
|
| |||||||
735,490 | ||||||||
|
| |||||||
Cyprus-0.16% | ||||||||
4finance S.A., 10.75%, 05/01/2022(a) | 400,000 | 317,053 | ||||||
|
| |||||||
Denmark-0.23% | ||||||||
Welltec A/S, 9.50%, 12/01/2022(a) | 500,000 | 445,000 | ||||||
|
| |||||||
Dominican Republic-0.08% | ||||||||
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a) | 150,000 | 155,250 | ||||||
|
| |||||||
Egypt-0.52% | ||||||||
Egypt Government International Bond | ||||||||
6.13%, 01/31/2022(a) | 400,000 | 412,524 | ||||||
5.58%, 02/21/2023(a) | 600,000 | 619,119 | ||||||
|
| |||||||
1,031,643 | ||||||||
|
| |||||||
Finland-0.10% | ||||||||
Nokia OYJ, 3.38%, 06/12/2022 | 200,000 | 204,500 | ||||||
|
| |||||||
Georgia-0.97% | ||||||||
Georgia Government International Bond, 6.88%, 04/12/2021(a) | 500,000 | 509,497 | ||||||
Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021(a) | 700,000 | 708,960 | ||||||
Georgian Railway JSC, 7.75%, 07/11/2022(a) | 650,000 | 680,062 | ||||||
|
| |||||||
1,898,519 | ||||||||
|
| |||||||
Ghana-0.19% | ||||||||
Ghana Government International Bond, 7.88%, 08/07/2023(a) | 230,000 | 244,778 | ||||||
Tullow Oil PLC, 6.25%, 04/15/2022(a) | 200,000 | 125,000 | ||||||
|
| |||||||
369,778 | ||||||||
|
| |||||||
Greece-0.24% | ||||||||
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022(a) | 1,000,000 | 480,000 | ||||||
|
| |||||||
Guatemala-0.39% | ||||||||
Guatemala Government Bond, 5.75%, 06/06/2022(a) | 320,000 | 338,963 | ||||||
Industrial Senior Trust, 5.50%, | 400,000 | 418,090 | ||||||
|
| |||||||
757,053 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
Honduras-0.20% | ||||||||
Honduras Government International Bond, 8.75%, 12/16/2020(a) | $ | 400,000 | $ | 402,950 | ||||
|
| |||||||
India-2.93% | ||||||||
Azure Power Energy Ltd., 5.50%, 11/03/2022(a) | 400,000 | 410,260 | ||||||
Delhi International Airport Ltd., 6.13%, 02/03/2022(a) | 700,000 | 716,607 | ||||||
Greenko Dutch B.V., 4.88%, | 500,000 | 503,500 | ||||||
Greenko Investment Co., 4.88%, 08/16/2023(a) | 200,000 | 201,237 | ||||||
IDBI Bank Ltd./GIFT-IFC, 4.25%, 11/30/2020(a) | 700,000 | 700,182 | ||||||
JSW Steel Ltd., 5.25%, 04/13/2022(a) | 400,000 | 407,244 | ||||||
Jubilant Pharma Ltd., 4.88%, | 466,667 | 471,333 | ||||||
Manappuram Finance Ltd., 5.90%, 01/13/2023(a) | 500,000 | 504,989 | ||||||
Muthoot Finance Ltd., 6.13%, | 500,000 | 517,045 | ||||||
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 | 411,500 | ||||||
Shriram Transport Finance Co. Ltd. | ||||||||
5.70%, 02/27/2022(a) | 400,000 | 393,000 | ||||||
5.95%, 10/24/2022(a) | 300,000 | 292,670 | ||||||
5.10%, 07/16/2023(a) | 200,000 | 192,487 | ||||||
|
| |||||||
5,748,054 | ||||||||
|
| |||||||
Indonesia-2.47% | ||||||||
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a) | 400,000 | 281,399 | ||||||
Global Prime Capital Pte. Ltd., 7.25%, 04/26/2021(a) | 500,000 | 507,500 | ||||||
Indika Energy Capital II Pte. Ltd., 6.88%, 04/10/2022(a) | 400,000 | 413,699 | ||||||
Indo Energy Finance II B.V., 6.38%, 01/24/2023(a) | 342,000 | 343,302 | ||||||
PT ABM Investama Tbk, 7.13%, 08/01/2022(a) | 400,000 | 261,000 | ||||||
PT Bayan Resources Tbk, 6.13%, 01/24/2023(a) | 600,000 | 585,343 | ||||||
PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a) | 700,000 | 581,874 | ||||||
PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a) | 200,000 | 152,997 | ||||||
PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a) | 400,000 | 407,995 | ||||||
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023(a) | 400,000 | 236,994 | ||||||
TBG Global Pte. Ltd., 5.25%, | 700,000 | 704,375 | ||||||
TBLA International Pte. Ltd., 0.00%, 01/24/2023 | 400,000 | 375,989 | ||||||
|
| |||||||
4,852,467 | ||||||||
|
| |||||||
Israel-1.08% | ||||||||
Teva Pharmaceutical Finance Co. B.V. | ||||||||
2.95%, 12/18/2022 | 250,000 | 240,269 | ||||||
Series 2, 3.65%, 11/10/2021 | 560,000 | 555,800 | ||||||
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021 | 400,000 | 396,910 |
Principal | ||||||||
Amount | Value | |||||||
Israel-(continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III B.V. | ||||||||
2.20%, 07/21/2021 | $ | 750,000 | $ | 739,717 | ||||
2.80%, 07/21/2023 | 200,000 | 190,052 | ||||||
|
| |||||||
2,122,748 | ||||||||
|
| |||||||
Japan-0.23% | ||||||||
SoftBank Group Corp., 5.38%, | 435,000 | 449,405 | ||||||
|
| |||||||
Jersey-0.13% | ||||||||
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/2022(a) | 250,000 | 251,578 | ||||||
|
| |||||||
Kazakhstan-0.61% | ||||||||
Halyk Savings Bank of Kazakhstan JSC | ||||||||
7.25%, 01/28/2021(a) | 400,000 | 406,760 | ||||||
5.50%, 12/21/2022(a) | 366,312 | 367,769 | ||||||
KazMunayGas National Co. JSC, 3.88%, 04/19/2022(a) | 400,000 | 415,657 | ||||||
|
| |||||||
1,190,186 | ||||||||
|
| |||||||
Malaysia-0.09% | ||||||||
SD International Sukuk Ltd., 6.30%, 05/09/2022(a) | 200,000 | 185,000 | ||||||
|
| |||||||
Mauritius Island-0.31% | ||||||||
Neerg Energy Ltd., 6.00%, 02/13/2022(a) | 600,000 | 610,499 | ||||||
|
| |||||||
Mexico-1.38% | ||||||||
Alpha Holding S.A. de C.V., 10.00%, 12/19/2022(a) | 450,000 | 375,192 | ||||||
BBVA Bancomer S.A. | ||||||||
6.50%, 03/10/2021(a) | 500,000 | 509,000 | ||||||
6.75%, 09/30/2022(a) | 456,000 | 491,454 | ||||||
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023(a) | 300,000 | 294,407 | ||||||
Grupo Idesa S.A. de C.V., 7.88%, 12/18/2020(a) | 700,000 | 399,000 | ||||||
Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022(a) | 250,000 | 150,881 | ||||||
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a) | 400,000 | 145,250 | ||||||
Petroleos Mexicanos | ||||||||
4.88%, 01/24/2022 | 200,000 | 202,587 | ||||||
3.50%, 01/30/2023(d) | 150,000 | 147,129 | ||||||
|
| |||||||
2,714,900 | ||||||||
|
| |||||||
Mongolia-0.56% | ||||||||
Mongolia Government International Bond | ||||||||
10.88%, 04/06/2021(a) | 730,000 | 760,194 | ||||||
5.13%, 12/05/2022(a) | 326,000 | 335,778 | ||||||
|
| |||||||
1,095,972 | ||||||||
|
| |||||||
Namibia-0.31% | ||||||||
Namibia International Bonds, 5.50%, 11/03/2021(a) | 600,000 | 610,026 | ||||||
|
| |||||||
Netherlands-0.02% | ||||||||
Samvardhana Motherson Automotive Systems Group B.V., 4.88%, 12/16/2021(a) | 31,250 | 31,290 | ||||||
|
| |||||||
New Zealand-0.07% | ||||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 05/01/2022(a) | 150,000 | 138,527 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
Nigeria-1.17% | ||||||||
Access Bank PLC, 10.50%, 10/19/2021(a) | $ | 550,000 | $ | 576,180 | ||||
Fidelity Bank PLC, 10.50%, 10/16/2022(a) | 300,000 | 308,040 | ||||||
Nigeria Government International Bond | ||||||||
6.75%, 01/28/2021(a) | 700,000 | 705,912 | ||||||
5.63%, 06/27/2022 | 500,000 | 508,007 | ||||||
United Bank for Africa PLC, 7.75%, 06/08/2022(a) | 200,000 | 200,168 | ||||||
|
| |||||||
2,298,307 | ||||||||
|
| |||||||
Oman-0.96% | ||||||||
Bank Muscat SAOG, 3.75%, | 400,000 | 399,376 | ||||||
Oman Government International Bond | ||||||||
3.63%, 06/15/2021(a) | 499,000 | 496,012 | ||||||
3.88%, 03/08/2022(a) | 500,000 | 494,404 | ||||||
4.13%, 01/17/2023(a) | 500,000 | 492,176 | ||||||
|
| |||||||
1,881,968 | ||||||||
|
| |||||||
Pakistan-0.57% | ||||||||
Third Pakistan International Sukuk Co. Ltd. (The) | ||||||||
5.50%, 10/13/2021(a) | 617,000 | 617,154 | ||||||
5.63%, 12/05/2022(a) | 500,000 | 500,780 | ||||||
|
| |||||||
1,117,934 | ||||||||
|
| |||||||
Panama-0.19% | ||||||||
Multibank, Inc., 4.38%, 11/09/2022(a) | 375,000 | 383,353 | ||||||
|
| |||||||
Paraguay-0.32% | ||||||||
Paraguay Government International Bond, 4.63%, 01/25/2023(a) | 590,000 | 625,105 | ||||||
|
| |||||||
Peru-0.57% | ||||||||
San Miguel Industrias Pet S.A., 4.50%, 09/18/2022(a) | 400,000 | 405,018 | ||||||
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a) | 700,000 | 707,140 | ||||||
|
| |||||||
1,112,158 | ||||||||
|
| |||||||
Russia-3.59% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(a) | 800,000 | 823,160 | ||||||
Borets Finance DAC, 6.50%, | 200,000 | 204,620 | ||||||
Credit Bank of Moscow Via CBOM Finance PLC | ||||||||
5.88%, 11/07/2021(a) | 900,000 | 930,609 | ||||||
5.55%, 02/14/2023(a) | 500,000 | 518,702 | ||||||
Evraz PLC | ||||||||
8.25%, 01/28/2021(a) | 500,000 | 510,525 | ||||||
6.75%, 01/31/2022(a) | 400,000 | 425,288 | ||||||
GTLK Europe DAC, 5.95%, 07/19/2021(a) | 530,000 | 541,130 | ||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a) | 200,000 | 213,494 | ||||||
O1 Properties Finance PLC, 8.25%, 09/27/2021(a) | 500,000 | 185,083 | ||||||
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a) | 300,000 | 302,552 | ||||||
Polyus Finance PLC | ||||||||
4.70%, 03/28/2022(a) | 200,000 | 207,515 | ||||||
5.25%, 02/07/2023(a) | 200,000 | 213,780 | ||||||
Rusal Capital DAC, 5.13%, 02/02/2022(a) | 400,000 | 406,168 | ||||||
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022(a) | 500,000 | 525,250 |
Principal | ||||||||
Amount | Value | |||||||
Russia-(continued) | ||||||||
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(a) | $ | 500,000 | $ | 508,306 | ||||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a) | 500,000 | 529,397 | ||||||
|
| |||||||
7,045,579 | ||||||||
|
| |||||||
Saudi Arabia-0.10% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a) | 200,000 | 199,604 | ||||||
|
| |||||||
Senegal-0.32% | ||||||||
Senegal Government International Bond, 8.75%, 05/13/2021(a) | 600,000 | 620,325 | ||||||
|
| |||||||
Serbia-0.22% | ||||||||
Serbia International Bond, 7.25%, 09/28/2021(a) | 400,000 | 423,049 | ||||||
|
| |||||||
Singapore-0.54% | ||||||||
Avation Capital S.A., 6.50%, 05/15/2021(a) | 700,000 | 443,537 | ||||||
Marble II Pte. Ltd., 5.30%, 06/20/2022(a) | 617,000 | 621,242 | ||||||
|
| |||||||
1,064,779 | ||||||||
|
| |||||||
South Africa-1.65% | ||||||||
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021(a) | 900,000 | 885,357 | ||||||
Liquid Telecommunications Financing PLC, 8.50%, 07/13/2022(a) | 400,000 | 408,496 | ||||||
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a) | 600,000 | 617,152 | ||||||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 500,000 | 530,593 | ||||||
Stillwater Mining Co., 6.13%, 06/27/2022(a) | 400,000 | 406,504 | ||||||
Transnet SOC Ltd., 4.00%, 07/26/2022(a) | 400,000 | 398,524 | ||||||
|
| |||||||
3,246,626 | ||||||||
|
| |||||||
Spain-0.42% | ||||||||
Ajecorp B.V., 6.50%, 05/14/2022(a) | 475,000 | 475,720 | ||||||
Codere Finance 2 (Luxembourg) S.A., 7.63%, 11/01/2023(a) | 700,000 | 343,728 | ||||||
|
| |||||||
819,448 | ||||||||
|
| |||||||
Sri Lanka-0.61% | ||||||||
Sri Lanka Government International Bond | ||||||||
6.25%, 07/27/2021(a) | 900,000 | 711,000 | ||||||
5.75%, 01/18/2022(a) | 520,000 | 356,200 | ||||||
5.88%, 07/25/2022(a) | 200,000 | 129,000 | ||||||
|
| |||||||
1,196,200 | ||||||||
|
| |||||||
Supranational-0.10% | ||||||||
Eastern & Southern African Trade & Development Bank, 5.38%, | 200,000 | 203,569 | ||||||
|
| |||||||
Sweden-0.24% | ||||||||
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022 | 450,000 | 465,469 | ||||||
|
| |||||||
Tanzania-0.16% | ||||||||
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022 | 300,000 | 317,211 | ||||||
|
| |||||||
Turkey-7.77% | ||||||||
Akbank T.A.S., 5.00%, 10/24/2022(a) | 500,000 | 490,332 | ||||||
Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a) | 700,000 | 506,240 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
Turkey-(continued) | ||||||||
Hazine Mustesarligi Varlik Kiralama A.S. | ||||||||
4.25%, 06/08/2021(a) | $ | 900,000 | $ | 897,966 | ||||
5.80%, 02/21/2022(a) | 400,000 | 400,032 | ||||||
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a) | 700,000 | 697,819 | ||||||
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a) | 500,000 | 492,100 | ||||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) | 400,000 | 398,072 | ||||||
T.C. Ziraat Bankasi A.S. | ||||||||
4.75%, 04/29/2021(a) | 400,000 | 398,313 | ||||||
5.13%, 05/03/2022(a) | 200,000 | 194,430 | ||||||
Turkey Government International Bond | ||||||||
5.63%, 03/30/2021 | 400,000 | 401,913 | ||||||
5.13%, 03/25/2022 | 200,000 | 199,153 | ||||||
6.25%, 09/26/2022 | 300,000 | 301,627 | ||||||
3.25%, 03/23/2023 | 200,000 | 189,198 | ||||||
Turkiye Garanti Bankasi A.S. | ||||||||
6.25%, 04/20/2021(a) | 400,000 | 402,872 | ||||||
5.25%, 09/13/2022(a) | 550,000 | 543,125 | ||||||
Turkiye Halk Bankasi A.S. | ||||||||
4.75%, 02/11/2021(a) | 910,000 | 903,971 | ||||||
5.00%, 07/13/2021(a) | 400,000 | 395,892 | ||||||
Turkiye Ihracat Kredi Bankasi A.S. | ||||||||
5.38%, 02/08/2021(a) | 700,000 | 701,932 | ||||||
5.00%, 09/23/2021(a) | 700,000 | 695,726 | ||||||
4.25%, 09/18/2022(a) | 350,000 | 333,375 | ||||||
Turkiye Is Bankasi A.S. | ||||||||
5.00%, 06/25/2021(a) | 700,000 | 699,110 | ||||||
5.38%, 10/06/2021(a) | 600,000 | 598,428 | ||||||
5.50%, 04/21/2022(a) | 200,000 | 197,654 | ||||||
6.00%, 10/24/2022(a) | 400,000 | 389,512 | ||||||
Turkiye Sinai Kalkinma Bankasi A.S. | ||||||||
4.88%, 05/18/2021(a) | 700,000 | 698,810 | ||||||
5.50%, 01/16/2023(a) | 500,000 | 479,070 | ||||||
Turkiye Vakiflar Bankasi T.A.O. | ||||||||
5.50%, 10/27/2021(a) | 400,000 | 397,963 | ||||||
5.63%, 05/30/2022(a) | 200,000 | 196,030 | ||||||
6.00%, 11/01/2022(a) | 400,000 | 387,630 | ||||||
5.75%, 01/30/2023(a) | 500,000 | 480,650 | ||||||
Yapi ve Kredi Bankasi A.S. | ||||||||
5.75%, 02/24/2022(a) | 700,000 | 695,622 | ||||||
5.50%, 12/06/2022(a) | 500,000 | 486,485 | ||||||
|
| |||||||
15,251,052 | ||||||||
|
| |||||||
Ukraine-1.03% | ||||||||
Kernel Holding S.A., 8.75%, 01/31/2022(a) | 700,000 | 733,425 | ||||||
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022(a) | 200,000 | 202,971 | ||||||
Ukraine Government International Bond | ||||||||
7.75%, 09/01/2021(a) | 750,000 | 773,908 | ||||||
7.75%, 09/01/2022(a) | 300,000 | 313,356 | ||||||
|
| |||||||
2,023,660 | ||||||||
|
| |||||||
United Arab Emirates-0.68% | ||||||||
Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a) | 200,000 | 190,984 | ||||||
Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a) | 254,000 | 238,760 |
Principal | ||||||||
Amount | Value | |||||||
United Arab Emirates-(continued) | ||||||||
DAE Funding LLC | ||||||||
5.25%, 11/15/2021(a) | $ | 600,000 | $ | 610,596 | ||||
4.50%, 08/01/2022(a) | 300,000 | 302,250 | ||||||
|
| |||||||
1,342,590 | ||||||||
|
| |||||||
United Kingdom-0.92% | ||||||||
Algeco Global Finance PLC, 8.00%, 02/15/2023(a) | 500,000 | 496,557 | ||||||
Avon International Capital PLC, 6.50%, 08/15/2022(a) | 150,000 | 152,953 | ||||||
Avon International Operations, Inc., 7.88%, 08/15/2022(a) | 400,000 | 407,100 | ||||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a) | 550,000 | 545,526 | ||||||
Mclaren Finance PLC, 5.75%, 08/01/2022(a) | 200,000 | 184,500 | ||||||
Valaris PLC, 4.88%, 06/01/2022 | 215,000 | 15,806 | ||||||
|
| |||||||
1,802,442 | ||||||||
|
| |||||||
United States-33.58% | ||||||||
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a) | 150,000 | 469 | ||||||
Acadia Healthcare Co., Inc., 5.63%, 02/15/2023 | 600,000 | 603,750 | ||||||
ADT Security Corp. (The) | ||||||||
3.50%, 07/15/2022 | 500,000 | 509,677 | ||||||
4.13%, 06/15/2023 | 200,000 | 208,300 | ||||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022 | 449,000 | 499,232 | ||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(a) | 500,000 | 508,449 | ||||||
AMC Networks, Inc., 4.75%, 12/15/2022 | 442,000 | 442,983 | ||||||
Antero Resources Corp. | ||||||||
5.38%, 11/01/2021(d) | 600,000 | 602,700 | ||||||
5.13%, 12/01/2022 | 300,000 | 278,250 | ||||||
APX Group, Inc., 7.88%, 12/01/2022 | 643,000 | 642,023 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(a) | 365,000 | 365,913 | ||||||
Ashland LLC, 4.75%, 08/15/2022 | 500,000 | 526,737 | ||||||
Ball Corp., 5.00%, 03/15/2022 | 450,000 | 469,699 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/2022(a) | 400,000 | 389,890 | ||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022(d) | 586,000 | 582,200 | ||||||
Carpenter Technology Corp., 4.45%, 03/01/2023 | 200,000 | 206,507 | ||||||
CenturyLink, Inc. | ||||||||
Series S, 6.45%, 06/15/2021 | 666,000 | 680,818 | ||||||
Series T, 5.80%, 03/15/2022 | 500,000 | 520,937 | ||||||
CF Industries, Inc., 3.45%, 06/01/2023 | 250,000 | 255,938 | ||||||
Chemours Co. (The), 6.63%, 05/15/2023 | 250,000 | 249,844 | ||||||
Cinemark USA, Inc., 5.13%, 12/15/2022 | 500,000 | 434,688 | ||||||
CIT Group, Inc. | ||||||||
4.13%, 03/09/2021 | 400,000 | 403,410 | ||||||
5.00%, 08/15/2022 | 420,000 | 444,230 | ||||||
5.00%, 08/01/2023 | 400,000 | 431,750 | ||||||
CITGO Petroleum Corp., 6.25%, 08/15/2022(a) | 200,000 | 193,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(a) | $ | 415,000 | $ | 423,721 | ||||
Community Health Systems, Inc., 6.25%, 03/31/2023 | 100,000 | 99,250 | ||||||
Consolidated Communications, Inc., 6.50%, 10/01/2022(d) | 545,000 | 545,000 | ||||||
Continental Resources, Inc., 5.00%, 09/15/2022 | 508,000 | 500,888 | ||||||
CoreCivic, Inc. | ||||||||
5.00%, 10/15/2022 | 400,000 | 384,400 | ||||||
4.63%, 05/01/2023(d) | 200,000 | 183,500 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | 473,000 | 493,103 | ||||||
CSC Holdings LLC | ||||||||
6.75%, 11/15/2021 | 514,000 | 538,094 | ||||||
5.88%, 09/15/2022 | 625,000 | 660,547 | ||||||
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.25%, 08/15/2022 | 200,000 | 140,000 | ||||||
DCP Midstream Operating L.P. | ||||||||
4.75%, 09/30/2021(a) | 400,000 | 403,000 | ||||||
4.95%, 04/01/2022 | 550,000 | 560,183 | ||||||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(a) | 521,000 | 522,907 | ||||||
Dell, Inc., 4.63%, 04/01/2021(d) | 464,000 | 471,009 | ||||||
Delta Air Lines, Inc. | ||||||||
3.40%, 04/19/2021 | 500,000 | 501,183 | ||||||
3.63%, 03/15/2022 | 200,000 | 196,061 | ||||||
3.80%, 04/19/2023 | 250,000 | 236,585 | ||||||
DISH DBS Corp. | ||||||||
6.75%, 06/01/2021 | 500,000 | 510,500 | ||||||
5.88%, 07/15/2022 | 402,000 | 414,462 | ||||||
5.00%, 03/15/2023 | 101,000 | 101,886 | ||||||
Edgewell Personal Care Co., 4.70%, 05/24/2022 | 407,000 | 419,973 | ||||||
EMC Corp., 3.38%, 06/01/2023 | 200,000 | 204,410 | ||||||
Encompass Health Corp., 5.13%, 03/15/2023 | 200,000 | 202,229 | ||||||
Energen Corp., 4.63%, 09/01/2021 | 525,000 | 529,501 | ||||||
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/2023(a) | 500,000 | 370,573 | ||||||
EQM Midstream Partners L.P., 4.75%, 07/15/2023 | 389,000 | 387,621 | ||||||
EQT Corp., 3.00%, 10/01/2022(d) | 593,000 | 593,178 | ||||||
Ferrellgas L.P./Ferrellgas Finance Corp. | ||||||||
6.50%, 05/01/2021 | 500,000 | 466,813 | ||||||
6.75%, 01/15/2022 | 600,000 | 548,109 | ||||||
Ford Motor Co., 8.50%, 04/21/2023 | 275,000 | 303,970 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.81%, 10/12/2021 | 200,000 | 201,375 | ||||||
5.60%, 01/07/2022 | 200,000 | 205,300 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 6.75%, 03/15/2022(a) | 500,000 | 497,344 | ||||||
Freeport-McMoRan, Inc., 3.55%, 03/01/2022 | 400,000 | 406,890 | ||||||
Fresh Market, Inc. (The), 9.75%, 05/01/2023(a) | 200,000 | 191,751 | ||||||
FTS International, Inc., 6.25%, 05/01/2022 | 200,000 | 57,000 | ||||||
GameStop Corp., 6.75%, | 715,000 | 715,894 | ||||||
Genworth Holdings, Inc. | ||||||||
7.20%, 02/15/2021(d) | 511,000 | 510,297 |
Principal | ||||||||
Amount | Value | |||||||
United States-(continued) | ||||||||
7.63%, 09/24/2021(d) | $ | 650,000 | $ | 650,019 | ||||
4.90%, 08/15/2023 | 200,000 | 185,625 | ||||||
Goodman Networks, Inc., 8.00%, 05/11/2022(e) | 98,659 | 55,249 | ||||||
Graphic Packaging International LLC | ||||||||
4.75%, 04/15/2021 | 375,000 | 378,750 | ||||||
4.88%, 11/15/2022 | 370,000 | 384,251 | ||||||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 600,000 | 615,447 | ||||||
Guitar Center, Inc. | ||||||||
9.50%, 10/15/2021(a) | 800,000 | 696,000 | ||||||
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(f) | 479,089 | 220,381 | ||||||
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(f) | 5,621 | 4,750 | ||||||
HC2 Holdings, Inc., 11.50%, 12/01/2021(a) | 289,000 | 279,608 | ||||||
HCA, Inc., 5.88%, 05/01/2023 | 105,000 | 114,340 | ||||||
Hertz Corp. (The) | ||||||||
7.63%, 06/01/2022(a)(b)(c) | 74,000 | 66,323 | ||||||
6.25%, 10/17/2022(b)(c) | 398,000 | 158,205 | ||||||
HighPoint Operating Corp., 7.00%, 10/15/2022 | 400,000 | 91,000 | ||||||
Hillman Group, Inc. (The), 6.38%, | 500,000 | 495,507 | ||||||
Hornbeck Offshore Services, Inc., 5.00%, 03/01/2021 | 700,000 | 4,991 | ||||||
Howmet Aerospace, Inc. | ||||||||
5.40%, 04/15/2021 | 227,000 | 228,419 | ||||||
5.87%, 02/23/2022 | 440,000 | 464,640 | ||||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 559,000 | 575,071 | ||||||
Huntsman International LLC, 5.13%, 11/15/2022 | 497,000 | 532,712 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022 | 400,000 | 401,890 | ||||||
Ingram Micro, Inc., 5.00%, 08/10/2022 | 500,000 | 515,864 | ||||||
International Game Technology PLC, 6.25%, 02/15/2022(a) | 400,000 | 410,252 | ||||||
KB Home | ||||||||
7.00%, 12/15/2021 | 400,000 | 416,750 | ||||||
7.50%, 09/15/2022 | 359,000 | 393,469 | ||||||
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022 | 398,000 | 412,134 | ||||||
L Brands, Inc., 5.63%, 02/15/2022(d) | 400,000 | 413,750 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.88%, 08/01/2021(a) | 465,000 | 464,942 | ||||||
Lennar Corp. | ||||||||
8.38%, 01/15/2021 | 500,000 | 507,750 | ||||||
4.75%, 04/01/2021 | 500,000 | 505,512 | ||||||
6.25%, 12/15/2021 | 525,000 | 540,028 | ||||||
4.13%, 01/15/2022 | 500,000 | 512,812 | ||||||
4.75%, 11/15/2022 | 400,000 | 421,368 | ||||||
Mack-Cali Realty L.P., 4.50%, 04/18/2022 | 200,000 | 193,063 | ||||||
Macy’s Retail Holdings, Inc., 3.88%, 01/15/2022 | 200,000 | 187,500 | ||||||
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 7.25%, 02/15/2021 | 650,000 | 619,856 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Principal Amount | Value | |||||||
United States-(continued) | ||||||||
Meritage Homes Corp., 7.00%, 04/01/2022 | $ | 200,000 | $ | 213,453 | ||||
MGM Resorts International, 7.75%, 03/15/2022 | 594,000 | 625,007 | ||||||
Microchip Technology, Inc., 3.92%, 06/01/2021 | 360,000 | 366,864 | ||||||
Molina Healthcare, Inc., 5.38%, 11/15/2022 | 400,000 | 416,408 | ||||||
Murphy Oil Corp., 4.00%, 06/01/2022 | 532,000 | 515,037 | ||||||
Navient Corp. | ||||||||
5.88%, 03/25/2021 | 500,000 | 506,407 | ||||||
6.63%, 07/26/2021 | 548,000 | 559,987 | ||||||
7.25%, 01/25/2022 | 500,000 | 517,187 | ||||||
6.50%, 06/15/2022 | 651,000 | 665,647 | ||||||
5.50%, 01/25/2023 | 500,000 | 500,312 | ||||||
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.13%, 11/15/2021(a) | 650,000 | 436,719 | ||||||
Netflix, Inc. | ||||||||
5.38%, 02/01/2021 | 500,000 | 505,625 | ||||||
5.50%, 02/15/2022 | 500,000 | 526,250 | ||||||
New Home Co., Inc. (The), 7.25%, 04/01/2022 | 393,000 | 399,642 | ||||||
Newell Brands, Inc., 4.00%, 06/15/2022 | 400,000 | 412,000 | ||||||
NGPL PipeCo. LLC, 4.38%, 08/15/2022(a) | 440,000 | 456,602 | ||||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(a) | 255,000 | 255,383 | ||||||
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(a) | 500,000 | 5,625 | ||||||
NortonLifeLock, Inc., 3.95%, 06/15/2022 | 536,000 | 551,410 | ||||||
NuStar Logistics L.P. | ||||||||
6.75%, 02/01/2021 | 400,000 | 404,950 | ||||||
4.75%, 02/01/2022 | 662,000 | 663,655 | ||||||
Oasis Petroleum, Inc., 6.88%, 03/15/2022 | 200,000 | 39,700 | ||||||
Occidental Petroleum Corp., 2.60%, 08/13/2021 | 100,000 | 97,938 | ||||||
OneMain Finance Corp. | ||||||||
7.75%, 10/01/2021 | 480,000 | 503,892 | ||||||
6.13%, 05/15/2022 | 400,000 | 417,500 | ||||||
Peabody Energy Corp., 6.00%, 03/31/2022(a) | 200,000 | 91,875 | ||||||
PetroQuest Energy, Inc., 10.00% PIK Rate, 02/15/2024(f) | 24,684 | 108 | ||||||
Plantronics, Inc., 5.50%, 05/31/2023(a) | 200,000 | 193,123 | ||||||
PulteGroup, Inc., 4.25%, 03/01/2021 | 500,000 | 504,937 | ||||||
Pyxus Holdings, Inc., 10.00%, | 510,625 | 428,925 | ||||||
QEP Resources, Inc., 5.38%, | 600,000 | 529,125 | ||||||
QVC, Inc., 4.38%, 03/15/2023 | 225,000 | 233,719 | ||||||
Qwest Corp., 6.75%, 12/01/2021 | 500,000 | 525,515 | ||||||
Range Resources Corp. | ||||||||
5.00%, 08/15/2022 | 600,000 | 601,500 | ||||||
5.00%, 03/15/2023 | 200,000 | 194,419 | ||||||
Revlon Consumer Products Corp., 5.75%, 02/15/2021(d) | 636,000 | 194,298 | ||||||
SBA Communications Corp., 4.00%, 10/01/2022 | 435,000 | 439,622 | ||||||
Sealed Air Corp., 4.88%, 12/01/2022(a) | 455,000 | 479,741 | ||||||
Sirius XM Radio, Inc., 3.88%, | 500,000 | 504,375 | ||||||
SM Energy Co., 6.13%, 11/15/2022(d) | 400,000 | 303,406 | ||||||
Spirit AeroSystems, Inc., 3.95%, 06/15/2023 | 258,000 | 230,749 |
Principal Amount | Value | |||||||
United States-(continued) | ||||||||
Sprint Communications, Inc. | ||||||||
11.50%, 11/15/2021 | $ | 600,000 | $ | 655,797 | ||||
6.00%, 11/15/2022 | 400,000 | 428,648 | ||||||
Sprint Corp., 7.25%, 09/15/2021 | 650,000 | 677,839 | ||||||
Starwood Property Trust, Inc. | ||||||||
3.63%, 02/01/2021 | 725,000 | 725,435 | ||||||
5.00%, 12/15/2021 | 500,000 | 498,750 | ||||||
Sunoco L.P./Sunoco Finance Corp., 4.88%, 01/15/2023 | 500,000 | 505,572 | ||||||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 150,000 | 158,331 | ||||||
TerraForm Power Operating LLC, 4.25%, 01/31/2023(a) | 500,000 | 509,687 | ||||||
T-Mobile USA, Inc., 4.00%, 04/15/2022 | 402,000 | 415,909 | ||||||
Toll Brothers Finance Corp., 5.88%, 02/15/2022 | 450,000 | 469,125 | ||||||
Triumph Group, Inc., 5.25%, | 400,000 | 342,000 | ||||||
TRU Taj LLC, 0.00%, 08/15/2021(g)(h) | 48,000 | 6,584 | ||||||
Tupperware Brands Corp., 4.75%, 06/01/2021 | 200,000 | 195,000 | ||||||
Unit Corp., 6.63%, 05/15/2021(b)(c) | 300,000 | 32,382 | ||||||
United Airlines Holdings, Inc. | ||||||||
6.00%, 12/01/2020(d) | 564,000 | 566,044 | ||||||
4.25%, 10/01/2022(d) | 400,000 | 364,220 | ||||||
Urban One, Inc., 7.38%, 04/15/2022(a) | 200,000 | 186,703 | ||||||
Vericast Corp. | ||||||||
9.25%, 03/01/2021(a) | 466,000 | 467,167 | ||||||
8.38%, 08/15/2022(a) | 350,000 | 344,750 | ||||||
Voyager Aviation Holdings LLC/Voyager Finance Co., 9.00%, 08/15/2021(a) | 500,000 | 246,250 | ||||||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 399,000 | 399,409 | ||||||
Western Midstream Operating L.P. | ||||||||
5.38%, 06/01/2021 | 225,000 | 227,531 | ||||||
4.00%, 07/01/2022 | 100,000 | 100,188 | ||||||
Wyndham Destinations, Inc. | ||||||||
5.63%, 03/01/2021 | 538,000 | 542,640 | ||||||
4.25%, 03/01/2022 | 500,000 | 502,500 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(a) | 200,000 | 191,125 | ||||||
Xerox Corp. | ||||||||
4.50%, 05/15/2021 | 146,000 | 148,522 | ||||||
4.07%, 03/17/2022 | 300,000 | 307,502 | ||||||
XPO Logistics, Inc., 6.50%, | 150,000 | 150,835 | ||||||
Yum! Brands, Inc. | ||||||||
3.88%, 11/01/2020 | 680,000 | 680,000 | ||||||
3.75%, 11/01/2021 | 600,000 | 608,175 | ||||||
|
| |||||||
65,941,386 | ||||||||
|
| |||||||
Zambia-0.37% | ||||||||
First Quantum Minerals Ltd., 7.25%, 04/01/2023(a) | 500,000 | 503,263 | ||||||
Zambia Government International Bond, 5.38%, 09/20/2022(a) | 500,000 | 220,621 | ||||||
|
| |||||||
723,884 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 184,805,912 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Shares | Value | |||||||
Common Stocks & Other Equity Interests-0.41% |
| |||||||
United States-0.41% | ||||||||
American Energy- Permian Basin LLC, Wts., expiring 10/16/2024(g)(i) | 500 | $ | 0 | |||||
Denbury, Inc.(i) | 21,813 | 361,878 | ||||||
Goodman Networks, | 6,207 | 0 | ||||||
Guitar Center Holdings, Inc., Wts., expiring | 1,189 | 0 | ||||||
Hexion Holdings Corp., Class B(i) | 22,970 | 221,660 | ||||||
PetroQuest Energy, Inc.(i) | 2,367 | 1,302 | ||||||
PHI Group, Inc.(i) | 23,470 | 167,810 | ||||||
Premier Brands Group Holdings LLC(i)(j) | 3,222 | 10,472 | ||||||
Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024(i)(j) | 10,096 | 2,272 | ||||||
Remington Outdoor Co., | 4,449 | 1,223 | ||||||
Remington Outdoor Co., Inc., Wts., expiring | 4,487 | 0 | ||||||
TRU Taj LLC/TRU Taj Finance, Inc.(g)(i) | 2,156 | 30,055 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 796,672 | ||||||
|
| |||||||
Principal Amount | ||||||||
Variable Rate Senior Loan Interests-0.02%(k)(l) |
| |||||||
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 9.50%, 02/07/2025 | $ | 589,900 | 50,141 | |||||
|
| |||||||
Shares | ||||||||
Preferred Stocks-0.00% | ||||||||
Goodman Networks, Inc., Series A-1, Pfd., | 7,385 | 0 | ||||||
|
|
Investment Abbreviations:
Pfd.-Preferred
PIK-Pay-in-Kind
Wts.-Warrants
Shares | Value | |||||||
Money Market Funds-3.21% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(m)(n) | 6,303,011 | $ | 6,303,011 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 191,955,736 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.50% |
| |||||||
Invesco Private Government Fund, | 1,964,224 | 1,964,224 | ||||||
Invesco Private Prime Fund, 0.11%(m)(n)(o) | 2,945,452 | 2,946,336 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 4,910,560 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.26% |
| 196,866,296 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.26)% |
| (511,201 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 196,355,095 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22
|
|
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $120,082,148, which represented 61.16% 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 October 31, 2020 was $282,910, which represented less than 1% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at October 31, 2020. |
(e) | Acquired as part of the Goodman Networks, Inc. reorganization. |
(f) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(g) | Security valued using significant unobservable inputs (Level 3). See Note 4. |
(h) | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
(i) | Non-income producing security. |
(j) | Acquired as part of the Nine West Holding, Inc. reorganization. |
(k) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(l) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(m) | 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 13,257,588 | $ | (6,954,577 | ) | $ | - | $ | - | $ | 6,303,011 | $ | 99 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 13,626,659 | 74,016,330 | (87,642,989 | ) | - | - | - | 37,477 | |||||||||||||||||||||||||||
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 | 4,648,318 | (5,789,390 | ) | (64 | ) | (746 | ) | - | 7,829 | * | ||||||||||||||||||||||||
Invesco Private Government Fund | - | 17,989,478 | (16,025,254 | ) | - | - | 1,964,224 | 648 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 6,220,304 | (3,274,199 | ) | 51 | 180 | 2,946,336 | 630 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 18,194,388 | $ | 129,499,982 | $ | (136,480,220 | ) | $ | (13 | ) | $ | (566 | ) | $ | 11,213,571 | $ | 66,755 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(n) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
(o) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23
|
|
Invesco International Corporate Bond ETF (PICB)
October 31, 2020
Schedule of Investments
Principal | ||||||||||
Amount | Value | |||||||||
Non-U.S. Dollar Denominated Bonds & Notes-98.73%(a) |
| |||||||||
Australia-1.35% | ||||||||||
APT Pipelines Ltd., 3.50%, 03/22/2030(b) | GBP | 200,000 | $ | 295,835 | ||||||
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b) | EUR | 100,000 | 122,339 | |||||||
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042 | GBP | 250,000 | 469,177 | |||||||
Glencore Finance (Europe) Ltd. | ||||||||||
1.88%, 09/13/2023(b) | EUR | 100,000 | 121,800 | |||||||
3.13%, 03/26/2026(b) | GBP | 100,000 | 136,913 | |||||||
National Australia Bank Ltd. | ||||||||||
1.25%, 05/18/2026(b) | EUR | 100,000 | 124,979 | |||||||
1.38%, 08/30/2028(b) | EUR | 100,000 | 128,697 | |||||||
Telstra Corp. Ltd., 2.50%, 09/15/2023 | EUR | 150,000 | 188,428 | |||||||
|
| |||||||||
1,588,168 | ||||||||||
|
| |||||||||
Belgium-2.64% | ||||||||||
Anheuser-Busch InBev S.A./N.V. | ||||||||||
2.70%, 03/31/2026(b) | EUR | 100,000 | 133,815 | |||||||
1.15%, 01/22/2027(b) | EUR | 200,000 | 247,711 | |||||||
1.13%, 07/01/2027(b) | EUR | 200,000 | 247,983 | |||||||
2.13%, 12/02/2027(b) | EUR | 100,000 | 132,161 | |||||||
2.00%, 03/17/2028(b) | EUR | 300,000 | 394,786 | |||||||
2.25%, 05/24/2029(b) | GBP | 200,000 | 279,545 | |||||||
1.50%, 04/18/2030(b) | EUR | 100,000 | 128,783 | |||||||
1.65%, 03/28/2031(b) | EUR | 100,000 | 129,132 | |||||||
2.88%, 04/02/2032(b) | EUR | 200,000 | 286,044 | |||||||
2.75%, 03/17/2036(b) | EUR | 300,000 | 423,325 | |||||||
2.85%, 05/25/2037(b) | GBP | 250,000 | 360,166 | |||||||
3.70%, 04/02/2040(b) | EUR | 150,000 | 233,674 | |||||||
KBC Group N.V., 1.13%, 01/25/2024(b) | EUR | 100,000 | 120,614 | |||||||
|
| |||||||||
3,117,739 | ||||||||||
|
| |||||||||
Canada-15.59% | ||||||||||
Bank of Montreal | ||||||||||
2.89%, 06/20/2023 | CAD | 800,000 | 634,600 | |||||||
2.85%, 03/06/2024 | CAD | 500,000 | 398,189 | |||||||
2.28%, 07/29/2024 | CAD | 500,000 | 392,725 | |||||||
2.37%, 02/03/2025 | CAD | 450,000 | 354,036 | |||||||
3.19%, 03/01/2028 | CAD | 700,000 | 594,755 | |||||||
Bank of Nova Scotia (The) | ||||||||||
2.38%, 05/01/2023 | CAD | 900,000 | 700,742 | |||||||
2.29%, 06/28/2024 | CAD | 650,000 | 514,057 | |||||||
2.49%, 09/23/2024 | CAD | 450,000 | 355,893 | |||||||
2.16%, 02/03/2025 | CAD | 500,000 | 390,929 | |||||||
2.62%, 12/02/2026 | CAD | 400,000 | 327,392 | |||||||
3.10%, 02/02/2028 | CAD | 550,000 | 464,304 | |||||||
Bell Canada, Inc. | ||||||||||
2.70%, 02/27/2024 | CAD | 200,000 | 157,519 | |||||||
3.35%, 03/12/2025 | CAD | 425,000 | 345,855 | |||||||
3.80%, 08/21/2028 | CAD | 300,000 | 254,683 | |||||||
2.50%, 05/14/2030 | CAD | 250,000 | 192,253 | |||||||
3.50%, 09/30/2050 | CAD | 350,000 | 258,326 | |||||||
Canadian Imperial Bank of Commerce | ||||||||||
3.29%, 01/15/2024 | CAD | 400,000 | 321,545 | |||||||
2.35%, 08/28/2024 | CAD | 400,000 | 313,829 | |||||||
2.00%, 04/17/2025 | CAD | 600,000 | 465,807 | |||||||
3.30%, 05/26/2025 | CAD | 550,000 | 457,057 |
Principal | ||||||||||
Amount | Value | |||||||||
Canada-(continued) | ||||||||||
Canadian Natural Resources Ltd., 3.31%, 02/11/2022 | CAD | 300,000 | $ | 231,002 | ||||||
Enbridge, Inc., 2.99%, 10/03/2029 | CAD | 300,000 | 236,216 | |||||||
Federation des Caisses Desjardins du Quebec, 2.42%, 10/04/2024 | CAD | 300,000 | 236,153 | |||||||
HSBC Bank Canada | ||||||||||
2.25%, 09/15/2022 | CAD | 250,000 | 192,853 | |||||||
3.25%, 09/15/2023 | CAD | 400,000 | 319,436 | |||||||
Husky Energy, Inc., 3.50%, 02/07/2028 | CAD | 350,000 | 252,608 | |||||||
National Bank of Canada | ||||||||||
2.98%, 03/04/2024 | CAD | 300,000 | 239,469 | |||||||
2.55%, 07/12/2024 | CAD | 300,000 | 237,221 | |||||||
Ontario Teachers’ Finance Trust, 0.50%, 05/06/2025(b) | EUR | 150,000 | 180,190 | |||||||
Rogers Communications, Inc. | ||||||||||
3.65%, 03/31/2027 | CAD | 400,000 | 333,422 | |||||||
3.25%, 05/01/2029 | CAD | 300,000 | 246,487 | |||||||
Royal Bank of Canada | ||||||||||
3.30%, 09/26/2023 | CAD | 550,000 | 444,558 | |||||||
2.33%, 12/05/2023 | CAD | 400,000 | 314,450 | |||||||
2.35%, 07/02/2024 | CAD | 550,000 | 435,784 | |||||||
0.13%, 07/23/2024(b) | EUR | 100,000 | 117,159 | |||||||
2.61%, 11/01/2024 | CAD | 800,000 | 635,872 | |||||||
1.94%, 05/01/2025 | CAD | 400,000 | 311,051 | |||||||
2.33%, 01/28/2027 | CAD | 650,000 | 515,266 | |||||||
Shaw Communications, Inc., 6.75%, 11/09/2039 | CAD | 400,000 | 416,089 | |||||||
Suncor Energy, Inc., 5.00%, 04/09/2030 | CAD | 400,000 | 347,171 | |||||||
TELUS Corp. | ||||||||||
2.35%, 03/28/2022 | CAD | 300,000 | 229,792 | |||||||
3.35%, 04/01/2024 | CAD | 300,000 | 240,875 | |||||||
Series CY, 3.30%, 05/02/2029 | CAD | 300,000 | 247,380 | |||||||
Thomson Reuters Corp., 2.24%, 05/14/2025 | CAD | 400,000 | 311,042 | |||||||
Toronto-Dominion Bank (The) | ||||||||||
1.91%, 07/18/2023 | CAD | 550,000 | 426,594 | |||||||
2.85%, 03/08/2024 | CAD | 600,000 | 478,677 | |||||||
0.38%, 04/25/2024(b) | EUR | 100,000 | 117,995 | |||||||
3.23%, 07/24/2024 | CAD | 600,000 | 490,305 | |||||||
2.50%, 12/02/2024 | CAD | 500,000 | 396,213 | |||||||
1.94%, 03/13/2025 | CAD | 500,000 | 388,720 | |||||||
TransCanada PipeLines Ltd. | ||||||||||
3.80%, 04/05/2027 | CAD | 550,000 | 455,489 | |||||||
4.18%, 07/03/2048(b) | CAD | 300,000 | 233,261 | |||||||
4.34%, 10/15/2049 | CAD | 300,000 | 243,514 | |||||||
|
| |||||||||
18,396,810 | ||||||||||
|
| |||||||||
Denmark-0.89% | ||||||||||
Carlsberg Breweries A/S, 2.50%, 05/28/2024(b) | EUR | 100,000 | 126,655 | |||||||
Danske Bank A/S, 0.88%, 05/22/2023(b) | EUR | 200,000 | 236,661 | |||||||
Orsted A/S | ||||||||||
4.88%, 01/12/2032(b) | GBP | 200,000 | 358,536 | |||||||
5.75%, 04/09/2040(b) | GBP | 150,000 | 327,083 | |||||||
|
| |||||||||
1,048,935 | ||||||||||
|
| |||||||||
Finland-0.36% | ||||||||||
Fortum OYJ, 2.25%, 09/06/2022(b) | EUR | 150,000 | 182,464 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
Finland-(continued) | ||||||||||
Nordea Bank Abp, 0.50%, 05/14/2027(b) | EUR | 100,000 | $ | 120,484 | ||||||
OP Corporate Bank plc, 0.50%, 08/12/2025(b) | EUR | 100,000 | 119,600 | |||||||
|
| |||||||||
422,548 | ||||||||||
|
| |||||||||
France-17.98% | ||||||||||
Action Logement Services, 0.50%, 10/30/2034(b) | EUR | 100,000 | 122,629 | |||||||
Aeroports de Paris, 2.75%, 04/02/2030(b) | EUR | 200,000 | 269,154 | |||||||
Airbus Finance B.V., 2.38%, | EUR | 100,000 | 125,134 | |||||||
Airbus SE | ||||||||||
1.38%, 06/09/2026(b) | EUR | 100,000 | 123,045 | |||||||
1.63%, 06/09/2030(b) | EUR | 100,000 | 122,570 | |||||||
2.38%, 04/07/2032(b) | EUR | 100,000 | 129,544 | |||||||
2.38%, 06/09/2040(b) | EUR | 100,000 | 121,705 | |||||||
Auchan Holding S.A. | ||||||||||
2.63%, 01/30/2024(b) | EUR | 100,000 | 124,126 | |||||||
2.38%, 04/25/2025(b) | EUR | 100,000 | 124,882 | |||||||
2.88%, 01/29/2026(b) | EUR | 100,000 | 127,433 | |||||||
Autoroutes du Sud de la France S.A. | ||||||||||
1.25%, 01/18/2027(b) | EUR | 200,000 | 252,715 | |||||||
1.38%, 01/22/2030(b) | EUR | 100,000 | 130,926 | |||||||
1.38%, 02/21/2031(b) | EUR | 100,000 | 130,659 | |||||||
Banque Federative du Credit Mutuel S.A. | ||||||||||
3.00%, 05/21/2024(b) | EUR | 200,000 | 255,049 | |||||||
1.25%, 01/14/2025(b) | EUR | 300,000 | 369,473 | |||||||
3.00%, 09/11/2025(b) | EUR | 100,000 | 130,369 | |||||||
2.38%, 03/24/2026(b) | EUR | 100,000 | 126,621 | |||||||
0.75%, 06/08/2026(b) | EUR | 100,000 | 121,557 | |||||||
1.25%, 05/26/2027(b) | EUR | 200,000 | 252,411 | |||||||
1.75%, 03/15/2029(b) | EUR | 100,000 | 129,267 | |||||||
1.88%, 06/18/2029(b) | EUR | 100,000 | 124,919 | |||||||
0.75%, 01/17/2030(b) | EUR | 100,000 | 117,983 | |||||||
1.25%, 06/03/2030(b) | EUR | 100,000 | 122,746 | |||||||
BNP Paribas S.A. | ||||||||||
1.13%, 10/10/2023(b) | EUR | 100,000 | 120,150 | |||||||
2.38%, 02/17/2025(b) | EUR | 100,000 | 124,562 | |||||||
1.50%, 11/17/2025(b) | EUR | 100,000 | 123,452 | |||||||
3.38%, 01/23/2026(b) | GBP | 300,000 | 428,306 | |||||||
1.13%, 06/11/2026(b) | EUR | 100,000 | 121,349 | |||||||
0.13%, 09/04/2026(b) | EUR | 100,000 | 114,437 | |||||||
1.88%, 12/14/2027(b) | GBP | 300,000 | 398,600 | |||||||
1.50%, 05/25/2028(b) | EUR | 100,000 | 129,702 | |||||||
1.38%, 05/28/2029(b) | EUR | 100,000 | 124,460 | |||||||
1.63%, 07/02/2031(b) | EUR | 100,000 | 118,930 | |||||||
Bouygues S.A., 1.13%, 07/24/2028(b) | EUR | 100,000 | 125,672 | |||||||
BPCE S.A. | ||||||||||
1.13%, 01/18/2023(b) | EUR | 100,000 | 119,381 | |||||||
4.63%, 07/18/2023(b) | EUR | 100,000 | 129,962 | |||||||
0.88%, 01/31/2024(b) | EUR | 200,000 | 238,612 | |||||||
1.00%, 07/15/2024(b) | EUR | 100,000 | 121,502 | |||||||
0.63%, 09/26/2024(b) | EUR | 200,000 | 236,660 | |||||||
0.63%, 04/28/2025(b) | EUR | 100,000 | 119,920 | |||||||
0.25%, 01/15/2026(b) | EUR | 200,000 | 235,895 | |||||||
1.00%, 10/05/2028(b) | EUR | 100,000 | 125,152 | |||||||
5.25%, 04/16/2029(b) | GBP | 200,000 | 325,763 |
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
Capgemini SE | ||||||||||
2.50%, 07/01/2023(b) | EUR | 100,000 | $ | 124,043 | ||||||
2.00%, 04/15/2029(b) | EUR | 100,000 | 131,319 | |||||||
2.38%, 04/15/2032(b) | EUR | 100,000 | 136,680 | |||||||
Carrefour S.A., 2.63%, 12/15/2027(b) | EUR | 100,000 | 134,728 | |||||||
Cie de Saint-Gobain, 1.88%, | EUR | 100,000 | 133,030 | |||||||
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030(b) | EUR | 100,000 | 135,430 | |||||||
CNP Assurances, 1.88%, 10/20/2022(b) | EUR | 100,000 | 120,123 | |||||||
Coentreprise de Transport d’Electricite S.A. | ||||||||||
1.50%, 07/29/2028(b) | EUR | 200,000 | 255,163 | |||||||
2.13%, 07/29/2032(b) | EUR | 100,000 | 136,972 | |||||||
Credit Agricole Assurances S.A., 2.00%, 07/17/2030(b) | EUR | 100,000 | 118,569 | |||||||
Credit Agricole S.A. | ||||||||||
1.38%, 03/13/2025(b) | EUR | 100,000 | 122,292 | |||||||
2.70%, 07/15/2025 | EUR | 100,000 | 125,213 | |||||||
0.38%, 10/21/2025(b) | EUR | 100,000 | 117,343 | |||||||
3.13%, 02/05/2026(b) | EUR | 200,000 | 272,907 | |||||||
1.25%, 04/14/2026(b) | EUR | 200,000 | 249,482 | |||||||
0.14%, 10/09/2026(b) | EUR | 100,000 | 117,559 | |||||||
1.88%, 12/20/2026(b) | EUR | 200,000 | 253,937 | |||||||
2.63%, 03/17/2027(b) | EUR | 300,000 | 385,938 | |||||||
1.38%, 05/03/2027(b) | EUR | 100,000 | 126,847 | |||||||
1.75%, 03/05/2029(b) | EUR | 200,000 | 256,392 | |||||||
0.88%, 01/14/2032(b) | EUR | 200,000 | 237,753 | |||||||
Danone S.A., 1.21%, 11/03/2028(b) | EUR | 200,000 | 257,590 | |||||||
Dassault Systemes SE, 0.38%, 09/16/2029(b) | EUR | 200,000 | 241,182 | |||||||
ENGIE S.A. | ||||||||||
2.38%, 05/19/2026(b) | EUR | 200,000 | 265,709 | |||||||
7.00%, 10/30/2028 | GBP | 100,000 | 188,923 | |||||||
5.00%, 10/01/2060(b) | GBP | 300,000 | 726,497 | |||||||
EssilorLuxottica S.A. | ||||||||||
0.38%, 01/05/2026(b) | EUR | 100,000 | 119,548 | |||||||
0.38%, 11/27/2027(b) | EUR | 200,000 | 239,407 | |||||||
0.50%, 06/05/2028(b) | EUR | 100,000 | 120,318 | |||||||
0.75%, 11/27/2031(b) | EUR | 200,000 | 244,034 | |||||||
HSBC France S.A. | ||||||||||
0.60%, 03/20/2023(b) | EUR | 200,000 | 236,994 | |||||||
0.25%, 05/17/2024(b) | EUR | 100,000 | 117,587 | |||||||
0.10%, 09/03/2027(b) | EUR | 100,000 | 116,180 | |||||||
LVMH Moet Hennessy Louis Vuitton SE | ||||||||||
1.13%, 02/11/2027(b) | GBP | 300,000 | 392,042 | |||||||
0.13%, 02/11/2028(b) | EUR | 200,000 | 235,869 | |||||||
0.38%, 02/11/2031(b) | EUR | 200,000 | 237,268 | |||||||
Orange S.A. | ||||||||||
1.38%, 03/20/2028(b) | EUR | 100,000 | 127,856 | |||||||
8.13%, 11/20/2028(b) | GBP | 200,000 | 394,879 | |||||||
2.00%, 01/15/2029(b) | EUR | 100,000 | 134,492 | |||||||
1.38%, 01/16/2030(b) | EUR | 100,000 | 129,883 | |||||||
1.88%, 09/12/2030(b) | EUR | 100,000 | 135,283 | |||||||
3.25%, 01/15/2032(b) | GBP | 200,000 | 302,716 | |||||||
0.50%, 09/04/2032(b) | EUR | 100,000 | 117,890 | |||||||
8.13%, 01/28/2033 | EUR | 100,000 | 219,639 | |||||||
5.63%, 01/23/2034 | GBP | 150,000 | 284,434 | |||||||
5.38%, 11/22/2050(b) | GBP | 200,000 | 437,947 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
France-(continued) | ||||||||||
Pernod Ricard S.A., 1.75%, | EUR | 200,000 | $ | 263,701 | ||||||
Peugeot S.A., 2.75%, 05/15/2026(b) | EUR | 100,000 | 126,367 | |||||||
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025(b) | EUR | 100,000 | 126,760 | |||||||
Sanofi | ||||||||||
1.50%, 04/01/2030(b) | EUR | 100,000 | 133,298 | |||||||
Series 12 FX, 1.38%, 03/21/2030(b) | EUR | 200,000 | 264,386 | |||||||
Series 20FX, 1.88%, 03/21/2038(b) | EUR | 100,000 | 148,658 | |||||||
Societe Generale S.A. | ||||||||||
1.00%, 04/01/2022(b) | EUR | 100,000 | 118,177 | |||||||
0.75%, 05/26/2023(b) | EUR | 100,000 | 119,323 | |||||||
1.25%, 02/15/2024(b) | EUR | 200,000 | 239,690 | |||||||
1.13%, 01/23/2025(b) | EUR | 100,000 | 119,929 | |||||||
2.63%, 02/27/2025(b) | EUR | 100,000 | 124,873 | |||||||
0.13%, 02/24/2026(b) | EUR | 100,000 | 117,360 | |||||||
0.75%, 01/25/2027(b) | EUR | 200,000 | 233,521 | |||||||
2.13%, 09/27/2028(b) | EUR | 100,000 | 128,044 | |||||||
1.75%, 03/22/2029(b) | EUR | 100,000 | 124,715 | |||||||
1.25%, 06/12/2030(b) | EUR | 200,000 | 236,783 | |||||||
Total Capital Canada Ltd., 2.13%, 09/18/2029(b) | EUR | 200,000 | 274,929 | |||||||
Total Capital International S.A. | ||||||||||
1.49%, 04/08/2027(b) | EUR | 100,000 | 127,492 | |||||||
0.75%, 07/12/2028(b) | EUR | 200,000 | 246,293 | |||||||
1.38%, 10/04/2029(b) | EUR | 100,000 | 129,988 | |||||||
1.99%, 04/08/2032(b) | EUR | 200,000 | 274,440 | |||||||
Veolia Environnement S.A., 6.13%, 10/29/2037 | GBP | 150,000 | 321,853 | |||||||
Vinci S.A., 1.75%, 09/26/2030(b) | EUR | 100,000 | 135,114 | |||||||
Westfield America Management Ltd., 2.63%, 03/30/2029(b) | GBP | 100,000 | 130,922 | |||||||
|
| |||||||||
21,219,887 | ||||||||||
|
| |||||||||
Germany-13.82% | ||||||||||
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b) | GBP | 200,000 | 406,444 | |||||||
BASF SE, 0.25%, 06/05/2027(b) | EUR | 100,000 | 119,014 | |||||||
Bayer AG | ||||||||||
0.38%, 07/06/2024(b) | EUR | 200,000 | 236,100 | |||||||
0.75%, 01/06/2027(b) | EUR | 200,000 | 237,719 | |||||||
1.13%, 01/06/2030(b) | EUR | 200,000 | 239,313 | |||||||
1.38%, 07/06/2032(b) | EUR | 100,000 | 121,186 | |||||||
Bayer Capital Corp. B.V. | ||||||||||
1.50%, 06/26/2026(b) | EUR | 200,000 | 248,482 | |||||||
2.13%, 12/15/2029(b) | EUR | 100,000 | 130,860 | |||||||
BMW Finance N.V. | ||||||||||
0.38%, 07/10/2023(b) | EUR | 200,000 | 236,683 | |||||||
1.00%, 11/14/2024(b) | EUR | 100,000 | 121,893 | |||||||
1.50%, 02/06/2029(b) | EUR | 150,000 | 193,622 | |||||||
Commerzbank AG | ||||||||||
0.50%, 08/28/2023(b) | EUR | 200,000 | 236,886 | |||||||
0.50%, 09/13/2023(b) | EUR | 100,000 | 117,798 | |||||||
0.63%, 08/28/2024(b) | EUR | 100,000 | 119,185 | |||||||
0.50%, 12/04/2026(b) | EUR | 100,000 | 117,818 | |||||||
Daimler AG | ||||||||||
1.40%, 01/12/2024(b) | EUR | 100,000 | 121,621 | |||||||
0.85%, 02/28/2025(b) | EUR | 200,000 | 240,359 | |||||||
2.63%, 04/07/2025(b) | EUR | 200,000 | 258,112 |
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
1.50%, 03/09/2026(b) | EUR | 100,000 | $ | 124,714 | ||||||
1.38%, 05/11/2028(b) | EUR | 100,000 | 125,290 | |||||||
1.50%, 07/03/2029(b) | EUR | 200,000 | 254,975 | |||||||
0.75%, 09/10/2030(b) | EUR | 100,000 | 118,488 | |||||||
1.13%, 11/06/2031(b) | EUR | 100,000 | 120,938 | |||||||
2.13%, 07/03/2037(b) | EUR | 100,000 | 139,776 | |||||||
Daimler International Finance B.V. | ||||||||||
0.63%, 02/27/2023(b) | EUR | 150,000 | 177,832 | |||||||
2.00%, 09/04/2023(b) | GBP | 200,000 | 266,864 | |||||||
0.25%, 11/06/2023(b) | EUR | 200,000 | 234,361 | |||||||
0.88%, 04/09/2024(b) | EUR | 100,000 | 119,606 | |||||||
1.00%, 11/11/2025(b) | EUR | 200,000 | 242,548 | |||||||
1.38%, 06/26/2026(b) | EUR | 100,000 | 123,891 | |||||||
0.63%, 05/06/2027(b) | EUR | 125,000 | 147,996 | |||||||
Deutsche Bahn Finance GmbH | ||||||||||
1.00%, 12/17/2027 | EUR | 100,000 | 126,174 | |||||||
1.13%, 12/18/2028(b) | EUR | 100,000 | 128,617 | |||||||
Deutsche Bank AG | ||||||||||
1.50%, 01/20/2022(b) | EUR | 100,000 | 118,045 | |||||||
2.38%, 01/11/2023(b) | EUR | 100,000 | 121,228 | |||||||
1.13%, 08/30/2023(b) | EUR | 100,000 | 120,399 | |||||||
3.88%, 02/12/2024(b) | GBP | 200,000 | 275,776 | |||||||
2.63%, 12/16/2024(b) | GBP | 200,000 | 265,405 | |||||||
1.63%, 01/20/2027(b) | EUR | 200,000 | 236,010 | |||||||
Deutsche Telekom AG | ||||||||||
0.50%, 07/05/2027(b) | EUR | 100,000 | 120,775 | |||||||
1.75%, 03/25/2031(b) | EUR | 100,000 | 133,284 | |||||||
Deutsche Telekom International Finance B.V. | ||||||||||
1.38%, 12/01/2025(b) | EUR | 100,000 | 125,683 | |||||||
1.38%, 01/30/2027(b) | EUR | 100,000 | 127,004 | |||||||
1.50%, 04/03/2028(b) | EUR | 200,000 | 257,185 | |||||||
2.00%, 12/01/2029(b) | EUR | 100,000 | 135,998 | |||||||
E.ON International Finance B.V. | ||||||||||
6.38%, 06/07/2032 | GBP | 300,000 | 580,800 | |||||||
5.88%, 10/30/2037(b) | GBP | 250,000 | 506,574 | |||||||
6.75%, 01/27/2039(b) | GBP | 200,000 | 447,438 | |||||||
E.ON SE, 0.38%, 09/29/2027(b) | EUR | 200,000 | 238,889 | |||||||
HeidelbergCement AG, 1.50%, 02/07/2025(b) | EUR | 100,000 | 122,608 | |||||||
HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b) | EUR | 100,000 | 124,269 | |||||||
innogy Finance B.V. | ||||||||||
6.25%, 06/03/2030(b) | GBP | 200,000 | 366,766 | |||||||
4.75%, 01/31/2034(b) | GBP | 200,000 | 348,558 | |||||||
6.13%, 07/06/2039(b) | GBP | 300,000 | 637,165 | |||||||
Landesbank Baden-Wuerttemberg | ||||||||||
0.50%, 06/07/2022(b) | EUR | 100,000 | 117,462 | |||||||
0.38%, 02/18/2027(b) | EUR | 100,000 | 117,463 | |||||||
Landesbank Hessen-Thueringen Girozentrale, 0.38%, 05/12/2025(b) | EUR | 200,000 | 238,447 | |||||||
SAP SE | ||||||||||
1.75%, 02/22/2027(b) | EUR | 100,000 | 129,757 | |||||||
1.25%, 03/10/2028(b) | EUR | 100,000 | 127,556 | |||||||
1.63%, 03/10/2031(b) | EUR | 100,000 | 134,236 | |||||||
Siemens Financieringsmaatschappij N.V. | ||||||||||
2.88%, 03/10/2028(b) | EUR | 200,000 | 285,471 | |||||||
0.25%, 02/20/2029(b) | EUR | 100,000 | 119,432 | |||||||
0.13%, 09/05/2029(b) | EUR | 200,000 | 237,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
Germany-(continued) | ||||||||||
0.50%, 09/05/2034(b) | EUR | 100,000 | $ | 119,973 | ||||||
3.75%, 09/10/2042(b) | GBP | 200,000 | 377,550 | |||||||
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b) | EUR | 100,000 | 121,757 | |||||||
Volkswagen Financial Services N.V. | ||||||||||
1.13%, 09/18/2023(b) | GBP | 200,000 | 258,924 | |||||||
4.13%, 11/16/2038(b) | EUR | 100,000 | 161,800 | |||||||
Volkswagen International Finance N.V. | ||||||||||
0.88%, 01/16/2023(b) | EUR | 200,000 | 237,514 | |||||||
1.13%, 10/02/2023(b) | EUR | 200,000 | 240,443 | |||||||
1.88%, 03/30/2027(b) | EUR | 200,000 | 253,755 | |||||||
0.88%, 09/22/2028(b) | EUR | 100,000 | 118,554 | |||||||
1.63%, 01/16/2030(b) | EUR | 75,000 | 94,365 | |||||||
3.25%, 11/18/2030(b) | EUR | 100,000 | 142,979 | |||||||
Volkswagen Leasing GmbH | ||||||||||
0.50%, 06/20/2022(b) | EUR | 100,000 | 117,534 | |||||||
2.38%, 09/06/2022(b) | EUR | 100,000 | 121,689 | |||||||
2.63%, 01/15/2024(b) | EUR | 100,000 | 125,432 | |||||||
1.13%, 04/04/2024(b) | EUR | 100,000 | 119,751 | |||||||
1.38%, 01/20/2025(b) | EUR | 100,000 | 121,521 | |||||||
Vonovia Finance B.V. | ||||||||||
2.25%, 12/15/2023(b) | EUR | 100,000 | 125,326 | |||||||
1.25%, 12/06/2024(b) | EUR | 100,000 | 122,953 | |||||||
Wintershall Dea Finance B.V. | ||||||||||
0.84%, 09/25/2025(b) | EUR | 200,000 | 231,678 | |||||||
1.82%, 09/25/2031(b) | EUR | 200,000 | 227,786 | |||||||
|
| |||||||||
16,313,256 | ||||||||||
|
| |||||||||
Italy-4.68% | ||||||||||
AMCO - Asset Management Co. S.p.A., 1.50%, 07/17/2023(b) | EUR | 100,000 | 120,146 | |||||||
Assicurazioni Generali S.p.A. | ||||||||||
5.13%, 09/16/2024(b) | EUR | 200,000 | 280,623 | |||||||
4.13%, 05/04/2026(b) | EUR | 100,000 | 133,432 | |||||||
Enel Finance International N.V. | ||||||||||
1.00%, 09/16/2024(b) | EUR | 100,000 | 121,636 | |||||||
1.97%, 01/27/2025(b) | EUR | 200,000 | 252,875 | |||||||
1.50%, 07/21/2025(b) | EUR | 100,000 | 124,845 | |||||||
1.38%, 06/01/2026(b) | EUR | 150,000 | 187,984 | |||||||
1.13%, 09/16/2026(b) | EUR | 150,000 | 186,679 | |||||||
0.38%, 06/17/2027(b) | EUR | 100,000 | 118,439 | |||||||
1.00%, 10/20/2027(b) | GBP | 125,000 | 161,395 | |||||||
5.75%, 09/14/2040(b) | GBP | 400,000 | 798,671 | |||||||
Enel S.p.A., 5.75%, 06/22/2037(b) | GBP | 150,000 | 292,319 | |||||||
Eni S.p.A. | ||||||||||
3.75%, 09/12/2025(b) | EUR | 100,000 | 138,078 | |||||||
1.50%, 02/02/2026(b) | EUR | 150,000 | 188,035 | |||||||
3.63%, 01/29/2029(b) | EUR | 100,000 | 148,143 | |||||||
0.63%, 01/23/2030(b) | EUR | 100,000 | 119,343 | |||||||
2.00%, 05/18/2031(b) | EUR | 150,000 | 201,657 | |||||||
Intesa Sanpaolo S.p.A. | ||||||||||
1.13%, 03/04/2022(b) | EUR | 200,000 | 236,638 | |||||||
4.00%, 10/30/2023(b) | EUR | 100,000 | 129,350 | |||||||
1.38%, 01/18/2024(b) | EUR | 100,000 | 120,159 | |||||||
1.00%, 07/04/2024(b) | EUR | 150,000 | 178,509 | |||||||
1.00%, 11/19/2026(b) | EUR | 200,000 | 237,182 | |||||||
1.75%, 03/20/2028(b) | EUR | 150,000 | 184,942 | |||||||
1.75%, 07/04/2029(b) | EUR | 100,000 | 123,727 | |||||||
Snam S.p.A., 0.88%, 10/25/2026(b) | EUR | 100,000 | 122,952 |
Principal | ||||||||||
Amount | Value | |||||||||
Italy-(continued) | ||||||||||
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027(b) | EUR | 100,000 | $ | 127,770 | ||||||
UniCredit S.p.A. | ||||||||||
2.00%, 03/04/2023(b) | EUR | 100,000 | 121,832 | |||||||
0.50%, 04/09/2025(b) | EUR | 100,000 | 116,083 | |||||||
2.13%, 10/24/2026(b) | EUR | 200,000 | 252,303 | |||||||
|
| |||||||||
5,525,747 | ||||||||||
|
| |||||||||
Japan-0.86% | ||||||||||
Sumitomo Mitsui Financial Group, Inc., 1.55%, 06/15/2026(b) | EUR | 200,000 | 251,070 | |||||||
Takeda Pharmaceutical Co. Ltd. | ||||||||||
1.13%, 11/21/2022(b) | EUR | 200,000 | 238,750 | |||||||
2.25%, 11/21/2026(b) | EUR | 100,000 | 130,621 | |||||||
3.00%, 11/21/2030(b) | EUR | 100,000 | 141,910 | |||||||
1.38%, 07/09/2032 | EUR | 100,000 | 123,129 | |||||||
2.00%, 07/09/2040 | EUR | 100,000 | 127,038 | |||||||
|
| |||||||||
1,012,518 | ||||||||||
|
| |||||||||
Luxembourg-0.20% | ||||||||||
Logicor Financing S.a r.l., 1.50%, 11/14/2022(b) | EUR | 100,000 | 119,435 | |||||||
Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b) | EUR | 100,000 | 120,846 | |||||||
|
| |||||||||
240,281 | ||||||||||
|
| |||||||||
Netherlands-4.84% | ||||||||||
ABN AMRO Bank N.V. | ||||||||||
7.13%, 07/06/2022(b) | EUR | 200,000 | 260,048 | |||||||
0.60%, 01/15/2027(b) | EUR | 200,000 | 237,050 | |||||||
Cooperatieve Rabobank U.A. | ||||||||||
1.63%, 01/20/2022 | NOK1,000,000 |
| 105,983 | |||||||
4.13%, 09/14/2022(b) | EUR | 100,000 | 125,459 | |||||||
3.88%, 07/25/2023(b) | EUR | 100,000 | 128,326 | |||||||
0.75%, 08/29/2023(b) | EUR | 100,000 | 119,215 | |||||||
0.63%, 02/27/2024(b) | EUR | 100,000 | 118,948 | |||||||
1.25%, 03/23/2026(b) | EUR | 150,000 | 186,954 | |||||||
1.38%, 02/03/2027(b) | EUR | 100,000 | 126,974 | |||||||
5.25%, 09/14/2027(b) | GBP | 150,000 | 240,774 | |||||||
4.63%, 05/23/2029(b) | GBP | 300,000 | 472,121 | |||||||
1.13%, 05/07/2031(b) | EUR | 100,000 | 125,889 | |||||||
ING Groep N.V. | ||||||||||
1.00%, 09/20/2023(b) | EUR | 100,000 | 120,068 | |||||||
1.13%, 02/14/2025(b) | EUR | 100,000 | 121,575 | |||||||
2.13%, 01/10/2026(b) | EUR | 100,000 | 128,396 | |||||||
3.00%, 02/18/2026(b) | GBP | 300,000 | 423,646 | |||||||
1.38%, 01/11/2028(b) | EUR | 100,000 | 126,537 | |||||||
2.00%, 09/20/2028(b) | EUR | 200,000 | 264,915 | |||||||
2.50%, 11/15/2030(b) | EUR | 200,000 | 285,046 | |||||||
Koninklijke KPN N.V., 5.75%, 09/17/2029(b) | GBP | 200,000 | 314,835 | |||||||
LeasePlan Corp. N.V., 0.13%, 09/13/2023 | EUR | 100,000 | 115,072 | |||||||
Shell International Finance B.V. | ||||||||||
1.63%, 01/20/2027(b) | EUR | 150,000 | 192,726 | |||||||
0.13%, 11/08/2027(b) | EUR | 100,000 | 117,439 | |||||||
1.50%, 04/07/2028(b) | EUR | 100,000 | 128,798 | |||||||
1.25%, 05/12/2028(b) | EUR | 100,000 | 126,740 | |||||||
0.75%, 08/15/2028(b) | EUR | 150,000 | 183,626 | |||||||
1.00%, 12/10/2030(b) | GBP | 150,000 | 191,171 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
Netherlands-(continued) | ||||||||||
0.50%, 11/08/2031(b) | EUR | 100,000 | $ | 117,108 | ||||||
1.88%, 04/07/2032(b) | EUR | 200,000 | 268,630 | |||||||
1.25%, 11/11/2032(b) | EUR | 100,000 | 126,500 | |||||||
0.88%, 11/08/2039(b) | EUR | 100,000 | 115,296 | |||||||
|
| |||||||||
5,715,865 | ||||||||||
|
| |||||||||
Norway-1.05% | ||||||||||
Equinor ASA | ||||||||||
1.25%, 02/17/2027(b) | EUR | 150,000 | 188,736 | |||||||
6.88%, 03/11/2031(b) | GBP | 200,000 | 401,317 | |||||||
1.63%, 02/17/2035(b) | EUR | 200,000 | 270,663 | |||||||
Telenor ASA | ||||||||||
0.75%, 05/31/2026(b) | EUR | 100,000 | 121,875 | |||||||
1.13%, 05/31/2029(b) | EUR | 200,000 | 252,585 | |||||||
|
| |||||||||
1,235,176 | ||||||||||
|
| |||||||||
Portugal-0.10% | ||||||||||
EDP Finance B.V., 1.13%, 02/12/2024(b) | EUR | 100,000 | 121,297 | |||||||
|
| |||||||||
Singapore-0.18% | ||||||||||
Temasek Financial I Ltd., 5.13%, 07/26/2040(b) | GBP | 100,000 | 217,256 | |||||||
|
| |||||||||
Spain-6.20% | ||||||||||
Abertis Infraestructuras S.A. | ||||||||||
1.38%, 05/20/2026(b) | EUR | 100,000 | 118,988 | |||||||
2.38%, 09/27/2027(b) | EUR | 100,000 | 124,114 | |||||||
3.00%, 03/27/2031(b) | EUR | 100,000 | 127,884 | |||||||
Banco Bilbao Vizcaya Argentaria S.A. | ||||||||||
1.13%, 02/28/2024(b) | EUR | 100,000 | 118,986 | |||||||
0.38%, 10/02/2024(b) | EUR | 100,000 | 115,915 | |||||||
1.38%, 05/14/2025(b) | EUR | 100,000 | 122,188 | |||||||
0.75%, 06/04/2025(b) | EUR | 100,000 | 120,423 | |||||||
1.00%, 06/21/2026(b) | EUR | 100,000 | 119,373 | |||||||
0.50%, 01/14/2027(b) | EUR | 100,000 | 114,300 | |||||||
3.50%, 02/10/2027(b) | EUR | 200,000 | 260,133 | |||||||
Banco de Sabadell S.A. | ||||||||||
0.88%, 03/05/2023(b) | EUR | 100,000 | 117,751 | |||||||
0.88%, 07/22/2025(b) | EUR | 100,000 | 115,870 | |||||||
Banco Santander S.A. | ||||||||||
1.38%, 07/31/2024(b) | GBP | 200,000 | 261,801 | |||||||
1.13%, 01/17/2025(b) | EUR | 200,000 | 240,660 | |||||||
2.50%, 03/18/2025(b) | EUR | 200,000 | 247,674 | |||||||
1.38%, 01/05/2026(b) | EUR | 200,000 | 243,273 | |||||||
3.25%, 04/04/2026(b) | EUR | 200,000 | 258,643 | |||||||
3.13%, 01/19/2027(b) | EUR | 100,000 | 129,526 | |||||||
0.50%, 02/04/2027(b) | EUR | 200,000 | 231,659 | |||||||
1.75%, 02/17/2027(b) | GBP | 200,000 | 258,506 | |||||||
1.13%, 06/23/2027(b) | EUR | 100,000 | 120,484 | |||||||
2.13%, 02/08/2028(b) | EUR | 200,000 | 245,693 | |||||||
CaixaBank S.A. | ||||||||||
1.13%, 01/12/2023(b) | EUR | 200,000 | 237,560 | |||||||
2.38%, 02/01/2024(b) | EUR | 100,000 | 123,398 | |||||||
1.13%, 05/17/2024(b) | EUR | 100,000 | 120,564 | |||||||
0.63%, 10/01/2024(b) | EUR | 100,000 | 116,289 | |||||||
0.38%, 02/03/2025(b) | EUR | 100,000 | 117,156 | |||||||
1.13%, 03/27/2026(b) | EUR | 100,000 | 121,376 | |||||||
1.38%, 06/19/2026(b) | EUR | 200,000 | 239,851 | |||||||
Iberdrola Finanzas S.A., 1.00%, 03/07/2025(b) | EUR | 100,000 | 122,251 |
Principal | ||||||||||
Amount | Value | |||||||||
Spain-(continued) | ||||||||||
Iberdrola International, B.V., 1.13%, 04/21/2026(b) | EUR | 100,000 | $ | 124,479 | ||||||
Mapfre S.A., 1.63%, 05/19/2026(b) | EUR | 100,000 | 127,152 | |||||||
Naturgy Finance B.V. | ||||||||||
1.25%, 01/15/2026(b) | EUR | 100,000 | 123,717 | |||||||
1.38%, 01/19/2027(b) | EUR | 100,000 | 125,234 | |||||||
Santander Consumer Finance S.A. | ||||||||||
0.88%, 01/24/2022(b) | EUR | 200,000 | 236,010 | |||||||
0.38%, 06/27/2024(b) | EUR | 100,000 | 117,505 | |||||||
Telefonica Emisiones S.A. | ||||||||||
1.53%, 01/17/2025(b) | EUR | 100,000 | 124,290 | |||||||
5.38%, 02/02/2026(b) | GBP | 200,000 | 313,210 | |||||||
1.46%, 04/13/2026(b) | EUR | 200,000 | 250,679 | |||||||
1.20%, 08/21/2027(b) | EUR | 200,000 | 247,575 | |||||||
1.72%, 01/12/2028(b) | EUR | 300,000 | 386,149 | |||||||
1.79%, 03/12/2029(b) | EUR | 100,000 | 129,922 | |||||||
|
| |||||||||
7,318,211 | ||||||||||
|
| |||||||||
Sweden-1.32% | ||||||||||
Skandinaviska Enskilda Banken AB | ||||||||||
0.38%, 02/11/2027(b) | EUR | 200,000 | 235,810 | |||||||
0.63%, 11/12/2029(b) | EUR | 200,000 | 239,783 | |||||||
Svenska Handelsbanken AB, 0.50%, 02/18/2030(b) | EUR | 200,000 | 236,885 | |||||||
Swedbank AB, 0.75%, 05/05/2025(b) | EUR | 100,000 | 120,660 | |||||||
Telia Co. AB, 3.63%, 11/08/2023(b) | SEK2,000,000 |
| 246,451 | |||||||
Vattenfall AB, 6.88%, 04/15/2039(b) | GBP | 200,000 | 471,642 | |||||||
|
| |||||||||
1,551,231 | ||||||||||
|
| |||||||||
Switzerland-2.09% | ||||||||||
Credit Suisse AG, 1.50%, 04/10/2026(b) | EUR | 150,000 | 189,912 | |||||||
Credit Suisse Group AG | ||||||||||
1.00%, 04/14/2023(b) | CHF | 250,000 | 279,240 | |||||||
2.75%, 08/08/2025(b) | GBP | 150,000 | 208,346 | |||||||
0.65%, 09/10/2029(b) | EUR | 100,000 | 116,606 | |||||||
Credit Suisse Group Funding Guernsey Ltd., 1.25%, 04/14/2022(b) | EUR | 250,000 | 296,996 | |||||||
Holcim Finance (Luxembourg) S.A., 2.25%, 05/26/2028(b) | EUR | 100,000 | 132,142 | |||||||
Nestle Finance International Ltd., 0.38%, 05/12/2032(b) | EUR | 300,000 | 361,699 | |||||||
Richemont International Holding S.A. | ||||||||||
1.50%, 03/26/2030(b) | EUR | 100,000 | 131,390 | |||||||
2.00%, 03/26/2038(b) | EUR | 100,000 | 141,566 | |||||||
UBS Group AG | ||||||||||
1.75%, 11/16/2022(b) | EUR | 200,000 | 242,064 | |||||||
1.50%, 11/30/2024(b) | EUR | 100,000 | 121,491 | |||||||
1.25%, 09/01/2026(b) | EUR | 200,000 | 246,380 | |||||||
|
| |||||||||
2,467,832 | ||||||||||
|
| |||||||||
United Kingdom-23.63% | ||||||||||
ABP Finance PLC, 6.25%, | GBP | 100,000 | 154,635 | |||||||
Annington Funding PLC | ||||||||||
2.65%, 07/12/2025(b) | GBP | 200,000 | 276,705 | |||||||
3.18%, 07/12/2029(b) | GBP | 150,000 | 215,395 | |||||||
3.69%, 07/12/2034(b) | GBP | 200,000 | 302,945 | |||||||
3.94%, 07/12/2047(b) | GBP | 100,000 | 161,254 | |||||||
Barclays Bank PLC, 6.63%, | EUR | 100,000 | 126,736 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
Barclays PLC | ||||||||||
1.50%, 04/01/2022(b) | EUR | 75,000 | $ | 89,124 | ||||||
1.88%, 12/08/2023(b) | EUR | 100,000 | 122,192 | |||||||
3.13%, 01/17/2024(b) | GBP | 350,000 | 476,074 | |||||||
3.00%, 05/08/2026(b) | GBP | 200,000 | 273,986 | |||||||
3.25%, 02/12/2027(b) | GBP | 400,000 | 557,490 | |||||||
BAT International Finance PLC | ||||||||||
7.25%, 03/12/2024 | GBP | 200,000 | 312,113 | |||||||
4.00%, 09/04/2026(b) | GBP | 150,000 | 220,337 | |||||||
2.25%, 06/26/2028(b) | GBP | 100,000 | 131,898 | |||||||
2.25%, 01/16/2030(b) | EUR | 100,000 | 126,276 | |||||||
6.00%, 11/24/2034(b) | GBP | 200,000 | 349,950 | |||||||
2.25%, 09/09/2052(b) | GBP | 200,000 | 202,999 | |||||||
BG Energy Capital PLC, 5.00%, 11/04/2036(b) | GBP | 150,000 | 289,520 | |||||||
BP Capital Markets PLC | �� | |||||||||
2.97%, 02/27/2026(b) | EUR | 100,000 | 134,552 | |||||||
1.57%, 02/16/2027(b) | EUR | 100,000 | 126,128 | |||||||
0.83%, 11/08/2027(b) | EUR | 100,000 | 120,617 | |||||||
2.52%, 04/07/2028(b) | EUR | 100,000 | 134,494 | |||||||
1.23%, 05/08/2031(b) | EUR | 100,000 | 123,318 | |||||||
2.82%, 04/07/2032(b) | EUR | 100,000 | 143,032 | |||||||
British Telecommunications PLC | ||||||||||
1.13%, 03/10/2023(b) | EUR | 100,000 | 119,835 | |||||||
1.00%, 11/21/2024(b) | EUR | 100,000 | 120,290 | |||||||
1.75%, 03/10/2026(b) | EUR | 100,000 | 125,582 | |||||||
1.50%, 06/23/2027(b) | EUR | 100,000 | 124,293 | |||||||
5.75%, 12/07/2028(b) | GBP | 150,000 | 252,696 | |||||||
3.13%, 11/21/2031(b) | GBP | 200,000 | 288,042 | |||||||
6.38%, 06/23/2037(b) | GBP | 170,000 | 332,651 | |||||||
BUPA Finance PLC, 5.00%, | GBP | 150,000 | 209,587 | |||||||
Cadent Finance PLC | ||||||||||
2.13%, 09/22/2028(b) | GBP | 250,000 | 341,755 | |||||||
2.63%, 09/22/2038(b) | GBP | 200,000 | 279,467 | |||||||
2.75%, 09/22/2046(b) | GBP | 200,000 | 282,119 | |||||||
Centrica PLC | ||||||||||
4.38%, 03/13/2029(b) | GBP | 150,000 | 235,001 | |||||||
7.00%, 09/19/2033(b) | GBP | 250,000 | 509,151 | |||||||
4.25%, 09/12/2044(b) | GBP | 150,000 | 259,127 | |||||||
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b) | EUR | 100,000 | 119,678 | |||||||
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b) | EUR | 100,000 | 119,895 | |||||||
CK Hutchison Group Telecom Finance S.A. | ||||||||||
0.38%, 10/17/2023(b) | EUR | 150,000 | 177,068 | |||||||
0.75%, 04/17/2026(b) | EUR | 100,000 | 120,223 | |||||||
2.00%, 10/17/2027(b) | GBP | 200,000 | 267,573 | |||||||
1.13%, 10/17/2028(b) | EUR | 100,000 | 122,613 | |||||||
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b) | GBP | 190,006 | 278,649 | |||||||
Diageo Finance PLC, 2.50%, 03/27/2032(b) | EUR | 100,000 | 142,199 | |||||||
Eversholt Funding PLC, 2.74%, 06/30/2040(b) | GBP | 200,000 | 271,105 | |||||||
Friends Life Holdings PLC, 8.25%, 04/21/2022(b) | GBP | 150,000 | 214,202 | |||||||
GlaxoSmithKline Capital PLC 5.25%, 12/19/2033 | GBP | 300,000 | 573,641 |
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
1.63%, 05/12/2035(b) | GBP | 200,000 | $ | 264,335 | ||||||
6.38%, 03/09/2039 | GBP | 200,000 | 453,005 | |||||||
5.25%, 04/10/2042(b) | GBP | 275,000 | 582,204 | |||||||
4.25%, 12/18/2045(b) | GBP | 250,000 | 488,961 | |||||||
Heathrow Funding Ltd. | ||||||||||
7.13%, 02/14/2024(b) | GBP | 200,000 | 285,753 | |||||||
5.23%, 02/15/2025(b) | GBP | 200,000 | 276,715 | |||||||
6.75%, 12/03/2026(b) | GBP | 200,000 | 319,149 | |||||||
6.45%, 12/10/2031(b) | GBP | 250,000 | 435,065 | |||||||
5.88%, 05/13/2043(b) | GBP | 200,000 | 354,007 | |||||||
4.63%, 10/31/2046(b) | GBP | 200,000 | 316,525 | |||||||
HSBC Bank PLC | ||||||||||
5.38%, 08/22/2033(b) | GBP | 150,000 | 254,909 | |||||||
4.75%, 03/24/2046 | GBP | 200,000 | 325,243 | |||||||
HSBC Holdings PLC | ||||||||||
1.50%, 03/15/2022(b) | EUR | 200,000 | 238,083 | |||||||
6.50%, 05/20/2024(b) | GBP | 200,000 | 306,492 | |||||||
0.88%, 09/06/2024(b) | EUR | 200,000 | 238,919 | |||||||
2.50%, 03/15/2027(b) | EUR | 100,000 | 133,298 | |||||||
2.63%, 08/16/2028(b) | GBP | 300,000 | 414,178 | |||||||
6.75%, 09/11/2028(b) | GBP | 200,000 | 336,420 | |||||||
Imperial Brands Finance PLC | ||||||||||
8.13%, 03/15/2024(b) | GBP | 200,000 | 315,746 | |||||||
5.50%, 09/28/2026(b) | GBP | 150,000 | 234,833 | |||||||
4.88%, 06/07/2032(b) | GBP | 100,000 | 156,637 | |||||||
Lloyds Bank Corporate Markets PLC | ||||||||||
0.25%, 10/04/2022(b) | EUR | 100,000 | 117,240 | |||||||
1.75%, 07/11/2024(b) | GBP | 150,000 | 198,861 | |||||||
2.38%, 04/09/2026(b) | EUR | 100,000 | 128,772 | |||||||
Lloyds Bank PLC | ||||||||||
7.63%, 04/22/2025(b) | GBP | 200,000 | 327,458 | |||||||
6.50%, 09/17/2040(b) | GBP | 300,000 | 689,536 | |||||||
Motability Operations Group PLC | ||||||||||
3.63%, 03/10/2036(b) | GBP | 250,000 | 419,269 | |||||||
2.38%, 07/03/2039(b) | GBP | 100,000 | 146,344 | |||||||
Nationwide Building Society, 0.25%, 07/22/2025(b) | EUR | 100,000 | 117,660 | |||||||
Natwest Group PLC, 2.50%, 03/22/2023(b) | EUR | 200,000 | 245,432 | |||||||
NatWest Markets PLC | ||||||||||
0.63%, 03/02/2022(b) | EUR | 200,000 | 234,769 | |||||||
1.00%, 05/28/2024(b) | EUR | 100,000 | 119,153 | |||||||
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032(b) | GBP | 125,000 | 169,130 | |||||||
Rio Tinto Finance PLC, 4.00%, 12/11/2029(b) | GBP | 150,000 | 242,830 | |||||||
Santander UK Group Holdings PLC | ||||||||||
1.13%, 09/08/2023(b) | EUR | 100,000 | 118,958 | |||||||
3.63%, 01/14/2026(b) | GBP | 150,000 | 213,009 | |||||||
Scottish Widows Ltd. | ||||||||||
5.50%, 06/16/2023(b) | GBP | 300,000 | 426,021 | |||||||
7.00%, 06/16/2043(b) | GBP | 150,000 | 261,067 | |||||||
Sky Ltd., 2.50%, 09/15/2026(b) | EUR | 100,000 | 133,707 | |||||||
Society of Lloyd’s, 4.75%, 10/30/2024(b) | GBP | 100,000 | 141,307 | |||||||
SSE PLC, 8.38%, 11/20/2028(b) | GBP | 120,000 | 237,706 | |||||||
Standard Chartered PLC | ||||||||||
5.13%, 06/06/2034(b) | GBP | 200,000 | 307,124 | |||||||
4.38%, 01/18/2038(b) | GBP | 100,000 | 174,431 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29
|
|
Invesco International Corporate Bond ETF (PICB)–(continued)
October 31, 2020
Principal | ||||||||||
Amount | Value | |||||||||
United Kingdom-(continued) | ||||||||||
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b) | GBP | 300,000 | $ | 610,454 | ||||||
Thames Water Utilities Finance PLC | ||||||||||
4.00%, 06/19/2025(b) | GBP | 200,000 | 294,468 | |||||||
5.13%, 09/28/2037(b) | GBP | 150,000 | 277,727 | |||||||
5.50%, 02/11/2041(b) | GBP | 100,000 | 197,950 | |||||||
Unilever N.V., 1.75%, 03/25/2030(b) | EUR | 150,000 | 202,081 | |||||||
University of Oxford, 2.54%, | GBP | 300,000 | 546,786 | |||||||
Vodafone Group PLC | ||||||||||
1.75%, 08/25/2023(b) | EUR | 100,000 | 122,698 | |||||||
1.88%, 09/11/2025(b) | EUR | 100,000 | 126,561 | |||||||
2.20%, 08/25/2026(b) | EUR | 200,000 | 261,108 | |||||||
1.63%, 11/24/2030(b) | EUR | 100,000 | 128,834 | |||||||
1.60%, 07/29/2031(b) | EUR | 100,000 | 128,496 | |||||||
3.38%, 08/08/2049(b) | GBP | 200,000 | 295,676 | |||||||
3.00%, 08/12/2056(b) | GBP | 300,000 | 411,292 | |||||||
Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b) | GBP | 200,000 | 375,939 | |||||||
Western Power Distribution PLC, 3.63%, 11/06/2023(b) | GBP | 150,000 | 206,625 | |||||||
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032(b) | GBP | 225,000 | 421,534 | |||||||
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026(b) | GBP | 250,000 | 325,602 | |||||||
|
| |||||||||
27,892,304 | ||||||||||
|
|
Principal | ||||||||||
Amount | Value | |||||||||
United States-0.95% | ||||||||||
American Honda Finance Corp. | ||||||||||
0.35%, 08/26/2022 | EUR | 100,000 | $ | 117,676 | ||||||
1.95%, 10/18/2024 | EUR | 100,000 | 125,529 | |||||||
DH Europe Finance II S.a.r.l. | ||||||||||
0.45%, 03/18/2028 | EUR | 125,000 | 147,254 | |||||||
0.75%, 09/18/2031 | EUR | 200,000 | 236,200 | |||||||
Medtronic Global Holdings S.C.A. | ||||||||||
1.63%, 03/07/2031 | EUR | 100,000 | 131,327 | |||||||
0.75%, 10/15/2032 | EUR | 100,000 | 119,519 | |||||||
1.38%, 10/15/2040 | EUR | 100,000 | 121,085 | |||||||
Toyota Motor Credit Corp., 0.25%, 07/16/2026(b) | EUR | 100,000 | 118,227 | |||||||
|
| |||||||||
1,116,817 | ||||||||||
|
| |||||||||
Total Non-U.S. Dollar Denominated Bonds & Notes |
| 116,521,878 | ||||||||
|
| |||||||||
TOTAL INVESTMENTS IN SECURITIES-98.73% |
| 116,521,878 | ||||||||
OTHER ASSETS LESS LIABILITIES-1.27% |
| 1,502,955 | ||||||||
|
| |||||||||
NET ASSETS-100.00% |
| $ | 118,024,833 | |||||||
|
|
Investment Abbreviations:
CAD-Canadian Dollar
CHF-Swiss Franc
EUR-Euro
GBP-British Pound Sterling
NOK-Norwegian Krone
SEK-Swedish Krona
Notes to Schedule of Investments:
(a) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $93,135,218, which represented 78.91% 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 fiscal year ended October 31, 2020.
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $- | $ 221,737 | $ (221,737 | ) | $- | $- | $- | $ 1 | |||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 14,531,626 | (14,531,626 | ) | - | - | - | 342 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $- | $14,753,363 | $(14,753,363 | ) | $- | $- | $- | $343 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30
|
|
Statements of Assets and Liabilities
October 31, 2020
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | Invesco International Corporate Bond ETF (PICB) | |||||||||||||
Assets: | |||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 2,638,346,930 | $ | 185,652,725 | $ | 116,521,878 | |||||||||
Affiliated investments in securities, at value | 660,305 | 11,213,571 | - | ||||||||||||
Cash | 797,141 | 85,067 | - | ||||||||||||
Foreign currencies, at value | - | - | 360,823 | ||||||||||||
Deposits with brokers: | |||||||||||||||
Cash segregated as collateral | 26,109,991 | - | 123,772 | ||||||||||||
Receivable for: | |||||||||||||||
Dividends and interest | 36,436,064 | 4,007,714 | 1,182,664 | ||||||||||||
Securities lending | - | 5,339 | - | ||||||||||||
Investments sold | 24,196,851 | 308,186 | 597,033 | ||||||||||||
Fund shares sold | 24,845,768 | - | 119,291 | ||||||||||||
Foreign tax reclaims | - | - | 54,016 | ||||||||||||
Investments matured, at value | - | 1,733,439 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total assets | 2,751,393,050 | 203,006,041 | 118,959,477 | ||||||||||||
|
|
|
|
|
| ||||||||||
Liabilities: | |||||||||||||||
Due to custodian | - | - | 117,306 | ||||||||||||
Due to foreign custodian | - | 31 | - | ||||||||||||
Payable for: | |||||||||||||||
Investments purchased | 24,426,185 | 1,682,629 | 643,158 | ||||||||||||
Collateral upon return of securities loaned | - | 4,910,509 | - | ||||||||||||
Collateral upon receipt of securities in-kind | 26,109,991 | - | 123,772 | ||||||||||||
Fund shares repurchased | 24,244,565 | - | - | ||||||||||||
Accrued unitary management fees | 1,166,263 | 57,777 | 50,408 | ||||||||||||
|
|
|
|
|
| ||||||||||
Total liabilities | 75,947,004 | 6,650,946 | 934,644 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,675,446,046 | $ | 196,355,095 | $ | 118,024,833 | |||||||||
|
|
|
|
|
| ||||||||||
Net assets consist of: | |||||||||||||||
Shares of beneficial interest | $ | 3,238,940,032 | $ | 224,015,478 | $ | 111,139,534 | |||||||||
Distributable earnings (loss) | (563,493,986 | ) | (27,660,383 | ) | 6,885,299 | ||||||||||
|
|
|
|
|
| ||||||||||
Net Assets | $ | 2,675,446,046 | $ | 196,355,095 | $ | 118,024,833 | |||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 99,500,000 | 9,100,000 | 4,200,000 | ||||||||||||
Net asset value | $ | 26.89 | $ | 21.58 | $ | 28.10 | |||||||||
|
|
|
|
|
| ||||||||||
Market price | $ | 26.81 | $ | 21.59 | $ | 28.15 | |||||||||
|
|
|
|
|
| ||||||||||
Unaffiliated investments in securities, at cost | $ | 2,665,938,829 | $ | 195,504,024 | $ | 109,795,578 | |||||||||
|
|
|
|
|
| ||||||||||
Affiliated investments in securities, at cost | $ | 660,305 | $ | 11,213,520 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (33 | ) | $ | 361,624 | ||||||||
|
|
|
|
|
| ||||||||||
Investments matured, at cost | $ | - | $ | 7,344,264 | $ | - | |||||||||
|
|
|
|
|
| ||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | 4,743,089 | $ | - | |||||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31
|
|
For the year ended October 31, 2020
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | Invesco International Corporate Bond ETF (PICB) | |||||||||||||
Investment income: | |||||||||||||||
Unaffiliated interest income | $ | 156,829,193 | $ | 11,794,326 | $ | 2,019,215 | |||||||||
Affiliated dividend income | 49,474 | 37,576 | 343 | ||||||||||||
Securities lending income | 4,126 | 58,282 | - | ||||||||||||
Foreign withholding tax | - | (305 | ) | - | |||||||||||
|
|
|
|
|
| ||||||||||
Total investment income | 156,882,793 | 11,889,879 | 2,019,558 | ||||||||||||
|
|
|
|
|
| ||||||||||
Expenses: | |||||||||||||||
Unitary management fees | 15,286,417 | 724,919 | 570,601 | ||||||||||||
|
|
|
|
|
| ||||||||||
Less: Waivers | (17,115 | ) | (8,881 | ) | (238 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Net expenses | 15,269,302 | 716,038 | 570,363 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net investment income | 141,613,491 | 11,173,841 | 1,449,195 | ||||||||||||
|
|
|
|
|
| ||||||||||
Realized and unrealized gain (loss) from: | |||||||||||||||
Net realized gain (loss) from: | |||||||||||||||
Unaffiliated investment securities | (238,338,857 | ) | (7,628,422 | ) | 204,517 | ||||||||||
Affiliated investment securities | 1,068 | (566 | ) | - | |||||||||||
In-kind redemptions | 72,715,051 | (749,146 | ) | 564,593 | |||||||||||
Foreign currencies | - | - | (18,407 | ) | |||||||||||
|
|
|
|
|
| ||||||||||
Net realized gain (loss) | (165,622,738 | ) | (8,378,134 | ) | 750,703 | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||
Unaffiliated investment securities | (103,187,526 | ) | (5,426,407 | ) | 4,039,423 | ||||||||||
Affiliated investment securities | - | (13 | ) | - | |||||||||||
Foreign currencies | - | (1 | ) | (5,019 | ) | ||||||||||
|
|
|
|
|
| ||||||||||
Change in net unrealized appreciation (depreciation) | (103,187,526 | ) | (5,426,421 | ) | 4,034,404 | ||||||||||
|
|
|
|
|
| ||||||||||
Net realized and unrealized gain (loss) | (268,810,264 | ) | (13,804,555 | ) | 4,785,107 | ||||||||||
|
|
|
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (127,196,773 | ) | $ | (2,630,714 | ) | $ | 6,234,302 | |||||||
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32
|
|
(This Page Intentionally Left Blank)
| 33
|
|
Statements of Changes in Net Assets
For the years ended October 31, 2020 and 2019
Invesco Emerging Markets Sovereign Debt ETF (PCY) | Invesco Global Short Term High Yield Bond ETF (PGHY) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 141,613,491 | $ | 175,865,677 | $ | 11,173,841 | $ | 11,522,396 | ||||||||
Net realized gain (loss) | (165,622,738 | ) | (49,242,012 | ) | (8,378,134 | ) | (2,613,544 | ) | ||||||||
Change in net unrealized appreciation (depreciation) | (103,187,526 | ) | 413,622,952 | (5,426,421 | ) | (650,969 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (127,196,773 | ) | 540,246,617 | (2,630,714 | ) | 8,257,883 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (145,456,485 | ) | (176,845,023 | ) | (11,177,975 | ) | (11,538,702 | ) | ||||||||
Return of capital | - | - | (282,870 | ) | - | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (145,456,485 | ) | (176,845,023 | ) | (11,460,845 | ) | (11,538,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 1,134,059,434 | 1,421,704,253 | 17,991,045 | 27,735,589 | ||||||||||||
Value of shares repurchased | (1,721,347,456 | ) | (1,954,083,096 | ) | (38,021,588 | ) | (10,377,575 | ) | ||||||||
Transaction fees | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (587,288,022 | ) | (532,378,843 | ) | (20,030,543 | ) | 17,358,014 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | (859,941,280 | ) | (168,977,249 | ) | (34,122,102 | ) | 14,077,195 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 3,535,387,326 | 3,704,364,575 | 230,477,197 | 216,400,002 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 2,675,446,046 | $ | 3,535,387,326 | $ | 196,355,095 | $ | 230,477,197 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 42,500,000 | 50,200,000 | 800,000 | 1,200,000 | ||||||||||||
Shares repurchased | (64,400,000 | ) | (70,200,000 | ) | (1,800,000 | ) | (450,000 | ) | ||||||||
Shares outstanding, beginning of year | 121,400,000 | 141,400,000 | 10,100,000 | 9,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 99,500,000 | 121,400,000 | 9,100,000 | 10,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34
|
|
Invesco International Corporate Bond ETF (PICB) | ||||||
2020 | 2019 | |||||
$ | 1,449,195 | $ | 1,741,353 | |||
750,703 | (1,001,104 | ) | ||||
4,034,404 | 8,263,168 | |||||
|
|
|
| |||
6,234,302 | 9,003,417 | |||||
|
|
|
| |||
(1,457,468 | ) | (1,050,715 | ) | |||
- | (702,713 | ) | ||||
|
|
|
| |||
(1,457,468 | ) | (1,753,428 | ) | |||
|
|
|
| |||
23,204,967 | 2,597,030 | |||||
(21,858,354 | ) | (16,941,838 | ) | |||
23,608 | 3,257 | |||||
|
|
|
| |||
1,370,221 | (14,341,551 | ) | ||||
|
|
|
| |||
6,147,055 | (7,091,562 | ) | ||||
|
|
|
| |||
111,877,778 | 118,969,340 | |||||
|
|
|
| |||
$ | 118,024,833 | $ | 111,877,778 | |||
|
|
|
| |||
850,000 | 100,000 | |||||
(800,000 | ) | (650,000 | ) | |||
4,150,000 | 4,700,000 | |||||
|
|
|
| |||
4,200,000 | 4,150,000 | |||||
|
|
|
|
| 35
|
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | $ | 28.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.28 | 1.41 | 1.26 | 1.45 | 1.46 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.20 | ) | 2.93 | (3.42 | ) | (0.17 | ) | 1.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.92 | ) | 4.34 | (2.16 | ) | 1.28 | 3.20 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.31 | ) | (1.42 | ) | (1.26 | ) | (1.46 | ) | (1.47 | ) | ||||||||||
Return of capital | - | - | - | (0.01 | ) | - | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.31 | ) | (1.42 | ) | (1.26 | ) | (1.47 | ) | (1.47 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value at end of year | $ | 26.89 | $ | 29.12 | $ | 26.20 | $ | 29.62 | $ | 29.81 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price at end of year(b) | $ | 26.81 | $ | 29.13 | $ | 26.13 | $ | 29.62 | $ | 29.70 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value Total Return(c) | (3.07 | )% | 16.91 | % | (7.42 | )% | 4.49 | % | 11.79 | % | ||||||||||
Market Price Total Return(c) | (3.38 | )% | 17.28 | % | (7.66 | )% | 4.88 | % | 11.61 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 2,675,446 | $ | 3,535,387 | $ | 3,704,365 | $ | 4,970,710 | $ | 4,125,597 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 4.63 | % | 5.03 | % | 4.51 | % | 4.98 | % | 5.06 | % | ||||||||||
Portfolio turnover rate(d) | 28 | % | 28 | % | 54 | % | 30 | % | 30 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36
|
|
Financial Highlights–(continued)
Invesco Global Short Term High Yield Bond ETF (PGHY)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | $ | 23.50 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income(a) | 1.18 | 1.20 | 1.24 | 1.34 | 1.51 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.20 | ) | (0.32 | ) | (1.00 | ) | 0.02 | 0.59 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (0.02 | ) | 0.88 | 0.24 | 1.36 | 2.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (1.19 | ) | (1.20 | ) | (1.24 | ) | (1.37 | ) | (1.42 | ) | ||||||||||
Return of capital | (0.03 | ) | - | - | (0.01 | ) | (0.02 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (1.22 | ) | (1.20 | ) | (1.24 | ) | (1.38 | ) | (1.44 | ) | ||||||||||
|
|
|
|
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Net asset value at end of year | $ | 21.58 | $ | 22.82 | $ | 23.14 | $ | 24.14 | $ | 24.16 | ||||||||||
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Market price at end of year(b) | $ | 21.59 | $ | 22.81 | $ | 23.03 | $ | 24.19 | $ | 24.23 | ||||||||||
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Net Asset Value Total Return(c) | 0.02 | % | 3.90 | % | 1.05 | % | 5.76 | % | 9.27 | % | ||||||||||
Market Price Total Return(c) | 0.15 | % | 4.36 | % | 0.36 | % | 5.66 | % | 10.17 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 196,355 | $ | 230,477 | $ | 216,400 | $ | 222,093 | $ | 68,862 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||
Net investment income | 5.39 | % | 5.21 | % | 5.25 | % | 5.52 | % | 6.43 | % | ||||||||||
Portfolio turnover rate(d) | 54 | % | 57 | % | 42 | % | 38 | % | 53 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco International Corporate Bond ETF (PICB)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | $ | 25.95 | ||||||||||
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Net investment income(a) | 0.34 | 0.39 | 0.43 | 0.42 | 0.55 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.13 | 1.65 | (1.57 | ) | 1.80 | (0.86 | ) | |||||||||||||
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Total from investment operations | 1.47 | 2.04 | (1.14 | ) | 2.22 | (0.31 | ) | |||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | (0.23 | ) | (0.43 | ) | (0.23 | ) | - | |||||||||||
Return of capital | - | (0.16 | ) | - | (0.19 | ) | (0.56 | ) | ||||||||||||
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Total distributions | (0.34 | ) | (0.39 | ) | (0.43 | ) | (0.42 | ) | (0.56 | ) | ||||||||||
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Transaction fees(a) | 0.01 | 0.00 | (b) | - | 0.00 | (b) | 0.00 | (b) | ||||||||||||
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Net asset value at end of year | $ | 28.10 | $ | 26.96 | $ | 25.31 | $ | 26.88 | $ | 25.08 | ||||||||||
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Market price at end of year(c) | $ | 28.15 | $ | 26.84 | $ | 25.28 | $ | 26.89 | $ | 25.02 | ||||||||||
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Net Asset Value Total Return(d) | 5.57 | % | 8.12 | % | (4.31 | )% | 8.95 | % | (1.26 | )% | ||||||||||
Market Price Total Return(d) | 6.24 | % | 7.77 | % | (4.46 | )% | 9.25 | % | (1.26 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 118,025 | $ | 111,878 | $ | 118,969 | $ | 159,963 | $ | 160,539 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.50 | % | 0.51 | %(e) | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||
Net investment income | 1.27 | % | 1.49 | %(e) | 1.58 | % | 1.62 | % | 2.12 | % | ||||||||||
Portfolio turnover rate(f) | 22 | % | 23 | % | 12 | % | 14 | % | 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) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
October 31, 2020
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 securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are
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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that Invesco Capital Management LLC (the “Adviser”) determines are significant and make the closing price unreliable, a Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value exchange-traded equity securities. The mean between the last bid and asked prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Board of Trustees. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 a 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. In recent years, the FRB and other foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of
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quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 a 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 a 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. For certain funds, 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 located 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Risk. Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.
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Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk 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 with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
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 |
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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 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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 |
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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 the 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 a 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 a Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
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 fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:
Emerging Markets Sovereign Debt ETF | $ | 17,115 | ||
Global Short Term High Yield Bond ETF | 8,881 | |||
International Corporate Bond ETF | 238 |
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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund | Licensor | |
Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. | |
Global Short Term High Yield Bond ETF | Deutsche Bank Securities Inc. | |
International Corporate Bond ETF | S&P Dow Jones Indices LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – | Prices are determined using quoted prices in an active market for identical assets. |
Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for International Corporate Bond ETF). As of October 31, 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 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 | $ | - | $ | 2,638,346,930 | $ | - | $ | 2,638,346,930 | ||||||||
Money Market Funds | 660,305 | - | - | 660,305 | ||||||||||||
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Total Investments | $ | 660,305 | $ | 2,638,346,930 | $ | - | $ | 2,639,007,235 | ||||||||
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Global Short Term High Yield Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 184,799,328 | $ | 6,584 | $ | 184,805,912 | ||||||||
Common Stocks & Other Equity Interests | 766,617 | - | 30,055 | 796,672 | ||||||||||||
Variable Rate Senior Loan Interests | - | 50,141 | - | 50,141 | ||||||||||||
Preferred Stocks | - | - | 0 | 0 | ||||||||||||
Money Market Funds | 6,303,011 | 4,910,560 | - | 11,213,571 | ||||||||||||
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Total Investments in Securities | 7,069,628 | 189,760,029 | 36,639 | 196,866,296 | ||||||||||||
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Other Investments - Assets | ||||||||||||||||
Investments Matured | - | 1,203,026 | 530,413 | 1,733,439 | ||||||||||||
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Total Investments | $ | 7,069,628 | $ | 190,963,055 | $ | 567,052 | $ | 198,599,735 | ||||||||
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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:
2020 | 2019 | |||||||||||||||||||||||||||||
Ordinary Income* | Long-Term Capital Gains | Return of Capital | Ordinary Income* | Long-Term Capital Gains | Return of Capital | |||||||||||||||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 145,456,485 | $ | - | $ | - | $ | 176,845,023 | $ | - | $ | - | ||||||||||||||||||
Global Short Term High Yield Bond ETF | 11,177,975 | - | 282,870 | 11,538,702 | - | - | ||||||||||||||||||||||||
International Corporate Bond ETF | 1,421,718 | 35,750 | - | 746,735 | 303,980 | 702,713 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Long-Term Capital Gains | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||
Emerging Markets Sovereign Debt ETF | $ | - | $ | (31,381,154 | ) | $ | - | $ | (532,112,832 | ) | $ | 3,238,940,032 | $ | 2,675,446,046 | ||||||||||||||||
Global Short Term High Yield Bond ETF | - | (15,462,386 | ) | 1 | (12,197,998 | ) | 224,015,478 | 196,355,095 | ||||||||||||||||||||||
International Corporate Bond ETF | 145,554 | 6,726,300 | 13,445 | - | 111,139,534 | 118,024,833 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Emerging Markets Sovereign Debt ETF | $ | 193,316,142 | $ | 338,796,690 | $ | 532,112,832 | ||||||
Global Short Term High Yield Bond ETF | 2,236,370 | 9,961,628 | 12,197,998 | |||||||||
International Corporate Bond ETF | - | - | - |
NOTE 6–Investment Transactions
For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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 | $ | 899,950,365 | $ | 854,030,991 | ||||
Global Short Term High Yield Bond ETF | 108,244,566 | 102,925,908 | ||||||
International Corporate Bond ETF | 34,947,551 | 24,953,106 |
For the fiscal year ended October 31, 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 | $ | 1,025,868,935 | $ | 1,643,803,074 | ||||||
Global Short Term High Yield Bond ETF | 7,495,459 | 23,486,443 | ||||||||
International Corporate Bond ETF | 13,211,818 | 21,358,766 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At October 31, 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 | |||||||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 104,881,257 | $ | (136,262,411 | ) | $ | (31,381,154 | ) | $ | 2,670,388,389 | ||||||||||
Global Short Term High Yield Bond ETF | 1,947,232 | (17,409,618 | ) | (15,462,386 | ) | 214,062,121 | ||||||||||||||
International Corporate Bond ETF | 7,294,213 | (567,913 | ) | 6,726,300 | 109,795,578 |
NOTE 7–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions and distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
Emerging Markets Sovereign Debt ETF | $ | 3,842,994 | $ | (61,845,442 | ) | $ | 58,002,448 | ||||||||
Global Short Term High Yield Bond ETF | 2,167 | 742,572 | (744,739 | ) | |||||||||||
International Corporate Bond ETF | 8,273 | (621,606 | ) | 613,333 |
NOTE 8–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 9–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.
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 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.
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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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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the five years in the period ended October 31, 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2020
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, 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 May 1, 2020 through October 31, 2020.
Actual Expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, expenses shown in the table do not include the expenses of the underlying funds, which are borne indirectly by a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.
Beginning Account Value May 1, 2020 | Ending Account Value October 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF (PCY) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,114.10 | 0.50 | % | $ | 2.66 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.62 | 0.50 | 2.54 | ||||||||||||||||
Invesco Global Short Term High Yield Bond ETF (PGHY) | ||||||||||||||||||||
Actual | 1,000.00 | 1,078.80 | 0.35 | 1.83 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.38 | 0.35 | 1.78 | ||||||||||||||||
Invesco International Corporate Bond ETF (PICB) | ||||||||||||||||||||
Actual | 1,000.00 | 1,086.70 | 0.50 | 2.62 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.62 | 0.50 | 2.54 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:
Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF | 0 | % | 0 | % | 0 | % | 97 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||
Invesco Global Short Term High Yield Bond ETF | 0 | % | 0 | % | 0 | % | 100 | % | 38 | % | - | - | |||||||||||||||||||||||
Invesco International Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 100 | % | 0 | % | 35,750 | 30,028 |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 216 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 216 | None. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 216 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973- 1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 216 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund Complex** Overseen by | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 216 | Treasurer (2018-Present), Finance Committee Member (2015- Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 216 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 216 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 216 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 216 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:
Name, Address and Year of Birth of Interested Trustee | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During the Past 5 Years | Number of in Fund | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 216 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2020 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2020 | Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020). | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
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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-TRST2-FINC-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
October 31, 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 Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.
During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.1
In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.2 However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%2, a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.
Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.
1 | Source: US Federal Reserve |
2 | Source: US Bureau of Economic Analysis |
Global Equity
At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.
Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.
Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.
Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.
At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.
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CQQQ | Management’s Discussion of Fund Performance | |
Invesco China Technology ETF (CQQQ) |
As an index fund, Invesco China Technology ETF’s (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of FTSE China Incl A 25% Technology Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities of companies that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index and FTSE China A Stock Connect CNH Index. The Index may include China A-shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program), B-shares, H-shares, N-shares, Red Chip shares, P-chip shares and S-chip shares. Index constituents are modified market capitalization weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 55.97%. On a net asset value (“NAV”) basis, the Fund returned 54.53%. During the same time period, the Index returned 55.74%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the daily compounding of fees during a time period of high returns, as well as operating expenses and foreign exchange rates.
During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 35.19%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 714 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of Chinese stocks.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services industry and most underweight in the banks industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation in the banks industry along with the Fund’s security selection in the internet & direct marketing retail industry.
For the fiscal year ended October 31, 2020, the internet & direct marketing retail industry contributed most significantly to the Fund’s return, followed by the interactive media & services and
software industries, respectively. The technology hardware storage & peripherals industry detracted most significantly from the Fund’s return, followed by the metals & mining and machinery industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Meituan Dianping, Class B, an internet & direct marketing retail company (portfolio average weight of 9.66%), and Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 9.80%). Positions that detracted most significantly from the Fund’s return included Momo, Inc., ADR, Class A, an interactive media & services company (portfolio average weight of 2.60%), Weibo Corp., ADR, Class A, an interactive media & services company (portfolio average weight of 1.90%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Interactive Media & Services | 31.14 | |||
Electronic Equipment, Instruments & Components | 16.16 | |||
Semiconductors & Semiconductor Equipment | 15.16 | |||
Software | 11.09 | |||
Internet & Direct Marketing Retail | 9.71 | |||
IT Services | 6.99 | |||
Entertainment | 3.52 | |||
Industry Types Each Less Than 3% | 6.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.09) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Tencent Holdings Ltd. | 10.41 | |||
Meituan Dianping, B Shares | 9.71 | |||
Baidu, Inc., ADR | 8.03 | |||
Semiconductor Manufacturing International Corp. | 7.43 | |||
Sunny Optical Technology Group Co. Ltd. | 5.91 | |||
GDS Holdings Ltd., ADR | 4.30 | |||
Kingdee International Software Group Co. Ltd. | 4.09 | |||
Autohome, Inc., ADR | 3.89 | |||
JOYY, Inc., ADR | 3.60 | |||
Tencent Music Entertainment Group, ADR | 3.43 | |||
Total | 60.80 |
* | Excluding money market fund holdings. |
| 4 |
|
Invesco China Technology ETF (CQQQ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended — FTSE China Incl A 25% Technology Capped Index (Net) | 55.74 | % | 9.08 | % | 29.77 | % | 17.67 | % | 125.62 | % | 11.48 | % | 196.34 | % | 11.88 | % | 239.77 | % | ||||||||||||||||||||||
FTSE China Incl A 25% Technology Capped Index (Net) | 55.74 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||
MSCI China Index (Net) | 35.19 | 8.32 | 27.10 | 12.73 | 82.04 | 6.69 | 91.11 | 6.71 | 102.87 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 54.53 | 8.42 | 27.44 | 17.04 | 119.64 | 11.33 | 192.40 | 11.68 | 233.35 | |||||||||||||||||||||||||||||||
Market Price Return | 55.97 | 8.58 | 28.03 | 17.23 | 121.44 | 11.31 | 192.00 | 11.73 | 234.96 |
Guggenheim China Technology ETF (the “Predecessor Fund”)
Fund Inception: December 08, 2009
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.70% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index.
The Blended-Index, Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | “3 Years”, “5 Years” and “Fund Inception” performance for the Index is not available because the Index did not commence until March 18, 2019. The Blended-FTSE China Incl A 25% Technology Capped Index (Net) is comprised of the performance of the AlphaShares China Technology Index, the Fund’s previous underlying index prior to the conversion date, June 21, 2019, followed by the performance of the Index, starting from the conversion date through October 31, 2020. |
| 5 |
|
PIZ | Management’s Discussion of Fund Performance | |
Invesco DWA Developed Markets Momentum ETF (PIZ) |
As an index fund, the Invesco DWA Developed Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Developed Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in countries with developed economies, excluding the United States. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 10.96%. On a net asset value (“NAV”) basis, the Fund returned 10.82%. During the same time period, the Index returned 11.67%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs and slippage associated with quarterly rebalances. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return followed by the health care and industrials sectors, respectively. The real estate sector detracted most significantly during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Shopify, Inc., Class A, an information technology company (no longer held at fiscal year-end), and arGEN-X SE, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included REA Group Ltd, a
communication services company (no longer held at fiscal year-end), and Ryman Healthcare Ltd., a health care company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Industrials | 28.29 | |||
Information Technology | 19.60 | |||
Health Care | 15.79 | |||
Materials | 8.89 | |||
Consumer Discretionary | 6.92 | |||
Consumer Staples | 6.24 | |||
Real Estate | 4.74 | |||
Financials | 4.72 | |||
Sector Types Each Less Than 3% | 4.91 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.10) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Boyd Group Services, Inc. | 3.01 | |||
Ramsay Health Care Ltd. | 2.69 | |||
Kone OYJ, Class B | 2.63 | |||
Royal Unibrew A/S | 2.62 | |||
Nemetschek SE | 2.56 | |||
Constellation Software, Inc. | 2.32 | |||
Kirkland Lake Gold Ltd. | 2.24 | |||
Spirax-Sarco Engineering PLC | 2.10 | |||
AddTech AB, Class B | 2.09 | |||
Fastighets AB Balder, Class B | 2.07 | |||
Total | 24.33 |
* | Excluding money market fund holdings. |
| 6 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Dorsey Wright® Developed Markets Technical Leaders Index (Net) | 11.67 | % | 5.01 | % | 15.79 | % | 7.17 | % | 41.39 | % | 6.37 | % | 85.50 | % | 3.95 | % | 64.52 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.00 | 13.68 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 10.82 | 4.20 | 13.14 | 6.46 | 36.77 | 5.44 | 69.91 | 3.02 | 46.53 | |||||||||||||||||||||||||||||||
Market Price Return | 10.96 | 4.08 | 12.74 | 6.56 | 37.42 | 5.38 | 68.84 | 2.96 | 45.41 |
Fund Inception: December 28, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.80% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 7 |
|
PIE | Management’s Discussion of Fund Performance | |
Invesco DWA Emerging Markets Momentum ETF (PIE) |
As an index fund, the Invesco DWA Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Emerging Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by
measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in emerging market countries. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Emerging Markets
Index (except for U.S.-listed American Depositary Receipts or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 7.77%. On a net asset value (“NAV”) basis, the Fund returned 7.08%. During the same time period, the Index returned 8.34%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs and slippage associated with quarterly rebalances. During this same time period, the MSCI Emerging Markets IndexSM (Net) returned 8.25%.
For the fiscal year ended October 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hartalega Holdings Bhd., a health care company (no longer held at fiscal year-end), and Tencent Holdings Ltd., a communication services company (portfolio average weight of 2.96%). Positions that detracted most significantly from the Fund’s return included
TISCO Financial Group PLC, NVDR, a financials company (no longer held at fiscal year-end), and Thanachart Capital PCL, NVDR, a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Information Technology | 26.46 | |||
Consumer Discretionary | 21.51 | |||
Materials | 13.41 | |||
Consumer Staples | 10.05 | |||
Financials | 9.23 | |||
Industrials | 8.15 | |||
Communication Services | 5.21 | |||
Real Estate | 3.25 | |||
Health Care | 2.96 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.23) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Tencent Holdings Ltd. | 3.43 | |||
Shenzhou International Group Holdings Ltd. | 3.03 | |||
Sinbon Electronics Co. Ltd. | 2.71 | |||
ANTA Sports Products Ltd. | 2.69 | |||
TAL Education Group, ADR | 2.47 | |||
Yihai International Holding Ltd. | 2.34 | |||
New Oriental Education & Technology Group, Inc., ADR | 2.12 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.05 | |||
Li Ning Co. Ltd. | 2.04 | |||
Voltronic Power Technology Corp. | 2.00 | |||
Total | 24.88 |
* | Excluding money market fund holdings. |
| 8 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average | Cumulative | ||||||||||||||||||||||||||||||||||||||
Dorsey Wright® Emerging Markets Technical Leaders Index (Net) | 8.34 | % | 3.81 | % | 11.86 | % | 7.56 | % | 43.97 | % | 3.73 | % | 44.26 | % | 1.89 | % | 27.18 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 8.25 | 1.94 | 5.93 | 7.92 | 46.36 | 2.42 | 27.02 | 1.46 | 20.46 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 7.08 | 2.43 | 7.47 | 6.11 | 34.52 | 2.27 | 25.16 | (0.79 | ) | (9.63 | ) | |||||||||||||||||||||||||||||
Market Price Return | 7.77 | 2.40 | 7.38 | 6.23 | 35.25 | 2.23 | 24.70 | (0.82 | ) | (10.05 | ) |
Fund Inception: December 28, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.90% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets IndexSM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 9 |
|
PXF | Management’s Discussion of Fund Performance | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) |
As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of companies originating in countries that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of companies domiciled in developed markets with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex US Index as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (13.80)%. On a net asset value (“NAV”) basis, the Fund returned (14.26)%. During the same time period, the Index returned (14.33)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fact that the Fund was holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. These were partially offset by the fees and operating expenses incurred by the Fund during the period. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included SoftBank Group Corp., a communication services company (portfolio average weight of 0.55%), and Daimler AG, a consumer discretionary company (portfolio average weight of 0.86%). Positions that detracted most significantly from the Fund’s return included BP PLC, an energy company (portfolio average weight of 1.16%), and HSBC Holdings PLC, a financials company (portfolio average weight of 0.93%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 22.36 | |||
Industrials | 13.70 | |||
Consumer Discretionary | 12.38 | |||
Materials | 9.98 | |||
Consumer Staples | 8.78 | |||
Health Care | 6.31 | |||
Energy | 6.31 | |||
Information Technology | 6.24 | |||
Communication Services | 6.21 | |||
Utilities | 4.88 | |||
Real Estate | 2.38 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.47 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Samsung Electronics Co. Ltd. | 1.75 | |||
Nestle S.A. | 1.29 | |||
Daimler AG | 1.17 | |||
TOTAL SE | 0.98 | |||
Toyota Motor Corp. | 0.91 | |||
Royal Dutch Shell PLC, Class A | 0.86 | |||
Roche Holding AG | 0.82 | |||
SoftBank Group Corp. | 0.81 | |||
Siemens AG | 0.80 | |||
BP PLC | 0.78 | |||
Total | 10.17 |
* | Excluding money market fund holdings. |
| 10 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFI™ Developed ex U.S. 1000 Index (Net) | (14.33 | )% | (5.36 | )% | (15.22 | )% | 0.94 | % | 4.77 | % | 2.11 | % | 23.23 | % | 0.40 | % | 5.50 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.05 | 14.94 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (14.26 | ) | (5.44 | ) | (15.45 | ) | 0.82 | 4.17 | 1.85 | 20.16 | 0.02 | 0.31 | ||||||||||||||||||||||||||||
Market Price Return | (13.80 | ) | (5.47 | ) | (15.54 | ) | 1.00 | 5.10 | 1.76 | 19.05 | 0.03 | 0.40 |
Fund Inception: June 25, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 11 |
|
PDN | Management’s Discussion of Fund Performance | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) |
As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of small-and mid-capitalization companies that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of the small and mid-capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex US Index, as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (2.53)%. On a net asset value (“NAV”) basis, the Fund returned (3.36)%. During the same time period, the Index returned (3.15)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period. These were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. During this same time period, the MSCI EAFE® Small Cap Index (Net) returned (1.36)%.
For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the health care and information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included SK Chemicals Co. Ltd., a materials company (portfolio average weight of 0.09%), and Logitech International S.A., an information technology company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return included Vistry Group PLC, a consumer discretionary company (portfolio average weight of 0.12%), and Aristocrat Leisure Ltd., a consumer discretionary company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Industrials | 23.51 | |||
Consumer Discretionary | 15.23 | |||
Materials | 10.98 | |||
Financials | 8.94 | |||
Information Technology | 8.72 | |||
Consumer Staples | 7.93 | |||
Real Estate | 6.58 | |||
Health Care | 6.28 | |||
Communication Services | 6.05 | |||
Sector Types Each Less Than 3% | 5.49 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.29 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
PostNL N.V. | 0.32 | |||
Logitech International S.A. | 0.29 | |||
SK Chemicals Co. Ltd. | 0.25 | |||
Kumho Petrochemical Co. Ltd. | 0.25 | |||
Siemens Gamesa Renewable Energy S.A. | 0.25 | |||
Ibiden Co. Ltd. | 0.25 | |||
Shimamura Co. Ltd. | 0.25 | |||
Zalando SE | 0.24 | |||
Daifuku Co. Ltd. | 0.23 | |||
Xinyi Glass Holdings Ltd. | 0.23 | |||
Total | 2.56 |
* | Excluding money market fund holdings. |
| 12 |
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Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | 10 Years Average Annualized | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index (Net) | (3.15 | )% | (1.84 | )% | (5.41 | )% | 4.52 | % | 24.73 | % | 5.16 | % | 65.32 | % | 3.84 | % | 63.77 | % | ||||||||||||||||||||||
MSCI EAFE® Small Cap Index (Net) | (1.36 | ) | (0.35 | ) | (1.05 | ) | 5.38 | 29.93 | 6.55 | 88.59 | 3.56 | 58.16 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (3.36 | ) | (2.11 | ) | (6.19 | ) | 4.21 | 22.92 | 4.76 | 59.25 | 3.34 | 53.67 | ||||||||||||||||||||||||||||
Market Price Return | (2.53 | ) | (2.21 | ) | (6.48 | ) | 4.17 | 22.68 | 4.63 | 57.21 | 3.24 | 51.72 |
Fund Inception: September 27, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Small Cap Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 13 |
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PXH | Management’s Discussion of Fund Performance | |
Invesco FTSE RAFI Emerging Markets ETF (PXH) |
As an index fund, the Invesco FTSE RAFI Emerging Markets ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies domiciled in countries that are classified as emerging markets within the country classification definition of FTSE. The Index is designed to track the performance of securities of companies domiciled in emerging market countries with the highest-ranking cumulative score (“Fundamental Value”), selected from the constituents of the FTSE Emerging All Cap Index, as determined by the Index Provider. The Index selects and weights the securities based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flows, sales and dividends. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (13.36)%. On a net asset value (“NAV”) basis, the Fund returned (13.44)%. During the same time period, the Index returned (12.96)%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian and Russian securities included in the Index. The Fund’s performance, on a NAV basis, differed from the return of the Index during the period primarily due to the fees and expenses that the Fund incurred.
During this same time period, the MSCI Emerging Markets IndexSM (Net) (the “Benchmark Index”) returned 8.25%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,392 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31,
2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and security selection in the energy and financials sectors, respectively.
For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and consumer staples sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 4.75%), and Alibaba Group Holding Ltd. ADR, a consumer discretionary company (portfolio average weight of 1.86%). Positions that detracted most significantly from the Fund’s return included Gazprom PJSC, an energy company (portfolio average weight of 2.39%), and Itau Unibanco Holding S.A., Preference Shares, a financials company (portfolio average weight of 1.31%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 29.46 | |||
Information Technology | 15.23 | |||
Energy | 12.85 | |||
Materials | 10.24 | |||
Communication Services | 10.02 | |||
Consumer Discretionary | 8.72 | |||
Consumer Staples | 3.99 | |||
Real Estate | 3.05 | |||
Industrials | 3.02 | |||
Sector Types Each Less Than 3% | 3.17 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.25 |
| 14 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.81 | |||
China Construction Bank Corp., H Shares | 3.80 | |||
Alibaba Group Holding Ltd., ADR | 2.84 | |||
Industrial & Commercial Bank of China Ltd., H Shares | 2.51 | |||
Tencent Holdings Ltd. | 2.00 | |||
China Mobile Ltd. | 1.89 | |||
Gazprom PJSC | 1.84 | |||
Reliance Industries Ltd. | 1.60 | |||
Vale S.A. | 1.57 | |||
Bank of China Ltd., H Shares | 1.55 | |||
Total | 25.41 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
FTSE RAFI™ Emerging Index (Net) | (12.96 | )% | (3.22 | )% | (9.36 | )% | 6.27 | % | 35.52 | % | (0.02 | )% | (0.18 | )% | 0.63 | % | 8.64 | % | ||||||||||||||||||||||
MSCI Emerging Markets IndexSM (Net) | 8.25 | 1.94 | 5.93 | 7.92 | 46.36 | 2.42 | 27.02 | 1.73 | 25.19 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (13.44 | ) | (3.60 | ) | (10.42 | ) | 5.76 | 32.34 | (0.58 | ) | (5.66 | ) | (0.39 | ) | (4.94 | ) | ||||||||||||||||||||||||
Market Price Return | (13.36 | ) | (3.54 | ) | (10.26 | ) | 5.85 | 32.91 | (0.69 | ) | (6.70 | ) | (0.55 | ) | (7.01 | ) |
| 15 |
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Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)
Fund Inception: September 27, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% includes the unitary management fee of 0.49% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 16 |
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PBD | Management’s Discussion of Fund Performance | |
Invesco Global Clean Energy ETF (PBD) |
As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, WilderHill New Energy Finance, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of companies engaged in the business of the advancement of cleaner energy and conservation. The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, pollution control, emerging hydrogen and fuel cells. The Index Provider selects securities principally on the basis of their capital appreciation potential as identified by the Index Provider pursuant to a proprietary methodology, with a bias placed on renewable energy companies. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 85.77%. On a net asset value (“NAV”) basis, the Fund returned 84.06%. During the same time period, the Index returned 84.30%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the fees and operating expenses that the Fund incurred during the period, which were partially offset by the income received from the securities lending program in which the Fund participated.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based upon the market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the renewable electricity sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position and security selection in the renewable electricity and electrical components and equipment sub-industries, as well as security selection in the automobile manufacturers sub-industry.
For the fiscal year ended October 31, 2020, the renewable electricity sub-industry contributed most significantly to the Fund’s return, followed by the electrical components and equipment and heavy electrical equipment sub-industries, respectively. The research and consulting services sub-industry detracted most significantly from the Fund’s return, followed by the auto parts & equipment and electronic equipment & instruments sub-industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included NIO, Inc., ADR, an automobiles manufacturers company (portfolio average weight of 1.45%), and Tesla, Inc., an automobile manufacturers company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Meyer Burger Technology AG, an semiconductors & semiconductor equipment company (no longer held at fiscal year-end), and United Renewable Energy Co. Ltd., a semiconductors & semiconductor equipment company (no longer held at fiscal year-end).
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Renewable Electricity | 23.17 | |||
Heavy Electrical Equipment | 11.34 | |||
Semiconductors | 11.17 | |||
Electrical Components & Equipment | 9.68 | |||
Semiconductor Equipment | 9.41 | |||
Electric Utilities | 5.35 | |||
Automobile Manufacturers | 4.62 | |||
Oil & Gas Refining & Marketing | 3.50 | |||
Construction & Engineering | 3.43 | |||
Sub-Industry Types Each Less than 3% | 18.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.01 |
| 17 |
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Invesco Global Clean Energy ETF (PBD) (continued)
Top Ten Fund Holdings* | ||||
Security | ||||
JinkoSolar Holding Co. Ltd., ADR | 2.70 | |||
BYD Co. Ltd., H Shares | 1.89 | |||
NIO, Inc., ADR | 1.73 | |||
Daqo New Energy Corp., ADR | 1.65 | |||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 1.56 | |||
SunPower Corp. | 1.54 | |||
Xinyi Solar Holdings Ltd. | 1.54 | |||
Enphase Energy, Inc. | 1.49 | |||
RENOVA, Inc. | 1.47 | |||
Ceres Power Holdings PLC | 1.42 | |||
Total | 16.99 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
WilderHill New Energy Global Innovation Index | 84.30 | % | 22.77 | % | 85.06 | % | 17.03 | % | 119.56 | % | 6.98 | % | 96.43 | % | 1.17 | % | 16.80 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.18 | 17.02 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return
| 84.06 | 22.77 | 85.07 | 16.97 | 118.92 | 6.71 | 91.43 | 0.49 | 6.71 | |||||||||||||||||||||||||||||||
Market Price Return | 85.77 | 22.87 | 85.49 | 17.00 | 119.28 | 6.76 | 92.31 | 0.44 | 6.02 |
| 18 |
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Invesco Global Clean Energy ETF (PBD) (continued)
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 19 |
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PIO | Management’s Discussion of Fund Performance | |
Invesco Global Water ETF (PIO) |
As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq OMX Global Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of global exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries and have a minimum worldwide market capitalization of $50 million. The Index may be comprised of common stocks, ordinary shares, depositary receipts, depositary shares, Dutch certificates, shares of beneficial interest, stapled securities and tracking stocks and also may include companies in emerging market countries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 9.16%. On a net asset value (“NAV”) basis, the Fund returned 8.76%. During the same time period, the Index returned 9.15%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were offset by the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based upon the market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations and security selection in the health care equipment & supplies and machinery sub-industries.
For the fiscal year ended October 31, 2020, the health care equipment & supplies sub-industry contributed most significantly to the Fund’s return, followed by the machinery and building products sub-industries, respectively. The water utilities sub-industry detracted most significantly from the Fund’s return, followed by the multi-utilities sub-industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Danaher Corp., a health care equipment company (portfolio average weight of 8.63%), and Geberit AG, a building products company (portfolio average weight of 7.76%). Positions that detracted most significantly from the Fund’s return included Cia de Saneamento Basico do Estado de Sao Paulo, a water utilities company (portfolio average weight of 3.50%) and Veolia Environnement S.A., a multi-utilities company (portfolio average weight of 4.21%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Industrials | 44.81 | |||
Utilities | 29.62 | |||
Health Care | 13.19 | |||
Materials | 7.55 | |||
Sector Types Each Less Than 3% | 4.61 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.22 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Danaher Corp. | 9.01 | |||
Ecolab, Inc. | 7.55 | |||
Geberit AG | 7.24 | |||
Pentair PLC | 6.11 | |||
Cia de Saneamento Basico do Estado de Sao Paulo | 4.37 | |||
American Water Works Co., Inc. | 4.32 | |||
Waters Corp. | 4.18 | |||
Ferguson PLC | 4.10 | |||
Xylem, Inc. | 3.63 | |||
Roper Technologies, Inc. | 3.52 | |||
Total | 54.03 |
* | Excluding money market fund holdings. |
| 20 |
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Invesco Global Water ETF (PIO) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—Nasdaq OMX Global Water IndexSM | 9.15 | % | 9.02 | % | 29.59 | % | 8.98 | % | 53.76 | % | 6.86 | % | 94.23 | % | 3.50 | % | 58.42 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.18 | 17.02 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 8.76 | 8.79 | 28.75 | 8.84 | 52.75 | 6.83 | 93.60 | 3.15 | 51.35 | |||||||||||||||||||||||||||||||
Market Price Return | 9.16 | 8.83 | 28.90 | 8.96 | 53.59 | 6.83 | 93.57 | 2.99 | 48.39 |
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund. |
- | The Blended-Nasdaq OMX Global Water IndexSM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index prior to the conversion date, March 1, 2012, followed by the performance of the Index, starting from the conversion date through October 31, 2020. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 21 |
|
IPKW | Management’s Discussion of Fund Performance | |
Invesco International BuyBack AchieversTM ETF (IPKW) |
As an index fund, the Invesco International BuyBack AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq International BuyBack AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack AchieversTM” pursuant to the Index Provider’s proprietary selection methodology. To qualify as an “International BuyBack AchieverTM“ and be eligible for inclusion in the Index, a security must: (i) be included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; (iii) have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year; and (iv) have a minimum three-month average daily dollar cash volume of $1 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.37%. On a net asset value (“NAV”) basis, the Fund returned (0.34)%. During the same time period, the Index returned 0.23%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.
During this same time period, the MSCI ACWI ex USA® Index (Net) (the “Benchmark Index”) returned (2.61)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,377 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the developed and emerging equity markets outside the U.S.
The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure and security selection in the financials
sector along with the Fund’s overweight exposure and security selection in the communication services sector.
For the fiscal year ended October 31, 2020, the communication services sector contributed most significantly to the Fund’s return, followed by the materials and information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Flutter Entertainment PLC, a consumer discretionary company (no longer held at fiscal year-end) and Z Holdings Corp., a communication services company (portfolio average weight of 3.82%). Positions that detracted most significantly from the Fund’s return included RioCan REIT, a real estate company (no longer held at fiscal year-end) and Dufry AG, a consumer discretionary company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Financials | 15.69 | |||
Communication Services | 14.92 | |||
Industrials | 13.84 | |||
Information Technology | 13.80 | |||
Materials | 13.32 | |||
Consumer Discretionary | 11.73 | |||
Health Care | 7.26 | |||
Energy | 4.42 | |||
Real Estate | 3.74 | |||
Consumer Staples | 0.69 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.59 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Nutrien Ltd. | 5.17 | |||
Vivendi S.A. | 5.15 | |||
Tokyo Electron Ltd. | 5.14 | |||
Nippon Telegraph & Telephone Corp. | 5.13 | |||
Wipro Ltd., ADR | 5.13 | |||
Akzo Nobel N.V. | 4.73 | |||
Mitsubishi Corp. | 4.65 | |||
Olympus Corp. | 4.58 | |||
BlueScope Steel Ltd. | 2.81 | |||
Magna International, Inc. | 2.78 | |||
Total | 45.27 |
* | Excluding money market fund holdings. |
| 22 |
|
Invesco International BuyBack AchieversTM ETF (IPKW) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||
Nasdaq International BuyBack Achievers™ Index (Net) | 0.23 | % | (0.97 | )% | (2.87 | )% | 6.04 | % | 34.05 | % | 6.26 | % | 49.89 | % | ||||||||||||||||||
MSCI ACWI ex USA® Index (Net) | (2.61 | ) | (0.19 | ) | (0.57 | ) | 4.26 | 23.21 | 2.34 | 16.67 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (0.34 | ) | (1.48 | ) | (4.37 | ) | 5.40 | 30.07 | 5.57 | 43.59 | ||||||||||||||||||||||
Market Price Return | 0.37 | (1.56 | ) | (4.59 | ) | 5.49 | 30.63 | 5.52 | 43.07 |
Fund Inception: February 27, 2014
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.55% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 23 |
|
CUT | Management’s Discussion of Fund Performance | |
Invesco MSCI Global Timber ETF (CUT) |
As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “Timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 3.60%. On a net asset value (“NAV”) basis, the Fund returned 3.25%. During the same time period, the Index returned 3.25%. During the fiscal year, the Fund’s performance, on a NAV basis, matched the return of the Index because fees and operating expenses that the Fund incurred during the period, were offset by the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index, along with the positive impact from sampling used for Indian components of the Index.
During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 4.36%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,603 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the paper packaging sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance
relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the paper products sub-industry.
For the fiscal year ended October 31, 2020, the paper packaging sub-industry contributed most significantly to the Fund’s return, followed by the forest products and specialized REITs subindustries, respectively. The paper products sub-industry was the only detracting sub-industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Svenska Cellulosa AB S.C.A., Class B, a forest products company (portfolio average weight of 3.59%) and Amcor PLC, CDI, a paper packaging company (portfolio average weight of 5.02%). Positions that detracted most significantly from the Fund’s return included DS Smith PLC, a paper packaging company (portfolio average weight of 2.95%) and Mondi PLC, a paper products company (portfolio average weight of 4.48%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Materials | 92.08 | |||
Real Estate | 7.87 | |||
Exchange-Traded Fund | 0.06 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.01) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
International Paper Co. | 5.91 | |||
Avery Dennison Corp. | 5.63 | |||
Packaging Corp. of America | 5.30 | |||
UPM-Kymmene OYJ | 4.94 | |||
Westrock Co. | 4.75 | |||
Weyerhaeuser Co. | 4.61 | |||
Amcor PLC | 4.52 | |||
Mondi PLC | 4.48 | |||
Smurfit Kappa Group PLC | 4.17 | |||
Stora Enso OYJ, Class R | 4.14 | |||
Total | 48.45 |
* | Excluding money market fund holdings. |
| 24 |
|
Invesco MSCI Global Timber ETF (CUT) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended - MSCI ACWI IMI Timber Select Capped Index (Net) | 3.25 | % | (1.42 | )% | (4.19 | )% | 4.76 | % | 26.17 | % | 5.92 | % | 77.79 | % | 3.72 | % | 60.66 | % | ||||||||||||||||||||||
MSCI World Index (Net) | 4.36 | 5.96 | 18.97 | 8.13 | 47.80 | 8.64 | 128.96 | 4.94 | 87.02 | |||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 3.25 | (1.27 | ) | (3.77 | ) | 4.76 | 26.16 | 5.44 | 69.91 | 2.88 | 44.49 | |||||||||||||||||||||||||||||
Market Price Return | 3.60 | (1.33 | ) | (3.94 | ) | 4.87 | 26.86 | 5.42 | 69.51 | 2.87 | 44.44 |
Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”)
Fund Inception: November 9, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.67% and the net annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers. Blended-Index and Benchmark Index performance results are
based upon a hypothetical investment in their respective constituent securities.
Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2020. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 25 |
|
CGW | Management’s Discussion of Fund Performance | |
Invesco S&P Global Water Index ETF (CGW) |
As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of approximately 50 of the largest global companies in water-related businesses. To be eligible for inclusion in the Index, securities must be classified as being in either the water equipment and materials or water utilities and infrastructure segments pursuant to the Index methodology. Index constituents must have a minimum float-adjusted capitalization of $100 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 6.62%. On a net asset value (“NAV”) basis, the Fund returned 6.31%. During the same time period, the Index returned 6.63%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated by the securities lending program in which the Fund participates.
During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the industrial machinery sub-industry and underweight in the diversified banks sub-industry.
For the fiscal year ended October 31, 2020, the industrial machinery sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and building products sub-industries, respectively. The multi-utilities sub-industry detracted most significantly from the Fund’s return, followed by the water-utilities and household appliances sub-industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Danaher Corp., a health care equipment company (no longer held at fiscal year-end), and American Water Works Co., Inc., a multi-utilities company (portfolio average weight of 9.58%). Positions that detracted most significantly from the Fund’s return included Veolia Environnement S.A., a multi-utilities company (portfolio average weight of 4.87%), and Cia de Saneamento Basico do Estado de Sao Paulo, ADR, a water utilities company (portfolio average weight of 1.62%).
Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Machinery | 33.50 | |||
Water Utilities | 32.38 | |||
Multi-Utilities | 12.41 | |||
Building Products | 7.89 | |||
Electronic Equipment, Instruments & Components | 6.41 | |||
Industry Types Each Less Than 3% | 7.28 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.13 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
American Water Works Co., Inc. | 9.99 | |||
Xylem, Inc. | 9.40 | |||
Halma PLC | 5.14 | |||
Geberit AG | 4.97 | |||
Pentair PLC | 4.95 | |||
Essential Utilities, Inc. | 4.33 | |||
Veolia Environnement S.A. | 4.33 | |||
Algonquin Power & Utilities Corp. | 4.19 | |||
United Utilities Group PLC | 3.59 | |||
Severn Trent PLC | 3.56 | |||
Total | 54.45 |
* | Excluding money market fund holdings. |
| 26 |
|
Invesco S&P Global Water Index ETF (CGW) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
S&P Global Water Index (Net) | 6.63 | % | 7.85 | % | 25.44 | % | 10.05 | % | 61.38 | % | 10.10 | % | 161.78 | % | 6.52 | % | 134.00 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.09 | 15.65 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 6.31 | 7.53 | 24.34 | 9.77 | 59.38 | 9.78 | 154.26 | 6.08 | 121.27 | |||||||||||||||||||||||||||||||
Market Price Return | 6.62 | 7.66 | 24.79 | 9.85 | 59.99 | 9.83 | 155.47 | 6.10 | 121.83 |
Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”)
Fund Inception: May 14, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 27 |
|
IDHQ | Management’s Discussion of Fund Performance | |
Invesco S&P International Developed Quality ETF (IDHQ) |
As an index fund, Invesco S&P International Developed Quality ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap (the “Parent Index”) that the Index Provider identifies as being of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three equally-weighted factors: (i) return-on-equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. The Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally invests all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 4.09%. On a net asset value (“NAV”) basis, the Fund returned 4.38%. During the same time period, the Index returned 4.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fact was Fund holding cash to pay distributions in March, which coincided with the overall market decline. This was partially offset by fees and operating expenses incurred by the Fund during the period. During this same time period, the MSCI EAFE® Index (Net) returned (6.86)%.
For the fiscal year ended October 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the consumer staples and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included ASML
Holding N.V., an information technology company (portfolio average weight of 3.28%) and Roche Holding AG, a health care company (portfolio average weight of 5.38%). Positions that detracted most significantly from the Fund’s return included Airbus SE, an industrials company (no longer held at fiscal year-end), and Compass Group PLC, a consumer discretionary company (portfolio average weight of 0.77%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Health Care | 23.60 | |||
Industrials | 17.78 | |||
Consumer Staples | 16.24 | |||
Information Technology | 10.61 | |||
Materials | 9.17 | |||
Consumer Discretionary | 8.94 | |||
Financials | 7.12 | |||
Communication Services | 4.17 | |||
Sector Types Each Less Than 3% | 1.87 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.50 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020 | ||||
Security | ||||
Nestle S.A. | 5.08 | |||
Roche Holding AG | 4.60 | |||
Novartis AG | 4.43 | |||
ASML Holding N.V. | 3.82 | |||
Novo Nordisk A/S, Class B | 3.20 | |||
CSL Ltd. | 2.22 | |||
Unilever N.V. | 2.20 | |||
Diageo PLC | 2.09 | |||
BHP Group Ltd. | 1.90 | |||
Canadian National Railway Co. | 1.69 | |||
Total | 31.23 |
* | Excluding money market fund holdings. |
| 28 |
|
Invesco S&P International Developed Quality ETF (IDHQ) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2020
1 Year | 3 Years Average | 3 Years Cumulative | 5 Years Average | 5 Years Cumulative | 10 Years Average | 10 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—S&P Quality Developed ex-U.S. LargeMidCap Index (Net) | 4.37 | % | 4.62 | % | 14.49 | % | 6.79 | % | 38.90 | % | 6.59 | % | 89.28 | % | 2.86 | % | 45.82 | % | ||||||||||||||||||||||
MSCI EAFE® Index (Net) | (6.86 | ) | (1.24 | ) | (3.67 | ) | 2.85 | 15.07 | 3.82 | 45.53 | 1.18 | 17.02 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 4.38 | 4.50 | 14.13 | 6.77 | 38.79 | 6.16 | 81.73 | 2.10 | 32.09 | |||||||||||||||||||||||||||||||
Market Price Return | 4.09 | 4.18 | 13.07 | 6.82 | 39.06 | 6.19 | 82.25 | 1.98 | 30.04 |
Fund Inception: June 13, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot
invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- | The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception through March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index, the Fund’s underlying index for the period March 1, 2012 through the conversion date, March 18, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2020. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
- | Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests. |
| 29 |
|
Invesco China Technology ETF (CQQQ)
October 31, 2020
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.09% |
| |||||||
Capital Markets-0.56% |
| |||||||
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China) | 289,300 | $ | 5,834,186 | |||||
|
| |||||||
Diversified Financial Services-0.00% |
| |||||||
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c) | 122,862 | 0 | ||||||
|
| |||||||
Electrical Equipment-0.74% |
| |||||||
East Group Co. Ltd., A Shares (China) | 1,114,100 | 1,669,437 | ||||||
Nanyang Topsec Technologies Group, Inc., A Shares (China)(b) | 623,100 | 1,957,592 | ||||||
Qingdao TGOOD Electric Co. Ltd., A Shares (China) | 536,518 | 1,736,024 | ||||||
Sieyuan Electric Co. Ltd., A Shares (China) | 408,820 | 1,302,694 | ||||||
Suzhou Anjie Technology Co. Ltd., A Shares (China)(b) | 341,100 | 1,010,542 | ||||||
|
| |||||||
7,676,289 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-16.16% |
| |||||||
All Winner Technology Co. Ltd., A Shares (China) | 152,423 | 759,362 | ||||||
Avary Holding Shenzhen Co. Ltd., A Shares (China) | 443,956 | 3,243,433 | ||||||
BOE Technology Group Co. Ltd., A Shares (China) | 18,213,274 | 12,857,644 | ||||||
BOE Technology Group Co. Ltd., B Shares (China) | 7,192,839 | 2,643,454 | ||||||
Chaozhou Three-Circle Group Co. Ltd., A Shares (China) | 937,390 | 4,341,245 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China) | 364,400 | 440,530 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China) | 125,600 | 1,926,122 | ||||||
Hangzhou Century Co. Ltd., A Shares (China) | 467,560 | 709,693 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (China) | 5,026,207 | 33,682,083 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China) | 884,000 | 1,852,387 | ||||||
Leyard Optoelectronic Co. Ltd., A Shares (China) | 1,367,700 | 1,455,434 | ||||||
Lingyi iTech Guangdong Co., A Shares (China) | 3,790,800 | 7,372,037 | ||||||
Maxscend Microelectronics Co. Ltd., A Shares (China) | 86,440 | 5,595,855 | ||||||
OFILM Group Co. Ltd., A Shares (China) | 1,459,073 | 3,364,478 | ||||||
Shengyi Technology Co. Ltd., A Shares (China) | 1,224,319 | 4,369,044 | ||||||
Shennan Circuits Co. Ltd., A Shares (China) | 92,364 | 1,486,051 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China) | 489,300 | 1,746,092 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China) | 192,620 | 920,524 | ||||||
Sunny Optical Technology Group Co. Ltd. (China) | 3,730,082 | 61,664,186 | ||||||
Tianma Microelectronics Co. Ltd., A Shares (China) | 1,101,627 | 2,344,587 |
Shares | Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
| |||||||
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)(b) | 2,947,700 | $ | 1,201,042 | |||||
Unisplendour Corp. Ltd., A Shares (China) | 714,158 | 2,344,926 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China) | 442,100 | 1,441,731 | ||||||
Westone Information Industry, Inc., A Shares (China) | 450,900 | 1,242,293 | ||||||
Wuhan Guide Infrared Co. Ltd., A Shares (China) | 856,179 | 4,326,770 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China) | 927,700 | 2,550,407 | ||||||
Xiamen Meiya Pico Information Co. Ltd., A Shares (China) | 433,080 | 1,467,257 | ||||||
Zhejiang Crystal-Optech Co. Ltd., A Shares (China) | 654,870 | 1,245,193 | ||||||
|
| |||||||
168,593,860 | ||||||||
|
| |||||||
Entertainment-3.52% |
| |||||||
Hangzhou Shunwang Technology Co. Ltd., A Shares (China) | 373,300 | 919,293 | ||||||
Tencent Music Entertainment Group, ADR (China)(b) | 2,402,367 | 35,747,221 | ||||||
|
| |||||||
36,666,514 | ||||||||
|
| |||||||
Health Care Technology-0.29% |
| |||||||
Winning Health Technology Group Co. Ltd., A Shares (China) | 1,147,729 | 3,047,387 | ||||||
|
| |||||||
Interactive Media & Services-31.14% |
| |||||||
Autohome, Inc., ADR (China) | 424,394 | 40,550,847 | ||||||
Baidu, Inc., ADR (China)(b) | 629,372 | 83,737,944 | ||||||
JOYY, Inc., ADR (China) | 410,513 | 37,512,678 | ||||||
Momo, Inc., ADR (China) | 1,191,519 | 17,872,785 | ||||||
SINA Corp. (China)(b) | 428,928 | 18,379,565 | ||||||
Tencent Holdings Ltd. (China) | 1,425,274 | 108,620,661 | ||||||
Weibo Corp., ADR (China)(b)(d) | 436,432 | 18,133,750 | ||||||
|
| |||||||
324,808,230 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-9.71% |
| |||||||
Meituan Dianping, B Shares (China)(b) | 2,726,170 | 101,314,944 | ||||||
|
| |||||||
IT Services-6.99% |
| |||||||
Beijing Sinnet Technology Co. Ltd., A Shares (China) | 830,000 | 2,367,288 | ||||||
Beijing Ultrapower Software Co. Ltd., A Shares (China)(b) | 1,054,800 | 875,300 | ||||||
China TransInfo Technology Co. Ltd., A Shares (China) | 515,671 | 1,707,821 | ||||||
DHC Software Co. Ltd., A Shares (China) | 1,675,700 | 2,283,386 | ||||||
Doushen Beijing Education & Technology, Inc., A Shares (China)(b) | 467,000 | 979,277 | ||||||
GDS Holdings Ltd., ADR (China)(b)(d) | 533,863 | 44,865,846 | ||||||
Taiji Computer Corp. Ltd., A Shares (China) | 310,773 | 1,243,055 | ||||||
TravelSky Technology Ltd., H Shares (China) | 7,165,080 | 15,041,877 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 30 |
|
Invesco China Technology ETF (CQQQ)–(continued)
October 31, 2020
Shares | Value | |||||||
IT Services-(continued) |
| |||||||
Wangsu Science & Technology Co. Ltd., A Shares (China) | 1,309,245 | $ | 1,518,288 | |||||
Wonders Information Co. Ltd., A Shares (China)(b) | 638,784 | 2,080,276 | ||||||
|
| |||||||
72,962,414 | ||||||||
|
| |||||||
Machinery-0.30% |
| |||||||
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China) | 512,400 | 3,074,308 | ||||||
|
| |||||||
Media-2.49% |
| |||||||
China Literature Ltd. (China)(b)(d)(e) | 1,651,410 | 13,522,445 | ||||||
Focus Media Information Technology Co. Ltd., A Shares (China) | 7,894,619 | 11,005,006 | ||||||
People.cn Co. Ltd., A Shares (China) | 594,700 | 1,484,043 | ||||||
|
| |||||||
26,011,494 | ||||||||
|
| |||||||
Metals & Mining-0.09% |
| |||||||
Shenghe Resources Holding Co. Ltd., A Shares (China)(b) | 944,109 | 927,172 | ||||||
|
| |||||||
Pharmaceuticals-0.00% |
| |||||||
Anxin-China Holdings Ltd. (China)(b)(c) | 2,144,054 | 0 | ||||||
|
| |||||||
Real Estate Management & Development-0.10% |
| |||||||
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China) | 522,385 | 1,079,823 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-15.16% |
| |||||||
Gigadevice Semiconductor Beijing, Inc., A Shares (China) | 253,203 | 7,357,784 | ||||||
Hua Hong Semiconductor Ltd. | 2,979,198 | 10,929,700 | ||||||
LONGi Green Energy Technology Co. Ltd., A Shares (China) | 2,028,932 | 23,011,036 | ||||||
NAURA Technology Group Co. Ltd., A Shares (China) | 266,357 | 6,797,864 | ||||||
Sanan Optoelectronics Co. Ltd., A Shares (China) | 2,409,215 | 7,993,321 | ||||||
Semiconductor Manufacturing International Corp. (China)(b) | 26,427,826 | 77,529,938 | ||||||
SG Micro Corp., A Shares (China) | 83,650 | 3,403,330 | ||||||
Shenzhen Goodix Technology Co. Ltd., A Shares (China) | 96,400 | 2,471,795 | ||||||
Shenzhen SC New Energy Technology Corp., A Shares (China) | 154,318 | 2,300,191 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China) | 1,631,425 | 5,683,033 | ||||||
Tianshui Huatian Technology Co. Ltd., A Shares (China) | 1,473,700 | 3,162,862 | ||||||
TongFu Microelectronics Co. Ltd., A Shares (China)(b) | 620,500 | 2,306,894 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China) | 326,400 | 5,228,090 | ||||||
|
| |||||||
158,175,838 | ||||||||
|
| |||||||
Software-11.09% |
| |||||||
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China) | 349,700 | 1,658,155 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China) | 568,300 | 1,023,758 | ||||||
Beijing Shiji Information Technology Co. Ltd., A Shares (China) | 574,403 | 3,158,265 |
Shares | Value | |||||||
Software-(continued) |
| |||||||
China National Software & Service Co. Ltd., A Shares (China) | 266,000 | $ | 2,783,388 | |||||
Glodon Co. Ltd., A Shares (China) | 637,025 | 6,747,510 | ||||||
Hundsun Technologies, Inc., A Shares (China) | 561,597 | 7,790,040 | ||||||
Iflytek Co. Ltd., A Shares (China) | 1,182,550 | 6,713,860 | ||||||
Kingdee International Software Group Co. Ltd. (China)(b)(d) | 16,271,192 | 42,698,280 | ||||||
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) | 565,700 | 1,332,310 | ||||||
NSFOCUS Technologies Group Co. Ltd., A Shares (China) | 398,500 | 1,097,329 | ||||||
OneConnect Financial Technology Co. Ltd., ADR (China)(b)(d) | 389,021 | 7,834,883 | ||||||
Sangfor Technologies, Inc., A Shares (China) | 78,105 | 2,217,649 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China) | 1,802,400 | 726,319 | ||||||
Shanghai Baosight Software Co. Ltd., A Shares (China) | 283,193 | 2,685,181 | ||||||
Shanghai Baosight Software Co. Ltd., B Shares (China) | 2,285,510 | 8,906,632 | ||||||
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)(b) | 380,100 | 1,269,610 | ||||||
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China) | 462,800 | 1,224,657 | ||||||
Sinosoft Co. Ltd., A Shares (China) | 81,600 | 479,599 | ||||||
Thunder Software Technology Co. Ltd., A Shares (China) | 203,100 | 2,595,965 | ||||||
Venustech Group, Inc., A Shares (China) | 322,874 | 1,486,140 | ||||||
Yonyou Network Technology Co. Ltd., A Shares (China) | 1,747,404 | 11,253,467 | ||||||
|
| |||||||
115,682,997 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-1.75% |
| |||||||
China Greatwall Technology Group Co. Ltd., A Shares (China) | 1,575,046 | 3,561,378 | ||||||
Dawning Information Industry Co. Ltd., A Shares (China) | 625,200 | 3,338,655 | ||||||
Inspur Electronic Information Industry Co. Ltd., A Shares (China) | 775,158 | 3,528,599 | ||||||
Legend Holdings Corp., H Shares (China)(d)(e) | 3,964,329 | 5,336,995 | ||||||
Shenzhen Kaifa Technology Co. Ltd., A Shares (China) | 791,317 | 2,502,613 | ||||||
|
| |||||||
18,268,240 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% | 1,044,123,696 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.54% |
| |||||||
Invesco Private Government Fund, 0.04%(f)(g)(h) | 10,604,027 | 10,604,027 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco China Technology ETF (CQQQ)–(continued)
October 31, 2020
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, | 15,901,270 | $ | 15,906,040 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 26,510,067 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.63% |
| 1,070,633,763 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.63)% |
| (27,472,076 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 1,043,161,687 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Rts. -Rights
TBA -To Be Announced
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 October 31, 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 October 31, 2020 was $29,789,140, which represented 2.86% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 5,304,455 | $ | (5,304,455 | ) | $ | - | $ | - | $ | - | $ | 6 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 42,977,849 | (42,977,849 | ) | - | - | - | 1,212 | |||||||||||||||||||||||||||
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 | - | 152,060,828 | (141,456,801 | ) | - | - | 10,604,027 | 4,398 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 53,987,496 | (38,083,004 | ) | - | 1,548 | 15,906,040 | 4,097 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 27,354,281 | $ | 351,806,800 | $ | (352,651,728 | ) | $ | (395 | ) | $ | 1,109 | $ | 26,510,067 | $ | 133,587 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco China Technology ETF (CQQQ)–(continued)
October 31, 2020
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
This Fund has holdings greater than 10% of net assets in the following country:
China | 100.09 | % |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.10% |
| |||||||
Australia-3.83% | ||||||||
Fortescue Metals Group Ltd. | 73,581 | $ | 897,547 | |||||
Ramsay Health Care Ltd. | 95,122 | 4,164,945 | ||||||
Sonic Healthcare Ltd. | 35,625 | 871,115 | ||||||
|
| |||||||
5,933,607 | ||||||||
|
| |||||||
Belgium-1.96% | ||||||||
Sofina S.A. | 3,245 | 842,926 | ||||||
Warehouses De Pauw C.V.A. | 65,729 | 2,198,929 | ||||||
|
| |||||||
3,041,855 | ||||||||
|
| |||||||
Canada-13.99% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 45,538 | 1,401,301 | ||||||
Boyd Group Services, Inc. | 32,594 | 4,671,721 | ||||||
Canadian National Railway Co. | 21,259 | 2,110,195 | ||||||
Constellation Software, Inc. | 3,434 | 3,602,024 | ||||||
Descartes Systems Group, Inc. (The)(a) | 54,075 | 2,897,302 | ||||||
Dollarama, Inc. | 24,377 | 838,802 | ||||||
Emera, Inc.(b) | 21,602 | 861,099 | ||||||
Fortis, Inc. | 23,811 | 939,868 | ||||||
Kirkland Lake Gold Ltd. | 76,185 | 3,468,279 | ||||||
Royal Bank of Canada | 12,821 | 895,792 | ||||||
Topicus.com, Inc.(a)(c) | 6,386 | 0 | ||||||
|
| |||||||
21,686,383 | ||||||||
|
| |||||||
Denmark-7.87% | ||||||||
DSV Panalpina A/S | 6,389 | 1,034,603 | ||||||
GN Store Nord A/S | 35,581 | 2,559,135 | ||||||
Novo Nordisk A/S, Class B | 39,913 | 2,563,782 | ||||||
Novozymes A/S, Class B | 16,001 | 961,595 | ||||||
Royal Unibrew A/S | 41,627 | 4,065,364 | ||||||
SimCorp A/S | 8,527 | 1,016,604 | ||||||
|
| |||||||
12,201,083 | ||||||||
|
| |||||||
Finland-5.28% | ||||||||
Huhtamaki OYJ | 17,914 | 874,749 | ||||||
Kone OYJ, Class B | 51,195 | 4,075,420 | ||||||
Neste OYJ(b) | 24,603 | 1,280,475 | ||||||
Sampo OYJ, Class A | 51,734 | 1,952,499 | ||||||
|
| |||||||
8,183,143 | ||||||||
|
| |||||||
France-3.74% | ||||||||
Dassault Systemes SE | 4,650 | 793,795 | ||||||
Kering S.A. | 1,494 | 902,338 | ||||||
Safran S.A.(a) | 8,084 | 852,395 | ||||||
Sartorius Stedim Biotech | 2,490 | 944,395 | ||||||
SOITEC(a) | 8,255 | 1,171,208 | ||||||
Teleperformance | 3,757 | 1,127,783 | ||||||
|
| |||||||
5,791,914 | ||||||||
|
| |||||||
Germany-5.80% | ||||||||
adidas AG(a) | 5,820 | 1,728,753 | ||||||
Bechtle AG | 8,557 | 1,468,230 | ||||||
Nemetschek SE | 54,832 | 3,966,391 | ||||||
Symrise AG | 6,564 | 809,337 | ||||||
TAG Immobilien AG(a) | 34,404 | 1,013,909 | ||||||
|
| |||||||
8,986,620 | ||||||||
|
| |||||||
Hong Kong-0.86% | ||||||||
Techtronic Industries Co. Ltd. | 99,918 | 1,332,266 | ||||||
|
|
Shares | Value | |||||||
Ireland-0.99% | ||||||||
Kingspan Group PLC(a) | 17,616 | $ | 1,535,921 | |||||
|
| |||||||
Israel-1.40% | ||||||||
Nice Ltd.(a) | 9,472 | 2,169,891 | ||||||
|
| |||||||
Italy-0.63% | ||||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 18,767 | 972,584 | ||||||
|
| |||||||
Japan-7.15% | ||||||||
Daifuku Co. Ltd. | 16,979 | 1,742,727 | ||||||
Daikin Industries Ltd. | 4,521 | 842,444 | ||||||
Hikari Tsushin, Inc. | 4,891 | 1,142,044 | ||||||
Japan Exchange Group, Inc. | 30,442 | 740,375 | �� | |||||
Keyence Corp. | 2,134 | 964,526 | ||||||
MISUMI Group, Inc. | 28,508 | 842,641 | ||||||
Nexon Co. Ltd. | 45,568 | 1,272,365 | ||||||
Obic Co. Ltd. | 5,358 | 950,745 | ||||||
Sony Corp. | 10,709 | 888,558 | ||||||
TIS, Inc. | 40,428 | 773,832 | ||||||
Tokyo Electron Ltd. | 3,483 | 929,555 | ||||||
|
| |||||||
11,089,812 | ||||||||
|
| |||||||
Luxembourg-0.86% | ||||||||
Eurofins Scientific SE(a) | 1,678 | 1,336,567 | ||||||
|
| |||||||
Netherlands-3.35% | ||||||||
ASM International N.V. | 12,844 | 1,837,251 | ||||||
ASML Holding N.V. | 7,119 | 2,587,280 | ||||||
Koninklijke Ahold Delhaize N.V. | 27,955 | 768,170 | ||||||
|
| |||||||
5,192,701 | ||||||||
|
| |||||||
New Zealand-3.00% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 271,889 | 2,630,683 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 45,326 | 1,048,458 | ||||||
Xero Ltd.(a) | 12,681 | 980,912 | ||||||
|
| |||||||
4,660,053 | ||||||||
|
| |||||||
Norway-0.54% | ||||||||
TOMRA Systems ASA(b) | 20,841 | 838,755 | ||||||
|
| |||||||
South Korea-3.87% | ||||||||
Alteogen, Inc.(a) | 11,964 | 1,669,077 | ||||||
Seegene, Inc. | 7,176 | 1,660,086 | ||||||
Shin Poong Pharmaceutical Co. | 24,178 | 2,674,133 | ||||||
|
| |||||||
6,003,296 | ||||||||
|
| |||||||
Spain-0.90% | ||||||||
Red Electrica Corp. S.A. | 78,847 | 1,389,154 | ||||||
|
| |||||||
Sweden-9.98% | ||||||||
AddTech AB, Class B | 292,634 | 3,238,284 | ||||||
Atlas Copco AB, Class A | 18,524 | 817,656 | ||||||
Evolution Gaming Group AB(d) | 16,265 | 1,207,840 | ||||||
Fastighets AB Balder, Class B(a) | 68,136 | 3,210,399 | ||||||
Hexagon AB, Class B | 16,827 | 1,229,536 | ||||||
Indutrade AB(a) | 21,729 | 1,101,933 | ||||||
Investor AB, Class B | 14,122 | 847,845 | ||||||
Nibe Industrier AB, Class B(a) | 52,901 | 1,275,403 | ||||||
Svenska Cellulosa AB S.C.A., | 63,017 | 854,867 | ||||||
Sweco AB, Class B | 17,497 | 881,420 | ||||||
Swedish Match AB | 10,833 | 816,143 | ||||||
|
| |||||||
15,481,326 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
October 31, 2020
Shares | Value | |||||||
Switzerland-12.13% | ||||||||
Belimo Holding AG | 286 | $ | 2,128,111 | |||||
EMS-Chemie Holding AG | 1,169 | 1,028,001 | ||||||
Geberit AG | 3,446 | 1,962,590 | ||||||
Givaudan S.A. | 308 | 1,255,456 | ||||||
Kuehne + Nagel International AG | 15,239 | 3,044,308 | ||||||
Logitech International S.A. | 14,669 | 1,235,554 | ||||||
Lonza Group AG | 2,003 | 1,213,317 | ||||||
Partners Group Holding AG | 1,202 | 1,084,036 | ||||||
Schindler Holding AG, PC | 5,668 | 1,450,162 | ||||||
SGS S.A. | 538 | 1,344,780 | ||||||
Sika AG | 4,817 | 1,186,184 | ||||||
Straumann Holding AG | 916 | 955,426 | ||||||
Tecan Group AG, Class R | 1,950 | 925,481 | ||||||
|
| |||||||
18,813,406 | ||||||||
|
| |||||||
United Kingdom-11.97% | ||||||||
AVEVA Group PLC | 14,620 | 810,967 | ||||||
Croda International PLC(b) | 31,603 | 2,465,655 | ||||||
Dechra Pharmaceuticals PLC | 20,651 | 932,425 | ||||||
Experian PLC | 22,060 | 803,510 | ||||||
Games Workshop Group PLC | 19,933 | 2,672,699 | ||||||
Halma PLC | 32,959 | 1,009,147 | ||||||
HomeServe PLC | 52,708 | 753,074 | ||||||
Intermediate Capital Group PLC | 62,319 | 943,574 | ||||||
Intertek Group PLC | 10,892 | 784,725 | ||||||
JD Sports Fashion PLC | 141,006 | 1,351,362 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Rightmove PLC(a) | 230,576 | $ | 1,842,473 | |||||
Spirax-Sarco Engineering PLC | 22,357 | 3,260,778 | ||||||
UNITE Group PLC (The)(a) | 85,666 | 922,682 | ||||||
|
| |||||||
18,553,071 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% |
| 155,193,408 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.54% |
| |||||||
Invesco Private Government Fund, | 2,198,622 | 2,198,622 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 3,296,945 | 3,297,934 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 5,496,556 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.64% |
| 160,689,964 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.64)% |
| (5,647,328 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 155,042,636 | |||||
|
|
Investment Abbreviations:
PC-Participation Certificate
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $1,207,840, which represented less than 1% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 4,739,913 | $ | (4,739,913 | ) | $ | - | $ | - | $ | - | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 2,150,289 | (2,150,289 | ) | - | - | - | 293 | |||||||||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco DWA Developed Markets Momentum ETF (PIZ)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 20,404,300 | $ | (18,205,678 | ) | $ | - | $ | - | $ | 2,198,622 | $ | 433 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 5,890,979 | (2,593,192 | ) | 20 | 127 | 3,297,934 | 424 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 6,944,816 | $ | 71,272,456 | $ | (72,720,181 | ) | $ | (54 | ) | $ | (481 | ) | $ | 5,496,556 | $ | 47,191 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 36 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-100.23% |
| |||||||
Brazil-7.68% | ||||||||
Azul S.A., Preference Shares(a) | 193,100 | $ | 755,187 | |||||
Cia Siderurgica Nacional S.A. | 291,100 | 1,036,974 | ||||||
Duratex S.A. | 273,100 | 907,965 | ||||||
Gerdau S.A., ADR | 225,472 | 859,048 | ||||||
Gol Linhas Aereas Inteligentes S.A., ADR(a) | 146,402 | 800,819 | ||||||
Localiza Rent a Car S.A. | 89,900 | 946,086 | ||||||
Magazine Luiza S.A. | 222,800 | 951,711 | ||||||
Natura & Co. Holding S.A. | 123,500 | 987,400 | ||||||
Notre Dame Intermedica Participacoes S.A. | 78,800 | 898,561 | ||||||
TOTVS S.A. | 202,100 | 946,358 | ||||||
Vale S.A. | 130,400 | 1,369,358 | ||||||
WEG S.A. | 112,000 | 1,472,938 | ||||||
|
| |||||||
11,932,405 | ||||||||
|
| |||||||
China-41.89% | ||||||||
Airtac International Group | 71,000 | 1,906,340 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 4,659 | 1,419,551 | ||||||
ANTA Sports Products Ltd. | 379,684 | 4,176,360 | ||||||
BYD Co. Ltd., H Shares | 90,268 | 1,793,755 | ||||||
BYD Electronic International Co. Ltd. | 475,948 | 2,043,762 | ||||||
China International Capital Corp. Ltd., H Shares(a)(b) | 370,912 | 862,847 | ||||||
China Literature Ltd.(a)(b) | 123,704 | 1,012,941 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 212,332 | 998,021 | ||||||
China Resources Beer Holdings Co. Ltd. | 309,995 | 1,920,767 | ||||||
China Resources Cement Holdings Ltd. | 1,144,409 | 1,493,442 | ||||||
Country Garden Services Holdings Co. Ltd. | 281,086 | 1,763,391 | ||||||
Great Wall Motor Co. Ltd., H Shares | 805,728 | 1,302,905 | ||||||
Huazhu Group Ltd., ADR | 56,401 | 2,235,172 | ||||||
Innovent Biologics, Inc.(a)(b) | 181,620 | 1,339,634 | ||||||
JinkoSolar Holding Co. Ltd., | 31,533 | 1,838,374 | ||||||
KWG Group Holdings Ltd. | 681,076 | 899,336 | ||||||
KWG Living Group Holdings Ltd.(a)(b) | 331,988 | 260,287 | ||||||
Li Ning Co. Ltd. | 613,475 | 3,164,342 | ||||||
Logan Group Co. Ltd. | 1,218,596 | 1,904,535 | ||||||
Meituan Dianping, B Shares(a) | 58,613 | 2,178,284 | ||||||
NetEase, Inc., ADR | 10,673 | 926,310 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 20,595 | 3,303,026 | ||||||
Shenzhou International Group Holdings Ltd. | 272,644 | 4,707,639 | ||||||
TAL Education Group, ADR(a) | 57,676 | 3,833,147 | ||||||
Tencent Holdings Ltd. | 70,064 | 5,339,603 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 112,832 | 931,919 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 84,420 | 2,357,927 | ||||||
Xinyi Solar Holdings Ltd. | 1,367,636 | 2,486,659 | ||||||
Yihai International Holding Ltd.(a) | 275,586 | 3,646,121 | ||||||
Zhaojin Mining Industry Co. Ltd., | 690,332 | 885,743 | ||||||
Zijin Mining Group Co. Ltd., | 1,526,320 | 1,104,168 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., | 1,252,036 | 1,102,717 | ||||||
|
| |||||||
65,139,025 | ||||||||
|
| |||||||
India-1.76% | ||||||||
Infosys Ltd., ADR | 64,422 | 919,302 | ||||||
WNS (Holdings) Ltd., ADR(a) | 31,513 | 1,816,409 | ||||||
|
| |||||||
2,735,711 | ||||||||
|
|
Shares | Value | |||||||
Indonesia-1.47% | ||||||||
PT Bank Central Asia Tbk | 1,154,226 | $ | 2,284,776 | |||||
|
| |||||||
Malaysia-2.05% | ||||||||
Bursa Malaysia Bhd | 411,900 | 799,016 | ||||||
QL Resources Bhd | 1,578,450 | 2,393,318 | ||||||
|
| |||||||
3,192,334 | ||||||||
|
| |||||||
Mexico-1.21% | ||||||||
Cemex S.A.B. de C.V., ADR | 231,329 | 960,015 | ||||||
Industrias Penoles S.A.B. de C.V. | 58,334 | 925,997 | ||||||
|
| |||||||
1,886,012 | ||||||||
|
| |||||||
Peru-0.55% | ||||||||
Cia de Minas Buenaventura S.A.A., ADR | 69,922 | 857,943 | ||||||
|
| |||||||
Philippines-0.53% | ||||||||
PLDT, Inc. | 29,967 | 822,235 | ||||||
|
| |||||||
South Africa-4.07% | ||||||||
Gold Fields Ltd., ADR | 140,196 | 1,532,342 | ||||||
Impala Platinum Holdings Ltd. | 262,343 | 2,305,083 | ||||||
Northam Platinum Ltd.(a) | 156,267 | 1,488,834 | ||||||
Sibanye Stillwater Ltd., ADR | 83,791 | 994,599 | ||||||
|
| |||||||
6,320,858 | ||||||||
|
| |||||||
Taiwan-36.30% | ||||||||
Advantech Co. Ltd. | 272,000 | 2,748,195 | ||||||
Asustek Computer, Inc. | 125,000 | 1,059,748 | ||||||
Bizlink Holding, Inc. | 103,000 | 790,410 | ||||||
Chailease Holding Co. Ltd. | 262,000 | 1,268,621 | ||||||
Cheng Loong Corp. | 997,000 | 1,183,357 | ||||||
Chong Hong Construction Co. Ltd. | 411,000 | 1,143,762 | ||||||
Compeq Manufacturing Co. Ltd. | 663,000 | 1,009,445 | ||||||
E.Sun Financial Holding Co. Ltd. | 2,102,821 | 1,786,444 | ||||||
Elan Microelectronics Corp. | 278,000 | 1,312,077 | ||||||
Elite Material Co. Ltd. | 204,000 | 1,069,799 | ||||||
Eternal Materials Co. Ltd. | 1,052,000 | 1,237,604 | ||||||
Far Eastern Department Stores Ltd. | 1,019,000 | 840,750 | ||||||
Feng TAY Enterprise Co. Ltd. | 154,000 | 931,425 | ||||||
First Financial Holding Co. Ltd. | 1,352,830 | 948,284 | ||||||
Giant Manufacturing Co. Ltd. | 107,000 | 1,051,165 | ||||||
Gigabyte Technology Co. Ltd. | 520,000 | 1,305,295 | ||||||
Great Wall Enterprise Co. Ltd. | 906,700 | 1,424,866 | ||||||
IBF Financial Holdings Co. Ltd. | 2,514,000 | 1,032,723 | ||||||
Innolux Corp.(a) | 2,453,000 | 849,869 | ||||||
Kings Town Bank Co. Ltd. | 1,329,000 | 1,800,435 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,346,753 | 1,880,986 | ||||||
Lite-On Technology Corp. | 827,000 | 1,345,879 | ||||||
Micro-Star International Co. Ltd. | 728,000 | 2,926,915 | ||||||
Mitac Holdings Corp. | 942,000 | 928,712 | ||||||
Nien Made Enterprise Co. Ltd. | 75,000 | 844,302 | ||||||
Quanta Computer, Inc. | 329,000 | 828,151 | ||||||
Radiant Opto-Electronics Corp. | 298,000 | 1,172,059 | ||||||
Realtek Semiconductor Corp. | 159,000 | 1,976,139 | ||||||
Ruentex Development Co. Ltd. | 613,000 | 846,522 | ||||||
Sinbon Electronics Co. Ltd. | 626,000 | 4,212,946 | ||||||
Taichung Commercial Bank Co. Ltd. | 2,396,000 | 908,861 | ||||||
Taishin Financial Holding Co. Ltd. | 2,123,000 | 935,193 | ||||||
Taiwan Cement Corp. | 607,009 | 860,532 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,322,000 | 887,388 | ||||||
Taiwan Fertilizer Co. Ltd. | 477,000 | 853,826 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
October 31, 2020
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 210,680 | $ | 3,181,910 | |||||
United Microelectronics Corp. | 1,159,000 | 1,243,949 | ||||||
Voltronic Power Technology Corp. | 90,731 | 3,108,584 | ||||||
WT Microelectronics Co. Ltd. | 1,442,000 | 1,852,693 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,381,000 | 856,984 | ||||||
|
| |||||||
56,446,805 | ||||||||
|
| |||||||
Thailand-2.72% | ||||||||
Carabao Group PCL, NVDR | 411,583 | 1,446,004 | ||||||
Hana Microelectronics PCL, NVDR | 636,172 | 918,513 | ||||||
KCE Electronics PCL, NVDR | 931,896 | 1,166,085 | ||||||
Siam Global House PCL, NVDR | 1,380,972 | 704,498 | ||||||
|
| |||||||
4,235,100 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 155,853,204 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.25% |
| |||||||
Invesco Private Government Fund, | 777,304 | $ | 777,304 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,165,606 | 1,165,956 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,943,260 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.48% |
| 157,796,464 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.48)% |
| (2,307,347 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 155,489,117 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $5,833,636, which represented 3.75% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at October 31, 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 4,902,811 | $ | (4,902,811 | ) | $ | - | $ | - | $ | - | $ | 5 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 10,461,956 | (10,461,956 | ) | - | - | - | 840 | |||||||||||||||||||||||||||
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 | - | 13,829,827 | (13,052,523 | ) | - | - | 777,304 | 192 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,740,705 | (3,574,807 | ) | - | 58 | 1,165,956 | 199 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 143,138 | $ | 37,229,154 | $ | (35,429,147 | ) | $ | (1 | ) | $ | 116 | $ | 1,943,260 | $ | 2,524 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco DWA Emerging Markets Momentum ETF (PIE)–(continued)
October 31, 2020
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.53% |
| |||||||
Australia-6.28% | ||||||||
AGL Energy Ltd. | 51,467 | $ | 451,061 | |||||
AMP Ltd. | 324,833 | 349,014 | ||||||
Ampol Ltd. | 28,332 | 516,106 | ||||||
APA Group | 60,036 | 442,261 | ||||||
Aristocrat Leisure Ltd. | 9,732 | 195,666 | ||||||
ASX Ltd. | 4,813 | 269,144 | ||||||
Aurizon Holdings Ltd. | 145,906 | 386,284 | ||||||
Australia & New Zealand Banking Group Ltd. | 168,501 | 2,225,785 | ||||||
Bank of Queensland Ltd.(a) | 58,280 | 262,752 | ||||||
Bendigo & Adelaide Bank Ltd. | 45,026 | 211,535 | ||||||
BHP Group Ltd. | 231,358 | 5,488,277 | ||||||
BHP Group PLC | 147,580 | 2,843,614 | ||||||
BlueScope Steel Ltd. | 50,517 | 520,072 | ||||||
Boral Ltd. | 111,567 | 357,267 | ||||||
Brambles Ltd. | 72,497 | 488,237 | ||||||
Challenger Ltd. | 34,371 | 116,099 | ||||||
CIMIC Group Ltd.(b) | 10,380 | 156,721 | ||||||
Coca-Cola Amatil Ltd. | 31,534 | 275,259 | ||||||
Coles Group Ltd. | 79,762 | 994,229 | ||||||
Commonwealth Bank of Australia | 78,679 | 3,813,516 | ||||||
Computershare Ltd. | 20,247 | 172,754 | ||||||
Crown Resorts Ltd. | 35,926 | 208,896 | ||||||
CSL Ltd. | 4,308 | 869,953 | ||||||
Dexus | 46,374 | 280,395 | ||||||
Downer EDI Ltd. | 47,416 | 146,511 | ||||||
Fortescue Metals Group Ltd. | 93,566 | 1,141,326 | ||||||
Glencore PLC(b) | 1,359,863 | 2,741,195 | ||||||
Goodman Group | 43,189 | 558,062 | ||||||
GPT Group (The) | 88,276 | 249,827 | ||||||
GPT Group (The)(b)(c) | 231,466 | 0 | ||||||
Incitec Pivot Ltd. | 157,551 | 212,429 | ||||||
Insurance Australia Group Ltd. | 173,471 | 581,082 | ||||||
JB Hi-Fi Ltd. | 7,347 | 244,712 | ||||||
Lendlease Corp. Ltd. | 40,611 | 341,088 | ||||||
Macquarie Group Ltd. | 16,905 | 1,504,718 | ||||||
Medibank Pvt Ltd. | 188,338 | 353,135 | ||||||
Metcash Ltd. | 151,625 | 314,112 | ||||||
Mirvac Group | 224,420 | 332,534 | ||||||
National Australia Bank Ltd. | 174,066 | 2,273,624 | ||||||
Newcrest Mining Ltd. | 22,051 | 452,791 | ||||||
Oil Search Ltd. | 81,450 | 147,000 | ||||||
Orica Ltd. | 23,975 | 256,924 | ||||||
Origin Energy Ltd. | 139,196 | 391,002 | ||||||
Orora Ltd. | 77,380 | 140,197 | ||||||
Qantas Airways Ltd.(b) | 57,980 | 170,602 | ||||||
QBE Insurance Group Ltd. | 91,165 | 528,170 | ||||||
Ramsay Health Care Ltd. | 6,126 | 268,229 | ||||||
Rio Tinto Ltd. | 29,131 | 1,890,864 | ||||||
Rio Tinto PLC | 92,270 | 5,198,125 | ||||||
Santos Ltd. | 65,128 | 216,332 | ||||||
Scentre Group | 426,595 | 629,110 | ||||||
Sonic Healthcare Ltd. | 20,429 | 499,537 | ||||||
South32 Ltd. | 409,461 | 583,714 | ||||||
Star Entertainment Group Ltd. (The) | 76,206 | 175,531 | ||||||
Stockland | 175,591 | 474,739 | ||||||
Suncorp Group Ltd. | 93,222 | 537,469 | ||||||
Tabcorp Holdings Ltd. | 135,528 | 313,124 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
Telstra Corp. Ltd. | 529,230 | $ | 996,027 | |||||
Transurban Group(b) | 58,647 | 554,348 | ||||||
Treasury Wine Estates Ltd. | 28,658 | 184,547 | ||||||
Vicinity Centres. | 263,868 | 224,215 | ||||||
Wesfarmers Ltd. | 54,393 | 1,755,557 | ||||||
Westpac Banking Corp. | 207,089 | 2,604,621 | ||||||
Woodside Petroleum Ltd. | 79,078 | 972,930 | ||||||
Woolworths Group Ltd. | 63,173 | 1,692,902 | ||||||
|
| |||||||
54,747,859 | ||||||||
|
| |||||||
Austria-0.27% | ||||||||
ANDRITZ AG. | 7,452 | 251,039 | ||||||
BAWAG Group AG(b)(d) | 5,008 | 183,174 | ||||||
Erste Group Bank AG(b) | 25,074 | 513,467 | ||||||
OMV AG | 17,892 | 410,577 | ||||||
Raiffeisen Bank International AG(b) | 15,648 | 224,928 | ||||||
voestalpine AG(a) | 20,863 | 579,609 | ||||||
Wienerberger AG | 7,255 | 183,048 | ||||||
|
| |||||||
2,345,842 | ||||||||
|
| |||||||
Belgium-0.72% | ||||||||
Ageas(a) | 20,522 | 825,919 | ||||||
Anheuser-Busch InBev S.A./N.V. | 50,087 | 2,599,800 | ||||||
Colruyt S.A. | 4,203 | 248,808 | ||||||
KBC Group N.V. | 18,881 | 930,986 | ||||||
Proximus SADP | 14,813 | 288,071 | ||||||
Solvay S.A., Class A | 7,406 | 601,293 | ||||||
UCB S.A. | 4,161 | 410,536 | ||||||
Umicore S.A. | 10,015 | 385,444 | ||||||
|
| |||||||
6,290,857 | ||||||||
|
| |||||||
Brazil-0.13% | ||||||||
Wheaton Precious Metals Corp. | 8,615 | 395,036 | ||||||
Yara International ASA | 22,640 | 787,521 | ||||||
|
| |||||||
1,182,557 | ||||||||
|
| |||||||
Canada-7.33% | ||||||||
Agnico Eagle Mines Ltd. | 6,157 | 487,028 | ||||||
Air Canada(b) | 11,985 | 132,403 | ||||||
Algonquin Power & Utilities Corp | 15,337 | 232,353 | ||||||
Alimentation Couche-Tard, Inc., | 37,697 | 1,160,016 | ||||||
AltaGas Ltd. | 22,037 | 279,150 | ||||||
ARC Resources Ltd. | 67,926 | 334,192 | ||||||
Atco Ltd., Class I | 6,671 | 185,568 | ||||||
Bank of Montreal(a) | 46,113 | 2,743,574 | ||||||
Bank of Nova Scotia (The) | 92,416 | 3,836,371 | ||||||
Barrick Gold Corp. | 35,335 | 943,963 | ||||||
BCE, Inc. | 19,836 | 796,505 | ||||||
Bombardier, Inc., Class B(b) | 299,209 | 62,833 | ||||||
Brookfield Asset Management, Inc., Class A | 52,705 | 1,564,924 | ||||||
CAE, Inc. | 6,836 | 116,740 | ||||||
Cameco Corp. | 28,387 | 269,531 | ||||||
Canadian Apartment Properties REIT | 5,443 | 174,841 | ||||||
Canadian Imperial Bank of Commerce | 34,006 | 2,534,606 | ||||||
Canadian National Railway Co. | 19,896 | 1,974,902 | ||||||
Canadian Natural Resources Ltd. | 80,254 | 1,276,023 | ||||||
Canadian Pacific Railway Ltd. | 2,789 | 832,799 | ||||||
Canadian Tire Corp. Ltd., Class A(a) | 4,811 | 536,829 | ||||||
Canadian Utilities Ltd., Class A(a) | 7,274 | 169,882 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Canada-(continued) | ||||||||
Capital Power Corp. | 7,222 | $ | 159,026 | |||||
CCL Industries, Inc., Class B | 5,659 | 215,605 | ||||||
Celestica, Inc.(b) | 26,580 | 156,089 | ||||||
Cenovus Energy, Inc. | 105,668 | 345,530 | ||||||
CGI,Inc.,Class A(b) | 8,359 | 518,272 | ||||||
CI Financial Corp. | 16,971 | 197,667 | ||||||
Constellation Software, Inc. | 239 | 250,694 | ||||||
Crescent Point Energy Corp. | 203,866 | 253,810 | ||||||
Emera, Inc.(a) | 12,562 | 500,746 | ||||||
Empire Co. Ltd., Class A | 15,649 | 426,626 | ||||||
Enbridge, Inc. | 92,565 | 2,548,514 | ||||||
Fairfax Financial Holdings Ltd. | 1,837 | 482,537 | ||||||
Finning International, Inc. | 13,419 | 203,899 | ||||||
Fortis, Inc. | 20,878 | 824,097 | ||||||
Franco-Nevada Corp. | 2,279 | 310,379 | ||||||
George Weston Ltd. | 6,278 | 439,910 | ||||||
Gibson Energy, Inc. | 11,643 | 171,325 | ||||||
Gildan Activewear, Inc. | 8,452 | 174,954 | ||||||
Great-West Lifeco, Inc. | 25,060 | 510,278 | ||||||
H&R REIT | 26,095 | 200,407 | ||||||
Husky Energy, Inc. | 70,537 | 181,454 | ||||||
Hydro One Ltd.(d) | 18,988 | 414,550 | ||||||
iA Financial Corp., Inc. | 8,225 | 286,350 | ||||||
IGM Financial, Inc. | 6,340 | 139,082 | ||||||
Imperial Oil Ltd. | 21,103 | 280,455 | ||||||
Intact Financial Corp. | 4,839 | 499,451 | ||||||
Inter Pipeline Ltd.(a) | 31,104 | 276,667 | ||||||
Keyera Corp. | 11,906 | 168,855 | ||||||
Kinross Gold Corp. | 61,714 | 490,620 | ||||||
Linamar Corp. | 6,794 | 221,906 | ||||||
Loblaw Cos. Ltd. | 12,905 | 641,887 | ||||||
Magna International, Inc. | 34,484 | 1,759,438 | ||||||
Manulife Financial Corp. | 165,995 | 2,248,374 | ||||||
MEG Energy Corp.(b) | 38,202 | 69,622 | ||||||
Methanex Corp. | 7,849 | 232,524 | ||||||
Metro, Inc. | 11,428 | 532,681 | ||||||
National Bank of Canada | 18,967 | 909,551 | ||||||
Nutrien Ltd. | 41,224 | 1,674,498 | ||||||
Onex Corp. | 6,334 | 273,625 | ||||||
Open Text Corp. | 6,546 | 240,317 | ||||||
Parkland Corp. | 8,193 | 199,948 | ||||||
Pembina Pipeline Corp. | 22,451 | 469,613 | ||||||
Power Corp. of Canada | 49,943 | 950,279 | ||||||
Restaurant Brands International, Inc. | 4,295 | 223,004 | ||||||
RioCan REIT(a) | 20,512 | 221,219 | ||||||
Rogers Communications, Inc., Class B | 20,942 | 850,025 | ||||||
Royal Bank of Canada | 81,183 | 5,672,185 | ||||||
Saputo, Inc. | 10,342 | 251,540 | ||||||
Seven Generations Energy Ltd., | 44,776 | 158,505 | ||||||
Shaw Communications, Inc., Class B | 32,594 | 536,572 | ||||||
SmartCentres REIT(a) | 8,164 | 128,949 | ||||||
SNC-Lavalin Group, Inc.(a) | 16,967 | 237,196 | ||||||
Sun Life Financial, Inc. | 36,691 | 1,458,724 | ||||||
Suncor Energy, Inc. | 119,306 | 1,344,860 | ||||||
TC Energy Corp. | 38,712 | 1,522,524 | ||||||
Teck Resources Ltd., Class B | 93,562 | 1,228,688 | ||||||
TELUS Corp. | 25,420 | 434,295 | ||||||
TFI International, Inc. | 5,318 | 236,595 | ||||||
Thomson Reuters Corp. | 7,231 | 561,733 | ||||||
Topicus.com, Inc.(b)(c) | 444 | 0 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
Toronto-Dominion Bank (The) | 105,634 | $ | 4,656,817 | |||||
Tourmaline Oil Corp. | 35,717 | 462,351 | ||||||
TransAlta Corp. | 28,398 | 168,256 | ||||||
Vermilion Energy, Inc. | 20,147 | 49,712 | ||||||
West Fraser Timber Co. Ltd. | 4,812 | 222,997 | ||||||
Whitecap Resources, Inc.(a) | 58,181 | 106,034 | ||||||
WSP Global, Inc. | 4,097 | 258,937 | ||||||
Yamana Gold, Inc. | 39,216 | 217,940 | ||||||
|
| |||||||
63,906,803 | ||||||||
|
| |||||||
Chile-0.07% | ||||||||
Antofagasta PLC | 23,542 | 313,378 | ||||||
Lundin Mining Corp. | 45,299 | 273,489 | ||||||
|
| |||||||
586,867 | ||||||||
|
| |||||||
China-0.31% | ||||||||
AAC Technologies Holdings, Inc.(a) | 30,128 | 158,704 | ||||||
BOC Hong Kong Holdings Ltd. | 243,006 | 673,724 | ||||||
China Mengniu Dairy Co. Ltd.(b) | 77,601 | 364,747 | ||||||
Lenovo Group Ltd. | 830,690 | 519,526 | ||||||
Semiconductor Manufacturing International Corp.(b) | 141,434 | 414,918 | ||||||
Want Want China Holdings Ltd. | 260,195 | 171,789 | ||||||
Wilmar International Ltd. | 126,621 | 374,624 | ||||||
|
| |||||||
2,678,032 | ||||||||
|
| |||||||
Denmark-1.17% | ||||||||
AP Moller - Maersk A/S, Class A | 481 | 709,671 | ||||||
AP Moller - Maersk A/S, Class B(a) | 762 | 1,217,254 | ||||||
Carlsberg A/S, Class B | 3,900 | 493,644 | ||||||
Coloplast A/S, Class B | 2,138 | 312,030 | ||||||
Danske Bank A/S(b) | 86,135 | 1,144,972 | ||||||
DSV Panalpina A/S | 3,303 | 534,871 | ||||||
ISS A/S(b) | 24,348 | 315,957 | ||||||
Jyske Bank A/S(b) | 6,720 | 200,030 | ||||||
Novo Nordisk A/S, Class B | 37,451 | 2,405,637 | ||||||
Novozymes A/S, Class B | 4,304 | 258,653 | ||||||
Orsted A/S(d) | 4,815 | 764,274 | ||||||
Pandora A/S | 8,363 | 662,346 | ||||||
Vestas Wind Systems A/S | 7,009 | 1,196,414 | ||||||
|
| |||||||
10,215,753 | ||||||||
|
| |||||||
Finland-1.42% | ||||||||
Elisa OYJ | 5,158 | 253,790 | ||||||
Fortum OYJ | 31,462 | 591,873 | ||||||
Huhtamaki OYJ | 4,448 | 217,198 | ||||||
Kesko OYJ, Class B | 20,092 | 516,296 | ||||||
Kone OYJ, Class B | 13,883 | 1,105,168 | ||||||
Konecranes OYJ | 5,826 | 183,233 | ||||||
Metso Outotec OYJ | 29,878 | 210,386 | ||||||
Neles OYJ | 6,836 | 91,534 | ||||||
Neste OYJ(a) | 12,535 | 652,390 | ||||||
Nokia OYJ(b) | 473,254 | 1,598,682 | ||||||
Nokian Renkaat OYJ(a) | 10,915 | 335,531 | ||||||
Nordea Bank Abp(b) | 367,975 | 2,768,985 | ||||||
Orion OYJ, Class B | 4,343 | 185,916 | ||||||
Outokumpu OYJ(a)(b) | 61,688 | 153,990 | ||||||
Sampo OYJ, Class A | 36,498 | 1,377,476 | ||||||
Stora Enso OYJ, Class R | 51,366 | 749,417 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Finland-(continued) | ||||||||
UPM-Kymmene OYJ | 38,533 | $ | 1,088,914 | |||||
Wartsila OYJ Abp | 35,743 | 284,035 | ||||||
|
| |||||||
12,364,814 | ||||||||
|
| |||||||
France-9.15% | ||||||||
Accor S.A.(b) | 10,239 | 260,722 | ||||||
Aeroports de Paris(a) | 1,166 | 113,954 | ||||||
Air France-KLM(a)(b) | 76,934 | 251,822 | ||||||
Air Liquide S.A. | 16,981 | 2,482,429 | ||||||
Airbus SE(b) | 18,632 | 1,358,421 | ||||||
Alstom S.A.(b) | 6,333 | 283,867 | ||||||
Amundi S.A.(b)(d) | 2,785 | 182,643 | ||||||
Arkema S.A. | 6,374 | 624,273 | ||||||
Atos SE(b) | 6,330 | 432,087 | ||||||
AXA S.A. | 257,181 | 4,134,165 | ||||||
BNP Paribas S.A.(b) | 149,431 | 5,196,699 | ||||||
Bollore S.A. | 60,968 | 218,453 | ||||||
Bouygues S.A. | 27,127 | 889,508 | ||||||
Bureau Veritas S.A.(b) | 10,891 | 239,138 | ||||||
Capgemini SE | 7,344 | 848,108 | ||||||
Carrefour S.A. | 99,646 | 1,550,730 | ||||||
Casino Guichard Perrachon S.A.(a)(b) | 15,437 | 347,498 | ||||||
Cie de Saint-Gobain(b) | 63,818 | 2,490,335 | ||||||
Cie Generale des Etablissements Michelin S.C.A. | 16,634 | 1,795,003 | ||||||
CNP Assurances(b) | 19,716 | 222,083 | ||||||
Covivio | 2,604 | 155,000 | ||||||
Credit Agricole S.A.(b) | 142,207 | 1,123,437 | ||||||
Danone S.A. | 30,055 | 1,659,453 | ||||||
Dassault Systemes SE | 1,395 | 238,139 | ||||||
Edenred | 4,585 | 213,847 | ||||||
Eiffage S.A.(b) | 6,650 | 482,746 | ||||||
Electricite de France S.A. | 77,989 | 905,547 | ||||||
Elior Group S.A.(d) | 13,420 | 50,586 | ||||||
Elis S.A.(b) | 14,036 | 153,770 | ||||||
ENGIE S.A.(b) | 222,380 | 2,690,122 | ||||||
EssilorLuxottica S.A.(b) | 8,855 | 1,095,426 | ||||||
Eurazeo SE(b) | 3,596 | 163,531 | ||||||
Eutelsat Communications S.A.(a) | 24,560 | 247,008 | ||||||
Faurecia SE(b) | 10,363 | 392,801 | ||||||
Gecina S.A. | 2,271 | 281,997 | ||||||
Getlink SE(b) | 13,427 | 180,491 | ||||||
Hermes International | 413 | 384,385 | ||||||
ICADE | 1,772 | 89,583 | ||||||
Imerys S.A. | 4,560 | 136,192 | ||||||
Ingenico Group S.A.(b) | 174 | 25,031 | ||||||
Kering S.A. | 1,535 | 927,101 | ||||||
Klepierre S.A.(a) | 15,266 | 193,386 | ||||||
Lagardere S.C.A.(b) | 14,676 | 320,879 | ||||||
Legrand S.A. | 8,548 | 632,079 | ||||||
L’Oreal S.A. | 5,825 | 1,884,263 | ||||||
LVMH Moet Hennessy Louis Vuitton SE. | 6,096 | 2,856,701 | ||||||
Natixis S.A.(b) | 140,012 | 325,533 | ||||||
Orange S.A. | 243,118 | 2,727,176 | ||||||
Orpea S.A.(b) | 1,670 | 166,790 | ||||||
Pernod Ricard S.A. | 6,811 | 1,098,037 | ||||||
Peugeot S.A.(b) | 95,873 | 1,723,186 | ||||||
Publicis Groupe S.A. | 20,765 | 720,805 | ||||||
Renault S.A.(b) | 77,677 | 1,923,195 | ||||||
Rexel S.A.(b) | 40,382 | 424,668 |
Shares | Value | |||||||
France-(continued) | ||||||||
Rubis S.C.A. | 4,546 | $ | 149,225 | |||||
Safran S.A.(b) | 9,652 | 1,017,728 | ||||||
Sanofi | 63,029 | 5,680,451 | ||||||
Schneider Electric SE | 23,574 | 2,861,349 | ||||||
SCOR SE(b) | 16,299 | 396,046 | ||||||
SEB S.A. | 1,674 | 272,214 | ||||||
Societe Generale S.A.(b) | 160,790 | 2,180,127 | ||||||
Sodexo S.A. | 6,212 | 398,706 | ||||||
SPIE S.A.(b) | 11,370 | 179,328 | ||||||
Suez S.A. | 40,851 | 748,040 | ||||||
Teleperformance | 1,268 | 380,630 | ||||||
Thales S.A. | 4,912 | 319,731 | ||||||
TOTAL SE | 284,065 | 8,543,657 | ||||||
Unibail-Rodamco-Westfield(a) | 13,901 | 565,121 | ||||||
Valeo S.A. | 40,089 | 1,212,738 | ||||||
Veolia Environnement S.A. | 46,355 | 863,406 | ||||||
Vinci S.A. | 25,385 | 2,005,417 | ||||||
Vivendi S.A. | 50,441 | 1,456,566 | ||||||
|
| |||||||
79,745,309 | ||||||||
|
| |||||||
Germany-10.49% | ||||||||
Aareal Bank AG(b) | 8,279 | 142,632 | ||||||
adidas AG(b) | 4,514 | 1,340,823 | ||||||
Allianz SE | 38,311 | 6,741,286 | ||||||
Aroundtown S.A.(b) | 35,715 | 171,278 | ||||||
Aurubis AG | 6,924 | 443,114 | ||||||
BASF SE | 102,181 | 5,602,530 | ||||||
Bayer AG | 69,383 | 3,261,926 | ||||||
Bayerische Motoren Werke AG | 64,087 | 4,380,562 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 10,979 | 567,826 | ||||||
Beiersdorf AG | 2,279 | 238,657 | ||||||
Brenntag AG | 12,485 | 798,128 | ||||||
Commerzbank AG(a)(b) | 238,762 | 1,125,003 | ||||||
Continental AG | 14,559 | 1,548,021 | ||||||
Covestro AG(d) | 22,952 | 1,095,359 | ||||||
Daimler AG | 196,506 | 10,163,156 | ||||||
Deutsche Bank AG(a)(b) | 423,823 | 3,900,645 | ||||||
Deutsche Boerse AG | 4,402 | 647,881 | ||||||
Deutsche Lufthansa AG(a)(b) | 65,993 | 566,700 | ||||||
Deutsche Pfandbriefbank AG(b)(d) | 16,218 | 98,897 | ||||||
Deutsche Post AG | 87,230 | 3,865,238 | ||||||
Deutsche Telekom AG | 315,230 | 4,799,245 | ||||||
Deutsche Wohnen SE | 15,398 | 777,182 | ||||||
E.ON SE | 195,112 | 2,034,576 | ||||||
Evonik Industries AG | 19,893 | 478,972 | ||||||
Freenet AG | 15,026 | 266,134 | ||||||
Fresenius Medical Care AG& Co. KGaA | 12,430 | 949,538 | ||||||
Fresenius SE & Co. KGaA | 32,845 | 1,218,182 | ||||||
Fuchs Petrolub SE | 1,639 | 62,812 | ||||||
Fuchs Petrolub SE, Preference Shares | 3,294 | 169,519 | ||||||
GEA Group AG | 12,283 | 408,775 | ||||||
Hannover Rueck SE | 3,621 | 525,975 | ||||||
HeidelbergCement AG | 17,570 | 1,005,310 | ||||||
Hella GmbH & Co. KGaA(b) | 4,495 | 196,245 | ||||||
Henkel AG& Co. KGaA | 5,320 | 481,197 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 8,923 | 868,103 | ||||||
HOCHTIEF AG | 2,312 | 170,206 | ||||||
HUGO BOSS AG | 6,794 | 155,629 | ||||||
Infineon Technologies AG | 36,708 | 1,021,947 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 42 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Germany-(continued) | ||||||||
K+S AG(a) | 48,929 | $ | 327,835 | |||||
KION Group AG | 5,142 | 400,349 | ||||||
Knorr-Bremse AG | 2,280 | 264,072 | ||||||
LANXESS AG | 7,853 | 398,102 | ||||||
LEG Immobilien AG | 2,542 | 343,541 | ||||||
Merck KGaA | 4,308 | 638,060 | ||||||
METRO AG | 43,455 | 426,208 | ||||||
MTU Aero Engines AG(b) | 1,266 | 216,117 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 13,771 | 3,221,061 | ||||||
OSRAM Licht AG(b) | 5,378 | 315,734 | ||||||
Porsche Automobil Holding SE, Preference Shares | 8,460 | 453,313 | ||||||
ProSiebenSat.1 Media SE(a)(b) | 36,021 | 401,968 | ||||||
Rheinmetall AG | 3,340 | 243,940 | ||||||
RWE AG | 52,521 | 1,944,882 | ||||||
Salzgitter AG(b) | 16,315 | 237,556 | ||||||
SAP SE | 22,135 | 2,358,973 | ||||||
Siemens AG | 59,555 | 6,985,822 | ||||||
Siemens Energy AG(b) | 29,778 | 652,103 | ||||||
Siemens Healthineers AG(d) | 4,778 | 205,122 | ||||||
Symrise AG | 2,789 | 343,882 | ||||||
Talanx AG | 3,876 | 114,138 | ||||||
Telefonica Deutschland Holding AG | 100,225 | 252,991 | ||||||
thyssenkrupp AG(a)(b) | 107,154 | 511,131 | ||||||
TUI AG(a) | 75,498 | 295,395 | ||||||
Uniper SE | 18,107 | 541,219 | ||||||
United Internet AG | 8,861 | 310,684 | ||||||
Volkswagen AG | 5,402 | 840,680 | ||||||
Volkswagen AG, Preference Shares | 30,943 | 4,509,097 | ||||||
Vonovia SE | 21,006 | 1,341,381 | ||||||
|
| |||||||
91,384,565 | ||||||||
|
| |||||||
Hong Kong-1.65% | ||||||||
AIA Group Ltd. | 336,377 | 3,168,642 | ||||||
CK Asset Holdings Ltd. | 145,151 | 671,956 | ||||||
CK Hutchison Holdings Ltd. | 130,966 | 788,682 | ||||||
CLP Holdings Ltd. | 81,861 | 752,650 | ||||||
Hang Lung Properties Ltd. | 103,523 | 251,237 | ||||||
Hang Seng Bank Ltd. | 41,246 | 633,993 | ||||||
Henderson Land Development Co. Ltd. | 108,404 | 383,720 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 273,816 | 393,342 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 17,018 | 812,403 | ||||||
Hongkong Land Holdings Ltd. | 58,016 | 212,919 | ||||||
Hysan Development Co. Ltd. | 58,427 | 185,719 | ||||||
Jardine Matheson Holdings Ltd. | 6,707 | 297,724 | ||||||
Jardine Strategic Holdings Ltd. | 6,839 | 148,338 | ||||||
Link REIT | 105,993 | 807,093 | ||||||
MTR Corp. Ltd. | 94,994 | 469,773 | ||||||
New World Development Co. Ltd. | 109,317 | 520,165 | ||||||
Power Assets Holdings Ltd. | 31,434 | 161,531 | ||||||
Sino Land Co. Ltd. | 165,359 | 195,321 | ||||||
Sun Hung Kai Properties Ltd. | 107,731 | 1,377,400 | ||||||
Swire Pacific Ltd., Class A | 40,755 | 185,516 | ||||||
Swire Pacific Ltd., Class B | 76,153 | 61,866 | ||||||
Swire Properties Ltd. | 91,157 | 243,913 | ||||||
Techtronic Industries Co. Ltd | 29,682 | 395,768 | ||||||
WH Group Ltd.(d) | 619,471 | 486,480 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Wharf Holdings Ltd. (The) | 150,571 | $ | 310,662 | |||||
Wharf Real Estate Investment Co. Ltd. | 126,280 | 484,449 | ||||||
|
| |||||||
14,401,262 | ||||||||
|
| |||||||
Ireland-0.46% | ||||||||
AIB Group PLC(a)(b) | 101,212 | 113,711 | ||||||
Bank of Ireland Group PLC(b) | 120,027 | 294,727 | ||||||
CRH PLC | 52,891 | 1,860,156 | ||||||
Flutter Entertainment PLC(b) | 2,829 | 488,695 | ||||||
Kerry Group PLC, Class A | 3,029 | 362,359 | ||||||
Kingspan Group PLC(b) | 2,834 | 247,094 | ||||||
Smurfit Kappa Group PLC | 18,105 | 681,693 | ||||||
|
| |||||||
4,048,435 | ||||||||
|
| |||||||
Israel-0.22% | ||||||||
Bank Hapoalim BM(b) | 56,966 | 334,278 | ||||||
Bank Leumi Le-Israel BM | 76,648 | 363,373 | ||||||
ICL Group Ltd. | 50,996 | 185,924 | ||||||
Israel Discount Bank Ltd., Class A | 65,404 | 184,351 | ||||||
Teva Pharmaceutical Industries | 94,548 | 819,586 | ||||||
|
| |||||||
1,887,512 | ||||||||
|
| |||||||
Italy-2.58% | ||||||||
A2A S.p.A. | 129,448 | 164,584 | ||||||
Assicurazioni Generali S.p.A. | 149,950 | 2,010,442 | ||||||
Atlantia S.p.A.(b) | 37,315 | 571,800 | ||||||
Banca Monte dei Paschi di Siena S.p.A.(a)(b) | 98,582 | 118,738 | ||||||
Banca Monte dei Paschi di Siena S.p.A., Rts.,expiring | 98,582 | 0 | ||||||
Banco BPM S.p.A.(a)(b) | 371,688 | 671,522 | ||||||
BPER Banca(a)(b) | 101,712 | 120,493 | ||||||
Enel S.p.A. | 587,980 | 4,680,663 | ||||||
Eni S.p.A. | 419,267 | 2,935,670 | ||||||
Ferrari N.V. | 1,295 | 231,024 | ||||||
FinecoBank Banca Fineco S.p.A.(b) | 18,633 | 255,030 | ||||||
Hera S.p.A. | 54,159 | 170,335 | ||||||
Intesa Sanpaolo S.p.A.(b) | 2,130,871 | 3,523,652 | ||||||
Italgas S.p.A. | 29,114 | 168,278 | ||||||
Leonardo S.p.A. | 41,310 | 196,714 | ||||||
Mediobanca Banca di Credito Finanziario S.p.A. | 71,287 | 505,539 | ||||||
Pirelli & C S.p.A.(b)(d) | 48,095 | 200,564 | ||||||
Poste Italiane S.p.A.(d) | 44,099 | 359,581 | ||||||
Prysmian S.p.A. | 16,887 | 459,117 | ||||||
Saipem S.p.A.(a) | 87,715 | 154,028 | ||||||
Saras S.p.A.(b) | 180,553 | 92,413 | ||||||
Snam S.p.A. | 136,317 | 665,325 | ||||||
Telecom Italia S.p.A. | 2,207,678 | 749,368 | ||||||
Telecom Italia S.p.A., RSP | 1,236,449 | 449,799 | ||||||
Terna Rete Elettrica Nazionale S.p.A. | 68,341 | 462,039 | ||||||
UniCredit S.p.A.(b) | 294,094 | 2,192,824 | ||||||
Unipol Gruppo S.p.A.(b) | 62,182 | 226,569 | ||||||
UnipolSai Assicurazioni S.p.A.(a) | 80,109 | 186,070 | ||||||
|
| |||||||
22,522,181 | ||||||||
|
| |||||||
Japan-21.52% | ||||||||
Aeon Co. Ltd. | 47,246 | 1,203,747 | ||||||
AEON Financial Service Co. Ltd. | 11,592 | 117,872 | ||||||
AGC, Inc. | 22,629 | 702,421 | ||||||
Air Water, Inc. | 16,049 | 228,745 | ||||||
Aisin Seiki Co. Ltd. | 15,473 | 465,492 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Ajinomoto Co., Inc. | 30,628 | $ | 614,523 | |||||
Alfresa Holdings Corp. | 15,369 | 280,947 | ||||||
Alps Alpine Co. Ltd. | 21,015 | 300,128 | ||||||
Amada Co. Ltd. | 28,575 | 247,373 | ||||||
ANA Holdings, Inc.(a)(b) | 12,372 | 268,648 | ||||||
Aozora Bank Ltd. | 11,795 | 192,710 | ||||||
Asahi Group Holdings Ltd. | 20,130 | 620,614 | ||||||
Asahi Kasei Corp. | 95,286 | 820,696 | ||||||
Astellas Pharma, Inc. | 77,300 | 1,061,082 | ||||||
Bandai Namco Holdings, Inc. | 7,543 | 561,071 | ||||||
Bridgestone Corp. | 58,106 | 1,884,249 | ||||||
Brother Industries Ltd. | 18,985 | 291,658 | ||||||
Canon, Inc. | 93,841 | 1,616,230 | ||||||
Casio Computer Co. Ltd. | 9,996 | 150,982 | ||||||
Central Japan Railway Co. | 7,788 | 937,555 | ||||||
Chiba Bank Ltd. (The) | 59,527 | 305,778 | ||||||
Chubu Electric Power Co., Inc. | 45,728 | 512,439 | ||||||
Chugai Pharmaceutical Co. Ltd. | 6,837 | 262,977 | ||||||
Chugoku Electric Power Co., Inc. (The) | 30,221 | 380,147 | ||||||
Coca-Cola Bottlers Japan Holdings, | 9,372 | 132,054 | ||||||
Concordia Financial Group Ltd. | 71,593 | 234,900 | ||||||
Credit Saison Co. Ltd. | 15,360 | 164,855 | ||||||
Dai Nippon Printing Co. Ltd. | 26,183 | 485,640 | ||||||
Daicel Corp. | 33,377 | 237,541 | ||||||
Dai-ichi Life Holdings, Inc. | 112,205 | 1,659,891 | ||||||
Daiichi Sankyo Co. Ltd. | 36,108 | 949,156 | ||||||
Daikin Industries Ltd. | 8,865 | 1,651,905 | ||||||
Daito Trust Construction Co. Ltd. | 5,524 | 501,461 | ||||||
Daiwa House Industry Co. Ltd. | 43,598 | 1,140,830 | ||||||
Daiwa Securities Group, Inc. | 155,397 | 625,810 | ||||||
Denka Co. Ltd. | 8,358 | 255,841 | ||||||
Denso Corp. | 37,005 | 1,712,552 | ||||||
Dentsu Group, Inc. | 19,825 | 567,214 | ||||||
DIC Corp. | 7,697 | 186,719 | ||||||
East Japan Railway Co. | 23,944 | 1,249,880 | ||||||
Ebara Corp. | 9,768 | 269,942 | ||||||
Eisai Co. Ltd. | 7,168 | 554,639 | ||||||
Electric Power Development Co. Ltd. | 11,798 | 159,127 | ||||||
ENEOS Holdings, Inc. | 343,390 | 1,151,641 | ||||||
FamilyMart Co. Ltd. | 7,964 | 174,303 | ||||||
FANUC Corp. | 7,629 | 1,609,140 | ||||||
Fast Retailing Co. Ltd. | 910 | 632,926 | ||||||
Fuji Electric Co. Ltd. | 11,425 | 344,258 | ||||||
FUJIFILM Holdings Corp. | 21,693 | 1,103,533 | ||||||
Fujikura Ltd. | 62,848 | 165,326 | ||||||
Fujitsu Ltd. | 13,516 | 1,580,573 | ||||||
Fukuoka Financial Group, Inc. | 20,149 | 334,981 | ||||||
Furukawa Electric Co. Ltd. | 12,415 | 309,366 | ||||||
Hakuhodo DY Holdings, Inc. | 16,458 | 208,913 | ||||||
Hankyu Hanshin Holdings, Inc. | 9,881 | 300,570 | ||||||
Haseko Corp. | 29,605 | 353,142 | ||||||
Hino Motors Ltd. | 38,644 | 294,247 | ||||||
Hirose Electric Co. Ltd. | 1,612 | 224,206 | ||||||
Hitachi Construction Machinery Co. Ltd. | 8,945 | 219,047 | ||||||
Hitachi Ltd. | 80,401 | 2,693,364 | ||||||
Hitachi Metals Ltd. | 16,113 | 212,857 | ||||||
Honda Motor Co. Ltd. | 100,779 | 2,347,397 | ||||||
Hoya Corp. | 6,436 | 726,466 | ||||||
Idemitsu Kosan Co. Ltd. | 30,128 | 606,652 | ||||||
IHI Corp. | 18,856 | 226,366 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Iida Group Holdings Co. Ltd. | 13,605 | $ | 245,057 | |||||
INPEX Corp. | 110,096 | 518,148 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 48,783 | 235,655 | ||||||
Isuzu Motors Ltd. | 60,701 | 489,487 | ||||||
ITOCHU Corp. | 99,221 | 2,372,800 | ||||||
J Front Retailing Co. Ltd. | 29,615 | 224,081 | ||||||
Japan Airlines Co. Ltd.(b) | 13,717 | 238,414 | ||||||
Japan Exchange Group, Inc. | 18,431 | 448,257 | ||||||
Japan Post Bank Co. Ltd. | 42,957 | 341,470 | ||||||
Japan Post Holdings Co. Ltd. | 150,454 | 1,028,884 | ||||||
Japan Post Insurance Co. Ltd. | 44,333 | 699,727 | ||||||
Japan Tobacco, Inc. | 96,487 | 1,818,246 | ||||||
JFE Holdings, Inc.(b) | 90,893 | 632,964 | ||||||
JGC Holdings Corp. | 19,501 | 159,493 | ||||||
JSR Corp. | 12,910 | 289,716 | ||||||
JTEKT Corp | 23,540 | 185,546 | ||||||
Kajima Corp. | 46,683 | 496,571 | ||||||
Kaneka Corp. | 7,487 | 208,267 | ||||||
Kansai Electric Power Co., Inc. (The) | 74,497 | 677,628 | ||||||
Kao Corp. | 13,524 | 959,901 | ||||||
Kawasaki Heavy Industries Ltd.(b) | 22,029 | 261,297 | ||||||
Kawasaki Kisen Kaisha Ltd.(b) | 20,558 | 248,961 | ||||||
KDDI Corp. | 114,512 | 3,058,875 | ||||||
Keikyu Corp. | 12,327 | 171,687 | ||||||
Keio Corp. | 5,050 | 292,257 | ||||||
Keisei Electric Railway Co. Ltd. | 5,318 | 148,287 | ||||||
Kewpie Corp. | 9,676 | 197,889 | ||||||
Keyence Corp. | 1,773 | 801,361 | ||||||
Kikkoman Corp. | 4,308 | 213,463 | ||||||
Kintetsu Group Holdings Co. Ltd. | 9,374 | 373,023 | ||||||
Kirin Holdings Co. Ltd. | 52,887 | 950,590 | ||||||
Kobe Steel Ltd.(b) | 128,681 | 498,525 | ||||||
Koito Manufacturing Co. Ltd. | 7,953 | 381,902 | ||||||
Komatsu Ltd. | 81,307 | 1,820,735 | ||||||
Konica Minolta, Inc. | 83,315 | 210,399 | ||||||
K’s Holdings Corp. | 17,560 | 224,077 | ||||||
Kubota Corp. | 74,842 | 1,296,168 | ||||||
Kuraray Co. Ltd. | 34,672 | 319,059 | ||||||
Kyocera Corp. | 16,551 | 907,344 | ||||||
Kyowa Kirin Co. Ltd. | 7,864 | 194,832 | ||||||
Kyushu Electric Power Co., Inc. | 45,645 | 382,485 | ||||||
Kyushu Railway Co. | 9,244 | 196,216 | ||||||
Lawson, Inc. | 3,479 | 159,906 | ||||||
LIXIL Group Corp. | 31,197 | 673,239 | ||||||
Makita Corp. | 10,070 | 443,103 | ||||||
Marubeni Corp. | 153,797 | 799,144 | ||||||
Marui Group Co. Ltd. | 9,695 | 173,794 | ||||||
Mazda Motor Corp. | 104,656 | 546,606 | ||||||
Medipal Holdings Corp. | 14,863 | 264,730 | ||||||
MEIJI Holdings Co. Ltd. | 8,359 | 604,496 | ||||||
MINEBEA MITSUMI, Inc. | 19,902 | 356,766 | ||||||
Mitsubishi Chemical Holdings Corp. | 133,689 | 749,651 | ||||||
Mitsubishi Corp. | 117,665 | 2,617,467 | ||||||
Mitsubishi Electric Corp. | 110,439 | 1,415,614 | ||||||
Mitsubishi Estate Co. Ltd. | 50,488 | 750,510 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 18,472 | 334,489 | ||||||
Mitsubishi Heavy Industries Ltd. | 29,491 | 630,358 | ||||||
Mitsubishi Materials Corp.(a) | 12,916 | 235,858 | ||||||
Mitsubishi Motors Corp.(b) | 95,045 | 172,743 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,080,535 | 4,239,865 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 30,844 | $ | 129,820 | |||||
Mitsui & Co. Ltd. | 118,408 | 1,846,231 | ||||||
Mitsui Chemicals, Inc. | 21,018 | 536,005 | ||||||
Mitsui E&S Holdings Co. Ltd.(b) | 23,892 | 75,191 | ||||||
Mitsui Fudosan Co. Ltd. | 53,237 | 903,664 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 7,852 | 196,413 | ||||||
Mitsui OSK Lines Ltd. | 23,550 | 526,913 | ||||||
Mizuho Financial Group, Inc. | 210,519 | 2,580,640 | ||||||
MS&AD Insurance Group Holdings, Inc. | 29,625 | 806,087 | ||||||
Murata Manufacturing Co. Ltd. | 19,972 | 1,388,335 | ||||||
Nagoya Railroad Co. Ltd. | 9,085 | 241,247 | ||||||
NEC Corp. | 22,997 | 1,154,910 | ||||||
NGK Insulators Ltd. | 18,923 | 268,441 | ||||||
NGK Spark Plug Co. Ltd. | 18,152 | 316,887 | ||||||
NH Foods Ltd. | 10,317 | 421,404 | ||||||
Nidec Corp. | 10,849 | 1,089,674 | ||||||
Nikon Corp. | 38,751 | 233,158 | ||||||
Nintendo Co. Ltd. | 2,144 | 1,168,597 | ||||||
Nippon Electric Glass Co. Ltd. | 13,591 | 265,996 | ||||||
Nippon Express Co. Ltd. | 7,920 | 443,199 | ||||||
Nippon Paint Holdings Co. Ltd.(a) | 3,832 | 344,198 | ||||||
Nippon Paper Industries Co. Ltd. | 11,751 | 132,303 | ||||||
Nippon Steel Corp.(b) | 107,699 | 1,036,915 | ||||||
Nippon Suisan Kaisha Ltd. | 34,472 | 132,229 | ||||||
Nippon Telegraph & Telephone Corp. | 114,241 | 2,399,782 | ||||||
Nippon Yusen KK | 38,903 | 712,639 | ||||||
Nissan Motor Co. Ltd.(b) | 382,482 | 1,339,089 | ||||||
Nisshin Seifun Group, Inc.(a) | 14,946 | 224,605 | ||||||
Nissin Foods Holdings Co. Ltd. | 2,278 | 196,988 | ||||||
Nitori Holdings Co. Ltd. | 1,772 | 365,282 | ||||||
Nitto Denko Corp. | 12,059 | 843,230 | ||||||
Nomura Holdings, Inc. | 301,638 | 1,340,261 | ||||||
Nomura Real Estate Holdings, Inc. | 10,370 | 180,637 | ||||||
NSK Ltd. | 57,321 | 454,554 | ||||||
NTN Corp.(b) | 97,145 | 178,418 | ||||||
NTT Data Corp. | 34,927 | 392,570 | ||||||
NTT DOCOMO, Inc. | 71,108 | 2,643,933 | ||||||
Obayashi Corp. | 58,683 | 488,370 | ||||||
Odakyu Electric Railway Co. Ltd. | 14,432 | 346,926 | ||||||
Oji Holdings Corp. | 79,480 | 333,764 | ||||||
Olympus Corp. | 18,796 | 357,617 | ||||||
Omron Corp. | 7,748 | 555,864 | ||||||
Ono Pharmaceutical Co. Ltd. | 13,084 | 371,969 | ||||||
Oriental Land Co. Ltd. | 2,303 | 321,305 | ||||||
ORIX Corp. | 104,929 | 1,220,023 | ||||||
Osaka Gas Co. Ltd. | 25,874 | 490,552 | ||||||
Otsuka Holdings Co. Ltd. | 23,050 | 849,988 | ||||||
Pan Pacific International Holdings Corp. | 14,308 | 304,117 | ||||||
Panasonic Corp. | 183,521 | 1,686,518 | ||||||
Rakuten, Inc. | 36,699 | 356,318 | ||||||
Recruit Holdings Co. Ltd. | 20,552 | 780,481 | ||||||
Renesas Electronics Corp.(b) | 39,798 | 327,780 | ||||||
Resona Holdings, Inc. | 216,314 | 708,700 | ||||||
Ricoh Co. Ltd. | 85,914 | 560,487 | ||||||
Rohm Co. Ltd. | 4,905 | 375,359 | ||||||
Santen Pharmaceutical Co. Ltd. | 11,904 | 211,457 | ||||||
SBI Holdings, Inc. | 15,449 | 353,639 | ||||||
Secom Co. Ltd. | 8,082 | 679,942 | ||||||
Sega Sammy Holdings, Inc. | 12,243 | 152,950 | ||||||
Seibu Holdings, Inc. | 15,880 | 158,284 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Seiko Epson Corp. | 27,587 | $ | 317,723 | |||||
Seino Holdings Co. Ltd. | 14,952 | 192,800 | ||||||
Sekisui Chemical Co. Ltd. | 23,237 | 360,091 | ||||||
Sekisui House Ltd. | 47,373 | 782,375 | ||||||
Seven & i Holdings Co. Ltd. | 55,354 | 1,683,283 | ||||||
SG Holdings Co. Ltd. | 26,936 | 648,020 | ||||||
Sharp Corp. | 14,004 | 160,750 | ||||||
Shimadzu Corp. | 8,064 | 229,177 | ||||||
Shimano, Inc. | 2,239 | 508,990 | ||||||
Shimizu Corp. | 55,001 | 380,914 | ||||||
Shin-Etsu Chemical Co. Ltd. | 12,881 | 1,711,470 | ||||||
Shinsei Bank Ltd. | 18,523 | 221,837 | ||||||
Shionogi & Co. Ltd. | 7,825 | 368,570 | ||||||
Shiseido Co. Ltd. | 7,346 | 453,240 | ||||||
Shizuoka Bank Ltd. (The) | 39,812 | 266,581 | ||||||
Showa Denko K.K. | 18,403 | 311,059 | ||||||
SMC Corp. | 1,386 | 733,172 | ||||||
Softbank Corp. | 103,052 | 1,195,242 | ||||||
SoftBank Group Corp. | 108,710 | 7,063,966 | ||||||
Sojitz Corp. | 133,390 | 292,197 | ||||||
Sompo Holdings, Inc. | 23,139 | 861,238 | ||||||
Sony Corp. | 53,809 | 4,464,695 | ||||||
Stanley Electric Co. Ltd. | 8,887 | 251,631 | ||||||
Subaru Corp. | 65,849 | 1,200,261 | ||||||
SUMCO Corp. | 10,784 | 163,503 | ||||||
Sumitomo Chemical Co. Ltd. | 192,986 | 627,657 | ||||||
Sumitomo Corp. | 99,327 | 1,087,428 | ||||||
Sumitomo Electric Industries Ltd. | 60,637 | 664,432 | ||||||
Sumitomo Heavy Industries Ltd. | 14,473 | 307,347 | ||||||
Sumitomo Metal Mining Co. Ltd. | 20,778 | 640,592 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 115,013 | 3,169,624 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 25,555 | 680,432 | ||||||
Sumitomo Realty & Development Co. Ltd. | 19,649 | 523,835 | ||||||
Sumitomo Rubber Industries Ltd. | 17,814 | 155,579 | ||||||
Suntory Beverage & Food Ltd. | 7,343 | 252,868 | ||||||
Suzuken Co. Ltd. | 7,846 | 282,573 | ||||||
Suzuki Motor Corp. | 32,720 | 1,394,997 | ||||||
Sysmex Corp. | 3,688 | 345,728 | ||||||
T&D Holdings, Inc. | 66,534 | 659,994 | ||||||
Taiheiyo Cement Corp. | 16,462 | 384,859 | ||||||
Taisei Corp. | 19,011 | 590,116 | ||||||
Takashimaya Co. Ltd. | 28,656 | 212,713 | ||||||
Takeda Pharmaceutical Co. Ltd. | 77,036 | 2,386,834 | ||||||
TDK Corp. | 7,296 | 852,154 | ||||||
Teijin Ltd. | 21,282 | 324,910 | ||||||
Terumo Corp. | 13,428 | 492,857 | ||||||
THK Co. Ltd. | 7,256 | 190,805 | ||||||
TIS, Inc. | 8,858 | 169,551 | ||||||
Tobu Railway Co. Ltd. | 11,899 | 336,345 | ||||||
Tohoku Electric Power Co., Inc. | 34,316 | 302,653 | ||||||
Tokio Marine Holdings, Inc. | 38,655 | 1,722,725 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(b) | 193,391 | 497,629 | ||||||
Tokyo Electron Ltd. | 4,305 | 1,148,933 | ||||||
Tokyo Gas Co. Ltd. | 31,125 | 704,287 | ||||||
Tokyo Tatemono Co. Ltd. | 14,506 | 165,957 | ||||||
Tokyu Corp. | 31,619 | 373,536 | ||||||
Tokyu Fudosan Holdings Corp. | 56,050 | 243,416 | ||||||
Toppan Printing Co. Ltd. | 31,803 | 402,481 | ||||||
Toray Industries, Inc. | 158,050 | 711,180 | ||||||
Toshiba Corp. | 48,301 | 1,214,687 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Tosoh Corp. | 28,086 | $ | 454,040 | |||||
TOTO Ltd. | 7,020 | 318,633 | ||||||
Toyo Seikan Group Holdings Ltd. | 12,236 | 113,886 | ||||||
Toyo Suisan Kaisha Ltd. | 4,639 | 230,752 | ||||||
Toyoda Gosei Co. Ltd. | 8,855 | 223,450 | ||||||
Toyota Industries Corp. | 10,981 | 705,876 | ||||||
Toyota Motor Corp. | 121,726 | 7,921,389 | ||||||
Toyota Tsusho Corp. | 15,947 | 442,226 | ||||||
Trend Micro, Inc. | 3,798 | 212,534 | ||||||
Tsuruha Holdings, Inc. | 1,712 | 239,425 | ||||||
Ube Industries Ltd. | 13,582 | 232,170 | ||||||
Unicharm Corp. | 8,051 | 372,746 | ||||||
West Japan Railway Co. | 12,406 | 529,278 | ||||||
Yakult Honsha Co. Ltd. | 4,032 | 195,159 | ||||||
Yamada Denki Co. Ltd. | 66,927 | 325,224 | ||||||
Yamaha Corp. | 4,815 | 226,610 | ||||||
Yamaha Motor Co. Ltd. | 36,689 | 520,469 | ||||||
Yamato Holdings Co. Ltd. | 31,607 | 832,654 | ||||||
Yamazaki Baking Co. Ltd.(a) | 10,381 | 170,402 | ||||||
Yaskawa Electric Corp. | 7,343 | 283,423 | ||||||
Yokogawa Electric Corp. | 12,879 | 187,998 | ||||||
Yokohama Rubber Co. Ltd. (The) | 12,432 | 177,311 | ||||||
Z Holdings Corp. | 124,055 | 860,458 | ||||||
|
| |||||||
187,498,865 | ||||||||
|
| |||||||
Luxembourg-0.30% | ||||||||
Aperam S.A. | 6,006 | 161,470 | ||||||
ArcelorMittal S.A.(b) | 138,563 | 1,880,692 | ||||||
RTL Group S.A.(b) | 4,814 | 182,919 | ||||||
SES S.A., FDR | 47,358 | 378,100 | ||||||
|
| |||||||
2,603,181 | ||||||||
|
| |||||||
Macau-0.09% | ||||||||
Galaxy Entertainment Group Ltd. | 58,609 | 386,200 | ||||||
Sands China Ltd. | 120,881 | 423,208 | ||||||
|
| |||||||
809,408 | ||||||||
|
| |||||||
Netherlands-2.38% | ||||||||
Aalberts N.V. | 4,584 | 153,996 | ||||||
ABN AMRO Bank N.V., CVA(b)(d) | 69,396 | 569,570 | ||||||
Aegon N.V. | 369,687 | 996,908 | ||||||
Akzo Nobel N.V. | 14,225 | 1,370,338 | ||||||
Altice Europe N.V.(b) | 37,580 | 185,125 | ||||||
Altice Europe N.V., Class B(b) | 2,480 | 12,292 | ||||||
ASML Holding N.V. | 4,350 | 1,580,934 | ||||||
ASR Nederland N.V. | 16,328 | 496,413 | ||||||
Boskalis Westminster(b) | 9,483 | 191,321 | ||||||
Heineken Holding N.V. | 4,814 | 372,063 | ||||||
Heineken N.V.(a) | 8,795 | 780,658 | ||||||
ING Groep N.V.(b) | 542,671 | 3,703,650 | ||||||
Koninklijke Ahold Delhaize N.V. | 98,813 | 2,715,262 | ||||||
Koninklijke BAM Groep N.V.(b) | 72,677 | 90,245 | ||||||
Koninklijke DSM N.V. | 7,286 | 1,166,551 | ||||||
Koninklijke KPN N.V. | 280,469 | 757,954 | ||||||
Koninklijke Philips N.V.(b) | 38,898 | 1,806,749 | ||||||
NN Group N.V. | 42,810 | 1,493,024 | ||||||
Prosus N.V.(b) | 3,925 | 392,189 | ||||||
Randstad N.V.(b) | 11,875 | 593,556 | ||||||
SBM Offshore N.V. | 12,407 | 200,020 |
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
Signify N.V.(b)(d) | 14,527 | $ | 517,637 | |||||
Wolters Kluwer N.V. | 7,199 | 583,480 | ||||||
|
| |||||||
20,729,935 | ||||||||
|
| |||||||
New Zealand-0.05% | ||||||||
Fletcher Building Ltd.(b) | 62,979 | 170,654 | ||||||
Spark New Zealand Ltd. | 84,924 | 252,007 | ||||||
|
| |||||||
422,661 | ||||||||
|
| |||||||
Norway-0.63% | ||||||||
DNB ASA | 73,316 | 987,124 | ||||||
Equinor ASA | 136,435 | 1,730,621 | ||||||
Gjensidige Forsikring ASA | 8,865 | 168,140 | ||||||
Mowi ASA | 22,943 | 361,588 | ||||||
Norsk Hydro ASA(b) | 218,621 | 611,343 | ||||||
Orkla ASA | 43,079 | 405,965 | ||||||
Storebrand ASA(b) | 48,149 | 252,359 | ||||||
Telenor ASA | 60,932 | 938,313 | ||||||
|
| |||||||
5,455,453 | ||||||||
|
| |||||||
Poland-0.16% | ||||||||
Bank Polska Kasa Opieki S.A.(b) | 13,977 | 149,055 | ||||||
KGHM Polska Miedz S.A.(b) | 14,396 | 429,116 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 26,570 | 255,397 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(b) | 57,547 | 275,198 | ||||||
Powszechny Zaklad Ubezpieczen | 58,013 | 316,139 | ||||||
|
| |||||||
1,424,905 | ||||||||
|
| |||||||
Portugal-0.22% | ||||||||
Banco Comercial Portugues S.A., Class R(b) | 968,559 | 85,068 | ||||||
EDP - Energias de Portugal S.A. | 246,850 | 1,216,882 | ||||||
Galp Energia SGPS S.A. | 44,836 | 363,188 | ||||||
Jeronimo Martins SGPS S.A. | 14,859 | 236,088 | ||||||
|
| |||||||
1,901,226 | ||||||||
|
| |||||||
Russia-0.05% | ||||||||
Evraz PLC | 53,129 | 246,961 | ||||||
Polymetal International PLC | 11,334 | 240,267 | ||||||
|
| |||||||
487,228 | ||||||||
|
| |||||||
Singapore-0.67% | ||||||||
Ascendas REIT | 108,490 | 228,818 | ||||||
CapitaLand Integrated Commercial Trust | 110,204 | 139,621 | ||||||
CapitaLand Ltd. | 166,759 | 313,856 | ||||||
City Developments Ltd. | 30,752 | 142,781 | ||||||
ComfortDelGro Corp. Ltd. | 199,343 | 197,080 | ||||||
DBS Group Holdings Ltd. | 102,652 | 1,529,819 | ||||||
Genting Singapore Ltd. | 343,018 | 162,026 | ||||||
Keppel Corp. Ltd. | 70,352 | 226,178 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 107,479 | 662,741 | ||||||
Singapore Airlines Ltd. | 48,386 | 120,123 | ||||||
Singapore Press Holdings Ltd. | 130,529 | 94,635 | ||||||
Singapore Technologies Engineering Ltd. | 73,837 | 188,716 | ||||||
Singapore Telecommunications Ltd. | 584,865 | 869,481 | ||||||
United Overseas Bank Ltd. | 53,417 | 742,870 | ||||||
Venture Corp. Ltd. | 15,955 | 225,041 | ||||||
|
| |||||||
5,843,786 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
South Africa-0.23% | ||||||||
Anglo American PLC | 79,365 | $ | 1,858,635 | |||||
Investec PLC | 70,572 | 130,806 | ||||||
|
| |||||||
1,989,441 | ||||||||
|
| |||||||
South Korea-5.58% | ||||||||
Amorepacific Corp. | 1,265 | 176,144 | ||||||
Amorepacific Corp., Preference Shares | 362 | 16,717 | ||||||
CJ CheilJedang Corp. | 788 | 250,699 | ||||||
CJ CheilJedang Corp., Preference Shares | 204 | 28,226 | ||||||
Coway Co. Ltd. | 3,800 | 232,414 | ||||||
Daelim Industrial Co. Ltd. | 3,460 | 237,843 | ||||||
DB Insurance Co. Ltd. | 5,130 | 200,055 | ||||||
E-MART, Inc. | 5,272 | 659,755 | ||||||
GS Engineering & Construction Corp. | 8,673 | 204,080 | ||||||
Hana Financial Group, Inc. | 24,939 | 668,146 | ||||||
Hanwha Solutions Corp. | 14,362 | 553,115 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 13,554 | 366,115 | ||||||
Hyundai Glovis Co. Ltd. | 2,118 | 312,651 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 988 | 186,768 | ||||||
Hyundai Mobis Co. Ltd. | 6,871 | 1,365,480 | ||||||
Hyundai Motor Co. | 22,567 | 3,271,589 | ||||||
Hyundai Motor Co., First Pfd. | 3,798 | 263,085 | ||||||
Hyundai Motor Co., Second Pfd. | 6,097 | 429,321 | ||||||
Hyundai Steel Co. | 13,344 | 339,862 | ||||||
Industrial Bank of Korea | 43,319 | 311,903 | ||||||
KB Financial Group, Inc. | 37,465 | 1,324,003 | ||||||
Kia Motors Corp. | 29,349 | 1,306,182 | ||||||
Korea Electric Power Corp.(b) | 35,460 | 623,449 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 3,877 | 267,874 | ||||||
Korea Zinc Co. Ltd. | 760 | 256,191 | ||||||
Korean Air Lines Co. Ltd.(b) | 14,895 | 261,880 | ||||||
KT&G Corp. | 8,723 | 622,687 | ||||||
LG Chem Ltd. | 2,797 | 1,506,096 | ||||||
LG Chem Ltd., Preference Shares | 511 | 139,605 | ||||||
LG Corp. | 6,066 | 362,452 | ||||||
LG Display Co. Ltd.(b) | 54,149 | 670,480 | ||||||
LG Electronics, Inc. | 12,616 | 933,942 | ||||||
LG Electronics, Inc., Preference Shares | 2,063 | 58,452 | ||||||
LG Household & Health Care Ltd. | 254 | 335,772 | ||||||
LG Household & Health Care Ltd., Preference Shares | 65 | 39,583 | ||||||
LG Uplus Corp. | 29,064 | 283,033 | ||||||
Lotte Chemical Corp. | 2,783 | 571,463 | ||||||
Lotte Shopping Co. Ltd. | 2,620 | 192,569 | ||||||
Mirae Asset Daewoo Co. Ltd. | 35,703 | 263,360 | ||||||
Mirae Asset Daewoo Co. Ltd., Second Pfd. | 12,566 | 50,000 | ||||||
NAVER Corp. | 1,932 | 493,769 | ||||||
POSCO | 7,792 | 1,428,339 | ||||||
Samsung C&T Corp. | 5,407 | 526,548 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,737 | 322,014 | ||||||
Samsung Electronics Co. Ltd. | 306,158 | 15,271,475 | ||||||
Samsung Electronics Co. Ltd., Preference Shares | 52,209 | 2,305,165 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 2,833 | 446,908 | ||||||
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares | 254 | 31,786 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 51,992 | 231,391 | ||||||
Samsung Life Insurance Co. Ltd. | 5,765 | 321,096 | ||||||
Samsung SDI Co. Ltd. | 1,564 | 609,225 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Samsung SDS Co. Ltd. | 1,302 | $ | 193,344 | |||||
Shinhan Financial Group Co. Ltd. | 38,916 | 1,040,892 | ||||||
SK Holdings Co. Ltd. | 5,170 | 831,519 | ||||||
SK Hynix, Inc. | 29,946 | 2,108,650 | ||||||
SK Innovation Co. Ltd. | 9,384 | 1,037,888 | ||||||
SK Telecom Co. Ltd. | 2,990 | 563,902 | ||||||
S-Oil Corp. | 5,607 | 268,318 | ||||||
Woori Financial Group, Inc. | 56,585 | 443,325 | ||||||
|
| |||||||
48,618,595 | ||||||||
|
| |||||||
Spain-2.84% | ||||||||
Acciona S.A. | 1,808 | 182,594 | ||||||
Acerinox S.A.(b) | 22,014 | 174,475 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 41,789 | 993,029 | ||||||
Aena SME S.A.(b)(d) | 3,115 | 419,455 | ||||||
Amadeus IT Group S.A. | 10,101 | 482,294 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. | 955,972 | 2,741,593 | ||||||
Banco de Sabadell S.A. | 1,093,466 | 333,716 | ||||||
Banco Santander S.A.(b) | 2,626,160 | 5,233,476 | ||||||
Bankia S.A. | 232,409 | 284,799 | ||||||
Bankinter S.A. | 56,886 | 213,170 | ||||||
CaixaBank S.A. | 347,897 | 632,997 | ||||||
Enagas S.A. | 16,464 | 355,370 | ||||||
Endesa S.A. | 37,499 | 1,005,093 | ||||||
Ferrovial S.A. | 19,678 | 425,774 | ||||||
Grifols S.A.(a) | 8,362 | 225,882 | ||||||
Iberdrola S.A. | 357,803 | 4,219,965 | ||||||
Industria de Diseno Textil S.A.(b) | 36,080 | 890,568 | ||||||
Mapfre S.A. | 151,339 | 228,116 | ||||||
Merlin Properties SOCIMI S.A. | 16,322 | 109,798 | ||||||
Naturgy Energy Group S.A. | 31,188 | 579,453 | ||||||
Red Electrica Corp. S.A. | 25,440 | 448,211 | ||||||
Repsol S.A. | 286,255 | 1,780,591 | ||||||
Telefonica S.A. | 855,045 | 2,794,772 | ||||||
|
| |||||||
24,755,191 | ||||||||
|
| |||||||
Sweden-2.38% | ||||||||
Alfa Laval AB(b) | 13,249 | 268,667 | ||||||
Assa Abloy AB, Class B | 26,939 | 578,054 | ||||||
Atlas Copco AB, Class A | 19,840 | 875,745 | ||||||
Atlas Copco AB, Class B | 11,920 | 457,053 | ||||||
BillerudKorsnas AB | 14,868 | 233,013 | ||||||
Boliden AB | 23,213 | 634,233 | ||||||
Castellum AB | 10,386 | 216,328 | ||||||
Electrolux AB, Series B(a) | 24,866 | 561,229 | ||||||
Electrolux Professional AB, | 19,512 | 73,719 | ||||||
Epiroc AB, Class A | 13,089 | 195,574 | ||||||
Epiroc AB, Class B | 8,072 | 115,714 | ||||||
Essity AB, Class B(a) | 27,079 | 784,581 | ||||||
Hennes & Mauritz AB, Class B | 66,728 | 1,084,002 | ||||||
Hexagon AB, Class B | 6,478 | 473,342 | ||||||
Husqvarna AB, Class B | 30,170 | 311,829 | ||||||
ICA Gruppen AB(a) | 6,332 | 299,700 | ||||||
NCC AB, Class A(b) | 385 | 6,185 | ||||||
NCC AB, Class B(b) | 9,876 | 157,552 | ||||||
Sandvik AB(b) | 51,652 | 919,751 | ||||||
Securitas AB, Class B(b) | 27,979 | 395,899 | ||||||
Skandinaviska Enskilda Banken AB, Class A(b) | 130,092 | 1,115,139 | ||||||
Skandinaviska Enskilda Banken AB, Class C(b) | 1,780 | 16,358 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Skanska AB, Class B | 30,129 | $ | 566,284 | |||||
SKF AB, Class B | 32,037 | 655,774 | ||||||
SSAB AB, Class A(b) | 34,487 | 100,271 | ||||||
SSAB AB, Class B(a)(b) | 85,747 | 231,776 | ||||||
Svenska Cellulosa AB S.C.A., Class A(b) | 806 | 11,174 | ||||||
Svenska Cellulosa AB S.C.A., Class B(b) | 24,092 | 326,824 | ||||||
Svenska Handelsbanken AB, | 127,207 | 1,030,672 | ||||||
Svenska Handelsbanken AB, | 3,128 | 30,187 | ||||||
Swedbank AB, Class A(b) | 116,101 | 1,819,550 | ||||||
Swedish Match AB | 5,557 | 418,656 | ||||||
Tele2 AB, Class B | 29,166 | 345,851 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 2,176 | 26,011 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 169,845 | 1,894,386 | ||||||
Telia Co. AB(a) | 277,729 | 1,064,594 | ||||||
Trelleborg AB, Class B(b) | 17,917 | 297,706 | ||||||
Volvo AB, Class B(b) | 110,031 | 2,140,383 | ||||||
|
| |||||||
20,733,766 | ||||||||
|
| |||||||
Switzerland-6.32% | ||||||||
ABB Ltd | 100,067 | 2,429,208 | ||||||
Adecco Group AG | 18,885 | 927,200 | ||||||
Alcon, Inc.(b) | 19,672 | 1,118,227 | ||||||
Baloise Holding AG | 3,763 | 514,433 | ||||||
Barry Callebaut AG | 120 | 247,842 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 3 | 259,560 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC | 29 | 230,026 | ||||||
Cie Financiere Richemont S.A. | 23,945 | 1,502,196 | ||||||
Clariant AG | 11,057 | 189,642 | ||||||
Coca-Cola HBC AG(b) | 7,853 | 178,202 | ||||||
Credit Suisse Group AG(b) | 229,058 | 2,155,252 | ||||||
Dufry AG(a)(b) | 3,422 | 129,555 | ||||||
Geberit AG | 789 | 449,357 | ||||||
Georg Fischer AG | 252 | 254,323 | ||||||
Givaudan S.A. | 252 | 1,027,191 | ||||||
Helvetia Holding AG | 1,804 | 141,320 | ||||||
Julius Baer Group Ltd. | 11,707 | 522,922 | ||||||
Kuehne + Nagel International AG | 3,005 | 600,312 | ||||||
LafargeHolcim Ltd.(b) | 44,031 | 1,890,371 | ||||||
Lonza Group AG | 1,265 | 766,274 | ||||||
Nestle S.A. | 99,652 | 11,209,559 | ||||||
Novartis AG | 67,274 | 5,247,306 | ||||||
Partners Group Holding AG | 251 | 226,367 | ||||||
PSP Swiss Property AG | 1,266 | 153,182 | ||||||
Roche Holding AG | 22,149 | 7,122,817 | ||||||
Roche Holding AG, BR | 777 | 250,254 | ||||||
Schindler Holding AG | 675 | 173,362 | ||||||
Schindler Holding AG, PC | 1,274 | 325,954 | ||||||
SGS S.A. | 251 | 627,397 | ||||||
Sika AG | 2,464 | 606,759 | ||||||
Sonova Holding AG(b) | 1,002 | 237,778 | ||||||
STMicroelectronics N.V. | 17,262 | 525,815 | ||||||
Sunrise Communications Group | 2,279 | 274,261 | ||||||
Swatch Group AG (The) | 3,393 | 138,600 | ||||||
Swatch Group AG (The), BR | 2,266 | 479,505 | ||||||
Swiss Life Holding AG | 2,781 | 935,142 | ||||||
Swiss Prime Site AG | 3,292 | 276,922 | ||||||
Swiss Re AG | 27,522 | 1,974,029 | ||||||
Swisscom AG | 1,585 | 806,378 | ||||||
UBS Group AG | 345,561 | 4,013,416 |
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
Vifor Pharma AG | 1,108 | $ | 124,696 | |||||
Zurich Insurance Group AG | 11,397 | 3,780,141 | ||||||
|
| |||||||
55,043,053 | ||||||||
|
| |||||||
United Kingdom-13.33% | ||||||||
3i Group PLC | 46,615 | 579,226 | ||||||
Admiral Group PLC | 10,358 | 368,305 | ||||||
Aggreko PLC | 19,565 | 111,663 | ||||||
Ashtead Group PLC | 17,087 | 618,618 | ||||||
Associated British Foods PLC | 18,278 | 401,178 | ||||||
AstraZeneca PLC | 42,592 | 4,276,850 | ||||||
Aviva PLC | 405,553 | 1,350,279 | ||||||
Babcock International Group PLC | 37,232 | 104,562 | ||||||
BAE Systems PLC | 201,030 | 1,031,929 | ||||||
Barclays PLC(b) | 1,873,486 | 2,581,329 | ||||||
Barratt Developments PLC(b) | 65,236 | 406,990 | ||||||
Beazley PLC | 27,013 | 102,688 | ||||||
Bellway PLC | 6,806 | 205,484 | ||||||
Berkeley Group Holdings PLC | 6,701 | 351,515 | ||||||
BP PLC | 2,662,639 | 6,768,531 | ||||||
British American Tobacco PLC | 176,892 | 5,599,100 | ||||||
British Land Co. PLC (The) | 80,488 | 362,792 | ||||||
BT Group PLC | 1,043,319 | 1,367,898 | ||||||
Bunzl PLC | 20,014 | 621,075 | ||||||
Burberry Group PLC | 16,795 | 294,468 | ||||||
Capita PLC(b) | 153,771 | 49,090 | ||||||
Centrica PLC(b) | 1,043,058 | 501,437 | ||||||
Close Brothers Group PLC | 10,770 | 149,979 | ||||||
CNH Industrial N.V.(b) | 118,351 | 918,155 | ||||||
Compass Group PLC | 77,374 | 1,055,471 | ||||||
Croda International PLC | 3,886 | 303,184 | ||||||
DCC PLC | 7,340 | 476,809 | ||||||
Derwent London PLC | 3,800 | 130,598 | ||||||
Diageo PLC | 72,113 | 2,330,121 | ||||||
Direct Line Insurance Group PLC | 180,895 | 616,319 | ||||||
Dixons Carphone PLC | 110,382 | 137,086 | ||||||
DS Smith PLC(b) | 102,122 | 373,816 | ||||||
easyJet PLC | 19,118 | 125,032 | ||||||
Experian PLC | 17,551 | 639,274 | ||||||
Fiat Chrysler Automobiles N.V.(b) | 340,516 | 4,181,483 | ||||||
G4S PLC(b) | 148,214 | 391,139 | ||||||
GlaxoSmithKline PLC | 292,114 | 4,879,174 | ||||||
GVC Holdings PLC(b) | 19,392 | 242,264 | ||||||
Hammerson PLC(b) | 10,178 | 2,146 | ||||||
Hays PLC(b) | 100,483 | 138,759 | ||||||
Hiscox Ltd.(b) | 16,075 | 171,351 | ||||||
HSBC Holdings PLC | 1,556,409 | 6,531,366 | ||||||
IG Group Holdings PLC | 23,286 | 229,128 | ||||||
IMI PLC | 16,967 | 226,842 | ||||||
Imperial Brands PLC | 126,837 | 2,007,363 | ||||||
Inchcape PLC(b) | 35,680 | 228,734 | ||||||
Informa PLC(b) | 47,314 | 255,720 | ||||||
InterContinental Hotels Group | 7,898 | 399,907 | ||||||
Intermediate Capital Group PLC | 10,382 | 157,194 | ||||||
International Consolidated Airlines Group S.A. | 62,589 | 78,047 | ||||||
Intertek Group PLC | 3,744 | 269,740 | ||||||
ITV PLC(b) | 376,398 | 351,093 | ||||||
J Sainsbury PLC | 286,011 | 745,542 | ||||||
John Wood Group PLC(b) | 74,881 | 205,358 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Johnson Matthey PLC | 21,445 | $ | 595,883 | |||||
Kingfisher PLC(b) | 285,030 | 1,058,090 | ||||||
Land Securities Group PLC | 55,058 | 362,571 | ||||||
Legal & General Group PLC | 582,455 | 1,391,756 | ||||||
Lloyds Banking Group PLC(b) | 7,755,870 | 2,810,443 | ||||||
London Stock Exchange Group PLC | 3,670 | 392,817 | ||||||
M&G PLC | 352,403 | 668,221 | ||||||
Man Group PLC | 106,134 | 147,592 | ||||||
Marks & Spencer Group PLC | 352,601 | 406,401 | ||||||
Meggitt PLC(b) | 43,674 | 154,334 | ||||||
Micro Focus International PLC(b) | 44,902 | 125,348 | ||||||
Mondi PLC | 39,751 | 751,954 | ||||||
National Grid PLC | 305,755 | 3,633,187 | ||||||
Natwest Group PLC(b) | 367,121 | 589,562 | ||||||
Next PLC | 6,690 | 505,170 | ||||||
Ninety One PLC(b) | 35,690 | 95,063 | ||||||
Pearson PLC(a) | 79,787 | 526,140 | ||||||
Pennon Group PLC | 20,895 | 268,173 | ||||||
Persimmon PLC | 18,241 | 550,960 | ||||||
Phoenix Group Holdings PLC | 38,598 | 330,585 | ||||||
Prudential PLC | 187,048 | 2,280,191 | ||||||
Quilter PLC(d) | 120,273 | 190,037 | ||||||
Reckitt Benckiser Group PLC | 25,991 | 2,285,233 | ||||||
RELX PLC | 48,528 | 958,456 | ||||||
Rentokil Initial PLC(b) | 36,292 | 246,828 | ||||||
Rolls-Royce Holdings PLC(a) | 68,444 | 63,117 | ||||||
Rolls-Royce Holdings PLC, Rts., expiring 11/06/2020(b) | 228,146 | 115,047 | ||||||
Royal Dutch Shell PLC, Class A | 602,462 | 7,520,307 | ||||||
Royal Dutch Shell PLC, Class B | 538,445 | 6,467,787 | ||||||
Royal Mail PLC(a) | 164,205 | 481,960 | ||||||
RSA Insurance Group PLC | 79,190 | 433,735 | ||||||
Sage Group PLC (The) | 32,254 | 265,073 | ||||||
Schroders PLC | 5,756 | 194,547 | ||||||
Segro PLC | 31,191 | 363,776 | ||||||
Severn Trent PLC | 12,914 | 405,757 | ||||||
Signature Aviation PLC | 57,766 | 176,571 | ||||||
Smith & Nephew PLC | 24,162 | 417,542 | ||||||
Smiths Group PLC | 20,448 | 351,510 | ||||||
Spectris PLC | 4,814 | 154,119 | ||||||
SSE PLC | 101,670 | 1,649,815 | ||||||
St James’s Place PLC | 27,802 | 323,244 | ||||||
Standard Chartered PLC(b) | 258,060 | 1,173,857 | ||||||
Standard Life Aberdeen PLC(a) | 225,702 | 655,165 | ||||||
Subsea 7 S.A.(b) | 34,081 | 224,192 | ||||||
Tate & Lyle PLC | 31,539 | 242,722 | ||||||
Taylor Wimpey PLC(b) | 229,040 | 313,325 | ||||||
TechnipFMC PLC | 44,593 | 244,189 |
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) | ||||||||
Tesco PLC | 817,147 | $ | 2,171,254 | |||||
Travis Perkins PLC(b) | 21,094 | 289,519 | ||||||
Unilever N.V. | 59,000 | 3,336,653 | ||||||
Unilever PLC | 44,257 | 2,520,159 | ||||||
United Utilities Group PLC | 43,343 | 483,871 | ||||||
Vodafone Group PLC | 2,997,323 | 3,991,806 | ||||||
Weir Group PLC (The)(b) | 16,918 | 313,578 | ||||||
Whitbread PLC(a)(b) | 13,074 | 362,944 | ||||||
William Hill PLC | 80,477 | 285,532 | ||||||
WM Morrison Supermarkets PLC(a) | 313,718 | 660,783 | ||||||
WPP PLC | 145,127 | 1,157,045 | ||||||
|
| |||||||
116,138,697 | ||||||||
|
| |||||||
United States-0.45% | ||||||||
Amcor PLC, CDI | 70,490 | 733,119 | ||||||
Bausch Health Cos., Inc.(b) | 31,499 | 518,546 | ||||||
Carnival PLC | 11,892 | 130,484 | ||||||
Ferguson PLC | 12,411 | 1,239,182 | ||||||
James Hardie Industries PLC, CDI | 12,151 | 295,073 | ||||||
QIAGEN N.V.(b) | 5,320 | 252,652 | ||||||
Samsonite International S.A.(b)(d) | 100,914 | 101,501 | ||||||
Tenaris S.A. | 40,369 | 191,481 | ||||||
Waste Connections, Inc. | 4,400 | 435,792 | ||||||
|
| |||||||
3,897,830 | ||||||||
|
| |||||||
Zambia-0.08% | ||||||||
First Quantum Minerals Ltd. | 60,224 | 691,514 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 867,353,383 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.47% |
| |||||||
Invesco Private Government Fund, | 8,596,104 | 8,596,104 | ||||||
Invesco Private Prime Fund, 0.11%(e)(f)(g) | 12,890,288 | 12,894,155 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 21,490,259 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.00% |
| 888,843,642 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.00)% |
| (17,440,906 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 871,402,736 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $6,113,691, which represented less than 1% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,662,140 | $ | (2,662,140 | ) | $ | - | $ | - | $ | - | $ | 6 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 30,725,127 | (30,725,127 | ) | - | - | - | 6,434 | |||||||||||||||||||||||||||
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 | - | 210,804,943 | (202,208,839 | ) | - | - | 8,596,104 | 4,584 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 52,071,442 | (39,179,831 | ) | (1 | ) | 2,545 | 12,894,155 | 4,036 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 24,889,527 | $ | 491,002,240 | $ | (494,407,459 | ) | $ | (285 | ) | $ | 6,236 | $ | 21,490,259 | $ | 184,270 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.71% |
| |||||||
Australia-5.83% | ||||||||
Abacus Property Group | 57,727 | $ | 112,292 | |||||
Adbri Ltd. | 159,330 | 316,647 | ||||||
ALS Ltd. | 44,523 | 292,340 | ||||||
Alumina Ltd. | 135,997 | 137,048 | ||||||
Ansell Ltd. | 20,318 | 573,444 | ||||||
Atlas Arteria Ltd. | 27,882 | 110,432 | ||||||
AusNet Services | 425,454 | 597,550 | ||||||
Austal Ltd. | 40,677 | 77,412 | ||||||
Australian Pharmaceutical Industries Ltd. | 94,410 | 72,598 | ||||||
Bapcor Ltd. | 32,585 | 175,282 | ||||||
Beach Energy Ltd. | 135,057 | 111,916 | ||||||
Bega Cheese Ltd.(a) | 53,894 | 189,235 | ||||||
Blackmores Ltd.(b) | 2,252 | 111,114 | ||||||
Breville Group Ltd. | 8,778 | 160,705 | ||||||
Brickworks Ltd. | 8,523 | 103,605 | ||||||
BWP Trust | 56,667 | 159,576 | ||||||
carsales.com Ltd. | 15,420 | 224,912 | ||||||
Charter Hall Group | 23,036 | 199,625 | ||||||
Charter Hall Long Wale REIT | 20,219 | 67,728 | ||||||
Charter Hall Retail REIT | 58,433 | 141,159 | ||||||
Cleanaway Waste Management Ltd. | 143,463 | 206,531 | ||||||
Cochlear Ltd. | 2,598 | 387,111 | ||||||
Collins Foods Ltd. | 13,680 | 92,802 | ||||||
Costa Group Holdings Ltd. | 57,450 | 143,626 | ||||||
Cromwell Property Group(a) | 347,965 | 213,814 | ||||||
CSR Ltd. | 143,082 | 443,114 | ||||||
Deterra Royalties Ltd.(a)(b) | 45,106 | 124,486 | ||||||
Domino’s Pizza Enterprises Ltd. | 3,396 | 202,068 | ||||||
Eagers Automotive Ltd. | 31,629 | 241,217 | ||||||
Eclipx Group Ltd.(b) | 134,691 | 140,461 | ||||||
Elders Ltd. | 20,775 | 163,545 | ||||||
Estia Health Ltd. | 59,787 | 55,841 | ||||||
Evolution Mining Ltd. | 81,022 | 315,213 | ||||||
FlexiGroup Ltd.(a) | 74,860 | 49,416 | ||||||
Flight Centre Travel Group Ltd.(b) | 13,773 | 108,908 | ||||||
G8 Education Ltd. | 222,805 | 176,023 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 57,026 | 68,279 | ||||||
GrainCorp Ltd., Class A(b) | 67,925 | 168,859 | ||||||
Growthpoint Properties Australia Ltd. | 33,671 | 80,395 | ||||||
GUD Holdings Ltd. | 14,910 | 132,243 | ||||||
GWA Group Ltd. | 42,377 | 78,564 | ||||||
Harvey Norman Holdings Ltd. | 131,022 | 408,525 | ||||||
Healius Ltd. | 110,903 | 262,461 | ||||||
IGO Ltd. | 43,875 | 136,802 | ||||||
Iluka Resources Ltd. | 45,106 | 163,130 | ||||||
Inghams Group Ltd. | 64,395 | 129,333 | ||||||
InvoCare Ltd. | 14,735 | 104,408 | ||||||
IOOF Holdings Ltd. | 109,984 | 225,530 | ||||||
IRESS Ltd. | 20,610 | 132,721 | ||||||
Link Administration Holdings Ltd. | 65,783 | 220,356 | ||||||
Magellan Financial Group Ltd. | 3,809 | 147,385 | ||||||
Mayne Pharma Group Ltd.(b) | 537,008 | 113,134 | ||||||
McMillan Shakespeare Ltd. | 15,366 | 100,786 | ||||||
Mineral Resources Ltd. | 22,480 | 394,033 | ||||||
Monadelphous Group Ltd. | 22,417 | 143,885 | ||||||
National Storage REIT | 65,046 | 82,450 | ||||||
New Hope Corp. Ltd.(a) | 80,076 | 60,170 |
Shares | Value | |||||||
Australia-(continued) | ||||||||
NEXTDC Ltd.(b) | 16,704 | $ | 149,445 | |||||
nib holdings Ltd. | 81,106 | 236,940 | ||||||
Nine Entertainment Co. Holdings Ltd. | 185,435 | 270,861 | ||||||
Northern Star Resources Ltd. | 22,923 | 239,051 | ||||||
NRW Holdings Ltd. | 121,310 | 185,714 | ||||||
Nufarm Ltd.(b) | 78,907 | 190,619 | ||||||
OceanaGold Corp.(b) | 152,284 | 198,728 | ||||||
oOh!media Ltd. | 57,204 | 52,625 | ||||||
OZ Minerals Ltd. | 66,383 | 692,736 | ||||||
Pact Group Holdings Ltd. | 59,592 | 98,344 | ||||||
Pendal Group Ltd. | 45,362 | 206,105 | ||||||
Perenti Global Ltd. | 130,014 | 95,411 | ||||||
Perpetual Ltd. | 9,204 | 175,808 | ||||||
Perseus Mining Ltd.(b) | 110,236 | 94,057 | ||||||
Platinum Asset Management Ltd. | 42,401 | 90,817 | ||||||
Premier Investments Ltd. | 10,516 | 157,667 | ||||||
Qube Holdings Ltd. | 144,645 | 269,179 | ||||||
REA Group Ltd.(a) | 1,686 | 140,031 | ||||||
Regis Resources Ltd. | 51,617 | 150,429 | ||||||
Resolute Mining Ltd.(a)(b) | 108,153 | 60,760 | ||||||
Sandfire Resources Ltd. | 46,660 | 144,830 | ||||||
Saracen Mineral Holdings Ltd.(b) | 28,945 | 114,642 | ||||||
SEEK Ltd. | 29,825 | 450,519 | ||||||
Seven Group Holdings Ltd.(a) | 14,752 | 201,183 | ||||||
Shopping Centres Australasia Property Group | 105,645 | 172,119 | ||||||
Southern Cross Media Group Ltd.(b) | 241,387 | 29,665 | ||||||
St Barbara Ltd. | 63,244 | 117,695 | ||||||
Steadfast Group Ltd. | 60,721 | 151,803 | ||||||
Super Retail Group Ltd. | 41,336 | 324,826 | ||||||
Sydney Airport | 81,127 | 310,494 | ||||||
Tassal Group Ltd. | 41,271 | 102,598 | ||||||
TPG Telecom Ltd.(b) | 42,198 | 212,769 | ||||||
Tuas Ltd.(b) | 21,087 | 11,254 | ||||||
United Malt Grp Ltd.(b) | 67,925 | 192,232 | ||||||
Virgin Australia International Holdings Pty. Ltd.(b)(c) | 112,977 | 0 | ||||||
Viva Energy Group Ltd.(d) | 205,612 | 243,299 | ||||||
Vocus Group Ltd.(b) | 89,559 | 216,980 | ||||||
Washington H Soul Pattinson & Co. Ltd.(a) | 12,439 | 221,352 | ||||||
Waypoint REIT | 53,631 | 100,935 | ||||||
Whitehaven Coal Ltd. | 291,458 | 217,980 | ||||||
Worley Ltd. | 46,836 | 309,500 | ||||||
|
| |||||||
17,954,247 | ||||||||
|
| |||||||
Austria-0.54% | ||||||||
ams AG(b) | 11,647 | 249,701 | ||||||
CA Immobilien Anlagen AG | 6,974 | 191,312 | ||||||
DO & CO AG(b) | 933 | 33,854 | ||||||
IMMOFINANZ AG(a)(b) | 13,010 | 174,279 | ||||||
Lenzing AG(a)(b) | 3,186 | 222,673 | ||||||
Oesterreichische Post AG(a) | 5,893 | 187,056 | ||||||
S IMMO AG | 4,702 | 69,450 | ||||||
S&T AG(a)(b) | 3,283 | 59,543 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 1,994 | 48,196 | ||||||
UNIQA Insurance Group AG | 11,363 | 63,931 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Austria-(continued) | ||||||||
Verbund AG | 4,890 | $ | 281,274 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 4,636 | 94,072 | ||||||
|
| |||||||
1,675,341 | ||||||||
|
| |||||||
Belgium-1.28% | ||||||||
Ackermans & van Haaren N.V.(b) | 2,742 | 337,288 | ||||||
Aedifica S.A. | 1,051 | 105,776 | ||||||
AGFA-Gevaert N.V.(b) | 39,222 | 148,942 | ||||||
Barco N.V. | 5,046 | 79,086 | ||||||
Befimmo S.A. | 3,074 | 119,597 | ||||||
Bekaert S.A. | 10,594 | 225,336 | ||||||
bpost S.A.(b) | 31,831 | 281,981 | ||||||
Cie d’Entreprises CFE(b) | 1,161 | 71,812 | ||||||
Cofinimmo S.A. | 2,569 | 348,925 | ||||||
D’ieteren S.A./N.V. | 5,889 | 295,314 | ||||||
Elia Group S.A./N.V. | 3,331 | 322,438 | ||||||
Euronav N.V. | 35,138 | 256,430 | ||||||
Fagron | 3,988 | 88,495 | ||||||
Galapagos N.V.(b) | 512 | 60,475 | ||||||
Gimv N.V. | 1,588 | 82,870 | ||||||
Melexis N.V. | 1,786 | 135,852 | ||||||
Ontex Group N.V.(b) | 23,204 | 256,101 | ||||||
Orange Belgium S.A. | 5,225 | 87,035 | ||||||
Retail Estates N.V. | 955 | 56,400 | ||||||
Telenet Group Holding N.V. | 8,950 | 344,038 | ||||||
Warehouses De Pauw C.V.A. | 6,731 | 225,182 | ||||||
|
| |||||||
3,929,373 | ||||||||
|
| |||||||
Cambodia-0.04% | ||||||||
NagaCorp Ltd. | 133,821 | 138,051 | ||||||
|
| |||||||
Canada-5.51% | ||||||||
Aecon Group, Inc. | 20,453 | 218,129 | ||||||
Alamos Gold, Inc., Class A | 36,538 | 333,496 | ||||||
Allied Properties REIT | 10,634 | 257,685 | ||||||
Aphria, Inc.(b) | 27,801 | 124,894 | ||||||
Artis REIT | 29,411 | 183,964 | ||||||
ATS Automation Tooling Systems, Inc.(b) | 9,646 | 119,368 | ||||||
Aurora Cannabis, Inc.(b) | 4,561 | 18,403 | ||||||
B2Gold Corp. | 55,313 | 355,520 | ||||||
Baytex Energy Corp.(b) | 412,806 | 122,292 | ||||||
BlackBerry Ltd.(b) | 70,608 | 316,673 | ||||||
Boardwalk REIT(a) | 7,760 | 155,858 | ||||||
Boyd Group Services, Inc. | 863 | 123,694 | ||||||
BRP, Inc. | 2,864 | 154,568 | ||||||
Canadian Western Bank | 16,789 | 308,494 | ||||||
Canfor Corp.(b) | 32,981 | 399,725 | ||||||
Canopy Growth Corp.(a)(b) | 14,080 | 264,314 | ||||||
Cascades, Inc. | 13,200 | 140,380 | ||||||
Centerra Gold, Inc. | 34,271 | 299,182 | ||||||
Chartwell Retirement Residences(a) | 28,498 | 204,328 | ||||||
Choice Properties REIT(a) | 23,702 | 213,849 | ||||||
Cineplex, Inc. | 12,498 | 47,711 | ||||||
Cogeco Communications, Inc. | 1,626 | 113,168 | ||||||
Colliers International Group, Inc. | 2,365 | 167,369 | ||||||
Cominar REIT, Class U(a) | 43,058 | 229,281 | ||||||
Corus Entertainment, Inc., Class B | 93,245 | 246,164 | ||||||
Descartes Systems Group, Inc. (The)(b) | 2,376 | 127,305 | ||||||
Dollarama, Inc. | 13,952 | 480,082 | ||||||
Dream Office REIT | 12,396 | 162,788 |
Shares | Value | |||||||
Canada-(continued) | ||||||||
ECN Capital Corp. | 29,333 | $ | 116,157 | |||||
Element Fleet Management Corp. | 38,432 | 361,737 | ||||||
Enerflex Ltd. | 34,932 | 125,492 | ||||||
Enerplus Corp.(a) | 90,856 | 164,902 | ||||||
First Capital REIT(a) | 26,444 | 234,423 | ||||||
FirstService Corp. | 1,300 | 174,182 | ||||||
Genworth MI Canada, Inc. | 6,316 | 209,373 | ||||||
Granite REIT | 5,135 | 287,685 | ||||||
Great Canadian Gaming Corp.(b) | 4,987 | 85,090 | ||||||
Home Capital Group, Inc.(b) | 11,970 | 218,420 | ||||||
IAMGOLD Corp.(b) | 134,615 | 492,685 | ||||||
Innergex Renewable Energy, Inc. | 11,230 | 202,306 | ||||||
Ivanhoe Mines Ltd., Class A(b) | 41,334 | 162,441 | ||||||
Kelt Exploration Ltd.(b) | 37,332 | 45,638 | ||||||
Kirkland Lake Gold Ltd. | 5,807 | 264,360 | ||||||
Laurentian Bank of Canada | 12,436 | 244,458 | ||||||
Maple Leaf Foods, Inc. | 13,826 | 251,561 | ||||||
Martinrea International, Inc. | 26,687 | 200,750 | ||||||
Mullen Group Ltd. | 28,198 | 189,488 | ||||||
NFI Group, Inc. | 12,848 | 145,405 | ||||||
Norbord, Inc. | 12,442 | 408,435 | ||||||
North West Co., Inc. (The) | 11,159 | 274,926 | ||||||
Northland Power, Inc. | 12,785 | 413,174 | ||||||
Northview Apartment REIT | 5,988 | 162,213 | ||||||
Osisko Gold Royalties Ltd. | 11,749 | 131,293 | ||||||
Pan American Silver Corp. | 9,371 | 297,572 | ||||||
Paramount Resources Ltd., | 34,297 | 57,618 | ||||||
Pason Systems, Inc. | 14,248 | 55,032 | ||||||
PrairieSky Royalty Ltd. | 29,433 | 180,348 | ||||||
Premium Brands Holdings Corp. | 2,794 | 199,154 | ||||||
Pretium Resources, Inc.(b) | 15,680 | 191,098 | ||||||
Quebecor, Inc., Class B | 12,334 | 285,929 | ||||||
Ritchie Bros. Auctioneers, Inc. | 7,024 | 425,438 | ||||||
Russel Metals, Inc. | 20,014 | 266,133 | ||||||
Secure Energy Services, Inc. | 59,389 | 66,366 | ||||||
ShawCor Ltd. | 17,986 | 29,272 | ||||||
Shopify, Inc., Class A(b) | 444 | 408,995 | ||||||
SSR Mining, Inc.(b) | 19,235 | 355,747 | ||||||
Stantec, Inc. | 13,023 | 373,690 | ||||||
Stella-Jones, Inc. | 7,611 | 247,507 | ||||||
Superior Plus Corp.(a) | 41,379 | 367,751 | ||||||
TMX Group Ltd. | 5,410 | 525,277 | ||||||
TORC Oil & Gas Ltd. | 49,206 | 50,928 | ||||||
Torex Gold Resources, Inc.(b) | 8,061 | 108,580 | ||||||
Toromont Industries Ltd. | 6,579 | 409,291 | ||||||
TransAlta Renewables, Inc.(a) | 9,030 | 113,099 | ||||||
Transcontinental, Inc., Class A | 21,509 | 254,556 | ||||||
Westshore Terminals Investment Corp. | 12,179 | 122,306 | ||||||
Winpak Ltd. | 4,150 | 128,109 | ||||||
|
| |||||||
16,975,074 | ||||||||
|
| |||||||
China-1.57% | ||||||||
Asia Cement China Holdings Corp. | 85,654 | 78,311 | ||||||
Budweiser Brewing Co. APAC | 71,472 | 210,134 | ||||||
CapitaLand Retail China Trust | 122,638 | 105,080 | ||||||
China Harmony Auto Holding Ltd. | 241,700 | 94,749 | ||||||
China Travel International Investment Hong | ||||||||
Kong Ltd.(b) | 738,083 | 94,225 | ||||||
Chow Tai Fook Jewellery Group Ltd.(a) | 272,585 | 347,988 | ||||||
CITIC Telecom International Holdings Ltd. | 295,426 | 93,715 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
China-(continued) | ||||||||
FIH Mobile Ltd.(b) | 1,305,355 | $ | 143,078 | |||||
Gemdale Properties & Investment Corp. Ltd. | 810,038 | 125,347 | ||||||
Minth Group Ltd. | 110,222 | 455,536 | ||||||
MMG Ltd.(b) | 1,238,534 | 292,271 | ||||||
Nexteer Automotive Group Ltd. | 256,099 | 213,007 | ||||||
Noble Group Ltd.(b)(c) | 760,360 | 0 | ||||||
Road King Infrastructure Ltd. | 44,797 | 53,145 | ||||||
Shangri-La Asia Ltd.(b) | 288,377 | 226,467 | ||||||
Shui On Land Ltd. | 414,104 | 54,467 | ||||||
SITC International Holdings Co. Ltd. | 122,322 | 188,652 | ||||||
Sun Art Retail Group Ltd. | 317,348 | 342,931 | ||||||
Tingyi Cayman Islands Holding Corp. | 264,191 | 482,401 | ||||||
Uni-President China Holdings Ltd. | 141,404 | 122,170 | ||||||
Xinyi Glass Holdings Ltd. | 324,963 | 711,538 | ||||||
Xinyi Solar Holdings Ltd. | 217,245 | 394,999 | ||||||
|
| |||||||
4,830,211 | ||||||||
|
| |||||||
Colombia-0.06% | ||||||||
Parex Resources, Inc.(b) | 19,277 | 187,515 | ||||||
|
| |||||||
Denmark-1.58% | ||||||||
Alm Brand A/S(b) | 12,111 | 138,515 | ||||||
Chr. Hansen Holding A/S | 5,401 | 544,034 | ||||||
D/S Norden A/S | 10,108 | 143,125 | ||||||
Demant A/S(a)(b) | 6,039 | 190,200 | ||||||
Dfds A/S(b) | 6,395 | 238,332 | ||||||
Drilling Co. of 1972 A/S (The)(a)(b) | 6,206 | 117,101 | ||||||
FLSmidth & Co. A/S(b) | 14,095 | 359,572 | ||||||
Genmab A/S(b) | 843 | 280,804 | ||||||
GN Store Nord A/S | 4,963 | 356,960 | ||||||
H Lundbeck A/S | 5,700 | 160,527 | ||||||
NKT A/S(b) | 7,524 | 204,479 | ||||||
Ringkjoebing Landbobank A/S | 2,650 | 201,711 | ||||||
Rockwool International A/S, Class B | 813 | 317,749 | ||||||
Royal Unibrew A/S | 3,202 | 312,713 | ||||||
Scandinavian Tobacco Group A/S(d) | 14,753 | 208,549 | ||||||
Schouw & Co. A/S | 1,167 | 101,519 | ||||||
SimCorp A/S | 1,346 | 160,472 | ||||||
Sydbank A/S(b) | 12,391 | 211,317 | ||||||
Topdanmark A/S | 5,347 | 209,147 | ||||||
Tryg A/S | 15,063 | 417,850 | ||||||
|
| |||||||
4,874,676 | ||||||||
|
| |||||||
Egypt-0.10% | ||||||||
Centamin PLC | 185,885 | 297,913 | ||||||
|
| |||||||
Faroe Islands-0.05% | ||||||||
Bakkafrost P/F(b) | 2,752 | 156,618 | ||||||
|
| |||||||
Finland-0.85% | ||||||||
Cargotec OYJ, Class B(a) | 14,984 | 514,547 | ||||||
Citycon OYJ(a) | 10,457 | 80,515 | ||||||
Finnair OYJ(a)(b) | 77,957 | 33,236 | ||||||
Kemira OYJ | 24,975 | 308,667 | ||||||
Kojamo OYJ | 7,066 | 145,686 | ||||||
Metsa Board OYJ | 42,855 | 359,671 | ||||||
Sanoma OYJ | 9,683 | 142,570 | ||||||
TietoEVRY OYJ | 12,898 | 321,519 | ||||||
Uponor OYJ | 7,803 | 145,611 | ||||||
Valmet OYJ | 19,749 | 471,134 | ||||||
YIT OYJ | 20,366 | 107,514 | ||||||
|
| |||||||
2,630,670 | ||||||||
|
|
Shares | Value | |||||||
France-2.73% | ||||||||
Adevinta ASA, Class B(b) | 7,486 | $ | 115,514 | |||||
Akka Technologies(a)(b) | 1,696 | 31,017 | ||||||
Albioma S.A. | 3,439 | 160,036 | ||||||
ALD S.A.(d) | 8,354 | 90,013 | ||||||
Alten S.A.(b) | 2,610 | 208,714 | ||||||
Beneteau S.A. | 9,008 | 82,894 | ||||||
BioMerieux | 1,936 | 288,208 | ||||||
Carmila S.A. | 4,223 | 32,663 | ||||||
CGG S.A.(b) | 152,993 | 85,471 | ||||||
Cie Plastic Omnium S.A. | 17,486 | 398,205 | ||||||
Coface S.A.(b) | 15,118 | 117,988 | ||||||
Dassault Aviation S.A.(b) | 292 | 243,537 | ||||||
Derichebourg S.A. | 28,532 | 83,687 | ||||||
Eramet S.A.(a)(b) | 5,406 | 143,450 | ||||||
Europcar Mobility Group(a)(b)(d) | 93,562 | 60,978 | ||||||
Fnac Darty S.A.(b) | 7,004 | 300,889 | ||||||
Gaztransport Et Technigaz S.A. | 1,442 | 138,156 | ||||||
Iliad S.A. | 3,256 | 629,597 | ||||||
Ipsen S.A. | 3,628 | 330,268 | ||||||
Ipsos | 5,668 | 139,310 | ||||||
JCDecaux S.A.(b) | 12,420 | 191,694 | ||||||
Korian S.A.(b) | 9,579 | 269,803 | ||||||
Maisons du Monde S.A.(b)(d) | 14,741 | 197,295 | ||||||
Mercialys S.A.(a) | 20,601 | 98,628 | ||||||
Mersen S.A.(b) | 3,732 | 96,726 | ||||||
Metropole Television S.A.(b) | 10,389 | 114,118 | ||||||
Nexans S.A.(b) | 10,269 | 498,091 | ||||||
Nexity S.A. | 8,763 | 246,003 | ||||||
Quadient | 5,470 | 71,300 | ||||||
Rallye S.A.(b) | 11,430 | 43,471 | ||||||
Remy Cointreau S.A. | 2,227 | 376,147 | ||||||
Sartorius Stedim Biotech | 457 | 173,329 | ||||||
SMCP S.A.(b)(d) | 11,599 | 45,505 | ||||||
Societe BIC S.A.(a) | 7,720 | 369,597 | ||||||
Sopra Steria Group(b) | 2,333 | 277,195 | ||||||
Tarkett S.A.(b) | 9,433 | 114,275 | ||||||
Television Francaise 1(b) | 41,483 | 243,540 | ||||||
Trigano S.A. | 1,383 | 183,814 | ||||||
Ubisoft Entertainment S.A.(b) | 5,994 | 528,825 | ||||||
Vallourec S.A.(a)(b) | 4,102 | 57,138 | ||||||
Vicat S.A. | 2,229 | 68,546 | ||||||
Virbac S.A.(b) | 350 | 81,458 | ||||||
Worldline S.A.(b)(d) | 5,120 | 379,551 | ||||||
|
| |||||||
8,406,644 | ||||||||
|
| |||||||
Georgia-0.02% | ||||||||
Bank of Georgia Group PLC(b) | 5,284 | 61,285 | ||||||
|
| |||||||
Germany-4.37% | ||||||||
1&1 Drillisch AG | 10,981 | 231,393 | ||||||
ADLER Group S.A.(a)(b)(d) | 6,429 | 161,609 | ||||||
alstria office REIT-AG | 17,694 | 225,277 | ||||||
Bechtle AG | 2,015 | 345,738 | ||||||
Bilfinger SE | 10,061 | 183,763 | ||||||
CANCOM SE | 2,855 | 112,739 | ||||||
Carl Zeiss Meditec AG, BR | 1,258 | 162,511 | ||||||
CECONOMY AG(b) | 74,262 | 328,542 | ||||||
CTS Eventim AG& Co. KGaA(b) | 3,248 | 143,922 | ||||||
Delivery Hero SE(b)(d) | 1,659 | 190,891 | ||||||
Deutsche EuroShop AG(a)(b) | 12,157 | 153,506 | ||||||
Deutz AG(b) | 48,080 | 246,874 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Germany-(continued) | ||||||||
DIC Asset AG | 6,679 | $ | 76,867 | |||||
Draegerwerk AG& Co. KGaA, Preference Shares(a) | 2,650 | 212,993 | ||||||
Duerr AG | 15,097 | 433,664 | ||||||
DWS Group GmbH & Co. KGaA(b)(d) | 6,894 | 234,128 | ||||||
ElringKlinger AG(a)(b) | 11,340 | 114,658 | ||||||
Encavis AG | 8,537 | 167,860 | ||||||
Evotec SE(a)(b) | 3,355 | 88,635 | ||||||
Fielmann AG(b) | 2,331 | 176,764 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a)(b) | 7,008 | 253,224 | ||||||
Gerresheimer AG | 4,698 | 472,274 | ||||||
Grand City Properties S.A. | 14,516 | 329,556 | ||||||
GRENKE AG | 1,507 | 58,842 | ||||||
Hamburger Hafen und Logistik AG | 4,774 | 79,967 | ||||||
Heidelberger Druckmaschinen AG(a)(b) | 97,021 | 54,247 | ||||||
Hornbach Holding AG& Co. KGaA | 1,802 | 173,592 | ||||||
Jenoptik AG | 6,113 | 150,817 | ||||||
Jungheinrich AG, Preference Shares | 14,849 | 539,662 | ||||||
Just Eat Takeaway.com N.V.(b)(d) | 1,924 | 213,149 | ||||||
Kloeckner & Co. SE(b) | 51,984 | 292,474 | ||||||
Koenig & Bauer AG(b) | 5,719 | 118,113 | ||||||
Krones AG | 4,201 | 239,881 | ||||||
KWS Saat SE & Co. KGaA | 1,335 | 98,281 | ||||||
Leoni AG(a)(b) | 26,784 | 163,328 | ||||||
Nordex SE(b) | 21,921 | 314,076 | ||||||
Norma Group SE | 7,472 | 231,868 | ||||||
PATRIZIA AG | 3,503 | 79,732 | ||||||
Pfeiffer Vacuum Technology AG | 710 | 129,515 | ||||||
Puma SE(b) | 4,222 | 369,046 | ||||||
Rational AG | 186 | 139,422 | ||||||
Sartorius AG, Preference Shares | 660 | 279,382 | ||||||
Schaeffler AG, Preference Shares | 34,146 | 207,824 | ||||||
Scout24 AG(d) | 4,312 | 347,329 | ||||||
SGL Carbon SE(b) | 19,180 | 60,993 | ||||||
Siltronic AG | 3,000 | 283,967 | ||||||
Sirius Real Estate Ltd. | 103,526 | 98,386 | ||||||
Sixt SE(b) | 2,236 | 169,299 | ||||||
Sixt SE, Preference Shares | 2,857 | 135,781 | ||||||
Software AG | 6,821 | 244,402 | ||||||
Stabilus S.A. | 2,730 | 154,614 | ||||||
Stroeer SE & Co. KGaA(b) | 1,934 | 139,787 | ||||||
Suedzucker AG(a) | 23,575 | 339,422 | ||||||
TAG Immobilien AG(b) | 15,129 | 445,862 | ||||||
TLG Immobilien AG | 3,543 | 63,392 | ||||||
Traton SE | 15,069 | 292,540 | ||||||
Vossloh AG(b) | 1,803 | 65,842 | ||||||
Wacker Chemie AG | 5,179 | 499,633 | ||||||
Wacker Neuson SE(b) | 9,899 | 181,957 | ||||||
Washtec AG(b) | 1,378 | 60,996 | ||||||
Zalando SE(b)(d) | 7,932 | 740,830 | ||||||
zooplus AG(b) | 947 | 152,230 | ||||||
|
| |||||||
13,457,868 | ||||||||
|
| |||||||
Ghana-0.07% | ||||||||
Tullow Oil PLC(a)(b) | 783,222 | 203,453 | ||||||
|
| |||||||
Hong Kong-1.68% | ||||||||
ASM Pacific Technology Ltd. | 35,472 | 356,785 | ||||||
Bank of East Asia Ltd. (The) | 82,989 | 149,394 | ||||||
Brightoil Petroleum Holdings Ltd.(b)(c) | 160,687 | 0 |
Shares | Value | |||||||
Hong Kong-(continued) | ||||||||
Cafe de Coral Holdings Ltd. | 68,502 | $ | 141,335 | |||||
Cathay Pacific Airways Ltd.(b) | 255,871 | 173,554 | ||||||
Champion REIT | 378,048 | 182,812 | ||||||
Chow Sang Sang Holdings International Ltd. | 71,272 | 77,845 | ||||||
CK Infrastructure Holdings Ltd. | 55,848 | 262,862 | ||||||
Dah Sing Financial Holdings Ltd. | 24,261 | 60,317 | ||||||
Dairy Farm International Holdings Ltd. | 55,170 | 207,991 | ||||||
Fortune REIT | 181,423 | 151,130 | ||||||
Guotai Junan International Holdings Ltd. | 690,233 | 88,117 | ||||||
Haitong International Securities Group Ltd. | 839,859 | 190,610 | ||||||
Hang Lung Group Ltd. | 85,376 | 188,921 | ||||||
HKBN Ltd. | 55,841 | 96,202 | ||||||
Johnson Electric Holdings Ltd., H Shares | 54,290 | 112,152 | ||||||
Kerry Properties Ltd. | 134,041 | 327,720 | ||||||
Luk Fook Holdings International Ltd. | 35,065 | 85,641 | ||||||
Man Wah Holdings Ltd. | 230,495 | 318,627 | ||||||
Mapletree North Asia Commercial | 374,882 | 238,848 | ||||||
Melco International Development Ltd. | 152,790 | 247,464 | ||||||
NWS Holdings Ltd. | 230,437 | 201,766 | ||||||
Pacific Basin Shipping Ltd. | 609,173 | 88,766 | ||||||
PCCW Ltd. | 449,073 | 269,854 | ||||||
Sa Sa International Holdings Ltd.(b) | 432,926 | 61,967 | ||||||
Shun Tak Holdings Ltd. | 616,319 | 180,409 | ||||||
Truly International Holdings Ltd.(b) | 734,692 | 83,371 | ||||||
Value Partners Group Ltd. | 203,709 | 88,788 | ||||||
Vitasoy International Holdings Ltd. | 41,992 | 169,487 | ||||||
VTech Holdings Ltd. | 30,689 | 203,608 | ||||||
Yue Yuen Industrial Holdings Ltd. | 106,995 | 174,120 | ||||||
|
| |||||||
5,180,463 | ||||||||
|
| |||||||
India-0.05% | ||||||||
Rhi Magnesita N.V. | 4,894 | 161,995 | ||||||
|
| |||||||
Indonesia-0.16% | ||||||||
First Pacific Co. Ltd. | 325,935 | 100,872 | ||||||
First Resources Ltd. | 71,776 | 63,602 | ||||||
Golden Agri-Resources Ltd. | 3,076,316 | 317,657 | ||||||
|
| |||||||
482,131 | ||||||||
|
| |||||||
Ireland-0.33% | ||||||||
C&C Group PLC | 47,400 | 99,164 | ||||||
Cairn Homes PLC(b) | 78,931 | 72,083 | ||||||
Dalata Hotel Group PLC | 25,449 | 71,739 | ||||||
Glanbia PLC | 31,665 | 300,981 | ||||||
Greencore Group PLC | 107,125 | 125,285 | ||||||
Hibernia REIT PLC | 99,532 | 120,114 | ||||||
UDG Healthcare PLC | 25,650 | 240,615 | ||||||
|
| |||||||
1,029,981 | ||||||||
|
| |||||||
Israel-1.62% | ||||||||
Airport City Ltd.(b) | 7,222 | 78,864 | ||||||
Alony Hetz Properties & Investments Ltd. | 9,008 | 91,228 | ||||||
Amot Investments Ltd. | 10,694 | 49,285 | ||||||
Azrieli Group Ltd. | 3,075 | 145,238 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(b) | 468,225 | 534,667 | ||||||
Cellcom Israel Ltd.(b) | 27,306 | 106,047 | ||||||
Clal Insurance Enterprises Holdings Ltd.(b) | 15,724 | 159,936 | ||||||
Delek Group Ltd.(b) | 2,649 | 48,383 | ||||||
Elbit Systems Ltd. | 2,250 | 255,012 | ||||||
First International Bank of Israel Ltd. | 9,133 | 203,244 | ||||||
Gazit-Globe Ltd.(a) | 14,940 | 62,188 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 54 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Israel-(continued) | ||||||||
Harel Insurance Investments & Financial Services Ltd.(b) | 39,353 | $ | 288,222 | |||||
Israel Corp. Ltd. (The)(b) | 867 | 97,221 | ||||||
Melisron Ltd. | 1,682 | 61,126 | ||||||
Mivne Real Estate KD Ltd. | 31,667 | 61,017 | ||||||
Mizrahi Tefahot Bank Ltd. | 16,982 | 332,103 | ||||||
Nice Ltd.(b) | 2,172 | 497,572 | ||||||
Oil Refineries Ltd.(b) | 471,233 | 83,828 | ||||||
Partner Communications Co. Ltd.(b) | 22,030 | 86,268 | ||||||
Paz Oil Co. Ltd. | 1,730 | 159,461 | ||||||
Phoenix Holdings Ltd. (The)(b) | 27,836 | 146,836 | ||||||
Plus500 Ltd. | 30,541 | 582,668 | ||||||
Reit 1 Ltd. | 16,270 | 62,088 | ||||||
Shikun & Binui Ltd.(b) | 25,114 | 117,733 | ||||||
Shufersal Ltd. | 25,222 | 190,946 | ||||||
Strauss Group Ltd. | 2,872 | 83,177 | ||||||
Tower Semiconductor Ltd.(b) | 18,989 | 396,882 | ||||||
|
| |||||||
4,981,240 | ||||||||
|
| |||||||
Italy-2.50% | ||||||||
ACEA S.p.A. | 8,397 | 166,672 | ||||||
Amplifon S.p.A.(b) | 4,507 | 163,852 | ||||||
Anima Holding S.p.A.(d) | 58,260 | 217,844 | ||||||
ASTM S.p.A.(b) | 11,514 | 214,057 | ||||||
Autogrill S.p.A.(b) | 36,328 | 136,090 | ||||||
Azimut Holding S.p.A. | 19,857 | 335,275 | ||||||
Banca Farmafactoring S.p.A.(b)(d) | 25,466 | 117,321 | ||||||
Banca Generali S.p.A.(b) | 7,597 | 215,925 | ||||||
Banca IFIS S.p.A.(b) | 12,305 | 98,686 | ||||||
Banca Mediolanum S.p.A. | 49,022 | 334,625 | ||||||
Banca Popolare di Sondrio SCPA(b) | 54,785 | 96,171 | ||||||
Buzzi Unicem S.p.A. | 11,360 | 245,797 | ||||||
Buzzi Unicem S.p.A., RSP | 6,765 | 95,981 | ||||||
Cairo Communication S.p.A.(b) | 30,203 | 35,604 | ||||||
Cerved Group S.p.A.(b) | 24,812 | 175,148 | ||||||
Danieli & C. Officine Meccaniche | 2,377 | 34,057 | ||||||
Danieli & C. Officine Meccaniche S.p.A., RSP | 8,163 | 73,787 | ||||||
Davide Campari-Milano N.V.(a) | 31,562 | 329,561 | ||||||
De Longhi S.p.A. | 13,275 | 424,624 | ||||||
DiaSorin S.p.A. | 954 | 209,474 | ||||||
Enav S.p.A.(d) | 31,643 | 109,841 | ||||||
ERG S.p.A. | 9,995 | 226,566 | ||||||
Fincantieri S.p.A.(a)(b) | 176,556 | 98,882 | ||||||
Freni Brembo S.p.A.(b) | 24,384 | 253,361 | ||||||
IMA Industria Macchine Automatiche S.p.A.(b) | 2,495 | 196,321 | ||||||
Infrastrutture Wireless Italiane S.p.A.(d) | 15,479 | 167,325 | ||||||
Interpump Group S.p.A. | 6,343 | 239,392 | ||||||
Iren S.p.A. | 141,905 | 322,496 | ||||||
Maire Tecnimont S.p.A.(b) | 54,556 | 73,845 | ||||||
Mediaset S.p.A.(a)(b) | 117,161 | 198,981 | ||||||
Moncler S.p.A.(b) | 8,176 | 327,238 | ||||||
Nexi S.p.A.(b)(d) | 7,984 | 122,669 | ||||||
OVS S.p.A.(a)(b)(d) | 126,660 | 113,975 | ||||||
Piaggio & C S.p.A. | 45,453 | 123,893 | ||||||
PRADA S.p.A.(b) | 63,829 | 250,629 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 7,121 | 369,040 | ||||||
Reply S.p.A. | 1,266 | 136,115 | ||||||
Salvatore Ferragamo S.p.A.(b) | 10,833 | 139,690 | ||||||
Societa Cattolica di Assicurazioni | 48,064 | 237,834 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Societa Cattolica di Assicurazioni SC(b)(c) | 48,745 | $ | 0 | |||||
Technogym S.p.A.(b)(d) | 7,064 | 52,498 | ||||||
Tods S.p.A.(a)(b) | 4,088 | 86,095 | ||||||
Webuild S.p.A.(a) | 115,219 | 123,409 | ||||||
|
| |||||||
7,690,646 | ||||||||
|
| |||||||
Ivory Coast-0.12% | ||||||||
Endeavour Mining Corp.(b) | 15,162 | 371,616 | ||||||
|
| |||||||
Japan-34.36% | ||||||||
77 Bank Ltd. (The) | 14,094 | 195,892 | ||||||
ABC-Mart, Inc. | 3,268 | 165,995 | ||||||
Acom Co. Ltd. | 34,412 | 153,725 | ||||||
Adastria Co. Ltd. | 7,681 | 132,695 | ||||||
ADEKA Corp. | 17,272 | 222,715 | ||||||
Advantest Corp. | 9,153 | 527,957 | ||||||
Aeon Delight Co. Ltd. | 2,989 | 78,513 | ||||||
Aeon Mall Co. Ltd. | 24,655 | 383,244 | ||||||
Aica Kogyo Co. Ltd. | 8,220 | 275,992 | ||||||
Aida Engineering Ltd. | 10,751 | 81,861 | ||||||
Aiful Corp.(a)(b) | 48,886 | 144,030 | ||||||
Ain Holdings, Inc. | 3,815 | 266,400 | ||||||
Akebono Brake Industry Co. Ltd.(b) | 50,574 | 66,761 | ||||||
Alpen Co. Ltd. | 5,687 | 109,834 | ||||||
Amano Corp. | 9,202 | 215,570 | ||||||
Anritsu Corp. | 10,646 | 232,289 | ||||||
AOKI Holdings, Inc. | 8,601 | 37,106 | ||||||
Aoyama Trading Co. Ltd. | 32,425 | 153,223 | ||||||
Arata Corp. | 3,845 | 187,211 | ||||||
Arcs Co. Ltd. | 9,709 | 213,609 | ||||||
Ariake Japan Co. Ltd. | 1,379 | 88,249 | ||||||
Asahi Holdings, Inc. | 7,138 | 231,811 | ||||||
Asahi Intecc Co. Ltd. | 3,699 | 114,466 | ||||||
Asics Corp. | 40,335 | 501,583 | ||||||
ASKUL Corp.(a) | 3,448 | 131,601 | ||||||
Autobacs Seven Co. Ltd. | 16,944 | 215,568 | ||||||
Avex, Inc. | 12,336 | 118,829 | ||||||
Awa Bank Ltd. (The) | 4,560 | 109,398 | ||||||
Azbil Corp. | 16,031 | 647,895 | ||||||
Bank of Kyoto Ltd. (The)(a) | 11,755 | 516,685 | ||||||
Benesse Holdings, Inc. | 15,697 | 369,226 | ||||||
Bic Camera, Inc. | 43,838 | 482,243 | ||||||
BML, Inc. | 3,072 | 86,042 | ||||||
Bunka Shutter Co. Ltd. | 11,763 | 92,268 | ||||||
Calbee, Inc. | 8,977 | 274,789 | ||||||
Canon Electronics, Inc. | 4,634 | 63,654 | ||||||
Canon Marketing Japan, Inc. | 9,787 | 207,274 | ||||||
Capcom Co. Ltd. | 4,650 | 255,763 | ||||||
Central Glass Co. Ltd. | 8,081 | 172,689 | ||||||
Chiyoda Corp.(b) | 52,075 | 112,080 | ||||||
Chudenko Corp.(a) | 4,510 | 91,460 | ||||||
Chugoku Bank Ltd. (The) | 18,587 | 160,374 | ||||||
Chugoku Marine Paints Ltd. | 9,504 | 90,458 | ||||||
Citizen Watch Co. Ltd.(a) | 113,707 | 300,202 | ||||||
CKD Corp. | 8,202 | 135,340 | ||||||
CMK Corp. | 15,774 | 70,315 | ||||||
cocokara fine, Inc. | 5,264 | 345,428 | ||||||
Colowide Co. Ltd.(a) | 7,389 | 110,192 | ||||||
COMSYS Holdings Corp. | 19,618 | 496,549 | ||||||
CONEXIO Corp. | 6,255 | 74,852 | ||||||
Cosmo Energy Holdings Co. Ltd. | 26,331 | 382,850 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Cosmos Pharmaceutical Corp. | 2,064 | $ | 350,252 | |||||
Create SD Holdings Co. Ltd. | 3,599 | 116,019 | ||||||
CyberAgent, Inc. | 7,855 | 492,159 | ||||||
Daibiru Corp. | 6,885 | 77,583 | ||||||
Daido Metal Co. Ltd. | 12,907 | 62,350 | ||||||
Daido Steel Co. Ltd.(a) | 8,440 | 274,901 | ||||||
Daifuku Co. Ltd. | 6,942 | 712,528 | ||||||
Daihen Corp. | 4,022 | 154,855 | ||||||
Daiho Corp. | 4,811 | 154,169 | ||||||
Daiichikosho Co. Ltd. | 6,443 | 220,026 | ||||||
Daio Paper Corp. | 15,877 | 229,483 | ||||||
Daiseki Co. Ltd. | 4,429 | 112,271 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 4,892 | 93,404 | ||||||
Daiwabo Holdings Co. Ltd. | 8,516 | 555,568 | ||||||
DCM Holdings Co. Ltd. | 29,040 | 359,458 | ||||||
DeNA Co. Ltd. | 20,939 | 357,129 | ||||||
Descente Ltd.(a)(b) | 6,673 | 103,408 | ||||||
Dexerials Corp. | 13,029 | 148,312 | ||||||
Disco Corp. | 1,947 | 522,043 | ||||||
DMG Mori Co. Ltd. | 23,802 | 315,569 | ||||||
Doutor Nichires Holdings Co. Ltd. | 5,572 | 78,138 | ||||||
Dowa Holdings Co. Ltd. | 13,831 | 393,867 | ||||||
DTS Corp. | 5,407 | 104,995 | ||||||
Duskin Co. Ltd. | 6,249 | 159,124 | ||||||
DyDo Group Holdings, Inc. | 3,296 | 170,254 | ||||||
Eagle Industry Co. Ltd. | 10,080 | 79,838 | ||||||
Earth Corp. | 2,101 | 133,046 | ||||||
EDION Corp. | 28,096 | 276,015 | ||||||
Eizo Corp. | 3,499 | 132,041 | ||||||
Exedy Corp. | 10,109 | 126,677 | ||||||
Ezaki Glico Co. Ltd. | 8,500 | 352,473 | ||||||
Fancl Corp. | 3,236 | 101,531 | ||||||
FCC Co. Ltd. | 9,778 | 186,600 | ||||||
Foster Electric Co. Ltd. | 7,769 | 88,585 | ||||||
FP Corp. | 4,947 | 197,094 | ||||||
Fuji Corp.(a) | 13,904 | 277,708 | ||||||
Fuji Media Holdings, Inc. | 18,246 | 175,234 | ||||||
Fuji Oil Holdings, Inc.(a) | 8,695 | 274,474 | ||||||
Fuji Seal International, Inc. | 8,233 | 153,571 | ||||||
Fuji Soft, Inc. | 3,757 | 200,536 | ||||||
Fujitec Co. Ltd. | 12,100 | 262,626 | ||||||
Fujitsu General Ltd. | 8,384 | 231,294 | ||||||
Fukuyama Transporting Co. Ltd. | 2,814 | 117,631 | ||||||
Furukawa Co. Ltd. | 6,674 | 68,757 | ||||||
Futaba Industrial Co. Ltd. | 20,521 | 102,664 | ||||||
Fuyo General Lease Co. Ltd. | 2,564 | 146,423 | ||||||
Geo Holdings Corp. | 13,395 | 198,350 | ||||||
Glory Ltd. | 9,289 | 194,950 | ||||||
GMO internet, Inc.(a) | 6,701 | 178,454 | ||||||
Godo Steel Ltd. | 3,452 | 62,872 | ||||||
Gree, Inc. | 21,678 | 113,014 | ||||||
GS Yuasa Corp. | 22,536 | 390,618 | ||||||
GungHo Online Entertainment, Inc. | 7,864 | 194,306 | ||||||
Gunma Bank Ltd. (The) | 84,934 | 268,110 | ||||||
Gunze Ltd. | 3,282 | 120,399 | ||||||
H.I.S. Co. Ltd.(a)(b) | 9,730 | 130,397 | ||||||
H.U. Group Holdings, Inc. | 14,705 | 372,900 | ||||||
H2O Retailing Corp.(a) | 29,225 | 190,659 | ||||||
Hachijuni Bank Ltd. (The) | 78,497 | 288,338 | ||||||
Hamakyorex Co. Ltd. | 3,155 | 89,031 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Hamamatsu Photonics KK | 7,310 | $ | 366,409 | |||||
Hanwa Co. Ltd. | 12,508 | 241,210 | ||||||
Hazama Ando Corp. | 55,977 | 346,978 | ||||||
Heiwa Corp. | 12,558 | 202,533 | ||||||
Heiwa Real Estate Co. Ltd. | 4,612 | 134,337 | ||||||
Heiwado Co. Ltd. | 6,406 | 129,848 | ||||||
Hikari Tsushin, Inc. | 1,786 | 417,029 | ||||||
Hirata Corp. | 1,673 | 103,382 | ||||||
Hirogin Holdings, Inc. | 32,488 | 175,896 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 8,004 | 380,906 | ||||||
Hitachi Capital Corp. | 8,310 | 174,880 | ||||||
Hitachi Transport System Ltd. | 9,900 | 312,985 | ||||||
Hitachi Zosen Corp. | 80,476 | 322,551 | ||||||
Hogy Medical Co. Ltd. | 3,335 | 97,938 | ||||||
Hokkaido Electric Power Co., Inc. | 63,077 | 244,368 | ||||||
Hokkoku Bank Ltd. (The) | 3,920 | 110,993 | ||||||
Hokuetsu Corp. | 25,231 | 83,025 | ||||||
Hokuhoku Financial Group, Inc. | 18,931 | 178,553 | ||||||
Hokuriku Electric Power Co. | 51,971 | 370,369 | ||||||
Hokuto Corp. | 4,487 | 94,298 | ||||||
Horiba Ltd. | 5,627 | 275,052 | ||||||
Hoshizaki Corp. | 3,948 | 314,586 | ||||||
Hosiden Corp. | 17,464 | 154,025 | ||||||
House Foods Group, Inc. | 10,571 | 349,367 | ||||||
Hulic Co. Ltd. | 36,714 | 339,255 | ||||||
Ibiden Co. Ltd. | 18,766 | 758,431 | ||||||
Idec Corp. | 4,881 | 83,856 | ||||||
IDOM, Inc. | 17,892 | 97,384 | ||||||
Inaba Denki Sangyo Co. Ltd. | 10,268 | 246,338 | ||||||
Inabata & Co. Ltd. | 7,906 | 91,433 | ||||||
Internet Initiative Japan, Inc. | 4,204 | 188,404 | ||||||
IRISO Electronics Co. Ltd. | 2,441 | 92,232 | ||||||
Ishihara Sangyo Kaisha Ltd. | 18,312 | 118,238 | ||||||
Ito En Ltd. | 6,538 | 413,394 | ||||||
Itochu Enex Co. Ltd. | 9,432 | 88,149 | ||||||
Itochu Techno-Solutions Corp. | 8,934 | 303,811 | ||||||
Itoham Yonekyu Holdings, Inc. | 20,689 | 138,138 | ||||||
Iwatani Corp.(a) | 6,911 | 312,694 | ||||||
Iyo Bank Ltd. (The) | 33,367 | 208,424 | ||||||
Izumi Co. Ltd. | 11,739 | 396,952 | ||||||
Jaccs Co. Ltd. | 7,060 | 122,574 | ||||||
JAFCO Group Co. Ltd. | 5,569 | 250,376 | ||||||
Japan Airport Terminal Co. Ltd. | 4,476 | 193,529 | ||||||
Japan Aviation Electronics Industry Ltd. | 10,560 | 144,349 | ||||||
Japan Display, Inc.(b) | 474,017 | 231,250 | ||||||
Japan Lifeline Co. Ltd. | 6,016 | 77,229 | ||||||
Japan Petroleum Exploration Co. Ltd. | 11,833 | 185,747 | ||||||
Japan Steel Works Ltd. (The) | 16,761 | 355,774 | ||||||
Japan Wool Textile Co. Ltd. (The) | 9,858 | 95,430 | ||||||
Jeol Ltd. | 3,159 | 100,022 | ||||||
Juki Corp. | 13,336 | 56,130 | ||||||
JVCKenwood Corp. | 115,246 | 155,440 | ||||||
Kadokawa Corp.(a) | 9,214 | 278,518 | ||||||
Kaga Electronics Co. Ltd. | 6,213 | 119,458 | ||||||
Kagome Co. Ltd. | 9,675 | 330,860 | ||||||
Kakaku.com, Inc. | 5,363 | 142,155 | ||||||
Kaken Pharmaceutical Co. Ltd. | 4,558 | 178,980 | ||||||
Kamigumi Co. Ltd. | 19,751 | 352,170 | ||||||
Kanamoto Co. Ltd.(a) | 9,297 | 191,027 | ||||||
Kandenko Co. Ltd. | 30,888 | 231,350 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kanematsu Corp. | 16,410 | $ | 193,705 | |||||
Kansai Mirai Financial Group, Inc. | 18,499 | 67,066 | ||||||
Kansai Paint Co. Ltd. | 19,494 | 501,429 | ||||||
Kanto Denka Kogyo Co. Ltd. | 8,580 | 57,534 | ||||||
Keihan Holdings Co. Ltd. | 10,893 | 412,629 | ||||||
Kenedix, Inc. | 19,534 | 101,090 | ||||||
KH Neochem Co. Ltd. | 6,534 | 152,318 | ||||||
Kinden Corp. | 23,654 | 370,174 | ||||||
Kintetsu World Express, Inc. | 12,846 | 271,690 | ||||||
Kissei Pharmaceutical Co. Ltd. | 5,033 | 98,792 | ||||||
Kitz Corp. | 12,307 | 66,397 | ||||||
Kiyo Bank Ltd. (The) | 7,180 | 107,075 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 3,740 | 363,840 | ||||||
Koei Tecmo Holdings Co. Ltd. | 4,019 | 196,836 | ||||||
Kohnan Shoji Co. Ltd. | 7,022 | 239,463 | ||||||
KOKUYO Co. Ltd. | 14,411 | 194,922 | ||||||
Komeri Co. Ltd. | 9,473 | 277,738 | ||||||
Konami Holdings Corp.(a) | 10,501 | 408,830 | ||||||
Konoike Transport Co. Ltd. | 6,427 | 67,012 | ||||||
Kose Corp. | 2,178 | 276,677 | ||||||
Kumagai Gumi Co. Ltd. | 10,704 | 246,456 | ||||||
Kumiai Chemical Industry Co. Ltd.(a) | 12,552 | 119,949 | ||||||
Kureha Corp. | 4,593 | 193,975 | ||||||
Kurita Water Industries Ltd. | 17,264 | 511,942 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 1,591 | 127,536 | ||||||
KYB Corp.(a)(b) | 9,457 | 193,681 | ||||||
Kyoei Steel Ltd. | 7,880 | 98,745 | ||||||
KYORIN Holdings, Inc. | 8,095 | 146,274 | ||||||
Kyoritsu Maintenance Co. Ltd. | 3,331 | 118,532 | ||||||
Kyowa Exeo Corp. | 18,967 | 436,528 | ||||||
Kyudenko Corp. | 9,597 | 261,177 | ||||||
Kyushu Financial Group, Inc. | 73,449 | 342,162 | ||||||
Leopalace21 Corp.(b) | 116,072 | 180,981 | ||||||
LINE Corp.(b) | 764 | 39,245 | ||||||
Lintec Corp. | 10,390 | 229,586 | ||||||
Lion Corp. | 25,169 | 514,503 | ||||||
M3, Inc. | 5,567 | 374,204 | ||||||
Mabuchi Motor Co. Ltd.(a) | 9,679 | 397,196 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 14,743 | 261,888 | ||||||
Maeda Corp. | 40,878 | 293,271 | ||||||
Maeda Road Construction Co. Ltd. | 5,528 | 91,957 | ||||||
Makino Milling Machine Co. Ltd. | 6,878 | 234,552 | ||||||
Mandom Corp. | 5,159 | 76,442 | ||||||
Maruha Nichiro Corp. | 16,974 | 354,288 | ||||||
Maruichi Steel Tube Ltd. | 11,590 | 264,971 | ||||||
Matsui Securities Co. Ltd.(a) | 14,479 | 115,372 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 12,782 | 471,347 | ||||||
Max Co. Ltd. | 6,410 | 89,215 | ||||||
Maxell Holdings Ltd.(b) | 14,255 | 148,632 | ||||||
MCJ Co. Ltd. | 12,887 | 117,849 | ||||||
Mebuki Financial Group, Inc. | 204,866 | 409,575 | ||||||
Megmilk Snow Brand Co. Ltd. | 11,856 | 256,536 | ||||||
Meidensha Corp. | 13,497 | 205,541 | ||||||
Meitec Corp. | 3,164 | 156,475 | ||||||
Mirait Holdings Corp. | 17,790 | 252,368 | ||||||
MISUMI Group, Inc. | 20,879 | 617,143 | ||||||
Mitsubishi Logisnext Co. Ltd. | 13,457 | 113,021 | ||||||
Mitsubishi Logistics Corp. | 13,267 | 346,967 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 6,828 | 119,722 | ||||||
Miura Co. Ltd. | 5,583 | 261,419 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Mizuho Leasing Co. Ltd. | 4,787 | $ | 121,530 | |||||
Mizuno Corp. | 4,071 | 67,642 | ||||||
Mochida Pharmaceutical Co. Ltd. | 3,614 | 131,368 | ||||||
Modec, Inc. | 6,491 | 93,758 | ||||||
Monex Group, Inc. | 46,888 | 112,129 | ||||||
Morinaga & Co. Ltd. | 4,770 | 180,917 | ||||||
Morinaga Milk Industry Co. Ltd. | 11,972 | 576,039 | ||||||
MOS Food Services, Inc. | 2,878 | 78,323 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 14,074 | 146,341 | ||||||
Nabtesco Corp. | 16,265 | 605,231 | ||||||
Nachi-Fujikoshi Corp. | 4,943 | 194,571 | ||||||
Nagase & Co. Ltd. | 11,968 | 155,353 | ||||||
Nankai Electric Railway Co. Ltd. | 14,662 | 333,521 | ||||||
Nanto Bank Ltd. (The) | 3,924 | 69,366 | ||||||
NEC Networks & System Integration Corp. | 11,659 | 201,863 | ||||||
NET One Systems Co. Ltd. | 9,595 | 286,363 | ||||||
Nexon Co. Ltd. | 21,919 | 612,030 | ||||||
NHK Spring Co. Ltd. | 36,116 | 216,613 | ||||||
Nichias Corp. | 11,078 | 239,066 | ||||||
Nichicon Corp. | 16,468 | 132,481 | ||||||
Nichiha Corp. | 6,177 | 179,626 | ||||||
NichiiGakkan Co. Ltd. | 3,416 | 54,406 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 14,984 | 148,493 | ||||||
Nichirei Corp. | 19,008 | 477,836 | ||||||
Nifco, Inc. | 15,044 | 447,550 | ||||||
Nihon Kohden Corp. | 7,689 | 240,511 | ||||||
Nihon M&A Center, Inc. | 2,417 | 141,265 | ||||||
Nihon Parkerizing Co. Ltd. | 13,692 | 134,510 | ||||||
Nihon Unisys Ltd. | 6,398 | 188,194 | ||||||
Nikkiso Co. Ltd. | 16,804 | 159,939 | ||||||
Nikkon Holdings Co. Ltd. | 8,192 | 156,176 | ||||||
Nippo Corp. | 11,729 | 300,686 | ||||||
Nippon Chemi-Con Corp.(b) | 8,546 | 108,317 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 4,718 | 91,390 | ||||||
Nippon Flour Mills Co. Ltd. | 6,693 | 107,175 | ||||||
Nippon Gas Co. Ltd. | 5,519 | 263,438 | ||||||
Nippon Kayaku Co. Ltd. | 30,846 | 264,377 | ||||||
Nippon Koei Co. Ltd. | 3,599 | 94,709 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 19,965 | 313,779 | ||||||
Nippon Sanso Holdings Corp. | 17,804 | 260,060 | ||||||
Nippon Sheet Glass Co. Ltd.(a)(b) | 57,716 | 199,306 | ||||||
Nippon Shinyaku Co. Ltd. | 2,296 | 163,404 | ||||||
Nippon Shokubai Co. Ltd. | 8,197 | 399,892 | ||||||
Nippon Signal Co. Ltd. | 10,861 | 94,127 | ||||||
Nippon Soda Co. Ltd. | 5,118 | 133,898 | ||||||
Nippon Steel Trading Corp. | 3,865 | 109,879 | ||||||
Nippon Television Holdings, Inc. | 8,146 | 85,715 | ||||||
Nippon Thompson Co. Ltd. | 24,038 | 79,560 | ||||||
Nippon Yakin Kogyo Co. Ltd.(a) | 6,820 | 97,596 | ||||||
Nipro Corp. | 31,953 | 335,302 | ||||||
Nishimatsu Construction Co. Ltd. | 19,488 | 377,307 | ||||||
Nishimatsuya Chain Co. Ltd. | 13,268 | 214,491 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 29,139 | 196,230 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 7,387 | 194,603 | ||||||
Nishio Rent All Co. Ltd. | 5,404 | 104,524 | ||||||
Nissan Chemical Corp. | 10,536 | 556,330 | ||||||
Nissha Co. Ltd. | 16,786 | 196,698 | ||||||
Nisshin Oillio Group Ltd. (The) | 5,484 | 157,165 | ||||||
Nisshinbo Holdings, Inc. | 45,943 | 304,119 | ||||||
Nissin Electric Co. Ltd. | 9,960 | 99,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 57 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nitto Boseki Co. Ltd.(a) | 2,712 | $ | 99,229 | |||||
Nitto Kogyo Corp. | 5,436 | 100,151 | ||||||
NOF Corp. | 9,150 | 342,666 | ||||||
Nojima Corp. | 7,152 | 200,111 | ||||||
NOK Corp. | 22,406 | 253,766 | ||||||
Nomura Co. Ltd. | 9,219 | 59,438 | ||||||
Nomura Research Institute Ltd. | 19,213 | 568,818 | ||||||
Noritake Co. Ltd. | 2,101 | 61,599 | ||||||
North Pacific Bank Ltd. | 52,256 | 109,971 | ||||||
NS Solutions Corp. | 4,247 | 123,908 | ||||||
NSD Co. Ltd. | 5,558 | 97,454 | ||||||
Obic Co. Ltd. | 2,229 | 395,523 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 4,676 | 103,861 | ||||||
Okamura Corp. | 15,277 | 116,324 | ||||||
Okasan Securities Group, Inc. | 24,009 | 78,086 | ||||||
Oki Electric Industry Co. Ltd.(a) | 26,295 | 242,727 | ||||||
Okinawa Electric Power Co., Inc. (The) | 8,355 | 121,880 | ||||||
OKUMA Corp. | 6,690 | 321,893 | ||||||
Okumura Corp. | 6,720 | 155,304 | ||||||
Onward Holdings Co. Ltd. | 33,131 | 64,652 | ||||||
Open House Co. Ltd. | 6,312 | 214,647 | ||||||
Oracle Corp. Japan | 2,300 | 230,132 | ||||||
Orient Corp. | 123,174 | 135,498 | ||||||
Osaka Soda Co. Ltd. | 3,409 | 80,937 | ||||||
OSG Corp. | 15,238 | 227,098 | ||||||
Otsuka Corp. | 10,485 | 483,429 | ||||||
Outsourcing, Inc. | 16,117 | 148,775 | ||||||
Pacific Industrial Co. Ltd. | 9,891 | 98,872 | ||||||
Paltac Corp. | 5,466 | 305,874 | ||||||
Paramount Bed Holdings Co. Ltd. | 3,482 | 134,231 | ||||||
Park24 Co. Ltd.(b) | 14,363 | 193,449 | ||||||
Pasona Group, Inc. | 7,839 | 119,977 | ||||||
Penta-Ocean Construction Co. Ltd. | 87,403 | 552,644 | ||||||
Persol Holdings Co. Ltd. | 30,820 | 463,155 | ||||||
Pigeon Corp. | 6,695 | 307,724 | ||||||
Pilot Corp. | 4,104 | 114,122 | ||||||
Piolax, Inc. | 5,107 | 74,451 | ||||||
Plenus Co. Ltd. | 4,538 | 74,100 | ||||||
Pola Orbis Holdings, Inc. | 9,607 | 189,126 | ||||||
Pressance Corp. | 8,874 | 120,708 | ||||||
Prima Meat Packers Ltd. | 8,936 | 253,702 | ||||||
Qol Holdings Co. Ltd. | 6,330 | 68,786 | ||||||
Raito Kogyo Co. Ltd. | 8,812 | 124,332 | ||||||
Raiznext Corp. | 7,386 | 85,207 | ||||||
Relia, Inc. | 6,410 | 72,660 | ||||||
Relo Group, Inc. | 6,884 | 164,494 | ||||||
Rengo Co. Ltd. | 68,091 | 523,025 | ||||||
Resorttrust, Inc. | 13,972 | 196,335 | ||||||
Restar Holdings Corp.(a) | 6,553 | 139,535 | ||||||
Ricoh Leasing Co. Ltd. | 2,464 | 65,854 | ||||||
Rinnai Corp. | 5,748 | 566,333 | ||||||
Rohto Pharmaceutical Co. Ltd. | 8,282 | 258,268 | ||||||
Round One Corp. | 14,780 | 115,791 | ||||||
Royal Holdings Co. Ltd. | 5,128 | 86,873 | ||||||
Ryobi Ltd. | 6,398 | 68,852 | ||||||
Ryohin Keikaku Co. Ltd. | 32,356 | 675,347 | ||||||
Ryoyo Electro Corp. | 5,190 | 143,080 | ||||||
S Foods, Inc. | 6,253 | 207,556 | ||||||
Saizeriya Co. Ltd. | 4,614 | 79,754 | ||||||
Sakata INX Corp. | 8,492 | 88,137 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Sakata Seed Corp. | 3,444 | $ | 121,235 | |||||
SAMTY Co. Ltd. | 5,275 | 83,207 | ||||||
San-A Co. Ltd. | 2,529 | 105,113 | ||||||
Sanden Holdings Corp.(b) | 17,621 | 58,152 | ||||||
Sangetsu Corp. | 7,736 | 111,075 | ||||||
San-In Godo Bank Ltd. (The) | 16,932 | 84,871 | ||||||
Sanken Electric Co. Ltd. | 6,722 | 213,800 | ||||||
Sanki Engineering Co. Ltd. | 12,163 | 131,473 | ||||||
Sankyo Co. Ltd. | 10,031 | 255,045 | ||||||
Sankyu, Inc. | 10,431 | 372,179 | ||||||
Sanoh Industrial Co. Ltd. | 8,974 | 51,592 | ||||||
Sanrio Co. Ltd. | 7,981 | 146,351 | ||||||
Sanwa Holdings Corp. | 43,681 | 496,394 | ||||||
Sanyo Chemical Industries Ltd. | 2,823 | 119,088 | ||||||
Sanyo Denki Co. Ltd. | 2,021 | 88,445 | ||||||
Sanyo Special Steel Co. Ltd.(b) | 10,178 | 99,015 | ||||||
Sapporo Holdings Ltd. | 21,219 | 345,057 | ||||||
Sato Holdings Corp. | 4,556 | 86,160 | ||||||
Sawai Pharmaceutical Co. Ltd. | 5,575 | 268,244 | ||||||
SCREEN Holdings Co. Ltd.(a) | 6,463 | 351,774 | ||||||
SCSK Corp. | 4,131 | 205,088 | ||||||
Seiko Holdings Corp. | 10,701 | 134,402 | ||||||
Seiren Co. Ltd. | 5,832 | 91,993 | ||||||
Senko Group Holdings Co. Ltd. | 20,027 | 178,163 | ||||||
Senshu Ikeda Holdings, Inc. | 56,047 | 85,245 | ||||||
Seven Bank Ltd. | 109,997 | 251,476 | ||||||
Shibaura Machine Co. Ltd. | 4,428 | 88,145 | ||||||
Shibuya Corp. | 3,391 | 104,773 | ||||||
Shiga Bank Ltd. (The) | 5,490 | 118,108 | ||||||
Shikoku Electric Power Co., Inc. | 45,932 | 330,408 | ||||||
Shima Seiki Manufacturing Ltd. | 8,443 | 124,779 | ||||||
Shimachu Co. Ltd. | 11,929 | 631,025 | ||||||
Shimamura Co. Ltd. | 7,100 | 755,232 | ||||||
Shinko Electric Industries Co. Ltd. | 11,730 | 203,878 | ||||||
Shinmaywa Industries Ltd. | 16,951 | 131,016 | ||||||
Ship Healthcare Holdings, Inc. | 7,033 | 333,015 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,233 | 155,248 | ||||||
Shochiku Co. Ltd. | 956 | 110,287 | ||||||
Shoei Foods Corp.(a) | 2,417 | 87,510 | ||||||
Siix Corp. | 11,538 | 135,975 | ||||||
SKY Perfect JSAT Holdings, Inc. | 28,404 | 120,909 | ||||||
Skylark Holdings Co. Ltd.(a) | 29,455 | 418,974 | ||||||
Sodick Co. Ltd. | 12,079 | 89,085 | ||||||
Sohgo Security Services Co. Ltd. | 8,075 | 375,016 | ||||||
Sotetsu Holdings, Inc. | 10,335 | 254,173 | ||||||
Square Enix Holdings Co. Ltd. | 6,771 | 396,389 | ||||||
Star Micronics Co. Ltd.(a) | 6,804 | 90,924 | ||||||
Starts Corp., Inc. | 5,007 | 116,147 | ||||||
Sugi Holdings Co. Ltd. | 5,828 | 385,783 | ||||||
Sumitomo Bakelite Co. Ltd. | 7,052 | 198,325 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 25,128 | 293,729 | ||||||
Sumitomo Forestry Co. Ltd. | 30,936 | 485,021 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 63,756 | 245,168 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 10,315 | 312,785 | ||||||
Sumitomo Riko Co. Ltd. | 11,044 | 55,991 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 10,288 | 119,964 | ||||||
Sundrug Co. Ltd. | 11,706 | 433,908 | ||||||
Suruga Bank Ltd.(a) | 99,359 | 322,199 | ||||||
Sushiro Global Holdings Ltd. | 7,250 | 195,432 | ||||||
SWCC Showa Holdings Co. Ltd. | 8,580 | 95,124 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Tadano Ltd. | 33,456 | $ | 255,704 | |||||
Taikisha Ltd. | 4,344 | 112,610 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 7,544 | 452,467 | ||||||
Taiyo Holdings Co. Ltd. | 2,350 | 122,513 | ||||||
Taiyo Yuden Co. Ltd. | 14,551 | 534,492 | ||||||
Takara Holdings, Inc.(a) | 35,463 | 356,190 | ||||||
Takara Leben Co. Ltd. | 22,856 | 63,623 | ||||||
Takasago Thermal Engineering Co. Ltd. | 11,481 | 151,777 | ||||||
Takeuchi Manufacturing Co. Ltd. | 7,095 | 153,519 | ||||||
Takuma Co. Ltd. | 13,841 | 211,177 | ||||||
Tamura Corp. | 20,016 | 94,202 | ||||||
TechnoPro Holdings, Inc. | 2,243 | 138,820 | ||||||
T-Gaia Corp. | 7,855 | 143,515 | ||||||
TKC Corp. | 1,676 | 103,568 | ||||||
Toa Corp. | 8,254 | 146,620 | ||||||
Toagosei Co. Ltd. | 13,498 | 142,417 | ||||||
Tocalo Co. Ltd. | 7,763 | 77,081 | ||||||
Toda Corp. | 35,594 | 202,246 | ||||||
Toei Co. Ltd. | 991 | 145,891 | ||||||
Toho Co. Ltd. | 11,947 | 471,983 | ||||||
Toho Gas Co. Ltd. | 13,195 | 680,324 | ||||||
Toho Holdings Co. Ltd. | 14,151 | 260,847 | ||||||
Toho Zinc Co. Ltd.(b) | 9,784 | 189,990 | ||||||
Tokai Carbon Co. Ltd. | 31,354 | 354,210 | ||||||
TOKAI Holdings Corp. | 13,864 | 136,996 | ||||||
Tokai Rika Co. Ltd. | 13,153 | 204,454 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 89,939 | 229,708 | ||||||
Token Corp. | 1,441 | 108,206 | ||||||
Tokuyama Corp. | 17,813 | 394,292 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 9,214 | 141,550 | ||||||
Tokyo Century Corp. | 7,980 | 388,542 | ||||||
Tokyo Dome Corp.(a) | 23,434 | 186,728 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 5,189 | 306,257 | ||||||
Tokyo Seimitsu Co. Ltd. | 6,064 | 203,603 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 20,487 | 129,734 | ||||||
Tokyu Construction Co. Ltd. | 30,226 | 132,712 | ||||||
Tomy Co. Ltd. | 21,209 | 184,823 | ||||||
Topcon Corp. | 19,417 | 192,238 | ||||||
Toppan Forms Co. Ltd. | 12,198 | 116,916 | ||||||
Topre Corp. | 11,180 | 111,757 | ||||||
Toshiba TEC Corp. | 5,462 | 217,874 | ||||||
Totetsu Kogyo Co. Ltd. | 2,864 | 74,299 | ||||||
Towa Pharmaceutical Co. Ltd. | 4,772 | 88,054 | ||||||
Toyo Construction Co. Ltd. | 26,488 | 100,844 | ||||||
Toyo Engineering Corp.(b) | 16,504 | 48,151 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 5,507 | 101,985 | ||||||
Toyo Tire Corp. | 28,810 | 424,957 | ||||||
Toyobo Co. Ltd. | 27,659 | 366,441 | ||||||
Toyota Boshoku Corp. | 24,029 | 346,161 | ||||||
TPR Co. Ltd. | 5,193 | 61,696 | ||||||
Trancom Co. Ltd. | 1,324 | 94,861 | ||||||
Transcosmos, Inc. | 5,473 | 148,735 | ||||||
Trusco Nakayama Corp. | 7,436 | 191,199 | ||||||
TS Tech Co. Ltd. | 12,814 | 352,403 | ||||||
Tsubaki Nakashima Co. Ltd. | 13,228 | 97,053 | ||||||
Tsubakimoto Chain Co. | 5,293 | 117,161 | ||||||
Tsumura & Co. | 11,977 | 351,153 | ||||||
TV Asahi Holdings Corp. | 6,238 | 93,922 | ||||||
UACJ Corp. | 11,823 | 186,042 | ||||||
Uchida Yoko Co. Ltd. | 1,923 | 94,550 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Ulvac, Inc. | 10,086 | $ | 366,141 | |||||
Unipres Corp. | 10,969 | 84,466 | ||||||
United Arrows Ltd. | 6,330 | 85,437 | ||||||
United Super Markets Holdings, Inc. | 9,458 | 101,872 | ||||||
Unitika Ltd.(b) | 50,311 | 165,072 | ||||||
Ushio, Inc. | 22,667 | 252,602 | ||||||
USS Co. Ltd. | 18,806 | 343,595 | ||||||
Valor Holdings Co. Ltd. | 9,535 | 234,499 | ||||||
Wacoal Holdings Corp. | 9,222 | 166,903 | ||||||
Wacom Co. Ltd. | 26,692 | 174,644 | ||||||
Welcia Holdings Co. Ltd. | 9,629 | 377,644 | ||||||
World Co. Ltd. | 7,180 | 90,866 | ||||||
Yamaguchi Financial Group, Inc. | 48,430 | 313,169 | ||||||
Yamato Kogyo Co. Ltd. | 9,604 | 229,581 | ||||||
Yaoko Co. Ltd. | 3,361 | 237,913 | ||||||
Yellow Hat Ltd. | 6,886 | 112,308 | ||||||
Yokogawa Bridge Holdings Corp. | 5,719 | 100,824 | ||||||
Yokohama Reito Co. Ltd. | 9,784 | 78,991 | ||||||
Yoshinoya Holdings Co. Ltd. | 7,913 | 144,953 | ||||||
Yuasa Trading Co. Ltd. | 3,058 | 86,820 | ||||||
Zenkoku Hosho Co. Ltd. | 4,334 | 169,977 | ||||||
Zensho Holdings Co. Ltd. | 13,897 | 323,430 | ||||||
Zeon Corp. | 31,522 | 381,436 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 4,571 | 80,979 | ||||||
Zojirushi Corp. | 5,128 | 91,435 | ||||||
ZOZO, Inc. | 5,121 | 129,862 | ||||||
|
| |||||||
105,880,044 | ||||||||
|
| |||||||
Jordan-0.14% | ||||||||
Hikma Pharmaceuticals PLC | 13,303 | 431,740 | ||||||
|
| |||||||
Kazakhstan-0.08% | ||||||||
KAZ Minerals PLC | 29,416 | 239,620 | ||||||
|
| |||||||
Luxembourg-0.20% | ||||||||
Eurofins Scientific SE(b) | 765 | 609,341 | ||||||
|
| |||||||
Macau-0.28% | ||||||||
MGM China Holdings Ltd. | 111,971 | 147,565 | ||||||
SJM Holdings Ltd. | 376,957 | 390,332 | ||||||
Wynn Macau Ltd.(b) | 230,216 | 317,648 | ||||||
|
| |||||||
855,545 | ||||||||
|
| |||||||
Mexico-0.12% | ||||||||
Fresnillo PLC | 23,780 | 357,440 | ||||||
|
| |||||||
Mongolia-0.09% | ||||||||
Turquoise Hill Resources Ltd.(b) | 34,517 | 271,041 | ||||||
|
| |||||||
Netherlands-1.85% | ||||||||
Adyen N.V.(b)(d) | 198 | 333,852 | ||||||
AMG Advanced Metallurgical Group N.V.(a) | 6,334 | 114,029 | ||||||
Arcadis N.V.(b) | 14,135 | 329,303 | ||||||
ASM International N.V. | 3,005 | 429,846 | ||||||
BE Semiconductor Industries N.V. | 7,386 | 298,458 | ||||||
Corbion N.V. | 3,894 | 177,355 | ||||||
Eurocommercial Properties N.V., CVA | 9,882 | 107,743 | ||||||
Euronext N.V.(d) | 4,093 | 426,950 | ||||||
Flow Traders(d) | 6,087 | 199,383 | ||||||
Fugro N.V., CVA(a)(b) | 26,774 | 101,485 | ||||||
GrandVision N.V.(b)(d) | 4,347 | 120,767 | ||||||
IMCD N.V. | 3,708 | 429,594 | ||||||
Intertrust N.V.(d) | 12,069 | 186,979 | ||||||
Koninklijke Vopak N.V. | 9,160 | 476,203 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 59 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
NIBC Holding N.V.(b)(d) | 10,061 | $ | 86,607 | |||||
NSI N.V. | 1,483 | 46,987 | ||||||
OCI N.V.(a)(b) | 14,947 | 179,159 | ||||||
PostNL N.V.(b) | 297,714 | 987,317 | ||||||
Sligro Food Group N.V.(b) | 4,658 | 66,521 | ||||||
TKH Group N.V., CVA | 6,851 | 220,578 | ||||||
TomTom N.V.(b) | 12,263 | 82,422 | ||||||
Vastned Retail N.V. | 3,362 | 88,898 | ||||||
Wereldhave N.V.(a) | 21,244 | 197,474 | ||||||
|
| |||||||
5,687,910 | ||||||||
|
| |||||||
New Zealand-0.99% | ||||||||
a2 Milk Co. Ltd. (The)(b) | 9,599 | 92,876 | ||||||
Air New Zealand Ltd.(b) | 49,906 | 46,836 | ||||||
Auckland International Airport | 74,871 | 346,376 | ||||||
Chorus Ltd. | 59,766 | 332,585 | ||||||
Contact Energy Ltd. | 80,051 | 390,444 | ||||||
EBOS Group Ltd.(a) | 6,156 | 104,764 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 17,618 | 407,531 | ||||||
Goodman Property Trust | 56,436 | 92,500 | ||||||
Infratil Ltd. | 28,866 | 103,400 | ||||||
Kiwi Property Group Ltd., (Acquired 08/25/2015 - 06/19/2020; | 82,777 | 67,290 | ||||||
Mercury NZ Ltd. | 63,881 | 225,871 | ||||||
Meridian Energy Ltd. | 110,368 | 386,594 | ||||||
Metlifecare Ltd.(b) | 21,167 | 83,936 | ||||||
Ryman Healthcare Ltd. | 20,203 | 186,930 | ||||||
SKYCITY Entertainment Group Ltd. | 49,276 | 91,186 | ||||||
Z Energy Ltd. | 43,132 | 80,672 | ||||||
|
| |||||||
3,039,791 | ||||||||
|
| |||||||
Norway-1.03% | ||||||||
Aker BP ASA(a) | 12,712 | 197,219 | ||||||
Aker Solutions ASA(a)(b) | 147,548 | 142,163 | ||||||
Austevoll Seafood ASA | 22,037 | 149,736 | ||||||
BW Offshore Ltd. | 32,113 | 76,597 | ||||||
DNO ASA(a) | 223,795 | 92,409 | ||||||
Elkem ASA(d) | 84,385 | 178,324 | ||||||
Entra ASA(d) | 20,770 | 270,738 | ||||||
Frontline Ltd. | 23,369 | 128,227 | ||||||
Grieg Seafood ASA | 6,085 | 42,938 | ||||||
Kongsberg Gruppen ASA | 7,121 | 115,171 | ||||||
Leroy Seafood Group ASA | 41,607 | 195,176 | ||||||
Norwegian Air Shuttle ASA(a)(b) | 23,415 | 1,482 | ||||||
Norwegian Finans Holding ASA(b) | 18,242 | 130,534 | ||||||
Ocean Yield ASA(a) | 18,094 | 39,940 | ||||||
PGS ASA(b) | 153,290 | 37,942 | ||||||
Salmar ASA(b) | 6,251 | 315,530 | ||||||
Schibsted ASA, Class A(b) | 4,480 | 182,409 | ||||||
Schibsted ASA, Class B(b) | 5,440 | 194,976 | ||||||
SpareBank 1 SMN | 13,881 | 118,932 | ||||||
SpareBank 1 SR-Bank ASA(b) | 16,930 | 134,252 | ||||||
TGS NOPEC Geophysical Co. ASA | 16,713 | 153,862 | ||||||
TOMRA Systems ASA(a) | 4,835 | 194,587 | ||||||
Veidekke ASA(b) | 7,474 | 85,696 | ||||||
|
| |||||||
3,178,840 | ||||||||
|
|
Shares | Value | |||||||
Peru-0.21% | ||||||||
Hochschild Mining PLC(b) | 33,010 | $ | 93,900 | |||||
Hudbay Minerals, Inc. | 124,774 | 562,412 | ||||||
|
| |||||||
656,312 | ||||||||
|
| |||||||
Poland-0.69% | ||||||||
Alior Bank S.A.(a)(b) | 35,537 | 101,625 | ||||||
Bank Millennium S.A.(b) | 56,082 | 30,562 | ||||||
CCC S.A.(a)(b) | 5,403 | 52,821 | ||||||
Cyfrowy Polsat S.A. | 25,883 | 161,161 | ||||||
Grupa Lotos S.A. | 24,909 | 175,206 | ||||||
Jastrzebska Spolka Weglowa S.A.(b) | 51,351 | 196,791 | ||||||
KRUK S.A.(b) | 2,352 | 66,815 | ||||||
LPP S.A.(b) | 75 | 99,150 | ||||||
mBank S.A.(b) | 1,381 | 40,241 | ||||||
Orange Polska S.A.(b) | 105,433 | 161,726 | ||||||
PGE Polska Grupa Energetyczna S.A.(b) | 135,180 | 153,811 | ||||||
PLAY Communications S.A.(d) | 23,643 | 231,318 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 393,236 | 413,703 | ||||||
Santander Bank Polska S.A.(b) | 4,079 | 126,578 | ||||||
Tauron Polska Energia S.A.(a)(b) | 251,465 | 110,072 | ||||||
|
| |||||||
2,121,580 | ||||||||
|
| |||||||
Portugal-0.32% | ||||||||
Altri SGPS S.A. | 13,399 | 51,724 | ||||||
CTT-Correios de Portugal S.A.(b) | 68,713 | 168,085 | ||||||
Mota-Engil SGPS S.A.(b) | 64,914 | 83,025 | ||||||
Navigator Co. S.A. (The) | 88,367 | 194,649 | ||||||
NOS, SGPS S.A. | 64,744 | 222,329 | ||||||
REN - Redes Energeticas Nacionais SGPS S.A. | 45,452 | 119,391 | ||||||
Sonae SGPS S.A. | 225,653 | 132,740 | ||||||
|
| |||||||
971,943 | ||||||||
|
| |||||||
Singapore-1.65% | ||||||||
AIMS APAC REIT | 90,275 | 78,011 | ||||||
Ascendas India Trust | 71,310 | 67,889 | ||||||
Ascott Residence Trust | 161,245 | 98,011 | ||||||
BOC Aviation Ltd.(d) | 27,116 | 167,315 | ||||||
BW LPG Ltd.(d) | 32,143 | 139,550 | ||||||
CapitaLand Integrated Commercial Trust | 189,151 | 239,642 | ||||||
CDL Hospitality Trusts | 130,359 | 94,511 | ||||||
ESR-REIT | 263,868 | 67,634 | ||||||
Ezion Holdings Ltd., Wts., expiring 04/16/2023(b)(c) | 177,436 | 0 | ||||||
Ezra Holdings Ltd.(b)(c) | 1,165,297 | 0 | ||||||
Frasers Centrepoint Trust | 65,723 | 101,557 | ||||||
Frasers Logistics & Commercial Trust(d) | 282,223 | 254,218 | ||||||
IGG, Inc. | 167,406 | 179,822 | ||||||
Jardine Cycle & Carriage Ltd. | 19,054 | 247,821 | ||||||
Keppel DC REIT | 62,115 | 131,918 | ||||||
Keppel Infrastructure Trust | 302,883 | 120,887 | ||||||
Keppel REIT | 237,309 | 172,920 | ||||||
Manulife US REIT(d) | 133,637 | 95,550 | ||||||
Mapletree Commercial Trust | 192,743 | 242,781 | ||||||
Mapletree Industrial Trust | 127,635 | 284,153 | ||||||
Mapletree Logistics Trust | 220,801 | 315,315 | ||||||
Mapletree Logistics Trust, Rts., expiring 11/30/2020(b)(c) | 4,254 | 0 | ||||||
NetLink NBN Trust(d) | 303,460 | 213,344 | ||||||
SATS Ltd. | 90,125 | 196,684 | ||||||
Sembcorp Industries Ltd. | 208,018 | 240,695 | ||||||
Sembcorp Marine Ltd.(b) | 1,435,593 | 126,160 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Singapore-(continued) | ||||||||
Singapore Exchange Ltd. | 63,170 | $ | 400,624 | |||||
Singapore Post Ltd. | 157,945 | 76,919 | ||||||
StarHub Ltd. | 106,189 | 90,986 | ||||||
Suntec REIT | 294,613 | 289,111 | ||||||
UOL Group Ltd. | 78,569 | 357,890 | ||||||
|
| |||||||
5,091,918 | ||||||||
|
| |||||||
South Korea-9.30% | ||||||||
Amorepacific Group | 5,935 | 227,786 | ||||||
Asiana Airlines, Inc.(b) | 92,712 | 292,100 | ||||||
BGF retail Co. Ltd. | 1,429 | 148,605 | ||||||
BNK Financial Group, Inc. | 56,548 | 274,592 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 2,015 | 150,410 | ||||||
Celltrion, Inc.(b) | 2,572 | 546,270 | ||||||
Cheil Worldwide, Inc. | 12,921 | 237,422 | ||||||
CJ CGV Co. Ltd.(b) | 5,179 | 91,740 | ||||||
CJ Corp. | 5,065 | 339,244 | ||||||
CJ ENM Co. Ltd. | 2,194 | 254,262 | ||||||
CJ Logistics Corp.(b) | 2,537 | 356,615 | ||||||
Com2uSCorp. | 1,380 | 135,726 | ||||||
Daeduck Co. Ltd. | 4,331 | 23,397 | ||||||
Daeduck Electronics Co. Ltd.(b) | 8,249 | 72,043 | ||||||
Daesang Corp. | 6,214 | 131,706 | ||||||
Daewoo Engineering & Construction Co. Ltd.(b). | 63,749 | 168,544 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 9,770 | 183,828 | ||||||
Daishin Securities Co. Ltd. | 8,602 | 101,584 | ||||||
Daishin Securities Co. Ltd., Preference Shares | 5,604 | 49,091 | ||||||
Daou Technology, Inc. | 6,573 | 108,324 | ||||||
DB HiTek Co. Ltd. | 5,295 | 149,093 | ||||||
DGB Financial Group, Inc. | 51,141 | 278,533 | ||||||
Doosan Bobcat, Inc. | 7,586 | 192,876 | ||||||
Doosan Co. Ltd. | 5,317 | 218,359 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 54,793 | 663,967 | ||||||
Doosan Heavy Industries & Construction Co. Ltd., Rts.(b) | 21,336 | 77,281 | ||||||
Doosan Infracore Co. Ltd.(b) | 64,113 | 470,098 | ||||||
Fila Holdings Corp. | 5,728 | 193,340 | ||||||
Green Cross Corp. | 1,050 | 277,606 | ||||||
GS Holdings Corp. | 11,962 | 347,886 | ||||||
GS Home Shopping, Inc. | 931 | 113,801 | ||||||
GS Retail Co. Ltd. | 8,869 | 250,899 | ||||||
Handsome Co. Ltd. | 4,232 | 103,870 | ||||||
Hanjin Kal Corp. | 2,458 | 161,816 | ||||||
Hanjin Transportation Co. Ltd. | 7,037 | 292,407 | ||||||
Hankook Tire & Technology Co. Ltd. | 20,074 | 559,921 | ||||||
Hanmi Pharm Co. Ltd. | 435 | 100,632 | ||||||
Hanon Systems | 30,096 | 297,061 | ||||||
Hanssem Co. Ltd. | 1,678 | 139,303 | ||||||
Hanwha Aerospace Co. Ltd.(b) | 11,546 | 255,402 | ||||||
Hanwha Corp. | 11,755 | 249,148 | ||||||
Hanwha Corp., Preference Shares | 5,942 | 67,291 | ||||||
Hanwha Life Insurance Co. Ltd. | 146,973 | 198,822 | ||||||
HDC Holdings Co. Ltd. | 21,734 | 191,157 | ||||||
HDC Hyundai Development Co.-Engineering & Construction, Class E | 7,809 | 136,264 | ||||||
Hite Jinro Co. Ltd. | 6,792 | 200,522 | ||||||
HMM Co. Ltd.(b) | 58,579 | 463,077 | ||||||
Hotel Shilla Co. Ltd. | 3,734 | 244,173 |
Shares | Value | |||||||
South Korea-(continued) | ||||||||
HS Industries Co. Ltd. | 8,081 | $ | 50,137 | |||||
Huchems Fine Chemical Corp. | 6,477 | 130,716 | ||||||
Hyosung Corp. | 3,667 | 239,145 | ||||||
Hyundai Construction Equipment Co. Ltd.(b) | 7,241 | 158,259 | ||||||
Hyundai Department Store Co. Ltd. | 6,050 | 315,643 | ||||||
Hyundai Electric & Energy System Co. Ltd.(b) | 17,910 | 236,759 | ||||||
Hyundai Elevator Co. Ltd. | 4,650 | 152,446 | ||||||
Hyundai Home Shopping Network Corp. | 1,590 | 99,068 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 19,973 | 410,127 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 5,839 | 144,084 | ||||||
Hyundai Rotem Co. Ltd.(b) | 16,174 | 212,384 | ||||||
Hyundai Wia Corp. | 9,938 | 365,657 | ||||||
Innocean Worldwide, Inc. | 1,731 | 90,158 | ||||||
IS Dongseo Co. Ltd. | 4,092 | 137,758 | ||||||
JB Financial Group Co. Ltd. | 22,751 | 102,256 | ||||||
Kakao Corp. | 2,170 | 631,092 | ||||||
Kangwon Land, Inc. | 21,478 | 399,388 | ||||||
KCC Corp. | 1,638 | 220,864 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 5,164 | 125,152 | ||||||
KIWOOM Securities Co. Ltd. | 2,716 | 246,539 | ||||||
Kolon Industries, Inc. | 7,528 | 234,856 | ||||||
Korea Aerospace Industries Ltd. | 10,132 | 194,657 | ||||||
Korea Gas Corp. | 17,272 | 414,790 | ||||||
Korea Investment Holdings Co. Ltd. | 8,797 | 531,836 | ||||||
Korea Line Corp.(b) | 58,345 | 81,756 | ||||||
Korea Petrochemical Ind Co. Ltd. | 2,139 | 365,705 | ||||||
Korean Reinsurance Co | 27,323 | 178,670 | ||||||
Kumho Petrochemical Co. Ltd. | 6,648 | 779,223 | ||||||
Kumho Tire Co., Inc.(b) | 27,234 | 85,444 | ||||||
LF Corp. | 7,863 | 101,518 | ||||||
LG Innotek Co. Ltd. | 3,893 | 521,491 | ||||||
LG International Corp. | 10,898 | 148,386 | ||||||
LIG Nex1 Co. Ltd. | 4,310 | 106,544 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1,016 | 76,914 | ||||||
Lotte Corp. | 7,794 | 195,073 | ||||||
LOTTE Fine Chemical Co. Ltd. | 5,312 | 227,049 | ||||||
Lotte Himart Co. Ltd. | 6,497 | 175,208 | ||||||
LS Corp. | 6,074 | 277,283 | ||||||
LS Electric Co. Ltd. | 4,624 | 202,124 | ||||||
Mando Corp. | 15,846 | 498,548 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 12,612 | 153,940 | ||||||
Meritz Securities Co. Ltd. | 97,517 | 282,745 | ||||||
NCSoft Corp. | 769 | 525,905 | ||||||
Netmarble Corp.(b)(d) | 1,382 | 142,499 | ||||||
NH Investment & Securities Co. Ltd. | 41,122 | 345,734 | ||||||
NHN Corp.(b) | 2,000 | 122,323 | ||||||
NongShim Co. Ltd. | 771 | 195,689 | ||||||
OCI Co. Ltd.(b) | 9,002 | 490,283 | ||||||
Orion Corp. | 2,567 | 245,457 | ||||||
Ottogi Corp. | 214 | 100,333 | ||||||
Pan Ocean Co. Ltd.(b) | 65,852 | 208,054 | ||||||
Paradise Co. Ltd. | 6,716 | 75,168 | ||||||
Partron Co. Ltd. | 9,584 | 81,591 | ||||||
Poongsan Corp. | 7,875 | 169,687 | ||||||
Posco International Corp. | 15,189 | 178,033 | ||||||
S&T Motiv Co. Ltd. | 2,405 | 107,035 | ||||||
S-1 Corp. | 2,897 | 208,333 | ||||||
Samsung Biologics Co. Ltd.(b)(d) | 224 | 134,633 | ||||||
Samsung Card Co. Ltd. | 7,169 | 185,748 | ||||||
Samsung Engineering Co. Ltd.(b) | 38,513 | 398,808 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 61 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Samsung Securities Co. Ltd. | 16,043 | $ | 453,847 | |||||
Seoul Semiconductor Co. Ltd. | 7,837 | 120,521 | ||||||
SFA Engineering Corp. | 3,339 | 106,817 | ||||||
Shinsegae, Inc. | 2,130 | 389,508 | ||||||
SK Chemicals Co. Ltd. | 2,572 | 784,271 | ||||||
SK Discovery Co. Ltd. | 6,658 | 369,074 | ||||||
SK Networks Co. Ltd. | 67,367 | 269,242 | ||||||
SKC Co. Ltd. | 4,466 | 288,104 | ||||||
Ssangyong Cement Industrial Co. Ltd. | 23,858 | 116,693 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 7,015 | 61,637 | ||||||
TY Holdings Co. Ltd.(b) | 6,889 | 123,549 | ||||||
WONIK IPS Co. Ltd.(b) | 3,074 | 86,826 | ||||||
Youngone Corp. | 8,363 | 209,315 | ||||||
Yuhan Corp. | 5,064 | 265,540 | ||||||
|
| |||||||
28,649,543 | ||||||||
|
| |||||||
Spain-1.65% | ||||||||
Almirall S.A. | 9,562 | 102,305 | ||||||
Applus Services S.A.(b) | 25,619 | 200,689 | ||||||
Atresmedia Corp de Medios de Comunicacion S.A. | 31,481 | 82,509 | ||||||
Befesa S.A.(d) | 4,908 | 201,813 | ||||||
Cellnex Telecom S.A.(d) | 3,825 | 245,590 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 14,877 | 250,931 | ||||||
CIE Automotive S.A. | 8,580 | 167,906 | ||||||
Construcciones y Auxiliar de Ferrocarriles S.A.(b) | 2,653 | 84,057 | ||||||
Distribuidora Internacional de Alimentacion S.A.(a)(b) | 866,912 | 113,807 | ||||||
Ebro Foods S.A. | 5,545 | 124,144 | ||||||
EDP Renovaveis S.A. | 14,065 | 267,381 | ||||||
Ence Energia y Celulosa S.A.(a)(b) | 34,167 | 76,315 | ||||||
Faes Farma S.A. | 25,480 | 96,016 | ||||||
Gestamp Automocion S.A.(d) | 105,933 | 323,791 | ||||||
Global Dominion Access S.A.(d) | 21,747 | 77,389 | ||||||
Indra Sistemas S.A.(b) | 24,182 | 145,067 | ||||||
Inmobiliaria Colonial SOCIMI S.A. | 29,656 | 210,896 | ||||||
Lar Espana Real Estate Socimi S.A. | 12,219 | 43,554 | ||||||
Liberbank S.A.(b) | 361,376 | 96,397 | ||||||
Mediaset Espana Comunicacion S.A.(b) | 57,724 | 192,978 | ||||||
Melia Hotels International S.A.(b) | 26,528 | 98,266 | ||||||
Prosegur Cash S.A.(d) | 67,997 | 52,672 | ||||||
Prosegur Cia de Seguridad S.A., Prosegur Cia de Seguridad S.A. | 60,340 | 138,044 | ||||||
Sacyr S.A.(a) | 137,149 | 233,087 | ||||||
Siemens Gamesa Renewable Energy S.A. | 27,101 | 768,064 | ||||||
Tecnicas Reunidas S.A.(a)(b) | 12,708 | 101,400 | ||||||
Unicaja Banco S.A.(b)(d) | 189,144 | 120,407 | ||||||
Viscofan S.A. | 5,388 | 363,706 | ||||||
Zardoya Otis S.A. | 19,119 | 116,699 | ||||||
|
| |||||||
5,095,880 | ||||||||
|
| |||||||
Sweden-4.25% | ||||||||
AAK AB(b) | 15,502 | 301,989 | ||||||
AddTech AB, Class B | 13,938 | 154,238 | ||||||
AF Poyry AB, Class B(b) | 9,119 | 208,173 | ||||||
Arjo AB, Class B | 26,139 | 185,739 | ||||||
Atrium Ljungberg AB, Class B | 5,805 | 93,781 | ||||||
Attendo AB(b)(d) | 19,528 | 89,510 | ||||||
Avanza Bank Holding AB | 8,190 | 155,498 |
Shares | Value | |||||||
Sweden-(continued) | ||||||||
Axfood AB | 20,332 | $ | 472,829 | |||||
Beijer Ref AB | 3,199 | 88,339 | ||||||
Betsson AB | 33,903 | 258,620 | ||||||
Bilia AB, Class A(b) | 17,576 | 234,777 | ||||||
Bonava AB, Class B(b) | 25,948 | 202,747 | ||||||
Bravida Holding AB(d) | 29,091 | 335,647 | ||||||
Bure Equity AB | 4,739 | 137,679 | ||||||
Clas Ohlson AB, Class B(b) | 10,278 | 91,220 | ||||||
Cloetta AB, Class B(b) | 37,260 | 87,654 | ||||||
Dios Fastigheter AB | 10,883 | 76,232 | ||||||
Dometic Group AB(b)(d) | 51,439 | 553,851 | ||||||
Elekta AB, Class B | 28,406 | 332,850 | ||||||
Fabege AB | 24,331 | 307,378 | ||||||
Fastighets AB Balder, Class B(b) | 6,998 | 329,728 | ||||||
Getinge AB, Class B | 28,394 | 556,163 | ||||||
Hexpol AB(b) | 41,676 | 367,076 | ||||||
Holmen AB, Class B | 12,786 | 484,656 | ||||||
Hufvudstaden AB, Class A | 5,851 | 76,448 | ||||||
Indutrade AB(b) | 7,469 | 378,772 | ||||||
Intrum AB(a) | 12,406 | 303,838 | ||||||
Investment AB Latour, Class B | 6,566 | 153,285 | ||||||
JM AB | 14,494 | 419,458 | ||||||
Klovern AB, Class B(a) | 58,702 | 89,493 | ||||||
Klovern AB, Preference Shares | 1,937 | 68,330 | ||||||
Kungsleden AB | 23,098 | 196,178 | ||||||
Lifco AB, Class B | 2,356 | 172,310 | ||||||
Lindab International AB | 8,585 | 132,713 | ||||||
Loomis AB(b) | 12,430 | 277,474 | ||||||
Lundin Energy AB | 11,014 | 210,167 | ||||||
Mekonomen AB(b) | 13,268 | 128,936 | ||||||
Modern Times Group MTG AB, Class B(b) | 12,541 | 167,239 | ||||||
Mycronic AB(a) | 6,128 | 129,498 | ||||||
NetEnt AB | 37,732 | 358,196 | ||||||
Nibe Industrier AB, Class B(b) | 16,232 | 391,341 | ||||||
Nobia AB(b) | 32,316 | 194,960 | ||||||
Nolato AB, Class B(b) | 1,863 | 154,881 | ||||||
Nordic Entertainment Group AB, Class B(b) | 6,812 | 243,211 | ||||||
Nyfosa AB(b) | 13,697 | 113,409 | ||||||
Pandox AB(b) | �� | 10,449 | 104,594 | |||||
Peab AB, Class B(b) | 46,583 | 431,753 | ||||||
Ratos AB, Class B | 82,740 | 301,916 | ||||||
Resurs Holding AB(d) | 25,415 | 116,380 | ||||||
Saab AB, Class B(b) | 16,162 | 371,315 | ||||||
SAS AB(a)(b) | 97,481 | 17,161 | ||||||
SAS AB BTA 1(a)(b) | 877,317 | 96,394 | ||||||
Scandic Hotels Group AB(a)(b)(d) | 32,322 | 82,065 | ||||||
Sweco AB, Class B | 5,174 | 260,643 | ||||||
Swedish Orphan Biovitrum AB(b) | 7,691 | 132,804 | ||||||
Thule Group AB(b)(d) | 10,005 | 326,413 | ||||||
Wallenstam AB, Class B | 13,454 | 178,507 | ||||||
Wihlborgs Fastigheter AB | 11,908 | 214,851 | ||||||
|
| |||||||
13,101,307 | ||||||||
|
| |||||||
Switzerland-3.81% | ||||||||
Allreal Holding AG | 1,804 | 382,234 | ||||||
ALSO Holding AG(b) | 949 | 222,094 | ||||||
Aryzta AG(b) | 463,794 | 233,377 | ||||||
Autoneum Holding AG(b) | 1,609 | 199,424 | ||||||
Banque Cantonale Vaudoise | 3,408 | 330,184 | ||||||
Belimo Holding AG | 24 | 178,583 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
BKW AG | 2,920 | $ | 290,550 | |||||
Bobst Group S.A. | 2,151 | 103,496 | ||||||
Bucher Industries AG | 1,059 | 407,863 | ||||||
Burckhardt Compression Holding AG | 483 | 120,941 | ||||||
Cembra Money Bank AG | 2,886 | 320,229 | ||||||
Conzzeta AG | 166 | 167,530 | ||||||
Daetwyler Holding AG, BR | 855 | 191,233 | ||||||
DKSH Holding AG | 8,476 | 545,616 | ||||||
dormakaba Holding AG | 398 | 182,901 | ||||||
EFG International AG | 15,171 | 82,099 | ||||||
Emmi AG | 207 | 195,583 | ||||||
EMS-Chemie Holding AG | 591 | 519,716 | ||||||
Flughafen Zurich AG(b) | 2,352 | 317,176 | ||||||
Forbo Holding AG | 105 | 160,613 | ||||||
Galenica AG(d) | 6,499 | 410,553 | ||||||
GAM Holding AG, (Acquired 03/15/2019 - 06/19/2020; Cost $228,212)(b)(e) | 73,609 | 118,459 | ||||||
Huber + Suhner AG | 2,327 | 167,819 | ||||||
Implenia AG | 5,606 | 112,359 | ||||||
Ina Invest Holding AG(b) | 1,128 | 20,971 | ||||||
Inficon Holding AG | 156 | 114,377 | ||||||
IWG PLC(b) | 73,587 | 241,105 | ||||||
Komax Holding AG(b) | 476 | 86,210 | ||||||
Landis+Gyr Group AG(b) | 3,075 | 171,775 | ||||||
Logitech International S.A. | 10,633 | 895,606 | ||||||
Mediclinic International PLC | 79,209 | 289,431 | ||||||
Mobimo Holding AG | 724 | 209,328 | ||||||
OC Oerlikon Corp. AG | 41,092 | 285,813 | ||||||
Rieter Holding AG | 892 | 76,787 | ||||||
Schweiter Technologies AG, BR | 153 | 208,663 | ||||||
SFS Group AG | 2,180 | 203,360 | ||||||
Siegfried Holding AG | 304 | 192,539 | ||||||
SIG Combibloc Group AG(b) | 28,646 | 589,141 | ||||||
St Galler Kantonalbank AG | 180 | 75,806 | ||||||
Stadler Rail AG | 3,202 | 127,444 | ||||||
Straumann Holding AG | 251 | 261,804 | ||||||
Sulzer AG | 4,430 | 323,834 | ||||||
Tecan Group AG, Class R | 529 | 251,067 | ||||||
Temenos AG | 1,164 | 125,017 | ||||||
u-blox Holding AG | 1,176 | 59,124 | ||||||
Valiant Holding AG | 1,592 | 127,666 | ||||||
Valora Holding AG(b) | 944 | 134,923 | ||||||
VAT Group AG(b)(d) | 1,597 | 299,345 | ||||||
Vetropack Holding AG(b) | 1,501 | 83,685 | ||||||
Vontobel Holding AG | 3,679 | 225,184 | ||||||
Wizz Air Holdings PLC(b)(d) | 2,467 | 101,883 | ||||||
|
| |||||||
11,742,520 | ||||||||
|
| |||||||
Taiwan-0.04% | ||||||||
FIT Hon Teng Ltd.(b)(d) | 280,897 | 109,753 | ||||||
|
| |||||||
Turkey-0.11% | ||||||||
Eldorado Gold Corp.(b) | 27,637 | 346,149 | ||||||
|
| |||||||
Ukraine-0.08% | ||||||||
Ferrexpo PLC | 100,459 | 247,447 | ||||||
|
| |||||||
United Arab Emirates-0.01% | ||||||||
Borr Drilling Ltd.(b) | 38,631 | 14,993 | ||||||
Network International Holdings PLC(b)(d) | 10,504 | 30,206 | ||||||
NMC Health PLC(b)(c) | 2,523 | 0 | ||||||
|
| |||||||
45,199 | ||||||||
|
|
Shares | Value | |||||||
United Kingdom-7.08% | ||||||||
888 Holdings PLC | 54,098 | $ | 187,463 | |||||
AG Barr PLC(b) | 10,841 | 66,092 | ||||||
Airtel Africa PLC(d) | 103,386 | 82,479 | ||||||
Ascential PLC(b)(d) | 30,819 | 110,143 | ||||||
Ashmore Group PLC | 29,692 | 136,751 | ||||||
Assura PLC | 199,407 | 196,469 | ||||||
Auto Trader Group PLC(d) | 27,652 | 207,016 | ||||||
Avast PLC(d) | 13,144 | 80,625 | ||||||
AVEVA Group PLC | 2,350 | 130,354 | ||||||
B&M European Value Retail S.A. | 108,587 | 680,674 | ||||||
Balfour Beatty PLC(b) | 136,158 | 376,048 | ||||||
Big Yellow Group PLC | 13,689 | 194,699 | ||||||
Bodycote PLC | 33,633 | 282,886 | ||||||
Brewin Dolphin Holdings PLC | 35,270 | 110,818 | ||||||
Britvic PLC | 37,603 | 358,821 | ||||||
Cairn Energy PLC(b) | 73,833 | 132,698 | ||||||
Capital & Counties Properties PLC | 95,804 | 129,573 | ||||||
Card Factory PLC | 106,892 | 44,504 | ||||||
Chemring Group PLC | 32,516 | 109,522 | ||||||
Cineworld Group PLC(a) | 220,199 | 81,173 | ||||||
Coats Group PLC(b) | 160,618 | 117,962 | ||||||
Computacenter PLC | 12,798 | 376,297 | ||||||
Concentric AB(b) | 5,349 | 88,578 | ||||||
ConvaTec Group PLC(d) | 126,114 | 294,659 | ||||||
Countryside Properties PLC(d) | 35,877 | 156,424 | ||||||
Cranswick PLC | 5,501 | 228,890 | ||||||
Crest Nicholson Holdings PLC(b) | 63,369 | 180,096 | ||||||
Daily Mail and General Trust PLC, Class A | 19,445 | 169,963 | ||||||
Dechra Pharmaceuticals PLC | 3,955 | 178,574 | ||||||
Dialog Semiconductor PLC(b) | 9,747 | 372,177 | ||||||
Diploma PLC | 6,301 | 181,357 | ||||||
Domino’s Pizza Group PLC | 41,744 | 178,873 | ||||||
Drax Group PLC | 95,551 | 365,453 | ||||||
Dunelm Group PLC | 10,695 | 180,187 | ||||||
Electrocomponents PLC | 48,995 | 430,467 | ||||||
Elementis PLC(b) | 106,050 | 102,019 | ||||||
Equiniti Group PLC(b)(d) | 48,016 | 64,196 | ||||||
Essentra PLC(b) | 26,638 | 84,936 | ||||||
Firstgroup PLC(b) | 168,606 | 89,427 | ||||||
Frasers Group PLC(b) | 44,389 | 215,116 | ||||||
Games Workshop Group PLC | 1,388 | 186,109 | ||||||
Genus PLC | 3,437 | 182,295 | ||||||
Go-Ahead Group PLC (The) | 7,245 | 54,802 | ||||||
Grafton Group PLC(b) | 38,225 | 332,383 | ||||||
Grainger PLC | 47,044 | 170,075 | ||||||
Great Portland Estates PLC | 34,361 | 256,354 | ||||||
Greggs PLC(b) | 8,392 | 139,651 | ||||||
Halfords Group PLC | 43,091 | 133,999 | ||||||
Halma PLC | 15,306 | 468,643 | ||||||
Hargreaves Lansdown PLC | 13,005 | 227,429 | ||||||
Hastings Group Holdings PLC(d) | 46,439 | 149,754 | ||||||
Hill & Smith Holdings PLC | 6,164 | 95,641 | ||||||
HomeServe PLC | 20,073 | 286,796 | ||||||
Howden Joinery Group PLC(b) | 48,065 | 395,759 | ||||||
Hunting PLC | 40,247 | 72,595 | ||||||
Ibstock PLC(b)(d) | 53,573 | 111,247 | ||||||
Indivior PLC(b) | 179,720 | 256,313 | ||||||
Intu Properties PLC(a)(b)(c) | 628,322 | 0 | ||||||
J D Wetherspoon PLC(b) | 7,804 | 86,981 | ||||||
JD Sports Fashion PLC | 17,695 | 169,584 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)
October 31, 2020
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
John Laing Group PLC(d) | 44,489 | $ | 161,873 | |||||
Jupiter Fund Management PLC | 97,388 | 292,392 | ||||||
Just Group PLC(b) | 145,004 | 78,933 | ||||||
Lancashire Holdings Ltd. | 25,559 | 210,349 | ||||||
LondonMetric Property PLC | 67,999 | 189,737 | ||||||
Marshalls PLC(b) | 13,260 | 114,787 | ||||||
Marston’s PLC | 143,287 | 89,522 | ||||||
McCarthy & Stone PLC(b)(d) | 48,782 | 74,050 | ||||||
Metro Bank PLC(a)(b) | 84,326 | 65,922 | ||||||
Mitchells & Butlers PLC(b) | 30,448 | 61,731 | ||||||
Moneysupermarket.com Group PLC | 53,369 | 167,823 | ||||||
Morgan Advanced Materials PLC(b) | 35,128 | 113,551 | ||||||
National Express Group PLC(b) | 48,844 | 94,543 | ||||||
NewRiver REIT PLC | 59,562 | 48,904 | ||||||
Ocado Group PLC(b) | 12,201 | 359,059 | ||||||
OneSavings Bank PLC(b) | 35,485 | 141,225 | ||||||
PageGroup PLC(b) | 61,175 | 282,859 | ||||||
Paragon Banking Group PLC | 47,371 | 180,812 | ||||||
Petrofac Ltd.(b) | 88,547 | 135,901 | ||||||
Pets at Home Group PLC | 77,615 | 386,974 | ||||||
Picton Property Income Ltd. (The) | 64,641 | 52,071 | ||||||
Playtech PLC(b) | 76,241 | 335,368 | ||||||
Polypipe Group PLC(b) | 18,328 | 109,011 | ||||||
Premier Oil PLC(a)(b) | 393,508 | 57,292 | ||||||
Primary Health Properties PLC | 73,886 | 137,570 | ||||||
Provident Financial PLC(b) | 47,564 | 143,296 | ||||||
PZ Cussons PLC | 32,190 | 96,562 | ||||||
QinetiQ Group PLC | 60,434 | 184,726 | ||||||
Rank Group PLC | 21,534 | 25,059 | ||||||
Rathbone Brothers PLC | 4,552 | 85,343 | ||||||
Redde Northgate PLC | 31,066 | 71,500 | ||||||
Redrow PLC(b) | 29,334 | 157,632 | ||||||
Renishaw PLC(b) | 2,637 | 190,769 | ||||||
Restaurant Group PLC (The) | 94,116 | 49,285 | ||||||
Rightmove PLC(a)(b) | 22,423 | 179,176 | ||||||
Rotork PLC | 77,504 | 281,598 | ||||||
Safestore Holdings PLC | 16,213 | 168,441 | ||||||
Saga PLC(b) | 16,027 | 28,598 | ||||||
Savills PLC(b) | 18,968 | 203,931 | ||||||
Senior PLC(b) | 71,703 | 50,806 | ||||||
Serco Group PLC(b) | 157,315 | 263,210 | ||||||
Shaftesbury PLC | 27,423 | 161,334 | ||||||
Shaftesbury PLC, Rts., expiring 11/18/2020(b) | 3,356 | 2,387 | ||||||
SIG PLC(b) | 118,681 | 36,829 | ||||||
Softcat PLC | 6,718 | 97,722 | ||||||
Spirax-Sarco Engineering PLC | 4,148 | 604,988 | ||||||
Spirent Communications PLC | 39,902 | 149,363 |
Investment Abbreviations:
BR-Bearer Shares
CVA-Dutch Certificates
REIT-Real Estate Investment Trust
RSP-Registered Savings Plan Shares
Rts.-Rights
Wts.-Warrants
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
SSP Group PLC | 48,252 | $ | 116,482 | |||||
St Modwen Properties PLC | 13,521 | 57,955 | ||||||
Stagecoach Group PLC | 76,940 | 37,843 | ||||||
Superdry PLC. | 18,154 | 42,299 | ||||||
Synthomer PLC | 60,233 | 293,768 | ||||||
TalkTalk Telecom Group PLC | 92,425 | 114,964 | ||||||
Telecom Plus PLC | 7,634 | 131,281 | ||||||
TP ICAP PLC | 75,514 | 186,296 | ||||||
Tritax Big Box REIT PLC | 165,913 | 335,947 | ||||||
UK Commercial Property REIT Ltd | 98,547 | 86,901 | ||||||
Ultra Electronics Holdings PLC | 9,181 | 223,175 | ||||||
UNITE Group PLC (The)(b) | 17,029 | 183,414 | ||||||
Vectura Group PLC(b) | 71,301 | 94,958 | ||||||
Vesuvius PLC | 50,663 | 261,505 | ||||||
Victrex PLC | 11,627 | 277,372 | ||||||
Virgin Money UK PLC(b) | 193,440 | 233,010 | ||||||
Vistry Group PLC(b) | 25,372 | 178,793 | ||||||
WH Smith PLC | 11,125 | 143,415 | ||||||
Workspace Group PLC | 15,239 | 121,574 | ||||||
|
| |||||||
21,826,635 | ||||||||
|
| |||||||
United States-0.31% | ||||||||
Primo Water Corp. | 22,343 | 279,842 | ||||||
Reliance Worldwide Corp. Ltd. | 84,192 | 242,999 | ||||||
Sims Ltd. | 66,649 | 445,109 | ||||||
|
| |||||||
967,950 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 307,202,459 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.93% | ||||||||
Invesco Private Government Fund, 0.04%(f)(g)(h) | 5,949,871 | 5,949,871 | ||||||
Invesco Private Prime Fund, | 9,234,763 | 9,237,533 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 15,187,404 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.64% | 322,389,863 | |||||||
OTHER ASSETS LESS LIABILITIES-(4.64)% | (14,283,548 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 308,106,315 | ||||||
|
|
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)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $12,615,342, which represented 4.09% of the Fund’s Net Assets. |
(e) | Restricted security. The aggregate value of these securities at October 31, 2020 was $185,749, which represented less than 1% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | — | $ | 1,833,481 | $ | (1,833,481 | ) | $ | — | $ | — | $ | — | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 138,610 | 14,299,426 | (14,438,036 | ) | — | — | — | 3,559 | |||||||||||||||||||||||||||
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 | — | 50,425,889 | (44,476,018 | ) | — | — | 5,949,871 | 2,718 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | — | 15,885,480 | (6,648,932 | ) | 319 | 666 | 9,237,533 | 2,460 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 21,374,510 | $ | 118,949,825 | $ | (125,137,248 | ) | $ | 91 | $ | 226 | $ | 15,187,404 | $ | 129,254 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(g) | The rate shown is the 7-day SEC standardized yield as of October 31, 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.
| 65 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.75% |
| |||||||
Brazil-8.08% |
| |||||||
Ambev S.A. | 1,231,250 | $ | 2,600,872 | |||||
B3 S.A. - Brasil, Bolsa, Balcao | 198,085 | 1,753,770 | ||||||
Banco Bradesco S.A. | 536,511 | 1,690,670 | ||||||
Banco Bradesco S.A., Preference Shares | 2,014,836 | 7,044,588 | ||||||
Banco BTG Pactual S.A. | 50,100 | 629,943 | ||||||
Banco do Brasil S.A. | 645,658 | 3,336,907 | ||||||
Banco Santander Brasil S.A. | 204,400 | 1,136,146 | ||||||
Braskem S.A., Class A, Preference Shares(a) | 174,609 | 691,653 | ||||||
BRF S.A.(a) | 276,300 | 804,078 | ||||||
CCR S.A. | 353,800 | 684,774 | ||||||
Centrais Eletricas Brasileiras S.A. | 172,910 | 931,423 | ||||||
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares | 81,800 | 439,643 | ||||||
Cia Brasileira de Distribuicao | 92,379 | 992,522 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 94,492 | 696,481 | ||||||
Cia Energetica de Minas Gerais | 51,905 | 104,602 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 604,680 | 1,074,917 | ||||||
Cia Paranaense de Energia | 8,900 | 84,755 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 46,308 | 496,008 | ||||||
Cia Siderurgica Nacional S.A. | 345,482 | 1,230,697 | ||||||
Cielo S.A. | 1,054,622 | 616,385 | ||||||
Cogna Educacao | 666,200 | 495,664 | ||||||
Embraer S.A.(a) | 412,167 | 431,038 | ||||||
Equatorial Energia S.A. | 140,700 | 486,325 | ||||||
Gerdau S.A., Preference Shares | 514,117 | 1,944,657 | ||||||
IRB Brasil Resseguros S.A. | 221,600 | 235,974 | ||||||
Itau Unibanco Holding S.A. | 278,900 | 1,063,167 | ||||||
Itau Unibanco Holding S.A., Preference Shares | 2,569,575 | 10,463,687 | ||||||
Klabin S.A. | 202,300 | 832,917 | ||||||
Lojas Americanas S.A. | 32,810 | 114,772 | ||||||
Lojas Americanas S.A., Preference Shares | 112,720 | 454,125 | ||||||
Lojas Renner S.A. | 77,646 | 504,309 | ||||||
Marfrig Global Foods S.A.(a) | 275,900 | 658,887 | ||||||
Metalurgica Gerdau S.A., Preference Shares | 1,055,700 | 1,794,287 | ||||||
Petrobras Distribuidora S.A. | 375,000 | 1,247,399 | ||||||
Petroleo Brasileiro S.A. | 1,150,662 | 3,791,637 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 1,822,547 | 5,986,653 | ||||||
Suzano S.A.(a) | 125,768 | 1,091,691 | ||||||
Telefonica Brasil S.A. | 14,500 | 107,304 | ||||||
Telefonica Brasil S.A., Preference Shares | 214,943 | 1,585,792 | ||||||
TIM S.A. | 271,866 | 558,726 | ||||||
Ultrapar Participacoes S.A. | 792,292 | 2,250,736 | ||||||
Vale S.A. | 1,451,638 | 15,243,961 | ||||||
|
| |||||||
78,384,542 | ||||||||
|
| |||||||
Canada-0.15% | ||||||||
Canadian Solar, Inc.(a)(b) | 38,709 | 1,407,072 | ||||||
|
| |||||||
Chile-0.59% | ||||||||
Banco de Chile | 17,270,656 | 1,332,065 |
Shares | Value | |||||||
Chile-(continued) | ||||||||
Banco Santander Chile | 29,816,512 | $ | 1,042,767 | |||||
Enel Americas S.A. | 12,082,393 | 1,601,557 | ||||||
Enel Chile S.A. | 9,907,755 | 664,203 | ||||||
Falabella S.A. | 308,618 | 845,278 | ||||||
Latam Airlines Group S.A.(a) | 174,393 | 262,413 | ||||||
|
| |||||||
5,748,283 | ||||||||
|
| |||||||
China-40.21% | ||||||||
Agile Group Holdings Ltd. | 731,839 | 1,000,341 | ||||||
Agricultural Bank of China Ltd., A Shares | 6,775,600 | 3,185,448 | ||||||
Agricultural Bank of China Ltd., H Shares | 20,567,006 | 6,948,626 | ||||||
Air China Ltd., A Shares | 208,100 | 210,889 | ||||||
Air China Ltd., H Shares | 848,888 | 547,327 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 90,250 | 27,498,272 | ||||||
Aluminum Corp. of China Ltd., A Shares(a) | 869,900 | 372,618 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 3,765,415 | 820,590 | ||||||
Anhui Conch Cement Co. Ltd., A Shares | 64,200 | 487,139 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 270,851 | 1,688,704 | ||||||
ANTA Sports Products Ltd. | 101,589 | 1,117,435 | ||||||
Baidu, Inc., ADR(a) | 61,531 | 8,186,700 | ||||||
Bank of China Ltd., A Shares | 3,423,000 | 1,624,599 | ||||||
Bank of China Ltd., H Shares | 47,464,031 | 14,995,374 | ||||||
Bank of Communications Co. Ltd., A Shares | 2,429,093 | 1,642,308 | ||||||
Bank of Communications Co. Ltd., H Shares | 6,136,146 | 3,014,722 | ||||||
Baoshan Iron & Steel Co. Ltd., A Shares | 1,142,800 | 910,801 | ||||||
Beijing Enterprises Holdings Ltd. | 210,684 | 633,015 | ||||||
Beijing Enterprises Water Group Ltd. | 1,969,199 | 746,558 | ||||||
BYD Co. Ltd., A Shares | 25,100 | 598,673 | ||||||
BYD Co. Ltd., H Shares | 124,141 | 2,466,860 | ||||||
China CITIC Bank Corp. Ltd., A Shares | 577,201 | 435,041 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 7,540,512 | 3,062,936 | ||||||
China Communications Construction Co. Ltd., A Shares | 375,000 | 413,607 | ||||||
China Communications Construction Co. Ltd., H Shares | 4,363,533 | 2,278,872 | ||||||
China Communications Services Corp. Ltd., H Shares | 1,373,252 | 796,873 | ||||||
China Conch Venture Holdings Ltd. | 194,471 | 863,914 | ||||||
China Construction Bank Corp., A Shares | 425,200 | 399,168 | ||||||
China Construction Bank Corp., H Shares | 53,428,354 | 36,859,732 | ||||||
China Everbright Bank Co. Ltd., A Shares | 2,173,900 | 1,271,856 | ||||||
China Everbright Bank Co. Ltd., H Shares | 2,247,864 | 776,840 | ||||||
China Everbright Environment Group Ltd. | 1,546,217 | 777,610 | ||||||
China Evergrande Group(b) | 1,125,897 | 2,235,867 | ||||||
China Gas Holdings Ltd. | 274,907 | 841,930 | ||||||
China Jinmao Holdings Group Ltd. | 2,092,562 | 1,055,071 | ||||||
China Life Insurance Co. Ltd., A Shares | 84,500 | 581,141 | ||||||
China Life Insurance Co. Ltd., H Shares | 1,696,260 | 3,683,504 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,610,077 | 1,100,396 | ||||||
China Merchants Bank Co. Ltd., A Shares | 502,900 | 2,988,038 | ||||||
China Merchants Bank Co. Ltd., H Shares | 1,278,860 | 6,645,913 | ||||||
China Merchants Port Holdings Co. Ltd. | 568,540 | 602,642 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 66 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2020
Shares | Value | |||||||
China-(continued) | ||||||||
China Minsheng Banking Corp. Ltd., A Shares | 2,137,345 | $ | 1,684,305 | |||||
China Minsheng Banking Corp. Ltd., H Shares | 5,389,750 | 2,946,871 | ||||||
China Mobile Ltd. | 3,013,215 | 18,320,546 | ||||||
China National Building Material Co. Ltd., H Shares | 3,228,837 | 3,701,472 | ||||||
China Overseas Land & Investment Ltd. | 1,720,919 | 4,305,155 | ||||||
China Pacific Insurance (Group) Co. Ltd., A Shares | 170,800 | 813,443 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 905,654 | 2,820,370 | ||||||
China Petroleum & Chemical Corp., A Shares | 2,388,500 | 1,390,279 | ||||||
China Petroleum & Chemical Corp., H Shares | 24,442,770 | 9,487,319 | ||||||
China Railway Construction Corp. Ltd., A Shares | 955,600 | 1,188,046 | ||||||
China Railway Construction Corp. Ltd., H Shares | 1,978,821 | 1,337,102 | ||||||
China Railway Group Ltd., H Shares | 3,882,736 | 1,782,438 | ||||||
China Resources Land Ltd. | 967,852 | 3,937,630 | ||||||
China Resources Power Holdings Co. Ltd. | 824,909 | 857,369 | ||||||
China Shenhua Energy Co. Ltd., A Shares | 368,200 | 914,977 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 2,392,236 | 4,133,666 | ||||||
China Southern Airlines Co. Ltd., A Shares(a) | 408,301 | 335,772 | ||||||
China Southern Airlines Co. Ltd., H Shares(a)(b) | 979,530 | 511,563 | ||||||
China State Construction Engineering Corp. Ltd., A Shares | 3,049,137 | 2,325,466 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 920,456 | 1,383,975 | ||||||
China Telecom Corp. Ltd., H Shares | 9,697,537 | 3,051,251 | ||||||
China Tower Corp. Ltd., H Shares(c) | 8,167,408 | 1,274,372 | ||||||
China Unicom Hong Kong Ltd. | 4,645,513 | 2,851,460 | ||||||
China United Network Communications Ltd., A Shares | 1,279,300 | 910,758 | ||||||
China Vanke Co. Ltd., A Shares | 267,800 | 1,101,145 | ||||||
China Vanke Co. Ltd., H Shares | 572,652 | 1,772,265 | ||||||
CIFI Holdings Group Co. Ltd. | 1,241,032 | 856,177 | ||||||
CITIC Ltd. | 1,236,625 | 881,840 | ||||||
CITIC Securities Co. Ltd., A Shares | 154,400 | 659,752 | ||||||
CITIC Securities Co. Ltd., H Shares | 467,161 | 1,007,232 | ||||||
CNOOC Ltd. | 8,314,377 | 7,547,949 | ||||||
Country Garden Holdings Co. Ltd. | 3,080,802 | 3,789,996 | ||||||
CRRC Corp. Ltd., A Shares | 773,354 | 622,127 | ||||||
CRRC Corp. Ltd., H Shares | 1,739,538 | 672,948 | ||||||
CSPC Pharmaceutical Group Ltd. | 700,926 | 738,450 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 1,433,326 | 1,007,321 | ||||||
ENN Energy Holdings Ltd. | 134,902 | 1,703,921 | ||||||
Fosun International Ltd. | 1,301,958 | 1,568,088 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 17,183,013 | 786,601 | ||||||
Geely Automobile Holdings Ltd. | 1,063,244 | 2,182,743 | ||||||
GF Securities Co. Ltd., A Shares | 137,300 | 315,576 | ||||||
GF Securities Co. Ltd., H Shares | 467,879 | 602,734 | ||||||
Great Wall Motor Co. Ltd., A Shares | 118,300 | 418,805 | ||||||
Great Wall Motor Co. Ltd., H Shares | 1,510,340 | 2,442,299 | ||||||
Guangdong Investment Ltd. | 590,687 | 874,432 | ||||||
Guangzhou Automobile Group Co. Ltd., A Shares | 61,500 | 123,272 |
Shares | Value | |||||||
China-(continued) | ||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 783,490 | $ | 803,206 | |||||
Guangzhou R&F Properties Co. Ltd., H Shares | 1,125,997 | 1,425,855 | ||||||
Haier Electronics Group Co. Ltd. | 372,545 | 1,412,384 | ||||||
Haitong Securities Co. Ltd., A Shares(a) | 172,500 | 361,467 | ||||||
Haitong Securities Co. Ltd., H Shares(a) | 954,545 | 805,009 | ||||||
Hengan International Group Co. Ltd. | 195,678 | 1,356,273 | ||||||
Huadian Power International Corp. Ltd., A Shares | 566,909 | 284,292 | ||||||
Huadian Power International Corp. Ltd., H Shares | 1,984,671 | 491,379 | ||||||
Huaneng Power International, Inc., A Shares | 540,600 | 393,739 | ||||||
Huaneng Power International, Inc., H Shares | 4,736,772 | 1,765,253 | ||||||
Huatai Securities Co. Ltd., A Shares | 125,600 | 381,663 | ||||||
Huatai Securities Co. Ltd., H Shares(c) | 397,447 | 641,668 | ||||||
Huaxia Bank Co. Ltd., A Shares | 845,800 | 764,984 | ||||||
Industrial & Commercial Bank of China Ltd., A Shares | 3,249,412 | 2,386,064 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 43,222,275 | 24,300,808 | ||||||
Industrial Bank Co. Ltd., A Shares | 911,700 | 2,422,056 | ||||||
JD.com, Inc., ADR(a) | 114,663 | 9,347,328 | ||||||
Jiangxi Copper Co. Ltd., A Shares | 134,000 | 295,991 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 1,057,748 | 1,257,592 | ||||||
Kunlun Energy Co. Ltd. | 1,973,207 | 1,272,241 | ||||||
Kweichow Moutai Co. Ltd., A Shares | 5,400 | 1,345,946 | ||||||
Longfor Group Holdings Ltd.(c) | 420,871 | 2,298,418 | ||||||
Meituan Dianping, B Shares(a) | 148,969 | 5,536,260 | ||||||
Metallurgical Corp. of China Ltd., A Shares | 1,184,700 | 457,952 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 3,011,313 | 485,392 | ||||||
NetEase, Inc., ADR | 32,293 | 2,802,709 | ||||||
New China Life Insurance Co. Ltd., A Shares | 48,700 | 466,634 | ||||||
New China Life Insurance Co. Ltd., H Shares | 276,692 | 1,100,724 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 2,968,422 | 880,400 | ||||||
PetroChina Co. Ltd., H Shares | 17,636,897 | 4,935,243 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 2,826,244 | 1,909,710 | ||||||
Ping An Bank Co. Ltd., A Shares | 529,500 | 1,402,738 | ||||||
Ping An Insurance (Group) Co. of China Ltd., A Shares | 183,900 | 2,136,195 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1,284,221 | 13,173,663 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(c) | 3,724,196 | 1,824,915 | ||||||
SAIC Motor Corp. Ltd., A Shares | 530,856 | 1,834,172 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares | 76,800 | 228,330 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 489,245 | 757,067 | ||||||
Shanghai Pudong Development Bank Co. Ltd., A Shares | 1,396,052 | 1,929,411 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 67 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2020
Shares | Value | |||||||
China-(continued) | ||||||||
Shenzhou International Group Holdings Ltd. | 76,985 | $ | 1,329,270 | |||||
Shimao Group Holdings Ltd. | 660,509 | 2,329,500 | ||||||
Sino Biopharmaceutical Ltd. | 894,304 | 901,817 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., A Shares | 333,100 | 164,556 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H Shares | 2,731,302 | 503,654 | ||||||
Sinopharm Group Co. Ltd., H Shares | 716,058 | 1,636,208 | ||||||
Sunac China Holdings Ltd. | 408,866 | 1,507,904 | ||||||
Tencent Holdings Ltd. | 254,966 | 19,431,054 | ||||||
Trip.com Group Ltd., ADR(a) | 78,294 | 2,251,735 | ||||||
Vipshop Holdings Ltd., ADR(a) | 112,717 | 2,412,144 | ||||||
Weichai Power Co. Ltd., A Shares | 137,700 | 310,946 | ||||||
Weichai Power Co. Ltd., H Shares | 616,164 | 1,163,226 | ||||||
Xiaomi Corp., B Shares(a)(c) | 1,283,754 | 3,641,926 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,242,758 | 837,303 | ||||||
Yanzhou Coal Mining Co. Ltd., A Shares | 68,700 | 92,383 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 1,386,913 | 1,006,895 | ||||||
Zijin Mining Group Co. Ltd., A Shares | 362,800 | 378,492 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 1,475,626 | 1,067,495 | ||||||
ZTO Express Cayman, Inc., ADR | 34,779 | 1,007,895 | ||||||
|
| |||||||
389,958,762 | ||||||||
|
| |||||||
Hong Kong-0.12% | ||||||||
Nine Dragons Paper Holdings Ltd. | 871,363 | 1,157,345 | ||||||
|
| |||||||
India-8.70% | ||||||||
Axis Bank Ltd.(a) | 327,901 | 2,179,148 | ||||||
Bharat Petroleum Corp. Ltd. | 591,635 | 2,829,741 | ||||||
Bharti Airtel Ltd. | 296,344 | 1,734,497 | ||||||
Bharti Infratel Ltd. | 289,931 | 725,928 | ||||||
Coal India Ltd. | 1,016,445 | 1,566,346 | ||||||
GAIL (India) Ltd. | 530,786 | 607,012 | ||||||
Grasim Industries Ltd. | 155,813 | 1,636,502 | ||||||
HCL Technologies Ltd. | 200,907 | 2,282,544 | ||||||
Hero MotoCorp Ltd. | 35,155 | 1,328,165 | ||||||
Hindalco Industries Ltd. | 740,124 | 1,704,310 | ||||||
Hindustan Petroleum Corp. Ltd. | 657,659 | 1,665,280 | ||||||
Hindustan Unilever Ltd. | 45,130 | 1,261,381 | ||||||
Housing Development Finance Corp. Ltd. | 207,243 | 5,379,243 | ||||||
Indiabulls Housing Finance Ltd. | 304,725 | 575,670 | ||||||
Indian Oil Corp. Ltd. | 1,430,721 | 1,535,794 | ||||||
Infosys Ltd. | 662,194 | 9,477,083 | ||||||
ITC Ltd. | 606,811 | 1,353,109 | ||||||
Jindal Steel & Power Ltd.(a) | 388,116 | 1,002,924 | ||||||
JSW Steel Ltd. | 469,876 | 1,959,204 | ||||||
Larsen & Toubro Ltd. | 84,342 | 1,057,867 | ||||||
Mahindra & Mahindra Ltd. | 237,526 | 1,903,862 | ||||||
Maruti Suzuki India Ltd. | 18,895 | 1,775,887 | ||||||
NTPC Ltd. | 1,283,964 | 1,517,731 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,697,870 | 1,486,918 | ||||||
Power Finance Corp. Ltd. | 503,800 | 592,126 | ||||||
REC Ltd. | 537,667 | 746,200 | ||||||
Reliance Industries Ltd. | 561,273 | 15,560,306 | ||||||
Shriram Transport Finance Co. Ltd. | 48,731 | 455,993 | ||||||
State Bank of India(a) | 777,603 | 1,985,782 | ||||||
Sun Pharmaceutical Industries Ltd. | 209,908 | 1,319,228 | ||||||
Tata Consultancy Services Ltd. | 117,930 | 4,240,674 | ||||||
Tata Motors Ltd.(a) | 1,428,074 | 2,556,206 | ||||||
Tata Motors Ltd., Class A(a) | 554,442 | 415,602 |
Shares | Value | |||||||
India-(continued) | ||||||||
Tata Steel Ltd. | 259,890 | $ | 1,439,771 | |||||
Tech Mahindra Ltd. | 81,632 | 895,878 | ||||||
Vedanta Ltd. | 1,870,804 | 2,417,157 | ||||||
Vodafone Idea Ltd.(a) | 15,501,603 | 1,830,301 | ||||||
Wipro Ltd. | 286,213 | 1,315,829 | ||||||
Yes Bank Ltd.(a) | 409,658 | 68,546 | ||||||
|
| |||||||
84,385,745 | ||||||||
|
| |||||||
Indonesia-1.10% | ||||||||
PT Astra International Tbk | 3,593,350 | 1,332,918 | ||||||
PT Bank Central Asia Tbk | 862,720 | 1,707,743 | ||||||
PT Bank Mandiri (Persero) Tbk | 4,724,786 | 1,865,685 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 2,709,648 | 878,204 | ||||||
PT Bank Rakyat Indonesia (Persero) Tbk | 10,879,000 | 2,499,380 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 12,997,900 | 2,328,513 | ||||||
|
| |||||||
10,612,443 | ||||||||
|
| |||||||
Malaysia-0.63% | ||||||||
CIMB Group Holdings Bhd | 968,400 | 687,553 | ||||||
Malayan Banking Bhd | 946,300 | 1,594,248 | ||||||
MISC Bhd | 601,100 | 953,369 | ||||||
Public Bank Bhd | 489,400 | 1,776,210 | ||||||
Tenaga Nasional Bhd | 487,000 | 1,118,166 | ||||||
|
| |||||||
6,129,546 | ||||||||
|
| |||||||
Mexico-2.98% | ||||||||
America Movil S.A.B. de C.V., Series L(b) | 10,886,601 | 6,605,382 | ||||||
Cemex S.A.B. de C.V., Series CPO(d) | 14,112,405 | 5,810,112 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., Series L | 188,568 | 711,822 | ||||||
Fibra Uno Administracion S.A. de C.V. | 1,124,248 | 849,097 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(b)(e) | 602,141 | 3,217,362 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O(a) | 908,944 | 4,036,903 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 907,895 | 2,570,822 | ||||||
Grupo Televisa S.A.B., Series CPO(a)(b)(f) | 954,233 | 1,203,246 | ||||||
Orbia Advance Corp. S.A.B. de C.V.(b) | 390,735 | 688,825 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 1,330,326 | 3,204,287 | ||||||
|
| |||||||
28,897,858 | ||||||||
|
| |||||||
Romania-0.04% | ||||||||
NEPI Rockcastle PLC | 109,617 | 388,378 | ||||||
|
| |||||||
Russia-7.64% | ||||||||
Aeroflot PJSC(a) | 564,289 | 403,938 | ||||||
Alrosa PJSC | 1,209,269 | 1,086,536 | ||||||
Gazprom PJSC | 9,176,317 | 17,893,746 | ||||||
Inter RAO UES PJSC | 14,242,381 | 910,939 | ||||||
LUKOIL PJSC | 235,985 | 12,008,924 | ||||||
Magnit PJSC | 70,012 | 4,157,341 | ||||||
MMC Norilsk Nickel PJSC | 12,901 | 3,061,345 | ||||||
Mobile TeleSystems PJSC | 558,779 | 2,186,259 | ||||||
Moscow Exchange MICEX-RTS PJSC | 507,857 | 856,145 | ||||||
Novatek PJSC | 170,860 | 2,052,792 | ||||||
Novolipetsk Steel PJSC | 639,213 | 1,495,752 | ||||||
Rosneft Oil Co. PJSC | 682,704 | 3,015,535 | ||||||
Rosseti PJSC | 41,904,761 | 766,530 | ||||||
RusHydro PJSC | 84,801,905 | 770,272 | ||||||
Sberbank of Russia PJSC | 4,547,467 | 11,500,894 | ||||||
Severstal PAO | 144,014 | 1,968,320 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 68 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2020
Shares | Value | |||||||
Russia-(continued) | ||||||||
Sistema PJSFC | 4,117,214 | $ | 1,308,340 | |||||
Surgutneftegas PJSC | 4,230,415 | 1,753,636 | ||||||
Surgutneftegas PJSC, Preference Shares | 4,728,102 | 2,156,532 | ||||||
Tatneft PJSC | 509,008 | 2,628,687 | ||||||
Tatneft PJSC, Preference Shares | 49,211 | 245,970 | ||||||
VTB Bank PJSC | 4,608,405,589 | 1,898,440 | ||||||
|
| |||||||
74,126,873 | ||||||||
|
| |||||||
Saudi Arabia-2.70% | ||||||||
Al Rajhi Bank | 247,701 | 4,345,979 | ||||||
Alinma Bank(a) | 248,146 | 1,011,031 | ||||||
Etihad Etisalat Co.(a) | 171,811 | 1,282,753 | ||||||
National Commercial Bank | 185,816 | 1,934,809 | ||||||
Riyad Bank | 232,877 | 1,117,720 | ||||||
Samba Financial Group | 179,733 | 1,322,729 | ||||||
Saudi Arabian Oil Co.(c) | 140,638 | 1,263,766 | ||||||
Saudi Basic Industries Corp | 305,542 | 7,332,422 | ||||||
Saudi Kayan Petrochemical Co.(a) | 441,250 | 1,115,391 | ||||||
Saudi Telecom Co | 106,799 | 2,839,202 | ||||||
Savola Group (The) | 101,439 | 1,238,809 | ||||||
Yanbu National Petrochemical Co., Class A | 88,363 | 1,354,791 | ||||||
|
| |||||||
26,159,402 | ||||||||
|
| |||||||
South Africa-4.65% | ||||||||
Absa Group Ltd. | 356,956 | 1,909,697 | ||||||
Aspen Pharmacare Holdings Ltd.(a) | 186,157 | 1,209,254 | ||||||
Bid Corp. Ltd. | 102,416 | 1,403,680 | ||||||
Bidvest Group Ltd. (The) | 124,417 | 1,020,374 | ||||||
Discovery Ltd. | 125,348 | 825,432 | ||||||
Exxaro Resources Ltd. | 112,552 | 755,230 | ||||||
FirstRand Ltd. | 1,246,712 | 2,884,922 | ||||||
Foschini Group Ltd. (The) | 125,517 | 664,557 | ||||||
Gold Fields Ltd. | 216,162 | 2,296,815 | ||||||
Growthpoint Properties Ltd. | 1,009,459 | 659,150 | ||||||
Impala Platinum Holdings Ltd. | 90,152 | 792,123 | ||||||
Mr Price Group Ltd. | 82,695 | 625,324 | ||||||
MTN Group Ltd. | 540,935 | 1,923,879 | ||||||
MultiChoice Group | 178,397 | 1,470,873 | ||||||
Naspers Ltd., Class N | 24,223 | 4,712,772 | ||||||
Nedbank Group Ltd. | 178,667 | 1,055,371 | ||||||
Netcare Ltd. | 794,761 | 630,967 | ||||||
Old Mutual Ltd. | 2,376,641 | 1,371,976 | ||||||
Remgro Ltd. | 173,907 | 924,400 | ||||||
Sanlam Ltd. | 598,853 | 1,742,151 | ||||||
Sappi Ltd.(a) | 659,981 | 941,510 | ||||||
Sasol Ltd.(a) | 331,445 | 1,714,059 | ||||||
Shoprite Holdings Ltd. | 318,429 | 2,526,267 | ||||||
Sibanye Stillwater Ltd. | 371,549 | 1,073,116 | ||||||
SPAR Group Ltd. (The) | 108,950 | 1,157,641 | ||||||
Standard Bank Group Ltd. | 504,168 | 3,291,152 | ||||||
Telkom S.A. SOC Ltd. | 490,689 | 773,687 | ||||||
Tiger Brands Ltd. | 93,652 | 1,161,316 | ||||||
Truworths International Ltd. | 294,640 | 567,022 | ||||||
Vodacom Group Ltd. | 240,016 | 1,809,934 | ||||||
Woolworths Holdings Ltd. | 560,174 | 1,204,208 | ||||||
|
| |||||||
45,098,859 | ||||||||
|
| |||||||
Taiwan-17.16% | ||||||||
ASE Technology Holding Co. Ltd. | 1,311,000 | 2,896,681 | ||||||
Asia Cement Corp. | 879,000 | 1,264,560 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Asustek Computer, Inc. | 185,738 | $ | 1,574,684 | |||||
AU Optronics Corp.(a) | 10,444,000 | 4,217,253 | ||||||
Catcher Technology Co. Ltd. | 316,000 | 1,994,092 | ||||||
Cathay Financial Holding Co. Ltd. | 2,172,440 | 2,916,486 | ||||||
Chailease Holding Co. Ltd. | 303,418 | 1,469,170 | ||||||
China Development Financial Holding Corp. | 3,071,000 | 899,714 | ||||||
China Steel Corp. | 1,363,360 | 967,581 | ||||||
Chunghwa Telecom Co. Ltd. | 1,231,000 | 4,604,926 | ||||||
Compal Electronics, Inc. | 1,505,000 | 978,656 | ||||||
CTBC Financial Holding Co. Ltd. | 3,809,838 | 2,404,167 | ||||||
Delta Electronics, Inc. | 665,506 | 4,420,653 | ||||||
E.Sun Financial Holding Co. Ltd. | 2,181,318 | 1,853,131 | ||||||
Far Eastern New Century Corp. | 962,000 | 866,030 | ||||||
Far EasTone Telecommunications Co. Ltd. | 441,000 | 925,062 | ||||||
First Financial Holding Co. Ltd. | 1,724,192 | 1,208,595 | ||||||
Formosa Chemicals & Fibre Corp. | 602,920 | 1,450,204 | ||||||
Formosa Petrochemical Corp. | 445,000 | 1,222,822 | ||||||
Formosa Plastics Corp. | 696,280 | 1,925,490 | ||||||
Foxconn Technology Co. Ltd. | 427,000 | 747,905 | ||||||
Fubon Financial Holding Co. Ltd. | 1,694,928 | 2,411,718 | ||||||
Hon Hai Precision Industry Co. Ltd. | 5,160,064 | 13,980,980 | ||||||
Hotai Motor Co. Ltd. | 50,000 | 1,052,319 | ||||||
Innolux Corp.(a) | 13,545,490 | 4,692,985 | ||||||
Largan Precision Co. Ltd. | 12,000 | 1,269,075 | ||||||
Lite-On Technology Corp. | 818,313 | 1,331,742 | ||||||
MediaTek, Inc. | 387,091 | 9,175,370 | ||||||
Mega Financial Holding Co. Ltd. | 2,226,080 | 2,144,091 | ||||||
Micro-Star International Co. Ltd. | 282,000 | 1,133,777 | ||||||
Nan Ya Plastics Corp. | 618,940 | 1,270,186 | ||||||
Novatek Microelectronics Corp. | 156,000 | 1,456,185 | ||||||
Pegatron Corp. | 927,106 | 1,993,358 | ||||||
Powertech Technology, Inc. | 269,200 | 794,325 | ||||||
President Chain Store Corp. | 110,000 | 992,186 | ||||||
Quanta Computer, Inc. | 1,188,000 | 2,990,403 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 594,000 | 769,406 | ||||||
Shin Kong Financial Holding Co. Ltd. | 5,737,998 | 1,596,814 | ||||||
SinoPac Financial Holdings Co. Ltd. | 2,339,000 | 874,973 | ||||||
Taishin Financial Holding Co. Ltd. | 1,846,874 | 813,558 | ||||||
Taiwan Cement Corp. | 1,868,821 | 2,649,350 | ||||||
Taiwan Mobile Co. Ltd. | 431,400 | 1,473,518 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,733,000 | 56,379,674 | ||||||
Uni-President Enterprises Corp. | 1,145,941 | 2,455,860 | ||||||
United Microelectronics Corp. | 6,416,000 | 6,886,262 | ||||||
Wistron Corp. | 1,806,875 | 1,800,337 | ||||||
Yageo Corp. | 85,000 | 1,056,427 | ||||||
Yuanta Financial Holding Co. Ltd. | 2,025,257 | 1,256,780 | ||||||
Zhen Ding Technology Holding Ltd. | 217,000 | 917,965 | ||||||
|
| |||||||
166,427,486 | ||||||||
|
| |||||||
Tanzania-0.18% | ||||||||
AngloGold Ashanti Ltd. | 76,467 | 1,735,723 | ||||||
|
| |||||||
Thailand-3.26% | ||||||||
Advanced Info Service PCL, NVDR | 310,150 | 1,716,560 | ||||||
Bangkok Bank PCL, Foreign Shares | 291,797 | 905,795 | ||||||
Banpu PCL, NVDR | 4,430,153 | 931,018 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,798,770 | 1,457,253 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 69 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2020
Shares | Value | |||||||
Thailand-(continued) | ||||||||
CP ALL PCL, NVDR(a) | 970,083 | $ | 1,672,959 | |||||
Indorama Ventures PCL, NVDR | 959,682 | 680,484 | ||||||
IRPC PCL, NVDR | 12,399,000 | 803,593 | ||||||
Kasikornbank PCL, Foreign Shares | 318,482 | 779,153 | ||||||
Kasikornbank PCL, NVDR | 162,584 | 397,755 | ||||||
Krung Thai Bank PCL, NVDR | 4,192,778 | 1,163,633 | ||||||
PTT Exploration & Production PCL, NVDR | 540,178 | 1,364,852 | ||||||
PTT Global Chemical PCL, NVDR | 1,699,567 | 2,181,204 | ||||||
PTT PCL, NVDR | 8,270,369 | 8,225,922 | ||||||
Siam Cement PCL (The), NVDR | 432,915 | 4,694,803 | ||||||
Siam Commercial Bank PCL (The), NVDR | 1,494,877 | 3,117,575 | ||||||
Thai Oil PCL, NVDR | 988,508 | 1,086,272 | ||||||
Thanachart Capital PCL, NVDR | 521,566 | 460,193 | ||||||
|
| |||||||
31,639,024 | ||||||||
|
| |||||||
Turkey-1.35% | ||||||||
Akbank T.A.S.(a) | 2,007,587 | 1,142,335 | ||||||
BIM Birlesik Magazalar A.S. | 132,286 | 1,054,122 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,217,897 | 1,384,535 | ||||||
Haci Omer Sabanci Holding A.S. | 1,176,510 | 1,155,037 | ||||||
KOC Holding A.S. | 559,570 | 945,188 | ||||||
Tupras-Turkiye Petrol Rafinerileri | 127,356 | 1,135,615 | ||||||
Turk Hava Yollari AO(a) | 796,006 | 856,492 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 976,465 | 1,700,631 | ||||||
Turkiye Garanti Bankasi A.S.(a) | 1,486,217 | 1,170,110 | ||||||
Turkiye Halk Bankasi A.S.(a) | 1,553,664 | 871,075 | ||||||
Turkiye Is Bankasi A.S., Class C(a) | 1,780,053 | 1,085,062 | ||||||
Turkiye Vakiflar Bankasi T.A.O., Class D(a) | 1,347,491 | 612,423 | ||||||
|
| |||||||
13,112,625 | ||||||||
|
| |||||||
United States-0.21% | ||||||||
JBS S.A. | 601,882 | 2,030,282 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 967,400,248 | |||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
CPO-Certificates of Ordinary Participation
ETF-Exchange-Traded Fund
NVDR-Non-Voting Depositary Receipt
Shares | Value | |||||||
Money Market Funds-0.13% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(g)(h) (Cost $1,309,256) | 1,309,256 | $ | 1,309,256 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% | 968,709,504 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.19% |
| |||||||
Invesco Private Government Fund, 0.04%(g)(h)(i) | 740,440 | 740,440 | ||||||
Invesco Private Prime Fund, | 1,110,327 | 1,110,660 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,851,100) | 1,851,100 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.07% | 970,560,604 | |||||||
OTHER ASSETS LESS LIABILITIES-(0.07)% | (716,641 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 969,843,963 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 70 |
|
Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $10,945,065, which represented 1.13% 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Invesco MSCI Saudi Arabia UCITS ETF | $ | - | $ | 3,582,435 | $ | (4,619,750 | ) | $ | - | $ | 1,037,315 | $ | - | $ | - | |||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 17,058,784 | (15,749,528 | ) | - | - | 1,309,256 | 42 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 2,265,414 | 70,888,362 | (73,153,776 | ) | - | - | - | 15,271 | ||||||||||||||||||||
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 | (2,113,644 | ) | (34 | ) | 97 | - | 5,035 | * | ||||||||||||||||||
Invesco Private Government Fund | - | 68,129,926 | (67,389,486 | ) | - | - | 740,440 | 1,849 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 18,937,971 | (17,827,584 | ) | - | 273 | 1,110,660 | 1,466 | * | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 4,796,210 | $ | 185,479,228 | $ | (188,152,733 | ) | $ | (34 | ) | $ | 1,037,685 | $ | 3,160,356 | $ | 36,900 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(h) | The rate shown is the 7-day SEC standardized yield as of October 31, 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.
| 71 |
|
Invesco Global Clean Energy ETF (PBD)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.99% |
| |||||||
Austria-1.14% | ||||||||
Verbund AG | 24,729 | $ | 1,422,419 | |||||
|
| |||||||
Canada-8.41% | ||||||||
Ballard Power Systems, Inc.(a) | 90,963 | 1,340,551 | ||||||
Boralex, Inc., Class A | 51,069 | 1,484,174 | ||||||
Canadian Solar, Inc.(a) | 43,600 | 1,584,860 | ||||||
Innergex Renewable Energy, Inc. | 78,792 | 1,419,420 | ||||||
Lithium Americas Corp.(a)(b) | 161,213 | 1,549,257 | ||||||
TransAlta Renewables, Inc.(b) | 110,896 | 1,388,955 | ||||||
Xebec Adsorption, Inc.(a) | 432,770 | 1,671,553 | ||||||
|
| |||||||
10,438,770 | ||||||||
|
| |||||||
Chile-1.17% | ||||||||
Sociedad Quimica y Minera de Chile S.A., ADR | 39,357 | 1,456,603 | ||||||
|
| |||||||
China-13.47% | ||||||||
BYD Co. Ltd., H Shares | 118,036 | 2,345,545 | ||||||
Daqo New Energy Corp., ADR(a) | 11,258 | 2,055,823 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 57,608 | 3,358,547 | ||||||
NIO, Inc., ADR(a) | 70,166 | 2,145,676 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(b) | 1,469,468 | 1,932,800 | ||||||
Xinyi Energy Holdings Ltd. | 3,371,731 | 1,734,812 | ||||||
Xinyi Solar Holdings Ltd. | 1,051,501 | 1,911,857 | ||||||
XPeng, Inc., ADR(a)(b) | 64,158 | 1,243,382 | ||||||
|
| |||||||
16,728,442 | ||||||||
|
| |||||||
Denmark-3.40% | ||||||||
Novozymes A/S, Class B | 20,098 | 1,207,808 | ||||||
Orsted A/S(c) | 9,622 | 1,527,278 | ||||||
Vestas Wind Systems A/S | 8,719 | 1,488,305 | ||||||
|
| |||||||
4,223,391 | ||||||||
|
| |||||||
Finland-0.99% | ||||||||
Caverion OYJ(a) | 187,598 | 1,230,287 | ||||||
|
| |||||||
France-2.92% | ||||||||
Albioma S.A. | 24,734 | 1,151,015 | ||||||
McPhy Energy S.A.(a)(b) | 43,835 | 1,133,558 | ||||||
Neoen S.A.(a)(c) | 24,982 | 1,338,612 | ||||||
|
| |||||||
3,623,185 | ||||||||
|
| |||||||
Germany-6.67% | ||||||||
CropEnergies AG | 85,005 | 1,154,550 | ||||||
Encavis AG(b) | 76,433 | 1,502,876 | ||||||
Nordex SE(a) | 97,775 | 1,400,886 | ||||||
PNE AG | 207,268 | 1,453,445 | ||||||
SMA Solar Technology AG(a) | 29,737 | 1,287,190 | ||||||
VERBIO Vereinigte BioEnergie AG | 69,173 | 1,479,378 | ||||||
|
| |||||||
8,278,325 | ||||||||
|
| |||||||
Guernsey-1.07% | ||||||||
Renewables Infrastructure Group Ltd. (The) | 760,090 | 1,328,741 | ||||||
|
| |||||||
India-1.06% | ||||||||
Azure Power Global Ltd.(a) | 49,586 | 1,322,459 | ||||||
|
| |||||||
Ireland-1.11% | ||||||||
Kingspan Group PLC(a) | 15,773 | 1,375,232 | ||||||
|
| |||||||
Italy-2.84% | ||||||||
Falck Renewables S.p.A. | 195,727 | 1,061,989 |
Shares | Value | |||||||
Italy-(continued) | ||||||||
Prysmian S.p.A. | 44,969 | $ | 1,222,598 | |||||
Terna Rete Elettrica Nazionale S.p.A. | 183,853 | 1,242,991 | ||||||
|
| |||||||
3,527,578 | ||||||||
|
| |||||||
Japan-5.03% | ||||||||
eRex Co. Ltd. | 128,553 | 1,432,602 | ||||||
GS Yuasa Corp. | 73,843 | 1,279,926 | ||||||
RENOVA, Inc.(a) | 114,879 | 1,827,471 | ||||||
West Holdings Corp. | 50,067 | 1,707,374 | ||||||
|
| |||||||
6,247,373 | ||||||||
|
| |||||||
Netherlands-1.08% | ||||||||
Signify N.V.(a)(c) | 37,510 | 1,336,584 | ||||||
|
| |||||||
New Zealand-3.30% | ||||||||
Mercury NZ Ltd. | 377,208 | 1,333,738 | ||||||
Meridian Energy Ltd. | 395,500 | 1,385,346 | ||||||
Tilt Renewables Ltd.(b) | 537,832 | 1,382,713 | ||||||
|
| |||||||
4,101,797 | ||||||||
|
| |||||||
Norway-2.13% | ||||||||
NEL ASA(a)(b) | 630,005 | 1,191,617 | ||||||
Scatec Solar ASA(c) | 65,983 | 1,449,592 | ||||||
|
| |||||||
2,641,209 | ||||||||
|
| |||||||
South Korea-3.01% | ||||||||
CS Wind Corp. | 13,885 | 1,220,000 | ||||||
Ecopro Co. Ltd. | 30,139 | 1,128,851 | ||||||
Samsung SDI Co. Ltd. | 3,569 | 1,390,234 | ||||||
|
| |||||||
3,739,085 | ||||||||
|
| |||||||
Spain-4.46% | ||||||||
Acciona S.A.(b) | 11,180 | 1,129,096 | ||||||
EDP Renovaveis S.A. | 78,716 | 1,496,418 | ||||||
Siemens Gamesa Renewable Energy S.A. | 49,811 | 1,411,683 | ||||||
Solaria Energia y Medio Ambiente S.A.(a) | 77,073 | 1,499,300 | ||||||
|
| |||||||
5,536,497 | ||||||||
|
| |||||||
Sweden-2.93% | ||||||||
Eolus Vind AB, Class B(b) | 77,771 | 1,148,066 | ||||||
Nibe Industrier AB, Class B(a) | 51,481 | 1,241,168 | ||||||
PowerCell Sweden AB(a) | 50,070 | 1,252,151 | ||||||
|
| |||||||
3,641,385 | ||||||||
|
| |||||||
Switzerland-3.17% | ||||||||
Credit Suisse Real Estate Fund Green Property(b) | 7,989 | 1,324,018 | ||||||
Gurit Holding AG, BR | 642 | 1,343,469 | ||||||
Landis+Gyr Group AG(a) | 22,669 | 1,266,328 | ||||||
|
| |||||||
3,933,815 | ||||||||
|
| |||||||
Taiwan-2.16% | ||||||||
Everlight Electronics Co. Ltd. | 1,015,000 | 1,344,888 | ||||||
Sino-American Silicon Products, Inc. | 383,000 | 1,333,641 | ||||||
|
| |||||||
2,678,529 | ||||||||
|
| |||||||
United Kingdom-3.50% | ||||||||
Ceres Power Holdings PLC(a) | 194,292 | 1,763,562 | ||||||
Greencoat UK Wind PLC | 766,948 | 1,336,763 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 72 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
October 31, 2020
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
ITM Power PLC(a)(b) | 418,048 | $ | 1,248,638 | |||||
ITM Power PLC, Rts., expiring 11/10/2020(a)(d) | 2,564 | 0 | ||||||
|
| |||||||
4,348,963 | ||||||||
|
| |||||||
United States-24.97% | ||||||||
Ameresco, Inc., Class A(a) | 44,882 | 1,723,020 | ||||||
Arcosa, Inc. | 30,099 | 1,389,671 | ||||||
Bloom Energy Corp., Class A(a) | 89,820 | 1,135,325 | ||||||
Cree, Inc.(a) | 20,974 | 1,333,946 | ||||||
Enphase Energy, Inc.(a) | 18,907 | 1,854,588 | ||||||
First Solar, Inc.(a) | 18,383 | 1,600,148 | ||||||
FuelCell Energy, Inc.(a)(b) | 581,423 | 1,162,846 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 31,706 | 1,326,896 | ||||||
Itron, Inc.(a) | 22,857 | 1,553,133 | ||||||
Maxeon Solar Technologies Ltd.(a) | 73,772 | 1,195,106 | ||||||
Ormat Technologies, Inc. | 22,434 | 1,589,898 | ||||||
Plug Power, Inc.(a)(b) | 107,363 | 1,503,082 | ||||||
Renewable Energy Group, Inc.(a) | 30,277 | 1,707,623 | ||||||
SolarEdge Technologies, Inc.(a) | 6,703 | 1,727,296 | ||||||
Sunnova Energy International, Inc.(a) | 52,605 | 1,265,676 | ||||||
SunPower Corp.(a)(b) | 119,784 | 1,915,346 | ||||||
Sunrun, Inc.(a) | 22,247 | 1,157,289 | ||||||
TPI Composites, Inc.(a) | 48,094 | 1,592,873 | ||||||
Universal Display Corp. | 7,806 | 1,548,008 |
Shares | Value | |||||||
United States-(continued) | ||||||||
Veeco Instruments, Inc.(a) | 119,132 | $ | 1,516,550 | |||||
Willdan Group, Inc.(a) | 46,191 | 1,208,819 | ||||||
|
| |||||||
31,007,139 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 124,167,808 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-14.87% | ||||||||
Invesco Private Government Fund, 0.04%(e)(f)(g) | 7,420,921 | 7,420,921 | ||||||
Invesco Private Prime Fund, | 11,038,297 | 11,041,609 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 18,462,530 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-114.86% | 142,630,338 | |||||||
OTHER ASSETS LESS LIABILITIES-(14.86)% | (18,452,610 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 124,177,728 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
Rts.-Rights
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $5,652,066, which represented 4.55% of the Fund’s Net Assets. |
(d) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ - | $ 642,073 | $ | (642,073 | ) | $ | - | $ | - | $ | - | $ | 1 | |||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 3,477,518 | (3,477,518 | ) | - | - | - | 315 | ||||||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 73 |
|
Invesco Global Clean Energy ETF (PBD)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | $ | 2,297,396 | $ 7,221,660 | $ | (9,518,549 | ) | $ | (200 | ) | $ | (307 | ) | $ | - | $ | 15,859 | * | ||||||||||||||||||
Invesco Private Government Fund | - | 51,565,536 | (44,144,615 | ) | - | - | 7,420,921 | 1,854 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 21,541,756 | (10,500,667 | ) | 63 | 457 | 11,041,609 | 1,936 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 9,189,584 | $ | 112,608,174 | $ | (103,335,241 | ) | $ | (137 | ) | $ | 150 | $ | 18,462,530 | $ | 61,279 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 74 |
|
Invesco Global Water ETF (PIO)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.78% |
| |||||||
Brazil-4.37% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,229,641 | $ | 9,063,431 | |||||
|
| |||||||
Canada-0.70% | ||||||||
Stantec, Inc. | 50,770 | 1,456,827 | ||||||
|
| |||||||
Cayman Islands-0.11% | ||||||||
Consolidated Water Co. Ltd. | 22,616 | 227,517 | ||||||
|
| |||||||
China-2.65% | ||||||||
Beijing Enterprises Water Group Ltd.(a) | 3,359,789 | 1,273,755 | ||||||
CT Environmental Group Ltd.(a)(b) | 2,561,890 | 28,080 | ||||||
Guangdong Investment Ltd. | 2,828,884 | 4,187,778 | ||||||
|
| |||||||
5,489,613 | ||||||||
|
| |||||||
France-6.30% | ||||||||
Suez S.A. | 359,325 | 6,579,756 | ||||||
Veolia Environnement S.A. | 347,721 | 6,476,632 | ||||||
|
| |||||||
13,056,388 | ||||||||
|
| |||||||
Hong Kong-0.19% | ||||||||
China Water Affairs Group Ltd. | 557,706 | 399,140 | ||||||
|
| |||||||
Italy-1.39% | ||||||||
ACEA S.p.A. | 34,777 | 690,290 | ||||||
Hera S.p.A. | 699,817 | 2,200,990 | ||||||
|
| |||||||
2,891,280 | ||||||||
|
| |||||||
Japan-5.82% | ||||||||
Kurita Water Industries Ltd. | 79,465 | 2,356,433 | ||||||
METAWATER Co. Ltd. | 27,998 | 654,554 | ||||||
Miura Co. Ltd. | 82,908 | 3,882,099 | ||||||
Organo Corp. | 11,816 | 614,875 | ||||||
TOTO Ltd. | 100,144 | 4,545,469 | ||||||
|
| |||||||
12,053,430 | ||||||||
|
| |||||||
Netherlands-1.62% | ||||||||
Aalberts N.V. | 80,248 | 2,695,872 | ||||||
Arcadis N.V.(a) | 28,325 | 659,887 | ||||||
|
| |||||||
3,355,759 | ||||||||
|
| |||||||
South Korea-1.68% | ||||||||
Coway Co. Ltd. | 56,911 | 3,480,764 | ||||||
|
| |||||||
Spain-1.40% | ||||||||
Acciona S.A.(c) | 28,669 | 2,895,353 | ||||||
|
| |||||||
Switzerland-7.91% | ||||||||
Belimo Holding AG | 188 | 1,398,898 | ||||||
Geberit AG | 26,333 | 14,997,355 | ||||||
|
| |||||||
16,396,253 | ||||||||
|
| |||||||
Thailand-0.25% | ||||||||
TTW PCL, NVDR | 1,378,900 | 513,203 | ||||||
|
| |||||||
United Kingdom-12.86% | ||||||||
Halma PLC | 198,045 | 6,063,791 | ||||||
HomeServe PLC | 161,963 | 2,314,071 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Pennon Group PLC | 255,011 | $ | 3,272,893 | |||||
Polypipe Group PLC(a) | 70,147 | 417,221 | ||||||
Severn Trent PLC | 159,619 | 5,015,214 | ||||||
Spirax-Sarco Engineering PLC | 29,192 | 4,257,666 | ||||||
United Utilities Group PLC | 475,485 | 5,308,203 | ||||||
|
| |||||||
26,649,059 | ||||||||
|
| |||||||
United States-52.53% | ||||||||
A.O. Smith Corp. | 93,775 | 4,847,230 | ||||||
American Water Works Co., Inc. | 59,434 | 8,945,411 | ||||||
Danaher Corp. | 81,371 | 18,677,899 | ||||||
Ecolab, Inc. | 85,248 | 15,650,680 | ||||||
Essential Utilities, Inc. | 105,239 | 4,335,847 | ||||||
Ferguson PLC | 85,057 | 8,492,558 | ||||||
IDEX Corp. | 32,881 | 5,602,594 | ||||||
Pentair PLC | 254,622 | 12,669,991 | ||||||
Reliance Worldwide Corp. Ltd. | 897,147 | 2,589,389 | ||||||
Roper Technologies, Inc. | 19,663 | 7,301,658 | ||||||
Toro Co. (The) | 43,745 | 3,591,464 | ||||||
Waters Corp.(a) | 38,843 | 8,654,997 | ||||||
Xylem, Inc. | 86,270 | 7,517,568 | ||||||
|
| |||||||
108,877,286 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 206,805,303 | |||||||
|
| |||||||
Money Market Funds-0.04% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 82,272 | 82,272 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 206,887,575 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.45% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,202,704 | 1,202,704 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 1,803,516 | 1,804,057 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 3,006,761 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.27% | 209,894,336 | |||||||
OTHER ASSETS LESS LIABILITIES-(1.27)% | (2,632,333 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 207,262,003 | ||||||
|
|
Investment Abbreviations:
NVDR-Non-Voting Depositary Receipt
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 75 |
|
Invesco Global Water ETF (PIO)–(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(c) | All or a portion of this security was out on loan at October 31, 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $1,243,730 | $ | (1,161,458 | ) | $ | - | $ | - | $ | 82,272 | $ | 5 | |||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 8,168,803 | (8,168,803 | ) | - | - | - | 277 | |||||||||||||||||||||||||||
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 | - | 37,626,873 | (36,424,169 | ) | - | - | 1,202,704 | 334 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,424,159 | (3,620,114 | ) | - | 12 | 1,804,057 | 192 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,009,324 | $82,198,642 | $ | (82,119,323 | ) | $ | (74 | ) | $ | 464 | $ | 3,089,033 | $ | 15,731 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 76 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.41% |
| |||||||
Australia-7.55% | ||||||||
Ansell Ltd. | 67,994 | $ | 1,919,024 | |||||
BlueScope Steel Ltd. | 252,792 | 2,602,490 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 104,751 | 125,422 | ||||||
Qantas Airways Ltd.(a) | 792,705 | 2,332,478 | ||||||
|
| |||||||
6,979,414 | ||||||||
|
| |||||||
Austria-0.70% | ||||||||
IMMOFINANZ AG(a) | 48,267 | 646,574 | ||||||
|
| |||||||
Brazil-0.44% | ||||||||
Camil Alimentos S.A. | 195,700 | 410,339 | ||||||
|
| |||||||
Canada-21.47% | ||||||||
Artis REIT | 63,880 | 399,565 | ||||||
BRP, Inc. | 20,285 | 1,094,768 | ||||||
Celestica, Inc.(a) | 48,500 | 284,813 | ||||||
CI Financial Corp. | 113,653 | 1,323,757 | ||||||
ECN Capital Corp. | 121,941 | 482,880 | ||||||
Enerplus Corp.(b) | 107,138 | 194,453 | ||||||
First Capital REIT(b) | 95,778 | 849,061 | ||||||
Great-West Lifeco, Inc. | 118,128 | 2,405,351 | ||||||
Home Capital Group, Inc.(a) | 20,475 | 373,613 | ||||||
Knight Therapeutics, Inc.(a) | 50,575 | 207,481 | ||||||
Magna International, Inc. | 50,446 | 2,573,849 | ||||||
Nutrien Ltd. | 117,743 | 4,782,661 | ||||||
Power Corp. of Canada | 117,811 | 2,241,621 | ||||||
Seven Generations Energy Ltd., Class A(a) | 123,431 | 436,940 | ||||||
TFI International, Inc. | 49,387 | 2,197,200 | ||||||
|
| |||||||
19,848,013 | ||||||||
|
| |||||||
Colombia-0.77% | ||||||||
Parex Resources, Inc.(a) | 73,157 | 711,626 | ||||||
|
| |||||||
Denmark-3.66% | ||||||||
Jyske Bank A/S(a) | 28,790 | 856,973 | ||||||
Pandora A/S | 31,913 | 2,527,495 | ||||||
|
| |||||||
3,384,468 | ||||||||
|
| |||||||
France-5.15% | ||||||||
Vivendi S.A. | 164,899 | 4,761,726 | ||||||
|
| |||||||
Germany-2.02% | ||||||||
United Internet AG | 53,368 | 1,871,187 | ||||||
|
| |||||||
India-5.13% | ||||||||
Wipro Ltd., ADR | 979,189 | 4,739,275 | ||||||
|
| |||||||
Ireland-0.25% | ||||||||
Greencore Group PLC | 193,544 | 226,353 | ||||||
|
| |||||||
Japan-29.49% | ||||||||
Bridgestone Corp. | 50,236 | 1,629,042 | ||||||
Dai Nippon Printing Co. Ltd. | 25,674 | 476,199 | ||||||
Daicel Corp. | 22,558 | 160,543 | ||||||
Daito Trust Construction Co. Ltd. | 5,446 | 494,381 | ||||||
DeNA Co. Ltd. | 7,002 | 119,424 | ||||||
Duskin Co. Ltd. | 4,008 | 102,059 | ||||||
Hokuetsu Corp. | 14,896 | 49,017 | ||||||
Japan Post Insurance Co. Ltd. | 16,008 | 252,661 | ||||||
K’s Holdings Corp. | 18,672 | 238,267 | ||||||
Maxell Holdings Ltd.(a) | 4,196 | 43,750 | ||||||
Medipal Holdings Corp. | 19,338 | 344,436 | ||||||
METAWATER Co. Ltd. | 2,352 | 54,986 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Mitsubishi Corp. | 193,316 | $ | 4,300,329 | |||||
Nikon Corp. | 26,676 | 160,505 | ||||||
Nippon Telegraph & Telephone Corp. | 225,856 | 4,744,402 | ||||||
Nomura Holdings, Inc. | 276,320 | 1,227,766 | ||||||
Nomura Research Institute Ltd. | 34,002 | 1,006,660 | ||||||
Olympus Corp. | 222,590 | 4,235,044 | ||||||
Sankyo Co. Ltd. | 4,886 | 124,230 | ||||||
Shimachu Co. Ltd. | 3,118 | 164,937 | ||||||
Shinsei Bank Ltd. | 14,774 | 176,938 | ||||||
Toa Corp. | 1,780 | 31,619 | ||||||
Tokyo Electron Ltd. | 17,812 | 4,753,729 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 9,784 | 61,957 | ||||||
Toshiba Corp. | 32,424 | 815,407 | ||||||
Unipres Corp. | 2,894 | 22,285 | ||||||
Z Holdings Corp. | 213,622 | 1,481,704 | ||||||
|
| |||||||
27,272,277 | ||||||||
|
| |||||||
Netherlands-5.05% | ||||||||
Akzo Nobel N.V. | 45,413 | 4,374,773 | ||||||
AMG Advanced Metallurgical Group N.V.(b) | 16,594 | 298,737 | ||||||
|
| |||||||
4,673,510 | ||||||||
|
| |||||||
Norway-0.13% | ||||||||
DNO ASA(b) | 283,817 | 117,192 | ||||||
|
| |||||||
South Korea-2.65% | ||||||||
Daishin Securities Co. Ltd. | 23,100 | 272,795 | ||||||
SK Holdings Co. Ltd. | 13,557 | 2,180,446 | ||||||
|
| |||||||
2,453,241 | ||||||||
|
| |||||||
Spain-0.33% | ||||||||
Prosegur Cia de Seguridad S.A., Prosegur Cia de Seguridad S.A. | 133,021 | 304,321 | ||||||
|
| |||||||
Sweden-2.09% | ||||||||
Lundin Energy AB | 101,346 | 1,933,864 | ||||||
|
| |||||||
Switzerland-2.64% | ||||||||
Intershop Holding AG | 653 | 400,399 | ||||||
Swiss Life Holding AG | 6,066 | 2,039,759 | ||||||
|
| |||||||
2,440,158 | ||||||||
|
| |||||||
Taiwan-0.47% | ||||||||
Capital Securities Corp. | 1,148,000 | 437,471 | ||||||
|
| |||||||
United Kingdom-9.42% | ||||||||
Daily Mail and General Trust PLC, Class A | 94,637 | 827,192 | ||||||
Dialog Semiconductor PLC(a) | 38,072 | 1,453,732 | ||||||
Great Portland Estates PLC | 88,640 | 661,309 | ||||||
Micro Focus International PLC(a) | 168,230 | 469,629 | ||||||
Standard Life Aberdeen PLC(b) | 787,580 | 2,286,176 | ||||||
Subsea 7 S.A.(a) | 104,747 | 689,046 | ||||||
Whitbread PLC(a) | 83,761 | 2,325,266 | ||||||
|
| |||||||
8,712,350 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests (Cost $90,716,704) |
| 91,923,359 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 77 |
|
Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)
October 31, 2020
Shares | Value | |||||||
Money Market Funds-0.12% | ||||||||
Invesco Government & Agency Portfolio, | 112,421 | $ | 112,421 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES | 92,035,780 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.61% |
| |||||||
Invesco Private Government Fund, | 958,706 | 958,706 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.11%(c)(d)(e) | 1,455,188 | $ | 1,455,625 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,414,331 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.14% |
| 94,450,111 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.14)% |
| (1,979,648 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 92,470,463 | |||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 2020. |
(c) | 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 476,994 | $ | (364,573 | ) | $ | - | $ | - | $ | 112,421 | $ | 2 | |||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 4,001,881 | (4,001,881 | ) | - | - | - | 343 | ||||||||||||||||||||
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 | - | 50,093,967 | (49,135,261 | ) | - | - | 958,706 | 472 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 8,267,062 | (6,811,782 | ) | 5 | 340 | 1,455,625 | 406 | * | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 10,449,372 | $ | 103,992,052 | $ | (111,913,314 | ) | $ | (48 | ) | $ | (1,310 | ) | $ | 2,526,752 | $ | 45,037 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 78 |
|
Invesco MSCI Global Timber ETF (CUT)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.95% |
| |||||||
Australia-0.85% | ||||||||
Orora Ltd. | 353,937 | $ | 641,265 | |||||
|
| |||||||
Brazil-5.06% | ||||||||
Duratex S.A. | 114,142 | 379,484 | ||||||
Klabin S.A. | 252,834 | 1,040,978 | ||||||
Suzano S.A.(a) | 274,453 | 2,382,305 | ||||||
|
| |||||||
3,802,767 | ||||||||
|
| |||||||
Canada-4.15% | ||||||||
Canfor Corp.(a) | 22,955 | 278,211 | ||||||
Canfor Pulp Products, Inc. | 10,763 | 36,325 | ||||||
Cascades, Inc. | 29,411 | 312,782 | ||||||
Interfor Corp.(a) | 24,660 | 277,606 | ||||||
Norbord, Inc. | 17,934 | 588,721 | ||||||
Stella-Jones, Inc. | 22,266 | 724,081 | ||||||
West Fraser Timber Co. Ltd. | 19,472 | 902,370 | ||||||
|
| |||||||
3,120,096 | ||||||||
|
| |||||||
Chile-1.14% | ||||||||
Empresas CMPC S.A. | 412,473 | 856,941 | ||||||
|
| |||||||
China-1.03% | ||||||||
Lee & Man Paper Manufacturing Ltd. | 478,635 | 361,066 | ||||||
Shandong Sun Paper Industry JSC Ltd., A Shares | 57,000 | 118,335 | ||||||
Youyuan International Holdings Ltd.(a)(b) | 337,463 | 5,657 | ||||||
Yunnan Energy New Material Co. Ltd., A Shares | 19,200 | 285,986 | ||||||
|
| |||||||
771,044 | ||||||||
|
| |||||||
Finland-12.12% | ||||||||
Huhtamaki OYJ | 35,559 | 1,736,364 | ||||||
Metsa Board OYJ | 65,018 | 545,679 | ||||||
Stora Enso OYJ, Class R | 213,293 | 3,111,889 | ||||||
UPM-Kymmene OYJ | 131,359 | 3,712,107 | ||||||
|
| |||||||
9,106,039 | ||||||||
|
| |||||||
Germany-0.13% | ||||||||
Mercer International, Inc. | 15,681 | 98,633 | ||||||
|
| |||||||
Hong Kong-1.06% | ||||||||
Nine Dragons Paper Holdings Ltd. | 601,834 | 799,356 | ||||||
|
| |||||||
Indonesia-1.06% | ||||||||
PT Indah Kiat Pulp & Paper Corp. Tbk | 1,002,932 | 625,761 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk | 399,511 | 166,634 | ||||||
|
| |||||||
792,395 | ||||||||
|
| |||||||
Ireland-4.17% | ||||||||
Smurfit Kappa Group PLC | 83,095 | 3,128,355 | ||||||
|
| |||||||
Japan-4.06% | ||||||||
Daiken Corp. | 3,973 | 74,033 | ||||||
Daio Paper Corp. | 25,486 | 368,370 | ||||||
Hokuetsu Corp. | 37,889 | 124,678 | ||||||
Nippon Paper Industries Co. Ltd. | 36,272 | 408,381 | ||||||
Oji Holdings Corp. | 316,160 | 1,327,666 | ||||||
Pack Corp. (The)(c) | 4,392 | 123,013 | ||||||
Rengo Co. Ltd. | 64,641 | 496,525 | ||||||
Tokushu Tokai Paper Co. Ltd. | 3,117 | 129,999 | ||||||
|
| |||||||
3,052,665 | ||||||||
|
| |||||||
Pakistan-0.05% | ||||||||
Packages Ltd. | 11,450 | 34,070 | ||||||
|
|
Shares | Value | |||||||
Portugal-0.46% | ||||||||
Altri SGPS S.A. | 26,323 | $ | 101,615 | |||||
Navigator Co. S.A. (The) | 78,920 | 173,840 | ||||||
Semapa-Sociedade de Investimento e Gestao | 8,939 | 67,161 | ||||||
|
| |||||||
342,616 | ||||||||
|
| |||||||
South Africa-0.38% | ||||||||
Sappi Ltd.(a) | 200,869 | 286,554 | ||||||
|
| |||||||
South Korea-0.28% | ||||||||
Hansol Paper Co. Ltd. | 6,108 | 73,207 | ||||||
Kuk-il Paper Manufacturing Co. Ltd.(a) | 32,427 | 136,744 | ||||||
|
| |||||||
209,951 | ||||||||
|
| |||||||
Spain-0.29% | ||||||||
Ence Energia y Celulosa S.A.(a)(c) | 54,177 | 121,010 | ||||||
Miquel y Costas & Miquel S.A. | 6,819 | 93,252 | ||||||
|
| |||||||
214,262 | ||||||||
|
| |||||||
Sweden-7.21% | ||||||||
BillerudKorsnas AB | 64,891 | 1,016,981 | ||||||
Holmen AB, Class B | 36,449 | 1,381,607 | ||||||
Svenska Cellulosa AB S.C.A., Class B(a) | 222,136 | 3,013,422 | ||||||
|
| |||||||
5,412,010 | ||||||||
|
| |||||||
Switzerland-2.57% | ||||||||
SIG Combibloc Group AG(a) | 93,876 | 1,930,678 | ||||||
|
| |||||||
Taiwan-1.05% | ||||||||
Cheng Loong Corp. | 264,000 | 313,346 | ||||||
Chung Hwa Pulp Corp.(a) | 142,000 | 45,673 | ||||||
Longchen Paper & Packaging Co. Ltd. | 244,000 | 137,340 | ||||||
YFY, Inc. | 426,000 | 288,929 | ||||||
|
| |||||||
785,288 | ||||||||
|
| |||||||
Thailand-0.10% | ||||||||
Polyplex Thailand PCL, NVDR | 98,426 | 76,107 | ||||||
|
| |||||||
United Kingdom-6.94% | ||||||||
DS Smith PLC(a) | 503,187 | 1,841,908 | ||||||
Mondi PLC | 178,025 | 3,367,627 | ||||||
|
| |||||||
5,209,535 | ||||||||
|
| |||||||
United States-45.79% | ||||||||
Amcor PLC | 325,386 | 3,393,776 | ||||||
Avery Dennison Corp. | 30,556 | 4,228,645 | ||||||
Boise Cascade Co. | 14,371 | 551,559 | ||||||
CatchMark Timber Trust, Inc., Class A | 17,871 | 155,299 | ||||||
Clearwater Paper Corp.(a) | 6,075 | 225,686 | ||||||
Domtar Corp. | 20,236 | 483,236 | ||||||
Glatfelter Corp. | 16,247 | 231,845 | ||||||
Graphic Packaging Holding Co. | 102,410 | 1,361,029 | ||||||
International Paper Co. | 101,481 | 4,439,794 | ||||||
Louisiana-Pacific Corp. | 41,139 | 1,175,753 | ||||||
Neenah, Inc. | 6,156 | 231,650 | ||||||
Packaging Corp. of America | 34,774 | 3,981,275 | ||||||
PotlatchDeltic Corp. | 24,548 | 1,019,969 | ||||||
Ranpak Holdings Corp.(a) | 10,617 | 90,563 | ||||||
Rayonier, Inc. | 49,985 | 1,268,619 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 11,438 | 379,741 | ||||||
Sealed Air Corp. | 57,073 | 2,259,520 | ||||||
Sonoco Products Co. | 36,785 | 1,798,419 | ||||||
Verso Corp., Class A | 10,923 | 84,981 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 79 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
October 31, 2020
Shares | Value | |||||||
United States-(continued) | ||||||||
Westrock Co. | 95,054 | $ | 3,569,278 | |||||
Weyerhaeuser Co. | 126,807 | 3,460,563 | ||||||
|
| |||||||
34,391,200 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 75,061,827 | ||||||
|
| |||||||
Exchange-Traded Funds-0.06% | ||||||||
India-0.06% | ||||||||
Invesco India ETF(c)(d) | 2,427 | 47,326 | ||||||
|
| |||||||
Money Market Funds-0.13% | ||||||||
Invesco Government & Agency Portfolio, | 94,504 | 94,504 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 75,203,657 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.36% | ||||||||
Invesco Private Government Fund, | 109,632 | $ | 109,632 | |||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 164,398 | 164,447 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 274,079 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.50% |
| 75,477,736 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.50)% |
| (376,687 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 75,101,049 | |||||
|
|
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 October 31, 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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Invesco India ETF | $ | 73,870 | $ | 174,607 | $ | (137,943 | ) | $ | (3,291 | ) | $ | (16,367 | ) | $ | 47,326 | $ | 1,347 | |||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 378,469 | (283,965 | ) | - | - | 94,504 | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 208,217 | 6,077,623 | (6,285,840 | ) | - | - | - | 2,123 | ||||||||||||||||||||
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 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 80 |
|
Invesco MSCI Global Timber ETF (CUT)–(continued)
October 31, 2020
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | ||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 8,215,501 | $ | (8,105,869 | ) | $ | - | $ | - | $ | 109,632 | $ | 90 | * | ||||||||||||
Invesco Private Prime Fund | - | 1,739,696 | (1,575,262 | ) | 3 | 10 | 164,447 | 51 | * | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $ | 2,813,818 | $ | 49,179,727 | $ | (51,513,672 | ) | $ | (3,329 | ) | $ | (17,085 | )** | $ | 415,909 | $ | 25,158 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
** | Includes capital gains distributions from affiliated underlying funds as follows: |
Fund Name | Capital Gain | |||
Invesco India ETF | $ | 43,550 |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 81 |
|
Invesco S&P Global Water Index ETF (CGW)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.87% |
| |||||||
Austria-1.44% | ||||||||
ANDRITZ AG | 304,232 | $ | 10,248,800 | |||||
|
| |||||||
Brazil-1.18% | ||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 1,139,164 | 8,407,030 | ||||||
|
| |||||||
Canada-4.19% | ||||||||
Algonquin Power & Utilities Corp. | 1,963,739 | 29,750,274 | ||||||
|
| |||||||
China-2.91% | ||||||||
Beijing Enterprises Water Group Ltd.(a) | 17,036,743 | 6,458,929 | ||||||
Guangdong Investment Ltd. | 9,589,221 | 14,195,536 | ||||||
|
| |||||||
20,654,465 | ||||||||
|
| |||||||
France-7.83% | ||||||||
Suez S.A. | 1,358,078 | 24,868,356 | ||||||
Veolia Environnement S.A. | 1,652,002 | 30,770,096 | ||||||
|
| |||||||
55,638,452 | ||||||||
|
| |||||||
Hong Kong-0.29% | ||||||||
China Water Affairs Group Ltd. | 2,834,630 | 2,028,691 | ||||||
|
| |||||||
Italy-2.23% | ||||||||
ACEA S.p.A. | 141,975 | 2,818,067 | ||||||
Interpump Group S.p.A. | 346,204 | 13,066,128 | ||||||
|
| |||||||
15,884,195 | ||||||||
|
| |||||||
Japan-2.47% | ||||||||
Kurita Water Industries Ltd. | 453,202 | 13,439,126 | ||||||
METAWATER Co. Ltd. | 127,505 | 2,980,890 | ||||||
Organo Corp. | 22,364 | 1,163,766 | ||||||
�� |
|
| ||||||
17,583,782 | ||||||||
|
| |||||||
Netherlands-1.93% | ||||||||
Aalberts N.V. | 407,867 | 13,701,990 | ||||||
|
| |||||||
Singapore-0.48% | ||||||||
Sembcorp Industries Ltd. | 2,974,052 | 3,441,232 | ||||||
|
| |||||||
South Korea-2.02% | ||||||||
Coway Co. Ltd. | 234,660 | 14,352,167 | ||||||
|
| |||||||
Spain-0.21% | ||||||||
Fomento de Construcciones y Contratas S.A. | 177,276 | 1,499,189 | ||||||
|
| |||||||
Switzerland-7.45% | ||||||||
Geberit AG | 62,037 | 35,331,748 | ||||||
Georg Fischer AG | 17,491 | 17,652,256 | ||||||
|
| |||||||
52,984,004 | ||||||||
|
| |||||||
United Kingdom-14.82% | ||||||||
Halma PLC | 1,193,130 | 36,531,550 | ||||||
Pennon Group PLC | 1,403,180 | 18,008,863 |
Investment Abbreviations:
ADR-American Depositary Receipt
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Severn Trent PLC | 804,994 | $ | 25,292,838 | |||||
United Utilities Group PLC | 2,285,342 | 25,513,021 | ||||||
|
| |||||||
105,346,272 | ||||||||
|
| |||||||
United States-50.42% | ||||||||
Advanced Drainage Systems, Inc. | 206,959 | 13,127,410 | ||||||
Aegion Corp.(a) | 102,569 | 1,447,249 | ||||||
American States Water Co. | 122,945 | 9,182,762 | ||||||
American Water Works Co., Inc. | 471,957 | 71,034,248 | ||||||
Artesian Resources Corp., Class A | 28,180 | 992,782 | ||||||
Badger Meter, Inc. | 123,448 | 9,053,676 | ||||||
California Water Service Group | 164,658 | 7,338,807 | ||||||
Energy Recovery, Inc.(a) | 169,969 | 1,647,000 | ||||||
Essential Utilities, Inc. | 747,591 | 30,800,749 | ||||||
Evoqua Water Technologies Corp.(a) | 392,531 | 9,000,736 | ||||||
Forterra, Inc.(a) | 80,203 | 1,046,649 | ||||||
Franklin Electric Co., Inc. | 162,540 | 9,708,514 | ||||||
Gorman-Rupp Co. (The) | 79,676 | 2,473,940 | ||||||
Lindsay Corp. | 45,935 | 4,836,956 | ||||||
Middlesex Water Co. | 58,216 | 3,733,974 | ||||||
Mueller Water Products, Inc., Class A | 669,073 | 6,931,596 | ||||||
Northwest Pipe Co.(a) | 41,552 | 1,113,594 | ||||||
Olin Corp. | 602,342 | 9,968,760 | ||||||
Pentair PLC | 707,001 | 35,180,370 | ||||||
Reliance Worldwide Corp. Ltd. | 2,633,606 | 7,601,240 | ||||||
Rexnord Corp. | 511,539 | 16,410,171 | ||||||
Select Energy Services, Inc., Class A(a) | 265,210 | 800,934 | ||||||
SJW Group | 87,499 | 5,310,314 | ||||||
Tetra Tech, Inc. | 179,623 | 18,125,757 | ||||||
Watts Water Technologies, Inc., Class A | 116,364 | 12,889,640 | ||||||
Xylem, Inc. | 766,628 | 66,803,964 | ||||||
York Water Co. (The) | 43,449 | 1,835,720 | ||||||
|
| |||||||
358,397,512 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 709,918,055 | |||||||
|
| |||||||
Money Market Funds-0.02% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) | 145,794 | 145,794 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.89% | 710,063,849 | |||||||
OTHER ASSETS LESS LIABILITIES-0.11% | 806,810 | |||||||
|
| |||||||
NET ASSETS-100.00% | $ | 710,870,659 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 82 |
|
Invesco S&P Global Water Index ETF (CGW)—(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 2,330,536 | $ | (2,184,742 | ) | $ | - | $ | - | $ | 145,794 | $ | 2 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | - | 17,271,408 | (17,271,408 | ) | - | - | - | 3,320 | |||||||||||||||||||||||||||
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 | - | 145,392,890 | (145,392,890 | ) | - | - | - | 1,945 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 23,767,365 | (23,768,049 | ) | - | 684 | - | 1,211 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 7,884,163 | $ | 289,450,350 | $ | (297,189,361 | ) | $ | (139 | ) | $ | 781 | $ | 145,794 | $ | 76,127 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | The rate shown is the 7-day SEC standardized yield as of October 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 83 |
|
Invesco S&P International Developed Quality ETF (IDHQ)
October 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.50% |
| |||||||
Australia-10.84% | ||||||||
Alumina Ltd. | 53,184 | $ | 53,595 | |||||
Aristocrat Leisure Ltd. | 16,463 | 330,996 | ||||||
ASX Ltd. | 5,584 | 312,258 | ||||||
Aurizon Holdings Ltd. | 40,423 | 107,019 | ||||||
BHP Group Ltd. | 80,224 | 1,903,075 | ||||||
BlueScope Steel Ltd. | 9,424 | 97,020 | ||||||
Brambles Ltd. | 61,778 | 416,049 | ||||||
Cochlear Ltd. | 1,836 | 273,570 | ||||||
CSL Ltd. | 11,008 | 2,222,945 | ||||||
Evolution Mining Ltd. | 43,824 | 170,496 | ||||||
Fortescue Metals Group Ltd. | 56,261 | 686,276 | ||||||
Insurance Australia Group Ltd. | 56,505 | 189,277 | ||||||
Magellan Financial Group Ltd. | 4,401 | 170,292 | ||||||
Medibank Pvt Ltd. | 80,082 | 150,154 | ||||||
Newcrest Mining Ltd. | 18,563 | 381,169 | ||||||
Qantas Airways Ltd.(a) | 14,444 | 42,500 | ||||||
REA Group Ltd. | 1,507 | 125,164 | ||||||
Rio Tinto PLC | 24,994 | 1,408,063 | ||||||
Wesfarmers Ltd. | 31,664 | 1,021,969 | ||||||
Woolworths Group Ltd. | 29,056 | 778,639 | ||||||
|
| |||||||
10,840,526 | ||||||||
|
| |||||||
Austria-0.05% | ||||||||
ANDRITZ AG | 1,574 | 53,024 | ||||||
|
| |||||||
Belgium-0.13% | ||||||||
Colruyt S.A. | 1,198 | 70,919 | ||||||
Proximus SADP | 3,105 | 60,383 | ||||||
|
| |||||||
131,302 | ||||||||
|
| |||||||
Canada-4.63% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 22,699 | 698,496 | ||||||
AltaGas Ltd. | 5,623 | 71,229 | ||||||
Cameco Corp. | 9,344 | 88,720 | ||||||
Canadian National Railway Co. | 17,000 | 1,687,442 | ||||||
Canadian Pacific Railway Ltd. | 3,870 | 1,155,587 | ||||||
Canadian Utilities Ltd., Class A(b) | 2,699 | 63,034 | ||||||
CCL Industries, Inc., Class B | 3,206 | 122,147 | ||||||
CGI,Inc.,Class A(a) | 5,043 | 312,675 | ||||||
Great-West Lifeco, Inc. | 5,811 | 118,325 | ||||||
IGM Financial, Inc. | 1,939 | 42,536 | ||||||
Kirkland Lake Gold Ltd. | 6,049 | 275,377 | ||||||
|
| |||||||
4,635,568 | ||||||||
|
| |||||||
China-0.21% | ||||||||
ENN Energy Holdings Ltd. | 16,674 | 210,606 | ||||||
|
| |||||||
Denmark-5.05% | ||||||||
Carlsberg A/S, Class B | 2,398 | 303,528 | ||||||
Chr. Hansen Holding A/S | 2,780 | 280,025 | ||||||
Coloplast A/S, Class B | 4,316 | 629,898 | ||||||
GN Store Nord A/S | 2,981 | 214,406 | ||||||
Novo Nordisk A/S, Class B | 49,772 | 3,197,067 | ||||||
Novozymes A/S, Class B | 5,897 | 354,385 | ||||||
Tryg A/S | 2,622 | 72,735 | ||||||
|
| |||||||
5,052,044 | ||||||||
|
| |||||||
Finland-2.26% | ||||||||
Elisa OYJ | 3,986 | 196,124 | ||||||
Kone OYJ, Class B | 12,851 | 1,023,014 |
Shares | Value | |||||||
Finland-(continued) | ||||||||
Neste OYJ(b) | 10,928 | $ | 568,753 | |||||
Orion OYJ, Class B | 3,539 | 151,498 | ||||||
UPM-Kymmene OYJ | 11,440 | 323,286 | ||||||
|
| |||||||
2,262,675 | ||||||||
|
| |||||||
France-3.52% | ||||||||
Hermes International | 945 | 879,526 | ||||||
L’Oreal S.A. | 5,040 | 1,630,333 | ||||||
Safran S.A.(a) | 7,066 | 745,054 | ||||||
Sartorius Stedim Biotech | 710 | 269,285 | ||||||
|
| |||||||
3,524,198 | ||||||||
|
| |||||||
Germany-2.07% | ||||||||
BASF SE | 18,605 | 1,020,102 | ||||||
Evonik Industries AG | 3,534 | 85,090 | ||||||
Knorr-Bremse AG | 1,059 | 122,654 | ||||||
MTU Aero Engines AG | 1,060 | 180,951 | ||||||
RWE AG | 13,661 | 505,875 | ||||||
Siemens Healthineers AG(c) | 3,653 | 156,825 | ||||||
|
| |||||||
2,071,497 | ||||||||
|
| |||||||
Hong Kong-1.24% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 26,049 | 1,243,524 | ||||||
|
| |||||||
Ireland-0.40% | ||||||||
ICON PLC(a) | 1,286 | 231,866 | ||||||
Ryanair Holdings PLC, ADR(a) | 2,145 | 172,887 | ||||||
|
| |||||||
404,753 | ||||||||
|
| |||||||
Israel-0.47% | ||||||||
Check Point Software Technologies Ltd.(a) | 3,680 | 417,901 | ||||||
Strauss Group Ltd. | 1,766 | 51,146 | ||||||
|
| |||||||
469,047 | ||||||||
|
| |||||||
Italy-1.09% | ||||||||
DiaSorin S.p.A. | 420 | 92,221 | ||||||
Ferrari N.V. | 3,751 | 669,166 | ||||||
FinecoBank Banca Fineco S.p.A.(a) | 15,331 | 209,835 | ||||||
Recordati Industria Chimica e Farmaceutica S.p.A. | 2,223 | 115,205 | ||||||
|
| |||||||
1,086,427 | ||||||||
|
| |||||||
Japan-26.95% | ||||||||
ABC-Mart, Inc. | 807 | 40,991 | ||||||
Astellas Pharma, Inc. | 47,956 | 658,283 | ||||||
Azbil Corp. | 2,785 | 112,556 | ||||||
Bandai Namco Holdings, Inc. | 4,944 | 367,750 | ||||||
Brother Industries Ltd. | 6,251 | 96,031 | ||||||
Calbee, Inc. | 3,271 | 100,126 | ||||||
Capcom Co. Ltd. | 2,175 | 119,631 | ||||||
Casio Computer Co. Ltd. | 4,933 | 74,509 | ||||||
Chugai Pharmaceutical Co. Ltd. | 16,988 | 653,422 | ||||||
COMSYS Holdings Corp. | 2,947 | 74,591 | ||||||
Dai-ichi Life Holdings, Inc. | 25,170 | 372,349 | ||||||
Daiichi Sankyo Co. Ltd. | 55,227 | 1,451,730 | ||||||
Daikin Industries Ltd. | 6,497 | 1,210,652 | ||||||
Daito Trust Construction Co. Ltd. | 2,491 | 226,130 | ||||||
Disco Corp. | 648 | 173,746 | ||||||
Eisai Co. Ltd. | 7,141 | 552,550 | ||||||
Fast Retailing Co. Ltd. | 1,494 | 1,039,112 | ||||||
GOLDWIN, Inc. | 1,045 | 77,670 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 84 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
October 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
GungHo Online Entertainment, Inc. | 2,792 | $ | 68,985 | |||||
Hoya Corp. | 10,554 | 1,191,288 | ||||||
Ito En Ltd. | 1,458 | 92,188 | ||||||
Itochu Techno-Solutions Corp. | 2,259 | 76,820 | ||||||
Izumi Co. Ltd. | 1,620 | 54,780 | ||||||
Japan Exchange Group, Inc. | 12,792 | 311,112 | ||||||
Japan Tobacco, Inc. | 25,393 | 478,517 | ||||||
JGC Holdings Corp. | 5,894 | 48,205 | ||||||
Kakaku.com, Inc. | 4,074 | 107,988 | ||||||
Kaken Pharmaceutical Co. Ltd. | 871 | 34,202 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 1,296 | 126,079 | ||||||
Kobe Bussan Co. Ltd.(b) | 2,566 | 72,287 | ||||||
K’s Holdings Corp. | 4,729 | 60,345 | ||||||
Kyowa Kirin Co. Ltd. | 6,056 | 150,039 | ||||||
Maruichi Steel Tube Ltd. | 1,782 | 40,740 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 1,688 | 79,927 | ||||||
MonotaRO Co. Ltd. | 3,366 | 186,750 | ||||||
Morinaga & Co. Ltd. | 1,277 | 48,434 | ||||||
Nexon Co. Ltd. | 11,344 | 316,751 | ||||||
Nihon M&A Center, Inc. | 4,216 | 246,411 | ||||||
Nihon Unisys Ltd. | 2,086 | 61,359 | ||||||
Nintendo Co. Ltd. | 2,638 | 1,437,854 | ||||||
Nippon Shinyaku Co. Ltd. | 1,458 | 103,764 | ||||||
Nissan Chemical Corp. | 3,277 | 173,035 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,975 | 170,786 | ||||||
Nitori Holdings Co. Ltd. | 2,078 | 428,361 | ||||||
Nitto Denko Corp. | 3,433 | 240,054 | ||||||
Nomura Research Institute Ltd. | 14,097 | 417,354 | ||||||
NS Solutions Corp. | 1,859 | 54,237 | ||||||
NTT DOCOMO, Inc. | 29,844 | 1,109,658 | ||||||
Obayashi Corp. | 19,116 | 159,087 | ||||||
OBIC Business Consultants Co. Ltd. | 920 | 49,811 | ||||||
Obic Co. Ltd. | 1,620 | 287,459 | ||||||
Olympus Corp. | 29,023 | 552,198 | ||||||
Omron Corp. | 5,325 | 382,031 | ||||||
Ono Pharmaceutical Co. Ltd. | 11,924 | 338,991 | ||||||
Otsuka Corp. | 2,647 | 122,045 | ||||||
Paltac Corp. | 1,134 | 63,458 | ||||||
Pigeon Corp. | 3,207 | 147,404 | ||||||
Recruit Holdings Co. Ltd. | 33,032 | 1,254,420 | ||||||
Ricoh Co. Ltd. | 16,009 | 104,440 | ||||||
Rinnai Corp. | 920 | 90,645 | ||||||
Rohm Co. Ltd. | 1,975 | 151,138 | ||||||
Rohto Pharmaceutical Co. Ltd. | 2,623 | 81,796 | ||||||
Sankyu, Inc. | 1,184 | 42,245 | ||||||
Santen Pharmaceutical Co. Ltd. | 9,502 | 168,789 | ||||||
SCSK Corp. | 1,201 | 59,625 | ||||||
Secom Co. Ltd. | 4,853 | 408,285 | ||||||
Sega Sammy Holdings, Inc. | 3,919 | 48,959 | ||||||
Sekisui House Ltd. | 16,009 | 264,392 | ||||||
Seven & i Holdings Co. Ltd. | 16,512 | 502,120 | ||||||
Shimano, Inc. | 1,975 | 448,975 | ||||||
Shionogi & Co. Ltd. | 7,787 | 366,780 | ||||||
SMC Corp. | 1,509 | 798,237 | ||||||
Sompo Holdings, Inc. | 9,498 | 353,518 | ||||||
Sugi Holdings Co. Ltd. | 920 | 60,899 | ||||||
Sumitomo Metal Mining Co. Ltd. | 5,570 | 171,725 | ||||||
Sundrug Co. Ltd. | 1,510 | 55,971 | ||||||
Suntory Beverage & Food Ltd. | 2,947 | 101,485 | ||||||
T&D Holdings, Inc. | 12,704 | 126,019 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Taisei Corp. | 5,215 | $ | 161,878 | |||||
TDK Corp. | 2,785 | 325,281 | ||||||
TIS, Inc. | 5,429 | 103,917 | ||||||
Toho Co. Ltd. | 3,109 | 122,825 | ||||||
Tokio Marine Holdings, Inc. | 15,840 | 705,936 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 2,947 | 45,273 | ||||||
Tokyo Electron Ltd. | 4,617 | 1,232,201 | ||||||
TOTO Ltd. | 3,433 | 155,822 | ||||||
Trend Micro, Inc. | 3,605 | 201,734 | ||||||
USS Co. Ltd. | 4,951 | 90,457 | ||||||
Welcia Holdings Co. Ltd. | 2,807 | 110,089 | ||||||
Yakult Honsha Co. Ltd. | 3,595 | 174,007 | ||||||
Yamaha Corp. | 3,507 | 165,051 | ||||||
Zenkoku Hosho Co. Ltd. | 1,613 | 63,261 | ||||||
ZOZO, Inc. | 5,842 | 148,146 | ||||||
|
| |||||||
26,958,964 | ||||||||
|
| |||||||
Luxembourg-0.05% | ||||||||
RTL Group S.A.(a) | 1,359 | 51,638 | ||||||
|
| |||||||
Macau-0.66% | ||||||||
Galaxy Entertainment Group Ltd. | 54,999 | 362,412 | ||||||
Sands China Ltd. | 67,628 | 236,768 | ||||||
Wynn Macau Ltd.(a) | 43,145 | 59,530 | ||||||
|
| |||||||
658,710 | ||||||||
|
| |||||||
Netherlands-5.87% | ||||||||
Adyen N.V.(a)(c) | 555 | 935,796 | ||||||
Akzo Nobel N.V. | 5,115 | 492,744 | ||||||
ASML Holding N.V. | 10,507 | 3,818,591 | ||||||
Wolters Kluwer N.V. | 7,647 | 619,791 | ||||||
|
| |||||||
5,866,922 | ||||||||
|
| |||||||
New Zealand-0.82% | ||||||||
a2 Milk Co. Ltd. (The)(a) | 16,528 | 159,918 | ||||||
Contact Energy Ltd. | 14,476 | 70,606 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 15,128 | 349,933 | ||||||
Fletcher Building Ltd.(a) | 19,012 | 51,517 | ||||||
Goodman Property Trust | 35,299 | 57,856 | ||||||
Spark New Zealand Ltd. | 43,856 | 130,140 | ||||||
|
| |||||||
819,970 | ||||||||
|
| |||||||
Norway-0.05% | ||||||||
Salmar ASA(a) | 1,020 | 51,486 | ||||||
|
| |||||||
Portugal-0.04% | ||||||||
Navigator Co. S.A. (The) | 19,390 | 42,711 | ||||||
|
| |||||||
Singapore-0.66% | ||||||||
Genting Singapore Ltd. | 132,062 | 62,380 | ||||||
SATS Ltd. | 20,559 | 44,867 | ||||||
Singapore Exchange Ltd. | 18,139 | 115,038 | ||||||
United Overseas Bank Ltd. | 25,656 | 356,798 | ||||||
Venture Corp. Ltd. | 5,609 | 79,113 | ||||||
|
| |||||||
658,196 | ||||||||
|
| |||||||
South Korea-1.36% | ||||||||
Celltrion, Inc.(a) | 1,843 | 391,437 | ||||||
CJ ENM Co. Ltd. | 487 | 56,438 | ||||||
Coway Co. Ltd. | 1,179 | 72,109 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 1,851 | 44,860 | ||||||
KT&G Corp. | 2,707 | 193,238 | ||||||
Kumho Petrochemical Co. Ltd. | 783 | 91,777 | ||||||
LG Innotek Co. Ltd. | 376 | 50,368 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 85 |
|
Invesco S&P International Developed Quality ETF (IDHQ)–(continued)
October 31, 2020
Shares | Value | |||||||
South Korea-(continued) | ||||||||
NCSoft Corp. | 380 | $ | 259,875 | |||||
Orion Corp. | 489 | 46,758 | ||||||
S-1 Corp. | 655 | 47,103 | ||||||
Samsung Engineering Co. Ltd.(a) | 4,474 | 46,329 | ||||||
Yuhan Corp. | 1,095 | 57,418 | ||||||
|
| |||||||
1,357,710 | ||||||||
|
| |||||||
Spain-0.71% | ||||||||
Aena SME S.A.(a)(c) | 1,671 | 225,011 | ||||||
Amadeus IT Group S.A. | 10,069 | 480,767 | ||||||
|
| |||||||
705,778 | ||||||||
|
| |||||||
Sweden-2.13% | ||||||||
Alfa Laval AB(a) | 5,901 | 119,662 | ||||||
Atlas Copco AB, Class A. | 15,488 | 683,646 | ||||||
Epiroc AB, Class A | 14,533 | 217,151 | ||||||
Essity AB, Class B(b) | 14,275 | 413,601 | ||||||
Hennes & Mauritz AB, Class B(b) | 18,970 | 308,169 | ||||||
Sandvik AB(a) | 21,681 | 386,067 | ||||||
|
| |||||||
2,128,296 | ||||||||
|
| |||||||
Switzerland-16.05% | ||||||||
Geberit AG | 1,226 | 698,240 | ||||||
Nestle S.A. | 45,179 | 5,082,052 | ||||||
Novartis AG | 56,817 | 4,431,670 | ||||||
Partners Group Holding AG | 551 | 496,925 | ||||||
Roche Holding AG | 14,299 | 4,598,364 | ||||||
Schindler Holding AG, PC | 1,042 | 266,596 | ||||||
SGS S.A. | 139 | 347,443 | ||||||
Swatch Group AG (The), BR | 617 | 130,563 | ||||||
|
| |||||||
16,051,853 | ||||||||
|
| |||||||
United Kingdom-11.40% | ||||||||
3i Group PLC | 19,813 | 246,191 | ||||||
Admiral Group PLC | 5,439 | 193,397 | ||||||
Aviva PLC | 96,229 | 320,392 | ||||||
BAE Systems PLC | 72,095 | 370,079 | ||||||
Barratt Developments PLC(a) | 21,673 | 135,212 | ||||||
Berkeley Group Holdings PLC | 3,053 | 160,151 | ||||||
Coca-Cola European Partners PLC | 4,394 | 156,910 | ||||||
Compass Group PLC | 40,308 | 549,848 | ||||||
Croda International PLC | 3,741 | 291,872 | ||||||
Diageo PLC | 64,578 | 2,086,649 | ||||||
Experian PLC | 20,760 | 756,159 | ||||||
Halma PLC | 8,543 | 261,572 | ||||||
Hargreaves Lansdown PLC | 10,861 | 189,935 | ||||||
Intertek Group PLC | 4,379 | 315,489 | ||||||
Legal & General Group PLC | 153,616 | 367,060 |
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
M&G PLC | 50,770 | $ | 96,269 | |||||
Mondi PLC | 11,375 | 215,176 | ||||||
Persimmon PLC | 8,251 | 249,217 | ||||||
RELX PLC | 52,070 | 1,028,413 | ||||||
Rentokil Initial PLC(a) | 47,731 | 324,627 | ||||||
Sage Group PLC (The) | 30,213 | 248,300 | ||||||
Spirax-Sarco Engineering PLC | 1,574 | 229,569 | ||||||
St James’s Place PLC | 11,607 | 134,951 | ||||||
Standard Life Aberdeen PLC | 56,202 | 163,142 | ||||||
Taylor Wimpey PLC(a) | 78,172 | 106,939 | ||||||
Unilever N.V.(b) | 38,906 | 2,200,268 | ||||||
|
| |||||||
11,397,787 | ||||||||
|
| |||||||
United States-0.79% | ||||||||
Ferguson PLC | 5,502 | 549,350 | ||||||
James Hardie Industries PLC, CDI | 9,749 | 236,743 | ||||||
|
| |||||||
786,093 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 99,521,305 | |||||||
|
| |||||||
Money Market Funds-0.13% | ||||||||
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) | 131,983 | 131,983 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.63% | 99,653,288 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.78% | ||||||||
Invesco Private Government Fund, 0.04%(d)(e)(f) | 1,511,160 | 1,511,160 | ||||||
Invesco Private Prime Fund, 0.11%(d)(e)(f) | 2,266,060 | 2,266,740 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 3,777,900 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-103.41% | 103,431,188 | |||||||
OTHER ASSETS LESS LIABILITIES-(3.41)% | (3,410,175 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 100,021,013 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 86 |
|
Invesco S&P International Developed Quality ETF (IDHQ)—(continued)
October 31, 2020
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at October 31, 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 October 31, 2020 was $1,317,632, which represented 1.32% of the Fund’s Net Assets. |
(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 fiscal year ended October 31, 2020. |
Value October 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value October 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | - | $ | 689,595 | $ | (557,612 | ) | $ | - | $ | - | $ | 131,983 | $ | 3 | ||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 71,126 | 2,282,851 | (2,353,977 | ) | - | - | - | 190 | |||||||||||||||||||||||||||
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 | - | 9,935,116 | (8,423,956 | ) | - | - | 1,511,160 | 103 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 3,996,616 | (1,729,928 | ) | - | 52 | 2,266,740 | 119 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 858,357 | $ | 22,842,101 | $ | (19,790,536 | ) | $ | (4 | ) | $ | (35 | ) | $ | 3,909,883 | $ | 4,940 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of October 31, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 87 |
|
Statements of Assets and Liabilities
October 31, 2020
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) | $ | 1,044,123,696 | $ | 155,193,408 | $ | 155,853,204 | $ | 867,353,383 | ||||||||
Affiliated investments in securities, at value | 26,510,067 | 5,496,556 | 1,943,260 | 21,490,259 | ||||||||||||
Foreign currencies, at value | 490 | 4,149 | 382,947 | 124,875 | ||||||||||||
Deposits with brokers: | ||||||||||||||||
Cash segregated as collateral | 6,794,436 | - | 795,247 | - | ||||||||||||
Receivable for: | ||||||||||||||||
Dividends | 24,062 | 139,019 | 103,468 | 2,534,750 | ||||||||||||
Securities lending | 4,520 | 1,306 | 282 | 29,449 | ||||||||||||
Investments sold | - | 30 | 43 | 50 | ||||||||||||
Fund shares sold | 12,692,009 | - | 219,582 | - | ||||||||||||
Foreign tax reclaims | - | 690,410 | - | 2,668,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 1,090,149,280 | 161,524,878 | 159,298,033 | 894,201,119 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Due to custodian | 2,223,110 | 875,419 | 649,621 | 949,467 | ||||||||||||
Due to foreign custodian | - | - | - | - | ||||||||||||
Payable for: | ||||||||||||||||
Investments purchased | 10,877,000 | - | 302,376 | 79 | ||||||||||||
Collateral upon return of securities loaned | 26,510,067 | 5,496,536 | 1,943,260 | 21,490,260 | ||||||||||||
Collateral upon receipt of securities in-kind | 6,794,436 | - | 795,247 | - | ||||||||||||
Fund shares repurchased | - | - | - | - | ||||||||||||
Accrued unitary management fees | 582,980 | 110,287 | 118,412 | 349,118 | ||||||||||||
Accrued advisory fees | - | - | - | - | ||||||||||||
Accrued trustees’ and officer’s fees | - | - | - | - | ||||||||||||
Accrued expenses | - | - | - | - | ||||||||||||
Accrued tax expenses | - | - | - | - | ||||||||||||
Other payables | - | - | - | 9,459 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 46,987,593 | 6,482,242 | 3,808,916 | 22,798,383 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,043,161,687 | $ | 155,042,636 | $ | 155,489,117 | $ | 871,402,736 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets consist of: | ||||||||||||||||
Shares of beneficial interest | $ | 938,763,796 | $ | 269,092,922 | $ | 254,506,840 | $ | 1,189,148,282 | ||||||||
Distributable earnings (loss) | 104,397,891 | (114,050,286 | ) | (99,017,723 | ) | (317,745,546 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,043,161,687 | $ | 155,042,636 | $ | 155,489,117 | $ | 871,402,736 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 14,100,000 | 5,200,000 | 7,950,000 | 25,500,000 | ||||||||||||
Net asset value | $ | 73.98 | $ | 29.82 | $ | 19.56 | $ | 34.17 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Market price | $ | 74.34 | $ | 29.77 | $ | 19.60 | $ | 34.25 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unaffiliated investments in securities, at cost. | $ | 821,027,544 | $ | 137,013,581 | $ | 128,842,358 | $ | 1,043,618,655 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Affiliated investments in securities, at cost | $ | 26,510,067 | $ | 5,496,536 | $ | 1,943,260 | $ | 21,490,260 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currencies (due to foreign custodian), at cost | $ | 490 | $ | 4,013 | $ | 377,887 | $ | 121,894 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 25,628,707 | $ | 5,214,529 | $ | 1,819,951 | $ | 20,440,093 | ||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 88 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | 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) | |||||||||||||||||||||||||||||||
$ | 307,202,459 | $ | 967,400,248 | $ | 124,167,808 | $ | 206,805,303 | $ | 91,923,359 | $ | 75,061,827 | $ | 709,918,055 | $ | 99,521,305 | |||||||||||||||||||||||
15,187,404 | 3,160,356 | 18,462,530 | 3,089,033 | 2,526,752 | 415,909 | 145,794 | 3,909,883 | |||||||||||||||||||||||||||||||
- | 863,122 | 14,338 | 30,808 | 36,919 | - | - | 3,923 | |||||||||||||||||||||||||||||||
- | - | 33,584 | - | - | - | - | - | |||||||||||||||||||||||||||||||
796,271 | 1,201,032 | 29,823 | 152,999 | 385,363 | 59,767 | 249,611 | 203,970 | |||||||||||||||||||||||||||||||
28,174 | 2,666 | 40,127 | 1,366 | 2,171 | 273 | 2,651 | 641 | |||||||||||||||||||||||||||||||
4,573,824 | 339 | - | - | 4,801,227 | - | - | 13 | |||||||||||||||||||||||||||||||
- | - | 31,024 | - | - | - | - | - | |||||||||||||||||||||||||||||||
329,961 | 5,522 | 36,135 | 326,012 | 235,909 | 167,776 | 1,383,358 | 184,271 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
328,118,093 | 972,633,285 | 142,815,369 | 210,405,521 | 99,911,700 | 75,705,552 | 711,699,469 | 103,824,006 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
296,892 | 40,584 | 32,151 | - | - | - | - | - | |||||||||||||||||||||||||||||||
52,905 | - | - | - | - | 2,773 | 6,672 | - | |||||||||||||||||||||||||||||||
119 | 18 | 31,024 | - | 4,982,104 | - | - | - | |||||||||||||||||||||||||||||||
15,187,085 | 1,851,100 | 18,462,467 | 3,006,761 | 2,414,326 | 274,076 | - | 3,777,900 | |||||||||||||||||||||||||||||||
- | - | 33,584 | - | - | - | - | - | |||||||||||||||||||||||||||||||
4,339,552 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
135,225 | 414,128 | 78,415 | 136,757 | 44,807 | - | - | 25,093 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 36,605 | 314,794 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 11,072 | 24,079 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 279,977 | 483,265 | - | |||||||||||||||||||||||||||||||
- | 483,492 | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
20,011,778 | 2,789,322 | 18,637,641 | 3,143,518 | 7,441,237 | 604,503 | 828,810 | 3,802,993 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 308,106,315 | $ | 969,843,963 | $ | 124,177,728 | $ | 207,262,003 | $ | 92,470,463 | $ | 75,101,049 | $ | 710,870,659 | $ | 100,021,013 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 358,967,164 | $ | 1,253,860,191 | $ | 153,105,861 | $ | 208,520,607 | $ | 145,781,409 | $ | 90,087,665 | $ | 606,261,564 | $ | 104,072,817 | |||||||||||||||||||||||
(50,860,849 | ) | (284,016,228 | ) | (28,928,133 | ) | (1,258,604 | ) | (53,310,946 | ) | (14,986,616 | ) | 104,609,095 | (4,051,804 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 308,106,315 | $ | 969,843,963 | $ | 124,177,728 | $ | 207,262,003 | $ | 92,470,463 | $ | 75,101,049 | $ | 710,870,659 | $ | 100,021,013 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
10,650,000 | 55,400,000 | 5,425,000 | 6,650,000 | 2,950,000 | 2,700,000 | 17,160,000 | 4,000,000 | |||||||||||||||||||||||||||||||
$ | 28.93 | $ | 17.51 | $ | 22.89 | $ | 31.17 | $ | 31.35 | $ | 27.82 | $ | 41.43 | $ | 25.01 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 28.94 | $ | 17.51 | $ | 22.92 | $ | 31.18 | $ | 31.42 | $ | 27.81 | $ | 41.54 | $ | 25.00 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 304,839,194 | $ | 1,049,306,528 | $ | 84,084,184 | $ | 158,344,039 | $ | 90,716,704 | $ | 68,122,294 | $ | 590,632,212 | $ | 97,124,510 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 15,187,085 | $ | 3,160,356 | $ | 18,462,467 | $ | 3,089,033 | $ | 2,526,747 | $ | 420,638 | $ | 145,794 | $ | 3,909,883 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (52,885 | ) | $ | 860,103 | $ | 14,344 | $ | 30,347 | $ | 36,270 | $ | (2,803 | ) | $ | (6,768 | ) | $ | 3,977 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 13,416,654 | $ | 1,747,914 | $ | 16,450,232 | $ | 2,854,754 | $ | 1,617,636 | $ | 242,761 | $ | - | $ | 3,534,825 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 89 |
|
For the year ended October 31, 2020
Invesco China ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | Invesco DWA Emerging Markets Momentum ETF (PIE) | Invesco FTSE RAFI Developed | |||||||||||||
Investment income: | ||||||||||||||||
Unaffiliated dividend income | $ | 4,605,880 | $ | 2,258,829 | $ | 3,300,285 | $ | 34,117,235 | ||||||||
Affiliated dividend income | 1,218 | 298 | 845 | 6,440 | ||||||||||||
Non-cash dividend income | - | - | 433,882 | 1,154,903 | ||||||||||||
Securities lending income | 67,307 | 38,482 | 8,110 | 390,337 | ||||||||||||
Foreign withholding tax | (187,781 | ) | (256,414 | ) | (451,000 | ) | (3,218,401 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 4,486,624 | 2,041,195 | 3,292,122 | 32,450,514 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses: | ||||||||||||||||
Unitary management fees | 5,149,809 | 1,281,641 | 1,379,475 | 4,842,242 | ||||||||||||
Advisory fees | - | - | - | - | ||||||||||||
Sub-licensing fees | - | - | - | - | ||||||||||||
Accounting & administration fees | - | - | - | - | ||||||||||||
Custodian & transfer agent fees | - | - | - | - | ||||||||||||
Trustees’ and officer’s fees | - | - | - | - | ||||||||||||
Tax expenses | 27,574 | - | 3,175 | - | ||||||||||||
Other expenses | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 5,177,383 | 1,281,641 | 1,382,650 | 4,842,242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less: Waivers | (1,409 | ) | (80 | ) | (195 | ) | (1,787 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 5,175,974 | 1,281,561 | 1,382,455 | 4,840,455 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (689,350 | ) | 759,634 | 1,909,667 | 27,610,059 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Unaffiliated investment securities | (21,894,430 | ) | (13,896,129 | ) | (9,943,121 | ) | (61,495,613 | ) | ||||||||
Affiliated investment securities | 1,109 | (481 | ) | 116 | 6,236 | |||||||||||
Unaffiliated in-kind redemptions | 105,355,104 | 22,086,986 | 9,390,905 | 51,836,560 | ||||||||||||
Affiliated in-kind redemptions | - | - | - | - | ||||||||||||
Short Sales | - | - | - | - | ||||||||||||
Foreign currencies | (135,638 | ) | (101,095 | ) | (420,703 | ) | 71,873 | |||||||||
Distributions of underlying fund shares | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 83,326,145 | 8,089,281 | (972,803 | ) | (9,580,944 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Unaffiliated investment securities | 222,740,347 | (1,888,380 | ) | 141,463 | (195,871,177 | ) | ||||||||||
Affiliated investment securities | (395 | ) | (54 | ) | (1 | ) | (285 | ) | ||||||||
Foreign currencies | (24 | ) | 38,827 | 3,296 | 150,642 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation (depreciation) | 222,739,928 | (1,849,607 | ) | 144,758 | (195,720,820 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 306,066,073 | 6,239,674 | (828,045 | ) | (205,301,764 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 305,376,723 | $ | 6,999,308 | $ | 1,081,622 | $ | (177,691,705 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Net of foreign taxes of $489,489. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 90 |
|
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | Invesco FTSE 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) | |||||||||||||||||||||||||||||||
$ | 7,945,969 | $ | 46,438,301 | $ | 1,058,525 | $ | 3,246,413 | $ | 2,927,951 | $ | 2,458,013 | $ | 13,577,529 | $ | 1,470,350 | |||||||||||||||||||||||
3,562 | 15,313 | 316 | 282 | 345 | 3,472 | 3,322 | 193 | |||||||||||||||||||||||||||||||
710,555 | 620,423 | - | - | - | - | 1,782,800 | - | |||||||||||||||||||||||||||||||
378,879 | 33,829 | 409,844 | 68,016 | 24,315 | 20,809 | 132,287 | 8,229 | |||||||||||||||||||||||||||||||
(741,640 | ) | (4,806,223 | ) | (98,890 | ) | (164,404 | ) | (334,637 | ) | (83,448 | ) | (649,267 | ) | (118,816 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
8,297,325 | 42,301,643 | 1,369,795 | 3,150,307 | 2,617,974 | 2,398,846 | 14,846,671 | 1,359,956 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,578,814 | 5,706,813 | 528,142 | 1,471,054 | 597,534 | - | - | 186,343 | |||||||||||||||||||||||||||||||
- | - | - | - | - | 469,831 | 3,405,405 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 56,417 | 299,888 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 31,625 | 59,957 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 41,196 | 29,197 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 9,021 | 16,664 | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
- | - | - | - | - | 68,094 | 91,938 | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,578,814 | 5,706,813 | 528,142 | 1,471,054 | 597,534 | 676,184 | 3,903,049 | 186,343 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(1,081 | ) | (14,077 | ) | (111 | ) | (209 | ) | (113 | ) | (160,505 | ) | (821 | ) | (86 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,577,733 | 5,692,736 | 528,031 | 1,470,845 | 597,421 | 515,679 | 3,902,228 | 186,257 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
6,719,592 | 36,608,907 | 841,764 | 1,679,462 | 2,020,553 | 1,883,167 | 10,944,443 | 1,173,699 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(32,028,876 | ) | (88,305,301 | ) | 2,222,814 | (779,000 | ) | (7,383,801 | ) | (35,065 | ) | 4,465,683 | (1,700,141 | ) | |||||||||||||||||||||||||
226 | 1,037,685 | 150 | 464 | (1,310 | ) | (44,547 | ) | 781 | (35 | ) | ||||||||||||||||||||||||||||
22,406,965 | 9,368,476 | 10,266,178 | 11,619,193 | (2,532,961 | ) | 5,212,084 | 76,731,259 | 3,724,531 | ||||||||||||||||||||||||||||||
- | - | - | - | - | (16,088 | ) | - | - | ||||||||||||||||||||||||||||||
3 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
61,867 | (1,065,666 | ) | 12,147 | 167,038 | (35,350 | ) | (39,802 | ) | 70,861 | (20,429 | ) | |||||||||||||||||||||||||||
- | - | - | - | - | 43,550 | - | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(9,559,815 | ) | (78,964,806 | ) | 12,501,289 | 11,007,695 | (9,953,422 | ) | 5,120,132 | 81,268,584 | 2,003,926 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(5,065,180) | (148,309,407 | )(a) | 32,327,196 | 4,589,849 | (653,436 | ) | (6,935,626 | ) | (56,156,174 | ) | (1,502,584 | ) | ||||||||||||||||||||||||||
91 | (34 | ) | (137 | ) | (74 | ) | (48 | ) | (3,329 | ) | (139 | ) | (4 | ) | ||||||||||||||||||||||||
20,277 | (34,447 | ) | 4,246 | 21,027 | 23,988 | 3,519 | 88,535 | 12,488 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(5,044,812 | ) | (148,343,888 | ) | 32,331,305 | 4,610,802 | (629,496 | ) | (6,935,436 | ) | (56,067,778 | ) | (1,490,100 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(14,604,627 | ) | (227,308,694 | ) | 44,832,594 | 15,618,497 | (10,582,918 | ) | (1,815,304 | ) | 25,200,806 | 513,826 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (7,885,035 | ) | $ | (190,699,787 | ) | $ | 45,674,358 | $ | 17,297,959 | $ | (8,562,365 | ) | $ | 67,863 | $ | 36,145,249 | $ | 1,687,525 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 91 |
|
Statements of Changes in Net Assets
For the years ended October 31, 2020 and 2019
Invesco China Technology ETF (CQQQ) | Invesco DWA Developed Markets Momentum ETF (PIZ) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | (689,350 | ) | $ | 441,566 | $ | 759,634 | $ | 2,194,732 | |||||||
Net realized gain (loss) | 83,326,145 | (50,651,000 | ) | 8,089,281 | 4,613,835 | |||||||||||
Change in net unrealized appreciation (depreciation) | 222,739,928 | 131,042,864 | (1,849,607 | ) | 13,766,599 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 305,376,723 | 80,833,430 | 6,999,308 | 20,575,166 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (56,175 | ) | (1,984,086 | ) | (1,593,829 | ) | (2,458,183 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 487,185,640 | 169,853,400 | 101,791,251 | 89,487,978 | ||||||||||||
Value of shares repurchased | (259,308,888 | ) | (144,279,474 | ) | (127,481,016 | ) | (155,460,383 | ) | ||||||||
Transaction fees | ---- | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 227,876,752 | 25,573,926 | (25,689,765 | ) | (65,972,405 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | 533,197,300 | 104,423,270 | (20,284,286 | ) | (47,855,422 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 509,964,387 | 405,541,117 | 175,326,922 | 223,182,344 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 1,043,161,687 | $ | 509,964,387 | $ | 155,042,636 | $ | 175,326,922 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 7,700,000 | 3,800,000 | 3,450,000 | 3,400,000 | ||||||||||||
Shares repurchased | (4,250,000 | ) | (3,150,000 | ) | (4,700,000 | ) | (6,050,000 | ) | ||||||||
Shares outstanding, beginning of year | 10,650,000 | 10,000,000 | 6,450,000 | 9,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 14,100,000 | 10,650,000 | 5,200,000 | 6,450,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 92 |
|
Invesco DWA Emerging Markets | Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | Invesco FTSE RAFI Emerging Markets ETF (PXH) | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
$ | 1,909,667 | $ | 3,572,273 | $ | 27,610,059 | $ | 48,275,281 | $ | 6,719,592 | $ | 7,534,531 | $ | 36,608,907 | $ | 43,548,035 | |||||||||||||||||||||||
(972,803 | ) | (12,222,762 | ) | (9,580,944 | ) | 22,645,640 | (9,559,815 | ) | 3,743,870 | (78,964,806 | ) | 9,922,253 | ||||||||||||||||||||||||||
144,758 | 36,363,295 | (195,720,820 | ) | 24,153,900 | (5,044,812 | ) | 13,563,895 | (148,343,888 | ) | 42,306,578 | ||||||||||||||||||||||||||||
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1,081,622 | 27,712,806 | (177,691,705 | ) | 95,074,821 | (7,885,035 | ) | 24,842,296 | (190,699,787 | ) | 95,776,866 | ||||||||||||||||||||||||||||
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(2,903,680 | ) | (4,189,151 | ) | (28,485,359 | ) | (52,102,548 | ) | (7,471,395 | ) | (8,100,512 | ) | (37,760,270 | ) | (42,921,358 | ) | |||||||||||||||||||||||
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72,913,003 | 6,000,666 | 232,570,059 | 193,265,004 | 97,340,230 | 68,979,125 | 125,211,353 | 246,400,978 | |||||||||||||||||||||||||||||||
(83,901,569 | ) | (54,036,505 | ) | (401,264,265 | ) | (265,660,638 | ) | (102,054,085 | ) | (49,476,285 | ) | (204,277,052 | ) | (151,731,342 | ) | |||||||||||||||||||||||
90,225 | 61,725 | 198,122 | 77,695 | 21,102 | 48,223 | 219,884 | 291,802 | |||||||||||||||||||||||||||||||
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(10,898,341 | ) | (47,974,114 | ) | (168,496,084 | ) | (72,317,939 | ) | (4,692,753 | ) | 19,551,063 | (78,845,815 | ) | 94,961,438 | |||||||||||||||||||||||||
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(12,720,399 | ) | (24,450,459 | ) | (374,673,148 | ) | (29,345,666 | ) | (20,049,183 | ) | 36,292,847 | (307,305,872 | ) | 147,816,946 | |||||||||||||||||||||||||
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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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$ | 155,489,117 | $ | 168,209,516 | $ | 871,402,736 | $ | 1,246,075,884 | $ | 308,106,315 | $ | 328,155,498 | $ | 969,843,963 | $ | 1,277,149,835 | |||||||||||||||||||||||
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3,800,000 | 350,000 | 6,900,000 | 5,050,000 | 3,750,000 | 2,450,000 | 6,100,000 | 11,700,000 | |||||||||||||||||||||||||||||||
(4,900,000 | ) | (3,250,000 | ) | (11,800,000 | ) | (6,500,000 | ) | (3,800,000 | ) | (1,650,000 | ) | (11,650,000 | ) | (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 | |||||||||||||||||||||||||||||||
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7,950,000 | 9,050,000 | 25,500,000 | 30,400,000 | 10,650,000 | 10,700,000 | 55,400,000 | 60,950,000 | |||||||||||||||||||||||||||||||
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| 93 |
|
Statements of Changes in Net Assets–(continued)
For the years ended October 31, 2020 and 2019
Invesco Global Clean Energy ETF (PBD) | Invesco Global Water ETF (PIO) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 841,764 | $ | 847,494 | $ | 1,679,462 | $ | 2,605,413 | ||||||||
Net realized gain (loss) | 12,501,289 | 781,863 | 11,007,695 | 4,335,692 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 32,331,305 | 6,281,372 | 4,610,802 | 31,301,757 | ||||||||||||
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Net increase (decrease) in net assets resulting from operations | 45,674,358 | 7,910,729 | 17,297,959 | 38,242,862 | ||||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (1,131,324 | ) | (980,943 | ) | (1,898,770 | ) | (2,822,348 | ) | ||||||||
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Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 45,283,634 | - | 26,789,094 | 18,017,976 | ||||||||||||
Value of shares repurchased | (15,330,919 | ) | (6,919,279 | ) | (30,240,795 | ) | (23,042,889 | ) | ||||||||
Transaction fees | 7,213 | 3,159 | 758 | 2,343 | ||||||||||||
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Net increase (decrease) in net assets resulting from share transactions | 29,959,928 | (6,916,120 | ) | (3,450,943 | ) | (5,022,570 | ) | |||||||||
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Net increase (decrease) in net assets | 74,502,962 | 13,666 | 11,948,246 | 30,397,944 | ||||||||||||
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Net assets: | ||||||||||||||||
Beginning of year | 49,674,766 | 49,661,100 | 195,313,757 | 164,915,813 | ||||||||||||
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End of year | $ | 124,177,728 | $ | 49,674,766 | $ | 207,262,003 | $ | 195,313,757 | ||||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 2,250,000 | - | 900,000 | 650,000 | ||||||||||||
Shares repurchased | (750,000 | ) | (600,000 | ) | (1,000,000 | ) | (850,000 | ) | ||||||||
Shares outstanding, beginning of year | 3,925,000 | 4,525,000 | 6,750,000 | 6,950,000 | ||||||||||||
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Shares outstanding, end of year | 5,425,000 | 3,925,000 | 6,650,000 | 6,750,000 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 94 |
|
Invesco International BuyBack | Invesco MSCI Global Timber ETF (CUT) | Invesco S&P Global Water Index ETF (CGW) | Invesco S&P International Developed Quality ETF (IDHQ) | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
$ | 2,020,553 | $ | 4,402,560 | $ | 1,883,167 | $ | 4,145,379 | $ | 10,944,443 | $ | 11,012,248 | $ | 1,173,699 | $ | 833,796 | |||||||||||||||
(9,953,422 | ) | (37,340,128 | ) | 5,120,132 | 4,519,082 | 81,268,584 | 6,922,670 | 2,003,926 | (340,844 | ) | ||||||||||||||||||||
(629,496 | ) | 41,795,879 | (6,935,436 | ) | (8,948,658 | ) | (56,067,778 | ) | 117,953,369 | (1,490,100 | ) | 5,913,916 | ||||||||||||||||||
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(8,562,365 | ) | 8,858,311 | 67,863 | (284,197 | ) | 36,145,249 | 135,888,287 | 1,687,525 | 6,406,868 | |||||||||||||||||||||
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(2,251,674 | ) | (5,243,213 | ) | (3,739,205 | ) | (4,947,600 | ) | (10,607,913 | ) | (10,958,575 | ) | (1,194,228 | ) | (916,670 | ) | |||||||||||||||
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14,674,546 | 39,446,681 | - | 3,971,096 | 93,185,348 | 109,681,761 | 76,718,570 | 20,510,517 | |||||||||||||||||||||||
(53,102,278 | ) | (144,764,111 | ) | (55,361,090 | ) | (38,113,591 | ) | (149,782,350 | ) | (23,998,390 | ) | (24,920,323 | ) | (10,317,948 | ) | |||||||||||||||
20,468 | 21,030 | 40,913 | 4,108 | 12,386 | 6,647 | 3,363 | 4,267 | |||||||||||||||||||||||
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(38,407,264 | ) | (105,296,400 | ) | (55,320,177 | ) | (34,138,387 | ) | (56,584,616 | ) | 85,690,018 | 51,801,610 | 10,196,836 | ||||||||||||||||||
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(49,221,303 | ) | (101,681,302 | ) | (58,991,519 | ) | (39,370,184 | ) | (31,047,280 | ) | 210,619,730 | 52,294,907 | 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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$ | 92,470,463 | $ | 141,691,766 | $ | 75,101,049 | $ | 134,092,568 | $ | 710,870,659 | $ | 741,917,939 | $ | 100,021,013 | $ | 47,726,106 | |||||||||||||||
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450,000 | 1,250,000 | - | 150,000 | 2,160,000 | 3,040,000 | 3,050,000 | 900,000 | |||||||||||||||||||||||
(1,900,000 | ) | (4,700,000 | ) | (2,150,000 | ) | (1,500,000 | ) | (3,760,000 | ) | (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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2,950,000 | 4,400,000 | 2,700,000 | 4,850,000 | 17,160,000 | 18,760,000 | 4,000,000 | 1,950,000 | |||||||||||||||||||||||
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| 95 |
|
Invesco China Technology ETF (CQQQ)
Years Ended October 31, | Two Months Ended October 31, 2018 | Years Ended August 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | $ | 29.55 | ||||||||||||
Net investment income (loss)(a) | (0.06 | ) | 0.04 | 0.03 | 0.31 | 0.52 | 0.32 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 26.17 | 7.46 | (8.80 | ) | (5.13 | ) | 15.82 | 10.03 | ||||||||||||||||
Total from investment operations | 26.11 | 7.50 | (8.77 | ) | (4.82 | ) | 16.34 | 10.35 | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.17 | ) | - | (0.86 | ) | (0.60 | ) | (0.64 | ) | |||||||||||||
Net asset value at end of period | $ | 73.98 | $ | 47.88 | $ | 40.55 | $ | 49.32 | $ | 55.00 | $ | 39.26 | ||||||||||||
Market price at end of period | $ | 74.34 | (b) | $ | 47.67 | (b) | $ | 40.81 | (b) | $ | 49.36 | (b) | $ | 55.21 | $ | 39.08 | ||||||||
Net Asset Value Total Return(c) | 54.53 | % | 18.59 | % | (17.78 | )% | (9.05 | )% | 42.43 | % | 35.19 | % | ||||||||||||
Market Price Total Return(c) | 55.97 | % | 17.32 | % | (17.32 | )% | (9.33 | )% | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,043,162 | $ | 509,964 | $ | 405,541 | $ | 384,689 | $ | 209,019 | $ | 45,153 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.70 | % | 0.70 | % | 0.70 | %(d) | 0.65 | % | 0.70 | % | 0.70 | % | ||||||||||||
Net investment income (loss) | (0.09 | )% | 0.09 | % | 0.39 | %(d) | 0.52 | % | 1.20 | % | 0.94 | % | ||||||||||||
Portfolio turnover rate(e) | 38 | % | 80 | % | 4 | % | 21 | % | 10 | % | 48 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
Invesco DWA Developed Markets Momentum ETF (PIZ)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | $ | 23.36 | ||||||||||
Net investment income(a) | 0.13 | 0.30 | 0.24 | 0.36 | 0.35 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.77 | 2.70 | (2.68 | ) | 5.05 | (1.04 | ) | |||||||||||||
Total from investment operations | 2.90 | 3.00 | (2.44 | ) | 5.41 | (0.69 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.35 | ) | (0.33 | ) | (0.40 | ) | (0.38 | ) | ||||||||||
Net asset value at end of year | $ | 29.82 | $ | 27.18 | $ | 24.53 | $ | 27.30 | $ | 22.29 | ||||||||||
Market price at end of year(b) | $ | 29.77 | $ | 27.10 | $ | 24.47 | $ | 27.35 | $ | 22.27 | ||||||||||
Net Asset Value Total Return(c) | 10.82 | % | 12.31 | % | (9.09 | )% | 24.58 | % | (2.97 | )% | ||||||||||
Market Price Total Return(c) | 10.96 | % | 12.25 | % | (9.48 | )% | 24.91 | % | (2.43 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 155,043 | $ | 175,327 | $ | 223,182 | $ | 232,084 | $ | 173,891 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.80 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.81 | % | ||||||||||
Net investment income | 0.47 | % | 1.18 | % | 0.88 | % | 1.46 | % | 1.50 | % | ||||||||||
Portfolio turnover rate(d) | 115 | % | 106 | % | 94 | % | 98 | % | 124 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 96 |
|
Financial Highlights–(continued)
Invesco DWA Emerging Markets Momentum ETF (PIE)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | $ | 16.02 | ||||||||||
Net investment income(a) | 0.23 | 0.36 | (b) | 0.40 | 0.28 | 0.16 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.07 | 2.51 | (3.29 | ) | 3.34 | 0.14 | (c) | |||||||||||||
Total from investment operations | 1.30 | 2.87 | (2.89 | ) | 3.62 | 0.30 | ||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.34 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.21 | ) | ||||||||||
Return of capital | ---- |
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| (0.01 | ) | |||||||||||
Total distributions | (0.34 | ) | (0.41 | ) | (0.49 | ) | (0.26 | ) | (0.22 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | |||||||||||||||
Net asset value at end of year | $ | 19.56 | $ | 18.59 | $ | 16.12 | $ | 19.48 | $ | 16.11 | ||||||||||
Market price at end of year(d) | $ | 19.60 | $ | 18.51 | $ | 16.08 | $ | 19.54 | $ | 16.10 | ||||||||||
Net Asset Value Total Return(e) | 7.08 | % | 18.23 | % | (15.11 | )% | 22.72 | % | 2.00 | %(c) | ||||||||||
Market Price Total Return(e) | 7.77 | % | 18.03 | % | (15.58 | )% | 23.18 | % | 2.25 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 155,489 | $ | 168,210 | $ | 192,660 | $ | 212,377 | $ | 183,668 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.90 | % | 0.91 | %(f) | 0.90 | % | 0.90 | % | 0.90 | % | ||||||||||
Net investment income | 1.25 | % | 2.13 | %(b)(f) | 2.01 | % | 1.67 | % | 1.04 | % | ||||||||||
Portfolio turnover rate(g) | 155 | % | 158 | % | 163 | % | 174 | % | 160 | % |
(a) | Based on average shares outstanding. |
(b) | Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively. |
(c) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 97 |
|
Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | $ | 38.60 | ||||||||||
Net investment income(a) | 0.94 | 1.45 | 1.34 | 1.20 | 1.09 | |||||||||||||||
Net realized and unrealized gain (loss) on investments. | (6.85 | ) | 1.10 | (4.56 | ) | 7.98 | (1.82 | ) | ||||||||||||
Total from investment operations | (5.91 | ) | 2.55 | (3.22 | ) | 9.18 | (0.73 | ) | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.92 | ) | (1.60 | ) | (1.40 | ) | (1.26 | ) | (1.13 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.00 | (b) | 0.00 | (b) | - | - | |||||||||||||
Net asset value at end of year | $ | 34.17 | $ | 40.99 | $ | 40.04 | $ | 44.66 | $ | 36.74 | ||||||||||
Market price at end of year(c) | $ | 34.25 | $ | 40.86 | $ | 39.98 | $ | 44.81 | $ | 36.68 | ||||||||||
Net Asset Value Total Return(d) | (14.26 | )% | 6.58 | % | (7.45 | )% | 25.38 | % | (1.73 | )% | ||||||||||
Market Price Total Return(d) | (13.80 | )% | 6.41 | % | (7.92 | )% | 25.99 | % | (1.24 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 871,403 | $ | 1,246,076 | $ | 1,275,422 | $ | 1,214,850 | $ | 938,650 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||
Net investment income | 2.57 | % | 3.64 | % | 3.02 | % | 2.95 | % | 3.05 | % | ||||||||||
Portfolio turnover rate(e) | 11 | % | 15 | % | 10 | % | 13 | % | 14 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | $ | 26.60 | ||||||||||
Net investment income(a) | 0.60 | 0.70 | 0.75 | 0.59 | 0.53 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.70 | ) | 1.24 | (3.66 | ) | 5.99 | 0.86 | |||||||||||||
Total from investment operations | (1.10 | ) | 1.94 | (2.91 | ) | 6.58 | 1.39 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.64 | ) | (0.75 | ) | (0.94 | ) | (0.62 | ) | (0.62 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||
Net asset value at end of year | $ | 28.93 | $ | 30.67 | $ | 29.48 | $ | 33.33 | $ | 27.37 | ||||||||||
Market price at end of year(c) | $ | 28.94 | $ | 30.42 | $ | 29.48 | $ | 33.44 | $ | 27.30 | ||||||||||
Net Asset Value Total Return(d) | (3.36 | )% | 6.72 | % | (9.05 | )% | 24.36 | % | 5.37 | % | ||||||||||
Market Price Total Return(d) | (2.53 | )% | 5.85 | % | (9.36 | )% | 25.09 | % | 4.87 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 308,106 | $ | 328,155 | $ | 291,863 | $ | 206,657 | $ | 162,854 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Net investment income | 2.09 | % | 2.36 | % | 2.25 | % | 1.98 | % | 2.01 | % | ||||||||||
Portfolio turnover rate(e) | 26 | % | 27 | % | 21 | % | 19 | % | 25 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | $ | 15.44 | ||||||||||
Net investment income(a) | 0.59 | 0.72 | 0.73 | 0.57 | 0.42 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (3.40 | ) | 0.92 | (1.66 | ) | 2.81 | 3.37 | |||||||||||||
Total from investment operations | (2.81 | ) | 1.64 | (0.93 | ) | 3.38 | 3.79 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income. | (0.63 | ) | (0.71 | ) | (0.71 | ) | (0.53 | ) | (0.42 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||
Net asset value at end of year | $ | 17.51 | $ | 20.95 | $ | 20.02 | $ | 21.66 | $ | 18.81 | ||||||||||
Market price at end of year(c) | $ | 17.51 | $ | 20.93 | $ | 20.03 | $ | 21.62 | $ | 18.80 | ||||||||||
Net Asset Value Total Return(d) | (13.44 | )% | 8.31 | % | (4.44 | )% | 18.10 | % | 25.08 | % | ||||||||||
Market Price Total Return(d) | (13.36 | )% | 8.14 | % | (4.22 | )% | 17.94 | % | 25.57 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 969,844 | $ | 1,277,150 | $ | 1,129,333 | $ | 967,201 | $ | 625,398 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.49 | %(e) | 0.49 | %(e) | 0.48 | % | 0.48 | %(e) | 0.48 | % | ||||||||||
Expenses, prior to Waivers | 0.49 | %(e) | 0.49 | %(e) | 0.49 | % | 0.49 | %(e) | 0.49 | % | ||||||||||
Net investment income | 3.14 | % | 3.48 | % | 3.30 | % | 2.84 | % | 2.66 | % | ||||||||||
Portfolio turnover rate(f) | 22 | % | 29 | % | 16 | % | 24 | % | 16 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Global Clean Energy ETF (PBD)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | $ | 11.46 | ||||||||||
Net investment income(a) | 0.19 | 0.21 | 0.18 | 0.23 | 0.20 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 10.30 | 1.72 | (2.07 | ) | 2.39 | (0.80 | )(b) | |||||||||||||
Total from investment operations | 10.49 | 1.93 | (1.89 | ) | 2.62 | (0.60 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.24 | ) | (0.22 | ) | (0.19 | ) | (0.21 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | ||||||||||||
Net asset value at end of year | $ | 22.89 | $ | 12.66 | $ | 10.97 | $ | 13.08 | $ | 10.65 | ||||||||||
Market price at end of year(d) | $ | 22.92 | $ | 12.56 | $ | 10.95 | $ | 13.07 | $ | 10.62 | ||||||||||
Net Asset Value Total Return(e) | 84.06 | % | 17.86 | % | (14.69 | )% | 24.90 | % | (5.29 | )%(b) | ||||||||||
Market Price Total Return(e) | 85.77 | % | 17.16 | % | (14.78 | )% | 25.17 | % | (5.56 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 124,178 | $ | 49,675 | $ | 49,661 | $ | 60,499 | $ | 56,152 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.77 | %(f) | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||
Net investment income | 1.20 | % | 1.74 | %(f) | 1.43 | % | 1.98 | % | 1.83 | % | ||||||||||
Portfolio turnover rate(g) | 56 | % | 59 | % | 46 | % | 40 | % | 57 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco Global Water ETF (PIO)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | $ | 21.89 | ||||||||||
Net investment income(a) | 0.25 | 0.38 | 0.45 | 0.28 | 0.34 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.27 | 5.25 | (1.54 | ) | 3.95 | (0.60 | ) | |||||||||||||
Total from investment operations | 2.52 | 5.63 | (1.09 | ) | 4.23 | (0.26 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.42 | ) | (0.45 | ) | (0.28 | ) | (0.31 | ) | ||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | - | - | ||||||||||||
Net asset value at end of year | $ | 31.17 | $ | 28.94 | $ | 23.73 | $ | 25.27 | $ | 21.32 | ||||||||||
Market price at end of year(c) | $ | 31.18 | $ | 28.84 | $ | 23.69 | $ | 25.25 | $ | 21.29 | ||||||||||
Net Asset Value Total Return(d) | 8.76 | % | 23.90 | % | (4.45 | )% | 20.01 | % | (1.14 | )% | ||||||||||
Market Price Total Return(d) | 9.16 | % | 23.68 | % | (4.53 | )% | 20.08 | % | (0.78 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 207,262 | $ | 195,314 | $ | 164,916 | $ | 200,862 | $ | 188,665 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.75 | % | 0.76 | %(e) | 0.75 | % | 0.75 | % | 0.74 | % | ||||||||||
Net investment income | 0.86 | % | 1.45 | %(e) | 1.77 | % | 1.22 | % | 1.62 | % | ||||||||||
Portfolio turnover rate(f) | 30 | % | 32 | % | 34 | % | 34 | % | 67 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco International BuyBack AchieversTM ETF (IPKW)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | $ | 27.02 | ||||||||||
Net investment income(a) | 0.57 | 0.76 | 0.69 | 0.47 | 0.74 | (b) | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.82 | ) | 1.38 | (4.28 | ) | 7.28 | 0.89 | |||||||||||||
Total from investment operations | (0.25 | ) | 2.14 | (3.59 | ) | 7.75 | 1.63 | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.61 | ) | (0.94 | ) | (0.73 | ) | (0.38 | ) | (0.71 | ) | ||||||||||
Transaction fees(a) | 0.01 | 0.00 | (c) | 0.01 | - | - | ||||||||||||||
Net asset value at end of year | $ | 31.35 | $ | 32.20 | $ | 31.00 | $ | 35.31 | $ | 27.94 | ||||||||||
Market price at end of year(d) | $ | 31.42 | $ | 32.05 | $ | 30.96 | $ | 35.47 | $ | 28.02 | ||||||||||
Net Asset Value Total Return(e) | (0.30 | )% | 7.10 | % | (10.40 | )% | 28.03 | % | 6.25 | % | ||||||||||
Market Price Total Return(e) | 0.37 | % | 6.74 | % | (10.96 | )% | 28.24 | % | 6.78 | % | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 92,470 | $ | 141,692 | $ | 243,373 | $ | 197,735 | $ | 92,202 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||
Net investment income | 1.86 | % | 2.44 | % | 1.90 | % | 1.47 | % | 2.76 | %(b) | ||||||||||
Portfolio turnover rate(f) | 88 | % | 99 | % | 121 | % | 118 | % | 106 | % |
(a) | Based on average shares outstanding. |
(b) | Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, respectively. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco MSCI Global Timber ETF (CUT)
Years Ended October 31, | Five Months Ended October 31, | Years Ended May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | $ | 26.28 | ||||||||||||
Net investment income(a) | 0.53 | 0.72 | 0.20 | 0.63 | 0.47 | 0.67 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.40 | (0.23 | ) | (5.72 | ) | 5.80 | 3.99 | (2.96 | ) | |||||||||||||||
Total from investment operations | 0.93 | 0.49 | (5.52 | ) | 6.43 | 4.46 | (2.29 | ) | ||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.77 | ) | (0.82 | ) | - | (0.50 | ) | (0.52 | ) | (0.36 | ) | |||||||||||||
Transaction fees(a) | 0.01 | 0.00 | (b) | 0.00 | (b) | - | - | - | ||||||||||||||||
Net asset value at end of period | $ | 27.82 | $ | 27.65 | $ | 27.98 | $ | 33.50 | $ | 27.57 | $ | 23.63 | ||||||||||||
Market price at end of period | $ | 27.81 | (c) | $ | 27.56 | (c) | $ | 27.94 | (c) | $ | 33.54 | (c) | $ | 27.52 | $ | 23.59 | ||||||||
Net Asset Value Total Return(d) | 3.29 | % | 2.32 | % | (16.48 | )% | 23.42 | % | 19.09 | % | (8.72 | )% | ||||||||||||
Market Price Total Return(d) | 3.60 | % | 2.14 | % | (16.70 | )% | 23.79 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 75,101 | $ | 134,093 | $ | 173,463 | $ | 236,190 | $ | 190,203 | $ | 163,060 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.55 | % | 0.56 | %(e) | 0.55 | %(f) | 0.55 | % | 0.57 | % | 0.60 | % | ||||||||||||
Expenses, prior to Waivers | 0.72 | % | 0.68 | %(e) | 0.64 | %(f) | 0.67 | % | 0.70 | % | 0.75 | % | ||||||||||||
Net investment income | 2.00 | % | 2.70 | %(e) | 1.50 | %(f) | 2.02 | % | 1.85 | % | 2.83 | % | ||||||||||||
Portfolio turnover rate(g) | 10 | % | 18 | % | 4 | % | 10 | % | 8 | % | 60 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P Global Water Index ETF (CGW)
Years Ended October 31, | Two Months Ended October 31, | Years Ended August 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | $ | 26.67 | ||||||||||||
Net investment income(a) | 0.63 | 0.64 | 0.04 | 0.59 | 0.61 | 0.54 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.86 | 7.26 | (3.00 | ) | 1.92 | 2.97 | 3.51 | |||||||||||||||||
Total from investment operations | 2.49 | 7.90 | (2.96 | ) | 2.51 | 3.58 | 4.05 | |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (0.67 | ) | - | (0.61 | ) | (0.47 | ) | (0.45 | ) | |||||||||||||
Transaction fees(a) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | --- |
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Net asset value at end of period | $ | 41.43 | $ | 39.55 | $ | 32.32 | $ | 35.28 | $ | 33.38 | $ | 30.27 | ||||||||||||
Market price at end of period | $ | 41.54 | (c) | $ | 39.54 | (c) | $ | 32.27 | (c) | $ | 35.23 | (c) | $ | 33.46 | $ | 30.32 | ||||||||
Net Asset Value Total Return(d) | 6.31 | % | 25.10 | % | (8.39 | )% | 7.51 | % | 12.09 | % | 15.40 | % | ||||||||||||
Market Price Total Return(d) | 6.62 | % | 25.27 | % | (8.40 | )% | 7.09 | % | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 710,871 | $ | 741,918 | $ | 531,298 | $ | 594,105 | $ | 610,253 | $ | 432,244 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses | 0.57 | % | 0.59 | % | 0.60 | %(e) | 0.62 | % | 0.63 | % | 0.64 | % | ||||||||||||
Net investment income | 1.61 | % | 1.82 | % | 0.67 | %(e) | 1.71 | % | 1.98 | % | 1.93 | % | ||||||||||||
Portfolio turnover rate(f) | 15 | % | 13 | % | 5 | % | 13 | % | 8 | % | 6 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco S&P International Developed Quality ETF (IDHQ)
Years Ended October 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | $ | 20.19 | ||||||||||
Net investment income(a) | 0.46 | 0.54 | 0.58 | 0.45 | 0.41 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.55 | 3.16 | (2.18 | ) | 3.88 | (0.54 | )(b) | |||||||||||||
Total from investment operations | 1.01 | 3.70 | (1.60 | ) | 4.33 | (0.13 | ) | |||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.47 | ) | (0.59 | ) | (0.54 | ) | (0.48 | ) | (0.41 | ) | ||||||||||
Transaction fees(a) | 0.00 | (c) | 0.00 | (c) | 0.00 | (c) | - | - | ||||||||||||
Net asset value at end of year | $ | 25.01 | $ | 24.47 | $ | 21.36 | $ | 23.50 | $ | 19.65 | ||||||||||
Market price at end of year(d) | $ | 25.00 | $ | 24.53 | $ | 21.31 | $ | 23.71 | $ | 19.61 | ||||||||||
Net Asset Value Total Return(e) | 4.42 | % | 17.58 | % | (7.00 | )% | 22.36 | % | (0.62 | )%(b) | ||||||||||
Market Price Total Return(e) | 4.09 | % | 18.14 | % | (8.05 | )% | 23.70 | % | (0.59 | )% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 100,021 | $ | 47,726 | $ | 32,039 | $ | 28,203 | $ | 20,628 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses | 0.29 | % | 0.31 | %(f) | 0.29 | % | 0.31 | % | 0.45 | % | ||||||||||
Net investment income | 1.83 | % | 2.38 | %(f) | 2.47 | % | 2.10 | % | 2.09 | % | ||||||||||
Portfolio turnover rate(g) | 42 | % | 54 | % | 54 | % | 49 | % | 165 | % |
(a) | Based on average shares outstanding. |
(b) | Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
October 31, 2020
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 A 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 directly underlying foreign securities in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, 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 a 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 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
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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. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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 located 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
Issuer-Specific Changes Risk. The value of an individual security or particular type of security may be more volatile than the market as a whole and may 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
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corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. 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 to the extent certain Funds may become 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 their respective securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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 REIT shareholders will incur a proportionate share of the underlying 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 with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
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 the settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other |
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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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).
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 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 |
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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. | 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 the 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 a 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 a 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory
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Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
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% |
Prior to May 18, 2020, the Adviser 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.
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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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 has agreed 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. Prior to 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). These fees are not subject to recapture. There is no guarantee that the Adviser will extend the waiver of these fees past that date.
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For the fiscal year ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
China Technology ETF | $ | 1,409 | ||
DWA Developed Markets Momentum ETF | 80 | |||
DWA Emerging Markets Momentum ETF | 195 | |||
FTSE RAFI Developed Markets ex-U.S. ETF | 1,787 | |||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 1,081 | |||
FTSE RAFI Emerging Markets ETF | 14,077 | |||
Global Clean Energy ETF | 111 | |||
Global Water ETF | 209 | |||
International BuyBack AchieversTM ETF | 113 | |||
MSCI Global Timber ETF | 160,505 | |||
S&P Global Water Index ETF | 821 | |||
S&P International Developed Quality ETF | 86 |
The fees waived and/or expenses borne by the Adviser for 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 October 31, 2020 are as follows:
Total Potential Recapture Amounts | Potential Recapture Amounts Expiring | |||||||||||||||||||
5/31/21 | 10/31/21 | 10/31/22 | 10/31/23 | |||||||||||||||||
MSCI Global Timber ETF | $480,454 | $53,954 | $76,595 | $190,541 | $159,364 |
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 | |
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.
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For the fiscal year ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:
China Technology ETF | $ | 1,409 | ||
DWA Emerging Markets Momentum ETF | 5,954 | |||
FTSE RAFI Emerging Markets ETF | 28 | |||
Global Water ETF | 401 | |||
MSCI Global Timber ETF | 97 | |||
S&P Global Water Index ETF | 110 | |||
S&P International Developed Quality ETF | 14 |
NOTE 4–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.
For the fiscal year ended October 31, 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 October 31, 2020, for each Fund (except for S&P Global Water Index ETF ). As of October 31, 2020, all of the securities in S&P Global Water Index ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
China Technology ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 1,044,123,696 | $ | - | $ | 0 | $ | 1,044,123,696 | ||||||||
Money Market Funds | - | 26,510,067 | - | 26,510,067 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,044,123,696 | $ | 26,510,067 | $ | 0 | $ | 1,070,633,763 | ||||||||
|
|
|
|
|
|
|
| |||||||||
DWA Developed Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 155,193,408 | $ | - | $ | 0 | $ | 155,193,408 | ||||||||
Money Market Funds | - | 5,496,556 | - | 5,496,556 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 155,193,408 | $ | 5,496,556 | $ | 0 | $ | 160,689,964 | ||||||||
|
|
|
|
|
|
|
|
| 116 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
DWA Emerging Markets Momentum ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 155,853,204 | $ | - | $ | - | $ | 155,853,204 | ||||||||
Money Market Funds | - | 1,943,260 | - | 1,943,260 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 155,853,204 | $ | 1,943,260 | $ | - | $ | 157,796,464 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 867,353,383 | $ | - | $ | 0 | $ | 867,353,383 | ||||||||
Money Market Funds | - | 21,490,259 | - | 21,490,259 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 867,353,383 | $ | 21,490,259 | $ | 0 | $ | 888,843,642 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 306,588,336 | $ | 614,123 | $ | 0 | $ | 307,202,459 | ||||||||
Money Market Funds | - | 15,187,404 | - | 15,187,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 306,588,336 | $ | 15,801,527 | $ | 0 | $ | 322,389,863 | ||||||||
|
|
|
|
|
|
|
| |||||||||
FTSE RAFI Emerging Markets ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 967,400,248 | $ | - | $ | - | $ | 967,400,248 | ||||||||
Money Market Funds | 1,309,256 | 1,851,100 | - | 3,160,356 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 968,709,504 | $ | 1,851,100 | $ | - | $ | 970,560,604 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Clean Energy ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 124,167,808 | $ | - | $ | 0 | $ | 124,167,808 | ||||||||
Money Market Funds | - | 18,462,530 | - | 18,462,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 124,167,808 | $ | 18,462,530 | $ | 0 | $ | 142,630,338 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Water ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 206,777,223 | $ | - | $ | 28,080 | $ | 206,805,303 | ||||||||
Money Market Funds | 82,272 | 3,006,761 | - | 3,089,033 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 206,859,495 | $ | 3,006,761 | $ | 28,080 | $ | 209,894,336 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International BuyBack AchieversTM ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 91,923,359 | $ | - | $ | - | $ | 91,923,359 | ||||||||
Money Market Funds | 112,421 | 2,414,331 | - | 2,526,752 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 92,035,780 | $ | 2,414,331 | $ | - | $ | 94,450,111 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Timber ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 75,056,170 | $ | - | $ | 5,657 | $ | 75,061,827 | ||||||||
Exchange-Traded Funds | 47,326 | - | - | 47,326 | ||||||||||||
Money Market Funds | 94,504 | 274,079 | - | 368,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 75,198,000 | $ | 274,079 | $ | 5,657 | $ | 75,477,736 | ||||||||
|
|
|
|
|
|
|
| |||||||||
S&P International Developed Quality ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks & Other Equity Interests | $ | 99,521,305 | $ | - | $ | - | $ | 99,521,305 | ||||||||
Money Market Funds | 131,983 | 3,777,900 | - | 3,909,883 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 99,653,288 | $ | 3,777,900 | $ | - | $ | 103,431,188 | ||||||||
|
|
|
|
|
|
|
|
| 117 |
|
NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:
2020 | 2019 | |||||||
Ordinary Income* | Ordinary Income* | |||||||
China Technology ETF | $ | 56,175 | $ | 1,984,086 | ||||
DWA Developed Markets Momentum ETF | 1,593,829 | 2,458,183 | ||||||
DWA Emerging Markets Momentum ETF | 2,903,680 | 4,189,151 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 28,485,359 | 52,102,548 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 7,471,395 | 8,100,512 | ||||||
FTSE RAFI Emerging Markets ETF | 37,760,270 | 42,921,358 | ||||||
Global Clean Energy ETF | 1,131,324 | 980,943 | ||||||
Global Water ETF | 1,898,770 | 2,822,348 | ||||||
International BuyBack AchieversTM ETF | 2,251,674 | 5,243,213 | ||||||
MSCI Global Timber ETF | 3,739,205 | 4,947,600 | ||||||
S&P Global Water Index ETF | 10,607,913 | 10,958,575 | ||||||
S&P International Developed Quality ETF | 1,194,228 | 916,670 |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation (Depreciation)- Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||||||
China Technology ETF | $ | 6,462,572 | $ | - | $ | 188,019,227 | $ | (15 | ) | $ | (90,083,893 | ) | $ | 938,763,796 | $ | 1,043,161,687 | |||||||||||||||||||
DWA Developed Markets Momentum ETF | - | - | 17,507,958 | 38,179 | (131,596,423 | ) | 269,092,922 | 155,042,636 | |||||||||||||||||||||||||||
DWA Emerging Markets Momentum ETF | 955,407 | - | 26,163,284 | 5,488 | (126,141,902 | ) | 254,506,840 | 155,489,117 | |||||||||||||||||||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 709,294 | - | (210,284,829 | ) | 181,479 | (108,351,490 | ) | 1,189,148,282 | 871,402,736 | ||||||||||||||||||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 1,250,963 | - | (8,758,334 | ) | 19,653 | (43,373,131 | ) | 358,967,164 | 308,106,315 | ||||||||||||||||||||||||||
FTSE RAFI Emerging Markets ETF | 3,810,988 | - | (118,779,751 | ) | (543,750 | ) | (168,503,715 | ) | 1,253,860,191 | 969,843,963 | |||||||||||||||||||||||||
Global Clean Energy ETF | 117,281 | - | 39,465,666 | 1,520 | (68,512,600 | ) | 153,105,861 | 124,177,728 | |||||||||||||||||||||||||||
Global Water ETF | 314,381 | - | 47,153,527 | 22,344 | (48,748,856 | ) | 208,520,607 | 207,262,003 | |||||||||||||||||||||||||||
International BuyBack AchieversTM ETF | 55,624 | - | 958,142 | 2,884 | (54,327,596 | ) | 145,781,409 | 92,470,463 | |||||||||||||||||||||||||||
MSCI Global Timber ETF | 1,266,405 | (5,445 | ) | 5,445,594 | 7,557 | (21,700,727 | ) | 90,087,665 | 75,101,049 | ||||||||||||||||||||||||||
S&P Global Water Index ETF | 9,762,948 | (8,676 | ) | 110,561,197 | 80,635 | (15,787,009 | ) | 606,261,564 | 710,870,659 | ||||||||||||||||||||||||||
S&P International Developed Quality ETF | 72,718 | - | 1,982,649 | 11,118 | (6,118,289 | ) | 104,072,817 | 100,021,013 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The following table presents available capital loss carryforwards for each Fund as of October 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
China Technology ETF | $ | 5,186,706 | $ | 84,897,187 | $ | 90,083,893 | ||||||
DWA Developed Markets Momentum ETF | 130,928,341 | 668,082 | 131,596,423 | |||||||||
DWA Emerging Markets Momentum ETF | 126,141,902 | - | 126,141,902 | |||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 6,906,639 | 101,444,851 | 108,351,490 | |||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 8,057,944 | 35,315,187 | 43,373,131 |
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No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
FTSE RAFI Emerging Markets ETF | $ | 18,094,513 | $ | 150,409,202 | $ | 168,503,715 | ||||||
Global Clean Energy ETF | 10,159,214 | 58,353,386 | 68,512,600 | |||||||||
Global Water ETF | 38,485,787 | 10,263,069 | 48,748,856 | |||||||||
International BuyBack AchieversTM ETF | 49,326,511 | 5,001,085 | 54,327,596 | |||||||||
MSCI Global Timber ETF | 12,266,326 | 9,434,401 | 21,700,727 | |||||||||
S&P Global Water Index ETF | 1,328,032 | 14,458,977 | 15,787,009 | |||||||||
S&P International Developed Quality ETF | 3,903,911 | 2,214,378 | 6,118,289 |
* | 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 fiscal year ended October 31, 2020, the cost of securities purchased and the 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 | $ | 378,046,372 | $ | 276,778,321 | ||||
DWA Developed Markets Momentum ETF | 191,623,463 | 192,434,020 | ||||||
DWA Emerging Markets Momentum ETF | 240,033,519 | 238,278,755 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 117,817,090 | 126,787,893 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 83,541,876 | 86,045,726 | ||||||
FTSE RAFI Emerging Markets ETF | 253,415,733 | 287,973,970 | ||||||
Global Clean Energy ETF | 43,132,704 | 39,722,798 | ||||||
Global Water ETF | 60,275,806 | 58,616,422 | ||||||
International BuyBack AchieversTM ETF | 94,848,504 | 99,979,360 | ||||||
MSCI Global Timber ETF | 8,934,598 | 14,357,387 | ||||||
S&P Global Water Index ETF | 103,202,319 | 100,367,806 | ||||||
S&P International Developed Quality ETF | 27,597,204 | 26,947,753 |
For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
China Technology ETF | $ | 354,996,051 | $ | 229,164,810 | ||||
DWA Developed Markets Momentum ETF | 101,535,185 | 127,177,238 | ||||||
DWA Emerging Markets Momentum ETF | 40,961,915 | 55,027,937 | ||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 221,821,149 | 381,182,579 | ||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 90,861,750 | 93,346,156 | ||||||
FTSE RAFI Emerging Markets ETF | 77,118,134 | 123,628,168 | ||||||
Global Clean Energy ETF | 41,445,047 | 15,095,183 | ||||||
Global Water ETF | 25,370,275 | 30,601,290 | ||||||
International BuyBack AchieversTM ETF | 14,091,905 | 48,069,564 | ||||||
MSCI Global Timber ETF | - | 51,208,652 | ||||||
S&P Global Water Index ETF | 91,712,239 | 151,264,714 | ||||||
S&P International Developed Quality ETF | 75,249,839 | 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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At October 31, 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 | |||||||||||||
China Technology ETF | $ | 255,415,334 | $ | (67,396,107 | ) | $ | 188,019,227 | $ | 882,614,536 | |||||||
DWA Developed Markets Momentum ETF | 22,001,222 | (4,493,264 | ) | 17,507,958 | 143,182,006 | |||||||||||
DWA Emerging Markets Momentum ETF | 28,675,044 | (2,511,760 | ) | 26,163,284 | 131,633,180 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 98,199,494 | (308,484,323 | ) | (210,284,829 | ) | 1,099,128,471 | ||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 51,455,682 | (60,214,016 | ) | (8,758,334 | ) | 331,148,197 | ||||||||||
FTSE RAFI Emerging Markets ETF | 164,079,382 | (282,859,133 | ) | (118,779,751 | ) | 1,089,340,355 | ||||||||||
Global Clean Energy ETF | 41,718,974 | (2,253,308 | ) | 39,465,666 | 103,164,672 | |||||||||||
Global Water ETF | 50,787,152 | (3,633,625 | ) | 47,153,527 | 162,740,809 | |||||||||||
International BuyBack AchieversTM ETF | 6,538,884 | (5,580,742 | ) | 958,142 | 93,491,969 | |||||||||||
MSCI Global Timber ETF | 14,226,416 | (8,780,822 | ) | 5,445,594 | 70,032,142 | |||||||||||
S&P Global Water Index ETF | 142,540,614 | (31,979,417 | ) | 110,561,197 | 599,502,652 | |||||||||||
S&P International Developed Quality ETF | 6,420,667 | (4,438,018 | ) | 1,982,649 | 101,448,539 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, foreign currency transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
China Technology ETF | $ | 85,045 | $ | (99,826,986 | ) | $ | 99,741,941 | ||||||||
DWA Developed Markets Momentum ETF | 577,901 | (21,670,890 | ) | 21,092,989 | |||||||||||
DWA Emerging Markets Momentum ETF | (43,540 | ) | (9,242,863 | ) | 9,286,403 | ||||||||||
FTSE RAFI Developed Markets ex-U.S. ETF | 1,290,973 | (27,805,232 | ) | 26,514,259 | |||||||||||
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 882,756 | (18,800,494 | ) | 17,917,738 | |||||||||||
FTSE RAFI Emerging Markets ETF | 2,205,074 | (7,193,888 | ) | 4,988,814 | |||||||||||
Global Clean Energy ETF | 156,125 | (10,396,774 | ) | 10,240,649 | |||||||||||
Global Water ETF | 198,230 | (11,783,001 | ) | 11,584,771 | |||||||||||
International BuyBack AchieversTM ETF | (31,827 | ) | 4,528,705 | (4,496,878 | ) | ||||||||||
MSCI Global Timber ETF | (39,857 | ) | (4,778,453 | ) | 4,818,310 | ||||||||||
S&P Global Water Index ETF | 70,861 | (76,028,327 | ) | 75,957,466 | |||||||||||
S&P International Developed Quality ETF | 19,719 | (3,549,862 | ) | 3,530,143 |
NOTE 9–Trustees’ and Officer’s Fees
Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the following Funds’ unitary management fee, pays for such compensation for China Technology ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed 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.
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NOTE 10–Capital
Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.
Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 11–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.
NOTE 12–Significant Event
On November 12 2020, President Trump issued an Executive Order (the “Order”) prohibiting investment activity by U.S. persons, which includes the Funds, in relation to certain companies designated by the U.S. Department of Defense as being backed by, and providing funding to, the Chinese military (the “Sanctioned Companies”). Beginning January 11, 2021, all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Sanctioned Companies (the “Sanctioned Securities”) are prohibited. In addition, any of the Sanctioned Securities held by the Funds as of January 11, 2021 are permitted to be sold only through November 11, 2021, although the consequences of continuing to hold Sanctioned Securities beyond November 11, 2021 are currently unclear. The Funds’ holdings in the Sanctioned Securities may adversely impact the Funds’ performance. The extent of the impact will depend on future developments, including the Funds’ ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Sanctioned Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted. At October 31, 2020, China Technology Fund held investments in Sanctioned Securities which represented approximately 10% of the China Technology Fund’s net assets.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the twelve Funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Predecessor Fund | |
Invesco China Technology ETF (3) | Guggenheim China Technology ETF | |
Invesco DWA Developed Markets Momentum ETF (2) | - | |
Invesco DWA Emerging Markets Momentum ETF (2) | - | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (2) | - | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (2) | - | |
Invesco FTSE RAFI Emerging Markets ETF (2) | - | |
Invesco Global Clean Energy ETF (2) | - | |
Invesco Global Water ETF (2) | - | |
Invesco International BuyBack AchieversTM ETF (2) | - | |
Invesco MSCI Global Timber ETF (1) | Guggenheim MSCI Global Timber ETF | |
Invesco S&P Global Water Index ETF (3) | Guggenheim S&P Global Water Index ETF | |
Invesco S&P International Developed Quality ETF (2) | - |
(1) The financial highlights for each of the two years in the period ended October 31, 2020, for the period June 1, 2018 through October 31, 2018 and for the year ended May 31, 2018
(2) The financial highlights for each of the five years in the period ended October 31, 2020
(3) The financial highlights for each of the two years in the period ended October 31, 2020, for the period September 1, 2018 through October 31, 2018 and for the year ended August 31, 2018
The financial statements of Invesco MSCI Global Timber ETF (Predecessor Fund: Guggenheim MSCI Global Timber ETF) as of and for the year ended May 31, 2017 and the financial highlights for each of the periods ended on or prior to May 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
The financial statements of Invesco China Technology ETF (Predecessor Fund: Guggenheim China Technology ETF) and Invesco S&P Global Water Index ETF (Predecessor Fund: Guggenheim S&P Global Water Index ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
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Report of Independent Registered Public Accounting Firm–(continued)
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
December 23, 2020
We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.
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Calculating your ongoing Fund expenses
Example
As a shareholder of Invesco 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 May 1, 2020 through October 31, 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.
Beginning Account Value May 1, 2020 | Ending Account Value | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco China Technology ETF (CQQQ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,416.10 | 0.71 | % | $ | 4.31 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.57 | 0.71 | 3.61 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value May 1, 2020 | Ending Account Value | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco DWA Developed Markets Momentum ETF (PIZ) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,211.70 | 0.80 | % | $ | 4.45 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.11 | 0.80 | 4.06 | ||||||||||||||||
Invesco DWA Emerging Markets Momentum ETF (PIE) | ||||||||||||||||||||
Actual | 1,000.00 | 1,222.00 | 0.90 | 5.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,020.61 | 0.90 | 4.57 | ||||||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) | ||||||||||||||||||||
Actual | 1,000.00 | 1,065.40 | 0.45 | 2.34 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.87 | 0.45 | 2.29 | ||||||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) | ||||||||||||||||||||
Actual | 1,000.00 | 1,136.20 | 0.49 | 2.63 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.67 | 0.49 | 2.49 | ||||||||||||||||
Invesco FTSE RAFI Emerging Markets ETF (PXH) | ||||||||||||||||||||
Actual | 1,000.00 | 1,080.50 | 0.49 | 2.56 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.67 | 0.49 | 2.49 | ||||||||||||||||
Invesco Global Clean Energy ETF (PBD) | ||||||||||||||||||||
Actual | 1,000.00 | 1,712.30 | 0.75 | 5.11 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||||||||||||||
Invesco Global Water ETF (PIO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,166.80 | 0.75 | 4.08 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.37 | 0.75 | 3.81 | ||||||||||||||||
Invesco International BuyBack AchieversTM ETF (IPKW) | ||||||||||||||||||||
Actual | 1,000.00 | 1,218.40 | 0.55 | 3.07 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 | ||||||||||||||||
Invesco MSCI Global Timber ETF (CUT) | ||||||||||||||||||||
Actual | 1,000.00 | 1,191.00 | 0.55 | 3.03 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.37 | 0.55 | 2.80 | ||||||||||||||||
Invesco S&P Global Water Index ETF (CGW) | ||||||||||||||||||||
Actual | 1,000.00 | 1,160.80 | 0.57 | 3.10 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.27 | 0.57 | 2.90 | ||||||||||||||||
Invesco S&P International Developed Quality ETF (IDHQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,103.50 | 0.29 | 1.53 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 |
(1) | Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
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Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.
The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:
Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | |||||||||||||
Invesco China Technology ETF | 53 | % | 0 | % | 0 | % | |||||||||
Invesco DWA Developed Markets Momentum ETF | 100 | % | 0 | % | 0 | % | |||||||||
Invesco DWA Emerging Markets Momentum ETF | 34 | % | 0 | % | 0 | % | |||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | 93 | % | 0 | % | 0 | % | |||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 80 | % | 0 | % | 0 | % | |||||||||
Invesco FTSE RAFI Emerging Markets ETF | 84 | % | 0 | % | 0 | % | |||||||||
Invesco Global Clean Energy ETF | 58 | % | 2 | % | 0 | % | |||||||||
Invesco Global Water ETF | 100 | % | 35 | % | 0 | % | |||||||||
Invesco International BuyBack AchieversTM ETF | 100 | % | 0 | % | 0 | % | |||||||||
Invesco MSCI Global Timber ETF | 95 | % | 42 | % | 0 | % | |||||||||
Invesco S&P Global Water Index ETF | 98 | % | 38 | % | 0 | % | |||||||||
Invesco S&P International Developed Quality ETF | 100 | % | 0 | % | 0 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Foreign Taxes Per Share | Foreign Source Income Per Share | |||||||||
Invesco China Technology ETF | $ | - | $ | - | ||||||
Invesco DWA Developed Markets Momentum ETF | 0.0367 | 0.4333 | ||||||||
Invesco DWA Emerging Markets Momentum ETF | 0.0567 | 0.4686 | ||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF | 0.0943 | 1.3779 | ||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 0.0560 | 0.7796 | ||||||||
Invesco FTSE RAFI Emerging Markets ETF | 0.0862 | 0.8429 | ||||||||
Invesco Global Clean Energy ETF | - | - | ||||||||
Invesco Global Water ETF | - | - | ||||||||
Invesco International BuyBack AchieversTM ETF | 0.0900 | 0.9900 | ||||||||
Invesco MSCI Global Timber ETF | 0.0461 | 0.5138 | ||||||||
Invesco S&P Global Water Index ETF | 0.0180 | 0.6509 | ||||||||
Invesco S&P International Developed Quality ETF | - | - |
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The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.
As of October 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 216 | Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 216 | None. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent the Past 5 Years | |||||
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 216 | Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent the Past 5 Years | |||||
Victoria J. Herget–1951 c/o Invesco Capital 3500 Lacey Road, Suite 700 | Trustee | Since 2019 | Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973- 1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms). | 216 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent the Past 5 Years | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee since 2008; Trustee since 2007 | Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000). | 216 | Treasurer (2018-Present), Finance Committee Member (2015- Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools. | |||||
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 216 | Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 216 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation. |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent the Past 5 Years | |||||
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 216 | Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present). | |||||
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Board and Trustee | Chairman since 2012; Trustee since 2007 | Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006). | 216 | Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present). |
* | This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2010 | Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP. | 216 | None |
* | This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected. |
** | Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | President and Principal Executive Officer | Since 2020 | President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006). | |||
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 | Vice President and Treasurer | Since 2018 | Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Secretary | Since 2020 | Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020). | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 | Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc. |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During the Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chief Compliance Officer | Since 2017 | Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005). |
* | This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
Availability of Additional Information About the Trustees
The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.
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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-AR-8 | invesco.com/ETFs |
Item 2. Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2020.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).
An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.
Item 4. Principal Accountant Fees and Services.
(a) to (d)
Fees Billed by PwC to the Registrant
PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.
Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2020 | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019 | |||||||||
Audit Fees | $ | 379,950 | $ | 509,720 | ||||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||||
Tax Fees(1) | $ | 323,016 | $ | 453,887 | ||||||
All Other Fees | $ | 0 | $ | 0 | ||||||
Total Fees | $ | 702,966 | $ | 963,607 |
(1) | Tax Fees for the fiscal years ended October 31, 2020 and 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. In addition, Tax Fees for the fiscal year ended October 31, 2019 include fees billed for the final liquidated Federal income tax returns for the six funds with a tax year ended February 27, 2019. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.
Fees Billed for Non- to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- to be Pre-Approved by the Registrant’s Audit Committee | |||||||||
Audit-Related Fees(1) | $ | 701,000 | $ | 690,000 | ||||||
Tax Fees | $ | 0 | $ | 0 | ||||||
All Other Fees | $ | 0 | $ | 0 | ||||||
Total Fees | $ | 701,000 | $ | 690,000 |
(1) | Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization. |
(e)(1) Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Policies and Procedures
As Adopted by the Audit Committee of the Invesco ETFs
Applicable to | Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”) | |
Risk Addressed by Policy | Approval of Audit and Non-Audit Services | |
Relevant Law and Other Sources | Sarbanes-Oxley Act of 2002; Regulation S-X. | |
Last Reviewed by Compliance for Accuracy | June 15, 2018 | |
Approved/Adopted Date | June 2009 |
Statement of Principles
Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.
Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.
The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.
The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.
Delegation
The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.
Audit Services
The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.
In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Non-Audit Services
The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.
Audit-Related Services
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.
Tax Services
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.
No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:
1. | Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter: |
a. | The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and |
b. | Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service; |
2. | Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and |
3. | Document the substance of its discussion with the Audit Committee. |
All Other Auditor Services
The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.
Pre-Approval Fee Levels or Established Amounts
Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.
Procedures
On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.
Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.
Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.
Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.
Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.
On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.
The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.
Adopted: June 26, 2009
Amended: June 15, 2018
Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures
Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client |
• | Financial information systems design and implementation |
• | Appraisal or valuation services, fairness opinions, or contribution-in-kind reports |
• | Actuarial services |
• | Internal audit outsourcing services |
Categorically Prohibited Non-Audit Services
• | Management functions |
• | Human resources |
• | Broker-dealer, investment adviser, or investment banking services |
• | Legal services |
• | Expert services unrelated to the audit |
• | Any service or product provided for a contingent fee or a commission |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance |
• | Tax services for persons in financial reporting oversight roles at the Fund |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
(e)(2) | There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $ 6,227,000 for the fiscal year ended October 31, 2020 and $3,294,000 for the fiscal year ended October 31, 2019 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $7,251,016 for the fiscal year ended October 31, 2020 and $ 4,437,887 for the fiscal year ended October 31, 2019. |
(h) | With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $31 million and non-audit services of approximately $20 million for the fiscal year ended 2020. The Audit Committee considered this information in evaluating PwC’s independence. |
Pursuant to PCAOB Rule 3526, PwC advised the Registrant’s Audit Committee of the following matters identified between November 1, 2019 to December 23, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that four PwC Managers and three PwC Associates each held financial interests in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing their non-audit services. In addition, PwC considered that audit work was performed by the PwC Associates, but such audit work was of a limited nature and/or was reviewed by other engagement team members. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.
Item 5. Audit Committee of Listed Registrants.
(a) | The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson. |
(b) | Not applicable. |
Item 6. Schedule of Investments.
(a) | The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this 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) | ||
(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: January 8, 2021
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: January 8, 2021
By: /s/ Kelli Gallegos |
Name: Kelli Gallegos |
Title: Treasurer |
Date: January 8, 2021