UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23304
Invesco Exchange-Traded Self-Indexed Fund Trust
(Exact name of registrant as specified in charter)
3500 Lacey Road
Downers Grove, IL 60515
(Address of principal executive offices) (Zip code)
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: August 31
Date of reporting period: August 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
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August 31, 2020 | ||||
BSCK | Invesco BulletShares 2020 Corporate Bond ETF | |||
BSCL | Invesco BulletShares 2021 Corporate Bond ETF | |||
BSCM | Invesco BulletShares 2022 Corporate Bond ETF | |||
BSCN | Invesco BulletShares 2023 Corporate Bond ETF | |||
BSCO | Invesco BulletShares 2024 Corporate Bond ETF | |||
BSCP | Invesco BulletShares 2025 Corporate Bond ETF | |||
BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | |||
BSCR | Invesco BulletShares 2027 Corporate Bond ETF | |||
BSCS | Invesco BulletShares 2028 Corporate Bond ETF | |||
BSCT | Invesco BulletShares 2029 Corporate Bond ETF | |||
(continued on inside front cover) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
Invesco Annual Report to Shareholders (continued) | ||||
BSJK | Invesco BulletShares 2020 High Yield Corporate Bond ETF | |||
BSJL | Invesco BulletShares 2021 High Yield Corporate Bond ETF | |||
BSJM | Invesco BulletShares 2022 High Yield Corporate Bond ETF | |||
BSJN | Invesco BulletShares 2023 High Yield Corporate Bond ETF | |||
BSJO | Invesco BulletShares 2024 High Yield Corporate Bond ETF | |||
BSJP | Invesco BulletShares 2025 High Yield Corporate Bond ETF | |||
BSJQ | Invesco BulletShares 2026 High Yield Corporate Bond ETF | |||
BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | |||
BSML | Invesco BulletShares 2021 Municipal Bond ETF | |||
BSMM | Invesco BulletShares 2022 Municipal Bond ETF | |||
BSMN | Invesco BulletShares 2023 Municipal Bond ETF | |||
BSMO | Invesco BulletShares 2024 Municipal Bond ETF | |||
BSMP | Invesco BulletShares 2025 Municipal Bond ETF | |||
BSMQ | Invesco BulletShares 2026 Municipal Bond ETF | |||
BSMR | Invesco BulletShares 2027 Municipal Bond ETF | |||
BSMS | Invesco BulletShares 2028 Municipal Bond ETF | |||
BSMT | Invesco BulletShares 2029 Municipal Bond ETF | |||
BSAE | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |||
BSBE | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |||
BSCE | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |||
BSDE | Invesco BulletShares 2024 USD Emerging Markets Debt ETF |
4 | ||||||||
5 | ||||||||
98 | ||||||||
Schedules of Investments | ||||||||
99 | ||||||||
102 | ||||||||
108 | ||||||||
115 | ||||||||
122 | ||||||||
128 | ||||||||
135 | ||||||||
141 | ||||||||
147 | ||||||||
151 | ||||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | 155 | |||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | 157 | |||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | 160 | |||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | 164 | |||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | 169 | |||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | 174 | |||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | 180 | |||||||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | 184 | |||||||
188 | ||||||||
192 | ||||||||
196 | ||||||||
200 | ||||||||
204 | ||||||||
208 | ||||||||
212 | ||||||||
217 | ||||||||
219 | ||||||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | 221 | |||||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | 223 | |||||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | 225 | |||||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | 227 | |||||||
230 | ||||||||
236 | ||||||||
242 | ||||||||
252 | ||||||||
283 | ||||||||
303 | ||||||||
305 | ||||||||
308 | ||||||||
312 | ||||||||
322 |
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Fixed Income
At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.50%.1 The US economy continued to add jobs, stabilizing the unemployment rate to 3.50% at the close of 2019, while inflation remained subdued.2 In response to third quarter economic weakness, the US Federal Reserve (“the Fed”) maintained accommodative policies, cutting the federal funds target rate from a range of 2.00% to 2.25% at the start of the fiscal year to a range of 1.50% to 1.75% at the close of 2019.3 Despite the UK’s general election in December, which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for continued US growth.
Fixed income 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 markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.3 The unemployment rate reached a peak of 14.7%2 while real gross domestic product decreased at an annual rate of 31.7%1 (second estimate) in the second quarter of 2020.
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. In this environment, the broader bond market, both developed and emerging, ended the fiscal year in positive territory.
The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.68%, 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 U.S. Aggregate Bond Index, gained 6.47% for the fiscal year. The strong performance by the index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index–government-related, corporate, securitized and treasury–posted positive returns for the fiscal year.
1 | Source: Bureau of Economic Analysis |
2 | Source: Bureau of Labor Statistics |
3 | Source: US Federal Reserve |
4 | Source: US Department of the Treasury |
| 4 |
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Management’s Discussion of Fund Performance Invesco BulletShares 2020 Corporate Bond ETF (BSCK) |
As an index fund, the Invesco BulletShares 2020 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2020 Index (the “2020 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2020 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2020. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2020. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 1.71%. On a net asset value (“NAV”) basis, the Fund returned 1.90%. During the same time period, the Index returned 2.14%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the capital markets and consumer finance industries, respectively. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included GE Capital International Funding Co. Unlimited Co., 2.34% coupon, due 11/15/2020, an industrial conglomerates company (no longer held at fiscal year-end), and Hewlett Packard Enterprise Co., Inc., 3.60% coupon, due 10/15/2020, a technology hardware, storage & peripherals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Continental Resources Inc., 5.00% coupon, due 09/15/2020, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Cigna Corp., 4.13% coupon, due 09/15/2020, a health care providers & services company (portfolio average weight of 0.02%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
U.S. Treasury Securities | 38.20 | |||||
Financials | 30.01 | |||||
Consumer Staples | 6.47 | |||||
Health Care | 6.45 | |||||
Information Technology | 4.37 | |||||
Industrials | 4.08 | |||||
Consumer Discretionary | 3.70 | |||||
Sector Types Each Less Than 3% | 4.87 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.85 |
| 5 |
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Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
U.S. Treasury Bills, 0.09%-0.13%, 09/17/2020 | 17.89 | |||||
U.S. Treasury Bills, 0.07%-0.09%, 10/22/2020 | 17.16 | |||||
U.S. Treasury Bills, 0.09%, 11/19/2020 | 3.15 | |||||
Visa, Inc., 2.20%, 12/14/2020 | 1.88 | |||||
Citigroup, Inc., 2.65%, 10/26/2020 | 1.87 | |||||
JPMorgan Chase & Co., 4.25%, 10/15/2020 | 1.83 | |||||
JPMorgan Chase & Co., 2.55%, 10/29/2020 | 1.66 | |||||
Bank of America Corp., 2.63%, 10/19/2020 | 1.51 | |||||
Wells Fargo & Co., 2.55%, 12/07/2020 | 1.36 | |||||
Royal Bank of Canada, 2.15%, 10/26/2020 | 1.36 | |||||
Total | 49.67 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | 5 Years | Fund Inception | ||||||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | 3 Years Cumulative | Average Annualized | 5 Years Cumulative | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2020 Index | 2.14 | % | 2.06 | % | 6.31 | % | 2.62 | % | 13.80 | % | 3.41 | % | 32.62 | % | ||||||||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.20 | 35.06 | 5.10 | 52.11 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 1.90 | 1.90 | 5.80 | 2.46 | 12.92 | 3.18 | 30.18 | |||||||||||||||||||||||||||||||||
Market Price Return |
| 1.71 | 1.82 | 5.55 | 2.38 | 12.47 | 3.17 | 30.10 |
| 6 |
|
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) (continued)
Guggenheim BulletShares 2020 Corporate Bond ETF (the “Predecessor Fund”) Inception: March 28, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 7 |
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Management’s Discussion of Fund Performance Invesco BulletShares 2021 Corporate Bond ETF (BSCL) |
As an index fund, the Invesco BulletShares 2021 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2021 Index (the “2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 2.92%. On a net asset value (“NAV”) basis, the Fund returned 3.06%. During the same time period, the Index returned 3.20%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the capital markets and oil, gas & consumable fuels industries, respectively. The household durables industry detracted most significantly from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Deutsche Bank AG (Germany), 4.25% coupon, due 10/14/2021, a banking company (portfolio average weight of 0.87%), and Oracle Corp., 1.90% coupon, due 09/15/2021, a software company (portfolio average weight of 1.08%). Positions that detracted most significantly from the Fund’s return during the period included Tupperware Brands Corp., 4.75% coupon, due 06/01/2021, a household durables company (no longer held at fiscal year-end), and Ford Motor Credit Co. LLC, 3.81% coupon, due 10/12/2021, a consumer finance company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 47.17 | |||||
Health Care | 8.80 | |||||
Information Technology | 8.74 | |||||
Industrials | 7.64 | |||||
Consumer Discretionary | 6.12 | |||||
Consumer Staples | 5.83 | |||||
Energy | 5.65 | |||||
Utilities | 3.40 | |||||
Sector Types Each Less Than 3% | 4.37 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 2.28 |
| 8 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Oracle Corp., 1.90%, 09/15/2021 | 1.19 | |||||||
Goldman Sachs Group, Inc. (The), 5.25%, 07/27/2021 | 1.11 | |||||||
Deutsche Bank AG, 4.25%, 10/14/2021 | 0.98 | |||||||
Morgan Stanley, 2.63%, 11/17/2021 | 0.92 | |||||||
JPMorgan Chase & Co., 4.35%, 08/15/2021 | 0.87 | |||||||
Apple, Inc., 2.85%, 05/06/2021 | 0.85 | |||||||
Wells Fargo & Co., 2.10%, 07/26/2021 | 0.84 | |||||||
Apple, Inc., 2.25%, 02/23/2021 | 0.84 | |||||||
BNP Paribas S.A., 5.00%, 01/15/2021 | 0.82 | |||||||
Microsoft Corp., 1.55%, 08/08/2021 | 0.78 | |||||||
Total | 9.20 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | 5 Years | Fund Inception | ||||||||||||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | 3 Years Cumulative | Average Annualized | 5 Years Cumulative | Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2021 Index | 3.20 | % | 2.69 | % | 8.30 | % | 3.36 | % | 17.96 | % | 3.66 | % | 29.19 | % | ||||||||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.20 | 35.06 | 5.38 | 45.22 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 3.06 | 2.59 | 7.98 | 3.30 | 17.65 | 3.62 | 28.78 | |||||||||||||||||||||||||||||||||
Market Price Return | 2.92 | 2.52 | 7.77 | 3.30 | 17.61 | 3.62 | 28.85 |
| 9 |
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Invesco BulletShares 2021 Corporate Bond ETF (BSCL) (continued)
Guggenheim BulletShares 2021 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 10 |
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Management’s Discussion of Fund Performance Invesco BulletShares 2022 Corporate Bond ETF (BSCM) |
As an index fund, the Invesco BulletShares 2022 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2022 Index (the “2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2022 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 4.18%. On a net asset value (“NAV”) basis, the Fund returned 4.46%. During the same time period, the Index returned 4.65%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the capital markets industry. The multiline retail industry detracted most significantly from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Barclays Bank PLC, 7.63% coupon, due 11/21/2022, a banking company (portfolio average weight of 0.80%), and Goldman Sachs Group, Inc. (The), 5.75% coupon, due 01/24/2022, a capital markets company (portfolio average weight of 1.24%). Positions that detracted most significantly from the Fund’s return during the period included Macy’s Retail Holding, Inc., 3.88% coupon, due 01/15/2022, a multiline retail company (no longer held at fiscal year-end), and Occidental Petroleum Corp., 3.12% coupon, due 02/15/2022, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 34.51 | |||||
Information Technology | 11.41 | |||||
Health Care | 11.04 | |||||
Industrials | 8.88 | |||||
Energy | 7.69 | |||||
Consumer Discretionary | 6.82 | |||||
Consumer Staples | 6.47 | |||||
Communication Services | 4.23 | |||||
Utilities | 3.15 | |||||
Sector Types Each Less Than 3% | 3.33 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 2.47 |
| 11 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Goldman Sachs Group, Inc. (The), 5.75%, 01/24/2022 | 1.28 | |||||
Wells Fargo & Co., 2.63%, 07/22/2022 | 1.04 | |||||
JPMorgan Chase & Co., 4.50%, 01/24/2022 | 0.92 | |||||
Goldman Sachs Group, Inc. (The), 3.00%, 04/26/2022 | 0.92 | |||||
Barclays Bank PLC, 7.63%, 11/21/2022 | 0.91 | |||||
Morgan Stanley, 2.75%, 05/19/2022 | 0.90 | |||||
AbbVie, Inc., 2.90%, 11/06/2022 | 0.87 | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022 | 0.86 | |||||
JPMorgan Chase & Co., 3.25%, 09/23/2022 | 0.86 | |||||
Cooperatieve Rabobank U.A., 3.88%, 02/08/2022 | 0.85 | |||||
Total | 9.41 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2022 Index | 4.65 | % | 3.60 | % | 11.19 | % | 4.30 | % | 23.46 | % | 4.28 | % | 34.76 | % | ||||||||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.20 | 35.06 | 5.38 | 45.22 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 4.46 | 3.47 | 10.77 | 4.16 | 22.62 | 4.10 | 33.16 | |||||||||||||||||||||||||||||||||
Market Price Return | 4.18 | 3.35 | 10.38 | 4.12 | 22.34 | 4.09 | 33.04 |
| 12 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) (continued)
Guggenheim BulletShares 2022 Corporate Bond ETF (the “Predecessor Fund”) Inception: July 17, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 13 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2023 Corporate Bond ETF (BSCN) |
As an index fund, the Invesco BulletShares 2023 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2023 Index (the “2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 5.28%. On a net asset value (“NAV”) basis, the Fund returned 5.43%. During the same time period, the Index returned 5.75%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the banking and pharmaceuticals industries contributed most significantly to the Fund’s return. The multiline retail industry detracted most significantly from the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included CVS Health Corp., 3.70% coupon, due 03/09/2023, a health care providers & services company (portfolio average weight of 1.89%), and Apple, Inc., 2.40% coupon, due 05/03/2023, a technology hardware, storage & peripherals company (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during the period included EQT Midstream Partners LP, 4.75% coupon, due 07/15/2023, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Macy’s Retail Holdings, Inc., 2.88% coupon, due 02/15/2023, a multiline retail company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 29.50 | |||||
Health Care | 10.83 | |||||
Information Technology | 10.48 | |||||
Energy | 9.98 | |||||
Consumer Discretionary | 9.01 | |||||
Industrials | 8.32 | |||||
Consumer Staples | 7.59 | |||||
Communication Services | 4.34 | |||||
Real Estate | 3.73 | |||||
Utilities | 3.30 | |||||
Materials | 1.85 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.07 |
| 14 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
CVS Health Corp., 3.70%, 03/09/2023 | 1.73 | |||||
Apple, Inc., 2.40%, 05/03/2023 | 1.57 | |||||
Verizon Communications, Inc., 5.15%, 09/15/2023 | 1.26 | |||||
Bank of America Corp., 3.30%, 01/11/2023 | 1.25 | |||||
Wells Fargo & Co., 3.07%, 01/24/2023 | 1.06 | |||||
Boeing Co. (The), 4.51%, 05/01/2023 | 0.86 | |||||
Walmart, Inc., 3.40%, 06/26/2023 | 0.81 | |||||
Wells Fargo Bank N.A., 3.55%, 08/14/2023 | 0.81 | |||||
JPMorgan Chase & Co., 3.20%, 01/25/2023 | 0.80 | |||||
Natwest Group PLC, 3.88%, 09/12/2023 | 0.79 | |||||
Total | 10.94 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | |||||||||||||||||||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2023 Index | 5.75 | % | 4.39 | % | 13.75 | % | 5.10 | % | 28.22 | % | 4.65 | % | 31.08 | % | ||||||||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.20 | 35.06 | 5.40 | 36.76 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 5.43 | 4.19 | 13.11 | 4.96 | 27.41 | 4.51 | 30.00 | |||||||||||||||||||||||||||||||||
Market Price Return | 5.28 | 4.12 | 12.88 | 4.80 | 26.40 | 4.50 | 29.94 |
| 15 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) (continued)
Guggenheim BulletShares 2023 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 16 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2024 Corporate Bond ETF (BSCO) |
As an index fund, the Invesco BulletShares 2024 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2024 Index (the “2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 6.51%. On a net asset value (“NAV”) basis, the Fund returned 6.67%. During the same time period, the Index returned 7.01%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the capital markets industry. The construction & engineering industry detracted most significantly from the Fund’s return during the period, followed by the airlines industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included JP Morgan Chase & Co., 3.88% coupon, due 09/10/2024, a banking company (portfolio average weight of 1.29%), and Morgan Stanley, 3.70% coupon, due 10/23/2024, a capital markets company (portfolio average weight of 1.24%). Positions that detracted most significantly from the Fund’s return during the period included Enlink Midstream Partners LP, 4.40% coupon, due 04/01/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and EQM Midstream Partners, LP, 4.00% coupon, due 08/01/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 31.65 | |||||
Information Technology | 12.48 | |||||
Energy | 11.39 | |||||
Health Care | 10.38 | |||||
Consumer Staples | 7.73 | |||||
Consumer Discretionary | 6.07 | |||||
Communication Services | 5.80 | |||||
Industrials | 5.79 | |||||
Real Estate | 3.00 | |||||
Sector Types Each Less Than 3% | 4.04 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.67 |
| 17 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Centene Corp., 4.63%, 12/15/2029 | 1.29 | |||||
Credit Suisse AG, 3.63%, 09/09/2024 | 1.18 | |||||
Morgan Stanley, 3.70%, 10/23/2024 | 1.17 | |||||
JPMorgan Chase & Co., 3.88%, 09/10/2024 | 1.17 | |||||
Bank of America Corp., 4.20%, 08/26/2024 | 1.17 | |||||
Morgan Stanley, Series F, 3.88%, 04/29/2024 | 1.16 | |||||
Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024 | 1.16 | |||||
Bank of America Corp., 4.13%, 01/22/2024 | 1.01 | |||||
Apple, Inc., 3.45%, 05/06/2024 | 0.95 | |||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024 | 0.93 | |||||
Total | 11.19 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2024 Index | 7.01 | % | 5.25 | % | 16.60 | % | 5.73 | % | 32.14 | % | 5.24 | % | 35.54 | % | ||||||||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.20 | 35.06 | 5.40 | 36.76 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 6.67 | 5.10 | 16.08 | 5.56 | 31.04 | 5.01 | 33.74 | |||||||||||||||||||||||||||||||||
Market Price Return | 6.51 | 4.99 | 15.72 | 5.50 | 30.71 | 5.01 | 33.80 |
| 18 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) (continued)
Guggenheim BulletShares 2024 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 19 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2025 Corporate Bond ETF (BSCP) |
As an index fund, the Invesco BulletShares 2025 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2025 Index (the “2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 7.75%. On a net asset value (“NAV”) basis, the Fund returned 7.81%. During the same time period, the Index returned 8.00%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing, which were partially offset by the positive impact of the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately
6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most underweight in the electric utilities industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the health care providers & services industry. There were no industries which detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included CVS Health Corp, 4.10% coupon, due 03/25/2025, a health care providers & services company (portfolio average weight of 1.79%), and AT&T, Inc., 3.40% coupon, due 05/15/2025, a diversified telecommunications services company (portfolio average weight of 1.79%). Positions that detracted most significantly from the Fund’s return during the period included Enlink Midstream Partners LP, 4.15% coupon, due 06/01/2025, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Occidental Petroleum Corp., 3.50% coupon, due 06/15/2025, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 23.99 | |||||
Health Care | 14.60 | |||||
Information Technology | 11.60 | |||||
Energy | 10.54 | |||||
Consumer Discretionary | 9.18 | |||||
Industrials | 8.94 | |||||
Communication Services | 6.63 | |||||
Consumer Staples | 5.80 | |||||
Real Estate | 3.79 | |||||
Sector Types Each Less Than 3% | 4.06 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 0.87 |
| 20 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
AT&T, Inc., 3.40%, 05/15/2025 | 1.50 | |||||
CVS Health Corp., 4.10%, 03/25/2025 | 1.49 | |||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 1.31 | |||||
Medtronic, Inc., 3.50%, 03/15/2025 | 1.20 | |||||
Visa, Inc., 3.15%, 12/14/2025 | 1.19 | |||||
AbbVie, Inc., 3.60%, 05/14/2025 | 1.14 | |||||
Verizon Communications, Inc., 3.38%, 02/15/2025 | 1.03 | |||||
Microsoft Corp., 3.13%, 11/03/2025 | 0.95 | |||||
CVS Health Corp., 3.88%, 07/20/2025 | 0.90 | |||||
Shell International Finance B.V., 3.25%, 05/11/2025 | 0.87 | |||||
Total | 11.58 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | Fund Inception | |||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | 3 Years Cumulative | Average Annualized | Cumulative | |||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2025 Index | 8.00 | % | 5.89 | % | 18.74 | % | 5.81 | % | 31.89 | % | ||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 6.09 | 33.57 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||
NAV Return | 7.81 | 5.78 | 18.37 | 5.55 | 30.27 | |||||||||||||||||||||||||
Market Price Return | 7.75 | 5.67 | 18.01 | 5.55 | 30.28 |
| 21 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) (continued)
Guggenheim BulletShares 2025 Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 22 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) |
As an index fund, the Invesco BulletShares 2026 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2026 Index (the “2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 8.73%. On a net asset value (“NAV”) basis, the Fund returned 8.85%. During the same time period, the Index returned 8.98%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is
a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the banking industry and most underweight in the health care providers & services industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection and being overweight in the banking and oil, gas, & consumable fuels industries, respectively.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the capital markets industry. The automobiles industry detracted most significantly from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Wells Fargo & Co., 3.00% coupon, due 10/23/2026, a banking company (portfolio average weight of 1.29%), and Morgan Stanley, 3.13% coupon, due 07/27/2026, a capital markets company (portfolio average weight of 1.04%). Positions that detracted most significantly from the Fund’s return during the period included Occidental Petroleum Corp., 5.55% coupon, due 03/15/2026, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and EnLink Midstream Partners LP, 4.85% coupon, due 07/15/2026, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials | 33.31 | |||||
Information Technology | 10.74 | |||||
Health Care | 9.65 | |||||
Energy | 9.26 | |||||
Consumer Staples | 7.72 | |||||
Communication Services | 5.90 | |||||
Industrials | 5.84 | |||||
Consumer Discretionary | 5.31 | |||||
Real Estate | 5.06 | |||||
Utilities | 5.00 | |||||
Materials | 1.20 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.01 |
| 23 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Microsoft Corp., 2.40%, 08/08/2026 | 1.40 | |||||
Wells Fargo & Co., 3.00%, 10/23/2026 | 1.20 | |||||
Wells Fargo & Co., 3.00%, 04/22/2026 | 1.17 | |||||
Apple, Inc., 3.25%, 02/23/2026 | 1.12 | |||||
HSBC Holdings PLC, 4.30%, 03/08/2026 | 1.10 | |||||
Morgan Stanley, 3.88%, 01/27/2026 | 1.04 | |||||
Citigroup, Inc., 3.20%, 10/21/2026 | 1.03 | |||||
Oracle Corp., 2.65%, 07/15/2026 | 1.02 | |||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 | 1.02 | |||||
Morgan Stanley, 3.13%, 07/27/2026 | 1.02 | |||||
Total | 11.12 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | Fund Inception | |||||||||||||||||||||||||||||
Index | 1 Year | Average Annualized | 3 Years Cumulative | Average Annualized | Cumulative | |||||||||||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2026 Index | 8.98 | % | 6.55 | % | 20.97 | % | 5.50 | % | 23.64 | % | ||||||||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.45 | 20.61 | 5.73 | 24.71 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||
NAV Return | 8.85 | 6.44 | 20.58 | 5.45 | 23.37 | |||||||||||||||||||||||||
Market Price Return | 8.73 | 6.48 | 20.72 | 5.47 | 23.50 |
| 24 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) (continued)
Guggenheim BulletShares 2026 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 25 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2027 Corporate Bond ETF (BSCR) |
As an index fund, the Invesco BulletShares 2027 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2027 Index (the “2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2027 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 7.98%. On a net asset value (“NAV”) basis, the Fund returned 8.25%. During the same time period, the Index returned 8.38%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as the sampling approach employed by the portfolio management team and costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its
recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the banking industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the semiconductors & semiconductor equipment industry.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the semiconductors & semiconductor equipment industry. There were no industries that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Broadcom Corp., 3.88% coupon, due 01/15/2027, a semiconductors & semiconductor equipment company (portfolio average weight of 2.16%), and Verizon Communications, Inc., 4.13% coupon, due 03/16/2027, a diversified telecommunications company (portfolio average weight of 1.57%). Positions that detracted most significantly from the Fund’s return during the period included Occidental Petroleum Corp., 3.00% coupon, due 02/15/2027, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and EQT Corp., 3.90% coupon, due 10/01/2027, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials | 21.66 | |||||
Information Technology | 16.36 | |||||
Consumer Discretionary | 10.24 | |||||
Health Care | 10.16 | |||||
Industrials | 8.45 | |||||
Energy | 8.34 | |||||
Consumer Staples | 6.80 | |||||
Communication Services | 6.59 | |||||
Utilities | 4.23 | |||||
Real Estate | 3.79 | |||||
Materials | 2.38 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.00 |
| 26 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | 1.88 | |||||
Microsoft Corp., 3.30%, 02/06/2027 | 1.61 | |||||
Citigroup, Inc., 4.45%, 09/29/2027 | 1.50 | |||||
Amazon.com, Inc., 3.15%, 08/22/2027 | 1.41 | |||||
Verizon Communications, Inc., 4.13%, 03/16/2027 | 1.38 | |||||
Morgan Stanley, 3.63%, 01/20/2027 | 1.16 | |||||
Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | 1.12 | |||||
Oracle Corp., 3.25%, 11/15/2027 | 1.07 | |||||
Bank of America Corp., 3.25%, 10/21/2027 | 0.98 | |||||
Wells Fargo & Co., 4.30%, 07/22/2027 | 0.97 | |||||
Total | 13.08 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2027 Index | 8.38 | % | 7.07 | % | 22.11 | % | ||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 6.76 | 21.09 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 8.25 | 6.81 | 21.25 | |||||||||||||||||
Market Price Return | 7.98 | 6.82 | 21.28 |
| 27 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) (continued)
Guggenheim BulletShares 2027 Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 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 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 28 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2028 Corporate Bond ETF (BSCS) |
As an index fund, the Invesco BulletShares 2028 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2028 Index (the “2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2028 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2028. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 8.03%. On a net asset value (“NAV”) basis, the Fund returned 8.28%. During the same time period, the Index returned 8.48%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the Fund’s sampling methodology in addition to fees and operating expenses incurred by the Fund during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 7.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its
recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the health care providers & services industry and most underweight in the banking industry during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the health care providers & services and pharmaceutical industries, respectively. The construction & engineering industry detracted most significantly from the Fund’s return, followed by the energy equipment & services and airlines industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included CVS Health Corp., 4.30% coupon, due 03/25/2028, a health care provider & services company (portfolio average weight of 4.61%), and Cigna Corp., 4.38% coupon, due 10/15/2028, a health care provider & services company (portfolio average weight of 2.50%). Positions that detracted most significantly from the Fund’s return during this period included Celgene Corp., 3.90% coupon, due 02/20/2028, a pharmaceuticals company (no longer held at fiscal year-end), and Spirit AeroSystems, Inc., 4.60% coupon, due 06/15/2028, an aerospace & defense company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials | 19.15 | |||||
Health Care | 18.50 | |||||
Industrials | 13.11 | |||||
Energy | 10.78 | |||||
Consumer Staples | 8.93 | |||||
Communication Services | 7.89 | |||||
Consumer Discretionary | 6.29 | |||||
Real Estate | 4.86 | |||||
Utilities | 4.10 | |||||
Information Technology | 3.81 | |||||
Materials | 1.30 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.28 |
| 29 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
CVS Health Corp., 4.30%, 03/25/2028 | 4.58 | |||||
Cigna Corp., 4.38%, 10/15/2028 | 2.84 | |||||
Raytheon Technologies Corp., 4.13%, 11/16/2028 | 2.28 | |||||
Vodafone Group PLC, 4.38%, 05/30/2028 | 2.20 | |||||
Walmart, Inc., 3.70%, 06/26/2028 | 1.91 | |||||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 04/13/2028 | 1.75 | |||||
Citigroup, Inc., 4.13%, 07/25/2028 | 1.47 | |||||
Northrop Grumman Corp., 3.25%, 01/15/2028 | 1.35 | |||||
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/2028 | 1.34 | |||||
Barclays PLC, 4.84%, 05/09/2028 | 1.30 | |||||
Total | 21.02 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD Corporate Bond 2028 Index | 8.48 | % | 11.42 | % | 24.93 | % | ||||||||||||||
Bloomberg Barclays U.S. Corporate Index | 7.50 | 10.27 | 22.31 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 8.28 | 11.14 | 24.29 | |||||||||||||||||
Market Price Return | 8.03 | 11.05 | 24.08 |
| 30 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) (continued)
Fund Inception: August 9, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% 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. |
| 31 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2029 Corporate Bond ETF (BSCT) |
As an index fund, the Invesco BulletShares 2029 Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Corporate Bond 2029 Index (the “2029 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The 2029 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment grade corporate bonds with maturities or, in some cases, “effective maturities” in the year 2029. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2029. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index rebalances only through June. In the last six months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 12, 2019) through August 31, 2020, on a market price basis, the Fund returned 10.45%. On a net asset value (“NAV”) basis, the Fund returned 10.96%. During the same time period, the Index returned 11.16%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays U.S. Corporate Index (the “Benchmark Index”) returned 9.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 6,000 securities. The Benchmark Index was selected for its
recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the equity REITs industry and most underweight in the banking industry during the fiscal period ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the oil, gas & consumable fuels industry in addition to being overweight in the equity REITs industry.
For the fiscal period ended August 31, 2020, the banking industry contributed most significantly to the Fund’s return, followed by the equity REITs and IT services industries, respectively. The airlines industry detracted most significantly from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included Anheuser-Busch InBev Worldwide, Inc., 4.75% coupon, due 01/23/2029, a beverages company (portfolio average weight of 2.98%), and Altria Group, Inc., 4.80% coupon, due 02/14/2029, a tobacco company (portfolio average weight of 2.01%). Positions that detracted most significantly from the Fund’s return during the period included Delta Air Lines, Inc, 3.75% coupon, due 10/28/2029, an airlines company (portfolio average weight of 0.27%), and Enable Midstream Partners LP, 4.15% coupon, due 09/15/2029, an oil, gas & consumable fuels company (portfolio average weight of 0.26%).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Financials | 15.10 | |||||
Information Technology | 12.15 | |||||
Consumer Staples | 11.70 | |||||
Energy | 9.76 | |||||
Health Care | 9.12 | |||||
Communication Services | 8.44 | |||||
Real Estate | 8.27 | |||||
Industrials | 7.80 | |||||
Utilities | 6.21 | |||||
Consumer Discretionary | 6.10 | |||||
Materials | 4.24 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.11 |
| 32 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | 2.84 | |||||
Verizon Communications, Inc., 4.02%, 12/03/2029 | 2.57 | |||||
International Business Machines Corp., 3.50%, 05/15/2029 | 2.03 | |||||
Altria Group, Inc., 4.80%, 02/14/2029 | 1.90 | |||||
AT&T, Inc., 4.35%, 03/01/2029 | 1.89 | |||||
Fiserv, Inc., 3.50%, 07/01/2029 | 1.78 | |||||
Sumitomo Mitsui Financial Group, Inc., 3.04%, 07/16/2029 | 1.70 | |||||
HCA, Inc., 4.13%, 06/15/2029 | 1.25 | |||||
Wells Fargo & Co., 4.15%, 01/24/2029 | 1.20 | |||||
Intel Corp., 2.45%, 11/15/2029 | 1.17 | |||||
Total | 18.33 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | |
Nasdaq BulletShares® USD Corporate Bond 2029 Index | 11.16% | |
Bloomberg Barclays U.S. Corporate Index | 9.43 | |
Fund | ||
NAV Return | 10.96 | |
Market Price Return | 10.45 |
| 33 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) (continued)
Fund Inception: September 12, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 34 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) |
As an index fund, the Invesco BulletShares 2020 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index (the “High Yield 2020 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2020 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2020. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2020. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 0.38%. On a net asset value (“NAV”) basis, the Fund returned 0.42%. During the same time period, the Index returned 1.02%. 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, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the wireless telecommunications services industry and most underweight in the health care providers & services industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s shorter duration in addition to being underweight in the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the wireless telecommunications services industry and treasury holdings, respectively. The machinery industry detracted most significantly from the Fund’s return during the period, followed by the pharmaceuticals and building products industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Stearns Holdings, Inc., 9.375% coupon, due 10/15/2020, a diversified financial services company (no longer held at fiscal-year end) and Neptune Finco Corp., 10.875% coupon, due 10/15/2025, a media company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Chesapeake Energy Corp., 6.625% coupon, due 08/15/2020, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Briggs & Stratton Corp., 6.875% coupon, due 12/15/2020, a machinery company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
U.S. Treasury Securities | 80.99 | |||||
Energy | 6.87 | |||||
Materials | 3.64 | |||||
Sector Types Each Less Than 3% | 7.21 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.29 |
| 35 |
|
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
U.S. Treasury Bills, 0.09%-0.13%, 09/17/2020 | 62.22 | |||||
U.S. Treasury Bills, 0.07%-0.09%, 10/22/2020 | 18.77 | |||||
Blue Cube Spinco LLC, 9.75%, 10/15/2023 | 2.09 | |||||
CITGO Petroleum Corp., 6.25%, 08/15/2022 | 1.93 | |||||
NortonLifeLock, Inc., 4.20%, 09/15/2020 | 1.92 | |||||
Murphy Oil Corp., 6.88%, 08/15/2024 | 1.84 | |||||
T-Mobile USA, Inc., 6.00%, 03/01/2023 | 1.71 | |||||
NuStar Logistics L.P., 4.80%, 09/01/2020 | 1.59 | |||||
Blue Cube Spinco LLC, 10.00%, 10/15/2025 | 1.55 | |||||
Navient Corp., 5.00%, 10/26/2020 | 1.39 | |||||
Total | 95.01 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index | 1.02 | % | 2.93 | % | 9.04 | % | 4.43 | % | 24.23 | % | 3.59 | % | 27.70 | % | ||||||||||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.88 | 15.37 | 6.45 | 36.69 | 5.48 | 44.79 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 0.42 | 2.23 | 6.84 | 3.77 | 20.35 | 3.54 | 27.29 | |||||||||||||||||||||||||||||||||
Market Price Return | 0.38 | 2.07 | 6.35 | 3.75 | 20.22 | 3.51 | 27.06 |
| 36 |
|
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) (continued)
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 24, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 37 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) |
As an index fund, the Invesco BulletShares 2021 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index (the “High Yield 2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2021 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned (2.13)%. On a net asset value (“NAV”) basis, the Fund returned (1.91)%. During the same time period, the Index returned (0.35)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to trading costs associated with portfolio rebalances, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the aerospace & defense industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the oil, gas & consumable fuels industry, followed by the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the electric utilities and wireless telecommunication services industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the energy equipment & services and aerospace & defense industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Altice Financing SA, 7.50% coupon, due 05/15/2026, a media company (portfolio average weight of 1.80%), and Vericast Corp., 9.25% coupon, due 03/01/2021, an IT services company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during the period included Whiting Petroleum Corp., 5.75% coupon, due 03/15/2021, an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Denbury Resources, Inc., 9.00% coupon, due 5/15/2021, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Communication Services | 29.25 | |||||
Consumer Discretionary | 13.39 | |||||
Information Technology | 11.40 | |||||
Financials | 9.31 | |||||
Industrials | 9.03 | |||||
Utilities | 8.73 | |||||
Health Care | 5.99 | |||||
Energy | 4.29 | |||||
Sector Types Each Less Than 3% | 2.23 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 6.38 |
| 38 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
DISH DBS Corp., 6.75%, 06/01/2021 | 3.80 | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.75%, 02/15/2026 | 3.66 | |||||
Altice France S.A., 7.38%, 05/01/2026 | 3.29 | |||||
Ford Motor Credit Co. LLC, 5.88%, 08/02/2021 | 3.17 | |||||
CenturyLink, Inc., Series S, 6.45%, 06/15/2021 | 2.57 | |||||
Bausch Health Cos., Inc., 9.00%, 12/15/2025 | 2.38 | |||||
NRG Energy, Inc., 6.63%, 01/15/2027 | 2.19 | |||||
Bausch Health Cos., Inc., 7.00%, 03/15/2024 | 2.10 | |||||
NRG Energy, Inc., 7.25%, 05/15/2026 | 2.03 | |||||
United Rentals North America, Inc., 5.88%, 09/15/2026 | 1.93 | |||||
Total | 27.12 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | 3 Years Average Annualized | 3 Years Cumulative | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index | (0.35 | )% | 3.16 | % | 9.79 | % | 4.89 | % | 26.94 | % | 3.44 | % | 22.32 | % | ||||||||||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.88 | 15.37 | 6.45 | 36.69 | 5.06 | 34.19 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (1.91 | ) | 2.21 | 6.78 | 4.17 | 22.65 | 3.62 | 23.57 | ||||||||||||||||||||||||||||||||
Market Price Return | (2.13 | ) | 2.10 | 6.44 | 4.21 | 22.88 | 3.54 | 22.99 |
| 39 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) (continued)
Guggenheim BulletShares 2021 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 40 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) |
As an index fund, the Invesco BulletShares 2022 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index (the “High Yield 2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2022 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned (1.50)%. On a net asset value (“NAV”) basis, the Fund returned (1.32)%. During the same time period, the Index returned 0.74%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the IT services industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the security selection in the oil, gas & consumable fuels industry, followed by the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the commercial services & supplies and health care providers & services industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance and energy equipment & services industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Tenet Healthcare Corp., 8.13% coupon, due 04/01/2022, a health care providers & services company (portfolio average weight of 3.09%), and Sprint Communications, Inc., 6.00% coupon, due 11/15/2022, a wireless telecommunications company (portfolio average weight of 2.38%). Positions that detracted most significantly from the Fund’s return during this period included Hertz Corp. (The), 7.63% coupon, due 06/01/2022, an auto components company (no longer held at fiscal year-end) and Oasis Petroleum, Inc., 6.88% coupon, due 03/15/2022, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Communication Services | 22.59 | |||||
Consumer Discretionary | 17.72 | |||||
Industrials | 14.10 | |||||
Financials | 8.91 | |||||
Health Care | 8.79 | |||||
Energy | 7.37 | |||||
Materials | 5.62 | |||||
Consumer Staples | 3.31 | |||||
Sector Types Each Less Than 3% | 5.00 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 6.59 |
| 41 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Tenet Healthcare Corp., 8.13%, 04/01/2022 | 2.92 | |||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 | 2.50 | |||||
Sprint Communications, Inc., 6.00%, 11/15/2022 | 2.35 | |||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022 | 2.19 | |||||
DISH DBS Corp., 5.88%, 07/15/2022 | 2.02 | |||||
Bausch Health Americas, Inc., 8.50%, 01/31/2027 | 1.91 | |||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026 | 1.90 | |||||
Numericable-SFR S.A., 8.13%, 02/01/2027 | 1.88 | |||||
International Game Technology PLC, 6.25%, 02/15/2022 | 1.60 | |||||
WESCO Distribution, Inc., 7.13%, 06/15/2025 | 1.54 | |||||
Total | 20.81 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | 3 Years Average | 3 Years | 5 Years Average Annualized | 5 Years Cumulative | Fund Inception | ||||||||||||||||||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index | 0.74 | % | 3.03 | % | 9.38 | % | 5.33 | % | 29.66 | % | 4.14 | % | 27.32 | % | ||||||||||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.88 | 15.37 | 6.45 | 36.69 | 5.06 | 34.19 | |||||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (1.32 | ) | 2.05 | 6.28 | 4.36 | 23.78 | 3.70 | 24.13 | ||||||||||||||||||||||||||||||||
Market Price Return | (1.50 | ) | 1.97 | 6.04 | 4.38 | 23.89 | 3.65 | 23.82 |
| 42 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) (continued)
Guggenheim BulletShares 2022 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 17, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 43 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) |
As an index fund, the Invesco BulletShares 2023 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index (the “High Yield 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2023 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 0.54%. On a net asset value (“NAV”) basis, the Fund returned 0.80%. During the same time period, the Index returned 2.69%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its
performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the containers & packaging industry and most underweight in the food products industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry, as well as the Fund’s shorter duration.
For the fiscal year ended August 31, 2020, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the wireless telecommunication services and metals & mining industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the media and specialty retail industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Sprint Corp., 7.88% coupon, due 09/15/2023, a wireless telecommunications services company (portfolio average weight of 4.96%), and Community Health Systems, Inc., 6.25% coupon, due 03/31/2023, a health care providers & services company (portfolio average weight of 3.08%). Positions that detracted most significantly from the Fund’s return during the period included Intelsat Jackson Holdings SA, 5.50% coupon, due 08/01/2023, a wireless telecommunications services company (no longer held at fiscal year-end), and Carrizo Oil & Gas Inc., 6.25% coupon, due 04/15/2023, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Consumer Discretionary | 16.74 | |||||
Materials | 13.68 | |||||
Communication Services | 12.45 | |||||
Health Care | 11.70 | |||||
Energy | 11.20 | |||||
Industrials | 10.27 | |||||
Consumer Staples | 6.17 | |||||
Information Technology | 5.01 | |||||
Financials | 4.59 | |||||
Sector Types Each Less Than 3% | 4.73 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 3.46 |
| 44 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Sprint Corp., 7.88%, 09/15/2023 | 4.82 | |||||
Community Health Systems, Inc., 6.25%, 03/31/2023 | 2.99 | |||||
Ford Motor Co., 8.50%, 04/21/2023 | 2.27 | |||||
Par Pharmaceutical, Inc., 7.50%, 04/01/2027 | 2.06 | |||||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 1.94 | |||||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 1.87 | |||||
Reynolds Group Issuer, Inc./LLC, 5.13%, 07/15/2023 | 1.57 | |||||
DISH DBS Corp., 5.00%, 03/15/2023 | 1.51 | |||||
Newell Brands, Inc., 4.35%, 04/01/2023 | 1.47 | |||||
WESCO Distribution, Inc., 7.25%, 06/15/2028 | 1.43 | |||||
Total | 21.93 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | Fund Inception | |||||||||||||||||||||||||||||
Index | 1 Year | Average | 3 Years Cumulative | Average Annualized | Cumulative | |||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index | 2.69 | % | 4.01 | % | 12.51 | % | 6.25 | % | 34.58 | % | ||||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.88 | 15.37 | 6.85 | 38.36 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||
NAV Return | 0.80 | 3.12 | 9.65 | 5.26 | 28.52 | |||||||||||||||||||||||||
Market Price Return | 0.54 | 2.99 | 9.25 | 5.24 | 28.42 |
| 45 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) (continued)
Guggenheim BulletShares 2023 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: October 7, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 46 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) |
As an index fund, the Invesco BulletShares 2024 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index (the “High Yield 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2024 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 1.38%. On a net asset value (“NAV”) basis, the Fund returned 1.45%. During the same time period, the Index returned 2.36%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the oil, gas & consumable fuels industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the health care providers & services and IT services industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance and aerospace & defense industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Dish DBS Corp., 5.875% coupon, due 11/15/2024, a media company (portfolio average weight of 2.04%) and Sprint Corp., 7.13% coupon, due 06/15/2024, a wireless telecommunications services company (portfolio average weight of 2.49%). Positions that detracted most significantly from the Fund’s return during the period included Hertz Corp. (The), 5.50% coupon, due 10/15/2024, an auto components company (no longer held at fiscal year-end) and Callon Petroleum Co., 6.13% coupon, due 10/01/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Communication Services | 22.01 | |||||||
Consumer Discretionary | 17.55 | |||||||
Industrials | 9.99 | |||||||
Materials | 8.52 | |||||||
Health Care | 8.45 | |||||||
Information Technology | 8.17 | |||||||
Financials | 6.61 | |||||||
Consumer Staples | 5.89 | |||||||
Real Estate | 3.53 | |||||||
Energy | 3.45 | |||||||
Utilities | 3.08 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 2.75 |
| 47 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Sprint Corp., 7.13%, 06/15/2024 | 2.46 | |||||||
DISH DBS Corp., 5.88%, 11/15/2024 | 2.00 | |||||||
Intesa Sanpaolo S.p.A., 5.02%, 06/26/2024 | 1.85 | |||||||
Tenet Healthcare Corp., 4.63%, 07/15/2024 | 1.77 | |||||||
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/2024 | 1.73 | |||||||
CSC Holdings LLC, 6.50%, 02/01/2029 | 1.61 | |||||||
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024 | 1.60 | |||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 | 1.57 | |||||||
Sirius XM Radio, Inc., 4.63%, 07/15/2024 | 1.56 | |||||||
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 | 1.40 | |||||||
Total | 17.55 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
3 Years | Fund Inception | |||||||||||||||||||||||||||||
Average | 3 Years | Average | ||||||||||||||||||||||||||||
Index | 1 Year | Annualized | Cumulative | Annualized | Cumulative | |||||||||||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index | 2.36 | % | 3.87 | % | 12.07 | % | 5.28 | % | 22.63 | % | ||||||||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.88 | 15.37 | 6.00 | 25.98 | |||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||
NAV Return | 1.45 | 3.56 | 11.06 | 4.52 | 19.15 | |||||||||||||||||||||||||
Market Price Return | 1.38 | 3.44 | 10.67 | 4.52 | 19.15 |
| 48 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) (continued)
Guggenheim BulletShares 2024 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 14, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 49 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) |
As an index fund, the Invesco BulletShares 2025 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index (the “High Yield 2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2025 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 2.26%. On a net asset value (“NAV”) basis, the Fund returned 2.58%. During the same time period, the Index returned 4.23%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses incurred by the Fund during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment-grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the aerospace & defense industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the automobiles and containers & packaging industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the aerospace & defense and entertainment industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Tesla, Inc., 5.30% coupon, due 08/15/2025, an automobiles company (portfolio average weight of 1.19%), and Cleveland-Cliffs, Inc., 6.38% coupon, due 10/15/2025, a metals & mining company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Intelsat Jackson Holdings, Inc., 9.75% coupon, due 07/15/2025, a wireless telecommunications services company (no longer held at fiscal year-end), and AMC Entertainment, Inc., 5.75% coupon, due 06/15/2025, an entertainment company (no longer held at fiscal year-end ).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Consumer Discretionary | 25.17 | |||||||
Materials | 12.98 | |||||||
Industrials | 11.52 | |||||||
Health Care | 9.63 | |||||||
Energy | 9.60 | |||||||
Financials | 7.33 | |||||||
Communication Services | 5.72 | |||||||
Real Estate | 4.89 | |||||||
Information Technology | 4.27 | |||||||
Consumer Staples | 4.17 | |||||||
Utilities | 1.46 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 3.26 |
| 50 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Bausch Health Cos., Inc., 6.13%, 04/15/2025 | 1.98 | |||||
Ford Motor Co., 9.00%, 04/22/2025 | 1.88 | |||||
HCA, Inc., 5.38%, 02/01/2025 | 1.84 | |||||
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/2025 | 1.77 | |||||
Caesars Entertainment, Inc., 6.25%, 07/01/2025 | 1.62 | |||||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025 | 1.45 | |||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/2025 | 1.40 | |||||
Tesla, Inc., 5.30%, 08/15/2025 | 1.19 | |||||
American Airlines, Inc., 11.75%, 07/15/2025 | 1.18 | |||||
Sprint Corp., 7.63%, 02/15/2025 | 1.13 | |||||
Total | 15.44 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index | 4.23 | % | 4.61 | % | 14.11 | % | ||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 4.74 | 14.50 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 2.58 | 3.81 | 11.56 | |||||||||||||||||
Market Price Return | 2.26 | 3.77 | 11.44 |
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|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) (continued)
Guggenheim BulletShares 2025 High Yield Corporate Bond ETF (the “Predecessor Fund”) Inception: September 27, 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 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | 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. |
| 52 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) |
As an index fund, the Invesco BulletShares 2026 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index (the “High Yield 2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2026 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 1.91%. On a net asset value (“NAV”) basis, the Fund returned 2.26%. During the same time period, the Index returned 3.94%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays US Corporate High Yield Index (the “Benchmark Index”) returned 4.71%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 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 fixed-rate investment-grade taxable debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the pharmaceuticals industry during the fiscal year ended August 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 allocation in the oil, gas & consumable fuels industry.
For the fiscal year ended August 31, 2020, the media industry contributed most significantly to the Fund’s return, followed by the diversified financial services and wireless telecommunication services industries, respectively. The oil, gas & consumable fuels industry detracted most significantly from the Fund’s return during the period, followed by the entertainment and specialty retail industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020 were Dish DBS Corp., 7.75% coupon, due 07/01/2026, a media company (portfolio average weight of 2.09%), and Banff Merger Sub, Inc., 9.75% coupon, due 09/01/2026, a software company (portfolio average weight of 1.45%). Positions that detracted most significantly from the Fund’s return during the period included AMC Entertainment Holdings, Inc., 5.88% coupon, due 11/15/2026, an entertainment company (no longer held at fiscal year-end), and Whiting Petroleum Corp., 6.63% coupon, due 01/15/2026, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Consumer Discretionary | 20.21 | |||||
Communication Services | 15.49 | |||||
Energy | 12.36 | |||||
Materials | 9.88 | |||||
Industrials | 9.07 | |||||
Financials | 8.34 | |||||
Health Care | 8.15 | |||||
Information Technology | 5.14 | |||||
Consumer Staples | 4.35 | |||||
Utilities | 3.96 | |||||
Real Estate | 1.03 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 2.02 |
| 53 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Newell Brands, Inc., 4.70%, 04/01/2026 | 2.27 | |||||
Tenet Healthcare Corp., 4.88%, 01/01/2026 | 2.25 | |||||
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026 | 2.14 | |||||
DISH DBS Corp., 7.75%, 07/01/2026 | 2.05 | |||||
Sprint Corp., 7.63%, 03/01/2026 | 1.72 | |||||
OneMain Finance Corp., 7.13%, 03/15/2026 | 1.68 | |||||
Post Holdings, Inc., 5.00%, 08/15/2026 | 1.66 | |||||
HUB International Ltd., 7.00%, 05/01/2026 | 1.58 | |||||
HCA, Inc., 5.88%, 02/15/2026 | 1.54 | |||||
Novelis Corp., 5.88%, 09/30/2026 | 1.48 | |||||
Total | 18.37 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index | 3.94 | % | 6.48 | % | 13.80 | % | ||||||||||||||
Bloomberg Barclays US Corporate High Yield Index | 4.71 | 5.63 | 11.94 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 2.26 | 5.50 | 11.65 | |||||||||||||||||
Market Price Return | 1.91 | 5.43 | 11.50 |
| 54 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) (continued)
Fund Inception: August 9, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See
invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 55 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) |
As an index fund, the Invesco BulletShares 2027 High Yield Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index (the “High Yield 2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The High Yield 2027 Index seeks to measure the performance of a portfolio of U.S. dollar-denominated high yield corporate bonds (commonly known as “junk bonds”) with maturities or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price; and (iii) unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 12, 2019) through August 31, 2020, on a market price basis, the Fund returned 3.84%. On a net asset value (“NAV”) basis, the Fund returned 4.32%. During the same time period, the Index returned 6.65%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays U.S. Corporate High Yield Index (the “Benchmark Index”) returned 4.17%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,100 securities. The Benchmark Index was
selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a representation of fixed-rate non-investment grade debt.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the metals & mining industry during the fiscal period ended August 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 allocation to the energy equipment & services industry.
For the fiscal period ended August 31, 2020, the commercial services & supplies industry contributed most significantly to the Fund’s return, followed by the media and oil, gas & consumable fuels industries, respectively. The transportation infrastructure industry detracted most significantly from the Fund’s return during the period, followed by the aerospace & defense and insurance industries, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included EQT Corp., 3.90% coupon, due 10/01/2027, an oil, gas & consumable fuels company (portfolio average weight of 1.67%), and Allied Universal Holdco, LLC, 9.75% coupon, due 07/15/2027, a commercial services & supplies company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return during this period included Wesco Aircraft Holdings, Inc., 13.13% coupon, due 11/15/2027, an aerospace & defense company (portfolio average weight of 0.55%), and MEG Energy, Corp., 7.13% coupon, due 02/01/2027, an oil, gas & consumable fuels company (portfolio average weight of 1.66%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Communication Services | 20.90 | |||||
Consumer Discretionary | 19.10 | |||||
Industrials | 13.46 | |||||
Energy | 10.46 | |||||
Real Estate | 6.42 | |||||
Materials | 5.95 | |||||
Health Care | 5.81 | |||||
Consumer Staples | 5.46 | |||||
Financials | 4.21 | |||||
Utilities | 4.00 | |||||
Information Technology | 2.71 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.52 |
| 56 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
Nexstar Broadcasting, Inc., 5.63%, 07/15/2027 | 2.75 | |||||
Ziggo B.V., 5.50%, 01/15/2027 | 2.67 | |||||
Tenet Healthcare Corp., 5.13%, 11/01/2027 | 2.15 | |||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 4.63%, 01/15/2027 | 2.12 | |||||
Zayo Group Holdings, Inc., 4.00%, 03/01/2027 | 2.11 | |||||
Vistra Operations Co. LLC, 5.00%, 07/31/2027 | 1.94 | |||||
Performance Food Group, Inc., 5.50%, 10/15/2027 | 1.91 | |||||
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027 | 1.81 | |||||
Herc Holdings, Inc., 5.50%, 07/15/2027 | 1.78 | |||||
Gap, Inc. (The), 8.88%, 05/15/2027 | 1.70 | |||||
Total | 20.94 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index | 6.65 | % | |||
Bloomberg Barclays US Corporate High Yield Index | 4.17 | ||||
Fund | |||||
NAV Return | 4.32 | ||||
Market Price Return | 3.84 |
| 57 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) (continued)
Fund Inception: September 12, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.42% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 58 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2021 Municipal Bond ETF (BSML) |
As an index fund, the Invesco BulletShares 2021 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2021 Index (the “Municipal Bond 2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2021 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2021 or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 2.30%. On a net asset value (“NAV”) basis, the Fund returned 1.94%. During the same time period, the Index returned 2.07%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by positive effects of sampling.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Texas during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of Texas, California, and Florida, respectively.
For the fiscal period ended August 31, 2020, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Massachusetts, respectively. The states of Utah and Indiana detracted slightly from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included New York State Environmental Facilities Corp., 5.00% coupon, due 06/15/2021, a water & sewer bond (portfolio average weight of 2.08%) and Sales Tax Asset Receivable Corp., 5.00% coupon, due 10/15/2021, a cities, counties, & authorities bond (portfolio average weight of 1.70%). The positions that detracted most significantly from the Fund’s return during this period were California (State of), Series 2011, 5.25% coupon, due 09/01/2024, a state general obligation bond (portfolio average weight of 2.49%) and Cook (County of), Illinois, 5.25% coupon, due 11/15/2024, a local general obligation bond (portfolio average weight of 1.27%).
| 59 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML) (continued)
Revenue Type Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2020
Ad Valorem Property Tax | 23.98 | |||||
Water Revenue | 14.72 | |||||
Sales Tax Revenue | 11.50 | |||||
Income Tax Revenue | 8.16 | |||||
Lease Revenue | 6.73 | |||||
Miscellaneous Revenue | 5.66 | |||||
Port, Airport & Marina Revenue | 5.58 | |||||
Health, Hospital, Nursing Home Revenue | 5.47 | |||||
Appropriations | 4.68 | |||||
Revenue Types Each Less Than 3% | 11.76 | |||||
Other Assets Less Liabilities | 1.76 |
Top Ten Fund Holdings (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB, 5.00%, 11/01/2021 | 2.51 | |||||
California (State of), Series 2011, Ref. GO Bonds, 5.25%, 09/01/2024 | 2.49 | |||||
Gwinnett (County of), GA Water & Sewerage Authority, Series 2011, Ref. RB, 5.00%, 08/01/2024 | 2.11 | |||||
Los Angeles Unified School | 2.06 | |||||
New York State Environmental Facilities Corp., Series 2017, Ref. RB, 5.00%, 06/15/2021 | 2.06 | |||||
New York (City of), NY Transitional Finance Authority, Series 2018 C-1, RB, 5.00%, 05/01/2021 | 2.04 | |||||
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB, 5.00%, 02/01/2031 | 2.02 | |||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB, 5.00%, 12/01/2021 | 1.97 | |||||
New York (City of), NY | 1.71 | |||||
Sales Tax Asset Receivable Corp., | 1.67 | |||||
Total | 20.64 |
Growth of a $10,000 Investment Since Inception
| 60 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2021 Index | 2.07 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 1.94 | ||||
Market Price Return | 2.30 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 61 |
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Management’s Discussion of Fund Performance Invesco BulletShares 2022 Municipal Bond ETF (BSMM) |
As an index fund, the Invesco BulletShares 2022 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2022 Index (the “Municipal Bond 2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2022 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2022 or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 2.65%. On a net asset value (“NAV”) basis, the Fund returned 2.38%. During the same time period, the Index returned 2.79%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs related to portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of Virginia and most underweight in the state of Texas during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the under allocation to the states of Texas, California, and Florida, respectively.
For the fiscal period ended August 31, 2020, the state of Tennessee contributed most significantly to the Fund’s return, followed by the states of Connecticut and New Jersey, respectively. The state of California detracted most significantly from the Fund’s return during the period, followed by the states of Texas and New York, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included Philadelphia (State of) PA Water & Wastewater, 5.00% coupon, due 11/01/2028, a water & sewer bond (portfolio average weight of 1.61%) and Nashville & Davidson (County of), TN, 5.00% coupon, due 07/01/2022, a local general obligation bond (portfolio average weight of 1.58%). The positions that detracted most significantly from the Fund’s return during this period were Metropolitan Transportation Authority, Series 2012, 5.00% coupon, due 11/15/2025, a mass transit bond (portfolio average weight of 0.76%) and Pennsylvania (State of) Higher Educational Facilities Authority, 5.00% coupon, due 05/01/2037, a private university bond (portfolio average weight of 1.50%).
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Invesco BulletShares 2022 Municipal Bond ETF (BSMM) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 23.33 | |||||
Highway Tolls Revenue | 10.79 | |||||
Sales Tax Revenue | 9.59 | |||||
Lease Revenue | 9.37 | |||||
Water Revenue | 8.30 | |||||
Health, Hospital, Nursing Home Revenue | 6.93 | |||||
Port, Airport & Marina Revenue | 5.80 | |||||
Electric Power Revenue | 5.28 | |||||
College & University Revenue | 5.22 | |||||
Miscellaneous Revenue | 4.93 | |||||
Revenue Types Each Less Than 3% | 9.19 | |||||
Other Assets Less Liabilities | 1.27 |
Top Ten Fund Holdings (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||
New York (State of) Dormitory Authority, | 3.95 | |||||
Pittsburgh (City of), PA, Series 2012 B, GO | 3.93 | |||||
Hamilton (County of), OH (Christ Hospital), | 3.89 | |||||
San Francisco (City of), CA Public Utilities | 3.88 | |||||
Seattle (Port of), WA, Series 2012 A, Ref. | 3.87 | |||||
Miami-Dade (County of), FL Expressway | 3.86 | |||||
Las Vegas Valley Water District, | 3.85 | |||||
New York (State of) Thruway Authority, | 3.06 | |||||
Florida (State of) (Capital Outlay), | 2.68 | |||||
Sales Tax Asset Receivable Corp., | 2.38 | |||||
Total | 35.35 |
Growth of a $10,000 Investment Since Inception
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Invesco BulletShares 2022 Municipal Bond ETF (BSMM) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2022 Index | 2.79 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 2.38 | ||||
Market Price Return | 2.65 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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Management’s Discussion of Fund Performance Invesco BulletShares 2023 Municipal Bond ETF (BSMN) |
As an index fund, the Invesco BulletShares 2023 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2023 Index (the “Municipal Bond 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2023 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2023 or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 3.14%. On a net asset value (“NAV”) basis, the Fund returned 3.03%. During the same time period, the Index returned 3.42%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing and sampling.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Ohio during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of Texas, Ohio, and Colorado, respectively.
For the fiscal period ended August 31, 2020, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Texas, respectively. There were no states that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included Hawaii (State of), Series 2016, 5.00% coupon, due 10/01/2023, a state general obligation bond (portfolio average weight of 2.62%) and Los Angeles (City of) CA Department of Water & Power, 5.00% coupon, due 07/01/2029, a public power bond (portfolio average weight of 3.45%). The positions that detracted most significantly from the Fund’s return during this period were Metropolitan Transportation Authority of NY, 5.00% coupon, due 11/15/2023, a mass transit bond (portfolio average weight of 0.61%) and New York (City of), NY, 5.00% coupon, due 08/01/2023, a local general obligation bond (portfolio average weight of 2.83%).
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Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 33.12 | |||||
Water Revenue | 10.18 | |||||
Lease Revenue | 8.83 | |||||
Electric Power Revenue | 7.66 | |||||
Sales Tax Revenue | 6.94 | |||||
Miscellaneous Revenue | 6.14 | |||||
Income Tax Revenue | 5.00 | |||||
College & University Revenue | 4.95 | |||||
Health, Hospital, Nursing Home Revenue | 4.73 | |||||
General Fund | 3.73 | |||||
Revenue Types Each Less Than 3% | 7.43 | |||||
Other Assets Less Liabilities | 1.29 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB, | 4.00 | |||||
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB, | 3.78 | |||||
JEA Water & Sewer System, | 3.74 | |||||
Maryland (State of), Series 2015 B, Ref. | 3.63 | |||||
New York (City of), NY, Series 2016 C, | 3.29 | |||||
Battery Park (City of), NY Authority, Series 2013 A, RB, 5.00%, 11/01/2025 | 3.01 | |||||
Hawaii (State of), Series 2016, Ref. GO Bonds, 5.00%, 10/01/2023 | 3.00 | |||||
Bexar (County of), TX, Series 2013 B, GO Bonds, 5.00%, 06/15/2023 | 2.96 | |||||
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB, 4.00%, 08/15/2044 | 2.75 | |||||
Milwaukee (City of), WI, Series 2018 N1, GO Bonds, 5.00%, 02/01/2023 | 2.73 | |||||
Total | 32.89 |
Growth of a $10,000 Investment Since Inception
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Invesco BulletShares 2023 Municipal Bond ETF (BSMN) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2023 Index | 3.42 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 3.03 | ||||
Market Price Return | 3.14 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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Management’s Discussion of Fund Performance Invesco BulletShares 2024 Municipal Bond ETF (BSMO) |
As an index fund, the Invesco BulletShares 2024 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2024 Index (the “Municipal Bond 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2024 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2024 or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 3.71%. On a net asset value (“NAV”) basis, the Fund returned 3.30%. During the same time period, the Index returned 3.87%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of Texas and most underweight in the state of Colorado during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the states of Massachusetts, Colorado, and North Carolina, respectively.
For the fiscal period ended August 31, 2020, the state of California contributed most significantly to the Fund’s return, followed by the states of Texas and New York, respectively. The state of Massachusetts detracted from the Fund’s return during the period, followed by the states of North Carolina and Kentucky, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included University of Houston (Texas), 5.00% coupon, due 02/15/2024, a public university bond (portfolio average weight of 2.08%) and Los Angeles (City of), CA Unified School District, 5.00% coupon, due 07/01/2024, a local general obligation bond (portfolio average weight of 1.55%). The positions that detracted most significantly from the Fund’s return during this period were Metropolitan Transportation Authority, Series 2014 C, 5.00% coupon, due 11/15/2024, a mass transit bond (portfolio average weight of
0.71%) and Metropolitan Transportation Authority, Series 2014 D-1, 5.25% coupon, due 11/15/2044, a mass transit bond (portfolio average weight of 0.70%).
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Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 23.02 | |||||
Port, Airport & Marina Revenue | 9.63 | |||||
Miscellaneous Revenue | 8.82 | |||||
Lease Revenue | 7.27 | |||||
Highway Tolls Revenue | 6.63 | |||||
General Fund | 6.26 | |||||
Sales Tax Revenue | 6.03 | |||||
Electric Power Revenue | 5.89 | |||||
College & University Revenue | 5.44 | |||||
Income Tax Revenue | 5.22 | |||||
Water Revenue | 3.64 | |||||
Health, Hospital, Nursing Home Revenue | 3.44 | |||||
Revenue Types Each Less Than 3% | 7.15 | |||||
Other Assets Less Liabilities | 1.56 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB, 5.00%, 11/01/2024 | 4.64 | |||||
New York (State of) Thruway Authority, Series 2014 J, RB, 5.00%, 01/01/2036 | 2.63 | |||||
New York State Urban Development Corp., Series 2016 A, Ref. RB, 5.00%, 03/15/2024 | 2.51 | |||||
University of Houston, Series 2017 A, Ref. RB, 5.00%, 02/15/2024 | 2.49 | |||||
Michigan (State of) Building Authority, Series 2015 I, Ref. RB, 5.00%, 04/15/2024 | 2.06 | |||||
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, 5.00%, 12/01/2024 | 1.88 | |||||
New York (City of), NY, Series 2019 BB-2, RB, 5.00%, 06/15/2026 | 1.87 | |||||
California State University, Series 2014 A, Ref. RB, 5.00%, 11/01/2029 | 1.86 | |||||
Ohio (State of), Series 2017 A, GO Bonds, 5.00%, 03/15/2033 | 1.86 | |||||
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds, 5.00%, 08/15/2024 | 1.85 | |||||
Total | 23.65 |
Growth of a $10,000 Investment Since Inception
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Invesco BulletShares 2024 Municipal Bond ETF (BSMO) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2024 Index | 3.87 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 3.30 | ||||
Market Price Return | 3.71 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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Management’s Discussion of Fund Performance Invesco BulletShares 2025 Municipal Bond ETF (BSMP) |
As an index fund, the Invesco BulletShares 2025 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2025 Index (the “Municipal Bond 2025 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2025 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2025 or, in some cases, “effective maturities” in the year 2025. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2025. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 4.44%. On a net asset value (“NAV”) basis, the Fund returned 4.19%. During the same time period, the Index returned 4.20%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were offset by the positive impact of the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of Connecticut and most underweight in the state of Texas during the fiscal period ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the states of New York, North Carolina, and Washington respectively.
For the fiscal period ended August 31, 2020, the state of New York contributed most significantly to the Fund’s return, followed by the states of California and Washington, respectively. There were no states that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included Illinois (State of) Finance Authority, 5.00% coupon, due 02/15/2025, a hospital bond (portfolio average weight of 5.48%) and North Carolina (State of) Capital Facilities Finance Agency, 5.00% coupon, due 10/01/2055, a private university bond (portfolio average weight of 2.44%). The positions that detracted most significantly from the Fund’s return during this period were California (State of) Statewide Communities Development Authority, 5.00% coupon, due 02/01/2045, a hospital bond (portfolio average weight of 1.83%) and New York Convention Center Development Corp, 5.00% coupon, due 11/15/2033, a cities, counties, & authorities revenue bond (portfolio average weight of 1.05%).
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 19.93 | |||||
Health, Hospital, Nursing Home Revenue | 13.44 | |||||
Miscellaneous Revenue | 10.13 | |||||
Income Tax Revenue | 10.06 | |||||
Water Revenue | 7.48 | |||||
Lease Revenue | 6.74 | |||||
Sales Tax Revenue | 5.17 | |||||
College & University Revenue | 5.03 | |||||
General Fund | 3.59 | |||||
Appropriations | 3.40 | |||||
Highway Tolls Revenue | 3.20 | |||||
Electric Power Revenue | 3.03 | |||||
Revenue Types Each Less Than 3% | 7.67 | |||||
Other Assets Less Liabilities | 1.13 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Illinois (State of) Finance Authority (Ascension), Series 2016 C, Ref. RB, 5.00%, 02/15/2025 | 5.47 | |||||
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB, 5.00%, 08/01/2031 | 3.50 | |||||
Washington (State of), Series 2017 R, Ref. GO Bonds, 5.00%, 08/01/2025 | 2.99 | |||||
Connecticut (State of), Series 2015 A, GO Bonds, 5.00%, 03/15/2028 | 2.41 | |||||
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB, 5.00%, 10/01/2025 | 2.40 | |||||
Delaware (State of), Series 2017 A, Ref. GO Bonds, 5.00%, 01/01/2025 | 2.35 | |||||
Charleston (City of), SC, Series 2015, RB, 5.00%, 01/01/2025 | 2.34 | |||||
Connecticut (State of), Series 2015 A, GO Bonds, 5.00%, 03/15/2027 | 2.31 | |||||
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB, 5.00%, 11/01/2032 | 2.11 | |||||
California (State of) Statewide Communities Development Authority (Beverly Community Hospital Association), Series 2015, RB, 5.00%, 02/01/2045 | 1.83 | |||||
Total | 27.71 |
Growth of a $10,000 Investment Since Inception
| 72 |
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Invesco BulletShares 2025 Municipal Bond ETF (BSMP) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2025 Index | 4.20 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 4.19 | ||||
Market Price Return | 4.44 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
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Management’s Discussion of Fund Performance Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) |
As an index fund, the Invesco BulletShares 2026 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2026 Index (the “Municipal Bond 2026 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2026 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2026 or, in some cases, “effective maturities” in the year 2026. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2026. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 4.20%. On a net asset value (“NAV”) basis, the Fund returned 3.58%. During the same time period, the Index returned 4.30%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of California and most underweight in the state of Oregon during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the under allocation to the state of Texas.
For the fiscal period ended August 31, 2020, the state of California contributed most significantly to the Fund’s return, followed by the states of New York and Massachusetts, respectively. The state of Texas detracted most significantly from the Fund’s return during the period, followed by the states of South Carolina and Minnesota, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included California (State of), Series 2016, 5.00% coupon, due 09/01/2032, a state general obligation bond (portfolio average weight of 4.11%) and Massachusetts State, 3.00% coupon, due 09/01/2046, a state general obligation bond (portfolio average weight of 3.30%). The positions that detracted most significantly from the Fund’s return during this period were New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay Inc.) (Texas), 5.00% coupon, due 07/01/2051, a retirement community bond (portfolio average weight of 1.49%) and New Hope Cultural Education Facilities Finance Cardinal Bay Incorporate Village On The Park (Texas), 5.00% coupon, due 07/01/2046, a retirement community bond (portfolio average weight of 0.77%).
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Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 16.21 | |||||
Miscellaneous Revenue | 14.85 | |||||
College & University Revenue | 11.20 | |||||
Lease Revenue | 9.78 | |||||
Water Revenue | 9.00 | |||||
Health, Hospital, Nursing Home Revenue | 8.82 | |||||
Transit Revenue | 8.20 | |||||
General Fund | 6.01 | |||||
Sales Tax Revenue | 4.41 | |||||
Revenue Types Each Less Than 3% | 9.90 | |||||
Other Assets Less Liabilities | 1.62 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
California (State of), Series 2016, Ref. GO Bonds, 5.00%, 09/01/2032 | 4.11 | |||||
New York (City of), NY, Series 2016, Ref. RB, 5.00%, 06/15/2037 | 4.00 | |||||
University of Houston, Series 2017 A, Ref. RB, 5.00%, 02/15/2036 | 3.69 | |||||
Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2026 | 3.52 | |||||
Metropolitan Transportation Authority, Series 2006 B, RB, 5.25%, 11/15/2026 | 3.39 | |||||
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds, 3.00%, 09/01/2046 | 3.30 | |||||
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, 5.00%, 02/01/2029 | 2.88 | |||||
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB, 5.00%, 07/01/2043 | 2.54 | |||||
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP, 5.38%, 06/01/2043 | 1.98 | |||||
Wisconsin (State of), Series 2018 A, RB, 5.00%, 06/01/2026 | 1.98 | |||||
Total | 31.39 |
Growth of a $10,000 Investment Since Inception
| 75 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2026 Index | 4.30 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 3.58 | ||||
Market Price Return | 4.20 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 76 |
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Management’s Discussion of Fund Performance Invesco BulletShares 2027 Municipal Bond ETF (BSMR) |
As an index fund, the Invesco BulletShares 2027 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2027 Index (the “Municipal Bond 2027 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2027 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2027 or, in some cases, “effective maturities” in the year 2027. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2027. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 3.46%. On a net asset value (“NAV”) basis, the Fund returned 3.02%. During the same time period, the Index returned 4.13%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to costs associated with portfolio rebalancing and sampling, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of Georgia and most underweight in the state of Texas during the fiscal period ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection within the state of Florida.
For the fiscal period ended August 31, 2020, the state of California contributed most significantly to the Fund’s return, followed by the states of New York and Texas, respectively. The state of Florida detracted most significantly from the Fund’s return during the period, followed by the states of Missouri and Colorado, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included California (State of), Series 2019, 5.00% coupon, due 04/01/2027, a state general obligation bond (portfolio average weight of 1.72%) and Texas (State of), Series 2017, 5.00% coupon, due 10/01/2033, a state general obligation bond (portfolio average weight of
1.49%). The positions that detracted most significantly from the Fund’s return during this period were Miami (City of),FL Health Facilities Authority, 5.13% coupon, due 07/01/2046, a health care bond (portfolio average weight of 0.52%) and Los Angeles (City of), CA Department of Water, Series 2017 A, 5.00% coupon, due 07/01/2044, a water & sewer bond (portfolio average weight of 2.42%).
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Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Miscellaneous Revenue | 20.53 | |||||
Ad Valorem Property Tax | 13.55 | |||||
Health, Hospital, Nursing Home Revenue | 11.75 | |||||
General Fund | 7.37 | |||||
Transit Revenue | 6.76 | |||||
Sales Tax Revenue | 6.67 | |||||
Income Tax Revenue | 6.34 | |||||
Electric Power Revenue | 4.80 | |||||
Water Revenue | 4.79 | |||||
Lease Revenue | 4.01 | |||||
College & University Revenue | 3.69 | |||||
Revenue Types Each Less Than 3% | 8.28 | |||||
Other Assets Less Liabilities | 1.46 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB, 5.00%, 07/01/2035 | 4.88 | |||||
Georgia (State of), Series 2016 F, Ref. GO Bonds, 5.00%, 01/01/2027 | 4.56 | |||||
Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB, 5.00%, 07/01/2027 | 3.73 | |||||
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, 5.00%, 02/15/2042 | 3.52 | |||||
California (State of), Series 2020, GO Bonds, 3.00%, 03/01/2027 | 2.82 | |||||
Los Angeles (City of), CA Department of Water, Series 2017 A, Ref. RB, 5.00%, 07/01/2044 | 2.41 | |||||
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB, 5.00%, 07/01/2047 | 2.40 | |||||
California (State of), Series 2019, Ref. GO Bonds, 5.00%, 04/01/2027 | 1.69 | |||||
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), Series 2019, RB, 1.80%, 11/15/2027 | 1.69 | |||||
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. Electric System RB, 5.00%, 01/01/2027 | 1.68 | |||||
Total | 29.38 |
Growth of a $10,000 Investment Since Inception
| 78 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2027 Index | 4.13 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 3.02 | ||||
Market Price Return | 3.46 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 79 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2028 Municipal Bond ETF (BSMS) |
As an index fund, the Invesco BulletShares 2028 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2028 Index (the “Municipal Bond 2028 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2028 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2028 or, in some cases, “effective maturities” in the year 2028. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2028. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 4.68%. On a net asset value (“NAV”) basis, the Fund returned 4.48%. During the same time period, the Index returned 4.03%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the sampling methodology employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of New York and most underweight in the state of Texas during the fiscal period ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to security selection within the state of California.
For the fiscal period ended August 31, 2020, the state of California contributed most significantly to the Fund’s return, followed by the states of Massachusetts and Indiana, respectively. There were no states that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included Los Angeles (City of), CA Department of Water, 5.00% coupon, due 07/01/2043, a water & sewer bond (portfolio average weight of 4.95%) and Massachusetts (State of) School Building Authority, 4.00% coupon, due 02/15/2043, a tax-backed revenue bond (portfolio average weight of 4.47%). The only position that detracted from the Fund’s return during this period was Metropolitan Transportation Authority, 5.00% coupon, due 11/15/2035, a mass transit bond (portfolio average weight of 1.53%).
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Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Water Revenue | 17.15 | |||||
Ad Valorem Property Tax | 13.13 | |||||
Sales Tax Revenue | 13.01 | |||||
College & University Revenue | 11.05 | |||||
Electric Power Revenue | 8.95 | |||||
Health, Hospital, Nursing Home Revenue | 6.89 | |||||
Port, Airport & Marina Revenue | 6.66 | |||||
General Fund | 4.66 | |||||
Appropriations | 4.58 | |||||
Miscellaneous Revenue | 4.47 | |||||
Income Tax Revenue | 4.36 | |||||
Revenue Types Each Less Than 3% | 4.78 | |||||
Other Assets Less Liabilities | 0.31 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB, 5.00%, 07/01/2043 | 4.92 | |||||
Pennsylvania (State of) Turnpike Commission, Series 2018 A, RB, 5.00%, 12/01/2048 | 4.77 | |||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB, 5.25%, 06/15/2043 | 4.58 | |||||
Massachusetts (State of) School Building Authority, Series 2018 A, RB, 4.00%, 02/15/2043 | 4.46 | |||||
New York (City of), NY, Series 2019 DD-1, RB, 4.00%, 06/15/2049 | 4.43 | |||||
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB, 5.00%, 02/01/2033 | 4.38 | |||||
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB, 5.00%, 01/01/2037 | 4.30 | |||||
West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB, 4.00%, 06/01/2051 | 4.29 | |||||
Maryland (State of), Series 2018, GO Bonds, 5.00%, 08/01/2031 | 3.19 | |||||
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds, 5.00%, 08/15/2028 | 3.01 | |||||
Total | 42.33 |
Growth of a $10,000 Investment Since Inception
| 81 |
|
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2028 Index | 4.03 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 4.48 | ||||
Market Price Return | 4.68 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 82 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2029 Municipal Bond ETF (BSMT) |
As an index fund, the Invesco BulletShares 2029 Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco BulletShares® Municipal Bond 2029 Index (the “Municipal Bond 2029 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Municipal Bond 2029 Index is designed to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities in the year 2029 or, in some cases, “effective maturities” in the year 2029. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date. The effective maturity of eligible pre-refunded municipal bonds with a known pre-refunding date shall be the year of the pre-refunded date.
The Fund will terminate on or about December 15, 2029. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. During the maturing year of the Index, no new constituents are added and the Index does not rebalance. In the last twelve months of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to any combination of variable rate demand obligations, certain derivatives (i.e., exchange-traded futures on fixed income securities, fixed income security indices, interest rates and currencies; exchange-traded and over-the-counter (“OTC”) options on fixed income securities, interest rates, currencies, interest rate futures contracts, and fixed income security indices; exchange-traded and OTC interest rate and inflation swaps; and OTC total return swaps and forwards on fixed income securities, fixed income security indices, and fixed income security futures), exchange-traded funds (“ETFs”), including affiliated ETFs, affiliated money market funds, cash or cash equivalents and investment-grade short-term commercial paper, as well as municipal bonds not included in the Index, but which the investment adviser believes will help the Fund track the Index.
The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
During the fiscal period from the Fund’s inception (September 25, 2019) through August 31, 2020, on a market price basis, the Fund returned 4.68%. On a net asset value (“NAV”) basis, the Fund returned 4.60%. During the same time period, the Index returned 4.52%. During the fiscal period, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the sampling methodology employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg Barclays Municipal Bond Index (the “Benchmark Index”) returned 4.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 55,000 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 U.S. dollar-denominated bonds issued by U.S. states and territories.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the state of Florida and most underweight in the state of Washington during the fiscal period ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the over allocation to the state of California.
For the fiscal period ended August 31, 2020, the state of California contributed most significantly to the Fund’s return, followed by the states of New York and Texas, respectively. There were no states that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2020, included East Bay Municipal Utility District Water System Revenue (California), 5.00% coupon, due 06/01/2049, a water & sewer bond (portfolio average weight of 5.11%) and Palm Beach County School District, 5.00% coupon, due 08/01/2029, a tax-backed revenue bond (portfolio average weight of 3.86%). The only position that detracted from the Fund’s return during this period was Florida (State of) Higher Educational Facilities Financing Authority (Saint Leo University), 5.00% coupon, due 03/01/2039, a private university bond (portfolio average weight of 2.09%).
| 83 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)
Revenue Type Breakdown | ||||||
(% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Ad Valorem Property Tax | 17.51 | |||||
Water Revenue | 9.83 | |||||
Health, Hospital, Nursing Home Revenue | 9.58 | |||||
Highway Tolls Revenue | 9.58 | |||||
College & University Revenue | 9.43 | |||||
Electric Power Revenue | 9.39 | |||||
Appropriations | 8.43 | |||||
Income Tax Revenue | 7.30 | |||||
Miscellaneous Revenue | 5.15 | |||||
Lease Revenue | 3.84 | |||||
Revenue Types Each Less Than 3% | 6.82 | |||||
Other Assets Less Liabilities | 3.14 |
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB, 5.00%, 06/01/2049 | 5.06 | |||||
Palm Beach County School District, Series 2018 C, Ref. COP, 5.00%, 08/01/2029 | 3.84 | |||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, 5.00%, 12/15/2029 | 3.52 | |||||
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds, 5.00%, 07/01/2029 | 3.11 | |||||
North Texas Tollway Authority, Series 2019 A, Ref. RB, 5.00%, 01/01/2038 | 3.06 | |||||
Mount San Antonio Community College District, Series 2019 A, GO Bonds, 4.00%, 08/01/2049 | 2.86 | |||||
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB, 5.00%, 09/01/2029 | 2.64 | |||||
District of Columbia, Series 2019 A, GO Bonds, 5.00%, 10/15/2031 | 2.60 | |||||
Travis (County of), TX, Series 2019 A, GO Bonds, 5.00%, 03/01/2032 | 2.57 | |||||
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB, 5.00%, 11/01/2038 | 2.56 | |||||
Total | 31.82 |
Growth of a $10,000 Investment Since Inception
| 84 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) (continued)
Fund Performance History as of August 31, 2020
Index | Fund Inception Cumulative | ||||
Invesco BulletShares® Municipal Bond 2029 Index | 4.52 | % | |||
Bloomberg Barclays Municipal Bond Index | 4.07 | ||||
Fund | |||||
NAV Return | 4.60 | ||||
Market Price Return | 4.68 |
Fund Inception: September 25, 2019
Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.18% 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:
- | Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Fund. |
| 85 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) |
As an index fund, the Invesco BulletShares 2021 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index (the “Emerging Markets 2021 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2021 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2021. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2021. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 3.34%. On a net asset value (“NAV”) basis, the Fund returned 3.33%. During the same time period, the Index returned 1.68%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the sampling methodology employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 3.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 820 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in Supranational credits and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2021; whereas, the Benchmark holds bonds with effective maturities that span several years.
For the fiscal year ended August 31, 2020, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of United Arab Emirates and Indonesia, respectively. India was the only country that detracted from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Turkiye Vakiflar Bankasi T.A.O. (Turkey) 144A, 5.50% coupon, due 10/27/2021, a financials company (portfolio average weight of 1.99%) and Turkiye Vakiflar Bankasi T.A.O. (Turkey) RegS, 5.50% coupon, due 10/27/2021, a financials company (portfolio average weight of 1.99%). The only position that detracted from the Fund’s return during the period was Novelis Corp. (India), 5.88% coupon, due 09/30/2026, a metals & mining company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Financials | 34.15 | |||||
Sovereign Debt | 34.14 | |||||
Utilities | 13.14 | |||||
Energy | 13.14 | |||||
Consumer Discretionary | 3.99 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.44 |
| 86 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.50%, 11/22/2021 | 4.14 | |||||
Hungary Government International Bond, 6.38%, 03/29/2021 | 4.07 | |||||
Republic of Poland Government International Bond, 5.13%, 04/21/2021 | 4.07 | |||||
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021 | 3.86 | |||||
Colombia Government International Bond, 4.38%, 07/12/2021 | 3.04 | |||||
Chile Government International Bond, 3.25%, 09/14/2021 | 3.04 | |||||
Petroleos Mexicanos, 5.50%, 01/21/2021 | 2.99 | |||||
Foxconn (Far East) Ltd., 2.25%, 09/23/2021 | 2.98 | |||||
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021 | 2.10 | |||||
Dolphin Energy Ltd. LLC, 5.50%, 12/15/2021 | 2.08 | |||||
Total | 32.37 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index | 1.68 | % | 4.56 | % | 8.87 | % | ||||||||||||||
JP Morgan Emerging Market Bond Global Index | 3.82 | 8.45 | 16.72 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 3.33 | 5.24 | 10.22 | |||||||||||||||||
Market Price Return | 3.34 | 5.26 | 10.26 |
| 87 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) (continued)
Fund Inception: October 4, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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.
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. |
| 88 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) |
As an index fund, the Invesco BulletShares 2022 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index (the “Emerging Markets 2022 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2022 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2022. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2022. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 4.14%. On a net asset value (“NAV”) basis, the Fund returned 3.97%. During the same time period, the Index returned 2.70%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the sampling methodology employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 3.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 820 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of Russia and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2022; whereas, the Benchmark holds bonds with effective maturities that span several years.
For the fiscal year ended August 31, 2020, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of Russia and Mexico, respectively. The country of Peru detracted most significantly from the Fund’s return, with the country of Ireland being the only other detractor.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Neerg Energy Ltd. (Mauritius), 6.00% coupon, due 02/13/2022, an electric utilities company (portfolio average weight of 1.95%) and VTB Bank OSJC Via VTB Capital S.A. (Russia), 6.95% coupon, due 10/17/2022, a financials company (portfolio average weight of 2.12%). Positions that detracted most significantly to the Fund’s return during the period, included Volcan Cia Minera SAA (Peru), 5.38% coupon, due 02/02/2022, a metals and mining company (no longer held at fiscal year-end) and Pilgrim’s Pride Corp. (Brazil), 5.88% coupon, due 09/30/2027, a food products company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Financials | 39.96 | |||||
Sovereign Debt | 23.90 | |||||
Energy | 17.35 | |||||
Utilities | 5.93 | |||||
Communication Services | 4.02 | |||||
Consumer Staples | 3.11 | |||||
Sector Types Each Less Than 3% | 3.88 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.85 |
| 89 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Republic of Poland Government International Bond, 5.00%, 03/23/2022 | 3.12 | |||||
Reliance Industries Ltd., 5.40%, 02/14/2022 | 2.55 | |||||
Mexico Government International Bond, 8.00%, 09/24/2022 | 2.20 | |||||
Petronas Capital Ltd., 7.88%, 05/22/2022 | 2.16 | |||||
JBS Investments II GmbH, 7.00%, 01/15/2026 | 2.10 | |||||
MDGH - GMTN B.V., 5.50%, 03/01/2022 | 2.07 | |||||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022 | 2.07 | |||||
Sberbank of Russia Via SB Capital S.A., 6.13%, 02/07/2022 | 2.06 | |||||
PT Pertamina (Persero), 4.88%, 05/03/2022 | 2.05 | |||||
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022 | 2.05 | |||||
Total | 22.43 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index | 2.70 | % | 5.91 | % | 11.56 | % | ||||||||||||||
JP Morgan Emerging Market Bond Global Index | 3.82 | 8.45 | 16.72 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 3.97 | 6.51 | 12.77 | |||||||||||||||||
Market Price Return | 4.14 | 6.59 | 12.93 |
| 90 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) (continued)
Fund Inception: October 4, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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.
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. |
| 91 |
|
Management’s Discussion of Fund Performance Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) |
As an index fund, the Invesco BulletShares 2023 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index (the “Emerging Markets 2023 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2023 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2023. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2023. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 4.25%. On a net asset value (“NAV”) basis, the Fund returned 4.05%. During the same time period, the Index returned 1.77%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive impact of the sampling methodology employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 3.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 820 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of Turkey and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2023; whereas, the Benchmark holds bonds with effective maturities that span several years.
For the fiscal year ended August 31, 2020, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of Indonesia and Russia, respectively. The country of South Africa was the only detractor from the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Mexico Government International Bond, 4.00% coupon, due 10/02/2023, a sovereign credit (portfolio average weight of 4.17%) and Russian Foreign Bond-Eurobond 144A, 4.88% coupon, due 09/16/2023, a sovereign credit (portfolio average weight of 4.33%). Positions that detracted most significantly from the Fund’s return during the period were Eskom Holdings (South Africa), 6.75% coupon, due 08/06/2023, an independent power and renewable electricity producers company (no longer held at fiscal year-end) and Petroleos Mexicanos, 4.63% coupon, due 09/21/2023, an energy equipment & services company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Sovereign Debt | 29.23 | |||||
Financials | 28.18 | |||||
Energy | 17.92 | |||||
Materials | 6.08 | |||||
Industrials | 5.41 | |||||
Utilities | 4.10 | |||||
Consumer Discretionary | 3.86 | |||||
Sector Types Each Less Than 3% | 3.11 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 2.11 |
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Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Russian Foreign Bond - Eurobond, 4.88%, 09/16/2023 | 4.24 | |||||
Mexico Government International Bond, 4.00%, 10/02/2023 | 3.66 | |||||
PT Pertamina (Persero), 4.30%, 05/20/2023 | 3.10 | |||||
Asian Development Bank, 2.75%, 03/17/2023 | 3.06 | |||||
Colombia Government International Bond, 2.63%, 03/15/2023 | 2.96 | |||||
Hungary Government International Bond, 5.75%, 11/22/2023 | 2.21 | |||||
Indonesia Government International Bond, 5.38%, 10/17/2023 | 2.17 | |||||
Fresnillo PLC, 5.50%, 11/13/2023 | 2.13 | |||||
Hungary Government International Bond, 5.38%, 02/21/2023 | 2.12 | |||||
Russian Foreign Bond - Eurobond, 4.88%, 09/16/2023 | 2.12 | |||||
Total | 27.77 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Index | 1 Year | Fund Inception | ||||||||||||||||||
Average Annualized | Cumulative | |||||||||||||||||||
Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index | 1.77 | % | 6.11 | % | 11.96 | % | ||||||||||||||
JP Morgan Emerging Market Bond Global Index | 3.82 | 8.45 | 16.72 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 4.05 | 7.18 | 14.13 | |||||||||||||||||
Market Price Return | 4.25 | 7.23 | 14.23 | |||||||||||||||||
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Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) (continued)
Fund Inception: October 4, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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.
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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|
Management’s Discussion of Fund Performance Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) |
As an index fund, the Invesco BulletShares 2024 USD Emerging Markets Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index (the “Emerging Markets 2024 Index” or the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index. The Index Provider is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Emerging Markets 2024 Index is designed to represent the performance of a held-to-maturity portfolio of U.S. dollar-denominated emerging markets bonds with maturities or, in some cases, “effective maturities” in the year 2024. Effective maturity is an assessment of a bond’s likely call date or maturity (if not called by the issuer). With respect to establishing the effective maturity of a bond, the effective maturity is the actual year of maturity (i) if no embedded issuer call option exists for a bond; and (ii) if a bond contains an embedded issuer call option, with the first call date within 13 months of maturity and a par call price. In other cases, the effective maturity is the actual year of maturity unless the yield to next call date is less than the yield to maturity, in which case the bond’s effective maturity is deemed to be the year of the next call date.
The Fund will terminate on or about December 31, 2024. In connection with the termination of the Fund, the Fund will make a cash distribution of its net assets to then current shareholders after making appropriate provisions for any liabilities of the Fund. The Fund does not seek to distribute any predetermined amount of cash at maturity. In the last year of operation, when the bonds held by the Fund mature, the Fund’s portfolio will transition to cash and cash equivalents, including without limitation U.S. Treasury Bills and investment grade commercial paper.
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 August 31, 2020, on a market price basis, the Fund returned 2.57%. On a net asset value (“NAV”) basis, the Fund returned 2.65%. During the same time period, the Index returned 4.02%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the negative impact of the Fund’s sampling methodology, as well as fees and operating expenses that the Fund incurred.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 3.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 820 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.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the country of India and most underweight in the country of Saudi Arabia during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the fact that the Fund only holds bonds with an effective maturity of 2024; whereas, the Benchmark holds bonds with effective maturities that span several years.
For the fiscal year ended August 31, 2020, the country of Turkey contributed most significantly to the Fund’s return, followed by the countries of United Arab Emirates and China, respectively. The country of Mexico detracted most significantly from the Fund’s return during the period, followed by the country of India.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Asian Development Bank (Supranational), 2.63% coupon, due 01/30/2024, a banking company (portfolio average weight of 3.12%) and Empresa Nacional del Patroleo (Chile), 4.38% coupon, due 10/30/2024, a foreign agency company (portfolio average weight of 2.83%). Positions that detracted most significantly from the Fund’s return during the period included Vedanta Resources Ltd. (India), 6.13% coupon, due 08/09/2024, a metals & mining company (no longer held at fiscal-year end) and Geopark Ltd. (Colombia), 6.50% coupon, due 09/21/2024, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Sovereign Debt | 31.06 | |||||
Financials | 19.00 | |||||
Utilities | 14.00 | |||||
Materials | 11.91 | |||||
Energy | 8.43 | |||||
Communication Services | 6.71 | |||||
Sector Types Each Less Than 3% | 7.39 | |||||
Money Market Funds Plus Other Assets Less Liabilities | 1.50 |
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Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
| ||||||
Security | ||||||
Asian Development Bank, 2.63%, 01/30/2024 | 3.12 | |||||
Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024 | 2.87 | |||||
Republic of Poland Government International Bond, 4.00%, 01/22/2024 | 2.87 | |||||
OCP S.A., 5.63%, 04/25/2024 | 2.80 | |||||
Empresa Nacional del Petroleo, 4.38%, 10/30/2024 | 2.79 | |||||
Comision Federal de Electricidad, 4.88%, 01/15/2024 | 2.76 | |||||
Abu Dhabi Government International Bond, 2.13%, 09/30/2024 | 2.68 | |||||
Turkiye Is Bankasi A.S., 6.13%, 04/25/2024 | 2.45 | |||||
Brazilian Government International Bond, 8.88%, 04/15/2024 | 2.39 | |||||
Hungary Government International Bond, 5.38%, 03/25/2024 | 2.22 | |||||
Total | 26.95 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
1 Year | Fund Inception | |||||||||||||||||||
Index | Average Annualized | Cumulative | ||||||||||||||||||
Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index | 4.02 | % | 8.19 | % | 16.19 | % | ||||||||||||||
JP Morgan Emerging Market Bond Global Index | 3.82 | 8.45 | 16.72 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 2.65 | 7.22 | 14.21 | |||||||||||||||||
Market Price Return | 2.57 | 7.28 | 14.33 |
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Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) (continued)
Fund Inception: October 4, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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.
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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|
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
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Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-59.95% |
| |||||||
Aerospace & Defense-1.71% | ||||||||
Lockheed Martin Corp., | $ | 5,261,000 | $ | 5,277,935 | ||||
Northrop Grumman Corp., | 10,667,000 | 10,690,234 | ||||||
Raytheon Co., | 8,951,000 | 8,981,791 | ||||||
|
| |||||||
24,949,960 | ||||||||
|
| |||||||
Airlines-0.24% | ||||||||
Southwest Airlines Co., | 3,519,000 | 3,525,368 | ||||||
|
| |||||||
Automobiles-1.91% | ||||||||
American Honda Finance Corp., | 7,494,000 | 7,504,640 | ||||||
Ford Motor Credit Co. LLC, | 5,600,000 | 5,596,500 | ||||||
General Motors Financial Co., Inc. | ||||||||
2.45%, 11/06/2020 | 5,539,000 | 5,555,373 | ||||||
3.70%, 11/24/2020 | 9,165,000 | 9,203,456 | ||||||
|
| |||||||
27,859,969 | ||||||||
|
| |||||||
Banks-23.78% | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 3.00%, 10/20/2020 | 7,300,000 | 7,325,640 | ||||||
Bank of America Corp., | 22,001,000 | 22,069,901 | ||||||
Bank of Nova Scotia (The) (Canada), 2.35%, 10/21/2020 | 10,690,000 | 10,721,397 | ||||||
Barclays Bank PLC (United Kingdom), 5.14%, 10/14/2020 | 9,996,000 | 10,041,939 | ||||||
Canadian Imperial Bank of Commerce (Canada), 2.10%, 10/05/2020 | 11,873,000 | 11,893,175 | ||||||
Citibank N.A., 2.13%, 10/20/2020 | 19,516,000 | 19,541,524 | ||||||
Citigroup, Inc., 2.65%, 10/26/2020 | 27,185,000 | 27,281,104 | ||||||
Citizens Bank N.A., | 5,551,000 | 5,559,594 | ||||||
Fifth Third Bank, | 7,600,000 | 7,611,568 | ||||||
First Horizon National Corp., | 3,977,000 | 3,999,372 | ||||||
HSBC USA, Inc., | 7,578,000 | 7,603,133 | ||||||
JPMorgan Chase & Co. | ||||||||
4.25%, 10/15/2020 | 26,697,000 | 26,825,471 | ||||||
2.55%, 10/29/2020 | 24,184,000 | 24,226,402 | ||||||
KeyCorp, 2.90%, 09/15/2020 | 8,461,000 | 8,468,815 | ||||||
National Bank of Canada (Canada), | 10,550,000 | 10,566,413 | ||||||
PNC Bank N.A., 2.45%, 11/05/2020 | 14,230,000 | 14,258,623 | ||||||
Royal Bank of Canada (Canada) | ||||||||
2.15%, 10/26/2020 | 19,765,000 | 19,823,772 | ||||||
2.35%, 10/30/2020 | 14,412,000 | 14,463,873 | ||||||
Santander UK PLC (United Kingdom), | 13,000,000 | 13,040,420 | ||||||
Sumitomo Mitsui Banking Corp. (Japan), | 5,500,000 | 5,514,146 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
1.95%, 09/08/2020 | 9,275,000 | 9,277,550 | ||||||
2.40%, 10/01/2020 | 9,987,000 | 10,004,700 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Toronto-Dominion Bank (The) (Canada) |
| |||||||
1.85%, 09/11/2020 | $ | 9,953,000 | $ | 9,956,669 | ||||
2.50%, 12/14/2020 | 18,719,000 | 18,839,632 | ||||||
U.S. Bank N.A., 2.05%, 10/23/2020 | 8,873,000 | 8,883,656 | ||||||
Wells Fargo & Co., | 19,834,000 | 19,956,299 | ||||||
|
| |||||||
347,754,788 | ||||||||
|
| |||||||
Beverages-3.19% | ||||||||
Coca-Cola Co. (The) | ||||||||
1.88%, 10/27/2020 | 11,899,000 | 11,930,270 | ||||||
2.45%, 11/01/2020 | 10,319,000 | 10,357,835 | ||||||
3.15%, 11/15/2020 | 8,056,000 | 8,104,778 | ||||||
PepsiCo, Inc. | ||||||||
2.15%, 10/14/2020 | 9,158,000 | 9,164,370 | ||||||
3.13%, 11/01/2020 | 7,117,000 | 7,150,685 | ||||||
|
| |||||||
46,707,938 | ||||||||
|
| |||||||
Biotechnology-1.54% | ||||||||
AbbVie, Inc., 3.38%, 09/15/2020(b) | 3,058,000 | 3,061,477 | ||||||
Gilead Sciences, Inc., | 19,505,000 | 19,505,000 | ||||||
|
| |||||||
22,566,477 | ||||||||
|
| |||||||
Capital Markets-1.97% | ||||||||
Bank of New York Mellon Corp. (The), 2.45%, 11/27/2020 | 6,285,000 | 6,307,506 | ||||||
Goldman Sachs Group, Inc. (The), 2.60%, 12/27/2020 | 17,466,000 | 17,590,137 | ||||||
Northern Trust Corp., | 4,933,000 | 4,960,225 | ||||||
|
| |||||||
28,857,868 | ||||||||
|
| |||||||
Consumer Finance-1.49% | ||||||||
American Express Co., | 15,601,000 | 15,623,411 | ||||||
Capital One Financial Corp., | 6,117,000 | 6,126,961 | ||||||
|
| |||||||
21,750,372 | ||||||||
|
| |||||||
Diversified Consumer Services-0.32% |
| |||||||
Block Financial LLC, | 4,631,000 | 4,641,789 | ||||||
|
| |||||||
Diversified Financial Services-0.30% |
| |||||||
Berkshire Hathaway Finance Corp., | 4,367,000 | 4,381,324 | ||||||
|
| |||||||
Electric Utilities-1.10% |
| |||||||
American Electric Power Co., Inc., | 4,239,000 | 4,254,546 | ||||||
Exelon Corp., 5.15%, 12/01/2020 | 4,912,000 | 4,930,278 | ||||||
NextEra Energy Capital Holdings, Inc., | 6,864,000 | 6,864,000 | ||||||
|
| |||||||
16,048,824 | ||||||||
|
| |||||||
Entertainment-0.40% |
| |||||||
TWDC Enterprises 18 Corp., | 5,915,000 | 5,919,661 | ||||||
|
| |||||||
Food & Staples Retailing-1.87% | ||||||||
Sysco Corp., 2.60%, 10/01/2020 | 7,126,000 | 7,126,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco BulletShares 2020 Corporate Bond ETF (BSCK)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Food & Staples Retailing-(continued) | ||||||||
Walmart, Inc. | ||||||||
3.25%, 10/25/2020 | $ | 7,938,000 | $ | 7,975,215 | ||||
1.90%, 12/15/2020 | 12,140,000 | 12,199,798 | ||||||
|
| |||||||
27,301,013 | ||||||||
|
| |||||||
Food Products-1.15% |
| |||||||
Bunge Ltd. Finance Corp., | 4,868,000 | 4,896,107 | ||||||
Kellogg Co., | 5,425,000 | 5,482,546 | ||||||
Mead Johnson Nutrition Co. (United Kingdom), 3.00%, 11/15/2020 | 6,452,000 | 6,487,274 | ||||||
|
| |||||||
16,865,927 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-0.35% |
| |||||||
Becton, Dickinson and Co., | 5,142,000 | 5,167,137 | ||||||
|
| |||||||
Health Care Providers & Services-2.51% |
| |||||||
Anthem, Inc., 2.50%, 11/21/2020 | 8,845,000 | 8,888,739 | ||||||
Cigna Corp. | ||||||||
4.13%, 09/15/2020 | 2,094,000 | 2,096,904 | ||||||
3.20%, 09/17/2020 | 13,671,000 | 13,687,759 | ||||||
Express Scripts Holding Co., | 3,257,000 | 3,275,256 | ||||||
UnitedHealth Group, Inc., | 8,709,000 | 8,727,023 | ||||||
|
| |||||||
36,675,681 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-1.47% |
| |||||||
Carnival Corp., 3.95%, 10/15/2020 | 6,763,000 | 6,754,546 | ||||||
McDonald’s Corp., 2.75%, 12/09/2020 | 9,853,000 | 9,899,358 | ||||||
Starbucks Corp., 2.20%, 11/22/2020 | 4,773,000 | 4,791,654 | ||||||
|
| |||||||
21,445,558 | ||||||||
|
| |||||||
Household Products-0.26% | ||||||||
Procter & Gamble Co. (The), | 3,786,000 | 3,795,451 | ||||||
|
| |||||||
Industrial Conglomerates-0.41% | ||||||||
Roper Technologies, Inc., | 5,968,000 | 6,000,064 | ||||||
|
| |||||||
Insurance-2.47% | ||||||||
AEGON Funding Co. LLC (Netherlands), 5.75%, 12/15/2020 | 4,483,000 | 4,552,235 | ||||||
American International Group, Inc., 6.40%, 12/15/2020 | 6,856,000 | 6,972,908 | ||||||
Chubb INA Holdings, Inc., | 12,885,000 | 12,908,261 | ||||||
Manulife Financial Corp. (Canada), 4.90%, 09/17/2020 | 3,243,000 | 3,249,117 | ||||||
Prudential Financial, Inc., | 4,031,000 | 4,066,518 | ||||||
Travelers Cos., Inc. (The), | 4,370,000 | 4,397,019 | ||||||
|
| |||||||
36,146,058 | ||||||||
|
| |||||||
IT Services-1.88% | ||||||||
Visa, Inc., 2.20%, 12/14/2020 | 27,333,000 | 27,431,549 | ||||||
|
|
Principal Amount | Value | |||||||
Machinery-1.06% | ||||||||
Caterpillar Financial Services Corp., 1.85%, 09/04/2020 | $ | 9,559,000 | $ | 9,559,882 | ||||
CNH Industrial Capital LLC, 4.38%, 11/06/2020 | 5,872,000 | 5,890,971 | ||||||
|
| |||||||
15,450,853 | ||||||||
|
| |||||||
Multi-Utilities-0.39% | ||||||||
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020 | 5,760,000 | 5,776,670 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-2.98% |
| |||||||
Chevron Corp., 2.42%, 11/17/2020 | 12,144,000 | 12,178,090 | ||||||
Enterprise Products Operating LLC, 5.20%, 09/01/2020 | 5,072,000 | 5,072,000 | ||||||
Kinder Morgan Energy Partners L.P., | 4,050,000 | 4,056,932 | ||||||
Marathon Petroleum Corp., | 6,153,000 | 6,189,740 | ||||||
Shell International Finance B.V. (Netherlands), | 9,251,000 | 9,285,039 | ||||||
TransCanada PipeLines Ltd. (Canada), | 6,721,000 | 6,739,432 | ||||||
|
| |||||||
43,521,233 | ||||||||
|
| |||||||
Pharmaceuticals-2.05% | ||||||||
AstraZeneca PLC (United Kingdom), 2.38%, 11/16/2020 | 15,600,000 | 15,668,502 | ||||||
Bristol-Myers Squibb Co., | 1,758,000 | 1,765,153 | ||||||
Johnson & Johnson | ||||||||
2.95%, 09/01/2020 | 3,563,000 | 3,563,000 | ||||||
1.95%, 11/10/2020 | 4,885,000 | 4,900,515 | ||||||
Mylan N.V., 3.75%, 12/15/2020 | 121,000 | 121,899 | ||||||
Zoetis, Inc., 3.45%, 11/13/2020 | 3,992,000 | 4,005,871 | ||||||
|
| |||||||
30,024,940 | ||||||||
|
| |||||||
Software-1.84% | ||||||||
Microsoft Corp. | ||||||||
3.00%, 10/01/2020 | 9,686,000 | 9,708,621 | ||||||
2.00%, 11/03/2020 | 17,153,000 | 17,181,118 | ||||||
|
| |||||||
26,889,739 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-0.65% |
| |||||||
Apple, Inc., 2.00%, 11/13/2020 | 9,471,000 | 9,505,762 | ||||||
|
| |||||||
Trading Companies & Distributors-0.66% |
| |||||||
International Lease Finance Corp., 8.25%, 12/15/2020 | 9,417,000 | 9,600,533 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 876,562,506 | ||||||
|
| |||||||
U.S. Treasury Securities-38.20% |
| |||||||
U.S. Treasury Bills-38.20%(c) |
| |||||||
0.07%–0.09%, 10/22/2020 | 250,866,000 | 250,832,238 | ||||||
0.09%, 11/19/2020 | 46,000,000 | 45,990,158 | ||||||
0.09%–0.13%, 09/17/2020 | 261,658,000 | 261,648,405 | ||||||
|
| |||||||
Total U.S. Treasury Securities (Cost $558,472,233) | 558,470,801 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 100 |
|
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)–(continued)
August 31, 2020
Shares | Value | |||||||
Money Market Funds-6.86% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $100,289,758) | 100,289,758 | $ | 100,289,758 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-105.01% (Cost $1,533,634,371) |
| 1,535,323,065 | ||||||
OTHER ASSETS LESS LIABILITIES-(5.01)% |
| (73,186,617 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,462,136,448 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
| ||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $5,517,027 | $1,239,222,586 | $(1,144,449,855 | ) | $- | $- | $100,289,758 | $537,843 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 3,314,718 | 38,092,091 | (41,406,809 | ) | - | - | - | 29,069 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 1,104,906 | 12,859,804 | (13,964,778 | ) | - | 68 | - | 10,794 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 9,936,651 | $ | 1,290,174,481 | $ | (1,199,821,442 | ) | $- | $68 | $ | 100,289,758 | $ | 577,706 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 101 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.72% |
| |||||||
Aerospace & Defense-1.16% | ||||||||
General Dynamics Corp. | ||||||||
3.00%, 05/11/2021 | $ | 11,689,000 | $ | 11,911,241 | ||||
3.88%, 07/15/2021 | 2,666,000 | 2,726,029 | ||||||
Lockheed Martin Corp., 3.35%, 09/15/2021 | 4,754,000 | 4,906,003 | ||||||
Northrop Grumman Corp., 3.50%, 03/15/2021 | 3,948,000 | 4,016,339 | ||||||
|
| |||||||
23,559,612 | ||||||||
|
| |||||||
Air Freight & Logistics-0.59% | ||||||||
United Parcel Service, Inc. | ||||||||
3.13%, 01/15/2021 | 8,122,000 | 8,206,421 | ||||||
2.05%, 04/01/2021 | 3,660,000 | 3,697,592 | ||||||
|
| |||||||
11,904,013 | ||||||||
|
| |||||||
Airlines-0.17% | ||||||||
Delta Air Lines, Inc., 3.40%, 04/19/2021 | 3,529,000 | 3,537,763 | ||||||
|
| |||||||
Automobiles-3.84% | ||||||||
American Honda Finance Corp. | ||||||||
2.65%, 02/12/2021 | 4,373,000 | 4,418,256 | ||||||
1.65%, 07/12/2021 | 3,412,000 | 3,449,535 | ||||||
1.70%, 09/09/2021 | 5,748,000 | 5,826,416 | ||||||
General Motors Financial Co., Inc. | ||||||||
4.20%, 03/01/2021 | 8,501,000 | 8,616,122 | ||||||
3.55%, 04/09/2021 | 5,699,000 | 5,795,463 | ||||||
3.20%, 07/06/2021 | 11,338,000 | 11,520,389 | ||||||
4.38%, 09/25/2021 | 7,073,000 | 7,316,772 | ||||||
Toyota Motor Corp. (Japan), 3.18%, 07/20/2021 | 4,258,000 | 4,369,867 | ||||||
Toyota Motor Credit Corp. | ||||||||
4.25%, 01/11/2021 | 3,910,000 | 3,966,052 | ||||||
1.90%, 04/08/2021 | 7,024,000 | 7,090,772 | ||||||
2.95%, 04/13/2021(b) | 5,626,000 | 5,718,905 | ||||||
2.75%, 05/17/2021(b) | 4,020,000 | 4,092,348 | ||||||
3.40%, 09/15/2021 | 5,656,000 | 5,837,482 | ||||||
|
| |||||||
78,018,379 | ||||||||
|
| |||||||
Banks-34.19% | ||||||||
Bank of America Corp. | ||||||||
5.88%, 01/05/2021 | 4,645,000 | 4,734,736 | ||||||
2.63%, 04/19/2021 | 11,473,000 | 11,643,100 | ||||||
5.00%, 05/13/2021 | 6,100,000 | 6,300,963 | ||||||
Bank of Montreal (Canada) | ||||||||
1.90%, 08/27/2021 | 11,456,000 | 11,646,264 | ||||||
Series D, 3.10%, 04/13/2021 | 8,105,000 | 8,249,294 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
2.50%, 01/08/2021 | 5,509,000 | 5,553,352 | ||||||
4.38%, 01/13/2021 | 4,230,000 | 4,293,685 | ||||||
2.45%, 03/22/2021 | 7,614,000 | 7,709,218 | ||||||
3.13%, 04/20/2021 | 7,029,000 | 7,158,258 | ||||||
2.80%, 07/21/2021 | 5,970,000 | 6,107,624 | ||||||
Barclays Bank PLC (United Kingdom), 2.65%, 01/11/2021 | 10,851,000 | 10,921,948 | ||||||
Barclays PLC (United Kingdom) | ||||||||
3.25%, 01/12/2021 | 8,200,000 | 8,284,091 | ||||||
3.20%, 08/10/2021 | 7,220,000 | 7,404,442 | ||||||
BBVA USA, 3.50%, 06/11/2021 | 5,000,000 | 5,102,855 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
BNP Paribas S.A. (France), 5.00%, 01/15/2021 | $ | 16,355,000 | $ | 16,642,756 | ||||
BPCE S.A. (France) | ||||||||
2.65%, 02/03/2021 | 5,000,000 | 5,056,713 | ||||||
2.75%, 12/02/2021 | 6,300,000 | 6,493,379 | ||||||
Canadian Imperial Bank of Commerce (Canada), 2.70%, 02/02/2021 | 3,964,000 | 4,005,289 | ||||||
CIT Group, Inc., 4.13%, 03/09/2021 | 2,950,000 | 2,982,524 | ||||||
Citibank N.A. | ||||||||
2.85%, 02/12/2021 | 6,850,000 | 6,915,055 | ||||||
3.40%, 07/23/2021 | 9,500,000 | 9,744,401 | ||||||
Citigroup, Inc. | ||||||||
2.70%, 03/30/2021 | 13,791,000 | 13,984,232 | ||||||
2.35%, 08/02/2021 | 10,415,000 | 10,606,610 | ||||||
2.90%, 12/08/2021 | 14,394,000 | 14,827,179 | ||||||
Citizens Bank N.A., 2.55%, 05/13/2021 | 5,250,000 | 5,321,914 | ||||||
Cooperatieve Rabobank U.A. (Netherlands) | ||||||||
4.50%, 01/11/2021 | 8,422,000 | 8,551,060 | ||||||
2.50%, 01/19/2021 | 12,200,000 | 12,304,153 | ||||||
3.13%, 04/26/2021 | 5,300,000 | 5,401,104 | ||||||
Deutsche Bank AG (Germany) | ||||||||
3.13%, 01/13/2021 | 4,600,000 | 4,635,751 | ||||||
3.38%, 05/12/2021 | 4,454,000 | 4,522,920 | ||||||
4.25%, 10/14/2021 | 19,293,000 | 19,961,333 | ||||||
Fifth Third Bank | ||||||||
2.25%, 06/14/2021 | 5,850,000 | 5,933,595 | ||||||
3.35%, 07/26/2021 | 4,700,000 | 4,820,622 | ||||||
2.88%, 10/01/2021 | 4,627,000 | 4,740,250 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
3.40%, 03/08/2021 | 12,900,000 | 13,102,766 | ||||||
5.10%, 04/05/2021 | 12,617,000 | 12,971,829 | ||||||
2.95%, 05/25/2021 | 12,600,000 | 12,841,821 | ||||||
Huntington Bancshares, Inc., 3.15%, 03/14/2021 | 5,269,000 | 5,336,858 | ||||||
Huntington National Bank (The), 3.25%, 05/14/2021 | 4,500,000 | 4,582,485 | ||||||
JPMorgan Chase & Co. | ||||||||
2.55%, 03/01/2021 | 14,664,000 | 14,802,453 | ||||||
4.63%, 05/10/2021 | 10,732,000 | 11,054,504 | ||||||
2.40%, 06/07/2021 | 7,632,000 | 7,745,500 | ||||||
4.35%, 08/15/2021 | 16,945,000 | 17,607,057 | ||||||
KeyBank N.A. | ||||||||
3.35%, 06/15/2021 | 4,500,000 | 4,607,703 | ||||||
2.50%, 11/22/2021 | 7,450,000 | 7,644,212 | ||||||
KeyCorp, 5.10%, 03/24/2021 | 5,177,000 | 5,317,051 | ||||||
Lloyds Bank PLC (United Kingdom), 6.38%, 01/21/2021 | 5,417,000 | 5,542,398 | ||||||
Lloyds Banking Group PLC (United Kingdom), 3.10%, 07/06/2021 | 6,900,000 | 7,060,289 | ||||||
Manufacturers and Traders Trust Co., 2.63%, 01/25/2021 | 3,750,000 | 3,778,183 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
2.95%, 03/01/2021 | 10,376,000 | 10,513,318 | ||||||
3.54%, 07/26/2021(b) | 3,818,000 | 3,927,918 | ||||||
2.19%, 09/13/2021 | 6,500,000 | 6,623,325 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 102 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Mizuho Financial Group, Inc. (Japan), 2.27%, 09/13/2021 | $ | 6,700,000 | $ | 6,826,185 | ||||
PNC Bank N.A. | ||||||||
2.50%, 01/22/2021 | 5,450,000 | 5,487,801 | ||||||
2.15%, 04/29/2021 | 7,100,000 | 7,178,840 | ||||||
2.55%, 12/09/2021 | 5,650,000 | 5,803,711 | ||||||
Royal Bank of Canada (Canada) | ||||||||
2.50%, 01/19/2021 | 6,947,000 | 7,007,663 | ||||||
3.20%, 04/30/2021 | 8,443,000 | 8,604,117 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||
3.13%, 01/08/2021 | 5,698,000 | 5,753,698 | ||||||
2.88%, 08/05/2021 | 8,000,000 | 8,179,396 | ||||||
Santander UK PLC (United Kingdom), 2.50%, 01/05/2021 | 4,500,000 | 4,534,715 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
2.63%, 03/15/2021 | 6,831,000 | 6,915,757 | ||||||
1.88%, 09/13/2021 | 5,400,000 | 5,491,770 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
2.93%, 03/09/2021 | 9,843,000 | 9,977,896 | ||||||
2.06%, 07/14/2021 | 9,363,000 | 9,501,196 | ||||||
2.44%, 10/19/2021 | 8,314,000 | 8,508,205 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
2.45%, 03/30/2021 | 8,091,000 | 8,195,210 | ||||||
3.35%, 05/24/2021 | 6,700,000 | 6,850,644 | ||||||
1.88%, 09/07/2021 | 5,400,000 | 5,487,836 | ||||||
Synchrony Bank, 3.65%, 05/24/2021 | 5,100,000 | 5,177,313 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
2.55%, 01/25/2021 | 5,366,000 | 5,415,736 | ||||||
2.13%, 04/07/2021(b) | 9,894,000 | 10,007,596 | ||||||
3.25%, 06/11/2021 | 6,018,000 | 6,161,793 | ||||||
1.80%, 07/13/2021(b) | 8,447,000 | 8,561,930 | ||||||
Truist Bank, 2.85%, 04/01/2021 | 4,500,000 | 4,556,603 | ||||||
Truist Financial Corp. | ||||||||
2.15%, 02/01/2021(b) | 5,214,000 | 5,246,484 | ||||||
2.90%, 03/03/2021 | 5,759,000 | 5,822,939 | ||||||
2.05%, 05/10/2021 | 7,005,000 | 7,080,907 | ||||||
3.20%, 09/03/2021 | 2,768,000 | 2,842,235 | ||||||
U.S. Bancorp | ||||||||
2.35%, 01/29/2021 | 6,328,000 | 6,371,639 | ||||||
4.13%, 05/24/2021 | 5,309,000 | 5,442,400 | ||||||
U.S. Bank N.A., 3.15%, 04/26/2021 | 5,800,000 | 5,895,928 | ||||||
Wells Fargo & Co. | ||||||||
3.00%, 01/22/2021 | 8,107,000 | 8,195,385 | ||||||
2.50%, 03/04/2021 | 14,871,000 | 15,037,060 | ||||||
4.60%, 04/01/2021 | 14,083,000 | 14,435,364 | ||||||
2.10%, 07/26/2021 | 16,836,000 | 17,100,792 | ||||||
Wells Fargo Bank N.A., 2.60%, 01/15/2021(b) | 13,600,000 | 13,720,435 | ||||||
|
| |||||||
694,997,519 | ||||||||
|
| |||||||
Beverages-1.78% | ||||||||
Coca-Cola Co. (The) | ||||||||
1.55%, 09/01/2021 | 6,098,000 | 6,175,684 | ||||||
3.30%, 09/01/2021 | 7,480,000 | 7,714,653 | ||||||
Constellation Brands, Inc., 3.75%, 05/01/2021 | 2,739,000 | 2,798,996 |
Principal Amount | Value | |||||||
Beverages-(continued) | ||||||||
Molson Coors Beverage Co., 2.10%, 07/15/2021 | $ | 5,396,000 | $ | 5,464,894 | ||||
PepsiCo, Inc. | ||||||||
2.00%, 04/15/2021 | 5,593,000 | 5,645,561 | ||||||
3.00%, 08/25/2021 | 4,277,000 | 4,394,908 | ||||||
1.70%, 10/06/2021 | 4,014,000 | 4,072,295 | ||||||
|
| |||||||
36,266,991 | ||||||||
|
| |||||||
Biotechnology-1.91% | ||||||||
AbbVie, Inc., 2.30%, 05/14/2021 | 10,147,000 | 10,272,053 | ||||||
Amgen, Inc., 3.88%, 11/15/2021 | 8,271,629 | 8,544,114 | ||||||
Gilead Sciences, Inc. | ||||||||
4.50%, 04/01/2021 | 5,374,000 | 5,463,018 | ||||||
4.40%, 12/01/2021 | 6,847,000 | 7,115,671 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/2021 | 7,232,000 | 7,378,828 | ||||||
|
| |||||||
38,773,684 | ||||||||
|
| |||||||
Capital Markets-9.08% | ||||||||
Bank of New York Mellon Corp. (The) | ||||||||
4.15%, 02/01/2021 | 2,722,000 | 2,765,576 | ||||||
2.50%, 04/15/2021 | 5,152,000 | 5,214,520 | ||||||
2.05%, 05/03/2021 | 6,611,000 | 6,680,448 | ||||||
3.55%, 09/23/2021 | 8,375,000 | 8,646,486 | ||||||
BlackRock, Inc., 4.25%, 05/24/2021 | 4,201,000 | 4,327,609 | ||||||
Charles Schwab Corp. (The), 3.25%, 05/21/2021 | 3,536,000 | 3,602,395 | ||||||
Credit Suisse AG (Switzerland) | ||||||||
3.00%, 10/29/2021 | 11,180,000 | 11,530,311 | ||||||
2.10%, 11/12/2021 | 11,200,000 | 11,437,904 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
2.88%, 02/25/2021 | 5,638,000 | 5,696,312 | ||||||
2.63%, 04/25/2021 | 8,931,000 | 9,049,018 | ||||||
5.25%, 07/27/2021 | 21,551,000 | 22,505,615 | ||||||
2.35%, 11/15/2021 | 12,455,000 | 12,504,057 | ||||||
Jefferies Group LLC, 6.88%, 04/15/2021 | 4,231,000 | 4,389,352 | ||||||
Moody’s Corp., 2.75%, 12/15/2021 | 2,799,000 | 2,880,908 | ||||||
Morgan Stanley | ||||||||
5.75%, 01/25/2021 | 14,499,000 | 14,811,804 | ||||||
2.50%, 04/21/2021 | 13,932,000 | 14,128,861 | ||||||
5.50%, 07/28/2021 | 14,145,000 | 14,796,274 | ||||||
2.63%, 11/17/2021 | 18,139,000 | 18,626,930 | ||||||
Northern Trust Corp., 3.38%, 08/23/2021 | 2,829,000 | 2,917,944 | ||||||
State Street Corp. | ||||||||
4.38%, 03/07/2021 | 3,796,000 | 3,876,133 | ||||||
1.95%, 05/19/2021 | 4,230,000 | 4,282,218 | ||||||
|
| |||||||
184,670,675 | ||||||||
|
| |||||||
Chemicals-0.84% | ||||||||
Ecolab, Inc., 4.35%, 12/08/2021 | 5,743,000 | 6,033,967 | ||||||
LyondellBasell Industries N.V., 6.00%, 11/15/2021 | 5,400,000 | 5,677,929 | ||||||
Praxair, Inc. | ||||||||
4.05%, 03/15/2021 | 2,665,000 | 2,719,629 | ||||||
3.00%, 09/01/2021 | 2,562,000 | 2,632,858 | ||||||
|
| |||||||
17,064,383 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 103 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Commercial Services & Supplies-0.18% |
| |||||||
Republic Services, Inc., 5.25%, 11/15/2021 | $ | 3,387,000 | $ | 3,581,622 | ||||
|
| |||||||
Communications Equipment-1.41% | ||||||||
Cisco Systems, Inc. | ||||||||
2.20%, 02/28/2021 | 14,096,000 | 14,229,523 | ||||||
2.90%, 03/04/2021 | 2,976,000 | 3,014,720 | ||||||
1.85%, 09/20/2021 | 11,261,000 | 11,437,711 | ||||||
|
| |||||||
28,681,954 | ||||||||
|
| |||||||
Consumer Finance-2.11% | ||||||||
Ally Financial, Inc., 4.25%, 04/15/2021 | 3,846,000 | 3,911,886 | ||||||
American Express Co., 3.38%, 05/17/2021 | 6,373,000 | 6,496,237 | ||||||
American Express Credit Corp., 2.25%, 05/05/2021 | 9,301,000 | 9,410,616 | ||||||
Capital One Financial Corp. | ||||||||
3.45%, 04/30/2021 | 7,030,000 | 7,155,280 | ||||||
4.75%, 07/15/2021 | 6,655,000 | 6,911,955 | ||||||
Discover Bank, 3.20%, 08/09/2021 | 5,100,000 | 5,221,006 | ||||||
Synchrony Financial, 3.75%, 08/15/2021 | 3,624,000 | 3,704,848 | ||||||
|
| |||||||
42,811,828 | ||||||||
|
| |||||||
Diversified Financial Services-0.63% |
| |||||||
Berkshire Hathaway Finance Corp., 4.25%, 01/15/2021 | 4,074,000 | 4,135,060 | ||||||
Berkshire Hathaway, Inc. | ||||||||
2.20%, 03/15/2021 | 5,567,000 | 5,617,605 | ||||||
3.75%, 08/15/2021(b) | 3,052,000 | 3,157,811 | ||||||
|
| |||||||
12,910,476 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.17% |
| |||||||
Orange S.A. (France), 4.13%, 09/14/2021 | 5,682,000 | 5,897,896 | ||||||
Qwest Corp., 6.75%, 12/01/2021 | 5,548,000 | 5,881,636 | ||||||
Telefonica Emisiones S.A.U. (Spain), 5.46%, 02/16/2021 | 8,448,000 | 8,638,045 | ||||||
Verizon Communications, Inc., 3.45%, 03/15/2021 | 3,420,000 | 3,477,997 | ||||||
|
| |||||||
23,895,574 | ||||||||
|
| |||||||
Electric Utilities-2.14% | ||||||||
Duke Energy Carolinas LLC, 3.90%, 06/15/2021 | 2,833,000 | 2,887,128 | ||||||
Duke Energy Corp. | ||||||||
1.80%, 09/01/2021 | 4,197,000 | 4,254,483 | ||||||
3.55%, 09/15/2021 | 2,796,000 | 2,865,537 | ||||||
Duke Energy Progress LLC, 3.00%, 09/15/2021 | 2,962,000 | 3,024,555 | ||||||
Emera US Finance L.P. (Canada), 2.70%, 06/15/2021 | 4,193,000 | 4,259,820 | ||||||
NextEra Energy Capital Holdings, Inc., 2.40%, 09/01/2021 | 8,454,000 | 8,634,427 | ||||||
Ohio Power Co., Series M, 5.38%, 10/01/2021 | 2,956,000 | 3,118,968 | ||||||
Progress Energy, Inc., 4.40%, 01/15/2021 | 2,998,000 | 3,013,261 | ||||||
Southern California Edison Co., 3.88%, 06/01/2021 | 2,722,000 | 2,770,029 | ||||||
Southern Co. (The), 2.35%, 07/01/2021 | 8,510,000 | 8,636,474 | ||||||
|
| |||||||
43,464,682 | ||||||||
|
|
Principal Amount | Value | |||||||
Electrical Equipment-0.13% | ||||||||
Emerson Electric Co., 2.63%, 12/01/2021 | $ | 2,562,000 | $ | 2,631,949 | ||||
|
| |||||||
Energy Equipment & Services-0.14% | ||||||||
Halliburton Co., 3.25%, 11/15/2021 | 2,769,000 | 2,838,559 | ||||||
|
| |||||||
Entertainment-0.91% | ||||||||
Activision Blizzard, Inc., 2.30%, 09/15/2021 | 3,658,000 | 3,725,830 | ||||||
Electronic Arts, Inc., 3.70%, 03/01/2021 | 3,386,000 | 3,432,204 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
2.30%, 02/12/2021 | 4,185,000 | 4,222,761 | ||||||
3.75%, 06/01/2021 | 2,638,000 | 2,708,254 | ||||||
2.75%, 08/16/2021 | 4,233,000 | 4,333,798 | ||||||
|
| |||||||
18,422,847 | ||||||||
|
| |||||||
Equity REITs-0.87% | ||||||||
Boston Properties L.P., 4.13%, 05/15/2021 | 4,818,000 | 4,897,465 | ||||||
ERP Operating L.P., 4.63%, 12/15/2021 | 4,137,000 | 4,315,309 | ||||||
MPT Operating Partnership L.P./MPT Finance Corp. | ||||||||
6.38%, 03/01/2024 | 2,716,000 | 2,808,521 | ||||||
5.25%, 08/01/2026 | 2,799,000 | 2,947,081 | ||||||
Simon Property Group L.P., 2.50%, 07/15/2021 | 2,757,000 | 2,793,741 | ||||||
|
| |||||||
17,762,117 | ||||||||
|
| |||||||
Food & Staples Retailing-1.50% | ||||||||
Kroger Co. (The) | ||||||||
3.30%, 01/15/2021(b) | 3,947,000 | 3,980,983 | ||||||
2.95%, 11/01/2021 | 2,777,000 | 2,855,317 | ||||||
Sysco Corp., 2.50%, 07/15/2021 | 3,158,000 | 3,209,587 | ||||||
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021 | 7,015,000 | 7,222,095 | ||||||
Walmart, Inc. | ||||||||
4.25%, 04/15/2021 | 3,103,000 | 3,185,619 | ||||||
3.13%, 06/23/2021 | 9,882,000 | 10,116,771 | ||||||
|
| |||||||
30,570,372 | ||||||||
|
| |||||||
Food Products-0.80% | ||||||||
General Mills, Inc. | ||||||||
3.20%, 04/16/2021 | 3,412,000 | 3,480,803 | ||||||
3.15%, 12/15/2021 | 5,368,000 | 5,521,241 | ||||||
JM Smucker Co. (The), 3.50%, 10/15/2021 | 4,242,000 | 4,391,560 | ||||||
Tyson Foods, Inc., 2.25%, 08/23/2021 | 2,776,000 | 2,823,664 | ||||||
|
| |||||||
16,217,268 | ||||||||
|
| |||||||
Gas Utilities-0.15% | ||||||||
National Fuel Gas Co., 4.90%, 12/01/2021 | 3,035,000 | 3,157,200 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.48% |
| |||||||
Becton, Dickinson and Co., 3.13%, 11/08/2021 | 5,429,000 | 5,590,133 | ||||||
Stryker Corp., 2.63%, 03/15/2021 | 4,067,000 | 4,105,363 | ||||||
|
| |||||||
9,695,496 | ||||||||
|
| |||||||
Health Care Providers & Services-3.01% |
| |||||||
Anthem, Inc., 3.70%, 08/15/2021 | 4,029,000 | 4,123,745 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 104 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Centene Corp. | ||||||||
4.75%, 05/15/2022 | $ | 5,578,000 | $ | 5,626,808 | ||||
4.75%, 01/15/2025 | 6,777,000 | 6,980,310 | ||||||
Cigna Corp., 3.40%, 09/17/2021 | 6,977,000 | 7,196,312 | ||||||
CVS Health Corp. | ||||||||
3.35%, 03/09/2021 | 12,140,000 | 12,329,991 | ||||||
2.13%, 06/01/2021 | 9,978,000 | 10,104,128 | ||||||
Quest Diagnostics, Inc., 4.70%, 04/01/2021 | 3,167,000 | 3,248,729 | ||||||
UnitedHealth Group, Inc. | ||||||||
2.13%, 03/15/2021 | 4,225,000 | 4,267,444 | ||||||
3.38%, 11/15/2021 | 2,815,000 | 2,897,929 | ||||||
2.88%, 12/15/2021 | 4,341,000 | 4,486,713 | ||||||
|
| |||||||
61,262,109 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.21% |
| |||||||
Starbucks Corp., 2.10%, 02/04/2021 | 4,180,000 | 4,205,920 | ||||||
|
| |||||||
Household Durables-0.14% | ||||||||
Lennar Corp., 4.75%, 04/01/2021 | 2,764,000 | 2,797,928 | ||||||
|
| |||||||
Household Products-0.40% | ||||||||
Procter & Gamble Co. (The) | ||||||||
1.85%, 02/02/2021 | 3,349,000 | 3,377,127 | ||||||
1.70%, 11/03/2021 | 4,769,000 | 4,850,521 | ||||||
|
| |||||||
8,227,648 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-0.29% |
| |||||||
AES Corp. (The) | ||||||||
5.50%, 04/15/2025 | 2,325,000 | 2,402,190 | ||||||
6.00%, 05/15/2026 | 3,247,000 | 3,416,867 | ||||||
|
| |||||||
5,819,057 | ||||||||
|
| |||||||
Industrial Conglomerates-1.29% |
| |||||||
3M Co., 1.63%, 09/19/2021 | 3,534,000 | 3,581,057 | ||||||
General Electric Co., 4.65%, 10/17/2021 | 7,130,000 | 7,456,221 | ||||||
Honeywell International, Inc. | ||||||||
4.25%, 03/01/2021 | 4,074,000 | 4,155,406 | ||||||
1.85%, 11/01/2021 | 7,977,000 | 8,111,568 | ||||||
Roper Technologies, Inc., 2.80%, 12/15/2021 | 2,782,000 | 2,860,333 | ||||||
|
| |||||||
26,164,585 | ||||||||
|
| |||||||
Insurance-0.88% | ||||||||
American International Group, Inc., 3.30%, 03/01/2021 | 8,507,000 | 8,611,013 | ||||||
Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021 | 2,750,000 | 2,831,178 | ||||||
Progressive Corp. (The), 3.75%, 08/23/2021 | 3,488,000 | 3,606,625 | ||||||
Willis Towers Watson PLC, 5.75%, 03/15/2021 | 2,802,000 | 2,877,366 | ||||||
|
| |||||||
17,926,182 | ||||||||
|
| |||||||
Interactive Media & Services-0.24% |
| |||||||
Alphabet, Inc., 3.63%, 05/19/2021 | 4,793,000 | 4,909,937 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-0.29% |
| |||||||
Amazon.com, Inc., 3.30%, 12/05/2021 | 5,627,000 | 5,815,138 | ||||||
|
| |||||||
IT Services-0.62% | ||||||||
Global Payments, Inc., 3.80%, 04/01/2021 | 4,315,000 | 4,388,171 |
Principal Amount | Value | |||||||
IT Services-(continued) | ||||||||
Mastercard, Inc., 2.00%, 11/21/2021 | $ | 3,798,000 | $ | 3,872,570 | ||||
VeriSign, Inc., 4.63%, 05/01/2023 | 4,253,000 | 4,311,053 | ||||||
|
| |||||||
12,571,794 | ||||||||
|
| |||||||
Machinery-2.22% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
1.70%, 08/09/2021 | 5,052,000 | 5,123,369 | ||||||
3.15%, 09/07/2021 | 4,860,000 | 5,001,708 | ||||||
Caterpillar, Inc., 3.90%, 05/27/2021 | 6,711,000 | 6,890,638 | ||||||
CNH Industrial Capital LLC, 4.88%, 04/01/2021 | 3,451,000 | 3,527,113 | ||||||
Fortive Corp., 2.35%, 06/15/2021 | 4,337,000 | 4,394,776 | ||||||
John Deere Capital Corp. | ||||||||
2.35%, 01/08/2021 | 3,208,000 | 3,231,585 | ||||||
2.55%, 01/08/2021 | 2,486,000 | 2,506,220 | ||||||
2.80%, 03/04/2021 | 2,493,000 | 2,524,488 | ||||||
3.90%, 07/12/2021 | 2,572,000 | 2,652,105 | ||||||
3.13%, 09/10/2021 | 3,121,000 | 3,213,587 | ||||||
3.15%, 10/15/2021 | 2,563,000 | 2,648,931 | ||||||
Xylem, Inc., 4.88%, 10/01/2021 | 3,349,000 | 3,504,227 | ||||||
|
| |||||||
45,218,747 | ||||||||
|
| |||||||
Media-0.48% | ||||||||
Time Warner Cable LLC | ||||||||
4.13%, 02/15/2021 | 3,998,000 | 4,026,616 | ||||||
4.00%, 09/01/2021 | 5,677,000 | 5,809,731 | ||||||
|
| |||||||
9,836,347 | ||||||||
|
| |||||||
Metals & Mining-0.14% | ||||||||
Kinross Gold Corp. (Canada), 5.13%, 09/01/2021 | 2,741,000 | 2,832,005 | ||||||
|
| |||||||
Multiline Retail-0.14% | ||||||||
Nordstrom, Inc., 4.00%, 10/15/2021 | 2,785,000 | 2,784,882 | ||||||
|
| |||||||
Multi-Utilities-0.82% | ||||||||
CenterPoint Energy Resources Corp., 4.50%, 01/15/2021 | 3,282,000 | 3,298,510 | ||||||
Consolidated Edison, Inc., 2.00%, 05/15/2021 | 3,038,000 | 3,070,139 | ||||||
PSEG Power LLC, 3.00%, 06/15/2021 | 3,914,000 | 3,987,212 | ||||||
Puget Energy, Inc., 6.00%, 09/01/2021 | 2,663,000 | 2,803,052 | ||||||
WEC Energy Group, Inc., 3.38%, 06/15/2021 | 3,356,000 | 3,437,496 | ||||||
|
| |||||||
16,596,409 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-5.51% |
| |||||||
BP Capital Markets PLC (United Kingdom), 3.56%, 11/01/2021 | 5,451,000 | 5,656,305 | ||||||
Canadian Natural Resources Ltd. (Canada), 3.45%, 11/15/2021 | 2,722,000 | 2,791,713 | ||||||
Chevron Corp., 2.10%, 05/16/2021(b) | 7,887,000 | 7,977,209 | ||||||
Concho Resources, Inc., 4.38%, 01/15/2025 | 3,283,000 | 3,392,516 | ||||||
Enbridge Energy Partners L.P., 4.20%, 09/15/2021 | 3,477,000 | 3,580,549 | ||||||
Energy Transfer Operating L.P., 4.65%, 06/01/2021 | 4,510,000 | 4,592,367 | ||||||
Enterprise Products Operating LLC | ||||||||
2.80%, 02/15/2021 | 4,246,000 | 4,293,058 | ||||||
2.85%, 04/15/2021 | 3,195,000 | 3,236,553 | ||||||
EOG Resources, Inc., 4.10%, 02/01/2021 | 4,073,000 | 4,133,997 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 105 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Exxon Mobil Corp., 2.22%, 03/01/2021 | $ | 14,063,000 | $ | 14,178,270 | ||||
Jagged Peak Energy LLC, 5.88%, 05/01/2026 | 1,970,000 | 2,015,241 | ||||||
Kinder Morgan Energy Partners L.P. | ||||||||
3.50%, 03/01/2021 | 4,254,000 | 4,297,117 | ||||||
5.00%, 10/01/2021 | 2,816,000 | 2,919,527 | ||||||
Marathon Petroleum Corp., 5.13%, 03/01/2021 | 5,587,000 | 5,716,950 | ||||||
Ovintiv, Inc., 3.90%, 11/15/2021 | 3,432,000 | 3,472,870 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 5.00%, 02/01/2021 | 3,394,000 | 3,418,990 | ||||||
Shell International Finance B.V. (Netherlands) | ||||||||
1.88%, 05/10/2021 | 8,448,000 | 8,541,613 | ||||||
1.75%, 09/12/2021 | 5,616,000 | 5,702,310 | ||||||
Sunoco Logistics Partners | ||||||||
4.40%, 04/01/2021 | 3,276,000 | 3,332,706 | ||||||
Total Capital International | ||||||||
2.75%, 06/19/2021(b) | 5,647,000 | 5,760,720 | ||||||
2.22%, 07/12/2021 | 4,177,000 | 4,238,696 | ||||||
Total Capital S.A. (France) | ||||||||
4.13%, 01/28/2021 | 2,831,000 | 2,876,966 | ||||||
4.25%, 12/15/2021 | 2,744,000 | 2,885,474 | ||||||
Williams Cos., Inc. (The), 4.00%, 11/15/2021 | 2,846,000 | 2,938,180 | ||||||
|
| |||||||
111,949,897 | ||||||||
|
| |||||||
Personal Products-0.50% | ||||||||
Unilever Capital Corp. | ||||||||
4.25%, 02/10/2021 | 5,421,000 | 5,516,402 | ||||||
1.38%, 07/28/2021 | 4,601,000 | 4,648,493 | ||||||
|
| |||||||
10,164,895 | ||||||||
|
| |||||||
Pharmaceuticals-3.40% | ||||||||
GlaxoSmithKline Capital PLC (United Kingdom), 3.13%, 05/14/2021 | 7,036,000 | 7,181,407 | ||||||
Johnson & Johnson, 1.65%, 03/01/2021 | 5,817,000 | 5,852,563 | ||||||
Merck & Co., Inc., 3.88%, 01/15/2021 | 6,503,000 | 6,540,850 | ||||||
Mylan N.V., 3.15%, 06/15/2021 | 12,662,000 | 12,898,295 | ||||||
Pfizer, Inc. | ||||||||
1.95%, 06/03/2021 | 6,465,000 | 6,552,649 | ||||||
3.00%, 09/15/2021 | 5,443,000 | 5,597,742 | ||||||
2.20%, 12/15/2021 | 5,690,000 | 5,836,472 | ||||||
Sanofi (France), 4.00%, 03/29/2021 | 11,270,000 | 11,510,068 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 4.00%, 11/26/2021 | 6,800,000 | 7,078,508 | ||||||
|
| |||||||
69,048,554 | ||||||||
|
| |||||||
Professional Services-0.14% | ||||||||
Equifax, Inc., 2.30%, 06/01/2021 | 2,922,000 | 2,959,860 | ||||||
|
| |||||||
Road & Rail-0.45% | ||||||||
Norfolk Southern Corp., 3.25%, 12/01/2021 | 3,018,000 | 3,109,068 | ||||||
Union Pacific Corp. | ||||||||
4.00%, 02/01/2021 | 2,748,000 | 2,763,770 | ||||||
3.20%, 06/08/2021 | 3,128,000 | 3,196,384 | ||||||
|
| |||||||
9,069,222 | ||||||||
|
|
Principal Amount | Value | |||||||
Semiconductors & Semiconductor Equipment-1.48% |
| |||||||
Intel Corp. | ||||||||
1.70%, 05/19/2021 | $ | 2,676,000 | $ | 2,701,970 | ||||
3.30%, 10/01/2021 | 11,286,000 | 11,661,429 | ||||||
Lam Research Corp., 2.80%, 06/15/2021 | 4,463,000 | 4,541,435 | ||||||
NVIDIA Corp., 2.20%, 09/16/2021 | 5,383,000 | 5,481,464 | ||||||
Texas Instruments, Inc., 2.75%, 03/12/2021 | 3,014,000 | 3,047,621 | ||||||
Xilinx, Inc., 3.00%, 03/15/2021(b) | 2,550,000 | 2,585,347 | ||||||
|
| |||||||
30,019,266 | ||||||||
|
| |||||||
Software-2.91% | ||||||||
IBM Credit LLC | ||||||||
1.80%, 01/20/2021 | 3,500,000 | 3,521,874 | ||||||
2.65%, 02/05/2021 | 4,200,000 | 4,243,030 | ||||||
Microsoft Corp. | ||||||||
4.00%, 02/08/2021 | 2,697,000 | 2,741,884 | ||||||
1.55%, 08/08/2021 | 15,572,000 | 15,752,188 | ||||||
Oracle Corp. | ||||||||
2.80%, 07/08/2021 | 8,527,000 | 8,712,644 | ||||||
1.90%, 09/15/2021 | 23,813,000 | 24,193,056 | ||||||
|
| |||||||
59,164,676 | ||||||||
|
| |||||||
Specialty Retail-1.50% | ||||||||
Best Buy Co., Inc., 5.50%, 03/15/2021 | 3,645,000 | 3,697,720 | ||||||
Home Depot, Inc. (The) | ||||||||
2.00%, 04/01/2021 | 7,618,000 | 7,686,086 | ||||||
4.40%, 04/01/2021 | 5,593,000 | 5,669,611 | ||||||
Lowe’s Cos., Inc. | ||||||||
3.75%, 04/15/2021 | 3,011,000 | 3,050,628 | ||||||
3.80%, 11/15/2021 | 3,020,000 | 3,119,426 | ||||||
O’Reilly Automotive, Inc., 4.88%, 01/14/2021 | 2,840,000 | 2,855,108 | ||||||
TJX Cos., Inc. (The), 2.75%, 06/15/2021 | 4,297,000 | 4,363,476 | ||||||
|
| |||||||
30,442,055 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-2.32% |
| |||||||
Apple, Inc. | ||||||||
2.25%, 02/23/2021 | 16,889,000 | 17,023,783 | ||||||
2.85%, 05/06/2021 | 16,951,000 | 17,268,356 | ||||||
1.55%, 08/04/2021(b) | 7,078,000 | 7,161,046 | ||||||
HP, Inc. | ||||||||
4.38%, 09/15/2021 | 2,200,000 | 2,286,505 | ||||||
4.65%, 12/09/2021 | 3,300,000 | 3,473,966 | ||||||
|
| |||||||
47,213,656 | ||||||||
|
| |||||||
Tobacco-0.85% | ||||||||
Altria Group, Inc., 4.75%, 05/05/2021 | 8,645,000 | 8,906,805 | ||||||
Philip Morris International, Inc. | ||||||||
1.88%, 02/25/2021 | 3,940,000 | 3,967,324 | ||||||
2.90%, 11/15/2021 | 4,304,000 | 4,438,666 | ||||||
|
| |||||||
17,312,795 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.31% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||||||
4.50%, 05/15/2021 | 5,950,000 | 6,052,009 | ||||||
5.00%, 10/01/2021 | 5,977,000 | 6,156,253 | ||||||
Air Lease Corp. | ||||||||
2.50%, 03/01/2021 | 3,083,000 | 3,100,838 | ||||||
3.88%, 04/01/2021 | 2,775,000 | 2,804,553 | ||||||
3.38%, 06/01/2021 | 3,356,000 | 3,397,900 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 106 |
|
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Trading Companies & Distributors-(continued) |
| |||||||
Aircastle Ltd., 5.13%, 03/15/2021 | $ | 2,776,000 | $ | 2,817,904 | ||||
International Lease Finance Corp., 4.63%, 04/15/2021 | 2,242,000 | 2,283,087 | ||||||
|
| |||||||
26,612,544 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 1,986,361,071 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-1.43% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $29,211,229) | 29,211,229 | 29,211,229 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,015,572,300 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.33% |
| |||||||
Invesco Private Government | 4,967,699 | $ | 4,967,699 | |||||
Invesco Private Prime Fund, | 1,698,556 | 1,698,896 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 6,666,595 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.48% |
| 2,022,238,895 | ||||||
OTHER ASSETS LESS LIABILITIES-0.52% |
| 10,473,566 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,032,712,461 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ 5,602,789 | $402,859,338 | $(379,250,898 | ) | $- | $ - | $29,211,229 | $119,149 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 8,363,760 | 65,573,686 | (73,937,446 | ) | - | - | - | 48,638 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 2,787,996 | 16,703,230 | (19,488,470 | ) | - | (2,756 | ) | - | 19,049 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 36,387,331 | (31,419,632 | ) | - | - | 4,967,699 | 396 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,248,525 | (3,549,674 | ) | - | 45 | 1,698,896 | 255 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $16,754,545 | $526,772,110 | $(507,646,120 | ) | $- | $(2,711 | ) | $35,877,824 | $187,487 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 107 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.53% |
| |||||||
Aerospace & Defense-0.91% | ||||||||
General Dynamics Corp., 2.25%, 11/15/2022 | $ | 5,446,000 | $ | 5,653,540 | ||||
Howmet Aerospace, Inc., 5.87%, 02/23/2022 | 4,300,000 | 4,562,513 | ||||||
Northrop Grumman Corp., 2.55%, 10/15/2022 | 8,024,000 | 8,397,732 | ||||||
|
| |||||||
18,613,785 | ||||||||
|
| |||||||
Air Freight & Logistics-0.59% | ||||||||
FedEx Corp., 2.63%, 08/01/2022 | 2,765,000 | 2,875,955 | ||||||
United Parcel Service, Inc. | ||||||||
2.35%, 05/16/2022 | 3,204,000 | 3,305,588 | ||||||
2.45%, 10/01/2022 | 5,622,000 | 5,868,285 | ||||||
|
| |||||||
12,049,828 | ||||||||
|
| |||||||
Airlines-0.27% | ||||||||
Delta Air Lines, Inc., 3.63%, 03/15/2022 | 5,510,000 | 5,479,788 | ||||||
|
| |||||||
Automobiles-3.07% | ||||||||
American Honda Finance Corp. | ||||||||
1.95%, 05/20/2022 | 3,140,000 | 3,221,037 | ||||||
2.20%, 06/27/2022 | 3,902,000 | 4,029,982 | ||||||
2.60%, 11/16/2022 | 2,992,000 | 3,139,368 | ||||||
General Motors Financial Co., Inc. | ||||||||
3.45%, 01/14/2022 | 6,616,000 | 6,788,917 | ||||||
3.45%, 04/10/2022 | 6,708,000 | 6,906,585 | ||||||
3.15%, 06/30/2022 | 6,687,000 | 6,892,267 | ||||||
Toyota Motor Corp. (Japan), 2.16%, 07/02/2022 | 2,683,000 | 2,772,645 | ||||||
Toyota Motor Credit Corp. | ||||||||
2.60%, 01/11/2022 | 6,324,000 | 6,521,665 | ||||||
3.30%, 01/12/2022 | 5,514,000 | 5,733,991 | ||||||
1.15%, 05/26/2022 | 6,612,000 | 6,718,487 | ||||||
2.80%, 07/13/2022 | 2,589,000 | 2,710,827 | ||||||
0.45%, 07/22/2022 | 2,460,000 | 2,463,611 | ||||||
2.15%, 09/08/2022 | 4,620,000 | 4,785,498 | ||||||
|
| |||||||
62,684,880 | ||||||||
|
| |||||||
Banks-24.28% | ||||||||
Bank of America Corp. | ||||||||
5.70%, 01/24/2022 | 6,851,000 | 7,355,321 | ||||||
2.50%, 10/21/2022 | 11,079,000 | 11,343,834 | ||||||
Bank of Montreal (Canada) | ||||||||
2.35%, 09/11/2022 | 5,655,000 | 5,897,675 | ||||||
2.55%, 11/06/2022 | 5,458,000 | 5,710,075 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
2.70%, 03/07/2022 | 8,710,000 | 9,050,139 | ||||||
2.45%, 09/19/2022 | 5,129,000 | 5,360,237 | ||||||
Barclays Bank PLC (United Kingdom), 7.63%, 11/21/2022 | 16,750,000 | 18,631,015 | ||||||
BBVA USA, 2.88%, 06/29/2022 | 4,550,000 | 4,683,460 | ||||||
Canadian Imperial Bank of Commerce (Canada), 2.55%, 06/16/2022 | 5,435,000 | 5,654,923 | ||||||
CIT Group, Inc., 5.00%, 08/15/2022 | 6,895,000 | 7,223,823 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Citigroup, Inc. | ||||||||
4.50%, 01/14/2022 | $ | 13,679,000 | $ | 14,459,172 | ||||
2.75%, 04/25/2022 | 12,491,000 | 12,941,155 | ||||||
4.05%, 07/30/2022 | 4,577,000 | 4,877,585 | ||||||
2.70%, 10/27/2022 | 9,574,000 | 10,019,678 | ||||||
Citizens Bank N.A., 2.65%, 05/26/2022 | 5,002,000 | 5,175,715 | ||||||
Cooperatieve Rabobank U.A. (Netherlands) |
| |||||||
2.75%, 01/10/2022 | 5,450,000 | 5,634,602 | ||||||
3.88%, 02/08/2022 | 16,415,000 | 17,260,192 | ||||||
3.95%, 11/09/2022 | 7,900,000 | 8,442,567 | ||||||
Deutsche Bank AG (Germany), 3.30%, 11/16/2022 | 6,100,000 | 6,312,774 | ||||||
Fifth Third Bancorp | ||||||||
3.50%, 03/15/2022 | 2,820,000 | 2,945,311 | ||||||
2.60%, 06/15/2022 | 3,622,000 | 3,755,682 | ||||||
First Republic Bank, 2.50%, 06/06/2022 | 4,003,000 | 4,133,643 | ||||||
HSBC Holdings PLC (United Kingdom), 4.00%, 03/30/2022 | 10,974,000 | 11,569,422 | ||||||
Huntington Bancshares, Inc., 2.30%, 01/14/2022 | 5,458,000 | 5,590,111 | ||||||
Huntington National Bank (The), 2.50%, 08/07/2022 | 1,802,000 | 1,871,983 | ||||||
JPMorgan Chase & Co. | ||||||||
4.50%, 01/24/2022 | 17,725,000 | 18,752,196 | ||||||
3.25%, 09/23/2022 | 16,508,000 | 17,480,564 | ||||||
KeyBank N.A. | ||||||||
2.40%, 06/09/2022 | 3,879,000 | 4,011,382 | ||||||
2.30%, 09/14/2022 | 4,200,000 | 4,359,591 | ||||||
Lloyds Banking Group PLC (United Kingdom), 3.00%, 01/11/2022 | 8,500,000 | 8,796,844 | ||||||
Manufacturers and Traders Trust Co., 2.50%, 05/18/2022 | 4,452,000 | 4,607,730 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
3.00%, 02/22/2022 | 5,118,000 | 5,311,751 | ||||||
2.62%, 07/18/2022 | 12,300,000 | 12,804,874 | ||||||
2.67%, 07/25/2022 | 10,562,000 | 10,988,929 | ||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||
2.95%, 02/28/2022 | 8,608,000 | 8,928,112 | ||||||
2.60%, 09/11/2022 | 5,550,000 | 5,782,403 | ||||||
MUFG Union Bank N.A., 2.10%, 12/09/2022 | 4,550,000 | 4,711,439 | ||||||
Natwest Group PLC (United Kingdom), 6.13%, 12/15/2022 | 12,083,000 | 13,266,584 | ||||||
People’s United Financial, Inc., 3.65%, 12/06/2022 | 2,514,000 | 2,671,454 | ||||||
PNC Bank N.A. | ||||||||
2.63%, 02/17/2022 | 6,800,000 | 7,015,887 | ||||||
2.45%, 07/28/2022 | 4,045,000 | 4,199,611 | ||||||
2.70%, 11/01/2022 | 5,918,000 | 6,198,075 | ||||||
PNC Financial Services Group, Inc. (The) |
| |||||||
3.30%, 03/08/2022 | 5,403,000 | 5,634,505 | ||||||
2.85%, 11/09/2022(b) | 2,801,000 | 2,949,654 | ||||||
Regions Financial Corp., 2.75%, 08/14/2022 | 5,350,000 | 5,573,688 | ||||||
Royal Bank of Canada (Canada), 2.75%, 02/01/2022 | 6,736,000 | 6,975,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 108 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Santander Holdings USA, Inc., 3.70%, 03/28/2022 | $ | 5,066,000 | $ | 5,264,224 | ||||
Skandinaviska Enskilda Banken AB (Sweden), 2.80%, 03/11/2022 | 4,051,000 | 4,203,092 | ||||||
Sumitomo Mitsui Banking Corp. (Japan), 3.20%, 07/18/2022 | 4,285,000 | 4,498,676 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
2.85%, 01/11/2022 | 3,754,000 | 3,877,214 | ||||||
2.78%, 07/12/2022 | 11,357,000 | 11,847,646 | ||||||
2.78%, 10/18/2022 | 6,674,000 | 6,993,779 | ||||||
Synchrony Bank, 3.00%, 06/15/2022 | 5,550,000 | 5,739,611 | ||||||
Truist Bank | ||||||||
2.63%, 01/15/2022 | 5,450,000 | 5,618,438 | ||||||
2.45%, 08/01/2022 | 5,457,000 | 5,672,430 | ||||||
Truist Financial Corp. | ||||||||
2.70%, 01/27/2022 | 5,444,000 | 5,612,930 | ||||||
2.75%, 04/01/2022 | 5,512,000 | 5,713,885 | ||||||
U.S. Bancorp | ||||||||
3.00%, 03/15/2022 | 5,432,000 | 5,650,998 | ||||||
2.95%, 07/15/2022 | 7,065,000 | 7,400,197 | ||||||
Series V, 2.63%, 01/24/2022 | 6,790,000 | 7,003,421 | ||||||
UBS AG (Switzerland), 7.63%, 08/17/2022 | 11,100,000 | 12,453,244 | ||||||
US Bank N.A., 1.80%, 01/21/2022 | 5,000,000 | 5,106,672 | ||||||
Wells Fargo & Co. | ||||||||
3.50%, 03/08/2022 | 13,713,000 | 14,343,707 | ||||||
2.63%, 07/22/2022 | 20,443,000 | 21,275,550 | ||||||
|
| |||||||
495,196,747 | ||||||||
|
| |||||||
Beverages-1.62% | ||||||||
Coca-Cola Co. (The), 2.20%, 05/25/2022 | 2,502,000 | 2,588,388 | ||||||
Constellation Brands, Inc. | ||||||||
2.70%, 05/09/2022 | 2,731,000 | 2,827,595 | ||||||
2.65%, 11/07/2022 | 3,908,000 | 4,074,978 | ||||||
Diageo Investment Corp. (United Kingdom), 2.88%, 05/11/2022 | 5,414,000 | 5,643,146 | ||||||
Molson Coors Beverage Co., 3.50%, 05/01/2022 | 2,117,000 | 2,213,810 | ||||||
PepsiCo, Inc. | ||||||||
2.75%, 03/05/2022 | 6,902,000 | 7,162,391 | ||||||
2.25%, 05/02/2022 | 3,935,000 | 4,062,295 | ||||||
3.10%, 07/17/2022 | 4,345,000 | 4,551,633 | ||||||
|
| |||||||
33,124,236 | ||||||||
|
| |||||||
Biotechnology-2.61% | ||||||||
AbbVie, Inc. | ||||||||
2.90%, 11/06/2022 | 16,852,000 | 17,729,588 | ||||||
3.20%, 11/06/2022 | 5,441,000 | 5,726,453 | ||||||
Amgen, Inc. | ||||||||
2.70%, 05/01/2022 | 2,799,000 | 2,891,461 | ||||||
2.65%, 05/11/2022 | 7,972,000 | 8,265,048 | ||||||
3.63%, 05/15/2022 | 4,005,000 | 4,191,574 | ||||||
Biogen, Inc., 3.63%, 09/15/2022 | 5,477,000 | 5,828,609 | ||||||
Gilead Sciences, Inc. | ||||||||
1.95%, 03/01/2022 | 2,673,000 | 2,732,902 | ||||||
3.25%, 09/01/2022 | 5,482,000 | 5,765,095 | ||||||
|
| |||||||
53,130,730 | ||||||||
|
|
Principal Amount | Value | |||||||
Capital Markets-5.99% | ||||||||
Ares Capital Corp., 3.63%, 01/19/2022 | $ | 3,147,000 | $ | 3,228,149 | ||||
Bank of New York Mellon Corp. (The) | ||||||||
2.60%, 02/07/2022 | 6,623,000 | 6,835,264 | ||||||
1.95%, 08/23/2022 | 5,454,000 | 5,638,435 | ||||||
BlackRock, Inc., 3.38%, 06/01/2022 | 4,810,000 | 5,067,624 | ||||||
CME Group, Inc., 3.00%, 09/15/2022 | 4,171,000 | 4,397,226 | ||||||
Credit Suisse AG (Switzerland), 2.80%, 04/08/2022 | 8,100,000 | 8,417,661 | ||||||
E*TRADE Financial Corp., 2.95%, 08/24/2022 | 3,233,000 | 3,380,076 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
5.75%, 01/24/2022 | 24,400,000 | 26,197,311 | ||||||
3.00%, 04/26/2022 | 18,375,000 | 18,677,797 | ||||||
Moody’s Corp., 4.50%, 09/01/2022 | 2,704,000 | 2,900,314 | ||||||
Morgan Stanley | ||||||||
2.75%, 05/19/2022 | 17,591,000 | 18,273,917 | ||||||
4.88%, 11/01/2022 | 11,182,000 | 12,187,784 | ||||||
Northern Trust Corp., 2.38%, 08/02/2022 | 2,645,000 | 2,754,800 | ||||||
TD Ameritrade Holding Corp., 2.95%, 04/01/2022 | 4,145,000 | 4,301,645 | ||||||
|
| |||||||
122,258,003 | ||||||||
|
| |||||||
Chemicals-1.08% | ||||||||
Celanese US Holdings LLC, 4.63%, 11/15/2022 | 2,324,000 | 2,508,755 | ||||||
Eastman Chemical Co., 3.60%, 08/15/2022 | 3,679,000 | 3,864,095 | ||||||
Ecolab, Inc., 2.38%, 08/10/2022 | 2,688,000 | 2,787,745 | ||||||
Mosaic Co. (The), 3.25%, 11/15/2022 | 3,004,000 | 3,136,788 | ||||||
Praxair, Inc. | ||||||||
2.45%, 02/15/2022 | 3,263,000 | 3,347,709 | ||||||
2.20%, 08/15/2022 | 2,731,000 | 2,818,344 | ||||||
Sherwin-Williams Co. (The), 2.75%, 06/01/2022 | 591,000 | 613,554 | ||||||
Syngenta Finance N.V. (Switzerland), 3.13%, 03/28/2022 | 2,895,000 | 2,952,390 | ||||||
|
| |||||||
22,029,380 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.59% |
| |||||||
Cintas Corp. No. 2, 2.90%, 04/01/2022 | 3,796,000 | 3,935,914 | ||||||
Republic Services, Inc., 3.55%, 06/01/2022 | 4,951,000 | 5,182,757 | ||||||
Waste Management, Inc., 2.90%, 09/15/2022 | 2,718,000 | 2,844,951 | ||||||
|
| |||||||
11,963,622 | ||||||||
|
| |||||||
Communications Equipment-0.70% |
| |||||||
Cisco Systems, Inc., 3.00%, 06/15/2022 | 2,585,000 | 2,714,583 | ||||||
Motorola Solutions, Inc., 3.75%, 05/15/2022 | 3,144,000 | 3,317,111 | ||||||
Nokia OYJ (Finland), 3.38%, 06/12/2022 | 2,627,000 | 2,713,993 | ||||||
Telefonaktiebolaget LM Ericsson (Sweden), 4.13%, 05/15/2022 | 5,327,000 | 5,597,691 | ||||||
|
| |||||||
14,343,378 | ||||||||
|
| |||||||
Consumer Finance-1.97% | ||||||||
Ally Financial, Inc., 4.13%, 02/13/2022 | 4,442,000 | 4,600,599 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 109 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Consumer Finance-(continued) | ||||||||
American Express Co. | ||||||||
2.50%, 08/01/2022 | $ | 10,120,000 | $ | 10,506,622 | ||||
2.65%, 12/02/2022 | 6,777,000 | 7,116,375 | ||||||
American Express Credit Corp., 2.70%, 03/03/2022 | 9,921,000 | 10,256,779 | ||||||
Capital One Financial Corp., 3.05%, 03/09/2022 | 4,321,000 | 4,481,007 | ||||||
Discover Financial Services, 3.85%, 11/21/2022 | 2,973,000 | 3,175,211 | ||||||
|
| |||||||
40,136,593 | ||||||||
|
| |||||||
Diversified Consumer Services-0.14% |
| |||||||
Block Financial LLC, 5.50%, 11/01/2022 | 2,694,000 | 2,888,518 | ||||||
|
| |||||||
Diversified Financial Services-0.74% |
| |||||||
Berkshire Hathaway Finance Corp., 3.00%, 05/15/2022 | 4,167,000 | 4,365,687 | ||||||
Berkshire Hathaway, Inc., 3.40%, 01/31/2022 | 3,246,000 | 3,392,392 | ||||||
National Rural Utilities Cooperative Finance Corp., 1.75%, 01/21/2022 | 2,691,000 | 2,747,724 | ||||||
ORIX Corp. (Japan), 2.90%, 07/18/2022 | 4,303,000 | 4,476,470 | ||||||
|
| |||||||
14,982,273 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.37% |
| |||||||
AT&T, Inc. | ||||||||
3.00%, 06/30/2022 | 10,971,000 | 11,455,931 | ||||||
2.63%, 12/01/2022 | 6,009,000 | 6,282,054 | ||||||
Verizon Communications, Inc. | ||||||||
2.95%, 03/15/2022 | 4,792,000 | 4,982,667 | ||||||
2.45%, 11/01/2022 | 5,106,000 | 5,299,086 | ||||||
|
| |||||||
28,019,738 | ||||||||
|
| |||||||
Electric Utilities-2.37% | ||||||||
Alabama Power Co., Series 17A, 2.45%, 03/30/2022 | 3,025,000 | 3,119,113 | ||||||
Duke Energy Corp. | ||||||||
2.40%, 08/15/2022 | 2,496,000 | 2,587,716 | ||||||
3.05%, 08/15/2022 | 2,668,000 | 2,786,915 | ||||||
Duke Energy Progress LLC, 2.80%, 05/15/2022 | 2,775,000 | 2,881,388 | ||||||
Entergy Corp., 4.00%, 07/15/2022 | 3,535,000 | 3,752,289 | ||||||
Eversource Energy, Series K, 2.75%, 03/15/2022 | 4,104,000 | 4,244,330 | ||||||
Exelon Corp., 3.50%, 06/01/2022 | 6,280,000 | 6,577,518 | ||||||
Exelon Generation Co. LLC | ||||||||
3.40%, 03/15/2022 | 2,690,000 | 2,801,667 | ||||||
4.25%, 06/15/2022 | 2,819,000 | 2,986,781 | ||||||
FirstEnergy Corp., Series A, 2.85%, 07/15/2022 | 2,712,000 | 2,787,903 | ||||||
ITC Holdings Corp., 2.70%, 11/15/2022 | 2,689,000 | 2,810,261 | ||||||
Oncor Electric Delivery Co. LLC, 7.00%, 09/01/2022 | 3,184,000 | 3,595,332 | ||||||
Pacific Gas and Electric Co., 1.75%, 06/16/2022 | 7,416,000 | 7,441,345 | ||||||
|
| |||||||
48,372,558 | ||||||||
|
|
Principal Amount | Value | |||||||
Electrical Equipment-0.80% | ||||||||
ABB Finance USA, Inc. (Switzerland), 2.88%, 05/08/2022 | $ | 6,848,000 | $ | 7,123,551 | ||||
Eaton Corp., 2.75%, 11/02/2022 | 8,776,000 | 9,218,897 | ||||||
|
| |||||||
16,342,448 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.22% |
| |||||||
Jabil, Inc., 4.70%, 09/15/2022 | 2,050,000 | 2,205,826 | ||||||
Tyco Electronics Group S.A. (Switzerland), 3.50%, 02/03/2022 | 2,137,000 | 2,214,171 | ||||||
|
| |||||||
4,419,997 | ||||||||
|
| |||||||
Energy Equipment & Services-0.35% | ||||||||
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 2.77%, 12/15/2022 | 6,856,000 | 7,181,510 | ||||||
|
| |||||||
Entertainment-0.56% | ||||||||
TWDC Enterprises 18 Corp. | ||||||||
2.45%, 03/04/2022 | 2,761,000 | 2,851,298 | ||||||
2.35%, 12/01/2022 | 5,419,000 | 5,653,980 | ||||||
Walt Disney Co. (The), 1.65%, 09/01/2022 | 2,830,000 | 2,902,144 | ||||||
|
| |||||||
11,407,422 | ||||||||
|
| |||||||
Equity REITs-2.25% | ||||||||
American Tower Corp. | ||||||||
2.25%, 01/15/2022 | 3,290,000 | 3,371,619 | ||||||
4.70%, 03/15/2022 | 3,979,000 | 4,234,912 | ||||||
Equinix, Inc., 5.38%, 05/15/2027 | 6,437,000 | 7,054,727 | ||||||
Kimco Realty Corp., 3.40%, 11/01/2022 | 2,779,000 | 2,924,396 | ||||||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 | 7,631,000 | 8,083,328 | ||||||
Public Storage, 2.37%, 09/15/2022 | 2,628,000 | 2,731,647 | ||||||
Realty Income Corp., 3.25%, 10/15/2022 | 5,142,000 | 5,411,907 | ||||||
Simon Property Group L.P. | ||||||||
2.35%, 01/30/2022 | 2,960,000 | 3,020,149 | ||||||
2.63%, 06/15/2022(c) | 3,330,000 | 3,425,708 | ||||||
SL Green Operating Partnership L.P., 3.25%, 10/15/2022 | 2,717,000 | 2,776,292 | ||||||
Ventas Realty L.P./Ventas Capital Corp., 3.25%, 08/15/2022 | 2,739,000 | 2,833,473 | ||||||
|
| |||||||
45,868,158 | ||||||||
|
| |||||||
Food & Staples Retailing-1.02% | ||||||||
Costco Wholesale Corp., 2.30%, 05/18/2022 | 4,069,000 | 4,213,253 | ||||||
Kroger Co. (The), 3.40%, 04/15/2022 | 2,777,000 | 2,888,353 | ||||||
Walgreen Co., 3.10%, 09/15/2022 | 6,445,000 | 6,772,875 | ||||||
Walmart, Inc., 2.35%, 12/15/2022 | 6,645,000 | 6,956,190 | ||||||
|
| |||||||
20,830,671 | ||||||||
|
| |||||||
Food Products-0.89% | ||||||||
General Mills, Inc., 2.60%, 10/12/2022 | 2,727,000 | 2,845,200 | ||||||
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022 | 101,000 | 106,244 | ||||||
McCormick & Co., Inc., 2.70%, 08/15/2022 | 3,641,000 | 3,794,749 | ||||||
Mondelez International, Inc., 0.63%, 07/01/2022 | 5,508,000 | 5,536,010 | ||||||
Tyson Foods, Inc., 4.50%, 06/15/2022 | 5,560,000 | 5,910,258 | ||||||
|
| |||||||
18,192,461 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 110 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Health Care Equipment & Supplies-1.77% |
| |||||||
Abbott Laboratories, 2.55%, 03/15/2022 | $ | 4,153,000 | $ | 4,297,526 | ||||
Becton, Dickinson and Co., 2.89%, 06/06/2022 | 9,584,000 | 9,952,764 | ||||||
Boston Scientific Corp., 3.38%, 05/15/2022 | 2,682,000 | 2,810,827 | ||||||
Covidien International Finance S.A., 3.20%, 06/15/2022 | 3,511,000 | 3,665,995 | ||||||
Medtronic, Inc., 3.15%, 03/15/2022 | 10,668,000 | 11,134,831 | ||||||
Zimmer Biomet Holdings, Inc., 3.15%, 04/01/2022 | 4,015,000 | 4,160,622 | ||||||
|
| |||||||
36,022,565 | ||||||||
|
| |||||||
Health Care Providers & Services-3.60% |
| |||||||
Aetna, Inc., 2.75%, 11/15/2022 | 5,432,000 | 5,667,493 | ||||||
Anthem, Inc. | ||||||||
3.13%, 05/15/2022 | 4,653,000 | 4,865,428 | ||||||
2.95%, 12/01/2022 | 4,035,000 | 4,252,335 | ||||||
Cardinal Health, Inc., 2.62%, 06/15/2022 | 5,134,000 | 5,310,063 | ||||||
Cigna Corp., 3.90%, 02/15/2022 | 4,244,000 | 4,462,588 | ||||||
CommonSpirit Health, 2.95%, 11/01/2022 | 2,611,000 | 2,723,093 | ||||||
CVS Health Corp. | ||||||||
3.50%, 07/20/2022 | 8,179,000 | 8,623,743 | ||||||
2.75%, 12/01/2022 | 6,813,000 | 7,138,457 | ||||||
DH Europe Finance II S.a.r.l., 2.05%, 11/15/2022 | 3,749,000 | 3,876,291 | ||||||
Humana, Inc., 3.15%, 12/01/2022 | 3,248,000 | 3,419,112 | ||||||
Laboratory Corp. of America Holdings | ||||||||
3.20%, 02/01/2022 | 2,757,000 | 2,862,441 | ||||||
3.75%, 08/23/2022 | 2,818,000 | 2,975,694 | ||||||
UnitedHealth Group, Inc. | ||||||||
2.88%, 03/15/2022 | 6,145,000 | 6,352,562 | ||||||
3.35%, 07/15/2022 | 5,482,000 | 5,792,746 | ||||||
2.38%, 10/15/2022 | 4,926,000 | 5,144,057 | ||||||
|
| |||||||
73,466,103 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.98% |
| |||||||
Marriott International, Inc. | ||||||||
2.30%, 01/15/2022(c) | 3,737,000 | 3,779,321 | ||||||
2.13%, 10/03/2022(c) | 2,769,000 | 2,780,272 | ||||||
McDonald’s Corp., 2.63%, 01/15/2022 | 7,654,000 | 7,899,974 | ||||||
Starbucks Corp. | ||||||||
1.30%, 05/07/2022 | 2,668,000 | 2,711,213 | ||||||
2.70%, 06/15/2022 | 2,703,000 | 2,803,214 | ||||||
|
| |||||||
19,973,994 | ||||||||
|
| |||||||
Household Durables-0.48% | ||||||||
Lennar Corp. | ||||||||
4.13%, 01/15/2022 | 3,083,000 | 3,158,919 | ||||||
4.75%, 11/15/2022 | 3,032,000 | 3,190,346 | ||||||
NVR, Inc., 3.95%, 09/15/2022 | 3,185,000 | 3,372,602 | ||||||
|
| |||||||
9,721,867 | ||||||||
|
| |||||||
Household Products-0.94% | ||||||||
Clorox Co. (The), 3.05%, 09/15/2022 | 3,353,000 | 3,517,819 | ||||||
Colgate-Palmolive Co., 2.30%, 05/03/2022 | 3,044,000 | 3,148,667 |
Principal Amount | Value | |||||||
Household Products-(continued) | ||||||||
Procter & Gamble Co. (The) | ||||||||
2.30%, 02/06/2022 | $ | 5,322,000 | $ | 5,478,433 | ||||
2.15%, 08/11/2022 | 6,826,000 | 7,083,480 | ||||||
|
| |||||||
19,228,399 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-0.17% |
| |||||||
AES Corp. (The), 5.13%, 09/01/2027 | 3,263,000 | 3,529,930 | ||||||
|
| |||||||
Industrial Conglomerates-1.00% | ||||||||
3M Co., 2.00%, 06/26/2022 | 3,298,000 | 3,402,833 | ||||||
General Electric Co. | ||||||||
3.15%, 09/07/2022 | 6,156,000 | 6,462,136 | ||||||
2.70%, 10/09/2022 | 4,965,000 | 5,194,947 | ||||||
Honeywell International, Inc., 0.48%, 08/19/2022 | 2,465,000 | 2,470,042 | ||||||
Roper Technologies, Inc., 3.13%, 11/15/2022 | 2,626,000 | 2,759,734 | ||||||
|
| |||||||
20,289,692 | ||||||||
|
| |||||||
Insurance-1.13% | ||||||||
American International Group, Inc., 4.88%, 06/01/2022 | 8,206,000 | 8,833,283 | ||||||
Aon Corp., 2.20%, 11/15/2022 | 2,778,000 | 2,885,720 | ||||||
Chubb INA Holdings, Inc., 2.88%, 11/03/2022 | 5,458,000 | 5,703,034 | ||||||
Marsh & McLennan Cos., Inc., 2.75%, 01/30/2022 | 2,716,000 | 2,802,289 | ||||||
MetLife, Inc., 3.05%, 12/15/2022 | 2,717,000 | 2,889,504 | ||||||
|
| |||||||
23,113,830 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-0.81% |
| |||||||
Amazon.com, Inc., 2.50%, 11/29/2022 | 6,723,000 | 7,028,980 | ||||||
eBay, Inc. | ||||||||
3.80%, 03/09/2022 | 3,969,000 | 4,160,591 | ||||||
2.60%, 07/15/2022 | 5,111,000 | 5,287,922 | ||||||
|
| |||||||
16,477,493 | ||||||||
|
| |||||||
IT Services-2.34% | ||||||||
Fiserv, Inc., 3.50%, 10/01/2022 | 3,339,000 | 3,518,391 | ||||||
International Business Machines Corp. | ||||||||
2.50%, 01/27/2022 | 4,400,000 | 4,537,988 | ||||||
1.88%, 08/01/2022 | 5,200,000 | 5,363,194 | ||||||
2.88%, 11/09/2022 | 4,650,000 | 4,912,234 | ||||||
PayPal Holdings, Inc., 2.20%, 09/26/2022 | 5,462,000 | 5,666,397 | ||||||
VeriSign, Inc., 4.75%, 07/15/2027 | 2,487,000 | 2,654,164 | ||||||
Visa, Inc. | ||||||||
2.15%, 09/15/2022 | 5,302,000 | 5,501,492 | ||||||
2.80%, 12/14/2022 | 12,023,000 | 12,691,090 | ||||||
Western Union Co. (The), 3.60%, 03/15/2022 | 2,731,000 | 2,845,039 | ||||||
|
| |||||||
47,689,989 | ||||||||
|
| |||||||
Machinery-2.57% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
0.95%, 05/13/2022 | 6,010,000 | 6,074,686 | ||||||
2.85%, 06/01/2022 | 2,729,000 | 2,849,456 | ||||||
2.40%, 06/06/2022 | 3,234,000 | 3,355,777 | ||||||
1.90%, 09/06/2022 | 4,114,000 | 4,243,920 | ||||||
1.95%, 11/18/2022 | 4,082,000 | 4,224,000 | ||||||
2.55%, 11/29/2022 | 3,325,000 | 3,489,450 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 111 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Machinery-(continued) | ||||||||
Caterpillar, Inc., 2.60%, 06/26/2022 | $ | 2,667,000 | $ | 2,762,450 | ||||
CNH Industrial Capital LLC, 4.38%, 04/05/2022 | 2,721,000 | 2,858,960 | ||||||
Deere & Co., 2.60%, 06/08/2022 | 5,390,000 | 5,587,802 | ||||||
Flowserve Corp., 3.50%, 09/15/2022 | 2,612,000 | 2,714,210 | ||||||
John Deere Capital Corp. | ||||||||
2.65%, 01/06/2022 | 3,556,000 | 3,674,422 | ||||||
2.75%, 03/15/2022 | 2,759,000 | 2,861,812 | ||||||
2.15%, 09/08/2022(c) | 3,223,000 | 3,343,427 | ||||||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 4,069,000 | 4,290,400 | ||||||
|
| |||||||
52,330,772 | ||||||||
|
| |||||||
Media-2.13% | ||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.46%, 07/23/2022 | 16,425,000 | 17,509,332 | ||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022 | 5,815,000 | 7,014,701 | ||||||
Comcast Corp., 3.13%, 07/15/2022 | 5,492,000 | 5,774,267 | ||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.63%, 05/01/2022 | 6,749,000 | 7,092,536 | ||||||
ViacomCBS, Inc., 3.38%, 03/01/2022 | 3,290,000 | 3,406,470 | ||||||
WPP Finance 2010 (United Kingdom), 3.63%, 09/07/2022 | 2,473,000 | 2,596,313 | ||||||
|
| |||||||
43,393,619 | ||||||||
|
| |||||||
Metals & Mining-0.40% | ||||||||
Newmont Corp., 3.50%, 03/15/2022 | 4,524,000 | 4,688,896 | ||||||
Nucor Corp., 4.13%, 09/15/2022 | 3,265,000 | 3,486,002 | ||||||
|
| |||||||
8,174,898 | ||||||||
|
| |||||||
Multiline Retail-0.26% | ||||||||
Target Corp., 2.90%, 01/15/2022 | 5,129,000 | 5,314,830 | ||||||
|
| |||||||
Multi-Utilities-0.61% | ||||||||
CenterPoint Energy, Inc., 2.50%, 09/01/2022 | 2,792,000 | 2,894,264 | ||||||
DTE Energy Co., 2.25%, 11/01/2022 | 2,696,000 | 2,793,044 | ||||||
Public Service Enterprise Group, Inc., 2.65%, 11/15/2022 | 3,867,000 | 4,045,755 | ||||||
Sempra Energy, 2.88%, 10/01/2022 | 2,567,000 | 2,669,305 | ||||||
|
| |||||||
12,402,368 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-7.34% |
| |||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
3.06%, 03/17/2022 | 5,786,000 | 6,030,158 | ||||||
2.50%, 11/06/2022 | 5,486,000 | 5,727,770 | ||||||
Cenovus Energy, Inc. (Canada), 3.00%, 08/15/2022 | 2,740,000 | 2,785,332 | ||||||
Chevron Corp. | ||||||||
2.41%, 03/03/2022(c) | 3,874,000 | 3,988,288 | ||||||
2.50%, 03/03/2022 | 3,559,000 | 3,671,570 | ||||||
2.36%, 12/05/2022 | 10,958,000 | 11,409,656 | ||||||
Continental Resources, Inc., 5.00%, 09/15/2022 | 5,967,000 | 5,943,132 | ||||||
Enbridge, Inc. (Canada), 2.90%, 07/15/2022 | 3,743,991 | 3,897,135 | ||||||
Energy Transfer Operating L.P., 5.20%, 02/01/2022 | 5,436,000 | 5,666,327 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Energy Transfer Partners L.P./Regency Energy Finance Corp. | ||||||||
5.88%, 03/01/2022 | $ | 4,877,000 | $ | 5,140,038 | ||||
5.00%, 10/01/2022 | 3,789,000 | 4,011,641 | ||||||
Enterprise Products Operating LLC, 4.05%, 02/15/2022 | 3,590,000 | 3,771,176 | ||||||
Exxon Mobil Corp. | ||||||||
2.40%, 03/06/2022 | 6,269,000 | 6,455,973 | ||||||
1.90%, 08/16/2022 | 4,077,000 | 4,214,632 | ||||||
Husky Energy, Inc. (Canada), 3.95%, 04/15/2022 | 2,786,000 | 2,875,365 | ||||||
Kinder Morgan Energy Partners L.P., 3.95%, 09/01/2022 | 5,520,000 | 5,849,254 | ||||||
Marathon Oil Corp., 2.80%, 11/01/2022 | 5,835,000 | 5,963,682 | ||||||
Newfield Exploration Co., 5.75%, 01/30/2022 | 3,831,000 | 3,913,788 | ||||||
ONEOK Partners L.P., 3.38%, 10/01/2022 | 4,791,000 | 4,993,802 | ||||||
ONEOK, Inc., 4.25%, 02/01/2022 | 3,026,000 | 3,140,264 | ||||||
Phillips 66, 4.30%, 04/01/2022 | 10,880,000 | 11,532,705 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.65%, 06/01/2022 | 4,127,000 | 4,243,941 | ||||||
Sabine Pass Liquefaction LLC, 6.25%, 03/15/2022 | 5,598,000 | 5,977,914 | ||||||
Shell International Finance B.V. (Netherlands), 2.38%, 08/21/2022 | 5,436,000 | 5,654,463 | ||||||
Total Capital International S.A. (France), 2.88%, 02/17/2022 | 5,486,000 | 5,693,472 | ||||||
TransCanada PipeLines Ltd. (Canada), 2.50%, 08/01/2022 | 5,469,000 | 5,672,725 | ||||||
Williams Cos., Inc. (The) | ||||||||
3.60%, 03/15/2022 | 6,801,000 | 7,065,893 | ||||||
3.35%, 08/15/2022 | 4,156,000 | 4,336,904 | ||||||
|
| |||||||
149,627,000 | ||||||||
|
| |||||||
Personal Products-0.47% | ||||||||
Unilever Capital Corp. (United Kingdom) | ||||||||
3.00%, 03/07/2022 | 4,600,000 | 4,793,586 | ||||||
2.20%, 05/05/2022 | 4,700,000 | 4,843,141 | ||||||
|
| |||||||
9,636,727 | ||||||||
|
| |||||||
Pharmaceuticals-3.06% | ||||||||
AstraZeneca PLC (United Kingdom), 2.38%, 06/12/2022 | 5,449,000 | 5,639,077 | ||||||
Bristol-Myers Squibb Co. | ||||||||
2.00%, 08/01/2022 | 3,815,000 | 3,934,866 | ||||||
3.25%, 08/15/2022 | 4,643,000 | 4,908,638 | ||||||
Eli Lilly and Co., 2.35%, 05/15/2022 | 4,215,000 | 4,368,603 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom), 2.85%, 05/08/2022 | 10,920,000 | 11,386,134 | ||||||
Johnson & Johnson, 2.25%, 03/03/2022 | 5,451,000 | 5,611,206 | ||||||
Merck & Co., Inc. | ||||||||
2.35%, 02/10/2022 | 6,802,000 | 7,017,743 | ||||||
2.40%, 09/15/2022 | 5,279,000 | 5,489,819 | ||||||
Novartis Capital Corp. (Switzerland) | ||||||||
2.40%, 05/17/2022 | 5,285,000 | 5,474,341 | ||||||
2.40%, 09/21/2022 | 8,204,000 | 8,559,455 | ||||||
|
| |||||||
62,389,882 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 112 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Professional Services-0.13% | ||||||||
Equifax, Inc., 3.30%, 12/15/2022 | $ | 2,520,000 | $ | 2,655,466 | ||||
|
| |||||||
Road & Rail-0.71% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.05%, 03/15/2022 | 3,381,000 | 3,499,944 | ||||||
3.05%, 09/01/2022 | 3,236,000 | 3,387,274 | ||||||
Norfolk Southern Corp., 3.00%, 04/01/2022 | 3,216,000 | 3,327,326 | ||||||
Union Pacific Corp., 4.16%, 07/15/2022 | 4,046,000 | 4,299,095 | ||||||
|
| |||||||
14,513,639 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-2.31% |
| |||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.00%, 01/15/2022 | 16,512,000 | 16,978,553 | ||||||
Intel Corp. | ||||||||
2.35%, 05/11/2022(c) | 4,096,000 | 4,239,105 | ||||||
3.10%, 07/29/2022 | 5,436,000 | 5,735,683 | ||||||
2.70%, 12/15/2022 | 7,562,000 | 7,989,432 | ||||||
QUALCOMM, Inc., 3.00%, 05/20/2022 | 9,163,000 | 9,580,129 | ||||||
Texas Instruments, Inc., 1.85%, 05/15/2022 | 2,429,000 | 2,492,289 | ||||||
|
| |||||||
47,015,191 | ||||||||
|
| |||||||
Software-3.51% | ||||||||
CA, Inc., 3.60%, 08/15/2022 | 2,244,000 | 2,327,521 | ||||||
IBM Credit LLC, 2.20%, 09/08/2022 | 4,401,000 | 4,579,476 | ||||||
Microsoft Corp. | ||||||||
2.40%, 02/06/2022 | 8,174,000 | 8,410,741 | ||||||
2.38%, 02/12/2022 | 8,014,000 | 8,255,017 | ||||||
2.65%, 11/03/2022 | 5,579,000 | 5,859,239 | ||||||
2.13%, 11/15/2022 | 4,574,000 | 4,770,026 | ||||||
Oracle Corp. | ||||||||
2.50%, 05/15/2022(c) | 13,875,000 | 14,347,661 | ||||||
2.50%, 10/15/2022 | 13,877,000 | 14,509,686 | ||||||
VMware, Inc., 2.95%, 08/21/2022 | 8,185,000 | 8,543,862 | ||||||
|
| |||||||
71,603,229 | ||||||||
|
| |||||||
Specialty Retail-0.68% | ||||||||
AutoZone, Inc., 3.70%, 04/15/2022 | 2,679,000 | 2,799,405 | ||||||
Home Depot, Inc. (The), 2.63%, 06/01/2022 | 6,655,000 | 6,920,587 | ||||||
Lowe’s Cos., Inc., 3.12%, 04/15/2022 | 4,066,000 | 4,222,837 | ||||||
|
| |||||||
13,942,829 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-2.33% |
| |||||||
Apple, Inc. | ||||||||
2.15%, 02/09/2022 | 6,388,000 | 6,564,773 | ||||||
2.50%, 02/09/2022 | 7,681,000 | 7,918,954 | ||||||
2.30%, 05/11/2022 | 5,114,000 | 5,282,852 | ||||||
2.70%, 05/13/2022 | 6,327,000 | 6,586,997 | ||||||
1.70%, 09/11/2022(c) | 5,396,000 | 5,559,110 | ||||||
2.10%, 09/12/2022 | 5,194,000 | 5,391,446 | ||||||
Hewlett Packard Enterprise Co., 4.40%, 10/15/2022 | 7,186,000 | 7,707,089 | ||||||
HP, Inc., 4.05%, 09/15/2022 | 2,323,000 | 2,478,018 | ||||||
|
| |||||||
47,489,239 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.40% |
| |||||||
Ralph Lauren Corp., 1.70%, 06/15/2022 | 2,860,000 | 2,917,523 | ||||||
VF Corp., 2.05%, 04/23/2022 | 5,151,000 | 5,283,068 | ||||||
|
| |||||||
8,200,591 | ||||||||
|
|
Principal Amount | Value | |||||||
Tobacco-1.53% | ||||||||
Altria Group, Inc., 2.85%, 08/09/2022 | $ | 10,072,000 | $ | 10,518,561 | ||||
Philip Morris International, Inc. | ||||||||
2.63%, 02/18/2022 | 2,222,000 | 2,290,064 | ||||||
2.38%, 08/17/2022 | 4,101,000 | 4,253,059 | ||||||
2.50%, 08/22/2022 | 4,010,000 | 4,185,583 | ||||||
2.50%, 11/02/2022 | 4,070,000 | 4,249,525 | ||||||
Reynolds American, Inc. (United Kingdom), 4.00%, 06/12/2022 | 5,437,000 | 5,764,661 | ||||||
|
| |||||||
31,261,453 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.31% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||||||
3.95%, 02/01/2022 | 5,350,000 | 5,419,895 | ||||||
3.50%, 05/26/2022 | 3,290,000 | 3,306,942 | ||||||
4.63%, 07/01/2022 | 4,051,000 | 4,149,833 | ||||||
Air Lease Corp. | ||||||||
3.75%, 02/01/2022 | 3,261,000 | 3,332,195 | ||||||
2.63%, 07/01/2022 | 3,339,000 | 3,364,532 | ||||||
International Lease Finance Corp. | ||||||||
8.63%, 01/15/2022 | 3,084,000 | 3,329,080 | ||||||
5.88%, 08/15/2022 | 3,581,000 | 3,877,761 | ||||||
|
| |||||||
26,780,238 | ||||||||
|
| |||||||
Wireless Telecommunication Services-0.17% |
| |||||||
Vodafone Group PLC (United Kingdom), 2.50%, 09/26/2022 | 3,260,000 | 3,394,981 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 1,989,157,538 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-1.77% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $36,116,520) | 36,116,520 | 36,116,520 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 2,025,274,058 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.18% |
| |||||||
Invesco Private Government Fund, 0.03%(d)(e)(f) | 2,751,447 | 2,751,447 | ||||||
Invesco Private Prime Fund, | 916,975 | 917,158 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 3,668,605 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.48% |
| 2,028,942,663 | ||||||
OTHER ASSETS LESS LIABILITIES-0.52% |
| 10,617,503 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 2,039,560,166 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 113 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)–(continued)
August 31, 2020
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 4,354,930 | $ | 316,560,203 | $ | (284,798,613 | ) | $ | - | $ | - | $ | 36,116,520 | $ | 79,341 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 5,898,572 | 57,167,928 | (63,066,500 | ) | - | - | - | 47,370 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 1,966,191 | 15,616,737 | (17,582,059 | ) | - | (869 | ) | - | 18,188 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 20,593,433 | (17,841,986 | ) | - | - | 2,751,447 | 519 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,253,447 | (1,336,387 | ) | - | 98 | 917,158 | 334 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 12,219,693 | $ | 412,191,748 | $ | (384,625,545 | ) | $ | - | $ | (771 | ) | $ | 39,785,125 | $ | 145,752 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 114 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.93% |
| |||||||
Aerospace & Defense-2.00% | ||||||||
Boeing Co. (The), 4.51%, 05/01/2023 | $ | 10,951,000 | $ | 11,573,395 | ||||
General Dynamics Corp. | ||||||||
3.38%, 05/15/2023 | 2,751,000 | 2,965,246 | ||||||
1.88%, 08/15/2023 | 2,097,000 | 2,183,151 | ||||||
Lockheed Martin Corp., 3.10%, 01/15/2023 | 1,791,000 | 1,898,410 | ||||||
Northrop Grumman Corp., 3.25%, 08/01/2023 | 3,787,000 | 4,107,698 | ||||||
Precision Castparts Corp., 2.50%, 01/15/2023 | 3,614,000 | 3,783,329 | ||||||
Raytheon Technologies Corp., 3.65%, 08/16/2023 | 268,000 | 291,253 | ||||||
|
| |||||||
26,802,482 | ||||||||
|
| |||||||
Air Freight & Logistics-0.28% | ||||||||
United Parcel Service, Inc., 2.50%, 04/01/2023 | 3,575,000 | 3,755,849 | ||||||
|
| |||||||
Airlines-0.49% | ||||||||
Delta Air Lines, Inc., 3.80%, 04/19/2023 | 1,811,000 | 1,741,034 | ||||||
Southwest Airlines Co., 4.75%, 05/04/2023 | 4,586,000 | 4,889,062 | ||||||
|
| |||||||
6,630,096 | ||||||||
|
| |||||||
Automobiles-5.50% | ||||||||
American Honda Finance Corp. | ||||||||
2.05%, 01/10/2023 | 2,688,000 | 2,788,481 | ||||||
1.95%, 05/10/2023 | 3,091,000 | 3,207,958 | ||||||
0.88%, 07/07/2023 | 4,600,000 | 4,640,733 | ||||||
3.45%, 07/14/2023 | 1,830,000 | 1,976,170 | ||||||
Fiat Chrysler Automobiles N.V. (United Kingdom), 5.25%, 04/15/2023 | 5,400,000 | 5,734,125 | ||||||
General Motors Co. | ||||||||
4.88%, 10/02/2023 | 5,449,000 | 5,958,064 | ||||||
5.40%, 10/02/2023 | 3,614,000 | 4,010,657 | ||||||
General Motors Financial Co., Inc. | ||||||||
3.25%, 01/05/2023 | 3,099,000 | 3,217,287 | ||||||
5.20%, 03/20/2023 | 5,441,000 | 5,939,301 | ||||||
3.70%, 05/09/2023 | 4,405,000 | 4,619,573 | ||||||
4.25%, 05/15/2023 | 2,752,000 | 2,938,019 | ||||||
4.15%, 06/19/2023 | 3,654,000 | 3,892,306 | ||||||
Toyota Motor Corp. (Japan), 3.42%, 07/20/2023 | 2,724,000 | 2,949,220 | ||||||
Toyota Motor Credit Corp. | ||||||||
2.63%, 01/10/2023 | 2,574,000 | 2,704,775 | ||||||
2.70%, 01/11/2023 | 2,119,000 | 2,230,656 | ||||||
2.90%, 03/30/2023 | 6,380,000 | 6,781,604 | ||||||
0.50%, 08/14/2023 | 4,600,000 | 4,611,868 | ||||||
1.35%, 08/25/2023 | 3,602,000 | 3,697,741 | ||||||
2.25%, 10/18/2023 | 1,762,000 | 1,855,560 | ||||||
|
| |||||||
73,754,098 | ||||||||
|
| |||||||
Banks-19.43% | ||||||||
Banco Santander S.A. (Spain), 3.85%, 04/12/2023 | 3,800,000 | 4,091,932 | ||||||
Bank of America Corp. | ||||||||
3.30%, 01/11/2023 | 15,652,000 | 16,704,597 | ||||||
4.10%, 07/24/2023 | 7,331,000 | 8,089,971 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Canadian Imperial Bank of Commerce (Canada), 3.50%, 09/13/2023 | $ | 3,671,000 | $ | 4,020,823 | ||||
Capital One Bank USA N.A., 3.38%, 02/15/2023 | 5,100,000 | 5,404,038 | ||||||
CIT Group, Inc., 5.00%, 08/01/2023 | 2,754,000 | 2,921,099 | ||||||
Citigroup, Inc. | ||||||||
3.50%, 05/15/2023 | 4,538,000 | 4,866,660 | ||||||
3.88%, 10/25/2023 | 3,545,000 | 3,906,136 | ||||||
Citizens Bank N.A., 3.70%, 03/29/2023 | 1,852,000 | 1,992,339 | ||||||
Comerica, Inc., 3.70%, 07/31/2023 | 3,139,000 | 3,407,369 | ||||||
Cooperatieve Rabobank U.A. (Netherlands) | ||||||||
2.75%, 01/10/2023 | 4,050,000 | 4,275,424 | ||||||
4.63%, 12/01/2023 | 6,300,000 | 7,025,436 | ||||||
Fifth Third Bancorp, 1.63%, 05/05/2023 | 1,806,000 | 1,855,210 | ||||||
Fifth Third Bank, 1.80%, 01/30/2023 | 2,500,000 | 2,578,424 | ||||||
HSBC Holdings PLC (United Kingdom), 3.60%, 05/25/2023 | 7,180,000 | 7,724,148 | ||||||
Huntington National Bank (The) | ||||||||
1.80%, 02/03/2023 | 2,502,000 | 2,578,423 | ||||||
3.55%, 10/06/2023 | 2,850,000 | 3,114,595 | ||||||
JPMorgan Chase & Co. | ||||||||
2.97%, 01/15/2023 | 5,497,000 | 5,686,972 | ||||||
3.20%, 01/25/2023 | 10,123,000 | 10,795,332 | ||||||
3.38%, 05/01/2023 | 7,313,000 | 7,817,313 | ||||||
2.70%, 05/18/2023 | 7,218,000 | 7,628,651 | ||||||
KeyBank N.A. | ||||||||
3.38%, 03/07/2023 | 2,250,000 | 2,409,141 | ||||||
1.25%, 03/10/2023 | 2,450,000 | 2,500,254 | ||||||
M&T Bank Corp., 3.55%, 07/26/2023 | 1,727,000 | 1,879,656 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
3.46%, 03/02/2023 | 5,439,000 | 5,818,727 | ||||||
3.76%, 07/26/2023 | 7,876,000 | 8,586,690 | ||||||
2.53%, 09/13/2023 | 1,801,000 | 1,902,773 | ||||||
Mizuho Financial Group, Inc. (Japan), 3.55%, 03/05/2023 | 3,100,000 | 3,320,069 | ||||||
Natwest Group PLC (United Kingdom) | ||||||||
6.10%, 06/10/2023 | 3,543,000 | 3,941,819 | ||||||
3.88%, 09/12/2023 | 9,800,000 | 10,634,541 | ||||||
6.00%, 12/19/2023 | 7,308,000 | 8,247,093 | ||||||
PNC Bank N.A. | ||||||||
2.95%, 01/30/2023 | 2,850,000 | 3,008,422 | ||||||
3.50%, 06/08/2023 | 2,700,000 | 2,919,125 | ||||||
3.80%, 07/25/2023 | 2,700,000 | 2,945,777 | ||||||
Regions Financial Corp., 3.80%, 08/14/2023 | 3,566,000 | 3,889,407 | ||||||
Santander Holdings USA, Inc., 3.40%, 01/18/2023 | 3,459,000 | 3,628,486 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
3.00%, 01/18/2023 | 1,785,000 | 1,883,224 | ||||||
3.95%, 07/19/2023 | 2,550,000 | 2,785,435 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
3.10%, 01/17/2023 | 5,318,000 | 5,641,890 | ||||||
3.75%, 07/19/2023 | 2,726,000 | 2,974,014 | ||||||
Toronto-Dominion Bank (The) (Canada), 3.50%, 07/19/2023 | 5,790,000 | 6,324,956 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 115 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Truist Bank | ||||||||
3.00%, 02/02/2023 | $ | 1,722,000 | $ | 1,823,022 | ||||
1.25%, 03/09/2023 | 4,500,000 | 4,590,618 | ||||||
2.75%, 05/01/2023 | 2,201,000 | 2,328,293 | ||||||
U.S. Bank N.A. | ||||||||
1.95%, 01/09/2023 | 2,800,000 | 2,900,843 | ||||||
2.85%, 01/23/2023 | 3,100,000 | 3,284,763 | ||||||
3.40%, 07/24/2023 | 4,700,000 | 5,120,885 | ||||||
Wells Fargo & Co. | ||||||||
3.07%, 01/24/2023 | 13,681,000 | 14,157,341 | ||||||
4.13%, 08/15/2023 | 5,428,000 | 5,946,489 | ||||||
Series M, 3.45%, 02/13/2023 | 7,313,000 | 7,781,806 | ||||||
Wells Fargo Bank N.A., 3.55%, 08/14/2023 | 10,000,000 | 10,874,624 | ||||||
|
| |||||||
260,535,075 | ||||||||
|
| |||||||
Beverages-3.24% | ||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.30%, 02/01/2023 | 9,648,000 | 10,258,313 | ||||||
Coca-Cola Co. (The) | ||||||||
2.50%, 04/01/2023 | 2,686,000 | 2,839,619 | ||||||
3.20%, 11/01/2023 | 5,273,000 | 5,752,367 | ||||||
Constellation Brands, Inc. | ||||||||
3.20%, 02/15/2023 | 2,108,000 | 2,236,557 | ||||||
4.25%, 05/01/2023 | 4,037,000 | 4,421,644 | ||||||
Diageo Capital PLC (United Kingdom) |
| |||||||
2.63%, 04/29/2023 | 4,539,000 | 4,769,004 | ||||||
3.50%, 09/18/2023 | 1,901,000 | 2,061,612 | ||||||
Keurig Dr Pepper, Inc., 3.13%, 12/15/2023 | 2,346,000 | 2,526,144 | ||||||
PepsiCo, Inc. | ||||||||
2.75%, 03/01/2023 | 4,678,000 | 4,961,182 | ||||||
0.75%, 05/01/2023 | 3,613,000 | 3,659,716 | ||||||
|
| |||||||
43,486,158 | ||||||||
|
| |||||||
Biotechnology-1.41% | ||||||||
AbbVie, Inc., 2.85%, 05/14/2023 | 3,642,000 | 3,851,198 | ||||||
Amgen, Inc., 2.25%, 08/19/2023 | 2,553,000 | 2,677,921 | ||||||
Gilead Sciences, Inc., 2.50%, 09/01/2023 | 2,651,000 | 2,802,967 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/2023 | 9,051,000 | 9,639,320 | ||||||
|
| |||||||
18,971,406 | ||||||||
|
| |||||||
Capital Markets-6.57% | ||||||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 2,777,000 | 3,086,381 | ||||||
Ares Capital Corp., 3.50%, 02/10/2023 | 2,727,000 | 2,809,304 | ||||||
Bank of New York Mellon Corp. (The) |
| |||||||
1.85%, 01/27/2023 | 2,762,000 | 2,857,758 | ||||||
2.95%, 01/29/2023 | 3,664,000 | 3,884,362 | ||||||
3.50%, 04/28/2023 | 2,775,000 | 3,011,176 | ||||||
3.45%, 08/11/2023 | 2,759,000 | 3,010,679 | ||||||
2.20%, 08/16/2023 | 4,574,000 | 4,801,646 | ||||||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 2,850,000 | 3,003,963 | ||||||
Credit Suisse AG (Switzerland), 1.00%, 05/05/2023 | 7,400,000 | 7,522,818 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
3.63%, 01/22/2023 | 8,185,000 | 8,789,849 | ||||||
3.20%, 02/23/2023 | 6,334,000 | 6,743,701 |
Principal Amount | Value | |||||||
Capital Markets-(continued) | ||||||||
Jefferies Group LLC, 5.13%, 01/20/2023 | $ | 2,688,000 | $ | 2,941,472 | ||||
Morgan Stanley | ||||||||
3.13%, 01/23/2023 | 9,100,000 | 9,652,833 | ||||||
3.75%, 02/25/2023 | 9,128,000 | 9,856,618 | ||||||
4.10%, 05/22/2023 | 7,396,000 | 8,044,340 | ||||||
State Street Corp. | ||||||||
3.10%, 05/15/2023 | 3,690,000 | 3,948,371 | ||||||
3.70%, 11/20/2023 | 3,705,000 | 4,099,657 | ||||||
|
| |||||||
88,064,928 | ||||||||
|
| |||||||
Chemicals-1.33% | ||||||||
DuPont de Nemours, Inc., 2.17%, 05/01/2023 | 7,335,000 | 7,483,197 | ||||||
LYB International Finance B.V., 4.00%, 07/15/2023 | 2,689,000 | 2,929,206 | ||||||
Mosaic Co. (The), 4.25%, 11/15/2023 | 3,230,000 | 3,507,756 | ||||||
Nutrien Ltd. (Canada), 1.90%, 05/13/2023 | 2,010,000 | 2,079,613 | ||||||
Praxair, Inc., 2.70%, 02/21/2023 | 1,761,000 | 1,847,761 | ||||||
|
| |||||||
17,847,533 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.30% |
| |||||||
Republic Services, Inc., 4.75%, 05/15/2023 | 1,840,000 | 2,031,548 | ||||||
Waste Management, Inc., 2.40%, 05/15/2023 | 1,839,000 | 1,932,970 | ||||||
|
| |||||||
3,964,518 | ||||||||
|
| |||||||
Communications Equipment-0.53% | ||||||||
Cisco Systems, Inc. | ||||||||
2.60%, 02/28/2023 | 1,732,000 | 1,832,841 | ||||||
2.20%, 09/20/2023(b) | 2,726,000 | 2,875,119 | ||||||
Motorola Solutions, Inc., 3.50%, 03/01/2023 | 2,207,000 | 2,343,253 | ||||||
|
| |||||||
7,051,213 | ||||||||
|
| |||||||
Consumer Finance-1.62% | ||||||||
Ally Financial, Inc., 3.05%, 06/05/2023 | 2,905,000 | 3,016,874 | ||||||
American Express Co., 3.40%, 02/27/2023 | 5,871,000 | 6,282,088 | ||||||
Capital One Financial Corp. | ||||||||
3.20%, 01/30/2023 | 4,430,000 | 4,681,621 | ||||||
2.60%, 05/11/2023 | 1,403,000 | 1,471,382 | ||||||
3.50%, 06/15/2023 | 2,944,000 | 3,161,134 | ||||||
Discover Bank, 3.35%, 02/06/2023 | 2,900,000 | 3,077,260 | ||||||
|
| |||||||
21,690,359 | ||||||||
|
| |||||||
Containers & Packaging-0.22% | ||||||||
Packaging Corp. of America, 4.50%, 11/01/2023 | 2,616,000 | 2,893,337 | ||||||
|
| |||||||
Diversified Financial Services-0.94% | ||||||||
Berkshire Hathaway, Inc. | ||||||||
3.00%, 02/11/2023 | 1,813,000 | 1,934,787 | ||||||
2.75%, 03/15/2023 | 7,291,000 | 7,713,632 | ||||||
Jefferies Financial Group, Inc., 5.50%, 10/18/2023 | 2,719,000 | 3,000,658 | ||||||
|
| |||||||
12,649,077 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 116 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Diversified Telecommunication Services-1.54% |
| |||||||
Telefonica Emisiones S.A.U. (Spain), 4.57%, 04/27/2023 | $ | 3,451,000 | $ | 3,797,721 | ||||
Verizon Communications, Inc., 5.15%, 09/15/2023 | 14,864,000 | 16,919,297 | ||||||
|
| |||||||
20,717,018 | ||||||||
|
| |||||||
Electric Utilities-2.06% | ||||||||
Duke Energy Carolinas LLC | ||||||||
2.50%, 03/15/2023 | 1,747,000 | 1,836,482 | ||||||
3.05%, 03/15/2023 | 1,813,000 | 1,929,407 | ||||||
FirstEnergy Corp., Series B, 4.25%, 03/15/2023 | 2,971,000 | 3,153,625 | ||||||
Florida Power & Light Co., 2.75%, 06/01/2023 | 1,838,000 | 1,934,016 | ||||||
Georgia Power Co., Series A, 2.10%, 07/30/2023 | 2,518,000 | 2,638,940 | ||||||
NextEra Energy Capital Holdings, Inc., 2.80%, 01/15/2023 | 1,834,000 | 1,931,257 | ||||||
Pacific Gas and Electric Co., 4.25%, 08/01/2023 | 1,800,000 | 1,923,295 | ||||||
PPL Capital Funding, Inc., 3.40%, 06/01/2023 | 2,219,000 | 2,367,274 | ||||||
Southern California Edison Co., Series C, 3.50%, 10/01/2023 | 2,512,000 | 2,706,646 | ||||||
Southern Co. (The), 2.95%, 07/01/2023 | 4,232,000 | 4,504,019 | ||||||
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023 | 2,532,000 | 2,663,413 | ||||||
|
| |||||||
27,588,374 | ||||||||
|
| |||||||
Electrical Equipment-0.14% | ||||||||
Emerson Electric Co., 2.63%, 02/15/2023 | 1,811,000 | 1,908,523 | ||||||
|
| |||||||
Energy Equipment & Services-0.62% |
| |||||||
Halliburton Co., | 2,199,000 | 2,345,155 | ||||||
Schlumberger Investment S.A., 3.65%, 12/01/2023 | 5,462,000 | 5,927,209 | ||||||
|
| |||||||
8,272,364 | ||||||||
|
| |||||||
Entertainment-0.23% | ||||||||
RELX Capital, Inc. (United Kingdom), 3.50%, 03/16/2023 | 2,828,000 | 3,026,103 | ||||||
|
| |||||||
Equity REITs-3.73% | ||||||||
American Tower Corp. | ||||||||
3.50%, 01/31/2023 | 3,687,000 | 3,942,436 | ||||||
3.00%, 06/15/2023 | 2,550,000 | 2,716,135 | ||||||
Boston Properties L.P. | ||||||||
3.85%, 02/01/2023 | 3,646,000 | 3,897,068 | ||||||
3.13%, 09/01/2023 | 2,058,000 | 2,188,543 | ||||||
Brixmor Operating Partnership L.P., 3.25%, 09/15/2023 | 1,825,000 | 1,884,912 | ||||||
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/2023 | 3,761,000 | 4,062,852 | ||||||
Crown Castle International Corp. | ||||||||
5.25%, 01/15/2023 | 6,114,000 | 6,778,416 | ||||||
3.15%, 07/15/2023 | 2,723,000 | 2,911,332 | ||||||
ERP Operating L.P., 3.00%, 04/15/2023 | 1,724,000 | 1,821,547 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 11/01/2023 | 1,807,000 | 1,941,739 | ||||||
Healthpeak Properties, Inc., 4.25%, 11/15/2023 | 2,503,000 | 2,742,492 |
Principal Amount | Value | |||||||
Equity REITs-(continued) | ||||||||
Omega Healthcare Investors, Inc., 4.38%, 08/01/2023 | $ | 2,435,000 | $ | 2,622,400 | ||||
Prologis L.P., 4.25%, 08/15/2023 | 3,144,000 | 3,469,504 | ||||||
Realty Income Corp., 4.65%, 08/01/2023 | 2,781,000 | 3,094,740 | ||||||
Simon Property Group L.P. | ||||||||
2.75%, 02/01/2023 | 1,829,000 | 1,903,461 | ||||||
2.75%, 06/01/2023 | 2,207,000 | 2,310,025 | ||||||
Weyerhaeuser Co., 4.63%, 09/15/2023 | 1,593,000 | 1,776,105 | ||||||
|
| |||||||
50,063,707 | ||||||||
|
| |||||||
Food & Staples Retailing-1.49% |
| |||||||
Kroger Co. (The), 3.85%, 08/01/2023 | 2,119,000 | 2,303,718 | ||||||
Walmart, Inc. | ||||||||
2.55%, 04/11/2023 | 6,407,000 | 6,766,986 | ||||||
3.40%, 06/26/2023 | 10,056,000 | 10,906,690 | ||||||
|
| |||||||
19,977,394 | ||||||||
|
| |||||||
Food Products-1.61% | ||||||||
Campbell Soup Co., 3.65%, 03/15/2023 | 3,429,000 | 3,671,762 | ||||||
Conagra Brands, Inc., 3.20%, 01/25/2023 | 2,935,000 | 3,098,311 | ||||||
General Mills, Inc., 3.70%, 10/17/2023 | 3,124,000 | 3,426,182 | ||||||
Hershey Co. (The), 3.38%, 05/15/2023 | 1,986,000 | 2,142,349 | ||||||
Kellogg Co., 2.65%, 12/01/2023 | 1,969,000 | 2,094,705 | ||||||
Kraft Heinz Foods Co. (The), 4.00%, 06/15/2023 | 2,227,000 | 2,386,194 | ||||||
Mondelez International, Inc. | ||||||||
2.13%, 04/13/2023 | 1,807,000 | 1,880,204 | ||||||
3.63%, 05/07/2023 | 2,705,000 | 2,915,370 | ||||||
|
| |||||||
21,615,077 | ||||||||
|
| |||||||
Gas Utilities-0.14% | ||||||||
National Fuel Gas Co., 3.75%, 03/01/2023 | 1,751,000 | 1,813,111 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.44% |
| |||||||
Abbott Laboratories, 3.40%, 11/30/2023 | 3,672,000 | 4,022,222 | ||||||
Medtronic, Inc., 2.75%, 04/01/2023 | 1,835,000 | 1,935,397 | ||||||
|
| |||||||
5,957,619 | ||||||||
|
| |||||||
Health Care Providers & Services-4.69% |
| |||||||
Aetna, Inc., 2.80%, 06/15/2023 | 4,672,000 | 4,930,438 | ||||||
Anthem, Inc., 3.30%, 01/15/2023 | 3,623,000 | 3,864,951 | ||||||
Cardinal Health, Inc., 3.20%, 03/15/2023 | 1,828,000 | 1,941,868 | ||||||
Cigna Corp. | ||||||||
3.00%, 07/15/2023 | 1,700,000 | 1,816,987 | ||||||
3.75%, 07/15/2023 | 8,002,000 | 8,716,659 | ||||||
CVS Health Corp. | ||||||||
3.70%, 03/09/2023 | 21,544,000 | 23,203,737 | ||||||
4.00%, 12/05/2023 | 4,591,000 | 5,062,627 | ||||||
HCA, Inc., 4.75%, 05/01/2023 | 4,548,000 | 5,003,866 | ||||||
UnitedHealth Group, Inc. | ||||||||
2.75%, 02/15/2023 | 2,291,000 | 2,413,221 | ||||||
2.88%, 03/15/2023 | 2,763,000 | 2,940,531 | ||||||
3.50%, 06/15/2023 | 2,754,000 | 2,994,493 | ||||||
|
| |||||||
62,889,378 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.79% |
| |||||||
McDonald’s Corp., 3.35%, 04/01/2023 | 3,552,000 | 3,807,347 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 117 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
| |||||||
Starbucks Corp. | ||||||||
3.10%, 03/01/2023 | $ | 3,594,000 | $ | 3,825,066 | ||||
3.85%, 10/01/2023 | 2,684,000 | 2,945,809 | ||||||
|
| |||||||
10,578,222 | ||||||||
|
| |||||||
Household Durables-0.18% | ||||||||
Mohawk Industries, Inc., 3.85%, 02/01/2023 | 2,280,000 | �� | 2,425,573 | |||||
|
| |||||||
Household Products-0.43% | ||||||||
Colgate-Palmolive Co., 1.95%, 02/01/2023 | 1,761,000 | 1,836,421 | ||||||
Procter & Gamble Co. (The), 3.10%, 08/15/2023 | 3,622,000 | 3,926,960 | ||||||
|
| |||||||
5,763,381 | ||||||||
|
| |||||||
Industrial Conglomerates-0.88% |
| |||||||
3M Co. | ||||||||
1.75%, 02/14/2023 | 1,697,000 | 1,754,254 | ||||||
2.25%, 03/15/2023 | 2,327,000 | 2,436,858 | ||||||
General Electric Co., 3.10%, 01/09/2023 | 4,606,000 | 4,857,803 | ||||||
Roper Technologies, Inc., 3.65%, 09/15/2023 | 2,579,000 | 2,810,408 | ||||||
|
| |||||||
11,859,323 | ||||||||
|
| |||||||
Insurance-0.94% | ||||||||
Aflac, Inc., 3.63%, 06/15/2023 | 2,594,000 | 2,824,270 | ||||||
Allstate Corp. (The), 3.15%, 06/15/2023 | 1,795,000 | 1,936,453 | ||||||
Lincoln National Corp., 4.00%, 09/01/2023 | 1,691,000 | 1,850,949 | ||||||
Loews Corp., 2.63%, 05/15/2023 | 1,883,000 | 1,984,085 | ||||||
MetLife, Inc., Series D, 4.37%, 09/15/2023 | 3,623,000 | 4,050,233 | ||||||
|
| |||||||
12,645,990 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-1.12% |
| |||||||
Amazon.com, Inc. | ||||||||
2.40%, 02/22/2023 | 3,616,000 | 3,798,750 | ||||||
0.40%, 06/03/2023 | 3,609,000 | 3,624,494 | ||||||
Booking Holdings, Inc., 2.75%, 03/15/2023 | 1,815,000 | 1,910,052 | ||||||
eBay, Inc., 2.75%, 01/30/2023 | 2,743,000 | 2,881,894 | ||||||
QVC, Inc., 4.38%, 03/15/2023 | 2,624,000 | 2,745,360 | ||||||
|
| |||||||
14,960,550 | ||||||||
|
| |||||||
IT Services-1.35% | ||||||||
DXC Technology Co., 4.00%, 04/15/2023 | 1,825,000 | 1,926,672 | ||||||
Fidelity National Information Services, Inc., 3.50%, 04/15/2023 | 2,566,000 | 2,740,884 | ||||||
Global Payments, Inc. | ||||||||
3.75%, 06/01/2023 | 1,968,000 | 2,116,048 | ||||||
4.00%, 06/01/2023 | 1,994,000 | 2,169,973 | ||||||
International Business Machines Corp., 3.38%, 08/01/2023 | 5,400,000 | 5,867,022 | ||||||
PayPal Holdings, Inc., 1.35%, 06/01/2023 | 3,204,000 | 3,281,205 | ||||||
|
| |||||||
18,101,804 | ||||||||
|
|
Principal Amount | Value | |||||||
Life Sciences Tools & Services-0.46% |
| |||||||
Agilent Technologies, Inc., 3.88%, 07/15/2023 | $ | 2,165,000 | $ | 2,352,456 | ||||
Thermo Fisher Scientific, Inc., 3.00%, 04/15/2023 | 3,530,000 | 3,749,966 | ||||||
|
| |||||||
6,102,422 | ||||||||
|
| |||||||
Machinery-1.97% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
3.45%, 05/15/2023 | 1,802,000 | 1,950,419 | ||||||
0.65%, 07/07/2023 | 3,600,000 | 3,626,689 | ||||||
3.75%, 11/24/2023 | 1,774,000 | 1,963,798 | ||||||
CNH Industrial Capital LLC, 1.95%, 07/02/2023 | 2,200,000 | 2,235,194 | ||||||
CNH Industrial N.V. (United Kingdom), 4.50%, 08/15/2023 | 2,161,000 | 2,327,226 | ||||||
Cummins, Inc., 3.65%, 10/01/2023 | 1,711,000 | 1,868,910 | ||||||
John Deere Capital Corp. | ||||||||
2.70%, 01/06/2023 | 1,832,000 | 1,936,045 | ||||||
2.80%, 01/27/2023 | 1,822,000 | 1,926,850 | ||||||
2.80%, 03/06/2023 | 3,608,000 | 3,837,416 | ||||||
1.20%, 04/06/2023 | 1,852,000 | 1,894,239 | ||||||
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023 | 2,527,000 | 2,796,175 | ||||||
|
| |||||||
26,362,961 | ||||||||
|
| |||||||
Media-2.03% | ||||||||
Comcast Corp. | ||||||||
2.85%, 01/15/2023 | 2,846,000 | 3,038,946 | ||||||
2.75%, 03/01/2023 | 4,256,000 | 4,503,352 | ||||||
Discovery Communications LLC, 2.95%, 03/20/2023 | 4,493,000 | 4,753,881 | ||||||
Interpublic Group of Cos., Inc. (The), 3.75%, 02/15/2023 | 1,576,000 | 1,683,961 | ||||||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 3,695,000 | 3,914,032 | ||||||
Time Warner Entertainment Co. L.P., 8.38%, 03/15/2023 | 3,620,000 | 4,307,444 | ||||||
ViacomCBS, Inc., 4.25%, 09/01/2023 | 4,589,000 | 5,036,931 | ||||||
|
| |||||||
27,238,547 | ||||||||
|
| |||||||
Metals & Mining-0.30% | ||||||||
Nucor Corp., 4.00%, 08/01/2023 | 1,870,000 | 2,041,249 | ||||||
Reliance Steel & Aluminum Co., 4.50%, 04/15/2023 | 1,804,000 | 1,947,507 | ||||||
|
| |||||||
3,988,756 | ||||||||
|
| |||||||
Multiline Retail-0.56% | ||||||||
Dollar General Corp., 3.25%, 04/15/2023 | 3,304,000 | 3,512,194 | ||||||
Dollar Tree, Inc., 3.70%, 05/15/2023 | 3,644,000 | 3,929,205 | ||||||
|
| |||||||
7,441,399 | ||||||||
|
| |||||||
Multi-Utilities-1.10% | ||||||||
Black Hills Corp., 4.25%, 11/30/2023 | 1,879,000 | 2,066,835 | ||||||
Delmarva Power & Light Co., 3.50%, 11/15/2023 | 1,797,000 | 1,956,620 | ||||||
DTE Energy Co., Series D, 3.70%, 08/01/2023 | 2,229,000 | 2,419,681 | ||||||
PSEG Power LLC, 3.85%, 06/01/2023 | 2,526,000 | 2,727,831 | ||||||
Public Service Electric & Gas Co., 2.38%, 05/15/2023 | 1,771,000 | 1,854,235 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 118 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Multi-Utilities-(continued) | ||||||||
Sempra Energy | ||||||||
2.90%, 02/01/2023 | $ | 1,770,000 | $ | 1,862,469 | ||||
4.05%, 12/01/2023 | 1,696,000 | 1,859,039 | ||||||
|
| |||||||
14,746,710 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.36% |
| |||||||
BP Capital Markets America, Inc., 2.94%, 04/06/2023 | 2,637,000 | 2,799,860 | ||||||
BP Capital Markets PLC (United Kingdom), 3.99%, 09/26/2023 | 2,728,000 | 3,012,542 | ||||||
Canadian Natural Resources Ltd. (Canada), 2.95%, 01/15/2023 | 3,574,000 | 3,724,227 | ||||||
Chevron Corp. | ||||||||
1.14%, 05/11/2023 | 4,422,000 | 4,516,786 | ||||||
2.57%, 05/16/2023 | 2,760,000 | 2,921,313 | ||||||
3.19%, 06/24/2023 | 8,183,000 | 8,776,193 | ||||||
Chevron USA, Inc., 0.43%, 08/11/2023 | 2,000,000 | 2,005,007 | ||||||
Continental Resources, Inc., 4.50%, 04/15/2023 | 5,393,000 | 5,453,429 | ||||||
Enbridge, Inc. (Canada), 4.00%, 10/01/2023 | 2,608,000 | 2,837,790 | ||||||
Energy Transfer Operating L.P. | ||||||||
3.60%, 02/01/2023 | 2,866,000 | 2,968,970 | ||||||
4.20%, 09/15/2023 | 1,770,000 | 1,879,753 | ||||||
Energy Transfer Partners L.P./Regency Energy Finance Corp., 4.50%, 11/01/2023 | 2,199,000 | 2,354,363 | ||||||
Enterprise Products Operating LLC, 3.35%, 03/15/2023 | 4,456,000 | 4,747,904 | ||||||
EOG Resources, Inc., 2.63%, 03/15/2023 | 4,558,000 | 4,797,487 | ||||||
Exxon Mobil Corp. | ||||||||
2.73%, 03/01/2023 | 4,554,000 | 4,807,164 | ||||||
1.57%, 04/15/2023(b) | 10,037,000 | 10,362,710 | ||||||
Kinder Morgan Energy Partners L.P. | ||||||||
3.45%, 02/15/2023 | 2,232,000 | 2,347,189 | ||||||
3.50%, 09/01/2023 | 2,156,000 | 2,315,982 | ||||||
Kinder Morgan, Inc., 3.15%, 01/15/2023 | 3,603,000 | 3,788,782 | ||||||
Marathon Petroleum Corp., 4.50%, 05/01/2023 | 4,530,000 | 4,933,946 | ||||||
MPLX L.P. | ||||||||
3.38%, 03/15/2023 | 1,769,000 | 1,867,218 | ||||||
4.50%, 07/15/2023 | 3,560,000 | 3,856,665 | ||||||
ONEOK, Inc., 7.50%, 09/01/2023 | 1,799,000 | 2,073,431 | ||||||
Phillips 66, 3.70%, 04/06/2023 | 1,837,000 | 1,978,839 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.85%, 10/15/2023 | 2,224,000 | 2,346,626 | ||||||
Sabine Pass Liquefaction LLC, 5.63%, 04/15/2023 | 5,000,000 | 5,521,602 | ||||||
Shell International Finance B.V. (Netherlands) | ||||||||
2.25%, 01/06/2023 | 3,390,000 | 3,554,313 | ||||||
3.40%, 08/12/2023 | 3,665,000 | 3,981,812 | ||||||
Total Capital Canada Ltd. (France), 2.75%, 07/15/2023 | 3,557,000 | 3,807,877 | ||||||
Total Capital International S.A. (France), 2.70%, 01/25/2023 | 3,631,000 | 3,832,247 | ||||||
TransCanada PipeLines Ltd. (Canada), 3.75%, 10/16/2023 | 2,249,000 | 2,451,131 | ||||||
Valero Energy Corp., 2.70%, 04/15/2023 | 3,116,000 | 3,256,571 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Williams Cos., Inc. (The) | ||||||||
3.70%, 01/15/2023 | $ | 3,030,000 | $ | 3,218,635 | ||||
4.50%, 11/15/2023 | 2,222,000 | 2,457,928 | ||||||
|
| |||||||
125,556,292 | ||||||||
|
| |||||||
Personal Products-0.16% | ||||||||
Unilever Capital Corp. (United Kingdom), 3.13%, 03/22/2023 | 2,001,000 | 2,137,678 | ||||||
|
| |||||||
Pharmaceuticals-3.83% | ||||||||
AstraZeneca PLC (United Kingdom), 3.50%, 08/17/2023 | 2,995,000 | 3,249,969 | ||||||
Bristol-Myers Squibb Co., 3.25%, 11/01/2023 | 1,862,000 | 2,034,627 | ||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||
2.80%, 03/18/2023 | 4,958,000 | 5,254,414 | ||||||
3.38%, 05/15/2023 | 4,436,000 | 4,796,308 | ||||||
Johnson & Johnson | ||||||||
2.05%, 03/01/2023 | 1,553,000 | 1,617,831 | ||||||
3.38%, 12/05/2023 | 2,882,000 | 3,187,625 | ||||||
Merck & Co., Inc., 2.80%, 05/18/2023 | 6,356,000 | 6,788,511 | ||||||
Mylan, Inc., 4.20%, 11/29/2023 | 1,840,000 | 2,024,689 | ||||||
Pfizer, Inc. | ||||||||
3.00%, 06/15/2023 | 3,426,000 | 3,675,681 | ||||||
3.20%, 09/15/2023 | 3,478,000 | 3,773,662 | ||||||
Sanofi (France), 3.38%, 06/19/2023 | 3,549,000 | 3,840,852 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 4.40%, 11/26/2023 | 5,400,000 | 6,041,641 | ||||||
Zoetis, Inc., 3.25%, 02/01/2023 | 4,797,000 | 5,086,497 | ||||||
|
| |||||||
51,372,307 | ||||||||
|
| |||||||
Professional Services-0.16% | ||||||||
Thomson Reuters Corp. (Canada), 4.30%, 11/23/2023 | 2,005,000 | 2,205,534 | ||||||
|
| |||||||
Road & Rail-0.94% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.00%, 03/15/2023 | 2,505,000 | 2,663,036 | ||||||
3.85%, 09/01/2023 | 2,898,000 | 3,172,750 | ||||||
CSX Corp., 3.70%, 11/01/2023 | 1,819,000 | 1,995,649 | ||||||
Norfolk Southern Corp., 2.90%, 02/15/2023 | 2,115,000 | 2,229,740 | ||||||
Union Pacific Corp., 3.50%, 06/08/2023 | 2,403,000 | 2,602,997 | ||||||
|
| |||||||
12,664,172 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-1.64% |
| |||||||
Analog Devices, Inc. | ||||||||
2.88%, 06/01/2023 | 1,842,000 | 1,950,923 | ||||||
3.13%, 12/05/2023 | 2,034,000 | 2,194,483 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/2023 | 3,641,000 | 3,790,114 | ||||||
Maxim Integrated Products, Inc., 3.38%, 03/15/2023 | 1,632,000 | 1,729,452 | ||||||
Micron Technology, Inc., 2.50%, 04/24/2023 | 4,523,000 | 4,722,849 | ||||||
QUALCOMM, Inc., 2.60%, 01/30/2023 | 5,343,000 | 5,615,891 | ||||||
Texas Instruments, Inc., 2.25%, 05/01/2023 | 1,880,000 | 1,970,478 | ||||||
|
| |||||||
21,974,190 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 119 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Software-3.37% | ||||||||
Adobe, Inc., 1.70%, 02/01/2023 | $ | 1,852,000 | $ | 1,916,387 | ||||
IBM Credit LLC, 3.00%, 02/06/2023 | 2,700,000 | 2,877,638 | ||||||
Intuit, Inc., 0.65%, 07/15/2023 | 1,800,000 | 1,814,789 | ||||||
Microsoft Corp. | ||||||||
2.38%, 05/01/2023 | 3,821,000 | 4,025,223 | ||||||
2.00%, 08/08/2023 | 5,611,000 | 5,878,662 | ||||||
3.63%, 12/15/2023 | 5,555,000 | 6,116,750 | ||||||
Oracle Corp. | ||||||||
2.63%, 02/15/2023 | 4,526,000 | 4,763,596 | ||||||
3.63%, 07/15/2023 | 3,707,000 | 4,047,901 | ||||||
2.40%, 09/15/2023 | 9,357,000 | 9,892,925 | ||||||
salesforce.com, inc., 3.25%, 04/11/2023 | 3,654,000 | 3,923,906 | ||||||
|
| |||||||
45,257,777 | ||||||||
|
| |||||||
Specialty Retail-0.73% | ||||||||
AutoZone, Inc., 3.13%, 07/15/2023 | 1,870,000 | 1,999,628 | ||||||
Home Depot, Inc. (The), 2.70%, 04/01/2023 | 3,618,000 | 3,821,695 | ||||||
Lowe’s Cos., Inc., 3.88%, 09/15/2023 | 1,797,000 | 1,971,158 | ||||||
TJX Cos., Inc. (The), 2.50%, 05/15/2023 | 1,850,000 | 1,946,544 | ||||||
|
| |||||||
9,739,025 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-3.58% |
| |||||||
Apple, Inc. | ||||||||
2.40%, 01/13/2023 | 2,758,000 | 2,892,422 | ||||||
2.85%, 02/23/2023 | 5,530,000 | 5,855,297 | ||||||
2.40%, 05/03/2023 | 19,917,000 | 21,034,182 | ||||||
0.75%, 05/11/2023 | 7,274,000 | 7,372,023 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
2.25%, 04/01/2023 | 3,483,000 | 3,608,504 | ||||||
4.45%, 10/02/2023 | 4,645,000 | 5,128,219 | ||||||
Seagate HDD Cayman, 4.75%, 06/01/2023 | 2,020,000 | 2,179,520 | ||||||
|
| |||||||
48,070,167 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.14% |
| |||||||
NIKE, Inc., 2.25%, 05/01/2023 | 1,792,000 | 1,879,076 | ||||||
|
| |||||||
Tobacco-0.66% | ||||||||
Philip Morris International, Inc. | ||||||||
2.63%, 03/06/2023 | 2,189,000 | 2,307,374 | ||||||
1.13%, 05/01/2023 | 167,000 | 169,945 | ||||||
2.13%, 05/10/2023(b) | 2,121,000 | 2,208,277 | ||||||
3.60%, 11/15/2023 | 1,799,000 | 1,970,997 | ||||||
Reynolds American, Inc. (United Kingdom), 4.85%, 09/15/2023 | 1,967,000 | 2,199,228 | ||||||
|
| |||||||
8,855,821 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.16% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||||||
3.30%, 01/23/2023 | 4,452,000 | 4,440,748 | ||||||
4.13%, 07/03/2023 | 4,151,000 | 4,198,339 |
Principal Amount | Value | |||||||
Trading Companies & Distributors-(continued) |
| |||||||
Air Lease Corp. | ||||||||
2.75%, 01/15/2023 | $ | 2,224,000 | $ | 2,237,015 | ||||
3.88%, 07/03/2023 | 1,870,000 | 1,946,119 | ||||||
3.00%, 09/15/2023 | 2,769,000 | 2,787,345 | ||||||
|
| |||||||
15,609,566 | ||||||||
|
| |||||||
Wireless Telecommunication Services-0.54% |
| |||||||
Rogers Communications, Inc. (Canada) | ||||||||
3.00%, 03/15/2023 | 1,723,000 | 1,823,658 | ||||||
4.10%, 10/01/2023 | 3,159,000 | 3,480,416 | ||||||
Vodafone Group PLC (United Kingdom), 2.95%, 02/19/2023 | 1,849,000 | 1,959,242 | ||||||
|
| |||||||
7,263,316 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 1,326,725,356 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.30% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $3,985,444) | 3,985,444 | 3,985,444 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,330,710,800 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.06% | ||||||||
Invesco Private Government Fund, 0.03%(c)(d)(e) | 653,734 | 653,734 | ||||||
Invesco Private Prime Fund, | 217,873 | 217,916 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 871,650 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.29% (Cost $1,273,719,328) |
| 1,331,582,450 | ||||||
OTHER ASSETS LESS LIABILITIES-0.71% |
| 9,495,307 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,341,077,757 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 120 |
|
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds:
| |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 1,488,020 | $ | 141,724,478 | $ | (139,227,054 | ) | $ | - | $ | - | $ | 3,985,444 | $ | 37,338 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan:
| |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 2,029,570 | 27,796,631 | (29,826,201 | ) | - | - | - | 20,264 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 676,509 | 9,009,623 | (9,685,915 | ) | - | (217 | ) | - | 8,261 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 10,709,616 | (10,055,882 | ) | - | - | 653,734 | 158 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,743,978 | (1,526,077 | ) | - | 15 | 217,916 | 90 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,194,099 | $ | 190,984,326 | $ | (190,321,129 | ) | $ | - | $ | (202 | ) | $ | 4,857,094 | $ | 66,111 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 121 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.33% |
| |||||||
Aerospace & Defense-0.68% | ||||||||
General Dynamics Corp., 2.38%, 11/15/2024 | $ | 1,909,000 | $ | 2,055,268 | ||||
Howmet Aerospace, Inc., 5.13%, 10/01/2024 | 4,717,000 | 5,062,235 | ||||||
Raytheon Technologies Corp., 3.20%, 03/15/2024(b) | 202,000 | 218,552 | ||||||
|
| |||||||
7,336,055 | ||||||||
|
| |||||||
Air Freight & Logistics-0.47% | ||||||||
FedEx Corp., 4.00%, 01/15/2024 | 2,789,000 | 3,097,026 | ||||||
United Parcel Service, Inc., 2.80%, 11/15/2024 | 1,829,000 | 1,993,172 | ||||||
|
| |||||||
5,090,198 | ||||||||
|
| |||||||
Airlines-0.28% | ||||||||
Delta Air Lines, Inc., 2.90%, 10/28/2024(c) | 3,319,000 | 3,049,598 | ||||||
|
| |||||||
Auto Components-0.56% | ||||||||
Aptiv Corp., 4.15%, 03/15/2024 | 2,671,000 | 2,951,605 | ||||||
Magna International, Inc. (Canada), 3.63%, 06/15/2024 | 2,814,000 | 3,115,008 | ||||||
|
| |||||||
6,066,613 | ||||||||
|
| |||||||
Automobiles-1.95% | ||||||||
American Honda Finance Corp. | ||||||||
2.90%, 02/16/2024 | 1,928,000 | 2,067,306 | ||||||
2.40%, 06/27/2024 | 1,880,000 | 1,991,011 | ||||||
2.15%, 09/10/2024 | 2,798,000 | 2,956,830 | ||||||
General Motors Financial Co., Inc. | ||||||||
3.95%, 04/13/2024 | 4,712,000 | 5,034,753 | ||||||
3.50%, 11/07/2024 | 2,832,000 | 2,998,185 | ||||||
Toyota Motor Corp. (Japan), 2.36%, 07/02/2024 | 2,274,000 | 2,430,782 | ||||||
Toyota Motor Credit Corp. | ||||||||
2.90%, 04/17/2024 | 2,030,000 | 2,188,519 | ||||||
2.00%, 10/07/2024 | 1,457,000 | 1,539,171 | ||||||
|
| |||||||
21,206,557 | ||||||||
|
| |||||||
Banks-17.10% | ||||||||
Bank of America Corp. | ||||||||
4.13%, 01/22/2024 | 9,812,000 | 10,981,894 | ||||||
4.00%, 04/01/2024 | 8,675,000 | 9,689,067 | ||||||
4.20%, 08/26/2024 | 11,279,000 | 12,649,837 | ||||||
Barclays Bank PLC (United Kingdom), 3.75%, 05/15/2024 | 2,300,000 | 2,548,873 | ||||||
Barclays PLC (United Kingdom), 4.38%, 09/11/2024 | 4,800,000 | 5,209,540 | ||||||
BBVA USA, 2.50%, 08/27/2024 | 2,750,000 | 2,836,338 | ||||||
BNP Paribas S.A. (France), 4.25%, 10/15/2024 | 3,600,000 | 4,027,343 | ||||||
BPCE S.A. (France), 4.00%, 04/15/2024 | 5,450,000 | 6,068,177 | ||||||
CIT Group, Inc., 4.75%, 02/16/2024 | 1,846,000 | 1,945,804 | ||||||
Citigroup, Inc. | ||||||||
3.75%, 06/16/2024 | 2,374,000 | 2,639,363 | ||||||
4.00%, 08/05/2024 | 2,801,000 | 3,096,419 | ||||||
Deutsche Bank AG (Germany), 3.70%, 05/30/2024 | 3,800,000 | 4,066,494 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Fifth Third Bancorp, 4.30%, 01/16/2024 | $ | 3,032,000 | $ | 3,352,838 | ||||
HSBC Holdings PLC (United Kingdom), 4.25%, 03/14/2024 | 7,650,000 | 8,384,365 | ||||||
HSBC USA, Inc., 3.50%, 06/23/2024 | 3,500,000 | 3,855,382 | ||||||
JPMorgan Chase & Co. | ||||||||
3.88%, 02/01/2024 | 5,676,000 | 6,288,253 | ||||||
3.63%, 05/13/2024 | 7,501,000 | 8,297,598 | ||||||
3.88%, 09/10/2024 | 11,346,000 | 12,653,303 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.50%, 11/04/2024 | 3,800,000 | 4,211,120 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan), 2.80%, 07/18/2024 | 4,001,000 | 4,292,807 | ||||||
Natwest Group PLC (United Kingdom), 5.13%, 05/28/2024 | 8,500,000 | 9,423,891 | ||||||
PNC Bank N.A., 3.30%, 10/30/2024 | 2,555,000 | 2,832,875 | ||||||
PNC Financial Services Group, Inc. (The) | ||||||||
3.90%, 04/29/2024 | 2,843,000 | 3,152,771 | ||||||
2.20%, 11/01/2024 | 2,363,000 | 2,520,357 | ||||||
Santander UK PLC (United Kingdom), 4.00%, 03/13/2024 | 3,785,000 | 4,196,445 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
3.95%, 01/10/2024 | 2,152,000 | 2,367,016 | ||||||
3.40%, 07/11/2024 | 2,253,000 | 2,468,640 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
2.70%, 07/16/2024 | 7,500,000 | 8,049,485 | ||||||
2.45%, 09/27/2024 | 4,100,000 | 4,361,445 | ||||||
Truist Bank, 2.15%, 12/06/2024 | 4,700,000 | 4,993,918 | ||||||
Truist Financial Corp., 2.85%, 10/26/2024 | 3,780,000 | 4,135,564 | ||||||
U.S. Bancorp, 3.60%, 09/11/2024 | 3,755,000 | 4,181,406 | ||||||
US Bancorp, 3.70%, 01/30/2024 | 2,837,000 | 3,134,946 | ||||||
Wells Fargo & Co. | ||||||||
4.48%, 01/16/2024 | 3,039,000 | 3,390,863 | ||||||
3.30%, 09/09/2024 | 8,464,000 | 9,285,379 | ||||||
|
| |||||||
185,589,816 | ||||||||
|
| |||||||
Beverages-1.62% | ||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.70%, 02/01/2024 | 4,041,000 | 4,438,267 | ||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.50%, 01/12/2024 | 2,961,000 | 3,224,518 | ||||||
Coca-Cola Co. (The), 1.75%, 09/06/2024 | 3,691,000 | 3,876,860 | ||||||
Diageo Capital PLC (United Kingdom), 2.13%, 10/24/2024 | 900,000 | 953,272 | ||||||
PepsiCo, Inc., 3.60%, 03/01/2024 | 4,667,000 | 5,138,503 | ||||||
|
| |||||||
17,631,420 | ||||||||
|
| |||||||
Biotechnology-1.20% | ||||||||
Amgen, Inc., 3.63%, 05/22/2024 | 5,237,000 | 5,782,218 | ||||||
Gilead Sciences, Inc., 3.70%, 04/01/2024 | 6,577,000 | 7,277,059 | ||||||
|
| |||||||
13,059,277 | ||||||||
|
| |||||||
Capital Markets-8.52% | ||||||||
Ameriprise Financial, Inc., 3.70%, 10/15/2024 | 2,034,000 | 2,280,795 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 122 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Capital Markets-(continued) | ||||||||
Bank of New York Mellon Corp. (The) | ||||||||
3.40%, 05/15/2024 | $ | 1,869,000 | $ | 2,065,744 | ||||
3.25%, 09/11/2024 | 1,877,000 | 2,074,284 | ||||||
2.10%, 10/24/2024(c) | 3,720,000 | 3,969,374 | ||||||
Series 12, 3.65%, 02/04/2024 | 2,974,000 | 3,283,760 | ||||||
BlackRock, Inc., 3.50%, 03/18/2024 | 3,902,000 | 4,310,597 | ||||||
Brookfield Finance, Inc. (Canada), 4.00%, 04/01/2024 | 2,939,000 | 3,233,705 | ||||||
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024 | 11,450,000 | 12,776,385 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
4.00%, 03/03/2024 | 11,322,000 | 12,552,036 | ||||||
3.85%, 07/08/2024 | 8,471,000 | 9,373,993 | ||||||
Moody’s Corp., 4.88%, 02/15/2024 | 2,111,000 | 2,392,677 | ||||||
Morgan Stanley | ||||||||
3.70%, 10/23/2024 | 11,332,000 | 12,661,766 | ||||||
Series F, 3.88%, 04/29/2024 | 11,347,000 | 12,628,809 | ||||||
Nasdaq, Inc., 4.25%, 06/01/2024 | 1,979,000 | 2,219,663 | ||||||
State Street Corp., 3.30%, 12/16/2024 | 3,773,000 | 4,215,715 | ||||||
Stifel Financial Corp., 4.25%, 07/18/2024 . | 2,207,000 | 2,447,344 | ||||||
|
| |||||||
92,486,647 | ||||||||
|
| |||||||
Chemicals-1.19% | ||||||||
Dow Chemical Co. (The), 3.50%, 10/01/2024 | 3,386,000 | 3,708,368 | ||||||
LyondellBasell Industries N.V., 5.75%, 04/15/2024 | 3,750,000 | 4,331,873 | ||||||
Nutrien Ltd. (Canada), 3.63%, 03/15/2024 | 2,617,000 | 2,859,613 | ||||||
Sherwin-Williams Co. (The), 3.13%, 06/01/2024 | 1,835,000 | 1,994,700 | ||||||
|
| |||||||
12,894,554 | ||||||||
|
| |||||||
Communications Equipment-0.81% |
| |||||||
Cisco Systems, Inc., 3.63%, 03/04/2024 | 3,727,000 | 4,148,416 | ||||||
Juniper Networks, Inc., 4.50%, 03/15/2024 | 1,944,000 | 2,186,442 | ||||||
Motorola Solutions, Inc., 4.00%, 09/01/2024 | 2,230,000 | 2,477,983 | ||||||
|
| |||||||
8,812,841 | ||||||||
|
| |||||||
Construction & Engineering-0.14% |
| |||||||
Fluor Corp., 3.50%, 12/15/2024 | 1,883,000 | 1,466,386 | ||||||
|
| |||||||
Consumer Finance-2.34% | ||||||||
Ally Financial, Inc., 5.13%, 09/30/2024 | 2,618,000 | 2,933,285 | ||||||
American Express Co. | ||||||||
3.00%, 10/30/2024 | 6,176,000 | 6,738,829 | ||||||
3.63%, 12/05/2024 | 2,267,000 | 2,524,464 | ||||||
Capital One Financial Corp., 3.75%, 04/24/2024 | 2,859,000 | 3,136,507 | ||||||
Discover Bank, 2.45%, 09/12/2024 | 2,800,000 | 2,969,782 | ||||||
Discover Financial Services, 3.95%, 11/06/2024 | 1,914,000 | 2,109,805 | ||||||
Synchrony Financial, 4.25%, 08/15/2024 | 4,644,000 | 4,990,005 | ||||||
|
| |||||||
25,402,677 | ||||||||
|
| |||||||
Containers & Packaging-0.25% | ||||||||
International Paper Co., 3.65%, 06/15/2024 | 2,495,000 | 2,763,137 | ||||||
|
|
Principal Amount | Value | |||||||
Diversified Financial Services-0.49% |
| |||||||
MidAmerican Energy Co., 3.50%, 10/15/2024 | $ | 1,863,000 | $ | 2,072,239 | ||||
ORIX Corp. (Japan), 3.25%, 12/04/2024 | 2,980,000 | 3,245,729 | ||||||
|
| |||||||
5,317,968 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.60% |
| |||||||
AT&T, Inc., 4.45%, 04/01/2024 | 4,546,000 | 5,108,547 | ||||||
Verizon Communications, Inc. | ||||||||
4.15%, 03/15/2024 | 2,993,000 | 3,344,813 | ||||||
3.50%, 11/01/2024 | 8,028,000 | 8,942,573 | ||||||
|
| |||||||
17,395,933 | ||||||||
|
| |||||||
Electric Utilities-1.49% | ||||||||
Avangrid, Inc., 3.15%, 12/01/2024 | 2,309,000 | 2,529,078 | ||||||
Duke Energy Corp., 3.75%, 04/15/2024 | 3,771,000 | 4,158,869 | ||||||
Edison International, 3.55%, 11/15/2024 | 1,886,000 | 2,011,616 | ||||||
Evergy, Inc., 2.45%, 09/15/2024 | 2,994,000 | 3,181,380 | ||||||
Florida Power & Light Co., 3.25%, 06/01/2024 | 1,876,000 | 2,039,974 | ||||||
Interstate Power and Light Co., 3.25%, 12/01/2024 | 1,994,000 | 2,201,029 | ||||||
|
| |||||||
16,121,946 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.57% |
| |||||||
Arrow Electronics, Inc., 3.25%, 09/08/2024 | 1,903,000 | 2,047,124 | ||||||
Ingram Micro, Inc., 5.45%, 12/15/2024 | 1,741,000 | 1,869,242 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/2024 | 2,007,000 | 2,269,702 | ||||||
|
| |||||||
6,186,068 | ||||||||
|
| |||||||
Entertainment-0.54% | ||||||||
Walt Disney Co. (The), 1.75%, 08/30/2024 | 5,600,000 | 5,834,797 | ||||||
|
| |||||||
Equity REITs-3.00% | ||||||||
American Tower Corp., 5.00%, 02/15/2024 | 3,924,000 | 4,478,866 | ||||||
Boston Properties L.P., 3.80%, 02/01/2024 | 2,826,000 | 3,075,614 | ||||||
Brixmor Operating Partnership L.P., 3.65%, 06/15/2024 | 2,046,000 | 2,156,110 | ||||||
Crown Castle International Corp., 3.20%, 09/01/2024 | 2,797,000 | 3,037,080 | ||||||
CyrusOne L.P./CyrusOne Finance Corp., 2.90%, 11/15/2024 | 2,129,000 | 2,279,190 | ||||||
Healthpeak Properties, Inc., 3.88%, 08/15/2024 | 3,052,000 | 3,405,503 | ||||||
Simon Property Group L.P. | ||||||||
3.75%, 02/01/2024 | 2,283,000 | 2,477,983 | ||||||
2.00%, 09/13/2024 | 3,797,000 | 3,929,417 | ||||||
3.38%, 10/01/2024 | 3,374,000 | 3,663,251 | ||||||
VEREIT Operating Partnership L.P., 4.60%, 02/06/2024 | 1,862,000 | 2,005,504 | ||||||
WP Carey, Inc., 4.60%, 04/01/2024 | 1,864,000 | 2,051,125 | ||||||
|
| |||||||
32,559,643 | ||||||||
|
| |||||||
Food & Staples Retailing-2.28% |
| |||||||
Costco Wholesale Corp., 2.75%, 05/18/2024 | 3,773,000 | 4,084,114 | ||||||
Kroger Co. (The), 4.00%, 02/01/2024 | 1,907,000 | 2,104,275 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 123 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Food & Staples Retailing-(continued) |
| |||||||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/2024 | $ | 7,466,000 | $ | 8,254,909 | ||||
Walmart, Inc. | ||||||||
3.30%, 04/22/2024 | 5,683,000 | 6,218,655 | ||||||
2.65%, 12/15/2024 | 3,760,000 | 4,086,463 | ||||||
|
| |||||||
24,748,416 | ||||||||
|
| |||||||
Food Products-1.35% | ||||||||
Bunge Ltd. Finance Corp., 4.35%, 03/15/2024 | 2,228,000 | 2,450,528 | ||||||
General Mills, Inc., 3.65%, 02/15/2024 | 1,817,000 | 1,991,863 | ||||||
McCormick & Co., Inc., 3.15%, 08/15/2024 | 2,665,000 | 2,904,713 | ||||||
Mondelez International, Inc., 4.00%, 02/01/2024 | 1,972,000 | 2,193,909 | ||||||
Tyson Foods, Inc., 3.95%, 08/15/2024 | 4,608,000 | 5,136,428 | ||||||
|
| |||||||
14,677,441 | ||||||||
|
| |||||||
Gas Utilities-0.19% | ||||||||
Southern California Gas Co., 3.15%, 09/15/2024 | 1,938,000 | 2,102,150 | ||||||
|
| |||||||
Health Care Equipment & Supplies-1.71% |
| |||||||
Becton, Dickinson and Co. | ||||||||
3.36%, 06/06/2024 | 6,551,000 | 7,134,405 | ||||||
3.73%, 12/15/2024 | 5,197,000 | 5,775,651 | ||||||
Medtronic, Inc., 3.63%, 03/15/2024 | 2,909,000 | 3,202,536 | ||||||
Stryker Corp., 3.38%, 05/15/2024 | 2,282,000 | 2,495,954 | ||||||
|
| |||||||
18,608,546 | ||||||||
|
| |||||||
Health Care Providers & Services-5.41% |
| |||||||
Aetna, Inc., 3.50%, 11/15/2024 | 2,822,000 | 3,114,103 | ||||||
AmerisourceBergen Corp., 3.40%, 05/15/2024 | 1,919,000 | 2,090,118 | ||||||
Anthem, Inc. | ||||||||
3.50%, 08/15/2024 | 3,001,000 | 3,306,744 | ||||||
3.35%, 12/01/2024 | 3,304,000 | 3,656,561 | ||||||
Cardinal Health, Inc., 3.08%, 06/15/2024 | 2,862,000 | 3,091,623 | ||||||
Centene Corp., 4.63%, 12/15/2029 | 12,700,000 | 13,951,267 | ||||||
Cigna Corp., 3.50%, 06/15/2024 | 2,610,000 | 2,864,058 | ||||||
CommonSpirit Health, 2.76%, 10/01/2024 | 2,781,000 | 2,921,143 | ||||||
CVS Health Corp., 3.38%, 08/12/2024 | 2,478,000 | 2,720,825 | ||||||
DH Europe Finance II S.a.r.l., 2.20%, 11/15/2024 | 2,893,000 | 3,066,829 | ||||||
HCA, Inc., 5.00%, 03/15/2024 | 7,412,000 | 8,382,151 | ||||||
Humana, Inc., 3.85%, 10/01/2024 | 2,294,000 | 2,539,788 | ||||||
Laboratory Corp. of America Holdings, 3.25%, 09/01/2024 | 2,210,000 | 2,422,164 | ||||||
McKesson Corp., 3.80%, 03/15/2024 | 4,144,000 | 4,553,334 | ||||||
|
| |||||||
58,680,708 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.19% |
| |||||||
McDonald’s Corp., 3.25%, 06/10/2024 | 1,840,000 | 2,023,412 | ||||||
|
| |||||||
Household Durables-0.43% | ||||||||
D.R. Horton, Inc., 2.50%, 10/15/2024 | 1,900,000 | 2,027,589 | ||||||
Lennar Corp., 4.50%, 04/30/2024 | 2,420,000 | 2,601,512 | ||||||
|
| |||||||
4,629,101 | ||||||||
|
|
Principal Amount | Value | |||||||
Household Products-0.36% | ||||||||
Clorox Co. (The), 3.50%, 12/15/2024 | $ | 1,727,000 | $ | 1,913,185 | ||||
Colgate-Palmolive Co., 3.25%, 03/15/2024 | 1,833,000 | 2,015,824 | ||||||
|
| |||||||
3,929,009 | ||||||||
|
| |||||||
Industrial Conglomerates-0.53% |
| |||||||
General Electric Co. | ||||||||
3.38%, 03/11/2024(c) | 1,650,000 | 1,778,268 | ||||||
3.45%, 05/15/2024 | 1,935,000 | 2,085,961 | ||||||
Roper Technologies, Inc., 2.35%, 09/15/2024 | 1,732,000 | 1,837,968 | ||||||
|
| |||||||
5,702,197 | ||||||||
|
| |||||||
Insurance-2.97% | ||||||||
Aflac, Inc., 3.63%, 11/15/2024 | 2,824,000 | 3,194,057 | ||||||
American International Group, Inc., 4.13%, 02/15/2024 | 4,024,000 | 4,486,934 | ||||||
Aon PLC, 3.50%, 06/14/2024 | 2,412,000 | 2,653,202 | ||||||
Assured Guaranty US Holdings, Inc., 5.00%, 07/01/2024(c) | 1,847,000 | 2,085,699 | ||||||
Brown & Brown, Inc., 4.20%, 09/15/2024 | 1,883,000 | 2,089,993 | ||||||
Chubb INA Holdings, Inc., 3.35%, 05/15/2024 | 2,643,000 | 2,911,034 | ||||||
CNA Financial Corp., 3.95%, 05/15/2024 | 2,031,000 | 2,244,988 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 06/03/2024 | 2,289,000 | 2,514,802 | ||||||
MetLife, Inc., 3.60%, 04/10/2024 | 3,771,000 | 4,199,062 | ||||||
Prudential Financial, Inc., 3.50%, 05/15/2024 | 2,763,000 | 3,076,912 | ||||||
Willis North America, Inc., 3.60%, 05/15/2024 | 2,485,000 | 2,722,497 | ||||||
|
| |||||||
32,179,180 | ||||||||
|
| |||||||
Interactive Media & Services-0.32% |
| |||||||
Alphabet, Inc., 3.38%, 02/25/2024 | 3,121,000 | 3,444,209 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-1.94% |
| |||||||
Amazon.com, Inc. | ||||||||
2.80%, 08/22/2024 | 7,535,000 | 8,210,910 | ||||||
3.80%, 12/05/2024 | 4,777,000 | 5,418,193 | ||||||
eBay, Inc., 3.45%, 08/01/2024(c) | 2,786,000 | 3,062,856 | ||||||
Expedia Group, Inc., 4.50%, 08/15/2024(c) | 1,829,000 | 1,923,005 | ||||||
QVC, Inc., 4.85%, 04/01/2024 | 2,253,000 | 2,394,939 | ||||||
|
| |||||||
21,009,903 | ||||||||
|
| |||||||
IT Services-2.70% | ||||||||
DXC Technology Co., 4.25%, 04/15/2024 | 1,751,000 | 1,905,487 | ||||||
Fidelity National Information Services, Inc., 3.88%, 06/05/2024 | 1,535,000 | 1,697,136 | ||||||
Fiserv, Inc., 2.75%, 07/01/2024 | 7,369,000 | 7,918,497 | ||||||
International Business Machines Corp., 3.63%, 02/12/2024 | 7,400,000 | 8,169,332 | ||||||
Mastercard, Inc., 3.38%, 04/01/2024 | 3,795,000 | 4,194,935 | ||||||
PayPal Holdings, Inc., 2.40%, 10/01/2024 | 5,113,000 | 5,462,387 | ||||||
|
| |||||||
29,347,774 | ||||||||
|
| |||||||
Leisure Products-0.18% | ||||||||
Hasbro, Inc., 3.00%, 11/19/2024 | 1,800,000 | 1,908,981 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 124 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Life Sciences Tools & Services-0.38% |
| |||||||
Thermo Fisher Scientific, Inc., 4.15%, 02/01/2024 | $ | 3,758,000 | $ | 4,171,383 | ||||
|
| |||||||
Machinery-2.51% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
2.15%, 11/08/2024 | 3,777,000 | 4,020,691 | ||||||
3.25%, 12/01/2024 | 2,324,000 | 2,574,659 | ||||||
Caterpillar, Inc., 3.40%, 05/15/2024 | 3,731,000 | 4,102,044 | ||||||
CNH Industrial Capital LLC, 4.20%, 01/15/2024 | 1,807,000 | 1,946,312 | ||||||
Illinois Tool Works, Inc., 3.50%, 03/01/2024 | 2,595,000 | 2,850,081 | ||||||
John Deere Capital Corp. | ||||||||
3.35%, 06/12/2024 | 1,844,000 | 2,040,314 | ||||||
2.65%, 06/24/2024 | 2,307,000 | 2,487,973 | ||||||
Parker-Hannifin Corp., 3.30%, 11/21/2024 | 1,654,000 | 1,819,002 | ||||||
Trane Technologies Luxembourg Finance S.A., 3.55%, 11/01/2024 | 1,928,000 | 2,136,380 | ||||||
Wabtec Corp., 4.40%, 03/15/2024 | 3,038,000 | 3,305,592 | ||||||
|
| |||||||
27,283,048 | ||||||||
|
| |||||||
Media-2.55% | ||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.50%, 02/01/2024 | 4,266,000 | 4,759,425 | ||||||
Comcast Corp. | ||||||||
3.00%, 02/01/2024 | 4,704,000 | 5,088,720 | ||||||
3.60%, 03/01/2024 | 4,578,000 | 5,076,771 | ||||||
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024 | 2,177,000 | 2,419,278 | ||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/2024 | 2,840,000 | 3,148,150 | ||||||
ViacomCBS, Inc. | ||||||||
3.88%, 04/01/2024 | 1,827,000 | 1,995,870 | ||||||
3.70%, 08/15/2024 | 1,950,000 | 2,140,684 | ||||||
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 2,795,000 | 3,069,931 | ||||||
|
| |||||||
27,698,829 | ||||||||
|
| |||||||
Metals & Mining-0.30% | ||||||||
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024 | 3,094,000 | 3,251,361 | ||||||
|
| |||||||
Multiline Retail-0.40% | ||||||||
Target Corp., 3.50%, 07/01/2024 | 3,920,000 | 4,363,557 | ||||||
|
| |||||||
Multi-Utilities-0.41% | ||||||||
Dominion Energy Gas Holdings LLC, Series A, 2.50%, 11/15/2024 | 2,270,000 | 2,432,692 | ||||||
Sempra Energy, 3.55%, 06/15/2024 | 1,844,000 | 2,016,074 | ||||||
|
| |||||||
4,448,766 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-11.62% |
| |||||||
Boardwalk Pipelines L.P., 4.95%, 12/15/2024 | 2,287,000 | 2,495,969 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
3.81%, 02/10/2024 | 4,772,000 | 5,266,470 | ||||||
3.54%, 11/04/2024 | 2,845,000 | 3,157,624 | ||||||
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024 | 1,854,000 | 2,002,139 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024 | $ | 4,649,000 | $ | 5,422,058 | ||||
Chevron Corp., 2.90%, 03/03/2024 | 3,760,000 | 4,054,589 | ||||||
Cimarex Energy Co., 4.38%, 06/01/2024 | 2,817,000 | 3,034,383 | ||||||
Continental Resources, Inc., 3.80%, 06/01/2024 | 3,730,000 | 3,683,636 | ||||||
Diamondback Energy, Inc., 2.88%, 12/01/2024 | 3,775,000 | 3,894,131 | ||||||
Enable Midstream Partners L.P., 3.90%, 05/15/2024 | 2,190,000 | 2,177,288 | ||||||
Enbridge, Inc. (Canada), 3.50%, 06/10/2024 | 1,866,000 | 2,025,785 | ||||||
Enterprise Products Operating LLC, 3.90%, 02/15/2024 | 3,305,000 | 3,639,758 | ||||||
Equinor ASA (Norway), 3.70%, 03/01/2024 | 3,753,000 | 4,176,812 | ||||||
Exxon Mobil Corp. | ||||||||
3.18%, 03/15/2024 | 4,203,000 | 4,563,072 | ||||||
2.02%, 08/16/2024 | 3,780,000 | 4,007,194 | ||||||
Husky Energy, Inc. (Canada), 4.00%, 04/15/2024 | 2,800,000 | 2,959,765 | ||||||
Kinder Morgan Energy Partners L.P. | ||||||||
4.15%, 02/01/2024 | 2,454,000 | 2,690,522 | ||||||
4.30%, 05/01/2024 | 2,292,000 | 2,543,502 | ||||||
4.25%, 09/01/2024 | 2,424,000 | 2,705,757 | ||||||
Marathon Petroleum Corp., 3.63%, 09/15/2024 | 2,774,000 | 2,994,663 | ||||||
MPLX L.P., 4.88%, 12/01/2024 | 4,332,000 | 4,892,697 | ||||||
Newfield Exploration Co., 5.63%, 07/01/2024 | 3,682,000 | 3,747,052 | ||||||
Noble Energy, Inc., 3.90%, 11/15/2024 | 2,474,000 | 2,748,069 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 3.60%, 11/01/2024 | 2,721,000 | 2,840,098 | ||||||
Sabine Pass Liquefaction LLC, 5.75%, 05/15/2024 | 7,600,000 | 8,700,023 | ||||||
Shell International Finance B.V. (Netherlands), 2.00%, 11/07/2024 | 4,789,000 | 5,070,170 | ||||||
Spectra Energy Partners L.P., 4.75%, 03/15/2024 | 3,802,000 | 4,275,139 | ||||||
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024 | 2,841,000 | 3,134,355 | ||||||
Sunoco Logistics Partners Operations L.P., 4.25%, 04/01/2024 | 1,864,000 | 1,984,716 | ||||||
Total Capital International S.A. (France) | ||||||||
3.70%, 01/15/2024 | 3,763,000 | 4,167,824 | ||||||
3.75%, 04/10/2024 | 4,657,000 | 5,183,360 | ||||||
Williams Cos., Inc. (The) | ||||||||
4.30%, 03/04/2024 | 3,779,000 | 4,154,093 | ||||||
4.55%, 06/24/2024 | 4,696,000 | 5,278,366 | ||||||
WPX Energy, Inc., 5.25%, 09/15/2024 | 2,400,000 | 2,454,276 | ||||||
|
| |||||||
126,125,355 | ||||||||
|
| |||||||
Paper & Forest Products-0.21% | ||||||||
Georgia-Pacific LLC, 8.00%, 01/15/2024 | 1,845,000 | 2,306,697 | ||||||
|
| |||||||
Personal Products-0.94% | ||||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/01/2024 | 1,800,000 | 1,909,355 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 125 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Personal Products-(continued) | ||||||||
Unilever Capital Corp. (United Kingdom) | ||||||||
3.25%, 03/07/2024 | $ | 3,600,000 | $ | 3,930,226 | ||||
2.60%, 05/05/2024 | 4,103,000 | 4,411,031 | ||||||
|
| |||||||
10,250,612 | ||||||||
|
| |||||||
Pharmaceuticals-1.68% | ||||||||
Novartis Capital Corp. (Switzerland), 3.40%, 05/06/2024 | 8,055,000 | 8,907,470 | ||||||
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 | 2,700,000 | 2,927,362 | ||||||
Pfizer, Inc., 3.40%, 05/15/2024 | 3,763,000 | 4,161,133 | ||||||
Wyeth LLC, 6.45%, 02/01/2024 | 1,838,000 | 2,199,755 | ||||||
|
| |||||||
18,195,720 | ||||||||
|
| |||||||
Professional Services-0.32% | ||||||||
Equifax, Inc., 2.60%, 12/01/2024 | 3,220,000 | 3,444,991 | ||||||
|
| |||||||
Road & Rail-0.68% | ||||||||
Burlington Northern Santa Fe LLC | ||||||||
3.75%, 04/01/2024 | 1,906,000 | 2,110,759 | ||||||
3.40%, 09/01/2024 | 2,622,000 | 2,910,619 | ||||||
CSX Corp., 3.40%, 08/01/2024 | 2,119,000 | 2,352,724 | ||||||
|
| |||||||
7,374,102 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-2.69% |
| |||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024 | 9,332,000 | 10,086,644 | ||||||
Intel Corp., 2.88%, 05/11/2024 | 4,389,000 | 4,754,339 | ||||||
KLA Corp., 4.65%, 11/01/2024 | 4,623,000 | 5,316,477 | ||||||
QUALCOMM, Inc., 2.90%, 05/20/2024 | 5,490,000 | 5,934,588 | ||||||
Xilinx, Inc., 2.95%, 06/01/2024 | 2,852,000 | 3,086,103 | ||||||
|
| |||||||
29,178,151 | ||||||||
|
| |||||||
Software-2.32% | ||||||||
Microsoft Corp., 2.88%, 02/06/2024 | 8,259,000 | 8,920,678 | ||||||
Oracle Corp. | ||||||||
3.40%, 07/08/2024 | 7,365,000 | 8,104,119 | ||||||
2.95%, 11/15/2024 | 7,446,000 | 8,109,551 | ||||||
|
| |||||||
25,134,348 | ||||||||
|
| |||||||
Specialty Retail-0.42% | ||||||||
Home Depot, Inc. (The), 3.75%, 02/15/2024 | 4,083,000 | 4,520,879 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-3.39% |
| |||||||
Apple, Inc. | ||||||||
3.00%, 02/09/2024 | 6,706,000 | 7,250,645 | ||||||
3.45%, 05/06/2024 | 9,292,000 | 10,293,796 | ||||||
2.85%, 05/11/2024 | 6,515,000 | 7,054,277 | ||||||
1.80%, 09/11/2024 | 2,817,000 | 2,961,017 | ||||||
Hewlett Packard Enterprise Co. | ||||||||
1.45%, 04/01/2024 | 3,050,000 | 3,085,381 | ||||||
4.65%, 10/01/2024 | 3,615,000 | 4,090,782 | ||||||
Seagate HDD Cayman, 4.88%, 03/01/2024 | 1,894,000 | 2,079,256 | ||||||
|
| |||||||
36,815,154 | ||||||||
|
|
Principal Amount | Value | |||||||
Tobacco-1.18% | ||||||||
Altria Group, Inc., 4.00%, 01/31/2024 | $ | 5,269,000 | $ | 5,832,290 | ||||
BAT Capital Corp. (United Kingdom), 2.79%, 09/06/2024 | 3,663,000 | 3,903,610 | ||||||
Philip Morris International, Inc., 3.25%, 11/10/2024 | 2,814,000 | 3,121,937 | ||||||
|
| |||||||
12,857,837 | ||||||||
|
| |||||||
Trading Companies & Distributors-0.18% |
| |||||||
Air Lease Corp., 4.25%, 09/15/2024 | 1,876,000 | 1,959,093 | ||||||
|
| |||||||
Wireless Telecommunication Services-0.79% |
| |||||||
Vodafone Group PLC (United Kingdom), 3.75%, 01/16/2024 | 7,769,000 | 8,526,664 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 1,067,169,705 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.76% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 8,284,417 | 8,284,417 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 1,075,454,122 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.40% |
| |||||||
Invesco Private Government Fund, | 3,209,607 | 3,209,607 | ||||||
Invesco Private Prime Fund, | 1,069,677 | 1,069,891 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,279,498 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.49% |
| 1,079,733,620 | ||||||
OTHER ASSETS LESS LIABILITIES-0.51% |
| 5,517,333 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 1,085,250,953 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 126 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at August 31, 2020 represented less than 1% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 1,530,893 | $ | 131,280,254 | $ | (124,526,730 | ) | $ | - | $ | - | $ | 8,284,417 | $ | 44,915 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 906,602 | 39,166,374 | (40,072,976 | ) | - | - | - | 21,333 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 302,212 | 12,232,661 | (12,534,215 | ) | - | (658 | ) | - | 8,201 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 22,501,726 | (19,292,119 | ) | - | - | 3,209,607 | 474 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 5,079,750 | (4,009,975 | ) | - | 116 | 1,069,891 | 320 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,739,707 | $ | 210,260,765 | $ | (200,436,015 | ) | $ | - | $ | (542 | ) | $ | 12,563,915 | $ | 75,243 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 127 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.13% |
| |||||||
Aerospace & Defense-3.00% | ||||||||
Boeing Co. (The), 4.88%, 05/01/2025 | $ | 4,452,000 | $ | 4,849,367 | ||||
General Dynamics Corp. | ||||||||
3.25%, 04/01/2025 | 1,088,000 | 1,210,750 | ||||||
3.50%, 05/15/2025 | 1,255,000 | 1,411,027 | ||||||
Howmet Aerospace, Inc., 6.88%, 05/01/2025 | 1,782,000 | 2,027,568 | ||||||
L3Harris Technologies, Inc., 3.83%, 04/27/2025 | 949,000 | 1,067,847 | ||||||
Lockheed Martin Corp., 2.90%, 03/01/2025 | 1,196,000 | 1,310,264 | ||||||
Northrop Grumman Corp., 2.93%, 01/15/2025 | 2,280,000 | 2,489,761 | ||||||
Precision Castparts Corp., 3.25%, 06/15/2025 | 1,372,000 | 1,536,341 | ||||||
Raytheon Technologies Corp., 3.95%, 08/16/2025 | 2,675,000 | 3,066,415 | ||||||
|
| |||||||
18,969,340 | ||||||||
|
| |||||||
Air Freight & Logistics-0.52% | ||||||||
FedEx Corp. | ||||||||
3.20%, 02/01/2025 | 974,000 | 1,070,941 | ||||||
3.80%, 05/15/2025 | 492,000 | 556,277 | ||||||
United Parcel Service, Inc., 3.90%, 04/01/2025 | 1,484,000 | 1,693,742 | ||||||
|
| |||||||
3,320,960 | ||||||||
|
| |||||||
Airlines-0.31% | ||||||||
Southwest Airlines Co., 5.25%, 05/04/2025 | 1,782,000 | 1,946,921 | ||||||
|
| |||||||
Auto Components-0.38% | ||||||||
BorgWarner, Inc., 3.38%, 03/15/2025(b) | 1,206,000 | 1,314,938 | ||||||
Magna International, Inc. (Canada), 4.15%, 10/01/2025 | 963,000 | 1,099,350 | ||||||
|
| |||||||
2,414,288 | ||||||||
|
| |||||||
Automobiles-2.78% | ||||||||
American Honda Finance Corp., 1.20%, 07/08/2025 | 1,088,000 | 1,099,406 | ||||||
General Motors Co. | ||||||||
4.00%, 04/01/2025 | 924,000 | 999,319 | ||||||
6.13%, 10/01/2025 | 2,770,000 | 3,254,751 | ||||||
General Motors Financial Co., Inc. | ||||||||
4.00%, 01/15/2025 | 1,848,000 | 1,990,897 | ||||||
2.90%, 02/26/2025 | 2,132,000 | 2,209,041 | ||||||
4.35%, 04/09/2025 | 2,087,000 | 2,285,465 | ||||||
4.30%, 07/13/2025 | 1,333,000 | 1,454,128 | ||||||
Toyota Motor Credit Corp. | ||||||||
1.80%, 02/13/2025 | 1,404,000 | 1,469,470 | ||||||
3.00%, 04/01/2025 | 1,880,000 | 2,070,353 | ||||||
3.40%, 04/14/2025 | 674,000 | 753,450 | ||||||
|
| |||||||
17,586,280 | ||||||||
|
| |||||||
Banks-13.64% | ||||||||
Banco Santander S.A. (Spain), 2.75%, 05/28/2025 | 2,000,000 | 2,128,954 | ||||||
Bank of America Corp. | ||||||||
4.00%, 01/22/2025 | 2,940,000 | 3,296,776 | ||||||
3.88%, 08/01/2025 | 3,119,000 | 3,561,097 | ||||||
Series L, 3.95%, 04/21/2025 | 4,091,000 | 4,598,882 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
CIT Group, Inc., 5.25%, 03/07/2025 | $ | 495,000 | $ | 540,738 | ||||
Citigroup, Inc. | ||||||||
3.88%, 03/26/2025 | 1,398,000 | 1,555,952 | ||||||
3.30%, 04/27/2025 | 2,751,000 | 3,057,071 | ||||||
4.40%, 06/10/2025 | 4,022,000 | 4,589,668 | ||||||
5.50%, 09/13/2025 | 2,223,000 | 2,652,538 | ||||||
Citizens Bank N.A., 2.25%, 04/28/2025 | 500,000 | 532,911 | ||||||
Citizens Financial Group, Inc., 4.30%, 12/03/2025 | 1,172,000 | 1,349,619 | ||||||
Cooperatieve Rabobank U.A. (Netherlands), 4.38%, 08/04/2025 | 2,050,000 | 2,340,203 | ||||||
Fifth Third Bancorp, 2.38%, 01/28/2025 | 1,220,000 | 1,297,465 | ||||||
Fifth Third Bank, 3.95%, 07/28/2025 | 1,200,000 | 1,382,774 | ||||||
HSBC Holdings PLC (United Kingdom), 4.25%, 08/18/2025 | 2,100,000 | 2,332,311 | ||||||
Huntington Bancshares, Inc., 4.00%, 05/15/2025 | 672,000 | 766,759 | ||||||
JPMorgan Chase & Co. | ||||||||
3.13%, 01/23/2025 | 4,288,000 | 4,683,620 | ||||||
3.90%, 07/15/2025 | 3,797,000 | 4,321,711 | ||||||
KeyBank N.A., 3.30%, 06/01/2025 | 1,500,000 | 1,684,308 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.58%, 12/10/2025 | 2,200,000 | 2,480,133 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
2.19%, 02/25/2025 | 4,000,000 | 4,210,573 | ||||||
3.78%, 03/02/2025 | 1,159,000 | 1,302,346 | ||||||
MUFG Americas Holdings Corp., 3.00%, 02/10/2025 | 656,000 | 708,375 | ||||||
PNC Bank N.A., 3.25%, 06/01/2025 | 1,500,000 | 1,676,053 | ||||||
Santander Holdings USA, Inc. | ||||||||
3.45%, 06/02/2025 | 1,386,000 | 1,494,744 | ||||||
4.50%, 07/17/2025 | 1,772,000 | 1,962,341 | ||||||
Sumitomo Mitsui Banking Corp. (Japan), 3.65%, 07/23/2025 | 800,000 | 900,578 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
2.35%, 01/15/2025 | 2,000,000 | 2,125,871 | ||||||
1.47%, 07/08/2025 | 1,800,000 | 1,840,812 | ||||||
Truist Bank | ||||||||
1.50%, 03/10/2025 | 2,000,000 | 2,075,460 | ||||||
3.63%, 09/16/2025 | 1,900,000 | 2,157,889 | ||||||
Truist Financial Corp. | ||||||||
4.00%, 05/01/2025 | 1,376,000 | 1,572,654 | ||||||
3.70%, 06/05/2025 | 1,527,000 | 1,740,659 | ||||||
1.20%, 08/05/2025(b) | 1,055,000 | 1,079,780 | ||||||
U.S. Bank N.A., 2.05%, 01/21/2025 | 1,500,000 | 1,589,880 | ||||||
US Bancorp, 1.45%, 05/12/2025 | 1,286,000 | 1,334,586 | ||||||
Wells Fargo & Co. | ||||||||
3.00%, 02/19/2025 | 4,323,000 | 4,693,566 | ||||||
3.55%, 09/29/2025 | 4,218,000 | 4,726,716 | ||||||
|
| |||||||
86,346,373 | ||||||||
|
| |||||||
Beverages-1.48% | ||||||||
Coca-Cola Co. (The) | ||||||||
2.95%, 03/25/2025 | 212,000 | 234,136 | ||||||
2.88%, 10/27/2025 | 3,169,000 | 3,515,836 | ||||||
Diageo Capital PLC (United Kingdom), 1.38%, 09/29/2025 | 1,000,000 | 1,032,760 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 128 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Beverages-(continued) | ||||||||
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025 | $ | 764,000 | $ | 856,621 | ||||
PepsiCo, Inc. | ||||||||
2.25%, 03/19/2025 | 492,000 | 528,863 | ||||||
2.75%, 04/30/2025 | 1,670,000 | 1,826,684 | ||||||
3.50%, 07/17/2025 | 1,203,000 | 1,362,235 | ||||||
|
| |||||||
9,357,135 | ||||||||
|
| |||||||
Biotechnology-2.77% | ||||||||
AbbVie, Inc., 3.60%, 05/14/2025 | 6,437,000 | 7,188,642 | ||||||
Amgen, Inc., 3.13%, 05/01/2025 | 1,765,000 | 1,950,013 | ||||||
Baxalta, Inc., 4.00%, 06/23/2025 | 1,673,000 | 1,917,220 | ||||||
Biogen, Inc., 4.05%, 09/15/2025 | 2,847,000 | 3,284,538 | ||||||
Gilead Sciences, Inc., 3.50%, 02/01/2025 | 2,847,000 | 3,194,832 | ||||||
|
| |||||||
17,535,245 | ||||||||
|
| |||||||
Building Products-0.31% | ||||||||
Fortune Brands Home & Security, Inc., 4.00%, 06/15/2025 | 773,000 | 883,316 | ||||||
Masco Corp., 4.45%, 04/01/2025 | 918,000 | 1,060,662 | ||||||
|
| |||||||
1,943,978 | ||||||||
|
| |||||||
Capital Markets-6.68% | ||||||||
Ameriprise Financial, Inc., 3.00%, 04/02/2025 | 690,000 | 756,915 | ||||||
Ares Capital Corp. | ||||||||
4.25%, 03/01/2025 | 1,061,000 | 1,096,746 | ||||||
3.25%, 07/15/2025 | 1,049,000 | 1,049,807 | ||||||
Bank of New York Mellon Corp. (The) 1.60%, 04/24/2025 | 990,000 | 1,034,042 | ||||||
Series G, 3.00%, 02/24/2025 | 1,113,000 | 1,226,385 | ||||||
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025 | 897,000 | 990,996 | ||||||
Charles Schwab Corp. (The), 3.85%, 05/21/2025 | 1,225,000 | 1,405,241 | ||||||
CME Group, Inc., 3.00%, 03/15/2025 | 1,198,000 | 1,313,880 | ||||||
Credit Suisse AG (Switzerland), 2.95%, 04/09/2025 | 1,500,000 | 1,649,054 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
3.50%, 01/23/2025 | 4,517,000 | 4,967,353 | ||||||
3.50%, 04/01/2025 | 990,000 | 1,098,091 | ||||||
3.75%, 05/22/2025 | 3,571,000 | 4,003,034 | ||||||
4.25%, 10/21/2025 | 3,450,000 | 3,934,448 | ||||||
Morgan Stanley | ||||||||
4.00%, 07/23/2025 | 4,474,000 | 5,124,818 | ||||||
5.00%, 11/24/2025 | 3,141,000 | 3,700,768 | ||||||
Nomura Holdings, Inc. (Japan), 1.85%, 07/16/2025 | 2,200,000 | 2,248,644 | ||||||
Northern Trust Corp., 3.95%, 10/30/2025 | 1,340,000 | 1,556,110 | ||||||
Owl Rock Capital Corp., 3.75%, 07/22/2025 | 790,000 | 791,402 | ||||||
S&P Global, Inc., 4.00%, 06/15/2025 | 1,031,000 | 1,180,750 | ||||||
State Street Corp., 3.55%, 08/18/2025 | 1,975,000 | 2,254,279 | ||||||
TD Ameritrade Holding Corp., 3.63%, 04/01/2025 | 795,000 | 895,213 | ||||||
|
| |||||||
42,277,976 | ||||||||
|
| |||||||
Chemicals-0.74% | ||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/2025 | 790,000 | 824,340 | ||||||
Eastman Chemical Co., 3.80%, 03/15/2025 | 1,487,000 | 1,646,762 |
Principal Amount | Value | |||||||
Chemicals-(continued) | ||||||||
EI du Pont de Nemours and Co., 1.70%, 07/15/2025 | $ | 690,000 | $ | 718,270 | ||||
LYB International Finance III LLC, 2.88%, 05/01/2025 | 690,000 | 741,997 | ||||||
Nutrien Ltd. (Canada), 3.38%, 03/15/2025(b) | 674,000 | 747,823 | ||||||
|
| |||||||
4,679,192 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.33% |
| |||||||
Republic Services, Inc., 3.20%, 03/15/2025 | 801,000 | 881,238 | ||||||
Waste Management, Inc., 3.13%, 03/01/2025 | 1,089,000 | 1,196,912 | ||||||
|
| |||||||
2,078,150 | ||||||||
|
| |||||||
Communications Equipment-0.17% |
| |||||||
Cisco Systems, Inc., 3.50%, 06/15/2025 | 949,000 | 1,086,118 | ||||||
|
| |||||||
Consumer Finance-1.69% | ||||||||
Ally Financial, Inc. | ||||||||
4.63%, 03/30/2025 | 886,000 | 981,527 | ||||||
5.80%, 05/01/2025 | 1,088,000 | 1,258,388 | ||||||
Capital One Financial Corp. | ||||||||
3.20%, 02/05/2025 | 1,531,000 | 1,670,197 | ||||||
4.25%, 04/30/2025 | 1,520,000 | 1,737,896 | ||||||
4.20%, 10/29/2025 | 2,275,000 | 2,552,478 | ||||||
Discover Financial Services, 3.75%, 03/04/2025 | 788,000 | 861,000 | ||||||
Synchrony Financial, 4.50%, 07/23/2025 | 1,531,000 | 1,667,114 | ||||||
|
| |||||||
10,728,600 | ||||||||
|
| |||||||
Containers & Packaging-0.19% |
| |||||||
WRKCo, Inc., 3.75%, 03/15/2025 | 1,089,000 | 1,225,577 | ||||||
|
| |||||||
Diversified Consumer Services-0.05% |
| |||||||
Yale University, Series 2020, 0.87%, 04/15/2025 | 294,000 | 297,685 | ||||||
|
| |||||||
Diversified Financial Services-0.16% |
| |||||||
National Rural Utilities Cooperative Finance Corp., 2.85%, 01/27/2025 | 918,000 | 1,004,742 | ||||||
|
| |||||||
Diversified Telecommunication Services-2.53% |
| |||||||
AT&T, Inc., 3.40%, 05/15/2025 | 8,512,000 | 9,478,113 | ||||||
Verizon Communications, Inc., 3.38%, 02/15/2025 | 5,837,000 | 6,538,138 | ||||||
|
| |||||||
16,016,251 | ||||||||
|
| |||||||
Electric Utilities-2.27% | ||||||||
Avangrid, Inc., 3.20%, 04/15/2025 | 1,002,000 | 1,107,489 | ||||||
Duke Energy Progress LLC, 3.25%, 08/15/2025 | 782,000 | 878,413 | ||||||
Exelon Corp., 3.95%, 06/15/2025 | 1,502,000 | 1,717,509 | ||||||
Exelon Generation Co. LLC, 3.25%, 06/01/2025 | 1,286,000 | 1,421,667 | ||||||
Florida Power & Light Co. | ||||||||
2.85%, 04/01/2025 | 1,584,000 | 1,742,330 | ||||||
3.13%, 12/01/2025 | 947,000 | 1,057,602 | ||||||
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025 | 1,880,000 | 2,044,624 | ||||||
Pacific Gas and Electric Co., 3.45%, 07/01/2025 | 1,286,000 | 1,349,734 | ||||||
Pinnacle West Capital Corp., 1.30%, 06/15/2025 | 690,000 | 704,468 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 129 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Electric Utilities-(continued) | ||||||||
Southern Power Co., 4.15%, 12/01/2025 | $ | 974,000 | $ | 1,120,902 | ||||
Xcel Energy, Inc., 3.30%, 06/01/2025 | 1,113,000 | 1,234,984 | ||||||
|
| |||||||
14,379,722 | ||||||||
|
| |||||||
Electrical Equipment-0.19% | ||||||||
Emerson Electric Co., 3.15%, 06/01/2025 | 1,067,000 | 1,188,616 | ||||||
|
| |||||||
Energy Equipment & Services-0.60% | ||||||||
Halliburton Co., 3.80%, 11/15/2025 | 3,443,000 | 3,780,297 | ||||||
|
| |||||||
Entertainment-0.45% | ||||||||
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025 | 1,041,000 | 1,162,517 | ||||||
Walt Disney Co. (The), 3.35%, 03/24/2025 | 1,504,000 | 1,676,372 | ||||||
|
| |||||||
2,838,889 | ||||||||
|
| |||||||
Equity REITs-3.79% | ||||||||
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025 | 891,000 | 992,744 | ||||||
American Tower Corp. | ||||||||
2.40%, 03/15/2025 | 1,088,000 | 1,160,991 | ||||||
4.00%, 06/01/2025 | 1,207,000 | 1,370,739 | ||||||
1.30%, 09/15/2025 | 690,000 | 701,003 | ||||||
AvalonBay Communities, Inc., 3.45%, 06/01/2025 | 1,025,000 | 1,150,117 | ||||||
Boston Properties L.P., 3.20%, 01/15/2025 | 1,679,000 | 1,827,527 | ||||||
Brixmor Operating Partnership L.P., 3.85%, 02/01/2025 | 1,225,000 | 1,299,987 | ||||||
Crown Castle International Corp., 1.35%, 07/15/2025 | 690,000 | 701,291 | ||||||
Essex Portfolio L.P., 3.50%, 04/01/2025 | 782,000 | 865,794 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.25%, 06/01/2025 | 1,240,000 | 1,345,140 | ||||||
Healthpeak Properties, Inc. | ||||||||
3.40%, 02/01/2025 | 974,000 | 1,075,121 | ||||||
4.00%, 06/01/2025 | 1,328,000 | 1,498,411 | ||||||
Host Hotels & Resorts L.P., Series E, 4.00%, 06/15/2025 | 949,000 | 992,883 | ||||||
Kimco Realty Corp., 3.30%, 02/01/2025 | 674,000 | 724,210 | ||||||
Prologis L.P., 3.75%, 11/01/2025 | 1,092,000 | 1,253,328 | ||||||
Realty Income Corp., 3.88%, 04/15/2025 | 1,058,000 | 1,199,398 | ||||||
Simon Property Group L.P., 3.50%, 09/01/2025 | 1,680,000 | 1,849,378 | ||||||
SITE Centers Corp., 3.63%, 02/01/2025 | 505,000 | 517,620 | ||||||
Ventas Realty L.P., 3.50%, 02/01/2025 | 974,000 | 1,050,703 | ||||||
Welltower, Inc., 4.00%, 06/01/2025 | 2,143,000 | 2,415,842 | ||||||
|
| |||||||
23,992,227 | ||||||||
|
| |||||||
Food & Staples Retailing-0.84% | ||||||||
Sysco Corp. | ||||||||
3.55%, 03/15/2025 | 673,000 | 735,024 | ||||||
3.75%, 10/01/2025 | 1,653,000 | 1,823,367 | ||||||
Walmart, Inc., 3.55%, 06/26/2025 | 2,432,000 | 2,773,753 | ||||||
|
| |||||||
5,332,144 | ||||||||
|
| |||||||
Food Products-1.60% | ||||||||
Campbell Soup Co., 3.95%, 03/15/2025 | 1,380,000 | 1,557,159 | ||||||
General Mills, Inc., 4.00%, 04/17/2025 | 1,379,000 | 1,570,576 | ||||||
JM Smucker Co. (The), 3.50%, 03/15/2025 | 1,510,000 | 1,697,365 |
Principal Amount | Value | |||||||
Food Products-(continued) | ||||||||
Kraft Heinz Foods Co. (The), 3.95%, 07/15/2025 | $ | 3,458,000 | $ | 3,758,936 | ||||
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025 | 1,334,000 | 1,552,193 | ||||||
|
| |||||||
10,136,229 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-2.79% |
| |||||||
Abbott Laboratories, 2.95%, 03/15/2025 | 1,536,000 | 1,685,933 | ||||||
Boston Scientific Corp. | ||||||||
3.85%, 05/15/2025 | 1,328,000 | 1,510,178 | ||||||
1.90%, 06/01/2025 | 592,000 | 621,014 | ||||||
Danaher Corp., 3.35%, 09/15/2025 | 782,000 | 873,365 | ||||||
Medtronic, Inc., 3.50%, 03/15/2025 | 6,739,000 | 7,590,442 | ||||||
Stryker Corp. | ||||||||
1.15%, 06/15/2025 | 492,000 | 500,329 | ||||||
3.38%, 11/01/2025 | 1,208,000 | 1,357,708 | ||||||
Zimmer Biomet Holdings, Inc., 3.55%, 04/01/2025 | 3,138,000 | 3,489,836 | ||||||
|
| |||||||
17,628,805 | ||||||||
|
| |||||||
Health Care Providers & Services-5.68% |
| |||||||
AmerisourceBergen Corp., 3.25%, 03/01/2025 | 923,000 | 1,015,816 | ||||||
Anthem, Inc., 2.38%, 01/15/2025 | 2,185,000 | 2,333,267 | ||||||
Cardinal Health, Inc., 3.75%, 09/15/2025 | 1,071,000 | 1,205,829 | ||||||
Centene Corp., 4.75%, 01/15/2025 | 1,386,000 | 1,427,580 | ||||||
Cigna Corp., 4.13%, 11/15/2025 | 3,266,000 | 3,778,969 | ||||||
CVS Health Corp. | ||||||||
4.10%, 03/25/2025 | 8,288,000 | 9,457,031 | ||||||
3.88%, 07/20/2025 | 5,030,000 | 5,702,528 | ||||||
HCA, Inc., 5.25%, 04/15/2025 | 2,375,000 | 2,771,292 | ||||||
Humana, Inc., 4.50%, 04/01/2025 | 890,000 | 1,031,005 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 02/01/2025 | 1,973,000 | 2,201,076 | ||||||
Quest Diagnostics, Inc., 3.50%, 03/30/2025 | 924,000 | 1,026,891 | ||||||
UnitedHealth Group, Inc., 3.75%, 07/15/2025 | 3,458,000 | 3,966,717 | ||||||
|
| |||||||
35,918,001 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-1.43% |
| |||||||
Las Vegas Sands Corp., 2.90%, 06/25/2025 | 1,224,000 | 1,218,834 | ||||||
Marriott International, Inc., Series EE, 5.75%, 05/01/2025 | 1,978,000 | 2,223,587 | ||||||
McDonald’s Corp. | ||||||||
3.38%, 05/26/2025 | 1,047,000 | 1,171,304 | ||||||
3.30%, 07/01/2025 | 1,100,000 | 1,231,354 | ||||||
1.45%, 09/01/2025 | 790,000 | 817,227 | ||||||
Starbucks Corp., 3.80%, 08/15/2025 | 2,116,000 | 2,408,250 | ||||||
|
| |||||||
9,070,556 | ||||||||
|
| |||||||
Household Durables-0.21% | ||||||||
DR Horton, Inc., 2.60%, 10/15/2025 | 294,000 | 315,567 | ||||||
Lennar Corp., 4.75%, 05/30/2025 | 935,000 | 1,026,261 | ||||||
|
| |||||||
1,341,828 | ||||||||
|
| |||||||
Household Products-0.19% | ||||||||
Procter & Gamble Co. (The), 2.45%, 03/25/2025 | 1,088,000 | 1,181,169 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 130 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Industrial Conglomerates-1.27% | ||||||||
3M Co. | ||||||||
2.00%, 02/14/2025 | $ | 1,090,000 | $ | 1,156,383 | ||||
2.65%, 04/15/2025 | 702,000 | 764,279 | ||||||
3.00%, 08/07/2025 | 1,090,000 | 1,216,642 | ||||||
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025 | 2,800,000 | 2,974,942 | ||||||
Honeywell International, Inc., 1.35%, 06/01/2025 | 1,880,000 | 1,937,967 | ||||||
|
| |||||||
8,050,213 | ||||||||
|
| |||||||
Insurance-1.69% | ||||||||
American International Group, Inc. | ||||||||
2.50%, 06/30/2025 | 1,830,000 | 1,959,733 | ||||||
3.75%, 07/10/2025 | 2,151,000 | 2,416,143 | ||||||
Aon PLC, 3.88%, 12/15/2025 | 1,227,000 | 1,409,326 | ||||||
Chubb INA Holdings, Inc., 3.15%, 03/15/2025 | 1,345,000 | 1,500,005 | ||||||
CNO Financial Group, Inc., 5.25%, 05/30/2025 | 670,000 | 766,366 | ||||||
Marsh & McLennan Cos., Inc., 3.50%, 03/10/2025 | 789,000 | 876,816 | ||||||
MetLife, Inc. | ||||||||
3.00%, 03/01/2025 | 784,000 | 870,550 | ||||||
3.60%, 11/13/2025 | 786,000 | 897,419 | ||||||
|
| |||||||
10,696,358 | ||||||||
|
| |||||||
Interactive Media & Services-0.16% | ||||||||
Alphabet, Inc., 0.45%, 08/15/2025 | 988,000 | 988,451 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-1.33% |
| |||||||
Amazon.com, Inc. | ||||||||
0.80%, 06/03/2025 | 1,782,000 | 1,807,546 | ||||||
5.20%, 12/03/2025 | 1,339,000 | 1,642,640 | ||||||
Booking Holdings, Inc. | ||||||||
3.65%, 03/15/2025 | 796,000 | 884,300 | ||||||
4.10%, 04/13/2025 | 1,386,000 | 1,574,371 | ||||||
eBay, Inc., 1.90%, 03/11/2025 | 1,188,000 | 1,247,518 | ||||||
QVC, Inc., 4.45%, 02/15/2025 | 1,194,000 | 1,250,715 | ||||||
|
| |||||||
8,407,090 | ||||||||
|
| |||||||
IT Services-3.04% | ||||||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 1,698,000 | 1,921,473 | ||||||
DXC Technology Co., 4.13%, 04/15/2025 | 790,000 | 855,367 | ||||||
Fidelity National Information Services, Inc., 5.00%, 10/15/2025 | 1,361,000 | 1,632,173 | ||||||
Fiserv, Inc., 3.85%, 06/01/2025 | 1,362,000 | 1,547,152 | ||||||
International Business Machines Corp., 7.00%, 10/30/2025 | 929,000 | 1,217,758 | ||||||
Mastercard, Inc., 2.00%, 03/03/2025 | 1,242,000 | 1,327,471 | ||||||
PayPal Holdings, Inc., 1.65%, 06/01/2025 | 1,386,000 | 1,443,927 | ||||||
VeriSign, Inc., 5.25%, 04/01/2025 | 914,000 | 1,026,061 | ||||||
Visa, Inc., 3.15%, 12/14/2025 | 6,683,000 | 7,518,837 | ||||||
Western Union Co. (The), 2.85%, 01/10/2025 | 711,000 | 754,102 | ||||||
|
| |||||||
19,244,321 | ||||||||
|
| |||||||
Life Sciences Tools & Services-0.30% | ||||||||
Thermo Fisher Scientific, Inc., 4.13%, 03/25/2025 | 1,682,000 | 1,931,717 | ||||||
|
|
Principal Amount | Value | |||||||
Machinery-0.75% | ||||||||
Caterpillar Financial Services Corp., 1.45%, 05/15/2025 | $ | 5,000 | $ | 5,182 | ||||
Deere & Co., 2.75%, 04/15/2025 | 1,012,000 | 1,108,459 | ||||||
John Deere Capital Corp. | ||||||||
2.05%, 01/09/2025(b) | 1,051,000 | 1,114,821 | ||||||
3.45%, 03/13/2025 | 1,471,000 | 1,658,795 | ||||||
Wabtec Corp., 3.20%, 06/15/2025 | 790,000 | 832,663 | ||||||
|
| |||||||
4,719,920 | ||||||||
|
| |||||||
Media-2.85% | ||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 7,140,000 | 8,314,017 | ||||||
Comcast Corp. | ||||||||
3.38%, 02/15/2025 | 1,606,000 | 1,792,067 | ||||||
3.10%, 04/01/2025 | 1,204,000 | 1,333,574 | ||||||
3.38%, 08/15/2025 | 2,266,000 | 2,539,176 | ||||||
Fox Corp., 3.05%, 04/07/2025 | 888,000 | 973,910 | ||||||
ViacomCBS, Inc. | ||||||||
3.50%, 01/15/2025 | 901,000 | 995,307 | ||||||
4.75%, 05/15/2025 | 1,782,000 | 2,058,643 | ||||||
|
| |||||||
18,006,694 | ||||||||
|
| |||||||
Metals & Mining-0.27% | ||||||||
ArcelorMittal S.A. (Luxembourg), 6.13%, 06/01/2025 | 879,000 | 1,015,933 | ||||||
Nucor Corp., 2.00%, 06/01/2025 | 690,000 | 724,841 | ||||||
|
| |||||||
1,740,774 | ||||||||
|
| |||||||
Multiline Retail-1.13% | ||||||||
Dollar General Corp., 4.15%, 11/01/2025 | 916,000 | 1,059,500 | ||||||
Dollar Tree, Inc., 4.00%, 05/15/2025 | 1,482,000 | 1,681,965 | ||||||
Kohl’s Corp. | ||||||||
9.50%, 05/15/2025 | 890,000 | 1,072,784 | ||||||
4.25%, 07/17/2025 | 963,000 | 951,289 | ||||||
Target Corp., 2.25%, 04/15/2025 | 2,204,000 | 2,366,396 | ||||||
|
| |||||||
7,131,934 | ||||||||
|
| |||||||
Multi-Utilities-0.36% | ||||||||
Dominion Energy, Inc., 3.90%, 10/01/2025 | 1,096,000 | 1,254,069 | ||||||
WEC Energy Group, Inc., 3.55%, 06/15/2025 | 921,000 | 1,035,401 | ||||||
|
| |||||||
2,289,470 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.94% |
| |||||||
BP Capital Markets America, Inc., 3.19%, 04/06/2025 | 1,088,000 | 1,200,153 | ||||||
BP Capital Markets PLC (United Kingdom), 3.51%, 03/17/2025 | 1,921,000 | 2,149,983 | ||||||
Canadian Natural Resources Ltd. (Canada), 3.90%, 02/01/2025 | 1,612,000 | 1,758,323 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025 | 2,658,000 | 3,074,798 | ||||||
Chevron Corp. | ||||||||
1.55%, 05/11/2025 | 2,374,000 | 2,473,604 | ||||||
3.33%, 11/17/2025 | 1,348,000 | 1,527,276 | ||||||
Chevron USA, Inc., 0.69%, 08/12/2025 | 990,000 | 993,305 | ||||||
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 | 1,538,000 | 1,792,520 | ||||||
Devon Energy Corp., 5.85%, 12/15/2025 | 914,000 | 1,049,409 | ||||||
Diamondback Energy, Inc., 5.38%, 05/31/2025 | 1,173,000 | 1,221,898 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 131 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Enbridge Energy Partners L.P., 5.88%, 10/15/2025 | $ | 774,000 | $ | 937,525 | ||||
Enbridge, Inc. (Canada), 2.50%, 01/15/2025 | 690,000 | 728,372 | ||||||
Energy Transfer Operating L.P., 4.05%, 03/15/2025 | 1,498,000 | 1,602,016 | ||||||
Enterprise Products Operating LLC, 3.75%, 02/15/2025 | 1,792,000 | 2,004,390 | ||||||
EOG Resources, Inc., 3.15%, 04/01/2025 | 787,000 | 868,332 | ||||||
Equinor ASA (Norway), 2.88%, 04/06/2025 | 1,880,000 | 2,063,894 | ||||||
Exxon Mobil Corp. | ||||||||
2.71%, 03/06/2025 | 2,846,000 | 3,087,477 | ||||||
2.99%, 03/19/2025 | 3,858,000 | 4,254,864 | ||||||
Kinder Morgan, Inc., 4.30%, 06/01/2025 | 3,084,000 | 3,501,522 | ||||||
Marathon Oil Corp., 3.85%, 06/01/2025 | 1,356,000 | 1,409,078 | ||||||
MPLX L.P. | ||||||||
4.00%, 02/15/2025 | 1,075,000 | 1,178,971 | ||||||
4.88%, 06/01/2025 | 1,964,000 | 2,245,763 | ||||||
ONEOK Partners L.P., 4.90%, 03/15/2025 | 815,000 | 889,938 | ||||||
Phillips 66 Partners L.P., 3.61%, 02/15/2025 | 934,000 | 1,007,084 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 4.65%, 10/15/2025 | 1,753,000 | 1,908,107 | ||||||
Sabine Pass Liquefaction LLC, 5.63%, 03/01/2025 | 3,198,000 | 3,724,975 | ||||||
Shell International Finance B.V. (Netherlands) | ||||||||
2.38%, 04/06/2025 | 1,336,000 | 1,437,101 | ||||||
3.25%, 05/11/2025 | 4,928,000 | 5,510,691 | ||||||
Spectra Energy Partners L.P., 3.50%, 03/15/2025 | 801,000 | 881,763 | ||||||
Total Capital International S.A. (France), 2.43%, 01/10/2025 | 1,701,000 | 1,826,880 | ||||||
Valero Energy Corp. | ||||||||
3.65%, 03/15/2025 | 949,000 | 1,041,138 | ||||||
2.85%, 04/15/2025 | 888,000 | 951,013 | ||||||
Williams Cos., Inc. (The) | ||||||||
3.90%, 01/15/2025 | 1,171,000 | 1,292,746 | ||||||
4.00%, 09/15/2025 | 1,160,000 | 1,298,347 | ||||||
|
| |||||||
62,893,256 | ||||||||
|
| |||||||
Personal Products-0.43% | ||||||||
Unilever Capital Corp. (United Kingdom), 3.10%, 07/30/2025 | 2,409,000 | 2,702,445 | ||||||
|
| |||||||
Pharmaceuticals-3.06% | ||||||||
AstraZeneca PLC (United Kingdom), 3.38%, 11/16/2025 | 3,449,000 | 3,890,723 | ||||||
Eli Lilly and Co., 2.75%, 06/01/2025 | 1,358,000 | 1,495,621 | ||||||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.63%, 05/15/2025 | 2,092,000 | 2,384,610 | ||||||
Johnson & Johnson, 2.63%, 01/15/2025 | 1,365,000 | 1,488,393 | ||||||
Merck & Co., Inc., 2.75%, 02/10/2025 | 3,997,000 | 4,364,362 | ||||||
Novartis Capital Corp. (Switzerland) | ||||||||
1.75%, 02/14/2025 | 592,000 | 620,805 | ||||||
3.00%, 11/20/2025 | 2,985,000 | 3,319,827 | ||||||
Pfizer, Inc., 0.80%, 05/28/2025 | 394,000 | 398,566 | ||||||
Zoetis, Inc., 4.50%, 11/13/2025 | 1,171,000 | 1,381,993 | ||||||
|
| |||||||
19,344,900 | ||||||||
|
| |||||||
Professional Services-0.28% | ||||||||
Verisk Analytics, Inc., 4.00%, 06/15/2025 | 1,531,000 | 1,754,414 | ||||||
|
|
Principal Amount | Value | |||||||
Road & Rail-0.83% | ||||||||
Burlington Northern Santa Fe LLC, 3.00%, 04/01/2025 | $ | 776,000 | $ | 856,808 | ||||
Canadian Pacific Railway Co. (Canada), 2.90%, 02/01/2025 | 1,113,000 | 1,212,296 | ||||||
CSX Corp., 3.35%, 11/01/2025 | 974,000 | 1,104,845 | ||||||
Union Pacific Corp. | ||||||||
3.75%, 07/15/2025 | 1,059,000 | 1,206,825 | ||||||
3.25%, 08/15/2025 | 782,000 | 870,811 | ||||||
|
| |||||||
5,251,585 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-2.53% |
| |||||||
Analog Devices, Inc., 3.90%, 12/15/2025 | 1,303,000 | 1,498,646 | ||||||
Applied Materials, Inc., 3.90%, 10/01/2025 | 1,171,000 | 1,350,176 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/2025 | 1,603,000 | 1,721,114 | ||||||
Intel Corp. | ||||||||
3.40%, 03/25/2025 | 990,000 | 1,111,916 | ||||||
3.70%, 07/29/2025 | 4,184,000 | 4,771,130 | ||||||
Lam Research Corp., 3.80%, 03/15/2025 | 796,000 | 900,555 | ||||||
QUALCOMM, Inc., 3.45%, 05/20/2025 | 3,174,000 | 3,556,908 | ||||||
Texas Instruments, Inc., 1.38%, 03/12/2025 | 1,088,000 | 1,128,909 | ||||||
|
| |||||||
16,039,354 | ||||||||
|
| |||||||
Software-3.38% | ||||||||
Adobe, Inc. | ||||||||
1.90%, 02/01/2025 | 94,000 | 99,601 | ||||||
3.25%, 02/01/2025 | 1,922,000 | 2,137,620 | ||||||
Intuit, Inc., 0.95%, 07/15/2025 | 790,000 | 800,191 | ||||||
Microsoft Corp. | ||||||||
2.70%, 02/12/2025(b) | 3,918,000 | 4,279,141 | ||||||
3.13%, 11/03/2025 | 5,341,000 | 5,994,680 | ||||||
Oracle Corp. | ||||||||
2.50%, 04/01/2025 | 1,782,000 | 1,920,087 | ||||||
2.95%, 05/15/2025 | 4,495,000 | 4,935,760 | ||||||
VMware, Inc., 4.50%, 05/15/2025 | 1,088,000 | 1,242,368 | ||||||
|
| |||||||
21,409,448 | ||||||||
|
| |||||||
Specialty Retail-1.26% | ||||||||
AutoZone, Inc., 3.63%, 04/15/2025 | 690,000 | 774,889 | ||||||
Home Depot, Inc. (The), 3.35%, 09/15/2025 | 1,529,000 | 1,724,872 | ||||||
Lowe’s Cos., Inc. | ||||||||
4.00%, 04/15/2025 | 1,088,000 | 1,243,434 | ||||||
3.38%, 09/15/2025 | 1,330,000 | 1,492,136 | ||||||
Ross Stores, Inc., 4.60%, 04/15/2025 | 457,000 | 527,158 | ||||||
TJX Cos., Inc. (The), 3.50%, 04/15/2025 | 1,978,000 | 2,210,729 | ||||||
|
| |||||||
7,973,218 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-2.48% |
| |||||||
Apple, Inc. | ||||||||
2.75%, 01/13/2025 | 2,444,000 | 2,673,017 | ||||||
2.50%, 02/09/2025 | 2,275,000 | 2,470,874 | ||||||
1.13%, 05/11/2025 | 1,782,000 | 1,830,643 | ||||||
3.20%, 05/13/2025 | 3,477,000 | 3,897,311 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 4,193,000 | 4,850,409 | ||||||
|
| |||||||
15,722,254 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.61% |
| |||||||
NIKE, Inc., 2.40%, 03/27/2025 | 1,584,000 | 1,710,442 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 132 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Textiles, Apparel & Luxury Goods-(continued) |
| |||||||
Tapestry, Inc., 4.25%, 04/01/2025 | $ | 976,000 | $ | 995,615 | ||||
VF Corp., 2.40%, 04/23/2025 | 1,088,000 | 1,157,391 | ||||||
|
| |||||||
3,863,448 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-0.13% |
| |||||||
Radian Group, Inc., 6.63%, 03/15/2025 | 790,000 | 850,731 | ||||||
|
| |||||||
Tobacco-1.26% | ||||||||
Altria Group, Inc., 2.35%, 05/06/2025 | 1,088,000 | 1,156,596 | ||||||
Philip Morris International, Inc. | ||||||||
1.50%, 05/01/2025 | 592,000 | 612,829 | ||||||
3.38%, 08/11/2025 | 1,102,000 | 1,232,565 | ||||||
Reynolds American, Inc. (United Kingdom), 4.45%, 06/12/2025 | 4,340,000 | 4,945,385 | ||||||
|
| |||||||
7,947,375 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.15% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) | ||||||||
3.50%, 01/15/2025 | 2,052,000 | 1,994,102 | ||||||
6.50%, 07/15/2025(b) | 298,000 | 324,545 | ||||||
4.45%, 10/01/2025 | 1,953,000 | 1,958,674 | ||||||
Air Lease Corp. | ||||||||
3.25%, 03/01/2025 | 1,509,000 | 1,532,471 | ||||||
3.38%, 07/01/2025 | 690,000 | 703,190 | ||||||
WW Grainger, Inc., 1.85%, 02/15/2025 | 718,000 | 754,401 | ||||||
|
| |||||||
7,267,383 | ||||||||
|
| |||||||
Water Utilities-0.23% | ||||||||
American Water Capital Corp., 3.40%, 03/01/2025 | 1,311,000 | 1,454,076 | ||||||
|
| |||||||
Wireless Telecommunication Services-0.64% |
| |||||||
Rogers Communications, Inc. (Canada), 3.63%, 12/15/2025 | 1,172,000 | 1,334,967 | ||||||
Vodafone Group PLC (United Kingdom), 4.13%, 05/30/2025 | 2,373,000 | 2,724,663 | ||||||
|
| |||||||
4,059,630 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 627,343,753 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.02% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $131,824) | 131,824 | $ | 131,824 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.15% (Cost $589,480,055) | 627,475,577 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.71% | ||||||||
Invesco Private Government | 3,365,192 | 3,365,192 | ||||||
Invesco Private Prime Fund, 0.14%(c)(d)(e) | 1,121,506 | 1,121,731 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,486,923 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.86% |
| 631,962,500 | ||||||
OTHER ASSETS LESS LIABILITIES-0.14% | 871,199 | |||||||
|
| |||||||
NET ASSETS-100.00%. | $ | 632,833,699 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 535,623 | $ | 64,855,413 | $ | (65,259,212 | ) | $- | $ | - | $ | 131,824 | $ | 17,295 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 133 |
|
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)–(continued)
August 31, 2020
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 207,480 | $ | 16,117,341 | $ | (16,324,821 | ) | $ | - | $ | - | $ | - | $ | 7,930 | * | |||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 69,160 | 4,042,436 | (4,110,841 | ) | - | (755 | ) | - | 3,143 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 11,064,725 | (7,699,533 | ) | - | - | 3,365,192 | 237 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,270,381 | (1,148,682 | ) | - | 32 | 1,121,731 | 172 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 812,263 | $ | 98,350,296 | $ | (94,543,089 | ) | $ | - | $ | (723 | ) | $ | 4,618,747 | $ | 28,777 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 134 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.99% |
| |||||||
Aerospace & Defense-1.19% | ||||||||
General Dynamics Corp., 2.13%, 08/15/2026 | $ | 414,000 | $ | 446,282 | ||||
Lockheed Martin Corp., 3.55%, 01/15/2026 | 1,757,000 | 2,011,751 | ||||||
Raytheon Technologies Corp., 2.65%, 11/01/2026 | 921,000 | 1,022,829 | ||||||
|
| |||||||
3,480,862 | ||||||||
|
| |||||||
Air Freight & Logistics-0.43% | ||||||||
FedEx Corp., 3.25%, 04/01/2026 | 651,000 | 726,916 | ||||||
United Parcel Service, Inc., 2.40%, 11/15/2026 | 487,000 | 535,011 | ||||||
|
| |||||||
1,261,927 | ||||||||
|
| |||||||
Airlines-0.39% | ||||||||
Delta Air Lines, Inc., 7.38%, 01/15/2026 | 1,100,000 | 1,146,211 | ||||||
|
| |||||||
Automobiles-0.80% | ||||||||
American Honda Finance Corp., 2.30%, 09/09/2026 | 414,000 | 443,251 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.25%, 03/01/2026 | 1,110,000 | 1,263,148 | ||||||
4.00%, 10/06/2026 | 592,000 | 638,727 | ||||||
|
| |||||||
2,345,126 | ||||||||
|
| |||||||
Banks-21.38% | ||||||||
Bank of America Corp. | ||||||||
4.45%, 03/03/2026 | 1,829,000 | 2,121,630 | ||||||
3.50%, 04/19/2026 | 2,290,000 | 2,600,162 | ||||||
4.25%, 10/22/2026 | 1,806,000 | 2,093,745 | ||||||
Barclays PLC (United Kingdom), 5.20%, 05/12/2026 | 1,800,000 | 2,054,178 | ||||||
BPCE S.A. (France), 3.38%, 12/02/2026 | 550,000 | 620,502 | ||||||
Citigroup, Inc. | ||||||||
3.70%, 01/12/2026 | 1,808,000 | 2,050,524 | ||||||
4.60%, 03/09/2026 | 1,400,000 | 1,628,476 | ||||||
3.40%, 05/01/2026 | 1,800,000 | 2,021,149 | ||||||
3.20%, 10/21/2026 | 2,721,000 | 3,034,607 | ||||||
4.30%, 11/20/2026 | 958,000 | 1,106,481 | ||||||
Cooperatieve Rabobank U.A. (Netherlands), 3.75%, 07/21/2026 | 1,400,000 | 1,581,007 | ||||||
Fifth Third Bank N.A., 3.85%, 03/15/2026 | 800,000 | 918,913 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
4.30%, 03/08/2026 | 2,800,000 | 3,219,305 | ||||||
4.38%, 11/23/2026 | 1,500,000 | 1,698,495 | ||||||
JPMorgan Chase & Co. | ||||||||
3.30%, 04/01/2026 | 2,229,000 | 2,504,640 | ||||||
3.20%, 06/15/2026 | 1,579,000 | 1,768,596 | ||||||
2.95%, 10/01/2026 | 2,678,000 | 2,969,981 | ||||||
7.63%, 10/15/2026 | 451,000 | 606,017 | ||||||
4.13%, 12/15/2026 | 1,789,000 | 2,093,942 | ||||||
KeyBank N.A., 3.40%, 05/20/2026 | 800,000 | 899,676 | ||||||
Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026 | 1,300,000 | 1,478,166 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
3.85%, 03/01/2026 | 2,100,000 | 2,428,161 | ||||||
2.76%, 09/13/2026 | 800,000 | 873,086 | ||||||
Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026 | 800,000 | 878,142 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Natwest Group PLC (United Kingdom), 4.80%, 04/05/2026 | $ | 1,300,000 | $ | 1,534,357 | ||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
3.78%, 03/09/2026 | 1,386,000 | 1,590,599 | ||||||
2.63%, 07/14/2026 | 1,719,000 | 1,869,811 | ||||||
3.01%, 10/19/2026 | 1,243,000 | 1,379,607 | ||||||
Truist Bank | ||||||||
3.30%, 05/15/2026 | 800,000 | 903,875 | ||||||
3.80%, 10/30/2026 | 550,000 | 641,666 | ||||||
U.S. Bancorp | ||||||||
Series V, 2.38%, 07/22/2026 | 1,208,000 | 1,324,576 | ||||||
Series W, 3.10%, 04/27/2026 | 759,000 | 851,936 | ||||||
Wells Fargo & Co. | ||||||||
3.00%, 04/22/2026 | 3,136,000 | 3,439,686 | ||||||
4.10%, 06/03/2026 | 2,207,000 | 2,497,885 | ||||||
3.00%, 10/23/2026 | 3,184,000 | 3,509,784 | ||||||
|
| |||||||
62,793,363 | ||||||||
|
| |||||||
Beverages-2.45% | ||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium), 3.65%, 02/01/2026 | 1,444,000 | 1,630,513 | ||||||
Coca-Cola Co. (The) | ||||||||
2.55%, 06/01/2026 | 431,000 | 475,278 | ||||||
2.25%, 09/01/2026 | 888,000 | 967,431 | ||||||
Constellation Brands, Inc., 3.70%, 12/06/2026 | 448,000 | 515,745 | ||||||
Molson Coors Beverage Co., 3.00%, 07/15/2026 | 1,782,000 | 1,906,174 | ||||||
PepsiCo, Inc. | ||||||||
2.85%, 02/24/2026 | 651,000 | 722,078 | ||||||
2.38%, 10/06/2026 | 893,000 | 978,144 | ||||||
|
| |||||||
7,195,363 | ||||||||
|
| |||||||
Biotechnology-3.00% | ||||||||
AbbVie, Inc., 3.20%, 05/14/2026 | 1,778,000 | 1,979,927 | ||||||
Amgen, Inc., 2.60%, 08/19/2026 | 877,000 | 963,653 | ||||||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 2,495,000 | 2,864,287 | ||||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 | 2,665,000 | 2,988,275 | ||||||
|
| |||||||
8,796,142 | ||||||||
|
| |||||||
Building Products-0.40% | ||||||||
Johnson Controls International PLC, 3.90%, 02/14/2026 | 650,000 | 733,040 | ||||||
Masco Corp., 4.38%, 04/01/2026 | 387,000 | 454,350 | ||||||
|
| |||||||
1,187,390 | ||||||||
|
| |||||||
Capital Markets-6.85% | ||||||||
Ameriprise Financial, Inc., 2.88%, 09/15/2026 | 468,000 | 517,887 | ||||||
Ares Capital Corp., 3.88%, 01/15/2026 | 700,000 | 708,182 | ||||||
Bank of New York Mellon Corp. (The) | ||||||||
2.80%, 05/04/2026 | 681,000 | 761,224 | ||||||
2.45%, 08/17/2026 | 703,000 | 770,894 | ||||||
Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026 | 528,000 | 603,477 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 135 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Capital Markets-(continued) | ||||||||
Goldman Sachs Group, Inc. (The) | ||||||||
3.75%, 02/25/2026 | $ | 1,577,000 | $ | 1,788,001 | ||||
3.50%, 11/16/2026 | 2,495,000 | 2,785,566 | ||||||
Morgan Stanley | ||||||||
3.88%, 01/27/2026 | 2,655,000 | 3,048,058 | ||||||
3.13%, 07/27/2026 | 2,674,000 | 2,985,494 | ||||||
6.25%, 08/09/2026 | 700,000 | 902,946 | ||||||
4.35%, 09/08/2026 | 1,990,000 | 2,322,927 | ||||||
Nasdaq, Inc., 3.85%, 06/30/2026 | 643,000 | 741,248 | ||||||
Raymond James Financial, Inc., 3.63%, 09/15/2026 | 443,000 | 507,103 | ||||||
S&P Global, Inc., 4.40%, 02/15/2026 | 781,000 | 932,069 | ||||||
State Street Corp., 2.65%, 05/19/2026 | 680,000 | 753,815 | ||||||
|
| |||||||
20,128,891 | ||||||||
|
| |||||||
Chemicals-0.96% | ||||||||
Ecolab, Inc., 2.70%, 11/01/2026 | 698,000 | 784,349 | ||||||
FMC Corp., 3.20%, 10/01/2026 | 480,000 | 534,719 | ||||||
Praxair, Inc., 3.20%, 01/30/2026 | 703,000 | 789,550 | ||||||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 659,000 | 720,753 | ||||||
|
| |||||||
2,829,371 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.15% |
| |||||||
Republic Services, Inc., 2.90%, 07/01/2026 | 408,000 | 452,374 | ||||||
|
| |||||||
Communications Equipment-1.08% |
| |||||||
Cisco Systems, Inc. | ||||||||
2.95%, 02/28/2026 | 697,000 | 787,865 | ||||||
2.50%, 09/20/2026 | 1,398,000 | 1,547,992 | ||||||
Hughes Satellite Systems Corp., 5.25%, 08/01/2026 | 763,000 | 836,294 | ||||||
|
| |||||||
3,172,151 | ||||||||
|
| |||||||
Consumer Finance-0.97% | ||||||||
Capital One Financial Corp., 3.75%, 07/28/2026 | 1,377,000 | 1,512,929 | ||||||
Discover Bank, 3.45%, 07/27/2026 | 800,000 | 878,344 | ||||||
Synchrony Financial, 3.70%, 08/04/2026 | 448,000 | 467,001 | ||||||
|
| |||||||
2,858,274 | ||||||||
|
| |||||||
Containers & Packaging-0.24% | ||||||||
International Paper Co., 3.80%, 01/15/2026 | 603,000 | 688,872 | ||||||
|
| |||||||
Diversified Financial Services-1.03% |
| |||||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 2,307,000 | 2,583,309 | ||||||
Voya Financial, Inc., 3.65%, 06/15/2026 | 387,000 | 438,673 | ||||||
|
| |||||||
3,021,982 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.68% |
| |||||||
AT&T, Inc., 4.13%, 02/17/2026 | 2,380,000 | 2,752,843 | ||||||
Verizon Communications, Inc., 2.63%, 08/15/2026 | 1,983,000 | 2,187,466 | ||||||
|
| |||||||
4,940,309 | ||||||||
|
| |||||||
Electric Utilities-4.30% | ||||||||
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 | 487,000 | 520,597 | ||||||
Commonwealth Edison Co., 2.55%, 06/15/2026 | 394,000 | 429,319 | ||||||
Duke Energy Carolinas LLC, 2.95%, 12/01/2026 | 580,000 | 652,241 |
Principal Amount | Value | |||||||
Electric Utilities-(continued) | ||||||||
Duke Energy Corp., 2.65%, 09/01/2026 | $ | 1,377,000 | $ | 1,503,852 | ||||
Emera US Finance L.P. (Canada), 3.55%, 06/15/2026 | 703,000 | 788,762 | ||||||
Entergy Arkansas LLC, 3.50%, 04/01/2026 | 386,000 | 441,163 | ||||||
Entergy Corp., 2.95%, 09/01/2026 | 677,000 | 753,458 | ||||||
Exelon Corp., 3.40%, 04/15/2026 | 677,000 | 764,734 | ||||||
Fortis, Inc. (Canada), 3.06%, 10/04/2026 | 1,200,000 | 1,313,587 | ||||||
Pacific Gas and Electric Co., 3.15%, 01/01/2026(b) | 1,800,000 | 1,865,394 | ||||||
PPL Capital Funding, Inc., 3.10%, 05/15/2026 | 580,000 | 646,483 | ||||||
Southern Co. (The), 3.25%, 07/01/2026 | 1,513,000 | 1,699,016 | ||||||
Virginia Electric & Power Co., Series A, 3.15%, 01/15/2026 | 708,000 | 790,582 | ||||||
Xcel Energy, Inc., 3.35%, 12/01/2026 | 406,000 | 461,694 | ||||||
|
| |||||||
12,630,882 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.17% |
| |||||||
Avnet, Inc., 4.63%, 04/15/2026 | 448,000 | 499,538 | ||||||
|
| |||||||
Entertainment-1.41% | ||||||||
Activision Blizzard, Inc., 3.40%, 09/15/2026 | 752,000 | 862,244 | ||||||
TWDC Enterprises 18 Corp. | ||||||||
3.00%, 02/13/2026 | 688,000 | 765,944 | ||||||
1.85%, 07/30/2026 | 888,000 | 935,399 | ||||||
Walt Disney Co. (The), 1.75%, 01/13/2026 | 1,500,000 | 1,566,260 | ||||||
|
| |||||||
4,129,847 | ||||||||
|
| |||||||
Equity REITs-5.06% | ||||||||
American Tower Corp. | ||||||||
4.40%, 02/15/2026 | 442,000 | 513,897 | ||||||
3.38%, 10/15/2026 | 878,000 | 987,945 | ||||||
Boston Properties L.P. | ||||||||
3.65%, 02/01/2026 | 1,075,000 | 1,202,030 | ||||||
2.75%, 10/01/2026 | 1,005,000 | 1,087,173 | ||||||
Brixmor Operating Partnership L.P., 4.13%, 06/15/2026 | 587,000 | 638,006 | ||||||
CBRE Services, Inc., 4.88%, 03/01/2026 | 504,000 | 585,109 | ||||||
Crown Castle International Corp. | ||||||||
4.45%, 02/15/2026 | 827,000 | 960,475 | ||||||
3.70%, 06/15/2026 | 694,000 | 785,341 | ||||||
ERP Operating L.P., 2.85%, 11/01/2026 | 411,000 | 455,788 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.38%, 04/15/2026 | 910,000 | 1,011,574 | ||||||
Healthpeak Properties, Inc., 3.25%, 07/15/2026 | 577,000 | 646,840 | ||||||
Kimco Realty Corp., 2.80%, 10/01/2026 | 412,000 | 432,488 | ||||||
LifeStorage L.P., 3.50%, 07/01/2026 | 387,000 | 424,514 | ||||||
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026 | 469,000 | 515,113 | ||||||
Realty Income Corp., 4.13%, 10/15/2026 | 628,000 | 730,249 | ||||||
Sabra Health Care L.P., 5.13%, 08/15/2026 | 578,000 | 630,447 | ||||||
Simon Property Group L.P. | ||||||||
3.30%, 01/15/2026 | 766,000 | 837,888 | ||||||
3.25%, 11/30/2026 | 654,000 | 718,956 | ||||||
Ventas Realty L.P., 4.13%, 01/15/2026 | 448,000 | 503,317 | ||||||
VEREIT Operating Partnership L.P., 4.88%, 06/01/2026 | 587,000 | 655,740 | ||||||
Welltower, Inc., 4.25%, 04/01/2026 | 477,000 | 545,888 | ||||||
|
| |||||||
14,868,778 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 136 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Food & Staples Retailing-1.35% | ||||||||
Kroger Co. (The) | ||||||||
3.50%, 02/01/2026 | $ | 448,000 | $ | 505,714 | ||||
2.65%, 10/15/2026 | 642,000 | 702,841 | ||||||
Sysco Corp., 3.30%, 07/15/2026 | 839,000 | 911,714 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 | 1,681,000 | 1,849,677 | ||||||
|
| |||||||
3,969,946 | ||||||||
|
| |||||||
Food Products-1.71% | ||||||||
Archer-Daniels-Midland Co., 2.50%, 08/11/2026 | 1,090,000 | 1,188,972 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026 | 315,000 | 338,312 | ||||||
Hershey Co. (The), 2.30%, 08/15/2026 | 448,000 | 486,176 | ||||||
Ingredion, Inc., 3.20%, 10/01/2026 | 230,000 | 254,904 | ||||||
Kellogg Co., 3.25%, 04/01/2026 | 808,000 | 910,896 | ||||||
Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026 | 1,778,000 | 1,855,271 | ||||||
|
| |||||||
5,034,531 | ||||||||
|
| |||||||
Gas Utilities-0.30% | ||||||||
National Fuel Gas Co., 5.50%, 01/15/2026 | 400,000 | 439,020 | ||||||
Southern California Gas Co., Series TT, 2.60%, 06/15/2026 | 415,000 | 452,717 | ||||||
|
| |||||||
891,737 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-1.21% |
| |||||||
Abbott Laboratories, 3.75%, 11/30/2026 | 1,539,000 | 1,802,626 | ||||||
Baxter International, Inc., 2.60%, 08/15/2026 | 721,000 | 791,154 | ||||||
Stryker Corp., 3.50%, 03/15/2026 | 853,000 | 967,674 | ||||||
|
| |||||||
3,561,454 | ||||||||
|
| |||||||
Health Care Providers & Services-2.22% |
| |||||||
Cigna Corp., 4.50%, 02/25/2026 | 1,100,000 | 1,295,436 | ||||||
CVS Health Corp., 2.88%, 06/01/2026 | 1,529,000 | 1,667,897 | ||||||
HCA, Inc., 5.25%, 06/15/2026 | 1,384,000 | 1,635,374 | ||||||
Quest Diagnostics, Inc., 3.45%, 06/01/2026 | 425,000 | 482,580 | ||||||
UnitedHealth Group, Inc. | ||||||||
1.25%, 01/15/2026 | 425,000 | 436,601 | ||||||
3.10%, 03/15/2026 | 888,000 | 1,000,371 | ||||||
|
| |||||||
6,518,259 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-1.03% |
| |||||||
Marriott International, Inc., Series R, 3.13%, 06/15/2026 | 691,000 | 694,228 | ||||||
McDonald’s Corp., 3.70%, 01/30/2026 | 1,566,000 | 1,791,064 | ||||||
Starbucks Corp., 2.45%, 06/15/2026 | 501,000 | 543,999 | ||||||
|
| |||||||
3,029,291 | ||||||||
|
| |||||||
Household Durables-0.21% | ||||||||
PulteGroup, Inc., 5.50%, 03/01/2026 | 537,000 | 613,740 | ||||||
|
| |||||||
Household Products-0.48% | ||||||||
Procter & Gamble Co. (The) | ||||||||
2.70%, 02/02/2026 | 508,000 | 571,723 | ||||||
2.45%, 11/03/2026 | 751,000 | 827,684 | ||||||
|
| |||||||
1,399,407 | ||||||||
|
| |||||||
Industrial Conglomerates-0.97% | ||||||||
3M Co., 2.25%, 09/19/2026 | 580,000 | 630,980 |
Principal Amount | Value | |||||||
Industrial Conglomerates-(continued) | ||||||||
Honeywell International, Inc., 2.50%, 11/01/2026 | $ | 1,331,000 | $ | 1,467,337 | ||||
Roper Technologies, Inc., 3.80%, 12/15/2026 | 652,000 | 756,170 | ||||||
|
| |||||||
2,854,487 | ||||||||
|
| |||||||
Insurance-2.89% | ||||||||
Allstate Corp. (The), 3.28%, 12/15/2026 | 486,000 | 561,789 | ||||||
American International Group, Inc., 3.90%, 04/01/2026 | 1,318,000 | 1,508,596 | ||||||
Arch Capital Finance LLC, 4.01%, 12/15/2026 | 386,000 | 447,694 | ||||||
Chubb INA Holdings, Inc., 3.35%, 05/03/2026 | 1,371,000 | 1,569,601 | ||||||
CNA Financial Corp., 4.50%, 03/01/2026 | 387,000 | 454,935 | ||||||
Loews Corp., 3.75%, 04/01/2026 | 576,000 | 654,339 | ||||||
Manulife Financial Corp. (Canada), 4.15%, 03/04/2026 | 861,000 | 1,020,247 | ||||||
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 548,000 | 630,538 | ||||||
Old Republic International Corp., 3.88%, 08/26/2026 | 509,000 | 565,449 | ||||||
Prudential Financial, Inc., 1.50%, 03/10/2026 | 418,000 | 436,943 | ||||||
Trinity Acquisition PLC, 4.40%, 03/15/2026 | 548,000 | 632,881 | ||||||
|
| |||||||
8,483,012 | ||||||||
|
| |||||||
Interactive Media & Services-0.67% | ||||||||
Alphabet, Inc., 2.00%, 08/15/2026 | 1,840,000 | 1,978,934 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-0.62% |
| |||||||
Booking Holdings, Inc., 3.60%, 06/01/2026 | 945,000 | 1,061,688 | ||||||
Expedia Group, Inc., 5.00%, 02/15/2026 | 714,000 | 752,498 | ||||||
|
| |||||||
1,814,186 | ||||||||
|
| |||||||
IT Services-2.75% | ||||||||
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 | 467,000 | 525,025 | ||||||
Fidelity National Information Services, Inc., 3.00%, 08/15/2026 | 1,085,000 | 1,214,491 | ||||||
Fiserv, Inc., 3.20%, 07/01/2026 | 1,908,000 | 2,141,306 | ||||||
Global Payments, Inc., 4.80%, 04/01/2026 | 672,000 | 792,794 | ||||||
International Business Machines Corp., 3.45%, 02/19/2026 | 1,200,000 | 1,366,374 | ||||||
Mastercard, Inc., 2.95%, 11/21/2026 | 705,000 | 797,636 | ||||||
PayPal Holdings, Inc., 2.65%, 10/01/2026 | 1,117,000 | 1,225,003 | ||||||
|
| |||||||
8,062,629 | ||||||||
|
| |||||||
Leisure Products-0.25% | ||||||||
Hasbro, Inc., 3.55%, 11/19/2026 | 689,000 | 728,567 | ||||||
|
| |||||||
Life Sciences Tools & Services-0.42% |
| |||||||
Thermo Fisher Scientific, Inc., 2.95%, 09/19/2026 | 1,088,000 | 1,218,122 | ||||||
|
| |||||||
Machinery-1.28% | ||||||||
Fortive Corp., 3.15%, 06/15/2026 | 815,000 | 902,437 | ||||||
Illinois Tool Works, Inc., 2.65%, 11/15/2026 | 875,000 | 973,361 | ||||||
John Deere Capital Corp., 2.65%, 06/10/2026 | 481,000 | 534,043 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 137 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Machinery-(continued) | ||||||||
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/2026 | $ | 614,000 | $ | 650,172 | ||||
Xylem, Inc., 3.25%, 11/01/2026 | 626,000 | 703,331 | ||||||
|
| |||||||
3,763,344 | ||||||||
|
| |||||||
Media-1.96% | ||||||||
Comcast Corp., 3.15%, 03/01/2026 | 1,969,000 | 2,210,696 | ||||||
Discovery Communications LLC, 4.90%, 03/11/2026 | 675,000 | 793,804 | ||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | 1,421,000 | 1,602,528 | ||||||
ViacomCBS, Inc. | ||||||||
4.00%, 01/15/2026 | 848,000 | 958,517 | ||||||
3.45%, 10/04/2026 | 166,000 | 176,328 | ||||||
|
| |||||||
5,741,873 | ||||||||
|
| |||||||
Multiline Retail-0.35% | ||||||||
Target Corp., 2.50%, 04/15/2026 | 938,000 | 1,029,591 | ||||||
|
| |||||||
Multi-Utilities-0.40% | ||||||||
DTE Energy Co., 2.85%, 10/01/2026 | 596,000 | 651,577 | ||||||
San Diego Gas & Electric Co., 2.50%, 05/15/2026 | 489,000 | 530,096 | ||||||
|
| |||||||
1,181,673 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.45% | ||||||||
Boardwalk Pipelines L.P., 5.95%, 06/01/2026 | 487,000 | 568,254 | ||||||
Chevron Corp., 2.95%, 05/16/2026 | 2,007,000 | 2,236,552 | ||||||
ConocoPhillips, 4.95%, 03/15/2026 | 1,151,000 | 1,388,056 | ||||||
Diamondback Energy, Inc., 3.25%, 12/01/2026 | 827,000 | 849,767 | ||||||
Enbridge, Inc. (Canada), 4.25%, 12/01/2026 | 555,000 | 642,563 | ||||||
Energy Transfer Operating L.P., 4.75%, 01/15/2026 | 878,000 | 959,000 | ||||||
Enterprise Products Operating LLC, 3.70%, 02/15/2026 | 815,000 | 924,060 | ||||||
EOG Resources, Inc., 4.15%, 01/15/2026 | 708,000 | 820,734 | ||||||
Equinor ASA (Norway), 1.75%, 01/22/2026 | 700,000 | 734,096 | ||||||
Exxon Mobil Corp. | ||||||||
3.04%, 03/01/2026 | 2,276,000 | 2,537,312 | ||||||
2.28%, 08/16/2026 | 898,000 | 977,315 | ||||||
HollyFrontier Corp., 5.88%, 04/01/2026 | 926,000 | 1,019,256 | ||||||
Jagged Peak Energy LLC, 5.88%, 05/01/2026 | 427,000 | 436,806 | ||||||
Magellan Midstream Partners L.P., 5.00%, 03/01/2026 | 548,000 | 640,079 | ||||||
Newfield Exploration Co., 5.38%, 01/01/2026 | 697,000 | 693,000 | ||||||
ONEOK, Inc., 5.85%, 01/15/2026 | 600,000 | 692,553 | ||||||
Phillips 66 Partners L.P., 3.55%, 10/01/2026 | 607,000 | 659,199 | ||||||
Pioneer Natural Resources Co., 4.45%, 01/15/2026 | 401,000 | 466,633 | ||||||
Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026 | 650,000 | 707,688 | ||||||
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 1,342,000 | 1,615,187 | ||||||
Shell International Finance B.V. (Netherlands) | ||||||||
2.88%, 05/10/2026 | 1,521,000 | 1,696,049 | ||||||
2.50%, 09/12/2026 | 891,000 | 979,204 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Spectra Energy Partners L.P., 3.38%, 10/15/2026 | $ | 568,000 | $ | 626,465 | ||||
Sunoco Logistics Partners Operations L.P., 3.90%, 07/15/2026 | 511,000 | 536,498 | ||||||
TransCanada PipeLines Ltd. (Canada), 4.88%, 01/15/2026 | 728,000 | 866,110 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026 | 878,000 | 1,149,312 | ||||||
Valero Energy Corp., 3.40%, 09/15/2026 | 1,135,000 | 1,252,737 | ||||||
Valero Energy Partners L.P., 4.38%, 12/15/2026 | 486,000 | 559,809 | ||||||
WPX Energy, Inc., 5.75%, 06/01/2026 | 500,000 | 511,413 | ||||||
|
| |||||||
27,745,707 | ||||||||
|
| |||||||
Personal Products-0.99% | ||||||||
Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026 | 2,703,000 | 2,896,619 | ||||||
|
| |||||||
Pharmaceuticals-2.80% | ||||||||
Johnson & Johnson, 2.45%, 03/01/2026 | 1,769,000 | 1,945,092 | ||||||
Mylan N.V., 3.95%, 06/15/2026 | 2,060,000 | 2,334,864 | ||||||
Perrigo Finance Unlimited Co., 4.38%, 03/15/2026 | 800,000 | 902,103 | ||||||
Pfizer, Inc. | ||||||||
2.75%, 06/03/2026 | 1,132,000 | 1,264,548 | ||||||
3.00%, 12/15/2026 | 1,559,000 | 1,778,845 | ||||||
|
| |||||||
8,225,452 | ||||||||
|
| |||||||
Professional Services-0.18% | ||||||||
Thomson Reuters Corp. (Canada), 3.35%, 05/15/2026 | 481,000 | 535,591 | ||||||
|
| |||||||
Road & Rail-0.85% | ||||||||
Canadian National Railway Co. (Canada), 2.75%, 03/01/2026 | 451,000 | 496,155 | ||||||
CSX Corp., 2.60%, 11/01/2026 | 620,000 | 677,571 | ||||||
Norfolk Southern Corp., 2.90%, 06/15/2026 | 607,000 | 675,901 | ||||||
Union Pacific Corp., 2.75%, 03/01/2026 | 594,000 | 650,636 | ||||||
|
| |||||||
2,500,263 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-1.00% |
| |||||||
Analog Devices, Inc., 3.50%, 12/05/2026 | 816,000 | 929,417 | ||||||
Intel Corp., 2.60%, 05/19/2026(b) | 859,000 | 946,123 | ||||||
NVIDIA Corp., 3.20%, 09/16/2026 | 945,000 | 1,070,337 | ||||||
|
| |||||||
2,945,877 | ||||||||
|
| |||||||
Software-2.43% | ||||||||
Microsoft Corp., 2.40%, 08/08/2026 | 3,769,000 | 4,123,270 | ||||||
Oracle Corp., 2.65%, 07/15/2026 | 2,729,000 | 2,997,323 | ||||||
|
| |||||||
7,120,593 | ||||||||
|
| |||||||
Specialty Retail-1.73% | ||||||||
Home Depot, Inc. (The) | ||||||||
3.00%, 04/01/2026 | 1,163,000 | 1,309,930 | ||||||
2.13%, 09/15/2026 | 860,000 | 929,638 | ||||||
Lowe’s Cos., Inc., 2.50%, 04/15/2026 | 1,238,000 | 1,348,487 | ||||||
O’Reilly Automotive, Inc., 3.55%, 03/15/2026 | 487,000 | 556,393 | ||||||
TJX Cos., Inc. (The), 2.25%, 09/15/2026 | 878,000 | 939,253 | ||||||
|
| |||||||
5,083,701 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 138 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Technology Hardware, Storage & Peripherals-3.31% |
| |||||||
Apple, Inc. | ||||||||
3.25%, 02/23/2026 | $ | 2,909,000 | $ | 3,290,813 | ||||
2.45%, 08/04/2026 | 2,041,000 | 2,234,862 | ||||||
2.05%, 09/11/2026 | 1,808,000 | 1,946,186 | ||||||
Western Digital Corp., 4.75%, 02/15/2026(b) | 2,070,000 | 2,242,617 | ||||||
|
| |||||||
9,714,478 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.32% |
| |||||||
NIKE, Inc., 2.38%, 11/01/2026 | 868,000 | 946,847 | ||||||
|
| |||||||
Tobacco-0.74% | ||||||||
Altria Group, Inc., 2.63%, 09/16/2026 | 433,000 | 468,385 | ||||||
BAT Capital Corp. (United Kingdom), 3.22%, 09/06/2026 | 898,000 | 975,882 | ||||||
Philip Morris International, Inc., 2.75%, 02/25/2026 | 648,000 | 713,940 | ||||||
|
| |||||||
2,158,207 | ||||||||
|
| |||||||
Wireless Telecommunication Services-0.18% |
| |||||||
Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026 | 487,000 | 538,541 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 290,714,312 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.19% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) | 550,632 | 550,632 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 291,264,944 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.82% |
| |||||||
Invesco Private Government Fund, | 1,816,835 | $ | 1,816,835 | |||||
Invesco Private Prime Fund, | 605,491 | 605,612 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,422,447 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.00% |
| 293,687,391 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.00)% |
| (5,272 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 293,682,119 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 241,664 | $ | 32,524,119 | $ | (32,215,151 | ) | $ | - | $ | - | $ | 550,632 | $ | 9,686 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 877,162 | 8,009,807 | (8,886,969 | ) | - | - | - | 4,199 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 292,391 | 2,030,128 | (2,322,354 | ) | - | (165 | ) | - | 1,611 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 139 |
|
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)–(continued)
August 31, 2020
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 10,883,193 | $ | (9,066,358 | ) | $ | - | $ | - | $ | 1,816,835 | $ | 127 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 2,690,249 | (2,084,637 | ) | - | - | 605,612 | 98 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,411,217 | $ | 56,137,496 | $ | (54,575,469 | ) | $ | - | $ | (165 | ) | $ | 2,973,079 | $ | 15,721 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 140 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.00% |
| |||||||
Aerospace & Defense-2.49% | ||||||||
Boeing Co. (The), 5.04%, 05/01/2027 | $ | 1,600,000 | $ | 1,764,337 | ||||
General Dynamics Corp. | ||||||||
3.50%, 04/01/2027 | 600,000 | 687,758 | ||||||
2.63%, 11/15/2027 | 437,000 | 479,885 | ||||||
Howmet Aerospace, Inc., 5.90%, 02/01/2027 | 416,000 | 471,007 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027 | 506,000 | 553,085 | ||||||
Northrop Grumman Corp., 3.20%, 02/01/2027 | 785,000 | 887,079 | ||||||
Raytheon Technologies Corp., 3.13%, 05/04/2027 | 826,000 | 916,516 | ||||||
|
| |||||||
5,759,667 | ||||||||
|
| |||||||
Air Freight & Logistics-0.35% | ||||||||
United Parcel Service, Inc., 3.05%, 11/15/2027 | 712,000 | 807,337 | ||||||
|
| |||||||
Airlines-0.50% | ||||||||
Southwest Airlines Co., 5.13%, 06/15/2027 | 1,050,000 | 1,147,647 | ||||||
|
| |||||||
Auto Components-0.68% | ||||||||
BorgWarner, Inc., 2.65%, 07/01/2027 | 900,000 | 954,991 | ||||||
Lear Corp., 3.80%, 09/15/2027 | 578,000 | 618,033 | ||||||
|
| |||||||
1,573,024 | ||||||||
|
| |||||||
Automobiles-1.93% | ||||||||
American Honda Finance Corp., 2.35%, 01/08/2027 | 406,000 | 434,963 | ||||||
General Motors Co. | ||||||||
4.20%, 10/01/2027 | 585,000 | 623,033 | ||||||
6.80%, 10/01/2027 | 800,000 | 979,528 | ||||||
General Motors Financial Co., Inc., 4.35%, 01/17/2027 | 1,124,000 | 1,219,944 | ||||||
Toyota Motor Credit Corp. | ||||||||
3.20%, 01/11/2027 | 623,000 | 701,835 | ||||||
1.15%, 08/13/2027 | 500,000 | 501,030 | ||||||
|
| |||||||
4,460,333 | ||||||||
|
| |||||||
Banks-11.63% | ||||||||
Banco Santander S.A. (Spain), 4.25%, 04/11/2027 | 600,000 | 678,909 | ||||||
Bank of America Corp. | ||||||||
3.25%, 10/21/2027 | 2,032,000 | 2,263,875 | ||||||
Series L, 4.18%, 11/25/2027 | 1,563,000 | 1,804,722 | ||||||
Citigroup, Inc., 4.45%, 09/29/2027 | 2,986,000 | 3,473,470 | ||||||
Fifth Third Bancorp, 2.55%, 05/05/2027 | 600,000 | 650,957 | ||||||
Fifth Third Bank, 2.25%, 02/01/2027 | 400,000 | 428,563 | ||||||
JPMorgan Chase & Co. | ||||||||
8.00%, 04/29/2027 | 409,000 | 566,667 | ||||||
4.25%, 10/01/2027 | 1,161,000 | 1,358,130 | ||||||
3.63%, 12/01/2027 | 913,000 | 1,028,284 | ||||||
KeyCorp, 2.25%, 04/06/2027 | 600,000 | 635,643 | ||||||
Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027 | 850,000 | 957,998 | ||||||
Manufacturers and Traders Trust Co., 3.40%, 08/17/2027 | 250,000 | 279,171 |
Principal Amount | Value | |||||||
Banks-(continued) | ||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||
3.68%, 02/22/2027 | $ | 712,000 | $ | 812,248 | ||||
3.29%, 07/25/2027 | 812,000 | 911,549 | ||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||
3.66%, 02/28/2027 | 400,000 | 451,120 | ||||||
3.17%, 09/11/2027 | 900,000 | 999,990 | ||||||
PNC Bank N.A., 3.10%, 10/25/2027 | 900,000 | 1,025,410 | ||||||
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027 | 418,000 | 471,132 | ||||||
Santander Holdings USA, Inc., 4.40%, 07/13/2027 | 712,000 | 795,313 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||
3.45%, 01/11/2027 | 1,067,000 | 1,198,052 | ||||||
3.36%, 07/12/2027 | 1,329,000 | 1,487,860 | ||||||
3.35%, 10/18/2027 | 607,000 | 673,691 | ||||||
Truist Financial Corp., 1.13%, 08/03/2027 | 600,000 | 599,634 | ||||||
U.S. Bancorp, Series X, 3.15%, 04/27/2027 | 1,010,000 | 1,145,854 | ||||||
Wells Fargo & Co., 4.30%, 07/22/2027 | 1,946,000 | 2,244,578 | ||||||
|
| |||||||
26,942,820 | ||||||||
|
| |||||||
Beverages-2.12% | ||||||||
Coca-Cola Co. (The) | ||||||||
3.38%, 03/25/2027 | 820,000 | 947,477 | ||||||
2.90%, 05/25/2027 | 431,000 | 485,905 | ||||||
1.45%, 06/01/2027 | 1,145,000 | 1,185,920 | ||||||
Constellation Brands, Inc., 3.50%, 05/09/2027 | 331,000 | 370,800 | ||||||
PepsiCo, Inc. | ||||||||
2.63%, 03/19/2027 | 400,000 | 442,256 | ||||||
3.00%, 10/15/2027 | 1,299,000 | 1,472,899 | ||||||
|
| |||||||
4,905,257 | ||||||||
|
| |||||||
Biotechnology-1.46% | ||||||||
Amgen, Inc. | ||||||||
2.20%, 02/21/2027 | 1,366,000 | 1,452,084 | ||||||
3.20%, 11/02/2027 | 755,000 | 853,120 | ||||||
Gilead Sciences, Inc., 2.95%, 03/01/2027 | 955,000 | 1,070,350 | ||||||
|
| |||||||
3,375,554 | ||||||||
|
| |||||||
Capital Markets-5.43% | ||||||||
Bank of New York Mellon Corp. (The), 3.25%, 05/16/2027 | 765,000 | 868,739 | ||||||
BlackRock, Inc., 3.20%, 03/15/2027 | 510,000 | 579,201 | ||||||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 542,000 | 621,835 | ||||||
Charles Schwab Corp. (The), 3.20%, 03/02/2027 | 418,000 | 469,808 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
5.95%, 01/15/2027 | 735,000 | 911,257 | ||||||
3.85%, 01/26/2027 | 2,269,000 | 2,587,625 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.85%, 01/15/2027 | 778,000 | 884,990 | ||||||
Morgan Stanley | ||||||||
3.63%, 01/20/2027 | 2,343,000 | 2,678,965 | ||||||
3.95%, 04/23/2027 | 1,570,000 | 1,785,930 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 141 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Capital Markets-(continued) | ||||||||
S&P Global, Inc., 2.95%, 01/22/2027 | $ | 437,000 | $ | 487,204 | ||||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 | 620,000 | 701,729 | ||||||
|
| |||||||
12,577,283 | ||||||||
|
| |||||||
Chemicals-1.67% | ||||||||
Air Products and Chemicals, Inc., 1.85%, 05/15/2027 | 500,000 | 528,339 | ||||||
Ecolab, Inc., 3.25%, 12/01/2027 | 330,000 | 372,508 | ||||||
LYB International Finance II B.V., 3.50%, 03/02/2027 | 823,000 | 914,914 | ||||||
Mosaic Co. (The), 4.05%, 11/15/2027 | 515,000 | 571,815 | ||||||
Sherwin-Williams Co. (The), 3.45%, 06/01/2027 | 1,294,000 | 1,470,568 | ||||||
|
| |||||||
3,858,144 | ||||||||
|
| |||||||
Commercial Services & Supplies-1.03% |
| |||||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 855,000 | 977,713 | ||||||
Republic Services, Inc., 3.38%, 11/15/2027 | 514,000 | 584,501 | ||||||
Waste Management, Inc., 3.15%, 11/15/2027 | 736,000 | 822,065 | ||||||
|
| |||||||
2,384,279 | ||||||||
|
| |||||||
Communications Equipment-0.16% |
| |||||||
Nokia OYJ (Finland), 4.38%, 06/12/2027 | 332,000 | 363,996 | ||||||
|
| |||||||
Construction Materials-0.20% |
| |||||||
Martin Marietta Materials, Inc., 3.50%, 12/15/2027 | 414,000 | 464,232 | ||||||
|
| |||||||
Consumer Finance-2.40% |
| |||||||
American Express Credit Corp., 3.30%, 05/03/2027 | 1,676,000 | 1,916,817 | ||||||
Capital One Financial Corp. | ||||||||
3.75%, 03/09/2027 | 1,125,000 | 1,250,142 | ||||||
3.65%, 05/11/2027 | 750,000 | 836,378 | ||||||
Discover Financial Services, 4.10%, 02/09/2027 | 623,000 | 694,745 | ||||||
Synchrony Financial, 3.95%, 12/01/2027 | 823,000 | 868,714 | ||||||
|
| |||||||
5,566,796 | ||||||||
|
| |||||||
Containers & Packaging-0.51% |
| |||||||
International Paper Co., 3.00%, 02/15/2027 | 623,000 | 686,966 | ||||||
Packaging Corp. of America, 3.40%, 12/15/2027 | 433,000 | 486,866 | ||||||
|
| |||||||
1,173,832 | ||||||||
|
| |||||||
Diversified Financial Services-0.19% |
| |||||||
ORIX Corp. (Japan), 3.70%, 07/18/2027 | 392,000 | 442,550 | ||||||
|
| |||||||
Diversified Telecommunication Services-4.38% |
| |||||||
AT&T, Inc. | ||||||||
3.80%, 02/15/2027 | 640,000 | 731,144 | ||||||
4.25%, 03/01/2027 | 1,644,000 | 1,928,329 | ||||||
2.30%, 06/01/2027 | 1,100,000 | 1,169,411 | ||||||
Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027 | 1,300,000 | 1,489,684 | ||||||
TELUS Corp. (Canada) | ||||||||
2.80%, 02/16/2027 | 474,000 | 507,940 | ||||||
3.70%, 09/15/2027 | 417,000 | 472,434 |
Principal Amount | Value | |||||||
Diversified Telecommunication Services-(continued) |
| |||||||
Verizon Communications, Inc. | ||||||||
4.13%, 03/16/2027 | $ | 2,701,000 | $ | 3,198,402 | ||||
3.00%, 03/22/2027 | 575,000 | 643,342 | ||||||
|
| |||||||
10,140,686 | ||||||||
|
| |||||||
Electric Utilities-2.92% | ||||||||
American Electric Power Co., Inc., 3.20%, 11/13/2027 | 434,000 | 478,545 | ||||||
Duke Energy Corp., 3.15%, 08/15/2027 | 615,000 | 684,882 | ||||||
Duke Energy Florida LLC, 3.20%, 01/15/2027 | 518,000 | 585,766 | ||||||
Edison International, 5.75%, 06/15/2027 | 569,000 | 646,964 | ||||||
FirstEnergy Corp., Series B, 3.90%, 07/15/2027 | 1,347,000 | 1,480,455 | ||||||
ITC Holdings Corp., 3.35%, 11/15/2027 | 334,000 | 375,318 | ||||||
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027 | 1,119,000 | 1,286,010 | ||||||
NSTAR Electric Co., 3.20%, 05/15/2027 | 515,000 | 581,263 | ||||||
Virginia Electric & Power Co., Series A, 3.50%, 03/15/2027 | 572,000 | 651,759 | ||||||
|
| |||||||
6,770,962 | ||||||||
|
| |||||||
Electrical Equipment-0.43% | ||||||||
Eaton Corp., 3.10%, 09/15/2027 | 518,000 | 577,546 | ||||||
Emerson Electric Co., 1.80%, 10/15/2027 | 400,000 | 421,237 | ||||||
|
| |||||||
998,783 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.32% |
| |||||||
Keysight Technologies, Inc., 4.60%, 04/06/2027 | 631,000 | 744,255 | ||||||
|
| |||||||
Energy Equipment & Services-0.47% |
| |||||||
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 | 998,000 | 1,089,770 | ||||||
|
| |||||||
Entertainment-0.59% | ||||||||
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027(b) | 823,000 | 914,158 | ||||||
Walt Disney Co. (The), 3.70%, 03/23/2027 | 400,000 | 463,461 | ||||||
|
| |||||||
1,377,619 | ||||||||
|
| |||||||
Equity REITs-3.99% | ||||||||
American Tower Corp. | ||||||||
2.75%, 01/15/2027 | 569,000 | 619,914 | ||||||
3.55%, 07/15/2027 | 718,000 | 810,882 | ||||||
Crown Castle International Corp. | ||||||||
4.00%, 03/01/2027 | 391,000 | 450,269 | ||||||
3.65%, 09/01/2027 | 823,000 | 933,913 | ||||||
Digital Realty Trust L.P., 3.70%, 08/15/2027 | 821,000 | 938,753 | ||||||
Healthcare Trust of America Holdings L.P., 3.75%, 07/01/2027 | 417,000 | 455,595 | ||||||
Mid-America Apartments L.P., 3.60%, 06/01/2027 | 606,000 | 681,882 | ||||||
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027 | 631,000 | 670,450 | ||||||
Public Storage, 3.09%, 09/15/2027 | 393,000 | 445,879 | ||||||
Realty Income Corp., 3.00%, 01/15/2027 | 418,000 | 452,748 | ||||||
Regency Centers L.P., 3.60%, 02/01/2027 | 418,000 | 448,818 | ||||||
Simon Property Group L.P. | ||||||||
3.38%, 06/15/2027 | 735,000 | 792,431 | ||||||
3.38%, 12/01/2027 | 606,000 | 655,692 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 142 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Equity REITs-(continued) | ||||||||
VEREIT Operating Partnership L.P., 3.95%, 08/15/2027 | $ | 418,000 | $ | 448,991 | ||||
Welltower, Inc., 2.70%, 02/15/2027 | 406,000 | 432,365 | ||||||
|
| |||||||
9,238,582 | ||||||||
|
| |||||||
Food & Staples Retailing-1.49% | ||||||||
Costco Wholesale Corp. | ||||||||
3.00%, 05/18/2027 | 784,000 | 884,002 | ||||||
1.38%, 06/20/2027 | 950,000 | 972,470 | ||||||
Kroger Co. (The), 3.70%, 08/01/2027 | 417,000 | 483,857 | ||||||
Sysco Corp., 3.25%, 07/15/2027 | 620,000 | 668,828 | ||||||
Walmart, Inc., 5.88%, 04/05/2027 | 330,000 | 431,830 | ||||||
|
| |||||||
3,440,987 | ||||||||
|
| |||||||
Food Products-1.63% | ||||||||
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 418,000 | 454,871 | ||||||
General Mills, Inc., 3.20%, 02/10/2027 | 615,000 | 691,291 | ||||||
JM Smucker Co. (The), 3.38%, 12/15/2027 | 333,000 | 371,177 | ||||||
Kellogg Co., 3.40%, 11/15/2027 | 418,000 | 471,017 | ||||||
McCormick & Co., Inc., 3.40%, 08/15/2027 | 515,000 | 582,292 | ||||||
Tyson Foods, Inc., 3.55%, 06/02/2027 | 1,065,000 | 1,207,102 | ||||||
|
| |||||||
3,777,750 | ||||||||
|
| |||||||
Gas Utilities-0.16% | ||||||||
Atmos Energy Corp., 3.00%, 06/15/2027 | 335,000 | 372,988 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.66% |
| |||||||
Becton, Dickinson and Co., 3.70%, 06/06/2027 | 1,356,000 | 1,539,047 | ||||||
|
| |||||||
Health Care Providers & Services-5.44% |
| |||||||
AmerisourceBergen Corp., 3.45%, 12/15/2027 | 615,000 | 705,862 | ||||||
Anthem, Inc., 3.65%, 12/01/2027 | 1,238,000 | 1,422,605 | ||||||
Cardinal Health, Inc., 3.41%, 06/15/2027 | 1,125,000 | 1,261,657 | ||||||
Centene Corp., 4.25%, 12/15/2027 | 1,900,000 | 1,989,898 | ||||||
Cigna Corp. | ||||||||
3.40%, 03/01/2027 | 1,000,000 | 1,121,431 | ||||||
3.05%, 10/15/2027 | 400,000 | 444,039 | ||||||
CVS Health Corp., 3.63%, 04/01/2027 | 550,000 | 624,793 | ||||||
HCA, Inc., 4.50%, 02/15/2027 | 1,019,000 | 1,165,351 | ||||||
Humana, Inc., 3.95%, 03/15/2027 | 417,000 | 480,531 | ||||||
Kaiser Foundation Hospitals, 3.15%, 05/01/2027 | 331,000 | 372,187 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027 | 418,000 | 477,420 | ||||||
SSM Health Care Corp., Series A, 3.82%, 06/01/2027 | 417,000 | 459,511 | ||||||
UnitedHealth Group, Inc. | ||||||||
3.45%, 01/15/2027 | 584,000 | 670,500 | ||||||
3.38%, 04/15/2027 | 518,000 | 592,447 | ||||||
2.95%, 10/15/2027 | 723,000 | 812,381 | ||||||
|
| |||||||
12,600,613 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-1.15% |
| |||||||
Darden Restaurants, Inc., 3.85%, 05/01/2027 | 330,000 | 340,741 |
Principal Amount | Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
| |||||||
McDonald’s Corp. | ||||||||
3.50%, 03/01/2027 | $ | 841,000 | $ | 954,872 | ||||
3.50%, 07/01/2027 | 815,000 | 933,122 | ||||||
Starbucks Corp., 2.00%, 03/12/2027 | 410,000 | 430,746 | ||||||
|
| |||||||
2,659,481 | ||||||||
|
| |||||||
Household Durables-0.75% | ||||||||
Leggett & Platt, Inc., 3.50%, 11/15/2027 | 334,000 | 350,875 | ||||||
Lennar Corp., 4.75%, 11/29/2027 | 715,000 | 815,994 | ||||||
PulteGroup, Inc., 5.00%, 01/15/2027 | 501,000 | 572,392 | ||||||
|
| |||||||
1,739,261 | ||||||||
|
| |||||||
Household Products-0.55% | ||||||||
Procter & Gamble Co. (The) | ||||||||
2.80%, 03/25/2027 | 400,000 | 448,693 | ||||||
2.85%, 08/11/2027 | 718,000 | 816,565 | ||||||
|
| |||||||
1,265,258 | ||||||||
|
| |||||||
Industrial Conglomerates-0.85% | ||||||||
3M Co., 2.88%, 10/15/2027 | 615,000 | 692,500 | ||||||
Carlisle Cos., Inc., 3.75%, 12/01/2027 | 418,000 | 471,070 | ||||||
General Electric Co., 3.45%, 05/01/2027 | 770,000 | 814,253 | ||||||
|
| |||||||
1,977,823 | ||||||||
|
| |||||||
Insurance-1.56% | ||||||||
American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 330,000 | 360,910 | ||||||
Aon Corp., 8.21%, 01/01/2027 | 400,000 | 517,147 | ||||||
Brighthouse Financial, Inc., 3.70%, 06/22/2027 | 1,304,000 | 1,373,149 | ||||||
CNA Financial Corp., 3.45%, 08/15/2027 | 431,000 | 476,667 | ||||||
Manulife Financial Corp. (Canada), 2.48%, 05/19/2027 | 400,000 | 431,680 | ||||||
Progressive Corp. (The), 2.45%, 01/15/2027 | 407,000 | 442,518 | ||||||
|
| |||||||
3,602,071 | ||||||||
|
| |||||||
Interactive Media & Services-0.06% | ||||||||
Alphabet, Inc., 0.80%, 08/15/2027 | 150,000 | 150,109 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-2.57% |
| |||||||
Amazon.com, Inc. | ||||||||
1.20%, 06/03/2027 | 1,000,000 | 1,022,010 | ||||||
3.15%, 08/22/2027 | 2,854,000 | 3,268,389 | ||||||
Booking Holdings, Inc., 4.50%, 04/13/2027 | 600,000 | 707,835 | ||||||
eBay, Inc., 3.60%, 06/05/2027 | 841,000 | 951,828 | ||||||
|
| |||||||
5,950,062 | ||||||||
|
| |||||||
IT Services-2.13% | ||||||||
Fiserv, Inc., 2.25%, 06/01/2027 | 800,000 | 850,131 | ||||||
International Business Machines Corp. | ||||||||
3.30%, 01/27/2027 | 400,000 | 453,621 | ||||||
1.70%, 05/15/2027 | 900,000 | 933,932 | ||||||
Mastercard, Inc., 3.30%, 03/26/2027 | 800,000 | 919,386 | ||||||
Visa, Inc. | ||||||||
1.90%, 04/15/2027 | 1,117,000 | 1,184,889 | ||||||
2.75%, 09/15/2027 | 540,000 | 601,351 | ||||||
|
| |||||||
4,943,310 | ||||||||
|
| |||||||
Leisure Products-0.15% | ||||||||
Hasbro, Inc., 3.50%, 09/15/2027 | 339,000 | 350,703 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 143 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Life Sciences Tools & Services-0.30% |
| |||||||
Thermo Fisher Scientific, Inc., 3.20%, 08/15/2027 | $ | 615,000 | $ | 694,811 | ||||
|
| |||||||
Machinery-0.82% | ||||||||
CNH Industrial N.V. (United Kingdom), 3.85%, 11/15/2027 | 432,000 | 468,872 | ||||||
John Deere Capital Corp. | ||||||||
1.75%, 03/09/2027 | 363,000 | 380,557 | ||||||
2.80%, 09/08/2027 | 436,000 | 487,640 | ||||||
Parker-Hannifin Corp., 3.25%, 03/01/2027 | 518,000 | 572,896 | ||||||
|
| |||||||
1,909,965 | ||||||||
|
| |||||||
Media-1.56% | ||||||||
Comcast Corp. | ||||||||
2.35%, 01/15/2027 | 1,183,000 | 1,272,840 | ||||||
3.30%, 02/01/2027 | 969,000 | 1,095,273 | ||||||
3.30%, 04/01/2027 | 600,000 | 684,037 | ||||||
ViacomCBS, Inc., 2.90%, 01/15/2027 | 518,000 | 560,317 | ||||||
|
| |||||||
3,612,467 | ||||||||
|
| |||||||
Multiline Retail-0.26% | ||||||||
Dollar General Corp., 3.88%, 04/15/2027 | 516,000 | 596,336 | ||||||
|
| |||||||
Multi-Utilities-0.90% | ||||||||
DTE Energy Co., 3.80%, 03/15/2027 | 418,000 | 471,597 | ||||||
NiSource, Inc., 3.49%, 05/15/2027 | 823,000 | 931,532 | ||||||
Sempra Energy, 3.25%, 06/15/2027 | 615,000 | 683,397 | ||||||
|
| |||||||
2,086,526 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-8.12% | ||||||||
Boardwalk Pipelines L.P., 4.45%, 07/15/2027 | 521,000 | 569,602 | ||||||
BP Capital Markets America, Inc., 3.54%, 04/06/2027 | 400,000 | 451,640 | ||||||
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027 | 1,279,000 | 1,431,145 | ||||||
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027 | 1,104,000 | 1,194,988 | ||||||
Cenovus Energy, Inc. (Canada), 4.25%, 04/15/2027 | 730,000 | 694,752 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 1,138,000 | 1,282,761 | ||||||
Chevron Corp., 2.00%, 05/11/2027 | 785,000 | 832,650 | ||||||
Chevron USA, Inc., 1.02%, 08/12/2027 | 600,000 | 599,527 | ||||||
Cimarex Energy Co., 3.90%, 05/15/2027 | 718,000 | 740,423 | ||||||
Concho Resources, Inc., 3.75%, 10/01/2027 | 823,000 | 904,128 | ||||||
Enable Midstream Partners L.P., 4.40%, 03/15/2027 | 518,000 | 509,228 | ||||||
Enbridge, Inc. (Canada), 3.70%, 07/15/2027 | 543,000 | 607,122 | ||||||
Energy Transfer Operating L.P., 4.20%, 04/15/2027 | 418,000 | 437,660 | ||||||
Enterprise Products Operating LLC, 3.95%, 02/15/2027 | 417,000 | 476,665 | ||||||
Equinor ASA (Norway), 3.00%, 04/06/2027 | 400,000 | 445,564 | ||||||
Exxon Mobil Corp., 3.29%, 03/19/2027 | 750,000 | 855,185 | ||||||
Hess Corp., 4.30%, 04/01/2027 | 785,000 | 836,860 | ||||||
Marathon Oil Corp., 4.40%, 07/15/2027 | 728,000 | 747,588 | ||||||
MPLX L.P., 4.13%, 03/01/2027 | 933,000 | 1,033,794 | ||||||
ONEOK, Inc., 4.00%, 07/13/2027 | 418,000 | 437,243 | ||||||
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 | 1,150,000 | 1,309,079 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Sunoco Logistics Partners Operations L.P., 4.00%, 10/01/2027 | $ | 622,000 | $ | 639,956 | ||||
TC PipeLines L.P., 3.90%, 05/25/2027 | 418,000 | 451,654 | ||||||
Williams Cos., Inc. (The), 3.75%, 06/15/2027 | 1,192,000 | 1,317,749 | ||||||
|
| |||||||
18,806,963 | ||||||||
|
| |||||||
Personal Products-0.47% | ||||||||
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027 | 330,000 | 374,697 | ||||||
Unilever Capital Corp. (United Kingdom), 2.90%, 05/05/2027 | 625,000 | 704,079 | ||||||
|
| |||||||
1,078,776 | ||||||||
|
| |||||||
Pharmaceuticals-2.30% | ||||||||
AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027 | 566,000 | 630,531 | ||||||
Bristol-Myers Squibb Co., 3.25%, 02/27/2027 | 617,000 | 710,326 | ||||||
Eli Lilly and Co., 3.10%, 05/15/2027 | 417,000 | 470,940 | ||||||
Johnson & Johnson, 2.95%, 03/03/2027 | 813,000 | 913,910 | ||||||
Novartis Capital Corp. (Switzerland) | ||||||||
2.00%, 02/14/2027 | 935,000 | 994,869 | ||||||
3.10%, 05/17/2027 | 823,000 | 925,186 | ||||||
Zoetis, Inc., 3.00%, 09/12/2027 | 620,000 | 692,820 | ||||||
|
| |||||||
5,338,582 | ||||||||
|
| |||||||
Road & Rail-0.98% | ||||||||
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027 | 417,000 | 475,353 | ||||||
CSX Corp., 3.25%, 06/01/2027 | 793,000 | 896,885 | ||||||
Union Pacific Corp. | ||||||||
2.15%, 02/05/2027 | 400,000 | 428,192 | ||||||
3.00%, 04/15/2027 | 418,000 | 468,648 | ||||||
|
| |||||||
2,269,078 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-4.74% |
| |||||||
Applied Materials, Inc., 3.30%, 04/01/2027 | 935,000 | 1,070,323 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 | 3,911,000 | 4,341,372 | ||||||
Intel Corp. | ||||||||
3.75%, 03/25/2027 | 774,000 | 907,006 | ||||||
3.15%, 05/11/2027 | 949,000 | 1,069,637 | ||||||
Maxim Integrated Products, Inc., 3.45%, 06/15/2027 | 435,000 | 483,338 | ||||||
Micron Technology, Inc., 4.19%, 02/15/2027 | 770,000 | 883,802 | ||||||
QUALCOMM, Inc., 3.25%, 05/20/2027 | 1,539,000 | 1,741,386 | ||||||
Texas Instruments, Inc., 2.90%, 11/03/2027 | 433,000 | 487,089 | ||||||
|
| |||||||
10,983,953 | ||||||||
|
| |||||||
Software-5.23% | ||||||||
Adobe, Inc., 2.15%, 02/01/2027 | 700,000 | 753,392 | ||||||
Autodesk, Inc., 3.50%, 06/15/2027 | 418,000 | 474,550 | ||||||
Citrix Systems, Inc., 4.50%, 12/01/2027 | 572,000 | 655,193 | ||||||
Intuit, Inc., 1.35%, 07/15/2027 | 400,000 | 409,828 | ||||||
Microsoft Corp., 3.30%, 02/06/2027 | 3,251,000 | 3,726,667 | ||||||
Oracle Corp. | ||||||||
2.80%, 04/01/2027 | 1,720,000 | 1,895,994 | ||||||
3.25%, 11/15/2027 | 2,190,000 | 2,480,013 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 144 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Software-(continued) | ||||||||
VMware, Inc. | ||||||||
4.65%, 05/15/2027 | $ | 400,000 | $ | 467,706 | ||||
3.90%, 08/21/2027 | 1,125,000 | 1,249,859 | ||||||
|
| |||||||
12,113,202 | ||||||||
|
| |||||||
Specialty Retail-2.03% | ||||||||
AutoZone, Inc., 3.75%, 06/01/2027 | 417,000 | 477,089 | ||||||
Home Depot, Inc. (The) | ||||||||
2.50%, 04/15/2027 | 600,000 | 658,138 | ||||||
2.80%, 09/14/2027 | 823,000 | 915,901 | ||||||
Lowe’s Cos., Inc., 3.10%, 05/03/2027 | 1,121,000 | 1,252,733 | ||||||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 | 623,000 | 716,531 | ||||||
TJX Cos., Inc. (The), 3.75%, 04/15/2027 | 600,000 | 691,477 | ||||||
|
| |||||||
4,711,869 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-3.78% |
| |||||||
Apple, Inc. | ||||||||
3.35%, 02/09/2027 | 1,810,000 | 2,075,099 | ||||||
3.20%, 05/11/2027 | 1,541,000 | 1,754,831 | ||||||
3.00%, 06/20/2027 | 786,000 | 887,360 | ||||||
2.90%, 09/12/2027 | 1,731,000 | 1,949,206 | ||||||
3.00%, 11/13/2027 | 1,050,000 | 1,192,359 | ||||||
NetApp, Inc., 2.38%, 06/22/2027 | 400,000 | 419,892 | ||||||
Seagate HDD Cayman, 4.88%, 06/01/2027 | 417,000 | 467,099 | ||||||
|
| |||||||
8,745,846 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.72% |
| |||||||
NIKE, Inc., 2.75%, 03/27/2027 | 800,000 | 889,272 | ||||||
Tapestry, Inc., 4.13%, 07/15/2027 | 418,000 | 408,724 | ||||||
VF Corp., 2.80%, 04/23/2027 | 348,000 | 376,633 | ||||||
|
| |||||||
1,674,629 | ||||||||
|
| |||||||
Tobacco-0.54% | ||||||||
BAT Capital Corp. (United Kingdom), 4.70%, 04/02/2027 | 655,000 | 760,434 | ||||||
Philip Morris International, Inc., 3.13%, 08/17/2027 | 432,000 | 485,235 | ||||||
|
| |||||||
1,245,669 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.00% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.65%, 07/21/2027 | 850,000 | 793,564 |
Principal Amount | Value | |||||||
Trading Companies & Distributors-(continued) |
| |||||||
Air Lease Corp. | ||||||||
3.63%, 04/01/2027 | $ | 418,000 | $ | 419,464 | ||||
3.63%, 12/01/2027 | 392,000 | 403,104 | ||||||
United Rentals North America, Inc., 3.88%, 11/15/2027 | 679,000 | 708,706 | ||||||
|
| |||||||
2,324,838 | ||||||||
|
| |||||||
Water Utilities-0.25% | ||||||||
American Water Capital Corp., 2.95%, 09/01/2027 | 514,000 | 570,878 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 229,297,259 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.18% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $423,814) | 423,814 | 423,814 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 229,721,073 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.19% |
| |||||||
Invesco Private Government Fund, | 318,646 | 318,646 | ||||||
Invesco Private Prime Fund, 0.14%(c)(d)(e) | 106,211 | 106,232 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 424,878 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.37% |
| 230,145,951 | ||||||
OTHER ASSETS LESS LIABILITIES-0.63% |
| 1,469,979 | ||||||
|
| |||||||
NET ASSETS-100.00%. | $ | 231,615,930 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 145 |
|
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 147,128 | $ | 27,650,134 | $ | (27,373,448 | ) | $ | - | $ | - | $ | 423,814 | $ | 5,741 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 1,063,246 | 15,053,937 | (16,117,183 | ) | - | - | - | 11,020 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 355,381 | 4,162,713 | (4,518,203 | ) | (2 | ) | 111 | - | 4,179 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 8,517,372 | (8,198,726 | ) | - | - | 318,646 | 156 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 952,886 | (846,705 | ) | - | 51 | 106,232 | 93 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,565,755 | $ | 56,337,042 | $ | (57,054,265 | ) | $ | (2 | ) | $ | 162 | $ | 848,692 | $ | 21,189 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 146 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.72% |
| |||||||
Aerospace & Defense-5.04% |
| |||||||
General Dynamics Corp., 3.75%, 05/15/2028 | $ | 838,000 | $ | 987,353 | ||||
L3Harris Technologies, Inc., 4.40%, 06/15/2028 | 705,000 | 843,013 | ||||||
Northrop Grumman Corp., 3.25%, 01/15/2028 | 1,533,000 | 1,736,445 | ||||||
Raytheon Technologies Corp., 4.13%, 11/16/2028 | 2,465,000 | 2,940,129 | ||||||
|
| |||||||
6,506,940 | ||||||||
|
| |||||||
Air Freight & Logistics-0.85% |
| |||||||
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028 | 581,000 | 686,990 | ||||||
FedEx Corp., 3.40%, 02/15/2028 | 365,000 | 409,645 | ||||||
|
| |||||||
1,096,635 | ||||||||
|
| |||||||
Airlines-0.67% | ||||||||
Delta Air Lines Pass Through Trust, Series 2020-1, Class AA, 2.00%, 06/10/2028 | 580,000 | 567,163 | ||||||
Delta Air Lines, Inc., 4.38%, 04/19/2028(b) | 314,000 | 294,205 | ||||||
|
| |||||||
861,368 | ||||||||
|
| |||||||
Automobiles-2.15% | ||||||||
American Honda Finance Corp., 3.50%, 02/15/2028 | 515,000 | 595,694 | ||||||
Ford Motor Co., 6.63%, 10/01/2028 | 603,000 | 667,449 | ||||||
General Motors Co., 5.00%, 10/01/2028 | 544,000 | 605,703 | ||||||
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028 | 402,000 | 476,081 | ||||||
Toyota Motor Credit Corp., 3.05%, 01/11/2028 | 379,000 | 427,881 | ||||||
|
| |||||||
2,772,808 | ||||||||
|
| |||||||
Banks-11.39% | ||||||||
Banco Santander S.A. (Spain), 4.38%, 04/12/2028 | 1,000,000 | 1,146,640 | ||||||
Barclays PLC (United Kingdom), 4.84%, 05/09/2028 | 1,500,000 | 1,675,139 | ||||||
Citigroup, Inc., 4.13%, 07/25/2028 | 1,651,000 | 1,899,119 | ||||||
Fifth Third Bancorp, 3.95%, 03/14/2028 | 518,000 | 611,311 | ||||||
KeyCorp, 4.10%, 04/30/2028 | 608,000 | 715,154 | ||||||
Lloyds Banking Group PLC | 1,225,000 | 1,451,259 | ||||||
Mitsubishi UFJ Financial Group, | ||||||||
3.96%, 03/02/2028 | 975,000 | 1,137,962 | ||||||
4.05%, 09/11/2028 | 742,000 | 876,734 | ||||||
Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028 | 1,025,000 | 1,188,609 | ||||||
PNC Bank N.A. | ||||||||
3.25%, 01/22/2028 | 550,000 | 628,480 | ||||||
4.05%, 07/26/2028 | 950,000 | 1,124,769 | ||||||
Sumitomo Mitsui Financial Group, | ||||||||
3.54%, 01/17/2028 | 589,000 | 667,717 | ||||||
3.94%, 07/19/2028 | 685,000 | 799,792 | ||||||
U.S. Bancorp, 3.90%, 04/26/2028 | 645,000 | 777,063 | ||||||
|
| |||||||
14,699,748 | ||||||||
|
|
Principal Amount | Value | |||||||
Beverages-2.86% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.00%, 04/13/2028 | $ | 1,947,000 | $ | 2,258,309 | ||||
Constellation Brands, Inc., 3.60%, 02/15/2028 | 647,000 | 729,747 | ||||||
Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028 | 600,000 | 704,009 | ||||||
|
| |||||||
3,692,065 | ||||||||
|
| |||||||
Capital Markets-3.29% | ||||||||
Bank of New York Mellon Corp. (The) | ||||||||
3.40%, 01/29/2028 | 608,000 | 707,954 | ||||||
3.85%, 04/28/2028 | 742,000 | 900,853 | ||||||
3.00%, 10/30/2028 | 410,000 | 460,063 | ||||||
Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028 | 516,000 | 583,592 | ||||||
Charles Schwab Corp. (The), 3.20%, 01/25/2028 | 550,000 | 627,101 | ||||||
CME Group, Inc., 3.75%, 06/15/2028 | 406,000 | 482,369 | ||||||
Northern Trust Corp., 3.65%, 08/03/2028 | 405,000 | 476,687 | ||||||
|
| |||||||
4,238,619 | ||||||||
|
| |||||||
Chemicals-0.52% | ||||||||
PPG Industries, Inc., 3.75%, | 550,000 | 664,817 | ||||||
|
| |||||||
Commercial Services & Supplies-0.59% |
| |||||||
Republic Services, Inc., 3.95%, 05/15/2028 | 647,000 | 766,169 | ||||||
|
| |||||||
Communications Equipment-0.49% |
| |||||||
Motorola Solutions, Inc., 4.60%, 02/23/2028 | 550,000 | 636,837 | ||||||
|
| |||||||
Construction & Engineering-0.23% |
| |||||||
Fluor Corp., 4.25%, 09/15/2028(b) | 365,000 | 292,613 | ||||||
|
| |||||||
Consumer Finance-1.50% |
| |||||||
Capital One Financial Corp., 3.80%, 01/31/2028 | 1,107,000 | 1,237,222 | ||||||
Discover Bank, 4.65%, 09/13/2028 | 600,000 | 704,232 | ||||||
|
| |||||||
1,941,454 | ||||||||
|
| |||||||
Containers & Packaging-0.41% |
| |||||||
WRKCo, Inc., 4.00%, 03/15/2028 | 462,000 | 529,970 | ||||||
|
| |||||||
Diversified Financial Services-0.94% |
| |||||||
Berkshire Hathaway Energy Co., 3.25%, 04/15/2028 | 507,000 | 577,477 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028 | 550,000 | 641,075 | ||||||
|
| |||||||
1,218,552 | ||||||||
|
| |||||||
Electric Utilities-2.99% | ||||||||
Commonwealth Edison Co., 3.70%, 08/15/2028 | 396,000 | 462,764 | ||||||
Duke Energy Florida LLC, 3.80%, 07/15/2028 | 517,000 | 609,149 | ||||||
Duke Energy Progress LLC, 3.70%, 09/01/2028 | 408,000 | 479,086 | ||||||
Edison International, 4.13%, 03/15/2028 | 468,000 | 489,248 | ||||||
Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028 | 474,000 | 554,683 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 147 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Electric Utilities-(continued) | ||||||||
Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028 | $ | 552,000 | $ | 652,702 | ||||
Xcel Energy, Inc., 4.00%, 06/15/2028 | 516,000 | 608,678 | ||||||
|
| |||||||
3,856,310 | ||||||||
|
| |||||||
Electrical Equipment-0.64% | ||||||||
ABB Finance USA, Inc. (Switzerland), 3.80%, 04/03/2028 | 693,000 | 821,473 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components-1.02% |
| |||||||
Arrow Electronics, Inc., 3.88%, 01/12/2028 | 314,000 | 343,881 | ||||||
Jabil, Inc., 3.95%, 01/12/2028 | 365,000 | 402,111 | ||||||
Trimble, Inc., 4.90%, 06/15/2028 | 473,000 | 565,950 | ||||||
|
| |||||||
1,311,942 | ||||||||
|
| |||||||
Energy Equipment & Services-0.20% |
| |||||||
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028 | 315,000 | 262,811 | ||||||
|
| |||||||
Entertainment-0.68% | ||||||||
Walt Disney Co. (The), 2.20%, 01/13/2028 | 823,000 | 872,365 | ||||||
|
| |||||||
Equity REITs-4.86% | ||||||||
American Homes 4 Rent L.P., 4.25%, 02/15/2028 | 430,000 | 490,604 | ||||||
American Tower Corp., 3.60%, 01/15/2028 | 561,000 | 636,724 | ||||||
Crown Castle International Corp., 3.80%, 02/15/2028 | 787,000 | 900,457 | ||||||
Digital Realty Trust L.P., 4.45%, 07/15/2028 | 557,000 | 668,184 | ||||||
ERP Operating L.P., 3.50%, 03/01/2028 | 365,000 | 415,901 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028 | 280,000 | 319,274 | ||||||
Omega Healthcare Investors, Inc., 4.75%, 01/15/2028 | 471,000 | 509,064 | ||||||
Realty Income Corp., 3.65%, 01/15/2028 | 465,000 | 519,982 | ||||||
Ventas Realty L.P., 4.00%, 03/01/2028 | 514,000 | 556,937 | ||||||
VEREIT Operating Partnership L.P., 3.40%, 01/15/2028 | 500,000 | 518,744 | ||||||
Welltower, Inc., 4.25%, 04/15/2028 | 652,000 | 740,031 | ||||||
|
| |||||||
6,275,902 | ||||||||
|
| |||||||
Food & Staples Retailing-2.03% | ||||||||
CVS Pass-Through Trust, 6.04%, 12/10/2028 | 136,448 | 155,002 | ||||||
Walmart, Inc., 3.70%, 06/26/2028 | 2,077,000 | 2,461,403 | ||||||
|
| |||||||
2,616,405 | ||||||||
|
| |||||||
Food Products-2.41% | ||||||||
Campbell Soup Co., 4.15%, 03/15/2028 | 742,000 | 867,699 | ||||||
General Mills, Inc., 4.20%, 04/17/2028 | 1,071,000 | 1,271,648 | ||||||
Kellogg Co., 4.30%, 05/15/2028 | 362,000 | 430,433 | ||||||
Mondelez International, Inc., 4.13%, 05/07/2028 | 452,000 | 541,550 | ||||||
|
| |||||||
3,111,330 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-1.66% |
| |||||||
Abbott Laboratories, 1.15%, 01/30/2028 | 500,000 | 506,057 | ||||||
Boston Scientific Corp., 4.00%, 03/01/2028 | 546,000 | 632,187 | ||||||
Edwards Lifesciences Corp., 4.30%, 06/15/2028 | 476,000 | 575,559 | ||||||
Stryker Corp., 3.65%, 03/07/2028 | 365,000 | 426,342 | ||||||
|
| |||||||
2,140,145 | ||||||||
|
|
Principal Amount | Value | |||||||
Health Care Providers & Services-9.48% |
| |||||||
Anthem, Inc., 4.10%, 03/01/2028 | $ | 1,012,000 | $ | 1,186,452 | ||||
Cigna Corp., 4.38%, 10/15/2028 | 3,056,000 | 3,663,145 | ||||||
CVS Health Corp., 4.30%, 03/25/2028 | 5,017,000 | 5,910,044 | ||||||
McKesson Corp., 3.95%, 02/16/2028 | 338,000 | 396,504 | ||||||
UnitedHealth Group, Inc., 3.85%, 06/15/2028 | 908,000 | 1,074,981 | ||||||
|
| |||||||
12,231,126 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-1.69% |
| |||||||
McDonald’s Corp., 3.80%, 04/01/2028 | 764,000 | 889,889 | ||||||
Starbucks Corp. | ||||||||
3.50%, 03/01/2028 | 462,000 | 522,936 | ||||||
4.00%, 11/15/2028 | 647,000 | 763,973 | ||||||
|
| |||||||
2,176,798 | ||||||||
|
| |||||||
Household Products-0.40% | ||||||||
Clorox Co. (The), 3.90%, 05/15/2028 | 430,000 | 511,457 | ||||||
|
| |||||||
Industrial Conglomerates-1.13% |
| |||||||
3M Co., 3.63%, 09/14/2028 | 534,000 | 625,514 | ||||||
Roper Technologies, Inc., 4.20%, 09/15/2028 | 693,000 | 831,080 | ||||||
|
| |||||||
1,456,594 | ||||||||
|
| |||||||
Insurance-2.03% | ||||||||
American International Group, Inc., 4.20%, 04/01/2028 | 647,000 | 755,893 | ||||||
Lincoln National Corp., 3.80%, 03/01/2028 | 417,000 | 473,692 | ||||||
Prudential Financial, Inc., 3.88%, 03/27/2028 | 462,000 | 544,329 | ||||||
Willis North America, Inc., 4.50%, 09/15/2028 | 707,000 | 844,053 | ||||||
|
| |||||||
2,617,967 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-0.84% |
| |||||||
Booking Holdings, Inc., 3.55%, 03/15/2028 | 377,000 | 420,749 | ||||||
Expedia Group, Inc., 3.80%, 02/15/2028 | 668,000 | 667,851 | ||||||
|
| |||||||
1,088,600 | ||||||||
|
| |||||||
IT Services-0.34% | ||||||||
Mastercard, Inc., 3.50%, 02/26/2028 | 377,000 | 442,038 | ||||||
|
| |||||||
Machinery-1.25% | ||||||||
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028 | 420,000 | 483,607 | ||||||
Wabtec Corp., 4.95%, 09/15/2028 | 981,000 | 1,129,551 | ||||||
|
| |||||||
1,613,158 | ||||||||
|
| |||||||
Marine-0.30% | ||||||||
Kirby Corp., 4.20%, 03/01/2028 | 365,000 | 385,146 | ||||||
|
| |||||||
Media-5.01% | ||||||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp. | ||||||||
3.75%, 02/15/2028 | 732,000 | 817,721 | ||||||
4.20%, 03/15/2028 | 1,022,000 | 1,171,814 | ||||||
Comcast Corp. | ||||||||
3.15%, 02/15/2028 | 1,300,000 | 1,475,123 | ||||||
3.55%, 05/01/2028 | 787,000 | 914,906 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 148 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Media-(continued) | ||||||||
Discovery Communications LLC, 3.95%, 03/20/2028 | $ | 1,343,000 | $ | 1,521,761 | ||||
ViacomCBS, Inc., 3.38%, 02/15/2028 | 507,000 | 558,987 | ||||||
|
| |||||||
6,460,312 | ||||||||
|
| |||||||
Metals & Mining-0.37% | ||||||||
Nucor Corp., 3.95%, 05/01/2028 | 410,000 | 478,959 | ||||||
|
| |||||||
Multiline Retail-1.26% | ||||||||
Dollar General Corp., 4.13%, 05/01/2028 | 404,000 | 477,327 | ||||||
Dollar Tree, Inc., 4.20%, 05/15/2028 | 975,000 | 1,151,275 | ||||||
|
| |||||||
1,628,602 | ||||||||
|
| |||||||
Multi-Utilities-0.65% | ||||||||
Sempra Energy, 3.40%, 02/01/2028 | 749,000 | 837,314 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-10.58% |
| |||||||
Apache Corp., 4.38%, 10/15/2028 | 668,000 | 664,633 | ||||||
BP Capital Markets PLC | 647,000 | 746,421 | ||||||
Concho Resources, Inc., 4.30%, 08/15/2028 | 764,000 | 863,601 | ||||||
Continental Resources, Inc., 4.38%, 01/15/2028(b) | 668,000 | 637,466 | ||||||
Enable Midstream Partners L.P., 4.95%, 05/15/2028 | 676,000 | 666,598 | ||||||
Energy Transfer Operating L.P., 4.95%, 06/15/2028 | 764,000 | 819,651 | ||||||
Equinor ASA (Norway), 3.63%, 09/10/2028 | 749,000 | 878,713 | ||||||
Kinder Morgan, Inc., 4.30%, 03/01/2028 | 971,000 | 1,126,403 | ||||||
MPLX L.P., 4.00%, 03/15/2028 | 1,077,000 | 1,187,847 | ||||||
Noble Energy, Inc., 3.85%, 01/15/2028 | 471,000 | 535,149 | ||||||
ONEOK, Inc., 4.55%, 07/15/2028 | 760,000 | 809,688 | ||||||
Phillips 66, 3.90%, 03/15/2028 | 647,000 | 733,859 | ||||||
Phillips 66 Partners L.P., 3.75%, 03/01/2028. | 379,000 | 398,349 | ||||||
Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028 | 1,045,000 | 1,149,956 | ||||||
TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028 | 1,148,000 | 1,339,171 | ||||||
Valero Energy Corp., 4.35%, 06/01/2028 | 550,000 | 627,592 | ||||||
Valero Energy Partners L.P., 4.50%, 03/15/2028 | 405,000 | 466,626 | ||||||
|
| |||||||
13,651,723 | ||||||||
|
| |||||||
Personal Products-0.91% | ||||||||
Unilever Capital Corp. (United Kingdom), 3.50%, 03/22/2028 | 1,000,000 | 1,178,596 | ||||||
|
| |||||||
Pharmaceuticals-7.36% | ||||||||
Bristol-Myers Squibb Co., 3.90%, 02/20/2028 | 940,000 | 1,097,911 | ||||||
Elanco Animal Health, Inc., 5.90%, 08/28/2028 | 377,000 | 447,458 | ||||||
GlaxoSmithKline Capital, Inc. (United Kingdom), 3.88%, 05/15/2028 | 1,343,000 | 1,595,953 | ||||||
Johnson & Johnson, 2.90%, 01/15/2028 | 1,263,000 | 1,431,126 | ||||||
Pfizer, Inc., 3.60%, 09/15/2028 | 842,000 | 996,025 | ||||||
Pharmacia LLC, 6.60%, 12/01/2028 | 525,000 | 731,226 | ||||||
Sanofi (France), 3.63%, 06/19/2028 | 742,000 | 874,254 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 | 1,400,000 | 1,736,178 | ||||||
Zoetis, Inc., 3.90%, 08/20/2028 | 497,000 | 592,422 | ||||||
|
| |||||||
9,502,553 | ||||||||
|
|
Principal Amount | Value | |||||||
Road & Rail-2.09% | ||||||||
Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028 | $ | 426,000 | $ | 503,249 | ||||
CSX Corp., 3.80%, 03/01/2028 | 647,000 | 755,054 | ||||||
Union Pacific Corp., 3.95%, 09/10/2028 | 1,208,000 | 1,438,914 | ||||||
|
| |||||||
2,697,217 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-0.91% |
| |||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028 | 1,078,000 | 1,168,135 | ||||||
|
| |||||||
Software-1.05% | ||||||||
salesforce.com, inc., 3.70%, 04/11/2028 | 1,152,000 | 1,349,462 | ||||||
|
| |||||||
Specialty Retail-0.35% | ||||||||
O’Reilly Automotive, Inc., 4.35%, 06/01/2028 | 376,000 | 445,933 | ||||||
|
| |||||||
Tobacco-0.32% | ||||||||
Philip Morris International, Inc., 3.13%, 03/02/2028 | 365,000 | 409,442 | ||||||
|
| |||||||
Trading Companies & Distributors-0.32% |
| |||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.88%, 01/23/2028 | 450,000 | 415,180 | ||||||
|
| |||||||
Water Utilities-0.46% | ||||||||
American Water Capital Corp., 3.75%, 09/01/2028 | 511,000 | 599,313 | ||||||
|
| |||||||
Wireless Telecommunication Services-2.20% |
| |||||||
Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028 | 2,364,000 | 2,833,267 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes | 127,366,170 | |||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.26% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) | 335,319 | 335,319 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 127,701,489 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.92% |
| |||||||
Invesco Private Government Fund, | 894,764 | 894,764 | ||||||
Invesco Private Prime Fund, | 298,203 | 298,263 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,193,027 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.90% |
| 128,894,516 | ||||||
OTHER ASSETS LESS LIABILITIES-0.10% |
| 123,977 | ||||||
|
| |||||||
NET ASSETS-100.00%. | $ | 129,018,493 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 149 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)–(continued)
August 31, 2020
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $141,016 | $40,237,208 | $(40,042,910 | ) | $- | $ | 5 | $ | 335,319 | $ | 5,922 | ||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 427,202 | 8,414,410 | (8,841,612 | ) | - | - | - | 6,376 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 142,401 | 2,470,341 | (2,612,324 | ) | - | (418 | ) | - | 2,513 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 7,833,925 | (6,939,161 | ) | - | - | 894,764 | 130 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,625,442 | (1,327,205 | ) | - | 26 | 298,263 | 97 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $710,619 | $60,581,326 | $(59,763,212 | ) | $- | $ | (387 | ) | $ | 1,528,346 | $ | 15,038 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 150 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.89% |
| |||||||
Aerospace & Defense-0.95% |
| |||||||
Boeing Co. (The), 3.20%, 03/01/2029 | $ | 137,000 | $ | 136,050 | ||||
Raytheon Technologies Corp., 7.50%, 09/15/2029 | 74,000 | 108,475 | ||||||
|
| |||||||
244,525 | ||||||||
|
| |||||||
Air Freight & Logistics-0.48% |
| |||||||
United Parcel Service, Inc., 3.40%, 03/15/2029 | 107,000 | 124,585 | ||||||
|
| |||||||
Airlines-0.27% | ||||||||
Delta Air Lines, Inc., 3.75%, 10/28/2029 | 77,000 | 68,796 | ||||||
|
| |||||||
Automobiles-1.20% | ||||||||
General Motors Financial Co., Inc., 5.65%, 01/17/2029 | 69,000 | 80,904 | ||||||
Toyota Motor Corp. (Japan), 2.76%, 07/02/2029 | 150,000 | 168,565 | ||||||
Toyota Motor Credit Corp., 3.65%, 01/08/2029 | 50,000 | 59,316 | ||||||
|
| |||||||
308,785 | ||||||||
|
| |||||||
Banks-6.35% | ||||||||
KeyCorp, 2.55%, 10/01/2029 | 100,000 | 106,884 | ||||||
Mitsubishi UFJ Financial Group, | ||||||||
3.74%, 03/07/2029 | 200,000 | 231,028 | ||||||
3.20%, 07/18/2029 | 200,000 | 222,174 | ||||||
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029 | 200,000 | 232,218 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.04%, 07/16/2029 | 400,000 | 439,346 | ||||||
Truist Financial Corp., 3.88%, 03/19/2029 | 83,000 | 96,373 | ||||||
Wells Fargo & Co., 4.15%, 01/24/2029 | 263,000 | 310,667 | ||||||
|
| |||||||
1,638,690 | ||||||||
|
| |||||||
Beverages-4.65% | ||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029 | 600,000 | 732,343 | ||||||
Coca-Cola Co. (The), 2.13%, 09/06/2029 | 137,000 | 147,155 | ||||||
Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029 | 200,000 | 214,586 | ||||||
PepsiCo, Inc., 7.00%, 03/01/2029 | 74,000 | 107,120 | ||||||
|
| |||||||
1,201,204 | ||||||||
|
| |||||||
Building Products-0.46% |
| |||||||
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029 | 107,000 | 119,516 | ||||||
|
| |||||||
Capital Markets-3.40% | ||||||||
Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029 | 77,000 | 89,156 | ||||||
BlackRock, Inc., 3.25%, 04/30/2029 | 127,000 | 148,939 | ||||||
Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029 | 124,000 | 148,339 | ||||||
Charles Schwab Corp. (The) | ||||||||
4.00%, 02/01/2029 | 75,000 | 90,049 | ||||||
3.25%, 05/22/2029 | 150,000 | 172,998 | ||||||
Lazard Group LLC, 4.38%, 03/11/2029 | 75,000 | 86,280 | ||||||
Northern Trust Corp., 3.15%, 05/03/2029 | 50,000 | 57,376 | ||||||
S&P Global, Inc., 2.50%, 12/01/2029 | 77,000 | 84,259 | ||||||
|
| |||||||
877,396 | ||||||||
|
|
Principal Amount | Value | |||||||
Chemicals-3.12% | ||||||||
Dow Chemical Co. (The), 7.38%, 11/01/2029 | $ | 150,000 | $ | 213,597 | ||||
Huntsman International LLC, 4.50%, 05/01/2029 | 120,000 | 132,968 | ||||||
Methanex Corp. (Canada), 5.25%, 12/15/2029 | 77,000 | 77,691 | ||||||
Nutrien Ltd. (Canada), 4.20%, 04/01/2029 | 100,000 | 119,449 | ||||||
Rohm & Haas Co., 7.85%, 07/15/2029 | 100,000 | 142,653 | ||||||
Sherwin-Williams Co. (The), 2.95%, 08/15/2029 | 107,000 | 118,023 | ||||||
|
| |||||||
804,381 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.34% |
| |||||||
Waste Connections, Inc., 3.50%, 05/01/2029 | 77,000 | 87,975 | ||||||
|
| |||||||
Communications Equipment-0.82% |
| |||||||
Juniper Networks, Inc., 3.75%, 08/15/2029 | 77,000 | 87,836 | ||||||
Motorola Solutions, Inc., 4.60%, 05/23/2029 | 105,000 | 123,363 | ||||||
|
| |||||||
211,199 | ||||||||
|
| |||||||
Consumer Finance-0.33% | ||||||||
Synchrony Financial, 5.15%, 03/19/2029 | 74,000 | 84,887 | ||||||
|
| |||||||
Containers & Packaging-0.72% |
| |||||||
WRKCo, Inc., 4.90%, 03/15/2029 | 150,000 | 184,929 | ||||||
|
| |||||||
Diversified Financial Services-0.49% |
| |||||||
MidAmerican Energy Co., 3.65%, 04/15/2029 | 107,000 | 127,766 | ||||||
|
| |||||||
Diversified Telecommunication Services-5.03% |
| |||||||
AT&T, Inc., 4.35%, 03/01/2029 | 410,000 | 488,278 | ||||||
Verizon Communications, Inc. | ||||||||
3.88%, 02/08/2029 | 125,000 | 148,274 | ||||||
4.02%, 12/03/2029 | 550,000 | 662,294 | ||||||
|
| |||||||
1,298,846 | ||||||||
|
| |||||||
Electric Utilities-4.93% | ||||||||
Avangrid, Inc., 3.80%, 06/01/2029 | 150,000 | 175,441 | ||||||
Duke Energy Corp., 3.40%, 06/15/2029 | 77,000 | 87,376 | ||||||
Duke Energy Florida LLC, 2.50%, 12/01/2029 | 107,000 | 117,404 | ||||||
Duke Energy Progress LLC, 3.45%, 03/15/2029 | 77,000 | 89,763 | ||||||
Evergy, Inc., 2.90%, 09/15/2029 | 107,000 | 116,089 | ||||||
Eversource Energy, Series O, 4.25%, 04/01/2029 | 80,000 | 96,359 | ||||||
Nevada Power Co., Series CC, 3.70%, 05/01/2029 | 77,000 | 90,723 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
3.50%, 04/01/2029 | 80,000 | 91,998 | ||||||
2.75%, 11/01/2029(b) | 143,000 | 156,705 | ||||||
Southern California Edison Co., Series A, 4.20%, 03/01/2029 | 75,000 | 86,821 | ||||||
Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029 | 69,000 | 77,713 | ||||||
Xcel Energy, Inc., 2.60%, 12/01/2029 | 80,000 | 86,669 | ||||||
|
| |||||||
1,273,061 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.68% |
| |||||||
Amphenol Corp., 4.35%, 06/01/2029 | 75,000 | 91,631 | ||||||
Keysight Technologies, Inc., 3.00%, 10/30/2029 | 77,000 | 84,782 | ||||||
|
| |||||||
176,413 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 151 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Energy Equipment & Services-0.63% | ||||||||
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029 | $ | 77,000 | $ | 82,640 | ||||
National Oilwell Varco, Inc., 3.60%, 12/01/2029 | 80,000 | 78,934 | ||||||
|
| |||||||
161,574 | ||||||||
|
| |||||||
Entertainment-1.75% | ||||||||
RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029 | 135,000 | 159,848 | ||||||
Walt Disney Co. (The), 2.00%, 09/01/2029 | 280,000 | 291,742 | ||||||
|
| |||||||
451,590 | ||||||||
|
| |||||||
Equity REITs-8.27% | ||||||||
American Tower Corp. | ||||||||
3.95%, 03/15/2029 | 77,000 | 89,549 | ||||||
3.80%, 08/15/2029 | 230,000 | 266,557 | ||||||
Boston Properties L.P., 3.40%, 06/21/2029 | 107,000 | 117,448 | ||||||
Camden Property Trust, 3.15%, 07/01/2029 | 77,000 | 86,433 | ||||||
Crown Castle International Corp., 4.30%, 02/15/2029 | 75,000 | 88,714 | ||||||
CyrusOne L.P./CyrusOne Finance Corp., 3.45%, 11/15/2029 | 77,000 | 84,217 | ||||||
Digital Realty Trust L.P., 3.60%, 07/01/2029 | 150,000 | 173,593 | ||||||
ERP Operating L.P., 3.00%, 07/01/2029 | 77,000 | 85,574 | ||||||
Essex Portfolio L.P., 4.00%, 03/01/2029 | 75,000 | 87,524 | ||||||
GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029 | 150,000 | 166,333 | ||||||
Healthpeak Properties, Inc., 3.50%, 07/15/2029 | 77,000 | 86,591 | ||||||
Omega Healthcare Investors, Inc., 3.63%, 10/01/2029 | 77,000 | 77,712 | ||||||
Public Storage, 3.39%, 05/01/2029 | 80,000 | 93,260 | ||||||
Simon Property Group L.P., 2.45%, 09/13/2029 | 180,000 | 179,940 | ||||||
Ventas Realty L.P., 4.40%, 01/15/2029 | 105,000 | 117,905 | ||||||
VEREIT Operating Partnership L.P., 3.10%, 12/15/2029 | 77,000 | 77,636 | ||||||
Welltower, Inc., 4.13%, 03/15/2029 | 75,000 | 84,451 | ||||||
Weyerhaeuser Co., 4.00%, 11/15/2029 | 150,000 | 172,612 | ||||||
|
| |||||||
2,136,049 | ||||||||
|
| |||||||
Food & Staples Retailing-1.90% | ||||||||
Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029 | 74,000 | 103,921 | ||||||
Kroger Co. (The), 4.50%, 01/15/2029 | 75,000 | 92,088 | ||||||
Walmart, Inc. | ||||||||
3.25%, 07/08/2029 | 180,000 | 210,559 | ||||||
2.38%, 09/24/2029 | 77,000 | 84,820 | ||||||
|
| |||||||
491,388 | ||||||||
|
| |||||||
Food Products-1.24% | ||||||||
Kraft Heinz Foods Co. (The), 4.63%, 01/30/2029 | 150,000 | 170,120 | ||||||
Tyson Foods, Inc., 4.35%, 03/01/2029 | 124,000 | 149,992 | ||||||
|
| |||||||
320,112 | ||||||||
|
| |||||||
Gas Utilities-0.34% | ||||||||
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029 | 77,000 | 88,780 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.68% |
| |||||||
Boston Scientific Corp., 4.00%, 03/01/2029 | 150,000 | 175,128 | ||||||
|
| |||||||
Health Care Providers & Services-3.40% |
| |||||||
Anthem, Inc., 2.88%, 09/15/2029 | 107,000 | 116,891 |
Principal Amount | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
CommonSpirit Health, 3.35%, 10/01/2029 | $ | 137,000 | $ | 146,133 | ||||
DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029 | 107,000 | 116,780 | ||||||
HCA, Inc., 4.13%, 06/15/2029 | 280,000 | 322,962 | ||||||
Laboratory Corp. of America Holdings, 2.95%, 12/01/2029 | 77,000 | 84,392 | ||||||
Quest Diagnostics, Inc., 4.20%, 06/30/2029(b) | 75,000 | 89,635 | ||||||
|
| |||||||
876,793 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.57% | ||||||||
Starbucks Corp., 3.55%, 08/15/2029 | 127,000 | 146,362 | ||||||
|
| |||||||
Household Durables-0.81% | ||||||||
Leggett & Platt, Inc., 4.40%, 03/15/2029 | 75,000 | 82,613 | ||||||
Whirlpool Corp., 4.75%, 02/26/2029 | 104,000 | 127,592 | ||||||
|
| |||||||
210,205 | ||||||||
|
| |||||||
Household Products-0.48% | ||||||||
Kimberly-Clark Corp., 3.20%, 04/25/2029 | 107,000 | 123,166 | ||||||
|
| |||||||
Industrial Conglomerates-1.62% | ||||||||
3M Co. | ||||||||
3.38%, 03/01/2029 | 127,000 | 146,626 | ||||||
2.38%, 08/26/2029 | 143,000 | 154,602 | ||||||
Roper Technologies, Inc., 2.95%, 09/15/2029 | 107,000 | 117,729 | ||||||
|
| |||||||
418,957 | ||||||||
|
| |||||||
Insurance-4.20% | ||||||||
American International Group, Inc., 4.25%, 03/15/2029 | 75,000 | 88,154 | ||||||
Aon Corp., 3.75%, 05/02/2029 | 107,000 | 124,154 | ||||||
CNA Financial Corp., 3.90%, 05/01/2029 | 77,000 | 88,062 | ||||||
CNO Financial Group, Inc., 5.25%, 05/30/2029 | 80,000 | 93,432 | ||||||
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029(b) | 77,000 | 83,318 | ||||||
Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 210,000 | 255,953 | ||||||
PartnerRe Finance B LLC, 3.70%, 07/02/2029 | 77,000 | 86,107 | ||||||
Principal Financial Group, Inc., 3.70%, 05/15/2029 | 77,000 | 89,905 | ||||||
Progressive Corp. (The), 4.00%, 03/01/2029 | 75,000 | 89,978 | ||||||
Reinsurance Group of America, Inc., 3.90%, 05/15/2029 | 75,000 | 85,098 | ||||||
|
| |||||||
1,084,161 | ||||||||
|
| |||||||
IT Services-6.35% | ||||||||
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029 | 107,000 | 116,904 | ||||||
Fidelity National Information Services, Inc., 3.75%, 05/21/2029 | 137,000 | 161,055 | ||||||
Fiserv, Inc., 3.50%, 07/01/2029 | 404,000 | 460,487 | ||||||
International Business Machines Corp., 3.50%, 05/15/2029 | 450,000 | 522,706 | ||||||
Mastercard, Inc., 2.95%, 06/01/2029 | 127,000 | 143,994 | ||||||
PayPal Holdings, Inc., 2.85%, 10/01/2029 | 210,000 | 233,160 | ||||||
|
| |||||||
1,638,306 | ||||||||
|
| |||||||
Leisure Products-0.56% | ||||||||
Hasbro, Inc., 3.90%, 11/19/2029 | 137,000 | 144,183 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 152 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Life Sciences Tools & Services-0.96% | ||||||||
PerkinElmer, Inc., 3.30%, 09/15/2029 | $ | 113,000 | $ | 125,715 | ||||
Thermo Fisher Scientific, Inc., 2.60%, 10/01/2029 | 113,000 | 122,740 | ||||||
|
| |||||||
248,455 | ||||||||
|
| |||||||
Machinery-2.09% | ||||||||
Caterpillar, Inc., 2.60%, 09/19/2029 | 75,000 | 82,504 | ||||||
Deere & Co., 5.38%, 10/16/2029 | 74,000 | 98,034 | ||||||
John Deere Capital Corp., 3.45%, 03/07/2029 | 77,000 | 90,060 | ||||||
Parker-Hannifin Corp., 3.25%, 06/14/2029 | 127,000 | 143,779 | ||||||
Trane Technologies Luxembourg Finance S.A., 3.80%, 03/21/2029 | 107,000 | 125,567 | ||||||
|
| |||||||
539,944 | ||||||||
|
| |||||||
Media-1.66% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029 | 180,000 | 217,502 | ||||||
Discovery Communications LLC, 4.13%, 05/15/2029 | 107,000 | 122,513 | ||||||
ViacomCBS, Inc., 4.20%, 06/01/2029 | 77,000 | 88,598 | ||||||
|
| |||||||
428,613 | ||||||||
|
| |||||||
Multiline Retail-0.65% | ||||||||
Target Corp., 3.38%, 04/15/2029 | 143,000 | 167,097 | ||||||
|
| |||||||
Multi-Utilities-0.63% | ||||||||
Dominion Energy Gas Holdings LLC, Series B, 3.00%, 11/15/2029 | 77,000 | 85,237 | ||||||
DTE Energy Co., Series C, 3.40%, 06/15/2029 | 69,000 | 77,005 | ||||||
|
| |||||||
162,242 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.46% |
| |||||||
Boardwalk Pipelines L.P., 4.80%, 05/03/2029 | 77,000 | 85,263 | ||||||
Cimarex Energy Co., 4.38%, 03/15/2029 | 80,000 | 85,471 | ||||||
ConocoPhillips Holding Co., 6.95%, 04/15/2029 . | 200,000 | 279,868 | ||||||
Diamondback Energy, Inc., 3.50%, 12/01/2029 | 150,000 | 153,023 | ||||||
Enable Midstream Partners L.P., 4.15%, 09/15/2029 | 77,000 | 71,964 | ||||||
Enbridge, Inc. (Canada), 3.13%, 11/15/2029 | 127,000 | 137,414 | ||||||
Energy Transfer Operating L.P., 5.25%, 04/15/2029 | 200,000 | 219,304 | ||||||
Enterprise Products Operating LLC, 3.13%, 07/31/2029 | 180,000 | 197,026 | ||||||
Exxon Mobil Corp., 2.44%, 08/16/2029 | 180,000 | 195,171 | ||||||
Husky Energy, Inc. (Canada), 4.40%, 04/15/2029 | 107,000 | 114,078 | ||||||
MPLX L.P., 4.80%, 02/15/2029 | 105,000 | 121,868 | ||||||
ONEOK, Inc., 4.35%, 03/15/2029 | 107,000 | 112,061 | ||||||
Phillips 66 Partners L.P., 3.15%, 12/15/2029 | 77,000 | 77,721 | ||||||
Shell International Finance B.V. (Netherlands), 2.38%, 11/07/2029 | 210,000 | 223,813 | ||||||
Total Capital International S.A. (France), 3.46%, 02/19/2029 | 180,000 | 207,722 | ||||||
Valero Energy Corp., 4.00%, 04/01/2029 | 143,000 | 161,146 | ||||||
|
| |||||||
2,442,913 | ||||||||
|
| |||||||
Paper & Forest Products-0.40% | ||||||||
Georgia-Pacific LLC, 7.75%, 11/15/2029 | 69,000 | 103,228 | ||||||
|
|
Principal Amount | Value | |||||||
Personal Products-0.73% | ||||||||
Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029 | $ | 77,000 | $ | 82,731 | ||||
Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029 | 100,000 | 106,718 | ||||||
|
| |||||||
189,449 | ||||||||
|
| |||||||
Pharmaceuticals-4.08% | ||||||||
AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029 | 125,000 | 149,109 | ||||||
Eli Lilly and Co., 3.38%, 03/15/2029 | 177,000 | 206,397 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029 | 137,000 | 158,705 | ||||||
Merck & Co., Inc., 3.40%, 03/07/2029 | 230,000 | 269,140 | ||||||
Pfizer, Inc., 3.45%, 03/15/2029 | 230,000 | 270,074 | ||||||
|
| |||||||
1,053,425 | ||||||||
|
| |||||||
Road & Rail-1.23% | ||||||||
CSX Corp., 4.25%, 03/15/2029 | 124,000 | 149,250 | ||||||
Union Pacific Corp., 3.70%, 03/01/2029 | 143,000 | 167,655 | ||||||
|
| |||||||
316,905 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-3.25% |
| |||||||
Intel Corp., 2.45%, 11/15/2029 | 277,000 | 301,741 | ||||||
KLA Corp., 4.10%, 03/15/2029 | 105,000 | 126,304 | ||||||
Lam Research Corp., 4.00%, 03/15/2029 | 143,000 | 171,382 | ||||||
Micron Technology, Inc., 5.33%, 02/06/2029 | 105,000 | 125,673 | ||||||
Texas Instruments, Inc., 2.25%, 09/04/2029 | 107,000 | 114,830 | ||||||
|
| |||||||
839,930 | ||||||||
|
| |||||||
Specialty Retail-2.31% | ||||||||
Home Depot, Inc. (The), 2.95%, 06/15/2029 | 233,000 | 262,901 | ||||||
Lowe’s Cos., Inc., 3.65%, 04/05/2029 | 210,000 | 243,494 | ||||||
O’Reilly Automotive, Inc., 3.90%, 06/01/2029 | 77,000 | 90,301 | ||||||
|
| |||||||
596,696 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-1.05% |
| |||||||
Apple, Inc., 2.20%, 09/11/2029 | 250,000 | 269,788 | ||||||
|
| |||||||
Tobacco-2.70% | ||||||||
Altria Group, Inc., 4.80%, 02/14/2029 | 410,000 | 490,534 | ||||||
BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029 | 77,000 | 83,879 | ||||||
Philip Morris International, Inc., 3.38%, 08/15/2029 | 107,000 | 122,103 | ||||||
|
| |||||||
696,516 | ||||||||
|
| |||||||
Trading Companies & Distributors-0.36% |
| |||||||
GATX Corp., 4.70%, 04/01/2029 | 80,000 | 93,810 | ||||||
|
| |||||||
Water Utilities-0.31% | ||||||||
American Water Capital Corp., 3.45%, 06/01/2029 | 69,000 | 79,557 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 25,528,276 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 153 |
|
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)–(continued)
August 31, 2020
Shares | Value | |||||||
Money Market Funds-0.16% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $41,737) | 41,737 | $ | 41,737 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 25,570,013 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.13% |
| |||||||
Invesco Private Government Fund, | 217,049 | 217,049 |
Shares | Value | |||||||
Money Market Funds-(continued) | ||||||||
Invesco Private Prime Fund, 0.14%(c)(d)(e) | 73,440 | $ | 73,454 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 290,503 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.18% |
| 25,860,516 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.18)% |
| (45,549 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 25,814,967 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 period ended August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $- | $ | 7,156,977 | $ | (7,115,240 | ) | $ | - | $ | - | $ | 41,737 | $ | 1,111 | |||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 2,183,556 | (2,183,556 | ) | - | - | - | 488 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | - | 549,725 | (549,621 | ) | - | (104 | ) | - | 213 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 2,785,643 | (2,568,594 | ) | - | - | 217,049 | 49 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 501,758 | (428,318 | ) | - | 14 | 73,454 | 30 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $- | $ | 13,177,659 | $ | (12,845,329 | ) | $ | - | $ | (90 | ) | $ | 332,240 | $ | 1,891 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 154 |
|
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Treasury Securities-80.99% |
| |||||||
U.S. Treasury Bills-80.99%(b) | ||||||||
0.07%-0.09%, 10/22/2020 | $ | 135,000,000 | $ | 134,981,832 | ||||
0.09%-0.13%, 09/17/2020 | 447,379,000 | 447,362,594 | ||||||
|
| |||||||
Total U.S. Treasury Securities | 582,344,426 | |||||||
|
| |||||||
U.S. Dollar Denominated Bonds & Notes-17.72% |
| |||||||
Airlines-0.84% | ||||||||
United Airlines Holdings, Inc., 6.00%, 12/01/2020 | 6,000,000 | 6,036,750 | ||||||
|
| |||||||
Chemicals-3.64% | ||||||||
Blue Cube Spinco LLC | ||||||||
9.75%, 10/15/2023 | 14,500,000 | 15,010,618 | ||||||
10.00%, 10/15/2025 | 10,504,000 | 11,152,149 | ||||||
|
| |||||||
26,162,767 | ||||||||
|
| |||||||
Consumer Finance-1.40% | ||||||||
Navient Corp., 5.00%, 10/26/2020 | 10,000,000 | 10,035,600 | ||||||
Stearns Holdings LLC/Stearns Co-Issuer, Inc., 5.00%, 11/05/2024(c) | 107,069 | 65,847 | ||||||
|
| |||||||
10,101,447 | ||||||||
|
| |||||||
Energy Equipment & Services-1.51% |
| |||||||
Nabors Industries, Inc., 5.00%, 09/15/2020(d) | 6,966,000 | 6,921,487 | ||||||
Transocean, Inc., 6.50%, 11/15/2020 | 4,594,000 | 3,973,810 | ||||||
|
| |||||||
10,895,297 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-0.86% |
| |||||||
Yum! Brands, Inc., 3.88%, 11/01/2020 | 6,170,000 | 6,161,424 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-5.36% |
| |||||||
CITGO Petroleum Corp., 6.25%, 08/15/2022(c) | 13,889,000 | 13,897,542 | ||||||
Murphy Oil Corp., 6.88%, 08/15/2024 | 12,996,000 | 13,228,693 | ||||||
NuStar Logistics L.P., 4.80%, 09/01/2020 | 11,399,000 | 11,399,000 | ||||||
|
| |||||||
38,525,235 | ||||||||
|
|
Principal Amount | Value | |||||||
Software-1.92% | ||||||||
NortonLifeLock, Inc., 4.20%, 09/15/2020 | $ | 13,818,000 | $ | 13,825,600 | ||||
|
| |||||||
Specialty Retail-0.48% | ||||||||
Caleres, Inc., 6.25%, 08/15/2023 | 3,854,000 | 3,420,425 | ||||||
|
| |||||||
Wireless Telecommunication Services-1.71% |
| |||||||
T-Mobile USA, Inc., 6.00%, 03/01/2023 | 12,293,000 | 12,323,733 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 127,452,678 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.88% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(e)(f) | 6,321,675 | 6,321,675 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 716,118,779 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.01% | ||||||||
Invesco Private Government Fund, | 5,430,868 | 5,430,868 | ||||||
Invesco Private Prime Fund, | 1,809,927 | 1,810,289 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 7,241,157 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.60% |
| 723,359,936 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.60)% |
| (4,312,554 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 719,047,382 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 155 |
|
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(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 August 31, 2020 was $13,963,389, which represented 1.94% of the Fund’s Net Assets. |
(d) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 121,462,842 | $ | 1,789,038,456 | $ | (1,904,179,623 | ) | $ | - | $ | - | $ | 6,321,675 | $ | 743,751 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 35,931,633 | 48,450,647 | (84,382,280 | ) | - | - | - | 157,453 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 11,977,211 | 15,281,229 | (27,258,696 | ) | (401 | ) | 657 | - | 57,408 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 7,258,560 | (1,827,692 | ) | - | - | 5,430,868 | 512 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,883,998 | (73,709 | ) | - | - | 1,810,289 | 427 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 169,371,686 | $ | 1,861,912,890 | $ | (2,017,722,000 | ) | $ | (401 | ) | $ | 657 | $ | 13,562,832 | $ | 959,551 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 156 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-93.62% |
| |||||||
Airlines-0.70% | ||||||||
Air Canada (Canada), 7.75%, 04/15/2021(b)(c) | $ | 6,958,000 | $ | 6,983,223 | ||||
|
| |||||||
Automobiles-4.94% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
5.88%, 08/02/2021 | 30,753,000 | 31,450,785 | ||||||
3.81%, 10/12/2021 | 17,492,000 | 17,599,576 | ||||||
|
| |||||||
49,050,361 | ||||||||
|
| |||||||
Commercial Services & Supplies-1.76% |
| |||||||
ADT Security Corp. (The), 6.25%, 10/15/2021 | 16,514,000 | 17,490,390 | ||||||
|
| |||||||
Communications Equipment-1.77% |
| |||||||
Hughes Satellite Systems Corp., 7.63%, 06/15/2021 | 16,893,000 | 17,547,604 | ||||||
|
| |||||||
Construction & Engineering-0.59% |
| |||||||
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 | 5,625,000 | 5,844,291 | ||||||
|
| |||||||
Consumer Finance-3.57% |
| |||||||
Navient Corp. | ||||||||
5.88%, 03/25/2021 | 10,744,000 | 10,935,404 | ||||||
6.63%, 07/26/2021 | 11,592,000 | 11,910,780 | ||||||
OneMain Finance Corp., 7.75%, 10/01/2021 | 11,988,000 | 12,584,703 | ||||||
|
| |||||||
35,430,887 | ||||||||
|
| |||||||
Containers & Packaging-0.74% |
| |||||||
Graphic Packaging International LLC, 4.75%, 04/15/2021 | 7,206,000 | 7,314,090 | ||||||
|
| |||||||
Distributors-0.39% | ||||||||
SunOpta Foods, Inc., 9.50%, 10/09/2022(b) | 3,768,000 | 3,866,910 | ||||||
|
| |||||||
Diversified Financial Services-0.47% |
| |||||||
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/2021(b) | 6,554,000 | 4,611,558 | ||||||
|
| |||||||
Diversified Telecommunication Services-7.34% |
| |||||||
Altice France S.A. (France), 7.38%, 05/01/2026(b) | 30,750,000 | 32,678,025 | ||||||
CenturyLink, Inc., Series S, 6.45%, 06/15/2021 | 24,615,000 | 25,479,725 | ||||||
Level 3 Financing, Inc., 5.38%, 01/15/2024 | 14,498,000 | 14,713,948 | ||||||
|
| |||||||
72,871,698 | ||||||||
|
| |||||||
Electric Utilities-5.79% | ||||||||
NRG Energy, Inc. | ||||||||
7.25%, 05/15/2026 | 18,775,000 | 20,116,192 | ||||||
6.63%, 01/15/2027 | 20,254,000 | 21,705,402 | ||||||
Vistra Operations Co. LLC, 5.50%, 09/01/2026(b) | 14,887,000 | 15,649,959 | ||||||
|
| |||||||
57,471,553 | ||||||||
|
| |||||||
Electrical Equipment-1.36% |
| |||||||
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/2026(b) | 12,840,000 | 13,524,565 | ||||||
|
|
Principal Amount | Value | |||||||
Entertainment-0.98% | ||||||||
Netflix, Inc., 5.38%, 02/01/2021 | $ | 9,491,000 | $ | 9,695,626 | ||||
|
| |||||||
Food & Staples Retailing-0.40% |
| |||||||
Simmons Foods, Inc., 7.75%, 01/15/2024(b) | 3,748,000 | 3,949,061 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.43% |
| |||||||
Teleflex, Inc., 4.88%, 06/01/2026 | 4,059,000 | 4,256,105 | ||||||
|
| |||||||
Health Care Providers & Services-0.10% |
| |||||||
Encompass Health Corp., 5.13%, 03/15/2023 | 1,015,000 | 1,026,312 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure-6.23% |
| |||||||
Boyne USA, Inc., 7.25%, 05/01/2025(b) | 10,643,000 | 11,320,374 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 5.25%, 06/01/2026(b) | 17,509,000 | 18,220,828 | ||||||
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026 | 4,965,000 | 5,165,934 | ||||||
Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (Canada), 7.00%, 07/15/2026(b) | 16,418,000 | 17,474,909 | ||||||
Wyndham Destinations, Inc., 5.63%, 03/01/2021 | 4,013,000 | 4,047,612 | ||||||
Yum! Brands, Inc., 3.75%, 11/01/2021 | 5,492,000 | 5,566,828 | ||||||
|
| |||||||
61,796,485 | ||||||||
|
| |||||||
Household Durables-0.93% |
| |||||||
KB Home, 7.00%, 12/15/2021 | 8,735,000 | 9,192,496 | ||||||
Lennar Corp., 8.38%, 01/15/2021 | 8,000 | 8,220 | ||||||
|
| |||||||
9,200,716 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-2.94% |
| |||||||
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo S.A. (Dominican Republic), 7.95%, 05/11/2026(b) | 3,240,000 | 3,341,282 | ||||||
Clearway Energy Operating LLC, 5.75%, 10/15/2025 | 10,790,000 | 11,465,508 | ||||||
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b) | 13,458,000 | 14,355,178 | ||||||
|
| |||||||
29,161,968 | ||||||||
|
| |||||||
Industrial Conglomerates-0.92% | ||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.75%, 02/01/2024(c) | 8,875,000 | 9,173,599 | ||||||
|
| |||||||
Insurance-2.01% | ||||||||
Genworth Holdings, Inc. | ||||||||
7.20%, 02/15/2021(c) | 7,410,000 | 7,529,486 | ||||||
7.63%, 09/24/2021(c) | 12,056,000 | 12,361,198 | ||||||
|
| |||||||
19,890,684 | ||||||||
|
| |||||||
IT Services-0.14% | ||||||||
WEX, Inc., 4.75%, 02/01/2023(b) | 1,355,000 | 1,369,526 | ||||||
|
| |||||||
Media-15.56% | ||||||||
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b) | 16,603,000 | 17,739,268 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 157 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Media-(continued) | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
5.75%, 02/15/2026(b) | $ | 34,595,000 | $ | 36,300,879 | ||||
5.88%, 05/01/2027(b) | 11,127,000 | 11,708,386 | ||||||
CSC Holdings LLC, 6.75%, 11/15/2021 | 16,938,000 | 17,832,580 | ||||||
DISH DBS Corp., 6.75%, 06/01/2021 | 36,789,000 | 37,745,514 | ||||||
Lamar Media Corp., 5.75%, 02/01/2026 | 9,664,000 | 10,094,773 | ||||||
Sirius XM Radio, Inc., 5.38%, 07/15/2026(b) | 16,951,000 | 17,786,769 | ||||||
TEGNA, Inc., 4.88%, 09/15/2021(b) | 5,136,000 | 5,144,038 | ||||||
|
| |||||||
154,352,207 | ||||||||
|
| |||||||
Mortgage REITs-1.86% | ||||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.88%, 08/01/2021(b) | 5,087,000 | 5,080,005 | ||||||
Starwood Property Trust, Inc., 5.00%, 12/15/2021 | 13,117,000 | 13,349,368 | ||||||
|
| |||||||
18,429,373 | ||||||||
|
| |||||||
Multiline Retail-0.33% | ||||||||
DriveTime Automotive Group, Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/2021(b) | 3,320,000 | 3,302,885 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-4.29% |
| |||||||
American Midstream Partners L.P./American Midstream Finance Corp., 9.50%, 12/15/2021(b) | 7,762,000 | 7,207,987 | ||||||
Antero Resources Corp., 5.38%, 11/01/2021(c) | 12,721,000 | 12,371,172 | ||||||
Buckeye Partners L.P., 4.88%, 02/01/2021 | 2,290,000 | 2,302,881 | ||||||
DCP Midstream Operating L.P., 4.75%, 09/30/2021(b) | 8,218,000 | 8,405,494 | ||||||
NuStar Logistics L.P., 6.75%, 02/01/2021 | 4,857,000 | 4,914,483 | ||||||
Western Midstream Operating L.P., 5.38%, 06/01/2021 | 7,262,000 | 7,370,930 | ||||||
|
| |||||||
42,572,947 | ||||||||
|
| |||||||
Paper & Forest Products-0.70% | ||||||||
Eldorado International Finance GmbH (Brazil), 8.63%, 06/16/2021(b) | 6,900,000 | 6,970,070 | ||||||
|
| |||||||
Pharmaceuticals-5.46% | ||||||||
Bausch Health Cos., Inc. | ||||||||
7.00%, 03/15/2024(b) | 20,024,000 | 20,804,936 | ||||||
9.00%, 12/15/2025(b) | 21,575,000 | 23,650,515 | ||||||
Elanco Animal Health, Inc., 4.91%, 08/27/2021 | 9,442,000 | 9,707,556 | ||||||
|
| |||||||
54,163,007 | ||||||||
|
| |||||||
Professional Services-0.68% | ||||||||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.50%, 10/01/2021(b) | 6,764,000 | 6,791,496 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-1.78% |
| |||||||
Qorvo, Inc., 5.50%, 07/15/2026 | 16,580,000 | 17,617,411 | ||||||
|
|
Principal Amount | Value | |||||||
Software-2.64% | ||||||||
CDK Global, Inc., 5.88%, 06/15/2026 | $ | 9,308,000 | $ | 9,798,392 | ||||
Open Text Corp. (Canada), 5.88%, 06/01/2026(b) | 15,584,000 | 16,418,757 | ||||||
|
| |||||||
26,217,149 | ||||||||
|
| |||||||
Specialty Retail-0.90% | ||||||||
L Brands, Inc., 6.63%, 04/01/2021 | 8,686,000 | 8,942,280 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-5.07% |
| |||||||
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(b) | 15,581,000 | 15,595,802 | ||||||
Dell, Inc., 4.63%, 04/01/2021(c) | 7,006,000 | 7,110,214 | ||||||
Vericast Corp., 9.25%, | 10,289,000 | 10,346,876 | ||||||
Xerox Corp., | 16,886,000 | 17,257,745 | ||||||
|
| |||||||
50,310,637 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-1.40% | ||||||||
Nationstar Mortgage Holdings, Inc., 9.13%, 07/15/2026(b) | 12,702,000 | 13,837,368 | ||||||
|
| |||||||
Tobacco-0.39% | ||||||||
Pyxus Holdings, Inc., 10.00%, 08/24/2024(b)(c) | 4,206,528 | 3,848,973 | ||||||
|
| |||||||
Trading Companies & Distributors-2.69% |
| |||||||
United Rentals North America, Inc., 5.88%, 09/15/2026 | 17,945,000 | 19,113,847 | ||||||
WESCO Distribution, Inc., 5.38%, 12/15/2021 | 7,485,000 | 7,552,328 | ||||||
|
| |||||||
26,666,175 | ||||||||
|
| |||||||
Wireless Telecommunication Services-5.37% |
| |||||||
Sprint Communications, Inc., 11.50%, 11/15/2021 | 15,166,000 | 16,891,132 | ||||||
Sprint Corp., 7.25%, 09/15/2021 | 15,299,000 | 16,161,099 | ||||||
T-Mobile USA, Inc. | ||||||||
6.00%, 04/15/2024 | 5,868,000 | 5,990,524 | ||||||
6.50%, 01/15/2026 | 13,624,000 | 14,279,655 | ||||||
|
| |||||||
53,322,410 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 928,871,600 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-4.73% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 46,929,383 | 46,929,383 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.35% |
| 975,800,983 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.65% |
| |||||||
Invesco Private Government Fund, | 27,160,687 | 27,160,687 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 158 |
|
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)–(continued)
August 31, 2020
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, | 9,051,806 | $ | 9,053,616 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 36,214,303 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.00% |
| 1,012,015,286 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.00)% |
| (19,821,106 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 992,194,180 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $378,285,902, which represented 38.13% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 41,422,747 | $ | 584,729,245 | $ | (579,222,609 | ) | $ | - | $ | - | $ | 46,929,383 | $ | 344,908 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 44,277,498 | 144,324,218 | (188,601,716 | ) | - | - | - | 303,494 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 14,354,899 | 41,119,924 | (55,469,002 | ) | (156 | ) | (5,665 | ) | - | 113,901 | * | ||||||||||||||||||||||||
Invesco Private Government Fund | - | 101,385,540 | (74,224,853 | ) | - | - | 27,160,687 | 3,633 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 15,170,341 | (6,117,579 | ) | 268 | 586 | 9,053,616 | 2,461 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 100,055,144 | $ | 886,729,268 | $ | (903,635,759 | ) | $ | 112 | $ | (5,079 | ) | $ | 83,143,686 | $ | 768,397 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 159 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-93.41% |
| |||||||
Aerospace & Defense-2.24% | ||||||||
Bombardier, Inc. (Canada), 6.00%, 10/15/2022(b) | $ | 7,147,000 | $ | 6,110,685 | ||||
TransDigm, Inc., 8.00%, 12/15/2025(b) | 7,000,000 | 7,619,500 | ||||||
Triumph Group, Inc., 5.25%, 06/01/2022(c) | 1,862,000 | 1,458,905 | ||||||
|
| |||||||
15,189,090 | ||||||||
|
| |||||||
Air Freight & Logistics-2.36% | ||||||||
XPO Logistics, Inc. | ||||||||
6.50%, 06/15/2022(b) | 7,956,000 | 7,998,167 | ||||||
6.25%, 05/01/2025(b) | 7,500,000 | 8,020,312 | ||||||
|
| |||||||
16,018,479 | ||||||||
|
| |||||||
Airlines-0.33% | ||||||||
United Airlines Holdings, Inc., 4.25%, 10/01/2022 | 2,385,000 | 2,209,858 | ||||||
|
| |||||||
Auto Components-0.56% | ||||||||
Adient US LLC, 9.00%, 04/15/2025(b) | 350,000 | 389,156 | ||||||
Clarios Global L.P., 6.75%, | 3,200,000 | 3,433,728 | ||||||
|
| |||||||
3,822,884 | ||||||||
|
| |||||||
Automobiles-4.01% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
3.22%, 01/09/2022 | 4,900,000 | 4,893,336 | ||||||
3.34%, 03/28/2022 | 5,951,000 | 5,987,004 | ||||||
2.98%, 08/03/2022 | 5,800,000 | 5,781,875 | ||||||
4.25%, 09/20/2022 | 6,400,000 | 6,511,296 | ||||||
3.55%, 10/07/2022 | 4,000,000 | 4,016,000 | ||||||
Mclaren Finance PLC (United Kingdom), 5.75%, 08/01/2022(b)(c) | 2,000 | 1,710 | ||||||
|
| |||||||
27,191,221 | ||||||||
|
| |||||||
Beverages-0.44% | ||||||||
Ajecorp B.V. (Spain), 6.50%, 05/14/2022(b) | 3,000,000 | 2,967,000 | ||||||
|
| |||||||
Capital Markets-1.18% | ||||||||
APX Group, Inc., 7.88%, 12/01/2022 | 4,208,000 | 4,260,600 | ||||||
MSCI, Inc., 5.38%, 05/15/2027(b) | 3,424,000 | 3,706,891 | ||||||
|
| |||||||
7,967,491 | ||||||||
|
| |||||||
Chemicals-1.12% | ||||||||
Ashland LLC, 4.75%, 08/15/2022 | 4,122,000 | 4,330,676 | ||||||
Cooke Omega Investment, Inc./Alpha VesselCo. Holdings Inc. (Canada), 8.50%, 12/15/2022(b) | 2,180,000 | 2,253,063 | ||||||
Olin Corp., 5.50%, 08/15/2022 | 984,000 | 1,007,139 | ||||||
|
| |||||||
7,590,878 | ||||||||
|
| |||||||
Commercial Services & Supplies-3.96% |
| |||||||
ADT Security Corp. (The), 3.50%, 07/15/2022 | 6,694,000 | 6,865,467 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/2026(b) | 11,998,000 | 12,882,853 | ||||||
Brink’s Co. (The), 5.50%, 07/15/2025(b) | 205,000 | 216,659 | ||||||
Clean Harbors, Inc., | 3,404,000 | 3,576,957 |
Principal Amount | Value | |||||||
Commercial Services & Supplies-(continued) |
| |||||||
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc., 7.88%, 10/01/2022(b)(c) | $ | 2,327,000 | $ | 1,894,143 | ||||
Quad/Graphics, Inc., 7.00%, | 1,586,000 | 1,409,185 | ||||||
|
| |||||||
26,845,264 | ||||||||
|
| |||||||
Consumer Finance-3.73% | ||||||||
Navient Corp. | ||||||||
7.25%, 01/25/2022 | 4,689,000 | 4,933,883 | ||||||
6.50%, 06/15/2022 | 6,807,000 | 7,113,315 | ||||||
OneMain Finance Corp. | ||||||||
6.13%, 05/15/2022 | 7,051,000 | 7,425,585 | ||||||
8.88%, 06/01/2025 | 4,000,000 | 4,517,400 | ||||||
SLM Corp., 5.13%, 04/05/2022 | 1,235,000 | 1,275,909 | ||||||
|
| |||||||
25,266,092 | ||||||||
|
| |||||||
Containers & Packaging-2.90% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b) | 3,600,000 | 3,824,100 | ||||||
Ball Corp., 5.00%, 03/15/2022 | 5,876,000 | 6,250,154 | ||||||
Graphic Packaging International LLC, 4.88%, 11/15/2022 | 1,579,000 | 1,659,553 | ||||||
LABL Escrow Issuer LLC, 10.50%, 07/15/2027(b) | 4,503,000 | 4,952,310 | ||||||
Sealed Air Corp., 4.88%, 12/01/2022(b) | 2,818,000 | 2,982,895 | ||||||
|
| |||||||
19,669,012 | ||||||||
|
| |||||||
Diversified Consumer Services-0.02% | ||||||||
Service Corp. International, 4.63%, 12/15/2027 | 138,000 | 149,786 | ||||||
|
| |||||||
Diversified Financial Services-0.29% | ||||||||
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc., 6.38%, 12/15/2022(b) | 2,023,000 | 1,934,767 | ||||||
|
| |||||||
Diversified Telecommunication Services-4.46% |
| |||||||
Altice France Holding S.A. (Luxembourg), 10.50%, 05/15/2027(b) | 4,350,000 | 4,994,344 | ||||||
CenturyLink, Inc., Series T, 5.80%, 03/15/2022 | 9,136,000 | 9,563,793 | ||||||
Cogent Communications Group, Inc., 5.38%, 03/01/2022(b) | 2,840,000 | 2,935,183 | ||||||
Numericable-SFR S.A. (France), 8.13%, 02/01/2027(b) | 11,400,000 | 12,724,053 | ||||||
|
| |||||||
30,217,373 | ||||||||
|
| |||||||
Energy Equipment & Services-0.28% | ||||||||
Welltec A/S (Denmark), 9.50%, 12/01/2022(b) | 2,100,000 | 1,911,000 | ||||||
|
| |||||||
Entertainment-0.68% | ||||||||
Netflix, Inc., 5.50%, 02/15/2022 | 4,354,000 | 4,593,470 | ||||||
|
| |||||||
Equity REITs-2.32% | ||||||||
CoreCivic, Inc., 5.00%, 10/15/2022 | 1,589,000 | 1,570,750 | ||||||
GEO Group, Inc. (The), 5.88%, 01/15/2022 | 1,270,000 | 1,239,539 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025(b) | 500,000 | 536,875 | ||||||
iStar, Inc., 5.25%, 09/15/2022 | 2,574,000 | 2,612,095 | ||||||
Mack-Cali Realty L.P., 4.50%, 04/18/2022 | 1,950,000 | 1,876,763 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 160 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Equity REITs-(continued) | ||||||||
SBA Communications Corp., 4.00%, 10/01/2022 | $ | 4,649,000 | $ | 4,690,771 | ||||
Service Properties Trust, 5.00%, 08/15/2022 | 3,172,000 | 3,179,930 | ||||||
|
| |||||||
15,706,723 | ||||||||
|
| |||||||
Food Products-1.44% | ||||||||
Post Holdings, Inc., 5.75%, | 6,822,000 | 7,224,941 | ||||||
TreeHouse Foods, Inc., 4.88%, 03/15/2022 | 2,535,000 | 2,546,446 | ||||||
|
| |||||||
9,771,387 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-0.71% |
| |||||||
Avanos Medical, Inc., 6.25%, 10/15/2022 | 1,912,000 | 1,919,170 | ||||||
Teleflex, Inc., 4.63%, 11/15/2027 | 2,710,000 | 2,885,649 | ||||||
|
| |||||||
4,804,819 | ||||||||
|
| |||||||
Health Care Providers & Services-4.29% |
| |||||||
Molina Healthcare, Inc., 5.38%, 11/15/2022 | 4,670,000 | 4,901,749 | ||||||
Tenet Healthcare Corp. | ||||||||
8.13%, 04/01/2022 | 18,299,000 | 19,776,644 | ||||||
7.50%, 04/01/2025(b) | 4,000,000 | 4,395,660 | ||||||
|
| |||||||
29,074,053 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-8.72% | ||||||||
Aramark Services, Inc., 6.38%, 05/01/2025(b) | 9,400,000 | 9,858,250 | ||||||
Boyd Gaming Corp., 8.63%, 06/01/2025(b) | 3,800,000 | 4,194,250 | ||||||
CCM Merger, Inc., 6.00%, | 1,564,000 | 1,561,068 | ||||||
Cinemark USA, Inc. | ||||||||
5.13%, 12/15/2022 | 2,608,000 | 2,451,520 | ||||||
8.75%, 05/01/2025(b) | 1,585,000 | 1,706,847 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 | 4,000,000 | 4,109,260 | ||||||
International Game Technology PLC, 6.25%, 02/15/2022(b) | 10,500,000 | 10,811,797 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC, 4.75%, 06/01/2027(b) | 203,000 | 213,740 | ||||||
Marriott Ownership Resorts, Inc., 6.13%, 09/15/2025(b) | 3,200,000 | 3,414,000 | ||||||
MGM Resorts International, 7.75%, 03/15/2022 | 6,540,000 | 6,952,837 | ||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b) | 4,700,000 | 5,095,717 | ||||||
Wyndham Destinations, Inc., 4.25%, 03/01/2022 | 4,496,000 | 4,532,485 | ||||||
Yum! Brands, Inc., 7.75%, | 3,774,000 | 4,217,445 | ||||||
|
| |||||||
59,119,216 | ||||||||
|
| |||||||
Household Durables-1.05% | ||||||||
KB Home, 7.50%, 09/15/2022 | 2,407,000 | 2,647,134 | ||||||
Meritage Homes Corp., 7.00%, 04/01/2022 | 2,243,000 | 2,407,894 | ||||||
New Home Co., Inc. (The), 7.25%, 04/01/2022 | 2,147,000 | 2,057,932 | ||||||
|
| |||||||
7,112,960 | ||||||||
|
| |||||||
Industrial Conglomerates-1.18% | ||||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022 | 7,883,000 | 7,989,223 | ||||||
|
|
Principal Amount | Value | |||||||
Insurance-0.98% | ||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b) | $ | 6,285,000 | $ | 6,672,722 | ||||
|
| |||||||
IT Services-0.38% | ||||||||
Atento Luxco 1 S.A. (Spain), 6.13%, 08/10/2022(b) | 2,710,000 | 2,567,725 | ||||||
|
| |||||||
Machinery-0.63% | ||||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b) | 4,000,000 | 4,285,000 | ||||||
|
| |||||||
Media-12.66% | ||||||||
AMC Networks, Inc., 4.75%, 12/15/2022 | 2,754,000 | 2,767,012 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||
5.13%, 05/01/2027(b) | 5,858,000 | 6,246,708 | ||||||
5.00%, 02/01/2028(b) | 15,984,000 | 16,919,064 | ||||||
CSC Holdings LLC | ||||||||
5.88%, 09/15/2022 | 4,654,000 | 4,943,595 | ||||||
5.50%, 04/15/2027(b) | 9,500,000 | 10,140,870 | ||||||
DISH DBS Corp., 5.88%, 07/15/2022 | 13,023,000 | 13,687,173 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.88%, 08/01/2022(b) | 6,474,000 | 6,538,740 | ||||||
5.00%, 08/01/2027(b) | 9,413,000 | 9,997,971 | ||||||
Univision Communications, Inc., 9.50%, 05/01/2025(b) | 2,300,000 | 2,530,000 | ||||||
Urban One, Inc., 7.38%, 04/15/2022(b) | 2,277,000 | 2,057,304 | ||||||
Videotron Ltd. (Canada) | ||||||||
5.00%, 07/15/2022 | 5,255,000 | 5,535,223 | ||||||
5.13%, 04/15/2027(b) | 4,190,000 | 4,443,097 | ||||||
|
| |||||||
85,806,757 | ||||||||
|
| |||||||
Metals & Mining-1.60% | ||||||||
Compass Minerals International, Inc., 6.75%, 12/01/2027(b) | 1,698,000 | 1,859,004 | ||||||
Freeport-McMoRan, Inc., 3.55%, 03/01/2022 | 8,721,000 | 8,955,813 | ||||||
|
| |||||||
10,814,817 | ||||||||
|
| |||||||
Mortgage REITs-0.55% | ||||||||
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp., 5.25%, 03/15/2022(b) | 3,769,000 | 3,743,050 | ||||||
|
| |||||||
Multiline Retail-0.34% | ||||||||
Macy’s Retail Holdings, Inc., 3.88%, 01/15/2022 | 2,477,000 | 2,278,592 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-7.09% | ||||||||
Antero Resources Corp., 5.13%, 12/01/2022 | 5,083,000 | 4,382,690 | ||||||
Apache Corp., 3.25%, 04/15/2022 | 3,299,000 | 3,298,010 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/2022(b) | 4,975,000 | 4,961,194 | ||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022(c) | 2,121,000 | 2,107,245 | ||||||
CNX Resources Corp., 5.88%, 04/15/2022 | 2,588,000 | 2,606,957 | ||||||
DCP Midstream Operating L.P., 4.95%, 04/01/2022 | 2,373,000 | 2,434,734 | ||||||
EQT Corp., 3.00%, 10/01/2022(c) | 5,080,000 | 5,029,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 161 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
HighPoint Operating Corp., 7.00%, 10/15/2022 | $ | 2,027,000 | $ | 509,760 | ||||
Murphy Oil Corp., 4.95%, 12/01/2022 | 2,193,000 | 2,194,349 | ||||||
NuStar Logistics L.P., 4.75%, 02/01/2022(c) | 1,748,000 | 1,758,514 | ||||||
Occidental Petroleum Corp., 3.13%, 02/15/2022 | 5,190,000 | 5,131,353 | ||||||
QEP Resources, Inc., 5.38%, 10/01/2022 | 3,000,000 | 2,635,545 | ||||||
Range Resources Corp., 5.00%, 08/15/2022(c) | 3,002,000 | 3,026,391 | ||||||
Southwestern Energy Co., 4.10%, 03/15/2022 | 1,617,000 | 1,606,482 | ||||||
Teine Energy Ltd. (Canada), 6.88%, 09/30/2022(b)(c) | 2,262,000 | 2,230,366 | ||||||
Western Midstream Operating L.P., 4.00%, 07/01/2022 | 4,019,000 | 4,099,380 | ||||||
|
| |||||||
48,012,170 | ||||||||
|
| |||||||
Personal Products-1.43% | ||||||||
Avon International Capital PLC (United Kingdom), 6.50%, 08/15/2022(b) | 2,522,000 | 2,554,509 | ||||||
Avon International Operations, Inc. (United Kingdom), 7.88%, 08/15/2022(b) | 3,478,000 | 3,530,987 | ||||||
Edgewell Personal Care Co., 4.70%, 05/24/2022 | 3,433,000 | 3,598,179 | ||||||
|
| |||||||
9,683,675 | ||||||||
|
| |||||||
Pharmaceuticals-3.79% | ||||||||
Bausch Health Americas, Inc. | ||||||||
9.25%, 04/01/2026(b) | 8,467,000 | 9,388,209 | ||||||
8.50%, 01/31/2027(b) | 11,766,000 | 12,959,249 | ||||||
Catalent Pharma Solutions, Inc., 5.00%, 07/15/2027(b) | 3,123,000 | 3,300,043 | ||||||
|
| |||||||
25,647,501 | ||||||||
|
| |||||||
Professional Services-2.19% | ||||||||
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(b) | 14,809,000 | 14,837,878 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-0.35% |
| |||||||
Advanced Micro Devices, Inc., 7.50%, 08/15/2022 | 2,130,000 | 2,393,087 | ||||||
|
| |||||||
Software-0.56% | ||||||||
CDK Global, Inc., 4.88%, 06/01/2027 | 3,564,000 | 3,770,017 | ||||||
|
| |||||||
Specialty Retail-3.13% | ||||||||
Conn’s, Inc., 7.25%, 07/15/2022(c) | 1,568,000 | 1,338,312 | ||||||
Group 1 Automotive, Inc., 5.00%, 06/01/2022 | 3,721,000 | 3,721,000 | ||||||
Hillman Group, Inc. (The), 6.38%, 07/15/2022(b) | 2,309,000 | 2,270,936 | ||||||
L Brands, Inc., 5.63%, 02/15/2022 | 6,085,000 | 6,265,877 | ||||||
Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 1,831,000 | 1,947,378 | ||||||
Penske Automotive Group, Inc., 5.75%, 10/01/2022 | 3,562,000 | 3,575,589 | ||||||
Sally Holdings LLC/Sally Capital, Inc., 8.75%, 04/30/2025(b) | 1,900,000 | 2,117,312 | ||||||
|
| |||||||
21,236,404 | ||||||||
|
|
Principal Amount | Value | |||||||
Technology Hardware, Storage & Peripherals-1.67% |
| |||||||
NCR Corp. | ||||||||
5.00%, 07/15/2022 | $ | 4,321,000 | $ | 4,320,287 | ||||
8.13%, 04/15/2025(b) | 2,600,000 | 2,915,146 | ||||||
Vericast Corp., 8.38%, 08/15/2022(b) | 4,980,000 | 4,090,995 | ||||||
|
| |||||||
11,326,428 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.50% |
| |||||||
William Carter Co. (The), 5.50%, 05/15/2025(b) | 3,150,000 | 3,381,934 | ||||||
|
| |||||||
Trading Companies & Distributors-3.11% |
| |||||||
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/2022(b) | 4,456,000 | 4,433,965 | ||||||
United Rentals North America, Inc., 5.50%, 05/15/2027 | 5,732,000 | 6,150,293 | ||||||
WESCO Distribution, Inc., 7.13%, 06/15/2025(b) | 9,500,000 | 10,462,587 | ||||||
|
| |||||||
21,046,845 | ||||||||
|
| |||||||
Wireless Telecommunication Services-4.18% |
| |||||||
Consolidated Communications, Inc., 6.50%, 10/01/2022(c) | 2,687,000 | 2,634,939 | ||||||
Sprint Communications, Inc., 6.00%, 11/15/2022 | 14,636,000 | 15,898,355 | ||||||
T-Mobile USA, Inc. | ||||||||
4.00%, 04/15/2022 | 3,467,000 | 3,607,431 | ||||||
5.38%, 04/15/2027 | 3,537,000 | 3,821,393 | ||||||
Trilogy International Partners LLC/Trilogy International Finance, Inc. (New Zealand), 8.88%, 05/01/2022(b)(c) | 2,552,000 | 2,356,810 | ||||||
|
| |||||||
28,318,928 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 632,945,576 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-5.15% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $34,889,820) | 34,889,820 | 34,889,820 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 667,835,396 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.59% |
| |||||||
Invesco Private Government Fund, 0.03%(d)(e)(f) | 13,169,364 | 13,169,364 | ||||||
Invesco Private Prime Fund, | 4,400,289 | 4,401,169 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 17,570,533 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $681,737,736) |
| 685,405,929 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.15)% |
| (7,792,620 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. |
| $ | 677,613,309 | |||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 162 |
|
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)–(continued)
August 31, 2020
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $314,353,441, which represented 46.39% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 10,574,525 | $ | 416,735,175 | $ | (392,419,880 | ) | $ | - | $ | - | $ | 34,889,820 | $ | 180,529 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government��& Agency Portfolio, Institutional Class | 13,561,947 | 75,756,888 | (89,318,835 | ) | - | - | - | 115,030 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 4,914,449 | 25,430,869 | (30,341,697 | ) | - | (3,621 | ) | - | 43,825 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 65,223,319 | (52,053,955 | ) | - | - | 13,169,364 | 1,875 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 8,613,464 | (4,212,757 | ) | 79 | 383 | 4,401,169 | 1,298 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 29,050,921 | $ | 591,759,715 | $ | (568,347,124 | ) | $ | 79 | $ | (3,238 | ) | $ | 52,460,353 | $ | 342,557 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 163 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-96.54% |
| |||||||
Aerospace & Defense-2.10% | ||||||||
Bombardier, Inc. (Canada), 6.13%, 01/15/2023(b) | $ | 4,838,000 | $ | 3,923,618 | ||||
SSL Robotics LLC, 9.75%, | 3,759,000 | 4,256,692 | ||||||
|
| |||||||
8,180,310 | ||||||||
|
| |||||||
Air Freight & Logistics-0.56% | ||||||||
XPO Logistics, Inc., 6.13%, | 2,144,000 | 2,188,113 | ||||||
|
| |||||||
Airlines-0.32% | ||||||||
Air Medical Group Holdings, Inc., 6.38%, 05/15/2023(b) | 1,248,000 | 1,240,069 | ||||||
|
| |||||||
Auto Components-0.98% | ||||||||
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023 | 3,789,000 | 3,805,615 | ||||||
|
| |||||||
Automobiles-5.41% | ||||||||
Ford Motor Co., 8.50%, 04/21/2023 | 8,000,000 | 8,856,000 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.09%, 01/09/2023 | 3,500,000 | 3,485,965 | ||||||
4.14%, 02/15/2023 | 2,000,000 | 2,049,400 | ||||||
3.10%, 05/04/2023 | 2,202,000 | 2,194,293 | ||||||
4.38%, 08/06/2023 | 2,600,000 | 2,683,720 | ||||||
Jaguar Land Rover Automotive PLC (United Kingdom), 5.63%, | 1,903,000 | 1,842,323 | ||||||
|
| |||||||
21,111,701 | ||||||||
|
| |||||||
Capital Markets-1.28% | ||||||||
APX Group, Inc., 7.63%, 09/01/2023(c) | 1,532,000 | 1,572,054 | ||||||
DKT Finance ApS (Denmark), 9.38%, 06/17/2023(b) | 1,500,000 | 1,516,875 | ||||||
FS Energy and Power Fund, 7.50%, 08/15/2023(b) | 2,125,000 | 1,918,036 | ||||||
|
| |||||||
5,006,965 | ||||||||
|
| |||||||
Chemicals-4.24% | ||||||||
Aruba Investments, Inc., 8.75%, 02/15/2023(b) | 859,000 | 875,016 | ||||||
Avient Corp., 5.25%, 03/15/2023 | 2,126,000 | 2,311,334 | ||||||
CF Industries, Inc., 3.45%, 06/01/2023 | 2,664,000 | 2,778,086 | ||||||
Chemours Co. (The), 6.63%, 05/15/2023 | 3,410,000 | 3,433,307 | ||||||
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023(b) | 2,401,000 | 2,365,237 | ||||||
LSB Industries, Inc., 9.63%, | 2,087,000 | 2,152,438 | ||||||
OCI N.V. (Netherlands), 6.63%, 04/15/2023(b) | 2,500,000 | 2,606,250 | ||||||
|
| |||||||
16,521,668 | ||||||||
|
| |||||||
Commercial Services & Supplies-2.66% |
| |||||||
ADT Security Corp. (The), 4.13%, 06/15/2023 | 2,669,000 | 2,794,149 | ||||||
Algeco Global Finance 2 PLC (United Kingdom), 10.00%, 08/15/2023(b)(c) | 1,402,000 | 1,310,870 | ||||||
Algeco Global Finance PLC (United Kingdom), 8.00%, 02/15/2023(b) | 2,000,000 | 2,046,230 |
Principal Amount | Value | |||||||
Commercial Services & Supplies-(continued) |
| |||||||
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/2023(b) | $ | 3,271,000 | $ | 3,346,675 | ||||
RR Donnelley & Sons Co., 6.50%, 11/15/2023 | 991,000 | 870,737 | ||||||
|
| |||||||
10,368,661 | ||||||||
|
| |||||||
Communications Equipment-0.45% |
| |||||||
Plantronics, Inc., 5.50%, 05/31/2023(b) | 1,849,000 | 1,751,216 | ||||||
|
| |||||||
Construction & Engineering-0.58% |
| |||||||
Michael Baker International LLC, 8.75%, 03/01/2023(b)(c) | 1,387,000 | 1,380,065 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 02/01/2023 | 867,000 | 867,993 | ||||||
|
| |||||||
2,248,058 | ||||||||
|
| |||||||
Consumer Finance-3.11% | ||||||||
Navient Corp. | ||||||||
5.50%, 01/25/2023 | 3,809,000 | 3,930,641 | ||||||
7.25%, 09/25/2023 | 1,918,000 | 2,031,881 | ||||||
OneMain Finance Corp. | ||||||||
5.63%, 03/15/2023 | 3,309,000 | 3,517,881 | ||||||
8.25%, 10/01/2023 | 1,140,000 | 1,286,655 | ||||||
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023(b) | 1,532,000 | 1,372,894 | ||||||
|
| |||||||
12,139,952 | ||||||||
|
| |||||||
Containers & Packaging-5.20% | ||||||||
Ball Corp., 4.00%, 11/15/2023 | 3,818,000 | 4,066,170 | ||||||
Berry Global, Inc., 5.13%, 07/15/2023 | 3,127,000 | 3,169,996 | ||||||
Crown Americas LLC/Crown Americas |
| |||||||
Capital Corp. IV, 4.50%, 01/15/2023 | 3,795,000 | 3,996,572 | ||||||
OI European Group B.V., 4.00%, 03/15/2023(b) | 1,664,000 | 1,687,055 | ||||||
Owens-Brockway Glass Container, Inc. |
| |||||||
5.88%, 08/15/2023(b)(c) | 2,656,000 | 2,832,239 | ||||||
6.63%, 05/13/2027(b)(c) | 2,575,000 | 2,837,328 | ||||||
Sealed Air Corp., 5.25%, 04/01/2023(b) | 1,560,000 | 1,675,198 | ||||||
|
| |||||||
20,264,558 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.98% |
| |||||||
CenturyLink, Inc., Series W, 6.75%, 12/01/2023 | 2,810,000 | 3,119,128 | ||||||
Level 3 Financing, Inc., 5.13%, 05/01/2023 . | 2,635,000 | 2,641,864 | ||||||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, 6.00%, 04/15/2023(b)(c) | 1,918,000 | 1,942,263 | ||||||
|
| |||||||
7,703,255 | ||||||||
|
| |||||||
Electrical Equipment-0.79% | ||||||||
EnerSys, 5.00%, 04/30/2023(b) | 1,110,000 | 1,155,904 | ||||||
Sensata Technologies B.V., 4.88%, 10/15/2023(b) | 1,816,000 | 1,921,537 | ||||||
|
| |||||||
3,077,441 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 164 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Energy Equipment & Services-1.01% |
| |||||||
Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028(b) | $ | 2,345,000 | $ | 2,362,118 | ||||
CGG Holding (U.S.), Inc. (France), 9.00%, 05/01/2023(b)(c) | 1,543,000 | 1,566,145 | ||||||
|
| |||||||
3,928,263 | ||||||||
|
| |||||||
Equity REITs-1.74% | ||||||||
CoreCivic, Inc., 4.63%, 05/01/2023(c) | 1,832,000 | 1,746,125 | ||||||
GEO Group, Inc. (The), 5.13%, | 745,000 | 616,953 | ||||||
Mack-Cali Realty L.P., 3.15%, 05/15/2023 | 880,000 | 794,094 | ||||||
RHP Hotel Properties L.P./RHP Finance Corp., 5.00%, | 1,505,000 | 1,486,759 | ||||||
Service Properties Trust, 4.50%, | 2,180,000 | 2,147,464 | ||||||
|
| |||||||
6,791,395 | ||||||||
|
| |||||||
Food & Staples Retailing-1.72% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(b) | 2,846,000 | 2,912,881 | ||||||
Fresh Market, Inc. (The), 9.75%, 05/01/2023(b) | 3,000,000 | 2,602,500 | ||||||
Ingles Markets, Inc., 5.75%, 06/15/2023(c) | 1,153,000 | 1,173,887 | ||||||
|
| |||||||
6,689,268 | ||||||||
|
| |||||||
Food Products-0.98% | ||||||||
JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 02/15/2028(b) | 3,438,000 | 3,815,527 | ||||||
|
| |||||||
Gas Utilities-0.47% | ||||||||
LBC Tank Terminals Holding Netherlands B.V. (Belgium), 6.88%, 05/15/2023(b) | 1,808,000 | 1,819,110 | ||||||
|
| |||||||
Health Care Equipment & Supplies-0.37% |
| |||||||
Hologic, Inc., 4.63%, 02/01/2028(b) | 1,341,000 | 1,428,540 | ||||||
|
| |||||||
Health Care Providers & Services-7.45% |
| |||||||
Acadia Healthcare Co., Inc., 5.63%, 02/15/2023 | 2,576,000 | 2,602,030 | ||||||
Avantor Funding, Inc., 4.63%, 07/15/2028(b) | 1,900,000 | 2,012,005 | ||||||
Community Health Systems, Inc., 6.25%, 03/31/2023 | 11,636,000 | 11,679,635 | ||||||
HCA, Inc., 5.88%, 05/01/2023 | 4,752,000 | 5,210,354 | ||||||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 7,079,000 | 7,563,912 | ||||||
|
| |||||||
29,067,936 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-5.47% |
| |||||||
Brinker International, Inc., 3.88%, 05/15/2023 | 851,000 | 832,384 | ||||||
Carlson Travel, Inc., 6.75%, 12/15/2023(b) | 1,394,000 | 1,081,946 | ||||||
Cinemark USA, Inc., 4.88%, 06/01/2023 | 2,996,000 | 2,763,510 | ||||||
Cirsa Finance International S.a.r.l. (Spain), 7.88%, 12/20/2023(b) | 1,800,000 | 1,638,000 | ||||||
Diamond Resorts International, Inc., 7.75%, 09/01/2023(b) | 1,744,000 | 1,714,553 | ||||||
MGM Resorts International, 6.00%, 03/15/2023 | 4,747,000 | 5,016,986 | ||||||
Sabre GLBL, Inc. | ||||||||
5.38%, 04/15/2023(b) | 1,814,000 | 1,836,866 | ||||||
5.25%, 11/15/2023(b) | 1,889,000 | 1,880,528 |
Principal Amount | Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
| |||||||
Wyndham Destinations, Inc., 3.90%, 03/01/2023 | $ | 1,526,000 | $ | 1,514,318 | ||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(b) | 1,772,000 | 1,744,330 | ||||||
Yum! Brands, Inc., 3.88%, 11/01/2023 | 1,263,000 | 1,324,072 | ||||||
|
| |||||||
21,347,493 | ||||||||
|
| |||||||
Household Durables-2.70% | ||||||||
KB Home, 7.63%, 05/15/2023 | 1,162,000 | 1,285,102 | ||||||
Newell Brands, Inc., 4.35%, 04/01/2023 | 5,410,000 | 5,731,219 | ||||||
Taylor Morrison Communities, Inc., 6.00%, 09/01/2023(b) | 149,000 | 153,424 | ||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.88%, 04/15/2023(b) | 1,287,000 | 1,367,302 | ||||||
Tempur Sealy International, Inc., 5.63%, 10/15/2023 | 1,941,000 | 1,982,043 | ||||||
|
| |||||||
10,519,090 | ||||||||
|
| |||||||
Household Products-2.98% | ||||||||
Central Garden & Pet Co., 6.13%, 11/15/2023 | 1,527,000 | 1,565,015 | ||||||
Kronos Acquisition Holdings, Inc. (Canada), 9.00%, 08/15/2023(b) | 3,857,000 | 3,934,140 | ||||||
Reynolds Group Issuer, Inc./LLC, 5.13%, 07/15/2023(b) | 6,034,000 | 6,130,242 | ||||||
|
| |||||||
11,629,397 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-1.68% |
| |||||||
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b) | 3,162,000 | 3,315,167 | ||||||
InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b) | 1,302,000 | 1,269,450 | ||||||
TerraForm Power Operating LLC, 4.25%, 01/31/2023(b) | 1,914,000 | 1,985,967 | ||||||
|
| |||||||
6,570,584 | ||||||||
|
| |||||||
IT Services-0.80% | ||||||||
Gartner, Inc., 4.50%, 07/01/2028(b) | 3,000,000 | 3,138,750 | ||||||
|
| |||||||
Leisure Products-0.61% | ||||||||
Mattel, Inc., 3.15%, 03/15/2023 | 832,000 | 820,647 | ||||||
Vista Outdoor, Inc., 5.88%, 10/01/2023 | 1,511,000 | 1,539,173 | ||||||
|
| |||||||
2,359,820 | ||||||||
|
| |||||||
Machinery-0.84% | ||||||||
ATS Automation Tooling Systems, Inc. (Canada), 6.50%, 06/15/2023(b) | 935,000 | 949,123 | ||||||
Cleaver-Brooks, Inc., 7.88%, 03/01/2023(b) | 1,391,000 | 1,364,773 | ||||||
Titan International, Inc., 6.50%, 11/30/2023 | 1,262,000 | 946,500 | ||||||
|
| |||||||
3,260,396 | ||||||||
|
| |||||||
Media-4.66% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023(b) | 1,911,000 | 1,943,229 | ||||||
CSC Holdings LLC, 5.38%, 02/01/2028(b) | 4,000,000 | 4,277,520 | ||||||
DISH DBS Corp., 5.00%, 03/15/2023 | 5,676,000 | 5,881,755 | ||||||
Lamar Media Corp., 5.00%, 05/01/2023 | 974,000 | 987,991 | ||||||
Quebecor Media, Inc. (Canada), 5.75%, 01/15/2023 | 3,159,000 | 3,396,257 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 165 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Media-(continued) | ||||||||
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/2023(b) | $ | 875,000 | $ | 900,064 | ||||
Townsquare Media, Inc., 6.50%, 04/01/2023(b) | 867,000 | 802,968 | ||||||
|
| |||||||
18,189,784 | ||||||||
|
| |||||||
Metals & Mining-3.76% | ||||||||
Allegheny Technologies, Inc., 7.88%, 08/15/2023 | 1,858,000 | 1,957,041 | ||||||
Commercial Metals Co., 4.88%, 05/15/2023 | 1,408,000 | 1,469,452 | ||||||
Freeport-McMoRan, Inc., 3.88%, 03/15/2023 | 7,023,000 | 7,285,520 | ||||||
Hudbay Minerals, Inc. (Peru), 7.25%, 01/15/2023(b) | 1,465,000 | 1,488,652 | ||||||
Joseph T. Ryerson & Son, Inc., 8.50%, 08/01/2028(b) | 750,000 | 821,250 | ||||||
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b) | 1,500,000 | 1,633,125 | ||||||
|
| |||||||
14,655,040 | ||||||||
|
| |||||||
Multiline Retail-0.52% | ||||||||
Macy’s Retail Holdings, Inc., 2.88%, 02/15/2023 | 2,433,000 | 2,020,971 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-10.19% |
| |||||||
Buckeye Partners L.P., 4.15%, 07/01/2023 | 1,781,000 | 1,786,566 | ||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.75%, 04/15/2023(c) | 1,635,000 | 1,526,510 | ||||||
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 6.25%, 04/01/2023 | 2,657,000 | 2,623,509 | ||||||
DCP Midstream Operating L.P., 3.88%, 03/15/2023 | 2,022,000 | 2,053,563 | ||||||
Energy Transfer Operating L.P., 4.25%, 03/15/2023 | 1,748,000 | 1,844,030 | ||||||
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/2023(b) | 1,523,000 | 1,315,331 | ||||||
EQM Midstream Partners L.P., 4.75%, 07/15/2023 | 4,200,000 | 4,316,550 | ||||||
Frontera Energy Corp. (Colombia), 9.70%, | 598,000 | 494,035 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.00%, 05/15/2023 | 1,517,000 | 1,424,425 | ||||||
Global Partners L.P./GLP Finance Corp., 7.00%, 06/15/2023 | 1,087,000 | 1,090,962 | ||||||
Montage Resources Corp., 8.88%, 07/15/2023 | 2,032,000 | 2,084,050 | ||||||
NGL Energy Partners L.P./NGL Energy Finance Corp., 7.50%, 11/01/2023 | 1,840,000 | 1,348,932 | ||||||
Occidental Petroleum Corp., 2.70%, 02/15/2023 | 4,359,000 | 4,204,779 | ||||||
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023 | 2,013,000 | 2,002,935 | ||||||
Range Resources Corp., 5.00%, 03/15/2023(c) | 2,392,000 | 2,387,467 | ||||||
Rockpoint Gas Storage Canada Ltd. (Canada), 7.00%, 03/31/2023(b) | 1,289,000 | 1,206,691 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Seven Generations Energy Ltd. (Canada) |
| |||||||
6.75%, 05/01/2023(b)(c) | $ | 1,489,000 | $ | 1,509,317 | ||||
6.88%, 06/30/2023(b) | 1,880,000 | 1,909,826 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | ||||||||
5.25%, 05/01/2023 | 2,106,000 | 2,122,437 | ||||||
4.25%, 11/15/2023 | 2,442,000 | 2,463,697 | ||||||
|
| |||||||
39,715,612 | ||||||||
|
| |||||||
Paper & Forest Products-0.48% |
| |||||||
Clearwater Paper Corp., 4.50%, 02/01/2023 | 755,000 | 761,417 | ||||||
Norbord, Inc. (Canada), 6.25%, 04/15/2023(b) | 1,028,000 | 1,101,137 | ||||||
|
| |||||||
1,862,554 | ||||||||
|
| |||||||
Personal Products-0.49% | ||||||||
Avon Products, Inc. (United Kingdom), 7.00%, 03/15/2023 | 1,829,000 | 1,917,734 | ||||||
|
| |||||||
Pharmaceuticals-3.88% | ||||||||
AdaptHealth LLC, 6.13%, | 1,300,000 | 1,365,000 | ||||||
Bausch Health Cos., Inc. | ||||||||
5.50%, 03/01/2023(b) | 1,086,000 | 1,087,243 | ||||||
5.88%, 05/15/2023(b) | 1,538,000 | 1,535,355 | ||||||
Elanco Animal Health, Inc., 5.27%, 08/28/2023 | 2,854,000 | 3,130,481 | ||||||
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b) | 7,500,000 | 8,016,075 | ||||||
|
| |||||||
15,134,154 | ||||||||
|
| |||||||
Real Estate Management & Development-1.04% |
| |||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028(b) | 2,400,000 | 2,542,848 | ||||||
Realogy Group LLC/Realogy Co.-Issuer Corp., 4.88%, 06/01/2023(b) | 1,537,000 | 1,512,984 | ||||||
|
| |||||||
4,055,832 | ||||||||
|
| |||||||
Road & Rail-0.99% | ||||||||
BCD Acquisition, Inc., 9.63%, 09/15/2023(b) | 2,665,000 | 2,679,964 | ||||||
Kenan Advantage Group, Inc. (The), 7.88%, 07/31/2023(b)(c) | 1,252,000 | 1,196,856 | ||||||
|
| |||||||
3,876,820 | ||||||||
|
| |||||||
Software-1.05% | ||||||||
Sophia L.P./Sophia Finance, Inc., 9.00%, 09/30/2023(b) | 2,084,000 | 2,102,016 | ||||||
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/2023(b) | 2,002,000 | 2,011,800 | ||||||
|
| |||||||
4,113,816 | ||||||||
|
| |||||||
Specialty Retail-1.76% | ||||||||
Gap, Inc. (The), 8.38%, 05/15/2023(b) | 2,000,000 | 2,235,000 | ||||||
KGA Escrow LLC, 7.50%, 08/15/2023(b) | 1,125,000 | 1,165,663 | ||||||
L Brands, Inc., 5.63%, 10/15/2023 | 1,742,000 | 1,820,765 | ||||||
PriSo Acquisition Corp., 9.00%, 05/15/2023(b) | 1,000,000 | 955,000 | ||||||
Sally Holdings LLC/Sally Capital, Inc., 5.50%, 11/01/2023(c) | 693,000 | 701,922 | ||||||
|
| |||||||
6,878,350 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 166 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Technology Hardware, Storage & Peripherals-2.71% |
| |||||||
EMC Corp., 3.38%, 06/01/2023 | $ | 3,792,000 | $ | 3,927,052 | ||||
NCR Corp., 6.38%, 12/15/2023 | 2,498,000 | 2,552,644 | ||||||
Xerox Corp., 4.13%, 03/15/2023 | 3,969,000 | 4,086,046 | ||||||
|
| |||||||
10,565,742 | ||||||||
|
| |||||||
Trading Companies & Distributors-1.43% |
| |||||||
WESCO Distribution, Inc., 7.25%, 06/15/2028(b) | 4,999,000 | 5,583,333 | ||||||
|
| |||||||
Wireless Telecommunication Services-5.10% |
| |||||||
Sprint Corp., 7.88%, 09/15/2023 | 16,155,000 | 18,810,478 | ||||||
T-Mobile USA, Inc., 4.75%, 02/01/2028 | 1,000,000 | 1,078,750 | ||||||
|
| |||||||
19,889,228 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 376,432,121 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-1.85% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 7,208,077 | 7,208,077 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 383,640,198 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.83% |
| |||||||
Invesco Private Government Fund, | 8,260,253 | $ | 8,260,253 | |||||
Invesco Private Prime Fund, | 2,752,922 | 2,753,473 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 11,013,726 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.22% |
| 394,653,924 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.22)% |
| (4,747,047 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 389,906,877 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $155,559,810, which represented 39.90% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 8,148,062 | $ | 201,899,324 | $ | (202,839,309 | ) | $ | - | $ | - | $ | 7,208,077 | $ | 95,137 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 14,304,182 | 65,555,590 | (79,859,772 | ) | - | - | - | 134,223 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 4,768,061 | 20,614,866 | (25,378,946 | ) | (38 | ) | (3,943 | ) | - | 50,690 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 167 |
|
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)–(continued)
August 31, 2020
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 64,955,727 | $ | (56,695,474 | ) | $ | - | $ | - | $ | 8,260,253 | $ | 1,318 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 10,282,731 | (7,529,440 | ) | - | 182 | 2,753,473 | 860 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 27,220,305 | $ | 363,308,238 | $ | (372,302,941 | ) | $ | (38 | ) | $ | (3,761 | ) | $ | 18,221,803 | $ | 282,228 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 168 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.25% |
| |||||||
Aerospace & Defense-1.62% | ||||||||
Bombardier, Inc. (Canada), 7.50%, 12/01/2024(b) | $ | 1,323,000 | $ | 995,564 | ||||
TransDigm, Inc., 6.50%, 07/15/2024 | 1,830,000 | 1,843,615 | ||||||
|
| |||||||
2,839,179 | ||||||||
|
| |||||||
Airlines-0.20% | ||||||||
United Airlines Holdings, Inc., 5.00%, 02/01/2024(c) | 379,000 | 342,995 | ||||||
|
| |||||||
Auto Components-1.17% | ||||||||
Dana, Inc., 5.50%, 12/15/2024 | 444,000 | 454,498 | ||||||
FXI Holdings, Inc., 7.88%, | 746,000 | 725,944 | ||||||
Tenneco, Inc., 5.38%, 12/15/2024 | 463,000 | 358,198 | ||||||
Tupy Overseas S.A. (Brazil), 6.63%, 07/17/2024(b) | 503,000 | 518,042 | ||||||
|
| |||||||
2,056,682 | ||||||||
|
| |||||||
Automobiles-2.84% | ||||||||
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024(b) | 500,000 | 530,937 | ||||||
Ford Motor Credit Co. LLC | ||||||||
3.81%, 01/09/2024 | 1,000,000 | 1,005,625 | ||||||
3.66%, 09/08/2024 | 1,000,000 | 997,185 | ||||||
4.06%, 11/01/2024 | 2,400,000 | 2,438,868 | ||||||
|
| |||||||
4,972,615 | ||||||||
|
| |||||||
Banks-2.17% | ||||||||
Freedom Mortgage Corp., 8.13%, 11/15/2024(b) | 551,000 | 565,406 | ||||||
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024(b) | 3,000,000 | 3,236,996 | ||||||
|
| |||||||
3,802,402 | ||||||||
|
| |||||||
Capital Markets-0.27% | ||||||||
Donnelley Financial Solutions, Inc., 8.25%, 10/15/2024 | 450,000 | 469,640 | ||||||
|
| |||||||
Chemicals-2.25% | ||||||||
Axalta Coating Systems LLC, 4.88%, 08/15/2024(b) | 750,000 | 770,239 | ||||||
Cornerstone Chemical Co., 6.75%, 08/15/2024(b) | 643,000 | 600,334 | ||||||
INEOS Group Holdings S.A. (Luxembourg), 5.63%, 08/01/2024(b) | 1,100,000 | 1,116,808 | ||||||
OCI N.V. (Netherlands), 5.25%, 11/01/2024(b) | 1,000,000 | 1,031,250 | ||||||
WR Grace & Co.-Conn, 5.63%, 10/01/2024(b) | 394,000 | 424,986 | ||||||
|
| |||||||
3,943,617 | ||||||||
|
| |||||||
Commercial Services & Supplies-1.94% |
| |||||||
ACCO Brands Corp., 5.25%, 12/15/2024(b) | 610,000 | 626,077 | ||||||
Advanced Disposal Services, Inc., 5.63%, 11/15/2024(b) | 785,000 | 814,355 | ||||||
Covanta Holding Corp., 5.88%, 03/01/2024 | 814,000 | 832,433 | ||||||
Pitney Bowes, Inc., 4.63%, | 729,000 | 700,434 | ||||||
R.R. Donnelley & Sons Co., 6.00%, 04/01/2024 | 535,000 | 420,673 | ||||||
|
| |||||||
3,393,972 | ||||||||
|
|
Principal Amount | Value | |||||||
Construction & Engineering-0.72% |
| |||||||
AECOM, 5.88%, 10/15/2024 | $ | 1,136,000 | $ | 1,268,179 | ||||
|
| |||||||
Construction Materials-0.47% |
| |||||||
US Concrete, Inc., 6.38%, 06/01/2024 | 796,000 | 823,780 | ||||||
|
| |||||||
Consumer Finance-2.86% |
| |||||||
Credit Acceptance Corp., 5.13%, 12/31/2024(b) | 800,000 | 825,920 | ||||||
Enova International, Inc., 8.50%, 09/01/2024(b) | 514,000 | 485,034 | ||||||
FirstCash, Inc., 5.38%, 06/01/2024(b) | 312,000 | 320,705 | ||||||
goeasy Ltd. (Canada), 5.38%, | 1,038,000 | 1,071,195 | ||||||
Navient Corp. | ||||||||
6.13%, 03/25/2024 | 1,174,000 | 1,230,487 | ||||||
5.88%, 10/25/2024 | 1,044,000 | 1,076,625 | ||||||
|
| |||||||
5,009,966 | ||||||||
|
| |||||||
Containers & Packaging-2.14% | ||||||||
Graphic Packaging International LLC, 4.13%, 08/15/2024 | 307,000 | 325,771 | ||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024(b) | 2,700,000 | 2,744,442 | ||||||
Sealed Air Corp., 5.13%, 12/01/2024(b) | 616,000 | 679,525 | ||||||
|
| |||||||
3,749,738 | ||||||||
|
| |||||||
Distributors-0.51% | ||||||||
Wolverine Escrow LLC, 8.50%, | 1,156,000 | 895,900 | ||||||
|
| |||||||
Diversified Consumer Services-2.75% |
| |||||||
Blackboard, Inc., 10.38%, 11/15/2024(b) | 314,000 | 319,299 | ||||||
Cengage Learning, Inc., 9.50%, 06/15/2024(b) | 683,000 | 460,099 | ||||||
Service Corp. International | ||||||||
5.38%, 05/15/2024 | 1,219,000 | 1,244,483 | ||||||
5.13%, 06/01/2029 | 1,000,000 | 1,110,480 | ||||||
ServiceMaster Co. LLC (The), 5.13%, 11/15/2024(b) | 1,656,000 | 1,693,434 | ||||||
|
| |||||||
4,827,795 | ||||||||
|
| |||||||
Diversified Financial Services-1.31% |
| |||||||
Fairstone Financial, Inc. (Canada), 7.88%, 07/15/2024(b) | 846,000 | 888,740 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.25%, 08/15/2024(b) | 400,000 | 389,458 | ||||||
Lions Gate Capital Holdings LLC, 5.88%, 11/01/2024(b) | 815,000 | 824,083 | ||||||
Stena International S.A. (Sweden), 5.75%, 03/01/2024(b) | 200,000 | 191,729 | ||||||
|
| |||||||
2,294,010 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.61% |
| |||||||
CenturyLink, Inc., Series Y, 7.50%, 04/01/2024 | 1,419,000 | 1,610,565 | ||||||
Cincinnati Bell, Inc., 7.00%, 07/15/2024(b) | 874,000 | 906,220 | ||||||
ORBCOMM, Inc., 8.00%, 04/01/2024(b) | 315,000 | 307,815 | ||||||
|
| |||||||
2,824,600 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 169 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Electric Utilities-1.95% | ||||||||
NextEra Energy Operating Partners L.P. | ||||||||
4.25%, 07/15/2024(b) | $ | 1,127,000 | $ | 1,204,893 | ||||
4.25%, 09/15/2024(b) | 1,008,000 | 1,074,780 | ||||||
NRG Energy, Inc., 5.25%, 06/15/2029(b) | 1,049,000 | 1,145,838 | ||||||
|
| |||||||
3,425,511 | ||||||||
|
| |||||||
Electrical Equipment-0.35% | ||||||||
Sensata Technologies B.V., 5.63%, 11/01/2024(b) | 567,000 | 622,932 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.48% |
| |||||||
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024 | 759,000 | 840,672 | ||||||
|
| |||||||
Energy Equipment & Services-0.37% | ||||||||
Oceaneering International, Inc., 4.65%, 11/15/2024 | 953,000 | 654,592 | ||||||
|
| |||||||
Entertainment-1.00% | ||||||||
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(b) | 1,013,000 | 997,653 | ||||||
Netflix, Inc., 5.75%, 03/01/2024 | 672,000 | 759,824 | ||||||
|
| |||||||
1,757,477 | ||||||||
|
| |||||||
Equity REITs-2.66% | ||||||||
GEO Group, Inc. (The), 5.88%, 10/15/2024 | 381,000 | 300,474 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/2024(b) | 720,000 | 755,410 | ||||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 5.63%, 05/01/2024 | 1,698,000 | 1,838,263 | ||||||
SBA Communications Corp., 4.88%, 09/01/2024 | 1,712,000 | 1,760,706 | ||||||
|
| |||||||
4,654,853 | ||||||||
|
| |||||||
Food & Staples Retailing-2.14% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 6.63%, 06/15/2024 | 1,835,000 | 1,895,922 | ||||||
Performance Food Group, Inc., 5.50%, 06/01/2024(b) | 386,000 | 387,407 | ||||||
Simmons Foods, Inc., 5.75%, | 823,000 | 841,604 | ||||||
US Foods, Inc., 5.88%, 06/15/2024(b) | 614,000 | 624,745 | ||||||
|
| |||||||
3,749,678 | ||||||||
|
| |||||||
Food Products-3.02% | ||||||||
JBS USA LUX S.A./JBS USA Finance, Inc., 5.88%, 07/15/2024(b) | 674,000 | 688,535 | ||||||
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b) | 2,145,000 | 2,439,981 | ||||||
Lamb Weston Holdings, Inc., 4.63%, 11/01/2024(b) | 1,187,000 | 1,241,774 | ||||||
TreeHouse Foods, Inc., 6.00%, 02/15/2024(b) | 893,000 | 922,250 | ||||||
|
| |||||||
5,292,540 | ||||||||
|
| |||||||
Gas Utilities-1.13% | ||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024 | 979,000 | 1,071,887 | ||||||
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.50%, 06/01/2024 | 895,000 | 906,738 | ||||||
|
| |||||||
1,978,625 | ||||||||
|
|
Principal Amount | Value | |||||||
Health Care Providers & Services-5.94% |
| |||||||
Acadia Healthcare Co., Inc., 6.50%, 03/01/2024 | $ | 653,000 | $ | 671,705 | ||||
AMN Healthcare, Inc., 5.13%, 10/01/2024(b) | 445,000 | 458,860 | ||||||
Community Health Systems, Inc., 8.63%, 01/15/2024(b) | 1,706,000 | 1,785,969 | ||||||
Encompass Health Corp., 5.75%, 11/01/2024 | 1,161,000 | 1,169,818 | ||||||
MPH Acquisition Holdings LLC, 7.13%, 06/01/2024(b) | 2,406,000 | 2,445,819 | ||||||
Tenet Healthcare Corp. | ||||||||
4.63%, 07/15/2024 | 3,031,000 | 3,103,744 | ||||||
4.63%, 09/01/2024(b) | 746,000 | 770,573 | ||||||
|
| |||||||
10,406,488 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-7.28% |
| |||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.25%, 05/15/2024(b) | 2,233,000 | 2,277,102 | ||||||
Cedar Fair L.P., 5.25%, 07/15/2029(c) | 746,000 | 724,224 | ||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/2024 | 742,000 | 746,701 | ||||||
Diamond Resorts International, Inc., 10.75%, 09/01/2024(b) | 803,000 | 713,582 | ||||||
Enterprise Development Authority (The), 12.00%, 07/15/2024(b) | 636,000 | 698,738 | ||||||
Gateway Casinos & Entertainment Ltd. (Canada), 8.25%, 03/01/2024(b) | 267,000 | 225,253 | ||||||
Golden Nugget, Inc., 6.75%, 10/15/2024(b) | 1,619,000 | 1,380,197 | ||||||
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024 | 1,493,000 | 1,505,907 | ||||||
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024 | 304,000 | 315,368 | ||||||
Jacobs Entertainment, Inc., 7.88%, 02/01/2024(b) | 445,000 | 424,092 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/2024(b) | 1,578,000 | 1,632,260 | ||||||
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024(b) | 544,000 | 516,460 | ||||||
Six Flags Entertainment Corp., 4.88%, 07/31/2024(b) | 1,327,000 | 1,288,955 | ||||||
Wyndham Destinations, Inc., 5.40%, 04/01/2024 | 306,000 | 312,120 | ||||||
|
| |||||||
12,760,959 | ||||||||
|
| |||||||
Household Durables-1.39% | ||||||||
Prestige Brands, Inc., 6.38%, 03/01/2024(b) | 955,000 | 988,325 | ||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(b) | 608,000 | 651,256 | ||||||
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024 | 725,000 | 789,268 | ||||||
|
| |||||||
2,428,849 | ||||||||
|
| |||||||
Household Products-0.73% | ||||||||
Reynolds Group Issuer, Inc./LLC, 7.00%, 07/15/2024(b) | 984,000 | 1,010,440 | ||||||
Spectrum Brands, Inc., 6.13%, 12/15/2024 | 267,000 | 275,983 | ||||||
|
| |||||||
1,286,423 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 170 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Industrial Conglomerates-1.05% |
| |||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024 | $ | 1,773,000 | $ | 1,833,397 | ||||
|
| |||||||
Interactive Media & Services-0.24% |
| |||||||
Match Group Holdings II LLC, 5.63%, 02/15/2029(b) | 377,000 | 416,985 | ||||||
|
| |||||||
IT Services-1.44% | ||||||||
EIG Investors Corp., 10.88%, 02/01/2024 | 385,000 | 399,878 | ||||||
Flexential Intermediate Corp., 11.25%, 08/01/2024(b) | 600,000 | 607,875 | ||||||
Rackspace Hosting, Inc., 8.63%, 11/15/2024(b) | 1,431,000 | 1,507,816 | ||||||
|
| |||||||
2,515,569 | ||||||||
|
| |||||||
Life Sciences Tools & Services-1.38% |
| |||||||
Avantor, Inc., 6.00%, 10/01/2024(b) | 2,306,000 | 2,412,652 | ||||||
|
| |||||||
Machinery-2.80% | ||||||||
Allison Transmission, Inc. | ||||||||
5.00%, 10/01/2024(b) | 1,450,000 | 1,465,428 | ||||||
5.88%, 06/01/2029(b) | 920,000 | 1,008,656 | ||||||
JPW Industries Holding Corp., 9.00%, 10/01/2024(b) | 239,000 | 227,921 | ||||||
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(b) | 826,000 | 829,473 | ||||||
Meritor, Inc., 6.25%, 02/15/2024 | 715,000 | 727,588 | ||||||
Welbilt, Inc., 9.50%, 02/15/2024 | 632,000 | 643,455 | ||||||
|
| |||||||
4,902,521 | ||||||||
|
| |||||||
Marine-0.40% | ||||||||
Stena AB (Sweden), 7.00%, | 700,000 | 698,803 | ||||||
|
| |||||||
Media-16.70% | ||||||||
AMC Networks, Inc., 5.00%, 04/01/2024 | 1,650,000 | 1,684,031 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/2029(b) | 2,093,000 | 2,299,453 | ||||||
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024 | 2,848,000 | 2,798,459 | ||||||
CSC Holdings LLC | ||||||||
5.25%, 06/01/2024(c) | 1,277,000 | 1,385,417 | ||||||
6.50%, 02/01/2029(b) | 2,500,000 | 2,817,187 | ||||||
DISH DBS Corp., 5.88%, 11/15/2024 | 3,312,000 | 3,505,545 | ||||||
Entercom Media Corp., 7.25%, 11/01/2024(b)(c) | 445,000 | 357,622 | ||||||
Gray Television, Inc., 5.13%, | 794,000 | 813,767 | ||||||
McGraw-Hill Global Education Holdings LLC/ McGraw-Hill Global Education Finance, 7.88%, 05/15/2024(b) | 381,000 | 218,559 | ||||||
MDC Partners, Inc., 6.50%, 05/01/2024(b) | 1,117,000 | 1,068,422 | ||||||
Nexstar Broadcasting, Inc., 5.63%, 08/01/2024(b) | 1,787,000 | 1,838,010 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/2024 | 805,000 | 819,172 | ||||||
Salem Media Group, Inc., 6.75%, 06/01/2024(b) | 570,000 | 488,775 | ||||||
Sinclair Television Group, Inc., 5.63%, 08/01/2024(b) | 821,000 | 823,057 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.63%, 07/15/2024(b) | 2,640,000 | 2,742,300 | ||||||
5.50%, 07/01/2029(b) | 1,730,000 | 1,903,813 |
Principal Amount | Value | |||||||
Media-(continued) | ||||||||
TEGNA, Inc., 5.50%, 09/15/2024(b) | $ | 487,000 | $ | 496,285 | ||||
Videotron Ltd. (Canada), 5.38%, 06/15/2024(b) | 955,000 | 1,042,593 | ||||||
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029(b) | 2,000,000 | 2,165,680 | ||||||
|
| |||||||
29,268,147 | ||||||||
|
| |||||||
Metals & Mining-3.20% | ||||||||
Alcoa Nederland Holding B.V., 6.75%, 09/30/2024(b) | 1,030,000 | 1,067,343 | ||||||
Celtic Resources Holdings DAC (United Kingdom), 4.13%, 10/09/2024(b)(c) | 600,000 | 633,858 | ||||||
Cleveland-Cliffs, Inc., 4.88%, 01/15/2024(b) | 677,000 | 667,620 | ||||||
Coeur Mining, Inc., 5.88%, 06/01/2024 | 390,000 | �� | 394,288 | |||||
Compass Minerals International, Inc., 4.88%, 07/15/2024(b) | 251,000 | 259,445 | ||||||
Constellium SE, 5.75%, | 900,000 | 921,281 | ||||||
Freeport-McMoRan, Inc., 4.55%, 11/14/2024 | 1,174,000 | 1,268,959 | ||||||
Warrior Met Coal, Inc., 8.00%, 11/01/2024(b) | 378,000 | 388,217 | ||||||
|
| |||||||
5,601,011 | ||||||||
|
| |||||||
Multiline Retail-0.43% | ||||||||
Macy’s Retail Holdings LLC, 3.63%, 06/01/2024(c) | 995,000 | 753,663 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-3.08% |
| |||||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 5.38%, 09/15/2024 | 931,000 | 861,175 | ||||||
Baytex Energy Corp. (Canada), 5.63%, 06/01/2024(b) | 381,000 | 227,131 | ||||||
EQM Midstream Partners L.P., 4.00%, 08/01/2024 | 800,000 | 805,252 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024 | 493,000 | 436,869 | ||||||
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.00%, 12/01/2024(b) | 755,000 | 718,114 | ||||||
MEG Energy Corp. (Canada), 7.00%, 03/31/2024(b) | 837,000 | 832,903 | ||||||
Occidental Petroleum Corp., 6.95%, 07/01/2024 | 895,000 | 928,563 | ||||||
PDC Energy, Inc., 6.13%, 09/15/2024 | 573,000 | 587,265 | ||||||
|
| |||||||
5,397,272 | ||||||||
|
| |||||||
Paper & Forest Products-0.46% | ||||||||
Louisiana-Pacific Corp., 4.88%, 09/15/2024 | 386,000 | 396,615 | ||||||
Mercer International, Inc. (Germany), 6.50%, 02/01/2024 | 404,000 | 407,493 | ||||||
|
| |||||||
804,108 | ||||||||
|
| |||||||
Pharmaceuticals-1.13% | ||||||||
Bausch Health Cos., Inc., 7.25%, 05/30/2029(b) | 1,161,000 | 1,276,154 | ||||||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/2024(b) | 700,000 | 704,301 | ||||||
|
| |||||||
1,980,455 | ||||||||
|
| |||||||
Real Estate Management & Development-0.87% |
| |||||||
Kennedy-Wilson, Inc., 5.88%, 04/01/2024 | 1,500,000 | 1,520,145 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 171 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Road & Rail-0.32% | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 6.38%, 04/01/2024(b)(c) | $ | 576,000 | $ | 566,580 | ||||
|
| |||||||
Semiconductors & Semiconductor Equipment-0.42% |
| |||||||
Qorvo, Inc., 4.38%, 10/15/2029 | 686,000 | 736,915 | ||||||
|
| |||||||
Software-4.29% | ||||||||
CDK Global, Inc. | ||||||||
5.00%, 10/15/2024 | 690,000 | 782,032 | ||||||
5.25%, 05/15/2029(b) | 920,000 | 1,004,511 | ||||||
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 S.a.r.l./Greeneden US Holdings II LLC, 10.00%, 11/30/2024(b) | 978,000 | 1,040,959 | ||||||
RP Crown Parent LLC, 7.38%, 10/15/2024(b) | 447,000 | 456,452 | ||||||
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/2024(b) | 2,883,000 | 3,027,150 | ||||||
Veritas US, Inc./Veritas Bermuda Ltd., 10.50%, 02/01/2024(b)(c) | 1,201,000 | 1,203,876 | ||||||
|
| |||||||
7,514,980 | ||||||||
|
| |||||||
Specialty Retail-0.35% | ||||||||
AAG FH L.P./AAG FH Finco, Inc. (Canada), 9.75%, 07/15/2024(b) | 315,000 | 297,675 | ||||||
Penske Automotive Group, Inc., 5.38%, 12/01/2024 | 312,000 | 319,022 | ||||||
|
| |||||||
616,697 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-1.54% |
| |||||||
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b) | 2,072,000 | 2,151,772 | ||||||
Diebold Nixdorf, Inc., 8.50%, 04/15/2024(c) | 577,000 | 553,568 | ||||||
|
| |||||||
2,705,340 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.83% |
| |||||||
Hanesbrands, Inc., 4.63%, 05/15/2024(b) | 1,382,000 | 1,454,700 | ||||||
|
| |||||||
Trading Companies & Distributors-0.59% |
| |||||||
BMC East LLC, 5.50%, 10/01/2024(b) | 608,000 | 633,016 | ||||||
WESCO Distribution, Inc., 5.38%, 06/15/2024 | 385,000 | 396,991 | ||||||
|
| |||||||
1,030,007 | ||||||||
|
|
Principal Amount | Value | |||||||
Wireless Telecommunication Services-2.46% |
| |||||||
Sprint Corp., 7.13%, 06/15/2024 | $ | 3,704,000 | $ | 4,309,493 | ||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $169,883,705) | 170,414,109 | |||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-2.09% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $3,661,538) | 3,661,538 | 3,661,538 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 174,075,647 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.27% |
| |||||||
Invesco Private Government Fund, 0.03%(d)(e)(f) | 4,302,260 | 4,302,260 | ||||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 1,433,816 | 1,434,103 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,736,363) |
| 5,736,363 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-102.61% (Cost $179,281,606) |
| 179,812,010 | ||||||
OTHER ASSETS LESS LIABILITIES-(2.61)% |
| (4,571,239 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 175,240,771 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 172 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $102,960,409, which represented 58.75% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 1,336,166 | $ | 70,022,368 | $ | (67,696,996 | ) | $ | - | $ | - | $ | 3,661,538 | $ | 29,239 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 3,683,100 | 32,535,409 | (36,218,509 | ) | - | - | - | 45,374 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 1,227,700 | 9,071,149 | (10,298,543 | ) | - | (306 | ) | - | 17,118 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 32,233,604 | (27,931,344 | ) | - | - | 4,302,260 | 465 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,779,962 | (3,345,949 | ) | - | 90 | 1,434,103 | 326 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 6,246,966 | $ | 148,642,492 | $ | (145,491,341 | ) | $ | - | $ | (216 | ) | $ | 9,397,901 | $ | 92,522 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 173 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-96.74% |
| |||||||
Aerospace & Defense-1.34% |
| |||||||
Bombardier, Inc. (Canada), 7.50%, 03/15/2025(b) | $ | 1,211,000 | $ | 891,599 | ||||
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025(b) | 139,000 | 146,456 | ||||||
TransDigm, Inc., 6.50%, 05/15/2025 | 515,000 | 520,150 | ||||||
Triumph Group, Inc., 7.75%, 08/15/2025 | 330,000 | 197,175 | ||||||
|
| |||||||
1,755,380 | ||||||||
|
| |||||||
Airlines-1.18% | ||||||||
American Airlines, Inc., 11.75%, 07/15/2025(b) | 1,600,000 | 1,539,208 | ||||||
|
| |||||||
Auto Components-0.87% | ||||||||
American Axle & Manufacturing, Inc., 6.25%, 04/01/2025(c) | 389,000 | 402,014 | ||||||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(b) | 200,000 | 208,076 | ||||||
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025 | 475,000 | 534,183 | ||||||
|
| |||||||
1,144,273 | ||||||||
|
| |||||||
Automobiles-4.88% | ||||||||
Ford Motor Co., 9.00%, 04/22/2025 | 2,100,000 | 2,460,255 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.69%, 06/09/2025 | 400,000 | 411,956 | ||||||
5.13%, 06/16/2025 | 1,000,000 | 1,052,240 | ||||||
4.13%, 08/04/2025 | 900,000 | 904,590 | ||||||
Tesla, Inc., 5.30%, 08/15/2025(b) | 1,491,000 | 1,550,834 | ||||||
|
| |||||||
6,379,875 | ||||||||
|
| |||||||
Banks-1.22% | ||||||||
Deutsche Bank AG (Germany), 4.50%, 04/01/2025 | 1,100,000 | 1,122,319 | ||||||
Freedom Mortgage Corp., 8.25%, 04/15/2025(b) | 465,000 | 479,190 | ||||||
|
| |||||||
1,601,509 | ||||||||
|
| |||||||
Beverages-0.37% | ||||||||
Cott Holdings, Inc. (Canada), 5.50%, 04/01/2025(b) | 463,000 | 479,205 | ||||||
|
| |||||||
Building Products-0.19% | ||||||||
JELD-WEN, Inc., 4.63%, 12/15/2025(b) | 252,000 | 254,179 | ||||||
|
| |||||||
Chemicals-4.33% | ||||||||
Atotech Alpha 3 B.V./Alpha US Bidco, Inc. (United Kingdom), 6.25%, 02/01/2025(b) | 400,000 | 411,848 | ||||||
Avient Corp., 5.75%, 05/15/2025(b) | 425,000 | 452,094 | ||||||
Chemours Co. (The), 7.00%, 05/15/2025(c) | 456,000 | 465,576 | ||||||
Consolidated Energy Finance S.A. (Switzerland), 6.88%, 06/15/2025(b) | 506,000 | 469,626 | ||||||
Element Solutions, Inc., 5.88%, 12/01/2025(b) | 529,000 | 550,821 | ||||||
Koppers, Inc., 6.00%, 02/15/2025(b) | 290,000 | 298,877 | ||||||
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/2025(b) | 204,000 | 211,250 | ||||||
Olin Corp., 9.50%, 06/01/2025(b) | 325,000 | 376,644 | ||||||
PQ Corp., 5.75%, 12/15/2025(b) | 139,000 | 143,329 |
Principal Amount | Value | |||||||
Chemicals-(continued) | ||||||||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/2025(b) | $ | 394,000 | $ | 390,302 | ||||
SPCM S.A. (France), 4.88%, 09/15/2025(b) | 400,000 | 416,754 | ||||||
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.38%, 09/01/2025(b) | 252,000 | 253,493 | ||||||
Tronox Finance PLC, 5.75%, 10/01/2025(b) | 377,000 | 383,166 | ||||||
Tronox, Inc., 6.50%, 05/01/2025(b) | 325,000 | 349,172 | ||||||
Valvoline, Inc., 4.38%, 08/15/2025 | 335,000 | 348,851 | ||||||
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025(b) | 161,000 | 135,743 | ||||||
|
| |||||||
5,657,546 | ||||||||
|
| |||||||
Commercial Services & Supplies-1.88% |
| |||||||
Core & Main L.P., 6.13%, | 512,000 | 527,406 | ||||||
Covanta Holding Corp., 5.88%, 07/01/2025 | 210,000 | 219,165 | ||||||
Intrado Corp., 8.50%, 10/15/2025(b) | 678,000 | 602,361 | ||||||
KAR Auction Services, Inc., 5.13%, 06/01/2025(b) | 590,000 | 595,162 | ||||||
Matthews International Corp., 5.25%, 12/01/2025(b) | 139,000 | 131,862 | ||||||
Ritchie Bros Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b) | 367,000 | 379,884 | ||||||
|
| |||||||
2,455,840 | ||||||||
|
| |||||||
Communications Equipment-1.08% |
| |||||||
CommScope Technologies LLC, 6.00%, 06/15/2025(b) | 995,000 | 1,021,427 | ||||||
ViaSat, Inc., 5.63%, 09/15/2025(b) | 395,000 | 396,977 | ||||||
|
| |||||||
1,418,404 | ||||||||
|
| |||||||
Construction & Engineering-0.91% |
| |||||||
PowerTeam Services LLC, 9.03%, 12/04/2025(b) | 600,000 | 639,375 | ||||||
Shea Homes L.P./Shea Homes Funding Corp., 6.13%, 04/01/2025(b) | 174,000 | 180,072 | ||||||
Tutor Perini Corp., | 261,000 | 251,865 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/2025 | 112,000 | 115,768 | ||||||
|
| |||||||
1,187,080 | ||||||||
|
| |||||||
Construction Materials-0.21% |
| |||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 06/01/2025(b) | 139,000 | 140,896 | ||||||
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025(b) | 139,000 | 131,167 | ||||||
|
| |||||||
272,063 | ||||||||
|
| |||||||
Consumer Finance-2.03% | ||||||||
Ally Financial, Inc., 5.75%, 11/20/2025 | 695,000 | 779,978 | ||||||
Curo Group Holdings Corp., 8.25%, 09/01/2025(b) | 395,000 | 327,105 | ||||||
Navient Corp., 6.75%, 06/25/2025 | 329,000 | 343,534 | ||||||
OneMain Finance Corp., 6.88%, 03/15/2025 | 1,070,000 | 1,200,406 | ||||||
|
| |||||||
2,651,023 | ||||||||
|
| |||||||
Containers & Packaging-4.42% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.00%, 02/15/2025(b) | 1,751,000 | 1,828,044 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 174 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Containers & Packaging-(continued) |
| |||||||
Ball Corp., 5.25%, 07/01/2025 | $ | 934,000 | $ | 1,060,426 | ||||
Flex Acquisition Co., Inc., 6.88%, 01/15/2025(b) | 351,000 | 358,868 | ||||||
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025(b) | 914,000 | 889,743 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
5.38%, 01/15/2025(b) | 167,000 | 176,794 | ||||||
6.38%, 08/15/2025(b) | 139,000 | 153,334 | ||||||
Pactiv LLC, 7.95%, 12/15/2025 | 158,000 | 175,166 | ||||||
Plastipak Holdings, Inc., 6.25%, | 207,000 | 210,224 | ||||||
Sealed Air Corp., 5.50%, 09/15/2025(b) | 399,000 | 448,334 | ||||||
Silgan Holdings, Inc., 4.75%, 03/15/2025 | 169,000 | 172,996 | ||||||
Smurfit Kappa Treasury Funding DAC (Ireland), 7.50%, 11/20/2025 | 139,000 | 170,746 | ||||||
Trident TPI Holdings, Inc., 6.63%, 11/01/2025(b) | 139,000 | 137,769 | ||||||
|
| |||||||
5,782,444 | ||||||||
|
| |||||||
Diversified Consumer Services-0.53% |
| |||||||
Laureate Education, Inc., 8.25%, 05/01/2025(b) | 523,000 | 557,677 | ||||||
WW International, Inc., 8.63%, | 126,000 | 133,009 | ||||||
|
| |||||||
690,686 | ||||||||
|
| |||||||
Diversified Financial Services-2.39% | ||||||||
eG Global Finance PLC (United Kingdom), 8.50%, 10/30/2025(b) | 700,000 | 750,386 | ||||||
LPL Holdings, Inc., 5.75%, 09/15/2025(b) | 523,000 | 545,549 | ||||||
Quicken Loans LLC, 5.75%, 05/01/2025(b) | 979,000 | 1,008,982 | ||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/2025(b) | 805,000 | 821,595 | ||||||
|
| |||||||
3,126,512 | ||||||||
|
| |||||||
Diversified Telecommunication Services-0.99% |
| |||||||
CenturyLink, Inc., 5.63%, 04/01/2025 | 256,000 | 276,800 | ||||||
Cincinnati Bell, Inc., 8.00%, 10/15/2025(b) | 257,000 | 275,644 | ||||||
GCI LLC, 6.88%, 04/15/2025 | 203,000 | 211,099 | ||||||
Level 3 Financing, Inc., 5.38%, 05/01/2025 | 513,000 | 529,570 | ||||||
|
| |||||||
1,293,113 | ||||||||
|
| |||||||
Electric Utilities-0.53% | ||||||||
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b) | 400,000 | 422,918 | ||||||
Talen Energy Supply LLC, 6.50%, 06/01/2025 | 379,000 | 265,260 | ||||||
|
| |||||||
688,178 | ||||||||
|
| |||||||
Electrical Equipment-0.32% | ||||||||
Sensata Technologies B.V., 5.00%, 10/01/2025(b) | 389,000 | 423,969 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components-1.03% |
| |||||||
CDW LLC/CDW Finance Corp. | ||||||||
4.13%, 05/01/2025 | 400,000 | 417,856 | ||||||
5.00%, 09/01/2025 | 633,000 | 657,532 | ||||||
TTM Technologies, Inc., 5.63%, | 260,000 | 267,448 | ||||||
|
| |||||||
1,342,836 | ||||||||
|
|
Principal Amount | Value | |||||||
Energy Equipment & Services-0.53% |
| |||||||
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.50%, 04/01/2025(b) | $ | 395,000 | $ | 352,990 | ||||
Exterran Energy Solutions L.P./EES Finance Corp., 8.13%, 05/01/2025 | 395,000 | 341,140 | ||||||
|
| |||||||
694,130 | ||||||||
|
| |||||||
Entertainment-0.41% | ||||||||
Netflix, Inc., 5.88%, 02/15/2025 | 463,000 | 535,971 | ||||||
|
| |||||||
Equity REITs-3.57% | ||||||||
CTR Partnership L.P./CareTrust Capital Corp., 5.25%, 06/01/2025 | 335,000 | 342,921 | ||||||
Diversified Healthcare Trust, 9.75%, 06/15/2025 | 650,000 | 725,634 | ||||||
FelCor Lodging L.P., 6.00%, 06/01/2025 | 238,000 | 238,272 | ||||||
iStar, Inc., 4.25%, 08/01/2025 | 425,000 | 414,375 | ||||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.63%, | 500,000 | 525,500 | ||||||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b) | 1,796,000 | 1,900,985 | ||||||
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b) | 513,000 | 515,055 | ||||||
|
| |||||||
4,662,742 | ||||||||
|
| |||||||
Food & Staples Retailing-1.61% |
| |||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 5.75%, 03/15/2025 | 855,000 | 881,629 | ||||||
Dole Food Co., Inc., 7.25%, 06/15/2025(b) | 162,000 | 162,590 | ||||||
Rite Aid Corp., 7.50%, 07/01/2025(b) | 374,000 | 374,664 | ||||||
US Foods, Inc., 6.25%, 04/15/2025(b) | 650,000 | 688,243 | ||||||
|
| |||||||
2,107,126 | ||||||||
|
| |||||||
Food Products-0.98% | ||||||||
B&G Foods, Inc., 5.25%, 04/01/2025 | 653,000 | 676,319 | ||||||
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/2025(b) | 438,000 | 462,359 | ||||||
Clearwater Seafoods, Inc. (Canada), 6.88%, 05/01/2025(b) | 139,000 | 141,244 | ||||||
|
| |||||||
1,279,922 | ||||||||
|
| |||||||
Gas Utilities-0.93% | ||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.50%, 05/20/2025 | 463,000 | 509,584 | ||||||
Ferrellgas L.P. / Ferrellgas Finance Corp., 10.00%, 04/15/2025(b) | 450,000 | 491,344 | ||||||
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.75%, 03/01/2025 | 206,000 | 211,901 | ||||||
|
| |||||||
1,212,829 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-0.58% |
| |||||||
Hill-Rom Holdings, Inc., 5.00%, 02/15/2025(b) | 139,000 | 144,045 | ||||||
Hologic, Inc., 4.38%, 10/15/2025(b) | 599,000 | 612,672 | ||||||
|
| |||||||
756,717 | ||||||||
|
| |||||||
Health Care Providers & Services-6.00% |
| |||||||
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/2025(b) | 841,000 | 854,666 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 175 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Community Health Systems, Inc., 6.63%, 02/15/2025(b) | $ | 1,277,000 | $ | 1,308,797 | ||||
Encompass Health Corp., 5.75%, 09/15/2025 | 163,000 | 169,185 | ||||||
HCA, Inc. | ||||||||
5.38%, 02/01/2025 | 2,138,000 | 2,410,050 | ||||||
7.69%, 06/15/2025 | 139,000 | 167,307 | ||||||
LifePoint Health, Inc., 6.75%, | 400,000 | 432,000 | ||||||
Molina Healthcare, Inc., 4.88%, 06/15/2025(b) | 206,000 | 209,841 | ||||||
Surgery Center Holdings, Inc., 6.75%, 07/01/2025(b)(c) | 206,000 | 203,661 | ||||||
Team Health Holdings, Inc., 6.38%, 02/01/2025(b)(c) | 378,000 | 258,930 | ||||||
Tenet Healthcare Corp. | ||||||||
5.13%, 05/01/2025 | 985,000 | 1,005,931 | ||||||
7.00%, 08/01/2025(c) | 335,000 | 345,923 | ||||||
West Street Merger Sub, Inc., 6.38%, 09/01/2025(b) | 469,000 | 481,897 | ||||||
|
| |||||||
7,848,188 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-13.23% |
| |||||||
1011778 BC ULC/New Red Finance, Inc. (Canada), 5.00%, 10/15/2025(b) | 2,251,000 | 2,315,390 | ||||||
Aramark Services, Inc., 5.00%, 04/01/2025(b) | 556,000 | 563,236 | ||||||
Caesars Entertainment, Inc., 6.25%, 07/01/2025(b) | 2,000,000 | 2,122,490 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc. | ||||||||
5.75%, 07/01/2025(b) | 800,000 | 839,000 | ||||||
5.25%, 10/15/2025(b) | 1,072,000 | 1,027,710 | ||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b) | 600,000 | 620,250 | ||||||
Constellation Merger Sub, Inc., 8.50%, 09/15/2025(b)(c) | 207,000 | 176,705 | ||||||
ESH Hospitality, Inc., 5.25%, | 780,000 | 792,850 | ||||||
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(b) | 325,000 | 341,023 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/2025 | 728,000 | 737,934 | ||||||
International Game Technology PLC, 6.50%, 02/15/2025(b) | 1,100,000 | 1,199,676 | ||||||
IRB Holding Corp., 7.00%, 06/15/2025(b) | 500,000 | 534,638 | ||||||
MGM Resorts International | ||||||||
6.75%, 05/01/2025 | 475,000 | 508,998 | ||||||
5.75%, 06/15/2025 | 529,000 | 566,302 | ||||||
New Red Finance, Inc. (Canada), 5.75%, 04/15/2025(b) | 350,000 | 374,175 | ||||||
Sabre GLBL, Inc., 9.25%, 04/15/2025(b) | 500,000 | 557,187 | ||||||
Scientific Games International, Inc. | ||||||||
8.63%, 07/01/2025(b) | 350,000 | 365,516 | ||||||
5.00%, 10/15/2025(b) | 868,000 | 859,125 | ||||||
Seaworld Parks & Entertainment, Inc., 8.75%, 05/01/2025(b) | 150,000 | 160,781 | ||||||
Station Casinos LLC, 5.00%, | 252,000 | 249,481 |
Principal Amount | Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
| |||||||
Sugarhouse HSP Gaming Prop Mezz L.P./Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025(b) | $ | 208,000 | $ | 202,518 | ||||
Vail Resorts, Inc., 6.25%, 05/15/2025(b) | 400,000 | 429,000 | ||||||
Wyndham Destinations, Inc., 6.35%, 10/01/2025 | 139,000 | 146,457 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/2025(b) | 1,193,000 | 1,183,307 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/2025(b) | 400,000 | 420,486 | ||||||
|
| |||||||
17,294,235 | ||||||||
|
| |||||||
Household Durables-1.21% |
| |||||||
American Greetings Corp., 8.75%, 04/15/2025(b) | 128,000 | 120,786 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.75%, 08/01/2025(b) | 139,000 | 141,592 | ||||||
Beazer Homes USA, Inc., 6.75%, 03/15/2025 | 139,000 | 143,329 | ||||||
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), 6.38%, 05/15/2025(b) | 139,000 | 140,897 | ||||||
Century Communities, Inc., 5.88%, 07/15/2025 | 395,000 | 412,240 | ||||||
M/I Homes, Inc., 5.63%, 08/01/2025 | 112,000 | 116,608 | ||||||
Meritage Homes Corp., 6.00%, 06/01/2025 | 399,000 | 453,406 | ||||||
Taylor Morrison Communities, Inc., 5.88%, 01/31/2025(b) | 55,000 | 56,083 | ||||||
|
| |||||||
1,584,941 | ||||||||
|
| |||||||
Household Products-0.67% |
| |||||||
Spectrum Brands, Inc., 5.75%, 07/15/2025 | 851,000 | 880,785 | ||||||
|
| |||||||
Industrial Conglomerates-0.81% |
| |||||||
Brand Industrial Services, Inc., 8.50%, 07/15/2025(b) | 589,000 | 573,165 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.38%, 12/15/2025 | 469,000 | 487,809 | ||||||
|
| |||||||
1,060,974 | ||||||||
|
| |||||||
Insurance-1.14% | ||||||||
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/2025(b) | 529,000 | 537,927 | ||||||
AssuredPartners, Inc., 7.00%, 08/15/2025(b) | 329,000 | 339,072 | ||||||
USI, Inc., 6.88%, 05/01/2025(b) | 597,000 | 613,785 | ||||||
|
| |||||||
1,490,784 | ||||||||
|
| |||||||
IT Services-0.65% | ||||||||
Cardtronics, Inc./Cardtronics USA, Inc., 5.50%, 05/01/2025(b)(c) | 139,000 | 140,896 | ||||||
Gartner, Inc., 5.13%, 04/01/2025(b) | 678,000 | 706,683 | ||||||
|
| |||||||
847,579 | ||||||||
|
| |||||||
Leisure Products-0.88% | ||||||||
Mattel, Inc., 6.75%, 12/31/2025(b) | 1,083,000 | 1,150,417 | ||||||
|
| |||||||
Machinery-2.02% | ||||||||
Meritor, Inc., 6.25%, 06/01/2025(b) | 200,000 | 212,560 | ||||||
Navistar International Corp. | ||||||||
9.50%, 05/01/2025(b) | 400,000 | 457,000 | ||||||
6.63%, 11/01/2025(b) | 636,000 | 650,822 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 176 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Machinery-(continued) | ||||||||
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/2025(b) | $ | 335,000 | $ | 344,000 | ||||
Tennant Co., 5.63%, 05/01/2025 | 139,000 | 144,893 | ||||||
Terex Corp., 5.63%, 02/01/2025(b) | 523,000 | 530,808 | ||||||
TriMas Corp., 4.88%, 10/15/2025(b) | 167,000 | 170,105 | ||||||
Wabash National Corp., 5.50%, 10/01/2025(b) | 139,000 | 138,117 | ||||||
|
| |||||||
2,648,305 | ||||||||
|
| |||||||
Media-2.57% | ||||||||
AMC Networks, Inc., 4.75%, 08/01/2025 | 469,000 | 486,121 | ||||||
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b) | 400,000 | 405,750 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 05/01/2025(b) | 460,000 | 474,087 | ||||||
E.W. Scripps Co. (The), 5.13%, 05/15/2025(b) | 208,000 | 207,198 | ||||||
Houghton Mifflin Harcourt Publishers, Inc., 9.00%, 02/15/2025(b) | 597,000 | 587,860 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/2025(b) | 206,000 | 209,326 | ||||||
Univision Communications, Inc., 5.13%, 02/15/2025(b) | 985,000 | 993,619 | ||||||
|
| |||||||
3,363,961 | ||||||||
|
| |||||||
Metals & Mining-3.57% | ||||||||
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/2025(b) | 646,000 | 671,443 | ||||||
Cleveland-Cliffs, Inc. | ||||||||
5.75%, 03/01/2025(c) | 646,000 | 602,799 | ||||||
9.88%, 10/17/2025(b) | 600,000 | 662,598 | ||||||
Constellium SE, 6.63%, 03/01/2025(b) | 403,000 | 416,057 | ||||||
Hudbay Minerals, Inc. (Peru), 7.63%, 01/15/2025(b) | 370,000 | 384,593 | ||||||
IAMGOLD Corp. (Canada), 7.00%, 04/15/2025(b) | 283,000 | 298,182 | ||||||
Kaiser Aluminum Corp., 6.50%, 05/01/2025(b) | 200,000 | 212,008 | ||||||
New Gold, Inc. (Canada), 6.38%, 05/15/2025(b) | 259,000 | 270,624 | ||||||
TMS International Holding Corp., 7.25%, 08/15/2025(b) | 112,000 | 95,575 | ||||||
United States Steel Corp. | ||||||||
12.00%, 06/01/2025(b) | 675,000 | 716,519 | ||||||
6.88%, 08/15/2025(c) | 465,000 | 341,777 | ||||||
|
| |||||||
4,672,175 | ||||||||
|
| |||||||
Mortgage REITs-0.40% | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b) | 204,000 | 194,182 | ||||||
Starwood Property Trust, Inc., 4.75%, 03/15/2025 | 335,000 | 323,659 | ||||||
|
| |||||||
517,841 | ||||||||
|
| |||||||
Multiline Retail-0.32% | ||||||||
Macy’s, Inc., 8.38%, 06/15/2025(b) | 400,000 | 418,544 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.07% | ||||||||
Antero Resources Corp., 5.00%, 03/01/2025(c) | 819,000 | 563,153 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 11.00%, 04/15/2025(b) | $ | 344,000 | $ | 327,656 | ||||
Cheniere Energy Partners L.P., 5.25%, 10/01/2025 | 1,072,000 | 1,086,472 | ||||||
Comstock Resources, Inc., 7.50%, 05/15/2025(b) | 256,000 | 256,640 | ||||||
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 5.75%, 04/01/2025 | 329,000 | 315,771 | ||||||
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b) | 868,000 | 859,060 | ||||||
CVR Energy, Inc., | 501,000 | 475,436 | ||||||
DCP Midstream Operating L.P., 5.38%, 07/15/2025 | 529,000 | 569,627 | ||||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 6.75%, 05/15/2025 | 120,000 | 111,137 | ||||||
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025(b) | 400,000 | 417,228 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, 10/01/2025 | 254,000 | 220,425 | ||||||
Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 10/01/2025(b) | 330,000 | 311,403 | ||||||
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b) | 511,000 | 521,619 | ||||||
Murphy Oil Corp., 5.75%, 08/15/2025 | 457,000 | 439,339 | ||||||
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b) | 700,000 | 649,680 | ||||||
NGL Energy Partners L.P./NGL Energy Finance Corp., 6.13%, 03/01/2025 | 215,000 | 138,384 | ||||||
Occidental Petroleum Corp., 3.50%, 06/15/2025 | 555,000 | 506,116 | ||||||
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/2025(b) | 139,000 | 128,387 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025 | 381,000 | 362,748 | ||||||
Range Resources Corp., 4.88%, 05/15/2025(c) | 519,000 | 485,537 | ||||||
Seven Generations Energy Ltd. (Canada), 5.38%, 09/30/2025(b) | 457,000 | 440,715 | ||||||
Southwestern Energy Co., 6.45%, 01/23/2025 | 642,000 | 642,392 | ||||||
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., 7.50%, 06/15/2025(b) | 419,000 | 376,834 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.13%, 02/01/2025 | 512,000 | 524,485 | ||||||
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b) | 139,000 | 117,267 | ||||||
Western Midstream Operating L.P. | ||||||||
4.10%, 02/01/2025 | 650,000 | 649,161 | ||||||
3.95%, 06/01/2025 | 363,000 | 363,795 | ||||||
|
| |||||||
11,860,467 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 177 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Paper & Forest Products-0.45% |
| |||||||
Clearwater Paper Corp., 5.38%, 02/01/2025(b)(c) | $ | 208,000 | $ | 219,142 | ||||
Mercer International, Inc. (Germany), 7.38%, 01/15/2025 | 360,000 | 370,800 | ||||||
|
| |||||||
589,942 | ||||||||
|
| |||||||
Pharmaceuticals-3.05% |
| |||||||
Bausch Health Cos., Inc. | ||||||||
6.13%, 04/15/2025(b) | 2,518,000 | 2,592,911 | ||||||
5.50%, 11/01/2025(b) | 1,207,000 | 1,247,072 | ||||||
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 02/01/2025(b) | 201,000 | 151,958 | ||||||
|
| |||||||
3,991,941 | ||||||||
|
| |||||||
Professional Services-0.37% | ||||||||
Nielsen Co. (Luxembourg) S.a.r.l. (The), 5.00%, 02/01/2025(b) | 469,000 | 479,553 | ||||||
|
| |||||||
Real Estate Management & Development-1.32% |
| |||||||
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b) | 529,000 | 533,293 | ||||||
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025(b) | 529,000 | 542,886 | ||||||
Howard Hughes Corp. (The), 5.38%, 03/15/2025(b) | 637,000 | 646,819 | ||||||
|
| |||||||
1,722,998 | ||||||||
|
| |||||||
Road & Rail-1.07% | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | ||||||||
5.25%, 03/15/2025(b) | 200,000 | 191,580 | ||||||
10.50%, 05/15/2025(b) | 500,000 | 581,798 | ||||||
Uber Technologies, Inc., 7.50%, 05/15/2025(b) | 600,000 | 630,600 | ||||||
|
| |||||||
1,403,978 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-0.64% |
| |||||||
Microchip Technology, Inc., 4.25%, 09/01/2025(b) | 800,000 | 833,602 | ||||||
|
| |||||||
Software-0.74% | ||||||||
Ascend Learning LLC, 6.88%, 08/01/2025(b) | 204,000 | 210,864 | ||||||
j2 Cloud Services LLC/j2 Cloud Co-Obligor, Inc., 6.00%, 07/15/2025(b) | 393,000 | 409,722 | ||||||
PTC, Inc., 3.63%, 02/15/2025(b) | 341,000 | 351,230 | ||||||
|
| |||||||
971,816 | ||||||||
|
| |||||||
Specialty Retail-1.85% | ||||||||
Gap, Inc. (The), 8.63%, 05/15/2025(b)(c) | 450,000 | 503,392 | ||||||
Lithia Motors, Inc., 5.25%, | 139,000 | 144,560 | ||||||
PetSmart, Inc., 5.88%, 06/01/2025(b) | 915,000 | 943,594 | ||||||
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025 | 808,000 | 821,554 | ||||||
|
| |||||||
2,413,100 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-0.13% |
| |||||||
Everi Payments, Inc., 7.50%, 12/15/2025(b) | 170,000 | 168,318 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-1.21% |
| |||||||
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/2025(b) | 200,000 | 213,125 |
Principal Amount | Value | |||||||
Textiles, Apparel & Luxury Goods-(continued) |
| |||||||
Hanesbrands, Inc., 5.38%, | $ | 450,000 | $ | 480,488 | ||||
Levi Strauss & Co., 5.00%, 05/01/2025 | 658,000 | 675,203 | ||||||
Wolverine World Wide, Inc., 6.38%, 05/15/2025(b) | 200,000 | 212,875 | ||||||
|
| |||||||
1,581,691 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-0.15% |
| |||||||
Provident Funding Associates L.P./PFG Finance Corp., 6.38%, 06/15/2025(b) | 196,000 | 191,814 | ||||||
|
| |||||||
Tobacco-0.54% | ||||||||
Vector Group Ltd., | 693,000 | 705,058 | ||||||
|
| |||||||
Trading Companies & Distributors-1.62% |
| |||||||
Beacon Roofing Supply, Inc., 4.88%, 11/01/2025(b) | 938,000 | 931,608 | ||||||
H&E Equipment Services, Inc., 5.63%, 09/01/2025 | 678,000 | 704,272 | ||||||
United Rentals North America, Inc., 4.63%, 10/15/2025 | 469,000 | 480,432 | ||||||
|
| |||||||
2,116,312 | ||||||||
|
| |||||||
Wireless Telecommunication Services-1.75% |
| |||||||
Qualitytech L.P./QTS Finance Corp., 4.75%, 11/15/2025(b) | 395,000 | 410,758 | ||||||
Sprint Corp., 7.63%, 02/15/2025 | 1,234,000 | 1,480,029 | ||||||
T-Mobile USA, Inc., 5.13%, 04/15/2025 | 390,000 | 401,014 | ||||||
|
| |||||||
2,291,801 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 126,493,880 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-1.66% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 2,169,837 | 2,169,837 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 128,663,717 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.38% |
| |||||||
Invesco Private Government Fund, | 3,309,287 | 3,309,287 | ||||||
Invesco Private Prime Fund, | 1,102,893 | 1,103,113 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,412,400 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.78% |
| 133,076,117 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.78)% |
| (2,323,377 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 130,752,740 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 178 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $84,237,164, which represented 64.42% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 67,160 | $ | 54,302,798 | $ | (52,200,121 | ) | $ | - | $ | - | $ | 2,169,837 | $ | 13,575 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 3,258,024 | 25,340,436 | (28,598,460 | ) | - | - | - | 38,428 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 1,086,008 | 7,652,343 | (8,737,560 | ) | - | (791 | ) | - | 14,568 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 23,121,577 | (19,812,290 | ) | - | - | 3,309,287 | 438 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 3,861,208 | (2,758,166 | ) | - | 71 | 1,103,113 | 306 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 4,411,192 | $ | 114,278,362 | $ | (112,106,597 | ) | $ | - | $ | (720 | ) | $ | 6,582,237 | $ | 67,315 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 179 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.98% |
| |||||||
Aerospace & Defense-1.83% |
| |||||||
BWX Technologies, Inc., 5.38%, 07/15/2026(b) | $ | 313,000 | $ | 328,982 | ||||
Signature Aviation US Holdings, Inc., 5.38%, 05/01/2026(b) | 363,000 | 374,944 | ||||||
TransDigm, Inc., 6.38%, 06/15/2026 | 657,000 | 666,737 | ||||||
|
| |||||||
1,370,663 | ||||||||
|
| |||||||
Auto Components-2.88% | ||||||||
American Axle & Manufacturing, Inc., 6.25%, 03/15/2026 | 416,000 | 425,479 | ||||||
Dana Financing Luxembourg S.a.r.l., 6.50%, 06/01/2026(b) | 240,000 | 253,770 | ||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/2026(b) | 543,000 | 560,197 | ||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/2026 | 671,000 | 674,355 | ||||||
Tenneco, Inc., 5.00%, 07/15/2026 | 328,000 | 241,295 | ||||||
|
| |||||||
2,155,096 | ||||||||
|
| |||||||
Automobiles-2.99% | ||||||||
Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026(b) | 220,000 | 124,973 | ||||||
Ford Motor Co., 4.35%, 12/08/2026(c) | 1,065,000 | 1,069,196 | ||||||
Ford Motor Credit Co. LLC, 4.39%, 01/08/2026 | 800,000 | 814,984 | ||||||
J.B. Poindexter & Co., Inc., 7.13%, 04/15/2026(b) | 215,000 | 229,285 | ||||||
|
| |||||||
2,238,438 | ||||||||
|
| |||||||
Building Products-1.73% | ||||||||
American Woodmark Corp., 4.88%, 03/15/2026(b) | 308,000 | 314,486 | ||||||
Cornerstone Building Brands, Inc., 8.00%, 04/15/2026(b) | 421,000 | 445,458 | ||||||
Masonite International Corp., 5.75%, 09/15/2026(b) | 191,000 | 201,203 | ||||||
PGT Innovations, Inc., 6.75%, 08/01/2026(b) | 313,000 | 335,242 | ||||||
|
| |||||||
1,296,389 | ||||||||
|
| |||||||
Capital Markets-0.52% | ||||||||
MSCI, Inc., 4.75%, 08/01/2026(b) | 372,000 | 387,961 | ||||||
|
| |||||||
Chemicals-1.85% | ||||||||
Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026(b) | 350,000 | 310,121 | ||||||
GCP Applied Technologies, Inc., 5.50%, 04/15/2026(b) | 215,000 | 224,365 | ||||||
Ingevity Corp., 4.50%, 02/01/2026(b) | 205,000 | 208,159 | ||||||
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026 | 203,000 | 217,933 | ||||||
Tronox, Inc., 6.50%, 04/15/2026(b)(c) | 413,000 | 426,025 | ||||||
|
| |||||||
1,386,603 | ||||||||
|
| |||||||
Commercial Services & Supplies-2.30% |
| |||||||
Cimpress PLC (Ireland), 7.00%, 06/15/2026(b) | 400,000 | 399,424 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 295,000 | 314,358 |
Principal Amount | Value | |||||||
Commercial Services & Supplies-(continued) |
| |||||||
GFL Environmental, Inc. (Canada) | ||||||||
7.00%, 06/01/2026(b) | $ | 282,000 | $ | 296,805 | ||||
5.13%, 12/15/2026(b) | 321,000 | 339,357 | ||||||
Waste Pro USA, Inc., | 361,000 | 372,879 | ||||||
|
| |||||||
1,722,823 | ||||||||
|
| |||||||
Communications Equipment-0.77% |
| |||||||
Hughes Satellite Systems Corp., 6.63%, 08/01/2026 | 504,000 | 572,574 | ||||||
|
| |||||||
Construction & Engineering-0.41% |
| |||||||
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026(b) | 295,000 | 308,331 | ||||||
|
| |||||||
Consumer Finance-2.71% | ||||||||
Credit Acceptance Corp., 6.63%, 03/15/2026 | 400,000 | 429,750 | ||||||
Navient Corp., 6.75%, 06/15/2026 | 325,000 | 338,609 | ||||||
OneMain Finance Corp., 7.13%, 03/15/2026 | 1,092,000 | 1,254,435 | ||||||
|
| |||||||
2,022,794 | ||||||||
|
| |||||||
Containers & Packaging-3.17% | ||||||||
Ball Corp., 4.88%, 03/15/2026 | 516,000 | 578,782 | ||||||
Berry Global, Inc., 4.50%, 02/15/2026(b) | 344,000 | 351,534 | ||||||
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b) | 200,000 | 211,034 | ||||||
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 207,000 | 245,514 | ||||||
Flex Acquisition Co., Inc., 7.88%, 07/15/2026(b) | 467,000 | 491,328 | ||||||
LABL Escrow Issuer LLC, 6.75%, 07/15/2026(b) | 458,000 | 492,279 | ||||||
|
| |||||||
2,370,471 | ||||||||
|
| |||||||
Distributors-1.00% | ||||||||
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/2026(b) | 378,000 | 396,830 | ||||||
Wolverine Escrow LLC, 9.00%, 11/15/2026(b) | 456,000 | 352,260 | ||||||
|
| |||||||
749,090 | ||||||||
|
| |||||||
Diversified Consumer Services-1.41% |
| |||||||
Carriage Services, Inc., 6.63%, 06/01/2026(b) | 306,000 | 324,684 | ||||||
frontdoor, inc., 6.75%, 08/15/2026(b) | 274,000 | 295,526 | ||||||
Graham Holdings Co., 5.75%, 06/01/2026(b) | 407,000 | 432,869 | ||||||
|
| |||||||
1,053,079 | ||||||||
|
| |||||||
Diversified Financial Services-1.69% |
| |||||||
Compass Group Diversified Holdings LLC, 8.00%, 05/01/2026(b) | 408,000 | 432,913 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/2026(b) | 766,000 | 833,197 | ||||||
|
| |||||||
1,266,110 | ||||||||
|
| |||||||
Diversified Telecommunication Services-4.07% |
| |||||||
CenturyLink, Inc., 5.13%, 12/15/2026(b) | 879,000 | 912,824 | ||||||
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b) | 1,550,000 | 1,601,848 | ||||||
Level 3 Financing, Inc., 5.25%, 03/15/2026 | 504,000 | 526,100 | ||||||
|
| |||||||
3,040,772 | ||||||||
|
| |||||||
Electric Utilities-1.36% | ||||||||
NextEra Energy Operating Partners L.P., 3.88%, 10/15/2026(b) | 284,000 | 300,285 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 180 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Electric Utilities-(continued) |
| |||||||
Talen Energy Supply LLC, 10.50%, 01/15/2026(b) | $ | 516,000 | $ | 415,589 | ||||
Terraform Global Operating LLC, 6.13%, 03/01/2026(b) | 295,000 | 300,475 | ||||||
|
| |||||||
1,016,349 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.43% |
| |||||||
Itron, Inc., 5.00%, 01/15/2026(b) | 310,000 | 320,404 | ||||||
|
| |||||||
Energy Equipment & Services-0.34% |
| |||||||
Precision Drilling Corp. (Canada), 7.13%, 01/15/2026(b) | 209,000 | 142,864 | ||||||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026 | 104,000 | 107,353 | ||||||
|
| |||||||
250,217 | ||||||||
|
| |||||||
Entertainment-1.72% | ||||||||
Live Nation Entertainment, Inc., 5.63%, 03/15/2026(b) | 187,000 | 184,861 | ||||||
Netflix, Inc., 4.38%, 11/15/2026 | 695,000 | 774,869 | ||||||
WMG Acquisition Corp., Series 19-A, 5.50%, 04/15/2026(b) | 313,000 | 326,634 | ||||||
|
| |||||||
1,286,364 | ||||||||
|
| |||||||
Equity REITs-1.81% | ||||||||
GEO Group, Inc. (The), 6.00%, 04/15/2026 | 105,000 | 80,850 | ||||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 4.50%, 09/01/2026 | 367,000 | 386,416 | ||||||
VICI Properties L.P./VICI Note Co., Inc., 4.25%, 12/01/2026(b) | 863,000 | 883,777 | ||||||
|
| |||||||
1,351,043 | ||||||||
|
| |||||||
Food & Staples Retailing-0.54% |
| |||||||
Sigma Holdco B.V. (Netherlands), 7.88%, 05/15/2026(b) | 400,000 | 406,926 | ||||||
|
| |||||||
Food Products-3.27% | ||||||||
FAGE International S.A./FAGE USA Dairy Industry, Inc. (Luxembourg), 5.63%, 08/15/2026(b) | 400,000 | 397,424 | ||||||
H-Food Holdings LLC/Hearthside Finance Co., Inc., | 210,000 | 206,645 | ||||||
Lamb Weston Holdings, Inc., 4.88%, 11/01/2026(b) | 572,000 | 599,796 | ||||||
Post Holdings, Inc., | 1,192,000 | 1,239,126 | ||||||
|
| |||||||
2,442,991 | ||||||||
|
| |||||||
Gas Utilities-1.02% | ||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026 | 478,000 | 542,774 | ||||||
Superior Plus L.P./Superior General Partner, Inc. (Canada), 7.00%, 07/15/2026(b) | 207,000 | 223,262 | ||||||
|
| |||||||
766,036 | ||||||||
|
| |||||||
Health Care Providers & Services-5.76% |
| |||||||
AHP Health Partners, Inc., 9.75%, 07/15/2026(b) | 325,000 | 356,219 | ||||||
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026(b) | 310,000 | 298,899 |
Principal Amount | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
HCA, Inc. | ||||||||
5.88%, 02/15/2026. | $ | 1,004,000 | $ | 1,150,835 | ||||
5.38%, 09/01/2026. | 717,000 | 813,759 | ||||||
Tenet Healthcare Corp., | 1,619,000 | 1,685,768 | ||||||
|
| |||||||
4,305,480 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-5.99% |
| |||||||
Aramark Services, Inc., 4.75%, 06/01/2026 | 369,000 | 367,928 | ||||||
Boyd Gaming Corp. | ||||||||
6.38%, 04/01/2026. | 569,000 | 593,979 | ||||||
6.00%, 08/15/2026. | 491,000 | 513,679 | ||||||
Hilton Domestic Operating Co., Inc., 5.13%, 05/01/2026 | 1,011,000 | 1,044,929 | ||||||
IRB Holding Corp., 6.75%, 02/15/2026(b) | 339,000 | 345,323 | ||||||
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026. | 563,000 | 585,785 | ||||||
Merlin Entertainments Ltd. (United Kingdom), 5.75%, 06/15/2026(b) | 400,000 | 385,424 | ||||||
MGM Resorts International, 4.63%, 09/01/2026 | 267,000 | 272,448 | ||||||
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/2026(b) | 357,000 | 371,057 | ||||||
|
| |||||||
4,480,552 | ||||||||
|
| |||||||
Household Durables-3.83% |
| |||||||
LGI Homes, Inc., 6.88%, | 193,000 | 202,855 | ||||||
Newell Brands, Inc., 4.70%, 04/01/2026 | 1,574,000 | 1,698,236 | ||||||
SRS Distribution, Inc., | 207,000 | 221,192 | ||||||
Tempur Sealy International, Inc., 5.50%, 06/15/2026 | 401,000 | 420,474 | ||||||
TopBuild Corp., 5.63%, 05/01/2026(b) | 307,000 | 320,671 | ||||||
|
| |||||||
2,863,428 | ||||||||
|
| |||||||
Household Products-0.14% | ||||||||
Energizer Holdings, Inc., | 99,000 | 105,188 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers-1.58% |
| |||||||
AES Andres B.V./Dominican Power Partners/Empresa Generadora de Electricidad Itabo S.A. (Dominican Republic), 7.95%, 05/11/2026(b) | 166,000 | 171,189 | ||||||
Calpine Corp., 5.25%, 06/01/2026(b) | 798,000 | 833,028 | ||||||
Clearway Energy Operating LLC, 5.00%, 09/15/2026 | 167,000 | 175,855 | ||||||
|
| |||||||
1,180,072 | ||||||||
|
| |||||||
Industrial Conglomerates-1.18% |
| |||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 05/15/2026 | 828,000 | 885,827 | ||||||
|
| |||||||
Insurance-2.24% | ||||||||
AmWINS Group, Inc., 7.75%, 07/01/2026(b) | 454,000 | 490,801 | ||||||
HUB International Ltd., | 1,141,000 | 1,184,934 | ||||||
|
| |||||||
1,675,735 | ||||||||
|
| |||||||
Interactive Media & Services-0.20% |
| |||||||
Cumulus Media New Holdings, Inc., | 165,000 | 148,783 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 181 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Life Sciences Tools & Services-1.57% |
| |||||||
Charles River Laboratories International, Inc., 5.50%, 04/01/2026(b) | $ | 319,000 | $ | 335,877 | ||||
IQVIA, Inc., 5.00%, 10/15/2026(b) | 800,000 | 838,000 | ||||||
|
| |||||||
1,173,877 | ||||||||
|
| |||||||
Machinery-1.33% | ||||||||
Mueller Water Products, Inc., 5.50%, 06/15/2026(b) | 295,000 | 308,588 | ||||||
SPX FLOW, Inc., | 191,000 | 201,707 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC (Canada), 7.75%, 04/15/2026(b) | 476,000 | 480,953 | ||||||
|
| |||||||
991,248 | ||||||||
|
| |||||||
Media-6.77% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b) | 1,032,000 | 1,079,890 | ||||||
DISH DBS Corp., 7.75%, 07/01/2026 | 1,340,000 | 1,535,995 | ||||||
Gray Television, Inc., 5.88%, 07/15/2026(b) | 489,000 | 508,315 | ||||||
McClatchy Co. (The), 9.00%, 07/15/2026(d) | 88,000 | 87,821 | ||||||
Meredith Corp., 6.88%, 02/01/2026 | 838,000 | 729,741 | ||||||
National CineMedia LLC, 5.75%, 08/15/2026 | 106,000 | 70,867 | ||||||
Sinclair Television Group, Inc., 5.88%, 03/15/2026(b) | 413,000 | 413,438 | ||||||
Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 08/15/2026(b) | 600,000 | 633,750 | ||||||
|
| |||||||
5,059,817 | ||||||||
|
| |||||||
Metals & Mining-4.72% | ||||||||
Alcoa Nederland Holding B.V., 7.00%, 09/30/2026(b) | 310,000 | 332,418 | ||||||
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026(b) | 422,000 | 435,637 | ||||||
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b) | 690,000 | 705,525 | ||||||
Constellium SE, 5.88%, 02/15/2026(b) | 500,000 | 513,373 | ||||||
JW Aluminum Continuous Cast Co., 10.25%, 06/01/2026(b) | 207,000 | 219,639 | ||||||
Novelis Corp., 5.88%, 09/30/2026(b) | 1,059,000 | 1,107,767 | ||||||
United States Steel Corp., 6.25%, 03/15/2026(c) | 322,000 | 215,648 | ||||||
|
| |||||||
3,530,007 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-12.02% |
| |||||||
Berry Petroleum Co. LLC, 7.00%, 02/15/2026(b) | 209,000 | 172,124 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026(b) | 206,000 | 182,013 | ||||||
Buckeye Partners L.P., 3.95%, 12/01/2026 | 443,000 | 439,954 | ||||||
Cheniere Energy Partners L.P., 5.63%, 10/01/2026 | 798,000 | 837,812 | ||||||
CNX Midstream Partners L.P./CNX Midstream Finance Corp., 6.50%, 03/15/2026(b) | 309,000 | 310,557 | ||||||
Comstock Resources, Inc., 9.75%, 08/15/2026 | 350,000 | 375,235 | ||||||
Endeavor Energy Resources L.P./EER Finance, Inc., 5.50%, 01/30/2026(b) | 307,000 | 307,643 | ||||||
EQM Midstream Partners L.P., 4.13%, 12/01/2026 | 400,000 | 389,626 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026 | 309,000 | 262,323 | ||||||
Hess Midstream Operations L.P., 5.63%, 02/15/2026(b) | 597,000 | 622,504 |
Principal Amount | Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
| |||||||
Indigo Natural Resources LLC, 6.88%, 02/15/2026(b) | $ | 498,000 | $ | 510,776 | ||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026(b) | 207,000 | 207,518 | ||||||
Occidental Petroleum Corp. | ||||||||
5.55%, 03/15/2026. | 772,000 | 761,516 | ||||||
3.40%, 04/15/2026. | 817,000 | 725,807 | ||||||
Parkland Corp. (Canada), 6.00%, 04/01/2026(b) | 327,000 | 345,762 | ||||||
PDC Energy, Inc., 5.75%, 05/15/2026 | 417,000 | 427,894 | ||||||
QEP Resources, Inc., 5.63%, 03/01/2026 | 259,000 | 167,225 | ||||||
Southwestern Energy Co., 7.50%, 04/01/2026(c) | 476,000 | 486,974 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.88%, 04/15/2026 | 710,000 | 748,606 | ||||||
TransMontaigne Partners L.P./TLP Finance Corp., 6.13%, 02/15/2026 | 310,000 | 316,646 | ||||||
Western Midstream Operating L.P., 4.65%, 07/01/2026 | 381,000 | 390,525 | ||||||
|
| |||||||
8,989,040 | ||||||||
|
| |||||||
Paper & Forest Products-0.14% |
| |||||||
Mercer International, Inc. (Germany), 5.50%, 01/15/2026 | 106,000 | 102,757 | ||||||
|
| |||||||
Personal Products-0.40% |
| |||||||
Coty, Inc., 6.50%, 04/15/2026(b) | 360,000 | 299,036 | ||||||
|
| |||||||
Pharmaceuticals-0.82% | ||||||||
Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026(b) | 297,000 | 303,997 | ||||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 7.25%, 08/15/2026(b) | 295,000 | 308,737 | ||||||
|
| |||||||
612,734 | ||||||||
|
| |||||||
Real Estate Management & Development-0.40% |
| |||||||
Hunt Cos., Inc., 6.25%, 02/15/2026(b) | 310,000 | 298,274 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-0.50% |
| |||||||
Entegris, Inc., 4.63%, 02/10/2026(b) | 363,000 | 375,749 | ||||||
|
| |||||||
Software-3.44% | ||||||||
ACI Worldwide, Inc., 5.75%, 08/15/2026(b) | 307,000 | 323,788 | ||||||
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b) | 1,016,000 | 1,083,767 | ||||||
Boxer Parent Co., Inc., 9.13%, 03/01/2026(b) | 400,000 | 431,750 | ||||||
Fair Isaac Corp., 5.25%, 05/15/2026(b) | 295,000 | 339,799 | ||||||
Nuance Communications, Inc., 5.63%, 12/15/2026 | 373,000 | 396,464 | ||||||
|
| |||||||
2,575,568 | ||||||||
|
| |||||||
Specialty Retail-0.46% | ||||||||
Penske Automotive Group, Inc., | 328,000 | 342,256 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-1.65% |
| |||||||
Hanesbrands, Inc., 4.88%, | 629,000 | 685,991 | ||||||
Under Armour, Inc., 3.25%, 06/15/2026(c) | 374,000 | 351,560 | ||||||
Wolverine World Wide, Inc., 5.00%, 09/01/2026(b) | 194,000 | 193,636 | ||||||
|
| |||||||
1,231,187 | ||||||||
|
| |||||||
Trading Companies & Distributors-0.29% |
| |||||||
Beacon Roofing Supply, Inc., 4.50%, 11/15/2026(b) | 213,000 | 219,590 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 182 |
|
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Wireless Telecommunication Services-2.73% |
| |||||||
Sprint Corp., 7.63%, 03/01/2026 | $ | 1,044,000 | $ | 1,285,508 | ||||
T-Mobile USA, Inc., 4.50%, 02/01/2026 | 732,000 | 756,237 | ||||||
|
| |||||||
2,041,745 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 73,269,474 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.53% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(e)(f) | 396,085 | 396,085 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 73,665,559 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.69% |
| |||||||
Invesco Private Government Fund, | 1,511,325 | $ | 1,511,325 | |||||
Invesco Private Prime Fund, 0.14%(e)(f)(g) | 503,689 | 503,790 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,015,115 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.20% |
| 75,680,674 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.20)% |
| (900,430 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 74,780,244 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $42,278,380, which represented 56.54% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 31, 2020. |
(d) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at August 31, 2020 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 56,590 | $ | 31,179,053 | $ | (30,839,558 | ) | $ | - | $ | - | $ | 396,085 | $ | 7,659 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 1,033,482 | 16,940,990 | (17,974,472 | ) | - | - | - | 12,910 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 344,494 | 4,844,617 | (5,188,960 | ) | - | (151 | ) | - | 4,883 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 12,777,712 | (11,266,387 | ) | - | - | 1,511,325 | 203 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 2,321,527 | (1,817,798 | ) | - | 61 | 503,790 | 135 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,434,566 | $ | 68,063,899 | $ | (67,087,175 | ) | $ | - | $ | (90 | ) | $ | 2,411,200 | $ | 25,790 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 183 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.48% |
| |||||||
Aerospace & Defense-1.67% |
| |||||||
Moog, Inc., 4.25%, 12/15/2027(b) | $ | 125,000 | $ | 129,219 | ||||
TransDigm, Inc., 7.50%, 03/15/2027 | 195,000 | 204,104 | ||||||
|
| |||||||
333,323 | ||||||||
|
| |||||||
Auto Components-2.05% |
| |||||||
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 133,000 | 136,907 | ||||||
Dana, Inc., 5.38%, 11/15/2027 | 65,000 | 68,412 | ||||||
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027 | 203,000 | 203,259 | ||||||
|
| |||||||
408,578 | ||||||||
|
| |||||||
Automobiles-2.12% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
4.27%, 01/09/2027 | 225,000 | 227,250 | ||||||
3.82%, 11/02/2027 | 200,000 | 196,000 | ||||||
|
| |||||||
423,250 | ||||||||
|
| |||||||
Building Products-1.25% | ||||||||
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027(b) | 100,000 | 104,644 | ||||||
JELD-WEN, Inc., 4.88%, 12/15/2027(b) | 138,000 | 144,011 | ||||||
|
| |||||||
248,655 | ||||||||
|
| |||||||
Capital Markets-0.98% | ||||||||
APX Group, Inc., 6.75%, 02/15/2027(b) | 185,000 | 194,568 | ||||||
|
| |||||||
Chemicals-2.39% | �� | |||||||
Chemours Co. (The), 5.38%, 05/15/2027 | 125,000 | 126,007 | ||||||
HB Fuller Co., 4.00%, 02/15/2027 | 75,000 | 74,552 | ||||||
Hexion, Inc., 7.88%, 07/15/2027(b) | 138,000 | 138,694 | ||||||
Olin Corp., 5.13%, 09/15/2027 | 138,000 | 137,021 | ||||||
|
| |||||||
476,274 | ||||||||
|
| |||||||
Commercial Services & Supplies-3.74% |
| |||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/2027(b) | 268,000 | 297,276 | ||||||
Brink’s Co. (The), 4.63%, 10/15/2027(b) | 188,000 | 195,699 | ||||||
Garda World Security Corp. (Canada), 4.63%, 02/15/2027(b) | 105,000 | 108,150 | ||||||
Harsco Corp., 5.75%, 07/31/2027(b) | 138,000 | 144,551 | ||||||
|
| |||||||
745,676 | ||||||||
|
| |||||||
Communications Equipment-1.07% |
| |||||||
CommScope Technologies LLC, 5.00%, 03/15/2027(b) | 215,000 | 213,948 | ||||||
|
| |||||||
Construction & Engineering-1.48% |
| |||||||
AECOM, 5.13%, 03/15/2027 | 268,000 | 294,830 | ||||||
|
| |||||||
Consumer Finance-0.92% |
| |||||||
Navient Corp., 5.00%, 03/15/2027 | 190,000 | 183,137 | ||||||
|
| |||||||
Containers & Packaging-2.54% |
| |||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/2027(b) | 250,000 | 260,345 | ||||||
Graphic Packaging International LLC, 4.75%, 07/15/2027(b) | 65,000 | 72,044 | ||||||
Pactiv LLC, 8.38%, 04/15/2027 | 50,000 | 55,428 | ||||||
Sealed Air Corp., 4.00%, 12/01/2027(b) | 110,000 | 117,425 | ||||||
|
| |||||||
505,242 | ||||||||
|
|
Principal Amount | Value | |||||||
Distributors-0.52% | ||||||||
Wolverine Escrow LLC, 13.13%, 11/15/2027(b) | $ | 150,000 | $ | 104,625 | ||||
|
| |||||||
Diversified Consumer Services-1.03% |
| |||||||
Sotheby’s, 7.38%, 10/15/2027(b) | 200,000 | 204,338 | ||||||
|
| |||||||
Diversified Financial Services-0.55% |
| |||||||
LPL Holdings, Inc., 4.63%, 11/15/2027(b) | 105,000 | 109,528 | ||||||
|
| |||||||
Diversified Telecommunication Services-2.11% |
| |||||||
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b) | 425,000 | 420,773 | ||||||
|
| |||||||
Electric Utilities-2.69% |
| |||||||
NextEra Energy Operating Partners L.P., 4.50%, 09/15/2027(b) | 138,000 | 151,110 | ||||||
Vistra Operations Co. LLC, 5.00%, 07/31/2027(b) | 363,000 | 385,317 | ||||||
|
| |||||||
536,427 | ||||||||
|
| |||||||
Electrical Equipment-0.52% |
| |||||||
EnerSys, 4.38%, 12/15/2027(b) | 100,000 | 103,188 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components-0.38% |
| |||||||
MTS Systems Corp., | 75,000 | 76,233 | ||||||
|
| |||||||
Energy Equipment & Services-1.12% |
| |||||||
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 09/01/2027 | 215,000 | 222,888 | ||||||
|
| |||||||
Entertainment-3.07% | ||||||||
Live Nation Entertainment, Inc. | ||||||||
6.50%, 05/15/2027(b) | 200,000 | 218,256 | ||||||
4.75%, 10/15/2027(b) | 270,000 | 255,402 | ||||||
Scripps Escrow, Inc., | 138,000 | 138,173 | ||||||
|
| |||||||
611,831 | ||||||||
|
| |||||||
Equity REITs-6.42% | ||||||||
CoreCivic, Inc., 4.75%, 10/15/2027 | 50,000 | 42,658 | ||||||
Iron Mountain, Inc., 4.88%, 09/15/2027(b) | 308,000 | 320,445 | ||||||
MGM Growth Properties Operating Partnership L.P./MGP Finance Co.-Issuer, Inc., 5.75%, 02/01/2027 | 215,000 | 238,180 | ||||||
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027 | 200,000 | 182,338 | ||||||
SBA Communications Corp., 3.88%, 02/15/2027(b) | 270,000 | 280,700 | ||||||
VICI Properties L.P./VICI Note Co., Inc., 3.75%, 02/15/2027(b) | 215,000 | 214,832 | ||||||
|
| |||||||
1,279,153 | ||||||||
|
| |||||||
Food & Staples Retailing-4.25% | ||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 4.63%, 01/15/2027(b) | 400,000 | 421,422 | ||||||
Performance Food Group, Inc., 5.50%, 10/15/2027(b) | 365,000 | 381,181 | ||||||
Rite Aid Corp., 7.70%, 02/15/2027 | 50,000 | 43,457 | ||||||
|
| |||||||
846,060 | ||||||||
|
| |||||||
Food Products-1.21% | ||||||||
Pilgrim’s Pride Corp., | 227,000 | 241,471 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 184 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Gas Utilities-1.30% | ||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027 | $ | 138,000 | $ | 155,844 | ||||
Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.88%, 03/01/2027 | 100,000 | 104,000 | ||||||
|
| |||||||
259,844 | ||||||||
|
| |||||||
Health Care Providers & Services-4.72% |
| |||||||
AMN Healthcare, Inc., 4.63%, 10/01/2027(b) | 90,000 | 94,258 | ||||||
Community Health Systems, Inc., 8.00%, 12/15/2027(b) | 185,000 | 189,278 | ||||||
LifePoint Health, Inc., 4.38%, 02/15/2027(b) | 160,000 | 160,000 | ||||||
Tenet Healthcare Corp., 5.13%, 11/01/2027(b) | 405,000 | 428,369 | ||||||
US Renal Care, Inc., 10.63%, 07/15/2027(b) | 63,000 | 68,067 | ||||||
|
| |||||||
939,972 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure-6.30% |
| |||||||
Boyd Gaming Corp., 4.75%, 12/01/2027 | 270,000 | 269,241 | ||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 04/15/2027 | 192,000 | 191,579 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 | 171,000 | 175,671 | ||||||
Penn National Gaming, Inc., 5.63%, 01/15/2027(b) | 113,000 | 117,107 | ||||||
Six Flags Entertainment Corp., 5.50%, 04/15/2027(b) | 140,000 | 136,675 | ||||||
Wyndham Destinations, Inc., Series J, 5.75%, 04/01/2027 | 125,000 | 128,570 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027(b) | 243,000 | 237,138 | ||||||
|
| |||||||
1,255,981 | ||||||||
|
| |||||||
Household Durables-2.26% |
| |||||||
Beazer Homes USA, Inc., 5.88%, 10/15/2027 | 133,000 | 135,415 | ||||||
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b) | 155,000 | 162,459 | ||||||
Meritage Homes Corp., 5.13%, 06/06/2027 | 75,000 | 82,017 | ||||||
TRI Pointe Group, Inc., 5.25%, 06/01/2027 | 65,000 | 69,781 | ||||||
|
| |||||||
449,672 | ||||||||
|
| |||||||
Industrial Conglomerates-1.44% |
| |||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 | 270,000 | 287,719 | ||||||
|
| |||||||
Interactive Media & Services-1.67% |
| |||||||
Match Group Holdings II LLC, 5.00%, 12/15/2027(b) | 128,000 | 136,936 | ||||||
Twitter, Inc., 3.88%, 12/15/2027(b) | 185,000 | 195,674 | ||||||
|
| |||||||
332,610 | ||||||||
|
| |||||||
Leisure Products-0.88% | ||||||||
Mattel, Inc., 5.88%, 12/15/2027(b) | 160,000 | 174,416 | ||||||
|
| |||||||
Machinery-1.11% | ||||||||
Allison Transmission, Inc., 4.75%, 10/01/2027(b) | 125,000 | 131,070 | ||||||
Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 100,000 | 90,894 | ||||||
|
| |||||||
221,964 | ||||||||
|
| |||||||
Media-12.47% | ||||||||
Belo Corp. | ||||||||
7.75%, 06/01/2027 | 50,000 | 56,451 | ||||||
7.25%, 09/15/2027 | 50,000 | 55,178 |
Principal Amount | Value | |||||||
Media-(continued) | ||||||||
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/2027(b) | $ | 357,000 | $ | 361,123 | ||||
Nexstar Broadcasting, Inc., 5.63%, 07/15/2027(b) | 518,000 | 547,301 | ||||||
Sinclair Television Group, Inc., 5.13%, 02/15/2027(b) | 125,000 | 121,875 | ||||||
Telesat Canada/Telesat LLC (Canada) | ||||||||
4.88%, 06/01/2027(b) | 125,000 | 127,266 | ||||||
6.50%, 10/15/2027(b) | 125,000 | 128,575 | ||||||
Terrier Media Buyer, Inc., 8.88%, 12/15/2027(b) | 280,000 | 290,409 | ||||||
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(b) | 505,000 | 531,692 | ||||||
Ziggo Bond Co. B.V. (Netherlands), 6.00%, 01/15/2027(b) | 250,000 | 263,851 | ||||||
|
| |||||||
2,483,721 | ||||||||
|
| |||||||
Metals & Mining-0.48% | ||||||||
Commercial Metals Co., 5.38%, 07/15/2027 | 90,000 | 95,850 | ||||||
|
| |||||||
Mortgage REITs-0.97% | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/2027(b) | 210,000 | 193,200 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-9.35% |
| |||||||
EQT Corp., 3.90%, 10/01/2027 | 339,000 | 328,722 | ||||||
MEG Energy Corp. (Canada), 7.13%, 02/01/2027(b) | 345,000 | 330,948 | ||||||
Murphy Oil Corp., 5.88%, 12/01/2027 | 165,000 | 158,657 | ||||||
NuStar Logistics L.P., 5.63%, 04/28/2027 | 158,000 | 159,156 | ||||||
Occidental Petroleum Corp., 3.00%, 02/15/2027 | 203,000 | 174,150 | ||||||
Parkland Corp. (Canada), 5.88%, 07/15/2027(b) . | 138,000 | 147,634 | ||||||
Southwestern Energy Co., 7.75%, 10/01/2027 | 105,000 | 107,625 | ||||||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 03/01/2027(b) | 100,000 | 93,750 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp. | ||||||||
5.38%, 02/01/2027 | 138,000 | 142,804 | ||||||
6.50%, 07/15/2027 | 202,000 | 218,665 | ||||||
|
| |||||||
1,862,111 | ||||||||
|
| |||||||
Paper & Forest Products-0.54% |
| |||||||
Norbord, Inc. (Canada), 5.75%, 07/15/2027(b) | 100,000 | 107,106 | ||||||
|
| |||||||
Pharmaceuticals-1.09% | ||||||||
Horizon Therapeutics USA, Inc., 5.50%, 08/01/2027(b) | 200,000 | 218,120 | ||||||
|
| |||||||
Professional Services-0.55% | ||||||||
Korn Ferry, 4.63%, 12/15/2027(b) | 105,000 | 109,253 | ||||||
|
| |||||||
Road & Rail-0.64% | ||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 07/15/2027(b)(c) | 133,000 | 127,219 | ||||||
|
| |||||||
Specialty Retail-3.22% | ||||||||
Gap, Inc. (The), 8.88%, 05/15/2027(b) | 300,000 | 338,625 | ||||||
Lithia Motors, Inc., 4.63%, 12/15/2027(b) | 100,000 | 105,750 | ||||||
Michaels Stores, Inc., | 143,000 | 144,672 | ||||||
Sonic Automotive, Inc., 6.13%, 03/15/2027 | 50,000 | 52,490 | ||||||
|
| |||||||
641,537 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 185 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Technology Hardware, Storage & Peripherals-1.25% |
| |||||||
NCR Corp., 5.75%, 09/01/2027(b) | $ | 134,000 | $ | 141,005 | ||||
Presidio Holdings, Inc., 4.88%, 02/01/2027(b) | 105,000 | 107,806 | ||||||
|
| |||||||
248,811 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance-0.80% |
| |||||||
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/2027(b) | 150,000 | 159,305 | ||||||
|
| |||||||
Trading Companies & Distributors-1.78% |
| |||||||
Herc Holdings, Inc., | 338,000 | 354,900 | ||||||
|
| |||||||
Wireless Telecommunication Services-1.58% |
| |||||||
C&W Senior Financing DAC (Ireland), 6.88%, 09/15/2027(b) | 300,000 | 314,903 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 19,622,210 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.21% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 41,482 | 41,482 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.69% |
| 19,663,692 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.91% |
| |||||||
Invesco Private Government Fund, | 137,046 | $ | 137,046 | |||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 45,679 | 45,688 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 182,734 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-99.60% |
| 19,846,426 | ||||||
OTHER ASSETS LESS LIABILITIES-0.40% |
| 78,998 | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 19,925,424 | ||||||
|
|
Investment Abbreviations:
REIT -Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $13,745,303, which represented 68.98% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at August 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 period ended August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 8,601,528 | $ | (8,560,046 | ) | $ | - | $ | - | $ | 41,482 | $ | 1,532 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 4,158,621 | (4,158,621 | ) | - | - | - | 1,171 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | - | 1,008,179 | (1,007,990 | ) | - | (189 | ) | - | 474 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 5,869,152 | (5,732,106 | ) | - | - | 137,046 | 99 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,157,881 | �� | (1,112,221 | ) | - | 28 | 45,688 | 66 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 20,795,361 | $ | (20,570,984 | ) | $ | - | $ | (161 | ) | $ | 224,216 | $ | 3,342 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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.
| 186 |
|
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)–(continued)
August 31, 2020
(e) | The rate shown is the 7-day SEC standardized yield as of August 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.
| 187 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.24% | ||||||||||||||||
Arizona-2.16% | ||||||||||||||||
Arizona (State of) Transportation Board, Series 2011 A, Ref. RB(a)(b) | 5.00 | % | 07/01/2021 | $ | 400 | $ | 416,060 | |||||||||
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds | 5.00 | % | 07/01/2021 | 100 | 103,733 | |||||||||||
Mesa (City of), AZ, Series 2011, RB | 5.00 | % | 07/01/2035 | 25 | 25,970 | |||||||||||
|
| |||||||||||||||
545,763 | ||||||||||||||||
|
| |||||||||||||||
Arkansas-0.06% | ||||||||||||||||
Arkansas (State of) (Four-Lane Highway Construction), Series 2013, GO Bonds | 5.00 | % | 06/15/2021 | 15 | 15,573 | |||||||||||
|
| |||||||||||||||
California-17.71% | ||||||||||||||||
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities), Series 2011, Ref. RB | 6.13 | % | 07/01/2041 | 150 | 152,908 | |||||||||||
California (State of), Series 2011, GO Bonds | 5.00 | % | 10/01/2021 | 235 | 247,248 | |||||||||||
California (State of), Series 2011, GO Bonds | 5.00 | % | 09/01/2030 | 100 | 104,615 | |||||||||||
California (State of), Series 2011, GO Bonds | 5.25 | % | 09/01/2030 | 125 | 131,079 | |||||||||||
California (State of), Series 2011, Ref. GO Bonds | 5.25 | % | 09/01/2024 | 600 | 630,048 | |||||||||||
California (State of), Series 2016 C, Ref. GO Bonds | 5.00 | % | 09/01/2021 | 125 | 131,013 | |||||||||||
California (State of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/01/2030 | 100 | 104,615 | |||||||||||
California (State of), Series 2019, Ref. GO Bonds | 5.00 | % | 04/01/2021 | 145 | 149,061 | |||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2017, Ref. RB | 5.00 | % | 12/01/2021 | 100 | 106,106 | |||||||||||
California (State of) Public Works Board, Series 2011 D, RB | 5.00 | % | 12/01/2031 | 140 | 147,907 | |||||||||||
East Side Union High School District (Election of 2016), Series 2017 A, GO Bonds | 3.00 | % | 08/01/2021 | 180 | 184,549 | |||||||||||
Los Angeles (City of), CA, Series 2012 C, Ref. RB | 5.00 | % | 06/01/2021 | 100 | 103,628 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2012 A, Ref. RB | 5.00 | % | 07/01/2021 | 100 | 104,067 | |||||||||||
Los Angeles Unified School District, Series 2015 A, Ref. GO Bonds | 5.00 | % | 07/01/2021 | 500 | 520,165 | |||||||||||
Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds | 5.00 | % | 07/01/2021 | 100 | 104,033 | |||||||||||
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds | 5.00 | % | 07/01/2024 | 220 | 228,758 | |||||||||||
Sacramento (City of), CA Municipal Utility District, Series 2011 X, Ref. RB | 5.00 | % | 08/15/2027 | 100 | 104,547 | |||||||||||
Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB | 5.00 | % | 08/15/2021 | 200 | 209,054 | |||||||||||
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB(a)(b) | 4.50 | % | 11/01/2021 | 160 | 168,130 | |||||||||||
San Francisco (City and County of), CA Public Utilities Commission, Series 2011 A, RB(a)(b) | 5.00 | % | 11/01/2021 | 600 | 633,972 | |||||||||||
University of California, Series 2013 AF, RB | 5.00 | % | 05/15/2021 | 200 | 206,882 | |||||||||||
|
| |||||||||||||||
4,472,385 | ||||||||||||||||
|
| |||||||||||||||
Colorado-0.52% | ||||||||||||||||
Colorado Springs (City of), CO, Series 2011 A, Ref. RB | 5.00 | % | 11/15/2021 | 125 | 132,283 | |||||||||||
|
| |||||||||||||||
Connecticut-1.74% | ||||||||||||||||
Connecticut (State of), Series 2014 A, GO Bonds | 4.00 | % | 03/01/2021 | 125 | 127,334 | |||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health Network), Series 2011 M, RB(a)(b) | 5.38 | % | 07/01/2021 | 300 | 312,852 | |||||||||||
|
| |||||||||||||||
440,186 | ||||||||||||||||
|
| |||||||||||||||
District of Columbia-0.84% | ||||||||||||||||
District of Columbia, Series 2011 G, RB(a)(b) | 5.00 | % | 12/01/2021 | 200 | 212,004 | |||||||||||
|
| |||||||||||||||
Florida-4.81% | ||||||||||||||||
Florida (State of) (Capital Outlay), Series 2011 E, Ref. GO Bonds | 5.00 | % | 06/01/2027 | 50 | 51,776 | |||||||||||
Florida (State of) (Capital Outlay), Series 2015 A, Ref. GO Bonds | 5.00 | % | 06/01/2021 | 35 | 36,275 | |||||||||||
Florida (State of) (State Board of Education), Series 2011 E, Ref. GO Bonds | 5.00 | % | 06/01/2025 | 200 | 207,210 | |||||||||||
Jacksonville (City of), FL, Series 2010 B-1, RB | 5.00 | % | 10/01/2021 | 355 | 373,382 | |||||||||||
Mid-Bay Bridge Authority, Series 2011 A, RB(a)(b) | 7.25 | % | 10/01/2021 | 300 | 322,647 | |||||||||||
Orange (County of), FL Convention Center, Series 2017, Ref. RB. | 5.00 | % | 10/01/2021 | 25 | 26,006 | |||||||||||
Palm Beach (County of), FL Solid Waste Authority, Series 2011, Ref. RB | 5.00 | % | 10/01/2031 | 75 | 78,740 | |||||||||||
School Board of Miami-Dade County (The), Series 2015 A, Ref. COP | 5.00 | % | 05/01/2021 | 115 | 118,644 | |||||||||||
|
| |||||||||||||||
1,214,680 | ||||||||||||||||
|
| |||||||||||||||
Georgia-4.17% | ||||||||||||||||
Atlanta (City of), GA, Series 2019 F, Ref. RB | 5.00 | % | 07/01/2021 | 400 | 415,720 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 188 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Georgia-(continued) | ||||||||||||||||
Gwinnett (County of), GA Water & Sewerage Authority, Series 2011, Ref. RB | 5.00 | % | 08/01/2024 | $ | 510 | $ | 532,486 | |||||||||
Valdosta & Lowndes (County of), GA Hospital Authority (South Medical Center), | 5.00 | % | 10/01/2021 | 100 | 105,156 | |||||||||||
|
| |||||||||||||||
1,053,362 | ||||||||||||||||
|
| |||||||||||||||
Hawaii-0.31% | ||||||||||||||||
Hawaii (State of), Series 2012 EF, Ref. GO Bonds | 5.00 | % | 11/01/2021 | 75 | 79,201 | |||||||||||
|
| |||||||||||||||
Illinois-4.15% | ||||||||||||||||
Chicago (City of), IL Transit Authority, Series 2011, RB(a)(b) | 5.25 | % | 12/01/2021 | 175 | 184,163 | |||||||||||
Cook (County of), IL, Series 2011 A, Ref. GO Bonds | 5.25 | % | 11/15/2024 | 300 | 314,901 | |||||||||||
Illinois (State of) Finance Authority (State Clean Water), Series 2016, RB | 5.00 | % | 01/01/2021 | 300 | 304,734 | |||||||||||
Illinois (State of) Finance Authority (Trinity Health), Series 2011 L, RB(a)(b) | 5.00 | % | 12/01/2021 | 230 | 243,655 | |||||||||||
|
| |||||||||||||||
1,047,453 | ||||||||||||||||
|
| |||||||||||||||
Indiana-0.04% | ||||||||||||||||
Indiana (State of) Finance Authority, Series 2011 A, RB | 5.25 | % | 10/01/2031 | 10 | 10,518 | |||||||||||
|
| |||||||||||||||
Kansas-0.08% | ||||||||||||||||
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2011 A, Ref. RB(a)(b) | 5.00 | % | 09/01/2021 | 20 | 20,952 | |||||||||||
|
| |||||||||||||||
Maryland-2.08% | ||||||||||||||||
Maryland (State of), Series 2013 A, GO Bonds(a)(b) | 4.00 | % | 03/01/2021 | 265 | 270,083 | |||||||||||
Maryland (State of), Series 2014 B, GO Bonds | 5.00 | % | 08/01/2021 | 10 | 10,445 | |||||||||||
Maryland (State of), Series 2014 C, Ref. GO Bonds | 5.00 | % | 08/01/2021 | 160 | 167,113 | |||||||||||
Maryland (State of), Series 2015 A, GO Bonds | 5.00 | % | 08/01/2021 | 50 | 52,223 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority, Series 2012 B, RB(a)(b) | 5.00 | % | 11/15/2021 | 10 | 10,580 | |||||||||||
Washington (District of), MD Suburban Sanitary Commission, Series 2011, RB | 3.00 | % | 06/01/2021 | 15 | 15,320 | |||||||||||
|
| |||||||||||||||
525,764 | ||||||||||||||||
|
| |||||||||||||||
Massachusetts-7.03% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds(a)(b) | 5.00 | % | 10/01/2021 | 100 | 105,212 | |||||||||||
Massachusetts (Commonwealth of), Series 2011 D, GO Bonds | 4.00 | % | 10/01/2028 | 200 | 207,110 | |||||||||||
Massachusetts (Commonwealth of), Series 2013 C, GO Bonds(a)(b) | 4.00 | % | 08/01/2021 | 10 | 10,349 | |||||||||||
Massachusetts (Commonwealth of), Series 2014 A, GO Bonds(a)(b) | 4.25 | % | 12/01/2021 | 100 | 105,068 | |||||||||||
Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds | 5.00 | % | 10/01/2021 | 250 | 263,115 | |||||||||||
Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2010 A, RB | 5.00 | % | 12/15/2021 | 200 | 212,592 | |||||||||||
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(a)(b) | 5.00 | % | 10/15/2021 | 200 | 210,798 | |||||||||||
Massachusetts (Commonwealth of) School Building Authority, Series 2011 B, RB(a)(b) | 5.25 | % | 10/15/2021 | 100 | 105,679 | |||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2006 B, RB | 5.25 | % | 07/01/2021 | 130 | 135,490 | |||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2017, RB | 4.00 | % | 12/01/2021 | 400 | 419,028 | |||||||||||
|
| |||||||||||||||
1,774,441 | ||||||||||||||||
|
| |||||||||||||||
Michigan-0.95% | ||||||||||||||||
Michigan (State of) Building Authority, Series 2011 A, Ref. RB | 5.38 | % | 10/15/2041 | 30 | 31,727 | |||||||||||
Michigan (State of) Finance Authority, Series 2014 C-3, RB, (INS - AGM)(c) | 5.00 | % | 07/01/2021 | 200 | 207,910 | |||||||||||
|
| |||||||||||||||
239,637 | ||||||||||||||||
�� |
|
| ||||||||||||||
Minnesota-1.20% | ||||||||||||||||
Minnesota (State of) Public Facilities Authority, Series 2016 B, Ref. RB | 3.00 | % | 03/01/2021 | 300 | 304,263 | |||||||||||
|
| |||||||||||||||
Missouri-1.02% | ||||||||||||||||
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB | 5.00 | % | 12/01/2021 | 145 | 153,027 | |||||||||||
St Louis (City of), MO, Series 2017 A, Ref. RB, (INS - AGM)(c) | 5.00 | % | 07/01/2021 | 100 | 103,639 | |||||||||||
|
| |||||||||||||||
256,666 | ||||||||||||||||
|
| |||||||||||||||
Nebraska-0.02% | ||||||||||||||||
West Haymarket Joint Public Agency, Series 2011, GO Bonds(a)(b) | 4.25 | % | 12/15/2021 | 5 | 5,261 | |||||||||||
|
| |||||||||||||||
Nevada-1.26% | ||||||||||||||||
Clark (County of), NV, Series 2016 A, Ref. GO Bonds | 5.00 | % | 11/01/2021 | 300 | 316,950 | |||||||||||
|
| |||||||||||||||
New Jersey-3.04% | ||||||||||||||||
New Jersey (State of), Series 2016 T, Ref. GO Bonds | 5.00 | % | 06/01/2021 | 45 | 46,412 | |||||||||||
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB(a) | 5.00 | % | 03/01/2021 | 55 | 56,189 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 189 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New Jersey-(continued) | ||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB | 5.00 | % | 03/01/2021 | $ | 145 | $ | 147,913 | |||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(a)(b) | 5.00 | % | 06/15/2021 | 25 | 25,952 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 A, RB(a)(b) | 6.00 | % | 06/15/2021 | 300 | 313,734 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB(a)(b) | 5.00 | % | 06/15/2021 | 70 | 72,666 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2011 B, RB(a)(b) | 5.25 | % | 06/15/2021 | 100 | 104,005 | |||||||||||
|
| |||||||||||||||
766,871 | ||||||||||||||||
|
| |||||||||||||||
New York-22.26% | ||||||||||||||||
Erie County Industrial Development Agency (The), Series 2012, RB | 5.00 | % | 05/01/2021 | 30 | 30,971 | |||||||||||
Metropolitan Transportation Authority, Series 2012 F, Ref. RB | 5.00 | % | 11/15/2021 | 400 | 411,228 | |||||||||||
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds | 5.00 | % | 01/01/2021 | 200 | 203,048 | |||||||||||
New York & New Jersey (States of) Port Authority, Series 2013 179, RB | 5.00 | % | 12/01/2021 | 470 | 497,415 | |||||||||||
New York (City of), NY, Series 2011 AA, Ref. RB(a)(b) | 5.00 | % | 06/15/2021 | 195 | 202,379 | |||||||||||
New York (City of), NY, Series 2011 HH, RB | 5.00 | % | 06/15/2026 | 200 | 207,602 | |||||||||||
New York (City of), NY, Series 2016 E, Ref. GO Bonds | 5.00 | % | 08/01/2021 | 200 | 208,686 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2002 B, RB | 5.00 | % | 02/01/2025 | 300 | 305,967 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB | 5.00 | % | 07/15/2025 | 75 | 78,085 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2011 A, RB | 5.00 | % | 11/01/2026 | 25 | 26,373 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB | 5.00 | % | 02/01/2031 | 500 | 509,270 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2018 C-1, RB | 5.00 | % | 05/01/2021 | 500 | 515,710 | |||||||||||
New York (City of), NY Water & Sewer System, Series 2012 FF, RB(a) | 5.00 | % | 06/15/2021 | 415 | 430,704 | |||||||||||
New York (State of) Dormitory Authority, Series 2012, RB | 5.00 | % | 05/15/2021 | 150 | 155,118 | |||||||||||
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB | 5.00 | % | 03/15/2021 | 200 | 205,164 | |||||||||||
New York (State of) Power Authority, Series 2011 A, RB | 5.00 | % | 11/15/2038 | 10 | 10,546 | |||||||||||
New York (State of) Thruway Authority, Series 2012 A, Ref. RB | 5.00 | % | 03/15/2028 | 200 | 209,352 | |||||||||||
New York Liberty Development Corp. (4 World Trade Center), Series 2011, Ref. RB | 5.00 | % | 11/15/2031 | 55 | 57,643 | |||||||||||
New York State Environmental Facilities Corp., Series 2017, Ref. RB | 5.00 | % | 06/15/2021 | 500 | 519,165 | |||||||||||
New York State Urban Development Corp., Series 2011 A, RB | 5.00 | % | 03/15/2023 | 200 | 205,186 | |||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB | 5.00 | % | 10/15/2021 | 400 | 421,784 | |||||||||||
Triborough Bridge & Tunnel Authority, Series 2012 B, Ref. RB | 5.00 | % | 11/15/2021 | 200 | 210,828 | |||||||||||
|
| |||||||||||||||
5,622,224 | ||||||||||||||||
|
| |||||||||||||||
Ohio-2.09% | ||||||||||||||||
Columbus (City of), OH, Series 2012 1, Ref. GO Bonds | 5.00 | % | 07/01/2021 | 300 | 312,099 | |||||||||||
Lucas (County of), OH (ProMedica Healthcare System), Series 2011 A, RB(a)(b) | 6.50 | % | 11/15/2021 | 200 | 214,952 | |||||||||||
|
| |||||||||||||||
527,051 | ||||||||||||||||
|
| |||||||||||||||
Oregon-1.26% | ||||||||||||||||
Oregon (State of) Department of Transportation, Series 2017 C, Ref. RB | 5.00 | % | 11/15/2021 | 300 | 317,514 | |||||||||||
|
| |||||||||||||||
Pennsylvania-3.17% | ||||||||||||||||
Allegheny (County of), PA Port Authority, Series 2011, Ref. RB | 5.75 | % | 03/01/2029 | 165 | 169,264 | |||||||||||
Pennsylvania (Commonwealth of), Series 2012, Ref. GO Bonds | 5.00 | % | 07/01/2021 | 300 | 311,841 | |||||||||||
Philadelphia (City of), PA, Series 2013 A, RB | 5.00 | % | 01/01/2021 | 315 | 319,737 | |||||||||||
|
| |||||||||||||||
800,842 | ||||||||||||||||
|
| |||||||||||||||
South Carolina-1.63% | ||||||||||||||||
Columbia (City of), SC, Series 2011 A, Ref. RB(a)(b) | 5.00 | % | 02/01/2021 | 200 | 204,020 | |||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2011 C, Ref. RB | 5.00 | % | 12/01/2036 | 200 | 208,830 | |||||||||||
|
| |||||||||||||||
412,850 | ||||||||||||||||
|
| |||||||||||||||
Tennessee-0.06% | ||||||||||||||||
Knoxville (City of), TN, Series 2012 B, RB | 3.00 | % | 04/01/2047 | 5 | 5,022 | |||||||||||
Memphis (City of), TN, Series 2012 A, Ref. GO Bonds | 5.00 | % | 04/01/2021 | 10 | 10,282 | |||||||||||
|
| |||||||||||||||
15,304 | ||||||||||||||||
|
| |||||||||||||||
Texas-6.10% | ||||||||||||||||
Austin (City of), TX, Series 2017, Ref. RB. | 5.00 | % | 11/15/2021 | 375 | 396,892 | |||||||||||
Dallas-Fort Worth (Cities of), TX International Airport, Series 2011 D, RB | 5.00 | % | 11/01/2021 | 75 | 75,599 | |||||||||||
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020, Ref. RB | 5.00 | % | 11/01/2021 | 300 | 316,476 | |||||||||||
Harris (County of), TX Flood Control District, Series 2008 A, Ref. RB | 5.25 | % | 10/01/2021 | 200 | 210,986 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 190 |
|
Invesco BulletShares 2021 Municipal Bond ETF (BSML)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Texas-(continued) | ||||||||||||||||
Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00 | % | 03/01/2021 | $ | 400 | $ | 409,456 | |||||||||
North Texas Tollway Authority, Series 2011, Ref. RB | 5.00 | % | 01/01/2038 | 15 | 15,184 | |||||||||||
Odessa Junior College District, Series 2011, GO Bonds(a)(b) | 5.38 | % | 08/15/2021 | 50 | 52,476 | |||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB | 5.00 | % | 10/01/2021 | 60 | 63,148 | |||||||||||
|
| |||||||||||||||
1,540,217 | ||||||||||||||||
|
| |||||||||||||||
Utah-1.24% | ||||||||||||||||
Utah (State of), Series 2018, GO Bonds | 5.00 | % | 07/01/2021 | 300 | 312,072 | |||||||||||
|
| |||||||||||||||
Virginia-2.26% | ||||||||||||||||
Loudoun (County of), VA Economic Development Authority (Sycolin Road), Series 2011 A, RB | 5.00 | % | 06/01/2031 | 255 | 263,879 | |||||||||||
Virginia (State of) College Building Authority, Series 2016 A, RB | 5.00 | % | 02/01/2021 | 300 | 306,030 | |||||||||||
|
| |||||||||||||||
569,909 | ||||||||||||||||
|
| |||||||||||||||
Washington-2.89% | ||||||||||||||||
Washington (State of), Series 2011 A, GO Bonds(a)(b) | 5.00 | % | 08/01/2021 | 100 | 104,409 | |||||||||||
Washington (State of), Series 2011 C, GO Bonds(a) | 5.00 | % | 06/01/2025 | 75 | 77,571 | |||||||||||
Washington (State of), Series 2011 C, GO Bonds(a) | 5.25 | % | 06/01/2026 | 200 | 207,228 | |||||||||||
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives), Series 2011 A, RB(a)(b) | 5.00 | % | 02/01/2021 | 335 | 341,522 | |||||||||||
|
| |||||||||||||||
730,730 | ||||||||||||||||
|
| |||||||||||||||
Wisconsin-2.09% | ||||||||||||||||
Wisconsin (State of), Series 2012 A, GO Bonds(a)(b) | 4.00 | % | 05/01/2021 | 10 | 10,256 | |||||||||||
Wisconsin (State of), Series 2012 B, GO Bonds(a) | 3.00 | % | 05/01/2026 | 300 | 305,550 | |||||||||||
Wisconsin (State of), Series 2016 1, Ref. GO Bonds | 5.00 | % | 11/01/2021 | 200 | 211,300 | |||||||||||
|
| |||||||||||||||
527,106 | ||||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.24% | 24,810,032 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.76% | 443,771 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 25,253,803 | ||||||||||||||
|
|
Investment Abbreviations:
AGM | -Assured Guaranty Municipal Corp. |
COP | -Certificates of Participation |
GO | -General Obligation |
INS | -Insurer |
RB | -Revenue Bonds |
Ref. | -Refunding |
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | Principal and/or interest payments are secured by the bond insurance company listed. |
(d) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 653,031 | $ | (653,031 | ) | $ | - | $ | - | $ | - | $ | 47 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 191 |
|
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.73% | ||||||||||||||||
Arizona-0.58% | ||||||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB | 5.00 | % | 12/01/2030 | $ | 35 | $ | 37,814 | |||||||||
Salt River Project Agricultural Improvement & Power District, Series 2012 A, Ref. RB | 5.00 | % | 12/01/2031 | 115 | 124,224 | |||||||||||
|
| |||||||||||||||
162,038 | ||||||||||||||||
|
| |||||||||||||||
Arkansas-0.18% | ||||||||||||||||
Arkansas (State of) (Four-Lane Highway Construction), Series 2013, GO Bonds | 3.25 | % | 06/15/2022 | 50 | 51,197 | |||||||||||
|
| |||||||||||||||
California-16.33% | ||||||||||||||||
Bay Area Toll Authority, Series 2012 F-1, RB(a)(b) | 5.00 | % | 04/01/2022 | 75 | 80,690 | |||||||||||
California (State of), Series 2011, Ref. GO Bonds | 5.25 | % | 09/01/2022 | 530 | 583,885 | |||||||||||
California (State of), Series 2012, GO Bonds | 5.00 | % | 04/01/2042 | 100 | 106,768 | |||||||||||
California (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 11/01/2022 | 100 | 110,457 | |||||||||||
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00 | % | 12/01/2022 | 500 | 553,905 | |||||||||||
California (State of) Public Works Board, Series 2012 A, RB | 5.00 | % | 04/01/2027 | 50 | 53,639 | |||||||||||
California (State of) Public Works Board, Series 2012 G, Ref. RB | 5.00 | % | 11/01/2030 | 135 | 147,974 | |||||||||||
California (State of) Public Works Board (Department of Corrections & Rehabilitation), Series 2012, Ref. RB | 5.00 | % | 06/01/2027 | 100 | 108,021 | |||||||||||
California (State of) Statewide Communities Development Authority (Episcopal Communities and Services), Series 2012, Ref. RB | 5.00 | % | 05/15/2047 | 100 | 104,580 | |||||||||||
Coachella Valley Unified School District (2005 Election), Series 2012 D, GO Bonds(a)(b) | 5.00 | % | 08/01/2022 | 245 | 267,699 | |||||||||||
Los Angeles (City of), CA, Series 2012 B, Ref. RB | 5.00 | % | 06/01/2031 | 145 | 156,790 | |||||||||||
Los Angeles (City of), CA, Series 2012 C, Ref. RB | 5.00 | % | 06/01/2025 | 135 | 146,298 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2013 A, RB | 5.00 | % | 07/01/2022 | 100 | 108,940 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 B, Ref. RB | 5.00 | % | 07/01/2022 | 30 | 32,682 | |||||||||||
Metropolitan Water District of Southern California, Series 2012 G, Ref. RB | 5.00 | % | 07/01/2028 | 40 | 43,476 | |||||||||||
Metropolitan Water District of Southern California, Series 2017 B, Ref. RB | 5.00 | % | 08/01/2022 | 135 | 146,887 | |||||||||||
Mount Diablo Unified School District (2010 Election), Series 2012 E, GO Bonds. | 5.00 | % | 06/01/2037 | 300 | 322,980 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2012 A, RB(a)(b) | 5.00 | % | 04/01/2022 | 100 | 107,670 | |||||||||||
San Diego Unified School District, Series 2020 D-2, GO Bonds | 5.00 | % | 07/01/2022 | 150 | 163,264 | |||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2012, RB(a)(b) | 5.00 | % | 05/01/2022 | 1,000 | 1,080,740 | |||||||||||
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00 | % | 08/01/2022 | 100 | 108,761 | |||||||||||
University of California, Series 2012 G, RB | 5.00 | % | 05/15/2037 | 10 | 10,748 | |||||||||||
|
| |||||||||||||||
4,546,854 | ||||||||||||||||
|
| |||||||||||||||
Colorado-0.50% | ||||||||||||||||
Colorado (State of), Series 2020 A, COP | 5.00 | % | 12/15/2022 | 100 | 110,842 | |||||||||||
Regional Transportation District (Fastracks), Series 2012 A, RB | 5.00 | % | 11/01/2031 | 25 | 27,204 | |||||||||||
|
| |||||||||||||||
138,046 | ||||||||||||||||
|
| |||||||||||||||
Connecticut-1.37% | ||||||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 A-1, Ref. RB(b) | 5.00 | % | 07/01/2022 | 200 | 217,520 | |||||||||||
South Central Connecticut Regional Water Authority, Series 2012, Ref. RB(a)(b) | 5.00 | % | 08/01/2022 | 150 | 163,626 | |||||||||||
|
| |||||||||||||||
381,146 | ||||||||||||||||
|
| |||||||||||||||
District of Columbia-0.67% | ||||||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2014 A, Ref. RB | 5.00 | % | 10/01/2053 | 180 | 186,840 | |||||||||||
|
| |||||||||||||||
Florida-8.39% | ||||||||||||||||
Citizens Property Insurance Corp., Series 2015 A-1, RB. | 5.00 | % | 06/01/2022 | 100 | 105,678 | |||||||||||
Florida (State of) (Capital Outlay), Series 2012 C, Ref. GO Bonds | 4.00 | % | 06/01/2026 | 700 | 745,206 | |||||||||||
Florida (State of) Municipal Power Agency (St. Lucie), Series 2012 A, RB | 5.00 | % | 10/01/2026 | 175 | 190,547 | |||||||||||
Miami-Dade (County of), FL, Series 2012 B, Ref. RB, (INS - AGM)(c) | 5.00 | % | 10/01/2035 | 100 | 108,747 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 192 |
|
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Florida-(continued) | ||||||||||||||||
Miami-Dade (County of), FL Expressway Authority, Series 2013 A, RB | 5.00% | 07/01/2029 | $ | 1,000 | $ | 1,075,970 | ||||||||||
Volusia County School Board, Series 2019, COP | 5.00% | 08/01/2022 | 100 | 108,801 | ||||||||||||
|
| |||||||||||||||
2,334,949 | ||||||||||||||||
|
| |||||||||||||||
Georgia-0.41% | ||||||||||||||||
Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB. | 4.00% | 12/01/2042 | 25 | 25,966 | ||||||||||||
Georgia (State of), Series 2012 A, GO Bonds | 5.00% | 07/01/2024 | 80 | 87,091 | ||||||||||||
|
| |||||||||||||||
113,057 | ||||||||||||||||
|
| |||||||||||||||
Guam-2.07% | ||||||||||||||||
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(c) | 5.00% | 10/01/2027 | 535 | 576,190 | ||||||||||||
|
| |||||||||||||||
Illinois-0.78% | ||||||||||||||||
Illinois (State of), Series 2013, RB | 5.00% | 06/15/2022 | 100 | 106,246 | ||||||||||||
Illinois (State of), Series 2016 C, Ref. RB | 5.00% | 06/15/2022 | 105 | 111,558 | ||||||||||||
|
| |||||||||||||||
217,804 | ||||||||||||||||
|
| |||||||||||||||
Indiana-0.78% | ||||||||||||||||
Indianapolis (City of), IN Department of Public Utilities, Series 2020 A, Ref. RB | 5.00% | 08/15/2022 | 200 | 218,742 | ||||||||||||
|
| |||||||||||||||
Maryland-2.31% | ||||||||||||||||
Maryland (State of), Series 2014 B, GO Bonds(a)(b) | 5.00% | 08/01/2022 | 100 | 109,185 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2018, RB | 5.00% | 10/01/2022 | 315 | 346,623 | ||||||||||||
Montgomery (County of), MD, Series 2014 A, GO Bonds | 5.00% | 11/01/2022 | 90 | 99,411 | ||||||||||||
Montgomery (County of), MD, Series 2016 A, GO Bonds | 5.00% | 12/01/2022 | 80 | 88,682 | ||||||||||||
|
| |||||||||||||||
643,901 | ||||||||||||||||
|
| |||||||||||||||
Massachusetts-2.97% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2013 A, RB(a)(b) | 5.00% | 06/15/2022 | 25 | 27,148 | ||||||||||||
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds | 5.00% | 07/01/2022 | 100 | 108,882 | ||||||||||||
Massachusetts (Commonwealth of), Series 2014 C, GO Bonds(a)(b) | 5.00% | 07/01/2022 | 20 | 21,761 | ||||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2020, RB | 5.00% | 07/01/2022 | 500 | 543,925 | ||||||||||||
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b) | 5.00% | 08/15/2022 | 5 | 5,458 | ||||||||||||
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB(a)(b) | 5.00% | 08/15/2022 | 70 | 76,560 | ||||||||||||
Massachusetts Clean Water Trust (The), Series 2014, Ref. RB | 5.00% | 08/01/2022 | 40 | 43,698 | ||||||||||||
|
| |||||||||||||||
827,432 | ||||||||||||||||
|
| |||||||||||||||
Michigan-0.39% | ||||||||||||||||
Michigan (State of) Finance Authority, Series 2015 A, Ref. RB(a)(b) | 5.00% | 06/01/2022 | 100 | 108,221 | ||||||||||||
|
| |||||||||||||||
Nevada-5.11% | ||||||||||||||||
Clark County School District, Series 2017 A, Ref. GO Bonds | 5.00% | 06/15/2022 | 325 | 350,668 | ||||||||||||
Las Vegas Valley Water District, Series 2012 B, GO Bonds | 5.00% | 06/01/2037 | 1,000 | 1,071,650 | ||||||||||||
|
| |||||||||||||||
1,422,318 | ||||||||||||||||
|
| |||||||||||||||
New Jersey-2.11% | ||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 5.00% | 06/15/2022 | 220 | 235,576 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB | 5.25% | 12/15/2022 | 30 | 32,809 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2013 A, RB(a)(b) | 5.00% | 07/01/2022 | 195 | 212,170 | ||||||||||||
North Hudson Sewerage Authority, Series 2012 A, COP(a)(b) | 5.00% | 06/01/2022 | 100 | 108,404 | ||||||||||||
|
| |||||||||||||||
588,959 | ||||||||||||||||
|
| |||||||||||||||
New York-20.37% | ||||||||||||||||
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b) | 5.00% | 09/01/2022 | 135 | 147,995 | ||||||||||||
Long Island (City of), NY Power Authority, Series 2012 A, RB | 5.00% | 09/01/2037 | 265 | 284,695 | ||||||||||||
Metropolitan Transportation Authority, Series 2012 D, Ref. RB | 5.00% | 11/15/2025 | 200 | 208,820 | ||||||||||||
Metropolitan Transportation Authority, Series 2015 A-1, RB | 5.00% | 11/15/2022 | 100 | 104,817 | ||||||||||||
Nassau (County of), NY, Series 2016 A, Ref. GO Bonds | 5.00% | 01/01/2022 | 90 | 95,513 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2012, RB | 4.00% | 12/01/2026 | 500 | 537,935 | ||||||||||||
New York (City of), NY, Series 2012 A-1, GO Bonds | 5.00% | 10/01/2025 | 100 | 109,664 | ||||||||||||
New York (City of), NY, Series 2012 F, Ref. GO Bonds | 5.00% | 08/01/2027 | 100 | 106,501 | ||||||||||||
New York (City of), NY, Series 2015 A, Ref. GO Bonds | 5.00% | 08/01/2022 | 100 | 109,063 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2011 D, RB | 5.25% | 02/01/2022 | 100 | 102,058 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 193 |
|
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York-(continued) | ||||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2012 C-1, RB | 5.00% | 11/01/2025 | $ | 100 | $ | 110,090 | ||||||||||
New York (State of) Dormitory Authority, Series 2005 A, RB, (INS - AMBAC)(c) | 5.50% | 05/15/2022 | 600 | 653,490 | ||||||||||||
New York (State of) Dormitory Authority, Series 2012 D, RB | 5.00% | 02/15/2027 | 100 | 106,497 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB | 5.00% | 03/15/2022 | 100 | 107,358 | ||||||||||||
New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGM)(c) | 5.00% | 10/01/2022 | 1,000 | 1,100,610 | ||||||||||||
New York (State of) Thruway Authority, Series 2012 I, RB(a)(b) | 5.00% | 01/01/2022 | 800 | 851,440 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB | 5.00% | 10/15/2022 | 600 | 661,746 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2013 A, Ref. RB | 5.00% | 11/15/2022 | 250 | 274,272 | ||||||||||||
|
| |||||||||||||||
5,672,564 | ||||||||||||||||
|
| |||||||||||||||
North Carolina-0.76% | ||||||||||||||||
North Carolina (State of) (Garvee), Series 2017, Ref. RB | 5.00% | 03/01/2022 | 100 | 107,047 | ||||||||||||
North Carolina Medical Care Commission (Novant Health), Series 2013, Ref. RB | 4.00% | 11/01/2046 | 100 | 103,586 | ||||||||||||
|
| |||||||||||||||
210,633 | ||||||||||||||||
|
| |||||||||||||||
Ohio-4.72% | ||||||||||||||||
Allen (County of), OH (Catholic Health Partners), Series 2012 A, Ref. RB | 5.00% | 05/01/2033 | 100 | 106,568 | ||||||||||||
Hamilton (County of), OH (Christ Hospital), Series 2012, RB(a)(b) | 5.00% | 06/01/2022 | 1,000 | 1,083,120 | ||||||||||||
Ohio (State of), Series 2015 B, GO Bonds(a)(b) | 5.00% | 06/15/2022 | 65 | 70,584 | ||||||||||||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health), Series 2012 A, RB | 5.00% | 01/01/2027 | 50 | 52,970 | ||||||||||||
|
| |||||||||||||||
1,313,242 | ||||||||||||||||
|
| |||||||||||||||
Oklahoma-0.36% | ||||||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB | 5.00% | 01/01/2030 | 95 | 100,722 | ||||||||||||
|
| |||||||||||||||
Pennsylvania-7.75% | ||||||||||||||||
Pennsylvania (Commonwealth of) , Series 2016, Ref. GO Bonds | 5.00% | 01/15/2022 | 90 | 95,788 | ||||||||||||
Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University), Series 2012, RB | 5.00% | 05/01/2037 | 400 | 409,776 | ||||||||||||
Pennsylvania (State of) Turnpike Commission, Series 2012 B, RB(a)(b) | 5.00% | 12/01/2022 | 105 | 116,295 | ||||||||||||
Philadelphia (City of), PA, Series 2012, Ref. RB(a)(b) | 5.00% | 11/01/2022 | 400 | 440,976 | ||||||||||||
Pittsburgh (City of), PA, Series 2012 B, GO Bonds(a)(b) | 5.00% | 09/01/2022 | 1,000 | 1,094,780 | ||||||||||||
|
| |||||||||||||||
2,157,615 | ||||||||||||||||
|
| |||||||||||||||
Tennessee-2.34% | ||||||||||||||||
Nashville & Davidson (County of), TN, Series 2017, GO Bonds. | 5.00% | 07/01/2022 | 400 | 435,448 | ||||||||||||
Wilson (County of), TN, Series 2012, Ref. GO Bonds. | 5.00% | 04/01/2022 | 200 | 215,308 | ||||||||||||
|
| |||||||||||||||
650,756 | ||||||||||||||||
|
| |||||||||||||||
Texas-5.94% | ||||||||||||||||
Dallas (City of), TX, Series 2017, Ref. GO Bonds | 5.00% | 02/15/2022 | 100 | 106,960 | ||||||||||||
Dallas Independent School District, Series 2012, Ref. GO Bonds, | 4.00% | 08/15/2024 | 500 | 536,180 | ||||||||||||
Houston (City of), TX, Series 2012 D, Ref. RB(a)(b) | 4.00% | 11/15/2022 | 170 | 183,799 | ||||||||||||
Houston (City of), TX, Series 2012 D, Ref. RB | 4.00% | 11/15/2037 | 130 | 138,772 | ||||||||||||
North Central Texas Health Facility Development Corp. (Childrens Medical Center Dallas), Series 2012, RB(a)(b) | 5.00% | 08/15/2022 | 100 | 109,165 | ||||||||||||
North Texas Tollway Authority, Series 2012 B, Ref. RB | 5.00% | 01/01/2042 | 100 | 104,722 | ||||||||||||
San Antonio (City of), TX, Series 2016, Ref. GO Bonds | 5.00% | 02/01/2022 | 100 | 106,774 | ||||||||||||
Texas (State of), Series 2011, Ref. GO Bonds | 5.00% | 10/01/2022 | 100 | 105,233 | ||||||||||||
University of Texas Pernanent Fund (Permanent University Fund Boards), Series 2007 B, Ref. RB | 5.25% | 07/01/2022 | 240 | 262,275 | ||||||||||||
|
| |||||||||||||||
1,653,880 | ||||||||||||||||
|
| |||||||||||||||
Virginia-6.46% | ||||||||||||||||
Fairfax (County of), VA Economic Development Authority (Public Uses Complex), Series 2014, Ref. RB | 5.00% | 05/15/2022 | 200 | 216,490 | ||||||||||||
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2012, RB | 5.00% | 05/15/2040 | 100 | 106,240 | ||||||||||||
Hampton Roads Transportation Accountability Commission, Series 2019 A, RB | 5.00% | 07/01/2022 | 500 | 543,060 | ||||||||||||
University of Virginia, Series 2013, RB(a)(b) | 5.00% | 12/01/2022 | 500 | 553,785 | ||||||||||||
Virginia (State of) College Building Authority, Series 2015 D, RB | 5.00% | 02/01/2022 | 355 | 379,307 | ||||||||||||
|
| |||||||||||||||
1,798,882 | ||||||||||||||||
|
| |||||||||||||||
Washington-5.08% | ||||||||||||||||
Seattle (Port of), WA, Series 2012 A, Ref. RB | 5.00% | 08/01/2031 | 1,000 | 1,078,190 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 194 |
|
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Washington-(continued) | ||||||||||||||||
Washington (State of), Series 2012, Ref. GO Bonds | 3.00% | 07/01/2028 | $ | 40 | $ | 41,635 | ||||||||||
Washington (State of) (Senior 520 Corridor Program), Series 2012 F, RB. | 5.00% | 09/01/2022 | 150 | 163,870 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB | 4.00% | 10/01/2034 | 125 | 130,398 | ||||||||||||
|
| |||||||||||||||
1,414,093 | ||||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.73% | 27,490,081 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.27% | 354,397 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 27,844,478 | ||||||||||||||
|
|
Investment Abbreviations:
| ||
AGM
AMBAC
CEP
COP
GO
INS
RB
Ref. |
-Assured Guaranty Municipal Corp.
-American Municipal Bond Assurance Corp.
-Credit Enhancement Provider
-Certificates of Participation
-General Obligation
-Insurer
-Revenue Bonds
-Refunding |
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | Principal and/or interest payments are secured by the bond insurance company listed. |
(d) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage | |||
Assured Guaranty Municipal Corp | 6.50% |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 3,091,263 | $ | (3,091,263 | ) | $ | - | $ | - | $ | - | $ | 225 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 195 |
|
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.71% | ||||||||||||||||
Arizona-1.60% | ||||||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB | 5.00% | 01/01/2023 | $ | 120 | $ | 132,133 | ||||||||||
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds | 5.00% | 07/01/2023 | 100 | 112,666 | ||||||||||||
|
| |||||||||||||||
244,799 | ||||||||||||||||
|
| |||||||||||||||
California-19.37% | ||||||||||||||||
Alameda (County of), CA Joint Powers Authority, Series 2013 A, RB | 5.25% | 12/01/2025 | 65 | 75,744 | ||||||||||||
Anaheim (City of), CA Housing & Public Improvements Authority, Series 2017 B, Ref. RB | 5.00% | 10/01/2027 | 95 | 106,154 | ||||||||||||
California (State of), Series 2013, Ref. GO Bonds | 5.00% | 09/01/2031 | 100 | 113,198 | ||||||||||||
California (State of), Series 2013, Ref. GO Bonds | 5.00% | 02/01/2032 | 100 | 110,693 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds | 5.00% | 12/01/2025 | 100 | 115,065 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds | 5.00% | 08/01/2023 | 100 | 113,998 | ||||||||||||
California (State of), Series 2018, Ref. GO Bonds | 5.00% | 10/01/2029 | 100 | 111,439 | ||||||||||||
California (State of) Department of Water Resources, Series 2020 BB, Ref. RB | 5.00% | 12/01/2023 | 500 | 577,615 | ||||||||||||
California (State of) Public Works Board (University of California - Davidson Library), Series 2013 C, RB(a)(b) | 5.00% | 03/01/2023 | 100 | 111,924 | ||||||||||||
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB | 5.00% | 11/01/2041 | 50 | 55,618 | ||||||||||||
Desert Community College District (Riverside & Imperial), Series 2018, GO Bonds(a)(b) | 5.00% | 08/01/2023 | 100 | 114,033 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2013 B, RB | 5.00% | 07/01/2029 | 540 | 610,848 | ||||||||||||
Los Angeles Unified School District, Series 2014 B, Ref. GO Bonds | 5.00% | 07/01/2023 | 100 | 113,485 | ||||||||||||
Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 5.00% | 07/01/2023 | 185 | 209,947 | ||||||||||||
San Diego (County of), CA Water Authority, Series 2015 A, Ref. RB | 5.00% | 05/01/2023 | 100 | 112,880 | ||||||||||||
San Jose (City of), CA Financing Authority, Series 2013 A, Ref. RB | 5.00% | 06/01/2033 | 100 | 110,281 | ||||||||||||
University of California (Limited), Series 2015 I, Ref. RB | 5.00% | 05/15/2023 | 175 | 197,657 | ||||||||||||
|
| |||||||||||||||
2,960,579 | ||||||||||||||||
|
| |||||||||||||||
Connecticut-0.92% | ||||||||||||||||
Connecticut (State of), Series 2012 A, RB | 5.00% | 01/01/2027 | 25 | 27,565 | ||||||||||||
Connecticut (State of), Series 2013 A, GO Bonds | 5.00% | 10/15/2027 | 100 | 112,867 | ||||||||||||
|
| |||||||||||||||
140,432 | ||||||||||||||||
|
| |||||||||||||||
District of Columbia-0.59% | ||||||||||||||||
District of Columbia, Series 2013 A, GO Bonds | 5.00% | 06/01/2027 | 80 | 90,124 | ||||||||||||
|
| |||||||||||||||
Florida-5.92% | ||||||||||||||||
Florida (State of), Series 2019 A, Ref. GO Bonds | 5.00% | 07/01/2023 | 195 | 221,116 | ||||||||||||
JEA Water & Sewer System, Series 2017 A, Ref. RB | 5.00% | 10/01/2023 | 500 | 572,230 | ||||||||||||
School Board of Miami-Dade County (The), Series 2013 A, COP | 5.00% | 05/01/2032 | 100 | 111,544 | ||||||||||||
|
| |||||||||||||||
904,890 | ||||||||||||||||
|
| |||||||||||||||
Georgia-0.29% | ||||||||||||||||
Forsyth County School District, Series 2013, Ref. GO Bonds | 5.00% | 02/01/2023 | 20 | 22,328 | ||||||||||||
Gwinnett County School District, Series 2010, Ref. GO Bonds | 5.00% | 02/01/2023 | 20 | 22,329 | ||||||||||||
|
| |||||||||||||||
44,657 | ||||||||||||||||
|
| |||||||||||||||
Hawaii-3.00% | ||||||||||||||||
Hawaii (State of), Series 2016, Ref. GO Bonds | 5.00% | 10/01/2023 | 400 | 458,048 | ||||||||||||
|
| |||||||||||||||
Illinois-4.06% | ||||||||||||||||
Illinois (State of), Series 2013, GO Bonds | 5.25% | 07/01/2028 | 250 | 267,618 | ||||||||||||
Illinois (State of), Series 2013, GO Bonds | 5.25% | 07/01/2029 | 100 | 106,800 | ||||||||||||
Illinois (State of), Series 2017 D, GO Bonds | 5.00% | 11/01/2023 | 100 | 107,335 | ||||||||||||
Illinois (State of) Finance Authority (State Clean Water), Series 2017, RB | 5.00% | 07/01/2023 | 10 | 11,339 | ||||||||||||
McLean & Woodford Counties Community Unit School District No. 5, Series 2017 A, Ref. GO Bonds | 4.00% | 12/01/2023 | 55 | 60,945 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 196 |
|
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Illinois-(continued) | ||||||||||||||||
Metropolitan Water Reclamation District of Greater Chicago, Series 2016 A, Ref. GO Bonds | 5.00% | 12/01/2023 | $ | 15 | $ | 17,124 | ||||||||||
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB | 5.00% | 03/01/2023 |
| 45 |
| 49,938 | ||||||||||
|
| |||||||||||||||
621,099 | ||||||||||||||||
|
| |||||||||||||||
Indiana-4.12% | ||||||||||||||||
Indiana (State of) Finance Authority, Series 2019, Ref. RB | 5.00% | 12/01/2023 | 150 | 171,235 | ||||||||||||
Lake Central Multi-District School Building Corp., Series 2012 B, RB | 5.00% | 01/15/2030 | 35 | 38,478 | ||||||||||||
St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 C, Ref. RB | 4.00% | 08/15/2044 | 400 | 419,548 | ||||||||||||
|
| |||||||||||||||
629,261 | ||||||||||||||||
|
| |||||||||||||||
Iowa-0.22% | ||||||||||||||||
Iowa (State of), Series 2016 A, Ref. RB | 5.00% | 06/01/2023 | 30 | 33,920 | ||||||||||||
|
| |||||||||||||||
Maryland-4.74% | ||||||||||||||||
Maryland (State of), Series 2015 B, Ref. GO Bonds. | 4.00% | 08/01/2023 | 500 | 555,465 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2017, RB | 5.00% | 05/01/2023 | 150 | 169,147 | ||||||||||||
|
| |||||||||||||||
724,612 | ||||||||||||||||
|
| |||||||||||||||
Massachusetts-3.66% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2015 A, GO Bonds | 5.00% | 05/01/2023 | 300 | 338,211 | ||||||||||||
Massachusetts (Commonwealth of), Series 2018 C, GO Bonds | 5.00% | 05/01/2032 | 100 | 112,138 | ||||||||||||
Massachusetts (State of) School Building Authority, Series 2012 A, Ref. RB | 5.00% | 08/15/2023 | 100 | 109,306 | ||||||||||||
|
| |||||||||||||||
559,655 | ||||||||||||||||
|
| |||||||||||||||
Michigan-0.74% | ||||||||||||||||
Michigan (State of) Building Authority (Facilities Program), Series 2015 I, Ref. RB | 5.00% | 04/15/2023 | 100 | 112,528 | ||||||||||||
|
| |||||||||||||||
Minnesota-0.07% | ||||||||||||||||
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 B, Ref. RB | 5.00% | 01/01/2023 | 10 | 10,970 | ||||||||||||
|
| |||||||||||||||
Nevada-0.37% | ||||||||||||||||
Clark County School District, Series 2016 A, Ref. GO Bonds | 5.00% | 06/15/2023 | 50 | 55,881 | ||||||||||||
|
| |||||||||||||||
New Jersey-4.42% | ||||||||||||||||
New Jersey (State of), Series 2013, GO Bonds | 4.00% | 06/01/2028 | 265 | 286,494 | ||||||||||||
New Jersey (State of) Economic Development Authority, Series 2013 NN, Ref. RB | 5.00% | 03/01/2023 | 100 | 109,169 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2006 A, RB | 5.50% | 12/15/2023 | 150 | 170,282 | ||||||||||||
Rutgers The State University of New Jersey, Series 2018 N, RB. | 4.00% | 05/01/2023 | 100 | 109,073 | ||||||||||||
|
| |||||||||||||||
675,018 | ||||||||||||||||
|
| |||||||||||||||
New York-19.64% | ||||||||||||||||
Battery Park (City of), NY Authority, Series 2013 A, RB | 5.00% | 11/01/2025 | 400 | 460,676 | ||||||||||||
Metropolitan Transportation Authority, Series 2012 A, Ref. RB | 5.00% | 11/15/2023 | 200 | 217,140 | ||||||||||||
Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00% | 11/15/2023 | 100 | 106,497 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB | 5.00% | 05/01/2023 | 50 | 56,140 | ||||||||||||
New York (City of), NY, Series 2012 I, GO Bonds | 5.00% | 08/01/2023 | 100 | 108,940 | ||||||||||||
New York (City of), NY, Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2023 | 445 | 503,393 | ||||||||||||
New York (City of), NY, Series 2017 A, Ref. GO Bonds | 4.00% | 08/01/2023 | 70 | 77,162 | ||||||||||||
New York (City of), NY, Series 2019 BB-2, RB | 5.00% | 06/15/2025 | 100 | 115,847 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2012 E-1, RB | 5.00% | 02/01/2023 | 200 | 213,474 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2013 F-1, RB | 5.00% | 02/01/2026 | 200 | 221,898 | ||||||||||||
New York (State of) Dormitory Authority, Series 2012 D, RB | 5.00% | 02/15/2023 | 100 | 107,012 | ||||||||||||
New York (State of) Dormitory Authority, Series 2012, RB | 5.00% | 05/15/2023 | 100 | 107,126 | ||||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB | 5.00% | 03/15/2023 | 200 | 223,796 | ||||||||||||
New York State Urban Development Corp., Series 2013 E, RB | 5.00% | 03/15/2031 | 200 | 222,012 | ||||||||||||
Sales Tax Asset Receivable Corp., Series 2014 A, Ref. RB | 4.00% | 10/15/2023 | 125 | 140,147 | ||||||||||||
Utility Debt Securitization Authority, Series 2013 TE, RB | 5.00% | 12/15/2027 | 105 | 120,853 | ||||||||||||
|
| |||||||||||||||
3,002,113 | ||||||||||||||||
|
| |||||||||||||||
North Carolina-0.74% | ||||||||||||||||
North Carolina (State of), Series 2016 A, Ref. GO Bonds | 5.00% | 06/01/2023 | 100 | 113,215 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 197 |
|
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Ohio-0.15% | ||||||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016, RB | 5.00% | 12/01/2023 | $ | 20 | $ | 23,112 | ||||||||||
|
| |||||||||||||||
Oregon-0.19% | ||||||||||||||||
Oregon (State of) Department of Transportation, Series 2013 A, RB(a)(b) | 5.00% | 11/15/2023 | 25 | 28,812 | ||||||||||||
|
| |||||||||||||||
Pennsylvania-3.77% | ||||||||||||||||
Pennsylvania (Commonwealth of), First Series 2013, GO Bonds(a)(b) | 5.00% | 04/01/2023 | 125 | 140,435 | ||||||||||||
Pennsylvania (Commonwealth of), Series 2013, GO Bonds(a)(b) | 5.00% | 04/01/2023 | 50 | 56,174 | ||||||||||||
Pennsylvania (Commonwealth of), Series 2015, GO Bonds | 5.00% | 03/15/2023 | 100 | 111,757 | ||||||||||||
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds | 5.00% | 09/15/2023 | 235 | 268,048 | ||||||||||||
|
| |||||||||||||||
576,414 | ||||||||||||||||
|
| |||||||||||||||
South Carolina-0.32% | ||||||||||||||||
South Carolina (State of) Public Service Authority, Series 2013 E, RB | 5.00% | 12/01/2048 | 15 | 16,459 | ||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013 B, Ref. RB | 5.13% | 12/01/2043 | 30 | 33,124 | ||||||||||||
|
| |||||||||||||||
49,583 | ||||||||||||||||
|
| |||||||||||||||
Tennessee-0.19% | ||||||||||||||||
Memphis (City of), TN, Series 2014 A, Ref. GO Bonds | 5.00% | 11/01/2023 | 25 | 28,767 | ||||||||||||
|
| |||||||||||||||
Texas-9.19% | ||||||||||||||||
Bexar (County of), TX, Series 2013 A, COP(a)(b) | 4.00% | 06/15/2023 | 25 | 27,631 | ||||||||||||
Bexar (County of), TX, Series 2013 B, GO Bonds(a)(b) | 5.00% | 06/15/2023 | 400 | 453,196 | ||||||||||||
Dallas (City of), TX, Series 2015 A, Ref. RB | 5.00% | 10/01/2023 | 125 | 143,265 | ||||||||||||
Dallas-Fort Worth (Cities of), TX International Airport, Series 2013 F, Ref. RB | 5.25% | 11/01/2033 | 270 | 303,048 | ||||||||||||
Hidalgo (County of), TX Regional Mobility Authority, Series 2013, Ref. RB | 5.00% | 12/01/2043 | 75 | 82,292 | ||||||||||||
Houston (City of), TX, Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2023 | 150 | 167,614 | ||||||||||||
University of Texas System (The), Series 2016 D, RB | 5.00% | 08/15/2023 | 200 | 228,232 | ||||||||||||
|
| |||||||||||||||
1,405,278 | ||||||||||||||||
|
| |||||||||||||||
Virginia-2.90% | ||||||||||||||||
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB(a)(b) | 5.00% | 09/01/2022 | 5 | 5,463 | ||||||||||||
Virginia (State of) College Building Authority, Series 2012 A, Ref. RB | 5.00% | 09/01/2023 | 95 | 104,080 | ||||||||||||
Virginia Public School Authority, Series 2012, Ref. RB | 5.00% | 08/01/2023 | 160 | 174,725 | ||||||||||||
Virginia Public School Authority, Series 2015, Ref. RB | 5.00% | 08/01/2023 | 140 | 159,597 | ||||||||||||
|
| |||||||||||||||
443,865 | ||||||||||||||||
|
| |||||||||||||||
Washington-4.61% | ||||||||||||||||
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB | 5.00% | 07/01/2023 | 300 | 340,362 | ||||||||||||
Washington (State of), Series 2012 R, Ref. GO Bonds | 5.00% | 07/01/2023 | 125 | 135,981 | ||||||||||||
Washington (State of) (Senior 520 Corridor Program), Series 2013 C, RB | 5.00% | 09/01/2023 | 200 | 227,486 | ||||||||||||
|
| |||||||||||||||
703,829 | ||||||||||||||||
|
| |||||||||||||||
West Virginia-0.19% | ||||||||||||||||
West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB | 5.00% | 09/01/2023 | 25 | 28,500 | ||||||||||||
|
| |||||||||||||||
Wisconsin-2.73% | ||||||||||||||||
Milwaukee (City of), WI, Series 2018 N1, GO Bonds | 5.00% | 02/01/2023 | 375 | 417,788 | ||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES-98.71% | 15,087,749 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.29% | 196,573 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 15,284,322 | ||||||||||||||
|
|
Investment Abbreviations:
COP | -Certificates of Participation |
GO | -General Obligation |
RB | -Revenue Bonds |
Ref. | -Refunding |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 198 |
|
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 272,947 | $ | (272,947 | ) | $ | - | $ | - | $ | - | $ | 20 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 199 |
|
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.44% | ||||||||||||||||
Alabama-0.27% | ||||||||||||||||
Alabama (State of) Public School & College Authority, Series 2014 B, Ref. RB | 5.00% | 01/01/2027 | $ | 30 | $ | 34,950 | ||||||||||
|
| |||||||||||||||
Arizona-1.54% | ||||||||||||||||
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2015, Ref. RB | 5.00% | 07/01/2032 | 170 | 196,746 | ||||||||||||
|
| |||||||||||||||
California-17.33% | ||||||||||||||||
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB | 5.00% | 05/01/2046 | 100 | 109,755 | ||||||||||||
California (State of), Series 2014 AS, RB | 5.00% | 12/01/2026 | 100 | 120,036 | ||||||||||||
California (State of), Series 2014, GO Bonds | 5.00% | 10/01/2024 | 100 | 119,402 | ||||||||||||
California (State of), Series 2014, GO Bonds | 5.00% | 12/01/2024 | 200 | 230,694 | ||||||||||||
California (State of), Series 2014, Ref. GO Bonds | 5.00% | 12/01/2024 | 100 | 115,347 | ||||||||||||
California (State of), Series 2015, Ref. GO Bonds | 5.00% | 03/01/2024 | 100 | 116,723 | ||||||||||||
California (State of), Series 2019, GO Bonds | 4.00% | 10/01/2024 | 125 | 144,177 | ||||||||||||
California (State of) Public Works Board, Series 2017 B, Ref. RB | 5.00% | 10/01/2024 | 75 | 89,316 | ||||||||||||
California State University, Series 2014 A, Ref. RB | 5.00% | 11/01/2029 | 200 | 237,426 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB | 5.00% | 07/01/2044 | 200 | 230,076 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB | 5.00% | 12/01/2039 | 200 | 232,330 | ||||||||||||
Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds | 5.00% | 07/01/2024 | 200 | 236,032 | ||||||||||||
Southern California Public Power Authority (Apex Power), Series 2014 A, RB | 5.00% | 07/01/2037 | 200 | 230,974 | ||||||||||||
|
| |||||||||||||||
2,212,288 | ||||||||||||||||
|
| |||||||||||||||
Colorado-0.09% | ||||||||||||||||
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB | 5.00% | 11/15/2024 | 10 | 11,777 | ||||||||||||
|
| |||||||||||||||
Connecticut-3.42% | ||||||||||||||||
Connecticut (State of), Series 2014 A, GO Bonds | 5.00% | 03/01/2027 | 100 | 114,577 | ||||||||||||
Connecticut (State of), Series 2014 A, RB | 5.00% | 09/01/2026 | 75 | 87,838 | ||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2014 E, RB | 5.00% | 07/01/2024 | 200 | 233,610 | ||||||||||||
|
| |||||||||||||||
436,025 | ||||||||||||||||
|
| |||||||||||||||
Florida-3.96% | ||||||||||||||||
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics), Series 2014, RB | 4.00% | 12/01/2044 | 145 | 155,005 | ||||||||||||
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, | 5.00% | 02/01/2040 | 100 | 114,310 | ||||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds | 5.00% | 07/01/2028 | 90 | 106,025 | ||||||||||||
Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds | 5.00% | 07/01/2029 | 110 | 129,403 | ||||||||||||
|
| |||||||||||||||
504,743 | ||||||||||||||||
|
| |||||||||||||||
Georgia-2.28% | ||||||||||||||||
Atlanta (City of), GA, Series 2015, GO Bonds | 5.00% | 12/01/2031 | 50 | 59,318 | ||||||||||||
Atlanta (City of), GA Department of Aviation, Series 2014 A, Ref. RB | 5.00% | 01/01/2030 | 100 | 113,231 | ||||||||||||
Georgia (State of), Series 2019 A, GO Bonds | 5.00% | 07/01/2024 | 100 | 118,310 | ||||||||||||
|
| |||||||||||||||
290,859 | ||||||||||||||||
|
| |||||||||||||||
Illinois-5.59% | ||||||||||||||||
Chicago (City of), IL, Series 2014 A, Ref. GO Bonds | 5.00% | 01/01/2034 | 100 | 106,065 | ||||||||||||
Chicago (City of), IL Midway International Airport, Series 2014 B, Ref. RB | 5.00% | 01/01/2027 | 150 | 169,161 | ||||||||||||
Illinois (State of), Series 2013, RB | 5.00% | 06/15/2024 | 95 | 104,060 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds | 5.25% | 02/01/2029 | 210 | 226,244 | ||||||||||||
Illinois (State of), Series 2014, GO Bonds | 5.25% | 02/01/2030 | 100 | 107,635 | ||||||||||||
|
| |||||||||||||||
713,165 | ||||||||||||||||
|
| |||||||||||||||
Kentucky-1.38% | ||||||||||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2017 B, Ref. RB | 5.00% | 05/15/2024 | 150 | 176,150 | ||||||||||||
|
| |||||||||||||||
Louisiana-0.88% | ||||||||||||||||
New Orleans (City of), LA, Series 2014, Ref. RB | 5.00% | 06/01/2044 | 100 | 112,577 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 200 |
|
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Maryland-3.24% | ||||||||||||||||
Maryland (State of), Series 2016, GO Bonds | 4.00 | % | 06/01/2027 | $ | 100 | $ | 113,378 | |||||||||
Maryland (State of), Series 2017 B, Ref. GO Bonds | 5.00 | % | 08/01/2024 | 40 | 47,461 | |||||||||||
Maryland (State of), Series 2017 C, Ref. GO Bonds | 5.00 | % | 08/01/2024 | 25 | 29,663 | |||||||||||
Maryland (State of) Department of Transportation, Series 2016, RB | 4.00 | % | 11/01/2029 | 100 | 113,246 | |||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University), | 5.00 | % | 10/01/2045 | 100 | 109,105 | |||||||||||
|
| |||||||||||||||
412,853 | ||||||||||||||||
|
| |||||||||||||||
Massachusetts-1.64% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds | 5.00 | % | 11/01/2024 | 175 | 209,351 | |||||||||||
|
| |||||||||||||||
Michigan-2.06% | ||||||||||||||||
Michigan (State of) Building Authority, Series 2015 I, Ref. RB | 5.00 | % | 04/15/2024 | 225 | 262,748 | |||||||||||
|
| |||||||||||||||
Minnesota-1.79% | ||||||||||||||||
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2014 A, Ref. RB | 5.00 | % | 01/01/2029 | 100 | 112,879 | |||||||||||
Western Minnesota Municipal Power Agency, Series 2014 A, RB(b)(c) | 5.00 | % | 01/01/2024 | 100 | 115,636 | |||||||||||
|
| |||||||||||||||
228,515 | ||||||||||||||||
|
| |||||||||||||||
Missouri-0.18% | ||||||||||||||||
Jackson (County of), MO (Truman Sports Complex), Series 2014, Ref. RB | 5.00 | % | 12/01/2024 | 20 | 23,116 | |||||||||||
|
| |||||||||||||||
Nevada-1.08% | ||||||||||||||||
Clark (County of), NV Department of Aviation, Series 2014 A-2, Ref. RB | 5.00 | % | 07/01/2029 | 100 | 114,672 | |||||||||||
Clark County School District, Series 2016 A, Ref. GO Bonds | 5.00 | % | 06/15/2024 | 20 | 23,120 | |||||||||||
|
| |||||||||||||||
137,792 | ||||||||||||||||
|
| |||||||||||||||
New Jersey-5.32% | ||||||||||||||||
New Jersey (State of), Series 2014, GO Bonds | 5.00 | % | 06/01/2024 | 100 | 115,126 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB | 5.00 | % | 06/15/2026 | 100 | 111,745 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB | 5.00 | % | 06/15/2038 | 100 | 108,421 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB | 5.00 | % | 01/01/2027 | 100 | 115,364 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB | 5.00 | % | 01/01/2030 | 100 | 114,510 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 A, RB | 5.00 | % | 01/01/2031 | 100 | 114,186 | |||||||||||
|
| |||||||||||||||
679,352 | ||||||||||||||||
|
| |||||||||||||||
New York-16.90% | ||||||||||||||||
Metropolitan Transportation Authority, Series 2014 C, RB. | 5.00 | % | 11/15/2024 | 100 | 107,822 | |||||||||||
Metropolitan Transportation Authority, Series 2014 D-1, RB | 5.25 | % | 11/15/2044 | 100 | 106,319 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB | 5.00 | % | 11/15/2024 | 15 | 17,374 | |||||||||||
New York & New Jersey (States of) Port Authority, Series 2014, RB | 5.00 | % | 09/01/2033 | 100 | 114,432 | |||||||||||
New York (City of), NY, Series 2019 BB-2, RB | 5.00 | % | 06/15/2026 | 200 | 238,706 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2014 B-1, RB | 5.00 | % | 11/01/2029 | 100 | 115,668 | |||||||||||
New York (State of) Dormitory Authority, Series 2014 A, RB | 5.00 | % | 03/15/2033 | 100 | 114,840 | |||||||||||
New York (State of) Dormitory Authority, Series 2017 G, Ref. RB | 5.00 | % | 10/01/2024 | 200 | 234,086 | |||||||||||
New York (State of) Thruway Authority, Series 2014 J, RB | 5.00 | % | 01/01/2036 | 300 | 335,184 | |||||||||||
New York State Urban Development Corp., Series 2014, Ref. RB | 5.00 | % | 03/15/2031 | 200 | 230,286 | |||||||||||
New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00 | % | 03/15/2024 | 275 | 319,803 | |||||||||||
Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGM)(a) | 4.00 | % | 02/01/2024 | 200 | 222,464 | |||||||||||
|
| |||||||||||||||
2,156,984 | ||||||||||||||||
|
| |||||||||||||||
North Carolina-0.39% | ||||||||||||||||
North (State of) Carolina Medical Care Commission (Presbyterian Homes), Series 2016 C, | 5.00 | % | 10/01/2031 | 45 | 50,058 | |||||||||||
|
| |||||||||||||||
Ohio-1.86% | ||||||||||||||||
Ohio (State of), Series 2017 A, GO Bonds | 5.00 | % | 03/15/2033 | 205 | 237,134 | |||||||||||
|
| |||||||||||||||
Oklahoma-0.59% | ||||||||||||||||
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB | 5.00 | % | 07/01/2026 | 55 | 63,918 | |||||||||||
Oklahoma (State of) Capitol Improvement Authority, Series 2014 A, Ref. RB | 5.00 | % | 07/01/2027 | 10 | 11,582 | |||||||||||
|
| |||||||||||||||
75,500 | ||||||||||||||||
|
| |||||||||||||||
Oregon-0.33% | ||||||||||||||||
Oregon (State of) Department of Transportation, Series 2015 A, Ref. RB | 5.00 | % | 11/15/2027 | 35 | 41,573 | |||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 201 |
|
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Pennsylvania-5.33% | ||||||||||||||||
Pennsylvania (Commonwealth of), Series 2015, Ref. GO Bonds | 5.00 | % | 08/15/2024 | $ | 200 | $ | 236,562 | |||||||||
Pennsylvania (Commonwealth of), Series 2016, GO Bonds | 5.00 | % | 09/15/2024 | 175 | 207,662 | |||||||||||
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/15/2024 | 100 | 118,664 | |||||||||||
Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds | 5.00 | % | 08/01/2024 | 100 | 116,649 | |||||||||||
|
| |||||||||||||||
679,537 | ||||||||||||||||
|
| |||||||||||||||
South Carolina-0.91% | ||||||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB | 5.00 | % | 12/01/2030 | 100 | 115,663 | |||||||||||
|
| |||||||||||||||
Texas-12.68% | ||||||||||||||||
Bexar (County of), TX, Series 2014, Ref. GO Bonds(b)(c) | 5.00 | % | 06/15/2024 | 85 | 100,240 | |||||||||||
Board of Regents of The University of Texas System, Series 2010 B, Ref. RB | 5.00 | % | 08/15/2024 | 10 | 11,892 | |||||||||||
Dallas (City of), TX, Series 2014, Ref. GO Bonds | 5.00 | % | 02/15/2024 | 100 | 115,915 | |||||||||||
Dallas Area Rapid Transit, Series 2014 A, Ref. RB | 5.00 | % | 12/01/2026 | 30 | 35,688 | |||||||||||
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 A, Ref. RB | 5.00 | % | 11/01/2024 | 500 | 592,430 | |||||||||||
Harris (County of), TX, Series 2016 A, Ref. RB | 5.00 | % | 08/15/2024 | 20 | 23,610 | |||||||||||
Houston (City of), TX, Series 2014 D, Ref. RB | 5.00 | % | 11/15/2028 | 55 | 65,303 | |||||||||||
Houston Independent School District, Series 2014, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 4.00 | % | 02/15/2033 | 10 | 11,103 | |||||||||||
North Texas Tollway Authority, Series 2016 A, Ref. RB | 5.00 | % | 01/01/2024 | 125 | 143,314 | |||||||||||
Permanent University Fund - University of Texas System, Series 2014 B, Ref. RB | 5.00 | % | 07/01/2024 | 15 | 17,671 | |||||||||||
Texas (State of), Series 2014 A, Ref. GO Bonds(b)(c) | 5.00 | % | 10/01/2024 | 100 | 119,227 | |||||||||||
Texas (State of), Series 2014, GO Bonds | 5.00 | % | 04/01/2026 | 20 | 23,290 | |||||||||||
Texas (State of) Water Development Board, Series 2017 A, RB | 5.00 | % | 04/15/2024 | 35 | 40,982 | |||||||||||
University of Houston, Series 2017 A, Ref. RB | 5.00 | % | 02/15/2024 | 275 | 318,150 | |||||||||||
|
| |||||||||||||||
1,618,815 | ||||||||||||||||
|
| |||||||||||||||
Virginia-0.87% | ||||||||||||||||
Virginia (Commonwealth of), Series 2013 B, GO Bonds | 4.00 | % | 06/01/2024 | 100 | 110,415 | |||||||||||
|
| |||||||||||||||
Washington-5.65% | ||||||||||||||||
Energy Northwest, Series 2014 C, Ref. RB | 5.00 | % | 07/01/2027 | 150 | 175,644 | |||||||||||
Snohomish County School District No. 201 Snohomish, Series 2016, Ref. GO Bonds, | 5.00 | % | 12/01/2024 | 200 | 239,696 | |||||||||||
Washington (State of), Series 2014 D, GO Bonds | 5.00 | % | 02/01/2028 | 200 | 231,484 | |||||||||||
Washington (State of), Series 2014 R, Ref. GO Bonds | 4.00 | % | 07/01/2026 | 45 | 51,055 | |||||||||||
Washington (State of), Series 2015 R, Ref. GO Bonds | 5.00 | % | 07/01/2024 | 20 | 23,637 | |||||||||||
|
| |||||||||||||||
721,516 | ||||||||||||||||
|
| |||||||||||||||
Wisconsin-0.88% | ||||||||||||||||
Wisconsin (State of), Series 2018 A, GO Bonds | 5.00 | % | 05/01/2024 | 100 | 112,737 | |||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.44% | 12,562,939 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.56% | 199,454 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 12,762,393 | ||||||||||||||
|
|
Investment Abbreviations:
AGM | -Assured Guaranty Municipal Corp. |
CEP | -Credit Enhancement Provider |
GO | -General Obligation |
INS | -Insurer |
RB | -Revenue Bonds |
Ref. | -Refunding |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 202 |
|
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 2,277,897 | $ | (2,277,897 | ) | $ | - | $ | - | $ | - | $ | 223 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 203 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.87% | ||||||||||||||||
Alaska-1.12% | ||||||||||||||||
Matanuska-Susitna (Borough of), AK, Series 2015, Ref. RB | 5.00 | % | 09/01/2032 | $ | 100 | $ | 115,523 | |||||||||
|
| |||||||||||||||
Arizona-1.04% | ||||||||||||||||
Arizona State University, Series 2015 D, RB | 5.00 | % | 07/01/2041 | 25 | 29,152 | |||||||||||
City of Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB | 5.00 | % | 07/01/2025 | 65 | 77,400 | |||||||||||
|
| |||||||||||||||
106,552 | ||||||||||||||||
|
| |||||||||||||||
California-15.32% | ||||||||||||||||
California (State of), Series 2015 C, Ref. GO Bonds | 5.00 | % | 08/01/2031 | 100 | 119,296 | |||||||||||
California (State of), Series 2015, Ref. GO Bonds | 5.00 | % | 03/01/2027 | 100 | 120,068 | |||||||||||
California (State of), Series 2015, Ref. GO Bonds | 5.00 | % | 08/01/2027 | 100 | 122,217 | |||||||||||
California (State of), Series 2015, Ref. GO Bonds | 5.00 | % | 08/01/2029 | 100 | 121,727 | |||||||||||
California (State of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/01/2025 | 50 | 61,667 | |||||||||||
California (State of) Statewide Communities Development Authority (Beverly Community Hospital Association), Series 2015, RB | 5.00 | % | 02/01/2045 | 200 | 187,960 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB | 5.00 | % | 07/01/2028 | 65 | 77,853 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 A, Ref. RB | 5.00 | % | 07/01/2029 | 45 | 53,770 | |||||||||||
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 5.00 | % | 07/01/2025 | 40 | 48,923 | |||||||||||
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00 | % | 07/01/2025 | 100 | 122,794 | |||||||||||
Municipal Improvement Corp. of Los Angeles, Series 2016 B, Ref. RB | 5.00 | % | 11/01/2025 | 100 | 123,805 | |||||||||||
San Francisco (City & County of), CA (Moscone Convention Center Expansion), Series 2017, COP | 3.00 | % | 04/01/2031 | 65 | 70,476 | |||||||||||
San Francisco Bay Area Rapid Transit District, Series 2015 A, Ref. RB | 5.00 | % | 07/01/2025 | 100 | 121,825 | |||||||||||
San Francisco Bay Area Rapid Transit District, Series 2015 D, Ref. GO Bonds | 5.00 | % | 08/01/2029 | 65 | 79,761 | |||||||||||
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB | 5.00 | % | 08/01/2025 | 100 | 121,564 | |||||||||||
Ventura County Community College District, Series 2015, Ref. GO Bonds | 3.13 | % | 08/01/2031 | 20 | 21,823 | |||||||||||
|
| |||||||||||||||
1,575,529 | ||||||||||||||||
|
| |||||||||||||||
Connecticut-4.72% | ||||||||||||||||
Connecticut (State of), Series 2015 A, GO Bonds | 5.00 | % | 03/15/2027 | 200 | 237,434 | |||||||||||
Connecticut (State of), Series 2015 A, GO Bonds | 5.00 | % | 03/15/2028 | 210 | 248,317 | |||||||||||
|
| |||||||||||||||
485,751 | ||||||||||||||||
|
| |||||||||||||||
Delaware-2.35% | ||||||||||||||||
Delaware (State of), Series 2017 A, Ref. GO Bonds | 5.00 | % | 01/01/2025 | 200 | 241,270 | |||||||||||
|
| |||||||||||||||
Florida-3.56% | ||||||||||||||||
Florida (State of), Series 2016 A, Ref. RB | 5.00 | % | 07/01/2025 | 45 | 54,991 | |||||||||||
Jacksonville (City of), FL, Series 2015, Ref. RB | 3.25 | % | 10/01/2032 | 100 | 107,880 | |||||||||||
Palm Beach (County of), FL Solid Waste Authority, Series 2015, Ref. RB | 5.00 | % | 10/01/2028 | 100 | 120,201 | |||||||||||
School District of Broward County, Series 2015 B, Ref. COP | 5.00 | % | 07/01/2030 | 70 | 82,700 | |||||||||||
|
| |||||||||||||||
365,772 | ||||||||||||||||
|
| |||||||||||||||
Georgia-3.98% | ||||||||||||||||
Atlanta (City of), GA, Series 2015, Ref. RB | 5.00 | % | 11/01/2040 | 150 | 176,520 | |||||||||||
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB | 5.25 | % | 08/15/2049 | 100 | 116,047 | |||||||||||
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2014 S, Ref. RB | 5.50 | % | 08/15/2054 | 100 | 116,791 | |||||||||||
|
| |||||||||||||||
409,358 | ||||||||||||||||
|
| |||||||||||||||
Hawaii-1.78% | ||||||||||||||||
Honolulu (City & County of), HI, Series 2015 B, Ref. GO Bonds | 5.00 | % | 10/01/2027 | 150 | 183,027 | |||||||||||
|
| |||||||||||||||
Illinois-5.47% | ||||||||||||||||
Illinois (State of) Finance Authority (Ascension), Series 2016 C, Ref. RB | 5.00 | % | 02/15/2025 | 475 | 562,538 | |||||||||||
|
| |||||||||||||||
Kansas-0.23% | ||||||||||||||||
Sedgwick County Unified School District No. 259 Wichita, Series 2017 A, Ref. GO Bonds | 4.00 | % | 10/01/2025 | 20 | 23,602 | |||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 204 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Louisiana-2.86% | ||||||||||||||||
East Baton Rouge (Parish of), LA Sewerage Commission, Series 2014 B, Ref. RB(a)(b) | 5.00 | % | 02/01/2025 | $ | 100 | $ | 120,544 | |||||||||
Louisiana (State of), Series 2015 A, Ref. RB | 5.00 | % | 05/01/2041 | 150 | 173,910 | |||||||||||
|
| |||||||||||||||
294,454 | ||||||||||||||||
|
| |||||||||||||||
Maryland-1.09% | ||||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Meritus Medical Center), Series 2015 A, Ref. RB | 5.00 | % | 07/01/2040 | 100 | 112,581 | |||||||||||
|
| |||||||||||||||
Massachusetts-2.57% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds | 4.50 | % | 07/01/2034 | 85 | 98,287 | |||||||||||
Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds | 5.00 | % | 07/01/2025 | 50 | 61,235 | |||||||||||
Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 3.00 | % | 04/01/2044 | 100 | 104,276 | |||||||||||
|
| |||||||||||||||
263,798 | ||||||||||||||||
|
| |||||||||||||||
Michigan-1.79% | ||||||||||||||||
Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB | 5.00 | % | 11/01/2044 | 100 | 113,837 | |||||||||||
Michigan (State of) Finance Authority (Great Lakes Water), Series 2014 C-3, RB, | 5.00 | % | 07/01/2025 | 60 | 69,736 | |||||||||||
|
| |||||||||||||||
183,573 | ||||||||||||||||
|
| |||||||||||||||
Missouri-0.10% | ||||||||||||||||
Health & Educational Facilities Authority of the State of Missouri (BJC Health System), Series 2015 A, RB | 4.00 | % | 01/01/2045 | 10 | 10,754 | |||||||||||
|
| |||||||||||||||
Nevada-1.36% | ||||||||||||||||
Nevada (State of), Series 2015 B, Ref. GO Bonds | 5.00 | % | 11/01/2025 | 115 | 139,497 | |||||||||||
|
| |||||||||||||||
New Jersey-3.02% | ||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB | 5.00 | % | 06/15/2025 | 100 | 115,530 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB | 5.00 | % | 06/15/2025 | 100 | 112,219 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2014 C, Ref. RB | 5.00 | % | 01/01/2025 | 70 | 82,519 | |||||||||||
|
| |||||||||||||||
310,268 | ||||||||||||||||
|
| |||||||||||||||
New York-18.42% | ||||||||||||||||
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB | 5.00 | % | 05/01/2027 | 75 | 89,025 | |||||||||||
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB | 5.00 | % | 05/01/2030 | 70 | 82,494 | |||||||||||
New York (City of), NY, Series 2015 FF, Ref. RB | 5.00 | % | 06/15/2029 | 90 | 108,625 | |||||||||||
New York (City of), NY, Series 2019 E, Ref. GO Bonds | 5.00 | % | 08/01/2025 | 110 | 132,948 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 A-1, RB | 5.00 | % | 08/01/2031 | 300 | 359,691 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB | 5.00 | % | 11/01/2032 | 180 | 216,498 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017, RB | 5.00 | % | 11/01/2025 | 100 | 122,769 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00 | % | 11/01/2025 | 50 | 61,384 | |||||||||||
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB | 5.00 | % | 03/15/2032 | 85 | 99,972 | |||||||||||
New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00 | % | 02/15/2025 | 105 | 126,258 | |||||||||||
New York (State of) Dormitory Authority, Series 2015 B, RB | 5.00 | % | 02/15/2027 | 40 | 47,740 | |||||||||||
New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00 | % | 10/01/2025 | 100 | 120,294 | |||||||||||
New York (State of) Thruway Authority, Series 2014 K, Ref. RB | 5.00 | % | 01/01/2025 | 110 | 129,673 | |||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00 | % | 11/15/2033 | 95 | 105,781 | |||||||||||
Utility Debt Securitization Authority, Series 2015, Ref. RB | 5.00 | % | 12/15/2036 | 75 | 90,618 | |||||||||||
|
| |||||||||||||||
1,893,770 | ||||||||||||||||
|
| |||||||||||||||
North Carolina-3.58% | ||||||||||||||||
North Carolina (State of), Series 2019 A, RB | 5.00 | % | 05/01/2025 | 100 | 121,509 | |||||||||||
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b) | 5.00 | % | 10/01/2025 | 200 | 247,018 | |||||||||||
|
| |||||||||||||||
368,527 | ||||||||||||||||
|
| |||||||||||||||
Ohio-1.41% | ||||||||||||||||
Bowling Green State University, Series 2016 A, RB | 5.00 | % | 06/01/2042 | 100 | 114,811 | |||||||||||
Columbus (City of), OH, Series 2014, Ref. RB | 5.00 | % | 06/01/2025 | 25 | 29,986 | |||||||||||
|
| |||||||||||||||
144,797 | ||||||||||||||||
|
| |||||||||||||||
Pennsylvania-4.78% | ||||||||||||||||
Pennsylvania (Commonwealth of), Series 2015, GO Bonds | 5.00 | % | 03/15/2025 | 95 | 114,544 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 205 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Pennsylvania-(continued) | ||||||||||||||||
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/15/2025 | $ | 120 | $ | 146,632 | |||||||||
Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2015, Ref. RB | 5.00 | % | 09/01/2039 | 100 | 114,150 | |||||||||||
Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2015, Ref. RB | 5.00 | % | 08/15/2040 | 100 | 115,912 | |||||||||||
|
| |||||||||||||||
491,238 | ||||||||||||||||
|
| |||||||||||||||
South Carolina-2.34% | ||||||||||||||||
Charleston (City of), SC, Series 2015, RB(a)(b) | 5.00 | % | 01/01/2025 | 200 | 240,796 | |||||||||||
|
| |||||||||||||||
Texas-5.65% | ||||||||||||||||
Harris (County of), TX, Series 2015 A, Ref. GO Bonds | 5.00 | % | 10/01/2027 | 70 | 85,964 | |||||||||||
North Texas Tollway Authority, Series 2015 A, Ref. RB | 5.00 | % | 01/01/2032 | 100 | 116,953 | |||||||||||
SA Energy Acquisition Public Facility Corp., Series 2007, RB | 5.50 | % | 08/01/2025 | 100 | 122,352 | |||||||||||
Texas (State of), Series 2015 A, Ref. GO Bonds | 5.00 | % | 10/01/2028 | 100 | 122,693 | |||||||||||
Texas (State of) Water Development Board, Series 2015 A, RB | 5.00 | % | 10/15/2045 | 100 | 120,527 | |||||||||||
Texas State University System, Series 2017 A, Ref. RB | 5.00 | % | 03/15/2025 | 10 | 12,072 | |||||||||||
|
| |||||||||||||||
580,561 | ||||||||||||||||
|
| |||||||||||||||
Utah-2.34% | ||||||||||||||||
Utah (State of) Transit Authority, Series 2015 A, Ref. RB(a)(b) | 5.00 | % | 06/15/2025 | 140 | 171,543 | |||||||||||
Utah (State of) Transit Authority, Series 2015 A, Ref. RB | 5.00 | % | 06/15/2037 | 60 | 69,312 | |||||||||||
|
| |||||||||||||||
240,855 | ||||||||||||||||
|
| |||||||||||||||
Vermont-0.22% | ||||||||||||||||
University of Vermont & State Agricultural College, Series 2015, Ref. RB | 5.00 | % | 10/01/2045 | 20 | 22,831 | |||||||||||
|
| |||||||||||||||
Virginia-1.00% | ||||||||||||||||
Virginia Public School Authority, Series 2014, Ref. RB | 4.00 | % | 08/01/2025 | 90 | 102,696 | |||||||||||
|
| |||||||||||||||
Washington-6.18% | ||||||||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB | 5.00 | % | 11/01/2029 | 75 | 91,435 | |||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2015 S-1, Ref. RB | 5.00 | % | 11/01/2030 | 30 | 36,540 | |||||||||||
Energy Northwest (Columbia Generating Station), Series 2015 A, Ref. RB | 5.00 | % | 07/01/2032 | 75 | 89,582 | |||||||||||
King (County of), WA, Series 2015, Ref. RB | 5.00 | % | 07/01/2036 | 40 | 47,285 | |||||||||||
Washington (State of), Series 2015 R, Ref. GO Bonds | 5.00 | % | 07/01/2026 | 15 | 17,987 | |||||||||||
Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00 | % | 08/01/2025 | 250 | 307,460 | |||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care), Series 2014, Ref. RB | 5.00 | % | 03/01/2038 | 40 | 45,472 | |||||||||||
|
| |||||||||||||||
635,761 | ||||||||||||||||
|
| |||||||||||||||
Wisconsin-0.59% | ||||||||||||||||
Wisconsin (State of), Series 2017 A, GO Bonds | 5.00 | % | 05/01/2027 | 50 | 60,677 | |||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.87% | 10,166,356 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.13% | 115,822 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 10,282,178 | ||||||||||||||
|
|
Investment Abbreviations:
AGM | -Assured Guaranty Municipal Corp. |
COP | -Certificates of Participation |
GO | -General Obligation |
INS | -Insurer |
RB | -Revenue Bonds |
Ref. | -Refunding |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 206 |
|
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)–(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(b) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(c) | Principal and/or interest payments are secured by the bond insurance company listed. |
(d) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 1,324,224 | $ | (1,324,224 | ) | $ | - | $ | - | $ | - | $ | 126 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 207 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-98.38% | ||||||||||||||||
Alabama-0.53% | ||||||||||||||||
Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB | 5.00 | % | 09/01/2026 | $ | 20 | $ | 25,278 | |||||||||
Tuscaloosa City Board of Education, Series 2016, RB | 5.00 | % | 08/01/2041 | 35 | 41,988 | |||||||||||
|
| |||||||||||||||
67,266 | ||||||||||||||||
|
| |||||||||||||||
Arizona-1.87% | ||||||||||||||||
Arizona State University (Green Bonds), Series 2016 B, RB. | 5.00 | % | 07/01/2042 | 200 | 238,644 | |||||||||||
|
| |||||||||||||||
California-19.86% | ||||||||||||||||
Alameda Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a) | 4.00 | % | 10/01/2037 | 100 | 109,408 | |||||||||||
Anaheim City School District, Series 2016, GO Bonds | 3.00 | % | 08/01/2046 | 100 | 104,881 | |||||||||||
California (State of), Series 2016, GO Bonds | 3.00 | % | 09/01/2046 | 5 | 5,247 | |||||||||||
California (State of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/01/2032 | 420 | 523,253 | |||||||||||
California (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 08/01/2036 | 100 | 123,279 | |||||||||||
California (State of), Series 2020, GO Bonds | 3.00 | % | 03/01/2026 | 100 | 114,072 | |||||||||||
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB | 5.00 | % | 10/01/2046 | 20 | 23,924 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 5.00 | % | 11/15/2046 | 100 | 117,664 | |||||||||||
California (State of) Public Works Board, Series 2016 A, Ref. RB | 4.00 | % | 11/01/2032 | 170 | 198,381 | |||||||||||
California Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB | 5.00 | % | 10/15/2047 | 200 | 220,196 | |||||||||||
California State University, Series 2016 A, Ref. RB | 5.00 | % | 11/01/2041 | 100 | 122,153 | |||||||||||
Central Unified School District, Series 2018 B, GO Bonds | 4.00 | % | 08/01/2048 | 200 | 223,514 | |||||||||||
Irvine Ranch Water District, Series 2016, RB | 5.25 | % | 02/01/2046 | 30 | 36,833 | |||||||||||
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB | 5.00 | % | 07/01/2041 | 50 | 60,365 | |||||||||||
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB | 5.00 | % | 07/01/2046 | 100 | 119,983 | |||||||||||
Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds | 3.00 | % | 07/01/2032 | 140 | 151,554 | |||||||||||
Montebello Unified School District, Series 2016 A, GO Bonds | 5.00 | % | 08/01/2041 | 100 | 116,148 | |||||||||||
San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB | 4.00 | % | 05/15/2026 | 20 | 23,376 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB | 5.00 | % | 04/01/2041 | 15 | 18,149 | |||||||||||
San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds | 5.00 | % | 07/01/2029 | 30 | 37,901 | |||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2016, Ref. RB | 5.00 | % | 11/01/2032 | 40 | 50,060 | |||||||||||
University of California, Series 2016 AR, Ref. RB | 5.00 | % | 05/15/2046 | 25 | 30,059 | |||||||||||
|
| |||||||||||||||
2,530,400 | ||||||||||||||||
|
| |||||||||||||||
Colorado-2.32% | ||||||||||||||||
Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP | 5.38 | % | 06/01/2043 | 215 | 252,653 | |||||||||||
Denver (City & County of), CO Airport System Revenue, Series 2016 A, Ref. RB | 5.00 | % | 11/15/2032 | 10 | 12,081 | |||||||||||
Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00 | % | 12/01/2031 | 10 | 12,495 | |||||||||||
Denver City & County School District No. 1, Series 2017, GO Bonds | 5.00 | % | 12/01/2038 | 15 | 18,394 | |||||||||||
|
| |||||||||||||||
295,623 | ||||||||||||||||
|
| |||||||||||||||
Connecticut-2.49% | ||||||||||||||||
Connecticut (State of), Series 2015 F, GO Bonds | 5.00 | % | 11/15/2026 | 25 | 30,380 | |||||||||||
Connecticut (State of), Series 2016 A, RB | 5.00 | % | 09/01/2026 | 100 | 124,916 | |||||||||||
Connecticut (State of), Series 2018 E, GO Bonds | 5.00 | % | 09/15/2026 | 130 | 162,129 | |||||||||||
|
| |||||||||||||||
317,425 | ||||||||||||||||
|
| |||||||||||||||
District of Columbia-2.19% | ||||||||||||||||
District of Columbia, Series 2016 A, GO Bonds | 5.00 | % | 06/01/2032 | 175 | 215,966 | |||||||||||
District of Columbia, Series 2016 E, Ref. GO Bonds | 5.00 | % | 06/01/2031 | 35 | 44,071 | |||||||||||
District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB | 5.00 | % | 10/01/2030 | 15 | 18,524 | |||||||||||
|
| |||||||||||||||
278,561 | ||||||||||||||||
|
| |||||||||||||||
Florida-5.11% | ||||||||||||||||
Central Florida Expressway Authority, Series 2016 B, Ref. RB | 4.00 | % | 07/01/2035 | 100 | 111,728 | |||||||||||
Miami-Dade (County of), FL, Series 2015, Ref. RB | 5.00 | % | 10/01/2026 | 100 | 121,682 | |||||||||||
Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds | 5.00 | % | 07/01/2031 | 65 | 80,804 | |||||||||||
Miami-Dade (County of), FL, Series 2016 A, Ref. RB | 5.00 | % | 10/01/2041 | 100 | 116,226 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 208 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Florida-(continued) | ||||||||||||||||||||
Orange (County of), FL School Board, Series 2016 C, Ref. COP | 5.00 | % | 08/01/2033 | $ | 10 | $ | 12,328 | |||||||||||||
Orange (County of), FL School Board, Series 2016 C, Ref. COP | 5.00 | % | 08/01/2034 | 10 | 12,302 | |||||||||||||||
Orange (County of), FL School Board, Series 2017, Ref. COP | 5.00 | % | 08/01/2026 | 50 | 62,193 | |||||||||||||||
Port St. Lucie (City of), FL, Series 2016, Ref. RB | 5.00 | % | 09/01/2029 | 20 | 24,891 | |||||||||||||||
School Board of Miami-Dade County (The), Series 2015 D, Ref. COP | 5.00 | % | 02/01/2028 | 25 | 30,526 | |||||||||||||||
School District of Broward County, Series 2015 A, Ref. COP | 5.00 | % | 07/01/2026 | 55 | 65,780 | |||||||||||||||
South Florida Water Management District, Series 2016, Ref. COP | 5.00 | % | 10/01/2026 | 10 | 12,288 | |||||||||||||||
|
| |||||||||||||||||||
650,748 | ||||||||||||||||||||
|
| |||||||||||||||||||
Georgia-2.01% | ||||||||||||||||||||
Main Street Natural Gas, Inc., Series 2007 A, RB | 5.50 | % | 09/15/2026 | 170 | 212,240 | |||||||||||||||
Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB | 5.00 | % | 07/01/2030 | 35 | 43,423 | |||||||||||||||
|
| |||||||||||||||||||
255,663 | ||||||||||||||||||||
|
| |||||||||||||||||||
Illinois-3.61% | ||||||||||||||||||||
Chicago O’Hare International Airport, Series 2016 C, Ref. RB | 5.00 | % | 01/01/2029 | 10 | 11,853 | |||||||||||||||
Illinois (State of), Series 2017 D, GO Bonds | 5.00 | % | 11/01/2026 | 400 | 447,804 | |||||||||||||||
|
| |||||||||||||||||||
459,657 | ||||||||||||||||||||
|
| |||||||||||||||||||
Indiana-0.15% | ||||||||||||||||||||
Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB | 5.00 | % | 10/01/2026 | 15 | 18,903 | |||||||||||||||
|
| |||||||||||||||||||
Louisiana-1.44% | ||||||||||||||||||||
Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB | 5.00 | % | 06/01/2026 | 150 | 183,507 | |||||||||||||||
|
| |||||||||||||||||||
Maryland-1.74% | ||||||||||||||||||||
Maryland (State of) Department of Transportation, Series 2018, RB | 5.00 | % | 10/01/2028 | 75 | 94,310 | |||||||||||||||
Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds | 5.00 | % | 10/01/2026 | 100 | 127,596 | |||||||||||||||
|
| |||||||||||||||||||
221,906 | ||||||||||||||||||||
|
| |||||||||||||||||||
Massachusetts-3.93% | ||||||||||||||||||||
Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 3.00 | % | 09/01/2046 | 400 | 420,212 | |||||||||||||||
Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds | 5.00 | % | 07/01/2026 | 25 | 31,567 | |||||||||||||||
Massachusetts (State of) School Building Authority, Series 2016 B, RB | 5.00 | % | 11/15/2046 | 40 | 48,338 | |||||||||||||||
|
| |||||||||||||||||||
500,117 | ||||||||||||||||||||
|
| |||||||||||||||||||
Michigan-2.82% | ||||||||||||||||||||
Michigan (State of) (Garvee), Series 2016, Ref. RB | 5.00 | % | 03/15/2026 | 115 | 141,989 | |||||||||||||||
Michigan (State of) Building Authority, Series 2016 I, Ref. RB | 5.00 | % | 10/15/2032 | 20 | 24,570 | |||||||||||||||
Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 4.00 | % | 11/15/2046 | 70 | 76,666 | |||||||||||||||
Port Huron Area School District, Series 2016, GO Bonds, (INS - AGM)(a) | 4.00 | % | 05/01/2045 | 20 | 21,993 | |||||||||||||||
University of Michigan, Series 2017 A, Ref. RB | 5.00 | % | 04/01/2026 | 75 | 94,164 | |||||||||||||||
|
| |||||||||||||||||||
359,382 | ||||||||||||||||||||
|
| |||||||||||||||||||
Minnesota-0.48% | ||||||||||||||||||||
University of Minnesota, Series 2016 A, RB | 5.00 | % | 04/01/2041 | 50 | 60,739 | |||||||||||||||
|
| |||||||||||||||||||
Nevada-1.21% | ||||||||||||||||||||
Clark (County of), NV, Series 2016 B, Ref. GO Bonds | 5.00 | % | 11/01/2026 | 10 | 12,597 | |||||||||||||||
Clark County School District, Series 2015 C, Ref. GO Bonds | 5.00 | % | 06/15/2026 | 25 | 30,077 | |||||||||||||||
Clark County School District, Series 2017 A, Ref. GO Bonds | 5.00 | % | 06/15/2026 | 40 | 48,729 | |||||||||||||||
Nevada (State of), Series 2016, Ref. RB | 5.00 | % | 12/01/2026 | 20 | 25,039 | |||||||||||||||
Nevada (State of), Series 2016, Ref. RB | 5.00 | % | 12/01/2028 | 30 | 37,328 | |||||||||||||||
|
| |||||||||||||||||||
153,770 | ||||||||||||||||||||
|
| |||||||||||||||||||
New Jersey-4.39% | ||||||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB | 5.00 | % | 11/01/2026 | 200 | 236,336 | |||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group), Series 2016 A, Ref. RB | 5.00 | % | 07/01/2043 | 280 | 323,585 | |||||||||||||||
|
| |||||||||||||||||||
559,921 | ||||||||||||||||||||
|
| |||||||||||||||||||
New York-15.31% | ||||||||||||||||||||
Erie (County of) Industrial Development Agency (City of Buffalo School District), Series 2015, Ref. RB | 5.00 | % | 05/01/2026 | 10 | 12,163 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 209 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New York-(continued) | ||||||||||||||||||||
Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGM)(a) | 5.25 | % | 11/15/2026 | $ | 350 | $ | 432,380 | |||||||||||||
Metropolitan Transportation Authority, Series 2016 B, Ref. RB | 5.00 | % | 11/15/2037 | 100 | 109,032 | |||||||||||||||
Metropolitan Transportation Authority, Series 2016 C-1, RB | 5.00 | % | 11/15/2056 | 125 | 133,690 | |||||||||||||||
Metropolitan Transportation Authority, Series 2016 D, Ref. RB | 5.00 | % | 11/15/2030 | 75 | 82,060 | |||||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB | 5.00 | % | 11/15/2026 | 160 | 177,982 | |||||||||||||||
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB | 5.00 | % | 05/01/2026 | 65 | 77,880 | |||||||||||||||
New York & New Jersey (States of) Port Authority, Series 2016 198, Ref. RB | 5.25 | % | 11/15/2056 | 100 | 120,797 | |||||||||||||||
New York (City of), NY, Series 2016 CC1, Ref. RB | 5.00 | % | 06/15/2038 | 100 | 122,741 | |||||||||||||||
New York (City of), NY, Series 2016, Ref. RB | 5.00 | % | 06/15/2037 | 415 | 509,657 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB | 5.00 | % | 07/15/2028 | 10 | 12,196 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00 | % | 05/01/2030 | 15 | 17,243 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00 | % | 02/15/2026 | 100 | 123,825 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00 | % | 03/15/2026 | 15 | 18,608 | |||||||||||||||
|
| |||||||||||||||||||
1,950,254 | ||||||||||||||||||||
|
| |||||||||||||||||||
North Carolina-0.94% | ||||||||||||||||||||
North Carolina (State of), Series 2016 A, Ref. GO Bonds | 5.00 | % | 06/01/2026 | 50 | 63,083 | |||||||||||||||
North Carolina (State of), Series 2018 A, GO Bonds | 5.00 | % | 06/01/2026 | 25 | 31,541 | |||||||||||||||
North Carolina (State of), Series 2019 A, RB | 5.00 | % | 05/01/2026 | 20 | 25,070 | |||||||||||||||
|
| |||||||||||||||||||
119,694 | ||||||||||||||||||||
|
| |||||||||||||||||||
Ohio-2.49% | ||||||||||||||||||||
Columbus (City of), OH, Series 2015, Ref. RB | 5.00 | % | 06/01/2030 | 25 | 31,139 | |||||||||||||||
Hamilton (County of), OH, Series 2016 A, Ref. RB | 5.00 | % | 12/01/2026 | 35 | 43,467 | |||||||||||||||
Ohio (State of), Series 2016 S, GO Bonds | 5.00 | % | 05/01/2031 | 70 | 87,123 | |||||||||||||||
Ohio (State of), Series 2018 A, GO Bonds | 5.00 | % | 02/01/2031 | 85 | 105,007 | |||||||||||||||
Ohio (State of) Water Development Authority, Series 2019 A, RB | 5.00 | % | 06/01/2026 | 40 | 50,284 | |||||||||||||||
|
| |||||||||||||||||||
317,020 | ||||||||||||||||||||
|
| |||||||||||||||||||
Oklahoma-0.83% | ||||||||||||||||||||
Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB | 5.00 | % | 09/01/2026 | 50 | 62,492 | |||||||||||||||
Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00 | % | 06/01/2026 | 10 | 12,455 | |||||||||||||||
Grand River Dam Authority, Series 2016 A, Ref. RB | 5.00 | % | 06/01/2029 | 15 | 18,721 | |||||||||||||||
Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB | 5.00 | % | 09/01/2026 | 10 | 12,155 | |||||||||||||||
|
| |||||||||||||||||||
105,823 | ||||||||||||||||||||
|
| |||||||||||||||||||
Pennsylvania-4.00% | ||||||||||||||||||||
Lycoming (County of), PA Authority (Pennsylvania College of Technology), Series 2016 A, Ref. RB | 3.00 | % | 10/01/2037 | 100 | 100,935 | |||||||||||||||
Pennsylvania (Commonwealth of), First Series 2016, GO Bonds | 5.00 | % | 02/01/2029 | 300 | 367,203 | |||||||||||||||
Pennsylvania (Commonwealth of), Series 2015, GO Bonds | 5.00 | % | 03/15/2026 | 35 | 41,921 | |||||||||||||||
|
| |||||||||||||||||||
510,059 | ||||||||||||||||||||
|
| |||||||||||||||||||
Rhode Island-0.36% | ||||||||||||||||||||
Rhode (State of) Island Turnpike & Bridge Authority, Series 2016 A, Ref. RB | 5.00 | % | 10/01/2040 | 40 | 45,858 | |||||||||||||||
|
| |||||||||||||||||||
South Carolina-0.17% | ||||||||||||||||||||
South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 4.00 | % | 12/01/2056 | 20 | 21,688 | |||||||||||||||
|
| |||||||||||||||||||
Tennessee-0.78% | ||||||||||||||||||||
Nashville & Davidson (County of), TN, Series 2016, Ref. GO Bonds | 5.00 | % | 01/01/2026 | 50 | 62,068 | |||||||||||||||
Tennessee Energy Acquisition Corp., Series 2006 A, RB | 5.25 | % | 09/01/2026 | 30 | 37,356 | |||||||||||||||
|
| |||||||||||||||||||
99,424 | ||||||||||||||||||||
|
| |||||||||||||||||||
Texas-8.93% | ||||||||||||||||||||
Board of Regents of The University of Texas System (Green Bonds), Series 2016 B, RB | 5.00 | % | 08/15/2026 | 35 | 44,300 | |||||||||||||||
Dallas (City of), TX, Series 2015 A, Ref. RB | 5.00 | % | 10/01/2026 | 25 | 30,649 | |||||||||||||||
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00 | % | 02/15/2026 | 30 | 36,757 | |||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB | 5.00 | % | 07/01/2046 | 100 | 97,863 | |||||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB | 5.00 | % | 07/01/2051 | 200 | 188,608 | |||||||||||||||
San Antonio (City of), TX Water System, Series 2016 A, Ref. RB | 5.00 | % | 05/15/2031 | 15 | 18,575 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 210 |
|
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Texas-(continued) | ||||||||||||||||||||
Texas (State of), Series 2016 A, GO Bonds | 5.00 | % | 04/01/2026 | $ | 200 | $ | 250,726 | |||||||||||||
University of Houston, Series 2017 A, Ref. RB | 5.00 | % | 02/15/2036 | 395 | 470,014 | |||||||||||||||
|
| |||||||||||||||||||
1,137,492 | ||||||||||||||||||||
|
| |||||||||||||||||||
Utah-0.78% | ||||||||||||||||||||
Utah (County of), UT, Series 2016 B, RB | 3.00 | % | 05/15/2047 | 95 | 99,225 | |||||||||||||||
|
| |||||||||||||||||||
Virginia-1.96% | ||||||||||||||||||||
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB | 5.00 | % | 03/15/2026 | 200 | 250,274 | |||||||||||||||
|
| |||||||||||||||||||
Washington-2.91% | ||||||||||||||||||||
King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00 | % | 12/01/2029 | 15 | 18,919 | |||||||||||||||
King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty) | 3.00 | % | 12/01/2030 | 10 | 11,111 | |||||||||||||||
University of Washington, Series 2016 A, Ref. RB | 5.25 | % | 12/01/2046 | 200 | 242,018 | |||||||||||||||
Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00 | % | 08/01/2030 | 40 | 50,149 | |||||||||||||||
Washington (State of), Series 2016 B, Ref. GO Bonds | 5.00 | % | 08/01/2032 | 10 | 12,465 | |||||||||||||||
Washington (State of), Series 2016 R, Ref. GO Bonds | 5.00 | % | 07/01/2032 | 30 | 36,708 | |||||||||||||||
|
| |||||||||||||||||||
371,370 | ||||||||||||||||||||
|
| |||||||||||||||||||
Wisconsin-2.77% | ||||||||||||||||||||
Wisconsin (State of), Series 2018 A, RB | 5.00 | % | 06/01/2026 | 200 | 252,330 | |||||||||||||||
Wisconsin (State of), Series 2019 A, Ref. RB | 5.00 | % | 05/01/2026 | 60 | 75,133 | |||||||||||||||
Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB | 5.00 | % | 07/01/2026 | 20 | 25,307 | |||||||||||||||
|
| |||||||||||||||||||
352,770 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(b)-98.38% |
| 12,533,183 | ||||||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.62% |
| 206,599 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS-100.00% | $ | 12,739,782 | ||||||||||||||||||
|
|
Investment Abbreviations:
AGM | -Assured Guaranty Municipal Corp. | |
CEP | -Credit Enhancement Provider | |
COP | -Certificates of Participation | |
GO | -General Obligation | |
INS | -Insurer | |
RB | -Revenue Bonds | |
Ref. | -Refunding |
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 593,634 | $ | (593,634 | ) | $ | - | $ | - | $ | - | $ | 58 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 211 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Municipal Obligations-98.54% | ||||||||||||||||||||
Arizona-2.54% | ||||||||||||||||||||
Arizona (State of), Series 2019 A, Ref. COP | 5.00 | % | 10/01/2027 | $ | 100 | $ | 130,298 | |||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. Electric System RB | 5.00 | % | 01/01/2027 | 200 | 256,398 | |||||||||||||||
|
| |||||||||||||||||||
386,696 | ||||||||||||||||||||
|
| |||||||||||||||||||
California-19.96% | ||||||||||||||||||||
Bay Area Toll Authority, Series 2017, Ref. RB | 5.00 | % | 04/01/2027 | 25 | 31,801 | |||||||||||||||
Beverly Hills Unified School District, Series 2019 A, GO Bonds | 3.00 | % | 08/01/2044 | 150 | 160,764 | |||||||||||||||
California (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 11/01/2030 | 50 | 64,678 | |||||||||||||||
California (State of), Series 2019, Ref. GO Bonds | 5.00 | % | 04/01/2027 | 200 | 257,518 | |||||||||||||||
California (State of), Series 2020, GO Bonds | 3.00 | % | 03/01/2027 | 370 | 428,097 | |||||||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-1, RB | 5.00 | % | 11/01/2027 | 135 | 174,525 | |||||||||||||||
East Bay Municipal Utility District Water System Revenue, Series 2017 B, Ref. RB | 5.00 | % | 06/01/2031 | 25 | 32,044 | |||||||||||||||
Etiwanda School District, Series 2017 A, GO Bonds | 5.00 | % | 08/01/2046 | 180 | 216,344 | |||||||||||||||
Jurupa Unified School District, Series 2017 B, GO Bonds | 4.00 | % | 08/01/2041 | 55 | 63,089 | |||||||||||||||
Los Angeles (City of), CA Department of Water, Series 2017 A, Ref. RB | 5.00 | % | 07/01/2044 | 300 | 365,907 | |||||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00 | % | 07/01/2042 | 200 | 248,602 | |||||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00 | % | 07/01/2027 | 10 | 13,068 | |||||||||||||||
Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds | 5.00 | % | 07/01/2027 | 10 | 12,951 | |||||||||||||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds | 4.00 | % | 08/01/2047 | 45 | 50,943 | |||||||||||||||
Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB | 5.00 | % | 06/01/2038 | 200 | 253,254 | |||||||||||||||
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds), | 1.80 | % | 11/15/2027 | 250 | 256,545 | |||||||||||||||
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds | 5.00 | % | 08/01/2047 | 90 | 111,555 | |||||||||||||||
San Jose Unified School District, Series 2018 E, GO Bonds | 4.00 | % | 08/01/2042 | 100 | 114,475 | |||||||||||||||
Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB | 4.00 | % | 07/01/2047 | 20 | 22,436 | |||||||||||||||
Turlock (City of), CA Irrigation District, Series 2016, Ref. RB | 5.00 | % | 01/01/2046 | 130 | 156,539 | |||||||||||||||
|
| |||||||||||||||||||
3,035,135 | ||||||||||||||||||||
|
| |||||||||||||||||||
Colorado-1.09% | ||||||||||||||||||||
Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds | 5.50 | % | 12/01/2027 | 85 | 114,229 | |||||||||||||||
Regional Transportation District (Fastracks), Series 2013 A, Ref. RB | 5.00 | % | 11/01/2027 | 40 | 51,422 | |||||||||||||||
|
| |||||||||||||||||||
165,651 | ||||||||||||||||||||
|
| |||||||||||||||||||
Connecticut-1.37% | ||||||||||||||||||||
Connecticut (State of), Series 2016 A, RB | 5.00 | % | 09/01/2027 | 25 | 31,014 | |||||||||||||||
Connecticut (State of), Series 2016 B, Ref. GO Bonds | 5.00 | % | 05/15/2027 | 25 | 30,708 | |||||||||||||||
Connecticut (State of), Series 2020 A, RB | 5.00 | % | 05/01/2027 | 20 | 25,318 | |||||||||||||||
University of Connecticut, Series 2017 A, RB | 5.00 | % | 01/15/2033 | 100 | 120,658 | |||||||||||||||
|
| |||||||||||||||||||
207,698 | ||||||||||||||||||||
|
| |||||||||||||||||||
District of Columbia-4.88% | ||||||||||||||||||||
Washington (State of) Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00 | % | 07/01/2035 | 600 | 741,666 | |||||||||||||||
|
| |||||||||||||||||||
Florida-4.26% | ||||||||||||||||||||
Florida (State of), Series 2016 A, Ref. GO Bonds | 5.00 | % | 07/01/2027 | 40 | 50,535 | |||||||||||||||
Florida (State of), Series 2016 A, Ref. RB | 5.00 | % | 07/01/2027 | 45 | 56,762 | |||||||||||||||
Miami (City of), FL Health Facilities Authority (Miami Jewish Health), Series 2017, Ref. RB | 5.13 | % | 07/01/2046 | 100 | 78,726 | |||||||||||||||
Miami-Dade (County of), FL Water & Sewer System, Series 2017 B, Ref. RB | 5.00 | % | 10/01/2027 | 45 | 58,562 | |||||||||||||||
Orange (County of), FL School Board, Series 2016 B, Ref. COP | 5.00 | % | 08/01/2027 | 10 | 12,623 | |||||||||||||||
School Board of Miami-Dade County (The), Series 2016 B, Ref. COP | 5.00 | % | 08/01/2027 | 20 | 24,838 | |||||||||||||||
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB | 5.00 | % | 07/01/2047 | 305 | 365,338 | |||||||||||||||
|
| |||||||||||||||||||
647,384 | ||||||||||||||||||||
|
| |||||||||||||||||||
Georgia-6.77% | ||||||||||||||||||||
Atlanta (City of), GA, Series 2018, Ref. RB. | 5.00 | % | 11/01/2041 | 55 | 68,484 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 212 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Georgia-(continued) | ||||||||||||||||||||
Georgia (State of), Series 2016 E, Ref. GO Bonds | 5.00 | % | 12/01/2027 | $ | 200 | $ | 255,046 | |||||||||||||
Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00 | % | 01/01/2027 | 540 | 693,052 | |||||||||||||||
Georgia (State of), Series 2016 F, Ref. GO Bonds | 5.00 | % | 07/01/2027 | 10 | 12,803 | |||||||||||||||
|
| |||||||||||||||||||
1,029,385 | ||||||||||||||||||||
|
| |||||||||||||||||||
Hawaii-0.63% | ||||||||||||||||||||
Hawaii (State of), Series 2016 FB, GO Bonds | 5.00 | % | 04/01/2027 | 10 | 12,430 | |||||||||||||||
Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds | 5.00 | % | 03/01/2027 | 65 | 83,544 | |||||||||||||||
|
| |||||||||||||||||||
95,974 | ||||||||||||||||||||
|
| |||||||||||||||||||
Idaho-0.58% | ||||||||||||||||||||
Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RB | 5.00 | % | 07/15/2027 | 70 | 88,014 | |||||||||||||||
|
| |||||||||||||||||||
Illinois-4.81% | ||||||||||||||||||||
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds | 6.00 | % | 01/01/2038 | 200 | 230,860 | |||||||||||||||
Illinois (State of), Series 2016, Ref. GO Bonds | 5.00 | % | 02/01/2027 | 100 | 113,775 | |||||||||||||||
Illinois (State of), Series 2017 C, GO Bonds | 5.00 | % | 11/01/2029 | 100 | 112,050 | |||||||||||||||
Illinois (State of), Series 2017 D, GO Bonds | 5.00 | % | 11/01/2027 | 200 | 226,018 | |||||||||||||||
Illinois (State of) Finance Authority, Series 2017, RB | 5.00 | % | 01/01/2027 | 15 | 19,176 | |||||||||||||||
Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB | 5.00 | % | 10/01/2048 | 25 | 30,163 | |||||||||||||||
|
| |||||||||||||||||||
732,042 | ||||||||||||||||||||
|
| |||||||||||||||||||
Indiana-0.67% | ||||||||||||||||||||
Illinois (State of) Finance Authority, Series 2016 C, Ref. RB | 5.00 | % | 06/01/2027 | 40 | 50,637 | |||||||||||||||
Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB | 5.00 | % | 10/01/2027 | 40 | 50,713 | |||||||||||||||
|
| |||||||||||||||||||
101,350 | ||||||||||||||||||||
|
| |||||||||||||||||||
Louisiana-1.43% | ||||||||||||||||||||
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(a) | 5.00 | % | 12/01/2042 | 50 | 60,008 | |||||||||||||||
Louisiana (State of), Series 2016 B, Ref. GO Bonds | 5.00 | % | 08/01/2027 | 100 | 124,777 | |||||||||||||||
Louisiana (State of) (Garvee), Series 2019 A, RB | 5.00 | % | 09/01/2027 | 25 | 32,228 | |||||||||||||||
|
| |||||||||||||||||||
217,013 | ||||||||||||||||||||
|
| |||||||||||||||||||
Maryland-1.48% | ||||||||||||||||||||
Maryland (State of), Series 2017 A, GO Bonds | 5.00 | % | 03/15/2027 | 15 | 19,367 | |||||||||||||||
Maryland (State of), Series 2017 A, GO Bonds | 5.00 | % | 08/01/2027 | 25 | 32,628 | |||||||||||||||
Maryland (State of), Series 2017 A, GO Bonds | 5.00 | % | 08/01/2029 | 15 | 19,357 | |||||||||||||||
Maryland (State of) Department of Transportation, Series 2017, RB | 5.00 | % | 09/01/2030 | 20 | 25,572 | |||||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB | 5.00 | % | 05/15/2045 | 110 | 128,391 | |||||||||||||||
|
| |||||||||||||||||||
225,315 | ||||||||||||||||||||
|
| |||||||||||||||||||
Massachusetts-4.53% | ||||||||||||||||||||
Massachusetts (Commonwealth of), Series 2005, Ref. RB, (INS - NATL)(a) | 5.50 | % | 01/01/2027 | 50 | 63,057 | |||||||||||||||
Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds | 5.00 | % | 10/01/2027 | 15 | 19,545 | |||||||||||||||
Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds | 5.00 | % | 07/01/2027 | 30 | 38,829 | |||||||||||||||
Massachusetts (State of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB | 5.00 | % | 07/01/2027 | 465 | 567,239 | |||||||||||||||
|
| |||||||||||||||||||
688,670 | ||||||||||||||||||||
|
| |||||||||||||||||||
Minnesota-0.33% | ||||||||||||||||||||
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB | 5.00 | % | 01/01/2027 | 30 | 37,483 | |||||||||||||||
Minnesota (State of), Series 2017 D, Ref. GO Bonds | 5.00 | % | 10/01/2027 | 10 | 13,094 | |||||||||||||||
|
| |||||||||||||||||||
50,577 | ||||||||||||||||||||
|
| |||||||||||||||||||
Missouri-2.14% | ||||||||||||||||||||
Health & Educational Facilities Authority of the State of Missouri (Mercy Health), Series 2018 A, Ref. RB | 5.00 | % | 06/01/2027 | 200 | 250,006 | |||||||||||||||
St. Louis (City of), MO, Series 2005, RB, (INS - NATL)(a) | 5.50 | % | 07/01/2027 | 60 | 76,120 | |||||||||||||||
|
| |||||||||||||||||||
326,126 | ||||||||||||||||||||
|
| |||||||||||||||||||
New Jersey-1.67% | ||||||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 4.00 | % | 11/01/2027 | 75 | 83,592 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 213 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
New Jersey-(continued) | ||||||||||||||||||||
New Jersey (State of) Economic Development Authority, Series 2017 A, RB | 5.00 | % | 11/01/2027 | $ | 100 | $ | 120,074 | |||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB | 4.00 | % | 07/01/2041 | 25 | 27,677 | |||||||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health), Series 2017 A, Ref. RB | 4.00 | % | 07/01/2036 | 20 | 22,576 | |||||||||||||||
|
| |||||||||||||||||||
253,919 | ||||||||||||||||||||
|
| |||||||||||||||||||
New Mexico-0.74% | ||||||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, Ref. RB | 4.00 | % | 08/01/2039 | 100 | 113,328 | |||||||||||||||
|
| |||||||||||||||||||
New York-19.47% | ||||||||||||||||||||
Albany (County of), NY, Series 2018, GO Bonds | 5.00 | % | 04/01/2027 | 45 | 56,020 | |||||||||||||||
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00 | % | 02/15/2039 | 200 | 239,274 | |||||||||||||||
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00 | % | 02/15/2042 | 450 | 534,883 | |||||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00 | % | 11/15/2047 | 100 | 115,586 | |||||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB | 5.00 | % | 11/15/2027 | 205 | 230,102 | |||||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2017 C1, Ref. RB | 5.00 | % | 11/15/2027 | 50 | 56,123 | |||||||||||||||
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB | 5.00 | % | 07/15/2027 | 70 | 89,129 | |||||||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.25 | % | 11/15/2057 | 100 | 120,801 | |||||||||||||||
New York (City of), NY, Series 2008 J9, GO Bonds | 5.00 | % | 08/01/2027 | 35 | 43,216 | |||||||||||||||
New York (City of), NY, Series 2018 DD, Ref. RB | 5.00 | % | 06/15/2032 | 15 | 19,338 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 A, RB | 3.50 | % | 02/01/2038 | 45 | 49,058 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB | 5.00 | % | 08/01/2037 | 25 | 30,498 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00 | % | 11/01/2027 | 35 | 44,525 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB | 5.00 | % | 11/01/2031 | 35 | 43,490 | |||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00 | % | 05/01/2036 | 100 | 121,726 | |||||||||||||||
New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB | 4.00 | % | 04/01/2027 | 35 | 41,236 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00 | % | 03/15/2027 | 60 | 75,393 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB | 5.00 | % | 02/15/2032 | 140 | 172,260 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00 | % | 02/15/2041 | 150 | 181,529 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2018 1, Ref. RB | 5.00 | % | 01/15/2027 | 35 | 43,261 | |||||||||||||||
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00 | % | 03/15/2027 | 195 | 248,085 | |||||||||||||||
New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB | 5.00 | % | 08/01/2027 | 35 | 42,596 | |||||||||||||||
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 5.00 | % | 07/01/2046 | 100 | 112,457 | |||||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00 | % | 07/01/2027 | 30 | 38,321 | |||||||||||||||
New York State Urban Development Corp., Series 2016 A, Ref. RB | 5.00 | % | 03/15/2027 | 40 | 48,997 | |||||||||||||||
New York State Urban Development Corp., Series 2017 A, Ref. RB | 5.00 | % | 03/15/2033 | 20 | 24,454 | |||||||||||||||
Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00 | % | 11/15/2027 | 10 | 12,696 | |||||||||||||||
Utility Debt Securitization Authority, Series 2017, RB | 5.00 | % | 12/15/2039 | 100 | 125,501 | |||||||||||||||
|
| |||||||||||||||||||
2,960,555 | ||||||||||||||||||||
|
| |||||||||||||||||||
North Carolina-0.32% | ||||||||||||||||||||
Mecklenburg (County of), NC, Series 2017 A, GO Bonds | 4.00 | % | 04/01/2029 | 40 | 48,438 | |||||||||||||||
|
| |||||||||||||||||||
Ohio-1.65% | ||||||||||||||||||||
Franklin (County of), OH (Trinity Health Credit), Series 2017, RB | 4.00 | % | 12/01/2046 | 145 | 160,975 | |||||||||||||||
Ohio (State of), Series 2017 B, Ref. GO Bonds | 5.00 | % | 09/15/2027 | 10 | 13,055 | |||||||||||||||
Ohio (State of), Series 2017 U, Ref. GO Bonds | 5.00 | % | 05/01/2027 | 10 | 12,921 | |||||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00 | % | 12/01/2029 | 20 | 25,553 | |||||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB | 5.00 | % | 12/01/2031 | 30 | 37,946 | |||||||||||||||
|
| |||||||||||||||||||
250,450 | ||||||||||||||||||||
|
| |||||||||||||||||||
Oklahoma-0.80% | ||||||||||||||||||||
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB | 5.00 | % | 09/01/2027 | 95 | 122,017 | |||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 214 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Oregon-1.43% | ||||||||||||||||||||
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00 | % | 06/15/2029 | $ | 70 | $ | 89,753 | |||||||||||||
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty) | 5.00 | % | 06/15/2031 | 100 | 127,169 | |||||||||||||||
|
| |||||||||||||||||||
216,922 | ||||||||||||||||||||
|
| |||||||||||||||||||
Pennsylvania-3.76% | ||||||||||||||||||||
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB | 5.00 | % | 02/15/2045 | 100 | 118,146 | |||||||||||||||
Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds | 5.00 | % | 09/15/2027 | 100 | 125,386 | |||||||||||||||
Pennsylvania (Commonwealth of), Series 2016, Ref. GO Bonds | 5.00 | % | 09/15/2027 | 40 | 50,154 | |||||||||||||||
Pennsylvania (Commonwealth of), Series 2017, Ref. GO Bonds | 5.00 | % | 01/01/2027 | 125 | 157,491 | |||||||||||||||
Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds | 5.00 | % | 07/15/2027 | 35 | 44,725 | |||||||||||||||
Pennsylvania (State of) Turnpike Commission, Series 2016 B, Ref. RB | 5.00 | % | 06/01/2027 | 15 | 18,120 | |||||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia), Series 2017, Ref. RB | 4.00 | % | 07/01/2035 | 50 | 57,570 | |||||||||||||||
|
| |||||||||||||||||||
571,592 | ||||||||||||||||||||
|
| |||||||||||||||||||
Rhode Island-0.19% | ||||||||||||||||||||
Rhode Island Health and Educational Building Corp. (Brown University), Series 2017 A, Ref. RB | 4.00 | % | 09/01/2037 | 25 | 29,177 | |||||||||||||||
|
| |||||||||||||||||||
South Carolina-0.48% | ||||||||||||||||||||
Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB | 4.00 | % | 11/01/2031 | 10 | 11,522 | |||||||||||||||
South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB | 5.00 | % | 10/01/2039 | 50 | 60,925 | |||||||||||||||
|
| |||||||||||||||||||
72,447 | ||||||||||||||||||||
|
| |||||||||||||||||||
South Dakota-0.22% | ||||||||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. RB | 4.00 | % | 07/01/2042 | 30 | 33,278 | |||||||||||||||
|
| |||||||||||||||||||
Tennessee-0.20% | ||||||||||||||||||||
Tennessee Energy Acquisition Corp., Series 2006 C, RB | 5.00 | % | 02/01/2027 | 25 | 30,743 | |||||||||||||||
|
| |||||||||||||||||||
Texas-5.50% | ||||||||||||||||||||
Bexar (County of), TX Hospital District, Series 2018, GO Bonds | 5.00 | % | 02/15/2048 | 75 | 90,398 | |||||||||||||||
Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund) | 5.00 | % | 08/15/2030 | 40 | 51,086 | |||||||||||||||
Metropolitan Transit Authority of Harris County, Series 2016 A, Ref. RB | 5.00 | % | 11/01/2027 | 90 | 115,063 | |||||||||||||||
San Antonio (City of), TX, Series 2018, Ref. RB | 5.00 | % | 02/01/2027 | 150 | 191,787 | |||||||||||||||
Texas (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 10/01/2032 | 65 | 82,896 | |||||||||||||||
Texas (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 10/01/2033 | 175 | 222,250 | |||||||||||||||
Texas (State of) Water Development Board, Series 2016, RB | 5.00 | % | 04/15/2027 | 25 | 32,111 | |||||||||||||||
Texas (State of) Water Development Board, Series 2017 A, RB | 4.00 | % | 10/15/2032 | 15 | 18,027 | |||||||||||||||
Texas A&M University, Series 2017 E, Ref. RB | 5.00 | % | 05/15/2027 | 25 | 32,339 | |||||||||||||||
|
| |||||||||||||||||||
835,957 | ||||||||||||||||||||
|
| |||||||||||||||||||
Virginia-1.84% | ||||||||||||||||||||
University of Virginia, Series 2017 A, Ref. RB | 5.00 | % | 04/01/2039 | 160 | 197,888 | |||||||||||||||
Virginia (State of) College Building Authority, Series 2016 A, RB | 5.00 | % | 02/01/2027 | 50 | 62,221 | |||||||||||||||
Virginia (State of) College Building Authority, Series 2019 A, RB | 5.00 | % | 02/01/2027 | 5 | 6,415 | |||||||||||||||
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB | 5.00 | % | 03/15/2027 | 10 | 12,882 | |||||||||||||||
|
| |||||||||||||||||||
279,406 | ||||||||||||||||||||
|
| |||||||||||||||||||
Washington-2.25% | ||||||||||||||||||||
Energy Northwest (3), Series 2018, Ref. RB | 5.00 | % | 07/01/2027 | 35 | 45,409 | |||||||||||||||
Washington (State of), Series 2017 A, GO Bonds | 5.00 | % | 08/01/2033 | 10 | 12,645 | |||||||||||||||
Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00 | % | 08/01/2027 | 20 | 25,992 | |||||||||||||||
Washington (State of), Series 2017 C, Ref. GO Bonds | 5.00 | % | 08/01/2029 | 35 | 44,894 | |||||||||||||||
Washington (State of), Series 2017 D, GO Bonds | 5.00 | % | 02/01/2040 | 80 | 98,590 | |||||||||||||||
Washington (State of), Series 2017 F, Ref. GO Bonds | 5.00 | % | 08/01/2030 | 30 | 38,277 | |||||||||||||||
Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00 | % | 08/01/2032 | 60 | 76,115 | |||||||||||||||
|
| |||||||||||||||||||
341,922 | ||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 215 |
|
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||||||
Wisconsin-0.55% | ||||||||||||||||||||
Wisconsin (State of), Series 2017 2, Ref. GO Bonds | 5.00 | % | 11/01/2027 | $ | 20 | $ | 25,939 | |||||||||||||
Wisconsin (State of), Series 2017 3, Ref. GO Bonds | 5.00 | % | 11/01/2032 | 10 | 12,592 | |||||||||||||||
Wisconsin (State of), Series 2017, Ref. GO Bonds | 5.00 | % | 11/01/2027 | 35 | 45,394 | |||||||||||||||
|
| |||||||||||||||||||
83,925 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(b)-98.54% |
| 14,982,772 | ||||||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.46% |
| 221,477 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS-100.00% | $ | 15,204,249 | ||||||||||||||||||
|
|
Investment Abbreviations:
AGM | -Assured Guaranty Municipal Corp. | |
CEP | -Credit Enhancement Provider | |
COP | -Certificates of Participation | |
GO | -General Obligation | |
INS | -Insurer | |
NATL | -National Public Finance Guarantee Corp. | |
RB | -Revenue Bonds | |
Ref. | -Refunding |
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 142,781 | $ | (142,781 | ) | $ | - | $ | - | $ | - | $ | 8 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 216 |
|
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-99.69% | ||||||||||||||||
Arizona-4.30% | ||||||||||||||||
Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB | 5.00 | % | 01/01/2037 | $ | 175 | $ | 221,270 | |||||||||
|
| |||||||||||||||
Arkansas-0.74% | ||||||||||||||||
Fort Smith (City of), AR, Series 2018, Ref. RB | 5.00 | % | 10/01/2034 | 30 | 38,031 | |||||||||||
|
| |||||||||||||||
California-17.14% | ||||||||||||||||
California (State of), Series 2019, Ref. GO Bonds | 5.00 | % | 04/01/2028 | 100 | 131,938 | |||||||||||
California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2018, Ref. RB | 4.00 | % | 03/01/2048 | 120 | 133,495 | |||||||||||
California State University, Series 2018 A, Ref. RB | 5.00 | % | 11/01/2043 | 95 | 120,581 | |||||||||||
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB | 5.00 | % | 07/01/2043 | 200 | 252,964 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00 | % | 07/01/2031 | 55 | 72,589 | |||||||||||
San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB | 5.00 | % | 11/01/2028 | 85 | 111,266 | |||||||||||
Santa Barbara Unified School District, Series 2019 B, GO Bonds | 4.00 | % | 08/01/2044 | 50 | 58,208 | |||||||||||
|
| |||||||||||||||
881,041 | ||||||||||||||||
|
| |||||||||||||||
Colorado-1.01% | ||||||||||||||||
University of Colorado, Series 2017 A-2, Ref. RB | 5.00 | % | 06/01/2031 | 40 | 51,812 | |||||||||||
|
| |||||||||||||||
Connecticut-2.50% | ||||||||||||||||
Connecticut (State of), Series 2019 B, Ref. GO Bonds | 5.00 | % | 02/15/2028 | 100 | 128,585 | |||||||||||
|
| |||||||||||||||
District of Columbia-0.77% | ||||||||||||||||
District of Columbia, Series 2018 B, Ref. GO Bonds | 5.00 | % | 06/01/2030 | 30 | 39,464 | |||||||||||
|
| |||||||||||||||
Florida-2.14% | ||||||||||||||||
Gainesville (City of), FL, Series 2017 A, RB | 5.00 | % | 10/01/2028 | 85 | 109,922 | |||||||||||
|
| |||||||||||||||
Illinois-2.18% | ||||||||||||||||
Illinois (State of), Series 2017 D, GO Bonds | 5.00 | % | 11/01/2028 | 100 | 112,323 | |||||||||||
|
| |||||||||||||||
Indiana-4.38% | ||||||||||||||||
Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB | 5.00 | % | 02/01/2033 | 175 | 225,027 | |||||||||||
|
| |||||||||||||||
Louisiana-0.55% | ||||||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB | 4.00 | % | 12/01/2043 | 25 | 28,300 | |||||||||||
|
| |||||||||||||||
Maryland-3.19% | ||||||||||||||||
Maryland (State of), Series 2018, GO Bonds | 5.00 | % | 08/01/2031 | 125 | 163,748 | |||||||||||
|
| |||||||||||||||
Massachusetts-6.79% | ||||||||||||||||
Massachusetts (State of) Health & Educational Facilities Authority (Institute of Technology), Series 1998 I, RB | 5.20 | % | 01/01/2028 | 90 | 119,984 | |||||||||||
Massachusetts (State of) School Building Authority, Series 2018 A, RB | 4.00 | % | 02/15/2043 | 200 | 229,304 | |||||||||||
|
| |||||||||||||||
349,288 | ||||||||||||||||
|
| |||||||||||||||
Minnesota-0.25% | ||||||||||||||||
Minnesota (State of), Series 2018 A, GO Bonds | 5.00 | % | 08/01/2034 | 10 | 12,952 | |||||||||||
|
| |||||||||||||||
Nevada-1.24% | ||||||||||||||||
Clark (County of), NV, Series 2018 B, GO Bonds | 5.00 | % | 12/01/2033 | 50 | 63,566 | |||||||||||
|
| |||||||||||||||
New Jersey-7.12% | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 5.25 | % | 06/15/2043 | 200 | 235,428 | |||||||||||
South Jersey Port Corp., Series 2017 A, RB | 5.00 | % | 01/01/2049 | 115 | 130,643 | |||||||||||
|
| |||||||||||||||
366,071 | ||||||||||||||||
|
| |||||||||||||||
New York-20.14% | ||||||||||||||||
Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 5.00 | % | 11/15/2035 | 70 | 77,778 | |||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB | 5.00 | % | 07/15/2036 | 100 | 123,738 | |||||||||||
New York (City of), NY, Series 2018 F-1, GO Bonds | 5.00 | % | 04/01/2033 | 90 | 112,105 | |||||||||||
New York (City of), NY, Series 2019 DD-1, RB | 4.00 | % | 06/15/2049 | 200 | 227,676 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 217 |
|
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York-(continued) | ||||||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB | 5.00 | % | 05/01/2036 | $ | 75 | $ | 93,109 | |||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB | 5.00 | % | 11/01/2028 | 100 | 131,295 | |||||||||||
New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00 | % | 07/01/2039 | 120 | 148,017 | |||||||||||
New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00 | % | 03/15/2045 | 100 | 121,820 | |||||||||||
|
| |||||||||||||||
1,035,538 | ||||||||||||||||
|
| |||||||||||||||
Ohio-0.37% | ||||||||||||||||
Columbus (City of), OH, Series 2016 3, Ref. GO Bonds | 5.00 | % | 02/15/2028 | 15 | 19,107 | |||||||||||
|
| |||||||||||||||
Oregon-2.49% | ||||||||||||||||
University of Oregon, Series 2018 A, RB | 5.00 | % | 04/01/2048 | 105 | 127,830 | |||||||||||
|
| |||||||||||||||
Pennsylvania-4.77% | ||||||||||||||||
Pennsylvania (State of) Turnpike Commission, Series 2018 A, RB | 5.00 | % | 12/01/2048 | 200 | 244,972 | |||||||||||
|
| |||||||||||||||
Texas-6.75% | ||||||||||||||||
Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds | 5.00 | % | 02/15/2028 | 20 | 25,767 | |||||||||||
Grand Parkway Transportation Corp., Series 2018 A, RB | 5.00 | % | 10/01/2033 | 60 | 76,049 | |||||||||||
Houston (City of), TX, Series 2018 B, Ref. RB | 5.00 | % | 07/01/2028 | 50 | 63,955 | |||||||||||
Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds | 5.00 | % | 08/15/2028 | 120 | 154,671 | |||||||||||
Texas (State of) Water Development Board, Series 2018 A, RB | 5.00 | % | 10/15/2028 | 20 | 26,431 | |||||||||||
|
| |||||||||||||||
346,873 | ||||||||||||||||
|
| |||||||||||||||
Utah-0.47% | ||||||||||||||||
Salt Lake City Corp., Series 2018 B, RB | 5.00 | % | 07/01/2048 | 20 | 24,074 | |||||||||||
|
| |||||||||||||||
Virginia-1.51% | ||||||||||||||||
Virginia (State of) Commonwealth Transportation Board (Garvee), Series 2017, Ref. RB | 5.00 | % | 03/15/2028 | 60 | 77,840 | |||||||||||
|
| |||||||||||||||
Washington-4.60% | ||||||||||||||||
Energy Northwest, Series 2017 A, Ref. RB | 5.00 | % | 07/01/2028 | 100 | 128,803 | |||||||||||
Washington (State of), Series 2017 R, Ref. GO Bonds | 5.00 | % | 08/01/2028 | 45 | 58,015 | |||||||||||
Washington (State of), Series 2018 C, GO Bonds | 5.00 | % | 02/01/2041 | 40 | 49,752 | |||||||||||
|
| |||||||||||||||
236,570 | ||||||||||||||||
|
| |||||||||||||||
West Virginia-4.29% | ||||||||||||||||
West Virginia (State of) Hospital Finance Authority (University Health System), Series 2018 A, RB | 4.00 | % | 06/01/2051 | 200 | 220,592 | |||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES-99.69% | 5,124,796 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-0.31% | 15,768 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 5,140,564 | ||||||||||||||
|
|
Investment Abbreviations:
GO -General Obligation
RB -Revenue Bonds
Ref. -Refunding
Notes to Schedule of Investments:
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 127,096 | $ | (127,096 | ) | $ | - | $ | - | $ | - | $ | 13 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 218 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
August 31, 2020
Schedule of Investments
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
Municipal Obligations-96.86% | ||||||||||||||||
Arizona-3.11% | ||||||||||||||||
Maricopa (County of), AZ Special Health Care District, Series 2018 C, GO Bonds | 5.00 | % | 07/01/2029 | $ | 125 | $ | 159,395 | |||||||||
|
| |||||||||||||||
California-19.93% | ||||||||||||||||
California (State of), Series 2019, Ref. GO Bonds | 5.00 | % | 04/01/2032 | 25 | 32,935 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2019, RB | 4.00 | % | 11/15/2045 | 100 | 114,526 | |||||||||||
California State University, Series 2019 A, RB | 5.00 | % | 11/01/2049 | 100 | 127,966 | |||||||||||
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2019 A, RB | 5.00 | % | 06/01/2049 | 200 | 259,544 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00 | % | 07/01/2045 | 100 | 126,447 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00 | % | 07/01/2049 | 100 | 125,996 | |||||||||||
Metropolitan Water District of Southern California, Series 2019 A, Ref. RB | 5.00 | % | 07/01/2029 | 65 | 89,337 | |||||||||||
Mount San Antonio Community College District, Series 2019 A, GO Bonds | 4.00 | % | 08/01/2049 | 125 | 146,552 | |||||||||||
|
| |||||||||||||||
1,023,303 | ||||||||||||||||
|
| |||||||||||||||
District of Columbia-2.60% | ||||||||||||||||
District of Columbia, Series 2019 A, GO Bonds | 5.00 | % | 10/15/2031 | 100 | 133,373 | |||||||||||
|
| |||||||||||||||
Florida-8.43% | ||||||||||||||||
Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB | 5.00 | % | 03/01/2039 | 100 | 107,233 | |||||||||||
Gainesville (City of), FL, Series 2019 A, RB | 5.00 | % | 10/01/2047 | 100 | 128,137 | |||||||||||
Palm Beach County School District, Series 2018 C, Ref. COP | 5.00 | % | 08/01/2029 | 150 | 197,271 | |||||||||||
|
| |||||||||||||||
432,641 | ||||||||||||||||
|
| |||||||||||||||
Georgia-2.21% | ||||||||||||||||
Development Authority for Fulton County (Georgia Institute of Technology), Series 2019, RB | 4.00 | % | 06/15/2049 | 100 | 113,396 | |||||||||||
|
| |||||||||||||||
Hawaii-1.51% | ||||||||||||||||
Hawaii (State of), Series 2019 FW, GO Bonds | 5.00 | % | 01/01/2034 | 60 | 77,504 | |||||||||||
|
| |||||||||||||||
Illinois-6.47% | ||||||||||||||||
Chicago (City of), IL, Series 2019 A, GO Bonds | 5.50 | % | 01/01/2035 | 100 | 117,213 | |||||||||||
Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB | 5.00 | % | 07/01/2037 | 70 | 90,994 | |||||||||||
Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00 | % | 01/01/2044 | 100 | 123,986 | |||||||||||
|
| |||||||||||||||
332,193 | ||||||||||||||||
|
| |||||||||||||||
Indiana-2.40% | ||||||||||||||||
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00 | % | 02/01/2054 | 100 | 123,260 | |||||||||||
|
| |||||||||||||||
Kansas-2.39% | ||||||||||||||||
University of Kansas Hospital Authority, Series 2019 A, RB | 5.00 | % | 09/01/2048 | 100 | 122,547 | |||||||||||
|
| |||||||||||||||
Maryland-2.29% | ||||||||||||||||
Baltimore (City of), MD, Series 2019 A, RB | 4.00 | % | 07/01/2044 | 100 | 117,659 | |||||||||||
|
| |||||||||||||||
Massachusetts-3.91% | ||||||||||||||||
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00 | % | 01/01/2031 | 70 | 92,773 | |||||||||||
Massachusetts (State of) Development Finance Agency (Atrius Health), Series 2019 A, Ref. RB | 4.00 | % | 06/01/2049 | 100 | 107,995 | |||||||||||
|
| |||||||||||||||
200,768 | ||||||||||||||||
|
| |||||||||||||||
Michigan-4.51% | ||||||||||||||||
Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00 | % | 07/01/2048 | 80 | 101,274 | |||||||||||
Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB | 5.00 | % | 04/15/2036 | 100 | 130,494 | |||||||||||
|
| |||||||||||||||
231,768 | ||||||||||||||||
|
| |||||||||||||||
New Jersey-3.52% | ||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB | 5.00 | % | 12/15/2029 | 150 | 180,740 | |||||||||||
|
| |||||||||||||||
New York-15.92% | ||||||||||||||||
Battery Park (City of), NY Authority, Series 2019 B, Ref. RB | 5.00 | % | 11/01/2038 | 100 | 131,308 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)(a) | 5.00 | % | 11/15/2044 | 100 | 122,169 | |||||||||||
New York (City of), NY, Series 2019 A-1, GO Bonds | 5.00 | % | 08/01/2039 | 100 | 124,899 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 219 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)–(continued)
August 31, 2020
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||||
New York-(continued) | ||||||||||||||||
New York (City of), NY, Series 2019 FF-2, Ref. RB | 5.00 | % | 06/15/2038 | $ | 50 | $ | 64,542 | |||||||||
New York (City of), NY Transitional Finance Authority, Series 2019 A2, RB | 5.00 | % | 05/01/2037 | 100 | 126,541 | |||||||||||
New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00 | % | 03/15/2038 | 100 | 124,766 | |||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB | 5.00 | % | 11/15/2049 | 100 | 123,018 | |||||||||||
|
| |||||||||||||||
817,243 | ||||||||||||||||
|
| |||||||||||||||
North Carolina-2.37% | ||||||||||||||||
North Carolina (State of), Series 2019 A, RB | 4.00 | % | 05/01/2034 | 100 | 121,539 | |||||||||||
|
| |||||||||||||||
Pennsylvania-4.70% | ||||||||||||||||
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB | 4.00 | % | 07/15/2036 | 100 | 115,242 | |||||||||||
Philadelphia (City of), PA, Series 2019 B, GO Bonds | 5.00 | % | 02/01/2037 | 100 | 125,848 | |||||||||||
|
| |||||||||||||||
241,090 | ||||||||||||||||
|
| |||||||||||||||
Rhode Island-2.64% | ||||||||||||||||
Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB | 5.00 | % | 09/01/2029 | 100 | 135,592 | |||||||||||
|
| |||||||||||||||
Texas-7.95% | ||||||||||||||||
North Texas Tollway Authority, Series 2019 A, Ref. RB | 5.00 | % | 01/01/2038 | 125 | 157,116 | |||||||||||
North Texas Tollway Authority, Series 2019 A, Ref. RB | 4.00 | % | 01/01/2039 | 75 | 87,510 | |||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00 | % | 07/01/2032 | 25 | 31,614 | |||||||||||
Travis (County of), TX, Series 2019 A, GO Bonds | 5.00 | % | 03/01/2032 | 100 | 132,094 | |||||||||||
|
| |||||||||||||||
408,334 | ||||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(b)-96.86% | 4,972,345 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-3.14% | 161,107 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS-100.00% | $ | 5,133,452 | ||||||||||||||
|
|
Investment Abbreviations:
BAM -Build America Mutual Assurance Co.
COP -Certificates of Participation
GO -General Obligation
INS -Insurer
RB -Revenue Bonds
Ref. -Refunding
Notes to Schedule of Investments:
(a) | Principal and/or interest payments are secured by the bond insurance company listed. |
(b) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each. |
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 period ended August 31, 2020.
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 290,778 | $ | (290,778 | ) | $ | - | $ | - | $ | - | $ | 16 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 220 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)
August 31, 2020
Schedule of Investments
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.56% |
| |||||||
Brazil-8.04% | ||||||||
Banco Bradesco S.A. | ||||||||
5.90%, 01/16/2021(a) | $ | 100,000 | $ | 101,526 | ||||
5.90%, 01/16/2021(a) | 100,000 | 101,526 | ||||||
Banco do Brasil S.A., | 100,000 | 101,428 | ||||||
Brazilian Government International Bond, 4.88%, 01/22/2021 | 200,000 | 203,537 | ||||||
Itau Unibanco Holding S.A., 5.75%, 01/22/2021(a) | 100,000 | 101,550 | ||||||
Petrobras Global Finance B.V. | ||||||||
5.38%, 01/27/2021 | 100,000 | 101,607 | ||||||
8.38%, 05/23/2021 | 100,000 | 105,062 | ||||||
|
| |||||||
816,236 | ||||||||
|
| |||||||
Chile-3.04% | ||||||||
Chile Government International Bond, | 300,000 | 308,720 | ||||||
|
| |||||||
China-7.02% | ||||||||
Alibaba Group Holding Ltd., | 100,000 | 102,979 | ||||||
CNOOC Finance (2011) Ltd., | 200,000 | 202,743 | ||||||
Huarong Finance II Co. Ltd., | 200,000 | 204,926 | ||||||
Sinopec Group Overseas Development (2016) Ltd., 2.00%, 09/29/2021(a) | 200,000 | 202,516 | ||||||
|
| |||||||
713,164 | ||||||||
|
| |||||||
Colombia-3.04% | ||||||||
Colombia Government International Bond, 4.38%, 07/12/2021 | 300,000 | 308,974 | ||||||
|
| |||||||
Hungary-4.07% | ||||||||
Hungary Government International Bond, 6.38%, 03/29/2021 | 400,000 | 413,690 | ||||||
|
| |||||||
India-4.05% | ||||||||
Bank of India, 6.25%, 02/16/2021(a) | 200,000 | 204,136 | ||||||
Indian Oil Corp. Ltd., | 200,000 | 206,813 | ||||||
|
| |||||||
410,949 | ||||||||
|
| |||||||
Indonesia-10.19% | ||||||||
Indonesia Government International Bond | ||||||||
4.88%, 05/05/2021(a) | 200,000 | 205,628 | ||||||
4.88%, 05/05/2021(a) | 200,000 | 205,628 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 3.40%, 03/29/2021(a) | 200,000 | 203,318 | ||||||
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.50%, 11/22/2021(a) | 400,000 | 420,650 | ||||||
|
| |||||||
1,035,224 | ||||||||
|
| |||||||
Malaysia-4.00% | ||||||||
Export-Import Bank of Malaysia Bhd., 2.48%, 10/20/2021(a) | 200,000 | 203,481 | ||||||
RHB Bank Bhd., 2.50%, 10/06/2021(a) | 200,000 | 203,247 | ||||||
|
| |||||||
406,728 | ||||||||
|
| |||||||
Mexico-6.03% | ||||||||
Comision Federal de Electricidad, 4.88%, 05/26/2021(a) | 200,000 | 205,925 |
Principal Amount | Value | |||||||
Mexico-(continued) | ||||||||
Comision Federal de Electricidad, | $ | 100,000 | $ | 102,962 | ||||
Petroleos Mexicanos, 5.50%, 01/21/2021 | 300,000 | 304,125 | ||||||
|
| |||||||
613,012 | ||||||||
|
| |||||||
Peru-2.05% | ||||||||
Banco de Credito del Peru, | 200,000 | 208,313 | ||||||
|
| |||||||
Philippines-1.99% | ||||||||
Philippine Government International Bond, 4.00%, 01/15/2021 | 200,000 | 202,450 | ||||||
|
| |||||||
Poland-4.07% | ||||||||
Republic of Poland Government International Bond, 5.13%, 04/21/2021 | 400,000 | 413,297 | ||||||
|
| |||||||
Russia-6.13% | ||||||||
Alfa Bank AO Via Alfa Bond Issuance PLC | ||||||||
7.75%, 04/28/2021(a) | 200,000 | 207,992 | ||||||
7.75%, 04/28/2021(a) | 200,000 | 207,992 | ||||||
Sberbank of Russia Via SB Capital S.A., Series 7, 5.72%, 06/16/2021(a) | 200,000 | 207,200 | ||||||
|
| |||||||
623,184 | ||||||||
|
| |||||||
South Africa-3.86% | ||||||||
Eskom Holdings SOC Ltd., | 400,000 | 392,334 | ||||||
|
| |||||||
Supranational-8.00% | ||||||||
Asian Development Bank | ||||||||
2.25%, 01/20/2021 | 200,000 | 201,461 | ||||||
1.63%, 03/16/2021 | 200,000 | 201,541 | ||||||
Black Sea Trade & Development Bank | ||||||||
4.88%, 05/06/2021(a) | 200,000 | 204,647 | ||||||
4.88%, 05/06/2021(a) | 200,000 | 204,647 | ||||||
|
| |||||||
812,296 | ||||||||
|
| |||||||
Taiwan-2.98% | ||||||||
Foxconn (Far East) Ltd., | 300,000 | 302,966 | ||||||
|
| |||||||
Turkey-9.83% | ||||||||
Hazine Mustesarligi Varlik Kiralama A.S. | ||||||||
4.25%, 06/08/2021(a) | 200,000 | 199,053 | ||||||
4.25%, 06/08/2021(a) | 200,000 | 199,053 | ||||||
Turkey Government International Bond, 5.63%, 03/30/2021 | 200,000 | 202,313 | ||||||
Turkiye Vakiflar Bankasi T.A.O. | ||||||||
5.50%, 10/27/2021(a) | 200,000 | 199,122 | ||||||
5.50%, 10/27/2021(a) | 200,000 | 199,122 | ||||||
|
| |||||||
998,663 | ||||||||
|
| |||||||
United Arab Emirates-10.17% | ||||||||
Abu Dhabi Government International Bond | ||||||||
2.13%, 05/03/2021(a) | 200,000 | 202,327 | ||||||
2.13%, 05/03/2021(a) | 200,000 | 202,326 | ||||||
Abu Dhabi National Energy Co. PJSC, 5.88%, 12/13/2021(a) | 200,000 | 213,296 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 221 |
|
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)–(continued)
August 31, 2020
Principal | ||||||||
Amount | Value | |||||||
United Arab Emirates-(continued) | ||||||||
Dolphin Energy Ltd. LLC, | $ | 200,000 | $ | 210,882 | ||||
EIB Sukuk Co. Ltd., 3.54%, 05/31/2021(a) | 200,000 | 203,923 | ||||||
|
| |||||||
1,032,754 | ||||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes | . | 10,012,954 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.31% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(b)(c) | 31,602 | 31,602 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-98.87% | 10,044,556 | |||||||
OTHER ASSETS LESS LIABILITIES-1.13% | 114,888 | |||||||
|
| |||||||
NET ASSETS-100.00% | $ | 10,159,444 | ||||||
|
|
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 August 31, 2020 was $6,943,198, which represented 68.34% 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 20,198 | $ | 2,050,408 | $ | (2,039,004 | ) | $ | - | $ | - | $ | 31,602 | $ | 1,151 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 642,882 | (642,882 | ) | - | - | - | 158 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | - | 155,629 | (155,623 | ) | - | (6 | ) | - | 66 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 562,762 | (562,762 | ) | - | - | - | 3 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 20,198 | $ | 3,411,681 | $ | (3,400,271 | ) | $ | - | $ | (6 | ) | $ | 31,602 | $ | 1,378 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 222 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
August 31, 2020
Schedule of Investments
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.15% |
| |||||||
Brazil-5.99% | ||||||||
Banco do Brasil S.A., | $ | 200,000 | $ | 209,190 | ||||
Cielo USA, Inc., 3.75%, 11/16/2022(a) | 92,571 | 94,054 | ||||||
Itau Unibanco Holding S.A., 5.50%, 08/06/2022(a) | 200,000 | 210,257 | ||||||
Petrobras Global Finance B.V., 6.13%, 01/17/2022 | 100,000 | 105,852 | ||||||
|
| |||||||
619,353 | ||||||||
|
| |||||||
Chile-1.51% | ||||||||
Banco del Estado de Chile, 3.88%, 02/08/2022(a) | 150,000 | 156,348 | ||||||
|
| |||||||
China-8.08% | ||||||||
CNOOC Finance (2012) Ltd., 3.88%, 05/02/2022(a) | 200,000 | 209,566 | ||||||
Sinopec Group Overseas Development (2012) Ltd. | ||||||||
3.90%, 05/17/2022(a) | 200,000 | 209,690 | ||||||
3.90%, 05/17/2022(a) | 200,000 | 209,690 | ||||||
State Grid Overseas Investment (2016) Ltd., 2.75%, 05/04/2022(a) | 200,000 | 205,984 | ||||||
|
| |||||||
834,930 | ||||||||
|
| |||||||
Colombia-3.01% | ||||||||
Bancolombia S.A., 5.13%, 09/11/2022 | 100,000 | 105,092 | ||||||
Grupo Aval Ltd., 4.75%, 09/26/2022(a) | 200,000 | 205,500 | ||||||
|
| |||||||
310,592 | ||||||||
|
| |||||||
India-6.48% | ||||||||
JSW Steel Ltd., 5.25%, 04/13/2022(a) | 200,000 | 201,499 | ||||||
Reliance Industries Ltd., 5.40%, 02/14/2022(a) | 250,000 | 264,000 | ||||||
State Bank of India, 3.25%, 01/24/2022(a) | 200,000 | 204,152 | ||||||
|
| |||||||
669,651 | ||||||||
|
| |||||||
Indonesia-8.11% | ||||||||
Indonesia Government International Bond, 3.75%, 04/25/2022(a) | 200,000 | 208,739 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
3.40%, 03/29/2022(a) | 200,000 | 207,515 | ||||||
3.30%, 11/21/2022(a) | 200,000 | 209,465 | ||||||
PT Pertamina (Persero), 4.88%, 05/03/2022(a) | 200,000 | 212,020 | ||||||
|
| |||||||
837,739 | ||||||||
|
| |||||||
Ireland-0.96% | ||||||||
Park Aerospace Holdings Ltd., 5.25%, 08/15/2022(a) | 100,000 | 99,330 | ||||||
|
| |||||||
Malaysia-4.16% | ||||||||
Petronas Capital Ltd. | ||||||||
3.13%, 03/18/2022(a) | 200,000 | 206,401 | ||||||
7.88%, 05/22/2022(a) | 200,000 | 223,193 | ||||||
|
| |||||||
429,594 | ||||||||
|
| |||||||
Mauritius Island-1.94% | ||||||||
Neerg Energy Ltd., 6.00%, 02/13/2022(a) | 200,000 | 200,875 | ||||||
|
| |||||||
Mexico-9.76% | ||||||||
America Movil S.A.B. de C.V., 3.13%, 07/16/2022 | 200,000 | 208,632 |
Principal Amount | Value | |||||||
Mexico-(continued) | ||||||||
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander, 4.13%, 11/09/2022(a) | $ | 150,000 | $ | 157,593 | ||||
Grupo Bimbo S.A.B. de C.V., 4.50%, 01/25/2022(a) | 100,000 | 104,418 | ||||||
Mexico Government International Bond | ||||||||
3.63%, 03/15/2022 | 150,000 | 157,500 | ||||||
8.00%, 09/24/2022 | 200,000 | 227,500 | ||||||
Petroleos Mexicanos, 4.88%, 01/24/2022 | 150,000 | 152,740 | ||||||
|
| |||||||
1,008,383 | ||||||||
|
| |||||||
Panama-1.98% | ||||||||
Banistmo S.A., 3.65%, 09/19/2022(a) | 200,000 | 204,103 | ||||||
|
| |||||||
Peru-1.03% | ||||||||
Banco BBVA Peru S.A., 5.00%, 08/26/2022(a) | 100,000 | 106,852 | ||||||
|
| |||||||
Poland-3.12% | ||||||||
Republic of Poland Government International Bond, 5.00%, 03/23/2022 | 300,000 | 322,088 | ||||||
|
| |||||||
Russia-10.21% | ||||||||
Rosneft Oil Co. Via Rosneft International Finance DAC, 4.20%, 03/06/2022(a) | 200,000 | 206,621 | ||||||
Russian Foreign Bond - Eurobond, 4.50%, 04/04/2022(a) | 200,000 | 210,422 | ||||||
Sberbank of Russia Via SB Capital S.A. | ||||||||
6.13%, 02/07/2022(a) | 200,000 | 212,411 | ||||||
5.13%, 10/29/2022(a) | 200,000 | 211,676 | ||||||
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a) | 200,000 | 214,186 | ||||||
|
| |||||||
�� | 1,055,316 | |||||||
|
| |||||||
South Africa-4.96% | ||||||||
MTN (Mauritius) Investments Ltd., 5.37%, 02/13/2022(a) | 200,000 | 206,697 | ||||||
Republic of South Africa Government International Bond, 5.88%, 05/30/2022 | 100,000 | 105,888 | ||||||
Transnet SOC Ltd., | 200,000 | 199,727 | ||||||
|
| |||||||
512,312 | ||||||||
|
| |||||||
Supranational-4.97% | ||||||||
Asian Development Bank | ||||||||
2.00%, 02/16/2022 | 200,000 | 205,142 | ||||||
1.88%, 02/18/2022 | 100,000 | 102,389 | ||||||
1.75%, 09/13/2022 | 200,000 | 206,293 | ||||||
|
| |||||||
513,824 | ||||||||
|
| |||||||
Thailand-2.04% | ||||||||
Bangkok Bank PCL, | 200,000 | 210,679 | ||||||
|
| |||||||
Turkey-9.66% | ||||||||
QNB Finansbank A.S., 4.88%, 05/19/2022(a) | 200,000 | 198,711 | ||||||
Turkey Government International Bond | ||||||||
5.13%, 03/25/2022 | 200,000 | 201,000 | ||||||
6.25%, 09/26/2022 | 200,000 | 203,420 | ||||||
Turkiye Garanti Bankasi A.S., 5.25%, 09/13/2022(a) | 200,000 | 198,296 | ||||||
Turkiye Is Bankasi A.S., 5.50%, 04/21/2022(a) | 200,000 | 197,062 | ||||||
|
| |||||||
998,489 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 223 |
|
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
United Arab Emirates-8.08% | ||||||||
Abu Dhabi Government International Bond | ||||||||
2.50%, 10/11/2022(a) | $ | 200,000 | $ | 207,458 | ||||
2.50%, 10/11/2022(a) | 200,000 | 207,458 | ||||||
DIB Sukuk Ltd., 3.66%, 02/14/2022(a) | 200,000 | 206,097 | ||||||
MDGH - GMTN B.V., 5.50%, 03/01/2022(a) | 200,000 | 214,207 | ||||||
|
| |||||||
835,220 | ||||||||
|
| |||||||
United States-2.10% | ||||||||
JBS Investments II GmbH, 7.00%, 01/15/2026(a) | 200,000 | 216,619 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $9,759,692) | 10,142,297 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.66% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(b)(c) | 68,228 | $ | 68,228 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-98.81% | 10,210,525 | |||||||
OTHER ASSETS LESS LIABILITIES-1.19% | 123,038 | |||||||
|
| |||||||
NET ASSETS-100.00% | $ | 10,333,563 | ||||||
|
|
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 August 31, 2020 was $7,838,761, which represented 75.86% 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 38,836 | $ | 790,361 | $ | (760,969 | ) | $ | - | $ | - | $ | 68,228 | $ | 986 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 121,878 | 571,135 | (693,013 | ) | - | - | 493 | * | |||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 40,126 | 155,005 | (195,090 | ) | - | (41 | ) | - | 180 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 370,701 | (370,701 | ) | - | - | 1 | * | |||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 29,500 | (29,500 | ) | - | - | - | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 200,840 | $ | 1,916,702 | $ | (2,049,273 | ) | $ | - | $ | (41 | ) | $ | 68,228 | $ | 1,660 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 224 |
|
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
August 31, 2020
Schedule of Investments
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.89% |
| |||||||
Brazil-9.04% | ||||||||
Banco do Brasil S.A., | $ | 200,000 | $ | 214,752 | ||||
Brazilian Government International Bond, 2.63%, 01/05/2023 | 200,000 | 206,700 | ||||||
Embraer Overseas Ltd., 5.70%, 09/16/2023(a) | 150,000 | 151,313 | ||||||
Itau Unibanco Holding S.A., 5.13%, 05/13/2023(a) | 200,000 | 212,376 | ||||||
Petrobras Global Finance B.V., 4.38%, 05/20/2023 | 150,000 | 157,237 | ||||||
|
| |||||||
942,378 | ||||||||
|
| |||||||
Chile-6.09% | ||||||||
Banco de Credito e Inversiones S.A., 4.00%, 02/11/2023(a) | 200,000 | 213,383 | ||||||
Falabella S.A., 3.75%, 04/30/2023(a) | 200,000 | 208,521 | ||||||
Inversiones CMPC S.A., 4.38%, 05/15/2023(a) | 200,000 | 213,007 | ||||||
|
| |||||||
634,911 | ||||||||
|
| |||||||
China-8.23% | ||||||||
CNOOC Finance (2013) Ltd., 3.00%, 05/09/2023 | 200,000 | 210,678 | ||||||
CNPC General Capital Ltd., 3.40%, 04/16/2023(a) | 200,000 | 212,401 | ||||||
Sinopec Group Overseas Development (2013) Ltd., 4.38%, 10/17/2023(a) | 200,000 | 220,189 | ||||||
State Grid Overseas Investment (2016) Ltd., 3.75%, 05/02/2023(a) | 200,000 | 215,055 | ||||||
|
| |||||||
858,323 | ||||||||
|
| |||||||
Colombia-2.96% | ||||||||
Colombia Government International Bond, 2.63%, 03/15/2023 | 300,000 | 308,896 | ||||||
|
| |||||||
Hungary-4.33% | ||||||||
Hungary Government International Bond | ||||||||
5.38%, 02/21/2023 | 200,000 | 221,289 | ||||||
5.75%, 11/22/2023 | 200,000 | 230,084 | ||||||
|
| |||||||
451,373 | ||||||||
|
| |||||||
India-4.13% | ||||||||
Export-Import Bank of India, 4.00%, 01/14/2023(a) | 200,000 | 211,051 | ||||||
Indian Oil Corp. Ltd., | 200,000 | 219,869 | ||||||
|
| |||||||
430,920 | ||||||||
|
| |||||||
Indonesia-8.36% | ||||||||
Indo Energy Finance II B.V., 6.38%, 01/24/2023(a) | 114,000 | 112,005 | ||||||
Indonesia Government International Bond | ||||||||
3.38%, 04/15/2023(a) | 200,000 | 211,360 | ||||||
5.38%, 10/17/2023(a) | 200,000 | 225,750 | ||||||
PT Pertamina (Persero), 4.30%, 05/20/2023(a) | 300,000 | 322,800 | ||||||
|
| |||||||
871,915 | ||||||||
|
| |||||||
Ireland-0.92% | ||||||||
Park Aerospace Holdings Ltd., 4.50%, 03/15/2023(a) | 100,000 | 95,495 | ||||||
|
| |||||||
Mexico-7.70% | ||||||||
Fresnillo PLC, 5.50%, 11/13/2023(a) | 200,000 | 221,520 |
Principal Amount | Value | |||||||
Mexico-(continued) | ||||||||
Mexico Government International Bond, 4.00%, 10/02/2023 | $ | 350,000 | $ | 382,058 | ||||
Petroleos Mexicanos, 3.50%, 01/30/2023 | 200,000 | 199,182 | ||||||
|
| |||||||
802,760 | ||||||||
|
| |||||||
Peru-4.05% | ||||||||
Banco de Credito del Peru, 4.25%, 04/01/2023(a) | 200,000 | 214,479 | ||||||
Banco Internacional del Peru SAA Interbank, 3.38%, 01/18/2023(a) | 200,000 | 207,229 | ||||||
|
| |||||||
421,708 | ||||||||
|
| |||||||
Philippines-2.01% | ||||||||
Rizal Commercial Banking Corp., 4.13%, 03/16/2023(a) | 200,000 | 209,500 | ||||||
|
| |||||||
Poland-2.04% | ||||||||
Republic of Poland Government International Bond, 3.00%, 03/17/2023 | 200,000 | 212,785 | ||||||
|
| |||||||
Russia-10.46% | ||||||||
LUKOIL International Finance B.V., 4.56%, 04/24/2023(a) | 200,000 | 213,777 | ||||||
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a) | 200,000 | 214,182 | ||||||
Russian Foreign Bond - Eurobond | ||||||||
4.88%, 09/16/2023(a) | 200,000 | 220,947 | ||||||
4.88%, 09/16/2023(a) | 400,000 | 441,894 | ||||||
|
| |||||||
1,090,800 | ||||||||
|
| |||||||
Supranational-3.06% | ||||||||
Asian Development Bank, 2.75%, 03/17/2023 | 300,000 | 319,356 | ||||||
|
| |||||||
Thailand-1.99% | ||||||||
Siam Commercial Bank PCL (The), 2.75%, 05/16/2023(a) | 200,000 | 207,626 | ||||||
|
| |||||||
Turkey-9.44% | ||||||||
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023(a) | 200,000 | 195,316 | ||||||
KOC Holding A.S., 5.25%, 03/15/2023(a) | 200,000 | 201,185 | ||||||
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a) | 200,000 | 199,419 | ||||||
Turkey Government International Bond, 3.25%, 03/23/2023 | 200,000 | 190,560 | ||||||
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a) | 200,000 | 198,060 | ||||||
|
| |||||||
984,540 | ||||||||
|
| |||||||
United Arab Emirates-10.15% | ||||||||
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/2023(a) | 200,000 | 212,142 | ||||||
ADCB Finance Cayman Ltd. | ||||||||
4.50%, 03/06/2023(a) | 200,000 | 213,138 | ||||||
4.00%, 03/29/2023(a) | 200,000 | 212,690 | ||||||
DP World Crescent Ltd., 3.91%, 05/31/2023(a) | 200,000 | 211,350 | ||||||
MDGH - GMTN B.V., 2.75%, 05/11/2023(a) | 200,000 | 208,493 | ||||||
|
| |||||||
1,057,813 | ||||||||
|
| |||||||
United Kingdom-1.86% | ||||||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)(b) | 200,000 | 193,623 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 225 |
|
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)–(continued)
August 31, 2020
Principal | ||||||||
Amount | Value | |||||||
United States-1.07% | ||||||||
JBS USA LUX S.A./JBS USA Finance, Inc., 6.75%, 02/15/2028(a) | $ | 100,000 | $ | 110,981 | ||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes | 10,205,703 | |||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.92% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $96,114) | 96,114 | 96,114 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.81% |
| 10,301,817 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.88% | ||||||||
Invesco Private Government Fund, | 147,005 | $ | 147,005 | |||||
Invesco Private Prime Fund, 0.14%(c)(d)(e) | 49,005 | 49,015 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 196,020 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.69% |
| 10,497,837 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.69)% |
| (71,889 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 10,425,948 | |||||
|
|
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 August 31, 2020 was $7,566,878, which represented 72.58% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 108,674 | $ | 1,145,338 | $ | (1,157,898 | ) | $ | - | $ | - | $ | 96,114 | $ | 815 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 152,754 | 1,913,158 | (2,065,912 | ) | - | - | - | 1,661 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 50,615 | 607,894 | (658,481 | ) | - | (28 | ) | - | 632 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 1,852,773 | (1,705,768 | ) | - | - | 147,005 | 23 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 211,198 | (162,183 | ) | - | - | 49,015 | 13 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 312,043 | $ | 5,730,361 | $ | (5,750,242 | ) | $ | - | $ | (28 | ) | $ | 292,134 | $ | 3,144 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 226 |
|
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
August 31, 2020
Schedule of Investments
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.50% |
| |||||||
Brazil-8.01% | ||||||||
Andrade Gutierrez International S.A., 9.50%, 12/30/2024(a) | $ | 100,000 | $ | 70,001 | ||||
Brazilian Government International Bond, 8.88%, 04/15/2024 | 300,000 | 372,718 | ||||||
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a) | 200,000 | 225,402 | ||||||
GTL Trade Finance, Inc./Gerdau Holdings, Inc., 5.89%, 04/29/2024(a)(b) | 200,000 | 220,979 | ||||||
Petrobras Global Finance B.V., 6.25%, 03/17/2024 | 200,000 | 221,450 | ||||||
Rio Oil Finance Trust, Series 2014-1, 9.25%, 07/06/2024(a) | 127,746 | 138,094 | ||||||
|
| |||||||
1,248,644 | ||||||||
|
| |||||||
Chile-2.79% | ||||||||
Empresa Nacional del Petroleo, 4.38%, 10/30/2024(a) | 400,000 | 435,047 | ||||||
|
| |||||||
China-9.83% | ||||||||
Alibaba Group Holding Ltd., 3.60%, 11/28/2024 | 200,000 | 221,328 | ||||||
CNAC HK Finbridge Co. Ltd., 3.38%, 06/19/2024(a) | 200,000 | 211,801 | ||||||
CNOOC Finance 2014 ULC, 4.25%, 04/30/2024 | 200,000 | 222,153 | ||||||
Export-Import Bank of China (The), 3.63%, 07/31/2024(a) | 200,000 | 219,594 | ||||||
State Grid Overseas Investment (2014) Ltd. | ||||||||
4.13%, 05/07/2024(a) | 200,000 | 222,136 | ||||||
4.13%, 05/07/2024(a) | 200,000 | 222,136 | ||||||
Tencent Holdings Ltd., 3.28%, | 200,000 | 214,131 | ||||||
|
| |||||||
1,533,279 | ||||||||
|
| |||||||
Colombia-4.34% | ||||||||
Colombia Government International Bond | ||||||||
4.00%, 02/26/2024 | 200,000 | 214,361 | ||||||
8.13%, 05/21/2024 | 200,000 | 243,729 | ||||||
SURA Asset Management S.A., 4.88%, 04/17/2024(a) | 200,000 | 218,973 | ||||||
|
| |||||||
677,063 | ||||||||
|
| |||||||
Hong Kong-1.48% | ||||||||
King Power Capital Ltd., 5.63%, 11/03/2024(a) | 200,000 | 230,624 | ||||||
|
| |||||||
Hungary-2.22% | ||||||||
Hungary Government International Bond, 5.38%, 03/25/2024 | 300,000 | 345,978 | ||||||
|
| |||||||
India-7.88% | ||||||||
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/2024(a) | 200,000 | 208,723 | ||||||
Bharti Airtel International Netherlands B.V., 5.35%, 05/20/2024(a) | 200,000 | 218,087 | ||||||
Oil India Ltd., 5.38%, 04/17/2024(a) | 200,000 | 219,121 | ||||||
ONGC Videsh Ltd., 4.63%, 07/15/2024(a) | 200,000 | 216,266 | ||||||
ReNew Power Synthetic, 6.67%, 03/12/2024(a) | 200,000 | 210,000 | ||||||
Vedanta Resources Ltd., 6.13%, 08/09/2024(a) | 200,000 | 155,806 | ||||||
|
| |||||||
1,228,003 | ||||||||
|
|
Principal Amount | Value | |||||||
Indonesia-10.07% | ||||||||
Indonesia Government International Bond | ||||||||
5.88%, 01/15/2024(a) | $ | 200,000 | $ | 230,749 | ||||
5.88%, 01/15/2024(a) | 200,000 | 230,749 | ||||||
4.45%, 02/11/2024 | 200,000 | 221,599 | ||||||
Perusahaan Penerbit SBSN Indonesia III, 4.35%, 09/10/2024(a) | 400,000 | 447,362 | ||||||
PT Perusahaan Gas Negara Tbk | ||||||||
5.13%, 05/16/2024(a) | 200,000 | 219,499 | ||||||
5.13%, 05/16/2024(a) | 200,000 | 219,499 | ||||||
|
| |||||||
1,569,457 | ||||||||
|
| |||||||
Mexico-8.85% | ||||||||
Banco Inbursa S.A., Institucion De Banca Multiple Grupo, Financiero Inbursa | ||||||||
4.13%, 06/06/2024(a) | 150,000 | 157,425 | ||||||
4.13%, 06/06/2024(a) | 150,000 | 157,425 | ||||||
CEMEX Finance LLC, 6.00%, 04/01/2024(a) | 200,000 | 203,122 | ||||||
Comision Federal de Electricidad | ||||||||
4.88%, 01/15/2024(a) | 200,000 | 214,981 | ||||||
4.88%, 01/15/2024(a) | 400,000 | 429,962 | ||||||
Grupo Bimbo S.A.B. de C.V., 3.88%, 06/27/2024(a) | 200,000 | 216,762 | ||||||
|
| |||||||
1,379,677 | ||||||||
|
| |||||||
Morocco-2.80% | ||||||||
OCP S.A., 5.63%, 04/25/2024(a) | 400,000 | 436,088 | ||||||
|
| |||||||
Peru-1.41% | ||||||||
Minsur S.A., 6.25%, 02/07/2024(a) | 200,000 | 220,669 | ||||||
|
| |||||||
Philippines-5.09% | ||||||||
Philippine Government International Bond, 4.20%, 01/21/2024 | 300,000 | 333,165 | ||||||
Philippine National Bank, 3.28%, 09/27/2024(a) | 200,000 | 209,000 | ||||||
Power Sector Assets and Liabilities Management Corp., 7.39%, 12/02/2024(a) | 200,000 | 251,360 | ||||||
|
| |||||||
793,525 | ||||||||
|
| |||||||
Poland-2.87% | ||||||||
Republic of Poland Government International Bond, 4.00%, 01/22/2024 | 400,000 | 447,024 | ||||||
|
| |||||||
South Africa-5.28% | ||||||||
MTN (Mauritius) Investments Ltd. | ||||||||
4.76%, 11/11/2024(a) | 200,000 | 208,575 | ||||||
4.76%, 11/11/2024(a) | 200,000 | 208,575 | ||||||
Republic of South Africa Government International Bond, 4.67%, 01/17/2024 | 200,000 | 207,724 | ||||||
Sasol Financing USA LLC, 5.88%, 03/27/2024 | 200,000 | 199,000 | ||||||
|
| |||||||
823,874 | ||||||||
|
| |||||||
Supranational-4.48% | ||||||||
Asian Development Bank | ||||||||
2.63%, 01/30/2024 | 450,000 | 486,324 | ||||||
1.50%, 10/18/2024 | 100,000 | 104,978 | ||||||
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/2024 | 100,000 | 107,201 | ||||||
|
| |||||||
698,503 | ||||||||
|
| |||||||
Turkey-8.77% | ||||||||
Coca-Cola Icecek A.S., | 200,000 | 204,534 | ||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 227 |
|
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Turkey-(continued) | ||||||||
Hazine Mustesarligi Varlik Kiralama A.S., 4.49%, 11/25/2024(a) | $ | 200,000 | $ | 187,855 | ||||
Turk Telekomunikasyon A.S., 4.88%, 06/19/2024(a) | 200,000 | 196,950 | ||||||
Turkey Government International Bond | ||||||||
6.35%, 08/10/2024 | 200,000 | 201,150 | ||||||
5.60%, 11/14/2024 | 200,000 | 195,725 | ||||||
Turkiye Is Bankasi A.S., 6.13%, 04/25/2024(a) | 400,000 | 381,284 | ||||||
|
| |||||||
1,367,498 | ||||||||
|
| |||||||
United Arab Emirates-10.89% | ||||||||
Abu Dhabi Government International Bond, 2.13%, 09/30/2024(a) | 400,000 | 417,793 | ||||||
Abu Dhabi National Energy Co. PJSC, 3.88%, 05/06/2024(a) | 200,000 | 218,096 | ||||||
EMG Sukuk Ltd., 4.56%, 06/18/2024(a) | 200,000 | 208,212 | ||||||
MAF Global Securities Ltd., 4.75%, 05/07/2024(a) | 200,000 | 213,964 | ||||||
MDGH - GMTN B.V. | ||||||||
3.00%, 04/19/2024(a) | 200,000 | 213,107 | ||||||
2.50%, 11/07/2024(a) | 200,000 | 210,516 | ||||||
Sharjah Sukuk Ltd., 3.76%, | 200,000 | 215,749 | ||||||
|
| |||||||
1,697,437 | ||||||||
|
| |||||||
Vietnam-1.44% | ||||||||
Vietnam Government International Bond, 4.80%, 11/19/2024(a) | 200,000 | 225,000 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes | 15,357,390 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.32% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(c)(d) (Cost $50,313) | 50,313 | $ | 50,313 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.82% (Cost $14,797,654) |
| 15,407,703 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.46% | ||||||||
Invesco Private Government Fund, | 170,775 | 170,775 | ||||||
Invesco Private Prime Fund, 0.14%(c)(d)(e) | 56,914 | 56,925 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 227,700 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.28% | 15,635,403 | |||||||
OTHER ASSETS LESS LIABILITIES-(0.28)% | (43,481 | ) | ||||||
|
| |||||||
NET ASSETS-100.00% | $ | 15,591,922 | ||||||
|
|
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 August 31, 2020 was $11,011,783, which represented 70.62% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $30,464 | $ | 4,596,108 | $ | (4,576,259 | ) | $- | $- | $50,313 | $ | 995 | ||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 2,737,932 | (2,737,932 | ) | - | - | - | 915 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | - | 801,910 | (801,893 | ) | - | (17) | - | 346 | * | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 402,066 | (231,291 | ) | - | - | 170,775 | 6 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 102,285 | (45,360 | ) | - | - | 56,925 | 5 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $30,464 | $ | 8,640,301 | $ | (8,392,735 | ) | $- | $(17) | $278,013 | $ | 2,267 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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.
| 228 |
|
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)–(continued)
August 31, 2020
(d) | The rate shown is the 7-day SEC standardized yield as of August 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 2J. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 229 |
|
Statements of Assets and Liabilities
August 31, 2020
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 1,435,033,307 | $ | 1,986,361,071 | $ | 1,989,157,538 | $ | 1,326,725,356 | ||||||||||||
Affiliated investments in securities, at value | 100,289,758 | 35,877,824 | 39,785,125 | 4,857,094 | ||||||||||||||||
Cash | - | - | 321,570 | 1,058,608 | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | 43,795 | 109,826 | - | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends and interest | 8,244,692 | 17,316,688 | 15,601,964 | 10,452,474 | ||||||||||||||||
Securities lending | - | 885 | 5,278 | 143 | ||||||||||||||||
Investments sold. | - | - | 21,804,409 | - | ||||||||||||||||
Fund shares sold. | - | 3,238,680 | 104,640 | 9,836,756 | ||||||||||||||||
Investments matured, at value | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 1,543,567,757 | 2,042,838,943 | 2,066,890,350 | 1,352,930,431 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 46,284,711 | 3,248,517 | 430,335 | 10,868,886 | ||||||||||||||||
Collateral upon return of securities loaned | - | 6,666,595 | 3,668,605 | 871,650 | ||||||||||||||||
Collateral upon receipt of securities in-kind. | - | 43,795 | 109,826 | - | ||||||||||||||||
Fund shares repurchased | 35,040,324 | - | 22,953,250 | - | ||||||||||||||||
Accrued unitary management fees | 106,274 | 167,575 | 168,168 | 112,138 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 81,431,309 | 10,126,482 | 27,330,184 | 11,852,674 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 1,462,136,448 | $ | 2,032,712,461 | $ | 2,039,560,166 | $ | 1,341,077,757 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 1,459,845,965 | $ | 2,005,050,619 | $ | 1,978,343,462 | $ | 1,284,405,244 | ||||||||||||
Distributable earnings (loss) | 2,290,483 | 27,661,842 | 61,216,704 | 56,672,513 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 1,462,136,448 | $ | 2,032,712,461 | $ | 2,039,560,166 | $ | 1,341,077,757 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 68,850,000 | 95,250,000 | 93,300,000 | 61,350,000 | ||||||||||||||||
Net asset value | $ | 21.24 | $ | 21.34 | $ | 21.86 | $ | 21.86 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 21.24 | $ | 21.36 | $ | 21.85 | $ | 21.88 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 1,433,344,613 | $ | 1,960,647,302 | $ | 1,932,174,244 | $ | 1,268,862,234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 100,289,758 | $ | 35,877,824 | $ | 39,785,125 | $ | 4,857,094 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Investments matured, at cost | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | 6,488,876 | $ | 3,559,529 | $ | 848,500 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 230 |
|
Invesco BulletShares 2024 Corporate | Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2029 Corporate Bond ETF | Invesco BulletShares 2020 High Yield Corporate Bond ETF | |||||||||||||||||||||||||||
(BSCO) | (BSCP) | (BSCQ) | (BSCR) | (BSCS) | (BSCT) | (BSJK) | |||||||||||||||||||||||||||
$ | 1,067,169,705 | $ | 627,343,753 | $ | 290,714,312 | $ | 229,297,259 | $ | 127,366,170 | $ | 25,528,276 | $ | 709,797,104 | ||||||||||||||||||||
12,563,915 | 4,618,747 | 2,973,079 | 848,692 | 1,528,346 | 332,240 | 13,562,832 | |||||||||||||||||||||||||||
600 | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
9,884,705 | 5,519,096 | 2,441,506 | 1,918,101 | 1,327,218 | 247,084 | 2,703,186 | |||||||||||||||||||||||||||
921 | 602 | 349 | 1,085 | 622 | 57 | 134,720 | |||||||||||||||||||||||||||
- | 6,622,151 | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | 3,308,799 | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | 352,215 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
1,089,619,846 | 644,104,349 | 296,129,246 | 235,373,936 | 130,222,356 | 26,107,657 | 726,550,057 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
- | - | - | 3,314,099 | - | - | - | |||||||||||||||||||||||||||
4,279,498 | 4,486,923 | 2,422,447 | 424,878 | 1,193,027 | 290,503 | 7,241,157 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | 6,732,273 | - | - | - | - | - | |||||||||||||||||||||||||||
89,395 | 51,454 | 24,680 | 19,029 | 10,836 | 2,187 | 261,518 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
4,368,893 | 11,270,650 | 2,447,127 | 3,758,006 | 1,203,863 | 292,690 | 7,502,675 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 1,085,250,953 | $ | 632,833,699 | $ | 293,682,119 | $ | 231,615,930 | $ | 129,018,493 | $ | 25,814,967 | $ | 719,047,382 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 1,028,283,367 | $ | 595,298,969 | $ | 273,421,597 | $ | 217,303,376 | $ | 120,824,415 | $ | 24,495,160 | $ | 761,381,071 | ||||||||||||||||||||
56,967,586 | 37,534,730 | 20,260,522 | 14,312,554 | 8,194,078 | 1,319,807 | (42,333,689 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 1,085,250,953 | $ | 632,833,699 | $ | 293,682,119 | $ | 231,615,930 | $ | 129,018,493 | $ | 25,814,967 | $ | 719,047,382 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
48,750,000 | 28,200,000 | 13,500,000 | 10,500,000 | 5,550,001 | 1,200,001 | 30,700,000 | |||||||||||||||||||||||||||
$ | 22.26 | $ | 22.44 | $ | 21.75 | $ | 22.06 | $ | 23.25 | $ | 21.51 | $ | 23.42 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 22.28 | $ | 22.45 | $ | 21.78 | $ | 22.07 | $ | 23.25 | $ | 21.51 | $ | 23.39 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 1,008,192,831 | $ | 589,348,231 | $ | 270,082,194 | $ | 214,703,096 | $ | 119,074,310 | $ | 24,210,136 | $ | 711,033,895 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 12,563,915 | $ | 4,618,747 | $ | 2,973,079 | $ | 848,692 | $ | 1,528,346 | $ | 332,240 | $ | 13,562,832 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 353,155 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 4,146,374 | $ | 4,347,246 | $ | 2,366,807 | $ | 413,981 | $ | 1,150,023 | $ | 283,699 | $ | 6,852,273 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 231 |
|
Statements of Assets and Liabilities–(continued)
August 31, 2020
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 928,871,600 | $ | 632,945,576 | $ | 376,432,121 | $ | 170,414,109 | ||||||||||||
Affiliated investments in securities, at value | 83,143,686 | 52,460,353 | 18,221,803 | 9,397,901 | ||||||||||||||||
Cash | 2,068,942 | 6,311 | - | 4,019 | ||||||||||||||||
Deposits with brokers: | ||||||||||||||||||||
Cash segregated as collateral | - | - | 161,880 | 65,214 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends and interest | 14,030,283 | 9,994,291 | 6,317,041 | 2,742,090 | ||||||||||||||||
Securities lending | 38,182 | 15,582 | 8,284 | 3,878 | ||||||||||||||||
Investments sold | 2,672,257 | - | - | - | ||||||||||||||||
Fund shares sold | - | - | 7,604,712 | 60,186 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 1,030,824,950 | 695,422,113 | 408,745,841 | 182,687,397 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 2,070,500 | - | 7,530,988 | 1,583,620 | ||||||||||||||||
Collateral upon return of securities loaned | 36,214,035 | 17,570,454 | 11,013,726 | 5,736,363 | ||||||||||||||||
Collateral upon receipt of securities in-kind | - | - | 161,880 | 65,214 | ||||||||||||||||
Accrued unitary management fees | 346,235 | 238,350 | 132,370 | 61,429 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 38,630,770 | 17,808,804 | 18,838,964 | 7,446,626 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 992,194,180 | $ | 677,613,309 | $ | 389,906,877 | $ | 175,240,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 1,062,085,659 | $ | 721,141,986 | $ | 408,271,648 | $ | 180,212,465 | ||||||||||||
Distributable earnings (loss) | (69,891,479 | ) | (43,528,677 | ) | (18,364,771 | ) | (4,971,694 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 992,194,180 | $ | 677,613,309 | $ | 389,906,877 | $ | 175,240,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 43,000,000 | 29,500,000 | 15,700,000 | 7,200,000 | ||||||||||||||||
Net asset value | $ | 23.07 | $ | 22.97 | $ | 24.83 | $ | 24.34 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 23.09 | $ | 22.97 | $ | 24.81 | $ | 24.34 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 923,216,568 | $ | 629,277,462 | $ | 372,772,313 | $ | 169,883,705 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | 83,143,418 | $ | 52,460,274 | $ | 18,221,803 | $ | 9,397,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 34,346,395 | $ | 16,852,903 | $ | 10,552,838 | $ | 5,542,328 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 232 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | Invesco BulletShares 2021 Municipal Bond ETF (BSML) | Invesco BulletShares 2022 Municipal Bond ETF (BSMM) | Invesco BulletShares 2023 Municipal Bond ETF (BSMN) | Invesco BulletShares 2024 Municipal Bond ETF (BSMO) | |||||||||||||||||||||||||||
$126,493,880 | $ | 73,269,474 | $ | 19,622,210 | $ | 24,810,032 | $ | 27,490,081 | $ | 15,087,749 | $ | 12,562,939 | |||||||||||||||||||||
6,582,237 | 2,411,200 | 224,216 | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | 130,069 | 41,095 | 35,166 | 70,412 | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
2,132,015 | 1,140,504 | 268,171 | 317,554 | 317,475 | 163,741 | 130,991 | |||||||||||||||||||||||||||
2,985 | 459 | 593 | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
135,211,117 | 76,821,637 | 20,115,190 | 25,257,655 | 27,848,651 | 15,286,656 | 12,764,342 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
4,412,400 | 2,015,115 | 182,734 | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | ||||||||||||||||||||||||||||
45,977 | 26,278 | 7,032 | 3,852 | 4,173 | 2,334 | 1,949 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
4,458,377 | 2,041,393 | 189,766 | 3,852 | 4,173 | 2,334 | 1,949 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$130,752,740 | $ | 74,780,244 | $ | 19,925,424 | $ | 25,253,803 | $ | 27,844,478 | $ | 15,284,322 | $ | 12,762,393 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$133,358,526 | $ | 76,076,903 | $ | 19,344,490 | $ | 25,161,358 | $ | 27,712,627 | $ | 15,104,435 | $ | 12,546,896 | |||||||||||||||||||||
(2,605,786) | (1,296,659 | ) | 580,934 | 92,445 | 131,851 | 179,887 | 215,497 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$130,752,740 | $ | 74,780,244 | $ | 19,925,424 | $ | 25,253,803 | $ | 27,844,478 | $ | 15,284,322 | $ | 12,762,393 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
5,500,000 | 3,000,001 | 800,001 | 1,000,001 | 1,100,001 | 600,001 | 500,001 | |||||||||||||||||||||||||||
$ 23.77 | $ | 24.93 | $ | 24.91 | $ | 25.25 | $ | 25.31 | $ | 25.47 | $ | 25.52 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ 23.74 | $ | 24.88 | $ | 24.84 | $ | 25.35 | $ | 25.40 | $ | 25.53 | $ | 25.62 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$125,516,935 | $ | 72,370,263 | $ | 19,005,602 | $ | 24,717,587 | $ | 27,359,303 | $ | 14,909,264 | $ | 12,347,442 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ 6,582,237 | $ | 2,411,200 | $ | 224,216 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ 4,230,874 | $ | 1,940,287 | $ | 174,790 | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 233 |
|
Statements of Assets and Liabilities–(continued)
August 31, 2020
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 10,166,356 | $ | 12,533,183 | $ | 14,982,772 | $ | 5,124,796 | ||||||||||||
Affiliated investments in securities, at value | - | - | - | - | ||||||||||||||||
Cash | 77,631 | 66,478 | 92,583 | 103,089 | ||||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends and interest | 101,110 | 142,022 | 130,977 | 44,761 | ||||||||||||||||
Securities lending | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total assets | 10,345,097 | 12,741,683 | 15,206,332 | 5,272,646 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Liabilities: | ||||||||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | 61,347 | - | - | 131,291 | ||||||||||||||||
Collateral upon return of securities loaned | - | - | - | - | ||||||||||||||||
Accrued unitary management fees | 1,572 | 1,901 | 2,083 | 791 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total liabilities | 62,919 | 1,901 | 2,083 | 132,082 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 10,282,178 | $ | 12,739,782 | $ | 15,204,249 | $ | 5,140,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 10,000,140 | $ | 12,563,909 | $ | 15,239,250 | $ | 5,000,037 | ||||||||||||
Distributable earnings (loss) | 282,038 | 175,873 | (35,001 | ) | 140,527 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Assets | $ | 10,282,178 | $ | 12,739,782 | $ | 15,204,249 | $ | 5,140,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 400,001 | 500,001 | 600,001 | 200,001 | ||||||||||||||||
Net asset value | $ | 25.71 | $ | 25.48 | $ | 25.34 | $ | 25.70 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Market price | $ | 25.78 | $ | 25.54 | $ | 25.42 | $ | 25.76 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Unaffiliated investments in securities, at cost | $ | 9,884,864 | $ | 12,357,310 | $ | 15,017,773 | $ | 4,984,515 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Affiliated investments in securities, at cost | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 234 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | |||||||||||||||||||
$4,972,345 | $ | 10,012,954 | $ | 10,142,297 | $ | 10,205,703 | $ | 15,357,390 | |||||||||||||||
- | 31,602 | 68,228 | 292,134 | 278,013 | |||||||||||||||||||
113,484 | - | - | - | - | |||||||||||||||||||
48,414 | 117,376 | 125,562 | 126,477 | 187,688 | |||||||||||||||||||
- | - | - | 194 | 61 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
5,134,243 | 10,161,932 | 10,336,087 | 10,624,508 | 15,823,152 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | - | - | - | - | |||||||||||||||||||
- | - | - | 196,020 | 227,700 | |||||||||||||||||||
791 | 2,488 | 2,524 | 2,540 | 3,530 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
791 | 2,488 | 2,524 | 198,560 | 231,230 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$5,133,452 | $ | 10,159,444 | $ | 10,333,563 | $ | 10,425,948 | $ | 15,591,922 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$5,000,039 | $ | 9,978,531 | $ | 9,998,292 | $ | 9,998,960 | $ | 15,523,346 | |||||||||||||||
133,413 | 180,913 | 335,271 | 426,988 | 68,576 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$5,133,452 | $ | 10,159,444 | $ | 10,333,563 | $ | 10,425,948 | $ | 15,591,922 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
200,001 | 400,001 | 400,001 | 400,001 | 600,001 | |||||||||||||||||||
$ 25.67 | $ | 25.40 | $ | 25.83 | $ | 26.06 | $ | 25.99 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ 25.70 | $ | 25.44 | $ | 25.90 | $ | 26.13 | $ | 26.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$4,839,182 | $ | 9,826,961 | $ | 9,759,692 | $ | 9,673,781 | $ | 14,747,341 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ - | $ | 31,602 | $ | 68,228 | $ | 292,134 | $ | 278,013 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ - | $ | - | $ | - | $ | 191,687 | $ | 218,769 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| 235 |
|
For the year ended August 31, 2020
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated interest income | $ | 36,118,231 | $ | 45,629,588 | $ | 44,113,338 | $ | 29,502,717 | ||||||||||||
Affiliated dividend income | 537,843 | 119,149 | 79,341 | 37,338 | ||||||||||||||||
Securities lending income | 5,426 | 43,988 | 29,017 | 12,695 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 36,661,500 | 45,792,725 | 44,221,696 | 29,552,750 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 1,677,597 | 1,815,340 | 1,705,493 | 1,082,585 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (220,906 | ) | (40,564 | ) | (27,569 | ) | (8,798 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 1,456,691 | 1,774,776 | 1,677,924 | 1,073,787 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 35,204,809 | 44,017,949 | 42,543,772 | 28,478,963 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | 1,676,141 | 2,804,976 | 4,931,104 | (1,104,445 | ) | |||||||||||||||
Affiliated investment securities | 68 | (2,711 | ) | (771 | ) | (202 | ) | |||||||||||||
In-kind redemptions | 422,881 | 1,111,965 | 2,849,519 | 1,388,530 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 2,099,090 | 3,914,230 | 7,779,852 | 283,883 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | (6,117,697 | ) | 5,442,347 | 26,312,413 | 30,381,610 | |||||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | (6,117,697 | ) | 5,442,347 | 26,312,413 | 30,381,610 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (4,018,607 | ) | 9,356,577 | 34,092,265 | 30,665,493 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 31,186,202 | $ | 53,374,526 | $ | 76,636,037 | $ | 59,144,456 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 236 |
|
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | Invesco BulletShares 2029 Corporate Bond ETF (BSCT)(a) | Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | |||||||||||||||||||||||||||
$ |
23,506,975 |
| $ | 12,925,518 | $ | 5,796,241 | $ | 4,114,767 | $ | 2,706,280 | $ | 384,893 | $ | 30,178,718 | |||||||||||||||||||
44,915 | 17,295 | 9,686 | 5,741 | 5,922 | 1,111 | 743,751 | |||||||||||||||||||||||||||
9,010 | 5,820 | 1,973 | 15,947 | 6,018 | 781 | 396,051 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
23,560,900 | 12,948,633 | 5,807,900 | 4,136,455 | 2,718,220 | 386,785 | 31,318,520 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
842,253 | 451,363 | 203,475 | 141,144 | 91,086 | 14,538 | 4,183,531 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(9,780 | ) | (4,122 | ) | (1,995 | ) | (1,333 | ) | (1,184 | ) | (218 | ) | (105,826 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
832,473 | 447,241 | 201,480 | 139,811 | 89,902 | 14,320 | 4,077,705 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
22,728,427 | 12,501,392 | 5,606,420 | 3,996,644 | 2,628,318 | 372,465 | 27,240,815 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(820,526 | ) | (170,821 | ) | (335,204 | ) | (244,174 | ) | (95,400 | ) | 1,786 | (17,252,666 | ) | |||||||||||||||||||||
(542 | ) | (723 | ) | (165 | ) | 162 | (387 | ) | (90 | ) | 657 | ||||||||||||||||||||||
(125,178 | ) | 1,737,591 | 306,151 | 294,304 | 804,795 | - | (6,098,768 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(946,246 | ) | 1,566,047 | (29,218 | ) | 50,292 | 709,008 | 1,696 | (23,350,777 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
35,559,432 | 22,194,705 | 13,439,884 | 9,841,465 | 5,742,085 | 1,318,140 | (2,946,625 | ) | ||||||||||||||||||||||||||
- | - | - | (2 | ) | - | - | (401 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
35,559,432 | 22,194,705 | 13,439,884 | 9,841,463 | 5,742,085 | 1,318,140 | (2,947,026 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
34,613,186 | 23,760,752 | 13,410,666 | 9,891,755 | 6,451,093 | 1,319,836 | (26,297,803 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 57,341,613 | $ | 36,262,144 | $ | 19,017,086 | $ | 13,888,399 | $ | 9,079,411 | $ | 1,692,301 | $ | 943,012 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 237 |
|
Statements of Operations–(continued)
For the year ended August 31, 2020
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated interest income. | $ | 45,136,835 | $ | 31,961,581 | $ | 17,822,544 | $ | 7,416,170 | ||||||||||||
Affiliated dividend income | 344,908 | 180,529 | 95,137 | 29,239 | ||||||||||||||||
Securities lending income | 736,229 | 202,520 | 193,732 | 62,880 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 46,217,972 | 32,344,630 | 18,111,413 | 7,508,289 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 4,121,590 | 2,715,545 | 1,380,502 | 599,637 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (68,052 | ) | (38,984 | ) | (18,405 | ) | (5,792 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 4,053,538 | 2,676,561 | 1,362,097 | 593,845 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 42,164,434 | 29,668,069 | 16,749,316 | 6,914,444 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities. | (64,720,966 | ) | (41,950,856 | ) | (20,349,816 | ) | (5,003,862 | ) | ||||||||||||
Affiliated investment securities | (5,079 | ) | (3,238 | ) | (3,761 | ) | (216 | ) | ||||||||||||
In-kind redemptions | (12,618,507 | ) | (9,469,761 | ) | (1,444,604 | ) | (818,483 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | (77,344,552 | ) | (51,423,855 | ) | (21,798,181 | ) | (5,822,561 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities. | (121,076 | ) | 1,891,027 | 3,694,606 | (315,939 | ) | ||||||||||||||
Affiliated investment securities | 112 | 79 | (38 | ) | - | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) | (120,964 | ) | 1,891,106 | 3,694,568 | (315,939 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | (77,465,516 | ) | (49,532,749 | ) | (18,103,613 | ) | (6,138,500 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (35,301,082 | ) | $ | (19,864,680 | ) | $ | (1,354,297 | ) | $ | 775,944 | |||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
(b) | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 238 |
|
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)(a) | Invesco BulletShares 2021 Municipal Bond ETF (BSML)(b) | Invesco BulletShares 2022 Municipal Bond ETF (BSMM)(b) | Invesco BulletShares 2023 Municipal Bond ETF (BSMN)(b) | Invesco BulletShares 2024 Municipal Bond ETF (BSMO)(b) | |||||||||||||||||||||||||||
$ |
5,997,109 |
| $ | 2,774,015 | $ | 697,866 | $ | 140,022 | $ | 145,708 | $ | 125,624 | $ | 140,177 | |||||||||||||||||||
13,575 | 7,659 | 1,532 | 47 | 225 | 20 | 223 | |||||||||||||||||||||||||||
47,456 | 13,198 | 2,853 | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
6,058,140 | 2,794,872 | 702,251 | 140,069 | 145,933 | 125,644 | 140,400 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
435,669 | 213,846 | 55,177 | 23,570 | 21,800 | 17,900 | 17,492 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(3,343 | ) | (1,554 | ) | (401 | ) | (8 | ) | (36 | ) | (3 | ) | (43 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
432,326 | 212,292 | 54,776 | 23,562 | 21,764 | 17,897 | 17,449 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
5,625,814 | 2,582,580 | 647,475 | 116,507 | 124,169 | 107,747 | 122,951 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(3,153,626 | ) | (2,162,536 | ) | (48,533 | ) | - | 890 | 1,102 | 70 | ||||||||||||||||||||||||
(720 | ) | (90 | ) | (161 | ) | - | - | - | - | ||||||||||||||||||||||||
(129,271 | ) | 600,942 | (592,281 | ) | - | - | - | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(3,283,617 | ) | (1,561,684 | ) | (640,975 | ) | - | 890 | 1,102 | 70 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(631,688 | ) | 482,883 | 616,608 | 92,445 | 130,778 | 178,485 | 215,497 | ||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(631,688 | ) | 482,883 | 616,608 | 92,445 | 130,778 | 178,485 | 215,497 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(3,915,305 | ) | (1,078,801 | ) | (24,367 | ) | 92,445 | 131,668 | 179,587 | 215,567 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 1,710,509 | $ | 1,503,779 | $ | 623,108 | $ | 208,952 | $ | 255,837 | $ | 287,334 | $ | 338,518 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 239 |
|
Statements of Operations–(continued)
For the year ended August 31, 2020
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)(a) | Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)(a) | Invesco BulletShares 2027 Municipal Bond ETF (BSMR)(a) | Invesco BulletShares 2028 Municipal Bond ETF (BSMS)(a) | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated interest income | $ | 148,663 | $ | 180,343 | $ | 95,395 | $ | 93,503 | ||||||||||||
Affiliated dividend income | 126 | 58 | 8 | 13 | ||||||||||||||||
Securities lending income | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total investment income | 148,789 | 180,401 | 95,403 | 93,516 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | 16,958 | 17,180 | 9,686 | 8,453 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less: Waivers | (24 | ) | (12 | ) | (1 | ) | (3 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net expenses | 16,934 | 17,168 | 9,685 | 8,450 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 131,855 | 163,233 | 85,718 | 85,066 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | 178 | - | - | - | ||||||||||||||||
Affiliated investment securities | - | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized gain (loss) | 178 | - | - | - | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Change in net unrealized appreciation (depreciation) on investment securities. | 281,492 | 175,873 | (35,001 | ) | 140,281 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net realized and unrealized gain (loss) | 281,670 | 175,873 | (35,001 | ) | 140,281 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 413,525 | $ | 339,106 | $ | 50,717 | $ | 225,347 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 240 |
|
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)(a) | Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | |||||||||||||||||||
$ |
96,815 |
| $ | 411,057 | $ | 442,665 | $ | 436,091 | $ | 531,193 | |||||||||||||
16 | 1,151 | 986 | 815 | 995 | |||||||||||||||||||
- | 419 | 1,463 | 3,743 | 620 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
96,831 | 412,627 | 445,114 | 440,649 | 532,808 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
8,427 | 29,471 | 29,871 | 30,019 | 36,778 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
(2 | ) | (202 | ) | (172 | ) | (197 | ) | (247 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
8,425 | 29,269 | 29,699 | 29,822 | 36,531 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
88,406 | 383,358 | 415,415 | 410,827 | 496,277 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | (4,800 | ) | (47,293 | ) | (85,028 | ) | (514,304 | ) | |||||||||||||||
- | (6 | ) | (41 | ) | (28 | ) | (17 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
- | (4,806 | ) | (47,334 | ) | (85,056 | ) | (514,321 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
133,163 | (43,564 | ) | 37,062 | 87,867 | 54,147 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
133,163 | (48,370 | ) | (10,272 | ) | 2,811 | (460,174 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
$ | 221,569 | $ | 334,988 | $ | 405,143 | $ | 413,638 | $ | 36,103 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
| 241 |
|
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
Invesco BulletShares 2020 | Invesco BulletShares 2021 | |||||||||||||||
Corporate Bond ETF (BSCK) | Corporate Bond ETF (BSCL) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 35,204,809 | $ | 39,757,807 | $ | 44,017,949 | $ | 36,452,550 | ||||||||
Net realized gain (loss) | 2,099,090 | (535,950 | ) | 3,914,230 | 212,336 | |||||||||||
Change in net unrealized appreciation (depreciation) | (6,117,697 | ) | 21,527,710 | 5,442,347 | 34,842,003 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 31,186,202 | 60,749,567 | 53,374,526 | 71,506,889 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (35,822,915 | ) | (40,425,963 | ) | (45,210,380 | ) | (37,206,197 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 143,540,737 | 536,977,598 | 574,470,776 | 590,557,047 | ||||||||||||
Value of shares repurchased | (467,795,933 | ) | (9,552,845 | ) | (170,441,189 | ) | - | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | (324,255,196 | ) | 527,424,753 | 404,029,587 | 590,557,047 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | (328,891,909 | ) | 547,748,357 | 412,193,733 | 624,857,739 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,791,028,357 | 1,243,280,000 | 1,620,518,728 | 995,660,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,462,136,448 | $ | 1,791,028,357 | $ | 2,032,712,461 | $ | 1,620,518,728 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 6,750,000 | 25,500,000 | 27,000,000 | 28,350,000 | ||||||||||||
Shares repurchased | (22,050,000 | ) | (450,000 | ) | (8,100,000 | ) | - | |||||||||
Shares outstanding, beginning of period | 84,150,000 | 59,100,000 | 76,350,000 | 48,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 68,850,000 | 84,150,000 | 95,250,000 | 76,350,000 | ||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 242 |
|
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
$ | 42,543,772 | $ | 31,522,130 | $ | 28,478,963 | $ | 18,652,802 | $ | 22,728,427 | $ | 13,629,700 | $ | 12,501,392 | $ | 7,049,670 | |||||||||||||||||||||||
7,779,852 | 542,081 | 283,883 | 228,567 | (946,246 | ) | 6,779 | 1,566,047 | 216,386 | ||||||||||||||||||||||||||||||
26,312,413 | 45,493,276 | 30,381,610 | 35,215,574 | 35,559,432 | 29,834,712 | 22,194,705 | 18,947,463 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
76,636,037 | 77,557,487 | 59,144,456 | 54,096,943 | 57,341,613 | 43,471,191 | 36,262,144 | 26,213,519 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
(44,102,171 | ) | (32,201,177 | ) | (28,952,201 | ) | (18,964,323 | ) | (22,970,429 | ) | (13,963,422 | ) | (12,735,015 | ) | (7,067,388 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
769,119,905 | 498,202,441 | 555,967,612 | 409,117,640 | 530,671,776 | 241,215,529 | 332,520,312 | 182,143,533 | |||||||||||||||||||||||||||||||
(131,081,123 | ) | - | (69,240,676 | ) | (3,160,788 | ) | (55,489,981 | ) | (6,388,072 | ) | (34,774,432 | ) | (6,073,017 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
638,038,782 | 498,202,441 | 486,726,936 | 405,956,852 | 475,181,795 | 234,827,457 | 297,745,880 | 176,070,516 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
670,572,648 | 543,558,751 | 516,919,191 | 441,089,472 | 509,552,979 | 264,335,226 | 321,273,009 | 195,216,647 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
1,368,987,518 | 825,428,767 | 824,158,566 | 383,069,094 | 575,697,974 | 311,362,748 | 311,560,690 | 116,344,043 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 2,039,560,166 | $ | 1,368,987,518 | $ | 1,341,077,757 | $ | 824,158,566 | $ | 1,085,250,953 | $ | 575,697,974 | $ | 632,833,699 | $ | 311,560,690 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
35,700,000 | 23,850,000 | 25,950,000 | 19,950,000 | 24,600,000 | 11,700,000 | 15,300,000 | 9,000,000 | |||||||||||||||||||||||||||||||
(6,150,000 | ) | - | (3,300,000 | ) | (150,000 | ) | (2,700,000 | ) | (300,000 | ) | (1,650,000 | ) | (300,000 | ) | ||||||||||||||||||||||||
63,750,000 | 39,900,000 | 38,700,000 | 18,900,000 | 26,850,000 | 15,450,000 | 14,550,000 | 5,850,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
93,300,000 | 63,750,000 | 61,350,000 | 38,700,000 | 48,750,000 | 26,850,000 | 28,200,000 | 14,550,000 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 243 |
|
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,606,420 | $ | 2,918,573 | $ | 3,996,644 | $ | 1,697,595 | ||||||||
Net realized gain (loss) | (29,218 | ) | 96,291 | 50,292 | 25,123 | |||||||||||
Change in net unrealized appreciation (depreciation) | 13,439,884 | 9,286,995 | 9,841,463 | 5,517,193 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 19,017,086 | 12,301,859 | 13,888,399 | 7,239,911 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (5,773,325 | ) | (2,987,273 | ) | (4,062,137 | ) | (1,757,099 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 159,454,420 | 69,564,091 | 152,675,975 | 41,024,857 | ||||||||||||
Value of shares repurchased | (11,750,028 | ) | - | (3,336,772 | ) | - | ||||||||||
Transaction fees | 55,068 | 107,559 | 40,755 | 80,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 147,759,460 | 69,671,650 | 149,379,958 | 41,104,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | 161,003,221 | 78,986,236 | 159,206,220 | 46,587,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 132,678,898 | 53,692,662 | 72,409,710 | 25,821,964 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 293,682,119 | $ | 132,678,898 | $ | 231,615,930 | $ | 72,409,710 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 7,650,000 | 3,600,000 | 7,200,000 | 2,100,000 | ||||||||||||
Shares repurchased | (600,000 | ) | - | (150,000 | ) | - | ||||||||||
Shares outstanding, beginning of period | 6,450,000 | 2,850,000 | 3,450,000 | 1,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 13,500,000 | 6,450,000 | 10,500,000 | 3,450,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 244 |
|
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020(a) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
$ | 2,628,318 | $ | 636,478 | $ | 372,465 | $ | 27,240,815 | $ | 45,178,233 | $ | 42,164,434 | $ | 33,834,650 | ||||||||||||||||||||
709,008 | 12,412 | 1,696 | (23,350,777 | ) | (14,900,763 | ) | (77,344,552 | ) | (7,602,968 | ) | |||||||||||||||||||||||
5,742,085 | 2,546,797 | 1,318,140 | (2,947,026 | ) | 1,052,127 | (120,964 | ) | 5,367,174 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
9,079,411 | 3,195,687 | 1,692,301 | 943,012 | 31,329,597 | (35,301,082 | ) | 31,598,856 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
(2,657,051) | (640,417 | ) | (372,494 | ) | (27,342,773 | ) | (48,820,774 | ) | (43,521,860 | ) | (34,170,323 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
95,862,123 | 27,848,759 | 24,465,583 | 38,240,775 | 315,151,901 | 424,390,137 | 398,461,859 | |||||||||||||||||||||||||||
(9,855,620) | - | - | (450,657,531 | ) | (76,180,877 | ) | (201,879,059 | ) | (4,909,894 | ) | |||||||||||||||||||||||
106,411 | 61,378 | 29,577 | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
86,112,914 | 27,910,137 | 24,495,160 | (412,416,756 | ) | 238,971,024 | 222,511,078 | 393,551,965 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
92,535,274 | 30,465,407 | 25,814,967 | (438,816,517 | ) | 221,479,847 | 143,688,136 | 390,980,498 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
36,483,219 | 6,017,812 | - | 1,157,863,899 | 936,384,052 | 848,506,044 | 457,525,546 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
$ | 129,018,493 | $ | 36,483,219 | $ | 25,814,967 | $ | 719,047,382 | $ | 1,157,863,899 | $ | 992,194,180 | $ | 848,506,044 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
4,350,000 | 1,350,000 | 1,200,001 | 1,600,000 | 13,100,000 | 17,600,000 | 16,200,000 | |||||||||||||||||||||||||||
(450,000) | - | - | (19,300,000 | ) | (3,200,000 | ) | (9,100,000 | ) | (200,000 | ) | |||||||||||||||||||||||
1,650,001 | 300,001 | - | 48,400,000 | 38,500,000 | 34,500,000 | 18,500,000 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
5,550,001 | 1,650,001 | 1,200,001 | 30,700,000 | 48,400,000 | 43,000,000 | 34,500,000 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 245 |
|
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 29,668,069 | $ | 20,007,018 | $ | 16,749,316 | $ | 9,388,542 | ||||||||||||||||||||||
Net realized gain (loss) | (51,423,855 | ) | (3,088,813 | ) | (21,798,181 | ) | (1,312,189 | ) | ||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,891,106 | 1,931,864 | 3,694,568 | 487,965 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (19,864,680 | ) | 18,850,069 | (1,354,297 | ) | 8,564,318 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||||||||
Distributable earnings | (29,866,686 | ) | (20,443,849 | ) | (16,901,342 | ) | (9,637,906 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Shareholder Transactions: | ||||||||||||||||||||||||||||||
Proceeds from shares sold | 357,749,225 | 270,142,410 | 225,232,589 | 134,651,506 | ||||||||||||||||||||||||||
Value of shares repurchased. | (142,145,426 | ) | - | (60,935,200 | ) | (2,575,251 | ) | |||||||||||||||||||||||
Transaction fees | - | - | 174,480 | 267,308 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Net increase in net assets resulting from share transactions | 215,603,799 | 270,142,410 | 164,471,869 | 132,343,563 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Net increase in net assets | 165,872,433 | 268,548,630 | 146,216,230 | 131,269,975 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||
Beginning of period | 511,740,876 | 243,192,246 | 243,690,647 | 112,420,672 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
End of period. | $ | 677,613,309 | $ | 511,740,876 | $ | 389,906,877 | $ | 243,690,647 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Changes in Shares Outstanding: | ||||||||||||||||||||||||||||||
Shares sold | 15,000,000 | 11,100,000 | 8,900,000 | 5,200,000 | ||||||||||||||||||||||||||
Shares repurchased | (6,500,000 | ) | - | (2,600,000 | ) | (100,000 | ) | |||||||||||||||||||||||
Shares outstanding, beginning of period | 21,000,000 | 9,900,000 | 9,400,000 | 4,300,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Shares outstanding, end of period | 29,500,000 | 21,000,000 | 15,700,000 | 9,400,000 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 246 |
|
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020(a) | |||||||||||||||||||||||||||||
$ | 6,914,444 | $ | 3,713,200 | $ | 5,625,814 | $ | 2,808,872 | $ | 2,582,580 | $ | 665,120 | $ | 647,475 | ||||||||||||||||||||||
(5,822,561) | (140,559 | ) | (3,283,617 | ) | (335,808 | ) | (1,561,684 | ) | (395 | ) | (640,975 | ) | |||||||||||||||||||||||
(315,939) | 1,559,016 | (631,688 | ) | 1,749,369 | 482,883 | 404,912 | 616,608 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
775,944 | 5,131,657 | 1,710,509 | 4,222,433 | 1,503,779 | 1,069,637 | 623,108 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
(6,970,883) | (3,927,807 | ) | (5,677,725 | ) | (2,834,330 | ) | (2,614,898 | ) | (688,685 | ) | (634,455 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
124,971,617 | 49,749,220 | 88,216,937 | 52,534,149 | 83,092,040 | 20,242,264 | 31,101,013 | |||||||||||||||||||||||||||||
(41,923,673) | - | (29,485,331 | ) | - | (32,958,978 | ) | - | (11,216,921 | ) | ||||||||||||||||||||||||||
126,656 | 98,218 | 109,821 | 100,402 | 56,606 | 49,562 | 52,679 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
83,174,600 | 49,847,438 | 58,841,427 | 52,634,551 | 50,189,668 | 20,291,826 | 19,936,771 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
76,979,661 | 51,051,288 | 54,874,211 | 54,022,654 | 49,078,549 | 20,672,778 | 19,925,424 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
98,261,110 | 47,209,822 | 75,878,529 | 21,855,875 | 25,701,695 | 5,028,917 | - | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
$ | 175,240,771 | $ | 98,261,110 | $ | 130,752,740 | $ | 75,878,529 | $ | 74,780,244 | $ | 25,701,695 | $ | 19,925,424 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
5,100,000 | 2,000,000 | 3,700,000 | 2,200,000 | 3,300,000 | 800,000 | 1,300,001 | |||||||||||||||||||||||||||||
(1,800,000) | - | (1,300,000 | ) | - | (1,300,000 | ) | - | (500,000 | ) | ||||||||||||||||||||||||||
3,900,000 | 1,900,000 | 3,100,000 | 900,000 | 1,000,001 | 200,001 | - | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
7,200,000 | 3,900,000 | 5,500,000 | 3,100,000 | 3,000,001 | 1,000,001 | 800,001 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 247 |
|
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
Invesco BulletShares 2021 Municipal Bond ETF (BSML) | Invesco BulletShares 2022 Municipal Bond ETF (BSMM) | Invesco BulletShares 2023 Municipal Bond ETF (BSMN) | |||||||||||||
2020(a) | 2020(a) | 2020(a) | |||||||||||||
Operations: | |||||||||||||||
Net investment income | $ | 116,507 | $ | 124,169 | $ | 107,747 | |||||||||
Net realized gain | - | 890 | 1,102 | ||||||||||||
Change in net unrealized appreciation (depreciation) | 92,445 | 130,778 | 178,485 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from operations | 208,952 | 255,837 | 287,334 | ||||||||||||
|
|
|
|
|
| ||||||||||
Distributions to Shareholders from: | |||||||||||||||
Distributable earnings | (118,503 | ) | (123,778 | ) | (107,428 | ) | |||||||||
Return of capital | - | - | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Total distributions to shareholders | (118,503 | ) | (123,778 | ) | (107,428 | ) | |||||||||
|
|
|
|
|
| ||||||||||
Shareholder Transactions: | |||||||||||||||
Proceeds from shares sold | 25,125,540 | 27,667,555 | 15,104,416 | ||||||||||||
Transaction fees | 37,814 | 44,864 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets resulting from share transactions | 25,163,354 | 27,712,419 | 15,104,416 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net increase in net assets | 25,253,803 | 27,844,478 | 15,284,322 | ||||||||||||
|
|
|
|
|
| ||||||||||
Net assets: | |||||||||||||||
Beginning of period | - | - | - | ||||||||||||
|
|
|
|
|
| ||||||||||
End of period | $ | 25,253,803 | $ | 27,844,478 | $ | 15,284,322 | |||||||||
|
|
|
|
|
| ||||||||||
Changes in Shares Outstanding: | |||||||||||||||
Shares sold | 1,000,001 | 1,100,001 | 600,001 | ||||||||||||
Shares outstanding, beginning of period | - | - | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Shares outstanding, end of period | 1,000,001 | 1,100,001 | 600,001 | ||||||||||||
|
|
|
|
|
|
(a) | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 248 |
|
Invesco BulletShares 2024 Municipal | Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | |||||||||||||||||||||||
2020(a) | 2020(a) | 2020(a) | 2020(a) | 2020(a) | 2020(a) | |||||||||||||||||||||||
$ | 122,951 | $ | 131,855 | $ | 163,233 | $ | 85,718 | $ | 85,066 | $ | 88,406 | |||||||||||||||||
70 | 178 | - | - | - | - | |||||||||||||||||||||||
215,497 | 281,492 | 175,873 | (35,001 | ) | 140,281 | 133,163 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
338,518 | 413,525 | 339,106 | 50,717 | 225,347 | 221,569 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(123,875) | (131,372 | ) | (164,122 | ) | (85,718 | ) | (84,808 | ) | (88,142 | ) | ||||||||||||||||||
- | - | - | (8,108 | ) | - | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
(123,875) | (131,372 | ) | (164,122 | ) | (93,826 | ) | (84,808 | ) | (88,142 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
12,547,750 | 10,000,025 | 12,564,798 | 15,221,804 | 5,000,025 | 5,000,025 | |||||||||||||||||||||||
- | - | - | 25,554 | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
12,547,750 | 10,000,025 | 12,564,798 | 15,247,358 | 5,000,025 | 5,000,025 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
12,762,393 | 10,282,178 | 12,739,782 | 15,204,249 | 5,140,564 | 5,133,452 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
$ | 12,762,393 | $ | 10,282,178 | $ | 12,739,782 | $ | 15,204,249 | $ | 5,140,564 | $ | 5,133,452 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
500,001 | 400,001 | 500,001 | 600,001 | 200,001 | 200,001 | |||||||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
500,001 | 400,001 | 500,001 | 600,001 | 200,001 | 200,001 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| 249 |
|
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2020 and 2019
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | |||||||||||||||
2020 | 2019(a) | 2020 | 2019(a) | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 383,358 | $ | 353,272 | $ | 415,415 | $ | 380,641 | ||||||||
Net realized gain (loss) | (4,806 | ) | 4,230 | (47,334 | ) | 21,727 | ||||||||||
Change in net unrealized appreciation (depreciation) | (43,564 | ) | 229,557 | 37,062 | 345,543 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 334,988 | 587,059 | 405,143 | 747,911 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (383,358 | ) | (357,776 | ) | (436,417 | ) | (383,099 | ) | ||||||||
Return of capital | (5,139 | ) | (16,355 | ) | - | - | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (388,497 | ) | (374,131 | ) | (436,417 | ) | (383,099 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | - | 10,000,025 | - | 10,000,025 | ||||||||||||
Value of shares repurchased | - | - | - | - | ||||||||||||
Transaction fees | - | - | - | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from share transactions | - | 10,000,025 | - | 10,000,025 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | (53,509 | ) | 10,212,953 | (31,274 | ) | 10,364,837 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of period | 10,212,953 | - | 10,364,837 | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 10,159,444 | $ | 10,212,953 | $ | 10,333,563 | $ | 10,364,837 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | - | 400,001 | - | 400,001 | ||||||||||||
Shares repurchased | - | - | - | |||||||||||||
Shares outstanding, beginning of period | 400,001 | - | 400,001 | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of period | 400,001 | 400,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period October 2, 2018 (commencement of investment operations) through August 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 250 |
|
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | |||||||||||||||
2020 | 2019(a) | 2020 | 2019(a) | |||||||||||||
$ 410,827 | $ | 393,373 | $ | 496,277 | $ | 420,545 | ||||||||||
(85,056) | 20,216 | (514,321 | ) | 25,232 | ||||||||||||
87,867 | 444,055 | 54,147 | 555,902 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
413,638 | 857,644 | 36,103 | 1,001,679 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
(453,757) | (391,602 | ) | (543,136 | ) | (426,380 | ) | ||||||||||
- | - | - | - | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
(453,757) | (391,602 | ) | (543,136 | ) | (426,380 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
- | 10,000,025 | 7,925,466 | 10,000,025 | |||||||||||||
- | - | (2,434,008 | ) | - | ||||||||||||
- | - | 32,173 | - | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
- | 10,000,025 | 5,523,631 | 10,000,025 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
(40,119) | 10,466,067 | 5,016,598 | 10,575,324 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
10,466,067 | - | 10,575,324 | - | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
$10,425,948 | $ | 10,466,067 | $ | 15,591,922 | $ | 10,575,324 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
- | 400,001 | 300,000 | 400,001 | |||||||||||||
- | - | (100,000 | ) | - | ||||||||||||
400,001 | - | 400,001 | - | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
400,001 | 400,001 | 600,001 | 400,001 | |||||||||||||
|
|
|
|
|
|
|
|
| 251 |
|
Invesco BulletShares 2020 Corporate Bond ETF (BSCK)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.28 | $ | 21.04 | $ | 21.04 | $ | 21.46 | $ | 21.37 | $ | 21.38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.45 | 0.53 | 0.12 | 0.44 | 0.46 | 0.51 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.04 | ) | 0.24 | 0.01 | (0.40 | ) | 0.08 | (0.01 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 0.41 | 0.77 | 0.13 | 0.04 | 0.54 | 0.50 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.45 | ) | (0.53 | ) | (0.13 | ) | (0.44 | ) | (0.45 | ) | (0.51 | ) | ||||||||||||||||
Net realized gains | - | - | - | (0.02 | ) | (0.00 | )(b) | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.45 | ) | (0.53 | ) | (0.13 | ) | (0.46 | ) | (0.45 | ) | (0.51 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 21.24 | $ | 21.28 | $ | 21.04 | $ | 21.04 | $ | 21.46 | $ | 21.37 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 21.24 | (c) | $ | 21.33 | (c) | $ | 21.10 | (c) | $ | 21.10 | (c) | $ | 21.52 | $ | 21.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(d) | 1.95 | % | 3.71 | % | 0.63 | % | 0.17 | % | 2.60 | % | 2.39 | % | ||||||||||||||||
Market Price Total Return(d) | 1.71 | % | 3.66 | % | 0.63 | % | 0.17 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,462,136 | $ | 1,791,028 | $ | 1,243,280 | $ | 1,152,078 | $ | 930,225 | $ | 593,106 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.09 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | 0.24 | % | 0.24 | % | ||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | ||||||||||||||||||||
Net investment income | 2.10 | % | 2.49 | % | 2.27 | %(e) | 2.08 | % | 2.17 | % | 2.43 | % | ||||||||||||||||
Portfolio turnover rate(f) | 3 | % | 9 | % | 1 | % | 9 | % | 8 | % | 9 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 252 |
|
Financial Highlights–(continued)
Invesco BulletShares 2021 Corporate Bond ETF (BSCL)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.22 | $ | 20.74 | $ | 20.76 | $ | 21.31 | $ | 21.14 | $ | 21.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.51 | 0.57 | 0.13 | 0.50 | 0.52 | 0.57 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.14 | 0.49 | (0.00 | )(b) | (0.53 | ) | 0.16 | 0.01 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 0.65 | 1.06 | 0.13 | (0.03 | ) | 0.68 | 0.58 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.52 | ) | (0.58 | ) | (0.15 | ) | (0.50 | ) | (0.50 | ) | (0.55 | ) | ||||||||||||||||
Net realized gains | (0.01 | ) | (0.00 | )(b) | - | (0.02 | ) | (0.01 | ) | - | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.53 | ) | (0.58 | ) | (0.15 | ) | (0.52 | ) | (0.51 | ) | (0.55 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 21.34 | $ | 21.22 | $ | 20.74 | $ | 20.76 | $ | 21.31 | $ | 21.14 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 21.36 | (c) | $ | 21.28 | (c) | $ | 20.81 | (c) | $ | 20.79 | (c) | $ | 21.36 | $ | 21.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(d) | 3.10 | % | 5.19 | % | 0.62 | % | (0.15 | )% | 3.28 | % | 2.81 | % | ||||||||||||||||
Market Price Total Return(d) | 2.92 | % | 5.12 | % | 0.81 | % | (0.25 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,032,712 | $ | 1,620,519 | $ | 995,661 | $ | 921,704 | $ | 667,988 | $ | 361,425 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | 0.24 | % | 0.24 | % | ||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | ||||||||||||||||||||
Net investment income | 2.42 | % | 2.73 | % | 2.57 | %(e) | 2.36 | % | 2.44 | % | 2.75 | % | ||||||||||||||||
Portfolio turnover rate(f) | 18 | % | 6 | % | 3 | % | 7 | % | 5 | % | 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.
| 253 |
|
Financial Highlights–(continued)
Invesco BulletShares 2022 Corporate Bond ETF (BSCM)
Three Months Ended | ||||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.47 | $ | 20.69 | $ | 20.69 | $ | 21.33 | $ | 21.08 | $ | 21.03 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income(a) | 0.54 | 0.61 | 0.15 | 0.54 | 0.55 | 0.59 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.41 | 0.79 | 0.01 | (0.64 | ) | 0.25 | 0.05 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total from investment operations | 0.95 | 1.40 | 0.16 | (0.10 | ) | 0.80 | 0.64 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net investment income | (0.55 | ) | (0.62 | ) | (0.16 | ) | (0.53 | ) | (0.54 | ) | (0.59 | ) | ||||||||||||||||||
Net realized gains | (0.01 | ) | - | - | (0.01 | ) | (0.01 | ) | (0.00 | )(b) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total distributions | (0.56 | ) | (0.62 | ) | (0.16 | ) | (0.54 | ) | (0.55 | ) | (0.59 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net asset value at end of period | $ | 21.86 | $ | 21.47 | $ | 20.69 | $ | 20.69 | $ | 21.33 | $ | 21.08 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Market price at end of period | $ | 21.85 | (c) | $ | 21.53 | (c) | $ | 20.74 | (c) | $ | 20.74 | (c) | $ | 21.37 | $ | 21.11 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Asset Value Total Return(d) | 4.51 | % | 6.89 | % | 0.78 | % | (0.50 | )% | 3.82 | % | 3.15 | % | ||||||||||||||||||
Market Price Total Return(d) | 4.18 | % | 6.93 | % | 0.77 | % | (0.45 | )% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 2,039,560 | $ | 1,368,988 | $ | 825,429 | $ | 760,420 | $ | 518,404 | $ | 306,685 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | 0.24 | % | 0.24 | % | ||||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | ||||||||||||||||||||||
Net investment income | 2.49 | % | 2.91 | % | 2.80 | %(e) | 2.58 | % | 2.63 | % | 2.87 | % | ||||||||||||||||||
Portfolio turnover rate(f) | 19 | % | 4 | % | 0 | %(g) | 8 | % | 10 | % | 5 | % |
(a) | Based on average shares outstanding. |
(b) | Amount represents less than $0.005. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
(g) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 254 |
|
Financial Highlights–(continued)
Invesco BulletShares 2023 Corporate Bond ETF (BSCN)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.30 | $ | 20.27 | $ | 20.27 | $ | 20.97 | $ | 20.82 | $ | 20.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.56 | 0.64 | 0.15 | 0.58 | 0.61 | 0.65 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 1.03 | 0.02 | (0.68 | ) | 0.19 | 0.22 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 1.13 | 1.67 | 0.17 | (0.10 | ) | 0.80 | 0.87 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.57 | ) | (0.64 | ) | (0.17 | ) | (0.56 | ) | (0.60 | ) | (0.61 | ) | ||||||||||||||||
Net realized gains | (0.00 | )(b) | (0.00 | )(b) | - | (0.04 | ) | (0.05 | ) | (0.00 | )(b) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.57 | ) | (0.64 | ) | (0.17 | ) | (0.60 | ) | (0.65 | ) | (0.61 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 21.86 | $ | 21.30 | $ | 20.27 | $ | 20.27 | $ | 20.97 | $ | 20.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 21.88 | (c) | $ | 21.35 | (c) | $ | 20.31 | (c) | $ | 20.30 | (c) | $ | 21.03 | $ | 20.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(d) | 5.43 | % | 8.44 | % | 0.84 | % | (0.50 | )% | 3.92 | % | 4.37 | % | ||||||||||||||||
Market Price Total Return(d) | 5.28 | % | 8.47 | % | 0.88 | % | (0.65 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,341,078 | $ | 824,159 | $ | 383,069 | $ | 349,603 | $ | 188,736 | $ | 131,162 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.21 | % | 0.24 | % | 0.16 | %(f) | ||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | 0.24 | % | 0.22 | % | ||||||||||||||||
Net investment income | 2.63 | % | 3.11 | % | 3.00 | %(e) | 2.80 | % | 2.92 | % | 3.21 | % | ||||||||||||||||
Portfolio turnover rate(g) | 9 | % | 6 | % | 0 | %(h) | 7 | % | 15 | % | 7 | % |
(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) | Reflects fees voluntarily waived or reimbursed by the Adviser. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
(h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 255 |
|
Financial Highlights–(continued)
Invesco BulletShares 2024 Corporate Bond ETF (BSCO)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.44 | $ | 20.15 | $ | 20.13 | $ | 20.88 | $ | 20.74 | $ | 20.52 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.58 | 0.68 | 0.17 | 0.64 | 0.64 | 0.67 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.83 | 1.30 | 0.03 | (0.76 | ) | 0.15 | 0.22 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 1.41 | 1.98 | 0.20 | (0.12 | ) | 0.79 | 0.89 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income. | (0.59 | ) | (0.69 | ) | (0.18 | ) | (0.63 | ) | (0.62 | ) | (0.65 | ) | ||||||||||||||||
Net realized gains | - | - | - | - | (0.03 | ) | (0.02 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.59 | ) | (0.69 | ) | (0.18 | ) | (0.63 | ) | (0.65 | ) | (0.67 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 22.26 | $ | 21.44 | $ | 20.15 | $ | 20.13 | $ | 20.88 | $ | 20.74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 22.28 | (b) | $ | 21.50 | (b) | $ | 20.20 | (b) | $ | 20.18 | (b) | $ | 20.92 | $ | 20.80 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(c) | 6.72 | % | 10.08 | % | 1.01 | % | (0.62 | )% | 3.88 | % | 4.50 | % | ||||||||||||||||
Market Price Total Return(c) | 6.51 | % | 10.11 | % | 1.01 | % | (0.58 | )% | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 1,085,251 | $ | 575,698 | $ | 311,363 | $ | 292,963 | $ | 162,864 | $ | 96,423 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(d) | 0.21 | % | 0.24 | % | 0.11 | %(e) | ||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(d) | 0.22 | % | 0.24 | % | 0.21 | % | ||||||||||||||||
Net investment income | 2.70 | % | 3.29 | % | 3.29 | %(d) | 3.10 | % | 3.12 | % | 3.33 | % | ||||||||||||||||
Portfolio turnover rate(f) | 6 | % | 5 | % | 2 | % | 5 | % | 18 | % | 9 | % |
(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) | Reflects fees voluntarily waived or reimbursed by the Adviser. |
(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.
| 256 |
|
Financial Highlights–(continued)
Invesco BulletShares 2025 Corporate Bond ETF (BSCP)
For the Period | ||||||||||||||||||||||||||||||||
October 7, 2015(a) | ||||||||||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | May 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.41 | $ | 19.89 | $ | 19.84 | $ | 20.67 | $ | 20.65 | $ | 20.02 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(b) | 0.60 | 0.70 | 0.17 | 0.64 | 0.62 | 0.42 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.05 | 1.51 | 0.07 | (0.85 | ) | 0.05 | 0.53 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total from investment operations | 1.65 | 2.21 | 0.24 | (0.21 | ) | 0.67 | 0.95 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | (0.62 | ) | (0.69 | ) | (0.19 | ) | (0.62 | ) | (0.59 | ) | (0.32 | ) | ||||||||||||||||||||
Net realized gains | - | - | - | - | (0.06 | ) | - | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (0.62 | ) | (0.69 | ) | (0.19 | ) | (0.62 | ) | (0.65 | ) | (0.32 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value at end of period | $ | 22.44 | $ | 21.41 | $ | 19.89 | $ | 19.84 | $ | 20.67 | $ | 20.65 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Market price at end of period | $ | 22.45 | (c) | $ | 21.44 | (c) | $ | 19.96 | (c) | $ | 19.85 | (c) | $ | 20.71 | $ | 20.71 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net Asset Value Total Return(d) | 7.86 | % | 11.39 | % | 1.19 | % | (1.04 | )% | 3.29 | % | 4.81 | % | ||||||||||||||||||||
Market Price Total Return(d) | 7.75 | % | 11.14 | % | 1.50 | % | (1.19 | )% | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 632,834 | $ | 311,561 | $ | 116,344 | $ | 104,181 | $ | 68,198 | $ | 27,878 | ||||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | 0.24 | % | 0.24 | %(e) | ||||||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(e) | 0.22 | % | ||||||||||||||||||||||||
Net investment income | 2.77 | % | 3.42 | % | 3.38 | %(e) | 3.14 | % | 3.04 | % | 3.22 | %(e) | ||||||||||||||||||||
Portfolio turnover rate(f) | 9 | % | 3 | % | 1 | % | 14 | % | 18 | % | 3 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 257 |
|
Financial Highlights–(continued)
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
For the Period | ||||||||||||||||||||||||||||||||||||
September 14, 2016(a) | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Year Ended May 31, | May 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.57 | $ | 18.84 | $ | 18.82 | $ | 19.66 | $ | 19.88 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net investment income(b) | 0.57 | 0.66 | 0.16 | 0.61 | 0.41 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.20 | 1.71 | 0.04 | (0.89 | ) | (0.32 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total from investment operations | 1.77 | 2.37 | 0.20 | (0.28 | ) | 0.09 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||
Net investment income. | (0.58 | ) | (0.66 | ) | (0.18 | ) | (0.59 | ) | (0.31 | ) | ||||||||||||||||||||||||||
Net realized gains | (0.02 | ) | (0.00 | )(c) | - | (0.00 | )(c) | - | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total distributions | (0.60 | ) | (0.66 | ) | (0.18 | ) | (0.59 | ) | (0.31 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Transaction fees(b) | 0.01 | 0.02 | - | 0.03 | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net asset value at end of period | $ | 21.75 | $ | 20.57 | $ | 18.84 | $ | 18.82 | $ | 19.66 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Market price at end of period | $ | 21.78 | (d) | $ | 20.62 | (d) | $ | 18.88 | (d) | $ | 18.81 | (d) | $ | 19.69 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net Asset Value Total Return(e) | 8.85 | % | 13.05 | % | 1.07 | % | (1.28 | )% | 0.49 | % | ||||||||||||||||||||||||||
Market Price Total Return(e) | 8.73 | % | 13.07 | % | 1.34 | % | (1.50 | )% | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 293,682 | $ | 132,679 | $ | 53,693 | $ | 53,638 | $ | 26,538 | ||||||||||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.10 | % | 0.10 | %(f) | 0.21 | % | 0.24 | %(f) | ||||||||||||||||||||||||||
Expenses, prior to Waivers | 0.10 | % | 0.10 | % | 0.10 | %(f) | 0.22 | % | ||||||||||||||||||||||||||||
Net investment income | 2.76 | % | 3.42 | % | 3.41 | %(f) | 3.16 | % | 3.00 | %(f) | ||||||||||||||||||||||||||
Portfolio turnover rate(g) | 7 | % | 4 | % | 0 | % | 0 | %(h) | 4 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
(h) | Amount represents less than 0.5%. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 258 |
|
Financial Highlights–(continued)
Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
For the Period | ||||||||||||||||||||||||
September 27, 2017(a) | ||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||
Years Ended August 31, | August 31, | May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.99 | $ | 19.13 | $ | 19.10 | $ | 19.99 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(b) | 0.60 | 0.71 | 0.17 | 0.44 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.08 | 1.84 | 0.04 | (1.03 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations. | 1.68 | 2.55 | 0.21 | (0.59 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (0.61 | ) | (0.72 | ) | (0.19 | ) | (0.34 | ) | ||||||||||||||||
Net realized gains | (0.01 | ) | - | - | - | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.62 | ) | (0.72 | ) | (0.19 | ) | (0.34 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Transaction fees(b) | 0.01 | 0.03 | 0.01 | 0.04 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 22.06 | $ | 20.99 | $ | 19.13 | $ | 19.10 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period(c) | $ | 22.07 | $ | 21.05 | $ | 19.16 | $ | 19.09 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(d) | 8.25 | % | 13.87 | % | 1.16 | % | (2.77 | )% | ||||||||||||||||
Market Price Total Return(d) | 7.98 | % | 14.01 | % | 1.37 | % | (2.82 | )% | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 231,616 | $ | 72,410 | $ | 25,822 | $ | 22,924 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.10 | % | 0.11 | %(e) | 0.10 | %(f) | 0.19 | %(f) | ||||||||||||||||
Expenses, prior to Waivers. | 0.10 | % | 0.11 | %(e) | 0.10 | %(f) | 0.20 | %(f) | ||||||||||||||||
Net investment income | 2.83 | % | 3.64 | %(e) | 3.60 | %(f) | 3.35 | %(f) | ||||||||||||||||
Portfolio turnover rate(g) | 7 | % | 3 | % | 0 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | 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.
| 259 |
|
Financial Highlights–(continued)
Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
For the Period | ||||||||||||||||
August 7, 2018(a) | ||||||||||||||||
Through | ||||||||||||||||
Years Ended August 31, | August 31, | |||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value at beginning of period | $ | 22.11 | $ | 20.06 | $ | 20.00 | ||||||||||
|
|
|
|
|
| |||||||||||
Net investment income(b) | 0.64 | 0.77 | 0.05 | |||||||||||||
Net realized and unrealized gain on investments. | 1.12 | 1.97 | 0.01 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.76 | 2.74 | 0.06 | |||||||||||||
|
|
|
|
|
| |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | (0.65 | ) | (0.76 | ) | - | |||||||||||
Net realized gains | (0.00 | )(c) | - | - | ||||||||||||
|
|
|
|
|
| |||||||||||
Total distributions | (0.65 | ) | (0.76 | ) | - | |||||||||||
|
|
|
|
|
| |||||||||||
Transaction fees(b) | 0.03 | 0.07 | - | |||||||||||||
|
|
|
|
|
| |||||||||||
Net asset value at end of period | $ | 23.25 | $ | 22.11 | $ | 20.06 | ||||||||||
|
|
|
|
|
| |||||||||||
Market price at end of period(d) | $ | 23.25 | $ | 22.17 | $ | 20.09 | ||||||||||
|
|
|
|
|
| |||||||||||
Net Asset Value Total Return(e) | 8.33 | % | 14.38 | % | 0.30 | %(f) | ||||||||||
Market Price Total Return(e) | 8.03 | % | 14.51 | % | 0.45 | %(f) | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 129,018 | $ | 36,483 | $ | 6,018 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||
Expenses | 0.10 | % | 0.12 | %(g) | 0.10 | %(h) | ||||||||||
Net investment income | 2.89 | % | 3.74 | %(g) | 3.91 | %(h) | ||||||||||
Portfolio turnover rate(i) | 3 | % | 1 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.30%. The market price total return from Fund Inception to August 31, 2018 was 0.30%. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(h) | Annualized. |
(i) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 260 |
|
Financial Highlights–(continued)
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
For the Period | |||||
September 10, 2019(a) | |||||
Through | |||||
August 31, | |||||
2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 20.00 | |||
|
| ||||
Net investment income(b) | 0.51 | ||||
Net realized and unrealized gain on investments. | 1.47 | ||||
|
| ||||
Total from investment operations | 1.98 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.51 | ) | |||
|
| ||||
Transaction fees(b) | 0.04 | ||||
|
| ||||
Net asset value at end of period | $ | 21.51 | |||
|
| ||||
Market price at end of period(c) | $ | 21.51 | |||
|
| ||||
Net Asset Value Total Return(d) | 10.29 | %(e) | |||
Market Price Total Return(d) | 10.28 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 25,815 | |||
Ratio to average net assets of: | |||||
Expenses | 0.10 | %(f) | |||
Net investment income | 2.55 | %(f) | |||
Portfolio turnover rate(g) | 1 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 10.96%. The market price total return from Fund Inception to August 31, 2020 was 10.45%. |
(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.
| 261 |
|
Financial Highlights–(continued)
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.92 | $ | 24.32 | $ | 24.27 | $ | 24.86 | $ | 23.48 | $ | 25.67 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.65 | 1.07 | 0.30 | 1.17 | 1.27 | 1.28 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.54 | ) | (0.31 | ) | 0.08 | (0.59 | ) | 1.32 | (2.24 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | 0.11 | 0.76 | 0.38 | 0.58 | 2.59 | (0.96 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (0.61 | ) | (1.14 | ) | (0.33 | ) | (1.17 | ) | (1.21 | ) | (1.23 | ) | ||||||||||||||||
Net realized gains | - | (0.02 | ) | - | - | - | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.61 | ) | (1.16 | ) | (0.33 | ) | (1.17 | ) | (1.21 | ) | (1.23 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 23.42 | $ | 23.92 | $ | 24.32 | $ | 24.27 | $ | 24.86 | $ | 23.48 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 23.39 | (b) | $ | 23.91 | (b) | $ | 24.35 | (b) | $ | 24.24 | (b) | $ | 24.91 | $ | 23.53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(c) | 0.47 | % | 3.23 | % | 1.56 | % | 2.37 | % | 11.29 | % | (3.64 | )% | ||||||||||||||||
Market Price Total Return(c) | 0.38 | % | 3.06 | % | 1.81 | % | 2.03 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 719,047 | $ | 1,157,864 | $ | 936,384 | $ | 827,638 | $ | 482,352 | $ | 154,968 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.41 | %(d) | 0.41 | %(d) | 0.41 | %(e) | 0.43 | % | 0.44 | % | 0.43 | % | ||||||||||||||||
Expenses, prior to Waivers | 0.42 | %(d) | 0.42 | %(d) | 0.42 | %(e) | ||||||||||||||||||||||
Net investment income | 2.73 | % | 4.45 | % | 4.87 | %(e) | 4.77 | % | 5.24 | % | 5.47 | % | ||||||||||||||||
Portfolio turnover rate(f) | 51 | % | 86 | % | 27 | % | 45 | % | 45 | % | 13 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | 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.
| 262 |
|
Financial Highlights–(continued)
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.59 | $ | 24.73 | $ | 24.62 | $ | 25.17 | $ | 23.85 | $ | 25.09 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 1.01 | 1.30 | 0.30 | 1.25 | 1.33 | 1.26 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.48 | ) | (0.13 | ) | 0.14 | (0.53 | ) | 1.24 | (1.29 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | (0.47 | ) | 1.17 | 0.44 | 0.72 | 2.57 | (0.03 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (1.05 | ) | (1.28 | ) | (0.33 | ) | (1.23 | ) | (1.25 | ) | (1.21 | ) | ||||||||||||||||
Net realized gains | - | (0.03 | ) | - | (0.04 | ) | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (1.05 | ) | (1.31 | ) | (0.33 | ) | (1.27 | ) | (1.25 | ) | (1.21 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 23.07 | $ | 24.59 | $ | 24.73 | $ | 24.62 | $ | 25.17 | $ | 23.85 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 23.09 | (b) | $ | 24.67 | (b) | $ | 24.78 | (b) | $ | 24.58 | (b) | $ | 25.24 | $ | 23.92 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(c) | (1.91 | )% | 4.89 | % | 1.81 | % | 2.92 | % | 11.02 | % | 0.04 | % | ||||||||||||||||
Market Price Total Return(c) | (2.13 | )% | 5.01 | % | 2.18 | % | 2.47 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 992,194 | $ | 848,506 | $ | 457,526 | $ | 391,478 | $ | 168,624 | $ | 50,093 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.41 | % | 0.42 | %(d) | 0.41 | %(e) | 0.43 | % | 0.44 | % | 0.43 | % | ||||||||||||||||
Expenses, prior to Waivers | 0.42 | % | 0.42 | %(d) | 0.42 | %(e) | ||||||||||||||||||||||
Net investment income | 4.30 | % | 5.31 | % | 4.87 | %(e) | 5.04 | % | 5.44 | % | 5.37 | % | ||||||||||||||||
Portfolio turnover rate(f) | 68 | % | 52 | % | 14 | % | 33 | % | 50 | % | 15 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(e) | 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.
| 263 |
|
Financial Highlights–(continued)
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM)
Three Months Ended | ||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.37 | $ | 24.56 | $ | 24.54 | $ | 25.46 | $ | 23.97 | $ | 25.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 1.07 | 1.32 | 0.33 | 1.36 | 1.36 | 1.28 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.40 | ) | (0.17 | ) | 0.06 | (0.91 | ) | 1.39 | (1.30 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations | (0.33 | ) | 1.15 | 0.39 | 0.45 | 2.75 | (0.02 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||
Net investment income | (1.07 | ) | (1.34 | ) | (0.37 | ) | (1.37 | ) | (1.26 | ) | (1.21 | ) | ||||||||||||||||
Net realized gains | - | - | - | - | - | (0.02 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (1.07 | ) | (1.34 | ) | (0.37 | ) | (1.37 | ) | (1.26 | ) | (1.23 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value at end of period | $ | 22.97 | $ | 24.37 | $ | 24.56 | $ | 24.54 | $ | 25.46 | $ | 23.97 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Market price at end of period | $ | 22.97 | (b) | $ | 24.43 | (b) | $ | 24.61 | (b) | $ | 24.49 | (b) | $ | 25.52 | $ | 24.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net Asset Value Total Return(c) | (1.28 | )% | 4.90 | % | 1.59 | % | 1.79 | % | 11.74 | % | 0.11 | % | ||||||||||||||||
Market Price Total Return(c) | (1.50 | )% | 4.94 | % | 2.00 | % | 1.35 | % | ||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 677,613 | $ | 511,741 | $ | 243,192 | $ | 208,598 | $ | 129,836 | $ | 38,345 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||
Expenses, after Waivers | 0.41 | % | 0.42 | % | 0.42 | %(d) | 0.43 | % | 0.44 | % | 0.43 | % | ||||||||||||||||
Expenses, prior to Waivers | 0.42 | % | 0.42 | % | ||||||||||||||||||||||||
Net investment income | 4.59 | % | 5.45 | % | 5.34 | %(d) | 5.47 | % | 5.50 | % | 5.46 | % | ||||||||||||||||
Portfolio turnover rate(e) | 63 | % | 27 | % | 17 | % | 29 | % | 17 | % | 11 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 264 |
|
Financial Highlights–(continued)
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN)
For the Period | ||||||||||||||||||||||||||||||||
October 7, 2015(a) | ||||||||||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Years Ended May 31, | May 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.92 | $ | 26.14 | $ | 25.98 | $ | 26.95 | $ | 25.58 | $ | 24.97 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(b) | 1.26 | 1.45 | 0.35 | 1.43 | 1.43 | 0.87 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.09 | ) | (0.22 | ) | 0.20 | (0.93 | ) | 1.27 | 0.40 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total from investment operations | 0.17 | 1.23 | 0.55 | 0.50 | 2.70 | 1.27 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||
Net investment income | (1.27 | ) | (1.47 | ) | (0.39 | ) | (1.43 | ) | (1.33 | ) | (0.66 | ) | ||||||||||||||||||||
Net realized gains | - | (0.02 | ) | - | (0.04 | ) | - | - | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total distributions | (1.27 | ) | (1.49 | ) | (0.39 | ) | (1.47 | ) | (1.33 | ) | (0.66 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Transaction fees(b) | 0.01 | 0.04 | - | - | - | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value at end of period | $ | 24.83 | $ | 25.92 | $ | 26.14 | $ | 25.98 | $ | 26.95 | $ | 25.58 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Market price at end of period | $ | 24.81 | (c) | $ | 25.98 | (c) | $ | 26.22 | (c) | $ | 25.93 | (c) | $ | 27.03 | $ | 25.60 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net Asset Value Total Return(d) | 0.84 | % | 5.06 | % | 2.14 | % | 1.90 | % | 10.80 | % | 5.20 | % | ||||||||||||||||||||
Market Price Total Return(d) | 0.54 | % | 4.97 | % | 2.65 | % | 1.40 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 389,907 | $ | 243,691 | $ | 112,421 | $ | 101,314 | $ | 37,725 | $ | 10,230 | ||||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.41 | % | 0.42 | % | 0.42 | %(e) | 0.43 | % | 0.44 | % | 0.43 | %(e) | ||||||||||||||||||||
Expenses, prior to Waivers | 0.42 | % | ||||||||||||||||||||||||||||||
Net investment income | 5.10 | % | 5.64 | % | 5.39 | %(e) | 5.45 | % | 5.45 | % | 5.35 | %(e) | ||||||||||||||||||||
Portfolio turnover rate(f) | 47 | % | 19 | % | 6 | % | 18 | % | 14 | % | 3 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 265 |
|
Financial Highlights–(continued)
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO)
For the Period | ||||||||||||||||||||||||||||||||||||
September 14, 2016(a) | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||||||||||||||
Years Ended August 31, | August 31, | Year Ended May 31, | May 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | 2017 | ||||||||||||||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.20 | $ | 24.85 | $ | 24.67 | $ | 25.67 | $ | 24.98 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net investment income(b) | 1.17 | 1.34 | 0.33 | 1.30 | 0.91 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.87 | ) | 0.39 | 0.21 | (1.02 | ) | 0.48 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total from investment operations | 0.30 | 1.73 | 0.54 | 0.28 | 1.39 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||||||||||||||
Net investment income | (1.18 | ) | (1.37 | ) | (0.36 | ) | (1.27 | ) | (0.70 | ) | ||||||||||||||||||||||||||
Net realized gains | - | (0.05 | ) | - | (0.05 | ) | - | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Total distributions | (1.18 | ) | (1.42 | ) | (0.36 | ) | (1.32 | ) | (0.70 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Transaction fees(b) | 0.02 | 0.04 | - | 0.04 | - | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
Net asset value at end of period | $ | 24.34 | $ | 25.20 | $ | 24.85 | $ | 24.67 | $ | 25.67 | ||||||||||||||||||||||||||
|
|
|
|
|
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|
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| |||||||||||||||||||||||||||
Market price at end of period | $ | 24.34 | (c) | $ | 25.22 | (c) | $ | 24.92 | (c) | $ | 24.71 | (c) | $ | 25.65 | ||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||
Net Asset Value Total Return(d) | 1.45 | % | 7.44 | % | 2.22 | % | 1.21 | % | 5.67 | % | ||||||||||||||||||||||||||
Market Price Total Return(d) | 1.38 | % | 7.22 | % | 2.34 | % | 1.44 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 175,241 | $ | 98,261 | $ | 47,210 | $ | 41,936 | $ | 23,103 | ||||||||||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||||||||||||||
Expenses, after Waivers | 0.42 | % | 0.42 | %(e) | 0.42 | %(f) | 0.44 | % | 0.42 | %(f) | ||||||||||||||||||||||||||
Expenses, prior to Waivers | 0.42 | % | 0.43 | %(e) | ||||||||||||||||||||||||||||||||
Net investment income | 4.84 | % | 5.43 | %(e) | 5.30 | %(f) | 5.14 | % | 5.10 | %(f) | ||||||||||||||||||||||||||
Portfolio turnover rate(g) | 34 | % | 22 | % | 8 | % | 24 | % | 7 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios 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.
| 266 |
|
Financial Highlights–(continued)
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP)
For the Period | ||||||||||||||||||||||||
September 27, 2017(a) | ||||||||||||||||||||||||
Three Months Ended | Through | |||||||||||||||||||||||
Years Ended August 31, | August 31, | May 31, | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2018 | |||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||||
Net asset value at beginning of period | $ | 24.48 | $ | 24.28 | $ | 23.96 | $ | 25.01 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(b) | 1.27 | 1.43 | 0.38 | 0.90 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.71 | ) | 0.15 | 0.31 | (1.29 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Total from investment operations. | 0.56 | 1.58 | 0.69 | (0.39 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions to shareholders from: | ||||||||||||||||||||||||
Net investment income | (1.29 | ) | (1.43 | ) | (0.38 | ) | (0.73 | ) | ||||||||||||||||
|
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|
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| |||||||||||||||||
Transaction fees(b) | 0.02 | 0.05 | 0.01 | 0.07 | ||||||||||||||||||||
|
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|
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|
|
| |||||||||||||||||
Net asset value at end of period | $ | 23.77 | $ | 24.48 | $ | 24.28 | $ | 23.96 | ||||||||||||||||
|
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| |||||||||||||||||
Market price at end of period(c) | $ | 23.74 | $ | 24.53 | $ | 24.31 | $ | 24.03 | ||||||||||||||||
|
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|
|
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| |||||||||||||||||
Net Asset Value Total Return(d) | 2.58 | % | 7.06 | % | 2.94 | % | (1.31 | )% | ||||||||||||||||
Market Price Total Return(d) | 2.26 | % | 7.15 | % | 2.76 | % | (1.03 | )% | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 130,753 | $ | 75,879 | $ | 21,856 | $ | 14,374 | ||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, after Waivers | 0.42 | % | 0.42 | %(e) | 0.42 | %(f) | 0.42 | %(f) | ||||||||||||||||
Expenses, prior to Waivers. | 0.42 | % | 0.43 | %(e) | ||||||||||||||||||||
Net investment income | 5.42 | % | 5.98 | %(e) | 6.33 | %(f) | 5.50 | %(f) | ||||||||||||||||
Portfolio turnover rate(g) | 26 | % | 14 | % | 9 | % | 5 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios 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.
| 267 |
|
Financial Highlights–(continued)
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
For the Period | |||||||||||||||
August 7, 2018(a) | |||||||||||||||
Through | |||||||||||||||
Years Ended August 31, | August 31, | ||||||||||||||
2020 | 2019 | 2018 | |||||||||||||
Per Share Operating Performance: | |||||||||||||||
Net asset value at beginning of period | $ | 25.70 | $ | 25.14 | $ | 25.00 | |||||||||
|
|
|
|
|
| ||||||||||
Net investment income(b) | 1.24 | 1.45 | 0.09 | ||||||||||||
Net realized and unrealized gain (loss) on investments | (0.74 | ) | 0.51 | 0.05 | |||||||||||
|
|
|
|
|
| ||||||||||
Total from investment operations | 0.50 | 1.96 | 0.14 | ||||||||||||
|
|
|
|
|
| ||||||||||
Distributions to shareholders from: | |||||||||||||||
Net investment income | (1.28 | ) | (1.51 | ) | - | ||||||||||
Net realized gains | (0.02 | ) | - | - | |||||||||||
|
|
|
|
|
| ||||||||||
Total distributions | (1.30 | ) | (1.51 | ) | - | ||||||||||
|
|
|
|
|
| ||||||||||
Transaction fees(b) | 0.03 | 0.11 | - | ||||||||||||
|
|
|
|
|
| ||||||||||
Net asset value at end of period | $ | 24.93 | $ | 25.70 | $ | 25.14 | |||||||||
|
|
|
|
|
| ||||||||||
Market price at end of period(c) | $ | 24.88 | $ | 25.75 | $ | 25.15 | |||||||||
|
|
|
|
|
| ||||||||||
Net Asset Value Total Return(d) | 2.31 | % | 8.62 | % | 0.56 | %(e) | |||||||||
Market Price Total Return(d) | 1.91 | % | 8.80 | % | 0.60 | %(e) | |||||||||
Ratios/Supplemental Data: | |||||||||||||||
Net assets at end of period (000’s omitted) | $ | 74,780 | $ | 25,702 | $ | 5,029 | |||||||||
Ratio to average net assets of: | |||||||||||||||
Expenses, after Waivers | 0.42 | % | 0.44 | %(f) | 0.42 | %(g) | |||||||||
Expenses, prior to Waivers | 0.42 | % | 0.45 | %(f) | |||||||||||
Net investment income | 5.07 | % | 5.79 | %(f) | 5.54 | %(g) | |||||||||
Portfolio turnover rate(h) | 35 | % | 48 | % | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (August 9, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.48%. The market price total return from Fund Inception to August 31, 2018 was 0.56%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.03%. |
(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.
| 268 |
|
Financial Highlights–(continued)
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
For the Period September 10, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 1.15 | ||||
Net realized and unrealized gain (loss) on investments | (0.27 | ) | |||
|
| ||||
Total from investment operations | 0.88 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (1.06 | ) | |||
|
| ||||
Transaction fees(b) | 0.09 | ||||
|
| ||||
Net asset value at end of period | $ | 24.91 | |||
|
| ||||
Market price at end of period(c) | $ | 24.84 | |||
|
| ||||
Net Asset Value Total Return(d) | 4.12 | %(e) | |||
Market Price Total Return(d) | 3.84 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 19,925 | |||
Ratio to average net assets of: | |||||
Expenses, after Waivers | 0.41 | %(f) | |||
Expenses, prior to Waivers | 0.42 | %(f) | |||
Net investment income | 4.90 | %(f) | |||
Portfolio turnover rate(g) | 56 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.32%. The market price total return from Fund Inception to August 31, 2020 was 3.84%. |
(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.
| 269 |
|
Financial Highlights–(continued)
Invesco BulletShares 2021 Municipal Bond ETF (BSML)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.21 | ||||
Net realized and unrealized gain on investments | 0.19 | ||||
|
| ||||
Total from investment operations | 0.40 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.22 | ) | |||
|
| ||||
Transaction fees(b) | 0.07 | ||||
|
| ||||
Net asset value at end of period | $ | 25.25 | |||
|
| ||||
Market price at end of period(c) | $ | 25.35 | |||
|
| ||||
Net Asset Value Total Return(d) | 1.90 | %(e) | |||
Market Price Total Return(d) | 2.30 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 25,254 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 0.88 | %(f) | |||
Portfolio turnover rate(g) | 2 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 1.94%. The market price total return from Fund Inception to August 31, 2020 was 2.30%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 270 |
|
Financial Highlights–(continued)
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.24 | ||||
Net realized and unrealized gain on investments | 0.24 | ||||
|
| ||||
Total from investment operations | 0.48 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.26 | ) | |||
|
| ||||
Transaction fees(b) | 0.09 | ||||
|
| ||||
Net asset value at end of period | $ | 25.31 | |||
|
| ||||
Market price at end of period(c) | $ | 25.40 | |||
|
| ||||
Net Asset Value Total Return(d) | 2.30 | %(e) | |||
Market Price Total Return(d) | 2.65 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 27,844 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.02 | %(f) | |||
Portfolio turnover rate(g) | 5 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 2.38%. The market price total return from Fund Inception to August 31, 2020 was 2.65%. |
(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.
| 271 |
|
Financial Highlights–(continued)
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.26 | ||||
Net realized and unrealized gain on investments | 0.47 | ||||
|
| ||||
Total from investment operations | 0.73 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.26 | ) | |||
|
| ||||
Net asset value at end of period | $ | 25.47 | |||
|
| ||||
Market price at end of period(c) | $ | 25.53 | |||
|
| ||||
Net Asset Value Total Return(d) | 2.94 | %(e) | |||
Market Price Total Return(d) | 3.18 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 15,284 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.08 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.03%. The market price total return from Fund Inception to August 31, 2020 was 3.14%. |
(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.
| 272 |
|
Financial Highlights–(continued)
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.30 | ||||
Net realized and unrealized gain on investments | 0.52 | ||||
|
| ||||
Total from investment operations | 0.82 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.30 | ) | |||
|
| ||||
Net asset value at end of period | $ | 25.52 | |||
|
| ||||
Market price at end of period(c) | $ | 25.62 | |||
|
| ||||
Net Asset Value Total Return(d) | 3.30 | %(e) | |||
Market Price Total Return(d) | 3.71 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 12,762 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | | 1.26 | %(f) | ||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.30%. The market price total return from Fund Inception to August 31, 2020 was 3.71%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 273 |
|
Financial Highlights–(continued)
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.33 | ||||
Net realized and unrealized gain on investments | 0.71 | ||||
|
| ||||
Total from investment operations | 1.04 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.33 | ) | |||
|
| ||||
Net asset value at end of period | $ | 25.71 | |||
|
| ||||
Market price at end of period(c) | $ | 25.78 | |||
|
| ||||
Net Asset Value Total Return(d) | 4.19 | %(e) | |||
Market Price Total Return(d) | 4.48 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 10,282 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.39 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.19%. The market price total return from Fund Inception to August 31, 2020 was 4.44%. |
(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.
| 274 |
|
Financial Highlights–(continued)
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.40 | ||||
Net realized and unrealized gain on investments | 0.48 | ||||
|
| ||||
Total from investment operations | 0.88 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.40 | ) | |||
|
| ||||
Net asset value at end of period | $ | 25.48 | |||
|
| ||||
Market price at end of period(c) | $ | 25.54 | |||
|
| ||||
Net Asset Value Total Return(d) | 3.58 | %(e) | |||
Market Price Total Return(d) | 3.83 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 12,740 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.70 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.58%. The market price total return from Fund Inception to August 31, 2020 was 4.20%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 275 |
|
Financial Highlights–(continued)
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ | 25.00 | |||
|
| ||||
Net investment income(b) | 0.37 | ||||
Net realized and unrealized gain on investments | 0.26 | ||||
|
| ||||
Total from investment operations | 0.63 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.36 | ) | |||
Return of capital | (0.04 | ) | |||
|
| ||||
Total distributions | (0.40 | ) | |||
|
| ||||
Transaction fees(b) | 0.11 | ||||
|
| ||||
Net asset value at end of period | $ | 25.34 | |||
|
| ||||
Market price at end of period(c) | $ | 25.42 | |||
|
| ||||
Net Asset Value Total Return(d) | 3.02 | %(e) | |||
Market Price Total Return(d) | 3.34 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $ | 15,204 | |||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.58 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 3.02%. The market price total return from Fund Inception to August 31, 2020 was 3.46%. |
(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.
| 276 |
|
Financial Highlights–(continued)
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $ 25.00 | ||||
|
| ||||
Net investment income(b) | 0.43 | ||||
Net realized and unrealized gain on investments. | 0.69 | ||||
|
| ||||
Total from investment operations | 1.12 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.42 | ) | |||
|
| ||||
Net asset value at end of period | $25.70 | ||||
|
| ||||
Market price at end of period(c) | $25.76 | ||||
|
| ||||
Net Asset Value Total Return(d) | 4.56 | %(e) | |||
Market Price Total Return(d) | 4.80 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $5,141 | ||||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.80 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.48%. The market price total return from Fund Inception to August 31, 2020 was 4.68%. |
(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.
| 277 |
|
Financial Highlights–(continued)
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
For the Period September 23, 2019(a) Through August 31, 2020 | |||||
Per Share Operating Performance: | |||||
Net asset value at beginning of period | $25.00 | ||||
|
| ||||
Net investment income(b) | 0.44 | ||||
Net realized and unrealized gain on investments. | 0.67 | ||||
|
| ||||
Total from investment operations | 1.11 | ||||
|
| ||||
Distributions to shareholders from: | |||||
Net investment income | (0.44 | ) | |||
|
| ||||
Net asset value at end of period | $25.67 | ||||
|
| ||||
Market price at end of period(c) | $25.70 | ||||
|
| ||||
Net Asset Value Total Return(d) | 4.52 | %(e) | |||
Market Price Total Return(d) | 4.64 | %(e) | |||
Ratios/Supplemental Data: | |||||
Net assets at end of period (000’s omitted) | $5,133 | ||||
Ratio to average net assets of: | |||||
Expenses | 0.18 | %(f) | |||
Net investment income | 1.88 | %(f) | |||
Portfolio turnover rate(g) | 0 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 25, 2019, the first day of trading on the exchange) to August 31, 2020 was 4.60%. The market price total return from Fund Inception to August 31, 2020 was 4.68%. |
(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.
| 278 |
|
Financial Highlights–(continued)
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE)
Year Ended August 31, 2020 | For the Period October 2, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period. | $ | 25.53 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 0.96 | 0.88 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.12 | ) | 0.58 | |||||||
|
|
|
| |||||||
Total from investment operations | 0.84 | 1.46 | ||||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.95 | ) | (0.88 | ) | ||||||
Net realized gains | (0.01 | ) | (0.01 | ) | ||||||
Return of capital | (0.01 | ) | (0.04 | ) | ||||||
|
|
|
| |||||||
Total distributions | (0.97 | ) | (0.93 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 25.40 | $ | 25.53 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 25.44 | $ | 25.58 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 3.37 | % | 5.98 | %(e) | ||||||
Market Price Total Return(d) | 3.34 | % | 6.18 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 10,159 | $ | 10,213 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.29 | % | 0.32 | %(f) | ||||||
Net investment income | 3.77 | % | 3.84 | %(f) | ||||||
Portfolio turnover rate(g) | 13 | % | 13 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 6.62%. The market price total return from Fund Inception to August 31, 2019 was 6.70%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(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.
| 279 |
|
Financial Highlights–(continued)
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE)
Year Ended August 31, 2020 | For the Period October 2, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period. | $ | 25.91 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 1.04 | 0.95 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.03 | ) | 0.92 | |||||||
|
|
|
| |||||||
Total from investment operations | 1.01 | 1.87 | ||||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (1.04 | ) | (0.96 | ) | ||||||
Net realized gains | (0.05 | ) | - | |||||||
|
|
|
| |||||||
Total distributions. | (1.09 | ) | (0.96 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 25.83 | $ | 25.91 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 25.90 | $ | 25.95 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 4.01 | % | 7.63 | %(e) | ||||||
Market Price Total Return(d) | 4.14 | % | 7.79 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 10,334 | $ | 10,365 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.29 | % | 0.32 | %(f) | ||||||
Net investment income | 4.03 | % | 4.11 | %(f) | ||||||
Portfolio turnover rate(g) | 7 | % | 15 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 8.41%. The market price total return from Fund Inception to August 31, 2019 was 8.45%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(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.
| 280 |
|
Financial Highlights–(continued)
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE)
Year Ended August 31, 2020 | For the Period October 2, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 26.17 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 1.03 | 0.98 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.01 | ) | 1.17 | |||||||
|
|
|
| |||||||
Total from investment operations | 1.02 | 2.15 | ||||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (1.03 | ) | (0.98 | ) | ||||||
Net realized gains | (0.10 | ) | - | |||||||
|
|
|
| |||||||
Total distributions | (1.13 | ) | (0.98 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 26.06 | $ | 26.17 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 26.13 | $ | 26.19 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 4.05 | % | 8.79 | %(e) | ||||||
Market Price Total Return(d) | 4.25 | % | 8.87 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 10,426 | $ | 10,466 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.29 | % | 0.32 | %(f) | ||||||
Net investment income | 3.97 | % | 4.24 | %(f) | ||||||
Portfolio turnover rate(g) | 11 | % | 16 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 9.68%. The market price total return from Fund Inception to August 31, 2019 was 9.57%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(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.
| 281 |
|
Financial Highlights–(continued)
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE)
Year Ended August 31, 2020 | For the Period October 2, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 26.44 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 1.01 | 1.05 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.41 | ) | 1.46 | |||||||
|
|
|
| |||||||
Total from investment operations | 0.60 | 2.51 | ||||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (1.02 | ) | (1.07 | ) | ||||||
Net realized gains | (0.10 | ) | - | |||||||
|
|
|
| |||||||
Total distributions | (1.12 | ) | (1.07 | ) | ||||||
|
|
|
| |||||||
Transaction fees(b) | 0.07 | - | ||||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 25.99 | $ | 26.44 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 26.05 | $ | 26.53 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 2.65 | % | 10.29 | %(e) | ||||||
Market Price Total Return(d) | 2.57 | % | 10.66 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 15,592 | $ | 10,575 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.29 | % | 0.32 | %(f) | ||||||
Net investment income | 3.91 | % | 4.52 | %(f) | ||||||
Portfolio turnover rate(g) | 39 | % | 10 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (October 4, 2018, the first day of trading on the Exchange) to August 31, 2019 was 11.26%. The market price total return from Fund Inception to August 31, 2019 was 11.46%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.03%. |
(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.
| 282 |
|
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2020
NOTE 1–Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust on October 30, 2015 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | “BulletShares 2020 Corporate Bond ETF” | |
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | “BulletShares 2021 Corporate Bond ETF” | |
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | “BulletShares 2022 Corporate Bond ETF” | |
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | “BulletShares 2023 Corporate Bond ETF” | |
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | “BulletShares 2024 Corporate Bond ETF” | |
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | “BulletShares 2025 Corporate Bond ETF” | |
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | “BulletShares 2026 Corporate Bond ETF” | |
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | “BulletShares 2027 Corporate Bond ETF” | |
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | “BulletShares 2028 Corporate Bond ETF” | |
Invesco BulletShares 2029 Corporate Bond ETF (BSCT)* | “BulletShares 2029 Corporate Bond ETF” | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | “BulletShares 2020 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | “BulletShares 2021 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | “BulletShares 2022 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | “BulletShares 2023 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | “BulletShares 2024 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | “BulletShares 2025 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | “BulletShares 2026 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)* | “BulletShares 2027 High Yield Corporate Bond ETF” | |
Invesco BulletShares 2021 Municipal Bond ETF (BSML)** | “BulletShares 2021 Municipal Bond ETF” | |
Invesco BulletShares 2022 Municipal Bond ETF (BSMM)** | “BulletShares 2022 Municipal Bond ETF” | |
Invesco BulletShares 2023 Municipal Bond ETF (BSMN)** | “BulletShares 2023 Municipal Bond ETF” | |
Invesco BulletShares 2024 Municipal Bond ETF (BSMO)** | “BulletShares 2024 Municipal Bond ETF” | |
Invesco BulletShares 2025 Municipal Bond ETF (BSMP)** | “BulletShares 2025 Municipal Bond ETF” | |
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)** | “BulletShares 2026 Municipal Bond ETF” | |
Invesco BulletShares 2027 Municipal Bond ETF (BSMR)** | “BulletShares 2027 Municipal Bond ETF” | |
Invesco BulletShares 2028 Municipal Bond ETF (BSMS)** | “BulletShares 2028 Municipal Bond ETF” | |
Invesco BulletShares 2029 Municipal Bond ETF (BSMT)** | “BulletShares 2029 Municipal Bond ETF” | |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | “BulletShares 2021 USD Emerging Markets Debt ETF” | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | “BulletShares 2022 USD Emerging Markets Debt ETF” | |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | “BulletShares 2023 USD Emerging Markets Debt ETF” | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | “BulletShares 2024 USD Emerging Markets Debt ETF” |
* | Commenced operations on September 10, 2019. |
** | Commenced operations on September 23, 2019. |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
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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 | |
BulletShares 2020 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2020 Index | |
BulletShares 2021 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2021 Index | |
BulletShares 2022 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2022 Index | |
BulletShares 2023 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2023 Index | |
BulletShares 2024 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2024 Index | |
BulletShares 2025 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2025 Index | |
BulletShares 2026 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2026 Index | |
BulletShares 2027 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2027 Index | |
BulletShares 2028 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2028 Index | |
BulletShares 2029 Corporate Bond ETF | Nasdaq BulletShares® USD Corporate Bond 2029 Index | |
BulletShares 2020 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2020 Index | |
BulletShares 2021 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2021 Index | |
BulletShares 2022 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2022 Index | |
BulletShares 2023 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2023 Index | |
BulletShares 2024 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2024 Index | |
BulletShares 2025 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2025 Index | |
BulletShares 2026 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2026 Index | |
BulletShares 2027 High Yield Corporate Bond ETF | Nasdaq BulletShares® USD High Yield Corporate Bond 2027 Index | |
BulletShares 2021 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2021 Index | |
BulletShares 2022 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2022 Index | |
BulletShares 2023 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2023 Index | |
BulletShares 2024 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2024 Index | |
BulletShares 2025 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2025 Index | |
BulletShares 2026 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2026 Index | |
BulletShares 2027 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2027 Index | |
BulletShares 2028 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2028 Index | |
BulletShares 2029 Municipal Bond ETF | Invesco BulletShares® Municipal Bond 2029 Index | |
BulletShares 2021 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2021 Index | |
BulletShares 2022 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2022 Index | |
BulletShares 2023 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2023 Index | |
BulletShares 2024 USD Emerging Markets Debt ETF | Nasdaq BulletShares® USD Emerging Markets Debt 2024 Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
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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 Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to 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.
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Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will “call” (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund’s net investment income could fall.
Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.
Changing Global Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds 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 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.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Emerging Markets Sovereign Debt Risk. For certain Funds, government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which the Fund may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.
Foreign Fixed-Income Investment Risk. 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
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low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers 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.
Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because each Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Non-Investment Grade Securities Risk. 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
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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.
U.S. Treasury Obligations Risk. Certain Funds will invest in obligations issued or guaranteed by the U.S. Treasury.
U.S. Treasury securities are backed by the “full faith and credit” of the United States; however, the U.S. Government does not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices may rise and fall as changes in global economic conditions affect the demand for these securities. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to Shares of the Fund.
C. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax 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 - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 each Fund’s |
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books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
BulletShares 2020 Corporate Bond ETF | 0.10% | |
BulletShares 2021 Corporate Bond ETF | 0.10% | |
BulletShares 2022 Corporate Bond ETF | 0.10% | |
BulletShares 2023 Corporate Bond ETF | 0.10% | |
BulletShares 2024 Corporate Bond ETF | 0.10% | |
BulletShares 2025 Corporate Bond ETF | 0.10% | |
BulletShares 2026 Corporate Bond ETF | 0.10% | |
BulletShares 2027 Corporate Bond ETF | 0.10% | |
BulletShares 2028 Corporate Bond ETF | 0.10% | |
BulletShares 2029 Corporate Bond ETF | 0.10% | |
BulletShares 2020 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2021 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2022 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2023 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2024 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2025 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2026 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2027 High Yield Corporate Bond ETF | 0.42% | |
BulletShares 2021 Municipal Bond ETF | 0.18% | |
BulletShares 2022 Municipal Bond ETF | 0.18% | |
BulletShares 2023 Municipal Bond ETF | 0.18% | |
BulletShares 2024 Municipal Bond ETF | 0.18% | |
BulletShares 2025 Municipal Bond ETF | 0.18% | |
BulletShares 2026 Municipal Bond ETF | 0.18% | |
BulletShares 2027 Municipal Bond ETF | 0.18% | |
BulletShares 2028 Municipal Bond ETF | 0.18% | |
BulletShares 2029 Municipal Bond ETF | 0.18% | |
BulletShares 2021 USD Emerging Markets Debt ETF | 0.29% | |
BulletShares 2022 USD Emerging Markets Debt ETF | 0.29% | |
BulletShares 2023 USD Emerging Markets Debt ETF | 0.29% | |
BulletShares 2024 USD Emerging Markets Debt ETF | 0.29% |
For BulletShares 2020 Corporate Bond ETF, BulletShares 2021 Corporate Bond ETF, BulletShares 2022 Corporate Bond ETF, BulletShares 2023 Corporate Bond ETF, BulletShares 2024 Corporate Bond ETF, BulletShares 2025 Corporate Bond ETF, BulletShares 2026 Corporate Bond ETF, BulletShares 2027 Corporate Bond ETF, BulletShares 2020 High Yield Corporate Bond ETF, BulletShares 2021 High Yield Corporate Bond ETF, BulletShares 2022 High Yield Corporate Bond ETF, BulletShares 2023 High Yield Corporate Bond ETF, BulletShares 2024 High Yield Corporate Bond ETF and BulletShares 2025 High Yield Corporate Bond ETF, the Adviser agreed to waive a portion of each Fund’s unitary management fee (the “Expense Cap”) to the extent
| 290 |
|
necessary to prevent the operating expenses of each Fund (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes and litigation expenses, and extraordinary expenses) from exceeding each such Fund’s unitary management fee in effect at the time of its reorganization through (i) April 6, 2020 for each such Fund (except BulletShares 2025 High Yield Corporate Bond ETF), and (ii) May 18, 2020 for BulletShares 2025 High Yield Corporate Bond ETF. For each Fund, the Adviser did not waive fees during the period under this Expense Cap.
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 August 31, 2020, the Adviser waived fees for each Fund in the following amounts:
BulletShares 2020 Corporate Bond ETF | $ | 220,906 | ||
BulletShares 2021 Corporate Bond ETF | 40,564 | |||
BulletShares 2022 Corporate Bond ETF | 27,569 | |||
BulletShares 2023 Corporate Bond ETF | 8,798 | |||
BulletShares 2024 Corporate Bond ETF | 9,780 | |||
BulletShares 2025 Corporate Bond ETF | 4,122 | |||
BulletShares 2026 Corporate Bond ETF | 1,995 | |||
BulletShares 2027 Corporate Bond ETF | 1,333 | |||
BulletShares 2028 Corporate Bond ETF | 1,184 | |||
BulletShares 2029 Corporate Bond ETF* | 218 | |||
BulletShares 2020 High Yield Corporate Bond ETF | 105,826 | |||
BulletShares 2021 High Yield Corporate Bond ETF | 68,052 | |||
BulletShares 2022 High Yield Corporate Bond ETF | 38,984 | |||
BulletShares 2023 High Yield Corporate Bond ETF | 18,405 | |||
BulletShares 2024 High Yield Corporate Bond ETF | 5,792 | |||
BulletShares 2025 High Yield Corporate Bond ETF | 3,343 | |||
BulletShares 2026 High Yield Corporate Bond ETF | 1,554 | |||
BulletShares 2027 High Yield Corporate Bond ETF* | 401 | |||
BulletShares 2021 Municipal Bond ETF** | 8 | |||
BulletShares 2022 Municipal Bond ETF** | 36 | |||
BulletShares 2023 Municipal Bond ETF** | 3 | |||
BulletShares 2024 Municipal Bond ETF** | 43 | |||
BulletShares 2025 Municipal Bond ETF** | 24 | |||
BulletShares 2026 Municipal Bond ETF** | 12 | |||
BulletShares 2027 Municipal Bond ETF** | 1 | |||
BulletShares 2028 Municipal Bond ETF** | 3 | |||
BulletShares 2029 Municipal Bond ETF** | 2 | |||
BulletShares 2021 USD Emerging Markets Debt ETF | 202 | |||
BulletShares 2022 USD Emerging Markets Debt ETF | 172 | |||
BulletShares 2023 USD Emerging Markets Debt ETF | 197 | |||
BulletShares 2024 USD Emerging Markets Debt ETF | 247 |
* | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
** | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).
“Nasdaq” is a trademark of The Nasdaq OMX Group, Inc. and has been licensed for use in the name of each Underlying Index by the Licensor. “BulletShares®” and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
| 291 |
|
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 August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains (Losses)* | |||||||||||||
BulletShares 2020 Corporate Bond ETF | $12,745,652 | $21,533,328 | $ 67,892 | ||||||||||||
BulletShares 2021 Corporate Bond ETF | 31,672,897 | 20,476,828 | (287,075 | ) | |||||||||||
BulletShares 2022 Corporate Bond ETF | 11,004,691 | 35,415,761 | (2,004,356 | ) | |||||||||||
BulletShares 2023 Corporate Bond ETF | - | 21,181,498 | (1,248,496 | ) | |||||||||||
BulletShares 2024 Corporate Bond ETF | 3,059,027 | 4,899,314 | (463,835 | ) | |||||||||||
BulletShares 2025 Corporate Bond ETF | 3,974,968 | 4,364,332 | (388,331 | ) | |||||||||||
BulletShares 2026 Corporate Bond ETF | 2,273,563 | 4,811,156 | (134,438 | ) | |||||||||||
BulletShares 2027 Corporate Bond ETF | 282,411 | 693,208 | (111,885 | ) | |||||||||||
BulletShares 2020 High Yield Corporate Bond ETF | 14,522,307 | 55,707,582 | (72,231 | ) | |||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | 94,397,071 | 24,757,966 | (221,446 | ) | |||||||||||
BulletShares 2022 High Yield Corporate Bond ETF | 44,008,586 | 26,195,131 | (25,557 | ) | |||||||||||
BulletShares 2023 High Yield Corporate Bond ETF | 23,501,812 | 6,430,211 | 6,132 | ||||||||||||
BulletShares 2024 High Yield Corporate Bond ETF | 11,178,363 | 8,833,478 | 160,058 | ||||||||||||
BulletShares 2025 High Yield Corporate Bond ETF | 3,722,764 | 4,865,110 | 58,488 | ||||||||||||
BulletShares 2026 High Yield Corporate Bond ETF | 13,302,101 | 4,722,106 | 24,162 | ||||||||||||
BulletShares 2027 High Yield Corporate Bond ETF | 3,119,070 | 3,144,955 | (22,883 | ) |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
NOTE 5–Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
Except for the Funds listed below, as of August 31, 2020, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BulletShares 2020 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 876,562,506 | $ | - | $ | 876,562,506 | ||||||||
U.S. Treasury Securities | - | 558,470,801 | - | 558,470,801 | ||||||||||||
Money Market Funds | 100,289,758 | - | - | 100,289,758 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 100,289,758 | $ | 1,435,033,307 | $ | - | $ | 1,535,323,065 | ||||||||
|
|
|
|
|
|
|
|
| 292 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BulletShares 2021 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 1,986,361,071 | $ | - | $ | 1,986,361,071 | ||||||||
Money Market Funds | 29,211,229 | 6,666,595 | - | 35,877,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 29,211,229 | $ | 1,993,027,666 | $ | - | $ | 2,022,238,895 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2022 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 1,989,157,538 | $ | - | $ | 1,989,157,538 | ||||||||
Money Market Funds | 36,116,520 | 3,668,605 | - | 39,785,125 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 36,116,520 | $ | 1,992,826,143 | $ | - | $ | 2,028,942,663 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2023 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 1,326,725,356 | $ | - | $ | 1,326,725,356 | ||||||||
Money Market Funds | 3,985,444 | 871,650 | - | 4,857,094 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 3,985,444 | $ | 1,327,597,006 | $ | - | $ | 1,331,582,450 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2024 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 1,067,169,705 | $ | - | $ | 1,067,169,705 | ||||||||
Money Market Funds | 8,284,417 | 4,279,498 | - | 12,563,915 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 8,284,417 | $ | 1,071,449,203 | $ | - | $ | 1,079,733,620 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2025 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 627,343,753 | $ | - | $ | 627,343,753 | ||||||||
Money Market Funds | 131,824 | 4,486,923 | - | 4,618,747 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 131,824 | $ | 631,830,676 | $ | - | $ | 631,962,500 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2026 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 290,714,312 | $ | - | $ | 290,714,312 | ||||||||
Money Market Funds | 550,632 | 2,422,447 | - | 2,973,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 550,632 | $ | 293,136,759 | $ | - | $ | 293,687,391 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2027 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 229,297,259 | $ | - | $ | 229,297,259 | ||||||||
Money Market Funds | 423,814 | 424,878 | - | 848,692 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 423,814 | $ | 229,722,137 | $ | - | $ | 230,145,951 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2028 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 127,366,170 | $ | - | $ | 127,366,170 | ||||||||
Money Market Funds | 335,319 | 1,193,027 | - | 1,528,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 335,319 | $ | 128,559,197 | $ | - | $ | 128,894,516 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2029 Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 25,528,276 | $ | - | $ | 25,528,276 | ||||||||
Money Market Funds | 41,737 | 290,503 | - | 332,240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 41,737 | $ | 25,818,779 | $ | - | $ | 25,860,516 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2020 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Securities | $ | - | $ | 582,344,426 | $ | - | $ | 582,344,426 | ||||||||
U.S. Dollar Denominated Bonds & Notes | - | 127,452,678 | - | 127,452,678 | ||||||||||||
Money Market Funds | 6,321,675 | 7,241,157 | - | 13,562,832 | ||||||||||||
Investments Matured | - | - | 352,215 | 352,215 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 6,321,675 | $ | 717,038,261 | $ | 352,215 | $ | 723,712,151 | ||||||||
|
|
|
|
|
|
|
|
| 293 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 928,871,600 | $ | - | $ | 928,871,600 | ||||||||
Money Market Funds | 46,929,383 | 36,214,303 | - | 83,143,686 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 46,929,383 | $ | 965,085,903 | $ | - | $ | 1,012,015,286 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2022 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 632,945,576 | $ | - | $ | 632,945,576 | ||||||||
Money Market Funds | 34,889,820 | 17,570,533 | - | 52,460,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 34,889,820 | $ | 650,516,109 | $ | - | $ | 685,405,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2023 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 376,432,121 | $ | - | $ | 376,432,121 | ||||||||
Money Market Funds | 7,208,077 | 11,013,726 | - | 18,221,803 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 7,208,077 | $ | 387,445,847 | $ | - | $ | 394,653,924 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2024 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 170,414,109 | $ | - | $ | 170,414,109 | ||||||||
Money Market Funds | 3,661,538 | 5,736,363 | - | 9,397,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 3,661,538 | $ | 176,150,472 | $ | - | $ | 179,812,010 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2025 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 126,493,880 | $ | - | $ | 126,493,880 | ||||||||
Money Market Funds | 2,169,837 | 4,412,400 | - | 6,582,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 2,169,837 | $ | 130,906,280 | $ | - | $ | 133,076,117 | ||||||||
�� |
|
|
|
|
|
|
| |||||||||
BulletShares 2026 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 73,269,474 | $ | - | $ | 73,269,474 | ||||||||
Money Market Funds | 396,085 | 2,015,115 | - | 2,411,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 396,085 | $ | 75,284,589 | $ | - | $ | 75,680,674 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2027 High Yield Corporate Bond ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 19,622,210 | $ | - | $ | 19,622,210 | ||||||||
Money Market Funds | 41,482 | 182,734 | - | 224,216 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 41,482 | $ | 19,804,944 | $ | - | $ | 19,846,426 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 10,012,954 | $ | - | $ | 10,012,954 | ||||||||
Money Market Funds | 31,602 | - | - | 31,602 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 31,602 | $ | 10,012,954 | $ | - | $ | 10,044,556 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 10,142,297 | $ | - | $ | 10,142,297 | ||||||||
Money Market Funds | 68,228 | - | - | 68,228 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 68,228 | $ | 10,142,297 | $ | - | $ | 10,210,525 | ||||||||
|
|
|
|
|
|
|
| |||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 10,205,703 | $ | - | $ | 10,205,703 | ||||||||
Money Market Funds | 96,114 | 196,020 | - | 292,134 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 96,114 | $ | 10,401,723 | $ | - | $ | 10,497,837 | ||||||||
|
|
|
|
|
|
|
|
| 294 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 15,357,390 | $ | - | $ | 15,357,390 | ||||||||
Money Market Funds | 50,313 | 227,700 | - | 278,013 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 50,313 | $ | 15,585,090 | $ | - | $ | 15,635,403 | ||||||||
|
|
|
|
|
|
|
|
NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:
2020 | 2019 | |||||||||||||||||||||||||||
Ordinary | ||||||||||||||||||||||||||||
Ordinary | Income-Tax- | Long-Term | Return of | Ordinary | Long-Term | Return of | ||||||||||||||||||||||
Income* | Exempt | Capital Gains | Capital | Income* | Capital Gains | Capital | ||||||||||||||||||||||
BulletShares 2020 Corporate Bond ETF | $ | 35,769,154 | $ | - | $ | 53,761 | $ | - | $ | 40,425,963 | $ | - | $ | - | ||||||||||||||
BulletShares 2021 Corporate Bond ETF | 44,713,442 | - | 496,938 | - | 37,177,977 | 28,220 | - | |||||||||||||||||||||
BulletShares 2022 Corporate Bond ETF | 43,554,971 | - | 547,200 | - | 32,201,177 | - | - | |||||||||||||||||||||
BulletShares 2023 Corporate Bond ETF | 28,952,201 | - | - | - | 18,937,526 | 26,797 | - | |||||||||||||||||||||
BulletShares 2024 Corporate Bond ETF | 22,970,429 | - | - | - | 13,963,422 | - | - | |||||||||||||||||||||
BulletShares 2025 Corporate Bond ETF | 12,735,015 | - | - | - | 7,067,388 | - | - | |||||||||||||||||||||
BulletShares 2026 Corporate Bond ETF | 5,742,051 | - | 31,274 | - | 2,984,573 | 2,700 | - | |||||||||||||||||||||
BulletShares 2027 Corporate Bond ETF | 4,052,856 | - | 9,281 | - | 1,753,405 | 3,694 | - | |||||||||||||||||||||
BulletShares 2028 Corporate Bond ETF | 2,657,051 | - | - | - | 640,417 | - | - | |||||||||||||||||||||
BulletShares 2029 Corporate Bond ETF | 372,494 | - | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2020 High Yield Corporate Bond ETF | 27,342,773 | - | - | - | 48,820,774 | - | - | |||||||||||||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | 43,521,860 | - | - | - | 34,091,932 | 78,391 | - | |||||||||||||||||||||
BulletShares 2022 High Yield Corporate Bond ETF | 29,866,686 | - | - | - | 20,443,849 | - | - | |||||||||||||||||||||
BulletShares 2023 High Yield Corporate Bond ETF | 16,901,342 | - | - | - | 9,595,899 | 42,007 | - | |||||||||||||||||||||
BulletShares 2024 High Yield Corporate Bond ETF | 6,970,883 | - | - | - | 3,874,377 | 53,430 | - | |||||||||||||||||||||
BulletShares 2025 High Yield Corporate Bond ETF | 5,677,725 | - | - | - | 2,834,330 | - | - | |||||||||||||||||||||
BulletShares 2026 High Yield Corporate Bond ETF | 2,599,729 | - | 15,169 | - | 688,685 | - | - | |||||||||||||||||||||
BulletShares 2027 High Yield Corporate Bond ETF | 634,455 | - | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2021 Municipal Bond ETF | 2,040 | 116,463 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2022 Municipal Bond ETF | - | 123,778 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2023 Municipal Bond ETF | - | 107,428 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2024 Municipal Bond ETF | 1,128 | 122,747 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2025 Municipal Bond ETF | - | 131,372 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2026 Municipal Bond ETF | 944 | 163,178 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2027 Municipal Bond ETF | 8 | 85,710 | - | 8,108 | - | - | - | |||||||||||||||||||||
BulletShares 2028 Municipal Bond ETF | - | 84,808 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2029 Municipal Bond ETF | - | 88,142 | - | - | - | - | - | |||||||||||||||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | 383,358 | - | - | 5,139 | 357,776 | - | 16,355 | |||||||||||||||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 436,417 | - | - | - | 383,099 | - | - |
| 295 |
|
2020 | 2019 | |||||||||||||||||||||||||||
Ordinary | ||||||||||||||||||||||||||||
Ordinary | Income-Tax- | Long-Term | Return of | Ordinary | Long-Term | Return of | ||||||||||||||||||||||
Income* | Exempt | Capital Gains | Capital | Income* | Capital Gains | Capital | ||||||||||||||||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | $ | 453,757 | $ | - | $ | - | $ | - | $ | 391,602 | $ | - | $ | - | ||||||||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 543,136 | - | - | - | 426,380 | - | - |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-end:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Post-October Capital Losses Deferrals | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||||||||||
BulletShares 2020 Corporate Bond ETF | $ | - | $ | 601,894 | $ | - | $ | 1,688,589 | $ | - | $ | - | $ | 1,459,845,965 | $ | 1,462,136,448 | ||||||||||||||||||||||||
BulletShares 2021 Corporate Bond ETF | 110,329 | 1,856,654 | - | 25,694,859 | - | - | 2,005,050,619 | 2,032,712,461 | ||||||||||||||||||||||||||||||||
BulletShares 2022 Corporate Bond ETF | 1,170,773 | 4,035,766 | - | 56,010,165 | - | - | 1,978,343,462 | 2,039,560,166 | ||||||||||||||||||||||||||||||||
BulletShares 2023 Corporate Bond ETF | - | - | - | 57,767,856 | (1,095,343 | ) | - | 1,284,405,244 | 1,341,077,757 | |||||||||||||||||||||||||||||||
BulletShares 2024 Corporate Bond ETF | - | - | - | 58,976,518 | (2,008,932 | ) | - | 1,028,283,367 | 1,085,250,953 | |||||||||||||||||||||||||||||||
BulletShares 2025 Corporate Bond ETF | - | - | - | 37,994,414 | (459,684 | ) | - | 595,298,969 | 632,833,699 | |||||||||||||||||||||||||||||||
BulletShares 2026 Corporate Bond ETF | 2,747 | - | - | 20,631,446 | - | (373,671 | ) | 273,421,597 | 293,682,119 | |||||||||||||||||||||||||||||||
BulletShares 2027 Corporate Bond ETF | - | - | - | 14,587,439 | - | (274,885 | ) | 217,303,376 | 231,615,930 | |||||||||||||||||||||||||||||||
BulletShares 2028 Corporate Bond ETF | - | - | - | 8,291,010 | (96,932 | ) | - | 120,824,415 | 129,018,493 | |||||||||||||||||||||||||||||||
BulletShares 2029 Corporate Bond ETF | 1,667 | - | - | 1,318,140 | - | - | 24,495,160 | 25,814,967 | ||||||||||||||||||||||||||||||||
BulletShares 2020 High Yield Corporate Bond ETF | - | - | - | (1,238,284 | ) | (41,095,405 | ) | - | 761,381,071 | 719,047,382 | ||||||||||||||||||||||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | 34,313 | - | - | 5,654,312 | (75,580,104 | ) | - | 1,062,085,659 | 992,194,180 | |||||||||||||||||||||||||||||||
BulletShares 2022 High Yield Corporate Bond ETF | 14,154 | - | - | 3,661,062 | (47,203,893 | ) | - | 721,141,986 | 677,613,309 | |||||||||||||||||||||||||||||||
BulletShares 2023 High Yield Corporate Bond ETF | - | - | - | 3,659,713 | (22,024,484 | ) | - | 408,271,648 | 389,906,877 | |||||||||||||||||||||||||||||||
BulletShares 2024 High Yield Corporate Bond ETF | - | - | - | 530,404 | (5,502,098 | ) | - | 180,212,465 | 175,240,771 | |||||||||||||||||||||||||||||||
BulletShares 2025 High Yield Corporate Bond ETF | - | - | - | 975,211 | (3,580,997 | ) | - | 133,358,526 | 130,752,740 | |||||||||||||||||||||||||||||||
BulletShares 2026 High Yield Corporate Bond ETF | - | - | - | 894,827 | - | (2,191,486 | ) | 76,076,903 | 74,780,244 | |||||||||||||||||||||||||||||||
BulletShares 2027 High Yield Corporate Bond ETF | 13,020 | - | - | 603,554 | (35,640 | ) | - | 19,344,490 | 19,925,424 | |||||||||||||||||||||||||||||||
BulletShares 2021 Municipal Bond ETF | - | - | - | 92,445 | - | - | 25,161,358 | 25,253,803 |
| 296 |
|
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Post-October Capital Losses Deferrals | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||
BulletShares 2022 Municipal Bond ETF | $ | 890 | $ | - | $ | 183 | $ | 130,778 | $ | - | $ | - | $ | 27,712,627 | $ | 27,844,478 | ||||||||||||||||
BulletShares 2023 Municipal Bond ETF | 1,102 | - | 300 | 178,485 | - | - | 15,104,435 | 15,284,322 | ||||||||||||||||||||||||
BulletShares 2024 Municipal Bond ETF | - | - | - | 215,497 | - | - | 12,546,896 | 12,762,393 | ||||||||||||||||||||||||
BulletShares 2025 Municipal Bond ETF | 178 | - | 368 | 281,492 | - | - | 10,000,140 | 10,282,178 | ||||||||||||||||||||||||
BulletShares 2026 Municipal Bond ETF | - | - | - | 175,873 | - | - | 12,563,909 | 12,739,782 | ||||||||||||||||||||||||
BulletShares 2027 Municipal Bond ETF | - | - | - | (35,001 | ) | - | - | 15,239,250 | 15,204,249 | |||||||||||||||||||||||
BulletShares 2028 Municipal Bond ETF | - | - | 246 | 140,281 | - | - | 5,000,037 | 5,140,564 | ||||||||||||||||||||||||
BulletShares 2029 Municipal Bond ETF | - | - | 250 | 133,163 | - | - | 5,000,039 | 5,133,452 | ||||||||||||||||||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | - | - | - | 185,811 | (4,898 | ) | - | 9,978,531 | 10,159,444 | |||||||||||||||||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | - | - | - | 382,605 | (47,334 | ) | - | 9,998,292 | 10,333,563 | |||||||||||||||||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | - | - | - | 531,922 | - | (104,934 | ) | 9,998,960 | 10,425,948 | |||||||||||||||||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | - | - | - | 610,049 | - | (541,473 | ) | 15,523,346 | 15,591,922 |
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 August 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
BulletShares 2020 Corporate Bond ETF | $ | - | $ | - | $ | - | ||||||
BulletShares 2021 Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2022 Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2023 Corporate Bond ETF | 859,557 | 235,786 | 1,095,343 | |||||||||
BulletShares 2024 Corporate Bond ETF | 1,727,244 | 281,688 | 2,008,932 | |||||||||
BulletShares 2025 Corporate Bond ETF | 427,488 | 32,196 | 459,684 | |||||||||
BulletShares 2026 Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2027 Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2028 Corporate Bond ETF | 96,932 | - | 96,932 | |||||||||
BulletShares 2029 Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2020 High Yield Corporate Bond ETF | 26,656,845 | 14,438,560 | 41,095,405 | |||||||||
BulletShares 2021 High Yield Corporate Bond ETF | 30,798,498 | 44,781,606 | 75,580,104 | |||||||||
BulletShares 2022 High Yield Corporate Bond ETF | 24,196,458 | 23,007,435 | 47,203,893 | |||||||||
BulletShares 2023 High Yield Corporate Bond ETF | 12,573,863 | 9,450,621 | 22,024,484 | |||||||||
BulletShares 2024 High Yield Corporate Bond ETF | 3,554,114 | 1,947,984 | 5,502,098 | |||||||||
BulletShares 2025 High Yield Corporate Bond ETF | 1,944,957 | 1,636,040 | 3,580,997 | |||||||||
BulletShares 2026 High Yield Corporate Bond ETF | - | - | - | |||||||||
BulletShares 2027 High Yield Corporate Bond ETF | 35,640 | - | 35,640 |
| 297 |
|
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
BulletShares 2021 Municipal Bond ETF | $ | - | $ | - | $ | - | ||||||
BulletShares 2022 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2023 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2024 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2025 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2026 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2027 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2028 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2029 Municipal Bond ETF | - | - | - | |||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | 4,898 | - | 4,898 | |||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 31,244 | 16,090 | 47,334 | |||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | - | - | - | |||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | - | - | - |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
NOTE 7–Investment Transactions
For the fiscal year ended August 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 | |||||||
BulletShares 2020 Corporate Bond ETF | $ | 39,749,283 | $ | 1,193,015,015 | ||||
BulletShares 2021 Corporate Bond ETF | 308,011,360 | 403,733,208 | ||||||
BulletShares 2022 Corporate Bond ETF | 414,155,789 | 322,870,414 | ||||||
BulletShares 2023 Corporate Bond ETF | 164,344,682 | 101,955,266 | ||||||
BulletShares 2024 Corporate Bond ETF | 151,069,388 | 53,573,432 | ||||||
BulletShares 2025 Corporate Bond ETF | 78,588,998 | 41,218,768 | ||||||
BulletShares 2026 Corporate Bond ETF | 44,336,364 | 13,520,610 | ||||||
BulletShares 2027 Corporate Bond ETF | 40,531,539 | 10,266,337 | ||||||
BulletShares 2028 Corporate Bond ETF | 49,188,650 | 3,063,207 | ||||||
BulletShares 2029 Corporate Bond ETF* | 15,375,156 | 77,770 | ||||||
BulletShares 2020 High Yield Corporate Bond ETF | 316,425,201 | 1,007,797,304 | ||||||
BulletShares 2021 High Yield Corporate Bond ETF | 673,069,210 | 624,611,086 | ||||||
BulletShares 2022 High Yield Corporate Bond ETF | 492,366,884 | 383,298,890 | ||||||
BulletShares 2023 High Yield Corporate Bond ETF | 195,060,727 | 148,071,618 | ||||||
BulletShares 2024 High Yield Corporate Bond ETF | 83,283,550 | 47,421,093 | ||||||
BulletShares 2025 High Yield Corporate Bond ETF | 57,940,086 | 26,163,798 | ||||||
BulletShares 2026 High Yield Corporate Bond ETF | 44,032,839 | 17,523,284 | ||||||
BulletShares 2027 High Yield Corporate Bond ETF* | 29,790,759 | 7,046,457 | ||||||
BulletShares 2021 Municipal Bond ETF** | 22,928,567 | 200,000 | ||||||
BulletShares 2022 Municipal Bond ETF** | 28,306,999 | 556,745 | ||||||
BulletShares 2023 Municipal Bond ETF** | 15,202,052 | - | ||||||
BulletShares 2024 Municipal Bond ETF** | 12,611,989 | - | ||||||
BulletShares 2025 Municipal Bond ETF** | 10,124,720 | - | ||||||
BulletShares 2026 Municipal Bond ETF** | 12,553,054 | - | ||||||
BulletShares 2027 Municipal Bond ETF** | 15,128,275 | - | ||||||
BulletShares 2028 Municipal Bond ETF** | 5,073,713 | - | ||||||
BulletShares 2029 Municipal Bond ETF** | 4,922,036 | - | ||||||
BulletShares 2021 USD Emerging Markets Debt ETF | 1,254,648 | 1,428,937 | ||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 726,663 | 764,466 |
| 298 |
|
Purchases | Sales | |||||||
BulletShares 2023 USD Emerging Markets Debt ETF | $ | 1,078,266 | $ | 1,117,501 | ||||
BulletShares 2024 USD Emerging Markets Debt ETF | 7,510,003 | 4,819,995 |
* | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
** | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
For the fiscal year ended August 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 BulletShares 2020 Corporate Bond ETF and BulletShares 2020 High Yield Corporate Bond ETF amounted to $0 and $0, respectively.
For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
BulletShares 2020 Corporate Bond ETF | $ | 9,489,044 | $ | 190,725,326 | ||||
BulletShares 2021 Corporate Bond ETF | 385,134,020 | 159,410,982 | ||||||
BulletShares 2022 Corporate Bond ETF | 644,446,818 | 126,135,290 | ||||||
BulletShares 2023 Corporate Bond ETF | 490,361,425 | 67,235,681 | ||||||
BulletShares 2024 Corporate Bond ETF | 424,744,772 | 52,780,350 | ||||||
BulletShares 2025 Corporate Bond ETF | 293,729,244 | 33,268,774 | ||||||
BulletShares 2026 Corporate Bond ETF | 126,744,615 | 10,798,316 | ||||||
BulletShares 2027 Corporate Bond ETF | 121,391,975 | 3,326,091 | ||||||
BulletShares 2028 Corporate Bond ETF | 48,432,205 | 8,999,002 | ||||||
BulletShares 2029 Corporate Bond ETF* | 9,028,775 | - | ||||||
BulletShares 2020 High Yield Corporate Bond ETF | 13,295,705 | 148,945,176 | ||||||
BulletShares 2021 High Yield Corporate Bond ETF | 277,898,366 | 155,285,995 | ||||||
BulletShares 2022 High Yield Corporate Bond ETF | 211,290,148 | 125,510,288 | ||||||
BulletShares 2023 High Yield Corporate Bond ETF | 148,395,499 | 32,497,121 | ||||||
BulletShares 2024 High Yield Corporate Bond ETF | 72,006,866 | 25,731,831 | ||||||
BulletShares 2025 High Yield Corporate Bond ETF | 49,484,530 | 24,958,750 | ||||||
BulletShares 2026 High Yield Corporate Bond ETF | 50,840,571 | 27,955,305 | ||||||
BulletShares 2027 High Yield Corporate Bond ETF* | 7,056,210 | 10,117,016 | ||||||
BulletShares 2021 Municipal Bond ETF** | - | - | ||||||
BulletShares 2022 Municipal Bond ETF** | - | - | ||||||
BulletShares 2023 Municipal Bond ETF** | - | - | ||||||
BulletShares 2024 Municipal Bond ETF** | - | - | ||||||
BulletShares 2025 Municipal Bond ETF** | - | - | ||||||
BulletShares 2026 Municipal Bond ETF** | - | - | ||||||
BulletShares 2027 Municipal Bond ETF** | - | - | ||||||
BulletShares 2028 Municipal Bond ETF** | - | - | ||||||
BulletShares 2029 Municipal Bond ETF** | - | - | ||||||
BulletShares 2021 USD Emerging Markets Debt ETF | - | - | ||||||
BulletShares 2022 USD Emerging Markets Debt ETF | - | - | ||||||
BulletShares 2023 USD Emerging Markets Debt ETF | - | - | ||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 2,781,978 | - |
* | For the period September 10, 2019 (commencement of investment operations) through August 31, 2020. |
** | For the period September 23, 2019 (commencement of investment operations) through August 31, 2020. |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
| 299 |
|
At August 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:
Net | ||||||||||||||||||||
Gross | Gross | Unrealized | ||||||||||||||||||
Unrealized | Unrealized | Appreciation | ||||||||||||||||||
Appreciation | (Depreciation) | (Depreciation) | Cost | |||||||||||||||||
BulletShares 2020 Corporate Bond ETF | $ | 1,698,599 | $ | (10,010 | ) | $ | 1,688,589 | $ | 1,533,634,476 | |||||||||||
BulletShares 2021 Corporate Bond ETF | 25,753,725 | (58,866 | ) | 25,694,859 | 1,996,544,036 | |||||||||||||||
BulletShares 2022 Corporate Bond ETF | 57,057,127 | (1,046,962 | ) | 56,010,165 | 1,972,932,498 | |||||||||||||||
BulletShares 2023 Corporate Bond ETF | 58,016,498 | (248,642 | ) | 57,767,856 | 1,273,814,594 | |||||||||||||||
BulletShares 2024 Corporate Bond ETF | 59,583,929 | (607,411 | ) | 58,976,518 | 1,020,757,102 | |||||||||||||||
BulletShares 2025 Corporate Bond ETF | 38,153,171 | (158,757 | ) | 37,994,414 | 593,968,086 | |||||||||||||||
BulletShares 2026 Corporate Bond ETF | 20,667,958 | (36,512 | ) | 20,631,446 | 273,055,945 | |||||||||||||||
BulletShares 2027 Corporate Bond ETF | 14,659,985 | (72,546 | ) | 14,587,439 | 215,558,512 | |||||||||||||||
BulletShares 2028 Corporate Bond ETF | 8,578,935 | (287,925 | ) | 8,291,010 | 120,603,506 | |||||||||||||||
BulletShares 2029 Corporate Bond ETF | 1,342,055 | (23,915 | ) | 1,318,140 | 24,542,376 | |||||||||||||||
BulletShares 2020 High Yield Corporate Bond ETF | 169,474 | (1,407,758 | ) | (1,238,284 | ) | 724,950,435 | ||||||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | 8,343,623 | (2,689,311 | ) | 5,654,312 | 1,006,360,974 | |||||||||||||||
BulletShares 2022 High Yield Corporate Bond ETF | 9,733,406 | (6,072,344 | ) | 3,661,062 | 681,744,867 | |||||||||||||||
BulletShares 2023 High Yield Corporate Bond ETF | 8,130,424 | (4,470,711 | ) | 3,659,713 | 390,994,211 | |||||||||||||||
BulletShares 2024 High Yield Corporate Bond ETF | 3,187,557 | (2,657,153 | ) | 530,404 | 179,281,606 | |||||||||||||||
BulletShares 2025 High Yield Corporate Bond ETF | 2,712,930 | (1,737,719 | ) | 975,211 | 132,100,906 | |||||||||||||||
BulletShares 2026 High Yield Corporate Bond ETF | 1,828,122 | (933,295 | ) | 894,827 | 74,785,847 | |||||||||||||||
BulletShares 2027 High Yield Corporate Bond ETF | 747,309 | (143,755 | ) | 603,554 | 19,242,872 | |||||||||||||||
BulletShares 2021 Municipal Bond ETF | 103,775 | (11,330 | ) | 92,445 | 24,717,587 | |||||||||||||||
BulletShares 2022 Municipal Bond ETF | 162,986 | (32,208 | ) | 130,778 | 27,359,303 | |||||||||||||||
BulletShares 2023 Municipal Bond ETF | 194,999 | (16,514 | ) | 178,485 | 14,909,264 | |||||||||||||||
BulletShares 2024 Municipal Bond ETF | 236,643 | (21,146 | ) | 215,497 | 12,347,442 | |||||||||||||||
BulletShares 2025 Municipal Bond ETF | 315,661 | (34,169 | ) | 281,492 | 9,884,864 | |||||||||||||||
BulletShares 2026 Municipal Bond ETF | 246,472 | (70,599 | ) | 175,873 | 12,357,310 | |||||||||||||||
BulletShares 2027 Municipal Bond ETF | 109,352 | (144,353 | ) | (35,001 | ) | 15,017,773 | ||||||||||||||
BulletShares 2028 Municipal Bond ETF | 148,606 | (8,325 | ) | 140,281 | 4,984,515 | |||||||||||||||
BulletShares 2029 Municipal Bond ETF | 141,023 | (7,860 | ) | 133,163 | 4,839,182 | |||||||||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | 191,513 | (5,702 | ) | 185,811 | 9,858,745 | |||||||||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 386,444 | (3,839 | ) | 382,605 | 9,827,920 | |||||||||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | 554,555 | (22,633 | ) | 531,922 | 9,965,915 | |||||||||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 708,535 | (98,486 | ) | 610,049 | 15,025,354 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, distributions and paydowns, 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 August 31, 2020, the reclassifications were as follows:
Undistributed Net | Undistributed Net | Shares of | |||||||||||||
Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | |||||||||||||
BulletShares 2020 Corporate Bond ETF | $ | 194,515 | $ | (617,255 | ) | $ | 422,740 | ||||||||
BulletShares 2021 Corporate Bond ETF | 59,466 | (1,155,885 | ) | 1,096,419 | |||||||||||
BulletShares 2022 Corporate Bond ETF | 1 | (2,849,519 | ) | 2,849,518 | |||||||||||
BulletShares 2023 Corporate Bond ETF | 71,483 | (1,375,034 | ) | 1,303,551 | |||||||||||
BulletShares 2024 Corporate Bond ETF | 54,381 | 125,178 | (179,559 | ) | |||||||||||
BulletShares 2025 Corporate Bond ETF | 45,852 | (1,731,594 | ) | 1,685,742 | |||||||||||
BulletShares 2026 Corporate Bond ETF | 13 | (301,252 | ) | 301,239 | |||||||||||
BulletShares 2027 Corporate Bond ETF | 10,638 | (294,308 | ) | 283,670 | |||||||||||
BulletShares 2028 Corporate Bond ETF | 5,366 | (806,710 | ) | 801,344 |
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Undistributed Net | Undistributed Net | Shares of | |||||||||||||
Investment Income (Loss) | Realized Gain (Loss) | Beneficial Interest | |||||||||||||
BulletShares 2029 Corporate Bond ETF | $ | 29 | $ | (29 | ) | $ | - | ||||||||
BulletShares 2020 High Yield Corporate Bond ETF | 101,958 | 6,098,769 | (6,200,727 | ) | |||||||||||
BulletShares 2021 High Yield Corporate Bond ETF | - | 12,668,318 | (12,668,318 | ) | |||||||||||
BulletShares 2022 High Yield Corporate Bond ETF | - | 9,470,089 | (9,470,089 | ) | |||||||||||
BulletShares 2023 High Yield Corporate Bond ETF | 13,272 | 1,504,030 | (1,517,302 | ) | |||||||||||
BulletShares 2024 High Yield Corporate Bond ETF | 11,381 | 818,484 | (829,865 | ) | |||||||||||
BulletShares 2025 High Yield Corporate Bond ETF | 1,334 | 136,750 | (138,084 | ) | |||||||||||
BulletShares 2026 High Yield Corporate Bond ETF | (3,071 | ) | (597,872 | ) | 600,943 | ||||||||||
BulletShares 2027 High Yield Corporate Bond ETF | - | 592,281 | (592,281 | ) | |||||||||||
BulletShares 2021 Municipal Bond ETF | 1,996 | - | (1,996 | ) | |||||||||||
BulletShares 2022 Municipal Bond ETF | (208 | ) | - | 208 | |||||||||||
BulletShares 2023 Municipal Bond ETF | (19 | ) | - | 19 | |||||||||||
BulletShares 2024 Municipal Bond ETF | 924 | (70 | ) | (854 | ) | ||||||||||
BulletShares 2025 Municipal Bond ETF | (115 | ) | - | 115 | |||||||||||
BulletShares 2026 Municipal Bond ETF | 889 | - | (889 | ) | |||||||||||
BulletShares 2027 Municipal Bond ETF | - | - | - | ||||||||||||
BulletShares 2028 Municipal Bond ETF | (12 | ) | - | 12 | |||||||||||
BulletShares 2029 Municipal Bond ETF | (14 | ) | - | 14 | |||||||||||
BulletShares 2021 USD Emerging Markets Debt ETF | (3,804 | ) | 3,804 | - | |||||||||||
BulletShares 2022 USD Emerging Markets Debt ETF | 1,150 | 583 | (1,733 | ) | |||||||||||
BulletShares 2023 USD Emerging Markets Debt ETF | 1,066 | (1 | ) | (1,065 | ) | ||||||||||
BulletShares 2024 USD Emerging Markets Debt ETF | 6,183 | (5,873 | ) | (310 | ) |
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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 10–Capital
Shares are issued and redeemed by the Funds only in Creation Units consisting of a specified number of Shares as set forth in the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”).
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
NOTE 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
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valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of each of the thirty-one 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 (thirty-one of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Predecessor Fund | |
Invesco BulletShares 2020 Corporate Bond ETF (1) | Guggenheim BulletShares 2020 Corporate Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF (1) | Guggenheim BulletShares 2021 Corporate Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF (1) | Guggenheim BulletShares 2022 Corporate Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF (1) | Guggenheim BulletShares 2023 Corporate Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF (1) | Guggenheim BulletShares 2024 Corporate Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF (1) | Guggenheim BulletShares 2025 Corporate Bond ETF | |
Invesco BulletShares 2026 Corporate Bond ETF (1) | Guggenheim BulletShares 2026 Corporate Bond ETF | |
Invesco BulletShares 2027 Corporate Bond ETF (2) | - | |
Invesco BulletShares 2028 Corporate Bond ETF (3) | - | |
Invesco BulletShares 2029 Corporate Bond ETF (4) | - | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF (1) | Guggenheim BulletShares 2020 High Yield Corporate Bond ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF (1) | Guggenheim BulletShares 2021 High Yield Corporate Bond ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF (1) | Guggenheim BulletShares 2022 High Yield Corporate Bond ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF (1) | Guggenheim BulletShares 2023 High Yield Corporate Bond ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF (1) | Guggenheim BulletShares 2024 High Yield Corporate Bond ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF (2) | - | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF (3) | - | |
Invesco BulletShares 2027 High Yield Corporate Bond ETF (4) | - | |
Invesco BulletShares 2021 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2022 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2023 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2024 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2025 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2026 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2027 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2028 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2029 Municipal Bond ETF (5) | - | |
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (6) | - | |
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (6) | - | |
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (6) | - | |
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (6) | - |
(1) Statement of operations for the year ended August 31, 2020, statements of changes in net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the two years in the period ended August 31, 2020, for the period June 1, 2018 through August 31, 2018 and for the year ended May 31, 2018
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Report of Independent Registered Public Accounting Firm–(continued)
(2) Statement of operations for the year ended August 31, 2020, statements of changes in net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the two years in the period ended August 31, 2020, for the period June 1, 2018 through August 31, 2018 and for the period September 27, 2017 (commencement of investment operations) through May 31, 2018
(3) Statement of operations for the year ended August 31, 2020, statements of changes in net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the two years in the period ended August 31, 2020 and for the period August 7, 2018 (commencement of investment operations) through August 31, 2018
(4) Statements of operations and changes in net assets and the financial highlights for the period September 10, 2019 (commencement of investment operations) through August 31, 2020
(5) Statements of operations and changes in net assets and the financial highlights for the period September 23, 2019 (commencement of investment operations) through August 31, 2020
(6) Statement of operations for the year ended August 31, 2020 and statements of changes in net assets and the financial highlights for the year ended August 31, 2020 and for the period October 2, 2018 (commencement of investment operations) through August 31, 2019
The financial statements of the Predecessor Funds listed in the table above as of and for the year or period 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.
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 August 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
October 28, 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 Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 31, 2020.
In addition to the fees and expenses which the Invesco BulletShares 2020 High Yield Corporate Bond 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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco BulletShares 2020 Corporate Bond ETF (BSCK) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.60 | 0.08 | % | $ | 0.40 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.73 | 0.08 | 0.41 | ||||||||||||||||
Invesco BulletShares 2021 Corporate Bond ETF (BSCL) | ||||||||||||||||||||
Actual | 1,000.00 | 1,014.10 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2022 Corporate Bond ETF (BSCM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,022.90 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco BulletShares 2023 Corporate Bond ETF (BSCN) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,026.90 | 0.10 | % | $ | 0.51 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2024 Corporate Bond ETF (BSCO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,034.60 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2025 Corporate Bond ETF (BSCP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,038.90 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,046.90 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | ||||||||||||||||||||
Actual | 1,000.00 | 1,042.20 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,043.00 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | ||||||||||||||||||||
Actual | 1,000.00 | 1,046.80 | 0.10 | 0.51 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.63 | 0.10 | 0.51 | ||||||||||||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF (BSJK) | ||||||||||||||||||||
Actual | 1,000.00 | 994.10 | 0.41 | 2.06 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF (BSJL) | ||||||||||||||||||||
Actual | 1,000.00 | 978.60 | 0.41 | 2.04 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF (BSJM) | ||||||||||||||||||||
Actual | 1,000.00 | 983.60 | 0.41 | 2.04 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF (BSJN) | ||||||||||||||||||||
Actual | 1,000.00 | 996.60 | 0.41 | 2.06 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.08 | 0.41 | 2.08 | ||||||||||||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF (BSJO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,006.90 | 0.42 | 2.12 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 | ||||||||||||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF (BSJP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,018.20 | 0.42 | 2.13 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 | ||||||||||||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | ||||||||||||||||||||
Actual | 1,000.00 | 1,012.20 | 0.42 | 2.12 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 | ||||||||||||||||
Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | ||||||||||||||||||||
Actual | 1,000.00 | 1,028.80 | 0.42 | 2.14 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.03 | 0.42 | 2.14 |
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Calculating your ongoing Fund expenses–(continued)
Beginning Account Value March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco BulletShares 2021 Municipal Bond ETF (BSML) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,007.90 | 0.18 | % | $ | 0.91 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2022 Municipal Bond ETF (BSMM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,006.40 | 0.18 | 0.91 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2023 Municipal Bond ETF (BSMN) | ||||||||||||||||||||
Actual | 1,000.00 | 1,009.90 | 0.18 | 0.91 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2024 Municipal Bond ETF (BSMO) | ||||||||||||||||||||
Actual | 1,000.00 | 1,006.10 | 0.18 | 0.91 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2025 Municipal Bond ETF (BSMP) | ||||||||||||||||||||
Actual | 1,000.00 | 1,009.20 | 0.18 | 0.91 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | ||||||||||||||||||||
Actual | 1,000.00 | 993.70 | 0.18 | 0.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | ||||||||||||||||||||
Actual | 1,000.00 | 987.50 | 0.18 | 0.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | ||||||||||||||||||||
Actual | 1,000.00 | 995.90 | 0.18 | 0.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | ||||||||||||||||||||
Actual | 1,000.00 | 995.10 | 0.18 | 0.90 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.23 | 0.18 | 0.92 | ||||||||||||||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF (BSAE) | ||||||||||||||||||||
Actual | 1,000.00 | 1,014.30 | 0.29 | 1.47 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF (BSBE) | ||||||||||||||||||||
Actual | 1,000.00 | 1,014.30 | 0.29 | 1.47 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF (BSCE) | ||||||||||||||||||||
Actual | 1,000.00 | 1,012.70 | 0.29 | 1.47 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF (BSDE) | ||||||||||||||||||||
Actual | 1,000.00 | 997.00 | 0.29 | 1.46 | ||||||||||||||||
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 August 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. |
| 307 |
|
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 August 31, 2020:
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | Tax-Exempt Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||||||||||||||
Invesco BulletShares 2020 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 97 | % | 81 | % | 0 | % | $ | 53,761 | $ | 140,754 | |||||||||||||||||||||||||||
Invesco BulletShares 2021 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 97 | % | 75 | % | 0 | % | $ | 496,938 | $ | 90,212 | |||||||||||||||||||||||||||
Invesco BulletShares 2022 Corporate Bond ETF | 0 | % | 4 | % | 0 | % | 0 | % | 91 | % | 78 | % | 0 | % | $ | 547,200 | $ | 85,680 | |||||||||||||||||||||||||||
Invesco BulletShares 2023 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 82 | % | 0 | % | $ | - | $ | 78,074 | |||||||||||||||||||||||||||
Invesco BulletShares 2024 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 84 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2025 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 89 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2026 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 97 | % | 83 | % | 0 | % | $ | 31,274 | $ | 105,785 | |||||||||||||||||||||||||||
Invesco BulletShares 2027 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 96 | % | 87 | % | 0 | % | $ | 9,281 | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2028 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 83 | % | 0 | % | $ | - | $ | 12,229 |
| 308 |
|
Tax Information–(continued)
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | Tax-Exempt Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||||||||||||||
Invesco BulletShares 2029 Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 89 | % | 0 | % | $ | - | $ | 29 | |||||||||||||||||||||||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 3 | % | 98 | % | 95 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 86 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 84 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 97 | % | 85 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 86 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 82 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 86 | % | 0 | % | $ | 15,169 | $ | 11,178 |
| 309 |
|
Tax Information–(continued)
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | Tax-Exempt Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||||||||||||||
Invesco BulletShares 2027 High Yield Corporate Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 87 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2021 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 2 | % | 2 | % | 98 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2022 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2023 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2024 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | $ | - | $ | 70 | |||||||||||||||||||||||||||
Invesco BulletShares 2025 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2026 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 7 | % | 7 | % | 99 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2027 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 100 | % | 100 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2028 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2029 Municipal Bond ETF | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | $ | - | $ | - |
| 310 |
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Tax Information–(continued)
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | U.S. Treasury Obligations* | Business Interest Income* | Qualified Interest Income* | Tax-Exempt Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||||||||||||||||||||||||||||||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | 0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 2 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 7 | % | 0 | % | $ | - | $ | 19,269 | |||||||||||||||||||||||||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | 0 | % | 0 | % | 0 | % | 0 | % | 94 | % | 0 | % | 0 | % | $ | - | $ | 41,865 | |||||||||||||||||||||||||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | 0 | % | 0 | % | 0 | % | 0 | % | 95 | % | 8 | % | 0 | % | $ | - | $ | 45,300 |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year. |
| 311 |
|
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 August 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 214 | 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 2016 | 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. | 214 | 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. |
| 312 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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). | 214 | 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. |
| 313 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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). | 214 | 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. |
| 314 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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 and Trustee since 2016 | 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). | 214 | 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 and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 214 | 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. |
| 315 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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). | 214 | 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, NewYork-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. |
| 316 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | 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. | 214 | 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 and Trustee since 2016 | 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). | 214 | 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. |
| 317 |
|
Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Independent Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent 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 2015 | 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, Invesco Services (Bahamas) Private Limited (2012-2020); 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. | 214 | 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. |
| 318 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers | Position(s) Held with Trust | Length of Time Served* | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | 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);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. |
| 319 |
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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 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 (2017-2017), 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. | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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 2016 | 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 Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 37 series (each, a “Fund” and together, the “Funds”):
Invesco BulletShares 2020 Corporate Bond ETF | Invesco BulletShares 2024 Municipal Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2024 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF | Invesco Investment Grade Defensive ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF | Invesco Investment Grade Value ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US Small Company ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Emerging Markets ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US ETF | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US Small Company ETF | |
Invesco BulletShares 2021 Municipal Bond ETF | Invesco Russell 1000® Dynamic Multifactor ETF | |
Invesco BulletShares 2022 Municipal Bond ETF | Invesco Russell 2000® Dynamic Multifactor ETF | |
Invesco BulletShares 2023 Municipal Bond ETF |
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts–(continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:
● | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 Corporate Bond ETF, Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF and Invesco BulletShares 2028 Corporate Bond ETF; |
● | 0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF; |
● | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Municipal Bond ETF, Invesco BulletShares 2022 Municipal Bond ETF, Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF and Invesco BulletShares 2028 Municipal Bond ETF; |
● | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
● | 0.23% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US ETF and Invesco RAFITM Strategic US Small Company ETF; |
● | 0.29% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 USD Emerging Markets Debt ETF, Invesco BulletShares 2022 USD Emerging Markets Debt ETF, Invesco BulletShares 2023 USD Emerging Markets Debt ETF, Invesco BulletShares 2024 USD Emerging Markets Debt ETF and Invesco Russell 1000® Dynamic Multifactor ETF; |
● | 0.35% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US Small Company ETF and Invesco RAFITM Strategic Emerging Markets ETF; |
● | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; and |
● | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 High Yield Corporate Bond ETF, Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF and Invesco BulletShares 2026 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Equal | Equal to/Lower | Lower than | |||||||||||||
to/Lower | than Open-End | Open-End | |||||||||||||
than ETF | Index Fund | Active Fund | |||||||||||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | ||||||||||||
Invesco BulletShares 2020 Corporate Bond ETF | X | X | X | ||||||||||||
Invesco BulletShares 2021 Corporate Bond ETF | X | X | X | ||||||||||||
Invesco BulletShares 2022 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2023 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2024 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2025 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2026 Corporate Bond ETF | X | X |
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Approval of Investment Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | |||||||||||||
to/Lower | than Open-End | Open-End | |||||||||||||
than ETF | Index Fund | Active Fund | |||||||||||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | ||||||||||||
Invesco BulletShares 2027 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2028 Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | X | X | |||||||||||||
Invesco BulletShares 2021 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2022 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2023 Municipal Bond ETF | N/A | X | |||||||||||||
Invesco BulletShares 2024 Municipal Bond ETF | N/A | X | |||||||||||||
Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X | ||||||||||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | X | X | X | ||||||||||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | X | X | X | ||||||||||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | X | X | X | ||||||||||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | X | X | X | ||||||||||||
Invesco Investment Grade Defensive ETF | X | X | X | ||||||||||||
Invesco Investment Grade Value ETF | X | X | X | ||||||||||||
Invesco RAFITM Strategic Developed ex-US ETF | X | X | X | ||||||||||||
Invesco RAFITM Strategic Developed ex-US Small Company ETF | X | X | X | ||||||||||||
Invesco RAFITM Strategic Emerging Markets ETF | X | X | |||||||||||||
Invesco RAFITM Strategic US ETF | X | X | X | ||||||||||||
Invesco RAFITM Strategic US Small Company ETF | X | X | |||||||||||||
Invesco Russell 1000® Dynamic Multifactor ETF | X | X | X | ||||||||||||
Invesco Russell 2000® Dynamic Multifactor ETF | X |
* | The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
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Approval of Investment Advisory Contracts–(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
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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-SIFT-AR-1 | invesco.com/ETFs |
Invesco Annual Report to Shareholders | ||
August 31, 2020 | ||
DEF Invesco Defensive Equity ETF | ||
ISDX Invesco RAFITM Strategic Developed ex-US ETF | ||
ISEM Invesco RAFITM Strategic Emerging Markets ETF | ||
IUS Invesco RAFITM Strategic US ETF | ||
IUSS Invesco RAFITM Strategic US Small Company ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the Fed cut interest rates by 0.25% each time, based on business investment and exports remaining weak.1 Investors were also 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 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 reopenings 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. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.2 Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.
Global Equity
At the start of the fiscal year, global equity markets faced volatility, hampered by US and China trade issues, potential for new tariffs and weakening global economic growth. Disagreement within the UK regarding its withdrawal from the European Union increased uncertainty for the UK and eurozone economies.
Macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for global equity returns. In response to third quarter economic weakness, central banks maintained accommodative policies. Better economic data and signs of progress in US and China trade talks also supported global equities. The UK’s general election in December delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union.
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. In this environment, global equity markets, both developed and emerging, ended the fiscal year in positive territory.
1 Source: US Federal Reserve
2 Source: US Bureau of Economic Analysis
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Management’s Discussion of Fund Performance Invesco Defensive Equity ETF (DEF) |
As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Defensive Equity Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is comprised of a subset of approximately 100 equal-weighted securities from the S&P 500 Index. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. Invesco Indexing selects securities for inclusion in the Index based on its proprietary rules-based methodology and a security’s risk characteristics. The starting universe is screened to eliminate stocks with less favorable risk profiles by measuring certain risk characteristics, such as a stock’s beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and down market volatility (a measurement that represents a security’s volatility during adverse market conditions). The rules-based methodology calculates the probability of a company delivering the required revenue growth to support its current stock price. The 100 securities with a higher probability of delivering the required revenue growth to support their current stock prices while minimizing any differences in industry exposure relative to the S&P 500 Index are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 8.34%. On a net asset value (“NAV”) basis, the Fund returned 8.22%. During the same time period, the Index returned 8.85%. 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 S&P 500® Index (the “Benchmark Index”) returned 21.94%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
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 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 industrials and consumer staples sectors and most underweight in the information technology and communication
services sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight position and security selection in the information technology sector along with its overweight position and security selection in the health care sector.
For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The real estate sector detracted most significantly to the Fund’s return, followed by the energy and utilities sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Apple, Inc., an information technology company (portfolio average weight of 0.39%), and Citrix Systems, Inc., an information technology company (portfolio average weight of 1.08%). Positions that detracted most significantly from the Fund’s return during this period included Synchrony Financial, a financials company (no longer held at fiscal year-end), and Ventas, Inc., a financials company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Information Technology | 27.37 | |||||||
Health Care | 18.76 | |||||||
Industrials | 10.78 | |||||||
Consumer Staples | 10.07 | |||||||
Communication Services | 8.87 | |||||||
Consumer Discretionary | 7.42 | |||||||
Financials | 5.03 | |||||||
Materials | 4.01 | |||||||
Utilities | 3.90 | |||||||
Real Estate | 3.69 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
| 4 |
|
Invesco Defensive Equity ETF (DEF) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
United Parcel Service, Inc., Class B | 1.41 | |||||||
salesforce.com, inc. | 1.38 | |||||||
Apple, Inc. | 1.35 | |||||||
West Pharmaceutical Services, Inc. | 1.23 | |||||||
Amazon.com, Inc. | 1.20 | |||||||
PayPal Holdings, Inc. | 1.17 | |||||||
Target Corp. | 1.16 | |||||||
Facebook, Inc., Class A | 1.14 | |||||||
Tractor Supply Co. | 1.13 | |||||||
Thermo Fisher Scientific, Inc. | 1.12 | |||||||
Total | 12.29 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2020
3 Years | 5 Years | 10 Years | Fund Inception | |||||||||||||||||
Index | 1 Year | Average Annualized | 3 Years Cumulative | Average Annualized | 5 Years Cumulative | Average Annualized | 10 Years Cumulative | Average Annualized | Cumulative | |||||||||||
Blended - Invesco Defensive Equity Index | 8.85% | 11.84% | 39.89% | 12.68% | 81.68% | 12.85% | 234.96% | 8.99% | 225.36% | |||||||||||
S&P 500® Index | 21.94 | 14.52 | 50.17 | 14.46 | 96.47 | 15.16 | 310.38 | 9.03 | 227.20 | |||||||||||
Fund | ||||||||||||||||||||
NAV Return | 8.22 | 11.19 | 37.48 | 12.00 | 76.26 | 12.19 | 215.88 | 8.29 | 197.93 | |||||||||||
Market Price Return | 8.34 | 11.25 | 37.68 | 12.00 | 76.26 | 12.19 | 216.01 | 8.30 | 198.27 |
| 5 |
|
Invesco Defensive Equity ETF (DEF) (continued)
Guggenheim Defensive Equity ETF (the “Predecessor Fund”) Inception: December 15, 2006
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 annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | 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. |
- | 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-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through August 31, 2020. |
| 6 |
|
Management’s Discussion of Fund Performance Invesco RAFITM Strategic Developed ex-US ETF (ISDX) |
As an index fund, the Invesco RAFITM Strategic Developed ex-US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as developed market countries (excluding the U.S.). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 0.41%. On a net asset value (“NAV”) basis, the Fund returned 0.43%. During the same time period, the Index returned 0.35%. During the fiscal year, 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.
During this same time period, the MSCI EAFE® Index (the “Benchmark Index”) returned 6.13%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 900 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 equities markets in developed countries around the world, excluding the U.S.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy and materials sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight position in the energy sector along with an underweight position and security selection in the health care sector.
For the fiscal year ended August 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and health care sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the financials and communication services sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Roche Holding AG, a health care company (portfolio average weight of 1.04%), and Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 2.42%). Positions that detracted most significantly from the Fund’s return during this period included BP PLC, an energy company (portfolio average weight of 1.35%), and Suncor Energy, Inc., an energy company (portfolio average weight of 0.94%).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Industrials | 17.15 | |||||||
Consumer Discretionary | 15.93 | |||||||
Materials | 14.04 | |||||||
Energy | 11.48 | |||||||
Consumer Staples | 9.92 | |||||||
Information Technology | 7.20 | |||||||
Communication Services | 6.51 | |||||||
Health Care | 6.01 | |||||||
Financials | 5.91 | |||||||
Utilities | 4.97 | |||||||
Real Estate | 0.61 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.27 |
| 7 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Royal Dutch Shell PLC, Class A | 2.13 | |||||||
Samsung Electronics Co. Ltd. | 1.77 | |||||||
Toyota Motor Corp. | 1.30 | |||||||
TOTAL SE | 1.29 | |||||||
BP PLC | 1.22 | |||||||
Volkswagen AG, Preference Shares | 1.17 | |||||||
Nestle S.A. | 1.09 | |||||||
Enbridge, Inc. | 1.04 | |||||||
Daimler AG | 0.99 | |||||||
BHP Group Ltd. | 0.98 | |||||||
Total | 12.98 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Invesco Strategic Developed ex-US Index (Net) | 0.35 | % | (0.94 | )% | (1.84 | )% | ||||||||||||||
MSCI EAFE® Index (Net) | 6.13 | 2.39 | 4.76 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 0.43 | (0.85 | ) | (1.67 | ) | |||||||||||||||
Market Price Return | 0.41 | (0.93 | ) | (1.81 | ) |
| 8 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)
Fund Inception: September 12, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% 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. |
| 9 |
|
Management’s Discussion of Fund Performance Invesco RAFITM Strategic Emerging Markets ETF (ISEM) |
As an index fund, the Invesco RAFITM Strategic Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Emerging Markets Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large-business-sized companies located in countries designated as emerging market countries. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as emerging market countries. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 2.48%. On a net asset value (“NAV”) basis, the Fund returned 2.03%. During the same time period, the Index returned 2.36%. 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, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the MSCI Emerging Markets Index (the “Benchmark Index”) returned 14.49%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,383
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 because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy and industrials sectors and most underweight in the financials and communication services sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight position and security selection in the energy sector as well as its underweight position and security selection in the communication services sector.
For the fiscal year ended August 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 energy sector detracted most significantly from the Fund’s return, followed by the financials and industrials sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Alibaba Group Holding Ltd. Sponsored ADR, a consumer discretionary company (portfolio average weight of 6.74%), and JD.com, Inc. Sponsored ADR Class A, a consumer discretionary company (portfolio average weight of 2.56%). Positions that detracted most significantly from the Fund’s return during this period included PetroChina Co., Ltd., Class H, an energy company (portfolio average weight of 5.95%), and Banco Bradesco S.A. Pfd., a financials company (portfolio average weight of 1.69%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Energy | 22.06 | |||||||
Consumer Discretionary | 16.40 | |||||||
Financials | 13.54 | |||||||
Information Technology | 11.73 | |||||||
Materials | 10.18 | |||||||
Communication Services | 8.17 | |||||||
Industrials | 6.95 | |||||||
Consumer Staples | 4.28 | |||||||
Utilities | 3.61 | |||||||
Sector Types Each Less Than 3% | 2.77 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.31 |
| 10 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Alibaba Group Holding Ltd., ADR | 7.41 | |||||||
PetroChina Co. Ltd., H Shares | 5.72 | |||||||
China Petroleum & Chemical Corp., H Shares | 4.48 | |||||||
China Life Insurance Co. Ltd., H Shares | 3.52 | |||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 2.96 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.68 | |||||||
JD.com, Inc., ADR | 2.66 | |||||||
Petroleo Brasileiro S.A., Preference Shares | 2.18 | |||||||
Infosys Ltd., ADR | 1.93 | |||||||
Gazprom PJSC | 1.79 | |||||||
Total | 35.33 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Invesco Strategic Emerging Markets Index (Net) | 2.36 | % | 0.60 | % | 1.18 | % | ||||||||||||||
MSCI Emerging Markets Index (Net) | 14.49 | 7.35 | 14.98 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 2.03 | 0.02 | 0.04 | |||||||||||||||||
Market Price Return | 2.48 | 0.12 | 0.24 |
| 11 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)
Fund Inception: September 12, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See 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. |
- | Net returns reflect reinvested dividends net of withholding taxes. |
| 12 |
|
Management’s Discussion of Fund Performance Invesco RAFITM Strategic US ETF (IUS) |
As an index fund, the Invesco RAFITM Strategic US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, large business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 15.38%. On a net asset value (“NAV”) basis, the Fund returned 15.17%. During the same time period, the Index returned 15.29%. 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 the Fund holding cash to pay distributions in March, which coincided with the overall market decline.
During this same time period, the Russell 1000® Index (the “Benchmark Index”) returned 22.50%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 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 U.S. stock market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the energy and consumer staples sectors and most underweight in the financials and real estate sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in the consumer discretionary sector as well as the overweight position and security selection in the energy sector.
For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the utilities and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Apple, Inc., an information technology company (portfolio average weight of 6.30%), and Microsoft Corp., an information technology company (portfolio average weight of 2.48%). Positions that detracted most significantly from the Fund’s return during this period included Exxon Mobil Corp., an energy company (portfolio average weight of 1.77%), and Boeing Co. (The), an industrials company (portfolio average weight of 0.63%)
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Information Technology | 21.48 | |||||||
Consumer Discretionary | 13.18 | |||||||
Health Care | 12.85 | |||||||
Industrials | 11.85 | |||||||
Communication Services | 10.80 | |||||||
Consumer Staples | 8.08 | |||||||
Energy | 7.69 | |||||||
Financials | 6.80 | |||||||
Materials | 4.13 | |||||||
Sector Types Each Less Than 3% | 2.91 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.23 |
| 13 |
|
Invesco RAFITM Strategic US ETF (IUS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Apple, Inc. | 6.05 | |||||||
Berkshire Hathaway, Inc., Class B | 2.86 | |||||||
Microsoft Corp. | 2.36 | |||||||
Alphabet, Inc., Class A | 2.32 | |||||||
AT&T, Inc. | 1.97 | |||||||
Exxon Mobil Corp. | 1.71 | |||||||
Facebook, Inc., Class A | 1.44 | |||||||
Amazon.com, Inc. | 1.39 | |||||||
Chevron Corp. | 1.23 | |||||||
Verizon Communications, Inc. | 1.18 | |||||||
Total | 22.51 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Invesco Strategic US Index | 15.29 | % | 8.08 | % | 16.50 | % | ||||||||||||||
Russell 1000® Index | 22.50 | 12.50 | 26.07 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 15.17 | 7.94 | 16.22 | |||||||||||||||||
Market Price Return | 15.38 | 8.07 | 16.50 |
| 14 |
|
Invesco RAFITM Strategic US ETF (IUS) (continued)
Fund Inception: September 12, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% 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. |
| 15 |
|
Management’s Discussion of Fund Performance Invesco RAFITM Strategic US Small Company ETF (IUSS) |
As an index fund, the Invesco RAFITM Strategic US Small Company ETF (“the Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Small Company Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities issued by higher quality, small-business-sized companies designated as U.S. companies. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser. The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked below 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2020, on a market price basis, the Fund returned 5.36%. On a net asset value (“NAV”) basis, the Fund returned 5.13%. During the same time period, the Index returned 5.35%. 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, as well as trading costs associated with portfolio rebalances during the period.
During this same time period, the Russell 2000® Index (the “Benchmark Index”) returned 6.02%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,000 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 U.S. small cap stock market.
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 industrials and consumer discretionary sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight position and security selection in the health care sector along with its overweight position and security selection in the energy sector.
For the fiscal year ended August 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and consumer discretionary sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the real estate and utilities sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Stamps.com Inc., a consumer discretionary company (portfolio average weight of 0.25%), and RH, a consumer discretionary company (portfolio average weight of 0.36%). Positions that detracted most significantly from the Fund’s return during the period included Hexcel Corp., an industrials company (portfolio average weight of 0.22%), and Denbury Resources Inc., an energy company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets)
as of August 31, 2020
Industrials | 23.45 | |||||||
Consumer Discretionary | 18.01 | |||||||
Information Technology | 14.72 | |||||||
Health Care | 8.88 | |||||||
Materials | 6.85 | |||||||
Real Estate | 6.01 | |||||||
Financials | 5.89 | |||||||
Energy | 4.89 | |||||||
Communication Services | 4.35 | |||||||
Consumer Staples | 4.22 | |||||||
Utilities | 2.63 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
| 16 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2020
Security | ||||||||
Penn National Gaming, Inc. | 0.46 | |||||||
Owens & Minor, Inc. | 0.42 | |||||||
Nabors Industries Ltd. | 0.40 | |||||||
Square, Inc., Class A | 0.37 | |||||||
Tupperware Brands Corp. | 0.36 | |||||||
Community Health Systems, Inc. | 0.36 | |||||||
Resolute Forest Products, Inc. | 0.34 | |||||||
Aaron’s, Inc. | 0.29 | |||||||
Sonic Automotive, Inc., Class A | 0.29 | |||||||
Pitney Bowes, Inc. | 0.28 | |||||||
Total | 3.57 |
* | Excluding money market fund holdings. |
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Index | 1 Year | Average Annualized | Cumulative | |||||||||||||||||
Invesco Strategic US Small Company Index | 5.35 | % | (2.25 | )% | (4.37 | )% | ||||||||||||||
Russell 2000® Index | 6.02 | (3.27 | ) | (6.32 | ) | |||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 5.13 | (2.41 | ) | (4.69 | ) | |||||||||||||||
Market Price Return | 5.36 | (2.29 | ) | (4.45 | ) |
| 17 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)
Fund Inception: September 12, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% 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. |
| 18 |
|
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
| 19 |
|
Invesco Defensive Equity ETF (DEF)
August 31, 2020
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Communication Services-8.87% | ||||||||
Alphabet, Inc., Class C(b) | 1,929 | $ | 3,152,333 | |||||
AT&T, Inc. | 87,949 | 2,621,760 | ||||||
Charter Communications, Inc., Class A(b) | 5,307 | 3,267,042 | ||||||
Comcast Corp., Class A | 68,346 | 3,062,584 | ||||||
Facebook, Inc., Class A(b) | 11,942 | 3,501,394 | ||||||
Omnicom Group, Inc. | 48,634 | 2,630,613 | ||||||
T-Mobile US, Inc.(b) | 26,779 | 3,124,574 | ||||||
Verizon Communications, Inc. | 48,695 | 2,886,153 | ||||||
Walt Disney Co. (The) | 23,188 | 3,057,802 | ||||||
|
| |||||||
27,304,255 | ||||||||
|
| |||||||
Consumer Discretionary-7.42% | ||||||||
Amazon.com, Inc.(b) | 1,068 | 3,685,625 | ||||||
Dollar General Corp. | 14,869 | 3,001,754 | ||||||
eBay, Inc. | 57,520 | 3,150,945 | ||||||
McDonald’s Corp. | 14,438 | 3,082,802 | ||||||
Target Corp. | 23,607 | 3,569,614 | ||||||
Tractor Supply Co. | 23,355 | 3,475,925 | ||||||
Yum! Brands, Inc. | 30,042 | 2,879,526 | ||||||
|
| |||||||
22,846,191 | ||||||||
|
| |||||||
Consumer Staples-10.07% | ||||||||
Campbell Soup Co. | 57,760 | 3,038,754 | ||||||
Clorox Co. (The) | 13,668 | 3,054,798 | ||||||
Costco Wholesale Corp. | 9,218 | 3,204,730 | ||||||
General Mills, Inc. | 45,026 | 2,879,413 | ||||||
Hormel Foods Corp. | 58,990 | 3,007,310 | ||||||
Kimberly-Clark Corp. | 20,454 | 3,226,823 | ||||||
Mondelez International, Inc., Class A | 53,225 | 3,109,404 | ||||||
PepsiCo, Inc. | 21,074 | 2,951,624 | ||||||
Procter & Gamble Co. (The) | 23,710 | 3,279,804 | ||||||
Walmart, Inc. | 23,383 | 3,246,730 | ||||||
|
| |||||||
30,999,390 | ||||||||
|
| |||||||
Financials-5.03% | ||||||||
Aon PLC, Class A | 14,665 | 2,932,853 | ||||||
Intercontinental Exchange, Inc. | 29,049 | 3,085,875 | ||||||
Nasdaq, Inc. | 23,606 | 3,173,119 | ||||||
Progressive Corp. (The) | 35,288 | 3,353,772 | ||||||
Willis Towers Watson PLC | 14,229 | 2,924,486 | ||||||
|
| |||||||
15,470,105 | ||||||||
|
| |||||||
Health Care-18.76% | ||||||||
Abbott Laboratories | 30,741 | 3,365,217 | ||||||
AmerisourceBergen Corp. | 29,224 | 2,835,605 | ||||||
Amgen, Inc. | 12,474 | 3,159,914 | ||||||
Baxter International, Inc. | 32,550 | 2,834,129 | ||||||
Becton, Dickinson and Co. | 11,949 | 2,900,859 | ||||||
Bristol-Myers Squibb Co. | 46,987 | 2,922,591 | ||||||
Cooper Cos., Inc. (The) | 9,467 | 2,976,235 | ||||||
Danaher Corp. | 16,371 | 3,380,120 | ||||||
DaVita, Inc.(b) | 34,099 | 2,958,429 | ||||||
Gilead Sciences, Inc. | 36,679 | 2,448,323 | ||||||
Incyte Corp.(b) | 30,453 | 2,934,147 | ||||||
Johnson & Johnson | 19,125 | 2,933,966 | ||||||
McKesson Corp. | 18,311 | 2,809,640 | ||||||
Merck & Co., Inc. | 34,569 | 2,947,699 | ||||||
Pfizer, Inc. | 78,696 | 2,973,922 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Thermo Fisher Scientific, Inc. | 8,029 | $ | 3,444,280 | |||||
Vertex Pharmaceuticals, Inc.(b) | 10,327 | 2,882,472 | ||||||
West Pharmaceutical Services, Inc. | 13,306 | 3,778,372 | ||||||
Zoetis, Inc. | 20,248 | 3,241,705 | ||||||
|
| |||||||
57,727,625 | ||||||||
|
| |||||||
Industrials-10.78% | ||||||||
Allegion PLC | 25,928 | 2,680,696 | ||||||
Equifax, Inc. | 16,151 | 2,717,729 | ||||||
Expeditors International of Washington, Inc. | 36,363 | 3,214,126 | ||||||
General Dynamics Corp. | 17,887 | 2,671,423 | ||||||
Honeywell International, Inc. | 18,342 | 3,036,518 | ||||||
Johnson Controls International PLC | 82,277 | 3,351,142 | ||||||
L3Harris Technologies, Inc. | 13,677 | 2,471,981 | ||||||
Lockheed Martin Corp. | 7,002 | 2,732,600 | ||||||
Northrop Grumman Corp. | 8,285 | 2,838,524 | ||||||
Union Pacific Corp. | 16,149 | 3,107,714 | ||||||
United Parcel Service, Inc., Class B | 26,563 | 4,346,238 | ||||||
|
| |||||||
33,168,691 | ||||||||
|
| |||||||
Information Technology-27.37% | ||||||||
Accenture PLC, Class A | 13,498 | 3,238,575 | ||||||
Akamai Technologies, Inc.(b) | 27,283 | 3,176,560 | ||||||
Amphenol Corp., Class A | 28,172 | 3,093,286 | ||||||
ANSYS, Inc.(b) | 9,906 | 3,358,233 | ||||||
Apple, Inc. | 32,116 | 4,144,249 | ||||||
Broadridge Financial Solutions, Inc. | 23,265 | 3,196,611 | ||||||
Cadence Design Systems, Inc.(b) | 30,399 | 3,371,553 | ||||||
Cisco Systems, Inc. | 59,611 | 2,516,776 | ||||||
Citrix Systems, Inc. | 19,994 | 2,903,129 | ||||||
F5 Networks, Inc.(b) | 19,357 | 2,561,512 | ||||||
International Business Machines Corp. | 21,768 | 2,684,212 | ||||||
Intuit, Inc. | 9,578 | 3,308,146 | ||||||
Jack Henry & Associates, Inc. | 15,504 | 2,564,672 | ||||||
Juniper Networks, Inc. | 112,797 | 2,819,925 | ||||||
Mastercard, Inc., Class A | 9,028 | 3,233,739 | ||||||
Maxim Integrated Products, Inc. | 47,255 | 3,234,132 | ||||||
Microsoft Corp. | 14,361 | 3,238,836 | ||||||
Motorola Solutions, Inc. | 19,072 | 2,951,392 | ||||||
NortonLifeLock, Inc. | 132,327 | 3,112,331 | ||||||
Oracle Corp. | 52,242 | 2,989,287 | ||||||
PayPal Holdings, Inc.(b) | 17,714 | 3,616,136 | ||||||
salesforce.com, inc.(b) | 15,524 | 4,232,619 | ||||||
Seagate Technology PLC | 51,089 | 2,451,761 | ||||||
Synopsys, Inc.(b) | 14,958 | 3,310,205 | ||||||
VeriSign, Inc.(b) | 13,263 | 2,848,892 | ||||||
Visa, Inc., Class A | 14,102 | 2,989,483 | ||||||
Xilinx, Inc. | 29,729 | 3,096,573 | ||||||
|
| |||||||
84,242,825 | ||||||||
|
| |||||||
Materials-4.01% | ||||||||
Air Products and Chemicals, Inc. | 11,406 | 3,333,518 | ||||||
Ball Corp. | 38,909 | 3,127,116 | ||||||
International Flavors & Fragrances, Inc.(c) | 21,170 | 2,620,634 | ||||||
Newmont Corp. | 48,232 | 3,245,049 | ||||||
|
| |||||||
12,326,317 | ||||||||
|
| |||||||
Real Estate-3.69% | ||||||||
American Tower Corp. | 10,655 | 2,654,693 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
|
Invesco Defensive Equity ETF (DEF)—(continued)
August 31, 2020
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Crown Castle International Corp. | 16,236 | $ | 2,650,527 | |||||
Equinix, Inc. | 4,065 | 3,210,456 | ||||||
SBA Communications Corp., Class A | 9,258 | 2,833,596 | ||||||
|
| |||||||
11,349,272 | ||||||||
|
| |||||||
Utilities-3.90% | ||||||||
Alliant Energy Corp. | 55,860 | 3,024,819 | ||||||
American Water Works Co., Inc. | 21,570 | 3,048,704 | ||||||
CMS Energy Corp. | 47,191 | 2,854,583 | ||||||
NextEra Energy, Inc. | 11,033 | 3,080,083 | ||||||
|
| |||||||
12,008,189 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 307,442,860 | ||||||
|
| |||||||
Money Market Funds-0.04% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 116,684 | 116,684 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 307,559,544 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.72% | ||||||||
Invesco Private Government Fund, | 1,654,316 | $ | 1,654,316 | |||||
Invesco Private Prime Fund, | 551,335 | 551,445 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 2,205,761 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.66% |
| 309,765,305 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.66)% |
| (2,030,357 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 307,734,948 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 7,581,505 | $ | (7,464,821 | ) | $ | - | $ | - | $ | 116,684 | $ | 2,217 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | - | 13,522,395 | (13,522,395 | ) | - | - | - | 6,050 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | - | 3,844,885 | (3,844,811 | ) | - | (74 | ) | - | 2,273 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 7,298,679 | (5,644,363 | ) | - | - | 1,654,316 | 248 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 976,144 | (424,753 | ) | 23 | 31 | 551,445 | 160 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | - | $ | 33,223,608 | $ | (30,901,143 | ) | $ | 23 | $ | (43 | ) | $ | 2,322,445 | $ | 10,948 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 21 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
August 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.73% |
| |||||||
Australia-6.15% | ||||||||
AGL Energy Ltd. | 15,583 | $ | 170,561 | |||||
Alumina Ltd.(a) | 44,562 | 51,741 | ||||||
Ampol Ltd. | 8,072 | 155,330 | ||||||
Aristocrat Leisure Ltd. | 2,808 | 58,915 | ||||||
Aurizon Holdings Ltd. | 36,534 | 117,531 | ||||||
BHP Group Ltd. | 87,435 | 2,451,357 | ||||||
BHP Group PLC | 102,098 | 2,341,468 | ||||||
BlueScope Steel Ltd. | 16,980 | 159,355 | ||||||
Boral Ltd. | 43,952 | 130,344 | ||||||
Brambles Ltd. | 16,563 | 135,843 | ||||||
Coca-Cola Amatil Ltd. | 8,711 | 58,624 | ||||||
Computershare Ltd. | 5,525 | 54,303 | ||||||
Crown Resorts Ltd. | 8,806 | 58,677 | ||||||
CSL Ltd. | 1,021 | 215,961 | ||||||
Downer EDI Ltd. | 26,938 | 89,450 | ||||||
Fortescue Metals Group Ltd. | 17,357 | 223,610 | ||||||
Glencore PLC | 684,049 | 1,549,532 | ||||||
Incitec Pivot Ltd. | 52,204 | 81,076 | ||||||
Lendlease Corp. Ltd. | 15,548 | 133,613 | ||||||
Metcash Ltd. | 43,713 | 94,398 | ||||||
Newcrest Mining Ltd. | 6,381 | 150,821 | ||||||
OceanaGold Corp.(b) | 31,948 | 73,804 | ||||||
Orica Ltd. | 6,267 | 80,552 | ||||||
Origin Energy Ltd. | 45,607 | 188,880 | ||||||
Qantas Airways Ltd. | 45,676 | 133,092 | ||||||
Ramsay Health Care Ltd.(a) | 2,042 | 98,251 | ||||||
Rio Tinto Ltd. | 27,771 | 2,012,728 | ||||||
Rio Tinto PLC | 26,708 | 1,657,507 | ||||||
Santos Ltd. | 35,140 | 147,351 | ||||||
Sonic Healthcare Ltd. | 4,198 | 99,503 | ||||||
South32 Ltd. | 166,000 | 257,807 | ||||||
Tabcorp Holdings Ltd. | 30,456 | 81,536 | ||||||
Telstra Corp. Ltd. | 301,454 | 644,297 | ||||||
Treasury Wine Estates Ltd. | 8,267 | 56,553 | ||||||
Wesfarmers Ltd. | 22,930 | 805,838 | ||||||
Woolworths Group Ltd. | 18,910 | 557,578 | ||||||
|
| |||||||
15,377,787 | ||||||||
|
| |||||||
Austria-0.27% | ||||||||
ANDRITZ AG | 2,188 | 73,374 | ||||||
OMV AG(b) | 5,125 | 167,083 | ||||||
UNIQA Insurance Group AG | 11,393 | 75,894 | ||||||
Verbund AG | 943 | 50,750 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe(b) | 2,126 | 52,123 | ||||||
voestalpine AG(a) | 7,470 | 185,911 | ||||||
Wienerberger AG(b) | 2,545 | 68,848 | ||||||
|
| |||||||
673,983 | ||||||||
|
| |||||||
Belgium-1.24% | ||||||||
Ackermans & van Haaren N.V.(b) | 586 | 83,468 | ||||||
Anheuser-Busch InBev S.A./N.V | 39,696 | 2,316,991 | ||||||
Bekaert S.A. | 2,578 | 52,198 | ||||||
Colruyt S.A. | 775 | 49,124 | ||||||
Groupe Bruxelles Lambert S.A. | 1,554 | 144,183 | ||||||
Proximus SADP | 3,377 | 67,002 | ||||||
Solvay S.A., Class A | 1,959 | 170,186 |
Shares | Value | |||||||
Belgium-(continued) | ||||||||
UCB S.A. | 886 | $ | 105,453 | |||||
Umicore S.A. | 2,177 | 100,212 | ||||||
|
| |||||||
3,088,817 | ||||||||
|
| |||||||
Canada-14.63% | ||||||||
Aecon Group, Inc. | 5,790 | 64,612 | ||||||
Agnico Eagle Mines Ltd. | 2,865 | 236,465 | ||||||
Air Canada(b) | 25,920 | 350,122 | ||||||
Alamos Gold, Inc., Class A | 9,524 | 99,776 | ||||||
Alimentation Couche-Tard, Inc., Class B | 40,784 | 1,332,495 | ||||||
AltaGas Ltd. | 17,536 | 227,048 | ||||||
ARC Resources Ltd. | 35,065 | 177,081 | ||||||
AutoCanada, Inc. | 8,517 | 98,181 | ||||||
B2Gold Corp. | 15,758 | 105,944 | ||||||
Barrick Gold Corp. | 23,648 | 701,300 | ||||||
Baytex Energy Corp.(a)(b) | 392,807 | 201,988 | ||||||
BCE, Inc. | 15,090 | 649,254 | ||||||
BlackBerry Ltd.(b) | 14,466 | 75,497 | ||||||
Boyd Group Services, Inc. | 306 | 48,781 | ||||||
Brookfield Asset Management, Inc., Class A | 62,313 | 2,105,237 | ||||||
BRP, Inc. | 4,723 | 256,784 | ||||||
CAE, Inc. | 8,384 | 133,068 | ||||||
Cameco Corp. | 6,050 | 70,160 | ||||||
Canadian National Railway Co. | 14,416 | 1,516,449 | ||||||
Canadian Natural Resources Ltd. | 85,742 | 1,692,532 | ||||||
Canadian Pacific Railway Ltd. | 2,346 | 694,806 | ||||||
Canadian Solar, Inc.(b) | 3,243 | 105,365 | ||||||
Canadian Tire Corp. Ltd., Class A | 4,618 | 483,615 | ||||||
Canfor Corp.(b) | 6,545 | 85,445 | ||||||
Capital Power Corp. | 6,598 | 144,929 | ||||||
Cascades, Inc. | 8,559 | 91,111 | ||||||
CCL Industries, Inc., Class B | 4,520 | 167,243 | ||||||
Celestica, Inc.(b) | 24,287 | 193,670 | ||||||
Cenovus Energy, Inc. | 182,793 | 864,197 | ||||||
Centerra Gold, Inc. | 6,752 | 88,044 | ||||||
CGI, Inc., Class A(b) | 7,162 | 503,613 | ||||||
Chartwell Retirement Residences | 7,803 | 62,522 | ||||||
CI Financial Corp. | 13,226 | 187,993 | ||||||
Cineplex, Inc. | 4,872 | 37,018 | ||||||
Cogeco Communications, Inc. | 811 | 60,862 | ||||||
Cogeco, Inc. | 734 | 44,183 | ||||||
Constellation Software, Inc. | 160 | 185,424 | ||||||
Crescent Point Energy Corp. | 200,913 | 353,115 | ||||||
Dollarama, Inc. | 3,836 | 149,913 | ||||||
Empire Co. Ltd., Class A | 17,509 | 456,219 | ||||||
Enbridge, Inc. | 81,286 | 2,603,373 | ||||||
Enerflex Ltd. | 13,940 | 62,588 | ||||||
Enerplus Corp. | 43,140 | 114,559 | ||||||
Fairfax Financial Holdings Ltd. | 2,477 | 764,401 | ||||||
Finning International, Inc. | 11,512 | 175,912 | ||||||
George Weston Ltd. | 6,184 | 447,230 | ||||||
Gibson Energy, Inc. | 8,278 | 150,890 | ||||||
Gildan Activewear, Inc. | 11,880 | 230,588 | ||||||
Great Canadian Gaming Corp.(b) | 4,085 | 83,710 | ||||||
Husky Energy, Inc. | 84,814 | 287,064 | ||||||
Hydro One Ltd.(c) | 10,331 | 214,081 | ||||||
IAMGOLD Corp.(b) | 21,030 | 90,547 | ||||||
IGM Financial, Inc. | 3,756 | 91,756 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Canada-(continued) | ||||||||
Imperial Oil Ltd.(a) | 24,609 | $ | 406,262 | |||||
Intact Financial Corp. | 3,552 | 380,866 | ||||||
Inter Pipeline Ltd. | 20,885 | 220,719 | ||||||
Keyera Corp. | 11,277 | 206,161 | ||||||
Kinross Gold Corp.(b) | 29,049 | 258,174 | ||||||
Kirkland Lake Gold Ltd. | 3,072 | 163,862 | ||||||
Linamar Corp. | 5,948 | 186,710 | ||||||
Loblaw Cos. Ltd. | 9,474 | 490,151 | ||||||
Magna International, Inc. | 35,205 | 1,716,276 | ||||||
Maple Leaf Foods, Inc. | 3,148 | 70,114 | ||||||
Martinrea International, Inc. | 14,293 | 110,026 | ||||||
MEG Energy Corp.(b) | 51,121 | 142,030 | ||||||
Methanex Corp. | 11,798 | 263,405 | ||||||
Metro, Inc. | 7,881 | 356,382 | ||||||
New Gold, Inc.(b) | 44,139 | 72,495 | ||||||
NFI Group, Inc. | 6,172 | 83,607 | ||||||
Norbord, Inc. | 6,216 | 212,774 | ||||||
North West Co., Inc. (The) | 2,215 | 48,450 | ||||||
Nutrien Ltd. | 42,925 | 1,591,547 | ||||||
Open Text Corp. | 5,347 | 242,779 | ||||||
Pan American Silver Corp. | 3,124 | 112,905 | ||||||
Parkland Corp. | 9,628 | 273,186 | ||||||
Pembina Pipeline Corp. | 22,759 | 564,193 | ||||||
Precision Drilling Corp.(b) | 112,732 | 79,599 | ||||||
Premium Brands Holdings Corp. | 882 | 65,154 | ||||||
Quebecor, Inc., Class B | 3,390 | 84,142 | ||||||
Restaurant Brands International, Inc. | 5,387 | 292,183 | ||||||
Ritchie Bros. Auctioneers, Inc. | 1,757 | 102,916 | ||||||
Rogers Communications, Inc., Class B | 8,143 | 339,107 | ||||||
Russel Metals, Inc. | 7,198 | 103,472 | ||||||
Saputo, Inc. | 6,878 | 171,772 | ||||||
Secure Energy Services, Inc. | 74,069 | 85,839 | ||||||
Seven Generations Energy Ltd., | 112,955 | 357,170 | ||||||
Shaw Communications, Inc., Class B | 8,141 | 152,392 | ||||||
Shopify, Inc., Class A(b) | 76 | 81,266 | ||||||
SNC-Lavalin Group, Inc.(a) | 8,567 | 151,753 | ||||||
Spin Master Corp.(b)(c) | 3,401 | 81,335 | ||||||
Stantec, Inc. | 3,383 | 109,958 | ||||||
Stella-Jones, Inc. | 2,300 | 79,965 | ||||||
Suncor Energy, Inc. | 134,897 | 2,166,924 | ||||||
Superior Plus Corp. | 11,944 | 110,736 | ||||||
Teck Resources Ltd., Class B | 84,370 | 973,886 | ||||||
TELUS Corp. | 19,373 | 357,143 | ||||||
TFI International, Inc. | 5,120 | 226,578 | ||||||
Thomson Reuters Corp. | 6,439 | 492,753 | ||||||
TORC Oil & Gas Ltd. | 59,531 | 79,956 | ||||||
Toromont Industries Ltd. | 1,626 | 92,110 | ||||||
TransAlta Corp. | 20,328 | 130,741 | ||||||
Transcontinental, Inc., Class A | 10,841 | 127,634 | ||||||
Vermilion Energy, Inc. | 32,235 | 128,153 | ||||||
West Fraser Timber Co. Ltd. | 4,082 | 219,146 | ||||||
Whitecap Resources, Inc. | 94,418 | 186,235 | ||||||
WSP Global, Inc. | 2,982 | 202,523 | ||||||
Yamana Gold, Inc. | 26,214 | 162,561 | ||||||
|
| |||||||
36,586,936 | ||||||||
|
| |||||||
Chile-0.11% | ||||||||
Antofagasta PLC | 5,113 | 73,527 | ||||||
Lundin Mining Corp. | 33,243 | 208,446 | ||||||
|
| |||||||
281,973 | ||||||||
|
|
Shares | Value | |||||||
China-0.06% | ||||||||
Wilmar International Ltd. | 43,787 | $ | 140,417 | |||||
|
| |||||||
Colombia-0.11% | ||||||||
Millicom International Cellular S.A., SDR | 5,187 | 154,258 | ||||||
Parex Resources, Inc.(b) | 9,320 | 127,681 | ||||||
|
| |||||||
281,939 | ||||||||
|
| |||||||
Denmark-1.23% | ||||||||
AP Moller - Maersk A/S, Class B(a) | 470 | 722,142 | ||||||
Carlsberg A/S, Class B | 1,649 | 232,224 | ||||||
Chr. Hansen Holding A/S | 450 | 51,776 | ||||||
Coloplast A/S, Class B | 430 | 73,121 | ||||||
Dfds A/S(b) | 1,720 | 65,046 | ||||||
DSV Panalpina A/S | 662 | 103,735 | ||||||
H Lundbeck A/S | 1,535 | 50,504 | ||||||
ISS A/S(b) | 7,815 | 120,578 | ||||||
Novo Nordisk A/S, Class B | 12,537 | 832,121 | ||||||
Novozymes A/S, Class B | 1,637 | 97,068 | ||||||
Orsted A/S(c) | 868 | 123,075 | ||||||
Pandora A/S | 2,745 | 200,914 | ||||||
Rockwool International A/S, Class B | 211 | 80,337 | ||||||
Vestas Wind Systems A/S | 2,159 | 328,950 | ||||||
|
| |||||||
3,081,591 | ||||||||
|
| |||||||
Finland-0.96% | ||||||||
Elisa OYJ | 879 | 51,816 | ||||||
Fortum OYJ | 8,234 | 174,448 | ||||||
Huhtamaki OYJ(b) | 1,240 | 60,120 | ||||||
Kesko OYJ, Class B | 6,946 | 154,428 | ||||||
Kone OYJ, Class B | 2,433 | 209,036 | ||||||
Neste OYJ | 3,153 | 168,971 | ||||||
Nokia OYJ | 101,492 | 494,318 | ||||||
Nokian Renkaat OYJ | 2,621 | 73,130 | ||||||
Outokumpu OYJ(a)(b) | 22,020 | 59,490 | ||||||
Sampo OYJ, Class A | 8,970 | 361,845 | ||||||
Stora Enso OYJ, Class R | 16,359 | 241,231 | ||||||
UPM-Kymmene OYJ | 9,176 | 278,850 | ||||||
Wartsila OYJ Abp | 9,249 | 79,243 | ||||||
|
| |||||||
2,406,926 | ||||||||
|
| |||||||
France-8.79% | ||||||||
Accor S.A.(b) | 4,453 | 137,080 | ||||||
Aeroports de Paris(a) | 587 | 61,638 | ||||||
Air France-KLM(a)(b) | 11,575 | 52,272 | ||||||
Air Liquide S.A. | 4,188 | 696,451 | ||||||
Airbus SE(b) | 9,530 | 784,598 | ||||||
Alstom S.A.(b) | 3,126 | 174,366 | ||||||
Arkema S.A. | 1,459 | 162,100 | ||||||
Atos SE(b) | 1,976 | 171,332 | ||||||
Bollore S.A. | 30,188 | 113,653 | ||||||
Bouygues S.A.(b) | 9,985 | 397,057 | ||||||
Bureau Veritas S.A.(b) | 2,589 | 58,815 | ||||||
Capgemini SE | 2,600 | 360,699 | ||||||
Carrefour S.A. | 34,282 | 551,854 | ||||||
Casino Guichard Perrachon S.A.(a)(b) | 3,746 | 97,441 | ||||||
Cie de Saint-Gobain(b) | 21,757 | 884,170 | ||||||
Cie Generale des Etablissements Michelin S.C.A | 4,340 | 491,118 | ||||||
Criteo S.A., ADR(b) | 7,810 | 101,686 | ||||||
Danone S.A. | 6,060 | 399,335 | ||||||
Dassault Systemes SE | 362 | 68,339 | ||||||
Eiffage S.A.(b) | 2,479 | 228,939 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 23 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
France-(continued) | ||||||||
Electricite de France S.A. | 26,127 | $ | 275,033 | |||||
Elior Group S.A.(c) | 8,353 | 49,110 | ||||||
Elis S.A.(b) | 5,559 | 72,134 | ||||||
Engie S.A.(b) | 93,254 | 1,299,849 | ||||||
EssilorLuxottica S.A.(b) | 1,784 | 239,174 | ||||||
Faurecia SE(b) | 3,347 | 146,144 | ||||||
Hermes International | 64 | 55,063 | ||||||
Ingenico Group S.A.(a)(b) | 359 | 61,053 | ||||||
Kering S.A. | 429 | 264,022 | ||||||
Korian S.A.(b) | 1,620 | 62,889 | ||||||
Legrand S.A. | 2,158 | 180,402 | ||||||
L’Oreal S.A. | 1,305 | 432,162 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,514 | 711,231 | ||||||
Nexity S.A. | 1,500 | 51,629 | ||||||
Orange S.A. | 64,091 | 715,141 | ||||||
Orpea(b) | 484 | 58,260 | ||||||
Pernod Ricard S.A. | 1,532 | 262,920 | ||||||
Peugeot S.A.(b) | 36,818 | 632,747 | ||||||
Publicis Groupe S.A.(b) | 6,786 | 238,359 | ||||||
Rallye S.A.(b) | 14,431 | 71,192 | ||||||
Renault S.A.(b) | 23,911 | 681,737 | ||||||
Rexel S.A.(b) | 16,146 | 216,463 | ||||||
Rubis S.C.A | 1,370 | 64,850 | ||||||
Safran S.A.(b) | 4,349 | 504,619 | ||||||
Sanofi | 14,159 | 1,437,143 | ||||||
Schneider Electric SE | 6,731 | 835,182 | ||||||
SCOR SE(b) | 8,430 | 226,035 | ||||||
SEB S.A. | 389 | 68,435 | ||||||
Sodexo S.A. | 2,209 | 158,406 | ||||||
SPIE S.A. | 4,203 | 71,528 | ||||||
Suez S.A. | 11,706 | 203,067 | ||||||
Teleperformance | 287 | 88,693 | ||||||
Thales S.A. | 1,583 | 124,004 | ||||||
TOTAL SE | 81,401 | 3,222,337 | ||||||
Ubisoft Entertainment S.A.(b) | 621 | 51,216 | ||||||
Valeo S.A. | 11,524 | 352,823 | ||||||
Veolia Environnement S.A. | 16,645 | 402,113 | ||||||
Vinci S.A. | 8,715 | 819,016 | ||||||
Vivendi S.A. | 16,889 | 480,722 | ||||||
Wendel SE | 907 | 93,232 | ||||||
|
| |||||||
21,973,078 | ||||||||
|
| |||||||
Germany-9.05% | ||||||||
adidas AG(b) | 1,362 | 414,714 | ||||||
Aurubis AG | 1,299 | 93,430 | ||||||
BASF SE | 26,295 | 1,605,710 | ||||||
Bayer AG | 16,493 | 1,095,516 | ||||||
Bayerische Motoren Werke AG | 13,900 | 999,916 | ||||||
Beiersdorf AG | 513 | 59,389 | ||||||
Brenntag AG | 2,392 | 150,073 | ||||||
CECONOMY AG(b) | 46,342 | 214,375 | ||||||
Continental AG | 4,249 | 463,441 | ||||||
Covestro AG(c) | 6,976 | 332,550 | ||||||
Daimler AG | 48,560 | 2,476,624 | ||||||
Deutsche Lufthansa AG(a)(b) | 26,776 | 279,559 | ||||||
Deutsche Post AG | 12,312 | 561,300 | ||||||
Deutsche Telekom AG | 72,320 | 1,275,744 | ||||||
E.ON SE | 36,496 | 432,546 | ||||||
Evonik Industries AG | 11,289 | 328,076 | ||||||
Freenet AG | 3,540 | 76,608 |
Shares | Value | |||||||
Germany-(continued) | ||||||||
Fresenius Medical Care AG& Co. KGaA | 2,546 | $ | 216,370 | |||||
Fresenius SE & Co. KGaA | 9,780 | 453,820 | ||||||
Fuchs Petrolub SE, Preference Shares | 1,315 | 62,309 | ||||||
GEA Group AG | 2,944 | 107,598 | ||||||
Hannover Rueck SE | 1,104 | 188,279 | ||||||
HeidelbergCement AG | 5,599 | 356,368 | ||||||
Henkel AG& Co. KGaA, Preference Shares | 4,822 | 493,414 | ||||||
HOCHTIEF AG | 1,037 | 92,147 | ||||||
HUGO BOSS AG | 2,001 | 53,127 | ||||||
Infineon Technologies AG | 9,174 | 254,103 | ||||||
Jungheinrich AG, Preference Shares | 2,505 | 80,469 | ||||||
K+S AG(a) | 15,279 | 106,641 | ||||||
KION Group AG | 1,068 | 90,508 | ||||||
Knorr-Bremse AG | 479 | 60,998 | ||||||
LANXESS AG | 1,921 | 112,597 | ||||||
Leoni AG(a)(b) | 6,039 | 42,504 | ||||||
Merck KGaA | 2,794 | 379,760 | ||||||
METRO AG | 12,522 | 124,178 | ||||||
MTU Aero Engines AG | 557 | 103,419 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 4,294 | 1,241,229 | ||||||
OSRAM Licht AG(b) | 1,308 | 68,438 | ||||||
ProSiebenSat.1 Media SE(a)(b) | 7,687 | 87,171 | ||||||
Rheinmetall AG | 1,005 | 93,198 | ||||||
Salzgitter AG(b) | 5,488 | 88,638 | ||||||
SAP SE | 5,160 | 851,859 | ||||||
Schaeffler AG, Preference Shares | 7,132 | 48,064 | ||||||
Siemens AG | 13,875 | 1,919,240 | ||||||
Symrise AG | 507 | 70,063 | ||||||
Telefonica Deutschland Holding AG | 24,152 | 66,897 | ||||||
thyssenkrupp AG(a)(b) | 47,393 | 341,438 | ||||||
TUI AG(a) | 41,742 | 184,271 | ||||||
Uniper SE | 10,685 | 350,648 | ||||||
United Internet AG | 1,309 | 64,405 | ||||||
Volkswagen AG, Preference Shares(b) | 17,488 | 2,914,266 | ||||||
|
| |||||||
22,628,005 | ||||||||
|
| |||||||
Hong Kong-1.28% | ||||||||
AIA Group Ltd. | 132,441 | 1,363,689 | ||||||
CK Hutchison Holdings Ltd. | 87,266 | 571,440 | ||||||
CLP Holdings Ltd. | 23,180 | 227,758 | ||||||
HKT Trust & HKT Ltd. | 45,253 | 64,696 | ||||||
Hong Kong & China Gas Co. Ltd. (The) | 59,523 | 86,633 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 13,612 | 265,706 | ||||||
MTR Corp. Ltd. | 16,675 | 86,816 | ||||||
NWS Holdings Ltd. | 46,500 | 39,539 | ||||||
PCCW Ltd. | 91,893 | 57,625 | ||||||
Swire Pacific Ltd., Class A | 20,210 | 110,045 | ||||||
Techtronic Industries Co. Ltd. | 7,598 | 96,468 | ||||||
WH Group Ltd.(c) | 172,142 | 148,594 | ||||||
Yue Yuen Industrial Holdings Ltd. | 41,595 | 72,025 | ||||||
|
| |||||||
3,191,034 | ||||||||
|
| |||||||
Indonesia-0.05% | ||||||||
First Pacific Co. Ltd. | 302,058 | 84,574 | ||||||
Golden Agri-Resources Ltd. | 412,314 | 43,973 | ||||||
|
| |||||||
128,547 | ||||||||
|
| |||||||
Ireland-0.60% | ||||||||
CRH PLC | 15,185 | 562,976 | ||||||
Flutter Entertainment PLC(b) | 668 | 110,729 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 24 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Ireland-(continued) | ||||||||
ICON PLC(b) | 726 | $ | 135,333 | |||||
Kerry Group PLC, Class A | 815 | 107,217 | ||||||
Kingspan Group PLC(b) | 848 | 72,969 | ||||||
Ryanair Holdings PLC, ADR(b) | 4,452 | 360,167 | ||||||
Smurfit Kappa Group PLC | 4,120 | 146,243 | ||||||
|
| |||||||
1,495,634 | ||||||||
|
| |||||||
Israel-0.41% | ||||||||
Check Point Software Technologies | 2,732 | 344,942 | ||||||
Nice Ltd., ADR(b) | 574 | 131,934 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(b) | 49,218 | 485,782 | ||||||
Tower Semiconductor Ltd.(b) | 2,912 | 56,667 | ||||||
|
| |||||||
1,019,325 | ||||||||
|
| |||||||
Italy-1.51% | ||||||||
A2A S.p.A | 39,062 | 57,134 | ||||||
Atlantia S.p.A.(b) | 12,582 | 200,583 | ||||||
Enel S.p.A | 166,777 | 1,513,680 | ||||||
Eni S.p.A | 111,306 | 1,038,308 | ||||||
Ferrari N.V | 365 | 71,240 | ||||||
Hera S.p.A | 13,886 | 53,176 | ||||||
Leonardo S.p.A | 16,047 | 108,777 | ||||||
Pirelli & C S.p.A.(b)(c) | 10,717 | 46,410 | ||||||
Prysmian S.p.A | 4,569 | 128,083 | ||||||
Saipem S.p.A | 25,652 | 55,068 | ||||||
Saras S.p.A.(b) | 52,885 | 36,779 | ||||||
Societa Cattolica di Assicurazioni SC(a)(b) | 16,679 | 99,337 | ||||||
Telecom Italia S.p.A | 792,511 | 377,984 | ||||||
|
| |||||||
3,786,559 | ||||||||
|
| |||||||
Japan-20.41% | ||||||||
Aeon Co. Ltd. | 22,688 | 562,466 | ||||||
AGC, Inc. | 7,701 | 218,223 | ||||||
Air Water, Inc. | 3,778 | 53,083 | ||||||
Aisin Seiki Co. Ltd. | 6,693 | 230,053 | ||||||
Ajinomoto Co., Inc. | 6,872 | 128,050 | ||||||
Alfresa Holdings Corp. | 6,974 | 140,078 | ||||||
Alps Alpine Co. Ltd. | 7,237 | 115,060 | ||||||
Amada Co. Ltd. | 6,872 | 61,174 | ||||||
ANA Holdings, Inc.(a)(b) | 3,975 | 99,239 | ||||||
Asahi Group Holdings Ltd. | 5,585 | 195,550 | ||||||
Asahi Kasei Corp. | 32,613 | 273,710 | ||||||
Astellas Pharma, Inc. | 22,031 | 345,802 | ||||||
Bandai Namco Holdings, Inc. | 1,513 | 93,980 | ||||||
Bridgestone Corp. | 15,744 | 498,992 | ||||||
Brother Industries Ltd. | 4,387 | 72,603 | ||||||
Canon, Inc. | 22,375 | 386,543 | ||||||
Central Japan Railway Co. | 1,985 | 297,436 | ||||||
Chubu Electric Power Co., Inc. | 22,847 | 282,127 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,314 | 58,498 | ||||||
Chugoku Electric Power Co., Inc. (The) | 8,259 | 100,624 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 3,203 | 53,401 | ||||||
COMSYS Holdings Corp. | 1,447 | 40,417 | ||||||
Cosmo Energy Holdings Co. Ltd. | 6,209 | 98,482 | ||||||
Dai Nippon Printing Co. Ltd. | 6,780 | 144,110 | ||||||
Daicel Corp. | 7,380 | 53,587 | ||||||
Daiichi Sankyo Co. Ltd. | 2,252 | 200,619 | ||||||
Daikin Industries Ltd. | 1,774 | 333,989 | ||||||
Daito Trust Construction Co. Ltd. | 1,672 | 148,225 | ||||||
Daiwa House Industry Co. Ltd. | 14,845 | 397,635 | ||||||
Denka Co. Ltd. | 1,889 | 53,119 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Denso Corp. | 11,093 | $ | 466,231 | |||||
Dentsu Group, Inc. | 6,100 | 160,143 | ||||||
DIC Corp. | 2,331 | 55,459 | ||||||
Dowa Holdings Co. Ltd. | 1,447 | 44,961 | ||||||
East Japan Railway Co. | 6,208 | 403,759 | ||||||
Ebara Corp. | 2,646 | 68,168 | ||||||
EDION Corp. | 4,662 | 52,799 | ||||||
Eisai Co. Ltd. | 1,572 | 137,343 | ||||||
Electric Power Development Co. Ltd. | 5,895 | 88,888 | ||||||
ENEOS Holdings, Inc. | 200,355 | 785,210 | ||||||
FamilyMart Co. Ltd.(a) | 3,237 | 71,733 | ||||||
FANUC Corp. | 1,544 | 270,886 | ||||||
Fast Retailing Co. Ltd. | 255 | 152,166 | ||||||
Fuji Electric Co. Ltd. | 2,614 | 81,714 | ||||||
FUJIFILM Holdings Corp. | 5,573 | 265,183 | ||||||
Fujikura Ltd. | 16,902 | 49,728 | ||||||
Fujitsu Ltd. | 3,241 | 422,374 | ||||||
Furukawa Electric Co. Ltd. | 3,493 | 83,269 | ||||||
H2O Retailing Corp. | 6,380 | 44,581 | ||||||
Hakuhodo DY Holdings, Inc. | 7,435 | 92,548 | ||||||
Hankyu Hanshin Holdings, Inc. | 3,557 | 115,553 | ||||||
Hanwa Co. Ltd. | 5,174 | 104,314 | ||||||
Haseko Corp. | 6,797 | 92,746 | ||||||
Hino Motors Ltd. | 11,976 | 80,634 | ||||||
Hirose Electric Co. Ltd. | 342 | 38,733 | ||||||
Hitachi Construction Machinery Co. Ltd. | 1,954 | 68,545 | ||||||
Hitachi Ltd. | 30,067 | 1,000,863 | ||||||
Hitachi Metals Ltd. | 5,574 | 83,627 | ||||||
Hokkaido Electric Power Co., Inc. | 17,743 | 75,794 | ||||||
Hokuriku Electric Power Co. | 9,156 | 67,605 | ||||||
Honda Motor Co. Ltd. | 58,164 | 1,496,813 | ||||||
Hoya Corp. | 1,845 | 181,203 | ||||||
Idemitsu Kosan Co. Ltd. | 9,324 | 205,393 | ||||||
IHI Corp. | 8,521 | 126,555 | ||||||
Iida Group Holdings Co. Ltd. | 3,810 | 74,371 | ||||||
INPEX Corp. | 36,087 | 229,293 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 15,412 | 84,875 | ||||||
Isuzu Motors Ltd. | 18,527 | 183,270 | ||||||
ITOCHU Corp. | 29,912 | 768,215 | ||||||
J Front Retailing Co. Ltd. | 8,015 | 55,779 | ||||||
Japan Airlines Co. Ltd. | 4,952 | 98,718 | ||||||
Japan Display, Inc.(b) | 111,704 | 55,828 | ||||||
Japan Tobacco, Inc. | 17,772 | 332,246 | ||||||
JFE Holdings, Inc. | 44,771 | 339,018 | ||||||
JGC Holdings Corp. | 5,425 | 59,905 | ||||||
JSR Corp. | 3,265 | 69,583 | ||||||
JTEKT Corp. | 10,646 | 82,221 | ||||||
Kajima Corp. | 13,096 | 163,137 | ||||||
Kamigumi Co. Ltd. | 2,224 | 45,929 | ||||||
Kaneka Corp. | 1,731 | 43,877 | ||||||
Kanematsu Corp. | 3,778 | 47,775 | ||||||
Kansai Electric Power Co., Inc. (The) | 32,393 | 318,905 | ||||||
Kao Corp. | 2,812 | 213,966 | ||||||
Kawasaki Heavy Industries Ltd. | 7,909 | 112,022 | ||||||
Kawasaki Kisen Kaisha Ltd.(b) | 5,129 | 57,217 | ||||||
KDDI Corp. | 12,417 | 360,409 | ||||||
Keio Corp. | 810 | 48,961 | ||||||
Keyence Corp. | 347 | 142,930 | ||||||
Kikkoman Corp. | 851 | 46,223 | ||||||
Kintetsu Group Holdings Co. Ltd. | 2,055 | 90,304 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 25 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Kirin Holdings Co. Ltd. | 11,226 | $ | 220,720 | |||||
Kobe Steel Ltd.(b) | 39,355 | 151,044 | ||||||
Koito Manufacturing Co. Ltd. | 1,517 | 73,529 | ||||||
Komatsu Ltd. | 15,872 | 344,845 | ||||||
Konami Holdings Corp. | 1,326 | 51,079 | ||||||
Konica Minolta, Inc. | 27,536 | 89,065 | ||||||
K’s Holdings Corp. | 4,336 | 61,455 | ||||||
Kubota Corp. | 14,794 | 267,365 | ||||||
Kuraray Co. Ltd. | 8,354 | 85,474 | ||||||
Kyocera Corp. | 5,204 | 298,710 | ||||||
Kyushu Electric Power Co., Inc. | 23,272 | 206,067 | ||||||
Kyushu Railway Co. | 2,331 | 51,392 | ||||||
Lawson, Inc. | 1,008 | 49,713 | ||||||
LIXIL Group Corp. | 11,350 | 208,709 | ||||||
Makita Corp. | 1,989 | 91,905 | ||||||
Marubeni Corp. | 115,968 | 699,450 | ||||||
Maruha Nichiro Corp. | 1,978 | 44,729 | ||||||
Mazda Motor Corp. | 43,230 | 277,207 | ||||||
Medipal Holdings Corp. | 8,253 | 157,752 | ||||||
MEIJI Holdings Co. Ltd. | 1,447 | 116,803 | ||||||
MINEBEA MITSUMI, Inc. | 4,925 | 85,408 | ||||||
Mitsubishi Chemical Holdings Corp. | 56,465 | 330,020 | ||||||
Mitsubishi Corp. | 44,735 | 1,059,896 | ||||||
Mitsubishi Electric Corp. | 35,607 | 491,235 | ||||||
Mitsubishi Estate Co. Ltd. | 11,863 | 185,868 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 4,561 | 81,461 | ||||||
Mitsubishi Heavy Industries Ltd. | 15,854 | 393,715 | ||||||
Mitsubishi Materials Corp. | 5,813 | 122,131 | ||||||
Mitsubishi Motors Corp. | 30,282 | 72,817 | ||||||
Mitsui & Co. Ltd. | 48,621 | 877,558 | ||||||
Mitsui Chemicals, Inc. | 6,702 | 157,557 | ||||||
Mitsui E&S Holdings Co. Ltd.(b) | 8,744 | 35,456 | ||||||
Mitsui Fudosan Co. Ltd. | 12,970 | 234,829 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 2,496 | 59,973 | ||||||
Mitsui OSK Lines Ltd. | 7,093 | 131,299 | ||||||
MS&AD Insurance Group Holdings, Inc. | 18,134 | 502,919 | ||||||
Murata Manufacturing Co. Ltd. | 3,890 | 230,366 | ||||||
Nagase & Co. Ltd. | 3,983 | 51,870 | ||||||
Nagoya Railroad Co. Ltd. | 2,263 | 63,145 | ||||||
NEC Corp. | 5,195 | 273,847 | ||||||
NGK Insulators Ltd. | 4,821 | 68,511 | ||||||
NGK Spark Plug Co. Ltd. | 3,669 | 63,142 | ||||||
NH Foods Ltd. | 2,331 | 105,620 | ||||||
NHK Spring Co. Ltd. | 8,347 | 52,501 | ||||||
Nidec Corp. | 2,431 | 204,278 | ||||||
Nikon Corp. | 10,018 | 78,599 | ||||||
Nintendo Co. Ltd. | 442 | 236,495 | ||||||
Nippon Electric Glass Co. Ltd. | 3,389 | 63,149 | ||||||
Nippon Express Co. Ltd. | 1,223 | 72,311 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 26,946 | 47,263 | ||||||
Nippon Paper Industries Co. Ltd. | 5,843 | 74,384 | ||||||
Nippon Sheet Glass Co. Ltd.(b) | 12,802 | 51,428 | ||||||
Nippon Steel Corp. | 67,130 | 661,203 | ||||||
Nippon Steel Trading Corp. | 1,760 | 52,944 | ||||||
Nippon Suisan Kaisha Ltd. | 9,866 | 44,285 | ||||||
Nippon Telegraph & Telephone Corp. | 36,933 | 839,869 | ||||||
Nippon Yusen KK | 10,393 | 162,493 | ||||||
Nissan Motor Co. Ltd. | 205,399 | 835,774 | ||||||
Nisshin Seifun Group, Inc. | 2,994 | 49,437 | ||||||
Nisshinbo Holdings, Inc. | 6,330 | 43,873 |
Shares | Value | |||||||
Japan-(continued) | ||||||||
Nissin Foods Holdings Co. Ltd. | 563 | $ | 56,276 | |||||
Nitori Holdings Co. Ltd. | 332 | 69,440 | ||||||
Nitto Denko Corp. | 2,827 | 171,681 | ||||||
NOK Corp. | 3,557 | 38,741 | ||||||
Nomura Real Estate Holdings, Inc. | 3,023 | 57,840 | ||||||
Nomura Research Institute Ltd. | 3,041 | 80,839 | ||||||
NSK Ltd. | 12,814 | 98,239 | ||||||
NTN Corp. | 24,173 | 46,502 | ||||||
NTT Data Corp. | 10,529 | 120,337 | ||||||
NTT DOCOMO, Inc. | 17,643 | 492,297 | ||||||
Obayashi Corp. | 19,177 | 187,529 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,564 | 63,420 | ||||||
Oji Holdings Corp. | 25,637 | 115,801 | ||||||
Olympus Corp. | 5,960 | 117,969 | ||||||
Omron Corp. | 1,634 | 119,724 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,466 | 74,390 | ||||||
Oriental Land Co. Ltd. | 487 | 66,085 | ||||||
Osaka Gas Co. Ltd. | 8,162 | 159,553 | ||||||
Otsuka Holdings Co. Ltd. | 4,676 | 205,348 | ||||||
Pan Pacific International Holdings Corp. | 2,652 | 62,296 | ||||||
Panasonic Corp. | 73,915 | 681,611 | ||||||
Persol Holdings Co. Ltd. | 3,987 | 62,223 | ||||||
Recruit Holdings Co. Ltd. | 6,455 | 245,064 | ||||||
Renesas Electronics Corp.(b) | 10,512 | 66,118 | ||||||
Ricoh Co. Ltd. | 26,102 | 195,190 | ||||||
Rohm Co. Ltd. | 1,417 | 91,131 | ||||||
Santen Pharmaceutical Co. Ltd. | 2,507 | 47,778 | ||||||
Secom Co. Ltd. | 1,958 | 185,100 | ||||||
Seibu Holdings, Inc. | 4,659 | 51,227 | ||||||
Seiko Epson Corp. | 9,299 | 111,015 | ||||||
Seino Holdings Co. Ltd. | 4,441 | 67,885 | ||||||
Sekisui Chemical Co. Ltd. | 8,661 | 138,599 | ||||||
Sekisui House Ltd. | 13,713 | 271,040 | ||||||
Seven & i Holdings Co. Ltd.(a) | 16,396 | 530,789 | ||||||
Sharp Corp. | 5,545 | 68,865 | ||||||
Shikoku Electric Power Co., Inc. | 7,656 | 58,190 | ||||||
Shimano, Inc. | 263 | 55,678 | ||||||
Shimizu Corp. | 15,412 | 118,593 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,894 | 351,636 | ||||||
Shionogi & Co. Ltd. | 2,210 | 122,603 | ||||||
Shiseido Co. Ltd. | 1,632 | 94,970 | ||||||
Showa Denko K.K | 3,824 | 74,536 | ||||||
SMC Corp. | 221 | 121,394 | ||||||
Softbank Corp. | 30,397 | 399,150 | ||||||
Sojitz Corp. | 64,091 | 146,863 | ||||||
Sompo Holdings, Inc. | 10,941 | 410,629 | ||||||
Sony Corp. | 14,970 | 1,172,952 | ||||||
Stanley Electric Co. Ltd. | 2,289 | 65,619 | ||||||
Subaru Corp. | 17,090 | 354,951 | ||||||
SUMCO Corp. | 3,338 | 45,264 | ||||||
Sumitomo Chemical Co. Ltd. | 69,312 | 225,495 | ||||||
Sumitomo Corp. | 43,255 | 560,649 | ||||||
Sumitomo Electric Industries Ltd. | 29,385 | 346,097 | ||||||
Sumitomo Forestry Co. Ltd. | 5,043 | 80,701 | ||||||
Sumitomo Heavy Industries Ltd. | 3,436 | 78,184 | ||||||
Sumitomo Metal Mining Co. Ltd. | 4,541 | 138,613 | ||||||
Sumitomo Realty & Development Co. Ltd. | 3,721 | 109,863 | ||||||
Sumitomo Rubber Industries Ltd. | 7,191 | 69,235 | ||||||
Suntory Beverage & Food Ltd. | 1,724 | 66,492 | ||||||
Suzuken Co. Ltd. | 2,787 | 103,548 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 26 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Japan-(continued) | ||||||||
Suzuki Motor Corp. | 9,102 | $ | 373,281 | |||||
Sysmex Corp. | 564 | 49,233 | ||||||
Taiheiyo Cement Corp. | 4,718 | 119,947 | ||||||
Taisei Corp. | 4,662 | 161,122 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 808 | 49,679 | ||||||
Takashimaya Co. Ltd.(a) | 7,853 | 61,909 | ||||||
Takeda Pharmaceutical Co. Ltd. | 14,361 | 536,142 | ||||||
TDK Corp. | 1,786 | 185,429 | ||||||
Teijin Ltd. | 5,686 | 89,222 | ||||||
Terumo Corp. | 3,115 | 126,603 | ||||||
THK Co. Ltd. | 1,768 | 41,447 | ||||||
TIS, Inc. | 1,989 | 39,763 | ||||||
Tobu Railway Co. Ltd. | 2,385 | 74,443 | ||||||
Toho Gas Co. Ltd. | 784 | 34,526 | ||||||
Toho Holdings Co. Ltd. | 2,773 | 53,606 | ||||||
Tohoku Electric Power Co., Inc. | 22,747 | 230,591 | ||||||
Tokio Marine Holdings, Inc. | 17,384 | 801,620 | ||||||
Tokyo Electric Power Co. Holdings, | 161,685 | 475,701 | ||||||
Tokyo Electron Ltd. | 1,105 | 282,906 | ||||||
Tokyo Gas Co. Ltd. | 10,087 | 224,150 | ||||||
Tokyu Corp. | 7,656 | 102,374 | ||||||
Tokyu Fudosan Holdings Corp. | 15,736 | 67,666 | ||||||
Toppan Printing Co. Ltd. | 8,761 | 136,151 | ||||||
Toray Industries, Inc. | 45,174 | 214,571 | ||||||
Toshiba Corp. | 12,841 | 369,930 | ||||||
Tosoh Corp. | 6,330 | 94,014 | ||||||
TOTO Ltd. | 1,547 | 67,908 | ||||||
Toyo Seikan Group Holdings Ltd. | 8,761 | 97,982 | ||||||
Toyo Suisan Kaisha Ltd. | 884 | 50,183 | ||||||
Toyota Industries Corp. | 3,236 | 188,585 | ||||||
Toyota Motor Corp. | 49,130 | 3,245,837 | ||||||
Toyota Tsusho Corp. | 11,272 | 328,450 | ||||||
Trend Micro, Inc. | 784 | 48,499 | ||||||
Ube Industries Ltd. | 4,099 | 73,248 | ||||||
Unicharm Corp. | 1,780 | 77,448 | ||||||
West Japan Railway Co. | 3,293 | 172,995 | ||||||
Yakult Honsha Co. Ltd. | 784 | 44,728 | ||||||
Yamada Denki Co. Ltd. | 21,323 | 114,412 | ||||||
Yamaha Corp. | 1,105 | 53,872 | ||||||
Yamaha Motor Co. Ltd. | 9,424 | 148,498 | ||||||
Yamato Holdings Co. Ltd. | 2,836 | 74,133 | ||||||
Yamazaki Baking Co. Ltd. | 2,652 | 43,164 | ||||||
Yaskawa Electric Corp. | 1,436 | 51,661 | ||||||
Yokogawa Electric Corp. | 3,372 | 55,106 | ||||||
Yokohama Rubber Co. Ltd. (The) | 3,784 | 59,269 | ||||||
Z Holdings Corp. | 39,868 | 265,047 | ||||||
|
| |||||||
51,040,213 | ||||||||
|
| |||||||
Luxembourg-0.27% | ||||||||
ArcelorMittal S.A.(b) | 53,159 | 674,028 | ||||||
|
| |||||||
Macau-0.09% | ||||||||
Galaxy Entertainment Group Ltd. | 14,950 | 117,765 | ||||||
Sands China Ltd. | 26,183 | 115,541 | ||||||
|
| |||||||
233,306 | ||||||||
|
| |||||||
Netherlands-2.48% | ||||||||
Akzo Nobel N.V | 4,182 | 414,822 | ||||||
Altice Europe N.V.(b) | 39,405 | 174,745 | ||||||
ASM International N.V | 468 | 70,579 | ||||||
ASML Holding N.V | 1,197 | 449,937 |
Shares | Value | |||||||
Netherlands-(continued) | ||||||||
EXOR N.V | 13,337 | $ | 787,949 | |||||
Heineken Holding N.V | 2,199 | 180,542 | ||||||
Heineken N.V.(a) | 2,625 | 243,490 | ||||||
Koninklijke Ahold Delhaize N.V | 29,172 | 879,882 | ||||||
Koninklijke BAM Groep N.V.(b) | 36,835 | 56,872 | ||||||
Koninklijke DSM N.V | 1,555 | 250,037 | ||||||
Koninklijke KPN N.V | 77,303 | 203,114 | ||||||
Koninklijke Philips N.V.(b) | 10,245 | 485,628 | ||||||
NXP Semiconductors N.V | 11,542 | 1,451,522 | ||||||
Randstad N.V | 4,139 | 216,168 | ||||||
Signify N.V.(b)(c) | 5,504 | 184,244 | ||||||
Wolters Kluwer N.V | 1,865 | 153,455 | ||||||
|
| |||||||
6,202,986 | ||||||||
|
| |||||||
New Zealand-0.13% | ||||||||
Air New Zealand Ltd. | 100,342 | 94,950 | ||||||
Contact Energy Ltd. | 13,468 | 56,894 | ||||||
Fletcher Building Ltd.(b) | 34,873 | 84,619 | ||||||
Spark New Zealand Ltd. | 23,010 | 75,118 | ||||||
|
| |||||||
311,581 | ||||||||
|
| |||||||
Norway-0.51% | ||||||||
Equinor ASA | 30,061 | 490,509 | ||||||
Mowi ASA | 5,127 | 100,939 | ||||||
Norsk Hydro ASA(b) | 60,615 | 194,809 | ||||||
Orkla ASA | 10,040 | 102,876 | ||||||
Telenor ASA | 13,201 | 216,163 | ||||||
Yara International ASA | 4,106 | 173,173 | ||||||
|
| |||||||
1,278,469 | ||||||||
|
| |||||||
Peru-0.06% | ||||||||
Hudbay Minerals, Inc. | 32,369 | 145,331 | ||||||
|
| |||||||
Portugal-0.12% | ||||||||
Galp Energia SGPS S.A. | 13,667 | 146,648 | ||||||
Jeronimo Martins SGPS S.A. | 5,104 | 83,962 | ||||||
Sonae SGPS S.A. | 109,082 | 77,818 | ||||||
|
| |||||||
308,428 | ||||||||
|
| |||||||
Russia-0.22% | ||||||||
Evraz PLC | 19,657 | 85,329 | ||||||
VEON Ltd., ADR | 330,425 | 469,203 | ||||||
|
| |||||||
554,532 | ||||||||
|
| |||||||
Singapore-0.26% | ||||||||
ComfortDelGro Corp. Ltd. | 54,612 | 59,448 | ||||||
Genting Singapore Ltd. | 89,264 | 45,958 | ||||||
Jardine Cycle & Carriage Ltd. | 3,999 | 55,738 | ||||||
Keppel Corp. Ltd. | 24,127 | 81,275 | ||||||
Sembcorp Industries Ltd. | 38,963 | 53,590 | ||||||
Singapore Airlines Ltd. | 35,345 | 94,888 | ||||||
Singapore Technologies Engineering Ltd. | 17,967 | 44,931 | ||||||
Singapore Telecommunications Ltd. | 127,970 | 216,483 | ||||||
|
| |||||||
652,311 | ||||||||
|
| |||||||
South Africa-0.31% | ||||||||
Anglo American PLC | 31,216 | 765,966 | ||||||
|
| |||||||
South Korea-5.98% | ||||||||
CJ CheilJedang Corp. | 270 | 92,508 | ||||||
CJ Corp. | 1,712 | 116,737 | ||||||
Coway Co. Ltd. | 821 | 55,153 | ||||||
Daelim Industrial Co. Ltd. | 1,187 | 86,834 | ||||||
DB Insurance Co. Ltd. | 2,606 | 95,759 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 27 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
South Korea-(continued) | ||||||||
Doosan Co. Ltd. | 1,715 | $ | 67,061 | |||||
Doosan Heavy Industries & Construction Co. Ltd.(b) | 22,469 | 304,530 | ||||||
E-MART, Inc. | 1,093 | 110,413 | ||||||
GS Engineering & Construction Corp. | 3,189 | 66,309 | ||||||
GS Holdings Corp. | 2,741 | 74,992 | ||||||
Hankook Tire & Technology Co. Ltd. | 3,537 | 87,837 | ||||||
Hanwha Corp. | 14,103 | 326,486 | ||||||
Hanwha Solutions Corp. | 5,604 | 188,467 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 3,402 | 92,360 | ||||||
Hyundai Glovis Co. Ltd. | 583 | 71,409 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 571 | 108,634 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,390 | 81,673 | ||||||
Hyundai Mobis Co. Ltd. | 2,153 | 405,987 | ||||||
Hyundai Motor Co. | 8,669 | 1,288,053 | ||||||
Hyundai Steel Co. | 9,966 | 210,579 | ||||||
Kia Motors Corp. | 14,418 | 515,232 | ||||||
Korea Electric Power Corp.(b) | 25,153 | 434,074 | ||||||
Korea Gas Corp. | 3,400 | 67,548 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 1,702 | 123,506 | ||||||
Korea Zinc Co. Ltd. | 160 | 53,675 | ||||||
Korean Air Lines Co. Ltd.(b) | 5,561 | 82,626 | ||||||
KT Corp., ADR | 13,844 | 136,225 | ||||||
KT&G Corp. | 1,872 | 130,956 | ||||||
LG Chem Ltd. | 722 | 449,769 | ||||||
LG Corp. | 1,988 | 138,402 | ||||||
LG Display Co. Ltd.(b) | 24,970 | 306,896 | ||||||
LG Electronics, Inc. | 6,657 | 471,857 | ||||||
LG Household & Health Care Ltd. | 36 | 44,640 | ||||||
LG International Corp. | 4,407 | 55,834 | ||||||
LG Uplus Corp. | 7,008 | 70,499 | ||||||
Lotte Chemical Corp. | 653 | 104,170 | ||||||
Lotte Shopping Co. Ltd. | 1,133 | 72,488 | ||||||
NAVER Corp. | 452 | 122,712 | ||||||
POSCO | 4,916 | 763,534 | ||||||
Posco International Corp. | 4,481 | 51,302 | ||||||
Samsung C&T Corp. | 1,714 | 155,831 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 681 | 71,373 | ||||||
Samsung Electronics Co. Ltd. | 97,207 | 4,418,872 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 980 | 154,272 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 14,643 | 63,606 | ||||||
Samsung SDI Co. Ltd. | 365 | 139,037 | ||||||
Samsung SDS Co. Ltd. | 339 | 44,947 | ||||||
SK Holdings Co. Ltd. | 2,626 | 473,073 | ||||||
SK Hynix, Inc. | 8,663 | 547,682 | ||||||
SK Innovation Co. Ltd. | 3,353 | 409,281 | ||||||
SK Networks Co. Ltd. | 11,113 | 48,553 | ||||||
SK Telecom Co. Ltd. | 1,104 | 230,484 | ||||||
S-Oil Corp. | 1,308 | 62,212 | ||||||
|
| |||||||
14,946,949 | ||||||||
|
| |||||||
Spain-1.72% | ||||||||
Acciona S.A. | 494 | 59,198 | ||||||
ACS Actividades de Construccion y Servicios S.A. | 12,666 | 310,835 | ||||||
Aena SME S.A.(b)(c) | 877 | 131,211 | ||||||
Amadeus IT Group S.A. | 4,388 | 246,176 | ||||||
Endesa S.A. | 5,681 | 157,829 | ||||||
Ferrovial S.A. | 4,248 | 113,699 |
Shares | Value | |||||||
Spain-(continued) | ||||||||
Grifols S.A.(a) | 2,352 | $ | 63,880 | |||||
Iberdrola S.A. | 86,741 | 1,094,435 | ||||||
Industria de Diseno Textil S.A. | 9,457 | 266,353 | ||||||
Mapfre S.A. | 61,005 | 115,859 | ||||||
Naturgy Energy Group S.A. | 9,103 | 175,930 | ||||||
Repsol S.A. | 74,475 | 589,811 | ||||||
Telefonica S.A. | 247,319 | 979,332 | ||||||
|
| |||||||
4,304,548 | ||||||||
|
| |||||||
Sweden-1.82% | ||||||||
Alfa Laval AB(b) | 3,058 | 74,952 | ||||||
Assa Abloy AB, Class B | 8,039 | 186,413 | ||||||
Atlas Copco AB, Class A | 6,450 | 299,057 | ||||||
Boliden AB | 5,582 | 166,911 | ||||||
Electrolux AB, Series B(a) | 7,924 | 172,170 | ||||||
Epiroc AB, Class A | 5,912 | 88,252 | ||||||
Essity AB, Class B(b) | 5,852 | 201,921 | ||||||
Getinge AB, Class B | 2,430 | 54,122 | ||||||
Hennes & Mauritz AB, Class B(a) | 16,879 | 269,870 | ||||||
Hexagon AB, Class B(b) | 1,862 | 135,231 | ||||||
Husqvarna AB, Class B | 9,051 | 98,622 | ||||||
ICA Gruppen AB | 1,460 | 71,807 | ||||||
Lundin Energy AB | 3,269 | 80,124 | ||||||
NCC AB, Class B | 3,107 | 56,052 | ||||||
Sandvik AB(b) | 11,243 | 221,342 | ||||||
Securitas AB, Class B(b) | 7,606 | 108,557 | ||||||
Skanska AB, Class B(b) | 8,746 | 178,673 | ||||||
SKF AB, Class B | 7,495 | 149,988 | ||||||
SSAB AB, Class A(b) | 39,749 | 130,239 | ||||||
Svenska Cellulosa AB S.C.A., Class B(b) | 10,450 | 135,033 | ||||||
Swedish Match AB | 1,053 | 80,163 | ||||||
Tele2 AB, Class B | 5,909 | 83,960 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 38,980 | 453,075 | ||||||
Telia Co. AB | 65,953 | 254,714 | ||||||
Trelleborg AB, Class B(b) | 5,608 | 98,116 | ||||||
Volvo AB, Class B(b) | 36,106 | 691,983 | ||||||
|
| |||||||
4,541,347 | ||||||||
|
| |||||||
Switzerland-5.31% | ||||||||
ABB Ltd. | 26,014 | 663,603 | ||||||
Adecco Group AG | 5,503 | 288,824 | ||||||
Aryzta AG(b) | 188,926 | 135,120 | ||||||
Chocoladefabriken Lindt & Spruengli AG, PC(a) | 11 | 94,003 | ||||||
Cie Financiere Richemont S.A. | 7,045 | 467,554 | ||||||
Clariant AG | 2,600 | 54,284 | ||||||
Coca-Cola HBC AG | 3,011 | 80,390 | ||||||
DKSH Holding AG | 862 | 57,917 | ||||||
Dufry AG(b) | 3,224 | 97,280 | ||||||
Geberit AG | 209 | 120,835 | ||||||
Georg Fischer AG | 69 | 68,812 | ||||||
Givaudan S.A. | 34 | 143,106 | ||||||
IWG PLC | 16,820 | 63,420 | ||||||
Kuehne + Nagel International AG(b) | 699 | 135,888 | ||||||
LafargeHolcim Ltd. | 12,334 | 587,627 | ||||||
Logitech International S.A. | 817 | 60,627 | ||||||
Lonza Group AG | 230 | 143,142 | ||||||
Nestle S.A. | 22,668 | 2,732,898 | ||||||
Novartis AG | 22,737 | 1,970,565 | ||||||
Partners Group Holding AG | 82 | 83,580 | ||||||
Roche Holding AG | 4,670 | 1,637,314 | ||||||
Schindler Holding AG, PC | 272 | 72,829 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 28 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Switzerland-(continued) | ||||||||
SGS S.A. | 47 | $ | 122,035 | |||||
Sika AG | 773 | 185,942 | ||||||
Sonova Holding AG(b) | 358 | 83,929 | ||||||
STMicroelectronics N.V | 5,337 | 160,463 | ||||||
Swatch Group AG (The), BR | 1,217 | 258,145 | ||||||
Swiss Re AG | 10,953 | 883,587 | ||||||
Swisscom AG | 347 | 192,681 | ||||||
Zurich Insurance Group AG | 4,359 | 1,616,865 | ||||||
|
| |||||||
13,263,265 | ||||||||
|
| |||||||
United Kingdom-12.74% | ||||||||
Admiral Group PLC | 1,863 | 65,779 | ||||||
Aggreko PLC | 8,488 | 54,234 | ||||||
Ashtead Group PLC | 3,146 | 109,731 | ||||||
Associated British Foods PLC | 6,134 | 168,040 | ||||||
AstraZeneca PLC | 5,748 | 641,870 | ||||||
Babcock International Group PLC | 19,278 | 70,235 | ||||||
BAE Systems PLC | 48,104 | 334,668 | ||||||
Balfour Beatty PLC | 20,311 | 60,646 | ||||||
Barratt Developments PLC | 22,136 | 155,664 | ||||||
Beazley PLC | 10,708 | 61,680 | ||||||
Bellway PLC | 2,072 | 66,278 | ||||||
Berkeley Group Holdings PLC | 1,876 | 114,516 | ||||||
BP PLC | 862,485 | 3,051,045 | ||||||
BT Group PLC | 434,605 | 608,973 | ||||||
Bunzl PLC | 5,138 | 166,622 | ||||||
Burberry Group PLC | 5,734 | 110,902 | ||||||
Capita PLC(b) | 127,656 | 52,901 | ||||||
Centrica PLC | 767,063 | 472,858 | ||||||
CNH Industrial N.V.(b) | 36,517 | 289,724 | ||||||
Coca-Cola European Partners PLC | 6,807 | 280,176 | ||||||
Compass Group PLC | 25,109 | 410,328 | ||||||
Croda International PLC | 772 | 60,986 | ||||||
DCC PLC | 1,913 | 169,770 | ||||||
Diageo PLC | 17,200 | 577,936 | ||||||
Direct Line Insurance Group PLC | 39,304 | 155,194 | ||||||
Dixons Carphone PLC | 128,849 | 159,324 | ||||||
Drax Group PLC | 24,561 | 92,146 | ||||||
DS Smith PLC | 23,095 | 79,998 | ||||||
easyJet PLC | 10,002 | 84,799 | ||||||
Experian PLC | 5,252 | 196,197 | ||||||
Fiat Chrysler Automobiles N.V.(b) | 113,702 | 1,255,250 | ||||||
Firstgroup PLC(b) | 134,238 | 78,474 | ||||||
G4S PLC | 80,951 | 155,647 | ||||||
GlaxoSmithKline PLC | 48,563 | 957,145 | ||||||
GVC Holdings PLC(b) | 5,070 | 54,593 | ||||||
Hays PLC | 44,064 | 71,153 | ||||||
Hiscox Ltd.(b) | 5,597 | 59,458 | ||||||
IMI PLC | 4,065 | 57,422 | ||||||
Imperial Brands PLC | 22,679 | 380,487 | ||||||
Inchcape PLC(b) | 17,237 | 116,667 | ||||||
Informa PLC(b) | 17,700 | 97,973 | ||||||
InterContinental Hotels Group PLC(b) | 2,103 | 124,065 | ||||||
International Consolidated Airlines Group S.A.(a) | 139,532 | 404,105 | ||||||
Intertek Group PLC | 1,081 | 85,050 | ||||||
ITV PLC | 112,031 | 91,082 | ||||||
J Sainsbury PLC | 112,062 | 275,783 | ||||||
John Wood Group PLC(b) | 39,928 | 132,478 | ||||||
Johnson Matthey PLC | 5,904 | 187,748 |
Shares | Value | |||||||
United Kingdom-(continued) | ||||||||
Kingfisher PLC | 108,592 | $ | 393,014 | |||||
Legal & General Group PLC | 305,920 | 890,086 | ||||||
Man Group PLC | 33,426 | 54,848 | ||||||
Marks & Spencer Group PLC | 172,466 | 256,556 | ||||||
Meggitt PLC | 22,412 | 87,295 | ||||||
Melrose Industries PLC | 140,530 | 191,550 | ||||||
Micro Focus International PLC | 19,683 | 78,747 | ||||||
Mondi PLC | 9,613 | 188,050 | ||||||
National Grid PLC | 66,212 | 747,535 | ||||||
Next PLC | 2,554 | 206,480 | ||||||
Pearson PLC(a) | 27,262 | 204,195 | ||||||
Pennon Group PLC | 3,880 | 52,263 | ||||||
Persimmon PLC | 5,212 | 182,840 | ||||||
Petrofac Ltd. | 28,961 | 62,432 | ||||||
Phoenix Group Holdings PLC | 10,866 | 100,679 | ||||||
Playtech PLC | 15,422 | 76,175 | ||||||
Reckitt Benckiser Group PLC | 4,972 | 499,960 | ||||||
RELX PLC | 14,372 | 327,619 | ||||||
Rentokil Initial PLC(b) | 8,111 | 57,885 | ||||||
Rolls-Royce Holdings PLC | 73,258 | 236,492 | ||||||
Royal Dutch Shell PLC, Class A | 358,961 | 5,319,621 | ||||||
Royal Mail PLC | 79,531 | 191,146 | ||||||
RSA Insurance Group PLC | 24,097 | 144,965 | ||||||
Sage Group PLC (The) | 7,303 | 72,418 | ||||||
Signature Aviation PLC | 23,424 | 82,800 | ||||||
Smith & Nephew PLC | 6,755 | 137,614 | ||||||
Smiths Group PLC | 5,204 | 97,690 | ||||||
SSE PLC | 25,384 | 427,908 | ||||||
St James’s Place PLC | 10,642 | 139,613 | ||||||
Subsea 7 S.A.(b) | 14,245 | 116,055 | ||||||
Tate & Lyle PLC | 7,853 | 71,690 | ||||||
Taylor Wimpey PLC | 73,276 | 120,188 | ||||||
Tesco PLC | 201,034 | 588,685 | ||||||
Travis Perkins PLC | 7,617 | 125,394 | ||||||
Unilever N.V | 27,057 | 1,569,727 | ||||||
Unilever PLC | 25,185 | 1,503,977 | ||||||
Vodafone Group PLC | 1,193,168 | 1,780,357 | ||||||
Weir Group PLC (The) | 4,305 | 73,119 | ||||||
Whitbread PLC(a)(b) | 5,274 | 178,588 | ||||||
WM Morrison Supermarkets PLC(a) | 93,199 | 239,969 | ||||||
WPP PLC | 54,404 | 470,282 | ||||||
|
| |||||||
31,854,307 | ||||||||
|
| |||||||
United States-0.85% | ||||||||
Atlassian Corp. PLC, Class A(b) | 381 | 73,061 | ||||||
Bausch Health Cos., Inc.(b) | 17,707 | 294,222 | ||||||
Carnival PLC | 50,053 | 706,710 | ||||||
Constellium SE(b) | 15,351 | 122,961 | ||||||
Ferguson PLC | 3,504 | 346,058 | ||||||
James Hardie Industries PLC, CDI | 3,002 | 68,447 | ||||||
Primo Water Corp. | 7,833 | 107,370 | ||||||
Samsonite International S.A.(b)(c) | 57,984 | 67,110 | ||||||
Spotify Technology S.A.(b) | 972 | 274,260 | ||||||
Tenaris S.A. | 12,221 | 71,909 | ||||||
|
| |||||||
2,132,108 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 249,352,226 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 29 |
|
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)—(continued)
August 31, 2020
Shares | Value | |||||||
Money Market Funds-0.08% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) (Cost $202,131) | 202,131 | $ | 202,131 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% |
| 249,554,357 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.89% |
| |||||||
Invesco Private Government Fund, | 3,545,303 | 3,545,303 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 1,180,971 | $ | 1,181,207 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 4,726,510 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.70% |
| 254,280,867 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.70)% |
| (4,248,432 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 250,032,435 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
BR-Bearer Shares
CDI-CREST Depository Interest
PC-Participation Certificate
SDR-Swedish Depository Receipt
Notes to Schedule of Investments:
(a) | All or a portion of this security was out on loan at August 31, 2020. |
(b) | Non-income producing security. |
(c) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $1,377,720, which 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 209,610 | $ | 11,020,636 | $ | (11,028,115 | ) | $ | - | $ | - | $ | 202,131 | $ | 3,289 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 2,776,925 | 24,739,800 | (27,516,725 | ) | - | - | - | 26,052 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 925,642 | 6,478,792 | (7,404,836 | ) | - | 402 | - | 9,672 | * | ||||||||||||||||||||||||||
Invesco Private Government Fund | - | 28,608,737 | (25,063,434 | ) | - | - | 3,545,303 | 466 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 4,667,118 | (3,485,999 | ) | - | 88 | 1,181,207 | 309 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 3,912,177 | $ | 75,515,083 | $ | (74,499,109 | ) | $ | - | $ | 490 | $ | 4,928,641 | $ | 39,788 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 30 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
August 31, 2020
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.69% |
| |||||||
Brazil-9.38% | ||||||||
Ambev S.A. | 25,700 | $ | 57,669 | |||||
B3 S.A. - Brasil, Bolsa, Balcao | 3,600 | 38,586 | ||||||
Banco Bradesco S.A., Preference Shares | 85,597 | 323,608 | ||||||
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares | 3,700 | 8,849 | ||||||
Banco Pan S.A., Preference Shares | 9,700 | 14,976 | ||||||
BB Seguridade Participacoes S.A. | 3,087 | 14,844 | ||||||
Braskem S.A., Class A, Preference Shares | 5,007 | 19,432 | ||||||
BRF S.A.(a) | 6,707 | 23,951 | ||||||
CCR S.A. | 6,426 | 15,614 | ||||||
Centrais Eletricas Brasileiras S.A. | 4,100 | 26,539 | ||||||
Cia Brasileira de Distribuicao, ADR | 7,232 | 83,747 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 1,834 | 15,963 | ||||||
Cia de Saneamento do Parana, Preference Shares | 9,400 | 9,064 | ||||||
Cia Energetica de Minas Gerais, Preference Shares | 14,317 | 27,481 | ||||||
Cia Energetica de Sao Paulo, Class B, Preference Shares | 1,500 | 8,230 | ||||||
Cia Paranaense de Energia, Class B, Preference Shares | 1,400 | 15,766 | ||||||
Cia Siderurgica Nacional S.A. | 6,318 | 17,517 | ||||||
Cogna Educacao | 19,843 | 20,617 | ||||||
Cosan Ltd., Class A | 4,537 | 82,392 | ||||||
Cosan S.A. | 873 | 13,248 | ||||||
EDP - Energias do Brasil S.A. | 2,633 | 8,970 | ||||||
Embraer S.A.(a) | 16,000 | 21,408 | ||||||
Equatorial Energia S.A. | 3,065 | 12,962 | ||||||
Gerdau S.A., Preference Shares | 17,409 | 60,580 | ||||||
IRB Brasil Resseguros S.A. | 7,200 | 9,358 | ||||||
Lojas Americanas S.A., Preference Shares | 1,486 | 8,741 | ||||||
Lojas Renner S.A. | 1,301 | 10,309 | ||||||
Metalurgica Gerdau S.A., Preference Shares | 30,900 | 49,511 | ||||||
Oi S.A.(a) | 152,853 | 47,367 | ||||||
Pagseguro Digital Ltd., Class A(a) | 456 | 19,216 | ||||||
Petrobras Distribuidora S.A. | 9,000 | 35,010 | ||||||
Petroleo Brasileiro S.A., Preference Shares | 111,161 | 443,558 | ||||||
Suzano S.A.(a) | 1,300 | 11,896 | ||||||
Telefonica Brasil S.A., Preference Shares | 4,643 | 40,490 | ||||||
TIM Participacoes S.A. | 4,637 | 12,104 | ||||||
Ultrapar Participacoes S.A. | 11,607 | 41,131 | ||||||
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares | 13,097 | 24,232 | ||||||
Vale S.A. | 18,273 | 198,788 | ||||||
Via Varejo S.A.(a) | 4,600 | 17,190 | ||||||
|
| |||||||
1,910,914 | ||||||||
|
| |||||||
Chile-0.64% | ||||||||
Cencosud S.A. | 13,615 | 20,188 | ||||||
Embotelladora Andina S.A., Class B, Preference Shares | 3,192 | 6,816 | ||||||
Empresas CMPC S.A. | 5,543 | 11,542 | ||||||
Empresas COPEC S.A. | 2,921 | 21,472 | ||||||
Enel Americas S.A. | 143,525 | 20,702 | ||||||
Enel Chile S.A. | 132,715 | 10,233 |
Shares | Value | |||||||
Chile-(continued) | ||||||||
Falabella S.A. | 4,871 | $ | 15,387 | |||||
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares | 752 | 23,565 | ||||||
|
| |||||||
129,905 | ||||||||
|
| |||||||
China-57.72% | ||||||||
51job, Inc., ADR(a) | 158 | 10,355 | ||||||
58.com, Inc., ADR(a) | 501 | 27,735 | ||||||
AAC Technologies Holdings, Inc.(b) | 1,749 | 11,035 | ||||||
Agile Group Holdings Ltd. | 5,669 | 7,827 | ||||||
Air China Ltd., H Shares | 48,565 | 33,462 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 5,259 | 1,509,491 | ||||||
Aluminum Corp. of China Ltd., H Shares(a) | 232,330 | 56,957 | ||||||
Angang Steel Co. Ltd., H Shares | 168,445 | 48,685 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 10,603 | 76,887 | ||||||
Autohome, Inc., ADR | 179 | 14,363 | ||||||
BAIC Motor Corp. Ltd., H Shares(c) | 109,071 | 52,212 | ||||||
Baidu, Inc., ADR(a) | 1,716 | 213,762 | ||||||
BBMG Corp., H Shares | 136,372 | 28,682 | ||||||
Beijing Enterprises Holdings Ltd. | 4,486 | 14,268 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 58,000 | 15,416 | ||||||
Beijing North Star Co. Ltd., H Shares | 30,000 | 6,503 | ||||||
BEST, Inc., ADR(a) | 3,522 | 14,088 | ||||||
Bilibili, Inc., ADR(a) | 218 | 10,301 | ||||||
Bitauto Holdings Ltd., ADR(a) | 1,662 | 26,210 | ||||||
BYD Co. Ltd., H Shares | 4,873 | 48,415 | ||||||
CGN Power Co. Ltd., H Shares(c) | 305,258 | 66,171 | ||||||
Cheetah Mobile, Inc., ADR | 3,246 | 6,297 | ||||||
China Biologic Products Holdings, Inc.(a) | 77 | 8,127 | ||||||
China BlueChemical Ltd., H Shares | 51,470 | 7,571 | ||||||
China Coal Energy Co. Ltd., H Shares | 102,913 | 25,894 | ||||||
China Communications Construction Co. Ltd., H Shares | 249,370 | 139,966 | ||||||
China Communications Services Corp. Ltd., H Shares | 16,730 | 10,988 | ||||||
China Conch Venture Holdings Ltd. | 2,024 | 8,775 | ||||||
China Eastern Airlines Corp. Ltd., H Shares | 50,390 | 20,806 | ||||||
China Gas Holdings Ltd. | 2,520 | 6,910 | ||||||
China Jinmao Holdings Group Ltd. | 11,898 | 7,446 | ||||||
China Life Insurance Co. Ltd. | 55,228 | 38,680 | ||||||
China Life Insurance Co. Ltd., H Shares | 294,006 | 716,223 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 60,180 | 37,971 | ||||||
China Mengniu Dairy Co. Ltd.(a) | 4,913 | 24,152 | ||||||
China Mobile Ltd. | 33,955 | 237,242 | ||||||
China Molybdenum Co. Ltd., H Shares(b) | 73,943 | 30,054 | ||||||
China National Building Material Co. Ltd., H Shares | 28,293 | 39,792 | ||||||
China Oilfield Services Ltd., H Shares | 9,440 | 7,418 | ||||||
China Overseas Land & Investment Ltd. | 10,850 | 31,429 | ||||||
China Pacific Insurance (Group) Co. Ltd., H Shares | 89,549 | 248,999 | ||||||
China Petroleum & Chemical Corp., H Shares | 1,977,247 | 913,343 | ||||||
China Power International Development Ltd. | 46,244 | 8,950 | ||||||
China Railway Construction Corp. Ltd., H Shares | 240,701 | 185,103 | ||||||
China Railway Group Ltd., H Shares | 333,265 | 171,144 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 31 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
August 31, 2020
Shares | Value | |||||||
China-(continued) | ||||||||
China Railway Signal & Communication Corp. Ltd., H Shares(c) | 33,915 | $ | 13,741 | |||||
China Reinsurance Group Corp., H Shares | 511,711 | 54,802 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,675 | 10,893 | ||||||
China Resources Cement Holdings Ltd. | 5,365 | 7,822 | ||||||
China Resources Gas Group Ltd. | 2,231 | 10,478 | ||||||
China Resources Land Ltd. | 8,490 | 39,272 | ||||||
China Resources Pharmaceutical Group Ltd.(c) | 18,946 | 10,732 | ||||||
China Resources Power Holdings Co. Ltd. | 19,457 | 23,097 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 168,519 | 281,367 | ||||||
China Southern Airlines Co. Ltd., H Shares(a) | 54,978 | 29,014 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 30,867 | 49,068 | ||||||
China Telecom Corp. Ltd., H Shares | 161,772 | 53,018 | ||||||
China Tower Corp. Ltd., H Shares(c) | 478,000 | 91,281 | ||||||
China Unicom Hong Kong Ltd. | 75,059 | 53,170 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 7,500 | 9,000 | ||||||
CIFI Holdings Group Co. Ltd. | 11,830 | 10,074 | ||||||
CNOOC Ltd. | 108,655 | 123,654 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares | 13,394 | 6,170 | ||||||
COSCO SHIPPING Holdings Co. Ltd., H Shares(a) | 29,793 | 14,954 | ||||||
Country Garden Holdings Co. Ltd. | 35,755 | 44,335 | ||||||
CRRC Corp. Ltd., H Shares | 214,095 | 96,686 | ||||||
CSPC Pharmaceutical Group Ltd. | 4,480 | 9,954 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 156,350 | 20,981 | ||||||
Dongfeng Motor Group Co. Ltd., H Shares | 83,965 | 58,287 | ||||||
ENN Energy Holdings Ltd. | 1,426 | 15,824 | ||||||
Fanhua, Inc., ADR(b) | 377 | 7,649 | ||||||
FIH Mobile Ltd.(a) | 64,346 | 7,389 | ||||||
FinVolution Group, ADR | 6,047 | 11,489 | ||||||
Fosun International Ltd. | 14,500 | 16,146 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares(c) | 8,220 | 26,463 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 349,049 | 14,187 | ||||||
GDS Holdings Ltd., ADR(a) | 121 | 9,794 | ||||||
Geely Automobile Holdings Ltd. | 13,328 | 28,169 | ||||||
GOME Retail Holdings Ltd.(a) | 69,415 | 9,942 | ||||||
Great Wall Motor Co. Ltd., H Shares | 72,050 | 78,184 | ||||||
Guangdong Investment Ltd. | 5,236 | 8,175 | ||||||
Guangshen Railway Co. Ltd., H Shares | 74,629 | 14,540 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 45,164 | 38,811 | ||||||
Guangzhou Baiyunshan Pharmaceutical | ||||||||
Holdings Co. Ltd., H Shares | 6,000 | 15,716 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 32,448 | 41,281 | ||||||
Haier Electronics Group Co. Ltd. | 4,514 | 15,464 | ||||||
Hebei Construction Group Corp. Ltd., H Shares | 13,000 | 28,717 | ||||||
Hengan International Group Co. Ltd. | 1,609 | 12,685 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 6,605 | 8,863 | ||||||
Hollysys Automation Technologies Ltd. | 639 | 6,920 | ||||||
Huadian Power International Corp. Ltd., H Shares | 25,612 | 7,171 | ||||||
Huaneng Power International, Inc., H Shares | 214,952 | 89,585 | ||||||
Huazhu Group Ltd., ADR | 299 | 13,374 | ||||||
HUYA, Inc., ADR(a) | 529 | 15,193 | ||||||
iQIYI, Inc., ADR(a) | 1,472 | 31,869 | ||||||
JD.com, Inc., ADR(a) | 6,883 | 541,279 |
Shares | Value | |||||||
China-(continued) | ||||||||
Jiangsu Expressway Co. Ltd., H Shares | 17,757 | $ | 17,780 | |||||
Jiangxi Copper Co. Ltd., H Shares | 49,223 | 58,050 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(b) | 1,184 | 27,043 | ||||||
JOYY, Inc., ADR(a) | 546 | 46,650 | ||||||
Kingboard Holdings Ltd. | 5,839 | 18,797 | ||||||
Kunlun Energy Co. Ltd. | 34,339 | 25,610 | ||||||
Legend Holdings Corp., H Shares(c) | 25,205 | 37,140 | ||||||
Lenovo Group Ltd. | 81,674 | 54,589 | ||||||
LexinFintech Holdings Ltd., ADR(a)(b) | 1,100 | 8,591 | ||||||
Longfor Group Holdings Ltd.(c) | 3,372 | 17,860 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 55,924 | 15,081 | ||||||
Meituan Dianping, B Shares(a) | 1,500 | 49,470 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 651,605 | 111,822 | ||||||
Momo, Inc., ADR | 1,457 | 29,723 | ||||||
NetEase, Inc., ADR | 205 | 99,878 | ||||||
New China Life Insurance Co. Ltd., H Shares | 25,245 | 100,815 | ||||||
New Oriental Education & Technology Group, Inc., ADR(a) | 227 | 33,285 | ||||||
People’s Insurance Co. Group of China Ltd. (The), H Shares | 221,705 | 72,375 | ||||||
PetroChina Co. Ltd., H Shares | 3,370,007 | 1,165,348 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 164,320 | 127,001 | ||||||
Pinduoduo, Inc., ADR(a) | 919 | 81,736 | ||||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 56,547 | 602,305 | ||||||
Qingdao Port International Co. Ltd., H Shares(c) | 18,035 | 11,007 | ||||||
Qudian, Inc., ADR(a)(b) | 11,166 | 17,754 | ||||||
Red Star Macalline Group Corp. Ltd., H Shares(c) | 31,572 | 20,980 | ||||||
Seazen Group Ltd.(a) | 8,000 | 7,257 | ||||||
Semiconductor Manufacturing International Corp.(a) | 5,071 | 16,292 | ||||||
Shandong Chenming Paper Holdings Ltd., H Shares | 39,592 | 17,982 | ||||||
Shandong Gold Mining Co. Ltd., H Shares(c) | 5,600 | 15,752 | ||||||
Shanghai Electric Group Co. Ltd., H Shares(a) | 115,965 | 34,115 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 3,913 | 16,535 | ||||||
Shanghai Jin Jiang Capital Co. Ltd., H Shares | 59,797 | 10,262 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H | ||||||||
Shares | 18,985 | 33,854 | ||||||
Shenzhen Expressway Co. Ltd., H Shares | 10,744 | 9,732 | ||||||
Shenzhen International Holdings Ltd. | 4,000 | 6,421 | ||||||
Shenzhou International Group Holdings Ltd. | 800 | 12,903 | ||||||
Shimao Group Holdings Ltd. | 3,574 | 16,094 | ||||||
SINA Corp.(a) | 560 | 22,784 | ||||||
Sino Biopharmaceutical Ltd. | 7,500 | 8,661 | ||||||
Sino-Ocean Group Holding Ltd. | 63,500 | 14,666 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 18,248 | 8,100 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., H | ||||||||
Shares | 119,271 | 24,623 | ||||||
Sinopharm Group Co. Ltd., H Shares | 30,424 | 74,900 | ||||||
Sinotrans Ltd., H Shares | 99,174 | 23,545 | ||||||
Sogou, Inc., ADR(a) | 2,826 | 24,445 | ||||||
Sohu.com Ltd., ADR(a) | 1,255 | 25,276 | ||||||
Sun Art Retail Group Ltd. | 4,839 | 6,306 | ||||||
Sunac China Holdings Ltd. | 5,950 | 25,028 | ||||||
Sunny Optical Technology Group Co. Ltd. | 400 | 5,930 | ||||||
TAL Education Group, ADR(a) | 414 | 30,557 | ||||||
Tencent Holdings Ltd. | 2,838 | 194,262 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 32 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
August 31, 2020
Shares | Value | |||||||
China-(continued) | ||||||||
Tencent Music Entertainment Group, ADR(a) | 4,213 | $ | 65,849 | |||||
Tingyi Cayman Islands Holding Corp. | 5,701 | 10,710 | ||||||
Trip.com Group Ltd., ADR(a) | 3,657 | 110,588 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 1,768 | 16,106 | ||||||
Vipshop Holdings Ltd., ADR(a) | 3,017 | 49,811 | ||||||
Want Want China Holdings Ltd. | 13,232 | 9,083 | ||||||
Weibo Corp., ADR(a)(b) | 502 | 18,725 | ||||||
Weichai Power Co. Ltd., H Shares | 30,031 | 60,681 | ||||||
WuXi AppTec Co. Ltd., H Shares(c) | 800 | 11,850 | ||||||
Xiaomi Corp., B Shares(a)(c) | 34,400 | 104,308 | ||||||
Xinyuan Real Estate Co. Ltd., ADR | 6,076 | 12,638 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 16,311 | 10,977 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 38,669 | 29,787 | ||||||
Yiren Digital Ltd., ADR(a)(b) | 1,817 | 5,923 | ||||||
Yum China Holdings, Inc. | 1,519 | 87,661 | ||||||
Zhengqi Financial Holding Corp., Rts., TBA(a)(d) | 1,142 | 0 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 115,177 | 78,616 | ||||||
ZTE Corp., H Shares | 9,486 | 27,601 | ||||||
ZTO Express Cayman, Inc., ADR | 1,474 | 49,423 | ||||||
|
| |||||||
11,760,143 | ||||||||
|
| |||||||
Colombia-0.35% | ||||||||
Grupo Argos S.A. | 4,461 | 14,180 | ||||||
Grupo Aval Acciones y Valores S.A., Preference Shares | 130,941 | 32,648 | ||||||
Grupo de Inversiones Suramericana S.A. | 2,535 | 14,196 | ||||||
Interconexion Electrica S.A. ESP | 1,756 | 9,806 | ||||||
|
| |||||||
70,830 | ||||||||
|
| |||||||
Czech Republic-0.10% | ||||||||
CEZ A.S. | 1,003 | 20,703 | ||||||
|
| |||||||
Greece-0.35% | ||||||||
Hellenic Telecommunications Organization S.A. | 694 | 11,371 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 695 | 9,766 | ||||||
OPAP S.A. | 854 | 7,844 | ||||||
Public Power Corp. S.A.(a) | 4,194 | 20,103 | ||||||
Star Bulk Carriers Corp. | 2,260 | 16,046 | ||||||
Tsakos Energy Navigation Ltd. | 796 | 6,997 | ||||||
|
| |||||||
72,127 | ||||||||
|
| |||||||
Hong Kong-0.10% | ||||||||
Nine Dragons Paper Holdings Ltd. | 9,511 | 10,554 | ||||||
Skyworth Group Ltd.(a) | 28,000 | 9,718 | ||||||
|
| |||||||
20,272 | ||||||||
|
| |||||||
Hungary-0.18% | ||||||||
Gedeon Richter PLC | 397 | 9,726 | ||||||
MOL Hungarian Oil & Gas PLC(a) | 4,798 | 27,097 | ||||||
|
| |||||||
36,823 | ||||||||
|
| |||||||
India-3.83% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 610 | 35,484 | ||||||
Infosys Ltd., ADR | 31,177 | 392,830 | ||||||
Reliance Infrastructure Ltd., GDR(a)(c) | 15,396 | 15,396 | ||||||
Tata Motors Ltd., ADR(a) | 10,290 | 100,224 | ||||||
Tata Steel Ltd., GDR(b)(c) | 8,010 | 43,735 | ||||||
Vedanta Ltd., ADR | 25,304 | 177,381 | ||||||
WNS (Holdings) Ltd., ADR(a) | 244 | 16,189 | ||||||
|
| |||||||
781,239 | ||||||||
|
| |||||||
Indonesia-0.58% | ||||||||
PT Adaro Energy Tbk | 131,200 | 9,775 |
Shares | Value | |||||||
Indonesia-(continued) | ||||||||
PT Astra International Tbk | 109,467 | $ | 38,337 | |||||
PT Indofood Sukses Makmur Tbk | 19,471 | 10,195 | ||||||
PT Perusahaan Gas Negara Tbk | 151,023 | 13,015 | ||||||
PT Telekomunikasi Indonesia (Persero) Tbk | 160,360 | 31,494 | ||||||
PT United Tractors Tbk | 10,006 | 15,804 | ||||||
|
| |||||||
118,620 | ||||||||
|
| |||||||
Malaysia-0.84% | ||||||||
Axiata Group Bhd | 17,102 | 12,358 | ||||||
Genting Bhd | 20,382 | 17,175 | ||||||
Genting Malaysia Bhd | 17,200 | 9,414 | ||||||
IJM Corp. Bhd | 20,600 | 5,934 | ||||||
Kuala Lumpur Kepong Bhd | 1,500 | 8,160 | ||||||
Maxis Bhd | 5,639 | 6,769 | ||||||
MISC Bhd | 6,632 | 12,116 | ||||||
Petronas Chemicals Group Bhd | 9,912 | 12,992 | ||||||
Petronas Gas Bhd | 2,543 | 10,073 | ||||||
Sime Darby Bhd | 69,122 | 36,341 | ||||||
Telekom Malaysia Bhd | 7,574 | 7,546 | ||||||
Tenaga Nasional Bhd | 12,098 | 31,541 | ||||||
|
| |||||||
170,419 | ||||||||
|
| |||||||
Mexico-3.47% | ||||||||
Alfa S.A.B. de C.V., Class A | 54,600 | 35,101 | ||||||
Arca Continental S.A.B. de C.V | 2,933 | 13,378 | ||||||
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander | 13,800 | 8,809 | ||||||
Cemex S.A.B. de C.V., ADR | 50,876 | 163,312 | ||||||
Coca-Cola FEMSA S.A.B. de C.V., ADR | 1,942 | 81,156 | ||||||
El Puerto de Liverpool S.A.B. de C.V., Series C1 | 8,570 | 22,516 | ||||||
Fomento Economico Mexicano, S.A.B. de C.V., ADR | 3,011 | 175,632 | ||||||
Grupo Bimbo S.A.B. de C.V., Series A | 8,240 | 15,218 | ||||||
Grupo Financiero Banorte S.A.B. de C.V., Class O(a) | 13,450 | 46,503 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a) | 14,450 | 10,570 | ||||||
Grupo Mexico S.A.B. de C.V., Class B | 13,300 | 35,489 | ||||||
Grupo Televisa S.A.B., ADR(a) | 7,331 | 45,599 | ||||||
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 6,200 | 9,960 | ||||||
Orbia Advance Corp. S.A.B. de C.V | 7,878 | 12,656 | ||||||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 13,366 | 32,081 | ||||||
|
| |||||||
707,980 | ||||||||
|
| |||||||
Peru-0.22% | ||||||||
Cia de Minas Buenaventura S.A.A., ADR | 2,311 | 32,539 | ||||||
Nexa Resources S.A. | 1,662 | 13,030 | ||||||
|
| |||||||
45,569 | ||||||||
|
| |||||||
Philippines-0.05% | ||||||||
Ayala Corp. | 643 | 9,728 | ||||||
|
| |||||||
Poland-0.93% | ||||||||
Enea S.A.(a) | 5,567 | 10,084 | ||||||
Grupa Lotos S.A. | 616 | 6,794 | ||||||
KGHM Polska Miedz S.A.(a) | 964 | 35,960 | ||||||
Orange Polska S.A.(a) | 4,649 | 9,156 | ||||||
PGE Polska Grupa Energetyczna S.A.(a) | 19,492 | 32,081 | ||||||
Polski Koncern Naftowy ORLEN S.A. | 3,319 | 45,815 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 33 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
August 31, 2020
Shares | Value | |||||||
Poland-(continued) | ||||||||
Polskie Gornictwo Naftowe i Gazownictwo S.A. | 14,496 | $ | 20,271 | |||||
Tauron Polska Energia S.A.(a) | 43,970 | 30,300 | ||||||
|
| |||||||
190,461 | ||||||||
|
| |||||||
Russia-6.32% | ||||||||
Alrosa PJSC | 20,786 | 18,423 | ||||||
Bashneft PJSC, Preference Shares | 1,402 | 25,325 | ||||||
Federal Grid Co. Unified Energy System PJSC | 3,008,358 | 7,920 | ||||||
Gazprom PJSC | 149,412 | 364,540 | ||||||
Inter RAO UES PJSC | 250,638 | 17,596 | ||||||
LUKOIL PJSC | 3,680 | 246,921 | ||||||
Magnit PJSC | 665 | 39,687 | ||||||
MMC Norilsk Nickel PJSC | 147 | 38,203 | ||||||
Mobile TeleSystems PJSC | 4,930 | 22,523 | ||||||
Nizhnekamskneftekhim PJSC, Preference Shares | 8,520 | 9,167 | ||||||
Novatek PJSC, GDR | 1,846 | 27,589 | ||||||
Polymetal International PLC | 352 | 9,400 | ||||||
Polyus PJSC | 59 | 14,331 | ||||||
Rosneft Oil Co. PJSC | 24,037 | 120,671 | ||||||
RusHydro PJSC(a) | 782,768 | 7,664 | ||||||
Severstal PAO | 1,095 | 13,737 | ||||||
Sistema PJSFC | 69,101 | 19,918 | ||||||
Surgutneftegas PJSC | 371,400 | 183,141 | ||||||
Tatneft PJSC | 8,233 | 60,521 | ||||||
Transneft PJSC, Preference Shares | 13 | 24,124 | ||||||
Yandex N.V., Class A(a) | 243 | 16,945 | ||||||
|
| |||||||
1,288,346 | ||||||||
|
| |||||||
South Africa-2.50% | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 1,545 | 12,391 | ||||||
Barloworld Ltd. | 3,125 | 11,031 | ||||||
Bid Corp. Ltd. | 1,529 | 25,263 | ||||||
Bidvest Group Ltd. (The) | 2,178 | 17,499 | ||||||
DataTec Ltd.(a) | 5,415 | 6,920 | ||||||
Discovery Ltd. | 1,995 | 14,252 | ||||||
Exxaro Resources Ltd. | 2,182 | 17,668 | ||||||
Foschini Group Ltd. (The) | 2,390 | 10,774 | ||||||
Gold Fields Ltd. | 1,369 | 17,703 | ||||||
Impala Platinum Holdings Ltd. | 1,331 | 12,285 | ||||||
Momentum Metropolitan Holdings | 10,010 | 8,958 | ||||||
Mr Price Group Ltd. | 1,110 | 7,593 | ||||||
Netcare Ltd. | 9,218 | 6,801 | ||||||
Pick n Pay Stores Ltd. | 2,938 | 7,237 | ||||||
Remgro Ltd. | 2,910 | 15,102 | ||||||
Sanlam Ltd. | 12,051 | 39,109 | ||||||
Sappi Ltd.(a) | 11,098 | 14,602 | ||||||
Sasol Ltd.(a) | 18,501 | 151,328 | ||||||
Shoprite Holdings Ltd. | 3,339 | 21,779 | ||||||
Sibanye Stillwater Ltd.(a) | 3,703 | 11,211 | ||||||
SPAR Group Ltd. (The) | 1,349 | 12,873 | ||||||
Steinhoff International Holdings N.V.(a) | 737,455 | 40,483 | ||||||
Tiger Brands Ltd. | 893 | 9,089 | ||||||
Woolworths Holdings Ltd. | 8,765 | 16,447 | ||||||
|
| |||||||
508,398 | ||||||||
|
| |||||||
Switzerland-0.04% | ||||||||
Mediclinic International PLC | 2,579 | 8,677 | ||||||
|
| |||||||
Taiwan-10.21% | ||||||||
Acer, Inc. | 23,169 | 18,438 | ||||||
ASE Technology Holding Co. Ltd. | 17,000 | 35,458 |
Shares | Value | |||||||
Taiwan-(continued) | ||||||||
Asia Cement Corp. | 9,028 | $ | 13,077 | |||||
Asustek Computer, Inc. | 5,188 | 42,966 | ||||||
AU Optronics Corp.(a) | 143,784 | 51,209 | ||||||
Catcher Technology Co. Ltd. | 2,601 | 17,773 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 10,108 | 12,402 | ||||||
China Airlines Ltd.(a) | 30,401 | 8,848 | ||||||
China Development Financial Holding Corp. | 128,439 | 37,383 | ||||||
China Steel Corp. | 60,512 | 41,040 | ||||||
Chunghwa Telecom Co. Ltd. | 9,824 | 36,327 | ||||||
Compal Electronics, Inc. | 66,252 | 41,772 | ||||||
Delta Electronics, Inc. | 5,427 | 34,957 | ||||||
Eva Airways Corp. | 21,716 | 8,511 | ||||||
Far Eastern New Century Corp. | 17,520 | 15,793 | ||||||
Far EasTone Telecommunications Co. Ltd. | 4,180 | 8,733 | ||||||
Formosa Chemicals & Fibre Corp. | 15,552 | 35,936 | ||||||
Formosa Plastics Corp. | 13,272 | 35,372 | ||||||
Foxconn Technology Co. Ltd. | 5,653 | 10,057 | ||||||
Hon Hai Precision Industry Co. Ltd. | 109,047 | 285,797 | ||||||
Hotai Motor Co. Ltd. | 922 | 18,760 | ||||||
Innolux Corp.(a) | 180,264 | 56,030 | ||||||
Inventec Corp. | 26,325 | 20,411 | ||||||
Largan Precision Co. Ltd. | 213 | 24,573 | ||||||
Lite-On Technology Corp. | 10,514 | 16,627 | ||||||
MediaTek, Inc. | 3,073 | 58,231 | ||||||
Mercuries & Associates Holding Ltd. | 15,518 | 13,143 | ||||||
Mercuries Life Insurance Co. Ltd.(a) | 37,539 | 12,052 | ||||||
Micro-Star International Co. Ltd. | 2,710 | 12,515 | ||||||
Nan Ya Plastics Corp. | 20,322 | 42,595 | ||||||
Nanya Technology Corp. | 4,468 | 7,903 | ||||||
Novatek Microelectronics Corp. | 1,218 | 9,963 | ||||||
Pegatron Corp. | 27,563 | 58,712 | ||||||
Pou Chen Corp. | 20,628 | 19,474 | ||||||
Powertech Technology, Inc. | 2,877 | 8,472 | ||||||
President Chain Store Corp. | 1,192 | 10,969 | ||||||
Qisda Corp. | 13,000 | 8,241 | ||||||
Quanta Computer, Inc. | 19,601 | 51,438 | ||||||
Shin Kong Financial Holding Co. Ltd. | 82,000 | 23,196 | ||||||
Sino-American Silicon Products, Inc. | 2,234 | 7,340 | ||||||
Synnex Technology International Corp. | 10,879 | 16,203 | ||||||
Taiwan Cement Corp. | 15,481 | 22,635 | ||||||
Taiwan Mobile Co. Ltd. | 3,804 | 13,159 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 37,544 | 545,729 | ||||||
Teco Electric and Machinery Co. Ltd. | 7,556 | 7,545 | ||||||
TPK Holding Co. Ltd.(a) | 5,240 | 8,786 | ||||||
Uni-President Enterprises Corp. | 16,385 | 37,191 | ||||||
United Microelectronics Corp. | 65,715 | 47,481 | ||||||
Walsin Lihwa Corp. | 22,141 | 12,715 | ||||||
Wistron Corp. | 40,010 | 43,499 | ||||||
WPG Holdings Ltd. | 18,406 | 25,782 | ||||||
WT Microelectronics Co. Ltd. | 6,128 | 8,156 | ||||||
WT Microelectronics Co. Ltd., Rts.(a)(d) | 840 | 0 | ||||||
Yageo Corp. | 699 | 7,933 | ||||||
Zhen Ding Technology Holding Ltd. | 2,708 | 11,352 | ||||||
|
| |||||||
2,080,660 | ||||||||
|
| |||||||
Tanzania-0.07% | ||||||||
AngloGold Ashanti Ltd. | 462 | 13,490 | ||||||
|
| |||||||
Thailand-1.03% | ||||||||
Advanced Info Service PCL, NVDR | 1,770 | 10,408 | ||||||
Airports of Thailand PCL, NVDR | 3,790 | 6,820 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 34 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
August 31, 2020
Shares | Value | |||||||
Thailand-(continued) | ||||||||
Charoen Pokphand Foods PCL, NVDR | 10,858 | $ | 11,251 | |||||
CP ALL PCL, NVDR(a) | 7,519 | 15,341 | ||||||
Indorama Ventures PCL, NVDR | 9,006 | 6,858 | ||||||
IRPC PCL, NVDR | 102,162 | 7,681 | ||||||
PTT Exploration & Production PCL, NVDR | 7,177 | 20,524 | ||||||
PTT Global Chemical PCL, NVDR | 14,640 | 21,756 | ||||||
PTT PCL, NVDR | 62,312 | 72,078 | ||||||
Siam Cement PCL (The), NVDR | 1,488 | 16,925 | ||||||
Thai Beverage PCL | 19,532 | 8,835 | ||||||
Thai Oil PCL, NVDR | 8,107 | 10,810 | ||||||
|
| |||||||
209,287 | ||||||||
|
| |||||||
Turkey-0.62% | ||||||||
BIM Birlesik Magazalar A.S. | 1,280 | 11,802 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 27,233 | 32,270 | ||||||
Is Yatirim Menkul Degerler A.S. | 10,805 | 11,922 | ||||||
KOC Holding A.S. | 12,409 | 25,125 | ||||||
Tupras-Turkiye Petrol Rafinerileri A.S.(a) | 1,448 | 15,741 | ||||||
Turk Hava Yollari AO(a) | 9,241 | 13,261 | ||||||
Turkcell Iletisim Hizmetleri A.S. | 7,909 | 15,390 | ||||||
|
| |||||||
125,511 | ||||||||
|
| |||||||
United States-0.16% | ||||||||
JBS S.A. | 7,971 | 32,605 | ||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 20,312,707 | ||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.08% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(e)(f) | 15,111 | $ | 15,111 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 20,327,818 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-0.51% | ||||||||
Invesco Private Government Fund, | 78,501 | 78,501 | ||||||
Invesco Private Prime Fund, 0.14%(e)(f)(g) | 26,162 | 26,168 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 104,669 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.28% |
| 20,432,487 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.28)% |
| (56,729 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 20,375,758 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
GDR-Global Depositary Receipt
NVDR-Non-Voting Depositary Receipt
Rts.-Rights
TBA-To Be Announced
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020 was $538,628, which represented 2.64% 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | - | $ | 379,916 | $ | (364,805 | ) | $- | $ - | $ | 15,111 | $ | 4 | |||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 76,847 | 1,045,252 | (1,122,099 | ) | - | - | - | 1,382 | * | |||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 25,616 | 286,507 | (312,107 | ) | - | (16 | ) | - | 518 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 35 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)—(continued)
August 31, 2020
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 725,803 | $ | (647,302 | ) | $ | - | $ | - | $ | 78,501 | $ | 18 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 121,833 | (95,667 | ) | - | 2 | 26,168 | 13 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 102,463 | $ | 2,559,311 | $ | (2,541,980 | ) | $ | - | $ | (14 | ) | $ | 119,780 | $ | 1,935 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 36 |
|
Invesco RAFITM Strategic US ETF (IUS)
August 31, 2020
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.77% |
| |||||||
Communication Services-10.80% |
| |||||||
Activision Blizzard, Inc. | 1,501 | $ | 125,364 | |||||
Alphabet, Inc., Class A(b) | 2,042 | 3,327,500 | ||||||
Altice USA, Inc., Class A(b) | 5,162 | 142,368 | ||||||
AMC Entertainment Holdings, Inc., Class A(c) | 9,149 | 53,796 | ||||||
AT&T, Inc. | 94,707 | 2,823,216 | ||||||
CenturyLink, Inc. | �� | 32,178 | 345,913 | |||||
Charter Communications, Inc., Class A(b) | 954 | 587,292 | ||||||
Comcast Corp., Class A | 34,438 | 1,543,167 | ||||||
Discovery, Inc., Class A(b)(c) | 6,526 | 143,996 | ||||||
DISH Network Corp., Class A(b) | 4,265 | 151,493 | ||||||
Electronic Arts, Inc.(b) | 925 | 129,010 | ||||||
Facebook, Inc., Class A(b) | 7,060 | 2,069,992 | ||||||
IAC/InterActiveCorp.(b) | 170 | 22,608 | ||||||
Interpublic Group of Cos., Inc. (The) | 4,766 | 84,644 | ||||||
Liberty Global PLC, Class C (United Kingdom)(b) | 10,197 | 234,633 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(b) | 3,452 | 124,255 | ||||||
Live Nation Entertainment, Inc.(b) | 829 | 47,087 | ||||||
Match Group, Inc.(b) | 367 | 40,987 | ||||||
News Corp., Class A | 7,822 | 118,269 | ||||||
Omnicom Group, Inc. | 2,287 | 123,704 | ||||||
Sinclair Broadcast Group, Inc., Class A(c) | 2,426 | 50,485 | ||||||
Sirius XM Holdings, Inc. | 6,493 | 38,114 | ||||||
Take-Two Interactive Software, Inc.(b) | 311 | 53,240 | ||||||
Telephone & Data Systems, Inc. | 2,970 | 68,696 | ||||||
T-Mobile US, Inc.(b) | 1,127 | 131,498 | ||||||
Twitter, Inc.(b) | 2,221 | 90,128 | ||||||
Verizon Communications, Inc. | 28,429 | 1,684,987 | ||||||
ViacomCBS, Inc., Class B | 6,904 | 192,276 | ||||||
Walt Disney Co. (The) | 6,972 | 919,398 | ||||||
|
| |||||||
15,468,116 | ||||||||
|
| |||||||
Consumer Discretionary-13.18% | ||||||||
Adient PLC(b) | 4,104 | 71,163 | ||||||
Advance Auto Parts, Inc. | 563 | 88,003 | ||||||
Amazon.com, Inc.(b) | 579 | 1,998,106 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 6,125 | 47,653 | ||||||
Aptiv PLC | 1,661 | 143,045 | ||||||
Aramark | 3,275 | 90,259 | ||||||
Autoliv, Inc. (Sweden) | 865 | 67,764 | ||||||
AutoNation, Inc.(b) | 2,069 | 117,643 | ||||||
AutoZone, Inc.(b) | 113 | 135,183 | ||||||
Bed Bath & Beyond, Inc. | 10,034 | 122,214 | ||||||
Best Buy Co., Inc. | 2,519 | 279,382 | ||||||
Booking Holdings, Inc.(b) | 294 | 561,672 | ||||||
BorgWarner, Inc. | 2,698 | 109,512 | ||||||
Brunswick Corp. | 659 | 40,786 | ||||||
Burlington Stores, Inc.(b) | 247 | 48,642 | ||||||
Capri Holdings Ltd.(b) | 3,188 | 50,498 | ||||||
CarMax, Inc.(b) | 1,220 | 130,455 | ||||||
Carnival Corp. | 20,618 | 339,785 | ||||||
Chipotle Mexican Grill, Inc.(b) | 41 | 53,722 | ||||||
Core-Mark Holding Co., Inc. | 1,611 | 53,840 | ||||||
D.R. Horton, Inc. | 2,355 | 168,076 | ||||||
Dana, Inc. | 4,388 | 61,213 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Darden Restaurants, Inc. | 1,086 | $ | 94,124 | |||||
Dick’s Sporting Goods, Inc. | 1,776 | 96,117 | ||||||
Dollar General Corp. | 1,056 | 213,185 | ||||||
Dollar Tree, Inc.(b) | 1,716 | 165,199 | ||||||
eBay, Inc. | 6,776 | 371,189 | ||||||
Expedia Group, Inc. | 1,490 | 146,244 | ||||||
Foot Locker, Inc. | 2,251 | 68,273 | ||||||
Ford Motor Co. | 192,614 | 1,313,628 | ||||||
Gap, Inc. (The) | 7,181 | 124,878 | ||||||
Garmin Ltd. | 504 | 52,219 | ||||||
General Motors Co. | 38,959 | 1,154,355 | ||||||
Gentex Corp. | 1,566 | 42,360 | ||||||
Genuine Parts Co. | 1,378 | 130,138 | ||||||
Goodyear Tire & Rubber Co. (The) | 13,078 | 125,483 | ||||||
Group 1 Automotive, Inc. | 924 | 79,871 | ||||||
Hanesbrands, Inc. | 5,169 | 79,034 | ||||||
Harley-Davidson, Inc. | 2,887 | 79,999 | ||||||
Hasbro, Inc. | 698 | 55,100 | ||||||
Hilton Worldwide Holdings, Inc. | 1,412 | 127,588 | ||||||
Home Depot, Inc. (The) | 4,054 | 1,155,552 | ||||||
Hyatt Hotels Corp., Class A(c) | 1,141 | 64,455 | ||||||
Kohl’s Corp. | 7,613 | 162,614 | ||||||
L Brands, Inc. | 5,093 | 149,734 | ||||||
Las Vegas Sands Corp. | 1,854 | 94,016 | ||||||
Lear Corp. | 1,259 | 143,438 | ||||||
Leggett & Platt, Inc. | 1,294 | 53,054 | ||||||
Lennar Corp., Class A | 3,350 | 250,647 | ||||||
Lithia Motors, Inc., Class A | 493 | 122,737 | ||||||
LKQ Corp.(b) | 3,396 | 107,789 | ||||||
Lowe’s Cos., Inc. | 4,125 | 679,346 | ||||||
lululemon athletica, inc.(b) | 165 | 61,986 | ||||||
Macy’s, Inc.(c) | 25,352 | 176,703 | ||||||
Marriott International, Inc., Class A | 1,910 | 196,558 | ||||||
Marriott Vacations Worldwide Corp. | 541 | 51,216 | ||||||
McDonald’s Corp. | 2,392 | 510,740 | ||||||
MGM Resorts International | 9,092 | 204,570 | ||||||
Mohawk Industries, Inc.(b) | 961 | 88,729 | ||||||
Murphy USA, Inc.(b) | 403 | 54,349 | ||||||
Newell Brands, Inc. | 9,786 | 156,380 | ||||||
NIKE, Inc., Class B | 4,580 | 512,456 | ||||||
Nordstrom, Inc.(c) | 3,758 | 60,128 | ||||||
Norwegian Cruise Line Holdings Ltd.(b)(c) | 7,982 | 136,572 | ||||||
NVR, Inc.(b) | 23 | 95,872 | ||||||
ODP Corp. (The) | 2,235 | 52,254 | ||||||
O’Reilly Automotive, Inc.(b) | 262 | 121,995 | ||||||
Penske Automotive Group, Inc. | 1,182 | 55,755 | ||||||
Polaris, Inc. | 542 | 54,764 | ||||||
PulteGroup, Inc. | 2,993 | 133,458 | ||||||
PVH Corp. | 1,922 | 107,171 | ||||||
Qurate Retail, Inc., Class A(b) | 13,265 | 146,578 | ||||||
Ralph Lauren Corp. | 1,041 | 71,652 | ||||||
Ross Stores, Inc. | 1,564 | 142,449 | ||||||
Royal Caribbean Cruises Ltd. | 4,091 | 281,624 | ||||||
Service Corp. International | 947 | 43,231 | ||||||
Signet Jewelers Ltd. | 3,986 | 68,838 | ||||||
Skechers U.S.A., Inc., Class A(b) | 1,321 | 39,432 | ||||||
Starbucks Corp. | 6,903 | 583,096 | ||||||
Tapestry, Inc. | 5,317 | 78,319 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 37 |
|
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2020
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Target Corp. | 3,914 | $ | 591,836 | |||||
Taylor Morrison Home Corp., | 2,583 | 60,778 | ||||||
Tenneco, Inc., Class A(b) | 12,621 | 102,609 | ||||||
Tesla, Inc.(b) | 680 | 338,858 | ||||||
Thor Industries, Inc. | 567 | 53,542 | ||||||
Tiffany & Co. | 408 | 49,980 | ||||||
TJX Cos., Inc. (The) | 5,907 | 323,645 | ||||||
Toll Brothers, Inc. | 2,400 | 101,328 | ||||||
Tractor Supply Co. | 562 | 83,642 | ||||||
Ulta Beauty, Inc.(b) | 312 | 72,440 | ||||||
Vail Resorts, Inc. | 201 | 43,752 | ||||||
VF Corp. | 1,691 | 111,183 | ||||||
Whirlpool Corp. | 1,002 | 178,075 | ||||||
Williams-Sonoma, Inc. | 631 | 55,377 | ||||||
Wynn Resorts Ltd. | 821 | 71,796 | ||||||
Yum! Brands, Inc. | 667 | 63,932 | ||||||
|
| |||||||
18,870,630 | ||||||||
|
| |||||||
Consumer Staples-8.08% | ||||||||
Altria Group, Inc. | 12,569 | 549,768 | ||||||
Archer-Daniels-Midland Co. | 6,079 | 272,096 | ||||||
BJ’s Wholesale Club Holdings, Inc.(b) | 1,575 | 69,946 | ||||||
Brown-Forman Corp., Class B | 638 | 46,683 | ||||||
Bunge Ltd. | 3,939 | 179,697 | ||||||
Campbell Soup Co. | 784 | 41,246 | ||||||
Casey’s General Stores, Inc. | 274 | 48,731 | ||||||
Church & Dwight Co., Inc. | 671 | 64,302 | ||||||
Clorox Co. (The) | 354 | 79,119 | ||||||
Coca-Cola Co. (The) | 13,573 | 672,271 | ||||||
Colgate-Palmolive Co. | 2,633 | 208,692 | ||||||
Conagra Brands, Inc. | 2,589 | 99,314 | ||||||
Constellation Brands, Inc., Class A | 841 | 155,148 | ||||||
Costco Wholesale Corp. | 2,144 | 745,383 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 967 | 214,403 | ||||||
General Mills, Inc. | 2,603 | 166,462 | ||||||
Hershey Co. (The) | 681 | 101,224 | ||||||
Hormel Foods Corp. | 1,809 | 92,223 | ||||||
Ingredion, Inc. | 583 | 46,897 | ||||||
JM Smucker Co. (The) | 752 | 90,375 | ||||||
Kellogg Co. | 1,654 | 117,285 | ||||||
Keurig Dr Pepper, Inc. | 1,493 | 44,536 | ||||||
Kimberly-Clark Corp. | 1,190 | 187,734 | ||||||
Kraft Heinz Co. (The) | 11,791 | 413,157 | ||||||
Kroger Co. (The) | 14,608 | 521,213 | ||||||
McCormick & Co., Inc. | 321 | 66,190 | ||||||
Molson Coors Beverage Co., Class B | 3,630 | 136,633 | ||||||
Mondelez International, Inc., Class A | 7,108 | 415,249 | ||||||
Monster Beverage Corp.(b) | 827 | 69,352 | ||||||
PepsiCo, Inc. | 4,877 | 683,073 | ||||||
Performance Food Group Co.(b) | 3,222 | 117,635 | ||||||
Philip Morris International, Inc. | 6,211 | 495,576 | ||||||
Post Holdings, Inc.(b) | 609 | 53,604 | ||||||
Procter & Gamble Co. (The) | 9,922 | 1,372,510 | ||||||
Rite Aid Corp.(b) | 4,756 | 61,923 | ||||||
Sysco Corp. | 5,724 | 344,241 | ||||||
Tyson Foods, Inc., Class A | 4,230 | 265,644 | ||||||
United Natural Foods, Inc.(b) | 3,592 | 64,836 | ||||||
US Foods Holding Corp.(b) | 5,502 | 133,974 |
Shares | Value | |||||||
Consumer Staples-(continued) |
| |||||||
Walgreens Boots Alliance, Inc. | 16,871 | $ | 641,435 | |||||
Walmart, Inc. | 10,254 | 1,423,768 | ||||||
|
| |||||||
11,573,548 | ||||||||
|
| |||||||
Energy-7.69% | ||||||||
Antero Resources Corp.(b)(c) | 22,874 | 73,654 | ||||||
Apache Corp. | 11,081 | 163,999 | ||||||
Baker Hughes Co., Class A | 13,641 | 194,793 | ||||||
Cabot Oil & Gas Corp. | 3,365 | 63,834 | ||||||
Cheniere Energy, Inc.(b) | 1,447 | 75,316 | ||||||
Chevron Corp. | 20,906 | 1,754,641 | ||||||
Cimarex Energy Co. | 2,053 | 57,032 | ||||||
CNX Resources Corp.(b) | 4,825 | 52,882 | ||||||
ConocoPhillips | 14,854 | 562,818 | ||||||
CVR Energy, Inc. | 2,853 | 47,617 | ||||||
Delek US Holdings, Inc. | 2,649 | 41,669 | ||||||
Devon Energy Corp. | 14,086 | 153,115 | ||||||
EOG Resources, Inc. | 6,486 | 294,075 | ||||||
EQT Corp. | 8,346 | 132,451 | ||||||
Exxon Mobil Corp. | 61,401 | 2,452,356 | ||||||
Halliburton Co. | 17,883 | 289,347 | ||||||
Helmerich & Payne, Inc. | 2,802 | 46,177 | ||||||
Hess Corp. | 2,303 | 106,030 | ||||||
HollyFrontier Corp. | 4,622 | 110,327 | ||||||
Marathon Oil Corp. | 25,656 | 135,464 | ||||||
Marathon Petroleum Corp. | 23,449 | 831,501 | ||||||
Murphy Oil Corp. | 5,880 | 80,791 | ||||||
National Oilwell Varco, Inc. | 7,084 | 85,008 | ||||||
Occidental Petroleum Corp. | 28,261 | 360,045 | ||||||
ONEOK, Inc. | 4,195 | 115,279 | ||||||
Ovintiv, Inc.(c) | 22,759 | 252,170 | ||||||
Parsley Energy, Inc., Class A | 4,844 | 52,073 | ||||||
Patterson-UTI Energy, Inc. | 12,891 | 49,630 | ||||||
PBF Energy, Inc., Class A | 8,619 | 73,779 | ||||||
PDC Energy, Inc.(b) | 3,094 | 46,843 | ||||||
Peabody Energy Corp. | 20,798 | 54,283 | ||||||
Phillips 66. | 8,570 | 501,088 | ||||||
Pioneer Natural Resources Co. | 1,859 | 193,206 | ||||||
Range Resources Corp. | 8,091 | 60,359 | ||||||
Schlumberger Ltd. | 26,674 | 507,073 | ||||||
Southwestern Energy Co.(b) | 15,731 | 43,732 | ||||||
Targa Resources Corp. | 6,522 | 110,939 | ||||||
TechnipFMC PLC (United Kingdom) | 14,598 | 112,405 | ||||||
Valero Energy Corp. | 9,510 | 500,131 | ||||||
World Fuel Services Corp. | 5,336 | 140,870 | ||||||
WPX Energy, Inc.(b) | 6,524 | 36,273 | ||||||
|
| |||||||
11,015,075 | ||||||||
|
| |||||||
Financials-6.80% | ||||||||
Affiliated Managers Group, Inc. | 778 | 53,410 | ||||||
Alleghany Corp. | 166 | 92,057 | ||||||
Allstate Corp. (The) | 4,437 | 412,641 | ||||||
American Express Co. | 5,940 | 603,445 | ||||||
Aon PLC, Class A. | 744 | 148,793 | ||||||
Arthur J. Gallagher & Co. | 775 | 81,607 | ||||||
Assurant, Inc. | 912 | 110,863 | ||||||
AXIS Capital Holdings Ltd. | 1,212 | 57,885 | ||||||
Berkshire Hathaway, Inc., Class B(b) | 18,781 | 4,095,009 | ||||||
Cboe Global Markets, Inc. | 407 | 37,358 | ||||||
Chubb Ltd. | 5,212 | 651,500 | ||||||
Cincinnati Financial Corp. | 1,724 | 136,903 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 38 |
|
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2020
Shares | Value | |||||||
Financials-(continued) | ||||||||
Everest Re Group Ltd. | 554 | $ | 121,924 | |||||
Fidelity National Financial, Inc. | 2,839 | 93,204 | ||||||
First American Financial Corp. | 1,214 | 63,820 | ||||||
Franklin Resources, Inc. | 3,630 | 76,448 | ||||||
Hanover Insurance Group, Inc. (The) | 664 | 68,053 | ||||||
Hartford Financial Services Group, Inc. (The) | 5,531 | 223,729 | ||||||
Janus Henderson Group PLC (United Kingdom) | 2,417 | 50,080 | ||||||
Kemper Corp. | 663 | 51,489 | ||||||
Lazard Ltd., Class A | 1,784 | 56,499 | ||||||
LPL Financial Holdings, Inc. | 791 | 64,989 | ||||||
Markel Corp.(b) | 102 | 110,857 | ||||||
Marsh & McLennan Cos., Inc. | 1,526 | 175,353 | ||||||
MGIC Investment Corp. | 5,372 | 49,261 | ||||||
Moody’s Corp. | 315 | 92,812 | ||||||
Mr. Cooper Group, Inc.(b) | 4,287 | 78,559 | ||||||
MSCI, Inc. | 139 | 51,884 | ||||||
Nasdaq, Inc. | 434 | 58,338 | ||||||
Old Republic International Corp. | 4,969 | 80,051 | ||||||
OneMain Holdings, Inc. | 2,563 | 74,532 | ||||||
Progressive Corp. (The) | 4,179 | 397,172 | ||||||
Radian Group, Inc. | 2,922 | 45,116 | ||||||
Raymond James Financial, Inc. | 1,405 | 106,387 | ||||||
S&P Global, Inc. | 415 | 152,064 | ||||||
StoneX Group, Inc.(b) | 2,293 | 130,013 | ||||||
T. Rowe Price Group, Inc. | 1,095 | 152,435 | ||||||
Travelers Cos., Inc. (The) | 3,860 | 447,914 | ||||||
W.R. Berkley Corp. | 1,239 | 76,880 | ||||||
Willis Towers Watson PLC | 537 | 110,370 | ||||||
|
| |||||||
9,741,704 | ||||||||
|
| |||||||
Health Care-12.85% | ||||||||
Abbott Laboratories | 4,539 | 496,884 | ||||||
AbbVie, Inc. | 6,740 | 645,490 | ||||||
Agilent Technologies, Inc. | 968 | 97,207 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 907 | 103,598 | ||||||
Align Technology, Inc.(b) | 163 | 48,408 | ||||||
AmerisourceBergen Corp. | 4,898 | 475,253 | ||||||
Amgen, Inc. | 2,730 | 691,564 | ||||||
Anthem, Inc. | 2,079 | 585,280 | ||||||
Baxter International, Inc. | 1,940 | 168,916 | ||||||
Becton, Dickinson and Co. | 901 | 218,736 | ||||||
Biogen, Inc.(b) | 1,244 | 357,824 | ||||||
Boston Scientific Corp.(b) | 2,692 | 110,426 | ||||||
Bristol-Myers Squibb Co. | 7,554 | 469,859 | ||||||
Cardinal Health, Inc. | 10,164 | 515,925 | ||||||
Centene Corp.(b) | 4,011 | 245,954 | ||||||
Cerner Corp. | 1,508 | 110,642 | ||||||
Cigna Corp. | 3,490 | 619,021 | ||||||
Cooper Cos., Inc. (The) | 129 | 40,555 | ||||||
CVS Health Corp. | 18,877 | 1,172,639 | ||||||
Danaher Corp. | 1,440 | 297,317 | ||||||
DaVita, Inc.(b) | 1,680 | 145,757 | ||||||
DENTSPLY SIRONA, Inc. | 1,369 | 61,427 | ||||||
Edwards Lifesciences Corp.(b) | 911 | 78,200 | ||||||
Elanco Animal Health, Inc.(b) | 1,866 | 54,226 | ||||||
Eli Lilly and Co. | 2,415 | 358,362 | ||||||
Encompass Health Corp. | 513 | 33,468 | ||||||
Gilead Sciences, Inc. | 6,336 | 422,928 | ||||||
HCA Healthcare, Inc. | 2,404 | 326,271 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Henry Schein, Inc.(b) | 1,226 | $ | 81,455 | |||||
Hologic, Inc.(b) | 796 | 47,537 | ||||||
Humana, Inc. | 802 | 332,966 | ||||||
Illumina, Inc.(b) | 173 | 61,799 | ||||||
Intuitive Surgical, Inc.(b) | 152 | 111,088 | ||||||
IQVIA Holdings, Inc.(b) | 853 | 139,679 | ||||||
Jazz Pharmaceuticals PLC(b) | 426 | 57,250 | ||||||
Johnson & Johnson. | 9,553 | 1,465,526 | ||||||
Laboratory Corp. of America | 641 | 112,656 | ||||||
Mallinckrodt PLC(b)(c) | 11,668 | 18,435 | ||||||
McKesson Corp. | 5,734 | 879,825 | ||||||
Medtronic PLC | 6,159 | 661,908 | ||||||
Merck & Co., Inc. | 10,865 | 926,459 | ||||||
Mettler-Toledo International, Inc.(b) | 58 | 56,305 | ||||||
Molina Healthcare, Inc.(b) | 327 | 60,485 | ||||||
Mylan N.V.(b) | 7,598 | 124,455 | ||||||
Perrigo Co. PLC | 984 | 51,463 | ||||||
Pfizer, Inc. | 32,733 | 1,236,980 | ||||||
Quest Diagnostics, Inc. | 771 | 85,766 | ||||||
Regeneron Pharmaceuticals, Inc.(b) | 156 | 96,709 | ||||||
ResMed, Inc. | 216 | 39,048 | ||||||
STERIS PLC | 246 | 39,271 | ||||||
Stryker Corp. | 863 | 171,012 | ||||||
Tenet Healthcare Corp.(b) | 3,915 | 110,325 | ||||||
Thermo Fisher Scientific, Inc. | 967 | 414,824 | ||||||
UnitedHealth Group, Inc. | 4,886 | 1,527,119 | ||||||
Universal Health Services, Inc., Class B | 1,061 | 117,081 | ||||||
Vertex Pharmaceuticals, Inc.(b) | 255 | 71,176 | ||||||
Waters Corp.(b) | 477 | 103,156 | ||||||
Zimmer Biomet Holdings, Inc. | 947 | 133,413 | ||||||
Zoetis, Inc. | 690 | 110,469 | ||||||
|
| |||||||
18,397,777 | ||||||||
|
| |||||||
Industrials-11.85% | ||||||||
3M Co. | 3,189 | 519,871 | ||||||
A.O. Smith Corp. | 893 | 43,730 | ||||||
AECOM(b) | 2,410 | 95,219 | ||||||
AGCO Corp. | 1,005 | 71,456 | ||||||
Allison Transmission Holdings, Inc. | 1,268 | 45,483 | ||||||
American Airlines Group, Inc.(c) | 5,791 | 75,573 | ||||||
AMETEK, Inc. | 795 | 80,056 | ||||||
Avis Budget Group, Inc.(b) | 6,317 | 215,473 | ||||||
Boeing Co. (The) | 4,580 | 786,936 | ||||||
Builders FirstSource, Inc.(b) | 2,008 | 61,485 | ||||||
C.H. Robinson Worldwide, Inc. | 1,140 | 112,062 | ||||||
Carlisle Cos., Inc. | 476 | 62,332 | ||||||
Caterpillar, Inc. | 4,964 | 706,427 | ||||||
Cintas Corp. | 320 | 106,637 | ||||||
CSX Corp. | 5,212 | 398,510 | ||||||
Cummins, Inc. | 1,369 | 283,725 | ||||||
Deere & Co. | 2,309 | 485,029 | ||||||
Delta Air Lines, Inc. | 5,444 | 167,947 | ||||||
Dover Corp. | 773 | 84,906 | ||||||
Eaton Corp. PLC | 3,658 | 373,482 | ||||||
EMCOR Group, Inc. | 724 | 54,307 | ||||||
Emerson Electric Co. | 3,985 | 276,838 | ||||||
Equifax, Inc. | 252 | 42,404 | ||||||
Expeditors International of Washington, Inc. | 878 | 77,606 | ||||||
Fastenal Co. | 1,412 | 68,990 | ||||||
FedEx Corp. | 3,660 | 804,614 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 39 |
|
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2020
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Fluor Corp. | 6,214 | $ | 59,157 | |||||
Fortive Corp. | 1,214 | 87,542 | ||||||
Fortune Brands Home & Security, Inc. | 869 | 73,066 | ||||||
General Dynamics Corp. | 2,130 | 318,115 | ||||||
General Electric Co. | 102,025 | 646,838 | ||||||
HD Supply Holdings, Inc.(b) | 1,863 | 73,887 | ||||||
Honeywell International, Inc. | 4,122 | 682,397 | ||||||
Howmet Aerospace, Inc. | 8,720 | 152,774 | ||||||
Hubbell, Inc. | 334 | 48,403 | ||||||
Huntington Ingalls Industries, Inc. | 361 | 54,699 | ||||||
IDEX Corp. | 231 | 41,633 | ||||||
IHS Markit Ltd. | 1,293 | 103,337 | ||||||
Illinois Tool Works, Inc. | 1,281 | 253,062 | ||||||
J.B. Hunt Transport Services, Inc. | 512 | 71,956 | ||||||
Jacobs Engineering Group, Inc. | 880 | 79,438 | ||||||
Johnson Controls International PLC | 12,749 | 519,267 | ||||||
Kansas City Southern | 500 | 91,020 | ||||||
KAR Auction Services, Inc. | 2,909 | 50,442 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,146 | 52,097 | ||||||
L3Harris Technologies, Inc. | 737 | 133,205 | ||||||
Lockheed Martin Corp. | 1,148 | 448,018 | ||||||
Macquarie Infrastructure Corp. | 1,302 | 36,482 | ||||||
ManpowerGroup, Inc. | 1,475 | 108,132 | ||||||
Masco Corp. | 1,496 | 87,217 | ||||||
MasTec, Inc.(b) | 984 | 45,471 | ||||||
Nielsen Holdings PLC | 4,917 | 75,132 | ||||||
Norfolk Southern Corp. | 1,706 | 362,576 | ||||||
Northrop Grumman Corp. | 835 | 286,079 | ||||||
Old Dominion Freight Line, Inc. | 306 | 61,867 | ||||||
Oshkosh Corp. | 859 | 66,152 | ||||||
Owens Corning | 1,446 | 97,807 | ||||||
PACCAR, Inc. | 3,034 | 260,439 | ||||||
Parker-Hannifin Corp. | 858 | 176,757 | ||||||
Pentair PLC | 1,024 | 46,223 | ||||||
Quanta Services, Inc. | 1,812 | 92,865 | ||||||
Raytheon Technologies Corp. | 11,314 | 690,154 | ||||||
Republic Services, Inc. | 1,661 | 154,008 | ||||||
Robert Half International, Inc. | 967 | 51,444 | ||||||
Rockwell Automation, Inc. | 453 | 104,430 | ||||||
Roper Technologies, Inc. | 219 | 93,555 | ||||||
Ryder System, Inc. | 2,496 | 102,086 | ||||||
Sensata Technologies Holding PLC(b) | 1,286 | 53,549 | ||||||
Snap-on, Inc. | 416 | 61,680 | ||||||
Southwest Airlines Co. | 2,572 | 96,656 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 2,629 | 54,052 | ||||||
Stanley Black & Decker, Inc. | 1,053 | 169,849 | ||||||
Textron, Inc. | 4,223 | 166,513 | ||||||
Trane Technologies PLC. | 1,789 | 211,800 | ||||||
TransDigm Group, Inc. | 197 | 98,435 | ||||||
Trinity Industries, Inc. | 2,023 | 41,411 | ||||||
Union Pacific Corp. | 3,831 | 737,238 | ||||||
United Airlines Holdings, Inc.(b) | 3,996 | 143,856 | ||||||
United Parcel Service, Inc., Class B | 5,660 | 926,089 | ||||||
United Rentals, Inc.(b) | 1,007 | 178,289 | ||||||
Univar Solutions, Inc.(b) | 2,912 | 52,969 | ||||||
Verisk Analytics, Inc. | 312 | 58,241 | ||||||
W.W. Grainger, Inc. | 267 | 97,570 | ||||||
Wabtec Corp. | 1,240 | 82,522 | ||||||
Waste Connections, Inc. | 851 | 85,126 | ||||||
Waste Management, Inc. | 1,889 | 215,346 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
WESCO International, Inc.(b) | 1,695 | $ | 79,411 | |||||
XPO Logistics, Inc.(b) | 1,840 | 162,417 | ||||||
Xylem, Inc. | 773 | 61,979 | ||||||
|
| |||||||
16,975,325 | ||||||||
|
| |||||||
Information Technology-21.48% | ||||||||
Accenture PLC, Class A | 2,363 | 566,955 | ||||||
Adobe, Inc.(b) | 657 | 337,297 | ||||||
Akamai Technologies, Inc.(b) | 592 | 68,927 | ||||||
Amdocs Ltd. | 890 | 54,495 | ||||||
Amphenol Corp., Class A | 1,159 | 127,258 | ||||||
Analog Devices, Inc. | 1,434 | 167,606 | ||||||
Apple, Inc. | 67,176 | 8,668,391 | ||||||
Applied Materials, Inc. | 4,482 | 276,091 | ||||||
Arrow Electronics, Inc.(b) | 2,049 | 160,969 | ||||||
Autodesk, Inc.(b) | 232 | 57,002 | ||||||
Automatic Data Processing, Inc. | 1,364 | 189,719 | ||||||
Avnet, Inc. | 3,896 | 107,179 | ||||||
Booz Allen Hamilton Holding Corp. | 576 | 50,723 | ||||||
Broadcom, Inc. | 2,465 | 855,725 | ||||||
Broadridge Financial Solutions, Inc. | 386 | 53,036 | ||||||
CACI International, Inc., Class A(b) | 148 | 34,660 | ||||||
Cadence Design Systems, Inc.(b) | 447 | 49,577 | ||||||
CDW Corp. | 968 | 110,013 | ||||||
Cisco Systems, Inc. | 28,714 | 1,212,305 | ||||||
Citrix Systems, Inc. | 395 | 57,354 | ||||||
Cognizant Technology Solutions Corp., Class A | 4,317 | 288,635 | ||||||
CommScope Holding Co., Inc.(b) | 3,796 | 39,099 | ||||||
Corning, Inc. | 8,997 | 292,043 | ||||||
Dell Technologies, Inc., Class C(b) | 13,825 | 913,556 | ||||||
DXC Technology Co. | 11,746 | 234,685 | ||||||
EchoStar Corp., Class A(b) | 1,236 | 36,314 | ||||||
F5 Networks, Inc.(b) | 240 | 31,759 | ||||||
Fiserv, Inc.(b) | 1,245 | 123,977 | ||||||
FleetCor Technologies, Inc.(b) | 298 | 74,932 | ||||||
Flex Ltd.(b) | 4,531 | 49,207 | ||||||
GoDaddy, Inc., Class A(b) | 435 | 36,401 | ||||||
Hewlett Packard Enterprise Co. | 34,527 | 333,876 | ||||||
HP, Inc. | 22,980 | 449,259 | ||||||
Intel Corp. | 27,995 | 1,426,345 | ||||||
International Business Machines Corp. | 7,097 | 875,131 | ||||||
Intuit, Inc. | 387 | 133,666 | ||||||
Jabil, Inc. | 3,478 | 118,774 | ||||||
Juniper Networks, Inc. | 2,740 | 68,500 | ||||||
Keysight Technologies, Inc.(b) | 500 | 49,260 | ||||||
KLA Corp. | 570 | 116,930 | ||||||
Lam Research Corp. | 850 | 285,889 | ||||||
Leidos Holdings, Inc. | 747 | 67,596 | ||||||
Marvell Technology Group Ltd. | 2,362 | 91,598 | ||||||
Mastercard, Inc., Class A | 1,536 | 550,180 | ||||||
Maxim Integrated Products, Inc. | 1,145 | 78,364 | ||||||
Microchip Technology, Inc. | 931 | 102,131 | ||||||
Micron Technology, Inc.(b) | 11,607 | 528,235 | ||||||
Microsoft Corp. | 14,966 | 3,375,282 | ||||||
Motorola Solutions, Inc. | 530 | 82,017 | ||||||
NCR Corp.(b) | 2,408 | 49,219 | ||||||
NetApp, Inc. | 2,593 | 122,882 | ||||||
NVIDIA Corp. | 546 | 292,099 | ||||||
ON Semiconductor Corp.(b) | 3,882 | 82,958 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 40 |
|
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2020
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Oracle Corp. | 17,880 | $ | 1,023,094 | |||||
Palo Alto Networks, Inc.(b) | 214 | 55,086 | ||||||
Paychex, Inc. | 1,055 | 80,676 | ||||||
PayPal Holdings, Inc.(b) | 1,892 | 386,233 | ||||||
Perspecta, Inc. | 1,543 | 32,048 | ||||||
Qorvo, Inc.(b) | 679 | 87,095 | ||||||
QUALCOMM, Inc. | 8,047 | 958,398 | ||||||
salesforce.com, inc.(b) | 1,193 | 325,271 | ||||||
Sanmina Corp.(b) | 1,396 | 39,507 | ||||||
Science Applications International Corp. | 422 | 35,220 | ||||||
Seagate Technology PLC | 2,535 | 121,655 | ||||||
ServiceNow, Inc.(b) | 125 | 60,252 | ||||||
Skyworks Solutions, Inc. | 752 | 108,927 | ||||||
SS&C Technologies Holdings, Inc. | 907 | 57,794 | ||||||
SYNNEX Corp. | 740 | 94,091 | ||||||
Synopsys, Inc.(b) | 330 | 73,029 | ||||||
TE Connectivity Ltd. | 2,537 | 245,074 | ||||||
Teradyne, Inc. | 768 | 65,257 | ||||||
Texas Instruments, Inc. | 3,926 | 558,081 | ||||||
Trimble, Inc.(b) | 1,003 | 52,567 | ||||||
VeriSign, Inc.(b) | 155 | 33,294 | ||||||
Visa, Inc., Class A | 4,112 | 871,703 | ||||||
VMware, Inc., Class A(b)(c) | 1,910 | 275,880 | ||||||
Western Digital Corp. | 3,535 | 135,815 | ||||||
Western Union Co. (The) | 3,055 | 72,067 | ||||||
Workday, Inc., Class A(b) | 210 | 50,339 | ||||||
Xerox Holdings Corp. | 6,384 | 120,402 | ||||||
Xilinx, Inc. | 869 | 90,515 | ||||||
Zebra Technologies Corp., Class A(b) | 156 | 44,699 | ||||||
|
| |||||||
30,760,150 | ||||||||
|
| |||||||
Materials-4.13% | ||||||||
Air Products and Chemicals, Inc. | 672 | 196,399 | ||||||
Albemarle Corp. | 744 | 67,711 | ||||||
Alcoa Corp.(b) | 9,898 | 144,709 | ||||||
Ashland Global Holdings, Inc. | 556 | 40,972 | ||||||
Avery Dennison Corp. | 510 | 58,849 | ||||||
Axalta Coating Systems Ltd.(b) | 1,662 | 39,639 | ||||||
Ball Corp. | 1,635 | 131,405 | ||||||
Berry Global Group, Inc.(b) | 1,330 | 68,548 | ||||||
Celanese Corp. | 1,292 | 130,686 | ||||||
CF Industries Holdings, Inc. | 3,096 | 101,022 | ||||||
Chemours Co. (The) | 4,439 | 91,710 | ||||||
Crown Holdings, Inc.(b) | 912 | 70,087 | ||||||
Domtar Corp. | 2,118 | 60,405 | ||||||
DuPont de Nemours, Inc. | 13,140 | 732,686 | ||||||
Eastman Chemical Co. | 1,660 | 121,363 | ||||||
Ecolab, Inc. | 764 | 150,569 | ||||||
FMC Corp. | 510 | 54,499 | ||||||
Freeport-McMoRan, Inc. | 14,472 | 225,908 | ||||||
Graphic Packaging Holding Co. | 2,919 | 40,808 | ||||||
Huntsman Corp. | 3,814 | 82,459 | ||||||
International Flavors & Fragrances, | 450 | 55,705 | ||||||
International Paper Co. | 6,582 | 238,729 | ||||||
Linde PLC (United Kingdom) | 2,633 | 657,565 | ||||||
Louisiana-Pacific Corp. | 1,763 | 58,073 | ||||||
LyondellBasell Industries N.V., Class A | 5,352 | 350,449 | ||||||
Martin Marietta Materials, Inc. | 344 | 69,787 | ||||||
Mosaic Co. (The) | 9,324 | 169,977 | ||||||
Newmont Corp. | 2,487 | 167,325 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
Nucor Corp. | 4,967 | $ | 225,800 | |||||
O-I Glass, Inc. | 5,160 | 56,141 | ||||||
Olin Corp. | 4,443 | 49,984 | ||||||
Packaging Corp. of America | 674 | 68,236 | ||||||
PPG Industries, Inc. | 1,502 | 180,841 | ||||||
Reliance Steel & Aluminum Co. | 990 | 103,821 | ||||||
RPM International, Inc. | 608 | 51,540 | ||||||
Sherwin-Williams Co. (The) | 253 | 169,776 | ||||||
Sonoco Products Co. | 778 | 41,257 | ||||||
Steel Dynamics, Inc. | 3,961 | 116,929 | ||||||
Ternium S.A., ADR (Mexico)(b) | 7,305 | 130,613 | ||||||
United States Steel Corp.(c) | 10,052 | 78,707 | ||||||
Vulcan Materials Co. | 618 | 74,160 | ||||||
Westrock Co. | 6,433 | 195,113 | ||||||
|
| |||||||
5,920,962 | ||||||||
|
| |||||||
Real Estate-0.74% | ||||||||
CBRE Group, Inc., Class A(b) | 3,095 | 145,558 | ||||||
Equinix, Inc. | 153 | 120,836 | ||||||
Host Hotels & Resorts, Inc. | 8,030 | 90,177 | ||||||
Iron Mountain, Inc.(c) | 2,422 | 72,878 | ||||||
Jones Lang LaSalle, Inc. | 824 | 84,905 | ||||||
Park Hotels & Resorts, Inc. | 5,544 | 52,613 | ||||||
Public Storage | 604 | 128,290 | ||||||
Realogy Holdings Corp. | 8,456 | 93,692 | ||||||
SBA Communications Corp., Class A | 174 | 53,256 | ||||||
Service Properties Trust. | 7,319 | 60,089 | ||||||
Weyerhaeuser Co. | 4,999 | 151,520 | ||||||
|
| |||||||
1,053,814 | ||||||||
|
| |||||||
Utilities-2.17% | ||||||||
AES Corp. (The) | 8,067 | 143,189 | ||||||
Alliant Energy Corp. | 1,047 | 56,695 | ||||||
Ameren Corp. | 1,509 | 119,377 | ||||||
American Electric Power Co., Inc. | 3,056 | 240,905 | ||||||
Atmos Energy Corp. | 551 | 55,001 | ||||||
CenterPoint Energy, Inc. | 6,325 | 126,943 | ||||||
CMS Energy Corp. | 1,390 | 84,081 | ||||||
Consolidated Edison, Inc. | 2,554 | 182,202 | ||||||
DTE Energy Co. | 1,531 | 181,684 | ||||||
Entergy Corp. | 1,478 | 146,529 | ||||||
Eversource Energy | 1,700 | 145,707 | ||||||
Exelon Corp. | 11,578 | 427,344 | ||||||
FirstEnergy Corp. | 3,212 | 91,831 | ||||||
MDU Resources Group, Inc. | 1,907 | 45,043 | ||||||
NiSource, Inc. | 2,864 | 63,466 | ||||||
NRG Energy, Inc. | 2,702 | 92,976 | ||||||
PG&E Corp.(b) | 15,655 | 144,965 | ||||||
Public Service Enterprise Group, Inc. | 3,880 | 202,691 | ||||||
UGI Corp. | 2,195 | 75,793 | ||||||
Vistra Corp. | 7,259 | 139,591 | ||||||
WEC Energy Group, Inc. | 1,545 | 145,354 | ||||||
Xcel Energy, Inc. | 2,849 | 197,934 | ||||||
|
| |||||||
3,109,301 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests |
| 142,886,402 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 41 |
|
Invesco RAFITM Strategic US ETF (IUS)—(continued)
August 31, 2020
Shares | Value | |||||||
Money Market Funds-0.01% |
| |||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 11,956 | $ | 11,956 | |||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.78% |
| 142,898,358 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.01% |
| |||||||
Invesco Private Government Fund, 0.03%(d)(e)(f) | 1,089,743 | 1,089,743 |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 363,180 | $ | 363,253 | |||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,452,996 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.79% |
| 144,351,354 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.79)% |
| (1,138,176 | ) | |||||
|
| |||||||
NET ASSETS-100.00%. | $ | 143,213,178 | ||||||
|
|
Investment Abbreviations:
ADR-American Depositary Receipt
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 26,635 | $ | 3,804,803 | $ | (3,819,482 | ) | $ | - | $ | - | $ | 11,956 | $ | 1,054 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 789,874 | 6,576,025 | (7,365,899 | ) | - | - | - | 5,900 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 263,103 | 1,842,446 | (2,105,375 | ) | - | (174 | ) | - | 2,230 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 6,973,633 | (5,883,890 | ) | - | - | 1,089,743 | 145 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,309,520 | (946,292 | ) | - | 25 | 363,253 | 103 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,079,612 | $ | 20,506,427 | $ | (20,120,938 | ) | $ | - | $ | (149 | ) | $ | 1,464,952 | $ | 9,432 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 42 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)
August 31, 2020
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Communication Services-4.35% | ||||||||
AMC Networks, Inc., Class A(b) | 1,421 | $ | 34,516 | |||||
ANGI Homeservices, Inc., Class A(b)(c) | 2,550 | 35,381 | ||||||
ATN International, Inc. | 134 | 7,772 | ||||||
Bandwidth, Inc., Class A(b) | 24 | 3,780 | ||||||
Boingo Wireless, Inc.(b) | 465 | 6,040 | ||||||
Cable One, Inc. | 13 | 23,924 | ||||||
Cardlytics, Inc.(b) | 22 | 1,669 | ||||||
Cargurus, Inc.(b) | 263 | 6,412 | ||||||
Cars.com, Inc.(b)(c) | 3,804 | 33,019 | ||||||
Cincinnati Bell, Inc.(b) | 877 | 13,208 | ||||||
Cinemark Holdings, Inc. | 3,910 | 57,282 | ||||||
Clear Channel Outdoor Holdings, | 622 | 728 | ||||||
Cogent Communications Holdings, Inc. | 135 | 9,080 | ||||||
comScore, Inc.(b) | 1,546 | 4,066 | ||||||
Consolidated Communications Holdings, Inc.(b) | 4,425 | 34,427 | ||||||
E.W. Scripps Co. (The), Class A | 1,711 | 19,026 | ||||||
Entercom Communications Corp., Class A | 18,096 | 27,144 | ||||||
Eros International PLC (India)(b)(c) | 2,709 | 8,425 | ||||||
Eventbrite, Inc., Class A(b)(c) | 723 | 7,772 | ||||||
EverQuote, Inc., Class A(b) | 18 | 639 | ||||||
Globalstar, Inc.(b) | 4,411 | 1,475 | ||||||
Glu Mobile, Inc.(b) | 412 | 3,271 | ||||||
Gogo, Inc.(b)(c) | 862 | 4,431 | ||||||
Gravity Co. Ltd., ADR (South Korea) | 53 | 4,716 | ||||||
Gray Television, Inc.(b) | 2,287 | 35,494 | ||||||
Iridium Communications, Inc.(b) | 859 | 24,061 | ||||||
John Wiley & Sons, Inc., Class A | 836 | 26,459 | ||||||
Liberty Latin America Ltd., Class A (Chile)(b) | 2,788 | 27,322 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A(b) | 13,489 | 37,769 | ||||||
Lions Gate Entertainment Corp., Class A(b)(c) | 6,695 | 65,209 | ||||||
Madison Square Garden Sports Corp., Class A(b) | 180 | 29,520 | ||||||
Manchester United PLC, Class A (United Kingdom) | 221 | 3,399 | ||||||
Marcus Corp. (The) | 1,096 | 17,174 | ||||||
Match Group, Inc.(b) | 669 | 74,714 | ||||||
Meredith Corp. | 3,178 | 44,492 | ||||||
MSG Networks, Inc., Class A(b)(c) | 443 | 4,315 | ||||||
National CineMedia, Inc. | 2,434 | 8,787 | ||||||
Netflix, Inc.(b) | 106 | 56,133 | ||||||
New York Times Co. (The), Class A | 571 | 24,741 | ||||||
Nexstar Media Group, Inc., Class A | 699 | 67,111 | ||||||
ORBCOMM, Inc.(b) | 1,455 | 5,835 | ||||||
QuinStreet, Inc.(b) | 506 | 6,654 | ||||||
Roku, Inc.(b) | 77 | 13,358 | ||||||
Scholastic Corp. | 776 | 17,460 | ||||||
Shenandoah Telecommunications Co. | 315 | 17,420 | ||||||
Snap, Inc., Class A(b) | 505 | 11,408 | ||||||
Spok Holdings, Inc. | 372 | 4,032 | ||||||
TechTarget, Inc.(b) | 120 | 4,762 | ||||||
TEGNA, Inc. | 3,655 | 45,761 | ||||||
Tribune Publishing Co. | 598 | 6,787 | ||||||
TripAdvisor, Inc. | 2,360 | 55,153 | ||||||
TrueCar, Inc.(b) | 1,815 | 8,585 | ||||||
United States Cellular Corp.(b) | 697 | 25,357 | ||||||
Vonage Holdings Corp.(b) | 1,372 | 15,709 | ||||||
WideOpenWest, Inc.(b) | 1,257 | 7,228 | ||||||
World Wrestling Entertainment, Inc., Class A | 385 | 16,967 |
Shares | Value | |||||||
Communication Services-(continued) |
| |||||||
Yelp, Inc.(b) | 2,078 | $ | 48,043 | |||||
Zillow Group, Inc., Class C(b) | 381 | 32,675 | ||||||
Zynga, Inc., Class A(b) | 3,252 | 29,463 | ||||||
|
| |||||||
1,267,560 | ||||||||
|
| |||||||
Consumer Discretionary-18.01% | ||||||||
1-800-Flowers.com, Inc., Class A(b) | 465 | 13,917 | ||||||
Aaron’s, Inc. | 1,525 | 85,232 | ||||||
Abercrombie & Fitch Co., Class A | 3,367 | 43,805 | ||||||
Accel Entertainment, Inc.(b) | 79 | 937 | ||||||
Acushnet Holdings Corp. | 353 | 12,457 | ||||||
Adtalem Global Education, Inc.(b) | 992 | 32,934 | ||||||
American Eagle Outfitters, Inc. | 5,889 | 74,260 | ||||||
American Outdoor Brands, Inc.(b) | 173 | 2,635 | ||||||
American Public Education, Inc.(b) | 190 | 5,974 | ||||||
America’s Car-Mart, Inc.(b) | 84 | 8,442 | ||||||
Asbury Automotive Group, Inc.(b) | 749 | 79,237 | ||||||
At Home Group, Inc.(b) | 4,051 | 77,415 | ||||||
BBX Capital Corp. | 1,224 | 18,850 | ||||||
Beazer Homes USA, Inc.(b) | 2,372 | 29,033 | ||||||
Big Lots, Inc. | 1,553 | 73,224 | ||||||
Biglari Holdings, Inc., Class B(b) | 69 | 6,838 | ||||||
BJ’s Restaurants, Inc. | 827 | 26,067 | ||||||
Bloomin’ Brands, Inc. | 3,340 | 47,896 | ||||||
Boot Barn Holdings, Inc.(b)(c) | 371 | 10,473 | ||||||
Boyd Gaming Corp. | 1,856 | 49,704 | ||||||
Bright Horizons Family Solutions, Inc.(b) | 274 | 36,445 | ||||||
Brinker International, Inc. | 1,343 | 60,489 | ||||||
Buckle, Inc. (The) | 637 | 11,937 | ||||||
Caesars Entertainment, Inc.(b) | 1,115 | 51,067 | ||||||
Caleres, Inc. | 4,112 | 32,115 | ||||||
Callaway Golf Co. | 1,147 | 23,926 | ||||||
Camping World Holdings, Inc., Class A | 1,606 | 46,670 | ||||||
Carrols Restaurant Group, Inc.(b) | 1,629 | 10,849 | ||||||
Carter’s, Inc. | 622 | 49,524 | ||||||
Cato Corp. (The), Class A | 848 | 6,784 | ||||||
Cavco Industries, Inc.(b) | 68 | 12,982 | ||||||
Century Communities, Inc.(b) | 521 | 18,589 | ||||||
Cheesecake Factory, Inc. (The)(c) | 1,422 | 41,992 | ||||||
Chegg, Inc.(b) | 199 | 14,674 | ||||||
Chico’s FAS, Inc. | 17,238 | 22,065 | ||||||
Children’s Place, Inc. (The)(c) | 772 | 15,413 | ||||||
Choice Hotels International, Inc. | 203 | 20,156 | ||||||
Churchill Downs, Inc. | 208 | 36,350 | ||||||
Chuy’s Holdings, Inc.(b) | 350 | 7,784 | ||||||
Citi Trends, Inc. | 623 | 12,043 | ||||||
Columbia Sportswear Co. | 420 | 35,939 | ||||||
Conn’s, Inc.(b) | 2,350 | 30,033 | ||||||
Cooper Tire & Rubber Co. | 1,394 | 48,191 | ||||||
Cooper-Standard Holdings, Inc.(b) | 2,779 | 50,355 | ||||||
Cracker Barrel Old Country Store, Inc. | 452 | 60,437 | ||||||
Crocs, Inc.(b) | 894 | 35,680 | ||||||
Dave & Buster’s Entertainment, Inc.(c) | 3,316 | 55,145 | ||||||
Deckers Outdoor Corp.(b) | 259 | 52,802 | ||||||
Delphi Technologies PLC(b) | 3,166 | 54,993 | ||||||
Denny’s Corp.(b) | 815 | 9,340 | ||||||
Designer Brands, Inc., Class A | 6,949 | 48,990 | ||||||
Dillard’s, Inc., Class A(c) | 1,783 | 53,864 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 43 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Dine Brands Global, Inc. | 367 | $ | 21,859 | |||||
Domino’s Pizza, Inc. | 104 | 42,532 | ||||||
Dorman Products, Inc.(b) | 194 | 16,430 | ||||||
Dunkin’ Brands Group, Inc. | 292 | 22,215 | ||||||
El Pollo Loco Holdings, Inc.(b) | 259 | 4,628 | ||||||
Ethan Allen Interiors, Inc. | 804 | 11,449 | ||||||
Etsy, Inc.(b) | 252 | 30,164 | ||||||
Everi Holdings, Inc.(b)(c) | 1,486 | 11,531 | ||||||
Express, Inc.(b) | 9,426 | 10,463 | ||||||
Farfetch Ltd., Class A (United Kingdom)(b)(c) | 420 | 11,630 | ||||||
Fiesta Restaurant Group, Inc.(b) | 887 | 8,888 | ||||||
Five Below, Inc.(b) | 210 | 22,985 | ||||||
Floor & Decor Holdings, Inc., | 412 | 30,175 | ||||||
Fossil Group, Inc.(b) | 5,233 | 33,674 | ||||||
Fox Factory Holding Corp.(b) | 133 | 13,408 | ||||||
Frontdoor, Inc.(b) | 223 | 9,716 | ||||||
Funko, Inc., Class A(b)(c) | 1,204 | 7,031 | ||||||
GameStop Corp., Class A(b)(c) | 10,717 | 71,590 | ||||||
Garrett Motion, Inc. (Switzerland)(b) | 612 | 1,683 | ||||||
Genesco, Inc.(b) | 1,751 | 34,145 | ||||||
Gentherm, Inc.(b) | 472 | 21,349 | ||||||
G-III Apparel Group Ltd.(b) | 2,927 | 32,373 | ||||||
Golden Entertainment, Inc.(b) | 831 | 10,670 | ||||||
GoPro, Inc., Class A(b) | 1,494 | 6,857 | ||||||
Graham Holdings Co., Class B | 132 | 56,489 | ||||||
Grand Canyon Education, Inc.(b) | 244 | 22,946 | ||||||
Groupon, Inc.(b) | 799 | 25,432 | ||||||
Grubhub, Inc.(b) | 425 | 30,749 | ||||||
Guess?, Inc. | 2,762 | 31,763 | ||||||
H&R Block, Inc. | 3,525 | 51,112 | ||||||
Haverty Furniture Cos., Inc. | 620 | 13,094 | ||||||
Helen of Troy Ltd.(b) | 172 | 35,573 | ||||||
Hibbett Sports, Inc.(b) | 748 | 24,961 | ||||||
Hilton Grand Vacations, Inc.(b) | 1,534 | 33,610 | ||||||
Hooker Furniture Corp. | 397 | 9,786 | ||||||
Houghton Mifflin Harcourt Co.(b) | 13,867 | 31,339 | ||||||
Hudson Ltd., Class A(b) | 2,286 | 17,236 | ||||||
Installed Building Products, Inc.(b) | 216 | 18,753 | ||||||
International Game Technology PLC | 4,691 | 52,211 | ||||||
iRobot Corp.(b)(c) | 201 | 14,880 | ||||||
Jack in the Box, Inc. | 257 | 21,174 | ||||||
Johnson Outdoors, Inc., Class A | 95 | 8,142 | ||||||
K12, Inc.(b) | 533 | 19,833 | ||||||
KB Home | 1,808 | 64,654 | ||||||
Lands’ End, Inc.(b) | 760 | 10,169 | ||||||
Laureate Education, Inc., Class A(b) | 5,488 | 68,710 | ||||||
La-Z-Boy, Inc. | 860 | 27,950 | ||||||
LCI Industries | 321 | 36,475 | ||||||
LGI Homes, Inc.(b) | 143 | 15,996 | ||||||
Lindblad Expeditions Holdings, Inc.(b) | 458 | 4,536 | ||||||
Liquidity Services, Inc.(b) | 243 | 1,752 | ||||||
M.D.C. Holdings, Inc. | 873 | 37,871 | ||||||
M/I Homes, Inc.(b) | 761 | 32,388 | ||||||
Magnite, Inc.(b) | 359 | 2,639 | ||||||
Malibu Boats, Inc., Class A(b) | 180 | 9,333 | ||||||
Marine Products Corp. | 92 | 1,329 | ||||||
MarineMax, Inc.(b) | 604 | 17,764 | ||||||
Mattel, Inc.(b) | 3,576 | 38,424 | ||||||
MercadoLibre, Inc. (Argentina)(b) | 43 | 50,249 | ||||||
Meritage Homes Corp.(b) | 761 | 73,079 |
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Michaels Cos., Inc. (The)(b)(c) | 6,429 | $ | 72,326 | |||||
Modine Manufacturing Co.(b) | 4,374 | 29,612 | ||||||
Monarch Casino & Resort, Inc.(b) | 118 | 5,429 | ||||||
Monro, Inc. | 319 | 14,703 | ||||||
Motorcar Parts of America, Inc.(b) | 224 | 3,900 | ||||||
Movado Group, Inc. | 875 | 9,546 | ||||||
National Vision Holdings, Inc.(b) | 750 | 28,178 | ||||||
Noodles & Co.(b) | 487 | 3,706 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 214 | 20,446 | ||||||
OneSpaWorld Holdings Ltd. (Bahamas) | 1,015 | 7,034 | ||||||
Overstock.com, Inc.(b) | 277 | 24,238 | ||||||
Oxford Industries, Inc. | 345 | 17,088 | ||||||
Papa John’s International, Inc. | 102 | 10,026 | ||||||
Penn National Gaming, Inc.(b) | 2,617 | 133,729 | ||||||
Perdoceo Education Corp.(b) | 576 | 8,277 | ||||||
PetMed Express, Inc.(c) | 141 | 4,901 | ||||||
Planet Fitness, Inc., Class A(b) | 519 | 31,550 | ||||||
Playa Hotels & Resorts N.V.(b) | 4,130 | 17,429 | ||||||
PlayAGS, Inc.(b) | 1,147 | 4,588 | ||||||
Pool Corp. | 155 | 50,815 | ||||||
Quotient Technology, Inc.(b) | 1,364 | 11,880 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 783 | 8,691 | ||||||
Red Rock Resorts, Inc., Class A | 2,242 | 38,282 | ||||||
Regis Corp.(b) | 1,505 | 11,122 | ||||||
Rent-A-Center, Inc. | 929 | 28,520 | ||||||
RH(b) | 222 | 73,382 | ||||||
Ruth’s Hospitality Group, Inc. | 826 | 8,487 | ||||||
Sally Beauty Holdings, Inc.(b) | 2,884 | 32,185 | ||||||
Scientific Games Corp.(b) | 656 | 13,569 | ||||||
SeaWorld Entertainment, Inc.(b) | 1,484 | 30,274 | ||||||
ServiceMaster Global Holdings, Inc.(b) | 1,320 | 52,668 | ||||||
Shake Shack, Inc., Class A(b)(c) | 134 | 9,146 | ||||||
Shoe Carnival, Inc. | 317 | 10,423 | ||||||
Shutterstock, Inc. | 161 | 8,102 | ||||||
Six Flags Entertainment Corp. | 1,386 | 30,118 | ||||||
Skyline Champion Corp.(b) | 597 | 17,038 | ||||||
Sleep Number Corp.(b) | 721 | 34,608 | ||||||
Smith & Wesson Brands, Inc.(b) | 693 | 12,654 | ||||||
Sonic Automotive, Inc., Class A | 1,972 | 83,337 | ||||||
Sonos, Inc.(b) | 1,027 | 14,450 | ||||||
Stamps.com, Inc.(b) | 93 | 23,189 | ||||||
Standard Motor Products, Inc. | 287 | 13,041 | ||||||
Steven Madden Ltd. | 1,291 | 27,318 | ||||||
Stitch Fix, Inc., Class A(b)(c) | 513 | 12,389 | ||||||
Stoneridge, Inc.(b) | 532 | 10,746 | ||||||
Strategic Education, Inc. | 131 | 13,437 | ||||||
Sturm Ruger & Co., Inc. | 111 | 7,865 | ||||||
Tempur Sealy International, Inc.(b) | 521 | 44,566 | ||||||
Texas Roadhouse, Inc. | 846 | 53,290 | ||||||
TopBuild Corp.(b) | 364 | 55,983 | ||||||
TRI Pointe Group, Inc.(b) | 3,878 | 65,461 | ||||||
Tupperware Brands Corp. | 6,470 | 105,396 | ||||||
Under Armour, Inc., Class A(b)(c) | 7,028 | 68,945 | ||||||
Unifi, Inc.(b) | 507 | 6,201 | ||||||
Universal Electronics, Inc.(b) | 182 | 7,477 | ||||||
Urban Outfitters, Inc.(b) | 1,915 | 45,079 | ||||||
Veoneer, Inc. (Sweden)(b)(c) | 1,688 | 23,429 | ||||||
Vera Bradley, Inc.(b) | 873 | 4,601 | ||||||
Vista Outdoor, Inc.(b) | 1,974 | 38,315 | ||||||
Visteon Corp.(b) | 390 | 29,418 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 44 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Consumer Discretionary-(continued) |
| |||||||
Wayfair, Inc., Class A(b)(c) | 161 | $ | 47,746 | |||||
Wendy’s Co. (The) | 1,596 | 33,420 | ||||||
Wingstop, Inc. | 31 | 5,065 | ||||||
Winmark Corp. | 20 | 3,089 | ||||||
Winnebago Industries, Inc. | 364 | 19,649 | ||||||
Wolverine World Wide, Inc. | 2,177 | 54,381 | ||||||
WW International, Inc.(b) | 290 | 6,809 | ||||||
Wyndham Destinations, Inc. | 2,233 | 64,735 | ||||||
Wyndham Hotels & Resorts, Inc. | 950 | 49,742 | ||||||
YETI Holdings, Inc.(b) | 154 | 7,913 | ||||||
Zumiez, Inc.(b) | 441 | 11,325 | ||||||
|
| |||||||
5,253,276 | ||||||||
|
| |||||||
Consumer Staples-4.22% | ||||||||
Alico, Inc. | 81 | 2,618 | ||||||
Andersons, Inc. (The) | 3,729 | 66,115 | ||||||
B&G Foods, Inc.(c) | 1,002 | 31,202 | ||||||
Boston Beer Co., Inc. (The), | 31 | 27,341 | ||||||
Calavo Growers, Inc. | 166 | 10,536 | ||||||
Cal-Maine Foods, Inc.(b) | 362 | 13,970 | ||||||
Central Garden & Pet Co., Class A(b) | 758 | 28,167 | ||||||
Chefs’ Warehouse, Inc. (The)(b) | 695 | 10,293 | ||||||
Coca-Cola Consolidated, Inc. | 96 | 26,237 | ||||||
Coty, Inc., Class A | 12,664 | 45,337 | ||||||
Darling Ingredients, Inc.(b) | 2,250 | 71,932 | ||||||
Edgewell Personal Care Co.(b) | 1,041 | 29,887 | ||||||
elf Beauty, Inc.(b) | 255 | 4,980 | ||||||
Energizer Holdings, Inc. | 534 | 24,719 | ||||||
Farmer Brothers Co.(b) | 568 | 3,573 | ||||||
Flowers Foods, Inc. | 1,855 | 45,373 | ||||||
Fresh Del Monte Produce, Inc. | 1,219 | 28,269 | ||||||
Freshpet, Inc.(b) | 36 | 4,090 | ||||||
Hain Celestial Group, Inc. (The)(b) | 777 | 25,478 | ||||||
Herbalife Nutrition Ltd.(b) | 919 | 45,169 | ||||||
Hostess Brands, Inc.(b) | 1,513 | 19,427 | ||||||
Ingles Markets, Inc., Class A | 705 | 28,482 | ||||||
Inter Parfums, Inc. | 146 | 6,522 | ||||||
J&J Snack Foods Corp. | 115 | 15,634 | ||||||
John B. Sanfilippo & Son, Inc. | 122 | 9,716 | ||||||
Lamb Weston Holdings, Inc. | 887 | 55,748 | ||||||
Lancaster Colony Corp. | 125 | 22,215 | ||||||
Medifast, Inc. | 102 | 16,597 | ||||||
MGP Ingredients, Inc. | 106 | 3,768 | ||||||
National Beverage Corp.(b)(c) | 81 | 6,587 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 185 | 2,168 | ||||||
Nomad Foods Ltd. (United Kingdom)(b) | 1,802 | 44,437 | ||||||
Nu Skin Enterprises, Inc., Class A | 840 | 39,707 | ||||||
Pilgrim’s Pride Corp.(b) | 879 | 14,064 | ||||||
PriceSmart, Inc. | 416 | 27,352 | ||||||
Sanderson Farms, Inc. | 241 | 28,187 | ||||||
Seaboard Corp. | 4 | 10,732 | ||||||
Seneca Foods Corp., Class A(b) | 352 | 16,671 | ||||||
Simply Good Foods Co. (The)(b) | 548 | 13,618 | ||||||
SpartanNash Co. | 2,823 | 56,404 | ||||||
Spectrum Brands Holdings, Inc. | 1,231 | 73,368 | ||||||
Sprouts Farmers Market, Inc.(b) | 2,086 | 48,708 | ||||||
Tootsie Roll Industries, Inc.(c) | 267 | 8,541 | ||||||
TreeHouse Foods, Inc.(b) | 865 | 37,031 | ||||||
Turning Point Brands, Inc. | 70 | 2,023 | ||||||
Universal Corp. | 633 | 27,479 |
Shares | Value | |||||||
Consumer Staples-(continued) | ||||||||
USANA Health Sciences, Inc.(b) | 139 | $ | 10,899 | |||||
Vector Group Ltd. | 1,443 | 14,531 | ||||||
WD-40 Co. | 48 | 9,810 | ||||||
Weis Markets, Inc. | 342 | 16,837 | ||||||
|
| |||||||
1,232,549 | ||||||||
|
| |||||||
Energy-4.89% | ||||||||
Arch Resources, Inc. | 1,546 | 58,238 | ||||||
Archrock, Inc. | 4,512 | 29,599 | ||||||
Berry Corp. | 5,409 | 21,311 | ||||||
Bonanza Creek Energy, Inc.(b) | 795 | 15,932 | ||||||
Cactus, Inc., Class A | 654 | 14,447 | ||||||
Callon Petroleum Co.(b)(c) | 5,602 | 37,141 | ||||||
Centennial Resource Development, Inc., Class A(b) | 36,613 | 26,588 | ||||||
ChampionX Corp.(b) | 3,004 | 30,761 | ||||||
Clean Energy Fuels Corp.(b) | 2,161 | 5,705 | ||||||
Comstock Resources, Inc.(b) | 1,065 | 6,134 | ||||||
CONSOL Energy, Inc.(b) | 3,350 | 17,320 | ||||||
Continental Resources, Inc.(c) | 2,752 | 47,279 | ||||||
Core Laboratories N.V. | 677 | 14,170 | ||||||
DHT Holdings, Inc. | 1,898 | 10,040 | ||||||
DMC Global, Inc. | 189 | 6,696 | ||||||
Dorian LPG Ltd.(b) | 1,230 | 10,381 | ||||||
Dril-Quip, Inc.(b) | 521 | 17,261 | ||||||
Equitrans Midstream Corp. | 6,115 | 62,862 | ||||||
Exterran Corp.(b) | 3,414 | 15,704 | ||||||
Frank’s International N.V.(b) | 3,597 | 8,309 | ||||||
Golar LNG Ltd. (Bermuda)(b) | 3,205 | 33,172 | ||||||
Green Plains, Inc.(b) | 3,119 | 41,732 | ||||||
Gulfport Energy Corp.(b) | 28,728 | 20,273 | ||||||
Helix Energy Solutions Group, Inc.(b) | 9,089 | 32,539 | ||||||
International Seaways, Inc. | 491 | 8,327 | ||||||
Kosmos Energy Ltd. (Ghana) | 21,856 | 32,128 | ||||||
Laredo Petroleum, Inc.(b) | 1,347 | 22,023 | ||||||
Liberty Oilfield Services, Inc., Class A | 4,225 | 27,251 | ||||||
Magnolia Oil & Gas Corp., Class A(b) | 5,238 | 33,733 | ||||||
Matador Resources Co.(b)(c) | 4,418 | 42,987 | ||||||
Matrix Service Co.(b) | 1,351 | 12,483 | ||||||
Montage Resources Corp.(b) | 1,949 | 10,057 | ||||||
Nabors Industries Ltd.(c) | 2,951 | 117,981 | ||||||
NACCO Industries, Inc., Class A | 97 | 1,989 | ||||||
Navigator Holdings Ltd.(b) | 1,029 | 9,529 | ||||||
Newpark Resources, Inc.(b) | 6,912 | 13,478 | ||||||
Nordic American Tankers Ltd.(c) | 1,500 | 6,540 | ||||||
Northern Oil and Gas, Inc.(b)(c) | 13,045 | 8,851 | ||||||
Oasis Petroleum, Inc.(b) | 124,109 | 68,930 | ||||||
Oceaneering International, Inc.(b) | 4,563 | 24,595 | ||||||
Oil States International, Inc.(b) | 6,406 | �� | 28,122 | |||||
Par Pacific Holdings, Inc.(b) | 3,670 | 31,856 | ||||||
ProPetro Holding Corp.(b) | 4,827 | 30,314 | ||||||
QEP Resources, Inc. | 62,826 | 81,674 | ||||||
Renewable Energy Group, Inc.(b) | 760 | 25,407 | ||||||
REX American Resources Corp.(b) | 91 | 5,622 | ||||||
RPC, Inc.(b) | 2,134 | 6,679 | ||||||
Scorpio Tankers, Inc. (Monaco) | 1,176 | 13,924 | ||||||
SEACOR Holdings, Inc.(b) | 472 | 14,920 | ||||||
Select Energy Services, Inc., Class A(b) | 4,148 | 19,786 | ||||||
SM Energy Co. | 16,207 | 39,383 | ||||||
Teekay Corp. (Bermuda)(b) | 6,229 | 15,884 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 45 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Energy-(continued) | ||||||||
Texas Pacific Land Trust(c) | 36 | $ | 18,962 | |||||
Tidewater, Inc.(b) | 2,104 | 14,455 | ||||||
US Silica Holdings, Inc. | 11,547 | 51,500 | ||||||
W&T Offshore, Inc.(b)(c) | 2,100 | 4,683 | ||||||
|
| |||||||
1,427,647 | ||||||||
|
| |||||||
Financials-5.89% | ||||||||
AMERISAFE, Inc. | 211 | 14,080 | ||||||
Argo Group International Holdings Ltd. | 1,024 | 38,031 | ||||||
Artisan Partners Asset Management, Inc., Class A | 977 | 37,820 | ||||||
BGC Partners, Inc., Class A. | 8,741 | 22,027 | ||||||
Blucora, Inc.(b) | 1,040 | 12,407 | ||||||
Brightsphere Investment Group, Inc. | 1,891 | 26,209 | ||||||
Brown & Brown, Inc. | 1,419 | 65,842 | ||||||
Cannae Holdings, Inc.(b) | 126 | 4,754 | ||||||
Citizens, Inc.(b)(c) | 836 | 4,891 | ||||||
Cohen & Steers, Inc. | 140 | 8,470 | ||||||
Compass Diversified Holdings | 1,091 | 19,093 | ||||||
Cowen, Inc., Class A | 761 | 13,766 | ||||||
Crawford & Co., Class A | 854 | 5,858 | ||||||
Credit Acceptance Corp.(b)(c) | 131 | 50,671 | ||||||
Diamond Hill Investment Group, Inc. | 65 | 8,054 | ||||||
Donegal Group, Inc., Class A | 378 | 5,455 | ||||||
Donnelley Financial Solutions, Inc.(b) | 1,123 | 12,241 | ||||||
Eaton Vance Corp. | 1,555 | 63,786 | ||||||
eHealth, Inc.(b) | 37 | 2,335 | ||||||
Employers Holdings, Inc. | 719 | 23,425 | ||||||
Encore Capital Group, Inc.(b) | 613 | 28,161 | ||||||
Enova International, Inc.(b) | 3,186 | 54,417 | ||||||
Erie Indemnity Co., Class A. | 124 | 26,467 | ||||||
Essent Group Ltd. | 1,527 | 54,514 | ||||||
Evercore, Inc., Class A | 852 | 52,722 | ||||||
EZCORP, Inc., Class A(b) | 2,359 | 12,691 | ||||||
FactSet Research Systems, Inc. | 149 | 52,210 | ||||||
Federated Hermes, Inc., Class B | 1,308 | 31,274 | ||||||
FirstCash, Inc. | 487 | 29,098 | ||||||
Focus Financial Partners, Inc., Class A(b) | 366 | 12,953 | ||||||
Freedom Holding Corp. | 77 | 1,835 | ||||||
Goosehead Insurance, Inc., Class A | 42 | 4,316 | ||||||
Green Dot Corp., Class A(b) | 670 | 34,880 | ||||||
Greenhill & Co., Inc. | 734 | 8,235 | ||||||
Hamilton Lane, Inc., Class A | 89 | 6,507 | ||||||
Heritage Insurance Holdings, Inc. | 827 | 10,792 | ||||||
Houlihan Lokey, Inc. | 421 | 24,671 | ||||||
James River Group Holdings Ltd. | 1,081 | 52,656 | ||||||
Kinsale Capital Group, Inc. | 64 | 13,263 | ||||||
LendingTree, Inc.(b)(c) | 51 | 15,756 | ||||||
MarketAxess Holdings, Inc. | 43 | 20,895 | ||||||
Mercury General Corp. | 662 | 29,611 | ||||||
Moelis & Co., Class A | 970 | 30,953 | ||||||
Morningstar, Inc. | 94 | 15,054 | ||||||
National General Holdings Corp. | 2,046 | 69,666 | ||||||
NMI Holdings, Inc., Class A(b) | 1,077 | 18,471 | ||||||
Oppenheimer Holdings, Inc., Class A | 430 | 10,505 | ||||||
Piper Sandler Cos. | 390 | 29,425 | ||||||
PJT Partners, Inc., Class A | 225 | 13,316 | ||||||
PRA Group, Inc.(b) | 476 | 22,217 | ||||||
Primerica, Inc. | 502 | 62,675 | ||||||
ProAssurance Corp. | 1,816 | 27,821 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Protective Insurance Corp. | 495 | $ | 7,108 | |||||
RLI Corp. | 314 | 29,450 | ||||||
Safety Insurance Group, Inc. | 195 | 14,118 | ||||||
SEI Investments Co. | 1,015 | 53,145 | ||||||
Selective Insurance Group, Inc. | 958 | 57,298 | ||||||
State Auto Financial Corp. | 249 | 3,842 | ||||||
Stewart Information Services Corp. | 643 | 27,437 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) | 2,132 | 18,250 | ||||||
Trupanion, Inc.(b)(c) | 93 | 5,834 | ||||||
United Fire Group, Inc. | 624 | 15,712 | ||||||
United Insurance Holdings Corp. | 720 | 5,450 | ||||||
Universal Insurance Holdings, Inc. | 850 | 15,768 | ||||||
Virtu Financial, Inc., Class A | 767 | 19,812 | ||||||
Virtus Investment Partners, Inc. | 87 | 12,345 | ||||||
Waddell & Reed Financial, Inc., Class A | 2,214 | 34,870 | ||||||
Walker & Dunlop, Inc. | 663 | 36,319 | ||||||
Westwood Holdings Group, Inc. | 215 | 2,447 | ||||||
WisdomTree Investments, Inc. | 1,847 | 6,908 | ||||||
World Acceptance Corp.(b)(c) | 371 | 33,757 | ||||||
|
| |||||||
1,717,112 | ||||||||
|
| |||||||
Health Care-8.88% | ||||||||
ABIOMED, Inc.(b) | 124 | 38,145 | ||||||
AC Immune S.A. (Switzerland)(b)(c) | 222 | 1,723 | ||||||
Acadia Healthcare Co., Inc.(b) | 1,719 | 53,134 | ||||||
Acceleron Pharma, Inc.(b) | 2 | 195 | ||||||
Accuray, Inc.(b) | 825 | 1,922 | ||||||
AdaptHealth Corp.(b) | 55 | 1,168 | ||||||
Addus HomeCare Corp.(b) | 69 | 6,463 | ||||||
Alkermes PLC(b) | 1,049 | 17,350 | ||||||
Allscripts Healthcare Solutions, Inc.(b) | 4,111 | 36,711 | ||||||
Alnylam Pharmaceuticals, Inc.(b) | 14 | 1,857 | ||||||
AMAG Pharmaceuticals, Inc.(b)(c) | 489 | 5,066 | ||||||
Amedisys, Inc.(b) | 115 | 27,818 | ||||||
American Renal Associates Holdings, Inc.(b) | 748 | 5,042 | ||||||
AMN Healthcare Services, Inc.(b) | 608 | 32,735 | ||||||
Amneal Pharmaceuticals, Inc.(b) | 2,565 | 10,542 | ||||||
Amphastar Pharmaceuticals, Inc.(b) | 267 | 5,441 | ||||||
AngioDynamics, Inc.(b) | 628 | 5,881 | ||||||
ANI Pharmaceuticals, Inc.(b) | 102 | 3,199 | ||||||
Anika Therapeutics, Inc.(b) | 164 | 6,286 | ||||||
Antares Pharma, Inc.(b) | 166 | 470 | ||||||
Apollo Medical Holdings, Inc.(b) | 207 | 3,910 | ||||||
Arrowhead Pharmaceuticals, Inc.(b) | 124 | 5,238 | ||||||
AtriCure, Inc.(b) | 58 | 2,594 | ||||||
Atrion Corp. | 5 | 3,159 | ||||||
Avanos Medical, Inc.(b) | 347 | 11,243 | ||||||
AxoGen, Inc.(b) | 94 | 1,116 | ||||||
BioMarin Pharmaceutical, Inc.(b) | 347 | 27,076 | ||||||
Bio-Rad Laboratories, Inc., Class A(b) | 118 | 60,014 | ||||||
Bio-Techne Corp. | 82 | 20,948 | ||||||
BioTelemetry, Inc.(b) | 162 | 6,412 | ||||||
Brookdale Senior Living, Inc.(b) | 11,223 | 30,863 | ||||||
Bruker Corp. | 470 | 19,749 | ||||||
Cantel Medical Corp. | 334 | 17,528 | ||||||
Cardiovascular Systems, Inc.(b) | 74 | 2,418 | ||||||
CareDx, Inc.(b) | 42 | 1,434 | ||||||
Catalent, Inc.(b) | 463 | 42,827 | ||||||
Charles River Laboratories International, Inc.(b) | 216 | 47,293 | ||||||
Chemed Corp. | 68 | 35,163 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 46 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Codexis, Inc.(b) | 54 | $ | 745 | |||||
Collegium Pharmaceutical, Inc.(b) | 175 | 3,336 | ||||||
Community Health Systems, Inc.(b) | 20,266 | 104,775 | ||||||
Computer Programs & Systems, Inc. | 175 | 4,788 | ||||||
CONMED Corp. | 184 | 15,881 | ||||||
Corcept Therapeutics, Inc.(b) | 601 | 7,633 | ||||||
CorVel Corp.(b) | 91 | 7,555 | ||||||
CRISPR Therapeutics AG (Switzerland)(b) | 45 | 4,206 | ||||||
Cross Country Healthcare, Inc.(b) | 1,003 | 6,409 | ||||||
CryoLife, Inc.(b) | 172 | 3,478 | ||||||
CryoPort, Inc.(b)(c) | 26 | 1,442 | ||||||
DexCom, Inc.(b) | 44 | 18,718 | ||||||
Dicerna Pharmaceuticals, Inc.(b) | 173 | 3,204 | ||||||
Eagle Pharmaceuticals, Inc.(b) | 115 | 4,563 | ||||||
Eidos Therapeutics, Inc.(b) | 1 | 43 | ||||||
Emergent BioSolutions, Inc.(b) | 152 | 17,336 | ||||||
Enanta Pharmaceuticals, Inc.(b) | 103 | 5,376 | ||||||
Endo International PLC(b) | 3,879 | 11,676 | ||||||
Ensign Group, Inc. (The) | 499 | 29,211 | ||||||
Evolent Health, Inc., Class A(b) | 1,317 | 18,873 | ||||||
Exact Sciences Corp.(b) | 89 | 6,701 | ||||||
Exelixis, Inc.(b) | 1,126 | 25,020 | ||||||
FibroGen, Inc.(b) | 97 | 4,349 | ||||||
Fluidigm Corp.(b) | 132 | 1,036 | ||||||
Glaukos Corp.(b)(c) | 91 | 4,353 | ||||||
Global Cord Blood Corp. (Hong Kong)(b) | 850 | 2,967 | ||||||
Globus Medical, Inc., Class A(b) | 398 | 22,495 | ||||||
Guardant Health, Inc.(b) | 27 | 2,579 | ||||||
GW Pharmaceuticals PLC, ADR (United Kingdom)(b)(c) | 3 | 312 | ||||||
Haemonetics Corp.(b) | 218 | 19,546 | ||||||
Halozyme Therapeutics, Inc.(b) | 48 | 1,392 | ||||||
Hanger, Inc.(b) | 430 | 8,497 | ||||||
HealthEquity, Inc.(b) | 200 | 11,496 | ||||||
HealthStream, Inc.(b) | 215 | 4,454 | ||||||
Heska Corp.(b) | 22 | 2,279 | ||||||
Hill-Rom Holdings, Inc. | 456 | 42,768 | ||||||
HMS Holdings Corp.(b) | 469 | 13,080 | ||||||
Horizon Therapeutics PLC(b) | 605 | 45,448 | ||||||
ICU Medical, Inc.(b) | 100 | 20,024 | ||||||
IDEXX Laboratories, Inc.(b) | 140 | 54,748 | ||||||
Incyte Corp.(b) | 405 | 39,022 | ||||||
Innoviva, Inc.(b) | 500 | 5,855 | ||||||
Inogen, Inc.(b) | 118 | 3,567 | ||||||
Inovalon Holdings, Inc., Class A(b) | 661 | 16,356 | ||||||
Inspire Medical Systems, Inc.(b) | 5 | 597 | ||||||
Insulet Corp.(b) | 39 | 8,512 | ||||||
Integer Holdings Corp.(b) | 251 | 17,384 | ||||||
Integra LifeSciences Holdings | 435 | 20,789 | ||||||
Intersect ENT, Inc.(b) | 52 | 1,044 | ||||||
Invacare Corp. | 1,063 | 7,207 | ||||||
Ionis Pharmaceuticals, Inc.(b) | 445 | 24,252 | ||||||
iRhythm Technologies, Inc.(b) | 7 | 1,541 | ||||||
Ironwood Pharmaceuticals, Inc.(b) | 20 | 202 | ||||||
Lannett Co., Inc.(b) | 1,088 | 5,723 | ||||||
Lantheus Holdings, Inc.(b) | 378 | 5,073 | ||||||
LeMaitre Vascular, Inc. | 80 | 2,582 | ||||||
Lexicon Pharmaceuticals, Inc.(b)(c) | 910 | 1,593 | ||||||
LHC Group, Inc.(b) | 146 | 30,432 | ||||||
LivaNova PLC(b) | 349 | 16,368 |
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Luminex Corp. | 170 | $ | 4,537 | |||||
Magellan Health, Inc.(b) | 723 | 54,558 | ||||||
Masimo Corp.(b) | 76 | 17,024 | ||||||
MEDNAX, Inc.(b) | 3,993 | 74,190 | ||||||
Medpace Holdings, Inc.(b) | 132 | 17,132 | ||||||
MeiraGTx Holdings PLC(b) | 67 | 872 | ||||||
Meridian Bioscience, Inc.(b) | 236 | 3,337 | ||||||
Merit Medical Systems, Inc.(b) | 336 | 16,498 | ||||||
Mesa Laboratories, Inc. | 10 | 2,459 | ||||||
Molecular Templates, Inc.(b) | 6 | 70 | ||||||
Myriad Genetics, Inc.(b) | 1,011 | 13,517 | ||||||
National HealthCare Corp. | 215 | 13,695 | ||||||
National Research Corp. | 68 | 3,808 | ||||||
Natus Medical, Inc.(b) | 327 | 5,938 | ||||||
Neogen Corp.(b) | 135 | 10,287 | ||||||
NeoGenomics, Inc.(b) | 223 | 8,686 | ||||||
Neurocrine Biosciences, Inc.(b) | 92 | 10,711 | ||||||
Nevro Corp.(b) | 22 | 3,026 | ||||||
NextGen Healthcare, Inc.(b) | 661 | 8,765 | ||||||
Novocure Ltd.(b) | 44 | 3,641 | ||||||
NuVasive, Inc.(b) | 339 | 17,672 | ||||||
Omnicell, Inc.(b) | 217 | 14,470 | ||||||
OPKO Health, Inc.(b)(c) | 2,730 | 8,845 | ||||||
Option Care Health, Inc.(b) | 207 | 2,405 | ||||||
OraSure Technologies, Inc.(b) | 223 | 2,614 | ||||||
Orthofix Medical, Inc.(b) | 175 | 5,310 | ||||||
OrthoPediatrics Corp.(b) | 6 | 302 | ||||||
Owens & Minor, Inc. | 7,472 | 123,886 | ||||||
Pacira BioSciences, Inc.(b) | 148 | 9,253 | ||||||
Patterson Cos., Inc. | 2,655 | 77,022 | ||||||
Penumbra, Inc.(b) | 39 | 8,157 | ||||||
PerkinElmer, Inc. | 503 | 59,213 | ||||||
PetIQ, Inc.(b)(c) | 179 | 6,297 | ||||||
Phibro Animal Health Corp., Class A | 343 | 7,361 | ||||||
PRA Health Sciences, Inc.(b) | 417 | 44,581 | ||||||
Premier, Inc., Class A | 916 | 29,999 | ||||||
Prestige Consumer Healthcare, Inc.(b) | 529 | 19,271 | ||||||
Providence Service Corp. (The)(b) | 170 | 15,740 | ||||||
PTC Therapeutics, Inc.(b) | 39 | 1,928 | ||||||
Quidel Corp.(b) | 50 | 8,798 | ||||||
R1 RCM, Inc.(b) | 790 | 11,455 | ||||||
RadNet, Inc.(b) | 596 | 8,594 | ||||||
Repligen Corp.(b) | 60 | 9,295 | ||||||
Retrophin, Inc.(b) | 77 | 1,508 | ||||||
Sarepta Therapeutics, Inc.(b) | 1 | 146 | ||||||
Seattle Genetics, Inc.(b) | 62 | 9,817 | ||||||
Select Medical Holdings Corp.(b) | 2,608 | 52,343 | ||||||
Simulations Plus, Inc. | 18 | 1,072 | ||||||
STAAR Surgical Co.(b) | 60 | 2,877 | ||||||
Supernus Pharmaceuticals, Inc.(b) | 398 | 8,752 | ||||||
Surgalign Holdings, Inc.(b) | 1,228 | 2,726 | ||||||
Surgery Partners, Inc.(b) | 722 | 13,783 | ||||||
SurModics, Inc.(b) | 47 | 2,127 | ||||||
Syneos Health, Inc.(b) | 590 | 37,229 | ||||||
Tabula Rasa HealthCare, Inc.(b)(c) | 41 | 2,075 | ||||||
Tactile Systems Technology, Inc.(b) | 36 | 1,383 | ||||||
Tandem Diabetes Care, Inc.(b) | 34 | 3,832 | ||||||
Taro Pharmaceutical Industries Ltd.(b) | 156 | 9,549 | ||||||
Teladoc Health, Inc.(b)(c) | 58 | 12,510 | ||||||
Teleflex, Inc. | 136 | 53,441 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 47 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Tivity Health, Inc.(b) | 1,127 | $ | 18,438 | |||||
United Therapeutics Corp.(b) | 214 | 22,889 | ||||||
US Physical Therapy, Inc. | 94 | 8,357 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 391 | 4,023 | ||||||
Varex Imaging Corp.(b) | 509 | 5,645 | ||||||
Varian Medical Systems, Inc.(b) | 423 | 73,462 | ||||||
Veeva Systems, Inc., Class A(b) | 142 | 40,082 | ||||||
Veracyte, Inc.(b) | 54 | 1,799 | ||||||
Vericel Corp.(b) | 67 | 1,062 | ||||||
Vocera Communications, Inc.(b) | 159 | 4,450 | ||||||
Voyager Therapeutics, Inc.(b) | 88 | 1,038 | ||||||
West Pharmaceutical Services, Inc. | 167 | 47,421 | ||||||
Wright Medical Group N.V.(b) | 344 | 10,399 | ||||||
Zynex, Inc.(b)(c) | 16 | 237 | ||||||
|
| |||||||
2,590,715 | ||||||||
|
| |||||||
Industrials-23.45% | ||||||||
AAON, Inc. | 145 | 8,255 | ||||||
AAR Corp. | 1,195 | 24,115 | ||||||
ABM Industries, Inc. | 1,607 | 61,291 | ||||||
ACCO Brands Corp. | 4,140 | 26,827 | ||||||
Acuity Brands, Inc. | 633 | 69,181 | ||||||
Advanced Disposal Services, Inc.(b) | 692 | 20,850 | ||||||
Advanced Drainage Systems, Inc. | 416 | 23,080 | ||||||
Aegion Corp.(b) | 952 | 15,408 | ||||||
Aerojet Rocketdyne Holdings, Inc.(b) | 531 | 21,967 | ||||||
AeroVironment, Inc.(b) | 85 | 6,493 | ||||||
Air Transport Services Group, Inc.(b) | 1,015 | 25,801 | ||||||
Alamo Group, Inc. | 124 | 13,752 | ||||||
Alaska Air Group, Inc. | 1,216 | 47,363 | ||||||
Albany International Corp., Class A | 324 | 16,816 | ||||||
Allegiant Travel Co. | 94 | 12,088 | ||||||
Allegion PLC | 510 | 52,729 | ||||||
Altra Industrial Motion Corp. | 1,116 | 43,580 | ||||||
AMERCO | 140 | 49,685 | ||||||
Ameresco, Inc., Class A(b) | 85 | 2,902 | ||||||
American Woodmark Corp.(b) | 356 | 31,150 | ||||||
Apogee Enterprises, Inc. | 876 | 18,335 | ||||||
Applied Industrial Technologies, Inc. | 623 | 37,511 | ||||||
ArcBest Corp. | 1,320 | 44,642 | ||||||
Arcosa, Inc. | 826 | 38,236 | ||||||
Argan, Inc. | 97 | 4,106 | ||||||
Armstrong World Industries, Inc. | 338 | 24,924 | ||||||
ASGN, Inc.(b) | 677 | 48,588 | ||||||
Astec Industries, Inc. | 340 | 17,925 | ||||||
Astronics Corp.(b) | 1,288 | 11,644 | ||||||
Atkore International Group, Inc.(b) | 757 | 20,235 | ||||||
Atlas Air Worldwide Holdings, Inc.(b) | 1,074 | 60,563 | ||||||
Axon Enterprise, Inc.(b) | 104 | 8,911 | ||||||
AZZ, Inc. | 481 | 16,705 | ||||||
Barnes Group, Inc. | 802 | 31,759 | ||||||
Barrett Business Services, Inc. | 170 | 9,787 | ||||||
Beacon Roofing Supply, Inc.(b) | 2,210 | 74,897 | ||||||
Bloom Energy Corp., Class A(b)(c) | 559 | 8,754 | ||||||
BMC Stock Holdings, Inc.(b) | 1,496 | 59,720 | ||||||
Brady Corp., Class A | 454 | 21,288 | ||||||
BrightView Holdings, Inc.(b) | 848 | 10,413 | ||||||
Brink’s Co. (The) | 857 | 41,445 | ||||||
BWX Technologies, Inc. | 522 | 29,028 | ||||||
CAI International, Inc.(b) | 978 | 21,330 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Casella Waste Systems, Inc., | 148 | $ | 8,310 | |||||
CBIZ, Inc.(b) | 606 | 14,738 | ||||||
Chart Industries, Inc.(b) | 508 | 33,386 | ||||||
Cimpress PLC (Ireland)(b) | 487 | 45,145 | ||||||
CIRCOR International, Inc.(b) | 792 | 23,483 | ||||||
Clarivate PLC (United Kingdom)(b) | 413 | 12,159 | ||||||
Clean Harbors, Inc.(b) | 707 | 43,198 | ||||||
Colfax Corp.(b) | 1,443 | 48,023 | ||||||
Columbus McKinnon Corp. | 413 | 15,023 | ||||||
Comfort Systems USA, Inc. | 700 | 35,469 | ||||||
Copa Holdings S.A., Class A (Panama) | 328 | 17,466 | ||||||
Copart, Inc.(b) | 686 | 70,878 | ||||||
CoreLogic, Inc. | 691 | 45,882 | ||||||
Cornerstone Building Brands, Inc.(b) | 2,153 | 17,138 | ||||||
Costamare, Inc. (Monaco) | 2,103 | 10,620 | ||||||
CoStar Group, Inc.(b) | 70 | 59,402 | ||||||
Covanta Holding Corp. | 3,076 | 29,037 | ||||||
CRA International, Inc. | 146 | 6,206 | ||||||
Crane Co. | 878 | 49,642 | ||||||
CSW Industrials, Inc. | 115 | 8,309 | ||||||
Cubic Corp. | 380 | 17,890 | ||||||
Curtiss-Wright Corp. | 509 | 52,081 | ||||||
Deluxe Corp. | 1,865 | 52,966 | ||||||
Donaldson Co., Inc. | 981 | 49,403 | ||||||
Douglas Dynamics, Inc. | 254 | 9,751 | ||||||
Ducommun, Inc.(b) | 230 | 8,595 | ||||||
DXP Enterprises, Inc.(b) | 617 | 11,871 | ||||||
Dycom Industries, Inc.(b) | 744 | 45,763 | ||||||
Echo Global Logistics, Inc.(b) | 1,111 | 30,353 | ||||||
Encore Wire Corp. | 349 | 18,012 | ||||||
Energy Recovery, Inc.(b) | 144 | 1,225 | ||||||
Enerpac Tool Group Corp. | 694 | 14,435 | ||||||
EnerSys | 612 | 44,052 | ||||||
Ennis, Inc. | 413 | 7,570 | ||||||
EnPro Industries, Inc. | 494 | 28,909 | ||||||
ESCO Technologies, Inc. | 165 | 14,837 | ||||||
Evoqua Water Technologies Corp.(b) | 581 | 11,887 | ||||||
Exponent, Inc. | 172 | 13,838 | ||||||
Federal Signal Corp. | 507 | 16,285 | ||||||
Flowserve Corp. | 2,060 | 61,141 | ||||||
Forrester Research, Inc.(b) | 97 | 3,440 | ||||||
Forward Air Corp. | 446 | 26,310 | ||||||
Foundation Building Materials, Inc.(b) | 739 | 11,994 | ||||||
Franklin Electric Co., Inc. | 344 | 20,420 | ||||||
FTI Consulting, Inc.(b)(c) | 277 | 31,789 | ||||||
GATX Corp. | 825 | 55,176 | ||||||
Genco Shipping & Trading Ltd. | 2,123 | 15,095 | ||||||
Generac Holdings, Inc.(b) | 228 | 43,315 | ||||||
Gibraltar Industries, Inc.(b) | 329 | 20,544 | ||||||
GMS, Inc.(b) | 1,402 | 37,139 | ||||||
Gorman-Rupp Co. (The) | 199 | 6,358 | ||||||
Graco, Inc. | 801 | 46,474 | ||||||
GrafTech International Ltd. | 2,179 | 14,512 | ||||||
Granite Construction, Inc. | 1,985 | 36,901 | ||||||
Great Lakes Dredge & Dock Corp.(b) | 1,399 | 13,109 | ||||||
Greenbrier Cos., Inc. (The) | 1,397 | 37,984 | ||||||
Griffon Corp. | 1,036 | 22,512 | ||||||
H&E Equipment Services, Inc. | 1,251 | 25,345 | ||||||
Harsco Corp.(b) | 1,744 | 24,678 | ||||||
Hawaiian Holdings, Inc. | 886 | 11,908 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 48 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Healthcare Services Group, Inc. | 767 | $ | 15,954 | |||||
Heartland Express, Inc. | 473 | 9,784 | ||||||
HEICO Corp. | 349 | 38,362 | ||||||
Heidrick & Struggles International, Inc. | 444 | 9,604 | ||||||
Helios Technologies, Inc. | 292 | 12,004 | ||||||
Herc Holdings, Inc.(b) | 1,464 | 59,951 | ||||||
Heritage-Crystal Clean, Inc.(b) | 273 | 4,008 | ||||||
Herman Miller, Inc. | 1,379 | 32,862 | ||||||
Hexcel Corp. | 1,686 | 66,412 | ||||||
Hillenbrand, Inc. | 1,073 | 34,025 | ||||||
HNI Corp. | 1,239 | 39,462 | ||||||
Hub Group, Inc., Class A(b) | 797 | 42,910 | ||||||
Huron Consulting Group, Inc.(b) | 308 | 13,361 | ||||||
Hyster-Yale Materials Handling, Inc. | 298 | 12,021 | ||||||
ICF International, Inc. | 260 | 17,761 | ||||||
Ingersoll Rand, Inc.(b) | 1,258 | 44,105 | ||||||
Insperity, Inc. | 800 | 53,896 | ||||||
Insteel Industries, Inc. | 290 | 5,348 | ||||||
Interface, Inc. | 1,836 | 13,880 | ||||||
ITT, Inc. | 886 | 55,650 | ||||||
JELD-WEN Holding, Inc.(b) | 2,017 | 42,458 | ||||||
JetBlue Airways Corp.(b) | 4,041 | 46,552 | ||||||
John Bean Technologies Corp. | 267 | 27,370 | ||||||
Kadant, Inc. | 100 | 11,644 | ||||||
Kaman Corp. | 351 | 16,234 | ||||||
Kelly Services, Inc., Class A | 2,988 | 56,742 | ||||||
Kennametal, Inc. | 1,372 | 39,815 | ||||||
Kforce, Inc. | 468 | 16,071 | ||||||
Kimball International, Inc., Class B | 729 | 8,172 | ||||||
Kirby Corp.(b) | 1,013 | 42,992 | ||||||
Knoll, Inc. | 1,494 | 19,228 | ||||||
Korn Ferry | 1,129 | 34,434 | ||||||
Kratos Defense & Security Solutions, Inc.(b) | 497 | 9,716 | ||||||
Landstar System, Inc. | 449 | 59,757 | ||||||
Lawson Products, Inc.(b) | 93 | 3,339 | ||||||
LB Foster Co., Class A(b) | 399 | 5,965 | ||||||
Lennox International, Inc. | 281 | 78,773 | ||||||
Lincoln Electric Holdings, Inc. | 704 | 68,084 | ||||||
Lindsay Corp. | 61 | 6,096 | ||||||
Luxfer Holdings PLC (United Kingdom) | 291 | 4,138 | ||||||
Lydall, Inc.(b) | 872 | 16,376 | ||||||
Manitowoc Co., Inc. (The)(b) | 670 | 6,311 | ||||||
Marten Transport Ltd. | 661 | 12,004 | ||||||
Masonite International Corp.(b) | 456 | 41,628 | ||||||
Matson, Inc. | 1,035 | 41,472 | ||||||
Matthews International Corp., Class A | 932 | 20,411 | ||||||
Maxar Technologies, Inc. | 1,986 | 45,976 | ||||||
McGrath RentCorp. | 279 | 18,514 | ||||||
Mercury Systems, Inc.(b) | 175 | 13,254 | ||||||
Meritor, Inc.(b) | 2,126 | 48,388 | ||||||
Middleby Corp. (The)(b) | 629 | 61,579 | ||||||
Moog, Inc., Class A | 894 | 53,899 | ||||||
MRC Global, Inc.(b) | 7,302 | 41,548 | ||||||
MSA Safety, Inc. | 170 | 21,411 | ||||||
MSC Industrial Direct Co., Inc., Class A | 816 | 53,774 | ||||||
Mueller Industries, Inc. | 1,007 | 29,908 | ||||||
Mueller Water Products, Inc., Class A | 1,661 | 17,939 | ||||||
MYR Group, Inc.(b) | 520 | 20,181 | ||||||
National Presto Industries, Inc. | 60 | 5,396 | ||||||
Navistar International Corp.(b) | 1,317 | 42,118 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
NN, Inc. | 2,902 | $ | 13,204 | |||||
Nordson Corp. | 249 | 46,436 | ||||||
NOW, Inc.(b) | 4,604 | 33,471 | ||||||
NV5 Global, Inc.(b) | 106 | 5,488 | ||||||
nVent Electric PLC | 2,863 | 54,741 | ||||||
Omega Flex, Inc. | 19 | 2,503 | ||||||
Park Aerospace Corp. | 445 | 4,935 | ||||||
Park-Ohio Holdings Corp. | 664 | 10,504 | ||||||
Patrick Industries, Inc. | 473 | 26,587 | ||||||
PGT Innovations, Inc.(b) | 788 | 14,286 | ||||||
Pitney Bowes, Inc. | 14,994 | 82,317 | ||||||
Powell Industries, Inc. | 207 | 5,587 | ||||||
Primoris Services Corp. | 1,659 | 31,621 | ||||||
Proto Labs, Inc.(b) | 102 | 14,994 | ||||||
Quanex Building Products Corp. | 1,081 | 18,172 | ||||||
Raven Industries, Inc. | 361 | 8,971 | ||||||
RBC Bearings, Inc.(b) | 131 | 17,297 | ||||||
Regal Beloit Corp. | 790 | 78,099 | ||||||
Resideo Technologies, Inc.(b) | 5,769 | 77,074 | ||||||
Resources Connection, Inc. | 809 | 9,943 | ||||||
REV Group, Inc. | 1,542 | 11,951 | ||||||
Rexnord Corp. | 1,103 | 31,943 | ||||||
Rollins, Inc. | 350 | 19,299 | ||||||
Rush Enterprises, Inc., Class A | 1,344 | 64,942 | ||||||
Saia, Inc.(b) | 223 | 29,927 | ||||||
Schneider National, Inc., Class B | 2,530 | 68,462 | ||||||
Shyft Group, Inc. (The) | 330 | 6,590 | ||||||
Simpson Manufacturing Co., Inc. | 353 | 34,714 | ||||||
SiteOne Landscape Supply, Inc.(b) | 177 | 22,134 | ||||||
SkyWest, Inc. | 615 | 20,695 | ||||||
SP Plus Corp.(b) | 816 | 16,736 | ||||||
Spirit Airlines, Inc.(b)(c) | 1,489 | 26,623 | ||||||
SPX Corp.(b) | 418 | 17,485 | ||||||
SPX FLOW, Inc.(b) | 648 | 28,175 | ||||||
Standex International Corp. | 227 | 13,130 | ||||||
Steelcase, Inc., Class A | 3,267 | 34,140 | ||||||
Stericycle, Inc.(b) | 850 | 54,493 | ||||||
Sunrun, Inc.(b)(c) | 469 | 26,524 | ||||||
Systemax, Inc. | 360 | 7,988 | ||||||
Team, Inc.(b) | 2,364 | 15,059 | ||||||
Teledyne Technologies, Inc.(b) | 145 | 45,473 | ||||||
Tennant Co. | 200 | 13,294 | ||||||
Terex Corp. | 2,603 | 50,941 | ||||||
Tetra Tech, Inc. | 486 | 44,863 | ||||||
Thermon Group Holdings, Inc.(b) | 426 | 5,606 | ||||||
Timken Co. (The) | 1,379 | 74,728 | ||||||
Titan Machinery, Inc.(b) | 914 | 12,339 | ||||||
Toro Co. (The) | 565 | 42,533 | ||||||
TPI Composites, Inc.(b) | 396 | 12,161 | ||||||
TransUnion | 701 | 60,791 | ||||||
Trex Co., Inc.(b) | 114 | 17,042 | ||||||
TriMas Corp.(b) | 646 | 16,331 | ||||||
TriNet Group, Inc.(b) | 480 | 32,563 | ||||||
Triton International Ltd. (Bermuda) | 1,847 | 66,603 | ||||||
Triumph Group, Inc. | 2,219 | 16,043 | ||||||
TrueBlue, Inc.(b) | 1,465 | 24,788 | ||||||
Tutor Perini Corp.(b) | 4,012 | 50,351 | ||||||
UFP Industries, Inc. | 977 | 57,985 | ||||||
UniFirst Corp. | 194 | 37,368 | ||||||
Universal Logistics Holdings, Inc. | 328 | 7,052 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 49 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Upwork, Inc.(b) | 170 | $ | 2,589 | |||||
US Ecology, Inc. | 315 | 11,696 | ||||||
Valmont Industries, Inc. | 337 | 42,816 | ||||||
Veritiv Corp.(b) | 3,989 | 69,329 | ||||||
Viad Corp. | 884 | 18,944 | ||||||
Vicor Corp.(b) | 46 | 4,003 | ||||||
Wabash National Corp. | 2,717 | 33,175 | ||||||
Watsco, Inc. | 330 | 80,847 | ||||||
Watts Water Technologies, Inc., Class A | 287 | 27,480 | ||||||
Werner Enterprises, Inc. | 838 | 38,556 | ||||||
WillScot Mobile Mini Holdings | 592 | 10,597 | ||||||
Woodward, Inc. | 803 | 68,809 | ||||||
|
| |||||||
6,839,423 | ||||||||
|
| |||||||
Information Technology-14.72% | ||||||||
2U, Inc.(b) | 187 | 7,740 | ||||||
3D Systems Corp.(b)(c) | 1,061 | 5,825 | ||||||
8x8, Inc.(b) | 136 | 2,296 | ||||||
A10 Networks, Inc.(b) | 192 | 1,642 | ||||||
Acacia Communications, Inc.(b) | 134 | 9,042 | ||||||
ACI Worldwide, Inc.(b) | 788 | 23,151 | ||||||
ACM Research, Inc., Class A(b) | 15 | 1,332 | ||||||
ADTRAN, Inc. | 641 | 7,109 | ||||||
Advanced Energy Industries, Inc.(b) | 207 | 15,343 | ||||||
Advanced Micro Devices, Inc.(b) | 868 | 78,832 | ||||||
Agilysys, Inc.(b) | 91 | 2,309 | ||||||
Alarm.com Holdings, Inc.(b) | 95 | 5,688 | ||||||
Altair Engineering, Inc., Class A(b) | 156 | 6,555 | ||||||
Alteryx, Inc., Class A(b)(c) | 42 | 5,075 | ||||||
Ambarella, Inc.(b) | 117 | 6,166 | ||||||
Amkor Technology, Inc.(b) | 5,133 | 62,597 | ||||||
Anaplan, Inc.(b) | 75 | 4,594 | ||||||
ANSYS, Inc.(b) | 208 | 70,514 | ||||||
AppFolio, Inc., Class A(b) | 30 | 5,041 | ||||||
Appian Corp.(b) | 31 | 1,898 | ||||||
Applied Optoelectronics, Inc.(b)(c) | 368 | 4,280 | ||||||
Arista Networks, Inc.(b) | 238 | 53,181 | ||||||
Arlo Technologies, Inc.(b) | 1,145 | 6,561 | ||||||
Aspen Technology, Inc.(b) | 287 | 36,458 | ||||||
AudioCodes Ltd. (Israel) | 75 | 2,353 | ||||||
Avalara, Inc.(b) | 37 | 4,899 | ||||||
Avaya, Inc.(b) | 2,679 | 41,578 | ||||||
Avid Technology, Inc.(b) | 237 | 1,920 | ||||||
Axcelis Technologies, Inc.(b) | 245 | 5,789 | ||||||
Badger Meter, Inc. | 138 | 8,513 | ||||||
Belden, Inc. | 1,235 | 41,595 | ||||||
Benchmark Electronics, Inc. | 1,655 | 32,455 | ||||||
Benefitfocus, Inc.(b) | 88 | 910 | ||||||
Black Knight, Inc.(b) | 407 | 34,229 | ||||||
Blackbaud, Inc. | 279 | 17,814 | ||||||
Blackline, Inc.(b) | 65 | 5,679 | ||||||
Bottomline Technologies (DE), Inc.(b) | 233 | 11,098 | ||||||
Box,Inc.,Class A(b) | 411 | 8,068 | ||||||
Brightcove, Inc.(b) | 172 | 1,913 | ||||||
Brooks Automation, Inc. | 356 | 18,380 | ||||||
Cabot Microelectronics Corp. | 174 | 26,498 | ||||||
CalAmp Corp.(b) | 841 | 6,871 | ||||||
Calix, Inc.(b) | 249 | 4,843 | ||||||
Cardtronics PLC, Class A(b) | 989 | 21,471 | ||||||
Casa Systems, Inc.(b) | 489 | 2,225 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
CDK Global, Inc. | 1,161 | $ | 54,126 | |||||
CEVA, Inc.(b) | 99 | 4,183 | ||||||
ChannelAdvisor Corp.(b) | 124 | 2,086 | ||||||
Ciena Corp.(b) | 1,042 | 59,154 | ||||||
Cirrus Logic, Inc.(b) | 439 | 26,599 | ||||||
Cloudera, Inc.(b) | 1,630 | 21,532 | ||||||
Cognex Corp. | 460 | 31,827 | ||||||
Coherent, Inc.(b) | 199 | 22,419 | ||||||
Cohu, Inc. | 489 | 8,411 | ||||||
CommVault Systems, Inc.(b) | 386 | 16,687 | ||||||
Comtech Telecommunications Corp. | 612 | 10,159 | ||||||
Conduent, Inc.(b) | 22,815 | 77,115 | ||||||
Cornerstone OnDemand, Inc.(b) | 232 | 8,183 | ||||||
Coupa Software, Inc.(b) | 29 | 9,504 | ||||||
Cree, Inc.(b) | 563 | 35,525 | ||||||
CSG Systems International, Inc. | 330 | 14,048 | ||||||
CTS Corp. | 404 | 8,444 | ||||||
Daktronics, Inc. | 1,228 | 5,428 | ||||||
Diebold Nixdorf, Inc.(b) | 4,687 | 39,090 | ||||||
Digi International, Inc.(b) | 386 | 5,257 | ||||||
Diodes, Inc.(b) | 363 | 17,736 | ||||||
DocuSign, Inc.(b) | 177 | 39,471 | ||||||
Dolby Laboratories, Inc., Class A | 986 | 68,872 | ||||||
Dropbox, Inc., Class A(b) | 1,341 | 28,389 | ||||||
DSP Group, Inc.(b) | 120 | 1,721 | ||||||
Ebix, Inc.(c) | 475 | 10,958 | ||||||
Elastic N.V.(b) | 28 | 3,040 | ||||||
Endurance International Group Holdings, Inc.(b) | 2,746 | 17,876 | ||||||
Enphase Energy, Inc.(b) | 97 | 7,491 | ||||||
Entegris, Inc. | 662 | 44,281 | ||||||
Envestnet, Inc.(b) | 207 | 17,179 | ||||||
EPAM Systems, Inc.(b) | 135 | 44,158 | ||||||
ePlus, Inc.(b) | 149 | 11,431 | ||||||
Euronet Worldwide, Inc.(b) | 498 | 51,483 | ||||||
Everbridge, Inc.(b) | 17 | 2,526 | ||||||
EVERTEC, Inc. | 383 | 13,413 | ||||||
Evo Payments, Inc., Class A(b) | 555 | 15,945 | ||||||
ExlService Holdings, Inc.(b) | 275 | 17,515 | ||||||
Extreme Networks, Inc.(b) | 2,950 | 12,891 | ||||||
Fabrinet (Thailand)(b) | 338 | 23,586 | ||||||
Fair Isaac Corp.(b) | 92 | 38,713 | ||||||
FARO Technologies, Inc.(b) | 104 | 5,876 | ||||||
FireEye, Inc.(b) | 886 | 13,006 | ||||||
First Solar, Inc.(b) | 710 | 54,379 | ||||||
Fitbit, Inc., Class A(b) | 1,549 | 9,852 | ||||||
Five9, Inc.(b) | 40 | 5,098 | ||||||
FLIR Systems, Inc. | 1,090 | 40,221 | ||||||
FormFactor, Inc.(b) | 448 | 11,706 | ||||||
Fortinet, Inc.(b) | 377 | 49,766 | ||||||
Gartner, Inc.(b) | 482 | 62,573 | ||||||
Genpact Ltd. | 1,288 | 54,328 | ||||||
GreenSky, Inc., Class A(b) | 4,873 | 21,198 | ||||||
GTT Communications, Inc.(b)(c) | 1,097 | 5,463 | ||||||
Guidewire Software, Inc.(b) | 192 | 21,564 | ||||||
Hackett Group, Inc. (The) | 269 | 3,392 | ||||||
Harmonic, Inc.(b) | 747 | 4,407 | ||||||
HubSpot, Inc.(b) | 51 | 15,284 | ||||||
Ichor Holdings Ltd.(b) | 386 | 9,712 | ||||||
II-VI, Inc.(b)(c) | 544 | 24,208 | ||||||
Impinj, Inc.(b)(c) | 61 | 1,491 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 50 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Infinera Corp.(b) | 851 | $ | 6,204 | |||||
Inphi Corp.(b) | 81 | 9,232 | ||||||
Inseego Corp.(b)(c) | 39 | 448 | ||||||
Insight Enterprises, Inc.(b) | 1,055 | 63,094 | ||||||
InterDigital, Inc. | 420 | 25,683 | ||||||
IPG Photonics Corp.(b) | 217 | 35,095 | ||||||
Itron, Inc.(b) | 399 | 23,768 | ||||||
j2 Global, Inc.(b) | 417 | 29,186 | ||||||
Jack Henry & Associates, Inc. | 219 | 36,227 | ||||||
KBR, Inc. | 2,611 | 65,249 | ||||||
Knowles Corp.(b) | 1,256 | 18,915 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 807 | 19,352 | ||||||
Lattice Semiconductor Corp.(b) | 342 | 9,781 | ||||||
Limelight Networks, Inc.(b) | 459 | 2,603 | ||||||
Littelfuse, Inc. | 218 | 39,423 | ||||||
LivePerson, Inc.(b) | 39 | 2,327 | ||||||
LiveRamp Holdings, Inc.(b) | 532 | 29,707 | ||||||
Lumentum Holdings, Inc.(b) | 486 | 41,796 | ||||||
MACOM Technology Solutions Holdings, Inc.(b) | 182 | 6,485 | ||||||
MagnaChip Semiconductor Corp. (South Korea)(b)(c) | 451 | 5,412 | ||||||
Manhattan Associates, Inc.(b) | 192 | 18,672 | ||||||
ManTech International Corp., Class A | 414 | 30,988 | ||||||
MAXIMUS, Inc. | 601 | 46,608 | ||||||
MaxLinear, Inc.(b) | 441 | 10,738 | ||||||
Methode Electronics, Inc. | 484 | 13,702 | ||||||
MicroStrategy, Inc., Class A(b) | 118 | 17,044 | ||||||
Mimecast Ltd.(b) | 136 | 6,697 | ||||||
MKS Instruments, Inc. | 390 | 46,617 | ||||||
MobileIron, Inc.(b) | 439 | 2,867 | ||||||
Model N, Inc.(b) | 32 | 1,258 | ||||||
MongoDB, Inc.(b) | 12 | 2,806 | ||||||
Monolithic Power Systems, Inc. | 84 | 22,439 | ||||||
MTS Systems Corp. | 748 | 18,251 | ||||||
National Instruments Corp. | 882 | 31,655 | ||||||
Net 1 UEPS Technologies, Inc. (South Africa)(b)(c) | 773 | 2,505 | ||||||
NETGEAR, Inc.(b) | 410 | 13,673 | ||||||
NetScout Systems, Inc.(b) | 1,212 | 28,046 | ||||||
New Relic, Inc.(b) | 106 | 6,512 | ||||||
NIC, Inc. | 293 | 6,264 | ||||||
nLight, Inc.(b) | 100 | 2,336 | ||||||
Novanta, Inc.(b) | 92 | 9,860 | ||||||
Nuance Communications, Inc.(b) | 2,235 | 66,961 | ||||||
Nutanix, Inc., Class A(b) | 285 | 8,182 | ||||||
Okta, Inc.(b) | 34 | 7,323 | ||||||
OneSpan, Inc.(b) | 136 | 2,931 | ||||||
Onto Innovation, Inc.(b) | 219 | 6,842 | ||||||
Opera Ltd., ADR (Norway)(b)(c) | 1,359 | 12,285 | ||||||
OSI Systems, Inc.(b) | 212 | 16,695 | ||||||
Paycom Software, Inc.(b) | 57 | 17,069 | ||||||
Paylocity Holding Corp.(b) | 61 | 8,982 | ||||||
PC Connection, Inc. | 487 | 21,569 | ||||||
PDF Solutions, Inc.(b) | 161 | 3,333 | ||||||
Pegasystems, Inc. | 73 | 9,378 | ||||||
Perficient, Inc.(b) | 299 | 12,830 | ||||||
Photronics, Inc.(b) | 1,081 | 10,842 | ||||||
Plantronics, Inc. | 1,212 | 14,980 | ||||||
Plexus Corp.(b) | 558 | 42,447 | ||||||
Pluralsight, Inc., Class A(b) | 138 | 2,641 | ||||||
Power Integrations, Inc. | 250 | 13,992 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Progress Software Corp. | 326 | $ | 12,352 | |||||
Proofpoint, Inc.(b) | 153 | 16,779 | ||||||
PROS Holdings, Inc.(b) | 84 | 3,276 | ||||||
PTC, Inc.(b) | 707 | 64,627 | ||||||
Pure Storage, Inc., Class A(b) | 1,217 | 18,571 | ||||||
Q2 Holdings, Inc.(b) | 38 | 3,697 | ||||||
QAD, Inc., Class A | 85 | 3,866 | ||||||
Qualys, Inc.(b) | 114 | 12,100 | ||||||
Rambus, Inc.(b) | 853 | 11,456 | ||||||
Rapid7, Inc.(b) | 43 | 2,776 | ||||||
RealPage, Inc.(b) | 312 | 19,537 | ||||||
Ribbon Communications, Inc.(b) | 2,069 | 8,855 | ||||||
RingCentral, Inc., Class A(b) | 33 | 9,595 | ||||||
Rogers Corp.(b) | 151 | 17,110 | ||||||
Rosetta Stone, Inc.(b) | 64 | 1,944 | ||||||
Sabre Corp. | 9,801 | 68,509 | ||||||
SailPoint Technologies Holding, Inc.(b) | 257 | 10,082 | ||||||
ScanSource, Inc.(b) | 1,213 | 29,949 | ||||||
Semtech Corp.(b) | 398 | 23,343 | ||||||
Silicon Laboratories, Inc.(b) | 216 | 22,121 | ||||||
SMART Global Holdings, Inc.(b) | 260 | 6,552 | ||||||
Smartsheet, Inc., Class A(b) | 57 | 3,108 | ||||||
SolarEdge Technologies, Inc.(b) | 144 | 31,846 | ||||||
Splunk, Inc.(b) | 176 | 38,602 | ||||||
SPS Commerce, Inc.(b) | 117 | 9,346 | ||||||
Square, Inc., Class A(b) | 670 | 106,905 | ||||||
Stratasys Ltd.(b) | 678 | 10,075 | ||||||
Super Micro Computer, Inc.(b) | 1,057 | 28,951 | ||||||
SVMK, Inc.(b) | 224 | 5,575 | ||||||
Switch, Inc., Class A | 498 | 8,566 | ||||||
Sykes Enterprises, Inc.(b) | 682 | 22,578 | ||||||
Synaptics, Inc.(b) | 359 | 30,633 | ||||||
Telenav, Inc.(b) | 493 | 2,263 | ||||||
Tenable Holdings, Inc.(b) | 37 | 1,393 | ||||||
Teradata Corp.(b) | 1,659 | 40,397 | ||||||
Trade Desk, Inc. (The), Class A(b) | 32 | 15,402 | ||||||
TTEC Holdings, Inc. | 183 | 10,374 | ||||||
TTM Technologies, Inc.(b) | 2,917 | 33,429 | ||||||
Tucows, Inc., Class A(b) | 44 | 2,782 | ||||||
Twilio,Inc.,Class A(b) | 132 | 35,608 | ||||||
Tyler Technologies, Inc.(b) | 81 | 27,970 | ||||||
Ultra Clean Holdings, Inc.(b) | 590 | 14,467 | ||||||
Unisys Corp.(b) | 506 | 5,900 | ||||||
Universal Display Corp. | 91 | 15,970 | ||||||
Upland Software, Inc.(b) | 80 | 3,138 | ||||||
Varonis Systems, Inc.(b) | 29 | 3,582 | ||||||
Veeco Instruments, Inc.(b) | 461 | 5,481 | ||||||
Verint Systems, Inc.(b) | 564 | 26,824 | ||||||
Verra Mobility Corp.(b) | 555 | 5,864 | ||||||
ViaSat, Inc.(b) | 991 | 39,402 | ||||||
Viavi Solutions, Inc.(b) | 1,520 | 20,269 | ||||||
Virtusa Corp.(b) | 401 | 15,856 | ||||||
Vishay Intertechnology, Inc. | 2,483 | 39,703 | ||||||
WEX, Inc.(b) | 331 | 52,864 | ||||||
Workiva, Inc.(b) | 48 | 2,832 | ||||||
Xperi Holding Corp. | 926 | 11,603 | ||||||
Yext, Inc.(b) | 127 | 2,522 | ||||||
Zendesk, Inc.(b) | 124 | 11,951 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 51 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Information Technology-(continued) |
| |||||||
Zscaler, Inc.(b) | 39 | $ | 5,590 | |||||
Zuora, Inc.(b) | 182 | 2,473 | ||||||
|
| |||||||
4,292,304 | ||||||||
|
| |||||||
Materials-6.85% | ||||||||
AdvanSix, Inc.(b) | 1,526 | 19,426 | ||||||
Allegheny Technologies, Inc.(b) | 6,078 | 50,630 | ||||||
American Vanguard Corp. | 338 | 4,783 | ||||||
AptarGroup, Inc. | 448 | 53,039 | ||||||
Avient Corp. | 1,517 | 38,714 | ||||||
Balchem Corp. | 153 | 14,948 | ||||||
Boise Cascade Co. | 1,177 | 53,907 | ||||||
Cabot Corp. | 1,653 | 61,178 | ||||||
Carpenter Technology Corp. | 1,582 | 33,269 | ||||||
Century Aluminum Co.(b) | 1,729 | 17,065 | ||||||
Chase Corp. | 51 | 4,976 | ||||||
Clearwater Paper Corp.(b) | 465 | 15,652 | ||||||
Cleveland-Cliffs, Inc.(c) | 10,811 | 71,136 | ||||||
Coeur Mining, Inc.(b) | 1,991 | 16,844 | ||||||
Commercial Metals Co. | 2,905 | 60,627 | ||||||
Compass Minerals International, Inc. | 473 | 26,928 | ||||||
Eagle Materials, Inc. | 864 | 70,649 | ||||||
Element Solutions, Inc.(b) | 3,787 | 40,710 | ||||||
Ferro Corp.(b) | 1,104 | 13,767 | ||||||
Ferroglobe PLC(b) | 11,789 | 5,778 | ||||||
Forterra, Inc.(b) | 397 | 5,260 | ||||||
FutureFuel Corp. | 302 | 3,654 | ||||||
GCP Applied Technologies, Inc.(b) | 520 | 13,551 | ||||||
Gold Resource Corp. | 482 | 1,918 | ||||||
Greif, Inc., Class A | 1,563 | 57,597 | ||||||
H.B. Fuller Co. | 981 | 47,255 | ||||||
Hawkins, Inc. | 189 | 9,492 | ||||||
Haynes International, Inc. | 269 | 5,041 | ||||||
Hecla Mining Co. | 5,893 | 35,476 | ||||||
Ingevity Corp.(b) | 419 | 23,535 | ||||||
Innospec, Inc. | 283 | 21,137 | ||||||
Intrepid Potash, Inc.(b) | 438 | 4,091 | ||||||
Kaiser Aluminum Corp. | 390 | 25,069 | ||||||
Koppers Holdings, Inc.(b) | 972 | 23,386 | ||||||
Kraton Corp.(b) | 1,905 | 26,746 | ||||||
Livent Corp.(b) | 1,347 | 11,423 | ||||||
Materion Corp. | 256 | 13,975 | ||||||
Mercer International, Inc. (Germany) | 1,548 | 12,972 | ||||||
Mesabi Trust | 263 | 5,226 | ||||||
Minerals Technologies, Inc. | 645 | 32,734 | ||||||
Myers Industries, Inc. | 522 | 7,987 | ||||||
Neenah, Inc. | 269 | 11,911 | ||||||
NewMarket Corp. | 63 | 23,467 | ||||||
Orion Engineered Carbons S.A. (Germany) | 2,284 | 27,751 | ||||||
PH Glatfelter Co. | 1,149 | 17,224 | ||||||
PQ Group Holdings, Inc.(b) | 730 | 8,505 | ||||||
Quaker Chemical Corp. | 61 | 11,590 | ||||||
Rayonier Advanced Materials, Inc.(b) | 10,037 | 31,717 | ||||||
Resolute Forest Products, Inc.(b) | 20,965 | 99,164 | ||||||
Royal Gold, Inc. | 223 | 30,399 | ||||||
Schnitzer Steel Industries, Inc., Class A | 1,489 | 29,393 | ||||||
Schweitzer-Mauduit International, Inc., Class A | 586 | 17,773 | ||||||
Scotts Miracle-Gro Co. (The) | 172 | 28,987 | ||||||
Sealed Air Corp. | 1,713 | 67,321 | ||||||
Sensient Technologies Corp. | 468 | 25,843 |
Shares | Value | |||||||
Materials-(continued) | ||||||||
Silgan Holdings, Inc. | 981 | $ | 37,337 | |||||
Stepan Co. | 239 | 27,554 | ||||||
Summit Materials, Inc., Class A(b) | 2,376 | 35,379 | ||||||
SunCoke Energy, Inc. | 6,451 | 23,095 | ||||||
TimkenSteel Corp.(b) | 3,666 | 13,821 | ||||||
Tredegar Corp. | 699 | 11,834 | ||||||
Trinseo S.A. | 2,580 | 64,268 | ||||||
Tronox Holdings PLC, Class A | 4,095 | 36,691 | ||||||
US Concrete, Inc.(b) | 638 | 17,028 | ||||||
Valvoline, Inc. | 1,621 | 33,068 | ||||||
Venator Materials PLC(b) | 6,656 | 14,310 | ||||||
Verso Corp., Class A | 1,447 | 18,970 | ||||||
W.R. Grace & Co. | 575 | 23,408 | ||||||
Warrior Met Coal, Inc. | 3,267 | 50,541 | ||||||
Westlake Chemical Corp. | 876 | 51,964 | ||||||
Worthington Industries, Inc. | 1,093 | 45,392 | ||||||
|
| |||||||
1,997,256 | ||||||||
|
| |||||||
Real Estate-6.01% | ||||||||
Alexander & Baldwin, Inc. | 1,241 | 15,028 | ||||||
Alexander’s, Inc. | 20 | 5,101 | ||||||
Altisource Portfolio Solutions S.A.(b) | 477 | 5,376 | ||||||
American Assets Trust, Inc. | 447 | 11,421 | ||||||
Americold Realty Trust | 757 | 29,031 | ||||||
Apple Hospitality REIT, Inc. | 4,669 | 47,484 | ||||||
Armada Hoffler Properties, Inc. | 1,211 | 12,231 | ||||||
Brandywine Realty Trust | 2,957 | 32,911 | ||||||
Camden Property Trust | 497 | 45,197 | ||||||
Chatham Lodging Trust | 1,714 | 11,861 | ||||||
CoreCivic, Inc. | 3,358 | 31,263 | ||||||
CorePoint Lodging, Inc. | 2,835 | 16,103 | ||||||
CoreSite Realty Corp. | 195 | 23,878 | ||||||
Corporate Office Properties Trust | 915 | 22,546 | ||||||
CubeSmart | 1,063 | 33,612 | ||||||
Cushman & Wakefield PLC(b) | 4,940 | 57,353 | ||||||
CyrusOne, Inc. | 527 | 44,020 | ||||||
DiamondRock Hospitality Co. | 4,618 | 24,475 | ||||||
Diversified Healthcare Trust | 15,962 | 60,656 | ||||||
Easterly Government Properties, Inc. | 441 | 10,668 | ||||||
EastGroup Properties, Inc. | 156 | 20,773 | ||||||
Empire State Realty Trust, Inc., Class A | 3,209 | 20,217 | ||||||
Equity LifeStyle Properties, Inc. | 560 | 37,122 | ||||||
eXp World Holdings, Inc.(b) | 285 | 12,677 | ||||||
Extra Space Storage, Inc. | 588 | 62,651 | ||||||
Federal Realty Investment Trust | 632 | 50,080 | ||||||
Forestar Group, Inc.(b) | 140 | 2,488 | ||||||
Franklin Street Properties Corp. | 1,712 | 7,584 | ||||||
GEO Group, Inc. (The) | 3,693 | 41,214 | ||||||
Healthcare Realty Trust, Inc. | 743 | 21,436 | ||||||
Hersha Hospitality Trust | 2,703 | 17,380 | ||||||
Highwoods Properties, Inc. | 1,037 | 38,639 | ||||||
Howard Hughes Corp. (The)(b) | 638 | 37,712 | ||||||
Investors Real Estate Trust | 127 | 9,030 | ||||||
Lamar Advertising Co., Class A | 911 | 63,068 | ||||||
Life Storage, Inc. | 268 | 28,255 | ||||||
Marcus & Millichap, Inc.(b) | 189 | 5,332 | ||||||
New Senior Investment Group, Inc. | 4,086 | 17,897 | ||||||
Newmark Group, Inc., Class A | 7,834 | 34,705 | ||||||
NexPoint Residential Trust, Inc. | 267 | 11,054 | ||||||
Office Properties Income Trust | 1,073 | 25,580 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 52 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Outfront Media, Inc. | 2,825 | $ | 47,827 | |||||
Pebblebrook Hotel Trust | 3,076 | 38,819 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 1,813 | 27,757 | ||||||
PotlatchDeltic Corp. | 619 | 28,499 | ||||||
PS Business Parks, Inc. | 195 | 24,609 | ||||||
QTS Realty Trust, Inc., Class A | 292 | 19,803 | ||||||
Rayonier, Inc. | 1,019 | 29,836 | ||||||
RE/MAX Holdings, Inc., Class A | 218 | 7,660 | ||||||
Redfin Corp.(b) | 118 | 5,613 | ||||||
RLJ Lodging Trust | 5,087 | 48,021 | ||||||
RMR Group, Inc. (The), Class A | 359 | 10,131 | ||||||
Ryman Hospitality Properties, Inc. | 1,236 | 47,166 | ||||||
Saul Centers, Inc. | 239 | 6,697 | ||||||
St. Joe Co. (The)(b) | 230 | 5,338 | ||||||
Summit Hotel Properties, Inc. | 3,312 | 19,508 | ||||||
Sun Communities, Inc. | 227 | 33,841 | ||||||
Sunstone Hotel Investors, Inc. | 4,336 | 36,119 | ||||||
Tanger Factory Outlet Centers, Inc.(c) | 3,527 | 20,069 | ||||||
Taubman Centers, Inc. | 692 | 26,504 | ||||||
UDR, Inc. | 1,251 | 43,547 | ||||||
Uniti Group, Inc. | 4,295 | 42,177 | ||||||
Universal Health Realty Income Trust | 40 | 2,669 | ||||||
Urban Edge Properties | 2,094 | 22,113 | ||||||
Washington Prime Group, Inc.(c) | 34,737 | 23,621 | ||||||
Xenia Hotels & Resorts, Inc. | 3,273 | 29,392 | ||||||
|
| |||||||
1,752,445 | ||||||||
|
| |||||||
Utilities-2.63% | ||||||||
ALLETE, Inc. | 752 | 40,578 | ||||||
American States Water Co. | 157 | 11,945 | ||||||
Atlantic Power Corp.(b) | 2,920 | 6,044 | ||||||
Avangrid, Inc. | 1,008 | 48,424 | ||||||
Avista Corp. | 979 | 36,086 | ||||||
Black Hills Corp. | 804 | 45,088 | ||||||
California Water Service Group | 361 | 16,368 | ||||||
Chesapeake Utilities Corp. | 123 | 10,061 | ||||||
Hawaiian Electric Industries, Inc. | 1,445 | 50,011 | ||||||
IDACORP, Inc. | 500 | 44,950 | ||||||
MGE Energy, Inc. | 254 | 16,507 | ||||||
Middlesex Water Co. | 75 | 4,810 | ||||||
National Fuel Gas Co. | 1,264 | 57,689 | ||||||
New Jersey Resources Corp. | 1,154 | 34,782 |
Shares | Value | |||||||
Utilities-(continued) | ||||||||
Northwest Natural Holding Co. | 289 | $ | 14,771 | |||||
NorthWestern Corp. | 600 | 30,984 | ||||||
ONE Gas, Inc. | 500 | 37,060 | ||||||
Ormat Technologies, Inc. | 294 | 17,896 | ||||||
Otter Tail Corp. | 447 | 17,366 | ||||||
PNM Resources, Inc. | 1,018 | 44,466 | ||||||
Portland General Electric Co. | 1,295 | 49,404 | ||||||
SJW Group | 235 | 14,695 | ||||||
South Jersey Industries, Inc. | 1,061 | 23,501 | ||||||
Southwest Gas Holdings, Inc. | 757 | 47,593 | ||||||
Spire, Inc. | 656 | 38,186 | ||||||
Unitil Corp. | 172 | 7,258 | ||||||
|
| |||||||
766,523 | ||||||||
|
| |||||||
Total Common Stocks & Other Equity Interests | 29,136,810 | |||||||
|
| |||||||
Money Market Funds-0.22% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 63,744 | 63,744 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% | 29,200,554 | |||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.32% | ||||||||
Invesco Private Government Fund, | 943,582 | 943,582 | ||||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 317,440 | 317,504 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan | 1,261,086 | |||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-104.44% |
| 30,461,640 | ||||||
OTHER ASSETS LESS LIABILITIES-(4.44)% |
| (1,294,687 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 29,166,953 | ||||||
|
|
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 53 |
|
Invesco RAFITM Strategic US Small Company ETF (IUSS)—(continued)
August 31, 2020
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 32,644 | $ | 1,001,853 | $ | (970,753 | ) | $ | - | $ | - | $ | 63,744 | $ | 175 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | 1,157,644 | 3,719,921 | (4,877,565 | ) | - | - | - | 8,470 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 371,153 | 1,021,396 | (1,392,481 | ) | (7 | ) | (61 | ) | - | 3,154 | * | ||||||||||||||||||||||||
Invesco Private Government Fund | - | 4,723,159 | (3,779,577 | ) | - | - | 943,582 | 136 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 809,424 | (491,949 | ) | - | 29 | 317,504 | 94 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 1,561,441 | $ | 11,275,753 | $ | (11,512,325 | ) | $ | (7 | ) | $ | (32 | ) | $ | 1,324,830 | $ | 12,029 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 54 |
|
Statements of Assets and Liabilities
August 31, 2020
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | Invesco RAFITM Strategic US ETF (IUS) | Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Unaffiliated investments in securities, at value(a) | $ | 307,442,860 | $ | 249,352,226 | $ | 20,312,707 | $ | 142,886,402 | $ | 29,136,810 | ||||||||||
Affiliated investments in securities, at value | 2,322,445 | 4,928,641 | 119,780 | 1,464,952 | 1,324,830 | |||||||||||||||
Cash | 277 | - | - | 84 | - | |||||||||||||||
Foreign currencies, at value | - | - | 30,386 | - | - | |||||||||||||||
Receivable for: | ||||||||||||||||||||
Dividends | 444,471 | 608,723 | 23,524 | 334,337 | 23,475 | |||||||||||||||
Securities lending | 323 | 4,646 | 72 | 3,166 | 1,292 | |||||||||||||||
Investments sold | - | 963 | - | - | - | |||||||||||||||
Foreign tax reclaims | 3,497 | 100,939 | 269 | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total assets | 310,213,873 | 254,996,138 | 20,486,738 | 144,688,941 | 30,486,407 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities: | ||||||||||||||||||||
Due to custodian | - | - | 207 | - | - | |||||||||||||||
Due to foreign custodian | - | 189,603 | - | - | - | |||||||||||||||
Payable for: | ||||||||||||||||||||
Investments purchased | - | 63 | - | - | 14,546 | |||||||||||||||
Investments purchased - affiliated broker | - | - | - | - | 38,173 | |||||||||||||||
Collateral upon return of securities loaned | 2,205,738 | 4,726,510 | 104,669 | 1,452,996 | 1,261,086 | |||||||||||||||
Accrued unitary management fees | - | 47,527 | 6,049 | 22,767 | 5,649 | |||||||||||||||
Accrued advisory fees | 127,753 | - | - | - | - | |||||||||||||||
Accrued trustees’ and officer’s fees | 17,181 | - | - | - | - | |||||||||||||||
Accrued expenses | 128,253 | - | - | - | - | |||||||||||||||
Other payables | - | - | 55 | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liabilities | 2,478,925 | 4,963,703 | 110,980 | 1,475,763 | 1,319,454 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 307,734,948 | $ | 250,032,435 | $ | 20,375,758 | $ | 143,213,178 | $ | 29,166,953 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net assets consist of: | ||||||||||||||||||||
Shares of beneficial interest | $ | 317,132,291 | $ | 266,313,607 | $ | 22,644,840 | $ | 136,324,051 | $ | 30,748,462 | ||||||||||
Distributable earnings (loss) | (9,397,343 | ) | (16,281,172 | ) | (2,269,082 | ) | 6,889,127 | (1,581,509 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 307,734,948 | $ | 250,032,435 | $ | 20,375,758 | $ | 143,213,178 | $ | 29,166,953 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 5,400,000 | 10,700,001 | 850,001 | 5,100,001 | 1,250,001 | |||||||||||||||
Net asset value | $ | 56.99 | $ | 23.37 | $ | 23.97 | $ | 28.08 | $ | 23.33 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Market price | $ | 57.08 | $ | 23.34 | $ | 24.09 | $ | 28.14 | $ | 23.38 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unaffiliated investments in securities, at cost | $ | 268,126,335 | $ | 262,588,840 | $ | 22,739,526 | $ | 134,677,870 | $ | 29,128,656 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Affiliated investments in securities, at cost | $ | 2,322,422 | $ | 4,928,641 | $ | 119,780 | $ | 1,464,952 | $ | 1,324,830 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Foreign currencies (due to foreign custodian), at cost | $ | - | $ | (183,342 | ) | $ | 29,119 | $ | - | $ | - | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) Includes securities on loan with an aggregate value of: | $ | 2,149,985 | $ | 4,334,914 | $ | 98,165 | $ | 1,374,061 | $ | 1,209,901 | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 55 |
|
For the year ended August 31, 2020
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | Invesco RAFITM Strategic US ETF (IUS) | Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Unaffiliated dividend income | $ | 5,304,302 | $ | 7,017,528 | $ | 832,234 | $ | 2,860,051 | $ | 316,706 | ||||||||||
Affiliated dividend income | 2,217 | 3,289 | 4 | 1,054 | 175 | |||||||||||||||
Securities lending income | 11,324 | 88,357 | 1,901 | 34,659 | 19,025 | |||||||||||||||
Foreign withholding tax | (72 | ) | (661,379 | ) | (81,416 | ) | (40 | ) | (259 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 5,317,771 | 6,447,795 | 752,723 | 2,895,724 | 335,647 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Expenses: | ||||||||||||||||||||
Unitary management fees | - | 531,618 | 82,686 | 241,119 | 59,267 | |||||||||||||||
Advisory fees | 1,360,018 | - | - | - | - | |||||||||||||||
Accounting & administration fees | 33,795 | - | - | - | - | |||||||||||||||
Custodian & transfer agent fees | (20,722 | ) | - | - | - | - | ||||||||||||||
Trustees’ and officer’s fees | 10,053 | - | - | - | - | |||||||||||||||
Other expenses | 61,896 | - | - | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 1,445,040 | 531,618 | 82,686 | 241,119 | 59,267 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less: Waivers | (405 | ) | (660 | ) | (11 | ) | (176 | ) | (28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net expenses | 1,444,635 | 530,958 | 82,675 | 240,943 | 59,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income | 3,873,136 | 5,916,837 | 670,048 | 2,654,781 | 276,408 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Realized and unrealized gain (loss) from: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Unaffiliated investment securities | (22,346,875 | ) | (3,316,046 | ) | (55,139 | ) | (1,818,848 | ) | (1,488,781 | ) | ||||||||||
Affiliated investment securities | (43 | ) | 490 | (14 | ) | (149 | ) | (32 | ) | |||||||||||
In-kind redemptions | 21,345,217 | 1,607,283 | (467,871 | ) | 6,350,348 | 1,594,459 | ||||||||||||||
Foreign currencies | - | (52,617 | ) | (70,384 | ) | - | - | |||||||||||||
Net increase from payment by affiliate (see Note 3) | - | - | 58,301 | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | (1,001,701 | ) | (1,760,890 | ) | (535,107 | ) | 4,531,351 | 105,646 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Unaffiliated investment securities | 15,395,366 | (2,441,579 | ) | (231,354 | ) | 11,519,964 | 1,360,902 | |||||||||||||
Affiliated investment securities | 23 | - | - | - | (7 | ) | ||||||||||||||
Foreign currencies | - | 14,115 | 25,402 | - | - | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) | 15,395,389 | (2,427,464 | ) | (205,952 | ) | 11,519,964 | 1,360,895 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized and unrealized gain (loss) | 14,393,688 | (4,188,354 | ) | (741,059 | ) | 16,051,315 | 1,466,541 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 18,266,824 | $ | 1,728,483 | $ | (71,011 | ) | $ | 18,706,096 | $ | 1,742,949 | |||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 56 |
|
(This Page Intentionally Left Blank)
| 57 |
|
Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
Invesco Defensive Equity ETF (DEF) | Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | |||||||||||||||
2020 | 2019 | 2020 | 2019(a) | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 3,873,136 | $ | 2,863,554 | $ | 5,916,837 | $ | 1,892,193 | ||||||||
Net realized gain (loss) | (1,001,701 | ) | 9,361,941 | (1,760,890 | ) | 483,937 | ||||||||||
Change in net unrealized appreciation (depreciation) | 15,395,389 | 8,136,260 | (2,427,464 | ) | (10,797,726 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 18,266,824 | 20,361,755 | 1,728,483 | (8,421,596 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (3,269,976 | ) | (2,420,678 | ) | (6,252,168 | ) | (931,891 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold. | 266,472,439 | 106,139,116 | 36,888,443 | 263,078,604 | ||||||||||||
Value of shares repurchased | (218,786,765 | ) | (69,498,464 | ) | (17,278,105 | ) | (18,779,335 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from share transactions | 47,685,674 | 36,640,652 | 19,610,338 | 244,299,269 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets | 62,682,522 | 54,581,729 | 15,086,653 | 234,945,782 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 245,052,426 | 190,470,697 | 234,945,782 | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 307,734,948 | $ | 245,052,426 | $ | 250,032,435 | $ | 234,945,782 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 4,950,000 | 2,100,000 | 1,750,000 | 10,550,001 | ||||||||||||
Shares repurchased | (4,150,000 | ) | (1,350,000 | ) | (850,000 | ) | (750,000 | ) | ||||||||
Shares outstanding, beginning of year | 4,600,000 | 3,850,000 | 9,800,001 | - | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 5,400,000 | 4,600,000 | 10,700,001 | 9,800,001 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | For the period September 10, 2018 (commencement of investment operations) through August 31, 2019. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 58 |
|
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | Invesco RAFITM Strategic US ETF (IUS) | Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||||||||||||||||||||
2020 | 2019(a) | 2020 | 2019(a) | 2020 | 2019(a) | |||||||||||||||||
$ | 670,048 | $ | 310,365 | $ | 2,654,781 | $ | 462,355 | $ | 276,408 | $ | 58,011 | |||||||||||
(535,107 | ) | 114,983 | 4,531,351 | 42,736 | 105,646 | (49,025 | ) | |||||||||||||||
(205,952 | ) | (2,220,137 | ) | 11,519,964 | (3,311,432 | ) | 1,360,895 | (1,352,741 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(71,011 | ) | (1,794,789 | ) | 18,706,096 | (2,806,341 | ) | 1,742,949 | (1,343,755 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(569,630 | ) | (96,385 | ) | (2,563,760 | ) | (45,627 | ) | (296,297 | ) | (20,217 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
- | 28,477,720 | 31,758,289 | 121,308,962 | 8,272,407 | 27,249,068 | |||||||||||||||||
(4,269,423 | ) | (1,300,724 | ) | (21,875,480 | ) | (1,268,961 | ) | (5,276,381 | ) | (1,160,821 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,269,423 | ) | 27,176,996 | 9,882,809 | 120,040,001 | 2,996,026 | 26,088,247 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(4,910,064 | ) | 25,285,822 | 26,025,145 | 117,188,033 | 4,442,678 | 24,724,275 | ||||||||||||||||
|
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|
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|
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| |||||||||||
25,285,822 | - | 117,188,033 | - | 24,724,275 | - | |||||||||||||||||
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|
|
|
|
|
|
|
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| |||||||||||
$ | 20,375,758 | $ | 25,285,822 | $ | 143,213,178 | $ | 117,188,033 | $ | 29,166,953 | $ | 24,724,275 | |||||||||||
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|
|
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| |||||||||||
- | 1,100,001 | 1,250,000 | 4,750,001 | 400,000 | 1,150,001 | |||||||||||||||||
(200,000 | ) | (50,000 | ) | (850,000 | ) | (50,000 | ) | (250,000 | ) | (50,000 | ) | |||||||||||
1,050,001 | - | 4,700,001 | - | 1,100,001 | - | |||||||||||||||||
|
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|
|
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| |||||||||||
850,001 | 1,050,001 | 5,100,001 | 4,700,001 | 1,250,001 | 1,100,001 | |||||||||||||||||
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| 59 |
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Invesco Defensive Equity ETF (DEF)
Years Ended August 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of year | $ | 53.27 | $ | 49.47 | $ | 43.25 | $ | 39.08 | $ | 35.61 | ||||||||||
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| |||||||||||
Net investment income(a) | 0.75 | 0.68 | 0.58 | 0.67 | 1.14 | |||||||||||||||
Net realized and unrealized gain on investments | 3.62 | 3.73 | 6.40 | 4.35 | 3.48 | |||||||||||||||
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| |||||||||||
Total from investment operations | 4.37 | 4.41 | 6.98 | 5.02 | 4.62 | |||||||||||||||
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| |||||||||||
Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.65 | ) | (0.61 | ) | (0.76 | ) | (0.85 | ) | (1.15 | ) | ||||||||||
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| |||||||||||
Net asset value at end of year | $ | 56.99 | $ | 53.27 | $ | 49.47 | $ | 43.25 | $ | 39.08 | ||||||||||
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| |||||||||||
Market price at end of year | $ | 57.08 | (b) | $ | 53.30 | (b) | $ | 49.53 | (b) | $ | 43.25 | $ | 39.00 | |||||||
|
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| |||||||||||
Net Asset Value Total Return(c) | 8.22 | % | 9.27 | % | 16.25 | % | 13.08 | % | 13.37 | % | ||||||||||
Market Price Total Return(c) | 8.34 | % | 9.20 | % | 16.39 | % | ||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of year (000’s omitted) | $ | 307,735 | $ | 245,052 | $ | 190,471 | $ | 175,171 | $ | 168,040 | ||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.53 | % | 0.55 | % | 0.59 | % | 0.61 | % | 0.65 | % | ||||||||||
Expenses, prior to Waivers | 0.53 | % | 0.55 | % | 0.59 | % | 0.63 | % | 0.74 | % | ||||||||||
Net investment income | 1.42 | % | 1.37 | % | 1.25 | % | 1.67 | % | 3.12 | % | ||||||||||
Portfolio turnover rate(d) | 136 | % | 145 | % | 136 | % | 194 | % | 92 | % |
(a) | Based on average shares outstanding. |
(b) | The mean between the last bid and ask prices. |
(c) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 60 |
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Financial Highlights—(continued)
Invesco RAFITM Strategic Developed ex-US ETF (ISDX)
Year Ended August 31, 2020 | For the Period September 10, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 23.97 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 0.59 | 0.70 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.56 | ) | (1.24 | ) | ||||||
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| |||||||
Total from investment operations | 0.03 | (0.54 | ) | |||||||
|
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| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.63 | ) | (0.49 | ) | ||||||
|
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| |||||||
Net asset value at end of period | $ | 23.37 | $ | 23.97 | ||||||
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| |||||||
Market price at end of period(c) | $ | 23.34 | $ | 23.94 | ||||||
|
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| |||||||
Net Asset Value Total Return(d) | 0.43 | % | (2.10 | )%(e) | ||||||
Market Price Total Return(d) | 0.41 | % | (2.22 | )%(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 250,032 | $ | 234,946 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.23 | % | 0.24 | %(f) | ||||||
Net investment income | 2.56 | % | 2.97 | %(f) | ||||||
Portfolio turnover rate(g) | 26 | % | 47 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (2.10)%. The market price total return from Fund Inception to August 31, 2019 was (2.22)%. |
(f) | Ratios are annualized except for 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.
| 61 |
|
Financial Highlights—(continued)
Invesco RAFITM Strategic Emerging Markets ETF (ISEM)
Year Ended August 31, 2020 | For the Period September 10, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 24.08 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 0.67 | 1.06 | ||||||||
Net realized and unrealized gain (loss) on investments | (0.20 | )(c) | (1.60 | ) | ||||||
|
|
|
| |||||||
Total from investment operations | 0.47 | (0.54 | ) | |||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.58 | ) | (0.38 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 23.97 | $ | 24.08 | ||||||
|
|
|
| |||||||
Market price at end of period(d) | $ | 24.09 | $ | 24.09 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(e) | 2.03 | %(c) | (2.22 | )%(f) | ||||||
Market Price Total Return(e) | 2.48 | % | (2.19 | )%(f) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 20,376 | $ | 25,286 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.35 | % | 0.39 | %(g) | ||||||
Net investment income | 2.84 | % | 4.35 | %(g) | ||||||
Portfolio turnover rate(h) | 19 | %(c) | 22 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount includes the effect of the Adviser pay-in for an economic loss of $0.07 per share. Had the pay-in not been made, the net asset value total return would have been 1.73%. In addition, the portfolio turnover calculation includes the value of securities purchased and sold related to this transaction. |
(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 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (1.95)%. The market price total return from Fund Inception to August 31, 2019 was (2.19)%. |
(g) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.04%. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 62 |
|
Financial Highlights—(continued)
Invesco RAFITM Strategic US ETF (IUS)
Year Ended August 31, 2020 | For the Period September 10, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 24.93 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 0.54 | 0.58 | ||||||||
Net realized and unrealized gain (loss) on investments | 3.13 | (0.26 | ) | |||||||
|
|
|
| |||||||
Total from investment operations | 3.67 | 0.32 | ||||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.52 | ) | (0.39 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 28.08 | $ | 24.93 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 28.14 | $ | 24.94 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 15.17 | % | 1.45 | %(e) | ||||||
Market Price Total Return(d) | 15.38 | % | 1.50 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 143,213 | $ | 117,188 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.19 | % | 0.20 | %(f) | ||||||
Net investment income | 2.09 | % | 2.41 | %(f) | ||||||
Portfolio turnover rate(g) | 15 | % | 8 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was 0.92%. The market price total return from Fund Inception to August 31, 2019 was 0.97%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 63 |
|
Financial Highlights—(continued)
Invesco RAFITM Strategic US Small Company ETF (IUSS)
Year Ended August 31, 2020 | For the Period September 10, 2018(a) Through August 31, 2019 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value at beginning of period | $ | 22.48 | $ | 25.00 | ||||||
|
|
|
| |||||||
Net investment income(b) | 0.24 | 0.23 | ||||||||
Net realized and unrealized gain (loss) on investments | 0.87 | (2.55 | ) | |||||||
|
|
|
| |||||||
Total from investment operations | 1.11 | (2.32 | ) | |||||||
|
|
|
| |||||||
Distributions to shareholders from: | ||||||||||
Net investment income | (0.26 | ) | (0.20 | ) | ||||||
|
|
|
| |||||||
Net asset value at end of period | $ | 23.33 | $ | 22.48 | ||||||
|
|
|
| |||||||
Market price at end of period(c) | $ | 23.38 | $ | 22.48 | ||||||
|
|
|
| |||||||
Net Asset Value Total Return(d) | 5.13 | % | (9.20 | )%(e) | ||||||
Market Price Total Return(d) | 5.36 | % | (9.20 | )%(e) | ||||||
Ratios/Supplemental Data: | ||||||||||
Net assets at end of period (000’s omitted) | $ | 29,167 | $ | 24,724 | ||||||
Ratio to average net assets of: | ||||||||||
Expenses | 0.23 | % | 0.28 | %(f) | ||||||
Net investment income | 1.07 | % | 1.05 | %(f) | ||||||
Portfolio turnover rate(g) | 28 | % | 20 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (September 12, 2018, the first day of trading on the exchange) to August 31, 2019 was (9.34)%. The market price total return from Fund Inception to August 31, 2019 was (9.31)%. |
(f) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.05%. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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|
Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2020
NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust on October 30, 2015 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Defensive Equity ETF (DEF) | “Defensive Equity ETF” | |
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | “RAFITM Strategic Developed ex-US ETF” | |
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | “RAFITM Strategic Emerging Markets ETF” | |
Invesco RAFITM Strategic US ETF (IUS) | “RAFITM Strategic US ETF” | |
Invesco RAFITM Strategic US Small Company ETF (IUSS) | “RAFITM Strategic US Small Company ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on The Nasdaq Stock Market, except for Shares of Defensive Equity ETF, which are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Defensive Equity ETF | Invesco Defensive Equity Index | |
RAFITM Strategic Developed ex-US ETF | Invesco Strategic Developed ex-US Index | |
RAFITM Strategic Emerging Markets ETF | Invesco Strategic Emerging Markets Index | |
RAFITM Strategic US ETF | Invesco Strategic US Index | |
RAFITM Strategic US Small Company ETF | Invesco Strategic US Small Company Index |
NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance
| 65 |
|
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 |
ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an
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agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to 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.
China Exposure Risk. For certain Funds, the value of securities of companies that derive the majority of their revenues from China is likely to be more volatile than that of other issuers. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment. The Chinese central government historically has exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. Actions of the Chinese government authorities continue to have a substantial effect on economic conditions in China. It is difficult for non-Chinese investors to directly access securities in China because of investment and trading restrictions. These limitations and restrictions may impact the availability, liquidity, and pricing of certain securities.
Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.
Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.
Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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.
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Geographic Concentration Risk. A natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific geographic region and adversely impact the Fund’s investments in the affected region.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. 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.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
REIT Risk. REITs are 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.
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 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 |
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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund (except Defensive Equity ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Defensive Equity ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. 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 or period-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund (except Defensive Equity ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of each Fund (except Defensive Equity ETF), including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.
Defensive Equity ETF is responsible for all of its expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, sub-licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses
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incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, and extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, 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 providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of each Fund’s investments, managing each Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to an Investment Advisory Agreement, Defensive Equity ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of its average daily net assets. The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Defensive Equity ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expense, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least August 31, 2022.
Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if
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any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
RAFITM Strategic Developed ex-US ETF | 0.23% | |
RAFITM Strategic Emerging Markets ETF | 0.35% | |
RAFITM Strategic US ETF | 0.19% | |
RAFITM Strategic US Small Company ETF | 0.23% |
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 certain of the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.
For the fiscal year ended August 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:
Defensive Equity ETF | $ | 405 | ||
RAFITM Strategic Developed ex-US ETF | 660 | |||
RAFITM Strategic Emerging Markets ETF | 11 | |||
RAFITM Strategic US ETF | 176 | |||
RAFITM Strategic US Small Company ETF | 28 |
For the fiscal year ended August 31, 2020, the Adviser reimbursed RAFITM Strategic Emerging Markets ETF for an economic loss of $58,301 as a result of trading related activity.
The offering costs excluded from the Expense Cap for Defensive Equity ETF, as applicable, are: (a) initial legal fees pertaining to the Fund’s Shares offered for sale; (b) initial SEC and state registration fees; and (c) initial fees paid to be listed on an exchange.
The fees waived and/or expenses borne by the Adviser for Defensive Equity ETF pursuant to the Expense Cap are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. For the fiscal year ended August 31, 2020, there were no amounts available for potential recapture by the Adviser.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For fiscal year ended August 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:
Defensive Equity ETF | $ | 10,980 | ||
RAFITM Strategic Developed ex-US ETF | 2,437 | |||
RAFITM Strategic Emerging Markets ETF | 677 | |||
RAFITM Strategic US ETF | 7,283 | |||
RAFITM Strategic US Small Company ETF | 8,679 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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
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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 August 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 | |||||||||||||||||
Defensive Equity ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 307,442,860 | $ | - | $ | - | $ | 307,442,860 | ||||||||||||
Money Market Funds | 116,684 | 2,205,761 | - | 2,322,445 | ||||||||||||||||
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Total Investments | $ | 307,559,544 | $ | 2,205,761 | $ | - | $ | 309,765,305 | ||||||||||||
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RAFITM Strategic Developed ex-US ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 249,352,226 | $ | - | $ | - | $ | 249,352,226 | ||||||||||||
Money Market Funds | 202,131 | 4,726,510 | - | 4,928,641 | ||||||||||||||||
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| |||||||||||||
Total Investments | $ | 249,554,357 | $ | 4,726,510 | $ | - | $ | 254,280,867 | ||||||||||||
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RAFITM Strategic Emerging Markets ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 20,312,707 | $ | - | $ | 0 | $ | 20,312,707 | ||||||||||||
Money Market Funds | 15,111 | 104,669 | - | 119,780 | ||||||||||||||||
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|
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|
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| |||||||||||||
Total Investments | $ | 20,327,818 | $ | 104,669 | $ | 0 | $ | 20,432,487 | ||||||||||||
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| |||||||||||||
RAFITM Strategic US ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 142,886,402 | $ | - | $ | - | $ | 142,886,402 | ||||||||||||
Money Market Funds | 11,956 | 1,452,996 | - | 1,464,952 | ||||||||||||||||
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| |||||||||||||
Total Investments | $ | 142,898,358 | $ | 1,452,996 | $ | - | $ | 144,351,354 | ||||||||||||
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RAFITM Strategic US Small Company ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 29,136,810 | $ | - | $ | - | $ | 29,136,810 | ||||||||||||
Money Market Funds | 63,744 | 1,261,086 | - | 1,324,830 | ||||||||||||||||
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|
|
|
|
|
| |||||||||||||
Total Investments | $ | 29,200,554 | $ | 1,261,086 | $ | - | $ | 30,461,640 | ||||||||||||
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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 August 31, 2020 and 2019:
2020 | 2019 | |||||||
Ordinary Income* | Ordinary Income* | |||||||
Defensive Equity ETF | $ | 3,269,976 | $ | 2,420,678 | ||||
RAFITM Strategic Developed ex-US ETF | 6,252,168 | 931,891 | ||||||
RAFITM Strategic Emerging Markets ETF | 569,630 | 96,385 | ||||||
RAFITM Strategic US ETF | 2,563,760 | 45,627 | ||||||
RAFITM Strategic US Small Company ETF | 296,297 | 20,217 |
* | Includes short-term capital gain distributions, if any. |
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Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Net Unrealized Appreciation - Foreign Currencies | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||||||||||
Defensive Equity ETF | $ | 2,500,737 | $ | (4,917 | ) | $ | 37,352,332 | $ | - | $ | (49,245,495 | ) | $ | 317,132,291 | $ | 307,734,948 | |||||||||||||||||||
RAFITM Strategic Developed ex-US ETF | 684,247 | - | (13,736,130 | ) | 11,424 | (3,240,713 | ) | 266,313,607 | 250,032,435 | ||||||||||||||||||||||||||
RAFITM Strategic Emerging Markets ETF | 295,419 | - | (2,466,989 | ) | 730 | (98,242 | ) | 22,644,840 | 20,375,758 | ||||||||||||||||||||||||||
RAFITM Strategic US ETF | 507,230 | - | 8,038,646 | - | (1,656,749 | ) | 136,324,051 | 143,213,178 | |||||||||||||||||||||||||||
RAFITM Strategic US Small Company ETF | 17,625 | - | (31,023 | ) | - | (1,568,111 | ) | 30,748,462 | 29,166,953 |
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 August 31, 2020:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
Defensive Equity ETF | $ | 49,245,495 | $ | - | $ | 49,245,495 | ||||||
RAFITM Strategic Developed ex-US ETF | 2,378,841 | 861,872 | 3,240,713 | |||||||||
RAFITM Strategic Emerging Markets ETF | - | 98,242 | 98,242 | |||||||||
RAFITM Strategic US ETF | 1,620,615 | 36,134 | 1,656,749 | |||||||||
RAFITM Strategic US Small Company ETF | 1,390,577 | 177,534 | 1,568,111 |
* | 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 August 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 | |||||||
Defensive Equity ETF | $ | 368,305,192 | $ | 367,476,109 | ||||
RAFITM Strategic Developed ex-US ETF | 61,468,988 | 60,497,170 | ||||||
RAFITM Strategic Emerging Markets ETF | 4,375,878 | 5,157,794 | ||||||
RAFITM Strategic US ETF | 18,738,434 | 18,534,220 | ||||||
RAFITM Strategic US Small Company ETF | 7,654,877 | 7,153,448 |
For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Defensive Equity ETF | $ | 265,844,014 | $ | 218,384,332 | ||||
RAFITM Strategic Developed ex-US ETF | 34,543,858 | 16,066,284 | ||||||
RAFITM Strategic Emerging Markets ETF | - | 3,360,820 | ||||||
RAFITM Strategic US ETF | 31,674,587 | 21,931,159 | ||||||
RAFITM Strategic US Small Company ETF | 8,251,181 | 5,748,428 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
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At August 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 | |||||||||||||
Defensive Equity ETF | $ | 41,837,618 | $ | (4,485,286 | ) | $ | 37,352,332 | $ | 272,412,973 | |||||||
RAFITM Strategic Developed ex-US ETF | 16,969,864 | (30,705,994 | ) | (13,736,130 | ) | 268,016,997 | ||||||||||
RAFITM Strategic Emerging Markets ETF | 2,185,058 | (4,652,047 | ) | (2,466,989 | ) | 22,899,476 | ||||||||||
RAFITM Strategic US ETF | 20,065,088 | (12,026,442 | ) | 8,038,646 | 136,312,708 | |||||||||||
RAFITM Strategic US Small Company ETF | 3,516,148 | (3,547,171 | ) | (31,023 | ) | 30,492,663 |
NOTE 7—Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, 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 August 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
Defensive Equity ETF | $ | - | $ | (20,533,109 | ) | $ | 20,533,109 | ||||||||
RAFITM Strategic Developed ex-US ETF | (45,535 | ) | (1,088,206 | ) | 1,133,741 | ||||||||||
RAFITM Strategic Emerging Markets ETF | (9,072 | ) | 477,562 | (468,490 | ) | ||||||||||
RAFITM Strategic US ETF | (15 | ) | (6,318,373 | ) | 6,318,388 | ||||||||||
RAFITM Strategic US Small Company ETF | (408 | ) | (1,588,693 | ) | 1,589,101 |
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 each Fund (except Defensive Equity ETF). The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 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 the Funds’ 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 of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.
Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.
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NOTE 10—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 Self-Indexed Fund Trust and Shareholders of Invesco Defensive Equity ETF, Invesco RAFITM Strategic Developed ex-US ETF, Invesco RAFITM Strategic Emerging Markets ETF, Invesco RAFITM Strategic US ETF and Invesco RAFITM Strategic US Small Company ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, and the statements of changes in net assets, 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 August 31, 2020, the results of each of their operations for the year ended August 31, 2020, and the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Invesco Defensive Equity ETF (1)
Invesco RAFITM Strategic Developed ex-US ETF (2)
Invesco RAFITM Strategic Emerging Markets ETF (2)
Invesco RAFITM Strategic US ETF (2)
Invesco RAFITM Strategic US Small Company ETF (2)
(1) Statements of changes in net assets for each of the two years in the period ended August 31, 2020 and the financial highlights for each of the three years in the period ended August 31, 2020
(2) Statements of changes in net assets and the financial highlights for the year ended August 31, 2020 and for the period September 10, 2018 (commencement of investment operations) through August 31, 2019
The financial statements of Invesco Defensive Equity ETF (Predecessor Fund Guggenheim Defensive Equity 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.
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 August 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.
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Report of Independent Registered Public Accounting Firm—(continued)
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
October 28, 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 Self-Indexed Fund Trust (excluding Invesco Defensive Equity ETF), you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses and other extraordinary expenses. As a shareholder of Invesco Defensive Equity ETF, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Defensive Equity ETF (DEF) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,099.60 | 0.54 | % | $ | 2.85 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.42 | 0.54 | 2.75 | ||||||||||||||||
Invesco RAFITM Strategic Developed ex-US ETF (ISDX) | ||||||||||||||||||||
Actual | 1,000.00 | 1,028.30 | 0.23 | 1.17 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.98 | 0.23 | 1.17 | ||||||||||||||||
Invesco RAFITM Strategic Emerging Markets ETF (ISEM) | ||||||||||||||||||||
Actual | 1,000.00 | 1,035.10 | 0.35 | 1.79 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.38 | 0.35 | 1.78 | ||||||||||||||||
Invesco RAFITM Strategic US ETF (IUS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,144.40 | 0.19 | 1.02 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.18 | 0.19 | 0.97 |
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Calculating your ongoing Fund expenses—(continued)
Beginning Account Value March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||
Invesco RAFITM Strategic US Small Company ETF (IUSS) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,081.90 | 0.23 | % | $ | 1.20 | ||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.98 | 0.23 | 1.17 |
(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 August 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 August 31, 2020:
Qualified Business Income* | Qualified Dividend Income* | Dividends-Received Deduction* | Qualified Interest Income* | |||||||||||||
Invesco Defensive Equity ETF | 0 | % | 100 | % | 100 | % | 0 | % | ||||||||
Invesco RAFITM Strategic Developed ex-US ETF | 0 | % | 100 | % | 0 | % | 0 | % | ||||||||
Invesco RAFITM Strategic Emerging Markets ETF | 0 | % | 82 | % | 0 | % | 0 | % | ||||||||
Invesco RAFITM Strategic US ETF | 0 | % | 100 | % | 100 | % | 0 | % | ||||||||
Invesco RAFITM Strategic US Small Company ETF | 4 | % | 96 | % | 93 | % | 0 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year. |
The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:
Foreign Source Income | Foreign Taxes Paid | |||||||
Invesco RAFITM Strategic Developed ex-US ETF | $0.65 | $0.06 | ||||||
Invesco RAFITM Strategic Emerging Markets ETF | 0.98 | 0.10 |
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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 August 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee | Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 214 | 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 2016 | 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. | 214 | 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | 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). | 214 | 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 Past 5 Years | Number of Portfolios 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). | 214 | 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by 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 and Trustee since 2016 | 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). | 214 | 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 and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 214 | 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 Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
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). | 214 | 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, NewYork-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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | 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. | 214 | 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 and Trustee since 2016 | 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). | 214 | 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 (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Time Served* | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | 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, Invesco Services (Bahamas) Private Limited (2012-2020); 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. | 214 | 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 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); 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 Served* | Principal Occupation(s) During 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 (2017-2017), 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. | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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 2016 | 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 Served* | Principal Occupation(s) During Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco Defensive Equity ETF (the “Fund”).
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Fund and the Adviser, (iii) the fees and expenses paid by the Fund and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Fund, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Fund. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Fund.
The Trustees reviewed information on the performance of the Fund and its underlying index for the one-year, three-year, five-year, ten-year and since-inception (December 15, 2006) periods ended December 31, 2019, including reports for each of those periods on the correlation and tracking error between the Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between the Fund and its underlying index. In reviewing the tracking error report, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Fund was created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on April 6, 2018 is that of its predecessor Guggenheim ETF. The Trustees noted that, for each period, the correlation and tracking error for the Fund were within the targeted range set forth in the Trust’s registration statement and concluded that the Fund was correlated to its underlying index and that the tracking error for the Fund was within an acceptable range given the Fund’s circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Fund’s administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Fund under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratios. The Trustees noted that the annual advisory fee charged to the Fund is 0.50% and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (the “Expense Cap”) to the extent necessary to prevent the annual operating expenses of the Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.60% of the Fund’s average daily net assets per year through at least August 31, 2022.
The Trustees compared the Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”) and open-end (non-ETF) actively-managed funds. The information compiled by the Adviser from Lipper Inc. databases indicated that the Fund did not have open-end (non-ETF) index peer funds. The Trustees noted that the Fund’s contractual advisory fee and net expense ratio were lower than the median net advisory fees and net expense ratios of its ETF peer funds and open-end actively-managed peer funds.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, noting that the Adviser indicated that none of the other investment products have comparable investment strategies to the Fund. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Fund and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Fund requires substantially more labor and expense.
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Approval of Investment Advisory Contracts—(continued)
Based on all the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of the Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.
In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Fund. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to the Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed the Fund’s asset size, advisory fee, expense ratio and the Expense Cap agreed to by the Adviser. The Trustees also noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by the Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in the Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for the Fund was reasonable in relation to the asset size of the Fund, and concluded that the flat advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Fund, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Fund, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for the Fund and is paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board’s analysis.
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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 37 series (each, a “Fund” and together, the “Funds”):
Invesco BulletShares 2020 Corporate Bond ETF | Invesco BulletShares 2024 Municipal Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2024 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF | Invesco Investment Grade Defensive ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF | Invesco Investment Grade Value ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US Small Company ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Emerging Markets ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US ETF | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US Small Company ETF | |
Invesco BulletShares 2021 Municipal Bond ETF | Invesco Russell 1000® Dynamic Multifactor ETF | |
Invesco BulletShares 2022 Municipal Bond ETF | Invesco Russell 2000® Dynamic Multifactor ETF | |
Invesco BulletShares 2023 Municipal Bond ETF |
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts—(continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:
· | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 Corporate Bond ETF, Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF and Invesco BulletShares 2028 Corporate Bond ETF; |
· | 0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF; |
· | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Municipal Bond ETF, Invesco BulletShares 2022 Municipal Bond ETF, Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF and Invesco BulletShares 2028 Municipal Bond ETF; |
· | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
· | 0.23% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US ETF and Invesco RAFITM Strategic US Small Company ETF; |
· | 0.29% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 USD Emerging Markets Debt ETF, Invesco BulletShares 2022 USD Emerging Markets Debt ETF, Invesco BulletShares 2023 USD Emerging Markets Debt ETF, Invesco BulletShares 2024 USD Emerging Markets Debt ETF and Invesco Russell 1000® Dynamic Multifactor ETF; |
�� | 0.35% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US Small Company ETF and Invesco RAFITM Strategic Emerging Markets ETF; |
· | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; and |
· | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 High Yield Corporate Bond ETF, Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF and Invesco BulletShares 2026 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||
Invesco BulletShares 2020 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2021 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2022 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2023 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2024 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2025 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2026 Corporate Bond ETF | X | X |
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Approval of Investment Advisory Contracts—(continued)
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||||
Invesco BulletShares 2027 Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2028 Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | X | X | ||||||
Invesco BulletShares 2021 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2022 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2023 Municipal Bond ETF | N/A | X | ||||||
Invesco BulletShares 2024 Municipal Bond ETF | N/A | X | ||||||
Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X | |||||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | X | X | X | |||||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | X | X | X | |||||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | X | X | X | |||||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | X | X | X | |||||
Invesco Investment Grade Defensive ETF | X | X | X | |||||
Invesco Investment Grade Value ETF | X | X | X | |||||
Invesco RAFITM Strategic Developed ex-US ETF | X | X | X | |||||
Invesco RAFITM Strategic Developed ex-US Small Company ETF | X | X | X | |||||
Invesco RAFITM Strategic Emerging Markets ETF | X | X | ||||||
Invesco RAFITM Strategic US ETF | X | X | X | |||||
Invesco RAFITM Strategic US Small Company ETF | X | X | ||||||
Invesco Russell 1000® Dynamic Multifactor ETF | X | X | X | |||||
Invesco Russell 2000® Dynamic Multifactor ETF | X |
* | The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
| 95 |
|
Approval of Investment Advisory Contracts—(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
| 96 |
|
(This Page Intentionally Left Blank)
(This Page Intentionally Left Blank)
Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year 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-SIFT-AR-2 | invesco.com/ETFs |
Invesco Annual Report to Shareholders | ||
August 31, 2020 | ||
IIGD | Invesco Investment Grade Defensive ETF | |
IIGV | Invesco Investment Grade Value ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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.
Table of Contents
3 | ||||
4 | ||||
10 | ||||
Schedules of Investments | ||||
11 | ||||
14 | ||||
18 | ||||
19 | ||||
20 | ||||
21 | ||||
23 | ||||
32 | ||||
33 | ||||
34 | ||||
35 | ||||
45 |
| 2 |
|
Fixed Income
At the beginning of the fiscal year, despite US and China trade tensions, potential for new tariffs, and weakening global economic growth, US economic data remained supportive of slow but continued domestic economic expansion as 2019 third and fourth quarter gross domestic product grew at approximately 2.50%.1 The US economy continued to add jobs, stabilizing the unemployment rate to 3.50% at the close of 2019, while inflation remained subdued.2 In response to third quarter economic weakness, the US Federal Reserve (“the Fed”) maintained accommodative policies, cutting the federal funds target rate from a range of 2.00% to 2.25% at the start of the fiscal year to a range of 1.50% to 1.75% at the close of 2019.3 Despite the UK’s general election in December, which delivered a decisive victory to the conservative party, reaffirming the original Brexit vote and the UK’s eventual exit from the European Union, macroeconomic and geopolitical issues mostly abated during the fourth quarter of 2019, providing a favorable backdrop for continued US growth.
Fixed income 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 markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. As fear of a worldwide recession increased, the Fed took aggressive action to support both the domestic and global economy by slashing rates to a range of 0.00% to 0.25%.3 The unemployment rate reached a peak of 14.7%2 while real gross domestic product decreased at an annual rate of 31.7%1 (second estimate) in the second quarter of 2020.
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. In this environment, the broader bond market, both developed and emerging, ended the fiscal year in positive territory.
The 10-year US Treasury yield continued to decline at the start of the fiscal year as the Fed adopted a more dovish stance and continued geopolitical uncertainty forced investors to seek higher quality fixed income instruments. Elevated volatility levels due to the COVID-19 pandemic and ensuing global recession led to a severe “risk-off” tone in the markets driving Treasury yields even lower. The 10-year US Treasury yield ended the fiscal year at 0.68%, 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 U.S. Aggregate Bond Index, gained 6.47% for the fiscal year. The strong performance by the index was largely attributable to the sharp decline in US Treasury yields as well as a rally in spread sector assets. The four primary sectors of the Bloomberg Barclays U.S. Aggregate Bond Index–government-related, corporate, securitized and treasury–posted positive returns for the fiscal year.
1 | Source: Bureau of Economic Analysis |
2 | Source: Bureau of Labor Statistics |
3 | Source: US Federal Reserve |
4 | Source: US Department of the Treasury |
| 3 |
|
Management’s Discussion of Fund Performance Invesco Investment Grade Defensive ETF (IIGD) |
As an index fund, the Invesco Investment Grade Defensive ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to U.S. investment grade bonds having the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) have an average credit rating that is higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million in face value outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index.
The Index Provider assigns a quality score (“Quality Score”) to each eligible bond, which is calculated based on such bond’s maturity and credit rating. With respect to the maturity factor, each bond is scored based on the number of years remaining to maturity, with bonds having fewer years to maturity receiving higher scores. With respect to the credit rating factor, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally weighted average of the numerical scores of each agency that has rated the bond. The maturity and credit scores for each bond are standardized across the universe of eligible bonds, and the Quality Score for each bond is computed as an equally weighted combination of these two factors.
All eligible securities are ranked by Quality Score. Initially, bonds with Quality Scores in the top 40% of eligible securities are selected for inclusion in the Index. At each monthly Index rebalance, any new eligible security with a Quality Score in the top 30% of eligible securities is added to the Index, and current Index constituents with a Quality Score in the top 50% of eligible securities remain in the Index provided that they satisfy all other eligibility criteria. 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 August 31, 2020, on a market price basis, the Fund returned 6.13%. On a net asset value (“NAV”) basis, the Fund returned 6.50%. During the same time period, the Index returned 6.75%. 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, as well as rebalance-related trading and sampling costs.
During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 8.41%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2300 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 broad-based U.S. corporate bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the diversified telecommunications services industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to the diversified telecommunications services industry, followed by its underweight allocation to the banks and health care providers and services industries.
For the fiscal year ended August 31, 2020, the banks industry contributed most significantly to the Fund’s return, followed by the capital markets and insurance industries, respectively. No industries detracted from the Fund’s performance during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Principal Life Global Funding II, 3.00% coupon, due 04/18/2026, an insurance company (portfolio average weight of 1.00%), and Pfizer, Inc., 3.00% coupon, due 12/15/2026, a pharmaceuticals company (portfolio average weight of 1.04%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., 2.87% coupon, due 10/15/2027, an industrial conglomerates company (no longer held at fiscal year-end), and Simon Property Group, LP., 3.375% coupon, due 10/01/2024, a communications equipment company (no longer held at fiscal year-end).
| 4 |
|
Invesco Investment Grade Defensive ETF (IIGD) (continued)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials
|
|
40.15
|
| |||
Industrials
|
| 10.22
|
| |||
Information Technology
|
| 9.24
|
| |||
Health Care
|
| 7.80
|
| |||
Energy
|
| 5.83
|
| |||
Utilities
|
| 5.54
|
| |||
Consumer Discretionary
|
| 5.49
|
| |||
Consumer Staples
|
| 5.45
|
| |||
Communication Services
|
| 3.63
|
| |||
Sector Types Each Less Than 3%
|
| 5.53
|
| |||
Money Market Funds Plus Other Assets Less Liabilities
|
| 1.12
|
|
Credit Quality Rating (S&P)*
(% of the Fund’s Net Assets)
as of August 31, 2020
AAA |
|
1.85
|
| |||
AA |
|
22.50
|
| |||
A |
|
60.67
|
| |||
BBB |
|
12.91
|
| |||
Not Rated |
|
0.95
|
| |||
Money Market Funds Plus Other Assets Less Liabilities |
|
1.12
|
|
* | Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage. |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security
| ||||||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 |
|
1.09
|
| |||
Caterpillar, Inc., 3.40%, 05/15/2024 |
|
1.08
|
| |||
Wells Fargo Bank N.A., 3.55%, 08/14/2023 |
|
1.04
|
| |||
MetLife, Inc., Series D, 4.37%, 09/15/2023 |
|
1.04
|
| |||
Texas Instruments, Inc., 1.38%, 03/12/2025 |
|
0.99
|
| |||
Ascension Health, Series B, 2.53%, 11/15/2029 |
|
0.99
|
| |||
JPMorgan Chase & Co., 3.25%, 09/23/2022 |
|
0.99
|
| |||
Johnson & Johnson, 2.45%, 03/01/2026 |
| 0.98
|
| |||
Truist Bank, 1.25%, 03/09/2023 |
|
0.98
|
| |||
Five Corners Funding Trust, 4.42%, 11/15/2023 |
|
0.97
|
| |||
Total |
|
10.15
|
|
* | Excluding money market fund holdings. |
| 5 |
|
Invesco Investment Grade Defensive ETF (IIGD) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||
Average | ||||||||||||||||
Index | 1 Year | Annualized | Cumulative | |||||||||||||
Invesco Investment Grade Defensive Index
|
| 6.75
| %
|
| 7.30%
|
|
| 15.94%
|
| |||||||
iBoxx USD Liquid Investment Grade Index
|
| 8.41
|
|
| 11.70
|
|
| 26.16
|
| |||||||
Fund
| ||||||||||||||||
NAV Return
|
| 6.50
|
|
| 7.14
|
|
| 15.58
|
| |||||||
Market Price Return
|
| 6.13
|
|
| 7.16
|
|
| 15.63
|
|
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% 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. |
| 6 |
|
Management’s Discussion of Fund Performance Invesco Investment Grade Value ETF (IIGV) |
As an index fund, the Invesco Investment Grade Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Investment Grade Value Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the “Index Provider”) compiles and maintains the Index, which is designed to provide exposure to higher value, U.S. investment grade bonds. Higher value bonds are characterized as those with higher yields that may provide greater returns in certain markets. In addition, the Index seeks to incorporate securities with the highest “quality scores” (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser.
In selecting components for inclusion in the Index, the Index Provider begins with an investment universe of all U.S. dollar denominated bonds issued by U.S. companies. To be eligible for inclusion in the Index, bonds must (i) have an average credit rating that is rated higher than BBB- (or equivalent) by S&P Global Ratings, a division of S&P Global Inc., Fitch Ratings Inc. or Moody’s Investors Service, Inc. credit rating agencies; (ii) have at least $600 million in face value outstanding, with only the largest bond from each issuer eligible; (iii) have at least two years, and no more than ten years, until final maturity; and (iv) make coupon payments. Qualifying securities include fixed rate, bullet bonds, sinking funds, amortizing, puttable, extendable, callable, and step-up bonds with schedules known at issuance. Securities issued in accordance with Rule 144A under the Securities Act of 1933, as amended, bonds registered with the Securities and Exchange Commission, publicly underwritten medium-term notes and Eurodollar bonds are all eligible for inclusion in the Index.
The Index Provider assigns a quality adjusted value score (“QAV Score”) to each eligible bond, which is calculated based on a combination of value and quality factors or characteristics. With respect to value, a value score (“Value Score”) is assigned to each eligible bond based on the bond’s option adjusted spread (“OAS”). Specifically, the Value Score for each bond is calculated as its percentile ranked OAS within its sector and credit rating category. With respect to credit category, each rating agency’s rating is converted into a numerical value and a bond’s credit factor score is calculated as an equally weighted average of the numerical scores of each agency that has rated the bond. The bond is then assigned to one of six credit rating categories, as established by the Index Provider. Bonds are also separately ranked by OAS solely within their credit rating category. If fewer than three bonds are available within a sector or credit rating, then the Value Score for all bonds in the grouping is replaced with the percentile rank based on credit rating only. If fewer than three bonds are available within a credit rating category, then the bonds in that credit rating
category are removed from Index eligibility. The Value Scores are then standardized.
The Index Provider also calculates a quality score (“Quality Score”) for each eligible bond, which is calculated based on such bond’s maturity and credit rating. With respect to the maturity factor, each bond is scored based on the number of years remaining to maturity, with bonds having fewer years to maturity receiving higher scores. With respect to the credit rating factor, each rating agency’s rating is converted into a numerical value and a bond’s credit score is calculated as an equally weighted average of the numerical scores of each agency that has rated the bond. The maturity and credit scores for each bond are standardized across the universe of eligible bonds, and the Quality Score for each bond is computed as an equally weighted combination of these two factors. Once a Value Score and Quality Score are assigned to eligible bonds, the QAV Score is calculated as a weighted-average combination of the two scores, with 90% and 10% weights applied to the Value Score and Quality Score, respectively. All eligible securities are ranked by QAV Score. Initially, bonds with QAV Scores in the top 40% of eligible securities are selected for inclusion in the Index. At each monthly Index rebalance, any new eligible security with a QAV Score in the top 30% of eligible securities is added to the Index, and current Index constituents with a QAV Score in the top 50% of eligible securities remain in the Index provided that they satisfy all other eligibility criteria. 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 August 31, 2020, on a market price basis, the Fund returned 7.13%. On a net asset value (“NAV”) basis, the Fund returned 7.26%. During the same time period, the Index returned 8.68%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to rebalance-related trading and sampling costs, as well as fees and operating expenses that the Fund incurred during the period.
During this same time period, the iBoxx USD Liquid Investment Grade Index (the “Benchmark Index”) returned 8.41%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2300 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 broad-based U.S. corporate bond market.
The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary bond selection and weighting methodology, whereas the Benchmark Index selects and weights bonds based on market capitalization.
| 7 |
|
Invesco Investment Grade Value ETF (IIGV) (continued)
Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight in the banks industry during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being underweight in the banks industry.
For the fiscal year ended August 31, 2020, the capital markets industry contributed most significantly to the Fund’s return, followed by the electric utilities and insurance industries, respectively. The construction and engineering industry detracted most significantly from the Fund’s return, followed by the multiline retail industry.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Whirlpool Corp., 4.75% coupon, due 02/26/2029, a household durables company (no longer held at fiscal year-end), and ONEOK, Inc., 3.10% coupon, due 03/15/2030, an oil, gas & consumable fuels company (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return during this period included Fluor Corp., 4.25% coupon, due 09/15/2028, a construction & engineering company (no longer held at fiscal year-end), and ONEOK, Inc., 4.55% coupon, due 07/15/2028, an oil, gas & consumable fuels company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials |
|
24.39
|
| |||
Health Care |
|
10.97
|
| |||
Energy |
|
10.05
|
| |||
Industrials |
|
9.74
|
| |||
Utilities |
|
8.11
|
| |||
Information Technology |
|
7.56
|
| |||
Consumer Staples |
|
7.30
|
| |||
Consumer Discretionary |
|
6.08
|
| |||
Real Estate |
|
6.06
|
| |||
Materials |
|
4.32
|
| |||
Communication Services |
|
3.89
|
| |||
Money Market Funds Plus Other Assets Less Liabilities |
|
1.53
|
|
Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2020
AAA |
|
0.65
|
| |||
AA |
|
7.64
|
| |||
A |
|
41.08
|
| |||
BBB |
|
49.10
|
| |||
Money Market Funds Plus Other Assets Less Liabilities |
|
1.53
|
|
* | Source: Standard & Poor’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit standardandpoors.com and select “Understanding Ratings” under Ratings Resources on the homepage. |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security | ||||||
MPLX L.P., 4.13%, 03/01/2027 |
|
1.12
|
| |||
Cintas Corp. No. 2, 3.70%, 04/01/2027 |
|
0.98
|
| |||
Brighthouse Financial, Inc., 3.70%, 06/22/2027 |
|
0.94
|
| |||
Cigna Corp., 4.38%, 10/15/2028 |
|
0.88
|
| |||
Keysight Technologies, Inc., 4.60%, 04/06/2027 |
|
0.87
|
| |||
TD Ameritrade Holding Corp., 3.30%, 04/01/2027 |
|
0.84
|
| |||
Morgan Stanley, 3.88%, 01/27/2026 |
|
0.84
|
| |||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030 |
|
0.83
|
| |||
Boeing Co. (The), 5.15%, 05/01/2030 |
| 0.82
|
| |||
Halliburton Co., 3.80%, 11/15/2025 |
| 0.82
|
| |||
Total |
| 8.94
|
|
* | Excluding money market fund holdings. |
| 8 |
|
Invesco Investment Grade Value ETF (IIGV) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||
Average | ||||||||
Index | 1 Year | Annualized | Cumulative | |||||
Invesco Investment Grade Value Index
| 8.68%
| 10.72%
| 23.85%
| |||||
iBoxx USD Liquid Investment Grade Index
| 8.41
| 11.70
| 26.16
| |||||
Fund
| ||||||||
NAV Return
| 7.26
| 9.66
| 21.35
| |||||
Market Price Return | 7.13
| 9.71
| 21.48
|
Fund Inception: July 25, 2018
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% 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 |
|
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
| 10 |
|
Invesco Investment Grade Defensive ETF (IIGD)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.88% |
| |||||||
Aerospace & Defense-1.84% | ||||||||
General Dynamics Corp., 2.25%, 11/15/2022 | $ | 741,000 | $ | 769,238 | ||||
Precision Castparts Corp., 2.50%, 01/15/2023 | 731,000 | 765,250 | ||||||
|
| |||||||
1,534,488 | ||||||||
|
| |||||||
Air Freight & Logistics-0.91% | ||||||||
United Parcel Service, Inc., 2.45%, 10/01/2022 | 731,000 | 763,023 | ||||||
|
| |||||||
Banks-15.93% | ||||||||
Bank of America Corp., 3.30%, 01/11/2023 | 724,000 | 772,689 | ||||||
Capital One Bank USA N.A., 3.38%, 02/15/2023 | 700,000 | 741,731 | ||||||
Citibank N.A., 3.65%, 01/23/2024 | 700,000 | 770,958 | ||||||
Comerica, Inc., 3.70%, 07/31/2023 | 746,000 | 809,779 | ||||||
Huntington National Bank (The), 3.55%, 10/06/2023 | 650,000 | 710,346 | ||||||
JPMorgan Chase & Co., 3.25%, 09/23/2022 | 782,000 | 828,071 | ||||||
KeyBank N.A., 2.30%, 09/14/2022(b) | 700,000 | 726,599 | ||||||
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025 | 646,000 | 710,275 | ||||||
Regions Financial Corp., 3.80%, 08/14/2023 | 600,000 | 654,415 | ||||||
Truist Bank 1.25%, 03/09/2023 | 800,000 | 816,110 | ||||||
3.20%, 04/01/2024 | 450,000 | 491,781 | ||||||
2.15%, 12/06/2024 | 700,000 | 743,775 | ||||||
Truist Financial Corp. 2.20%, 03/16/2023 | 500,000 | 521,585 | ||||||
1.20%, 08/05/2025(b) | 500,000 | 511,744 | ||||||
U.S. Bank N.A. 3.40%, 07/24/2023 | 700,000 | 762,685 | ||||||
2.05%, 01/21/2025 | 700,000 | 741,944 | ||||||
US Bancorp, 1.45%, 05/12/2025 | 500,000 | 518,890 | ||||||
Wells Fargo & Co., 3.07%, 01/24/2023 | 600,000 | 620,891 | ||||||
Wells Fargo Bank N.A., 3.55%, 08/14/2023 | 800,000 | 869,970 | ||||||
|
| |||||||
13,324,238 | ||||||||
|
| |||||||
Beverages-1.86% | ||||||||
Coca-Cola Co. (The), 2.88%, 10/27/2025 | 701,000 | 777,722 | ||||||
PepsiCo, Inc., 2.25%, 03/19/2025 | 720,000 | 773,946 | ||||||
|
| |||||||
1,551,668 | ||||||||
|
| |||||||
Biotechnology-0.93% | ||||||||
Gilead Sciences, Inc., 3.65%, 03/01/2026 | 680,000 | 780,647 | ||||||
|
| |||||||
Capital Markets-9.25% | ||||||||
Ameriprise Financial, Inc., 4.00%, 10/15/2023 | 706,000 | 784,654 | ||||||
Bank of New York Mellon Corp. (The) 1.95%, 08/23/2022 | 755,000 | 780,532 | ||||||
2.20%, 08/16/2023 | 734,000 | 770,531 | ||||||
BlackRock, Inc., 3.50%, 03/18/2024 | 714,000 | 788,766 | ||||||
Charles Schwab Corp. (The), 2.65%, 01/25/2023 | 861,000 | 907,513 | ||||||
CME Group, Inc., 3.00%, 09/15/2022 | 721,000 | 760,106 | ||||||
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025 | 550,000 | 610,051 | ||||||
Morgan Stanley, Series F, 3.88%, 04/29/2024 | 700,000 | 779,075 | ||||||
National Securities Clearing Corp., 1.20%, 04/23/2023(c) | 760,000 | 774,684 | ||||||
State Street Corp., 3.55%, 08/18/2025 | 684,000 | 780,722 | ||||||
|
| |||||||
7,736,634 | ||||||||
|
|
Principal Amount | Value | |||||||
Chemicals-0.99% | ||||||||
LYB International Finance B.V., 4.00%, 07/15/2023 | $ | 400,000 | $ | 435,732 | ||||
Praxair, Inc., 3.20%, 01/30/2026 | 350,000 | 393,090 | ||||||
|
| |||||||
828,822 | ||||||||
|
| |||||||
Communications Equipment-0.92% | ||||||||
Cisco Systems, Inc., 2.50%, 09/20/2026 | 698,000 | 772,889 | ||||||
|
| |||||||
Consumer Finance-0.65% | ||||||||
American Express Co., 3.70%, 08/03/2023 | 500,000 | 544,914 | ||||||
|
| |||||||
Diversified Financial Services-3.85% | ||||||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 691,000 | 773,761 | ||||||
ERAC USA Finance LLC, 2.70%, 11/01/2023(c) | 729,000 | 764,272 | ||||||
MidAmerican Energy Co., 3.65%, 04/15/2029 | 300,000 | 358,221 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.40%, 02/07/2028 | 450,000 | 524,516 | ||||||
Nuveen LLC, 4.00%, 11/01/2028(c) | 667,000 | 798,482 | ||||||
|
| |||||||
3,219,252 | ||||||||
|
| |||||||
Electric Utilities-4.64% | ||||||||
Duke Energy Carolinas LLC, 3.95%, 11/15/2028 | 660,000 | 799,797 | ||||||
Entergy Arkansas LLC, 3.50%, 04/01/2026 | 650,000 | 742,891 | ||||||
Florida Power & Light Co., 2.85%, 04/01/2025 | 700,000 | 769,969 | ||||||
Georgia Power Co., Series A, 2.10%, 07/30/2023 | 740,000 | 775,542 | ||||||
NSTAR Electric Co., 3.20%, 05/15/2027 | 700,000 | 790,067 | ||||||
|
| |||||||
3,878,266 | ||||||||
|
| |||||||
Electrical Equipment-0.86% | ||||||||
Eaton Corp., 2.75%, 11/02/2022 | 688,000 | 722,721 | ||||||
|
| |||||||
Energy Equipment & Services-0.96% | ||||||||
Schlumberger Investment S.A., 3.65%, 12/01/2023 | 738,000 | 800,857 | ||||||
|
| |||||||
Equity REITs-2.69% | ||||||||
Boston Properties L.P., 3.85%, 02/01/2023 | 730,000 | 780,269 | ||||||
Federal Realty Investment Trust, 3.95%, 01/15/2024 | 730,000 | 793,438 | ||||||
Realty Income Corp., 3.25%, 10/15/2022 | 644,000 | 677,804 | ||||||
|
| |||||||
2,251,511 | ||||||||
|
| |||||||
Food & Staples Retailing-0.91% | ||||||||
Walmart, Inc., 3.40%, 06/26/2023 | 701,000 | 760,301 | ||||||
|
| |||||||
Food Products-0.89% | ||||||||
Archer-Daniels-Midland Co., 2.50%, 08/11/2026 | 350,000 | 381,780 | ||||||
Cargill, Inc., 1.38%, 07/23/2023(c) | 350,000 | 358,470 | ||||||
|
| |||||||
740,250 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-1.80% | ||||||||
Ascension Health, Series B, 2.53%, 11/15/2029 | 740,000 | 829,710 | ||||||
Medtronic, Inc., 3.50%, 03/15/2025 | 597,000 | 672,428 | ||||||
|
| |||||||
1,502,138 | ||||||||
|
| |||||||
Health Care Providers & Services-0.92% | ||||||||
UnitedHealth Group, Inc., 3.75%, 07/15/2025 | 670,000 | 768,566 | ||||||
|
| |||||||
Household Durables-1.75% | ||||||||
Mohawk Industries, Inc., 3.85%, 02/01/2023 | 700,000 | 744,694 | ||||||
NVR, Inc., 3.95%, 09/15/2022 | 677,000 | 716,876 | ||||||
|
| |||||||
1,461,570 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 11 |
|
Invesco Investment Grade Defensive ETF (IIGD)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Household Products-0.92% | ||||||||
Clorox Co. (The), 3.05%, 09/15/2022 | $ | 731,000 | $ | 766,933 | ||||
|
| |||||||
Industrial Conglomerates-0.85% | ||||||||
General Electric Co., 3.10%, 01/09/2023 | 671,000 | 707,683 | ||||||
|
| |||||||
Insurance-10.47% | ||||||||
Athene Global Funding, 2.50%, 01/14/2025(c) | 750,000 | 775,040 | ||||||
Chubb INA Holdings, Inc., 3.35%, 05/03/2026 | 700,000 | 801,401 | ||||||
Equitable Financial Life Global Funding, 1.40%, 07/07/2025(c) | 350,000 | 358,730 | ||||||
Five Corners Funding Trust, 4.42%, 11/15/2023(c) | 728,000 | 811,568 | ||||||
MassMutual Global Funding II, 0.85%, 06/09/2023(c) | 400,000 | 404,955 | ||||||
MetLife, Inc., Series D, 4.37%, 09/15/2023 | 776,000 | 867,508 | ||||||
Metropolitan Life Global Funding I 1.95%, 01/13/2023(c) | 700,000 | 724,988 | ||||||
0.90%, 06/08/2023(c) | 450,000 | 455,807 | ||||||
New York Life Global Funding, 2.88%, 04/10/2024(c) | 713,000 | 771,144 | ||||||
Nuveen Finance LLC, 4.13%, | 614,000 | 697,568 | ||||||
Pacific Life Global Funding II, 1.20%, 06/24/2025(c) | 500,000 | 508,320 | ||||||
Principal Life Global Funding II, 3.00%, 04/18/2026(c) | 718,000 | 802,424 | ||||||
Prudential Financial, Inc., 3.50%, 05/15/2024 | 701,000 | 780,642 | ||||||
|
| |||||||
8,760,095 | ||||||||
|
| |||||||
Interactive Media & Services-0.93% | ||||||||
Alphabet, Inc., 2.00%, 08/15/2026 | 721,000 | 775,441 | ||||||
|
| |||||||
Internet & Direct Marketing Retail-0.93% | ||||||||
Amazon.com, Inc., 3.15%, 08/22/2027 | 680,000 | 778,733 | ||||||
|
| |||||||
IT Services-1.84% | ||||||||
Automatic Data Processing, Inc., 3.38%, 09/15/2025 | 681,000 | 770,626 | ||||||
Visa, Inc., 3.15%, 12/14/2025 | 682,000 | 767,297 | ||||||
|
| |||||||
1,537,923 | ||||||||
|
| |||||||
Life Sciences Tools & Services-0.39% | ||||||||
Agilent Technologies, Inc., 3.88%, 07/15/2023 | 300,000 | 325,976 | ||||||
|
| |||||||
Machinery-4.86% | ||||||||
Caterpillar Financial Services Corp., 0.65%, 07/07/2023 | 450,000 | 453,336 | ||||||
Caterpillar, Inc., 3.40%, 05/15/2024 | 818,000 | 899,349 | ||||||
Deere & Co., 2.75%, 04/15/2025 | 400,000 | 438,126 | ||||||
Illinois Tool Works, Inc., 2.65%, 11/15/2026 | 698,000 | 776,464 | ||||||
John Deere Capital Corp., 2.80%, 03/06/2023 | 729,000 | 775,354 | ||||||
Stanley Black & Decker, Inc., 2.90%, 11/01/2022 | 684,000 | 721,217 | ||||||
|
| |||||||
4,063,846 | ||||||||
|
| |||||||
Media-2.70% | ||||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/2022 | 633,000 | 763,595 | ||||||
NBCUniversal Media LLC, 2.88%, 01/15/2023 | 724,000 | 766,917 | ||||||
Sky Ltd. (United Kingdom), 3.75%, 09/16/2024(c) | 650,000 | 730,396 | ||||||
|
| |||||||
2,260,908 | ||||||||
|
| |||||||
Metals & Mining-0.91% | ||||||||
Nucor Corp., 4.13%, 09/15/2022 | 711,000 | 759,126 | ||||||
|
|
Principal Amount | Value | |||||||
Multiline Retail-0.92% | ||||||||
Target Corp., 2.25%, 04/15/2025 | $ | 720,000 | $ | 773,051 | ||||
|
| |||||||
Multi-Utilities-0.90% | ||||||||
PSEG Power LLC, 3.85%, 06/01/2023 | 700,000 | 755,931 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels-4.87% | ||||||||
Chevron Corp., 1.55%, 05/11/2025 | 760,000 | 791,887 | ||||||
Chevron USA, Inc., 0.69%, 08/12/2025 | 450,000 | 451,502 | ||||||
ConocoPhillips, 4.95%, 03/15/2026 | 400,000 | 482,383 | ||||||
Enterprise Products Operating LLC, 3.35%, 03/15/2023 | 750,000 | 799,131 | ||||||
EOG Resources, Inc., 2.63%, 03/15/2023 | 739,000 | 777,829 | ||||||
Exxon Mobil Corp., 1.57%, 04/15/2023 | 750,000 | 774,338 | ||||||
|
| |||||||
4,077,070 | ||||||||
|
| |||||||
Paper & Forest Products-0.94% | ||||||||
Georgia-Pacific LLC, 3.73%, | 726,000 | 788,629 | ||||||
|
| |||||||
Pharmaceuticals-3.76% | ||||||||
Johnson & Johnson, 2.45%, 03/01/2026 | 744,000 | 818,060 | ||||||
Merck & Co., Inc., 2.75%, 02/10/2025 | 701,000 | 765,428 | ||||||
Pfizer, Inc., 3.00%, 12/15/2026 | 693,000 | 790,725 | ||||||
Zoetis, Inc., 3.25%, 02/01/2023 | 730,000 | 774,055 | ||||||
|
| |||||||
3,148,268 | ||||||||
|
| |||||||
Road & Rail-0.90% | ||||||||
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023(b) | 691,000 | 756,512 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-2.86% |
| |||||||
Intel Corp., 3.70%, 07/29/2025 | 676,000 | 770,861 | ||||||
Texas Instruments, Inc., 1.38%, 03/12/2025 | 800,000 | 830,081 | ||||||
Xilinx, Inc., 2.95%, 06/01/2024 | 730,000 | 789,921 | ||||||
|
| |||||||
2,390,863 | ||||||||
|
| |||||||
Software-2.70% | ||||||||
IBM Credit LLC, 3.00%, 02/06/2023 | 702,000 | 748,186 | ||||||
Microsoft Corp., 2.40%, 08/08/2026 | 663,000 | 725,319 | ||||||
Oracle Corp., 2.50%, 04/01/2025 | 730,000 | 786,568 | ||||||
|
| |||||||
2,260,073 | ||||||||
|
| |||||||
Specialty Retail-0.94% | ||||||||
TJX Cos., Inc. (The), 3.50%, 04/15/2025 | 700,000 | 782,361 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-0.92% |
| |||||||
Apple, Inc., 2.40%, 05/03/2023 | 731,000 | 772,003 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-0.95% |
| |||||||
VF Corp., 2.40%, 04/23/2025 | 750,000 | 797,834 | ||||||
|
| |||||||
Tobacco-0.87% | ||||||||
Philip Morris International, Inc., 2.88%, 05/01/2024 | 671,000 | 724,758 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 82,706,772 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Funds-0.77% | ||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 0.01%(d)(e) | 648,673 | 648,673 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.65% (Cost $80,398,808) |
| 83,355,445 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 12 |
|
Invesco Investment Grade Defensive ETF (IIGD)–(continued)
August 31, 2020
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.29% |
| |||||||
Invesco Private Government Fund, | 810,727 | $ | 810,727 | |||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 270,188 | 270,242 | ||||||
|
|
|
| |||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 1,080,969 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-100.94% |
| 84,436,414 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.94)% |
| (789,497 | ) | |||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 83,646,917 | |||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at August 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 August 31, 2020 was $10,525,477, which represented 12.58% 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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds:
| ||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class
| $
| 183,817
|
| $
| 14,059,630
|
| $
| (13,594,774
| )
| $
| -
|
| $
| -
|
| $
| 648,673
|
| $
| 2,711
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan:
| ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class
|
| 55,530
|
|
| 5,581,669
|
|
| (5,637,199
| )
|
| -
|
|
| -
|
|
| -
|
|
| 994
| *
| |||||||
Invesco Liquid Assets Portfolio, Institutional Class
|
| 18,511
|
|
| 1,610,295
|
|
| (1,628,504
| )
|
| -
|
|
| (302
| )
|
| -
|
|
| 372
| *
| |||||||
Invesco Private Government Fund
|
| -
|
|
| 4,925,870
|
|
| (4,115,143
| )
|
| -
|
|
| -
|
|
| 810,727
|
|
| 73
| *
| |||||||
Invesco Private Prime Fund
|
| -
|
|
| 1,104,290
|
|
| (834,052
| )
|
| -
|
|
| 4
|
|
| 270,242
|
|
| 62
| *
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total | $
| 257,858
|
| $
| 27,281,754
|
| $
| (25,809,672
| )
| $
| -
|
| $
| (298
| )
| $
| 1,729,642
|
| $
| 4,212
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
| 13 |
|
Invesco Investment Grade Value ETF (IIGV)
August 31, 2020
Schedule of Investments(a)
Principal Amount | Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.47% |
| |||||||
Aerospace & Defense-3.46% | ||||||||
Boeing Co. (The), 5.15%, 05/01/2030 | $ | 300,000 | $ | 336,840 | ||||
L3Harris Technologies, Inc., 4.40%, 06/15/2028 | 230,000 | 275,025 | ||||||
Raytheon Technologies Corp. | 230,000 | 261,343 | ||||||
4.13%, 11/16/2028 | 220,000 | 262,405 | ||||||
Textron, Inc., 3.00%, 06/01/2030 | 270,000 | 284,243 | ||||||
|
| |||||||
1,419,856 | ||||||||
|
| |||||||
Airlines-0.64% | ||||||||
Southwest Airlines Co., 5.13%, 06/15/2027 | 240,000 | 262,319 | ||||||
|
| |||||||
Auto Components-1.42% | ||||||||
BorgWarner, Inc., 2.65%, 07/01/2027 | 260,000 | 275,886 | ||||||
Lear Corp., 3.80%, 09/15/2027 | 286,000 | 305,809 | ||||||
|
| |||||||
581,695 | ||||||||
|
| |||||||
Automobiles-0.67% | ||||||||
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025(b) | 260,000 | 276,103 | ||||||
|
| |||||||
Banks-2.58% | ||||||||
Comerica, Inc., 3.70%, 07/31/2023 | 300,000 | 325,648 | ||||||
PNC Bank N.A., 4.05%, 07/26/2028 | 250,000 | 295,992 | ||||||
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030 | 250,000 | 272,348 | ||||||
Wells Fargo Bank N.A., 3.55%, 08/14/2023 | 150,000 | 163,119 | ||||||
|
| |||||||
1,057,107 | ||||||||
|
| |||||||
Beverages-0.65% | ||||||||
Keurig Dr Pepper, Inc., 4.60%, 05/25/2028 | 220,000 | 266,431 | ||||||
|
| |||||||
Biotechnology-1.32% | ||||||||
AbbVie, Inc., 3.20%, 11/21/2029(b) | 250,000 | 277,968 | ||||||
Biogen, Inc., 4.05%, 09/15/2025 | 230,000 | 265,347 | ||||||
|
| |||||||
543,315 | ||||||||
|
| |||||||
Building Products-0.70% | ||||||||
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029 | 256,000 | 285,946 | ||||||
|
| |||||||
Capital Markets-7.16% | ||||||||
Apollo Management Holdings L.P., 4.87%, 02/15/2029(b) | 263,000 | 308,744 | ||||||
Ares Capital Corp., 3.50%, 02/10/2023 | 274,000 | 282,270 | ||||||
Cboe Global Markets, Inc., 3.65%, 01/12/2027 | 235,000 | 269,615 | ||||||
FMR LLC, 7.57%, 06/15/2029(b) | 150,000 | 221,013 | ||||||
Goldman Sachs Group, Inc. (The), 3.50%, 04/01/2025 | 240,000 | 266,204 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030 | 300,000 | 339,418 | ||||||
KKR Group Finance Co. VI LLC, 3.75%, | 240,000 | 275,514 | ||||||
Morgan Stanley, 3.88%, 01/27/2026 | 300,000 | 344,413 | ||||||
Northern Trust Corp., 1.95%, 05/01/2030 | 270,000 | 282,891 | ||||||
TD Ameritrade Holding Corp., 3.30%, | 305,000 | 345,205 | ||||||
|
| |||||||
2,935,287 | ||||||||
|
|
Principal Amount | Value | |||||||
Chemicals-1.37% | ||||||||
Dow Chemical Co. (The), 7.38%, 11/01/2029 | $ | 200,000 | $ | 284,796 | ||||
Westlake Chemical Corp., 3.60%, 08/15/2026 | 254,000 | 277,801 | ||||||
|
| |||||||
562,597 | ||||||||
|
| |||||||
Commercial Services & Supplies-0.98% | ||||||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 350,000 | 400,233 | ||||||
|
| |||||||
Construction Materials-0.69% | ||||||||
Vulcan Materials Co., 3.50%, 06/01/2030 | 250,000 | 283,565 | ||||||
|
| |||||||
Consumer Finance-1.18% | ||||||||
Discover Financial Services, 4.10%, 02/09/2027 | 244,000 | 272,099 | ||||||
GE Capital Funding LLC, 4.40%, 05/15/2030(b) | 200,000 | 211,440 | ||||||
|
| |||||||
483,539 | ||||||||
|
| |||||||
Containers & Packaging-1.48% | ||||||||
Sonoco Products Co., 3.13%, 05/01/2030 | 250,000 | 274,508 | ||||||
WRKCo, Inc., 4.90%, 03/15/2029 | 269,000 | 331,640 | ||||||
|
| |||||||
606,148 | ||||||||
|
| |||||||
Diversified Financial Services-4.19% | ||||||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 250,000 | 279,942 | ||||||
Equitable Holdings, Inc., 4.35%, 04/20/2028 | 244,000 | 279,249 | ||||||
ERAC USA Finance LLC | 104,000 | 109,032 | ||||||
3.80%, 11/01/2025(b) | 267,000 | 298,693 | ||||||
National Rural Utilities Cooperative Finance Corp., | 240,000 | 279,742 | ||||||
Nuveen LLC, 4.00%, 11/01/2028(b) | 200,000 | 239,425 | ||||||
Pine Street Trust I, 4.57%, 02/15/2029(b) | 200,000 | 230,448 | ||||||
|
| |||||||
1,716,531 | ||||||||
|
| |||||||
Diversified Telecommunication Services-1.17% |
| |||||||
AT&T, Inc., 4.30%, 02/15/2030 | 200,000 | 239,150 | ||||||
Verizon Communications, Inc., 4.33%, | 200,000 | 242,343 | ||||||
|
| |||||||
481,493 | ||||||||
|
| |||||||
Electric Utilities-3.95% | ||||||||
AEP Texas, Inc., Series I, 2.10%, 07/01/2030 | 260,000 | 267,222 | ||||||
American Electric Power Co., Inc., Series J, | 230,000 | 270,981 | ||||||
Consolidated Edison Co. of New York, Inc., | 230,000 | 266,731 | ||||||
Exelon Corp., 4.05%, 04/15/2030 | 250,000 | 296,830 | ||||||
Southern California Edison Co., Series E, 3.70%, 08/01/2025 | 220,000 | 245,396 | ||||||
Xcel Energy, Inc., 4.00%, 06/15/2028 | 230,000 | 271,310 | ||||||
|
| |||||||
1,618,470 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components-1.51% |
| |||||||
Amphenol Corp., 2.80%, 02/15/2030 | 240,000 | 263,736 | ||||||
Keysight Technologies, Inc., 4.60%, 04/06/2027 | 301,000 | 355,025 | ||||||
|
| |||||||
618,761 | ||||||||
|
| |||||||
Energy Equipment & Services-2.79% | ||||||||
Baker Hughes, a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027 | 244,000 | 266,437 | ||||||
Halliburton Co., 3.80%, 11/15/2025 | 305,000 | 334,880 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 14 |
|
Invesco Investment Grade Value ETF (IIGV)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Energy Equipment & Services-(continued) |
| |||||||
Schlumberger Holdings Corp., 3.90%, | $ | 249,000 | $ | 272,346 | ||||
Schlumberger Investment S.A., 3.65%, | 250,000 | 271,293 | ||||||
|
| |||||||
1,144,956 | ||||||||
|
| |||||||
Entertainment-0.69% | ||||||||
Walt Disney Co. (The), 2.00%, 09/01/2029 | 270,000 | 281,323 | ||||||
|
| |||||||
Equity REITs-6.83% | ||||||||
AvalonBay Communities, Inc., 2.30%, | 230,000 | 243,829 | ||||||
Camden Property Trust, 2.80%, 05/15/2030 | 250,000 | 274,712 | ||||||
CBRE Services, Inc., 4.88%, 03/01/2026 | 240,000 | 278,623 | ||||||
ERP Operating L.P., 3.00%, 07/01/2029 | 250,000 | 277,838 | ||||||
Federal Realty Investment Trust, 3.95%, | 300,000 | 326,070 | ||||||
Healthcare Trust of America Holdings L.P., | 300,000 | 317,634 | ||||||
LifeStorage L.P., 3.50%, 07/01/2026 | 244,000 | 267,652 | ||||||
Regency Centers L.P., 3.70%, 06/15/2030 | 250,000 | 275,742 | ||||||
Simon Property Group L.P., 2.45%, 09/13/2029 | 271,000 | 270,909 | ||||||
Ventas Realty L.P., 4.40%, 01/15/2029 | 240,000 | 269,496 | ||||||
|
| |||||||
2,802,505 | ||||||||
|
| |||||||
Food & Staples Retailing-2.02% | ||||||||
Costco Wholesale Corp., 1.60%, 04/20/2030 | 270,000 | 275,575 | ||||||
Mars, Inc., 3.20%, 04/01/2030(b) | 240,000 | 274,903 | ||||||
Sysco Corp., 5.95%, 04/01/2030 | 220,000 | 278,185 | ||||||
|
| |||||||
828,663 | ||||||||
|
| |||||||
Food Products-2.61% | ||||||||
Campbell Soup Co., 4.15%, 03/15/2028 | 200,000 | 233,881 | ||||||
Hormel Foods Corp., 1.80%, 06/11/2030 | 270,000 | 279,767 | ||||||
Ingredion, Inc., 2.90%, 06/01/2030 | 260,000 | 283,202 | ||||||
Tyson Foods, Inc., 3.55%, 06/02/2027 | 240,000 | 272,023 | ||||||
|
| |||||||
1,068,873 | ||||||||
|
| |||||||
Gas Utilities-1.43% | ||||||||
Piedmont Natural Gas Co., Inc., 3.50%, | 273,000 | 314,766 | ||||||
Southern California Gas Co., Series XX, 2.55%, 02/01/2030 | 250,000 | 273,452 | ||||||
|
| |||||||
588,218 | ||||||||
|
| |||||||
Health Care Equipment & Supplies-4.04% | ||||||||
Ascension Health, Series B, 2.53%, 11/15/2029 | 250,000 | 280,307 | ||||||
Baxter International, Inc., 3.75%, 10/01/2025(b) | 250,000 | 285,290 | ||||||
Boston Scientific Corp., 2.65%, 06/01/2030 | 260,000 | 277,555 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 | 260,000 | 282,259 | ||||||
Providence St. Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/2029 | 250,000 | 270,638 | ||||||
Stryker Corp., 3.50%, 03/15/2026 | 230,000 | 260,920 | ||||||
|
| |||||||
1,656,969 | ||||||||
|
| |||||||
Health Care Providers & Services-3.59% |
| |||||||
Cigna Corp., 4.38%, 10/15/2028 | 300,000 | 359,602 | ||||||
CommonSpirit Health, 3.35%, 10/01/2029 | 270,000 | 288,000 | ||||||
CVS Health Corp., 4.30%, 03/25/2028 | 224,000 | 263,873 |
Principal Amount | Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
Health Care Service Corp., 2.20%, | $ | 270,000 | $ | 276,013 | ||||
Quest Diagnostics, Inc., 2.95%, 06/30/2030 | 260,000 | 284,429 | ||||||
|
| |||||||
1,471,917 | ||||||||
|
| |||||||
Household Products-0.70% | ||||||||
Procter & Gamble Co. (The), 3.00%, | 250,000 | 289,321 | ||||||
|
| |||||||
Industrial Conglomerates-2.79% | ||||||||
3M Co., 2.38%, 08/26/2029 | 250,000 | 270,283 | ||||||
Carlisle Cos., Inc., 2.75%, 03/01/2030 | 260,000 | 276,093 | ||||||
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/2025 | 300,000 | 318,744 | ||||||
General Electric Co., 3.63%, 05/01/2030 | 270,000 | 278,836 | ||||||
|
| |||||||
1,143,956 | ||||||||
|
| |||||||
Insurance-8.51% | ||||||||
Aflac, Inc., 3.60%, 04/01/2030 | 210,000 | 246,504 | ||||||
Athene Global Funding, 2.50%, 01/14/2025(b) | 200,000 | 206,677 | ||||||
Athene Holding Ltd., 4.13%, 01/12/2028 | 276,000 | 302,064 | ||||||
Brighthouse Financial, Inc., 3.70%, 06/22/2027 | 364,000 | 383,302 | ||||||
Equitable Financial Life Global Funding, 1.40%, 07/07/2025(b) | 300,000 | 307,483 | ||||||
Fidelity National Financial, Inc., 3.40%, | 260,000 | 281,265 | ||||||
Marsh & McLennan Cos., Inc., 4.38%, | 213,000 | 259,610 | ||||||
New York Life Global Funding, 2.88%, | 300,000 | 324,465 | ||||||
Nuveen Finance LLC, 4.13%, 11/01/2024(b) | 263,000 | 298,795 | ||||||
Pacific Life Global Funding II, 1.20%, | 280,000 | 284,659 | ||||||
Principal Financial Group, Inc., 2.13%, | 300,000 | 311,929 | ||||||
Reinsurance Group of America, Inc., 3.90%, | 250,000 | 283,658 | ||||||
|
| |||||||
3,490,411 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail-0.65% | ||||||||
Booking Holdings, Inc., 4.63%, 04/13/2030 | 220,000 | 266,251 | ||||||
|
| |||||||
IT Services-2.81% | ||||||||
Amdocs Ltd., 2.54%, 06/15/2030 | 270,000 | 281,725 | ||||||
Automatic Data Processing, Inc., 3.38%, | 240,000 | 271,586 | ||||||
International Business Machines Corp., 3.50%, 05/15/2029 | 250,000 | 290,393 | ||||||
Visa, Inc., 3.15%, 12/14/2025 | 273,000 | 307,144 | ||||||
|
| |||||||
1,150,848 | ||||||||
|
| |||||||
Life Sciences Tools & Services-0.68% | ||||||||
PerkinElmer, Inc., 3.30%, 09/15/2029 | 251,000 | 279,244 | ||||||
|
| |||||||
Media-2.03% | ||||||||
Fox Corp., 4.71%, 01/25/2029 | 200,000 | 240,616 | ||||||
Interpublic Group of Cos., Inc. (The), 4.75%, | 250,000 | 301,276 | ||||||
ViacomCBS, Inc., 7.88%, 07/30/2030 | 200,000 | 289,793 | ||||||
|
| |||||||
831,685 | ||||||||
|
| |||||||
Multiline Retail-0.65% | ||||||||
Nordstrom, Inc., 8.75%, 05/15/2025(b) | 240,000 | 264,992 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 15 |
|
Invesco Investment Grade Value ETF (IIGV)–(continued)
August 31, 2020
Principal Amount | Value | |||||||
Multi-Utilities-2.07% | ||||||||
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030 | $ | 250,000 | $ | 285,042 | ||||
NiSource, Inc., 3.60%, 05/01/2030 | 250,000 | 289,023 | ||||||
Sempra Energy, 3.40%, 02/01/2028 | 246,000 | 275,006 | ||||||
|
| |||||||
849,071 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels-7.26% |
| |||||||
Chevron Corp., 1.55%, 05/11/2025 | 300,000 | 312,587 | ||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. L.P., 3.40%, 12/01/2026(b) | 250,000 | 275,173 | ||||||
Colonial Enterprises, Inc., 3.25%, 05/15/2030(b) | 252,000 | 280,492 | ||||||
ConocoPhillips Holding Co., 6.95%, 04/15/2029 | 200,000 | 279,868 | ||||||
Midwest Connector Capital Co. LLC, 3.90%, 04/01/2024(b) | 300,000 | 302,091 | ||||||
MPLX L.P., 4.13%, 03/01/2027 | 415,000 | 459,833 | ||||||
ONEOK, Inc., 3.10%, 03/15/2030 | 300,000 | 287,250 | ||||||
Phillips 66 Partners L.P., 3.15%, 12/15/2029 | 250,000 | 252,341 | ||||||
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/2030(b) | 270,000 | 282,960 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/2026 | 187,000 | 244,785 | ||||||
|
| |||||||
2,977,380 | ||||||||
|
| |||||||
Paper & Forest Products-0.78% | ||||||||
Georgia-Pacific LLC, 2.30%, 04/30/2030(b) | 300,000 | 319,163 | ||||||
|
| |||||||
Personal Products-0.67% | ||||||||
Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030 | 250,000 | 274,727 | ||||||
|
| |||||||
Pharmaceuticals-1.34% | ||||||||
Bristol-Myers Squibb Co., 3.40%, 07/26/2029 | 240,000 | 280,625 | ||||||
Eli Lilly and Co., 3.38%, 03/15/2029 | 230,000 | 268,200 | ||||||
|
| |||||||
548,825 | ||||||||
|
| |||||||
Road & Rail-0.80% | ||||||||
Union Pacific Corp., 3.95%, 09/10/2028 | 274,000 | 326,376 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment-1.27% |
| |||||||
Lam Research Corp., 4.00%, 03/15/2029 | 231,000 | 276,847 | ||||||
NVIDIA Corp., 2.85%, 04/01/2030 | 220,000 | 245,679 | ||||||
|
| |||||||
522,526 | ||||||||
|
|
Principal Amount | Value | |||||||
Software-1.31% | ||||||||
Adobe, Inc., 2.30%, 02/01/2030 | $ | 250,000 | $ | 270,415 | ||||
Microsoft Corp., 2.40%, 08/08/2026 | 243,000 | 265,841 | ||||||
|
| |||||||
536,256 | ||||||||
|
| |||||||
Specialty Retail-0.70% | ||||||||
Ross Stores, Inc., 4.60%, 04/15/2025 | 250,000 | 288,380 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals-0.66% |
| |||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025 | 236,000 | 273,002 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods-1.99% |
| |||||||
NIKE, Inc., 2.85%, 03/27/2030 | 250,000 | �� | 279,691 | |||||
Ralph Lauren Corp., 2.95%, 06/15/2030 | 250,000 | 259,132 | ||||||
VF Corp., 2.40%, 04/23/2025 | 260,000 | 276,583 | ||||||
|
| |||||||
815,406 | ||||||||
|
| |||||||
Tobacco-0.65% | ||||||||
Altria Group, Inc., 4.80%, 02/14/2029 | 223,000 | 266,803 | ||||||
|
| |||||||
Trading Companies & Distributors-0.37% |
| |||||||
Air Lease Corp., 3.38%, 07/01/2025 | 150,000 | 152,867 | ||||||
|
| |||||||
Water Utilities-0.66% | ||||||||
American Water Capital Corp., 3.75%, 09/01/2028 | 230,000 | 269,750 | ||||||
|
| |||||||
Total U.S. Dollar Denominated Bonds & Notes |
| 40,380,060 | ||||||
Shares | ||||||||
Money Market Funds-0.16% | ||||||||
Invesco Premier U.S. Government Portfolio, Institutional Class, | 65,733 | 65,733 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-98.63% |
| 40,445,793 | ||||||
OTHER ASSETS LESS LIABILITIES-1.37% |
| 563,510 | ||||||
|
| |||||||
NET ASSETS-100.00% |
| $ | 41,009,303 | |||||
|
|
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2020 was $6,965,225, which represented 16.98% of the Fund’s Net Assets. |
(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 August 31, 2020. |
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | ||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | $ | 49,666 | $ | 9,770,855 | $ | (9,754,788 | ) | $ | - | $ | - | $ | 65,733 | $ | 2,219 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 16 |
|
Invesco Investment Grade Value ETF (IIGV)–(continued)
August 31, 2020
Value August 31, 2019 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value August 31, 2020 | Dividend Income | ||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | ||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,100,899 | $ | 5,734,481 | $ | (6,835,380 | ) | $ | - | $ | - | $ | - | $ | 3,749 | * | ||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 367,281 | 1,545,883 | (1,913,135 | ) | - | (29 | ) | - | 1,400 | * | ||||||||||||||||||
Invesco Private Government Fund | - | 4,208,429 | (4,208,429 | ) | - | - | - | 50 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 580,080 | (580,099 | ) | - | 19 | - | 27 | * | |||||||||||||||||||
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Total | $ | 1,517,846 | $ | 21,839,728 | $ | (23,291,831 | ) | $ | - | $ | (10 | ) | $ | 65,733 | $ | 7,445 | ||||||||||||
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* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 31, 2020. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 17 |
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Statements of Assets and Liabilities
August 31, 2020
Invesco Investment Grade Defensive ETF (IIGD) | Invesco Investment Grade Value ETF (IIGV) | |||||||||
Assets: | ||||||||||
Unaffiliated investments in securities, at value(a) | $ | 82,706,772 | $ | 40,380,060 | ||||||
Affiliated investments in securities, at value | 1,729,642 | 65,733 | ||||||||
Receivable for: | ||||||||||
Dividends and interest | 624,846 | 379,093 | ||||||||
Securities lending | 241 | 23 | ||||||||
Investments sold | 3,257,756 | 3,499,388 | ||||||||
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Total assets | 88,319,257 | 44,324,297 | ||||||||
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Liabilities: | ||||||||||
Payable for: | ||||||||||
Investments purchased | 3,582,208 | 3,310,911 | ||||||||
Collateral upon return of securities loaned | 1,080,969 | - | ||||||||
Accrued unitary management fees | 9,163 | 4,083 | ||||||||
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Total liabilities | 4,672,340 | 3,314,994 | ||||||||
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Net Assets | $ | 83,646,917 | $ | 41,009,303 | ||||||
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Net assets consist of: | ||||||||||
Shares of beneficial interest | $ | 79,575,312 | $ | 38,870,299 | ||||||
Distributable earnings | 4,071,605 | 2,139,004 | ||||||||
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Net Assets | $ | 83,646,917 | $ | 41,009,303 | ||||||
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Shares outstanding (unlimited amount authorized, $0.01 par value) | 3,050,001 | 1,450,001 | ||||||||
Net asset value | $ | 27.43 | $ | 28.28 | ||||||
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Market price | $ | 27.41 | $ | 28.32 | ||||||
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Unaffiliated investments in securities, at cost | $ | 79,750,135 | $ | 38,887,798 | ||||||
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Affiliated investments in securities, at cost | $ | 1,729,642 | $ | 65,733 | ||||||
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(a) Includes securities on loan with an aggregate value of: | $ | 1,050,807 | $ | - | ||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 18 |
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For the year ended August 31, 2020
Invesco Investment Grade Defensive ETF (IIGD) | Invesco Investment Grade Value ETF (IIGV) | |||||||||
Investment income: | ||||||||||
Unaffiliated interest income | $ | 1,594,853 | $ | 1,157,537 | ||||||
Affiliated dividend income | 2,711 | 2,219 | ||||||||
Securities lending income | 955 | 1,816 | ||||||||
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Total investment income | 1,598,519 | 1,161,572 | ||||||||
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Expenses: | ||||||||||
Unitary management fees | 98,292 | 53,470 | ||||||||
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Less: Waivers | (551 | ) | (344 | ) | ||||||
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Net expenses | 97,741 | 53,126 | ||||||||
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Net investment income | 1,500,778 | 1,108,446 | ||||||||
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Realized and unrealized gain (loss) from: | ||||||||||
Net realized gain (loss) from: | ||||||||||
Unaffiliated investment securities | 1,137,760 | 679,805 | ||||||||
Affiliated investment securities | (298 | ) | (10 | ) | ||||||
In-kind redemptions | 168,792 | 675,472 | ||||||||
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Net realized gain | 1,306,254 | 1,355,267 | ||||||||
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Change in net unrealized appreciation on investment securities | 1,920,469 | 309,388 | ||||||||
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Net realized and unrealized gain | 3,226,723 | 1,664,655 | ||||||||
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Net increase in net assets resulting from operations | $ | 4,727,501 | $ | 2,773,101 | ||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 19 |
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Statements of Changes in Net Assets
For the years ended August 31, 2020 and 2019
Invesco Investment Grade Defensive ETF (IIGD) | Invesco Investment Grade Value ETF (IIGV) | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,500,778 | $ | 406,031 | $ | 1,108,446 | $ | 391,205 | ||||||||
Net realized gain | 1,306,254 | 88,412 | 1,355,267 | 233,101 | ||||||||||||
Change in net unrealized appreciation | 1,920,469 | 1,006,262 | 309,388 | 1,141,284 | ||||||||||||
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Net increase in net assets resulting from operations | 4,727,501 | 1,500,705 | 2,773,101 | 1,765,590 | ||||||||||||
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Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings | (1,567,509 | ) | (461,165 | ) | (1,350,305 | ) | (431,081 | ) | ||||||||
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Shareholder Transactions: | ||||||||||||||||
Proceeds from shares sold | 21,277,639 | 58,268,165 | 13,794,077 | 34,507,192 | ||||||||||||
Value of shares repurchased | (6,571,405 | ) | - | (16,446,175 | ) | - | ||||||||||
Transaction fees | 36,426 | 145,670 | 6,776 | 82,937 | ||||||||||||
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Net increase (decrease) in net assets resulting from share transactions | 14,742,660 | 58,413,835 | (2,645,322 | ) | 34,590,129 | |||||||||||
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Net increase (decrease) in net assets | 17,902,652 | 59,453,375 | (1,222,526 | ) | 35,924,638 | |||||||||||
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Net assets: | ||||||||||||||||
Beginning of year | 65,744,265 | 6,290,890 | 42,231,829 | 6,307,191 | ||||||||||||
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End of year | $ | 83,646,917 | $ | 65,744,265 | $ | 41,009,303 | $ | 42,231,829 | ||||||||
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Changes in Shares Outstanding: | ||||||||||||||||
Shares sold | 800,000 | 2,250,000 | 500,000 | 1,300,000 | ||||||||||||
Shares repurchased | (250,000 | ) | - | (600,000 | ) | - | ||||||||||
Shares outstanding, beginning of year | 2,500,001 | 250,001 | 1,550,001 | 250,001 | ||||||||||||
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Shares outstanding, end of year | 3,050,001 | 2,500,001 | 1,450,001 | 1,550,001 | ||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 20 |
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Invesco Investment Grade Defensive ETF (IIGD)
Years Ended August 31, | For the Period July 23, 2018(a) Through August 31, | |||||||||||
2020 | 2019 | 2018 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 26.30 | $ | 25.16 | $ | 25.00 | ||||||
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Net investment income(b) | 0.53 | 0.66 | 0.08 | |||||||||
Net realized and unrealized gain on investments | 1.14 | 1.03 | 0.13 | |||||||||
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Total from investment operations | 1.67 | 1.69 | 0.21 | |||||||||
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Distributions to shareholders from: | ||||||||||||
Net investment income | (0.53 | ) | (0.78 | ) | (0.05 | ) | ||||||
Net realized gains | (0.02 | ) | (0.01 | ) | - | |||||||
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Total distributions | (0.55 | ) | (0.79 | ) | (0.05 | ) | ||||||
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Transaction fees(b) | 0.01 | 0.24 | - | |||||||||
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Net asset value at end of period | $ | 27.43 | $ | 26.30 | $ | 25.16 | ||||||
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Market price at end of period(c) | $ | 27.41 | $ | 26.37 | $ | 25.17 | ||||||
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Net Asset Value Total Return(d) | 6.50 | % | 7.81 | % | 0.83 | %(e) | ||||||
Market Price Total Return(d) | 6.13 | % | 8.05 | % | 0.87 | %(e) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $83,647 | $65,744 | $6,291 | |||||||||
Ratio to average net assets of: | ||||||||||||
Expenses, after Waivers | 0.13 | % | 0.15 | %(f) | 0.12 | %(g) | ||||||
Expenses, prior to Waivers | 0.13 | % | 0.15 | %(f) | 0.13 | %(g) | ||||||
Net investment income | 1.98 | % | 2.57 | %(f) | 3.16 | %(g) | ||||||
Portfolio turnover rate(h) | 74 | % | 71 | % | 10 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.67%. The market price total return from Fund Inception to August 31, 2018 was 0.83%. |
(f) | Ratios include non-recurring costs associated with a proxy statement of 0.02%. |
(g) | Annualized. |
(h) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 21 |
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Financial Highlights–(continued)
Invesco Investment Grade Value ETF (IIGV)
Years Ended August 31, | For the Period July 23, 2018(a) Through August 31, | |||||||||||
2020 | 2019 | 2018 | ||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value at beginning of period | $ | 27.25 | $ | 25.23 | $ | 25.00 | ||||||
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Net investment income(b) | 0.73 | 0.86 | 0.10 | |||||||||
Net realized and unrealized gain on investments | 1.19 | 1.95 | 0.19 | |||||||||
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Total from investment operations | 1.92 | 2.81 | 0.29 | |||||||||
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Distributions to shareholders from: | ||||||||||||
Net investment income | (0.73 | ) | (0.95 | ) | (0.06 | ) | ||||||
Net realized gains | (0.16 | ) | (0.02 | ) | - | |||||||
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Total distributions | (0.89 | ) | (0.97 | ) | (0.06 | ) | ||||||
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Transaction fees(b) | 0.00 | (c) | 0.18 | - | ||||||||
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Net asset value at end of period | $ | 28.28 | $ | 27.25 | $ | 25.23 | ||||||
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Market price at end of period(d) | $ | 28.32 | $ | 27.32 | $ | 25.23 | ||||||
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Net Asset Value Total Return(e) | 7.25 | % | 12.23 | % | 1.14 | %(f) | ||||||
Market Price Total Return(e) | 7.13 | % | 12.51 | % | 1.14 | %(f) | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets at end of period (000’s omitted) | $41,009 | $42,232 | $6,307 | |||||||||
Ratio to average net assets of: | ||||||||||||
Expenses, after Waivers | 0.13 | % | 0.15 | %(g) | 0.13 | %(h) | ||||||
Expenses, prior to Waivers | 0.13 | % | 0.16 | %(g) | 0.13 | %(h) | ||||||
Net investment income | 2.69 | % | 3.31 | %(g) | 3.76 | %(h) | ||||||
Portfolio turnover rate(i) | 178 | % | 112 | % | 16 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | Amount represents less than $0.005. |
(d) | The mean between the last bid and ask prices. |
(e) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) | The net asset value total return from Fund Inception (July 25, 2018, the first day of trading on the Exchange) to August 31, 2018 was 0.78%. The market price total return from Fund Inception to August 31, 2018 was 0.78%. |
(g) | Ratios include non-recurring costs associated with a proxy statement of 0.03%. |
(h) | Annualized. |
(i) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
| 22 |
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Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2020
NOTE 1–Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust on October 30, 2015 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Investment Grade Defensive ETF (IIGD) | “Investment Grade Defensive ETF” | |
Invesco Investment Grade Value ETF (IIGV) | “Investment Grade Value ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Investment Grade Defensive ETF | Invesco Investment Grade Defensive Index | |
Investment Grade Value ETF | Invesco Investment Grade Value Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. | Security Valuation - Securities, including restricted securities, are valued according to the following policies: |
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
| 23 |
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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 Fund 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.
Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the
| 24 |
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Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.
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 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.
Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers 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.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Because each Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.
Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable
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capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Valuation Risk. For certain Funds, Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.
C. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax 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.
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 |
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investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
Investment Grade Defensive ETF | 0.13% | |
Investment Grade Value ETF | 0.13% |
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 August 31, 2020, the Adviser waived fees for each Fund in the following amounts:
Investment Grade Defensive ETF | $ | 551 | ||
Investment Grade Value ETF | 344 |
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
NOTE 4–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 August 31, 2020, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains* | ||||
Investment Grade Defensive ETF | $54,239 | $ 801,228 | $ 1,059 | |||
Investment Grade Value ETF | - | 1,281,034 | 24,399 |
* | Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. |
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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 August 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 | |||||||||||||
Investment Grade Defensive ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 82,706,772 | $ | - | $ | 82,706,772 | ||||||||
Money Market Funds | 648,673 | 1,080,969 | - | 1,729,642 | ||||||||||||
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Total Investments | $ | 648,673 | $ | 83,787,741 | $ | - | $ | 84,436,414 | ||||||||
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Investment Grade Value ETF | ||||||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Dollar Denominated Bonds & Notes | $ | - | $ | 40,380,060 | $ | - | $ | 40,380,060 | ||||||||
Money Market Funds | 65,733 | - | - | 65,733 | ||||||||||||
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Total Investments | $ | 65,733 | $ | 40,380,060 | $ | - | $ | 40,445,793 | ||||||||
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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2020 and 2019:
2020 | 2019 | |||||||||||||
Ordinary Income* | Long-Term Capital Gains | Ordinary Income* | Long-Term Capital Gains | |||||||||||
Investment Grade Defensive ETF | $ | 1,563,804 | $ | 3,705 | $ | 461,165 | $- | |||||||
Investment Grade Value ETF | 1,302,800 | 47,505 | 431,081 | - |
* | Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation- Investments | Shares of Beneficial Interest | Total Net Assets | ||||||
Investment Grade Defensive ETF | $969,872 | $145,096 | $2,956,637 | $79,575,312 | $83,646,917 | |||||
Investment Grade Value ETF | 471,150 | 176,243 | 1,491,611 | 38,870,299 | 41,009,303 |
Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds do not have any capital loss carryforwards as of August 31, 2020.
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NOTE 7–Investment Transactions
For the fiscal year ended August 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 | |||||||
Investment Grade Defensive ETF | $ | 70,291,937 | $ | 55,655,595 | ||||
Investment Grade Value ETF | 76,154,072 | 71,991,097 |
For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of Securities Received | Value of Securities Delivered | |||||||
Investment Grade Defensive ETF | $ | 6,618,904 | $ | 6,499,295 | ||||
Investment Grade Value ETF | 10,445,304 | 15,875,784 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At August 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 | Cost | |||||
Investment Grade Defensive ETF | $2,972,836 | $(16,199) | $2,956,637 | $81,479,777 | ||||
Investment Grade Value ETF | 1,521,024 | (29,413) | 1,491,611 | 38,954,182 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, 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 August 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | ||||
Investment Grade Defensive ETF | $3,518 | $(172,310) | $168,792 | |||
Investment Grade Value ETF | 7,559 | (683,026) | 675,467 |
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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 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 the Funds’ prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are generally in exchange for the deposit or delivery of cash. However, the Funds also reserve the right to permit or require Creation Units to be issued in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”).
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of
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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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF (two of the funds constituting Invesco Exchange- Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the two years in the period ended August 31, 2020 and for the period July 23, 2018 (commencement of investment operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets for each of the two years in the period ended August 31, 2020, and each of the financial highlights for each of the two years in the period ended August 31, 2020 and for the period July 23, 2018 (commencement of investment operations) through August 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 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
October 28, 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 Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 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 March 1, 2020 | Ending Account Value August 31, 2020 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period(1) | |||||||||||||||||
Invesco Investment Grade Defensive ETF (IIGD) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,036.00 | 0.13 | % | $ | 0.67 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.48 | 0.13 | 0.66 | ||||||||||||||||
Invesco Investment Grade Value ETF (IIGV) | ||||||||||||||||||||
Actual | 1,000.00 | 1,030.30 | �� | 0.13 | 0.66 | |||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.48 | 0.13 | 0.66 |
(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 August 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 August 31, 2020:
Qualified Dividend Income* | Dividends-Received Deduction* | Business Interest Income* | Qualified Interest Income* | Long Term Capital Gains | Qualified Short Term Gains | |||||||
Invesco Investment Grade Defensive ETF | 0% | 0% | 61% | 67% | $ ��3,705 | $ 63,026 | ||||||
Invesco Investment Grade Value ETF | 0% | 0% | 70% | 72% | $47,505 | $194,354 |
* | 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 August 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) with Trust | Term of and Length of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund | Other Directorships 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 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 214 | 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 2016 | 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. | 214 | 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Edmund P. Giambastiani, 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). | 214 | 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 Past 5 Years | Number of Portfolios 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). | 214 | 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by 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 and Trustee since 2016 | 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). | 214 | 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 and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 214 | 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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). | 214 | 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, NewYork-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 Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | 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. | 214 | 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 and Trustee since 2016 | 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). | 214 | 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 (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Length of Served* | Principal Occupation(s) During Past 5 Years | Number of in Fund | Other 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 2015 | 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, Invesco Services (Bahamas) Private Limited (2012-2020); 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. | 214 | 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 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);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 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 (2017-2017), 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. | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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 2016 | 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 Past 5 Years | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 37 series (each, a “Fund” and together, the “Funds”):
Invesco BulletShares 2020 Corporate Bond ETF | Invesco BulletShares 2024 Municipal Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2024 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF | Invesco Investment Grade Defensive ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF | Invesco Investment Grade Value ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US Small Company ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Emerging Markets ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US ETF | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US Small Company ETF | |
Invesco BulletShares 2021 Municipal Bond ETF | Invesco Russell 1000® Dynamic Multifactor ETF | |
Invesco BulletShares 2022 Municipal Bond ETF | Invesco Russell 2000® Dynamic Multifactor ETF | |
Invesco BulletShares 2023 Municipal Bond ETF |
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts–(continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:
● | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 Corporate Bond ETF, Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF and Invesco BulletShares 2028 Corporate Bond ETF; |
● | 0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF; |
● | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Municipal Bond ETF, Invesco BulletShares 2022 Municipal Bond ETF, Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF and Invesco BulletShares 2028 Municipal Bond ETF; |
● | 0.19% of the Fund’s average daily net assets for Invesco RAFI™ Strategic US ETF; |
● | 0.23% of the Fund’s average daily net assets for each of Invesco RAFI™ Strategic Developed ex-US ETF and Invesco RAFI™ Strategic US Small Company ETF; |
● | 0.29% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 USD Emerging Markets Debt ETF, Invesco BulletShares 2022 USD Emerging Markets Debt ETF, Invesco BulletShares 2023 USD Emerging Markets Debt ETF, Invesco BulletShares 2024 USD Emerging Markets Debt ETF and Invesco Russell 1000® Dynamic Multifactor ETF; |
● | 0.35% of the Fund’s average daily net assets for each of Invesco RAFI™ Strategic Developed ex-US Small Company ETF and Invesco RAFI™ Strategic Emerging Markets ETF; |
● | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; and |
● | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 High Yield Corporate Bond ETF, Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF and Invesco BulletShares 2026 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||
Invesco BulletShares 2020 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2021 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2022 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2023 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2024 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2025 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2026 Corporate Bond ETF | X | X |
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Approval of Investment Advisory Contracts–(continued)
Invesco Fund | Equal to/Lower than ETF Peer Median | Equal to/Lower than Open-End Index Fund Peer Median* | Lower than Open-End Active Fund Peer Median | |||
Invesco BulletShares 2027 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2028 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2021 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2022 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2023 Municipal Bond ETF | N/A | X | ||||
Invesco BulletShares 2024 Municipal Bond ETF | N/A | X | ||||
Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco Investment Grade Defensive ETF | X | X | X | |||
Invesco Investment Grade Value ETF | X | X | X | |||
Invesco RAFITM Strategic Developed ex-US ETF | X | X | X | |||
Invesco RAFITM Strategic Developed ex-US Small Company ETF | X | X | X | |||
Invesco RAFITM Strategic Emerging Markets ETF | X | X | ||||
Invesco RAFITM Strategic US ETF | X | X | X | |||
Invesco RAFITM Strategic US Small Company ETF | X | X | ||||
Invesco Russell 1000® Dynamic Multifactor ETF | X | X | X | |||
Invesco Russell 2000® Dynamic Multifactor ETF | X |
* | The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
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Approval of Investment Advisory Contracts–(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
The Trustees considered each Fund’s proposed unitary advisory fee in light of the administrative, operational and management oversight services to be provided by the Adviser. The Board concluded that the unitary advisory fee to be charged to each Fund is reasonable and appropriate in light of the services expected to be provided by the Adviser.
In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received at its April 2018 meeting on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees considered whether the proposed unitary advisory fee rate for each Fund is reasonable in relation to the proposed services and product strategy of each Fund, and they concluded that the unitary advisory fee was reasonable and appropriate.
Fall-Out Benefits. The Trustees noted that the Adviser had not identified any further benefits that it would derive from its relationships with each Fund, and had noted that it does not have any soft-dollar arrangements. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, would serve as the index provider for each Fund and would be paid a licensing fee by the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Agreement for each Fund. No single factor was determinative in the Board’s analysis.
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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-SIFT-AR-3 | invesco.com/ETFs |
Invesco Annual Report to Shareholders
August 31, 2020
OMFL Invesco Russell 1000® Dynamic Multifactor ETF OMFS Invesco Russell 2000® Dynamic Multifactor ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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Domestic Equity
Macroeconomic issues that concerned investors in the third quarter of 2019 mostly abated during the fourth quarter, providing the backdrop for strong equity market returns. During its September and October meetings, the US Federal Reserve (“the Fed”) cut interest rates by 0.25% each time, based on business investment and exports remaining weak.1 Investors were also 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 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 reopenings 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. Additionally, optimism about a vaccine, and better than anticipated US economic data and corporate earnings also boosted stocks. Most economists believe the US economy hit a low in April; however, in late August revised second quarter GDP fell by 31.7%, a record decline.2 Despite the extreme drop in the economy, the S&P 500 Index not only erased all of its losses from the first quarter but ended the fiscal year with record highs.
1 Source: US Federal Reserve
2 Source: US Bureau of Economic Analysis
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Management’s Discussion of Fund Performance | ||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) |
As an index fund, the Invesco Russell 1000® Dynamic Multifactor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 1000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to select equity securities from within the Russell 1000® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. 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 August 31, 2020, on a market price basis, the Fund returned 10.29%. On a net asset value (“NAV”) basis, the Fund returned 10.23%. During the same time period, the Index returned 10.42%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Benchmark Index returned 22.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
The performance of the Fund differed from the Benchmark Index in part 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 industrials and financials sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight position and security selection in the information technology sector along with its security selection in the consumer discretionary sector.
For the fiscal year ended August 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the financials and materials sectors, respectively. The energy sector detracted most significantly from the Fund’s return, followed by the consumer staples and real estate sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Amazon.com, Inc., a consumer discretionary company (no longer held at fiscal year-end) and AES Corp. (The), a utilities company (portfolio average weight of 0.44%). Positions that detracted most significantly from the Fund’s return during the period included Raytheon Co., an industrials company (no longer held at fiscal year-end) and Mastercard, Inc., Class A, an information technology company (no longer held at fiscal year-end).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials | 23.12 | |||||||
Industrials | 16.60 | |||||||
Consumer Discretionary | 15.47 | |||||||
Materials | 8.56 | |||||||
Information Technology | 7.51 | |||||||
Health Care | 5.87 | |||||||
Communication Services | 5.76 | |||||||
Energy | 5.39 | |||||||
Utilities | 4.48 | |||||||
Real Estate | 3.94 | |||||||
Consumer Staples | 3.21 | |||||||
Money Market Funds Plus Other Assets | 0.09 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security | ||||||||
Cardinal Health, Inc. | 1.01 | |||||||
ViacomCBS, Inc., Class B | 0.96 | |||||||
United Rentals, Inc. | 0.85 | |||||||
Hewlett Packard Enterprise Co. | 0.85 | |||||||
Royal Caribbean Cruises Ltd. | 0.80 | |||||||
AES Corp. (The) | 0.80 | |||||||
Delta Air Lines, Inc. | 0.79 | |||||||
Synchrony Financial | 0.75 | |||||||
Whirlpool Corp. | 0.74 | |||||||
MGM Resorts International | 0.72 | |||||||
Total | 8.27 |
* | Excluding money market fund holdings. |
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Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Average | ||||||||||||||||||||
Index | 1 Year | Annualized | Cumulative | |||||||||||||||||
Russell 1000® Invesco Dynamic Multifactor Index | 10.42 | % | 11.36 | % | 35.31 | % | ||||||||||||||
Russell 1000® Index | 22.50 | 13.56 | 42.98 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | 10.23 | 11.06 | 34.28 | |||||||||||||||||
Market Price Return | 10.29 | 11.10 | 34.45 |
Oppenheimer Russell 1000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.29% 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.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
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Management’s Discussion of Fund Performance | ||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) |
As an index fund, the Invesco Russell 2000® Dynamic Multifactor ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Russell 2000® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Frank Russell Company (“Frank Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to select equity securities from within the Russell 2000® Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic indicators and information regarding global risk appetite. 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 August 31, 2020, on a market price basis, the Fund returned (1.20)%. On a net asset value (“NAV”) basis, the Fund returned (1.13)%. During the same time period, the Index returned (0.59)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.
During this same time period, the Benchmark Index returned 6.02%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.
The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.
Relative to the Benchmark Index, the Fund was most overweight in the financials and consumer discretionary sectors and most underweight in the health care and information technology sectors during the fiscal year ended August 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight position and security selection in the health care sector along with its overweight position and security selection in the energy sector.
For the fiscal year ended August 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s
return, followed by the information technology and health care sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the real estate and energy sectors, respectively.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2020, included Quidel Corp., a health care company (no longer held at fiscal year-end) and Tupperware Brands Corp., a consumer discretionary company (portfolio average weight of 0.17%). Positions that detracted most significantly from the Fund’s return during the period included Essent Group Ltd., a financials company (no longer held at fiscal year-end) and Radian Group Inc., a financials company (no longer held at fiscal year-end)
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2020
Financials | 24.33 | |||||||
Industrials | 20.19 | |||||||
Consumer Discretionary | 19.31 | |||||||
Energy | 7.37 | |||||||
Health Care | 6.32 | |||||||
Materials | 5.73 | |||||||
Information Technology | 5.04 | |||||||
Communication Services | 4.40 | |||||||
Real Estate | 4.14 | |||||||
Sector Types Each Less Than 3% | 3.07 | |||||||
Money Market Funds Plus Other Assets Less Liabilities | 0.10 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2020
Security | ||||||||
Owens & Minor, Inc. | 1.15 | |||||||
Pitney Bowes, Inc. | 0.91 | |||||||
Tupperware Brands Corp. | 0.89 | |||||||
Hibbett Sports, Inc. | 0.5 | |||||||
Signet Jewelers Ltd. | 0.49 | |||||||
Community Health Systems, Inc. | 0.49 | |||||||
Triple-S Management Corp., Class B | 0.47 | |||||||
Lumber Liquidators Holdings, Inc. | 0.47 | |||||||
Koppers Holdings, Inc. | 0.46 | |||||||
Realogy Holdings Corp. | 0.45 | |||||||
Total | 6.28 |
* | Excluding money market fund holdings. |
6 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2020
Fund Inception | ||||||||||||||||||||
Average | ||||||||||||||||||||
Index | 1 Year | Annualized | Cumulative | |||||||||||||||||
Russell 2000® Invesco Dynamic Multifactor Index | (0.59 | )% | 1.81 | % | 5.17 | % | ||||||||||||||
Russell 2000® Index | 6.02 | 3.33 | 9.64 | |||||||||||||||||
Fund | ||||||||||||||||||||
NAV Return | (1.13 | ) | 1.31 | 3.72 | ||||||||||||||||
Market Price Return | (1.20 | ) | 1.34 | 3.81 |
Oppenheimer Russell 2000® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 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 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- | Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund. |
- | Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund. |
7 | ||||
|
| |||
Liquidity Risk Management Program
The Securities and Exchange Commission (“SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four of the following categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 12, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).
The Report stated, in relevant part, that during the Program Reporting Period:
● | The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal; |
● | Each Fund’s investment strategy remained appropriate for an open-end fund; |
● | Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund; |
● | The Funds did not breach the 15% limit on Illiquid Investments; and |
● | The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM. |
8 | ||||
|
| |||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
August 31, 2020
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.91% |
| |||||||
Communication Services-5.76% | ||||||||
CenturyLink, Inc. | 499,218 | $ | 5,366,594 | |||||
Discovery, Inc., Class A(b)(c) | 104,862 | 2,313,780 | ||||||
Discovery, Inc., Class C(b) | 220,522 | 4,403,824 | ||||||
DISH Network Corp., Class A(b) | 104,606 | 3,715,605 | ||||||
Fox Corp., Class A | 116,293 | 3,239,923 | ||||||
Fox Corp., Class B | 75,316 | 2,093,785 | ||||||
GCI Liberty, Inc., Class A(b) | 62,359 | 5,037,360 | ||||||
Interpublic Group of Cos., Inc. (The) | 262,551 | 4,662,906 | ||||||
John Wiley & Sons, Inc., Class A | 29,009 | 918,135 | ||||||
Lions Gate Entertainment Corp., | 39,883 | 388,460 | ||||||
Lions Gate Entertainment Corp., Class B(b) | 76,921 | 696,904 | ||||||
News Corp., Class A | 176,818 | 2,673,488 | ||||||
News Corp., Class B | 57,312 | 863,692 | ||||||
Nexstar Media Group, Inc., Class A | 26,078 | 2,503,749 | ||||||
Omnicom Group, Inc. | 95,512 | 5,166,244 | ||||||
Telephone & Data Systems, Inc. | 67,582 | 1,563,172 | ||||||
TripAdvisor, Inc. | 67,518 | 1,577,896 | ||||||
United States Cellular Corp.(b) | 9,621 | 350,012 | ||||||
ViacomCBS, Inc., Class B | 340,870 | 9,493,229 | ||||||
|
| |||||||
57,028,758 | ||||||||
|
| |||||||
Consumer Discretionary-15.47% | ||||||||
Advance Auto Parts, Inc. | 17,380 | 2,716,668 | ||||||
Aramark | 153,441 | 4,228,834 | ||||||
AutoNation, Inc.(b) | 39,556 | 2,249,154 | ||||||
BorgWarner, Inc. | 139,804 | 5,674,644 | ||||||
Brunswick Corp. | 19,987 | 1,236,995 | ||||||
Capri Holdings Ltd.(b) | 95,365 | 1,510,582 | ||||||
Carnival Corp. | 318,509 | 5,249,028 | ||||||
Carter’s, Inc. | 28,758 | 2,289,712 | ||||||
Columbia Sportswear Co. | 10,017 | 857,155 | ||||||
Darden Restaurants, Inc. | 40,897 | 3,544,543 | ||||||
Dick’s Sporting Goods, Inc. | 41,478 | 2,244,789 | ||||||
Expedia Group, Inc. | 56,998 | 5,594,354 | ||||||
Extended Stay America, Inc. | 118,945 | 1,485,623 | ||||||
Foot Locker, Inc. | 69,527 | 2,108,754 | ||||||
Gap, Inc. (The) | 122,687 | 2,133,527 | ||||||
Genuine Parts Co. | 39,667 | 3,746,151 | ||||||
Graham Holdings Co., Class B | 2,773 | 1,186,705 | ||||||
H&R Block, Inc. | 129,625 | 1,879,563 | ||||||
Hanesbrands, Inc. | 232,966 | 3,562,050 | ||||||
Harley-Davidson, Inc. | 102,788 | 2,848,255 | ||||||
Hyatt Hotels Corp., Class A | 23,511 | 1,328,136 | ||||||
Kohl’s Corp. | 104,113 | 2,223,854 | ||||||
L Brands, Inc. | 155,323 | 4,566,496 | ||||||
Lear Corp. | 40,561 | 4,621,115 | ||||||
Leggett & Platt, Inc. | 88,739 | 3,638,299 | ||||||
LKQ Corp.(b) | 167,645 | 5,321,052 | ||||||
MGM Resorts International | 317,929 | 7,153,403 | ||||||
Mohawk Industries, Inc.(b) | 39,051 | 3,605,579 | ||||||
Newell Brands, Inc. | 260,101 | 4,156,414 | ||||||
Nordstrom, Inc.(c) | 73,369 | 1,173,904 | ||||||
Norwegian Cruise Line Holdings Ltd.(b)(c) | 171,963 | 2,942,287 | ||||||
Penske Automotive Group, Inc. | 21,361 | 1,007,598 | ||||||
Polaris, Inc. | 39,054 | 3,946,016 | ||||||
PulteGroup, Inc. | 136,795 | 6,099,689 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
PVH Corp. | 47,154 | $ | 2,629,307 | |||||
Qurate Retail, Inc., Class A(b) | 255,833 | 2,826,955 | ||||||
Ralph Lauren Corp. | 32,118 | 2,210,682 | ||||||
Royal Caribbean Cruises Ltd. | 115,554 | 7,954,737 | ||||||
Six Flags Entertainment Corp. | 51,345 | 1,115,727 | ||||||
Skechers U.S.A., Inc., Class A(b) | 81,622 | 2,436,417 | ||||||
Tapestry, Inc. | 185,844 | 2,737,482 | ||||||
Tempur Sealy International, Inc.(b) | 28,592 | 2,445,760 | ||||||
Thor Industries, Inc. | 37,092 | 3,502,598 | ||||||
Toll Brothers, Inc. | 77,797 | 3,284,589 | ||||||
Under Armour, Inc., Class A(b)(c) | 126,470 | 1,240,671 | ||||||
Under Armour, Inc., Class C(b) | 127,360 | 1,127,136 | ||||||
Whirlpool Corp. | 41,175 | 7,317,621 | ||||||
Williams-Sonoma, Inc. | 30,185 | 2,649,036 | ||||||
Wyndham Destinations, Inc. | 56,409 | 1,635,297 | ||||||
|
| |||||||
153,244,943 | ||||||||
|
| |||||||
Consumer Staples-3.21% | ||||||||
Casey’s General Stores, Inc. | 19,068 | 3,391,244 | ||||||
Coty, Inc., Class A | 193,608 | 693,117 | ||||||
Energizer Holdings, Inc. | 16,785 | 776,978 | ||||||
Flowers Foods, Inc. | 60,259 | 1,473,935 | ||||||
Herbalife Nutrition Ltd.(b) | 33,523 | 1,647,655 | ||||||
Ingredion, Inc. | 43,509 | 3,499,864 | ||||||
Molson Coors Beverage Co., Class B | 113,924 | 4,288,099 | ||||||
Nu Skin Enterprises, Inc., Class A | 34,478 | 1,629,775 | ||||||
Pilgrim’s Pride Corp.(b) | 35,403 | 566,448 | ||||||
Post Holdings, Inc.(b) | 22,713 | 1,999,198 | ||||||
Seaboard Corp. | 207 | 555,381 | ||||||
Spectrum Brands Holdings, Inc. | 28,539 | 1,700,924 | ||||||
Sprouts Farmers Market, Inc.(b) | 79,173 | 1,848,690 | ||||||
Tyson Foods, Inc., Class A | 66,641 | 4,185,055 | ||||||
US Foods Holding Corp.(b) | 147,638 | 3,594,985 | ||||||
|
| |||||||
31,851,348 | ||||||||
|
| |||||||
Energy-5.39% | ||||||||
Apache Corp. | 253,693 | 3,754,656 | ||||||
Baker Hughes Co., Class A | 168,142 | 2,401,068 | ||||||
Cabot Oil & Gas Corp. | 153,448 | 2,910,909 | ||||||
Cheniere Energy, Inc.(b) | 67,186 | 3,497,031 | ||||||
Cimarex Energy Co. | 67,443 | 1,873,567 | ||||||
Continental Resources, Inc.(c) | 50,199 | 862,419 | ||||||
Devon Energy Corp. | 256,585 | 2,789,079 | ||||||
Diamondback Energy, Inc. | 106,623 | 4,154,032 | ||||||
EQT Corp. | 171,273 | 2,718,102 | ||||||
Equitrans Midstream Corp. | 164,831 | 1,694,463 | ||||||
Halliburton Co. | 297,341 | 4,810,977 | ||||||
Helmerich & Payne, Inc. | 70,218 | 1,157,193 | ||||||
HollyFrontier Corp. | 100,347 | 2,395,283 | ||||||
Marathon Oil Corp. | 529,490 | 2,795,707 | ||||||
Murphy Oil Corp. | 97,671 | 1,342,000 | ||||||
Noble Energy, Inc. | 280,469 | 2,790,667 | ||||||
Occidental Petroleum Corp. | 400,083 | 5,097,057 | ||||||
Parsley Energy, Inc., Class A | 202,212 | 2,173,779 | ||||||
Targa Resources Corp. | 154,752 | 2,632,331 | ||||||
WPX Energy, Inc.(b) | 270,218 | 1,502,412 | ||||||
|
| |||||||
53,352,732 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | ||||
|
| |||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)
August 31, 2020
Shares | Value | |||||||
Financials-23.12% | ||||||||
Affiliated Managers Group, Inc. | 31,536 | $ | 2,164,946 | |||||
AGNC Investment Corp. | 156,050 | 2,201,866 | ||||||
Alleghany Corp. | 7,074 | 3,922,957 | ||||||
Ally Financial, Inc. | 252,457 | 5,776,216 | ||||||
American Financial Group, Inc. | 49,512 | 3,309,877 | ||||||
American National Group, Inc. | 4,973 | 373,025 | ||||||
Arch Capital Group Ltd.(b) | 134,271 | 4,234,907 | ||||||
Associated Banc-Corp. | 101,780 | 1,367,923 | ||||||
Assurant, Inc. | 40,069 | 4,870,788 | ||||||
Assured Guaranty Ltd. | 27,408 | 587,902 | ||||||
Athene Holding Ltd., Class A(b) | 77,651 | 2,838,921 | ||||||
AXIS Capital Holdings Ltd. | 55,690 | 2,659,754 | ||||||
Bank of Hawaii Corp. | 16,383 | 901,720 | ||||||
Bank OZK | 82,101 | 1,891,607 | ||||||
Brighthouse Financial, Inc.(b) | 66,114 | 2,007,221 | ||||||
Cincinnati Financial Corp. | 80,771 | 6,414,025 | ||||||
Citizens Financial Group, Inc. | 193,375 | 5,002,611 | ||||||
CNA Financial Corp. | 15,776 | 507,514 | ||||||
Comerica, Inc. | 93,504 | 3,696,213 | ||||||
Credit Acceptance Corp.(b)(c) | 2,981 | 1,153,051 | ||||||
Cullen/Frost Bankers, Inc. | 23,171 | 1,609,458 | ||||||
Discover Financial Services | 115,361 | 6,123,362 | ||||||
E*TRADE Financial Corp. | 84,992 | 4,598,067 | ||||||
East West Bancorp, Inc. | 91,825 | 3,377,323 | ||||||
Eaton Vance Corp. | 53,883 | 2,210,281 | ||||||
Evercore, Inc., Class A | 26,552 | 1,643,038 | ||||||
Everest Re Group Ltd. | 25,712 | 5,658,697 | ||||||
F.N.B. Corp. | 216,684 | 1,625,130 | ||||||
Fidelity National Financial, Inc. | 101,409 | 3,329,257 | ||||||
Fifth Third Bancorp | 193,395 | 3,995,541 | ||||||
First American Financial Corp. | 72,879 | 3,831,249 | ||||||
First Citizens BancShares, Inc., Class A | 4,423 | 1,738,902 | ||||||
First Hawaiian, Inc. | 87,027 | 1,438,556 | ||||||
First Horizon National Corp. | 207,024 | 1,977,079 | ||||||
Franklin Resources, Inc. | 56,998 | 1,200,378 | ||||||
Globe Life, Inc. | 38,854 | 3,204,678 | ||||||
Hanover Insurance Group, Inc. (The) | 25,487 | 2,612,163 | ||||||
Hartford Financial Services Group, Inc. (The) | 137,446 | 5,559,691 | ||||||
Huntington Bancshares, Inc. | 483,946 | 4,553,932 | ||||||
Interactive Brokers Group, Inc., Class A | 48,433 | 2,567,918 | ||||||
Invesco Ltd.(d) | 253,376 | 2,584,435 | ||||||
Jefferies Financial Group, Inc. | 152,300 | 2,671,342 | ||||||
Kemper Corp. | 41,518 | 3,224,288 | ||||||
KeyCorp | 399,172 | 4,917,799 | ||||||
Lazard Ltd., Class A | 67,789 | 2,146,878 | ||||||
Lincoln National Corp. | 51,252 | 1,847,635 | ||||||
Loews Corp. | 126,262 | 4,527,755 | ||||||
LPL Financial Holdings, Inc. | 44,436 | 3,650,862 | ||||||
M&T Bank Corp. | 31,835 | 3,287,282 | ||||||
Markel Corp.(b) | 3,386 | 3,680,006 | ||||||
Mercury General Corp. | 18,322 | 819,543 | ||||||
MGIC Investment Corp. | 226,915 | 2,080,811 | ||||||
New Residential Investment Corp. | 97,532 | 754,898 | ||||||
New York Community Bancorp, Inc. | 155,956 | 1,411,402 | ||||||
Old Republic International Corp. | 190,207 | 3,064,235 | ||||||
OneMain Holdings, Inc. | 43,671 | 1,269,953 | ||||||
PacWest Bancorp | 78,418 | 1,496,215 | ||||||
People’s United Financial, Inc. | 137,023 | 1,449,703 | ||||||
Pinnacle Financial Partners, Inc. | 49,596 | 1,981,360 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Popular, Inc. | 58,300 | $ | 2,159,432 | |||||
Primerica, Inc. | 14,836 | 1,852,275 | ||||||
Principal Financial Group, Inc. | 160,972 | 6,778,531 | ||||||
Raymond James Financial, Inc. | 32,284 | 2,444,544 | ||||||
Regions Financial Corp. | 410,437 | 4,744,652 | ||||||
Reinsurance Group of America, Inc. | 45,521 | 4,173,365 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 22,979 | 4,222,161 | ||||||
Santander Consumer USA Holdings, Inc. | 50,737 | 873,184 | ||||||
Signature Bank | 23,784 | 2,307,762 | ||||||
SLM Corp. | 251,470 | 1,921,231 | ||||||
Starwood Property Trust, Inc. | 99,940 | 1,559,064 | ||||||
Sterling Bancorp | 129,899 | 1,515,921 | ||||||
Synchrony Financial | 300,497 | 7,455,331 | ||||||
Synovus Financial Corp. | 98,220 | 2,148,071 | ||||||
TCF Financial Corp. | 63,410 | 1,704,461 | ||||||
Umpqua Holdings Corp. | 94,411 | 1,064,956 | ||||||
Unum Group | 136,631 | 2,524,941 | ||||||
Voya Financial, Inc. | 45,896 | 2,382,461 | ||||||
W.R. Berkley Corp. | 28,164 | 1,747,576 | ||||||
Webster Financial Corp. | 60,117 | 1,653,218 | ||||||
Western Alliance Bancorporation | 65,624 | 2,316,527 | ||||||
White Mountains Insurance Group Ltd. | 917 | 817,414 | ||||||
Wintrust Financial Corp. | 38,406 | 1,671,429 | ||||||
Zions Bancorporation N.A | 105,020 | 3,377,443 | ||||||
|
| |||||||
229,020,096 | ||||||||
|
| |||||||
Health Care-5.87% | ||||||||
Acadia Healthcare Co., Inc.(b) | 59,044 | 1,825,050 | ||||||
AmerisourceBergen Corp. | 34,385 | 3,336,377 | ||||||
Cardinal Health, Inc. | 197,111 | 10,005,354 | ||||||
Change Healthcare, Inc.(b) | 162,840 | 2,304,186 | ||||||
DaVita, Inc.(b) | 56,008 | 4,859,254 | ||||||
Encompass Health Corp. | 49,371 | 3,220,964 | ||||||
Envista Holdings Corp.(b) | 107,265 | 2,573,287 | ||||||
Henry Schein, Inc.(b) | 96,238 | 6,394,053 | ||||||
Jazz Pharmaceuticals PLC(b) | 35,845 | 4,817,210 | ||||||
Molina Healthcare, Inc.(b) | 34,461 | 6,374,251 | ||||||
Mylan N.V.(b) | 348,356 | 5,706,071 | ||||||
Premier, Inc., Class A | 37,213 | 1,218,726 | ||||||
Universal Health Services, Inc., Class B | 49,737 | 5,488,478 | ||||||
|
| |||||||
58,123,261 | ||||||||
|
| |||||||
Industrials-16.60% | ||||||||
Acuity Brands, Inc. | 26,418 | 2,887,223 | ||||||
ADT, Inc. | 63,005 | 671,003 | ||||||
AECOM(b) | 102,687 | 4,057,163 | ||||||
AGCO Corp. | 41,507 | 2,951,148 | ||||||
Air Lease Corp. | 71,603 | 2,225,421 | ||||||
Alaska Air Group, Inc. | 80,605 | 3,139,565 | ||||||
Allison Transmission Holdings, Inc. | 75,712 | 2,715,789 | ||||||
AMERCO | 4,770 | 1,692,825 | ||||||
American Airlines Group, Inc.(c) | 282,539 | 3,687,134 | ||||||
Armstrong World Industries, Inc. | 12,586 | 928,092 | ||||||
C.H. Robinson Worldwide, Inc. | 37,800 | 3,715,740 | ||||||
Carlisle Cos., Inc. | 22,163 | 2,902,245 | ||||||
Clean Harbors, Inc.(b) | 32,513 | 1,986,544 | ||||||
Copa Holdings S.A., Class A (Panama) | 21,091 | 1,123,096 | ||||||
Crane Co | 32,720 | 1,849,989 | ||||||
Curtiss-Wright Corp. | 20,617 | 2,109,531 | ||||||
Delta Air Lines, Inc. | 253,408 | 7,817,637 | ||||||
Flowserve Corp. | 87,427 | 2,594,833 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | ||||
|
| |||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)
August 31, 2020
Shares | Value | |||||||
Industrials-(continued) | ||||||||
FTI Consulting, Inc.(b) | 8,671 | $ | 995,084 | |||||
Gates Industrial Corp. PLC(b) | 29,936 | 337,977 | ||||||
GrafTech International Ltd. | 45,649 | 304,022 | ||||||
HD Supply Holdings, Inc.(b) | 108,968 | 4,321,671 | ||||||
Hexcel Corp. | 56,017 | 2,206,510 | ||||||
Howmet Aerospace, Inc. | 265,319 | 4,648,389 | ||||||
Hubbell, Inc. | 17,106 | 2,479,002 | ||||||
Huntington Ingalls Industries, Inc. | 17,232 | 2,610,993 | ||||||
Ingersoll Rand, Inc.(b) | 10 | 365 | ||||||
ITT, Inc. | 28,908 | 1,815,711 | ||||||
JetBlue Airways Corp.(b) | 181,112 | 2,086,410 | ||||||
Kirby Corp.(b) | 40,043 | 1,699,425 | ||||||
Knight-Swift Transportation Holdings, Inc. | 38,091 | 1,731,617 | ||||||
Landstar System, Inc. | 16,293 | 2,168,435 | ||||||
Lincoln Electric Holdings, Inc. | 20,590 | 1,991,259 | ||||||
Macquarie Infrastructure Corp. | 49,370 | 1,383,347 | ||||||
ManpowerGroup, Inc. | 38,942 | 2,854,838 | ||||||
Middleby Corp. (The)(b) | 37,036 | 3,625,824 | ||||||
MSC Industrial Direct Co., Inc., Class A | 28,114 | 1,852,713 | ||||||
Nielsen Holdings PLC | 136,222 | 2,081,472 | ||||||
nVent Electric PLC | 100,782 | 1,926,952 | ||||||
Oshkosh Corp. | 45,505 | 3,504,340 | ||||||
Owens Corning | 72,332 | 4,892,536 | ||||||
Quanta Services, Inc. | 91,937 | 4,711,771 | ||||||
Regal Beloit Corp. | 27,235 | 2,692,452 | ||||||
Robert Half International, Inc. | 61,368 | 3,264,778 | ||||||
Ryder System, Inc. | 35,241 | 1,441,357 | ||||||
Schneider National, Inc., Class B | 39,671 | 1,073,497 | ||||||
Sensata Technologies Holding PLC(b) | 54,104 | 2,252,891 | ||||||
Snap-on, Inc. | 21,581 | 3,199,815 | ||||||
Southwest Airlines Co. | 135,877 | 5,106,258 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 70,417 | 1,447,774 | ||||||
Textron, Inc. | 154,039 | 6,073,758 | ||||||
Timken Co. (The) | 42,578 | 2,307,302 | ||||||
Trinity Industries, Inc. | 61,009 | 1,248,854 | ||||||
United Airlines Holdings, Inc.(b) | 196,087 | 7,059,132 | ||||||
United Rentals, Inc.(b) | 47,694 | 8,444,223 | ||||||
Univar Solutions, Inc.(b) | 112,091 | 2,038,935 | ||||||
Valmont Industries, Inc. | 14,062 | 1,786,577 | ||||||
Vertiv Holdings Co.(b) | 133,881 | 2,172,889 | ||||||
Woodward, Inc. | 25,360 | 2,173,098 | ||||||
XPO Logistics, Inc.(b) | 61,370 | 5,417,130 | ||||||
|
| |||||||
164,486,361 | ||||||||
|
| |||||||
Information Technology-7.51% | ||||||||
Alliance Data Systems Corp. | 31,454 | 1,418,890 | ||||||
Arrow Electronics, Inc.(b) | 52,423 | 4,118,351 | ||||||
Avnet, Inc. | 65,876 | 1,812,249 | ||||||
CACI International, Inc., Class A(b) | 15,328 | 3,589,664 | ||||||
CDK Global, Inc. | 55,606 | 2,592,352 | ||||||
Ciena Corp.(b) | 78,980 | 4,483,694 | ||||||
CommScope Holding Co., Inc.(b) | 129,844 | 1,337,393 | ||||||
Dell Technologies, Inc., Class C(b) | 103,347 | 6,829,170 | ||||||
DXC Technology Co. | 170,401 | 3,404,612 | ||||||
EchoStar Corp., Class A(b) | 32,289 | 948,651 | ||||||
Euronet Worldwide, Inc.(b) | 20,086 | 2,076,491 | ||||||
Hewlett Packard Enterprise Co. | 870,339 | 8,416,178 | ||||||
Jabil, Inc. | 98,724 | 3,371,425 | ||||||
NCR Corp.(b) | 85,402 | 1,745,617 | ||||||
NetApp, Inc. | 115,073 | 5,453,309 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
ON Semiconductor Corp.(b) | 238,711 | $ | 5,101,254 | |||||
Sabre Corp. | 185,380 | 1,295,806 | ||||||
Science Applications International Corp. | 39,032 | 3,257,611 | ||||||
Switch, Inc., Class A | 42,556 | 731,963 | ||||||
SYNNEX Corp. | 27,953 | 3,554,224 | ||||||
Teradata Corp.(b) | 53,227 | 1,296,077 | ||||||
ViaSat, Inc.(b) | 38,716 | 1,539,348 | ||||||
Western Union Co. (The) | 159,151 | 3,754,372 | ||||||
Xerox Holdings Corp. | 121,486 | 2,291,226 | ||||||
|
| |||||||
74,419,927 | ||||||||
|
| |||||||
Materials-8.56% | ||||||||
Ashland Global Holdings, Inc. | 37,009 | 2,727,193 | ||||||
Axalta Coating Systems Ltd.(b) | 85,365 | 2,035,955 | ||||||
Berry Global Group, Inc.(b) | 89,900 | 4,633,446 | ||||||
Cabot Corp. | 37,399 | 1,384,137 | ||||||
Celanese Corp. | 31,941 | 3,230,832 | ||||||
CF Industries Holdings, Inc. | 143,530 | 4,683,384 | ||||||
Chemours Co. (The) | 109,772 | 2,267,889 | ||||||
Crown Holdings, Inc.(b) | 59,837 | 4,598,473 | ||||||
Eagle Materials, Inc. | 16,467 | 1,346,507 | ||||||
Eastman Chemical Co. | 64,165 | 4,691,103 | ||||||
Graphic Packaging Holding Co. | 186,734 | 2,610,541 | ||||||
Huntsman Corp. | 134,545 | 2,908,863 | ||||||
International Paper Co. | 183,133 | 6,642,234 | ||||||
Mosaic Co. (The) | 133,660 | 2,436,622 | ||||||
NewMarket Corp. | 1,815 | 676,069 | ||||||
Nucor Corp. | 147,442 | 6,702,713 | ||||||
Olin Corp. | 95,767 | 1,077,379 | ||||||
Packaging Corp. of America | 28,078 | 2,842,617 | ||||||
Reliance Steel & Aluminum Co. | 42,654 | 4,473,125 | ||||||
Scotts Miracle-Gro Co. (The) | 10,477 | 1,765,689 | ||||||
Sealed Air Corp. | 75,113 | 2,951,941 | ||||||
Silgan Holdings, Inc. | 52,833 | 2,010,824 | ||||||
Sonoco Products Co. | 48,151 | 2,553,448 | ||||||
Steel Dynamics, Inc. | 136,221 | 4,021,244 | ||||||
Valvoline, Inc. | 96,861 | 1,975,964 | ||||||
W.R. Grace & Co. | 22,584 | 919,395 | ||||||
Westlake Chemical Corp. | 22,783 | 1,351,488 | ||||||
Westrock Co. | 173,646 | 5,266,683 | ||||||
|
| |||||||
84,785,758 | ||||||||
|
| |||||||
Real Estate-3.94% | ||||||||
Apartment Investment & Management Co., Class A | 32,813 | 1,182,252 | ||||||
Apple Hospitality REIT, Inc. | 140,848 | 1,432,424 | ||||||
Brandywine Realty Trust | 57,762 | 642,891 | ||||||
Brixmor Property Group, Inc. | 168,814 | 1,992,005 | ||||||
CBRE Group, Inc., Class A(b) | 72,574 | 3,413,155 | ||||||
Corporate Office Properties Trust | 33,270 | 819,773 | ||||||
Douglas Emmett, Inc. | 35,601 | 993,980 | ||||||
Empire State Realty Trust, Inc., Class A | 98,235 | 618,881 | ||||||
EPR Properties | 44,084 | 1,424,354 | ||||||
Equity Commonwealth | 29,209 | 916,871 | ||||||
Host Hotels & Resorts, Inc. | 273,186 | 3,067,879 | ||||||
Howard Hughes Corp. (The)(b) | 8,297 | 490,436 | ||||||
Iron Mountain, Inc.(c) | 60,872 | 1,831,638 | ||||||
Jones Lang LaSalle, Inc. | 34,639 | 3,569,203 | ||||||
Kimco Realty Corp. | 123,682 | 1,482,947 | ||||||
Lamar Advertising Co., Class A | 15,734 | 1,089,265 | ||||||
Outfront Media, Inc. | 96,591 | 1,635,286 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | ||||
|
| |||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)
August 31, 2020
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Paramount Group, Inc. | 51,783 | $ | 383,194 | |||||
Park Hotels & Resorts, Inc. | 160,817 | 1,526,153 | ||||||
SL Green Realty Corp. | 34,607 | 1,618,223 | ||||||
Spirit Realty Capital, Inc. | 31,014 | 1,101,307 | ||||||
STORE Capital Corp. | 46,030 | 1,244,651 | ||||||
Taubman Centers, Inc. | 23,836 | 912,919 | ||||||
Vornado Realty Trust | 118,894 | 4,259,972 | ||||||
Weingarten Realty Investors | 81,491 | 1,423,648 | ||||||
|
| |||||||
39,073,307 | ||||||||
|
| |||||||
Utilities-4.48% | ||||||||
AES Corp. (The) | 446,184 | 7,919,766 | ||||||
CenterPoint Energy, Inc. | 303,991 | 6,101,099 | ||||||
Hawaiian Electric Industries, Inc. | 49,096 | 1,699,212 | ||||||
MDU Resources Group, Inc. | 133,933 | 3,163,497 | ||||||
National Fuel Gas Co. | 55,617 | 2,538,360 | ||||||
NiSource, Inc. | 103,604 | 2,295,865 | ||||||
NRG Energy, Inc. | 164,400 | 5,657,004 | ||||||
OGE Energy Corp. | 59,962 | 1,910,389 | ||||||
PG&E Corp.(b) | 356,311 | 3,299,440 | ||||||
UGI Corp. | 111,990 | 3,867,015 | ||||||
Vistra Corp. | 310,633 | 5,973,473 | ||||||
|
| |||||||
44,425,120 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 989,811,611 | ||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.47% |
| |||||||
Invesco Private Government Fund, 0.03%(d)(e)(f) | 10,933,477 | $ | 10,933,477 | |||||
Invesco Private Prime Fund, 0.14%(d)(e)(f) | 3,647,101 | 3,647,831 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan |
| 14,581,308 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-101.38% |
| 1,004,392,919 | ||||||
OTHER ASSETS LESS LIABILITIES-(1.38)% |
| (13,659,483 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 990,733,436 | ||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Change in | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Gain | Value | Dividend | |||||||||||||||||||||||||||||
August 31, 2019 | at Cost | from Sales | Appreciation | (Loss) | August 31, 2020 | Income | |||||||||||||||||||||||||||||
Invesco Ltd. | $ | - | $ | 9,143,250 | $ | (7,234,668 | ) | $ | 129,807 | $ | 546,046 | $ | 2,584,435 | $ | 99,998 | ||||||||||||||||||||
Investments in Affiliated | |||||||||||||||||||||||||||||||||||
Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier | |||||||||||||||||||||||||||||||||||
U.S. Government Money | |||||||||||||||||||||||||||||||||||
Portfolio, Institutional Class | 787,803 | 26,665,743 | (27,453,546 | ) | - | - | - | 7,386 | |||||||||||||||||||||||||||
Investments Purchased with | |||||||||||||||||||||||||||||||||||
Cash Collateral from | |||||||||||||||||||||||||||||||||||
Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency | |||||||||||||||||||||||||||||||||||
Portfolio, Institutional Class | 1,596,301 | 61,933,848 | (63,530,149 | ) | - | - | - | 57,163 | * | ||||||||||||||||||||||||||
Invesco Liquid Assets Portfolio, | |||||||||||||||||||||||||||||||||||
Institutional Class | 532,100 | 18,378,743 | (18,910,074 | ) | - | (769 | ) | - | 21,178 | * |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)–(continued)
August 31, 2020
Change in | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Unrealized | Gain | Value | Dividend | |||||||||||||||||||||||||||||
August 31, 2019 | at Cost | from Sales | Appreciation | (Loss) | August 31, 2020 | Income | |||||||||||||||||||||||||||||
Invesco Private Government Fund | $ | - | $ | 41,310,667 | $ | (30,377,190 | ) | $ | - | $ | - | $ | 10,933,477 | $ | 1,184 | * | |||||||||||||||||||
Invesco Private Prime Fund | - | 11,567,709 | (7,920,283 | ) | - | 405 | 3,647,831 | 917 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 2,916,204 | $ | 168,999,960 | $ | (155,425,910 | ) | $ | 129,807 | $ | 545,682 | $ | 17,165,743 | $ | 187,826 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements 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 August 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.
13 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)
August 31, 2020
Schedule of Investments(a)
Shares | Value | |||||||
Common Stocks & Other Equity Interests-99.90% |
| |||||||
Communication Services-4.40% | ||||||||
Alaska Communications Systems Group, Inc. | 25,282 | $ | 56,632 | |||||
AMC Entertainment Holdings, Inc., Class A | 25,222 | 148,305 | ||||||
Cincinnati Bell, Inc.(b) | 3,890 | 58,583 | ||||||
Consolidated Communications Holdings, Inc.(b) | 21,979 | 170,997 | ||||||
DHI Group, Inc.(b) | 14,382 | 34,948 | ||||||
Emerald Holding, Inc. | 11,567 | 31,925 | ||||||
Entercom Communications Corp., Class A | 50,792 | 76,188 | ||||||
Entravision Communications Corp., Class A | 16,724 | 25,420 | ||||||
Fluent, Inc.(b) | 11,573 | 35,876 | ||||||
Gannett Co., Inc. | 25,658 | 44,388 | ||||||
Gogo, Inc.(b)(c) | 15,958 | 82,024 | ||||||
Hemisphere Media Group, Inc.(b) | 1,542 | 13,724 | ||||||
IDT Corp., Class B(b) | 7,187 | 46,859 | ||||||
iHeartCommunications, Inc., Class A(b)(c) | 15,412 | 142,099 | ||||||
Liberty Latin America Ltd., Class A | 9,880 | 96,824 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A(b) | 35,412 | 99,154 | ||||||
Loral Space & Communications, Inc. | 1,093 | 25,762 | ||||||
Marcus Corp. (The) | 7,235 | 113,372 | ||||||
Meet Group, Inc. (The)(b) | 4,977 | 31,355 | ||||||
Meredith Corp. | 7,489 | 104,846 | ||||||
MSG Networks, Inc., Class A(b) | 8,190 | 79,771 | ||||||
National CineMedia, Inc. | 30,265 | 109,257 | ||||||
ORBCOMM, Inc.(b) | 9,291 | 37,257 | ||||||
QuinStreet, Inc.(b) | 4,198 | 55,204 | ||||||
Saga Communications, Inc., Class A | 1,015 | 22,838 | ||||||
Sinclair Broadcast Group, Inc., Class A(c) | 3,257 | 67,778 | ||||||
Spok Holdings, Inc. | 1,507 | 16,336 | ||||||
Tribune Publishing Co. | 2,747 | 31,178 | ||||||
WideOpenWest, Inc.(b) | 10,143 | 58,322 | ||||||
|
| |||||||
1,917,222 | ||||||||
|
| |||||||
Consumer Discretionary-19.31% | ||||||||
Abercrombie & Fitch Co., Class A | 9,400 | 122,294 | ||||||
American Axle & Manufacturing Holdings, Inc.(b) | 11,874 | 92,380 | ||||||
American Public Education, Inc.(b) | 858 | 26,976 | ||||||
America’s Car-Mart, Inc.(b) | 804 | 80,802 | ||||||
At Home Group, Inc.(b) | 7,806 | 149,173 | ||||||
BBX Capital Corp. | 6,080 | 93,632 | ||||||
Beazer Homes USA, Inc.(b) | 11,012 | 134,787 | ||||||
Bed Bath & Beyond, Inc.(c) | 9,705 | 118,207 | ||||||
Biglari Holdings, Inc., Class B(b) | 436 | 43,208 | ||||||
BJ’s Restaurants, Inc. | 5,352 | 168,695 | ||||||
Bloomin’ Brands, Inc. | 6,738 | 96,623 | ||||||
Bluegreen Vacations Corp.(c) | 1,562 | 8,685 | ||||||
Boot Barn Holdings, Inc.(b)(c) | 1,849 | 52,197 | ||||||
Buckle, Inc. (The) | 2,685 | 50,317 | ||||||
Caleres, Inc. | 18,562 | 144,969 | ||||||
Camping World Holdings, Inc., Class A | 2,012 | 58,469 | ||||||
Carriage Services, Inc. | 2,046 | 45,298 | ||||||
Carrols Restaurant Group, Inc.(b) | 16,869 | 112,348 | ||||||
Cato Corp. (The), Class A | 10,195 | 81,560 | ||||||
Century Casinos, Inc.(b) | 3,150 | 19,372 | ||||||
Cheesecake Factory, Inc. (The)(c) | 2,763 | 81,591 | ||||||
Chico’s FAS, Inc. | 57,914 | 74,130 | ||||||
Children’s Place, Inc. (The)(c) | 2,511 | 50,132 | ||||||
Chuy’s Holdings, Inc.(b) | 3,679 | 81,821 | ||||||
Citi Trends, Inc. | 5,317 | 102,778 |
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Clarus Corp. | 2,233 | $ | 28,113 | |||||
Collectors Universe, Inc. | 1,098 | 48,850 | ||||||
Conn’s, Inc.(b) | 8,503 | 108,668 | ||||||
Container Store Group, Inc. (The)(b)(c) | 7,530 | 32,002 | ||||||
Cooper-Standard Holdings, Inc.(b) | 8,108 | 146,917 | ||||||
Dave & Buster’s Entertainment, Inc.(c) | 8,612 | 143,218 | ||||||
Denny’s Corp.(b) | 5,168 | 59,225 | ||||||
Designer Brands, Inc., Class A | 22,352 | 157,582 | ||||||
Dillard’s, Inc., Class A(c) | 1,644 | 49,665 | ||||||
Dine Brands Global, Inc. | 1,302 | 77,547 | ||||||
Duluth Holdings, Inc., Class B(b) | 5,238 | 50,704 | ||||||
El Pollo Loco Holdings, Inc.(b) | 1,318 | 23,553 | ||||||
Escalade, Inc. | 2,556 | 46,340 | ||||||
Ethan Allen Interiors, Inc. | 7,707 | 109,748 | ||||||
Everi Holdings, Inc.(b) | 7,267 | 56,392 | ||||||
Express, Inc.(b) | 30,092 | 33,402 | ||||||
Fiesta Restaurant Group, Inc.(b) | 2,600 | 26,052 | ||||||
Fossil Group, Inc.(b) | 9,112 | 58,636 | ||||||
Funko, Inc., Class A(b)(c) | 11,778 | 68,784 | ||||||
Genesco, Inc.(b) | 6,858 | 133,731 | ||||||
G-III Apparel Group Ltd.(b) | 12,083 | 133,638 | ||||||
Golden Entertainment, Inc.(b) | 4,395 | 56,432 | ||||||
Green Brick Partners, Inc.(b) | 1,712 | 24,379 | ||||||
Group 1 Automotive, Inc. | 1,022 | 88,342 | ||||||
Groupon, Inc.(b) | 1,826 | 58,122 | ||||||
Guess?, Inc.(c) | 8,053 | 92,609 | ||||||
Hamilton Beach Brands Holding Co., Class A | 3,355 | 73,307 | ||||||
Haverty Furniture Cos., Inc. | 5,293 | 111,788 | ||||||
Hibbett Sports, Inc.(b) | 6,511 | 217,272 | ||||||
Hooker Furniture Corp. | 5,648 | 139,223 | ||||||
Houghton Mifflin Harcourt Co.(b) | 51,281 | 115,895 | ||||||
Hudson Ltd., Class A(b) | 19,243 | 145,092 | ||||||
Kontoor Brands, Inc. | 5,979 | 132,136 | ||||||
Lakeland Industries, Inc.(b)(c) | 1,165 | 23,801 | ||||||
Lands’ End, Inc.(b) | 5,734 | 76,721 | ||||||
Legacy Housing Corp.(b) | 671 | 10,246 | ||||||
Lifetime Brands, Inc. | 5,219 | 51,251 | ||||||
Lindblad Expeditions Holdings, Inc.(b) | 3,002 | 29,735 | ||||||
Lumber Liquidators Holdings, Inc.(b) | 8,523 | 204,467 | ||||||
M/I Homes, Inc.(b) | 1,588 | 67,585 | ||||||
Marine Products Corp. | 752 | 10,866 | ||||||
MarineMax, Inc.(b) | 3,814 | 112,170 | ||||||
MasterCraft Boat Holdings, Inc.(b) | 5,047 | 105,533 | ||||||
Michaels Cos., Inc. (The)(b)(c) | 16,924 | 190,395 | ||||||
Modine Manufacturing Co.(b) | 23,055 | 156,082 | ||||||
Movado Group, Inc. | 7,657 | 83,538 | ||||||
Nathan’s Famous, Inc. | 311 | 16,312 | ||||||
Noodles & Co.(b) | 6,107 | 46,474 | ||||||
OneWater Marine, Inc., Class A(b)(c) | 2,244 | 64,134 | ||||||
Oxford Industries, Inc. | 1,372 | 67,955 | ||||||
PlayAGS, Inc.(b) | 10,749 | 42,996 | ||||||
RCI Hospitality Holdings, Inc. | 4,196 | 80,227 | ||||||
Red Robin Gourmet Burgers, Inc.(b)(c) | 6,320 | 70,152 | ||||||
Regis Corp.(b) | 2,758 | 20,382 | ||||||
Rocky Brands, Inc. | 2,587 | 62,295 | ||||||
Ruth’s Hospitality Group, Inc. | 12,411 | 127,523 | ||||||
Shoe Carnival, Inc.(c) | 2,738 | 90,025 | ||||||
Signet Jewelers Ltd. | 12,375 | 213,716 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Consumer Discretionary-(continued) | ||||||||
Sleep Number Corp.(b) | 1,919 | $ | 92,112 | |||||
Sonic Automotive, Inc., Class A | 2,866 | 121,117 | ||||||
Sportsman’s Warehouse Holdings, Inc.(b) | 5,906 | 92,695 | ||||||
Stoneridge, Inc.(b) | 2,365 | 47,773 | ||||||
Superior Group of Cos., Inc. | 4,502 | 104,176 | ||||||
Target Hospitality Corp.(b) | 7,560 | 10,962 | ||||||
Tenneco, Inc., Class A(b) | 16,161 | 131,389 | ||||||
Tilly’s, Inc., Class A | 10,903 | 69,125 | ||||||
Tupperware Brands Corp. | 23,777 | 387,327 | ||||||
Turtle Beach Corp.(b) | 5,953 | 116,500 | ||||||
Twin River Worldwide Holdings, Inc. | 1,208 | 28,907 | ||||||
Unifi, Inc.(b) | 3,177 | 38,855 | ||||||
Universal Electronics, Inc.(b) | 793 | 32,576 | ||||||
Universal Technical Institute, Inc.(b) | 3,454 | 24,351 | ||||||
Vera Bradley, Inc.(b) | 8,670 | 45,691 | ||||||
VOXX International Corp.(b) | 3,716 | 23,336 | ||||||
Weyco Group, Inc. | 1,652 | 29,736 | ||||||
Zumiez, Inc.(b) | 2,381 | 61,144 | ||||||
|
| |||||||
8,420,161 | ||||||||
|
| |||||||
Consumer Staples-2.55% | ||||||||
Alico, Inc. | 1,362 | 44,020 | ||||||
Andersons, Inc. (The) | 10,359 | 183,665 | ||||||
BellRing Brands, Inc., Class A(b) | 2,434 | 47,317 | ||||||
Chefs’ Warehouse, Inc. (The)(b) | 5,153 | 76,316 | ||||||
Craft Brew Alliance, Inc.(b) | 826 | 12,902 | ||||||
Farmer Brothers Co.(b) | 2,961 | 18,625 | ||||||
HF Foods Group, Inc.(b) | 2,547 | 20,223 | ||||||
Ingles Markets, Inc., Class A | 2,759 | 111,464 | ||||||
Landec Corp.(b) | 3,543 | 36,280 | ||||||
Lifevantage Corp.(b) | 2,119 | 31,827 | ||||||
Limoneira Co. | 1,058 | 15,309 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 2,224 | 26,065 | ||||||
Nature’s Sunshine Products, Inc.(b) | 1,999 | 22,069 | ||||||
Oil-Dri Corp.of America | 944 | 33,059 | ||||||
Rite Aid Corp.(b) | 6,984 | 90,932 | ||||||
Seneca Foods Corp., Class A(b) | 2,721 | 128,867 | ||||||
SpartanNash Co. | 4,573 | 91,368 | ||||||
Turning Point Brands, Inc. | 572 | 16,531 | ||||||
Village Super Market, Inc., Class A | 4,071 | 103,566 | ||||||
|
| |||||||
1,110,405 | ||||||||
|
| |||||||
Energy-7.37% | ||||||||
Adams Resources & Energy, Inc. | 1,039 | 22,100 | ||||||
Antero Resources Corp.(b)(c) | 24,845 | 80,001 | ||||||
Arch Resources, Inc. | 4,119 | 155,163 | ||||||
Ardmore Shipping Corp. (Ireland) | 3,117 | 11,533 | ||||||
Berry Corp. | 28,402 | 111,904 | ||||||
Bonanza Creek Energy, Inc.(b) | 7,314 | 146,573 | ||||||
Bristow Group, Inc.(b) | 1,237 | 23,392 | ||||||
Clean Energy Fuels Corp.(b) | 9,263 | 24,454 | ||||||
CONSOL Energy, Inc.(b) | 12,658 | 65,442 | ||||||
Diamond S Shipping, Inc.(b) | 2,567 | 21,024 | ||||||
DMC Global, Inc. | 2,001 | 70,895 | ||||||
Dorian LPG Ltd.(b) | 8,903 | 75,141 | ||||||
Earthstone Energy, Inc., Class A(b) | 11,013 | 32,268 | ||||||
Evolution Petroleum Corp. | 13,382 | 36,533 | ||||||
Exterran Corp.(b) | 12,786 | 58,816 | ||||||
Falcon Minerals Corp. | 19,149 | 53,809 | ||||||
Goodrich Petroleum Corp.(b) | 4,369 | 36,044 | ||||||
Green Plains, Inc.(b) | 2,465 | 32,982 |
Shares | Value | |||||||
Energy-(continued) | ||||||||
Gulfport Energy Corp.(b) | 71,644 | $ | 50,559 | |||||
Helix Energy Solutions Group, Inc.(b) | 28,300 | 101,314 | ||||||
Kosmos Energy Ltd. (Ghana) | 54,638 | 80,318 | ||||||
Liberty Oilfield Services, Inc., Class A | 20,155 | 130,000 | ||||||
Matador Resources Co.(b)(c) | 9,597 | 93,379 | ||||||
Matrix Service Co.(b) | 11,778 | 108,829 | ||||||
Montage Resources Corp.(b) | 10,636 | 54,882 | ||||||
Nabors Industries Ltd. | 3,197 | 127,816 | ||||||
NACCO Industries, Inc., Class A | 1,757 | 36,018 | ||||||
National Energy Services Reunited Corp.(b) | 2,725 | 20,546 | ||||||
Newpark Resources, Inc.(b) | 43,246 | 84,330 | ||||||
NexTier Oilfield Solutions, Inc.(b) | 24,016 | 60,520 | ||||||
Oil States International, Inc.(b) | 15,138 | 66,456 | ||||||
Overseas Shipholding Group, Inc., Class A(b) | 30,626 | 64,621 | ||||||
Par Pacific Holdings, Inc.(b) | 10,849 | 94,169 | ||||||
Patterson-UTI Energy, Inc. | 19,879 | 76,534 | ||||||
Peabody Energy Corp. | 25,043 | 65,362 | ||||||
Penn Virginia Corp.(b)(c) | 6,696 | 76,468 | ||||||
PrimeEnergy Resources Corp.(b) | 112 | 7,531 | ||||||
ProPetro Holding Corp.(b) | 22,729 | 142,738 | ||||||
REX American Resources Corp.(b) | 487 | 30,087 | ||||||
RPC, Inc.(b) | 3,925 | 12,285 | ||||||
SEACOR Holdings, Inc.(b) | 2,361 | 74,631 | ||||||
Select Energy Services, Inc., Class A(b) | 9,187 | 43,822 | ||||||
SM Energy Co. | 30,544 | 74,222 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 12,799 | 99,576 | ||||||
Talos Energy, Inc.(b) | 1,101 | 8,268 | ||||||
US Silica Holdings, Inc. | 35,262 | 157,268 | ||||||
W&T Offshore, Inc.(b)(c) | 36,025 | 80,336 | ||||||
Whiting Petroleum Corp.(b)(c) | 42,587 | 34,048 | ||||||
|
| |||||||
3,215,007 | ||||||||
|
| |||||||
Financials-24.33% | ||||||||
1st Constitution Bancorp | 1,952 | 23,756 | ||||||
ACNB Corp. | 1,531 | 32,182 | ||||||
Alerus Financial Corp. | 1,780 | 36,650 | ||||||
Allegiance Bancshares, Inc. | 1,513 | 38,460 | ||||||
Altabancorp | 1,280 | 26,394 | ||||||
Amalgamated Bank, Class A | 2,702 | 31,803 | ||||||
A-Mark Precious Metals, Inc.(b) | 2,428 | 58,078 | ||||||
Amerant Bancorp, Inc.(b) | 2,923 | 38,437 | ||||||
American National Bankshares, Inc. | 1,433 | 32,300 | ||||||
Ames National Corp. | 1,524 | 30,404 | ||||||
Ares Commercial Real Estate Corp. | 6,699 | 66,722 | ||||||
Arlington Asset Investment Corp., Class A | 17,271 | 46,977 | ||||||
Arrow Financial Corp. | 1,020 | 29,223 | ||||||
Atlantic Capital Bancshares, Inc.(b) | 7,795 | 89,915 | ||||||
Atlanticus Holdings Corp.(b) | 2,192 | 18,632 | ||||||
Auburn National Bancorporation, Inc. | 239 | 9,746 | ||||||
B. Riley Financial, Inc. | 1,696 | 45,419 | ||||||
Banc of California, Inc. | 2,732 | 30,025 | ||||||
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) | 5,927 | 72,191 | ||||||
Bank First Corp. | 346 | 21,590 | ||||||
Bank of Commerce Holdings | 3,944 | 28,988 | ||||||
Bank of Marin Bancorp | 875 | 27,851 | ||||||
Bank of Princeton (The) | 990 | 19,285 | ||||||
Bank7 Corp. | 850 | 8,704 | ||||||
BankFinancial Corp. | 3,159 | 22,934 | ||||||
Bankwell Financial Group, Inc. | 1,756 | 27,394 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Financials-(continued) | ||||||||
Bar Harbor Bankshares | 1,985 | $ | 40,216 | |||||
BayCom Corp.(b) | 1,959 | 22,695 | ||||||
BCB Bancorp, Inc. | 3,901 | 31,774 | ||||||
Berkshire Hills Bancorp, Inc. | 6,608 | 60,661 | ||||||
BGC Partners, Inc., Class A | 27,226 | 68,609 | ||||||
Blucora, Inc.(b) | 5,721 | 68,251 | ||||||
Boston Private Financial Holdings, Inc. | 7,661 | 45,506 | ||||||
Bridge Bancorp, Inc. | 2,133 | 42,681 | ||||||
Bridgewater Bancshares, Inc.(b) | 3,145 | 30,569 | ||||||
Brightsphere Investment Group, Inc. | 4,225 | 58,558 | ||||||
BRP Group, Inc., Class A(b) | 1,317 | 36,231 | ||||||
Bryn Mawr Bank Corp. | 1,695 | 46,002 | ||||||
Business First Bancshares, Inc. | 1,328 | 19,216 | ||||||
Byline Bancorp, Inc. | 2,200 | 27,808 | ||||||
C&F Financial Corp. | 520 | 16,624 | ||||||
California Bancorp, Inc.(b) | 1,336 | 17,381 | ||||||
Cambridge Bancorp | 451 | 24,733 | ||||||
Camden National Corp. | 1,044 | 34,092 | ||||||
Capital City Bank Group, Inc | 1,845 | 37,398 | ||||||
Capstead Mortgage Corp. | 6,323 | 39,013 | ||||||
Carter Bank & Trust | 6,815 | 48,318 | ||||||
CB Financial Services, Inc. | 1,187 | 22,078 | ||||||
CBTX, Inc. | 1,282 | 20,191 | ||||||
Central Pacific Financial Corp. | 3,347 | 51,845 | ||||||
Central Valley Community Bancorp | 2,078 | 24,998 | ||||||
Century Bancorp, Inc., Class A | 387 | 27,264 | ||||||
Chemung Financial Corp. | 1,267 | 36,376 | ||||||
Cherry Hill Mortgage Investment Corp. | 1,884 | 18,011 | ||||||
ChoiceOne Financial Services, Inc. | 569 | 16,222 | ||||||
Citizens & Northern Corp. | 1,528 | 26,190 | ||||||
Citizens Holding Co.(c) | 711 | 15,237 | ||||||
Citizens, Inc.(b)(c) | 7,833 | 45,823 | ||||||
Civista Bancshares, Inc. | 3,435 | 45,857 | ||||||
CNB Financial Corp. | 3,623 | 57,787 | ||||||
Coastal Financial Corp.(b) | 1,557 | 21,409 | ||||||
Codorus Valley Bancorp, Inc. | 2,819 | 36,365 | ||||||
Colony Bankcorp, Inc. | 1,294 | 14,234 | ||||||
Community Bankers Trust Corp. | 6,352 | 32,586 | ||||||
Community Financial Corp. (The) | 1,181 | 26,265 | ||||||
Community Trust Bancorp, Inc. | 1,110 | 35,820 | ||||||
ConnectOne Bancorp, Inc. | 2,601 | 39,327 | ||||||
County Bancorp, Inc. | 1,324 | 25,553 | ||||||
Crawford & Co., Class A | 7,755 | 53,199 | ||||||
CrossFirst Bankshares, Inc.(b) | 3,460 | 31,936 | ||||||
Curo Group Holdings Corp. | 8,925 | 68,722 | ||||||
Customers Bancorp, Inc.(b) | 8,267 | 105,570 | ||||||
Diamond Hill Investment Group, Inc. | 587 | 72,735 | ||||||
Dime Community Bancshares, Inc. | 2,470 | 31,863 | ||||||
Donegal Group, Inc., Class A | 2,808 | 40,519 | ||||||
Donnelley Financial Solutions, Inc.(b) | 12,433 | 135,520 | ||||||
Eagle Bancorp Montana, Inc. | 965 | 17,013 | ||||||
Ellington Financial, Inc.(c) | 4,902 | 61,079 | ||||||
Ellington Residential Mortgage REIT | 2,635 | 29,934 | ||||||
Encore Capital Group, Inc.(b) | 1,753 | 80,533 | ||||||
Enova International, Inc.(b) | 9,566 | 163,387 | ||||||
Enterprise Bancorp, Inc. | 1,772 | 38,506 | ||||||
Equity Bancshares, Inc., Class A(b) | 3,587 | 57,033 | ||||||
Esquire Financial Holdings, Inc.(b) | 1,428 | 23,562 | ||||||
ESSA Bancorp, Inc. | 1,707 | 21,850 | ||||||
Evans Bancorp, Inc. | 1,408 | 32,102 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
EZCORP, Inc., Class A(b) | 19,505 | $ | 104,937 | |||||
Farmers & Merchants Bancorp, Inc. | 1,320 | 28,446 | ||||||
Farmers National Banc Corp. | 3,351 | 39,073 | ||||||
FBL Financial Group, Inc., Class A | 540 | 20,007 | ||||||
Federal Agricultural Mortgage Corp., Class C | 533 | 36,324 | ||||||
FedNat Holding Co. | 4,793 | 40,693 | ||||||
Fidelity D&D Bancorp, Inc. | 606 | 27,403 | ||||||
Financial Institutions, Inc. | 4,175 | 71,935 | ||||||
First Bancorp, Inc. | 1,790 | 38,091 | ||||||
First Bancshares, Inc. (The) | 1,702 | 36,491 | ||||||
First Bank | 3,690 | 24,059 | ||||||
First Business Financial Services, Inc. | 3,114 | 48,267 | ||||||
First Capital, Inc.(c) | 334 | 20,397 | ||||||
First Choice Bancorp | 4,796 | 67,863 | ||||||
First Community Bancshares, Inc. | 2,068 | 39,788 | ||||||
First Community Corp. | 1,285 | 16,294 | ||||||
First Financial Corp. | 1,063 | 36,557 | ||||||
First Guaranty Bancshares, Inc. | 1,449 | 18,591 | ||||||
First Internet Bancorp | 725 | 10,592 | ||||||
First Mid Bancshares, Inc. | 1,693 | 44,086 | ||||||
First Northwest Bancorp | 1,448 | 16,073 | ||||||
First of Long Island Corp. (The) | 2,978 | 45,757 | ||||||
First United Corp. | 2,355 | 26,965 | ||||||
Flushing Financial Corp. | 6,110 | 74,114 | ||||||
FNCB Bancorp, Inc. | 4,043 | 23,652 | ||||||
Franklin Financial Services Corp. | 1,393 | 33,209 | ||||||
FS Bancorp, Inc. | 702 | 27,813 | ||||||
FVCBankcorp, Inc.(b) | 2,674 | 28,184 | ||||||
GAMCO Investors, Inc., Class A | 2,601 | 32,825 | ||||||
Granite Point Mortgage Trust, Inc. | 19,704 | 130,835 | ||||||
Great Ajax Corp. | 3,131 | 28,555 | ||||||
Great Southern Bancorp, Inc. | 918 | 35,380 | ||||||
Great Western Bancorp, Inc. | 4,763 | 66,349 | ||||||
Greene County Bancorp, Inc. | 515 | 12,082 | ||||||
Greenhill & Co., Inc. | 3,351 | 37,598 | ||||||
Greenlight Capital Re Ltd., Class A(b) | 4,492 | 32,657 | ||||||
Guaranty Bancshares, Inc. | 986 | 26,080 | ||||||
Hanmi Financial Corp. | 7,918 | 75,459 | ||||||
Hawthorn Bancshares, Inc. | 1,715 | 31,419 | ||||||
HBT Financial, Inc. | 2,285 | 27,077 | ||||||
HCI Group, Inc. | 882 | 48,263 | ||||||
Heritage Commerce Corp. | 4,061 | 28,143 | ||||||
Heritage Insurance Holdings, Inc. | 6,798 | 88,714 | ||||||
Hingham Institution for Savings (The) | 166 | 30,438 | ||||||
Home Bancorp, Inc. | 2,005 | 48,441 | ||||||
HomeStreet, Inc. | 3,291 | 90,075 | ||||||
HomeTrust Bancshares, Inc. | 1,939 | 27,204 | ||||||
Horizon Bancorp, Inc. | 9,014 | 100,776 | ||||||
Howard Bancorp, Inc.(b) | 2,397 | 23,515 | ||||||
Independence Holding Co. | 375 | 13,125 | ||||||
Independent Bank Corp. | 4,013 | 59,834 | ||||||
Invesco Mortgage Capital, Inc.(c)(d) | 51,006 | 153,018 | ||||||
Investar Holding Corp. | 2,615 | 35,564 | ||||||
Investors Title Co. | 251 | 34,151 | ||||||
Lakeland Bancorp, Inc. | 4,246 | 45,135 | ||||||
Landmark Bancorp, Inc./Manhattan KS | 743 | 15,610 | ||||||
LCNB Corp. | 2,174 | 31,871 | ||||||
Level One Bancorp, Inc. | 886 | 14,265 | ||||||
Limestone Bancorp, Inc.(b) | 1,607 | 17,275 | ||||||
Luther Burbank Corp. | 1,395 | 12,960 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Financials-(continued) | ||||||||
Macatawa Bank Corp. | 4,519 | $ | 33,079 | |||||
Mackinac Financial Corp. | 2,080 | 20,842 | ||||||
MainStreet Bancshares, Inc.(b) | 2,079 | 26,653 | ||||||
Marlin Business Services Corp. | 3,960 | 26,532 | ||||||
Mercantile Bank Corp | 2,127 | 46,454 | ||||||
Meridian Bancorp, Inc. | 2,955 | 34,396 | ||||||
Meridian Corp. | 2,122 | 31,130 | ||||||
Meta Financial Group, Inc. | 4,187 | 80,725 | ||||||
Metrocity Bankshares, Inc. | 2,883 | 39,324 | ||||||
Metropolitan Bank Holding Corp.(b) | 1,649 | 51,070 | ||||||
MFA Financial, Inc. | 58,339 | 156,348 | ||||||
Mid Penn Bancorp, Inc. | 1,324 | 25,474 | ||||||
Middlefield Banc Corp. | 1,339 | 25,441 | ||||||
Midland States Bancorp, Inc. | 6,314 | 92,248 | ||||||
MidWestOne Financial Group, Inc. | 2,976 | 56,514 | ||||||
MMA Capital Holdings, Inc.(b) | 2,331 | 54,732 | ||||||
Mr. Cooper Group, Inc.(b) | 5,787 | 106,047 | ||||||
MVB Financial Corp. | 1,732 | 24,594 | ||||||
National Bankshares, Inc. | 937 | 23,266 | ||||||
National Western Life Group, Inc., Class A | 368 | 80,956 | ||||||
New York Mortgage Trust, Inc. | 22,181 | 58,558 | ||||||
NI Holdings, Inc.(b) | 1,161 | 18,947 | ||||||
Nicolet Bankshares, Inc.(b) | 523 | 31,390 | ||||||
Northeast Bank | 1,792 | 33,439 | ||||||
Northfield Bancorp, Inc. | 2,523 | 24,372 | ||||||
Northrim BanCorp, Inc. | 1,180 | 31,754 | ||||||
Norwood Financial Corp. | 1,102 | 27,274 | ||||||
Oak Valley Bancorp(c) | 1,758 | 23,733 | ||||||
OFG Bancorp | 3,623 | 46,519 | ||||||
Ohio Valley Banc Corp. | 916 | 20,885 | ||||||
Old Second Bancorp, Inc. | 9,220 | 75,327 | ||||||
OP Bancorp | 4,748 | 28,963 | ||||||
Oportun Financial Corp.(b) | 9,414 | 118,146 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,563 | 111,474 | ||||||
Orchid Island Capital, Inc.(c) | 11,026 | 56,343 | ||||||
Origin Bancorp, Inc. | 2,049 | 48,520 | ||||||
Orrstown Financial Services, Inc. | 2,319 | 31,933 | ||||||
Parke Bancorp, Inc. | 3,610 | 44,403 | ||||||
Partners Bancorp | 1,296 | 7,102 | ||||||
PCB Bancorp | 4,863 | 46,442 | ||||||
PCSB Financial Corp. | 1,339 | 16,978 | ||||||
Peapack-Gladstone Financial Corp. | 3,839 | 65,263 | ||||||
Penns Woods Bancorp, Inc. | 1,365 | 28,324 | ||||||
Peoples Bancorp of North Carolina, Inc. | 1,351 | 22,967 | ||||||
Peoples Bancorp, Inc. | 2,083 | 44,035 | ||||||
Peoples Financial Services Corp. | 1,304 | 47,518 | ||||||
Pioneer Bancorp, Inc.(b) | 1,810 | 14,552 | ||||||
Plumas Bancorp | 1,488 | 29,403 | ||||||
Preferred Bank | 1,142 | 42,711 | ||||||
Premier Financial Bancorp, Inc. | 2,936 | 37,639 | ||||||
ProAssurance Corp. | 3,023 | 46,312 | ||||||
ProSight Global, Inc.(b) | 2,434 | 23,074 | ||||||
Protective Insurance Corp. | 4,410 | 63,328 | ||||||
Provident Bancorp, Inc. | 1,341 | 10,433 | ||||||
Provident Financial Holdings, Inc. | 2,834 | 33,753 | ||||||
Prudential Bancorp, Inc. | 1,596 | 15,784 | ||||||
Pzena Investment Management, Inc., Class A | 7,211 | 35,694 | ||||||
QCR Holdings, Inc. | 1,643 | 49,241 | ||||||
RBB Bancorp | 8,046 | 104,357 | ||||||
Ready Capital Corp. | 4,455 | 45,575 |
Shares | Value | |||||||
Financials-(continued) | ||||||||
Red River Bancshares, Inc. | 551 | $ | 23,979 | |||||
Regional Management Corp.(b) | 4,114 | 75,245 | ||||||
Reliant Bancorp, Inc. | 1,289 | 18,690 | ||||||
Republic Bancorp, Inc., Class A | 779 | 23,962 | ||||||
Republic First Bancorp, Inc.(b) | 7,600 | 15,884 | ||||||
Riverview Bancorp, Inc. | 6,301 | 26,023 | ||||||
Safeguard Scientifics, Inc. | 5,181 | 32,329 | ||||||
Salisbury Bancorp, Inc. | 669 | 23,890 | ||||||
SB Financial Group, Inc. | 1,815 | 25,120 | ||||||
Sculptor Capital Management, Inc. | 5,189 | 66,264 | ||||||
Select Bancorp, Inc.(b) | 3,177 | 24,304 | ||||||
Shore Bancshares, Inc. | 3,124 | 30,459 | ||||||
Sierra Bancorp | 2,595 | 46,373 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 1,845 | 23,136 | ||||||
SmartFinancial, Inc. | 2,606 | 35,885 | ||||||
South Plains Financial, Inc. | 2,264 | 32,330 | ||||||
Southern First Bancshares, Inc.(b) | 1,247 | 32,297 | ||||||
Southern Missouri Bancorp, Inc. | 1,798 | 42,577 | ||||||
Southern National Bancorp of Virginia, Inc. | 4,226 | 36,132 | ||||||
Spirit of Texas Bancshares, Inc.(b) | 2,528 | 31,600 | ||||||
Standard AVB Financial Corp. | 797 | 14,705 | ||||||
Sterling Bancorp | 7,745 | 23,003 | ||||||
Stewart Information Services Corp. | 2,671 | 113,972 | ||||||
Summit Financial Group, Inc. | 2,994 | 44,161 | ||||||
SWK Holdings Corp.(b) | 667 | 8,498 | ||||||
Territorial Bancorp, Inc. | 1,079 | 22,832 | ||||||
Third Point Reinsurance Ltd. (Bermuda)(b) | 10,120 | 86,627 | ||||||
Timberland Bancorp, Inc. | 1,984 | 34,700 | ||||||
Tiptree, Inc. | 11,614 | 65,503 | ||||||
TPG RE Finance Trust, Inc. | 8,268 | 72,924 | ||||||
TriState Capital Holdings, Inc.(b) | 3,483 | 48,414 | ||||||
Triumph Bancorp, Inc.(b) | 1,500 | 42,840 | ||||||
TrustCo Bank Corp. | 5,167 | 30,795 | ||||||
United Fire Group, Inc. | 1,523 | 38,349 | ||||||
United Insurance Holdings Corp. | 5,901 | 44,671 | ||||||
United Security Bancshares | 3,864 | 23,532 | ||||||
Unity Bancorp, Inc. | 2,603 | 34,568 | ||||||
Universal Insurance Holdings, Inc. | 3,092 | 57,357 | ||||||
Univest Financial Corp. | 3,445 | 55,430 | ||||||
Waddell & Reed Financial, Inc., Class A | 4,080 | 64,260 | ||||||
Washington Trust Bancorp, Inc. | 1,410 | 47,066 | ||||||
Watford Holdings Ltd., Class A (Bermuda)(b) | 8,098 | 129,568 | ||||||
West Bancorporation, Inc. | 2,280 | 40,128 | ||||||
Western Asset Mortgage Capital Corp.(c) | 13,043 | 29,608 | ||||||
Western New England Bancorp, Inc. | 5,326 | 27,269 | ||||||
Westwood Holdings Group, Inc. | 1,801 | 20,495 | ||||||
World Acceptance Corp.(b)(c) | 958 | 87,168 | ||||||
|
| |||||||
10,608,463 | ||||||||
|
| |||||||
Health Care-6.32% | ||||||||
Accuray, Inc.(b) | 12,349 | 28,773 | ||||||
American Renal Associates Holdings, Inc.(b) | 6,483 | 43,695 | ||||||
AngioDynamics, Inc.(b) | 11,343 | 106,227 | ||||||
ANI Pharmaceuticals, Inc.(b) | 1,575 | 49,392 | ||||||
Anika Therapeutics, Inc.(b) | 1,660 | 63,628 | ||||||
Aspira Women’s Health, Inc.(b) | 10,791 | 30,916 | ||||||
AVEO Pharmaceuticals, Inc.(b) | 2,708 | 12,890 | ||||||
Brookdale Senior Living, Inc.(b) | 42,587 | 117,114 | ||||||
Catalyst Pharmaceuticals, Inc.(b) | 13,275 | 43,542 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Health Care-(continued) | ||||||||
Champions Oncology, Inc.(b) | 1,140 | $ | 9,439 | |||||
Community Health Systems, Inc.(b) | 41,285 | 213,443 | ||||||
Computer Programs & Systems, Inc. | 2,318 | 63,420 | ||||||
Cross Country Healthcare, Inc.(b) | 4,547 | 29,055 | ||||||
Cutera, Inc.(b) | 1,942 | 31,791 | ||||||
Elanco Animal Health, Inc., CVR(b)(e) | 540 | 135 | ||||||
Electromed, Inc.(b) | 1,275 | 15,785 | ||||||
Enzo Biochem, Inc.(b) | 10,709 | 22,810 | ||||||
Five Star Senior Living, Inc.(b) | 8,939 | 46,215 | ||||||
FONAR Corp.(b) | 2,742 | 69,565 | ||||||
Hanger, Inc.(b) | 4,597 | 90,837 | ||||||
Harrow Health, Inc.(b) | 3,650 | 25,149 | ||||||
Harvard Bioscience, Inc.(b) | 11,570 | 38,760 | ||||||
InfuSystem Holdings, Inc.(b) | 2,425 | 35,284 | ||||||
IntriCon Corp.(b) | 870 | 10,562 | ||||||
Invacare Corp. | 13,094 | 88,777 | ||||||
iRadimed Corp.(b) | 787 | 16,684 | ||||||
Joint Corp. (The)(b) | 2,065 | 36,881 | ||||||
Jounce Therapeutics, Inc.(b) | 7,681 | 37,176 | ||||||
Lannett Co., Inc.(b) | 6,922 | 36,410 | ||||||
Lantheus Holdings, Inc.(b) | 10,237 | 137,381 | ||||||
Lexicon Pharmaceuticals, Inc.(b)(c) | 19,539 | 34,193 | ||||||
Mallinckrodt PLC(b) | 41,009 | 64,794 | ||||||
Owens & Minor, Inc. | 30,145 | 499,804 | ||||||
Phibro Animal Health Corp., Class A | 2,329 | 49,980 | ||||||
Retractable Technologies, Inc.(b) | 1,992 | 12,589 | ||||||
Surgery Partners, Inc.(b) | 3,059 | 58,396 | ||||||
Triple-S Management Corp., Class B(b) | 11,091 | 206,293 | ||||||
Utah Medical Products, Inc. | 398 | 32,696 | ||||||
Vanda Pharmaceuticals, Inc.(b) | 7,399 | 76,136 | ||||||
Viemed Healthcare, Inc.(b) | 4,657 | 50,622 | ||||||
XBiotech, Inc.(b) | 6,373 | 120,577 | ||||||
|
| |||||||
2,757,816 | ||||||||
|
| |||||||
Industrials-20.19% | ||||||||
AAR Corp. | 2,869 | 57,896 | ||||||
ACCO Brands Corp. | 18,825 | 121,986 | ||||||
Aegion Corp.(b) | 4,627 | 74,888 | ||||||
Allied Motion Technologies, Inc. | 893 | 38,033 | ||||||
Alpha Pro Tech Ltd.(b) | 961 | 13,483 | ||||||
Apogee Enterprises, Inc. | 4,580 | 95,859 | ||||||
ArcBest Corp. | 5,539 | 187,329 | ||||||
Astronics Corp.(b) | 10,739 | 97,081 | ||||||
Barrett Business Services, Inc. | 2,054 | 118,249 | ||||||
BG Staffing, Inc. | 4,362 | 40,916 | ||||||
Blue Bird Corp.(b) | 3,477 | 39,568 | ||||||
Caesarstone Ltd. | 3,870 | 42,705 | ||||||
CAI International, Inc.(b) | 6,521 | 142,223 | ||||||
CECO Environmental Corp.(b) | 8,707 | 73,792 | ||||||
Columbus McKinnon Corp. | 1,515 | 55,108 | ||||||
Cornerstone Building Brands, Inc.(b) | 7,135 | 56,795 | ||||||
Costamare, Inc. (Monaco) | 8,649 | 43,677 | ||||||
Covenant Logistics Group, Inc., Class A(b) | 6,200 | 113,646 | ||||||
CRA International, Inc. | 1,304 | 55,433 | ||||||
Daseke, Inc.(b) | 22,169 | 136,339 | ||||||
Ducommun, Inc.(b) | 2,205 | 82,401 | ||||||
DXP Enterprises, Inc.(b) | 6,280 | 120,827 | ||||||
Eagle Bulk Shipping, Inc.(b) | 8,237 | 21,746 | ||||||
Eastern Co. (The) | 2,666 | 58,385 | ||||||
Echo Global Logistics, Inc.(b) | 4,777 | 130,508 |
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Ennis, Inc. | 2,696 | $ | 49,418 | |||||
EVI Industries, Inc.(b) | 398 | 9,775 | ||||||
Foundation Building Materials, Inc.(b) | 3,942 | 63,979 | ||||||
Franklin Covey Co.(b) | 1,243 | 24,537 | ||||||
Genco Shipping & Trading Ltd. | 2,369 | 16,844 | ||||||
Gencor Industries, Inc.(b) | 1,126 | 14,199 | ||||||
General Finance Corp.(b) | 3,657 | 23,697 | ||||||
GMS, Inc.(b) | 3,691 | 97,775 | ||||||
GP Strategies Corp.(b) | 6,428 | 62,094 | ||||||
Graham Corp. | 1,206 | 15,835 | ||||||
Granite Construction, Inc. | 4,251 | 79,026 | ||||||
Great Lakes Dredge & Dock Corp.(b) | 8,145 | 76,319 | ||||||
Greenbrier Cos., Inc. (The) | 3,959 | 107,645 | ||||||
Griffon Corp. | 2,943 | 63,951 | ||||||
H&E Equipment Services, Inc. | 5,917 | 119,878 | ||||||
Harsco Corp.(b) | 7,044 | 99,673 | ||||||
Hawaiian Holdings, Inc. | 8,109 | 108,985 | ||||||
HC2 Holdings, Inc.(b)(c) | 21,356 | 53,390 | ||||||
Heidrick & Struggles International, Inc. | 3,662 | 79,209 | ||||||
Herc Holdings, Inc.(b) | 2,793 | 114,373 | ||||||
Heritage-Crystal Clean, Inc.(b) | 1,715 | 25,176 | ||||||
Hertz Global Holdings, Inc.(b) | 42,803 | 62,492 | ||||||
Hurco Cos., Inc. | 932 | 26,357 | ||||||
Hyster-Yale Materials Handling, Inc. | 2,592 | 104,561 | ||||||
IES Holdings, Inc.(b) | 1,067 | 30,762 | ||||||
Insteel Industries, Inc. | 1,791 | 33,026 | ||||||
Interface, Inc. | 13,594 | 102,771 | ||||||
Kelly Services, Inc., Class A | 8,077 | 153,382 | ||||||
Kforce, Inc. | 2,358 | 80,974 | ||||||
Kimball International, Inc., Class B | 7,024 | 78,739 | ||||||
Knoll, Inc. | 9,910 | 127,542 | ||||||
Lawson Products, Inc.(b) | 549 | 19,709 | ||||||
LB Foster Co., Class A(b) | 4,948 | 73,973 | ||||||
LSI Industries, Inc. | 4,050 | 27,783 | ||||||
Luxfer Holdings PLC (United Kingdom) | 1,919 | 27,288 | ||||||
Lydall, Inc.(b) | 6,860 | 128,831 | ||||||
Manitowoc Co., Inc. (The)(b) | 12,194 | 114,867 | ||||||
Mastech Digital, Inc.(b) | 770 | 14,245 | ||||||
Matthews International Corp., Class A | 2,740 | 60,006 | ||||||
Maxar Technologies, Inc. | 4,485 | 103,828 | ||||||
Mayville Engineering Co., Inc.(b) | 3,441 | 29,421 | ||||||
Mesa Air Group, Inc.(b) | 13,946 | 51,042 | ||||||
Miller Industries, Inc. | 2,907 | 91,193 | ||||||
Mistras Group, Inc.(b) | 8,578 | 40,831 | ||||||
MRC Global, Inc.(b) | 22,821 | 129,851 | ||||||
MYR Group, Inc.(b) | 3,898 | 151,281 | ||||||
NL Industries, Inc. | 2,951 | 10,328 | ||||||
NN, Inc. | 15,907 | 72,377 | ||||||
Northwest Pipe Co.(b) | 2,598 | 73,601 | ||||||
NOW, Inc.(b) | 9,287 | 67,516 | ||||||
Orion Energy Systems, Inc.(b) | 8,041 | 51,302 | ||||||
PAM Transportation Services, Inc.(b) | 855 | 31,207 | ||||||
Pangaea Logistics Solutions Ltd. | 5,004 | 12,260 | ||||||
Park Aerospace Corp. | 1,359 | 15,071 | ||||||
Park-Ohio Holdings Corp. | 4,224 | 66,824 | ||||||
PICO Holdings, Inc.(b) | 2,468 | 21,941 | ||||||
Pitney Bowes, Inc. | 72,355 | 397,229 | ||||||
Powell Industries, Inc. | 2,159 | 58,271 | ||||||
Preformed Line Products Co. | 804 | 43,746 | ||||||
Primoris Services Corp. | 4,970 | 94,728 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Industrials-(continued) | ||||||||
Quad/Graphics, Inc. | 16,462 | $ | 57,452 | |||||
Quanex Building Products Corp. | 3,809 | 64,029 | ||||||
Radiant Logistics, Inc.(b) | 19,050 | 100,584 | ||||||
Resideo Technologies, Inc.(b) | 11,438 | 152,812 | ||||||
Resources Connection, Inc. | 6,785 | 83,388 | ||||||
REV Group, Inc. | 8,953 | 69,386 | ||||||
Safe Bulkers, Inc. (Greece)(b) | 24,557 | 27,258 | ||||||
Scorpio Bulkers, Inc. | 2,561 | 35,777 | ||||||
SP Plus Corp.(b) | 4,084 | 83,763 | ||||||
Spirit Airlines, Inc.(b)(c) | 5,340 | 95,479 | ||||||
Standex International Corp. | 954 | 55,179 | ||||||
Steelcase, Inc., Class A | 5,631 | 58,844 | ||||||
Sterling Construction Co., Inc.(b) | 13,386 | 189,278 | ||||||
Team, Inc.(b) | 14,589 | 92,932 | ||||||
Textainer Group Holdings Ltd. (China)(b) | 15,853 | 186,114 | ||||||
Thermon Group Holdings, Inc.(b) | 2,144 | 28,215 | ||||||
Titan Machinery, Inc.(b) | 9,206 | 124,281 | ||||||
Transcat, Inc.(b) | 1,094 | 32,175 | ||||||
Triumph Group, Inc. | 16,977 | 122,744 | ||||||
TrueBlue, Inc.(b) | 7,307 | 123,634 | ||||||
Tutor Perini Corp.(b) | 4,156 | 52,158 | ||||||
Universal Logistics Holdings, Inc. | 2,394 | 51,471 | ||||||
US Xpress Enterprises, Inc., Class A(b) | 10,831 | 103,653 | ||||||
Vectrus, Inc.(b) | 909 | 39,460 | ||||||
Veritiv Corp.(b) | 6,263 | 108,851 | ||||||
Viad Corp. | 6,627 | 142,017 | ||||||
VSE Corp. | 2,690 | 78,091 | ||||||
Wabash National Corp. | 13,731 | 167,655 | ||||||
Willdan Group, Inc.(b) | 1,398 | 39,396 | ||||||
Willis Lease Finance Corp.(b) | 1,388 | 29,675 | ||||||
|
| |||||||
8,801,558 | ||||||||
|
| |||||||
Information Technology-5.04% | ||||||||
Alpha & Omega Semiconductor Ltd.(b) | 4,886 | 66,205 | ||||||
Avid Technology, Inc.(b) | 4,775 | 38,678 | ||||||
AXT, Inc.(b) | 3,602 | 20,315 | ||||||
Bel Fuse, Inc., Class B | 4,871 | 58,549 | ||||||
Benchmark Electronics, Inc. | 3,010 | 59,026 | ||||||
Clearfield, Inc.(b) | 1,544 | 27,174 | ||||||
Comtech Telecommunications Corp. | 4,243 | 70,434 | ||||||
Conduent, Inc.(b) | 19,270 | 65,133 | ||||||
CyberOptics Corp.(b) | 413 | 13,237 | ||||||
Daktronics, Inc. | 12,598 | 55,683 | ||||||
Diebold Nixdorf, Inc.(b) | 9,223 | 76,920 | ||||||
Digi International, Inc.(b) | 3,609 | 49,155 | ||||||
DZS, Inc.(b) | 917 | 9,555 | ||||||
Eastman Kodak Co.(b)(c) | 7,436 | 44,467 | ||||||
Ebix, Inc.(c) | 2,037 | 46,994 | ||||||
Endurance International Group Holdings, Inc.(b) | 13,514 | 87,976 | ||||||
Extreme Networks, Inc.(b) | 28,820 | 125,943 | ||||||
Genasys, Inc.(b) | 4,005 | 20,025 | ||||||
GreenSky, Inc., Class A(b)(c) | 30,042 | 130,683 | ||||||
GTT Communications, Inc.(b)(c) | 4,386 | 21,842 | ||||||
Hackett Group, Inc. (The) | 2,647 | 33,379 | ||||||
Ichor Holdings Ltd.(b) | 2,115 | 53,213 | ||||||
Information Services Group, Inc.(b) | 16,635 | 34,185 | ||||||
Intelligent Systems Corp.(b) | 562 | 21,126 | ||||||
International Money Express, Inc.(b) | 1,270 | 21,488 | ||||||
Intevac, Inc.(b) | 3,196 | 19,176 | ||||||
Iteris, Inc.(b) | 2,793 | 12,764 |
Shares | Value | |||||||
Information Technology-(continued) | ||||||||
Kimball Electronics, Inc.(b) | 5,749 | $ | 77,525 | |||||
KVH Industries, Inc.(b) | 3,872 | 34,809 | ||||||
Luna Innovations, Inc.(b) | 2,600 | 16,640 | ||||||
MoneyGram International, Inc.(b) | 30,146 | 88,026 | ||||||
MTS Systems Corp. | 6,212 | 151,573 | ||||||
NeoPhotonics Corp.(b) | 3,223 | 21,465 | ||||||
NVE Corp. | 344 | 18,380 | ||||||
Park City Group, Inc.(b) | 1,628 | 8,075 | ||||||
PC-Tel, Inc. | 3,660 | 23,204 | ||||||
PFSweb, Inc.(b) | 4,512 | 38,126 | ||||||
Rimini Street, Inc.(b) | 1,924 | 8,427 | ||||||
ScanSource, Inc.(b) | 5,058 | 124,882 | ||||||
SecureWorks Corp., Class A(b) | 956 | 12,361 | ||||||
ServiceSource International, Inc.(b) | 9,051 | 13,622 | ||||||
ShotSpotter, Inc.(b) | 504 | 15,100 | ||||||
SMART Global Holdings, Inc.(b) | 2,033 | 51,232 | ||||||
Smith Micro Software, Inc.(b)(c) | 4,797 | 18,421 | ||||||
StarTek, Inc.(b) | 7,156 | 35,780 | ||||||
Synchronoss Technologies, Inc.(b) | 2,676 | 11,748 | ||||||
Unisys Corp.(b)(c) | 8,697 | 101,407 | ||||||
Vishay Precision Group, Inc.(b) | 1,771 | 44,116 | ||||||
|
| |||||||
2,198,244 | ||||||||
|
| |||||||
Materials-5.73% | ||||||||
Advanced Emissions Solutions, Inc.(c) | 7,501 | 29,029 | ||||||
AdvanSix, Inc.(b) | 11,150 | 141,940 | ||||||
Allegheny Technologies, Inc.(b) | 7,755 | 64,599 | ||||||
American Vanguard Corp. | 2,358 | 33,366 | ||||||
Caledonia Mining Corp. PLC (South Africa) | 3,197 | 58,121 | ||||||
Century Aluminum Co.(b) | 4,102 | 40,487 | ||||||
Clearwater Paper Corp.(b) | 2,989 | 100,610 | ||||||
Domtar Corp. | 3,244 | 92,519 | ||||||
Forterra, Inc.(b) | 2,653 | 35,152 | ||||||
FutureFuel Corp. | 1,720 | 20,812 | ||||||
Gold Resource Corp. | 6,052 | 24,087 | ||||||
Hawkins, Inc. | 1,131 | 56,799 | ||||||
Haynes International, Inc. | 2,638 | 49,436 | ||||||
Intrepid Potash, Inc.(b) | 3,933 | 36,734 | ||||||
Koppers Holdings, Inc.(b) | 8,363 | 201,214 | ||||||
Kraton Corp.(b) | 8,469 | 118,905 | ||||||
Myers Industries, Inc. | 3,187 | 48,761 | ||||||
Olympic Steel, Inc. | 4,322 | 47,542 | ||||||
Orion Engineered Carbons S.A. (Germany) | 8,681 | 105,474 | ||||||
Rayonier Advanced Materials, Inc.(b) | 21,124 | 66,752 | ||||||
Ryerson Holding Corp.(b) | 7,577 | 41,749 | ||||||
Schnitzer Steel Industries, Inc., Class A | 8,452 | 166,842 | ||||||
SunCoke Energy, Inc. | 32,919 | 117,850 | ||||||
TimkenSteel Corp.(b) | 19,240 | 72,535 | ||||||
Trecora Resources(b) | 4,551 | 27,352 | ||||||
Tredegar Corp. | 4,382 | 74,187 | ||||||
Trinseo S.A. | 4,924 | 122,657 | ||||||
Tronox Holdings PLC, Class A | 5,714 | 51,197 | ||||||
UFP Technologies, Inc.(b) | 709 | 29,218 | ||||||
United States Lime & Minerals, Inc. | 164 | 15,109 | ||||||
US Concrete, Inc.(b) | 6,167 | 164,597 | ||||||
Verso Corp., Class A | 9,168 | 120,192 | ||||||
Warrior Met Coal, Inc. | 7,923 | 122,569 | ||||||
|
| |||||||
2,498,393 | ||||||||
|
| |||||||
Real Estate-4.14% | ||||||||
Alpine Income Property Trust, Inc. | 925 | 13,422 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Shares | Value | |||||||
Real Estate-(continued) | ||||||||
Armada Hoffler Properties, Inc. | 4,162 | $ | 42,036 | |||||
Bluerock Residential Growth REIT, Inc. | 7,893 | 58,487 | ||||||
BRT Apartments Corp. | 777 | 10,373 | ||||||
Chatham Lodging Trust | 10,494 | 72,618 | ||||||
CIM Commercial Trust Corp. | 5,494 | 56,753 | ||||||
Clipper Realty, Inc. | 3,007 | 20,057 | ||||||
CorEnergy Infrastructure Trust, Inc. | 4,839 | 43,261 | ||||||
CorePoint Lodging, Inc. | 8,441 | 47,945 | ||||||
CTO Realty Growth, Inc. | 2,206 | 93,027 | ||||||
Farmland Partners, Inc.(c) | 2,412 | 16,136 | ||||||
FRP Holdings, Inc.(b) | 470 | 19,308 | ||||||
Griffin Industrial Realty, Inc. | 213 | 11,327 | ||||||
Hersha Hospitality Trust | 15,948 | 102,546 | ||||||
iStar, Inc. | 4,724 | 58,483 | ||||||
Jernigan Capital, Inc. | 1,341 | 23,119 | ||||||
Macerich Co. (The)(c) | 8,078 | 64,059 | ||||||
New Senior Investment Group, Inc. | 24,084 | 105,488 | ||||||
Newmark Group, Inc., Class A | 24,953 | 110,542 | ||||||
One Liberty Properties, Inc. | 1,542 | 29,545 | ||||||
Plymouth Industrial REIT, Inc. | 822 | 10,974 | ||||||
Preferred Apartment Communities, Inc., Class A | 3,824 | 25,238 | ||||||
RE/MAX Holdings, Inc., Class A | 1,364 | 47,931 | ||||||
Realogy Holdings Corp. | 17,709 | 196,216 | ||||||
Retail Value, Inc. | 7,799 | 99,125 | ||||||
RMR Group, Inc. (The), Class A | 2,088 | 58,923 | ||||||
RPT Realty | 12,885 | 75,506 | ||||||
Service Properties Trust | 10,078 | 82,740 | ||||||
Summit Hotel Properties, Inc. | 9,224 | 54,329 | ||||||
Tanger Factory Outlet Centers, Inc.(c) | 14,671 | 83,478 | ||||||
Urstadt Biddle Properties, Inc., Class A | 2,476 | 23,027 | ||||||
Whitestone REIT | 7,437 | 47,820 | ||||||
|
| |||||||
1,803,839 | ||||||||
|
|
Shares | Value | |||||||
Utilities-0.52% | ||||||||
Artesian Resources Corp., Class A | 624 | $ | 21,959 | |||||
Atlantic Power Corp.(b) | 37,515 | 77,656 | ||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 1,453 | 17,480 | ||||||
Genie Energy Ltd., Class B | 2,157 | 19,068 | ||||||
Global Water Resources, Inc. | 844 | 9,326 | ||||||
Pure Cycle Corp.(b) | 1,115 | 10,882 | ||||||
RGC Resources, Inc. | 790 | 18,423 | ||||||
Spark Energy, Inc., Class A | 5,606 | 51,519 | ||||||
|
| |||||||
226,313 | ||||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES |
| 43,557,421 | ||||||
|
| |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-6.44% |
| |||||||
Invesco Private Government Fund, | 2,107,189 | 2,107,189 | ||||||
Invesco Private Prime Fund, 0.14%(d)(f)(g) | 702,265 | 702,405 | ||||||
|
| |||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,809,594) |
| 2,809,594 | ||||||
|
| |||||||
TOTAL INVESTMENTS IN SECURITIES-106.34% (Cost $43,381,690) |
| 46,367,015 | ||||||
OTHER ASSETS LESS LIABILITIES-(6.34)% |
| (2,765,019 | ) | |||||
|
| |||||||
NET ASSETS-100.00% | $ | 43,601,996 | ||||||
|
|
Investment Abbreviations:
CVR -Contingent Value Rights
REIT-Real Estate Investment Trust
Notes to Schedule of Investments:
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at August 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 August 31, 2020. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
August 31, 2019 | at Cost | from Sales | (Depreciation) | (Loss) | August 31, 2020 | Income | |||||||||||||||||||||||||||||
Invesco Mortgage Capital, Inc. | $ | 11,708 | $ | 264,289 | $ | (33,765 | ) | $ | (33,656 | ) | $ | (55,558 | ) | $ | 153,018 | $ | 1,508 | ||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 15,666 | 1,967,356 | (1,983,022 | ) | - | - | - | 239 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS)–(continued)
August 31, 2020
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
August 31, 2019 | at Cost | from Sales | (Depreciation) | (Loss) | August 31, 2020 | Income | |||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 557,381 | $ | 10,008,080 | $ | (10,565,461 | ) | $ | - | $ | - | $ | - | $ | 13,309 | * | |||||||||||||||||||
Invesco Liquid Assets Portfolio, Institutional Class | 188,485 | 2,996,933 | (3,185,384 | ) | - | (34 | ) | - | 4,972 | * | |||||||||||||||||||||||||
Invesco Private Government Fund | - | 7,521,540 | (5,414,351 | ) | - | - | 2,107,189 | 219 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | - | 1,943,492 | (1,241,142 | ) | - | 55 | 702,405 | 176 | * | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Total | $ | 773,240 | $ | 24,701,690 | $ | (22,423,125 | ) | $ | (33,656 | ) | $ | (55,537 | ) | $ | 2,962,612 | $ | 20,423 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
(e) | Security valued using significant unobservable inputs (Level 3). See Note 5. |
(f) | The rate shown is the 7-day SEC standardized yield as of August 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.
21 | ||||
|
| |||
Statements of Assets and Liabilities
August 31, 2020
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||||||||
Assets: | ||||||||||
Unaffiliated investments in securities, at value(a) | $ | 987,227,176 | $ | 43,404,403 | ||||||
Affiliated investments in securities, at value | 17,165,743 | 2,962,612 | ||||||||
Receivable for: | ||||||||||
Dividends. | 1,716,194 | 32,796 | ||||||||
Securities lending | 5,135 | 8,421 | ||||||||
Investments sold | - | 64,854 | ||||||||
Investments sold - affiliated broker | - | 64,212 | ||||||||
|
|
|
| |||||||
Total assets | 1,006,114,248 | 46,537,298 | ||||||||
|
|
|
| |||||||
Liabilities: | ||||||||||
Due to custodian | 556,336 | 47,248 | ||||||||
Payable for: | ||||||||||
Investments purchased - affiliated broker | - | 64,132 | ||||||||
Collateral upon return of securities loaned | 14,581,308 | 2,809,594 | ||||||||
Accrued unitary management fees | 243,168 | 14,328 | ||||||||
|
|
|
| |||||||
Total liabilities | 15,380,812 | 2,935,302 | ||||||||
|
|
|
| |||||||
Net Assets | $ | 990,733,436 | $ | 43,601,996 | ||||||
|
|
|
| |||||||
Net assets consist of: | ||||||||||
Shares of beneficial interest | $ | 1,091,312,186 | $ | 55,146,886 | ||||||
Distributable earnings (loss) | (100,578,750 | ) | (11,544,890 | ) | ||||||
|
|
|
| |||||||
Net Assets | $ | 990,733,436 | $ | 43,601,996 | ||||||
|
|
|
| |||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) | 30,750,001 | 1,750,001 | ||||||||
Net asset value | $ | 32.22 | $ | 24.92 | ||||||
|
|
|
| |||||||
Market price | $ | 32.26 | $ | 24.94 | ||||||
|
|
|
| |||||||
Unaffiliated investments in securities, at cost | $ | 954,345,170 | $ | 40,385,297 | ||||||
|
|
|
| |||||||
Affiliated investments in securities, at cost | $ | 17,035,936 | $ | 2,996,393 | ||||||
|
|
|
| |||||||
(a) Includes securities on loan with an aggregate value of: | $ | 13,653,054 | $ | 2,600,529 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | ||||
|
| |||
For the year ended August 31, 2020
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||||||||
Investment income: | ||||||||||
Unaffiliated dividend income | $ | 22,645,414 | $ | 673,961 | ||||||
Affiliated dividend income | 107,384 | 1,747 | ||||||||
Securities lending income | 84,276 | 61,521 | ||||||||
Foreign withholding tax | (4,957 | ) | (605 | ) | ||||||
|
|
|
| |||||||
Total investment income | 22,832,117 | 736,624 | ||||||||
|
|
|
| |||||||
Expenses: | ||||||||||
Unitary management fees | 3,227,299 | 173,150 | ||||||||
|
|
|
| |||||||
Less: Waivers | (1,200 | ) | (52 | ) | ||||||
|
|
|
| |||||||
Net expenses | 3,226,099 | 173,098 | ||||||||
|
|
|
| |||||||
Net investment income | 19,606,018 | 563,526 | ||||||||
|
|
|
| |||||||
Realized and unrealized gain (loss) from: | ||||||||||
Net realized gain (loss) from: | ||||||||||
Unaffiliated investment securities | (112,935,616 | ) | (12,555,854 | ) | ||||||
Affiliated investment securities | 480,519 | (44,758 | ) | |||||||
Unaffiliated in-kind redemptions | 162,393,415 | 4,872,642 | ||||||||
Affiliated in-kind redemptions | 65,163 | (10,779 | ) | |||||||
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Net realized gain (loss) | 50,003,481 | (7,738,749 | ) | |||||||
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Change in net unrealized appreciation (depreciation) of: | ||||||||||
Unaffiliated investment securities | 40,020,026 | 3,354,503 | ||||||||
Affiliated investment securities | 129,807 | (33,656 | ) | |||||||
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Change in net unrealized appreciation | 40,149,833 | 3,320,847 | ||||||||
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Net realized and unrealized gain (loss) | 90,153,314 | (4,417,902 | ) | |||||||
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Net increase (decrease) in net assets resulting from operations | $ | 109,759,332 | $ | (3,854,376 | ) | |||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Statements of Changes in Net Assets
For the year ended August 31, 2020, period July 1, 2019 through August 31, 2019 and the year ended June 30, 2019
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | |||||||||||||||||||||||||||||
Year Ended August 31, 2020 | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | Year Ended August 31, 2020 | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | |||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 19,606,018 | $ | 2,688,972 | $ | 8,991,109 | $ | 563,526 | $ | 15,982 | $ | 199,690 | ||||||||||||||||||
Net realized gain (loss) | 50,003,481 | 75,785,047 | 10,151,618 | (7,738,749 | ) | 849,004 | (493,577 | ) | ||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 40,149,833 | (71,050,531 | ) | 65,150,207 | 3,320,847 | (1,340,500 | ) | 488,271 | ||||||||||||||||||||||
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Net increase (decrease) in net assets resulting from operations | 109,759,332 | 7,423,488 | 84,292,934 | (3,854,376 | ) | (475,514 | ) | 194,384 | ||||||||||||||||||||||
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Distributions to Shareholders from: | ||||||||||||||||||||||||||||||
Distributable earnings | (19,330,423 | ) | - | (8,357,048 | ) | (605,377 | ) | - | (197,838 | ) | ||||||||||||||||||||
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Shareholder Transactions: | ||||||||||||||||||||||||||||||
Proceeds from shares sold | 1,926,522,814 | 774,866,415 | 1,156,693,709 | 91,550,548 | 7,976,061 | 9,051,529 | ||||||||||||||||||||||||
Value of shares repurchased | (2,078,760,160 | ) | (728,072,575 | ) | (384,896,789 | ) | (56,295,368 | ) | (6,764,762 | ) | (10,538,081 | ) | ||||||||||||||||||
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Net increase (decrease) in net assets resulting from share transactions | (152,237,346 | ) | 46,793,840 | 771,796,920 | 35,255,180 | 1,211,299 | (1,486,552 | ) | ||||||||||||||||||||||
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Net increase (decrease) in net assets | (61,808,437 | ) | 54,217,328 | 847,732,806 | 30,795,427 | 735,785 | (1,490,006 | ) | ||||||||||||||||||||||
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Net assets: | ||||||||||||||||||||||||||||||
Beginning of period | 1,052,541,873 | 998,324,545 | 150,591,739 | 12,806,569 | 12,070,784 | 13,560,790 | ||||||||||||||||||||||||
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End of period | $ | 990,733,436 | $ | 1,052,541,873 | $ | 998,324,545 | $ | 43,601,996 | $ | 12,806,569 | $ | 12,070,784 | ||||||||||||||||||
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Changes in Shares Outstanding: | ||||||||||||||||||||||||||||||
Shares sold | 61,100,001 | 25,800,000 | 41,350,000 | 3,450,001 | 300,000 | 350,000 | ||||||||||||||||||||||||
Shares repurchased | (65,700,000 | ) | (24,050,000 | ) | (13,400,000 | ) | (2,200,000 | ) | (250,000 | ) | (400,000 | ) | ||||||||||||||||||
Shares outstanding, beginning of period | 35,350,000 | 33,600,000 | 5,650,000 | 500,000 | 450,000 | 500,000 | ||||||||||||||||||||||||
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Shares outstanding, end of period | 30,750,001 | 35,350,000 | 33,600,000 | 1,750,001 | 500,000 | 450,000 | ||||||||||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Russell 1000® Dynamic Multifactor ETF (OMFL)
Year Ended August 31, 2020 | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | For the Period November 08, 2017(a) Through June 30, 2018 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 29.77 | $ | 29.71 | $ | 26.65 | $ | 25.00 | ||||||||||||
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Net investment income(b) | 0.55 | 0.07 | 0.54 | 0.22 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | 2.44 | (0.01 | ) | 2.99 | 1.59 | |||||||||||||||
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Total from investment operations | 2.99 | 0.06 | 3.53 | 1.81 | ||||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.54 | ) | - | (0.47 | ) | (0.16 | ) | |||||||||||||
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Net asset value at end of period | $ | 32.22 | $ | 29.77 | $ | 29.71 | $ | 26.65 | ||||||||||||
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Market price at end of period(c) | $ | 32.26 | $ | 29.79 | $ | 29.71 | ||||||||||||||
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Net Asset Value Total Return(d) | 10.23 | % | 0.20 | % | 13.37 | % | 7.26 | % | ||||||||||||
Market Price Total Return(d) | 10.29 | % | 0.27 | % | 13.32 | % | 7.28 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 990,733 | $ | 1,052,542 | $ | 998,325 | $ | 150,592 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.29 | % | 0.29 | %(e) | 0.29 | % | 0.29 | %(f) | ||||||||||||
Expenses, prior to Waivers | 0.29 | % | 0.29 | %(e) | 0.29 | % | 0.29 | %(f) | ||||||||||||
Net investment income | 1.76 | % | 1.48 | %(e) | 1.92 | % | 1.42 | %(f) | ||||||||||||
Portfolio turnover rate(g) | 321 | % | 83 | % | 138 | % | 213 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%. |
(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 Russell 2000® Dynamic Multifactor ETF (OMFS)
Year Ended August 31, 2020 | Two Months Ended August 31, 2019 | Year Ended June 30, 2019 | For the Period November 08, 2017(a) Through June 30, 2018 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 25.61 | $ | 26.82 | $ | 27.12 | $ | 25.00 | ||||||||||||
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Net investment income(b) | 0.31 | 0.03 | 0.43 | 0.22 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments | (0.64 | ) | (1.24 | ) | (0.29 | ) | 2.08 | |||||||||||||
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Total from investment operations | (0.33 | ) | (1.21 | ) | 0.14 | 2.30 | ||||||||||||||
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Distributions to shareholders from: | ||||||||||||||||||||
Net investment income | (0.36 | ) | - | (0.44 | ) | (0.18 | ) | |||||||||||||
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Net asset value at end of period | $ | 24.92 | $ | 25.61 | $ | 26.82 | $ | 27.12 | ||||||||||||
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Market price at end of period(c) | $ | 24.94 | $ | 25.65 | $ | 26.82 | ||||||||||||||
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Net Asset Value Total Return(d) | (1.13 | )% | (4.51 | )% | 0.63 | % | 9.22 | % | ||||||||||||
Market Price Total Return(d) | (1.20 | )% | (4.36 | )% | 0.59 | % | 9.21 | % | ||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||
Net assets at end of period (000’s omitted) | $ | 43,602 | $ | 12,807 | $ | 12,071 | $ | 13,561 | ||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||
Expenses, after Waivers | 0.39 | % | 0.41 | %(e) | 0.39 | % | 0.39 | %(f) | ||||||||||||
Expenses, prior to Waivers | 0.39 | % | 0.41 | %(e) | 0.39 | % | 0.39 | %(f) | ||||||||||||
Net investment income | 1.27 | % | 0.87 | %(e) | 1.62 | % | 1.30 | %(f) | ||||||||||||
Portfolio turnover rate(g) | 282 | % | 64 | % | 189 | % | 173 | % |
(a) | Commencement of investment operations. |
(b) | Based on average shares outstanding. |
(c) | The mean between the last bid and ask prices. |
(d) | Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) | Ratios are annualized except for non-recurring costs associated with a proxy statement of 0.02%. |
(f) | Annualized. |
(g) | Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Self-Indexed Fund Trust
August 31, 2020
NOTE 1–Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”) was organized as a Delaware statutory trust on October 30, 2015 and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:
Full Name | Short Name | |
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | “Russell 1000® Dynamic Multifactor ETF” | |
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | “Russell 2000® Dynamic Multifactor ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.
The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):
Fund | Underlying Index | |
Russell 1000® Dynamic Multifactor ETF | Russell 1000® Invesco Dynamic Multifactor Index | |
Russell 2000® Dynamic Multifactor ETF | Russell 2000® Invesco Dynamic Multifactor Index |
NOTE 2–Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:
A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
Investment companies are valued using such company’s NAV per share, unless the shares are exchange-traded, in which case they are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
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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 Fund 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.
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
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management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers 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.
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.
Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high positive momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.
Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. 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 each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.
Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.
Small Capitalization Company Risk. Investing in securities of small 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 capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.
C. | Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of |
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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s NAV and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.
D. | Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
E. | Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end. |
F. | Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.
The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
G. | Expenses - Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund. |
Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
H. | Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates |
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and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote. |
J. | Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is generally invested in an affiliated money market fund and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities. |
K. | Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at 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 each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which each Fund invests.
NOTE 3–Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees,
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distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees | ||
Russell 1000® Dynamic Multifactor ETF | 0.29% | |
Russell 2000® Dynamic Multifactor ETF | 0.39% |
The Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, as set forth in the Investment Advisory Agreement) from exceeding the Fund’s unitary management fee through at least May 24, 2021.
Further, through 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 August 31, 2020, the Adviser waived fees for each Fund in the following amounts:
Russell 1000® Dynamic Multifactor ETF | $ | 1,200 | ||
Russell 2000® Dynamic Multifactor ETF | 52 |
The Trust has entered in a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into licensing agreements on behalf of each Fund with Frank Russell Company (the, “Licensor”).
Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For fiscal year ended August 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:
Russell 1000® Dynamic Multifactor ETF | $ | 289,506 | ||
Russell 2000® Dynamic Multifactor ETF | 81,746 |
Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.
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 August 31, 2020, the following Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | ||||
Russell 2000® Dynamic Multifactor ETF | $4,247 | $- | $- |
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. |
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Level 2 – | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of August 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 | |||||||||||||||||
Russell 1000® Dynamic Multifactor ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 989,811,611 | $ | - | $ | - | $ | 989,811,611 | ||||||||||||
Money Market Funds | - | 14,581,308 | - | 14,581,308 | ||||||||||||||||
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Total Investments | $ | 989,811,611 | $ | 14,581,308 | $ | - | $ | 1,004,392,919 | ||||||||||||
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Russell 2000® Dynamic Multifactor ETF | ||||||||||||||||||||
Investments in Securities | ||||||||||||||||||||
Common Stocks & Other Equity Interests | $ | 43,557,286 | $ | - | $ | 135 | $ | 43,557,421 | ||||||||||||
Money Market Funds | - | 2,809,594 | - | 2,809,594 | ||||||||||||||||
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Total Investments | $ | 43,557,286 | $ | 2,809,594 | $ | 135 | $ | 46,367,015 | ||||||||||||
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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets
Tax Character of Distributions to Shareholders Paid During the Fiscal Year Ended August 31, 2020, Period July 1, 2019 to August 31, 2019 and the Fiscal Year Ended June 30, 2019:
August 31, 2020 | August 31, 2019 | June 30, 2019 | |||||||||||||
Ordinary Income* | Ordinary Income* | Ordinary Income* | |||||||||||||
Russell 1000® Dynamic Multifactor ETF | $ | 19,330,423 | $ | - | $ | 8,357,048 | |||||||||
Russell 2000® Dynamic Multifactor ETF | 605,377 | - | 197,838 |
* Includes short-term capital gain distributions, if any.
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income | Net Unrealized Appreciation- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |||||||||||||||||||||
Russell 1000® Dynamic Multifactor ETF | $ | 3,727,345 | $ | 29,708,203 | $ | (134,014,298 | ) | $ | 1,091,312,186 | $ | 990,733,436 | ||||||||||||||
Russell 2000® Dynamic Multifactor ETF | 17,364 | 2,148,145 | (13,710,399 | ) | 55,146,886 | 43,601,996 |
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 August 31, 2020:
No expiration | |||||||||||||||
Short-Term | Long-Term | Total* | |||||||||||||
Russell 1000® Dynamic Multifactor ETF | $ | 133,302,042 | $ | 712,256 | $ | 134,014,298 | |||||||||
Russell 2000® Dynamic Multifactor ETF | 13,395,418 | 314,981 | 13,710,399 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
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NOTE 7–Investment Transactions
For the fiscal year ended August 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 | |||||||
Russell 1000® Dynamic Multifactor ETF | $ | 3,470,558,464 | $ | 3,492,763,883 | ||||
Russell 2000® Dynamic Multifactor ETF | 122,612,952 | 123,948,196 |
For the fiscal year ended August 31, 2020, in-kind transactions associated with creations and redemptions were as follows:
Cost of | Value of | |||||||
Securities | Securities | |||||||
Received | Delivered | |||||||
Russell 1000® Dynamic Multifactor ETF | $ | 1,925,991,910 | $ | 2,054,815,513 | ||||
Russell 2000® Dynamic Multifactor ETF | 91,392,919 | 54,799,137 |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
At August 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 | Gross | Net | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Appreciation | (Depreciation) | Appreciation | Cost | |||||||||||||||||
Russell 1000® Dynamic Multifactor ETF | $ | 69,934,677 | $ | (40,226,474 | ) | $ | 29,708,203 | $ | 974,684,716 | |||||||||||
Russell 2000® Dynamic Multifactor ETF | 5,130,366 | (2,982,221 | ) | 2,148,145 | 44,218,870 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, 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 August 31, 2020, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |||||||||||||
Russell 1000® Dynamic Multifactor ETF | $ | 36,659 | $ | (161,838,459 | ) | $ | 161,801,800 | ||||||||
Russell 2000® Dynamic Multifactor ETF | (5,249 | ) | (4,665,816 | ) | 4,671,065 |
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 each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.
The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.
NOTE 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 the Funds’ 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 of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.
To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit
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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.
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Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Self-Indexed Fund Trust and Shareholders of Invesco Russell 1000® Dynamic Multifactor ETF and Invesco Russell 2000® Dynamic Multifactor ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting Invesco Exchange-Traded Self-Indexed Fund Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019, including the related notes, and the financial highlights for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year ended August 31, 2020, the changes in each of their net assets and each of the financial highlights for the year ended August 31, 2020, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019, in conformity with accounting principles generally accepted in the United States of America.
Fund Name | Predecessor Fund | |
Invesco Russell 1000® Dynamic Multifactor ETF | Oppenheimer Russell 1000® Dynamic Multifactor ETF | |
Invesco Russell 2000® Dynamic Multifactor ETF | Oppenheimer Russell 2000® Dynamic Multifactor ETF |
The financial statements of the Predecessor Funds as of and for the period ended June 30, 2018 and the financial highlights for the period ended June 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 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
October 28, 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 Self-Indexed Fund Trust, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended August 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.
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
March 1, 2020 | August 31, 2020 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco Russell 1000® Dynamic Multifactor ETF (OMFL) | ||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,104.80 | 0.29 | % | $ | 1.53 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.68 | 0.29 | 1.48 | ||||||||||||||||
Invesco Russell 2000® Dynamic Multifactor ETF (OMFS) | ||||||||||||||||||||
Actual | 1,000.00 | 1,040.10 | 0.39 | 2.00 | ||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.18 | 0.39 | 1.98 |
(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 August 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 August 31, 2020:
Qualified | Qualified | Business | Qualified | ||||||||||||||||||||||
Business | Dividend | Dividends-Received | Interest | Interest | |||||||||||||||||||||
Income* | Income* | Deduction* | Income* | Income* | |||||||||||||||||||||
Invesco Russell 1000® Dynamic Multifactor ETF | 0 | % | 98 | % | 97 | % | 0 | % | 0 | % | |||||||||||||||
Invesco Russell 2000® Dynamic Multifactor ETF | 10 | % | 89 | % | 87 | % | 0 | % | 0 | % |
* | The above percentages are based on ordinary income dividends paid to shareholders during the Trust’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 August 31, 2020
Name, Address and Year of Birth of Independent Trustees | Position(s) Held with Trust | Term of Office and Length of Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Ronn R. Bagge–1958 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 2016 | Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 214 | Trustee and Investment Oversight Committee member,Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | 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. | 214 | 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 | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Edmund P. Giambastiani, 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). | 214 | 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 Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Victoria J. Herget–1951 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). | 214 | 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 Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Marc M. Kole–1960 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Audit Committee and Trustee | Chairman of the Audit Committee and Trustee since 2016 | 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). | 214 | 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 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Chairman of the Investment Oversight Committee and Trustee | Chairman of the Investment Oversight Committee and Trustee since 2016 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 214 | 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 Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Joanne Pace–1958 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). | 214 | 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, NewYork-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 Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Independent Trustees | Other Directorships Held by Independent Trustees During the Past 5 Years | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Trustee | Since 2016 | 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. | 214 | 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 and Trustee since 2016 | 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). | 214 | 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 (as defined below) overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below.
Name, Address and Year of Birth of Interested Trustee | Position(s) Held with Trust | Term of Office and Time | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex** Overseen by Interested Trustee | Other Directorships Held by Interested Trustee During the Past 5 Years | |||||
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309 | Trustee | Since 2015 | 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, Invesco Services (Bahamas) Private Limited (2012-2020); 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. | 214 | 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 | Principal Occupation(s) During Past 5 Years | |||
Anna Paglia–1974 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);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 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 | Principal Occupation(s) During Past 5 Years | |||
Adam Henkel–1980 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 (2017-2017), 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. | |||
Peter Hubbard–1981 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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 11 Greenway Plaza, Suite 1000 Houston, TX 77046 | Vice President | Since 2016 | 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 | Principal Occupation(s) During Past 5 Years | |||
Rudolf E. Reitmann–1971 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 | Vice President | Since 2016 | 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 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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Approval of Investment Advisory Contracts
At a meeting held on April 14, 2020, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 37 series (each, a “Fund” and together, the “Funds”):
Invesco BulletShares 2020 Corporate Bond ETF | Invesco BulletShares 2024 Municipal Bond ETF | |
Invesco BulletShares 2021 Corporate Bond ETF | Invesco BulletShares 2025 Municipal Bond ETF | |
Invesco BulletShares 2022 Corporate Bond ETF | Invesco BulletShares 2026 Municipal Bond ETF | |
Invesco BulletShares 2023 Corporate Bond ETF | Invesco BulletShares 2027 Municipal Bond ETF | |
Invesco BulletShares 2024 Corporate Bond ETF | Invesco BulletShares 2028 Municipal Bond ETF | |
Invesco BulletShares 2025 Corporate Bond ETF | Invesco BulletShares 2021 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2026 Corporate Bond ETF | Invesco BulletShares 2022 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2027 Corporate Bond ETF | Invesco BulletShares 2023 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2028 Corporate Bond ETF | Invesco BulletShares 2024 USD Emerging Markets Debt ETF | |
Invesco BulletShares 2020 High Yield Corporate Bond ETF | Invesco Investment Grade Defensive ETF | |
Invesco BulletShares 2021 High Yield Corporate Bond ETF | Invesco Investment Grade Value ETF | |
Invesco BulletShares 2022 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US ETF | |
Invesco BulletShares 2023 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Developed ex-US Small Company ETF | |
Invesco BulletShares 2024 High Yield Corporate Bond ETF | Invesco RAFITM Strategic Emerging Markets ETF | |
Invesco BulletShares 2025 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US ETF | |
Invesco BulletShares 2026 High Yield Corporate Bond ETF | Invesco RAFITM Strategic US Small Company ETF | |
Invesco BulletShares 2021 Municipal Bond ETF | Invesco Russell 1000® Dynamic Multifactor ETF | |
Invesco BulletShares 2022 Municipal Bond ETF | Invesco Russell 2000® Dynamic Multifactor ETF | |
Invesco BulletShares 2023 Municipal Bond ETF |
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.
The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year and since-inception periods ended December 31, 2019, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds businesses of Guggenheim Capital LLC on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
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Approval of Investment Advisory Contracts–(continued)
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual unitary advisory fee charged to each Fund is as follows, with the Adviser paying all other operating expenses of each Fund, except that each Fund pays its own brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses:
● | 0.10% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 Corporate Bond ETF, Invesco BulletShares 2021 Corporate Bond ETF, Invesco BulletShares 2022 Corporate Bond ETF, Invesco BulletShares 2023 Corporate Bond ETF, Invesco BulletShares 2024 Corporate Bond ETF, Invesco BulletShares 2025 Corporate Bond ETF, Invesco BulletShares 2026 Corporate Bond ETF, Invesco BulletShares 2027 Corporate Bond ETF and Invesco BulletShares 2028 Corporate Bond ETF; |
● | 0.13% of the Fund’s average daily net assets for each of Invesco Investment Grade Defensive ETF and Invesco Investment Grade Value ETF; |
● | 0.18% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 Municipal Bond ETF, Invesco BulletShares 2022 Municipal Bond ETF, Invesco BulletShares 2023 Municipal Bond ETF, Invesco BulletShares 2024 Municipal Bond ETF, Invesco BulletShares 2025 Municipal Bond ETF, Invesco BulletShares 2026 Municipal Bond ETF, Invesco BulletShares 2027 Municipal Bond ETF and Invesco BulletShares 2028 Municipal Bond ETF; |
● | 0.19% of the Fund’s average daily net assets for Invesco RAFITM Strategic US ETF; |
● | 0.23% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US ETF and Invesco RAFITM Strategic US Small Company ETF; |
● | 0.29% of the Fund’s average daily net assets for each of Invesco BulletShares 2021 USD Emerging Markets Debt ETF, Invesco BulletShares 2022 USD Emerging Markets Debt ETF, Invesco BulletShares 2023 USD Emerging Markets Debt ETF, Invesco BulletShares 2024 USD Emerging Markets Debt ETF and Invesco Russell 1000® Dynamic Multifactor ETF; |
● | 0.35% of the Fund’s average daily net assets for each of Invesco RAFITM Strategic Developed ex-US Small Company ETF and Invesco RAFITM Strategic Emerging Markets ETF; |
● | 0.39% of the Fund’s average daily net assets for Invesco Russell 2000® Dynamic Multifactor ETF; and |
● | 0.42% of the Fund’s average daily net assets for each of Invesco BulletShares 2020 High Yield Corporate Bond ETF, Invesco BulletShares 2021 High Yield Corporate Bond ETF, Invesco BulletShares 2022 High Yield Corporate Bond ETF, Invesco BulletShares 2023 High Yield Corporate Bond ETF, Invesco BulletShares 2024 High Yield Corporate Bond ETF, Invesco BulletShares 2025 High Yield Corporate Bond ETF and Invesco BulletShares 2026 High Yield Corporate Bond ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco BulletShares 2020 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2021 Corporate Bond ETF | X | X | X | |||
Invesco BulletShares 2022 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2023 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2024 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2025 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2026 Corporate Bond ETF | X | X |
50 | ||||
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Approval of Investment Advisory Contracts–(continued)
Equal | Equal to/Lower | Lower than | ||||
to/Lower | than Open-End | Open-End | ||||
than ETF | Index Fund | Active Fund | ||||
Invesco Fund | Peer Median | Peer Median* | Peer Median | |||
Invesco BulletShares 2027 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2028 Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2020 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2021 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2022 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2023 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2024 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2025 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2026 High Yield Corporate Bond ETF | X | X | ||||
Invesco BulletShares 2021 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2022 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2023 Municipal Bond ETF | N/A | X | ||||
Invesco BulletShares 2024 Municipal Bond ETF | N/A | X | ||||
Invesco BulletShares 2025 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2026 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2027 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2028 Municipal Bond ETF | X | N/A | X | |||
Invesco BulletShares 2021 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2022 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2023 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco BulletShares 2024 USD Emerging Markets Debt ETF | X | X | X | |||
Invesco Investment Grade Defensive ETF | X | X | X | |||
Invesco Investment Grade Value ETF | X | X | X | |||
Invesco RAFITM Strategic Developed ex-US ETF | X | X | X | |||
Invesco RAFITM Strategic Developed ex-US Small Company ETF | X | X | X | |||
Invesco RAFITM Strategic Emerging Markets ETF | X | X | ||||
Invesco RAFITM Strategic US ETF | X | X | X | |||
Invesco RAFITM Strategic US Small Company ETF | X | X | ||||
Invesco Russell 1000® Dynamic Multifactor ETF | X | X | X | |||
Invesco Russell 2000® Dynamic Multifactor ETF | X |
* | The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available. |
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
Based on all the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser, including the licensing fees payable by the Adviser to Invesco Indexing LLC.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
51 | ||||
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Approval of Investment Advisory Contracts–(continued)
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, index licensing fees and advisory fees for money market cash management vehicles. The Trustees considered that an affiliate of the Adviser, Invesco Indexing LLC, serves as the index provider for each Fund and is paid a licensing fee. The Board concluded that the advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
52 | ||||
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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 | O-ESG-AR-1 | 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 August 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 | $ | 647,350 | $ | 624,570 | ||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||
Tax Fees(1) | $ | 538,360 | $ | 512,831 | ||||
All Other Fees | $ | 0 | $ | 0 | ||||
Total Fees | $ | 1,185,710 | $ | 1,137,401 |
(1) | Tax Fees for the fiscal years ended August 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 |
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- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee | Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required 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 $5,770,000 for the fiscal year ended August 31, 2020 and $3,213,000 for the fiscal year ended August 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 $7,009,360 for the fiscal year ended August 31, 2020 and $4,415,831 for the fiscal year ended August 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 $32 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 September 1, 2019 and October 27, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that four PwC Managers and two 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 relating to administrative tasks and international tax. 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 that it believes it can continue to serve as the independent registered public accounting firm for the Funds in the Registrant.
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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Invesco Exchange-Traded Self-Indexed Fund Trust
By: | /s/ Anna Paglia | |
Name: | Anna Paglia | |
Title: | President | |
Date: | November 6, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Anna Paglia | |
Name: | Anna Paglia | |
Title: | President | |
Date: | November 6, 2020 |
By: | /s/ Kelli Gallegos | |
Name: | Kelli Gallegos | |
Title: | Treasurer | |
Date: | November 6, 2020 |