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Invesco Semi-Annual Report to Shareholders

February 28, 2022

 

PLW

Invesco 1-30 Laddered Treasury ETF

 

PWZ

Invesco California AMT-Free Municipal Bond ETF

 

PCEF

Invesco CEF Income Composite ETF

 

PHB

Invesco Fundamental High Yield® Corporate Bond ETF

 

PFIG

Invesco Fundamental Investment Grade Corporate Bond ETF

 

PZA

Invesco National AMT-Free Municipal Bond ETF

 

PZT

Invesco New York AMT-Free Municipal Bond ETF

 

PGX

Invesco Preferred ETF

 

BAB

Invesco Taxable Municipal Bond ETF

 

CLTL

Invesco Treasury Collateral ETF

 

VRP

Invesco Variable Rate Preferred ETF

 

PVI

Invesco VRDO Tax-Free ETF

 


 

Table of Contents

    

 

Schedules of Investments

  

Invesco 1-30 Laddered Treasury ETF (PLW)

     3  

Invesco California AMT-Free Municipal Bond ETF (PWZ)

     5  

Invesco CEF Income Composite ETF (PCEF)

     11  

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)

     14  

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

     19  

Invesco National AMT-Free Municipal Bond ETF (PZA)

     31  

Invesco New York AMT-Free Municipal Bond ETF (PZT)

     50  

Invesco Preferred ETF (PGX)

     53  

Invesco Taxable Municipal Bond ETF (BAB)

     59  

Invesco Treasury Collateral ETF (CLTL)

     76  

Invesco Variable Rate Preferred ETF (VRP)

     77  

Invesco VRDO Tax-Free ETF (PVI)

     84  

Statements of Assets and Liabilities

     88  

Statements of Operations

     90  

Statements of Changes in Net Assets

     92  

Financial Highlights

     96  

Notes to Financial Statements

     108  

Fund Expenses

     121  

    

 

      

2

 

 

 

 

      


 

Invesco 1-30 Laddered Treasury ETF (PLW)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

     Principal
Amount
     Value  

U.S. Treasury Securities-99.88%

 

U.S. Treasury Bonds-86.55%

 

7.13%, 02/15/2023

   $ 13,199,500      $ 13,966,348  

7.63%, 02/15/2025

     11,887,500        13,965,955  

6.00%, 02/15/2026

     12,019,600        14,014,572  

6.63%, 02/15/2027(a)

     11,395,000        14,024,752  

5.25%, 02/15/2029

     11,506,900        14,093,255  

5.38%, 02/15/2031

     23,919,300        31,001,655  

4.50%, 02/15/2036(a)

     29,894,100        39,530,276  

4.75%, 02/15/2037

     10,376,300        14,159,191  

4.38%, 02/15/2038

     10,703,700        14,180,312  

3.50%, 02/15/2039

     11,761,000        14,132,495  

4.63%, 02/15/2040

     10,279,000        14,092,268  

4.75%, 02/15/2041

     10,068,800        14,033,390  

3.13%, 02/15/2042

     12,349,600        14,064,554  

3.13%, 02/15/2043

     12,338,000        14,018,089  

3.63%, 02/15/2044

     11,420,200        14,000,005  

2.50%, 02/15/2045

     13,584,700        13,992,241  

2.50%, 02/15/2046

     13,558,100        14,007,742  

3.00%, 02/15/2047

     12,369,900        14,016,160  

3.00%, 02/15/2048

     12,257,200        14,066,573  

3.00%, 02/15/2049

     12,170,200        14,084,630  

2.00%, 02/15/2050

     14,793,100        14,122,210  

1.88%, 02/15/2051

     15,243,600        14,142,012  

2.25%, 02/15/2052

     14,694,000        14,917,854  
     

 

 

 
        366,626,539  
U.S. Treasury Notes-13.33%      

2.75%, 02/15/2024

     13,644,200        13,993,833  
     Principal
Amount
     Value  
U.S. Treasury Notes-(continued)      

2.75%, 02/15/2028

   $ 13,349,200      $ 14,078,192  

1.50%, 02/15/2030

     14,463,100        14,137,115  

1.88%, 02/15/2032(a)

     14,236,000        14,286,048  
     

 

 

 
        56,495,188  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.88%
(Cost $435,001,193)

        423,121,727  
     

 

 

 
     Shares         
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-10.93%

 

Invesco Private Government Fund,
0.12%(b)(c)(d)

     13,882,721        13,882,721  

Invesco Private Prime Fund,
0.08%(b)(c)(d)

     32,389,777        32,393,017  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $46,277,129)

 

     46,275,738  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-110.81%
(Cost $481,278,322)

 

     469,397,465  

OTHER ASSETS LESS LIABILITIES-(10.81)%

        (45,780,571
     

 

 

 

NET ASSETS-100.00%

      $ 423,616,894  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at February 28, 2022.

(b) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income
Investments in Affiliated Money Market Funds:                                
Invesco Government & Agency Portfolio, Institutional Class      $ 66,933      $ 2,990,741      $ (3,057,674)       $     $     $      $ 22
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund               53,345,881        (39,463,160 )                   13,882,721        1,382 *
Invesco Private Prime Fund               106,024,454        (73,623,656 )       (1,391 )       (6,390 )       32,393,017        10,286 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 66,933      $ 162,361,076      $ (116,144,490 )     $ (1,391 )     $ (6,390 )     $ 46,275,738      $ 11,690
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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 February 28, 2022.

(d) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

3

 

 

 

 

      


 

Invesco 1-30 Laddered Treasury ETF (PLW)–(continued)

February 28, 2022

(Unaudited)

 

 

Portfolio Composition

 

Duration Breakdown (% of the Fund’s Net Assets)

 

as of February 28, 2022

 

Maturing in 0-5 Years

       16.52                        

Maturing in 6-10 Years

       20.68                        

Maturing in 11-15 Years

       12.67                        

Maturing in 16-20 Years

       16.65                        

Maturing in 21-25 Years

       16.53                        

Maturing in 26-30 Years

       16.83                        

Money Market Funds Plus Other Assets

Less Liabilities

       0.12                        

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

4

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          

Municipal Obligations-95.72%

          

California-95.54%

          

Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)

   3.00%   10/01/2034    $ 2,000       $ 2,075,352  

Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)

   5.00%   10/01/2035      1,500        1,714,903  

Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(b)(c)

   5.00%   05/01/2024      540        583,589  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB

   4.00%   04/01/2042      3,000        3,295,575  

Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB

   4.00%   04/01/2038      150        165,697  

California (State of), Series 2013, GO Bonds

   5.00%   04/01/2037      1,160        1,209,491  

California (State of), Series 2013, GO Bonds

   5.00%   04/01/2043      2,000        2,083,560  

California (State of), Series 2013, GO Bonds

   5.00%   11/01/2043      1,965        2,085,351  

California (State of), Series 2014, GO Bonds

   5.00%   10/01/2044      1,000        1,084,273  

California (State of), Series 2014, Ref. GO Bonds

   4.00%   11/01/2044      520        551,171  

California (State of), Series 2015, GO Bonds

   4.00%   03/01/2045      195        207,865  

California (State of), Series 2015, GO Bonds

   5.00%   03/01/2045      1,000        1,098,755  

California (State of), Series 2015, Ref. GO Bonds

   5.00%   08/01/2035      1,500        1,671,410  

California (State of), Series 2016, GO Bonds

   5.00%   09/01/2046      2,000        2,278,270  

California (State of), Series 2016, Ref. GO Bonds

   5.00%   09/01/2036      1,000        1,147,533  

California (State of), Series 2017, GO Bonds

   5.00%   11/01/2047      3,475        4,062,875  

California (State of), Series 2018, GO Bonds

   5.00%   10/01/2047      1,720        1,938,888  

California (State of), Series 2019, Ref. GO Bonds

   4.00%   10/01/2037      4,000        4,557,818  

California (State of), Series 2020, GO Bonds

   4.00%   03/01/2046      660        742,505  

California (State of), Series 2020, GO Bonds

   3.00%   03/01/2050      2,860        2,826,948  

California (State of), Series 2021, GO Bonds

   4.00%   10/01/2039      4,990        5,725,970  

California (State of), Series 2021, GO Bonds

   2.38%   12/01/2043      2,000        1,832,800  

California (State of), Series 2021, GO Bonds

   3.00%   12/01/2043      400        404,866  

California (State of), Series 2021, GO Bonds

   5.00%   12/01/2043      1,200        1,490,632  

California (State of), Series 2021, GO Bonds

   3.00%   12/01/2046      750        752,214  

California (State of), Series 2021, GO Bonds

   5.00%   12/01/2046      500        617,501  

California (State of), Series 2021, GO Bonds

   2.50%   12/01/2049      750        675,940  

California (State of), Series 2021, GO Bonds

   3.00%   12/01/2049      625        622,394  

California (State of), Series 2021, Ref. GO Bonds

   4.00%   10/01/2041      500        571,841  

California (State of) (Green Bonds), Series 2014, GO Bonds

   5.00%   10/01/2037      1,500        1,629,588  

California (State of) Department of Water Resources, Series 2016 AW,
Ref. RB(b)(c)

   5.00%   12/01/2026      1,000        1,167,167  

California (State of) Educational Facilities Authority (Pepperdine University), Series 2016,
Ref. RB(b)(c)

   5.00%   04/01/2026      2,000        2,283,352  

California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(b)(c)

   5.00%   04/01/2026      2,500        2,854,190  

California (State of) Educational Facilities Authority (Stanford University),
Series 2021, Ref. RB

   2.25%   04/01/2051      400        341,353  

California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB

   5.00%   10/01/2053      2,000        2,338,414  

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB

   5.00%   08/15/2035      500        569,649  

California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB

   5.00%   08/15/2042      6,500        7,495,389  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB

   4.00%   11/01/2044      110        121,223  

California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB

   5.00%   11/01/2047      6,000        8,339,253  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB

   5.00%   08/15/2055      1,000        1,132,871  

California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB

   5.00%   11/15/2056      145        168,467  

California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB

   4.00%   06/01/2050      5,000        5,465,249  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

   4.00%   10/01/2036      300        326,372  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

   3.00%   10/01/2047      2,620        2,620,176  

California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB

   4.00%   10/01/2047      335        363,224  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

5

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2022

(Unaudited)

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          
California-(continued)           

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB

   4.00%   11/15/2040    $ 885       $ 974,710  

California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB

   4.00%   08/15/2050      22,000        24,621,555  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A,
Ref. RB(b)(c)

   5.00%   08/15/2025      1,000        1,122,004  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B,
Ref. RB

   4.00%   11/15/2041      885        962,398  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A,
Ref. RB

   4.00%   11/15/2048      175        191,262  

California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB

   4.00%   11/15/2042      170        187,714  

California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(b)(c)

   4.00%   10/01/2026      1,000        1,115,304  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB

   5.00%   11/01/2041      1,000        1,062,273  

California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB

   4.00%   11/01/2045      295        307,182  

California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB

   5.00%   08/01/2049      1,250        1,483,298  

California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB

   3.00%   07/01/2050      2,000        2,007,030  

California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB

   4.00%   07/01/2050      1,250        1,385,050  

California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.),
Series 2020, RB

   4.00%   03/01/2050      3,085        3,345,899  

California (State of) Municipal Finance Authority (Community Medical Centers),
Series 2017 A, Ref. RB

   4.00%   02/01/2042      1,000        1,078,473  

California (State of) Municipal Finance Authority (Eisenhower Medical Centers),
Series 2017 A, Ref. RB

   5.00%   07/01/2042      1,000        1,144,426  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB,
(INS - BAM)(a)

   4.00%   05/15/2046      500        545,772  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB,
(INS - BAM)(a)

   3.00%   05/15/2051      1,000        954,578  

California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB,
(INS - BAM)(a)

   3.00%   05/15/2054      1,000        942,338  

California (State of) Municipal Finance Authority (NorthBay Healthcare Group),
Series 2017 A, RB

   5.00%   11/01/2047      1,000        1,107,610  

California (State of) Municipal Finance Authority (NorthBay Healthcare Group),
Series 2017 A, RB

   5.25%   11/01/2047      500        562,550  

California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I),
Series 2017 A, RB

   5.00%   06/01/2042      1,000        1,168,263  

California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB(b)(c)

   5.00%   01/01/2028      1,000        1,198,755  

California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB

   5.00%   05/15/2049      2,000        2,273,195  

California (State of) Public Works Board (Green Bonds), Series 2021, RB

   4.00%   11/01/2046      1,000        1,126,115  

California (State of) Public Works Board (Green Bonds), Series 2021, RB

   5.00%   11/01/2046      1,000        1,230,684  

California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB

   5.00%   11/01/2034      670        768,804  

California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB(b)(c)

   5.00%   11/01/2024      1,000        1,097,695  

California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB

   3.00%   04/01/2046      1,250        1,208,008  

California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB

   4.00%   04/01/2051      3,500        3,755,711  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

   4.00%   08/15/2046      1,650        1,782,919  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

   4.00%   08/15/2051      165        177,563  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB

   5.00%   08/15/2051      1,000        1,127,851  

California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB

   5.00%   12/01/2057      1,075        1,242,455  

California (State of) Statewide Communities Development Authority (Kaiser Permanente), Series 2012 A, RB

   5.00%   04/01/2042      5,000        5,017,046  

California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB

   4.00%   08/01/2045      1,000        1,018,963  

California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB

   5.00%   05/15/2040      1,000        1,113,059  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

6

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2022

(Unaudited)

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          

California-(continued)

          

California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB

   5.00%   05/15/2047    $ 1,500       $ 1,684,945  

California State University, Series 2012 A, RB(b)(c)

   5.00%   11/01/2022      500        514,110  

California State University, Series 2015 A, Ref. RB

   5.00%   11/01/2038      4,515        5,063,007  

California State University, Series 2016 A, Ref. RB

   5.00%   11/01/2041      12,410        14,049,795  

California State University, Series 2016 A, Ref. RB

   5.00%   11/01/2045      1,700        1,921,703  

California State University, Series 2017 A, Ref. RB

   5.00%   11/01/2037      500        580,962  

California State University, Series 2018 A, Ref. RB

   5.00%   11/01/2048      3,000        3,576,997  

Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(d)

   5.00%   08/01/2050      800        814,350  

Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds

   4.00%   08/01/2047      5,090        5,626,267  

Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds

   5.00%   08/01/2044      2,000        2,186,017  

Chino Valley Unified School District, Series 2020 B, GO Bonds

   5.00%   08/01/2055      5,000        6,060,664  

Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)

   4.00%   08/01/2045      1,500        1,631,867  

Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)

   4.00%   06/01/2049      115        125,103  

Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds

   4.00%   08/01/2039      100        105,871  

East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB

   5.00%   06/01/2037      1,500        1,669,864  

East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB

   5.00%   06/01/2042      1,500        1,746,074  

East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB

   5.00%   06/01/2045      2,000        2,324,826  

Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)(a)

   4.00%   10/01/2044      250        275,899  

Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB

   3.95%   01/15/2053      2,000        2,091,340  

Fremont Union High School District, Series 2019 A, GO Bonds

   4.00%   08/01/2046      14,110        15,642,552  

Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)

   5.00%   09/01/2044      1,000        1,072,597  

Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a)

   5.00%   09/01/2038      2,600        2,844,763  

Jurupa Unified School District, Series 2017 B, GO Bonds

   4.00%   08/01/2041      2,000        2,195,598  

Kaweah Delta Health Care District Guild, Series 2015 B, RB

   4.00%   06/01/2045      240        256,117  

Lodi Unified School District (Election of 2016), Series 2020, GO Bonds

   3.00%   08/01/2043      5,000        5,069,560  

Long Beach (City of), CA, Series 2015, RB

   5.00%   05/15/2045      500        533,711  

Long Beach (City of), CA, Series 2017 C, Ref. RB

   5.00%   05/15/2047      1,500        1,738,693  

Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB

   5.00%   05/15/2040      500        536,121  

Long Beach Community College District, Series 2019 C, GO Bonds

   4.00%   08/01/2049      1,500        1,661,410  

Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB

   5.25%   06/01/2047      1,000        1,176,542  

Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB

   5.00%   05/15/2038      2,000        2,212,376  

Los Angeles (City of), CA Department of Airports, Series 2017 B, RB

   5.00%   05/15/2042      3,500        4,046,303  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

   5.00%   05/15/2045      1,500        1,837,805  

Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB

   5.00%   05/15/2048      1,900        2,314,107  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB

   5.00%   05/15/2044      610        721,487  

Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB

   5.00%   05/15/2040      3,000        3,641,376  

Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB

   5.00%   07/01/2043      2,000        2,025,885  

Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB

   5.00%   07/01/2039      1,000        1,082,837  

Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB

   5.00%   07/01/2044      1,000        1,081,636  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

   5.00%   07/01/2046      1,000        1,119,947  

Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB

   5.00%   07/01/2046      2,500        2,795,924  

Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB

   5.00%   07/01/2042      1,500        1,682,289  

Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB

   5.00%   07/01/2042      1,500        1,721,323  

Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB

   5.00%   07/01/2048      2,000        2,341,588  

Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB

   5.00%   07/01/2048      5,000        5,922,941  

Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB

   5.00%   07/01/2049      2,235        2,676,170  

Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB

   5.00%   07/01/2039      2,250        2,781,265  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

   5.00%   07/01/2037      1,000        1,245,850  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

   5.00%   07/01/2040      1,000        1,234,144  

Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB

   5.00%   07/01/2041      1,000        1,231,530  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

   5.00%   07/01/2045      3,750        4,633,471  

Los Angeles (City of), CA Department of Water & Power, Series 2021, RB

   5.00%   07/01/2051      3,250        3,982,493  

Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB

   5.00%   07/01/2042      6,500        7,580,078  

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB

   5.00%   07/01/2041      1,000        1,167,276  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

7

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2022

(Unaudited)

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          
California-(continued)           

Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB

   5.00%   07/01/2044    $ 2,000       $ 2,391,087  

Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB

   5.00%   12/01/2044      2,000        2,180,484  

Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB

   4.00%   12/01/2040      185        199,522  

Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB

   5.00%   12/01/2045      1,050        1,167,057  

Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB

   5.00%   12/01/2049      10,645        12,975,437  

Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB

   3.00%   12/01/2050      3,585        3,529,269  

Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB(b)

   5.00%   08/01/2037      1,130        1,150,460  

Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB(b)

   5.00%   08/01/2042      2,330        2,372,187  

Los Angeles Community College District, Series 2016, Ref. GO Bonds

   5.00%   08/01/2036      1,000        1,149,244  

Los Angeles Community College District, Series 2016, Ref. GO Bonds

   4.00%   08/01/2037      1,215        1,336,423  

Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds

   4.00%   08/01/2041      250        276,882  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

   3.00%   08/01/2039      3,800        3,883,821  

Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds

   4.00%   08/01/2039      100        109,815  

Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB

   5.00%   12/01/2043      5,000        6,015,114  

Los Angeles Unified School District, Series 2020 C, GO Bonds

   4.00%   07/01/2040      1,000        1,136,149  

Los Angeles Unified School District, Series 2020 C, GO Bonds

   3.00%   07/01/2045      1,000        1,012,983  

Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds

   5.00%   07/01/2038      1,000        1,185,253  

Madera Unified School District (Election of 2014), Series 2017, GO Bonds

   4.00%   08/01/2046      3,000        3,320,953  

Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds

   4.00%   08/01/2040      190        205,670  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

   5.00%   08/01/2041      5,000        5,857,761  

Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds

   4.00%   08/01/2047      150        165,172  

Metropolitan Water District of Southern California, Series 2020 A, RB

   5.00%   10/01/2045      2,000        2,428,886  

Metropolitan Water District of Southern California, Series 2021 A, RB

   5.00%   10/01/2046      1,000        1,246,924  

Metropolitan Water District of Southern California, Series 2021 A, RB

   5.00%   10/01/2051      1,000        1,241,248  

Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)

   3.00%   08/01/2050      3,000        3,011,772  

Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds

   4.00%   08/01/2047      3,000        3,298,240  

Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)

   5.00%   08/01/2048      5,000        5,813,012  

Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)

   5.00%   05/15/2046      1,500        1,832,593  

Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGM)(a)

   4.00%   05/15/2051      2,000        2,217,150  

Orange (County of), CA Local Transportation Authority, Series 2019, RB

   5.00%   02/15/2041      3,000        3,635,167  

Orange (County of), CA Water District, Series 2017 A, Ref. RB

   4.00%   08/15/2041      2,000        2,193,236  

Orange (County of), CA Water District, Series 2021 A, COP

   4.00%   02/15/2025      1,500        1,616,367  

Oxnard Union High School District, Series 2020 B, GO Bonds

   5.00%   08/01/2045      2,180        2,607,509  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

   5.00%   05/15/2041      1,000        1,128,021  

Regents of the University of California Medical Center, Series 2016 L, Ref. RB

   5.00%   05/15/2047      2,605        2,921,651  

Rio Elementary School District, Series 2020 C, GO Bonds, (INS - BAM)(a)

   5.00%   08/01/2047      1,340        1,595,223  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   4.00%   06/01/2037      600        679,307  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   4.00%   06/01/2038      700        790,286  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   4.00%   06/01/2039      675        759,944  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   4.00%   06/01/2040      750        842,879  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   4.00%   06/01/2046      625        692,097  

Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB

   3.00%   06/01/2049      2,000        1,919,762  

Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB

   5.00%   06/01/2043      4,500        5,199,824  

Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB

   5.00%   06/01/2048      3,700        4,263,720  

Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB

   5.00%   08/15/2050      8,100        9,881,268  

Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB

   5.00%   12/01/2044      1,525        1,637,316  

Sacramento City Unified School District (Measure Q), Series 2021 G, GO Bonds,
(INS - AGM)(a)

   4.00%   08/01/2049      1,000        1,113,796  

San Diego (City of), CA Association of Governments, Series 2017 A, RB

   5.00%   07/01/2042      1,000        1,167,485  

San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB

   4.00%   08/01/2045      300        337,739  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB

   5.00%   10/15/2044      1,000        1,104,809  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB

   5.00%   10/15/2046      1,535        1,877,346  

San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB

   4.00%   10/15/2050      500        560,219  

San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB

   5.00%   07/01/2044      1,500        1,772,213  

San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB

   5.00%   07/01/2049      3,000        3,529,700  

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

   4.00%   07/01/2046      500        559,802  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

8

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2022

(Unaudited)

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          
California-(continued)           

San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB

   5.00%   07/01/2046    $ 750       $ 914,148  

San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB

   5.00%   04/01/2048      4,000        4,505,676  

San Diego (County of), CA Water Authority, Series 2022 A, RB

   5.00%   05/01/2047      2,500        3,181,882  

San Diego Unified School District (Election of 2012), Series 2013 C, GO Bonds(b)(c)

   5.00%   07/01/2023      1,000        1,052,709  

San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds

   5.00%   07/01/2040      1,000        1,111,398  

San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds

   5.00%   07/01/2041      13,535        15,806,599  

San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds

   5.00%   07/01/2047      3,000        3,481,902  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB

   5.00%   05/01/2044      2,000        2,145,406  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB

   5.00%   05/01/2046      6,970        7,815,737  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB

   5.00%   05/01/2047      2,000        2,296,309  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB

   5.00%   05/01/2048      7,000        8,131,754  

San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB

   5.00%   05/01/2049      3,000        3,538,128  

San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB

   3.00%   11/01/2050      2,000        2,007,280  

San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds

   3.00%   08/01/2038      3,500        3,631,285  

San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds

   4.00%   06/15/2045      3,000        3,381,795  

San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB

   4.00%   08/01/2044      5,000        5,657,948  

San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB

   5.00%   08/01/2049      6,500        7,901,173  

San Mateo (City of), CA Joint Powers Financing Authority (Cordilleras Mental Health Center), Series 2021 A, RB

   4.00%   06/15/2041      1,950        2,267,818  

San Mateo Foster City School District, Series 2021 A, GO Bonds

   2.50%   08/01/2046      1,000        923,476  

San Mateo Foster City School District, Series 2021 A, GO Bonds

   2.50%   08/01/2051      1,000        904,094  

San Mateo Union High School District, Series 2021 B, GO Bonds

   2.00%   09/01/2045      1,000        857,677  

San Mateo Union High School District, Series 2021 B, GO Bonds

   2.13%   09/01/2048      1,000        858,737  

San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds

   4.00%   08/01/2047      5,000        5,577,368  

Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)

   2.13%   08/01/2050      1,000        823,965  

Santa Clara (County of), CA Financing Authority, Series 2019 A, RB

   3.00%   05/01/2041      2,000        2,043,762  

Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds

   4.00%   07/01/2048      100        109,656  

Santa Clara Valley Water District, Series 2016 A, Ref. RB

   5.00%   06/01/2046      4,090        4,549,101  

Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds

   4.00%   08/01/2046      1,000        1,109,703  

Sonoma Valley Unified School District, Series 2020, GO Bonds

   4.00%   08/01/2047      1,300        1,460,086  

Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB

   5.00%   10/01/2049      2,200        2,637,110  

Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)

   4.00%   08/01/2039      2,000        2,285,159  

University of California, Series 2012 G, RB(b)(c)

   5.00%   05/15/2022      645        650,815  

University of California, Series 2012 G, RB(b)(c)

   5.00%   05/15/2022      755        761,822  

University of California, Series 2013 AI, RB

   5.00%   05/15/2038      3,515        3,674,194  

University of California, Series 2016 AR, Ref. RB

   5.00%   05/15/2046      1,115        1,261,124  

University of California, Series 2017 AV, RB

   5.25%   05/15/2042      4,000        4,703,391  

University of California, Series 2017 M, RB

   5.00%   05/15/2042      1,725        1,998,567  

University of California, Series 2018 AZ, Ref. RB

   5.00%   05/15/2048      3,500        4,154,034  

University of California, Series 2020 BE, Ref. RB

   4.00%   05/15/2047      4,750        5,324,698  

University of California, Series 2021 BH, Ref. RB

   4.00%   05/15/2046      6,000        6,782,453  

University of California, Series 2021 BH, Ref. RB

   4.00%   05/15/2051      1,000        1,119,842  

University of California (Limited), Series 2017 M, RB

   4.00%   05/15/2047      125        136,559  

University of California (Limited), Series 2018 O, Ref. RB

   5.00%   05/15/2058      1,500        1,772,599  

University of California (Limited), Series 2021 Q, Ref. RB

   4.00%   05/15/2037      1,500        1,733,598  

University of California (Limited), Series 2021 Q, Ref. RB

   5.00%   05/15/2046      5,000        6,164,607  
          

 

 

 
             571,862,260  
          

 

 

 

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

9

 

 

 

 

      


 

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2022

(Unaudited)

 

         Interest    
Rate
      Maturity    
Date
     Principal  
Amount
(000)
           Value          
Puerto Rico-0.18%           

Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)(a)

   5.00%   07/01/2031    $ 1,100       $ 1,101,059  
          

 

 

 

TOTAL INVESTMENTS IN SECURITIES(e)-95.72%
(Cost $563,065,708)

             572,963,319  

OTHER ASSETS LESS LIABILITIES-4.28%

             25,611,884  
          

 

 

 

NET ASSETS-100.00%

           $ 598,575,203  
          

 

 

 

Investment Abbreviations:

 

AGM

-Assured Guaranty Municipal Corp.

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) 

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) 

Security subject to crossover refunding.

(e) 

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

 

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

Ad Valorem Property Tax        21.85                                     
Health, Hospital, Nursing Home Revenue        13.80     
College & University Revenue        11.48     
Port, Airport & Marina Revenue        8.74     
Lease Revenue        8.00     
General Fund        5.70     
Electric Power Revenue        5.61     
Water Revenue        5.48     
Sales Tax Revenue        3.22     
Revenue Types Each Less Than 3%        11.84     
Other Assets Less Liabilities        4.28     

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

10

 

 

 

 

      


 

Invesco CEF Income Composite ETF (PCEF)

February 28, 2022

(Unaudited)

 

Schedule of Investments

 

     Shares      Value  

Closed-End Funds-100.07%

     
Bonds-37.64%      

Aberdeen Asia-Pacific Income Fund, Inc.(a)

     3,986,435      $  13,912,658  

BlackRock Core Bond Trust(a)

     465,878        6,284,694  

BlackRock Credit Allocation Income Trust

     1,151,249        14,828,087  

BlackRock Income Trust, Inc.

     570,231        2,919,583  

BlackRock Limited Duration Income Trust

     357,215        5,158,185  

BlackRock Multi-Sector Income Trust(a)

     320,323        5,195,639  

BlackRock Taxable Municipal Bond Trust(a)

     582,374        13,685,789  

Cohen & Steers Limited Duration Preferred and Income Fund, Inc.

     251,167        5,636,188  

Cohen & Steers Select Preferred and Income Fund, Inc.

     91,633        2,081,902  

DoubleLine Income Solutions Fund

     1,342,357        19,558,142  

DoubleLine Opportunistic Credit Fund(a)

     157,243        2,725,021  

Eaton Vance Limited Duration Income Fund

     1,441,149        16,890,266  

Eaton Vance Short Duration Diversified Income Fund

     132,993        1,546,709  

First Trust Intermediate Duration Preferred & Income Fund(a)

     607,621        12,930,175  

Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)

     174,249        4,506,079  

Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)

     407,884        7,819,136  

Flaherty & Crumrine Preferred and Income Fund, Inc.

     80,518        1,138,525  

Flaherty & Crumrine Total Return Fund, Inc.

     91,430        1,825,857  

Franklin Ltd. Duration Income Trust(a)

     374,271        2,975,454  

Franklin Universal Trust

     354,265        2,823,492  

Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust

     189,022        3,975,133  

Invesco Bond Fund(b)

     144,146        2,551,384  

Invesco Senior Income Trust(a)(b)

     2,168,588        9,455,044  

John Hancock Preferred Income Fund

     227,614        4,247,277  

John Hancock Preferred Income Fund II

     160,007        2,987,331  

John Hancock Preferred Income Fund III(a)

     233,694        4,091,982  

John Hancock Premium Dividend Fund(a)

     324,112        5,195,515  

MFS Charter Income Trust

     441,629        3,268,055  

MFS Government Markets Income Trust

     404,296        1,576,754  

MFS Intermediate Income Trust

     1,420,088        4,586,884  

MFS Multimarket Income Trust

     435,573        2,334,671  

Nuveen Credit Strategies Income Fund(a)

     1,978,023        12,145,061  

Nuveen Floating Rate Income Fund

     727,650        7,101,864  

Nuveen Global High Income Fund

     334,268        4,796,746  

Nuveen Preferred & Income Opportunities Fund

     1,331,745        11,386,420  

Nuveen Preferred & Income Securities
Fund(a)

     2,601,730        22,036,653  

Nuveen Taxable Municipal Income
Fund(a)

     288,016        6,045,456  

PIMCO Dynamic Income Opportunities
Fund(a)

     961,309        16,813,294  

PIMCO Income Strategy Fund

     256,524        2,624,241  

PIMCO Income Strategy Fund II(a)

     582,028        5,191,690  

Pioneer Floating Rate Fund, Inc.

     120,373        1,307,251  

Putnam Master Intermediate Income Trust

     516,345        1,838,188  

Putnam Premier Income Trust(a)

     1,055,026        4,199,003  

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.(a)

     187,193        2,514,002  

TCW Strategic Income Fund, Inc.

     590,889        3,075,577  

Templeton Global Income Fund

     1,716,812        8,566,892  

Virtus Global Multi-Sector Income Fund

     145,448        1,457,389  

 

     Shares      Value  

Bonds-(continued)

     

Western Asset Global Corporate Defined Opportunity Fund, Inc.(a)

     187,053      $ 2,972,272  

Western Asset Inflation-Linked Opportunities & Income Fund

     967,528        11,929,620  

Western Asset Inflation-Linked Securities & Income Fund

     318,848        3,877,192  

Western Asset Investment Grade Defined Opportunity Trust, Inc.

     102,792        1,972,578  
     

 

 

 
        320,563,000  
     

 

 

 

Bonds/High Yield-21.46%

     

AllianceBernstein Global High Income Fund, Inc.

     1,224,952        13,376,476  

Allspring Income Opportunities Fund

     782,978        6,224,675  

Allspring Multi-Sector Income Fund

     208,355        2,318,991  

Barings Global Short Duration High Yield Fund

     290,088        4,565,985  

BlackRock Corporate High Yield Fund, Inc.

     1,257,071        13,588,938  

BlackRock Debt Strategies Fund, Inc.

     461,392        4,890,755  

BlackRock Floating Rate Income Strategies Fund, Inc.

     454,659        5,987,859  

BlackRock Floating Rate Income Trust

     219,740        2,814,869  

BNY Mellon High Yield Strategies Fund

     959,061        2,675,780  

Credit Suisse Asset Management Income Fund, Inc.

     527,280        1,624,022  

Credit Suisse High Yield Bond Fund

     1,332,478        2,944,643  

Delaware Ivy High Income Opportunities Fund(a)

     237,980        3,122,298  

Eaton Vance Floating-Rate Income Trust(a)

     282,945        3,961,230  

Eaton Vance Senior Floating-Rate Trust

     247,120        3,472,036  

First Trust High Income Long/Short Fund

     423,633        5,850,372  

First Trust Senior Floating Rate Income
Fund II(a)

     332,096        4,041,608  

Highland Income Fund

     1,268,906        14,719,310  

Insight Select Income Fund

     126,348        2,285,635  

Morgan Stanley Emerging Markets Debt Fund, Inc.

     318,394        2,553,520  

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.(a)

     1,101,793        5,652,198  

Neuberger Berman High Yield Strategies Fund, Inc.(a)

     130,886        1,458,070  

New America High Income Fund, Inc. (The)

     307,917        2,555,711  

Nuveen NASDAQ 100 Dynamic Overwrite

     

Fund

     444,890        11,509,304  

PGIM Global High Yield Fund, Inc.

     593,199        8,328,514  

PGIM High Yield Bond Fund, Inc.(a)

     480,110        7,000,004  

PGIM Short Duration High Yield Opportunities Fund

     354,302        6,058,564  

PIMCO High Income Fund(a)

     992,787        5,708,525  

Pioneer Diversified High Income Fund, Inc.

     81,298        1,083,702  

Pioneer High Income Fund, Inc.(a)

     270,193        2,253,410  

Templeton Emerging Markets Income Fund

     614,710        4,235,352  

Western Asset Emerging Markets Debt Fund, Inc.

     882,931        9,623,948  

Western Asset Global High Income Fund, Inc.

     320,995        2,811,916  

Western Asset High Income Fund II, Inc.(a)

     604,497        3,850,646  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

11

 

 

 

 

    



 

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2022

(Unaudited)

 

     Shares      Value  
Bonds/High Yield-(continued)      

Western Asset High Income Opportunity Fund, Inc.

     1,344,643      $ 6,239,144  

Western Asset High Yield Defined Opportunity Fund, Inc.

     233,695        3,313,795  
     

 

 

 
        182,701,805  
     

 

 

 

Domestic Equity-1.26%

     

John Hancock Tax-Advantaged Dividend Income Fund

     436,466        10,680,323  
     

 

 

 

Equities-2.51%

     

Virtus Dividend, Interest & Premium Strategy Fund

     1,518,177        21,391,114  
     

 

 

 

Fixed Income-6.45%

     

Ares Dynamic Credit Allocation Fund, Inc.(a)

     305,251        4,490,242  

Blackstone Long-Short Credit Income Fund

     168,199        2,311,054  

Nuveen Core Plus Impact Fund(a)

     413,051        6,389,899  

PIMCO Dynamic Income Fund(a)

     1,647,597        39,871,848  

PIMCO Strategic Income Fund, Inc.

     319,624        1,892,174  
     

 

 

 
        54,955,217  
     

 

 

 

Option Income-30.75%

     

BlackRock Energy and Resources Trust

     475,340        5,271,521  

BlackRock Enhanced Capital and Income Fund, Inc.(a)

     552,314        11,151,220  

BlackRock Enhanced Equity Dividend Trust(a)

     2,380,189        23,064,031  

BlackRock Enhanced Global Dividend Trust

     1,015,170        11,654,152  

BlackRock Enhanced International Dividend Trust

     1,655,265        9,766,064  

BlackRock Health Sciences Trust

     129,275        5,583,387  

BlackRock Resources & Commodities Strategy Trust

     1,311,690        13,602,225  

BlackRock Science & Technology Trust

     454,573        19,751,197  

Brookfield Real Assets Income Fund, Inc.(a)

     378,441        7,882,926  

Columbia Seligman Premium Technology Growth Fund, Inc.

     134,667        4,220,464  

Eaton Vance Enhanced Equity Income Fund(a)

     376,005        6,963,613  

Eaton Vance Enhanced Equity Income
Fund II(a)

     499,531        10,300,329  

Eaton Vance Risk-Managed Diversified Equity Income Fund

     481,279        4,769,475  

Eaton Vance Tax-Managed Buy-Write Income Fund(a)

     242,803        3,913,984  

Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)

     890,651        13,733,838  

Eaton Vance Tax-Managed Diversified Equity Income Fund

     1,490,013        20,308,877  
     Shares      Value  
Option Income-(continued)      

Eaton Vance Tax-Managed Global Buy Write Opportunities Fund

     1,077,384      $ 11,032,412  

Eaton Vance Tax-Managed Global Diversified Equity Income Fund(a)

     3,016,360        28,052,148  

First Trust Enhanced Equity Income Fund

     196,321        3,893,045  

GAMCO Natural Resources Gold & Income Trust

     309,821        1,666,837  

John Hancock Hedged Equity & Income Fund(a)

     156,445        1,999,367  

Madison Covered Call & Equity Strategy Fund(a)

     181,443        1,404,369  

Nuveen Dow 30sm Dynamic Overwrite
Fund(a)

     459,076        7,515,074  

Nuveen S&P 500 Buy-Write Income Fund(a)

     1,323,908        18,071,344  

Nuveen S&P 500 Dynamic Overwrite Fund(a)

     219,458        3,741,759  

Voya Global Advantage and Premium Opportunity Fund(a)

     257,441        2,445,690  

Voya Global Equity Dividend and Premium Opportunity Fund

     1,263,534        7,454,851  

Voya Infrastructure Industrials and Materials Fund(a)

     242,589        2,680,608  
     

 

 

 
        261,894,807  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.07%
(Cost $848,171,598)

 

     852,186,266  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

  

Money Market Funds-1.34%

 

Invesco Private Government Fund,
0.12%(b)(c)(d)

     3,357,538        3,357,538  

Invesco Private Prime Fund, 0.08%(b)(c)(d)

     8,065,514        8,066,321  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $11,424,212)

 

     11,423,859  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.41%
(Cost $859,595,810)

 

     863,610,125  

OTHER ASSETS LESS LIABILITIES-(1.41)%

        (11,974,700
     

 

 

 

NET ASSETS-100.00%

      $ 851,635,425  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

All or a portion of this security was out on loan at February 28, 2022.

(b) 

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Invesco Bond Fund

     $ 2,909,501      $ 306,637      $ (275,682 )     $ (398,147 )     $ 86,377     $ 2,551,384      $ 46,144

Invesco Senior Income Trust

       9,293,431        1,520,321        (1,279,399 )       (75,943 )       (3,366 )       9,455,044        433,123

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

12

 

 

 

 

      


 

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2022

(Unaudited)

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated

Money Market Funds:

                               
Invesco Government & Agency Portfolio, Institutional Class      $      $ 12,062,705      $ (12,062,705 )     $     $     $      $ 59
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        4,905,376        46,190,457        (47,738,295 )                   3,357,538        580 *

Invesco Private Prime Fund

       11,445,876        81,262,002        (84,636,504 )       (353 )       (4,700 )       8,066,321        5,887 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 28,554,184      $ 141,342,122      $ (145,992,585 )     $ (474,443 )     $ 78,311 **     $ 23,430,287      $ 485,793
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

**

Includes capital gains distributions from affiliated underlying funds as follows:

 

Fund Name   

Capital Gain

Invesco Bond Fund      $ 77,302

 

(c) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(d) 

The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

Portfolio Composition

Asset Class Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

Bonds        37.64                               
Option Income        30.75    
Bonds/High Yield        21.46    
Fixed Income        6.45    
Equities        2.51    
Domestic Equity        1.26    
Money Market Funds Plus Other Assets Less Liabilities        (0.07 )    

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

13

 

 

 

 

      


 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)

February 28, 2022

(Unaudited)

 

Schedule of Investments(a)

 

     Principal
    Amount    
             Value          

U.S. Dollar Denominated Bonds & Notes-97.81%

 

Aerospace & Defense-1.94%

     

Howmet Aerospace, Inc.

     

5.13%, 10/01/2024(b)

   $ 3,437,000      $ 3,610,500  

3.00%, 01/15/2029(b)

     4,020,000        3,820,809  

TransDigm, Inc., 5.50%, 11/15/2027

     9,649,000        9,587,101  
     

 

 

 
             17,018,410  
     

 

 

 

Airlines-1.91%

     

Delta Air Lines, Inc.

     

7.38%, 01/15/2026(b)

     7,517,000        8,391,753  

4.38%, 04/19/2028(b)

       8,364,000        8,378,052  
     

 

 

 
        16,769,805  
     

 

 

 

Auto Components-2.26%

     

American Axle & Manufacturing, Inc., 5.00%, 10/01/2029(b)

     5,860,000        5,568,406  

Dana, Inc., 5.63%, 06/15/2028

     5,335,000        5,461,733  

Goodyear Tire & Rubber Co. (The)

     

5.00%, 05/31/2026(b)

     4,356,000        4,377,737  

5.00%, 07/15/2029(b)(c)

     4,500,000        4,432,995  
     

 

 

 
        19,840,871  
     

 

 

 

Automobiles-3.36%

     

Ford Motor Co., 3.25%, 02/12/2032(b)

     15,400,000        14,547,610  

Ford Motor Credit Co. LLC, 3.38%, 11/13/2025

     15,220,000        15,009,051  
     

 

 

 
        29,556,661  
     

 

 

 

Building Products-0.33%

     

Griffon Corp., 5.75%, 03/01/2028(b)

     2,875,000        2,861,488  
     

 

 

 

Chemicals-3.83%

     

Avient Corp., 5.25%, 03/15/2023(b)

     3,844,000        3,945,155  

CF Industries, Inc., 3.45%, 06/01/2023

     7,151,000        7,286,082  

Chemours Co. (The), 5.38%, 05/15/2027(b)

     5,611,000        5,639,055  

Huntsman International LLC, 4.50%, 05/01/2029

     5,989,000        6,365,262  

Olin Corp., 5.63%, 08/01/2029(b)

     5,692,000        5,947,258  

Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(b)

     4,846,000        4,453,668  
     

 

 

 
        33,636,480  
     

 

 

 

Commercial Services & Supplies-1.49%

 

CoreCivic, Inc., 8.25%, 04/15/2026(b)

     5,290,000        5,379,374  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026(b)

     7,504,000        7,698,579  
     

 

 

 
        13,077,953  
     

 

 

 

Communications Equipment-0.49%

     

Hughes Satellite Systems Corp., 6.63%, 08/01/2026(b)

     4,107,000        4,282,780  
     

 

 

 

Construction & Engineering-1.77%

     

AECOM, 5.13%, 03/15/2027

     8,097,000        8,306,388  

Fluor Corp.

     

3.50%, 12/15/2024(b)

     3,614,000        3,655,272  

4.25%, 09/15/2028(b)

     3,709,000        3,630,666  
     

 

 

 
        15,592,326  
     

 

 

 

 

 

     Principal
    Amount    
             Value          

Consumer Finance-3.98%

     

Ally Financial, Inc., 5.75%, 11/20/2025(b)

   $ 12,284,000      $ 13,097,415  

Navient Corp.

     

6.13%, 03/25/2024(b)

     4,750,000        4,898,295  

5.00%, 03/15/2027(b)

     4,978,000        4,811,461  

OneMain Finance Corp.

     

7.13%, 03/15/2026

     3,170,000        3,440,195  

6.63%, 01/15/2028(b)

     3,178,000        3,366,296  

SLM Corp., 4.20%, 10/29/2025(b)

     5,367,000        5,400,329  
     

 

 

 
             35,013,991  
     

 

 

 

Containers & Packaging-2.18%

     

Ball Corp.

     

5.25%, 07/01/2025(b)

     3,429,000        3,638,683  

2.88%, 08/15/2030(b)

     4,095,000        3,749,853  

Berry Global, Inc., 1.57%, 01/15/2026

     7,600,000        7,249,168  

Silgan Holdings, Inc., 4.13%, 02/01/2028(b)

       4,620,000        4,538,827  
     

 

 

 
        19,176,531  
     

 

 

 

Diversified Consumer Services-0.63%

     

Service Corp. International, 5.13%, 06/01/2029(b)

     5,429,000        5,574,769  
     

 

 

 

Diversified Telecommunication Services-1.64%

 

  

Lumen Technologies, Inc.

     

Series G, 6.88%, 01/15/2028(b)

     7,134,000        6,876,141  

Series Y, 7.50%, 04/01/2024(b)

     7,187,000        7,550,842  
     

 

 

 
        14,426,983  
     

 

 

 

Electric Utilities-3.15%

     

FirstEnergy Corp., Series B, 4.40%, 07/15/2027

     10,238,000        10,600,374  

NRG Energy, Inc., 6.63%, 01/15/2027

     6,338,000        6,559,830  

PG&E Corp., 5.25%, 07/01/2030(b)

     10,586,000        10,532,647  
     

 

 

 
        27,692,851  
     

 

 

 

Electronic Equipment, Instruments & Components-0.92%

 

CDW LLC/CDW Finance Corp.

     

3.25%, 02/15/2029

     4,479,000        4,180,967  

3.57%, 12/01/2031

     4,050,000        3,938,686  
     

 

 

 
        8,119,653  
     

 

 

 

Energy Equipment & Services-0.90%

     

Oceaneering International, Inc., 4.65%, 11/15/2024

     3,861,000        3,804,629  

Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)

     4,334,000        4,149,808  
     

 

 

 
        7,954,437  
     

 

 

 

Entertainment-0.98%

     

Netflix, Inc.

     

4.38%, 11/15/2026(b)

     4,020,000        4,250,125  

4.88%, 04/15/2028

     4,042,000        4,340,845  
     

 

 

 
        8,590,970  
     

 

 

 

Equity REITs-4.79%

     

CyrusOne L.P./CyrusOne Finance Corp.

     

2.90%, 11/15/2024

     2,115,000        2,141,839  

3.45%, 11/15/2029

     2,165,000        2,280,167  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

14

 

 

 

 

      


 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
             Value          

Equity REITs-(continued)

     

Diversified Healthcare Trust, 4.75%, 02/15/2028(b)

   $ 5,955,000      $        5,393,235  

GLP Capital L.P./GLP Financing II, Inc.

     

5.38%, 04/15/2026

     2,477,000        2,653,536  

5.30%, 01/15/2029

     2,460,000        2,678,454  

iStar, Inc., 4.75%, 10/01/2024(b)

     2,739,000        2,759,419  

MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027

     4,957,000        5,070,615  

RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027

     4,465,000        4,379,027  

Sabra Health Care L.P.

     

5.13%, 08/15/2026

     1,848,000        1,966,137  

3.90%, 10/15/2029(b)

     1,930,000        1,938,513  

SBA Communications Corp., 3.88%, 02/15/2027

     4,650,000        4,644,536  

Service Properties Trust

     

4.35%, 10/01/2024(b)

     3,289,000        3,153,230  

5.50%, 12/15/2027(b)

     3,160,000        3,096,800  
     

 

 

 
        42,155,508  
     

 

 

 

Food Products-2.45%

     

B&G Foods, Inc., 5.25%, 04/01/2025

     3,956,000        3,980,705  

Kraft Heinz Foods Co. (The)

     

3.00%, 06/01/2026

     8,709,000        8,714,008  

4.25%, 03/01/2031(b)

     8,361,000        8,888,788  
     

 

 

 
        21,583,501  
     

 

 

 

Gas Utilities-0.77%

     

AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026

     6,598,000        6,729,960  

Health Care Equipment & Supplies-0.49%

 

Teleflex, Inc., 4.63%, 11/15/2027

     4,202,000        4,273,455  
     

 

 

 

Health Care Providers & Services-5.12%

 

Centene Corp., 4.63%, 12/15/2029(b)

     13,492,000        13,919,089  

Encompass Health Corp., 4.75%, 02/01/2030(b)

     5,367,000        5,092,210  

HCA, Inc.

     

5.38%, 02/01/2025

     7,301,000        7,740,009  

3.50%, 09/01/2030(b)

     8,084,000        8,015,286  

Tenet Healthcare Corp.

     

4.88%, 01/01/2026(b)(c)

     5,116,000        5,135,645  

4.25%, 06/01/2029(c)

     5,270,000        5,092,691  
     

 

 

 
        44,994,930  
     

 

 

 

Hotels, Restaurants & Leisure-6.37%

 

Churchill Downs, Inc., 5.50%, 04/01/2027(c)

     2,890,000        2,936,746  

Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(b)

     7,196,000        7,415,514  

Hyatt Hotels Corp.

     

5.38%, 04/23/2025

     2,330,000        2,523,633  

5.75%, 04/23/2030(b)

     2,160,000        2,492,430  

Las Vegas Sands Corp., 3.20%, 08/08/2024

     7,800,000        7,701,184  

MGM Resorts International

     

6.00%, 03/15/2023

     4,543,000        4,690,647  

5.50%, 04/15/2027(b)

     4,456,000        4,607,125  
     Principal
    Amount    
             Value          

Hotels, Restaurants & Leisure-(continued)

 

Royal Caribbean Cruises Ltd.

     

5.25%, 11/15/2022

   $ 4,962,000      $        5,004,772  

3.70%, 03/15/2028(b)

     5,593,000        5,076,263  

Travel + Leisure Co.

     

6.60%, 10/01/2025(b)

     2,290,000        2,448,010  

Series J, 6.00%, 04/01/2027

     2,342,000        2,451,161  

Yum! Brands, Inc., 3.63%, 03/15/2031

     9,271,000        8,677,332  
     

 

 

 
        56,024,817  
     

 

 

 

Household Durables-3.86%

     

Century Communities, Inc., 6.75%, 06/01/2027

     2,729,000        2,827,653  

KB Home, 4.00%, 06/15/2031(b)

     4,050,000        3,875,546  

M/I Homes, Inc., 4.95%, 02/01/2028

     3,198,000        3,131,642  

MDC Holdings, Inc., 2.50%, 01/15/2031(b)

     4,166,000        3,784,204  

Meritage Homes Corp., 6.00%, 06/01/2025(b)

     3,746,000        3,993,985  

Newell Brands, Inc., 4.70%, 04/01/2026 .

     6,833,000        7,081,038  

Toll Brothers Finance Corp.

     

4.38%, 04/15/2023(b)

     2,628,340        2,675,850  

4.88%, 03/15/2027(b)

     2,485,000        2,653,493  

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024(b)

     1,926,000        2,005,438  

Tri Pointe Homes, Inc., 5.70%, 06/15/2028(b)

     1,915,000        1,932,714  
     

 

 

 
        33,961,563  
     

 

 

 

Household Products-0.49%

     

Spectrum Brands, Inc., 5.75%, 07/15/2025

     4,231,000        4,310,479  
     

 

 

 

Independent Power and Renewable Electricity Producers-1.20%

 

AES Corp. (The), 1.38%, 01/15/2026(b) .

     11,050,000        10,515,483  
     

 

 

 

Insurance-1.28%

     

Genworth Holdings, Inc., 4.80%, 02/15/2024(b)

     10,945,000        11,248,176  
     

 

 

 

Internet & Direct Marketing Retail-0.94%

 

QVC, Inc.

     

4.38%, 03/15/2023

     4,229,000        4,308,103  

4.75%, 02/15/2027(b)

     4,285,000        3,991,992  
     

 

 

 
        8,300,095  
     

 

 

 

IT Services-0.25%

     

Twilio, Inc., 3.63%, 03/15/2029(b)

     2,260,000        2,163,362  
     

 

 

 

Machinery-1.57%

     

Hillenbrand, Inc.

     

5.00%, 09/15/2026(b)

     1,627,000        1,723,180  

3.75%, 03/01/2031(b)

     1,800,000        1,721,142  

Trinity Industries, Inc., 4.55%, 10/01/2024

     4,756,000        4,856,303  

Wabtec Corp.

     

4.40%, 03/15/2024(b)

     2,671,000        2,770,411  

4.95%, 09/15/2028

     2,520,000        2,744,780  
     

 

 

 
        13,815,816  
     

 

 

 

Media-4.64%

     

AMC Networks, Inc.

     

5.00%, 04/01/2024

     2,536,000        2,535,696  

4.25%, 02/15/2029(b)

     2,687,000        2,519,909  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

15

 

 

 

 

      


 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
             Value          

Media-(continued)

     

CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)

   $ 10,243,000      $ 10,056,219  

Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025

     9,136,000        9,699,252  

DISH DBS Corp.

     

7.75%, 07/01/2026(b)

     4,981,000        5,049,962  

5.13%, 06/01/2029

     5,835,000        4,933,726  

Lamar Media Corp., 3.75%, 02/15/2028(b)

     6,280,000        6,044,500  
     

 

 

 
        40,839,264  
     

 

 

 

Metals & Mining-2.58%

     

Allegheny Technologies, Inc., 5.88%, 12/01/2027(b)

     3,722,000        3,802,525  

Carpenter Technology Corp., 6.38%, 07/15/2028

     3,305,000        3,337,571  

Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027

     760        787  

Freeport-McMoRan, Inc.

     

3.88%, 03/15/2023(b)

     4,534,000        4,616,541  

4.63%, 08/01/2030(b)

     4,300,000        4,445,663  

United States Steel Corp., 6.88%, 03/01/2029(b)

     6,321,000        6,502,887  
     

 

 

 
        22,705,974  
     

 

 

 

Mortgage REITs-0.94%

     

Starwood Property Trust, Inc., 4.75%, 03/15/2025(b)

     8,160,000        8,254,551  
     

 

 

 

Multiline Retail-2.33%

     

Macy’s Retail Holdings LLC, 2.88%, 02/15/2023

     11,922,000        11,922,000  

Nordstrom, Inc., 4.38%, 04/01/2030(b)

     9,424,000        8,601,285  
     

 

 

 
        20,523,285  
     

 

 

 

Oil, Gas & Consumable Fuels-9.62%

 

Apache Corp.

     

4.63%, 11/15/2025

     3,489,000        3,606,178  

4.38%, 10/15/2028(b)

     3,586,000        3,636,885  

Cheniere Energy, Inc., 4.63%, 10/15/2028

     7,820,000        7,967,329  

Continental Resources, Inc.

     

3.80%, 06/01/2024(b)

     3,560,000        3,635,614  

4.38%, 01/15/2028(b)

     3,572,000        3,695,506  

EQM Midstream Partners L.P.

     

4.75%, 07/15/2023

     2,575,000        2,591,326  

5.50%, 07/15/2028

     2,625,000        2,587,751  

EQT Corp.

     

6.63%, 02/01/2025(b)

     1,990,000        2,151,906  

3.90%, 10/01/2027(b)

     2,203,000        2,228,566  

Hess Corp., 4.30%, 04/01/2027(b)

     6,660,000        7,052,252  

Murphy Oil Corp.

     

5.75%, 08/15/2025(b)

     2,889,000        2,946,751  

5.88%, 12/01/2027(b)

     2,884,000        2,941,781  

Occidental Petroleum Corp.

     

2.90%, 08/15/2024

     9,055,000        9,076,913  

3.50%, 08/15/2029(b)

     9,736,000        9,727,968  

Range Resources Corp.

     

4.88%, 05/15/2025(b)

     1,642,000        1,665,292  

8.25%, 01/15/2029

     1,591,000        1,745,454  
     Principal
    Amount    
             Value          

Oil, Gas & Consumable Fuels-(continued)

 

SM Energy Co., 6.50%, 07/15/2028(b)

   $ 4,015,000      $ 4,120,253  

Southwestern Energy Co.

     

5.95%, 01/23/2025(b)

     1,821,000        1,900,541  

5.38%, 03/15/2030(b)

     1,840,000        1,901,125  

Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030

     8,901,000        9,452,684  
     

 

 

 
        84,632,075  
     

 

 

 

Pharmaceuticals-0.50%

     

Elanco Animal Health, Inc.

     

5.77%, 08/28/2023(b)

     2,096,000        2,161,605  

6.40%, 08/28/2028(b)

     2,020,000        2,192,306  
     

 

 

 
        4,353,911  
     

 

 

 

Professional Services-0.75%

     

IHS Markit Ltd.

     

4.13%, 08/01/2023

     3,218,000        3,261,446  

4.25%, 05/01/2029

     3,045,000        3,350,006  
     

 

 

 
        6,611,452  
     

 

 

 

Real Estate Management & Development-0.78%

 

Kennedy-Wilson, Inc., 4.75%, 03/01/2029(b)

     3,930,000        3,846,487  

Newmark Group, Inc., 6.13%, 11/15/2023(b)

     2,915,000        3,045,009  
     

 

 

 
        6,891,496  
     

 

 

 

Semiconductors & Semiconductor Equipment-1.92%

 

Amkor Technology, Inc., 6.63%, 09/15/2027(b)(c)

     5,154,000        5,392,244  

Qorvo, Inc., 4.38%, 10/15/2029(b)

     4,991,000        5,055,334  

Skyworks Solutions, Inc.

     

1.80%, 06/01/2026(b)

     3,470,000        3,319,057  

3.00%, 06/01/2031(b)

     3,360,000        3,136,847  
     

 

 

 
        16,903,482  
     

 

 

 

Software-1.00%

     

CDK Global, Inc.

     

5.00%, 10/15/2024(b)

     1,988,000        2,084,378  

4.88%, 06/01/2027

     2,050,000        2,101,957  

Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(b)

     1,335,000        1,253,959  

Nuance Communications, Inc., 5.63%, 12/15/2026

     3,255,640        3,349,549  
     

 

 

 
        8,789,843  
     

 

 

 

Specialty Retail-3.46%

     

Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)

     5,311,000        5,161,575  

Bath & Body Works, Inc., 5.25%, 02/01/2028

     10,341,000        10,728,787  

Murphy Oil USA, Inc., 4.75%, 09/15/2029

     6,426,000        6,453,407  

Penske Automotive Group, Inc., 3.75%, 06/15/2029(b)

     8,592,000        8,038,031  
     

 

 

 
        30,381,800  
     

 

 

 

Technology Hardware, Storage & Peripherals-3.30%

 

Seagate HDD Cayman, 4.75%, 01/01/2025(b)

     9,942,000        10,252,041  

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

16

 

 

 

 

      


 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2022

(Unaudited)

 

     Principal
    Amount    
             Value          

Technology Hardware, Storage & Peripherals-(continued)

 

Western Digital Corp.

     

4.75%, 02/15/2026(b)

   $ 5,361,000      $ 5,576,137  

3.10%, 02/01/2032(b)

     6,050,000        5,629,646  

Xerox Corp., 4.38%, 03/15/2023(b)

     7,455,000        7,539,055  
     

 

 

 
        28,996,879  
     

 

 

 

Textiles, Apparel & Luxury Goods-0.57%

 

Under Armour, Inc., 3.25%, 06/15/2026(b)

     5,018,000        4,983,878  
     

 

 

 

Thrifts & Mortgage Finance-0.92%

 

MGIC Investment Corp., 5.25%, 08/15/2028(b)

     4,115,000        4,174,503  

Radian Group, Inc.

     

4.50%, 10/01/2024

     1,900,420        1,921,724  

4.88%, 03/15/2027

     1,925,000        1,990,825  
     

 

 

 
        8,087,052  
     

 

 

 

Trading Companies & Distributors-1.07%

 

United Rentals North America, Inc., 4.88%, 01/15/2028

     9,274,000        9,453,800  
     

 

 

 

Wireless Telecommunication Services-2.09%

 

Sprint Capital Corp., 6.88%, 11/15/2028

     7,726,000        9,186,871  

Sprint Corp., 7.88%, 09/15/2023(b)

     8,584,000        9,233,165  
        18,420,036  
     

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $885,127,482)

 

     860,092,882  
     

 

 

 
     Shares      Value  

Money Market Funds-1.83%

 

Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)
(Cost $16,078,734)

     16,078,734      $ 16,078,734  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64%
(Cost $901,206,216)

        876,171,616  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan      

Money Market Funds-30.69%

     

Invesco Private Government Fund,
0.12%(d)(e)(f)

     74,956,744        74,956,744  

Invesco Private Prime Fund,
0.08%(d)(e)(f)

     194,871,535        194,891,026  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $269,877,471)

 

     269,847,770  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-130.33%
(Cost $1,171,083,687)

 

     1,146,019,386  

OTHER ASSETS LESS LIABILITIES-(30.33)%

 

     (266,719,724
     

 

 

 

NET ASSETS-100.00%

      $ 879,299,662  
     

 

 

 

 

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 February 28, 2022.

(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 February 28, 2022 was $33,046,540, which represented 3.76% 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 six months ended February 28, 2022.

 

     Value
August 31, 2021
   Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
February 28, 2022
   Dividend
Income

Investments in Affiliated

Money Market Funds:

                               
Invesco Government & Agency Portfolio, Institutional Class      $ 7,095,283      $ 128,680,511      $ (119,697,060 )     $     $     $ 16,078,734      $ 1,040
Investments Purchased with Cash Collateral from Securities on Loan:                                
Invesco Private Government Fund        66,093,480        136,532,652        (127,669,388 )                   74,956,744        11,143 *
Invesco Private Prime Fund        154,371,993        258,511,416        (217,931,771 )       (29,703 )       (30,909 )       194,891,026        99,920 *
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 
Total      $ 227,560,756      $ 523,724,579      $ (465,298,219 )     $ (29,703 )     $ (30,909 )     $ 285,926,504      $ 112,103
    

 

 

      

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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.

 

      

17

 

 

 

 

      


 

Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)

February 28, 2022

(Unaudited)

 

(e) 

The rate shown is the 7-day SEC standardized yield as of February 28, 2022.

(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 2I.

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets)

as of February 28, 2022

Consumer Discretionary        23.05                                     
Energy        11.25     
Industrials        10.83     
Communication Services        9.35     
Materials        8.59     
Information Technology        7.88     
Financials        7.12     
Health Care        6.11     
Real Estate        5.57     
Utilities        5.12     
Consumer Staples        2.94     
Money Market Funds Plus Other Assets Less Liabilities        2.19     

 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

 

      

18

 

 

 

 

      


 

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

February 28, 2022

(Unaudited)

Schedule of Investments(a)

 

     Principal
    Amount    
             Value          

U.S. Dollar Denominated Bonds & Notes-99.17%

 

Aerospace & Defense-2.19%

     
Boeing Co. (The)      

4.88%, 05/01/2025

   $ 95,000      $ 101,113  

5.15%, 05/01/2030

     85,000        93,841  

General Dynamics Corp.

     

3.25%, 04/01/2025

     60,000        61,989  

3.75%, 05/15/2028

     61,000        64,647  

Huntington Ingalls Industries, Inc.

     

3.84%, 05/01/2025

     20,000        20,764  

3.48%, 12/01/2027(b)

     20,000        20,564  

L3Harris Technologies, Inc.

     

3.85%, 06/15/2023

     33,000        33,856  

4.40%, 06/15/2028

     38,000        41,079  

Lockheed Martin Corp., 3.55%, 01/15/2026

     144,000        151,624  

Northrop Grumman Corp.

     

2.93%, 01/15/2025

     50,000        51,032  

3.25%, 01/15/2028

     56,000        57,329  

Raytheon Technologies Corp.

     

3.95%, 08/16/2025

     60,000        63,309  

4.13%, 11/16/2028

     59,000        63,888  

Textron, Inc., 3.00%, 06/01/2030

     65,000        64,051  
     

 

 

 
        889,086  
     

 

 

 

Air Freight & Logistics-0.95%

     

C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)

     60,000        64,724  

FedEx Corp.

     

3.25%, 04/01/2026

     70,000        73,127  

3.10%, 08/05/2029

     73,000        74,175  

United Parcel Service, Inc.

     

3.90%, 04/01/2025(b)

     80,000        84,274  

3.05%, 11/15/2027(b)

     84,000        87,725  
     

 

 

 
        384,025  
     

 

 

 

Airlines-0.23%

     

Southwest Airlines Co.

     

5.25%, 05/04/2025

     45,000        48,575  

5.13%, 06/15/2027

     40,000        44,416  
     

 

 

 
        92,991  
     

 

 

 

Auto Components-0.33%

     

BorgWarner, Inc.

     

3.38%, 03/15/2025(b)

     32,000        32,904  

2.65%, 07/01/2027

     30,000        29,944  

Lear Corp., 3.80%, 09/15/2027(b)

     70,000        73,011  
     

 

 

 
        135,859  
     

 

 

 

Automobiles-0.80%

     

General Motors Co., 6.13%, 10/01/2025

     100,000        110,797  

General Motors Financial Co., Inc., 3.10%, 01/12/2032

     115,000        109,807  

PACCAR Financial Corp., 2.65%, 05/10/2022

     104,000        104,431  
     

 

 

 
        325,035  
     

 

 

 

Banks-6.72%

     

Bank of America Corp.

     

3.30%, 01/11/2023

     181,000        184,114  

3.25%, 10/21/2027

     180,000        184,169  
     Principal
    Amount    
             Value          

Banks-(continued)

     

Citigroup, Inc.

     

3.20%, 10/21/2026

   $  160,000      $ 163,384  

4.45%, 09/29/2027

     155,000        165,831  

Comerica, Inc.

     

3.70%, 07/31/2023

     30,000        30,791  

4.00%, 02/01/2029

     33,000        35,419  

Fifth Third Bancorp

     

3.65%, 01/25/2024

     50,000        51,441  

2.55%, 05/05/2027

     55,000        55,047  

First Republic Bank, 2.50%, 06/06/2022

     101,000        101,239  

Huntington Bancshares, Inc.

     

2.63%, 08/06/2024

     40,000        40,358  

2.55%, 02/04/2030(b)

     47,000        45,693  

JPMorgan Chase & Co.

     

2.95%, 10/01/2026

     201,000        204,668  

4.25%, 10/01/2027

     185,000        198,204  

KeyCorp, 2.25%, 04/06/2027

     50,000        49,308  

Manufacturers and Traders Trust Co., 2.90%, 02/06/2025

     88,000        90,121  

People’s United Financial, Inc., 3.65%, 12/06/2022

     61,000        61,763  

PNC Financial Services Group, Inc. (The)

     

3.50%, 01/23/2024

     80,000        82,442  

2.55%, 01/22/2030

     85,000        83,490  

Regions Financial Corp.

     

2.25%, 05/18/2025(b)

     50,000        50,037  

1.80%, 08/12/2028

     50,000        46,978  

SVB Financial Group

     

1.80%, 10/28/2026

     40,000        38,661  

3.13%, 06/05/2030

     35,000        35,217  

Truist Bank, 3.63%, 09/16/2025

     86,000        89,659  

Truist Financial Corp., 1.13%, 08/03/2027

     90,000        83,645  

U.S. Bancorp

     

1.38%, 07/22/2030

     100,000        89,510  

Series V, 2.38%, 07/22/2026

     91,000        91,675  

Wells Fargo & Co.

     

3.00%, 04/22/2026

     186,000        189,128  

4.15%, 01/24/2029

     170,000        181,452  
     

 

 

 
        2,723,444  
     

 

 

 

Beverages-1.63%

     

Coca-Cola Co. (The)

     

1.75%, 09/06/2024

     105,000        105,295  

2.25%, 01/05/2032(b)

     100,000        96,533  

Constellation Brands, Inc.

     

4.25%, 05/01/2023

     34,000        34,969  

2.25%, 08/01/2031

     40,000        36,572  

Keurig Dr Pepper, Inc.

     

4.06%, 05/25/2023

     47,000        48,241  

4.60%, 05/25/2028

     46,000        50,291  

Molson Coors Beverage Co., 3.00%, 07/15/2026

     78,000        79,438