Invesco Annual Report to Shareholders | ||||
August 31, 2022
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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 |
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Domestic Equity
The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,1 the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.
Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,2 causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.1 To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.
Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.2 The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.1 To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.
As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.1 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.2 To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.3 US equity markets rose in July and much of August until Fed
chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,1 down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.4
1 |
Source: US Bureau of Labor Statistics |
2 |
Source: Bloomberg LP |
3 |
Source: US Federal Reserve |
4 |
Source: Lipper Inc. |
Fixed Income
In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,1 its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged in the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.2 The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.
At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt, corporates and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased moderately from 1.63% to 2.32%.2
In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1%1 and fixed income markets felt the impact of rising interest rates. Bond sectors experienced negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).3 Credit spreads increased across all major credit-sensitive sectors,
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The Market Environment (continued)
reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key fed funds rate during the period, including a 0.50% hike in May, a 0.75% hike in June (the largest since 1994), and an additional 0.75% hike in July to a target range of 2.25-2.50%. We believe that the Fed is unlikely to pivot from its hawkish policies, and we expect the Fed will increase the target range to 3.50-3.75% by the end of the year followed by a 0.50% cut in 2023. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 3.45% during the last 2-month period in the fiscal year, while 10-year Treasury rates increased from 3.04% to 3.15% over the same period.2 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.
1 |
Source: US Bureau of Labor Statistics |
2 |
Source: US Department of the Treasury |
3 |
Source: Bloomberg |
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4 |
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PLW | Management’s Discussion of Fund Performance | |
Invesco 1-30 Laddered Treasury ETF (PLW) |
As an index fund, the Invesco 1-30 Laddered Treasury ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) oversees the Index, which seeks to measure the potential returns of a theoretical portfolio of U.S. Treasury securities with a yield curve based upon 30 distinct annual maturities. The Index seeks to maintain a continuous maturity laddered portfolio of securities, meaning that its constituent securities are scheduled to mature in a proportional, annual sequential pattern. The Index allows a six-month maturity deviation if securities with a desired maturity date are not available.
The Index includes securities that are U.S. Treasury-auctioned issues with fixed coupon rates that are non-callable. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (15.99)%. On a net asset value (“NAV”) basis, the Fund returned (15.71)%. During the same time period, the Index returned (15.53)%. 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 Bloomberg U.S. Treasury Index (the “Benchmark Index”) returned (10.80)%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 300 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 roughly 5-year average duration of the U.S. Treasury market.
Relative to the Benchmark Index, the Fund was most overweight in bonds with maturities between 6-10 years duration and most underweight in bonds with maturities between 0-5 years duration during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to bonds with maturities greater than 5 years.
For the fiscal year ended August 31, 2022, bonds with maturities of 10 years detracted most significantly from the Fund’s return, followed by bonds with maturities of 6 years. No bonds contributed positively to the Fund’s return over the period.
Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022 included U.S. Treasury
Bond, 4.50% coupon, due 02/15/2036 (portfolio average weight of 9.40%), and U.S. Treasury Bond, 5.38% coupon, due 02/15/2031 (portfolio average weight 7.60%). No positions contributed positively to the Fund’s return during the period.
Duration Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
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Maturing in 0-5 Years | 18.00 | |||
Maturing in 6-10 Years | 21.61 | |||
Maturing in 11-15 Years | 12.81 | |||
Maturing in 16-20 Years | 16.39 | |||
Maturing in 21-25 Years | 15.51 | |||
Maturing in 26-30 Years | 15.53 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.15 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
U.S. Treasury Bonds, 4.50%, 02/15/2036 | 9.44 | |||
U.S. Treasury Bonds, 5.38%, 02/15/2031 | 7.58 | |||
U.S. Treasury Notes, 2.75%, 02/15/2024 | 3.69 | |||
U.S. Treasury Bonds, 7.13%, 02/15/2023 | 3.67 | |||
U.S. Treasury Bonds, 7.63%, 02/15/2025 | 3.57 | |||
U.S. Treasury Bonds, 6.00%, 02/15/2026 | 3.55 | |||
U.S. Treasury Notes, 2.75%, 02/15/2028 | 3.54 | |||
U.S. Treasury Bonds, 6.63%, 02/15/2027 | 3.52 | |||
U.S. Treasury Notes, 1.50%, 02/15/2030 | 3.51 | |||
U.S. Treasury Notes, 1.88%, 02/15/2032 | 3.49 | |||
Total | 45.56 |
* |
Excluding money market fund holdings. |
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Invesco 1-30 Laddered Treasury ETF (PLW) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index | (15.53 | )% | (3.82 | )% | (11.03 | )% | 0.30 | % | 1.49 | % | 1.30 | % | 13.83 | % | 4.07 | % | 81.20 | % | ||||||||||||||||||||||
Bloomberg U.S. Treasury Index | (10.80 | ) | (2.25 | ) | (6.59 | ) | 0.30 | 1.52 | 0.83 | 8.57 | 2.67 | 47.96 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (15.71 | ) | (4.06 | ) | (11.70 | ) | 0.06 | 0.29 | 1.05 | 11.06 | 3.79 | 74.03 | ||||||||||||||||||||||||||||
Market Price Return | (15.99 | ) | (4.20 | ) | (12.09 | ) | (0.01 | ) | (0.04 | ) | 1.01 | 10.55 | 3.75 | 73.07 |
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
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Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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PWZ | Management’s Discussion of Fund Performance | |
Invesco California AMT-Free Municipal Bond ETF (PWZ) |
As an index fund, the Invesco California AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA California Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by California or any U.S. territory and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. 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, 2022, on a market price basis, the Fund returned (11.66)%. On a net asset value (“NAV”) basis, the Fund returned (11.28)%. During the same time period, the Index returned (11.47)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which was partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.
During this same time period, the Bloomberg Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.
Relative to the Benchmark Index, the Fund was most overweight in California bonds and most underweight in New York bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s exposure to California bonds.
For the fiscal year ended August 31, 2022, California bonds detracted most significantly from the Fund’s return. Puerto Rico bonds contributed the most to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return included Regents of the University of California Medical Center, 3.50% coupon, due 05/15/2054 (portfolio average weight of 2.30%), and Sacramento (City of), 5.50% coupon, due 08/01/2052 (portfolio average weight of 0.60%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included California (State of) Health Facilities Financing Authority, 4.00% coupon, due 08/15/2050 (portfolio average weight of 2.00%), and Fremont (City of), CA, 4.00% coupon, due 08/01/2046 (portfolio average weight of 0.50%).
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
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Ad Valorem Property Tax | 28.30 | |||
Health, Hospital, Nursing Home Revenue | 14.89 | |||
College & University Revenue | 11.25 | |||
Electric Power Revenue | 7.94 | |||
Port, Airport & Marina Revenue | 6.83 | |||
General Fund | 6.62 | |||
Water Revenue | 5.14 | |||
Lease Revenue | 4.36 | |||
Sewer Revenue | 3.69 | |||
Revenue Types Each Less Than 3% | 9.61 | |||
Other Assets Less Liabilities | 1.37 |
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Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds, 5.00%, 08/01/2041 | 2.89 | |||
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds, 5.00%, 07/01/2041 | 2.58 | |||
California State University, Series 2016 A, Ref. RB, 5.00%, 11/01/2041 | 2.34 | |||
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB, 4.00%, 08/15/2050 | 2.27 | |||
Regents of the University of California Medical Center, Series 2022, RB, 3.50%, 05/15/2054 | 2.23 | |||
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, 4.00%, 08/01/2050 | 1.69 | |||
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB, 5.00%, 08/15/2050 | 1.38 | |||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB, 5.00%, 05/01/2046 | 1.30 | |||
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB, 5.00%, 08/01/2049 | 1.25 | |||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB, 5.00%, 07/01/2042 | 1.25 | |||
Total | 19.18 |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE BofA California Long-Term Core Plus Municipal Securities Index | (11.47 | )% | (1.56 | )% | (4.61 | )% | 1.19 | % | 6.11 | % | 2.68 | % | 30.33 | % | 3.73 | % | 72.47 | % | ||||||||||||||||||||||
Bloomberg Municipal Bond 20 Year Index | (10.90 | ) | (1.16 | ) | (3.45 | ) | 1.60 | 8.25 | 2.80 | 31.85 | 4.10 | 81.87 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (11.28 | ) | (1.89 | ) | (5.58 | ) | 0.88 | 4.50 | 2.53 | 28.41 | 3.31 | 62.41 | ||||||||||||||||||||||||||||
Market Price Return | (11.66 | ) | (2.00 | ) | (5.89 | ) | 0.77 | 3.92 | 2.48 | 27.78 | 3.24 | 60.66 |
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8 |
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Invesco California AMT-Free Municipal Bond ETF (PWZ) (continued)
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The
returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
The Blended—ICE BofA California Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch California Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch California Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 until July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022. |
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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PCEF | Management’s Discussion of Fund Performance | |
Invesco CEF Income Composite ETF (PCEF) |
As an index fund, the Invesco CEF Income Composite ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index. The Fund is a “fund of funds,” as it invests its assets in the common shares of funds included in the Index rather than in individual securities.
S-Network Global Indexes, Inc. compiles, maintains and calculates the Index, which is designed to measure the overall performance of a universe of U.S.-listed closed-end funds that are organized under the laws of the United States and are principally engaged in asset management processes designed to produce taxable annual yield. Each closed-end fund must have a stated objective to invest in taxable investment grade fixed-income securities, taxable high yield fixed-income securities or taxable options. The Index may include closed-end funds that are advised by an affiliate of Invesco Capital Management LLC, the Fund’s investment adviser. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (14.18)%. On a net asset value (“NAV”) basis, the Fund returned (14.04)%. During the same time period, the Index returned (13.96)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates.
During this same time period, the S&P 500® Index (the “Benchmark Index”) returned (11.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.
Relative to the Benchmark Index, the Fund was most overweight in investment grade and high yield fixed-income closed-end funds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index can be attributed to the Fund’s fixed-income exposure, which generally underperformed the equity markets during the period.
For the fiscal year ended August 31, 2022, the Highland Income Fund (portfolio average weight of 1.74%) contributed most significantly to the Fund’s return, followed by the BlackRock Energy and Resources Trust (portfolio average weight of 0.58%). Positions that detracted most significantly from the Fund’s return included BlackRock Science & Technology Trust (portfolio average
weight of 1.95%), and Nuveen Preferred & Income Securities Fund (portfolio average weight of 2.42%).
Asset Class Breakdown* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Bonds | 40.55 | |||
Option Income | 26.23 | |||
Bonds/High Yield | 21.92 | |||
Fixed Income | 7.90 | |||
Equities | 2.23 | |||
Domestic Equity | 1.13 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.04 |
* |
Reflects exposure achieved through investments in underlying funds. |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
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Security | ||||
PIMCO Dynamic Income Fund | 4.70 | |||
Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 3.03 | |||
PIMCO Dynamic Income Opportunities Fund | 2.88 | |||
Nuveen Preferred & Income Securities Fund | 2.59 | |||
DoubleLine Income Solutions Fund | 2.43 | |||
BlackRock Enhanced Equity Dividend Trust | 2.25 | |||
Virtus Dividend, Interest & Premium Strategy Fund | 2.23 | |||
Eaton Vance Ltd. Duration Income Fund | 2.11 | |||
Highland Income Fund | 1.98 | |||
First Trust Intermediate Duration Preferred & Income Fund | 1.97 | |||
Total | 26.17 |
* |
Excluding money market fund holdings. |
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Invesco CEF Income Composite ETF (PCEF) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
S-Network Composite Closed-End Fund IndexSM | (13.96 | )% | 3.57 | % | 11.09 | % | 4.02 | % | 21.75 | % | 5.62 | % | 72.83 | % | 6.43 | % | 118.21 | % | ||||||||||||||||||||||
S&P 500® Index | (11.23 | ) | 12.39 | 41.98 | 11.82 | 74.86 | 13.08 | 241.73 | 12.89 | 356.85 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (14.04 | ) | 3.43 | 10.63 | 3.76 | 20.28 | 5.24 | 66.62 | 6.01 | 107.84 | ||||||||||||||||||||||||||||||
Market Price Return | (14.18 | ) | 3.41 | 10.58 | 3.72 | 20.06 | 5.22 | 66.39 | 6.00 | 107.39 |
Fund Inception: February 19, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 1.97% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 1.47%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder
would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
11 |
|
PHB | Management’s Discussion of Fund Performance | |
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) |
As an index fund, the Invesco Fundamental High Yield® Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. High Yield 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index, which is designed to measure the performance of U.S. dollar-denominated high yield corporate bonds that are SEC-registered securities, Rule 144A securities under the Securities Act of 1933 (the “Securities Act”), or Section 3(a)(2) securities under the Securities Act with registration rights (issued after July 31, 2013) and whose issuers are public companies domiciled in the United States.
The Index selects and weights securities based on the Fundamental Index® approach developed by the Index Provider that uses four fundamental factors of company size: book value of assets, gross sales, gross dividends and cash flow. Only non-convertible, non-exchangeable, non-zero, fixed coupon high- yield corporate bonds qualify for inclusion in 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.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.06)%. On a net asset value (“NAV”) basis, the Fund returned (9.55)%. During the same time period, the Index returned (9.10)%. 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.
During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned (10.60)%. The Benchmark Index is an unmanaged index weighted by market capitalization and 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 the broad-based U.S. high-yield corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the communication services sector.
For the fiscal year ended August 31, 2022, the consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communication services and industrials
sectors, respectively. No sectors contributed positively to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included CoreCivic, Inc., 8.25% coupon, due 04/15/2026 an industrial company (portfolio average weight of 0.64%), and Royal Caribbean Cruises Ltd., 5.25% coupon, due 11/15/2022, a consumer discretionary company (portfolio average weight of 0.61%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included Ford Motor Co., 3.25% coupon, due 02/12/2032, a consumer discretionary company (portfolio average weight of 1.22%), and Dish DBS Corp., 5.13% coupon, due 06/01/2029, a communication services company (portfolio average weight of 0.56%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Consumer Discretionary | 24.10 | |||
Industrials | 13.94 | |||
Communication Services | 11.04 | |||
Materials | 8.62 | |||
Information Technology | 8.39 | |||
Energy | 8.19 | |||
Financials | 6.42 | |||
Utilities | 5.92 | |||
Real Estate | 5.70 | |||
Health Care | 5.18 | |||
Consumer Staples | 1.04 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.46 | |||
Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
BBB | 15.52 | |||
BB | 67.68 | |||
B | 13.90 | |||
CCC | 0.50 | |||
Not Rated | 0.94 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.46 |
* |
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. “Not 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 spglobal.com/ratings/en/ and select “Understanding Credit Ratings” under About Ratings on the homepage. |
|
12 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Centene Corp., 4.63%, 12/15/2029 | 2.11 | |||
United Airlines Holdings, Inc., 4.88%, 01/15/2025 | 1.87 | |||
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 | 1.72 | |||
Ally Financial, Inc., 5.75%, 11/20/2025 | 1.71 | |||
Sprint Corp., 7.88%, 09/15/2023 | 1.45 | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025 | 1.39 | |||
Ford Motor Co., 3.25%, 02/12/2032 | 1.38 | |||
TransDigm, Inc., 5.50%, 11/15/2027 | 1.34 | |||
Sprint Capital Corp., 6.88%, 11/15/2028 | 1.34 | |||
DPL, Inc., 4.13%, 07/01/2025 | 1.33 | |||
Total | 15.64 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—RAFI® Bonds U.S. High Yield 1-10 Index | (9.10 | )% | 1.01 | % | 3.06 | % | 2.64 | % | 13.90 | % | 4.08 | % | 49.18 | % | 4.53 | % | 92.63 | % | ||||||||||||||||||||||
Bloomberg US Corporate High Yield Index | (10.60 | ) | 1.03 | 3.11 | 2.58 | 13.60 | 4.51 | 55.41 | 6.17 | 142.58 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (9.55 | ) | 0.15 | 0.46 | 1.84 | 9.53 | 3.22 | 37.23 | 2.97 | 54.28 | ||||||||||||||||||||||||||||||
Market Price Return | (10.06 | ) | 0.00 | 0.00 | 1.73 | 8.93 | 3.14 | 36.24 | 2.78 | 50.10 |
|
13 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) (continued)
Fund Inception: November 15, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
- |
The Blended-RAFI® Bonds U.S. High Yield 1-10 Index is comprised of the performance of the Wells Fargo® High Yield Bond Index, the Fund’s previous index, from Fund inception through the conversion date, August 2, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2022. |
|
14 |
|
PFIG | Management’s Discussion of Fund Performance | |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) |
As an index fund, the Invesco Fundamental Investment Grade Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI® Bonds U.S. Investment Grade 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index, which is designed to measure the performance of U.S. dollar-denominated investment grade corporate bonds that are SEC-registered securities, or Rule 144A securities under the Securities Act of 1933 (the “Securities Act”), or Section 3(a)(2) securities under the Securities Act with registration rights (issued after July 31, 2013) and whose issuers are public companies domiciled in the United States. The Index selects and weights securities based on the Fundamental Index® approach developed by the Provider that uses four fundamental factors of company size: book value of assets, gross sales, gross dividends and cash flows. Only non-convertible, non-exchangeable, non-zero, fixed coupon investment grade corporate bonds qualify for inclusion in 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.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.39)%. On a net asset value (“NAV”) basis, the Fund returned (10.10)%. During the same time period, the Index returned (9.93)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.
During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned (14.91)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 7,300 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.
Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the financials sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its security selection within the financials sector.
For the fiscal year ended August 31, 2022, the financials sector detracted most significantly from the Fund’s return, followed by the information technology and health care sectors, respectively. No sector contributed positively to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Brighthouse Financial, Inc., 5.63% coupon, due 05/15/2030, a financials company (portfolio average weight of 0.10%), and HCA, Inc., 5.38% coupon, due 02/01/2025, a health care company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included General Electric Co., 6.75% coupon, due 03/15/2032, a financials company (portfolio average weight of 0.30%), and Apple Inc., 1.65% coupon, due 02/08/2031, an information technology company (portfolio average weight of 0.51%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Financials | 18.93 | |||
Information Technology | 11.97 | |||
Health Care | 10.36 | |||
Industrials | 10.21 | |||
Consumer Staples | 10.01 | |||
Consumer Discretionary | 9.41 | |||
Utilities | 7.10 | |||
Real Estate | 5.88 | |||
Energy | 5.67 | |||
Communication Services | 4.89 | |||
Materials | 4.60 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.97 | |||
Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
AAA | 1.55 | |||
AA | 8.12 | |||
A | 33.10 | |||
BBB | 56.26 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.97 |
* |
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. “Not 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 spglobal.com/ratings/en/ and select “Understanding Credit Ratings” under About Ratings on the homepage. |
|
15 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net
Assets) as of August 31, 2022 |
||||
Security | ||||
Microsoft Corp., 3.30%, 02/06/2027 | 0.79 | |||
JPMorgan Chase & Co., 2.95%, 10/01/2026 | 0.56 | |||
Apple, Inc., 1.65%, 02/08/2031 | 0.51 | |||
AT&T, Inc., 4.25%, 03/01/2027 | 0.51 | |||
Exxon Mobil Corp., 2.61%, 10/15/2030 | 0.49 | |||
Bank of America Corp., 3.25%, 10/21/2027 | 0.49 | |||
General Electric Co., 6.75%, 03/15/2032 | 0.48 | |||
American International Group, Inc., 3.90%, 04/01/2026 | 0.48 | |||
Walmart, Inc., 1.80%, 09/22/2031 | 0.47 | |||
Exxon Mobil Corp., 3.04%, 03/01/2026 | 0.47 | |||
Total | 5.25 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
RAFI® Bonds U.S. Investment Grade 1-10 Index | (9.93 | )% | (0.68 | % | (2.02 | % | 1.29 | % | 6.63 | % | 2.08 | % | 22.82 | % | 2.55 | % | 31.72 | % | ||||||||||||||||||||||
Bloomberg U.S. Corporate Index | (14.91 | ) | (2.12 | ) | (6.22 | ) | 1.02 | 5.22 | 2.32 | 25.82 | 3.02 | 38.61 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (10.10 | ) | (0.91 | ) | (2.72 | ) | 1.04 | 5.31 | 1.81 | 19.67 | 2.20 | 26.86 | ||||||||||||||||||||||||||||
Market Price Return | (10.39 | ) | (0.98 | ) | (2.90 | ) | 0.94 | 4.80 | 1.75 | 18.91 | 2.18 | 26.66 |
|
16 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)
Fund Inception: September 15, 2011
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 0.22% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
17 |
|
PZA | Management’s Discussion of Fund Performance | |
Invesco National AMT-Free Municipal Bond ETF (PZA) |
As an index fund, the Invesco National AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by U.S. states and territories and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. 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, 2022, on a market price basis, the Fund returned (12.42)%. On a net asset value (“NAV”) basis, the Fund returned (12.21)%. During the same time period, the Index returned (12.16)%. 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 positive effect of the sampling approach employed by the portfolio management team.
During this same time period, the Bloomberg Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.
Relative to the Benchmark Index, the Fund was most overweight in Massachusetts bonds and most underweight in California bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to differences in state weightings relative to the Benchmark Index, as well as fees and trading costs incurred by the Fund.
For the fiscal year ended August 31, 2022, New York bonds detracted most significantly from the Fund’s return, followed by California bonds. Puerto Rico bonds contributed most significantly to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Harris County Texas Cultural, 4.13% coupon, due 07/01/2052 (portfolio average weight of 0.40%), and Ysleta Texas Independent School District, 4.25% coupon, due 08/15/2056 (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Colorado Health Facilities, 3.00% coupon, due 11/15/2051 (portfolio average weight of 0.60%), and Colorado Health Facilities, 4.00% coupon, due 11/15/2050 (portfolio average weight of 0.90%).
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Health, Hospital, Nursing Home Revenue | 18.47 | |||
Ad Valorem Property Tax | 15.80 | |||
College & University Revenue | 9.78 | |||
Water Revenue | 8.76 | |||
Highway Tolls Revenue | 7.56 | |||
Sales Tax Revenue | 6.66 | |||
Income Tax Revenue | 5.44 | |||
Lease Revenue | 4.94 | |||
Miscellaneous Revenue | 4.69 | |||
Electric Power Revenue | 3.89 | |||
Port, Airport & Marina Revenue | 3.53 | |||
Revenue Types Each Less Than 3% | 9.48 | |||
Other Assets Less Liabilities | 1.00 |
|
18 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB, 5.00%, 06/01/2037 | 1.03 | |||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 4.00%, 11/15/2050 | 0.94 | |||
San Diego Unified School District, Series 2020 M-2, GO Bonds, 4.00%, 07/01/2050 | 0.68 | |||
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB, 5.00%, 12/01/2045 | 0.60 | |||
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds, 5.25%, 01/01/2044 | 0.59 | |||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 3.00%, 11/15/2051 | 0.57 | |||
Licking Heights Local School District, Series 2022, GO Bonds, 5.50%, 10/01/2059 | 0.56 | |||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB, 5.00%, 12/01/2044 | 0.55 | |||
Grand Parkway Transportation Corp., Series 2018 A, RB, 5.00%, 10/01/2043 | 0.54 | |||
Chicago (City of), IL Transit Authority, Series 2017, RB, 5.00%, 12/01/2051 | 0.53 | |||
Total | 6.59 |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE BofA National Long-Term Core Plus Municipal Securities Index | (12.16 | )% | (1.56 | )% | (4.60 | )% | 1.24 | % | 6.38 | % | 2.77 | % | 31.48 | % | 3.79 | % | 74.00 | % | ||||||||||||||||||||||
Bloomberg Municipal Bond 20 Year Index | (10.90 | ) | (1.16 | ) | (3.45 | ) | 1.60 | 8.25 | 2.80 | 31.85 | 4.10 | 81.87 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (12.21 | ) | (2.13 | ) | (6.27 | ) | 0.73 | 3.68 | 2.24 | 24.84 | 3.27 | 61.46 | ||||||||||||||||||||||||||||
Market Price Return | (12.42 | ) | (2.22 | ) | (6.52 | ) | 0.70 | 3.53 | 2.21 | 24.43 | 3.20 | 59.73 |
|
19 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The
returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
The Blended-ICE BofA National Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch National Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022. |
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
|
20 |
|
PZT | Management’s Discussion of Fund Performance | |
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
As an index fund, the Invesco New York AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA New York Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by New York or any U.S. territory and their political subdivisions in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. 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, 2022, on a market price basis, the Fund returned (12.49)%. On a net asset value (“NAV”) basis, the Fund returned (12.55)%. During the same time period, the Index returned (12.68)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effect of the sampling approach 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 Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with maturities of 17 to 22 years.
Relative to the Benchmark Index, the Fund was most overweight in New York bonds and most underweight in California bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to overweight allocation to New York bonds.
For the fiscal year ended August 31, 2022, New York bonds detracted most significantly from the Fund’s return. Guam bonds were the only contributor to the Fund’s return during the period.
Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included New York
(State of) Dormitory Authority, 4.00% coupon, due 02/15/2044 (portfolio average weight of 3.30%), and New York (City of), NY Industrial Development Agency, 3.00% coupon, due 03/01/2049 (portfolio average weight of 1.30%). Positions that contributed most significantly to the Fund’s return included New York (City of), NY Municipal Water Finance Authority, 4.00% coupon, due 06/15/2051 (portfolio average weight of 2.10%), and MTA Hudson Rail Yards Trust Obligations, 5.00% coupon, due 11/15/2051 (portfolio average weight of 1.10%).
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Income Tax Revenue | 16.28 | |||
Water Revenue | 13.52 | |||
Miscellaneous Revenue | 11.30 | |||
Electric Power Revenue | 11.08 | |||
Highway Tolls Revenue | 8.21 | |||
Ad Valorem Property Tax | 6.94 | |||
College & University Revenue | 5.99 | |||
Health, Hospital, Nursing Home Revenue | 5.42 | |||
Port, Airport & Marina Revenue | 4.27 | |||
Lease Revenue | 3.67 | |||
Hotel Occupancy Tax | 3.48 | |||
Revenue Types Each Less Than 3% | 7.05 | |||
Other Assets Less Liabilities | 2.79 |
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21 |
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Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB, 4.00%, 02/15/2044 | 3.32 | |||
New York (State of) Power Authority (Green Transmission), Series 2022, RB, 4.00%, 11/15/2052 | 3.31 | |||
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB, 4.00%, 05/15/2046 | 2.47 | |||
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB, 5.00%, 11/01/2049 | 2.38 | |||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051 | 2.31 | |||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 4.00%, 06/15/2051 | 2.06 | |||
New York (State of) Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2038 | 1.91 | |||
New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2039 | 1.88 | |||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 5.00%, 06/15/2048 | 1.88 | |||
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB, 5.00%, 09/01/2041 | 1.86 | |||
Total | 23.38 |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE BofA New York Long-Term Core Plus Municipal Securities Index | (12.68 | )% | (2.03 | )% | (5.97 | )% | 0.82 | % | 4.14 | % | 2.45 | % | 27.44 | % | 3.41 | % | 64.67 | % | ||||||||||||||||||||||
Bloomberg Municipal Bond 20 Year Index | (10.90 | ) | (1.16 | ) | (3.45 | ) | 1.60 | 8.25 | 2.80 | 31.85 | 4.10 | 81.87 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (12.55 | ) | (1.96 | ) | (5.75 | ) | 0.83 | 4.21 | 2.12 | 23.36 | 2.93 | 53.81 | ||||||||||||||||||||||||||||
Market Price Return | (12.49 | ) | (1.98 | ) | (5.82 | ) | 0.86 | 4.35 | 2.11 | 23.20 | 2.87 | 52.36 |
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22 |
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Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The
returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
The Blended-ICE BofA New York Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch New York Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022. |
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
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23 |
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PGX | Management’s Discussion of Fund Performance | |
Invesco Preferred ETF (PGX) |
As an index fund, the Invesco Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) selects securities for the Index, which is a market capitalization-weighted index designed to measure the total return performance of the fixed-rate U.S. dollar- denominated preferred securities market. The Index includes both traditional and other preferred securities. Unlisted preferred securities are excluded from the Index, but unlisted senior or subordinated debt- like securities are eligible for inclusion. The Index may include Rule 144A securities. Securities are selected for the Index using a rules-based methodology. Qualifying securities must be rated at least B3 (based on an average of ratings by Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)) and must have an investment grade country risk profile (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). 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, 2022, on a market price basis, the Fund returned (13.91)%. On a net asset value (“NAV”) basis, the Fund returned (13.85)%. During the same time period, the Index returned (13.60)%. 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.
During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (12.94)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization, which is based on the average performance of approximately 300 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 preferred stock market, which includes convertible preferred stocks.
Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the real estate sector during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its security selection within the financials sector.
For the fiscal year ended August 31, 2022, the financials sector detracted most significantly from the Fund’s return, followed by the real estate sector. No sector contributed positively to the Fund’s return during the period.
Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included JPMorgan Chase & Co., Series MM, Pfd., 4.20%, a financials company (portfolio average weight 1.42%), and Wells Fargo & Co., Series Z, Pfd., 4.75%, a financials company (portfolio average weight 1.43%). Positions that contributed most significantly to the Fund’s return included DCP Midstream L.P., Series B, Pfd., 7.88%, an energy company (portfolio average weight 0.12%), and Nustar Logistics L.P., Series B, Pfd., 7.65%, an energy company (portfolio average weight 0.21%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Financials | 67.88 | |||
Utilities | 10.36 | |||
Real Estate | 8.22 | |||
Communication Services | 6.83 | |||
Consumer Discretionary | 3.32 | |||
Sector Types Each Less Than 3% | 3.04 | |||
Money Market Funds Plus Other Assets Less Liabilities | 0.35 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
Citigroup, Inc., Series K, Pfd., 6.88% | 1.78 | |||
JPMorgan Chase & Co., Series DD, Pfd., 5.75% | 1.39 | |||
Wells Fargo & Co., Series Q, Pfd., 5.85% | 1.39 | |||
Wells Fargo & Co., Series Z, Pfd., 4.75% | 1.36 | |||
JPMorgan Chase & Co., Series LL, Pfd., 4.63% | 1.35 | |||
JPMorgan Chase & Co., Series MM, Pfd., 4.20% | 1.35 | |||
JPMorgan Chase & Co., Series EE, Pfd., 6.00% | 1.31 | |||
Bank of America Corp., Series KK, Pfd., 5.38% | 1.29 | |||
Bank of America Corp., Series GG, Pfd., 6.00% | 1.22 | |||
AT&T, Inc., Series C, Pfd., 4.75% | 1.18 | |||
Total | 13.62 |
* |
Excluding money market fund holdings. |
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24 |
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Invesco Preferred ETF (PGX) (continued)
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE BofA Core Plus Fixed Rate Preferred Securities Index | (13.60 | )% | (0.91 | )% | (2.71 | )% | 1.63 | % | 8.40 | % | 4.31 | % | 52.49 | % | 3.53 | % | 65.74 | % | ||||||||||||||||||||||
S&P U.S. Preferred Stock Index | (12.94 | ) | 0.74 | 2.23 | 2.22 | 11.61 | 4.34 | 52.97 | 4.67 | 94.65 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (13.85 | ) | (1.15 | ) | (3.41 | ) | 1.35 | 6.92 | 3.99 | 47.95 | 2.99 | 53.57 | ||||||||||||||||||||||||||||
Market Price Return | (13.91 | ) | (1.24 | ) | (3.67 | ) | 1.36 | 6.98 | 3.97 | 47.53 | 2.87 | 51.06 |
Fund Inception: January 31, 2008
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.51% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
- |
The Blended-ICE BofA Core Plus Fixed Rate Preferred Securities Index is comprised of the performance of The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, the Fund’s previous underlying index, from Fund inception through the conversion date, April 1, 2012, followed by the performance of the Index starting from the conversion date through August 31, 2022. |
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25 |
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BAB | Management’s Discussion of Fund Performance | |
Invesco Taxable Municipal Bond ETF (BAB) |
As an index fund, the Invesco Taxable Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Taxable Municipal Securities Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.
ICE Data Indices, LLC (the “Index Provider”), oversees the Index, which is designed to measure the performance of U.S. dollar denominated taxable municipal debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market.
Securities eligible for inclusion in the Index must have: (i) at least 18 months to final maturity at the time of issuance, (ii) at least one year remaining term to final maturity, (iii) a fixed coupon schedule, including zero coupon bonds, and (iv) an investment grade rating (based on an average of ratings by Moody’s Investors Services, Inc., S&P Global Ratings, a division of S&P Global Inc. and Fitch Ratings, Inc.). Component securities also must have a minimum amount outstanding that varies according to the bond’s initial term to final maturity at time of issuance: maturities between 1-5 years must have at least $10 million outstanding; maturities between 5-10 years must have at least $15 million outstanding; and maturities of 10 years or more must have at least $25 million outstanding. The Index excludes Rule 144A securities and securities in default. However, it may include bonds eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid (“Build America Bonds”). Unlike most other municipal obligations, interest received on Build America Bonds is subject to federal and state income tax. The Index does not include bonds that, under the Build America Bond program, are eligible for tax credits. Build America Bonds must have at least $1 million outstanding to be eligible for inclusion in the Index.
The Index uses a capitalization weighted methodology, weighting the Index’s constituent bonds using a factor that equals their current amount outstanding multiplied by their market price, plus accrued interest. 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, 2022, on a market price basis, the Fund returned (16.23)%. On a net asset value (“NAV”) basis, the Fund returned (16.38)%. During the same time period, the Index returned (15.36)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.
During this same time period, ICE BofA U.S. Corporate Master Index returned (14.51)% and the Bloomberg U.S. Aggregate Bond Index returned (11.52)% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 9,600 securities and 12,700 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the market for investment grade corporate debt with at least one year to maturity, and the market for U.S. investment grade, fixed-rate bonds, respectively.
Relative to each Benchmark Index, the majority of the Fund’s underperformance during the period can be attributed to the Fund’s overweight allocation to California.
For the fiscal year ended August 31, 2022, California bonds detracted most significantly from the Fund’s return, followed by New York bonds and Texas bonds, respectively. No state contributed positively to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included New York (State of) Dormitory Authority, 5.97% coupon, due 07/01/2042 (portfolio average weight of 0.02%), and Dallas (City of), TX Independent School District, 6.45% coupon, due 02/15/2035 (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included California (State of), 7.55% coupon, due 04/01/2039 (portfolio average weight of 1.39%), and California (State of), 7.50% coupon, due 04/01/2034 (portfolio average weight of 1.17%).
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Ad Valorem Property Tax | 20.54 | |||
College & University Revenue | 14.55 | |||
Port, Airport & Marina Revenue | 8.64 | |||
Miscellaneous Revenue | 7.62 | |||
Electric Power Revenue | 6.58 | |||
General Fund | 6.38 | |||
Lease Revenue | 5.47 | |||
Water Revenue | 5.17 | |||
Sales Tax Revenue | 5.08 | |||
Health, Hospital, Nursing Home Revenue | 4.01 | |||
Highway Tolls Revenue | 3.49 | |||
Revenue Types Each Less Than 3% | 11.4 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.07 |
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26 |
|
Invesco Taxable Municipal Bond ETF (BAB) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 | 1.37 | |||
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB, 1.09%, 07/01/2023 | 1.28 | |||
Fort Lauderdale (City of), FL, Series 2020, Ref. RB, 0.75%, 01/01/2024 | 1.18 | |||
California (State of), Series 2009, GO Bonds, 7.50%, 04/01/2034 | 1.15 | |||
California (State of), Series 2009, GO Bonds, 7.30%, 10/01/2039 | 0.98 | |||
New York (City of), NY, Subseries 2019 A-2, GO Bonds, 2.13%, 08/01/2024 | 0.79 | |||
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds, 2.09%, 11/01/2033 | 0.79 | |||
University of California, Series 2020 BG, RB, 1.32%, 05/15/2027 | 0.78 | |||
University of California, Series 2019 BD, RB, 3.35%, 07/01/2029 | 0.78 | |||
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB, 8.08%, 02/15/2050 | 0.76 | |||
Total | 9.86 |
* |
Excluding money market fund holdings. |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE BofA US Taxable Municipal Securities Plus Index | (15.36 | )% | (2.43 | )% | (7.11 | )% | 1.45 | % | 7.46 | % | 3.22 | % | 37.25 | % | 5.31 | % | 93.73 | % | ||||||||||||||||||||||
ICE BofA U.S. Corporate Master Index | (14.51 | ) | (1.93 | ) | (5.69 | ) | 1.11 | 5.69 | 2.41 | 26.88 | 3.79 | 60.96 | ||||||||||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | (11.52 | ) | (2.00 | ) | (5.87 | ) | 0.52 | 2.62 | 1.35 | 14.36 | 2.38 | 35.12 | ||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (16.38 | ) | (3.19 | ) | (9.26 | ) | 1.10 | 5.62 | 2.94 | 33.60 | 5.12 | 89.27 | ||||||||||||||||||||||||||||
Market Price Return | (16.23 | ) | (3.34 | ) | (9.70 | ) | 1.06 | 5.39 | 2.93 | 33.44 | 5.08 | 88.48 |
|
27 |
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Invesco Taxable Municipal Bond ETF (BAB) (continued)
Fund Inception: November 17, 2009
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
- |
The Blended-ICE BofA US Taxable Municipal Securities Plus Index is comprised of the performance of the ICE BofAML Build America Bond Index, the Fund’s previous underlying index, from Fund inception through the conversion date, May 31, 2017, followed by the performance of the Index starting at the conversion date through August 31, 2022. |
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28 |
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CLTL | Management’s Discussion of Fund Performance | |
Invesco Treasury Collateral ETF (CLTL) |
As an index fund, the Invesco Treasury Collateral ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of less than 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. They include U.S. Treasury notes, bills and bonds. The Fund expects to invest 100% of its total assets in cash and U.S. Treasury Obligations with a maximum remaining maturity of less than 12 months. The Index includes all publicly-issued, non-convertible U.S. Treasury Obligations that: (i) are issued in U.S. dollars, (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of less than 12 months at the time of rebalance, (iii) have a fixed coupon schedule, and (iv) have a minimum amount outstanding of $300 million.
The Index excludes inflation-linked securities, floating rate notes, any government agency debt issued with or without a government guarantee and Separate Trading of Registered Interest and Principal of Securities (“STRIPS”). The Index uses a market value-weighted methodology. 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. In managing the Fund, Invesco Advisers, Inc., the sub-adviser, selects component securities that are expected to have, in the aggregate, investment characteristics, risk factors and liquidity measures that are similar to, and therefore are representative of, the Index.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 0.18%. On a net asset value (“NAV”) basis, the Fund returned 0.15%. During the same time period, the Index returned 0.09%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effect of the sampling approach employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.
For the fiscal year ended August 31, 2022, bonds with maturities between 61-90 days duration detracted most significantly from the Fund’s return. Bonds with maturities between 8-12 days duration contributed most significantly to the Fund’s return.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included U.S. Treasury Bill, due 10/11/2022 (portfolio average weight of 0.73%), and U.S. Treasury Bill, due 10/25/2022 (portfolio average weight of 0.73%). Positions that detracted most significantly from the Fund’s return included U.S. Treasury Bill, due 01/26/2023 (portfolio average weight of 1.00%), and U.S. Treasury Bill, due 12/29/2022 (portfolio average weight of 0.95%).
Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
U.S. Treasury Bills | 59.72 | |||
U.S. Treasury Notes | 40.56 | |||
Money Market Funds Plus Other Assets Less Liabilities | (0.28) | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
U.S. Treasury Notes, 2.00%, 10/31/2022 | 4.00 | |||
U.S. Treasury Bills, 1.74%-2.45%, 10/04/2022 | 3.63 | |||
U.S. Treasury Bills, 1.87%-2.54%, 10/11/2022 | 3.63 | |||
U.S. Treasury Bills, 1.91%-2.55%, 10/18/2022 | 3.63 | |||
U.S. Treasury Bills, 1.93%-2.57%, 10/20/2022 | 3.63 | |||
U.S. Treasury Bills, 2.02%-2.56%, 10/25/2022 | 3.62 | |||
U.S. Treasury Bills, 2.58%-2.87%, 12/01/2022 | 3.26 | |||
U.S. Treasury Bills, 1.97%-2.61%, 11/03/2022 | 2.84 | |||
U.S. Treasury Bills, 2.59%-2.65%, 11/10/2022 | 2.66 | |||
U.S. Treasury Bills, 2.82%, 11/25/2022 | 2.41 | |||
Total | 33.31 |
* |
Exlcuding money market fund holdings. |
|
29 |
|
Invesco Treasury Collateral ETF (CLTL) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
ICE U.S. Treasury Short Bond Index | 0.09 | % | 0.59 | % | 1.78 | % | 1.15 | % | 5.90 | % | 1.11 | % | 6.39 | % | ||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | 0.15 | 0.58 | 1.75 | 1.11 | 5.66 | 1.06 | 6.10 | |||||||||||||||||||||||||
Market Price Return | 0.18 | 0.58 | 1.76 | 1.11 | 5.67 | 1.05 | 6.09 |
Fund Inception: January 12, 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 0.08% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Index performance results are based upon a hypothetical investment in the Index’s constituent securities. Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Index and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and Index are based on the inception date of the Fund. |
|
30 |
|
VRP | Management’s Discussion of Fund Performance | |
Invesco Variable Rate Preferred ETF (VRP) |
As an index fund, the Invesco Variable Rate Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Variable Rate Preferred & Hybrid Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index, including American depositary receipts (“ADRs”) that represent securities in the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization-weighted index designed to track the performance of floating and variable rate investment grade and below investment grade U.S. dollar denominated preferred stock, as well as certain types of hybrid securities that are, in the judgment of the Index Provider, comparable to preferred stocks, that are issued by corporations in the U.S. domestic market. To be eligible for inclusion in the Index, the preferred stock or hybrid security must: (i) be publicly issued, (ii) be U.S.-registered or exempt from registration in the United States, (iii) have at least one day remaining to maturity and at least 18 months to maturity at the time of its issuance, (iv) be issued in either $25 or $1,000 par value increments, and (v) have a floating rate coupon or dividend, and must meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. 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, 2022, on a market price basis, the Fund returned (9.06)%. On a net asset value (“NAV”) basis, the Fund returned (8.63)%. During the same time period, the Index returned (8.39)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effect of the sampling approach employed by the portfolio management team.
During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (12.94)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization and based on the average performance of approximately 300 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 primarily fixed-rate preferred stock market.
Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the health care sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection to the financials sector.
For the fiscal year ended August 31, 2022, the financials and utilities sectors detracted most significantly from the Fund’s
return. No sector contributed positively to the Fund’s return during the period.
Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Citigroup Capital XIII, Pfd., 9.18%, a financial company (portfolio average weight of 1.10%), and General Electric Co., Series D, 5.16%, an industrial company (portfolio average weight of 2.30%). Positions that detracted most significantly from the Fund’s return included Wells Fargo & Co., Series BB, 3.90%, a financial company (portfolio average weight of 1.40%) and Charles Schwab Corp. (The), Series I, 4.00%, a financial company (portfolio average weight of 0.90%).
Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Financials | 72.84 | |||
Energy | 10.99 | |||
Utilities | 8.01 | |||
Industrials | 3.55 | |||
Sector Types Each Less Than 3% | 3.59 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.02 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
General Electric Co., Series D, 5.16% | 2.32 | |||
Wells Fargo & Co., Series BB, 3.90% | 1.33 | |||
JPMorgan Chase & Co., Series I, Pfd., 6.28% | 1.26 | |||
JPMorgan Chase & Co., Series HH, 4.60% | 1.14 | |||
Charles Schwab Corp. (The), Series G, 5.38% | 1.07 | |||
JPMorgan Chase & Co., Series V, 5.60% | 1.07 | |||
Citigroup Capital XIII, Pfd., 9.18% | 1.07 | |||
BP Capital Markets PLC, 4.38% | 1.03 | |||
BP Capital Markets PLC, 4.88% | 0.99 | |||
Bank of America Corp., Series FF, 5.88% | 0.92 | |||
Total | 12.20 |
* |
Excluding money market fund holdings. |
|
31 |
|
Invesco Variable Rate Preferred ETF (VRP) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
Blended—ICE Variable Rate Preferred & Hybrid Securities Index | (8.39 | )% | 1.57 | % | 4.80 | % | 2.52 | % | 13.25 | % | 4.15 | % | 40.31 | % | ||||||||||||||||||
S&P U.S. Preferred Stock Index | (12.94 | ) | 0.74 | 2.23 | 2.22 | 11.61 | 3.84 | 36.84 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (8.63 | ) | 1.31 | 3.97 | 2.25 | 11.77 | 3.88 | 37.35 | ||||||||||||||||||||||||
Market Price Return | (9.06 | ) | 1.20 | 3.65 | 2.21 | 11.53 | 3.84 | 36.84 |
Fund Inception: May 1, 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 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
- |
The Blended-ICE Variable Rate Preferred & Hybrid Securities Index is comprised of the performance of the Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index, the Fund’s previous underlying index, from Fund inception through the conversion date, June 30, 2021, followed by the performance of the Index starting at the conversion date through August 31, 2022. |
|
32 |
|
PVI | Management’s Discussion of Fund Performance | |
Invesco VRDO Tax-Free ETF (PVI) |
As an index fund, the Invesco VRDO Tax-Free ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE US Municipal AMT-Free VRDO Constrained Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.
Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, which tracks the performance of U.S. dollar denominated tax-exempt variable rate demand obligations (“VRDOs”) that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. Securities eligible for the Index must have at least one day remaining term to final maturity, at least $10 million amount outstanding, an investment grade rating (based on an average of ratings from Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Inc.) Securities whose interest is subject to the U.S. alternative minimum tax are excluded from 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.
For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 0.17%. On a net asset value (“NAV”) basis, the Fund returned 0.17%. During the same time period, the Index returned 0.38%. 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.
During this same time period, the Bloomberg Municipal 1-Year Bond Index (the “Benchmark Index”) returned (1.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 7,700 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 market for municipal securities with no more than a 1-year duration.
Relative to the Benchmark Index, the Fund was most overweight in California bonds and most underweight in New York bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in California and in New York bonds.
For the fiscal year ended August 31, 2022, New York bonds contributed most significantly to the Fund’s return, followed by California bonds and Texas bonds, 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 year ended August 31, 2022, included Build NYC
Resources Corp., 1.48% coupon, due 04/01/2045 (portfolio average weight of 4.37%), and Metropolitan Transportation Authority, 1.48 coupon, due 11/01/2026 (portfolio average weight of 3.59%). There were no detracting positions for the fiscal year ended August 31, 2022.
Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Health, Hospital, Nursing Home Revenue | 19.77 | |||
Water Revenue | 15.80 | |||
Miscellaneous Revenue | 12.61 | |||
Ad Valorem Property Tax | 10.09 | |||
Electric Power Revenue | 7.32 | |||
Local or GTD Housing | 5.99 | |||
Sales Tax Revenue | 5.99 | |||
Port, Airport & Marina Revenue | 4.81 | |||
Lease Revenue | 4.41 | |||
College & University Revenue | 4.26 | |||
Transit Revenue | 3.15 | |||
Revenue Types Each Less Than 3% | 4.56 | |||
Other Assets Less Liabilities | 1.24 |
|
33 |
|
Invesco VRDO Tax-Free ETF (PVI) (continued)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022 |
||||
Security | ||||
California (State of) Health Facilities Financing Authority (Dignity Health), Series 2011 B, VRD RB, 1.35%, 03/01/2047 | 3.78 | |||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 C, VRD RB, 1.47%, 08/15/2052 | 3.78 | |||
Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing), Series 2008, VRD RB, 1.62%, 05/15/2038 | 3.78 | |||
Geneva (City of), NY Industrial Development Agency, Series 2008, VRD RB, 1.52%, 12/01/2037 | 3.78 | |||
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB, 1.55%, 11/01/2034 | 3.78 | |||
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, 1.66%, 12/01/2028 | 3.78 | |||
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB, 1.46%, 05/15/2038 | 3.63 | |||
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, 1.48%, 04/01/2045 | 3.62 | |||
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB, 1.47%, 06/01/2023 | 3.31 | |||
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-7, Ref. VRD RB, 1.20%, 07/01/2034 | 3.15 | |||
Total | 36.39 |
Growth of a $10,000 Investment
Fund Performance History as of August 31, 2022
1 Year | 3 Years Average Annualized |
3 Years Cumulative |
5 Years Average Annualized |
5 Years Cumulative |
10 Years Average Annualized |
10 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||||||||
Index | Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||||||||||
Blended—ICE US Municipal AMT-Free VRDO Constrained Index | 0.38 | % | 0.44 | % | 1.32 | % | 0.78 | % | 3.97 | % | 0.51 | % | 5.19 | % | 0.66 | % | 10.19 | % | ||||||||||||||||||||||
Bloomberg Municipal 1-Year Bond Index | (1.59 | ) | 0.32 | 0.95 | 0.85 | 4.30 | 0.81 | 8.45 | 1.38 | 22.41 | ||||||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | 0.17 | 0.22 | 0.67 | 0.57 | 2.88 | 0.31 | 3.18 | 0.61 | 9.40 | |||||||||||||||||||||||||||||||
Market Price Return | 0.17 | 0.18 | 0.55 | 0.58 | 2.92 | 0.31 | 3.14 | 0.61 | 9.40 |
|
34 |
|
Invesco VRDO Tax-Free ETF (PVI) (continued)
Fund Inception: November 15, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and indexes are based on the inception date of the Fund. |
- |
The Blended-ICE US Municipal AMT-Free VRDO Constrained Index is comprised of the performance of the Thomson Municipal Market Data VRDO Index, the Fund’s underlying index from Fund inception through the conversion date, August 5, 2010, followed by the performance of the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index, the Fund’s underlying index for the period August 5, 2010 through March 24, 2021, followed by the performance of the Index for the period March 24, 2021 through August 31, 2022. |
|
35 |
|
Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.
As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.
At a meeting held on March 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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. |
|
36 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)
August 31, 2022
Principal Amount |
Value | |||||||
U.S. Treasury Securities-99.85% |
| |||||||
U.S. Treasury Bonds-85.62% |
| |||||||
7.13%, 02/15/2023(a) |
$ | 18,910,800 | $ | 19,254,729 | ||||
7.63%, 02/15/2025 |
17,085,900 | 18,750,107 | ||||||
6.00%, 02/15/2026 |
17,199,100 | 18,615,338 | ||||||
6.63%, 02/15/2027(a) |
16,300,500 | 18,466,683 | ||||||
5.25%, 02/15/2029 |
16,440,000 | 18,303,628 | ||||||
5.38%, 02/15/2031 |
34,278,400 | 39,821,860 | ||||||
4.50%, 02/15/2036 |
42,817,500 | 49,542,022 | ||||||
4.75%, 02/15/2037 |
14,911,600 | 17,715,680 | ||||||
4.38%, 02/15/2038 |
15,279,900 | 17,503,842 | ||||||
3.50%, 02/15/2039 |
16,783,200 | 17,274,240 | ||||||
4.63%, 02/15/2040 |
14,799,300 | 17,407,388 | ||||||
4.75%, 02/15/2041 |
14,523,300 | 17,262,304 | ||||||
3.13%, 02/15/2042 |
17,583,200 | 16,605,134 | ||||||
3.13%, 02/15/2043 |
17,721,800 | 16,552,577 | ||||||
3.63%, 02/15/2044 |
16,421,700 | 16,551,919 | ||||||
2.50%, 02/15/2045 |
19,378,700 | 16,105,516 | ||||||
2.50%, 02/15/2046 |
19,452,500 | 16,123,539 | ||||||
3.00%, 02/15/2047 |
17,647,000 | 16,096,339 | ||||||
3.00%, 02/15/2048 |
17,591,200 | 16,197,647 | ||||||
3.00%, 02/15/2049 |
17,519,300 | 16,377,124 | ||||||
2.00%, 02/15/2050 |
21,066,200 | 16,022,655 | ||||||
1.88%, 02/15/2051 |
21,704,200 | 15,922,065 | ||||||
2.25%, 02/15/2052 |
21,194,600 | 17,015,290 | ||||||
|
|
|||||||
449,487,626 | ||||||||
|
|
|||||||
U.S. Treasury Notes-14.23% |
||||||||
2.75%, 02/15/2024 |
19,570,800 | 19,378,914 | ||||||
2.75%, 02/15/2028 |
19,121,000 | 18,566,790 | ||||||
1.50%, 02/15/2030 |
20,693,600 | 18,411,646 | ||||||
1.88%, 02/15/2032 |
20,441,600 |
|
18,330,366
|
| ||||
|
|
|||||||
74,687,716 | ||||||||
|
|
|||||||
Total U.S. Treasury Securities |
524,175,342 | |||||||
|
|
Shares | Value | |||||||
Money Market Funds-0.01% |
||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(b)(c) |
46,479 | $ | 46,479 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
524,221,821 | ||||||
|
|
|||||||
Investments Purchased with
Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.02% |
||||||||
Invesco Private Government Fund, |
1,506,072 | 1,506,072 | ||||||
Invesco Private Prime Fund, 2.37%(b)(c)(d) |
3,874,212 | 3,874,600 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
5,380,672 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.88% |
|
529,602,493 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.88)% |
|
(4,615,924 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 524,986,569 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
All or a portion of this security was out on loan at August 31, 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 fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$66,933 | $16,963,427 | $(16,983,881) | $ - | $ - | $ 46,479 | $1,653 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
37 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)–(continued)
August 31, 2022
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments
Purchased with |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
$ - | $ | 277,070,486 | $ | (275,564,414 | ) | $ | - | $ | - | $1,506,072 | $ | 20,331 | * | |||||||||||||||||||||
Invesco Private Prime Fund |
- | 450,832,262 | (446,939,636 | ) | 85 | (18,111 | ) | 3,874,600 | 53,988 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$66,933 | $ | 744,866,175 | $ | (739,487,931 | ) | $ | 85 | $ | (18,111 | ) | $5,427,151 | $75,972 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 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.
|
38 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)
August 31, 2022
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-98.63% |
||||||||||||||||
California-98.63% |
||||||||||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a) |
3.00 | % | 10/01/2034 | $ | 2,000 | $ | 1,857,751 | |||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a) |
5.00 | % | 10/01/2035 | 1,500 | 1,579,040 | |||||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a) |
5.00 | % | 10/01/2052 | 1,000 | 1,055,631 | |||||||||||
Alameda (County of), CA Transportation Commission, Series 2022, RB |
5.00 | % | 03/01/2045 | 1,750 | 1,984,943 | |||||||||||
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(b)(c) |
5.00 | % | 05/01/2024 | 540 | 563,009 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB |
4.00 | % | 04/01/2042 | 3,000 | 2,979,653 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB |
4.00 | % | 04/01/2038 | 150 | 151,311 | |||||||||||
California (State of), Series 2013, GO Bonds |
5.00 | % | 04/01/2043 | 2,000 | 2,027,597 | |||||||||||
California (State of), Series 2013, GO Bonds |
5.00 | % | 11/01/2043 | 1,965 | 2,018,931 | |||||||||||
California (State of), Series 2014, GO Bonds |
5.00 | % | 10/01/2044 | 1,000 | 1,044,193 | |||||||||||
California (State of), Series 2014, Ref. GO Bonds |
4.00 | % | 11/01/2044 | 520 | 520,467 | |||||||||||
California (State of), Series 2015, GO Bonds |
4.00 | % | 03/01/2045 | 195 | 195,165 | |||||||||||
California (State of), Series 2015, GO Bonds |
5.00 | % | 03/01/2045 | 1,000 | 1,047,805 | |||||||||||
California (State of), Series 2015, Ref. GO Bonds |
5.00 | % | 08/01/2035 | 1,500 | 1,595,004 | |||||||||||
California (State of), Series 2016, GO Bonds |
5.00 | % | 09/01/2046 | 2,000 | 2,130,914 | |||||||||||
California (State of), Series 2017, GO Bonds |
5.00 | % | 11/01/2047 | 3,475 | 3,732,278 | |||||||||||
California (State of), Series 2018, GO Bonds |
5.00 | % | 10/01/2047 | 1,720 | 1,820,765 | |||||||||||
California (State of), Series 2019, Ref. GO Bonds |
4.00 | % | 10/01/2037 | 4,000 | 4,108,342 | |||||||||||
California (State of), Series 2020, GO Bonds |
4.00 | % | 03/01/2046 | 660 | 653,940 | |||||||||||
California (State of), Series 2020, GO Bonds |
3.00 | % | 03/01/2050 | 2,860 | 2,241,877 | |||||||||||
California (State of), Series 2021, GO Bonds |
4.00 | % | 10/01/2039 | 4,990 | 5,059,703 | |||||||||||
California (State of), Series 2021, GO Bonds |
2.38 | % | 12/01/2043 | 2,000 | 1,448,589 | |||||||||||
California (State of), Series 2021, GO Bonds |
3.00 | % | 12/01/2043 | 400 | 329,512 | |||||||||||
California (State of), Series 2021, GO Bonds |
5.00 | % | 12/01/2043 | 1,200 | 1,320,921 | |||||||||||
California (State of), Series 2021, GO Bonds |
3.00 | % | 12/01/2046 | 750 | 598,459 | |||||||||||
California (State of), Series 2021, GO Bonds |
5.00 | % | 12/01/2046 | 500 | 548,760 | |||||||||||
California (State of), Series 2021, GO Bonds |
2.50 | % | 12/01/2049 | 750 | 519,954 | |||||||||||
California (State of), Series 2021, GO Bonds |
3.00 | % | 12/01/2049 | 625 | 490,633 | |||||||||||
California (State of), Series 2021, Ref. GO Bonds |
5.00 | % | 09/01/2041 | 1,530 | 1,711,528 | |||||||||||
California (State of), Series 2021, Ref. GO Bonds |
4.00 | % | 10/01/2041 | 3,500 | 3,523,782 | |||||||||||
California (State of), Series 2022, Ref. GO Bonds |
5.00 | % | 04/01/2042 | 1,720 | 1,858,847 | |||||||||||
California (State of), Series 2022, Ref. GO Bonds |
5.00 | % | 04/01/2042 | 2,560 | 2,867,488 | |||||||||||
California (State of) (Green Bonds), Series 2014, GO Bonds |
5.00 | % | 10/01/2037 | 1,500 | 1,570,944 | |||||||||||
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB(b)(c) |
5.00 | % | 12/01/2026 | 1,000 | 1,110,410 | |||||||||||
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB |
2.25 | % | 04/01/2051 | 400 | 253,146 | |||||||||||
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB |
5.00 | % | 10/01/2053 | 2,000 | 2,128,791 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2040 | 1,000 | 996,068 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2048 | 4,535 | 4,411,426 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB |
3.00 | % | 08/15/2051 | 2,200 | 1,690,197 | |||||||||||
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB |
5.00 | % | 08/15/2035 | 500 | 536,525 | |||||||||||
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB |
5.00 | % | 08/15/2042 | 6,500 | 6,723,657 | |||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB |
4.00 | % | 11/01/2044 | 110 | 104,913 | |||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB |
5.00 | % | 11/01/2047 | 6,000 | 6,829,490 | |||||||||||
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 | 1,047,259 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
39 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB |
5.00 | % | 11/15/2056 | $ | 145 | $ | 152,904 | |||||||||
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB |
4.00 | % | 06/01/2050 | 5,000 | 4,574,672 | |||||||||||
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB |
3.00 | % | 10/01/2047 | 2,620 | 1,938,259 | |||||||||||
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB |
4.00 | % | 10/01/2047 | 335 | 317,558 | |||||||||||
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB |
4.00 | % | 11/15/2040 | 885 | 869,129 | |||||||||||
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB |
4.00 | % | 08/15/2050 | 13,700 | 12,858,106 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(b)(c) |
5.00 | % | 08/15/2025 | 1,000 | 1,073,792 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB |
4.00 | % | 11/15/2041 | 885 | 864,695 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB |
4.00 | % | 11/15/2048 | 175 | 166,184 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB |
4.00 | % | 11/15/2042 | 170 | 165,792 | |||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(b)(c) |
4.00 | % | 10/01/2026 | 1,000 | 1,061,965 | |||||||||||
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 | 1,020,846 | |||||||||||
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB |
4.00 | % | 11/01/2045 | 395 | 382,065 | |||||||||||
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB |
5.00 | % | 08/01/2044 | 2,005 | 2,147,980 | |||||||||||
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 | 1,331,600 | |||||||||||
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 | 1,519,927 | |||||||||||
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 | 1,180,483 | |||||||||||
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB |
5.00 | % | 05/15/2047 | 1,000 | 1,078,354 | |||||||||||
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB |
4.00 | % | 03/01/2050 | 3,085 | 2,633,036 | |||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB |
4.00 | % | 02/01/2042 | 1,000 | 965,567 | |||||||||||
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB |
5.00 | % | 07/01/2042 | 1,000 | 1,027,446 | |||||||||||
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a) |
4.00 | % | 05/15/2046 | 500 | 474,191 | |||||||||||
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a) |
3.00 | % | 05/15/2051 | 1,000 | 765,848 | |||||||||||
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a) |
3.00 | % | 05/15/2054 | 1,000 | 744,766 | |||||||||||
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB |
5.00 | % | 11/01/2047 | 1,000 | 1,005,056 | |||||||||||
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB |
5.25 | % | 11/01/2047 | 500 | 508,506 | |||||||||||
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 | 1,071,254 | |||||||||||
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB |
5.00 | % | 05/15/2049 | 2,000 | 2,050,908 | |||||||||||
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB |
5.00 | % | 07/15/2046 | 500 | 546,784 | |||||||||||
California (State of) Public Works Board (Green Bonds), Series 2021, RB |
4.00 | % | 11/01/2046 | 1,000 | 971,935 | |||||||||||
California (State of) Public Works Board (Green Bonds), Series 2021, RB |
5.00 | % | 11/01/2046 | 1,000 | 1,099,324 | |||||||||||
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB |
5.00 | % | 11/01/2034 | 670 | 723,825 | |||||||||||
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB |
3.00 | % | 04/01/2050 | 1,000 | 743,462 | |||||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB |
3.00 | % | 04/01/2046 | 1,250 | 965,345 | |||||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB |
4.00 | % | 04/01/2051 | 1,900 | 1,724,460 | |||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB |
4.00 | % | 08/15/2046 | 1,650 | 1,566,729 | |||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB |
4.00 | % | 08/15/2051 | 165 | 153,920 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
40 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB |
5.00 | % | 08/15/2051 | $ | 1,000 | $ | 1,033,143 | |||||||||
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB |
5.00 | % | 12/01/2057 | 1,075 | 1,114,378 | |||||||||||
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB |
4.00 | % | 08/01/2045 | 1,000 | 866,498 | |||||||||||
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018; RB |
5.00 | % | 01/01/2048 | 1,975 | 2,014,391 | |||||||||||
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 | 1,025,039 | |||||||||||
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 | 1,535,841 | |||||||||||
California State University, Series 2015 A, Ref. RB |
5.00 | % | 11/01/2038 | 4,515 | 4,830,333 | |||||||||||
California State University, Series 2015 A, Ref. RB |
5.00 | % | 11/01/2047 | 2,000 | 2,123,365 | |||||||||||
California State University, Series 2016 A, Ref. RB |
4.00 | % | 11/01/2038 | 535 | 537,878 | |||||||||||
California State University, Series 2016 A, Ref. RB |
5.00 | % | 11/01/2041 | 12,410 | 13,258,170 | |||||||||||
California State University, Series 2016 A, Ref. RB |
5.00 | % | 11/01/2045 | 1,700 | 1,808,636 | |||||||||||
California State University, Series 2017 A, Ref. RB |
5.00 | % | 11/01/2037 | 500 | 544,824 | |||||||||||
California State University, Series 2018 A, Ref. RB |
5.00 | % | 11/01/2048 | 3,000 | 3,246,934 | |||||||||||
California State University, Series 2019 A, RB |
5.00 | % | 11/01/2049 | 1,000 | 1,092,774 | |||||||||||
California State University, Series 2020 C, RB |
4.00 | % | 11/01/2045 | 1,720 | 1,668,627 | |||||||||||
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds |
4.00 | % | 08/01/2047 | 5,090 | 4,892,843 | |||||||||||
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds |
5.00 | % | 08/01/2044 | 2,000 | 2,080,751 | |||||||||||
Chino Valley Unified School District, Series 2020 B, GO Bonds |
5.00 | % | 08/01/2055 | 5,000 | 5,459,032 | |||||||||||
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds |
4.00 | % | 08/01/2055 | 6,835 | 6,434,660 | |||||||||||
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a) |
4.00 | % | 08/01/2045 | 1,500 | 1,435,779 | |||||||||||
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a) |
4.00 | % | 06/01/2049 | 115 | 110,022 | |||||||||||
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds |
4.00 | % | 08/01/2039 | 100 | 100,499 | |||||||||||
Desert Community College District, Series 2021 A-1, GO Bonds |
4.00 | % | 08/01/2051 | 500 | 475,777 | |||||||||||
East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB |
5.00 | % | 06/01/2037 | 500 | 532,302 | |||||||||||
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB |
5.00 | % | 06/01/2042 | 1,500 | 1,635,060 | |||||||||||
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB |
5.00 | % | 06/01/2045 | 2,000 | 2,172,093 | |||||||||||
Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)(a) |
4.00 | % | 10/01/2044 | 250 | 243,453 | |||||||||||
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB |
3.95 | % | 01/15/2053 | 2,000 | 1,817,760 | |||||||||||
Fremont Union High School District, Series 2015, GO Bonds |
4.00 | % | 08/01/2044 | 1,000 | 1,001,320 | |||||||||||
Fremont Union High School District, Series 2019 A, GO Bonds |
4.00 | % | 08/01/2046 | 3,110 | 3,081,132 | |||||||||||
Fresno Unified School District, Series 2022 B, GO Bonds |
4.00 | % | 08/01/2052 | 2,000 | 1,875,548 | |||||||||||
Fresno Unified School District, Series 2022 B, GO Bonds |
4.00 | % | 08/01/2055 | 2,500 | 2,328,709 | |||||||||||
Glendale Community College District, Series 2020 B, GO Bonds |
3.00 | % | 08/01/2047 | 1,000 | 762,018 | |||||||||||
Glendale Community College District, Series 2020 B, GO Bonds |
4.00 | % | 08/01/2050 | 2,400 | 2,362,175 | |||||||||||
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a) |
4.00 | % | 08/01/2050 | 10,000 | 9,569,522 | |||||||||||
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a) |
5.00 | % | 09/01/2044 | 1,000 | 1,021,457 | |||||||||||
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a) |
5.00 | % | 09/01/2038 | 1,600 | 1,675,196 | |||||||||||
Jurupa Unified School District, Series 2017 B, GO Bonds |
4.00 | % | 08/01/2041 | 2,000 | 1,974,652 | |||||||||||
Kaweah Delta Health Care District Guild, Series 2015 B, RB |
4.00 | % | 06/01/2045 | 240 | 228,306 | |||||||||||
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds |
3.00 | % | 08/01/2043 | 5,000 | 4,015,986 | |||||||||||
Long Beach (City of), CA, Series 2015, RB |
5.00 | % | 05/15/2045 | 500 | 506,786 | |||||||||||
Long Beach (City of), CA, Series 2017 C, Ref. RB |
5.00 | % | 05/15/2047 | 1,500 | 1,613,374 | |||||||||||
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB |
5.00 | % | 05/15/2040 | 500 | 509,054 | |||||||||||
Long Beach Community College District, Series 2019 C, GO Bonds |
4.00 | % | 08/01/2049 | 1,500 | 1,427,585 | |||||||||||
Los Angeles (City of), CA, Series 2013 A, RB |
5.00 | % | 06/01/2043 | 2,860 | 2,905,877 | |||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB |
5.25 | % | 06/01/2047 | 1,000 | 1,090,832 | |||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB |
5.00 | % | 06/01/2047 | 3,000 | 3,370,715 | |||||||||||
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB |
5.00 | % | 05/15/2045 | 1,500 | 1,630,065 | |||||||||||
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB |
5.00 | % | 05/15/2048 | 1,900 | 2,058,304 | |||||||||||
Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022 I, RB |
5.00 | % | 05/15/2048 | 2,000 | 2,177,867 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
41 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB |
5.00 | % | 05/15/2044 | $ | 610 | $ | 651,949 | |||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB |
5.00 | % | 07/01/2039 | 1,000 | 1,040,428 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB |
5.00 | % | 07/01/2044 | 1,000 | 1,039,154 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB |
5.00 | % | 07/01/2046 | 1,000 | 1,056,692 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB |
5.00 | % | 07/01/2046 | 2,500 | 2,638,489 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB |
5.00 | % | 07/01/2042 | 1,500 | 1,588,375 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB |
5.00 | % | 07/01/2042 | 1,500 | 1,606,286 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB |
5.00 | % | 07/01/2048 | 2,000 | 2,160,515 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB |
5.00 | % | 07/01/2048 | 5,000 | 5,435,435 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB |
5.00 | % | 07/01/2049 | 2,235 | 2,433,803 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB |
5.00 | % | 07/01/2039 | 2,250 | 2,504,433 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB |
5.00 | % | 07/01/2037 | 1,000 | 1,124,601 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB |
5.00 | % | 07/01/2040 | 1,000 | 1,111,259 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB |
5.00 | % | 07/01/2041 | 1,000 | 1,108,091 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB |
5.00 | % | 07/01/2045 | 3,750 | 4,135,365 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB |
5.00 | % | 07/01/2051 | 3,250 | 3,534,250 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB |
5.00 | % | 07/01/2047 | 4,000 | 4,424,168 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB |
5.00 | % | 07/01/2052 | 3,000 | 3,284,307 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB |
5.00 | % | 07/01/2041 | 2,500 | 2,805,827 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB |
5.00 | % | 07/01/2042 | 2,500 | 2,799,938 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB |
5.00 | % | 07/01/2043 | 1,500 | 1,686,054 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB |
5.00 | % | 07/01/2043 | 2,000 | 2,230,640 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB |
5.00 | % | 07/01/2042 | 6,500 | 7,070,430 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB |
5.00 | % | 07/01/2041 | 1,000 | 1,089,533 | |||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB |
5.00 | % | 07/01/2044 | 1,000 | 1,094,661 | |||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB |
5.00 | % | 12/01/2044 | 2,000 | 2,080,490 | |||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB |
4.00 | % | 12/01/2040 | 185 | 186,051 | |||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB |
5.00 | % | 12/01/2045 | 1,050 | 1,103,866 | |||||||||||
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB |
5.00 | % | 12/01/2045 | 2,050 | 2,276,471 | |||||||||||
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB |
3.00 | % | 12/01/2050 | 585 | 456,966 | |||||||||||
Los Angeles Community College District, Series 2016, Ref. GO Bonds |
4.00 | % | 08/01/2037 | 1,215 | 1,236,626 | |||||||||||
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds |
4.00 | % | 08/01/2041 | 250 | 252,277 | |||||||||||
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds |
3.00 | % | 08/01/2039 | 3,800 | 3,287,774 | |||||||||||
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds |
4.00 | % | 08/01/2039 | 100 | 101,351 | |||||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
4.00 | % | 07/01/2040 | 1,000 | 989,524 | |||||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
3.00 | % | 07/01/2045 | 1,000 | 777,615 | |||||||||||
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds |
5.00 | % | 07/01/2038 | 1,000 | 1,096,690 | |||||||||||
Madera Unified School District (Election of 2014), Series 2017, GO Bonds |
4.00 | % | 08/01/2046 | 3,000 | 2,891,740 | |||||||||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds |
4.00 | % | 08/01/2040 | 190 | 187,430 | |||||||||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds |
5.00 | % | 08/01/2041 | 15,180 | 16,373,871 | |||||||||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds |
4.00 | % | 08/01/2047 | 150 | 141,764 | |||||||||||
Metropolitan Water District of Southern California, Series 2020 A, RB |
5.00 | % | 10/01/2045 | 2,000 | 2,219,899 | |||||||||||
Metropolitan Water District of Southern California, Series 2021 A, RB |
5.00 | % | 10/01/2046 | 1,000 | 1,123,659 | |||||||||||
Metropolitan Water District of Southern California, Series 2021 A, RB |
5.00 | % | 10/01/2051 | 1,000 | 1,117,953 | |||||||||||
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a) |
3.00 | % | 08/01/2050 | 3,000 | 2,318,591 | |||||||||||
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds |
4.00 | % | 08/01/2047 | 3,000 | 2,970,646 | |||||||||||
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a) |
5.00 | % | 08/01/2048 | 1,800 | 1,921,955 | |||||||||||
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022, RB, (INS - AGM)(a) |
5.00 | % | 11/01/2052 | 2,500 | 2,719,352 | |||||||||||
Orange (County of), CA Local Transportation Authority, Series 2019, RB |
5.00 | % | 02/15/2041 | 1,000 | 1,095,963 | |||||||||||
Orange (County of), CA Water District, Series 2017 A, Ref. RB |
4.00 | % | 08/15/2041 | 2,000 | 2,016,662 | |||||||||||
Oxnard Union High School District, Series 2020 B, GO Bonds |
5.00 | % | 08/01/2045 | 2,180 | 2,357,033 | |||||||||||
Oxnard Union High School District, Series 2022 C, GO Bonds |
4.00 | % | 08/01/2047 | 3,000 | 2,923,964 | |||||||||||
Regents of the University of California Medical Center, Series 2016 L, Ref. RB |
5.00 | % | 05/15/2041 | 1,000 | 1,058,946 | |||||||||||
Regents of the University of California Medical Center, Series 2016 L, Ref. RB |
5.00 | % | 05/15/2047 | 2,605 | 2,736,450 | |||||||||||
Regents of the University of California Medical Center, Series 2022 P, RB |
5.00 | % | 05/15/2042 | 5,000 | 5,533,183 | |||||||||||
Regents of the University of California Medical Center, Series 2022, RB |
3.50 | % | 05/15/2054 | 15,000 | 12,622,750 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
42 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB |
4.00 | % | 06/01/2037 | $ | 600 | $ | 583,744 | |||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB |
4.00 | % | 06/01/2038 | 700 | 675,992 | |||||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB |
4.00 | % | 06/01/2039 | 675 | 646,620 | |||||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB |
4.00 | % | 06/01/2040 | 750 | 714,084 | |||||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB |
3.00 | % | 06/01/2049 | 2,000 | 1,460,172 | |||||||||||
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB |
4.00 | % | 06/01/2046 | 625 | 573,597 | |||||||||||
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB |
5.00 | % | 06/01/2048 | 2,700 | 2,832,609 | |||||||||||
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB |
5.00 | % | 08/15/2050 | 7,100 | 7,811,181 | |||||||||||
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a) |
5.50 | % | 08/01/2047 | 1,500 | 1,695,512 | |||||||||||
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a) |
5.50 | % | 08/01/2052 | 3,000 | 3,379,892 | |||||||||||
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB |
5.00 | % | 12/01/2044 | 1,525 | 1,576,338 | |||||||||||
Sacramento City Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)(a) |
4.00 | % | 08/01/2049 | 1,000 | 942,714 | |||||||||||
Salinas Union High School District, Series 2022 A, GO Bonds |
4.00 | % | 08/01/2047 | 2,500 | 2,373,373 | |||||||||||
San Diego (City of), CA Association of Governments, Series 2017 A, RB |
5.00 | % | 07/01/2042 | 1,000 | 1,063,694 | |||||||||||
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB |
4.00 | % | 08/01/2045 | 300 | 287,968 | |||||||||||
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB |
5.00 | % | 10/15/2044 | 1,000 | 1,062,901 | |||||||||||
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB |
5.00 | % | 10/15/2046 | 1,535 | 1,687,249 | |||||||||||
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB |
4.00 | % | 10/15/2050 | 500 | 470,321 | |||||||||||
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB |
5.00 | % | 07/01/2044 | 1,500 | 1,607,672 | |||||||||||
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB |
5.00 | % | 07/01/2049 | 3,000 | 3,191,869 | |||||||||||
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB |
4.00 | % | 07/01/2046 | 500 | 474,113 | |||||||||||
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB |
5.00 | % | 07/01/2046 | 750 | 806,402 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB |
5.00 | % | 04/01/2048 | 1,000 | 1,061,011 | |||||||||||
San Diego (County of), CA Water Authority, Series 2022 A, RB |
5.00 | % | 05/01/2047 | 2,500 | 2,835,247 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds |
5.00 | % | 07/01/2040 | 1,000 | 1,059,126 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds |
5.00 | % | 07/01/2041 | 13,535 | 14,645,501 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds |
5.00 | % | 07/01/2047 | 3,000 | 3,224,121 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds |
4.00 | % | 07/01/2049 | 4,560 | 4,333,747 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2013 B, RB |
5.00 | % | 05/01/2043 | 6,000 | 6,063,502 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB |
5.00 | % | 05/01/2044 | 2,000 | 2,051,374 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB |
5.00 | % | 05/01/2046 | 6,970 | 7,340,777 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB |
5.00 | % | 05/01/2047 | 2,000 | 2,127,737 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB |
5.00 | % | 05/01/2050 | 1,540 | 1,635,390 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB |
5.00 | % | 05/01/2049 | 3,000 | 3,187,767 | |||||||||||
San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB |
3.00 | % | 11/01/2050 | 2,000 | 1,496,228 | |||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds |
3.00 | % | 08/01/2038 | 3,500 | 3,125,879 | |||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds |
3.00 | % | 08/01/2042 | 1,000 | 870,807 | |||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds |
4.00 | % | 08/01/2047 | 1,500 | 1,483,004 | |||||||||||
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds |
4.00 | % | 06/15/2045 | 3,000 | 2,852,083 | |||||||||||
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB |
4.00 | % | 08/01/2044 | 5,000 | 4,859,685 | |||||||||||
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB |
5.00 | % | 08/01/2049 | 6,500 | 7,084,531 | |||||||||||
San Mateo (City of), CA Joint Powers Financing Authority (Cordilleras Mental Health Center), Series 2021 A, RB |
4.00 | % | 06/15/2041 | 1,950 | 1,952,128 | |||||||||||
San Mateo Foster City School District, Series 2021 A, GO Bonds |
2.50 | % | 08/01/2046 | 1,000 | 700,382 | |||||||||||
San Mateo Foster City School District, Series 2021 A, GO Bonds |
2.50 | % | 08/01/2051 | 1,000 | 667,818 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
43 |
|
Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
San Mateo Union High School District, Series 2021 B, GO Bonds |
2.00 | % | 09/01/2045 | $ | 1,000 | $ | 626,974 | |||||||||
San Mateo Union High School District, Series 2021 B, GO Bonds |
2.13 | % | 09/01/2048 | 1,000 | 618,092 | |||||||||||
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds |
4.00 | % | 08/01/2047 | 5,000 | 4,784,091 | |||||||||||
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB |
3.00 | % | 05/01/2041 | 1,000 | 828,946 | |||||||||||
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds |
4.00 | % | 07/01/2048 | 100 | 98,682 | |||||||||||
Santa Clara Valley Water District, Series 2016 A, Ref. RB |
5.00 | % | 06/01/2046 | 4,090 | 4,322,811 | |||||||||||
Sequoia Union High School District (Election of 2014), Series 2014, GO Bonds(b)(c) |
4.00 | % | 07/01/2024 | 6,200 | 6,390,094 | |||||||||||
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds |
4.00 | % | 08/01/2046 | 1,000 | 956,663 | |||||||||||
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB |
5.00 | % | 10/01/2049 | 1,200 | 1,263,118 | |||||||||||
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a) |
4.00 | % | 08/01/2039 | 2,000 | 1,981,415 | |||||||||||
University of California, Series 2013 AI, RB |
5.00 | % | 05/15/2038 | 3,515 | 3,573,643 | |||||||||||
University of California, Series 2016 AR, Ref. RB |
5.00 | % | 05/15/2046 | 1,115 | 1,188,486 | |||||||||||
University of California, Series 2017 AV, RB |
5.25 | % | 05/15/2042 | 4,000 | 4,352,942 | |||||||||||
University of California, Series 2018 AZ, Ref. RB |
5.00 | % | 05/15/2043 | 1,915 | 2,078,995 | |||||||||||
University of California, Series 2018 AZ, Ref. RB |
5.00 | % | 05/15/2048 | 3,500 | 3,781,732 | |||||||||||
University of California, Series 2019 BB, Ref. RB |
5.00 | % | 05/15/2049 | 705 | 769,304 | |||||||||||
University of California, Series 2020 BE, Ref. RB |
4.00 | % | 05/15/2047 | 4,750 | 4,575,008 | |||||||||||
University of California, Series 2020 BE, Ref. RB |
4.00 | % | 05/15/2050 | 2,000 | 1,905,528 | |||||||||||
University of California, Series 2021 BH, Ref. RB |
4.00 | % | 05/15/2046 | 6,000 | 5,797,752 | |||||||||||
University of California, Series 2021 BH, Ref. RB |
4.00 | % | 05/15/2051 | 4,355 | 4,140,646 | |||||||||||
University of California (Limited), Series 2017 M, RB |
5.00 | % | 05/15/2042 | 1,725 | 1,855,405 | |||||||||||
University of California (Limited), Series 2017 M, RB |
4.00 | % | 05/15/2047 | 125 | 119,709 | |||||||||||
University of California (Limited), Series 2018 O, Ref. RB |
5.00 | % | 05/15/2058 | 1,500 | 1,611,862 | |||||||||||
University of California (Limited), Series 2021 Q, Ref. RB |
5.00 | % | 05/15/2046 | 5,000 | 5,479,286 | |||||||||||
Vacaville Unified School District, Series 2020 D, GO Bonds |
4.00 | % | 08/01/2045 | 1,000 | 965,682 | |||||||||||
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a) |
5.25 | % | 08/01/2048 | 1,500 | 1,684,445 | |||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d)-98.63% |
558,873,001 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.37% |
7,783,512 | |||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 566,656,513 | ||||||||||||||
|
|
Investment Abbreviations:
AGM |
-Assured Guaranty Municipal Corp. | |
BAM |
-Build America Mutual Assurance Co. | |
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) |
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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
44 |
|
Invesco CEF Income Composite ETF (PCEF)
August 31, 2022
Schedule of Investments
Shares | Value | |||||||
Closed-End Funds-99.96% |
| |||||||
Bonds-40.55% |
||||||||
Aberdeen Asia-Pacific Income Fund, Inc.(a) |
3,781,979 | $ | 10,892,100 | |||||
BlackRock Core Bond Trust(a) |
650,789 | 7,627,247 | ||||||
BlackRock Credit Allocation Income Trust(a) |
1,262,626 | 13,825,755 | ||||||
BlackRock Income Trust, Inc. |
618,874 | 2,822,065 | ||||||
BlackRock Limited Duration Income Trust(a) |
443,116 | 6,030,809 | ||||||
BlackRock Multi-Sector Income Trust(a) |
375,930 | 6,093,825 | ||||||
BlackRock Taxable Municipal Bond Trust(a) |
526,885 | 10,089,848 | ||||||
Cohen & Steers Limited Duration Preferred |
363,549 | 7,347,325 | ||||||
Cohen & Steers Select Preferred and Income Fund, Inc. |
115,536 | 2,443,586 | ||||||
DoubleLine Income Solutions Fund(a) |
1,415,222 | 17,661,971 | ||||||
DoubleLine Opportunistic Credit Fund |
145,740 | 2,272,087 | ||||||
Eaton Vance Ltd. Duration Income Fund(a) |
1,450,126 | 15,371,336 | ||||||
Eaton Vance Short Duration Diversified |
164,039 | 1,825,754 | ||||||
First Trust Intermediate Duration Preferred & Income Fund |
748,625 | 14,358,627 | ||||||
Flaherty & Crumrine Dynamic Preferred and |
147,486 | 3,170,949 | ||||||
Flaherty & Crumrine Preferred &
Income |
330,368 | 5,619,560 | ||||||
Flaherty & Crumrine Preferred and Income |
82,148 | 1,035,065 | ||||||
Flaherty & Crumrine Total Return |
84,038 | 1,473,186 | ||||||
Franklin Ltd. Duration Income Trust |
555,277 | 3,825,859 | ||||||
Franklin Universal Trust(a) |
294,293 | 2,354,344 | ||||||
Guggenheim Taxable Municipal Bond & |
155,422 | 2,778,945 | ||||||
Invesco Bond Fund(a)(b) |
139,085 | 2,169,726 | ||||||
Invesco Senior Income Trust(b) |
2,074,451 | 8,007,381 | ||||||
John Hancock Preferred Income Fund(a) |
214,866 | 3,841,804 | ||||||
John Hancock Preferred Income Fund II |
145,897 | 2,605,720 | ||||||
John Hancock Preferred Income Fund III(a) |
216,909 | 3,433,669 | ||||||
John Hancock Premium Dividend Fund(a) |
338,467 | 5,209,007 | ||||||
MFS Charter Income Trust |
546,935 | 3,544,139 | ||||||
MFS Government Markets Income Trust(a) |
390,844 | 1,367,954 | ||||||
MFS Intermediate Income Trust |
1,406,223 | 4,106,171 | ||||||
MFS Multimarket Income Trust |
751,760 | 3,473,131 | ||||||
Nuveen Credit Strategies Income Fund |
1,900,475 | 10,243,560 | ||||||
Nuveen Floating Rate Income Fund |
713,182 | 6,176,156 | ||||||
Nuveen Global High Income Fund |
319,873 | 3,851,271 | ||||||
Nuveen Preferred & Income Opportunities |
1,288,907 | 10,246,811 | ||||||
Nuveen Preferred & Income Securities |
2,561,407 | 18,877,570 | ||||||
Nuveen Taxable Municipal Income Fund(a) |
241,624 | 4,409,638 | ||||||
PIMCO Dynamic Income Opportunities Fund |
1,406,261 | 20,953,289 | ||||||
PIMCO Income Strategy Fund(a) |
259,511 | 2,348,575 | ||||||
PIMCO Income Strategy Fund II(a) |
580,169 | 4,513,715 | ||||||
Pioneer Floating Rate Fund, Inc. |
173,683 | 1,594,410 | ||||||
Putnam Master Intermediate Income Trust |
622,913 | 2,130,362 | ||||||
Putnam Premier Income Trust |
1,244,699 | 4,692,515 | ||||||
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.(a) |
241,914 | 2,542,516 |
Shares | Value | |||||||
Bonds-(continued) |
||||||||
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., Rts., expiring 09/23/2022(a) |
244,124 | $ | 5,127 | |||||
TCW Strategic Income Fund, Inc.(a) |
574,463 | 2,912,527 | ||||||
Templeton Global Income Fund(a) |
1,273,658 | 5,922,510 | ||||||
Virtus Global Multi-Sector Income Fund |
158,089 | 1,320,043 | ||||||
Western Asset Global Corporate Defined Opportunity Fund, Inc.(a) |
131,883 | 1,780,420 | ||||||
Western Asset Inflation-Linked Opportunities & Income Fund(a) |
865,193 | 8,876,880 | ||||||
Western Asset Inflation-Linked Securities & Income Fund |
328,379 | 3,300,209 | ||||||
Western Asset Investment Grade Defined Opportunity Trust, Inc.(a) |
104,841 | 1,796,975 | ||||||
|
|
|||||||
295,174,024 | ||||||||
|
|
|||||||
Bonds/High Yield-21.92% |
||||||||
AllianceBernstein Global High Income Fund, Inc.(a) |
1,151,798 | 11,517,980 | ||||||
Allspring Income Opportunities Fund |
745,079 | 5,088,890 | ||||||
Allspring Multi-Sector Income Fund(a) |
331,139 | 3,354,438 | ||||||
Barings Global Short Duration High Yield Fund(a) |
280,755 | 3,857,574 | ||||||
BlackRock Corporate High Yield Fund, Inc. |
1,126,195 | 10,788,948 | ||||||
BlackRock Debt Strategies Fund, Inc.(a) |
651,619 | 6,281,607 | ||||||
BlackRock Floating Rate Income Strategies Fund, Inc.(a) |
447,374 | 5,395,330 | ||||||
BlackRock Floating Rate Income Trust(a) |
276,816 | 3,155,702 | ||||||
BNY Mellon High Yield Strategies Fund |
1,007,958 | 2,348,542 | ||||||
Credit Suisse Asset Management Income Fund, Inc.(a) |
633,086 | 1,848,611 | ||||||
Credit Suisse High Yield Bond Fund |
1,419,918 | 2,797,239 | ||||||
Delaware Ivy High Income Opportunities Fund(a) |
234,079 | 2,682,545 | ||||||
Eaton Vance Floating-Rate Income Trust |
357,249 | 4,311,995 | ||||||
Eaton Vance Senior Floating-Rate Trust |
335,694 | 4,018,257 | ||||||
First Trust High Income Long/Short Fund(a) |
459,648 | 5,483,601 | ||||||
First Trust Senior Floating Rate Income Fund II(a) |
199,629 | 2,072,149 | ||||||
Highland Income Fund |
1,224,576 | 14,388,768 | ||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.(a) |
308,138 | 2,079,932 | ||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. |
1,017,878 | 4,570,272 | ||||||
Neuberger Berman High Yield Strategies Fund, Inc.(a) |
201,494 | 1,791,282 | ||||||
New America High Income Fund, Inc. (The) |
321,111 | 2,305,577 | ||||||
Nuveen NASDAQ 100 Dynamic Overwrite Fund(a) |
332,321 | 7,507,131 | ||||||
PGIM Global High Yield Fund, Inc. |
574,151 | 6,757,757 | ||||||
PGIM High Yield Bond Fund, Inc.(a) |
462,301 | 5,908,207 | ||||||
PGIM Short Duration High Yield Opportunities Fund |
345,842 | 5,260,257 | ||||||
PIMCO High Income Fund(a) |
932,593 | 4,840,158 | ||||||
Pioneer High Income Fund, Inc.(a) |
399,603 | 2,857,161 | ||||||
Templeton Emerging Markets Income Fund |
657,516 | 3,320,456 | ||||||
Western Asset Emerging Markets Debt Fund, Inc. |
931,118 | 8,529,041 | ||||||
Western Asset Global High Income Fund, Inc. |
302,751 | 2,185,862 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
45 |
|
Invesco CEF Income Composite ETF (PCEF)–(continued)
August 31, 2022
Shares | Value | |||||||
Bonds/High Yield-(continued) |
| |||||||
Western Asset High Income Fund II, Inc.(a) |
762,448 | $ | 4,140,093 | |||||
Western Asset High Income Opportunity Fund, Inc.(a) |
1,335,592 | 5,329,012 | ||||||
Western Asset High Yield Defined Opportunity Fund, Inc.(a) |
225,524 | 2,810,029 | ||||||
|
|
|||||||
159,584,403 | ||||||||
|
|
|||||||
Domestic Equity-1.13% |
||||||||
John Hancock Tax-Advantaged Dividend Income Fund |
342,566 | 8,235,287 | ||||||
|
|
|||||||
Equities-2.23% |
||||||||
Virtus Dividend, Interest & Premium Strategy Fund |
1,324,041 | 16,219,502 | ||||||
|
|
|||||||
Fixed Income-7.90% |
||||||||
Ares Dynamic Credit Allocation Fund, Inc. |
324,555 | 4,238,688 | ||||||
Blackstone Long-Short Credit Income Fund(a) |
176,907 | 2,122,884 | ||||||
John Hancock Income Securities Trust |
115,612 | 1,368,846 | ||||||
Nuveen Core Plus Impact Fund(a) |
445,073 | 5,327,524 | ||||||
PIMCO Corporate & Income Strategy Fund(a) |
290,332 | 4,041,421 | ||||||
PIMCO Dynamic Income Fund |
1,577,696 | 34,172,895 | ||||||
PIMCO Strategic Income Fund, Inc.(a) |
318,811 | 1,731,144 | ||||||
Saba Capital Income & Opportunities Fund |
531,667 | 4,471,320 | ||||||
|
|
|||||||
57,474,722 | ||||||||
|
|
|||||||
Option Income-26.23% |
||||||||
BlackRock Energy and Resources Trust(a) |
431,967 | 4,993,538 | ||||||
BlackRock Enhanced Capital and Income |
427,849 | 8,039,283 | ||||||
BlackRock Enhanced Equity Dividend Trust(a) |
1,735,670 | 16,384,725 | ||||||
BlackRock Enhanced Global Dividend Trust |
875,065 | 8,505,632 | ||||||
BlackRock Enhanced International Dividend Trust |
1,420,480 | 6,903,533 | ||||||
BlackRock Health Sciences Trust(a) |
94,264 | 3,892,161 | ||||||
BlackRock Resources & Commodities |
1,089,895 | 10,234,114 | ||||||
BlackRock Science & Technology Trust(a) |
306,676 | 10,755,127 | ||||||
Brookfield Real Assets Income Fund, Inc.(a) |
352,963 | 6,773,360 | ||||||
Columbia Seligman Premium Technology |
113,756 | 3,289,824 | ||||||
Eaton Vance Enhanced Equity Income Fund |
333,473 | 5,172,166 | ||||||
Eaton Vance Enhanced Equity Income Fund II(a) |
369,184 | 6,464,412 | ||||||
Eaton Vance Risk-Managed Diversified Equity Income Fund(a) |
446,314 | 4,123,941 | ||||||
Eaton Vance Tax-Managed Buy-Write Income Fund(a) |
192,001 | 3,072,016 | ||||||
Eaton Vance Tax-Managed Buy-Write |
708,010 | 10,464,388 |
Investment Abbreviations:
Rts. -Rights
Shares | Value | |||||||
Option Income-(continued) |
| |||||||
Eaton Vance Tax-Managed Diversified Equity Income Fund |
1,084,764 | $ | 14,015,151 | |||||
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund |
1,060,924 | 9,590,753 | ||||||
Eaton Vance Tax-Managed Global Diversified Equity Income Fund |
2,559,202 | 22,060,321 | ||||||
First Trust Enhanced Equity Income Fund(a) |
167,415 | 2,844,381 | ||||||
GAMCO Natural Resources Gold & Income Trust |
293,069 | 1,345,187 | ||||||
John Hancock Hedged Equity & Income |
86,285 | 1,066,483 | ||||||
Madison Covered Call & Equity Strategy |
151,169 | 1,153,419 | ||||||
Nuveen Dow 30sm Dynamic
Overwrite |
347,792 | 5,435,989 | ||||||
Nuveen S&P 500 Buy-Write Income Fund(a) |
865,067 | 11,557,295 | ||||||
Nuveen S&P 500 Dynamic Overwrite Fund |
142,348 | 2,249,098 | ||||||
Voya Global Advantage and Premium |
225,095 | 2,055,117 | ||||||
Voya Global Equity Dividend and Premium |
1,109,616 | 6,047,407 | ||||||
Voya Infrastructure Industrials and Materials Fund |
242,592 | 2,408,939 | ||||||
|
|
|||||||
190,897,760 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
727,585,698 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.82% |
||||||||
Invesco Private Government Fund, |
7,699,235 | 7,699,235 | ||||||
Invesco Private Prime Fund, 2.37%(b)(c)(d) |
20,051,771 | 20,053,777 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
27,753,012 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.78% |
|
755,338,710 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.78)% |
|
(27,479,684 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 727,859,026 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
46 |
|
Invesco CEF Income Composite ETF (PCEF)–(continued)
August 31, 2022
Notes to Schedule of Investments:
(a) |
All or a portion of this security was out on loan at August 31, 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 fiscal year ended August 31, 2022. |
Change in | |||||||||||||||||||||||||||||||||||
Unrealized | Realized | ||||||||||||||||||||||||||||||||||
Value | Purchases | Proceeds | Appreciation | Gain | Value | Dividend | |||||||||||||||||||||||||||||
August 31, 2021 | at Cost | from Sales | (Depreciation) | (Loss) | August 31, 2022 | Income | |||||||||||||||||||||||||||||
Invesco Bond Fund |
$ | 2,909,501 | $ | 524,587 | $ | (580,881 | ) | $ | (664,854 | ) | $ | 58,675 | $ | 2,169,726 | $ | 91,800 | |||||||||||||||||||
Invesco Senior Income Trust |
9,293,431 | 2,914,739 | (3,227,787 | ) | (1,085,561 | ) | 112,559 | 8,007,381 | 729,037 | ||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
- | 31,437,802 | (31,437,802 | ) | - | - | - | 2,043 | |||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
4,905,376 | 102,319,136 | (99,525,277 | ) | - | - | 7,699,235 | 46,198 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
11,445,876 | 209,362,810 | (200,753,895 | ) | 1,880 | (2,894 | ) | 20,053,777 | 132,791 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 28,554,184 | $ | 346,559,074 | $ | (335,525,642 | ) | $ | (1,748,535 | ) | $ | 168,340 | ** | $ | 37,930,119 | $ | 1,001,869 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 August 31, 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.
|
47 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
August 31, 2022
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-98.54% |
| |||||||
Aerospace & Defense-2.64% |
||||||||
Hexcel Corp., 4.20%, 02/15/2027 |
$ | 3,735,000 | $ | 3,559,713 | ||||
Howmet Aerospace, Inc. |
||||||||
5.13%, 10/01/2024(b) |
3,118,000 | 3,103,033 | ||||||
3.00%, 01/15/2029 |
3,472,000 | 2,937,104 | ||||||
TransDigm, Inc., 5.50%, 11/15/2027 |
11,058,000 | 9,965,635 | ||||||
|
|
|||||||
19,565,485 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.64% |
|
|||||||
GXO Logistics, Inc., 1.65%, 07/15/2026 |
5,670,000 | 4,746,504 | ||||||
|
|
|||||||
Airlines-3.73% |
||||||||
Delta Air Lines, Inc. |
||||||||
7.38%, 01/15/2026(b) |
6,881,000 | 7,018,001 | ||||||
4.38%, 04/19/2028(b) |
7,712,000 | 6,789,645 | ||||||
United Airlines Holdings, Inc., 4.88%, 01/15/2025(b) |
14,666,000 | 13,889,834 | ||||||
|
|
|||||||
27,697,480 | ||||||||
|
|
|||||||
Auto Components-2.40% |
||||||||
American Axle & Manufacturing, Inc., |
||||||||
5.00%, 10/01/2029(b) |
5,618,000 | 4,773,334 | ||||||
Dana, Inc., 5.63%, 06/15/2028(b) |
5,587,000 | 5,022,093 | ||||||
Goodyear Tire & Rubber Co. (The) |
||||||||
5.00%, 05/31/2026(b) |
4,178,000 | 4,036,846 | ||||||
5.00%, 07/15/2029(b) |
4,464,000 | 4,007,333 | ||||||
|
|
|||||||
17,839,606 | ||||||||
|
|
|||||||
Automobiles-3.10% |
||||||||
Ford Motor Co., 3.25%, 02/12/2032 |
13,012,000 | 10,205,702 | ||||||
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025 |
13,980,000 | 12,782,473 | ||||||
|
|
|||||||
22,988,175 | ||||||||
|
|
|||||||
Building Products-0.39% |
| |||||||
Griffon Corp., 5.75%, 03/01/2028(b) |
3,116,000 | 2,887,597 | ||||||
|
|
|||||||
Chemicals-2.58% |
| |||||||
Avient Corp., 5.25%, 03/15/2023 |
4,006,000 | 4,011,208 | ||||||
Chemours Co. (The), 5.38%, 05/15/2027(b) |
5,858,000 | 5,439,797 | ||||||
Olin Corp., 5.63%, 08/01/2029(b) |
5,722,000 | 5,458,130 | ||||||
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(b) |
5,668,000 | 4,265,170 | ||||||
|
|
|||||||
19,174,305 | ||||||||
|
|
|||||||
Commercial Services & Supplies-1.60% |
| |||||||
CoreCivic, Inc., 8.25%, 04/15/2026(b) |
4,558,000 | 4,549,821 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026 |
4,023,000 | 3,778,123 | ||||||
Steelcase, Inc., 5.13%, 01/18/2029(b) |
3,795,000 | 3,555,904 | ||||||
|
|
|||||||
11,883,848 | ||||||||
|
|
|||||||
Communications Equipment-0.54% |
| |||||||
Hughes Satellite Systems Corp., 6.63%, 08/01/2026(b) |
4,253,000 | 4,031,376 | ||||||
|
|
|||||||
Construction & Engineering-1.97% |
| |||||||
AECOM, 5.13%, 03/15/2027(b) |
8,198,000 | 7,966,816 |
Principal Amount |
Value | |||||||
Construction & Engineering-(continued) |
|
|||||||
Fluor Corp. |
||||||||
3.50%, 12/15/2024(b) |
$ | 3,485,000 | $ | 3,375,223 | ||||
4.25%, 09/15/2028(b) |
3,595,000 | 3,255,161 | ||||||
|
|
|||||||
14,597,200 | ||||||||
|
|
|||||||
Consumer Finance-4.33% |
| |||||||
Ally Financial, Inc., 5.75%, |
12,497,000 | 12,646,624 | ||||||
Navient Corp. |
||||||||
6.13%, 03/25/2024(b) |
4,116,000 | 4,020,838 | ||||||
5.50%, 03/15/2029(b) |
4,580,000 | 3,716,704 | ||||||
OneMain Finance Corp. |
||||||||
7.13%, 03/15/2026(b) |
3,561,000 | 3,354,195 | ||||||
6.63%, 01/15/2028(b) |
3,579,000 | 3,276,181 | ||||||
SLM Corp., 4.20%, 10/29/2025(b) |
5,600,000 | 5,134,851 | ||||||
|
|
|||||||
32,149,393 | ||||||||
|
|
|||||||
Containers & Packaging-3.03% |
||||||||
Ball Corp. |
||||||||
5.25%, 07/01/2025(b) |
3,590,000 | 3,585,530 | ||||||
2.88%, 08/15/2030(b) |
3,843,000 | 3,122,399 | ||||||
Berry Global, Inc., 1.57%, 01/15/2026 |
8,242,000 | 7,378,071 | ||||||
Crown Americas LLC, 5.25%, 04/01/2030(b)(c) |
4,090,000 | 3,932,576 | ||||||
Silgan Holdings, Inc., 4.13%, 02/01/2028(b) |
4,868,000 | 4,462,788 | ||||||
|
|
|||||||
22,481,364 | ||||||||
|
|
|||||||
Diversified Consumer Services-0.72% |
| |||||||
Service Corp. International, 5.13%, 06/01/2029(b) |
5,614,000 | 5,326,030 | ||||||
|
|
|||||||
Diversified Telecommunication Services-1.87% |
| |||||||
Lumen Technologies, Inc. |
||||||||
Series G, 6.88%, 01/15/2028(b) |
7,607,000 | 6,858,623 | ||||||
Series Y, 7.50%, 04/01/2024(b) |
6,975,000 | 7,039,868 | ||||||
|
|
|||||||
13,898,491 | ||||||||
|
|
|||||||
Electric Utilities-4.98% |
|
|||||||
DPL, Inc., 4.13%, 07/01/2025 |
10,457,000 | 9,881,865 | ||||||
FirstEnergy Corp. |
||||||||
Series B, 4.40%, 07/15/2027 |
5,801,000 | 5,504,047 | ||||||
Series C, 7.38%, 11/15/2031 |
4,920,000 | 5,780,409 | ||||||
NRG Energy, Inc., 6.63%, 01/15/2027(b) |
6,889,000 | 6,854,046 | ||||||
PG&E Corp., 5.25%, 07/01/2030(b) |
10,332,000 | 8,949,527 | ||||||
|
|
|||||||
36,969,894 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-1.56% |
| |||||||
CDW LLC/CDW Finance Corp. |
||||||||
2.67%, 12/01/2026 |
4,281,000 | 3,860,642 | ||||||
3.57%, 12/01/2031(b) |
4,271,000 | 3,595,379 | ||||||
Vontier Corp. |
||||||||
1.80%, 04/01/2026 |
2,460,000 | 2,155,132 | ||||||
2.95%, 04/01/2031 |
2,544,000 | 1,960,534 | ||||||
|
|
|||||||
11,571,687 | ||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
48 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Energy Equipment & Services-0.79% |
|
|||||||
Oceaneering International, Inc., 4.65%, 11/15/2024 |
$ | 3,042,000 | $ | 2,842,214 | ||||
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b) |
3,550,000 | 3,007,054 | ||||||
|
|
|||||||
5,849,268 | ||||||||
|
|
|||||||
Entertainment-1.28% |
||||||||
Netflix, Inc. |
||||||||
4.38%, 11/15/2026(b) |
4,946,000 | 4,804,099 | ||||||
4.88%, 04/15/2028 |
4,849,000 | 4,722,078 | ||||||
|
|
|||||||
9,526,177 | ||||||||
|
|
|||||||
Equity REITs-4.80% |
||||||||
GLP Capital L.P./GLP Financing II, Inc. |
||||||||
5.38%, 04/15/2026 |
2,697,000 | 2,653,720 | ||||||
5.30%, 01/15/2029 |
2,722,000 | 2,635,292 | ||||||
iStar, Inc., 4.75%, 10/01/2024 |
2,619,000 | 2,623,426 | ||||||
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 |
5,398,000 | 4,856,048 | ||||||
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027 |
4,193,000 | 3,818,355 | ||||||
Sabra Health Care L.P. 5.13%, 08/15/2026 |
1,999,000 | 1,935,220 | ||||||
3.90%, 10/15/2029(b) |
2,121,000 | 1,854,466 | ||||||
SBA Communications Corp., 3.88%, 02/15/2027(b) |
5,056,000 | 4,616,729 | ||||||
Service Properties Trust 4.35%, 10/01/2024 |
3,124,000 | 2,804,687 | ||||||
5.50%, 12/15/2027 |
3,122,000 | 2,704,870 | ||||||
VICI Properties L.P. 4.38%, 05/15/2025 |
2,631,000 | 2,572,500 | ||||||
5.13%, 05/15/2032(b) |
2,700,000 | 2,567,025 | ||||||
|
|
|||||||
35,642,338 | ||||||||
|
|
|||||||
Food Products-0.50% |
||||||||
B&G Foods, Inc., 5.25%, 04/01/2025(b) |
4,182,000 | 3,726,476 | ||||||
|
|
|||||||
Gas Utilities-0.94% |
||||||||
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026 |
7,311,000 | 6,969,613 | ||||||
|
|
|||||||
Health Care Equipment & Supplies-0.55% |
| |||||||
Teleflex, Inc., 4.63%, 11/15/2027(b) |
4,344,000 | 4,072,717 | ||||||
|
|
|||||||
Health Care Providers & Services-4.06% |
| |||||||
Centene Corp., 4.63%, 12/15/2029 |
16,574,000 | 15,636,740 | ||||||
Encompass Health Corp., 4.75%, 02/01/2030 |
5,798,000 | 4,968,288 | ||||||
Tenet Healthcare Corp. 4.88%, 01/01/2026(b)(c) |
5,122,000 | 4,888,053 | ||||||
4.25%, 06/01/2029(c) |
5,316,000 | 4,613,703 | ||||||
|
|
|||||||
30,106,784 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-7.54% |
| |||||||
Churchill Downs, Inc., 5.50%, 04/01/2027(b)(c) |
2,824,000 | 2,711,148 | ||||||
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(b) |
7,009,000 | 6,414,006 | ||||||
Hyatt Hotels Corp. |
||||||||
5.63%, 04/23/2025 |
2,143,000 | 2,166,344 | ||||||
6.00%, 04/23/2030(b) |
2,042,000 | 2,093,209 |
Principal Amount |
Value | |||||||
Hotels, Restaurants & Leisure-(continued) |
|
|||||||
Las Vegas Sands Corp. 3.20%, 08/08/2024(b) |
$ | 7,551,000 | $ | 7,151,853 | ||||
3.90%, 08/08/2029(b) |
7,170,000 | 6,123,398 | ||||||
MGM Resorts International |
||||||||
6.00%, 03/15/2023 |
4,564,000 | 4,570,212 | ||||||
4.75%, 10/15/2028(b) |
4,800,000 | 4,225,140 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
5.25%, 11/15/2022 |
4,418,000 | 4,422,363 | ||||||
3.70%, 03/15/2028(b) |
5,219,000 | 3,555,913 | ||||||
Travel + Leisure Co., Series J, |
||||||||
6.00%, 04/01/2027 |
4,705,000 | 4,474,174 | ||||||
Yum! Brands, Inc., 3.63%, 03/15/2031 |
9,613,000 | 8,109,623 | ||||||
|
|
|||||||
56,017,383 | ||||||||
|
|
|||||||
Household Durables-4.33% |
||||||||
Century Communities, Inc., 6.75%, 06/01/2027(b) |
3,059,000 | 3,004,795 | ||||||
KB Home, 4.00%, 06/15/2031(b) |
3,771,000 | 2,975,941 | ||||||
M/I Homes, Inc., 4.95%, 02/01/2028 |
3,570,000 | 3,155,876 | ||||||
MDC Holdings, Inc., 2.50%, 01/15/2031 |
4,617,000 | 3,309,854 | ||||||
Meritage Homes Corp., 6.00%, 06/01/2025 |
4,037,000 | 4,039,765 | ||||||
Newell Brands, Inc., 4.45%, 04/01/2026 |
7,234,000 | 6,812,764 | ||||||
Toll Brothers Finance Corp. |
||||||||
4.38%, 04/15/2023 |
340 | 339 | ||||||
4.88%, 03/15/2027(b) |
2,686,000 | 2,595,915 | ||||||
3.80%, 11/01/2029(b) |
2,820,000 | 2,399,343 | ||||||
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024 |
1,971,000 | 1,950,603 | ||||||
Tri Pointe Homes, Inc., 5.70%, 06/15/2028 |
2,074,000 | 1,881,800 | ||||||
|
|
|||||||
32,126,995 | ||||||||
|
|
|||||||
Household Products-0.54% |
||||||||
Spectrum Brands, Inc., 5.75%, 07/15/2025 |
4,079,000 | 3,984,577 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail-1.03% |
| |||||||
QVC, Inc. |
||||||||
4.45%, 02/15/2025 |
4,720,000 | 4,341,716 | ||||||
4.38%, 09/01/2028(b) |
4,281,000 | 3,274,387 | ||||||
|
|
|||||||
7,616,103 | ||||||||
|
|
|||||||
IT Services-0.34% |
||||||||
Twilio, Inc., 3.63%, 03/15/2029(b) |
3,036,000 | 2,539,234 | ||||||
|
|
|||||||
Machinery-1.77% |
||||||||
Hillenbrand, Inc. |
||||||||
5.00%, 09/15/2026(b) |
1,738,000 | 1,691,569 | ||||||
3.75%, 03/01/2031(b) |
1,911,000 | 1,620,765 | ||||||
Trinity Industries, Inc., 4.55%, 10/01/2024 |
4,352,000 | 4,238,739 | ||||||
Wabtec Corp. 4.40%, 03/15/2024 |
2,867,000 | 2,860,134 | ||||||
4.95%, 09/15/2028 |
2,771,000 | 2,695,296 | ||||||
|
|
|||||||
13,106,503 | ||||||||
|
|
|||||||
Media-5.10% |
||||||||
AMC Networks, Inc. |
||||||||
5.00%, 04/01/2024 |
2,416,000 | 2,359,007 | ||||||
4.25%, 02/15/2029(b) |
2,703,000 | 2,209,973 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
49 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Media-(continued) |
| |||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c) |
$ | 11,146,000 | $ | 9,593,251 | ||||
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025(b) |
10,358,000 | 10,352,381 | ||||||
DISH DBS Corp. |
||||||||
7.75%, 07/01/2026(b) |
5,186,000 | 4,088,746 | ||||||
5.13%, 06/01/2029 |
6,201,000 | 3,683,456 | ||||||
Lamar Media Corp., 3.75%, 02/15/2028(b) |
6,231,000 | 5,598,148 | ||||||
|
|
|||||||
37,884,962 | ||||||||
|
|
|||||||
Metals & Mining-3.01% |
||||||||
ATI, Inc., 5.88%, 12/01/2027 |
3,148,000 | 2,995,803 | ||||||
Carpenter Technology Corp., 6.38%, 07/15/2028 |
3,396,000 | 3,251,636 | ||||||
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027 |
760 | 743 | ||||||
Freeport-McMoRan, Inc. |
||||||||
3.88%, 03/15/2023 |
5,165,000 | 5,159,345 | ||||||
4.63%, 08/01/2030(b) |
5,078,000 | 4,717,150 | ||||||
United States Steel Corp., 6.88%, 03/01/2029(b) |
6,352,000 | 6,232,995 | ||||||
|
|
|||||||
22,357,672 | ||||||||
|
|
|||||||
Mortgage REITs-1.10% |
||||||||
Starwood Property Trust, Inc., 4.75%, 03/15/2025 |
8,553,000 | 8,156,226 | ||||||
|
|
|||||||
Multiline Retail-0.93% |
||||||||
Nordstrom, Inc. |
||||||||
4.00%, 03/15/2027(b) |
4,195,000 | 3,677,343 | ||||||
4.38%, 04/01/2030(b) |
4,216,000 | 3,255,363 | ||||||
|
|
|||||||
6,932,706 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-7.40% |
||||||||
Apache Corp., 4.25%, 01/15/2030(b) |
7,215,000 | 6,520,123 | ||||||
Cheniere Energy, Inc., 4.63%, 10/15/2028(b) |
8,772,000 | 8,452,348 | ||||||
EQM Midstream Partners L.P. |
||||||||
4.13%, 12/01/2026(b) |
2,810,000 | 2,536,769 | ||||||
5.50%, 07/15/2028 |
2,725,000 | 2,495,868 | ||||||
EQT Corp. |
||||||||
6.13%, 02/01/2025 |
2,001,000 | 2,059,139 | ||||||
3.90%, 10/01/2027 |
2,114,000 | 2,003,935 | ||||||
Murphy Oil Corp. |
||||||||
5.75%, 08/15/2025(b) |
2,700,000 | 2,678,940 | ||||||
5.88%, 12/01/2027(b) |
2,584,000 | 2,516,790 | ||||||
Occidental Petroleum Corp. |
||||||||
5.55%, 03/15/2026(b) |
7,510,000 | 7,701,505 | ||||||
6.63%, 09/01/2030(b) |
8,190,000 | 8,760,843 | ||||||
Range Resources Corp. |
||||||||
4.88%, 05/15/2025 |
1,472,000 | 1,430,512 | ||||||
8.25%, 01/15/2029(b) |
1,366,000 | 1,435,591 | ||||||
SM Energy Co., 6.50%, 07/15/2028(b) |
3,261,000 | 3,145,512 | ||||||
Southwestern Energy Co. |
||||||||
5.70%, 01/23/2025(b) |
1,629,000 | 1,630,955 | ||||||
5.38%, 03/15/2030(b) |
1,710,000 | 1,605,109 | ||||||
|
|
|||||||
54,973,939 | ||||||||
|
|
Principal Amount |
Value | |||||||
Pharmaceuticals-0.57% |
| |||||||
Elanco Animal Health, Inc., 6.40%, 08/28/2028(b) |
$ | 4,554,000 | $ | 4,263,409 | ||||
|
|
|||||||
Real Estate Management & Development-0.90% |
|
|||||||
Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |
4,182,000 | 3,495,253 | ||||||
Newmark Group, Inc., 6.13%, 11/15/2023 |
3,175,000 | 3,179,824 | ||||||
|
|
|||||||
6,675,077 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.14% |
|
|||||||
Amkor Technology, Inc., 6.63%, 09/15/2027(b)(c) |
5,435,000 | 5,318,202 | ||||||
Qorvo, Inc., 4.38%, 10/15/2029(b) |
5,379,000 | 4,768,726 | ||||||
Skyworks Solutions, Inc. |
||||||||
1.80%, 06/01/2026 |
3,563,000 | 3,179,498 | ||||||
3.00%, 06/01/2031(b) |
3,201,000 | 2,606,700 | ||||||
|
|
|||||||
15,873,126 | ||||||||
|
|
|||||||
Software-0.21% |
||||||||
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(b) |
1,763,000 | 1,562,124 | ||||||
|
|
|||||||
Specialty Retail-3.49% |
||||||||
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b) |
5,558,000 | 4,745,837 | ||||||
Bath & Body Works, Inc., 5.25%, 02/01/2028(b) |
8,864,000 | 7,954,953 | ||||||
Murphy Oil USA, Inc., 4.75%, 09/15/2029 |
6,587,000 | 6,048,953 | ||||||
Penske Automotive Group, Inc., 3.75%, 06/15/2029 |
8,496,000 | 7,197,811 | ||||||
|
|
|||||||
25,947,554 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-3.60% |
|
|||||||
Seagate HDD Cayman, 4.75%, 01/01/2025(b) |
9,674,000 | 9,465,161 | ||||||
Western Digital Corp. |
||||||||
4.75%, 02/15/2026(b) |
5,476,000 | 5,281,602 | ||||||
3.10%, 02/01/2032 |
6,264,000 | 4,725,624 | ||||||
Xerox Corp., 4.63%, 03/15/2023 |
7,318,000 | 7,284,506 | ||||||
|
|
|||||||
26,756,893 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.56% |
||||||||
Under Armour, Inc., 3.25%, 06/15/2026(b) |
4,696,000 | 4,157,011 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance-0.99% |
||||||||
MGIC Investment Corp., 5.25%, 08/15/2028 |
3,801,000 | 3,550,799 | ||||||
Radian Group, Inc. |
||||||||
4.50%, 10/01/2024 |
420 | 402 | ||||||
4.88%, 03/15/2027 |
4,079,000 | 3,805,340 | ||||||
|
|
|||||||
7,356,541 | ||||||||
|
|
|||||||
Trading Companies & Distributors-1.20% |
||||||||
United Rentals North America, Inc., 4.88%, 01/15/2028 |
9,520,000 | 8,912,886 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
50 |
|
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Wireless Telecommunication Services-2.79% |
|
|||||||
Sprint Capital Corp., 6.88%, 11/15/2028 . |
$ | 9,422,000 | $ | 9,961,221 | ||||
Sprint Corp., 7.88%, 09/15/2023 |
10,397,000 | 10,735,370 | ||||||
|
|
|||||||
20,696,591 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
731,599,320 | ||||||
|
|
|||||||
Shares | ||||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-28.13% |
|
|||||||
Invesco Private Government Fund, 2.29%(d)(e)(f) |
57,871,109 | 57,871,109 |
Shares |
Value | |||||||
Money Market Funds-(continued) |
|
|||||||
Invesco Private Prime Fund, 2.37%(d)(e)(f) |
150,981,396 | $ | 150,996,498 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,856,683) |
208,867,607 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-126.67% |
|
940,466,927 | ||||||
OTHER ASSETS LESS LIABILITIES-(26.67)% |
|
(197,986,443 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 742,480,484 | ||||||
|
|
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, 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 August 31, 2022 was $31,056,933, which represented 4.18% 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, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ | 7,095,283 | $ | 199,158,190 | $ | (206,253,473 | ) | $ | - | $ | - | $ | - | $ | 20,293 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
66,093,480 | 250,235,296 | (258,457,667 | ) | - | - | 57,871,109 | 346,160 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund |
154,371,993 | 450,960,589 | (454,267,255 | ) | 10,922 | (79,751 | ) | 150,996,498 | 1,021,562 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total |
$ | 227,560,756 | $ | 900,354,075 | $ | (918,978,395 | ) | $ | 10,922 | $ | (79,751 | ) | $ | 208,867,607 | $ | 1,388,015 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
51 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
August 31, 2022
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-99.03% |
| |||||||
Aerospace & Defense-2.27% |
||||||||
Boeing Co. (The) |
||||||||
4.88%, 05/01/2025 |
$ | 75,000 | $ | 75,280 | ||||
5.15%, 05/01/2030 |
25,000 | 24,673 | ||||||
General Dynamics Corp. |
||||||||
3.25%, 04/01/2025 |
30,000 | 29,577 | ||||||
3.75%, 05/15/2028 |
41,000 | 40,483 | ||||||
Huntington Ingalls Industries, Inc. |
||||||||
3.84%, 05/01/2025 |
20,000 | 19,590 | ||||||
3.48%, 12/01/2027 |
20,000 | 18,640 | ||||||
L3Harris Technologies, Inc. |
||||||||
3.85%, 06/15/2023 |
33,000 | 32,970 | ||||||
4.40%, 06/15/2028 |
38,000 | 37,465 | ||||||
Lockheed Martin Corp. |
||||||||
3.55%, 01/15/2026 |
72,000 | 71,531 | ||||||
3.90%, 06/15/2032(b) |
60,000 | 59,026 | ||||||
Northrop Grumman Corp. |
||||||||
2.93%, 01/15/2025 |
50,000 | 48,760 | ||||||
3.25%, 01/15/2028 |
56,000 | 53,244 | ||||||
Raytheon Technologies Corp. |
||||||||
3.95%, 08/16/2025 |
60,000 | 60,067 | ||||||
4.13%, 11/16/2028 |
59,000 | 57,713 | ||||||
Textron, Inc., 3.00%, 06/01/2030(b) |
45,000 | 39,113 | ||||||
|
|
|||||||
668,132 | ||||||||
|
|
|||||||
Air Freight & Logistics-0.84% |
||||||||
C.H. Robinson Worldwide, Inc., |
45,000 | 43,585 | ||||||
FedEx Corp. |
||||||||
3.25%, 04/01/2026 |
45,000 | 44,001 | ||||||
3.10%, 08/05/2029(b) |
18,000 | 16,559 | ||||||
United Parcel Service, Inc. |
||||||||
3.90%, 04/01/2025 |
80,000 | 80,162 | ||||||
3.05%, 11/15/2027 |
64,000 | 62,456 | ||||||
|
|
|||||||
246,763 | ||||||||
|
|
|||||||
Airlines-0.14% |
||||||||
Southwest Airlines Co., 5.13%, 06/15/2027(b) |
40,000 | 40,850 | ||||||
|
|
|||||||
Auto Components-0.35% |
||||||||
BorgWarner, Inc., 2.65%, 07/01/2027(b) |
60,000 | 54,718 | ||||||
Lear Corp., 3.80%, 09/15/2027(b) |
50,000 | 47,354 | ||||||
|
|
|||||||
102,072 | ||||||||
|
|
|||||||
Automobiles-0.61% |
||||||||
General Motors Co., 6.13%, 10/01/2025 |
80,000 | 82,436 | ||||||
General Motors Financial Co., Inc., 3.10%, 01/12/2032(b) |
60,000 | 48,596 | ||||||
PACCAR Financial Corp., 3.55%, 08/11/2025 |
50,000 | 49,595 | ||||||
|
|
|||||||
180,627 | ||||||||
|
|
|||||||
Banks-6.53% |
||||||||
Bank of America Corp. |
||||||||
3.30%, 01/11/2023 |
96,000 | 95,942 | ||||||
3.25%, 10/21/2027 |
150,000 | 142,195 | ||||||
Citigroup, Inc. |
||||||||
3.20%, 10/21/2026 |
130,000 | 124,416 | ||||||
4.45%, 09/29/2027 |
125,000 | 122,201 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Comerica, Inc. |
||||||||
3.70%, 07/31/2023 |
$ | 30,000 | $ | 29,974 | ||||
4.00%, 02/01/2029 |
33,000 | 31,947 | ||||||
Fifth Third Bancorp, 3.65%, 01/25/2024(b) |
50,000 | 49,721 | ||||||
Huntington Bancshares, Inc. |
||||||||
2.63%, 08/06/2024 |
40,000 | 38,876 | ||||||
2.55%, 02/04/2030 |
47,000 | 40,329 | ||||||
JPMorgan Chase & Co. |
||||||||
2.95%, 10/01/2026 |
171,000 | 162,895 | ||||||
4.25%, 10/01/2027 |
115,000 | 114,051 | ||||||
KeyCorp, 2.55%, 10/01/2029 |
40,000 | 34,341 | ||||||
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025 |
88,000 | 85,317 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
3.50%, 01/23/2024 |
80,000 | 79,817 | ||||||
2.55%, 01/22/2030 |
65,000 | 56,953 | ||||||
Regions Financial Corp. |
||||||||
2.25%, 05/18/2025(b) |
50,000 | 47,748 | ||||||
1.80%, 08/12/2028 |
50,000 | 43,009 | ||||||
SVB Financial Group |
||||||||
1.80%, 10/28/2026 |
40,000 | 35,591 | ||||||
3.13%, 06/05/2030 |
35,000 | 30,095 | ||||||
Truist Bank, 3.63%, 09/16/2025 |
86,000 | 84,372 | ||||||
Truist Financial Corp., 1.95%, 06/05/2030 |
60,000 | 49,888 | ||||||
U.S. Bancorp |
100,000 | 80,242 | ||||||
Series V, 2.38%, 07/22/2026 |
91,000 | 86,005 | ||||||
Wells Fargo & Co. |
||||||||
3.00%, 04/22/2026 |
121,000 | 115,319 | ||||||
4.15%, 01/24/2029 |
140,000 | 136,100 | ||||||
|
|
|||||||
1,917,344 | ||||||||
|
|
|||||||
Beverages-1.57% |
||||||||
Coca-Cola Co. (The) |
||||||||
1.45%, 06/01/2027(b) |
100,000 | 90,562 | ||||||
2.25%, 01/05/2032(b) |
100,000 | 87,299 | ||||||
Constellation Brands, Inc., 2.25%, 08/01/2031. |
40,000 | 32,738 | ||||||
Keurig Dr Pepper, Inc. |
||||||||
4.42%, 05/25/2025 |
40,000 | 40,323 | ||||||
4.60%, 05/25/2028 |
46,000 | 46,279 | ||||||
Molson Coors Beverage Co., 3.00%, 07/15/2026 |
48,000 | 45,052 | ||||||
PepsiCo, Inc. |
||||||||
2.75%, 03/01/2023 |
85,000 | 84,806 | ||||||
3.00%, 10/15/2027(b) |
34,000 | 32,962 | ||||||
|
|
|||||||
460,021 | ||||||||
|
|
|||||||
Biotechnology-1.65% |
||||||||
AbbVie, Inc. |
||||||||
2.60%, 11/21/2024 |
35,000 | 33,852 | ||||||
3.20%, 11/21/2029 |
39,000 | 35,757 | ||||||
Amgen, Inc. |
||||||||
2.20%, 02/21/2027 |
80,000 | 73,676 | ||||||
2.00%, 01/15/2032 |
80,000 | 65,177 | ||||||
Biogen, Inc. |
||||||||
4.05%, 09/15/2025 |
46,000 | 45,838 | ||||||
2.25%, 05/01/2030 |
40,000 | 32,804 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
52 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Biotechnology-(continued) |
||||||||
Gilead Sciences, Inc. |
||||||||
3.65%, 03/01/2026 |
$ | 78,000 | $ | 76,754 | ||||
1.65%, 10/01/2030(b) |
75,000 | 61,346 | ||||||
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 |
75,000 | 59,559 | ||||||
|
|
|||||||
484,763 | ||||||||
|
|
|||||||
Building Products-0.75% |
||||||||
Carlisle Cos., Inc., 2.75%, 03/01/2030 |
40,000 | 34,402 | ||||||
Carrier Global Corp. |
||||||||
2.24%, 02/15/2025 |
50,000 | 47,576 | ||||||
2.72%, 02/15/2030 |
30,000 | 26,062 | ||||||
Fortune Brands Home & Security, Inc. |
||||||||
4.00%, 09/21/2023 |
19,000 | 18,969 | ||||||
3.25%, 09/15/2029 |
23,000 | 20,215 | ||||||
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030(b) |
90,000 | 73,893 | ||||||
|
|
|||||||
221,117 | ||||||||
|
|
|||||||
Capital Markets-4.07% |
||||||||
Ameriprise Financial, Inc. |
||||||||
4.00%, 10/15/2023 |
14,000 | 14,021 | ||||||
4.50%, 05/13/2032(b) |
20,000 | 20,019 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
2.20%, 08/16/2023 |
77,000 | 75,983 | ||||||
3.85%, 04/28/2028(b) |
74,000 | 72,473 | ||||||
BlackRock, Inc. |
||||||||
3.50%, 03/18/2024 |
64,000 | 63,887 | ||||||
1.90%, 01/28/2031 |
70,000 | 58,407 | ||||||
Charles Schwab Corp. (The) |
||||||||
0.75%, 03/18/2024 |
70,000 | 67,107 | ||||||
2.00%, 03/20/2028 |
70,000 | 63,113 | ||||||
CME Group, Inc. |
||||||||
3.00%, 03/15/2025 |
76,000 | 74,653 | ||||||
2.65%, 03/15/2032 |
10,000 | 8,810 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/2030 |
90,000 | 71,798 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
3.50%, 04/01/2025 |
110,000 | 107,691 | ||||||
3.80%, 03/15/2030 |
50,000 | 46,256 | ||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. |
||||||||
4.85%, 01/15/2027 |
30,000 | 29,861 | ||||||
4.15%, 01/23/2030 |
25,000 | 22,555 | ||||||
Morgan Stanley, 3.63%, 01/20/2027 |
132,000 | 128,559 | ||||||
Nasdaq, Inc., 1.65%, 01/15/2031 |
30,000 | 23,998 | ||||||
Northern Trust Corp. |
||||||||
4.00%, 05/10/2027 |
40,000 | 39,939 | ||||||
1.95%, 05/01/2030 |
45,000 | 38,140 | ||||||
Raymond James Financial, Inc., 4.65%, 04/01/2030 |
50,000 | 49,315 | ||||||
State Street Corp. |
||||||||
3.55%, 08/18/2025 |
61,000 | 60,501 | ||||||
2.40%, 01/24/2030 |
65,000 | 57,528 | ||||||
|
|
|||||||
1,194,614 | ||||||||
|
|
|||||||
Chemicals-2.85% |
||||||||
Air Products and Chemicals, Inc. |
||||||||
1.50%, 10/15/2025 |
40,000 | 37,338 | ||||||
2.05%, 05/15/2030(b) |
49,000 | 42,466 |
Principal Amount |
Value | |||||||
Chemicals-(continued) |
||||||||
DuPont de Nemours, Inc. |
||||||||
4.21%, 11/15/2023 |
$ | 40,000 | $ | 40,105 | ||||
4.73%, 11/15/2028(b) |
50,000 | 50,556 | ||||||
Eastman Chemical Co. |
||||||||
3.80%, 03/15/2025 |
33,000 | 32,537 | ||||||
4.50%, 12/01/2028(b) |
30,000 | 29,380 | ||||||
Ecolab, Inc. |
||||||||
2.70%, 11/01/2026(b) |
40,000 | 38,635 | ||||||
4.80%, 03/24/2030 |
40,000 | 41,361 | ||||||
EI du Pont de Nemours and Co. |
||||||||
1.70%, 07/15/2025 |
30,000 | 28,301 | ||||||
2.30%, 07/15/2030 |
35,000 | 30,333 | ||||||
FMC Corp. |
||||||||
3.20%, 10/01/2026 |
23,000 | 21,840 | ||||||
3.45%, 10/01/2029 |
22,000 | 19,815 | ||||||
Huntsman International LLC, 4.50%, 05/01/2029 |
30,000 | 27,723 | ||||||
Linde, Inc. |
||||||||
3.20%, 01/30/2026 |
46,000 | 45,186 | ||||||
1.10%, 08/10/2030 |
20,000 | 16,139 | ||||||
LYB International Finance III LLC, 2.25%, 10/01/2030 |
60,000 | 49,293 | ||||||
LyondellBasell Industries N.V., 5.75%, 04/15/2024 |
71,000 | 72,623 | ||||||
Mosaic Co. (The) |
||||||||
4.25%, 11/15/2023 |
13,000 | 13,020 | ||||||
4.05%, 11/15/2027 |
29,000 | 28,178 | ||||||
PPG Industries, Inc. |
||||||||
1.20%, 03/15/2026 |
40,000 | 36,024 | ||||||
3.75%, 03/15/2028 |
26,000 | 25,295 | ||||||
Sherwin-Williams Co. (The) |
||||||||
3.45%, 06/01/2027 |
38,000 | 36,444 | ||||||
2.95%, 08/15/2029(b) |
30,000 | 27,014 | ||||||
Westlake Corp., 3.60%, 08/15/2026 |
49,000 | 47,542 | ||||||
|
|
|||||||
837,148 | ||||||||
|
|
|||||||
Commercial Services & Supplies-0.75% |
||||||||
Cintas Corp. No. 2 |
||||||||
3.70%, 04/01/2027 |
28,000 | 27,663 | ||||||
4.00%, 05/01/2032 |
25,000 | 24,566 | ||||||
Republic Services, Inc. |
||||||||
2.50%, 08/15/2024 |
40,000 | 38,859 | ||||||
3.95%, 05/15/2028(b) |
39,000 | 38,295 | ||||||
Waste Management, Inc. |
||||||||
0.75%, 11/15/2025 |
55,000 | 49,952 | ||||||
1.50%, 03/15/2031 |
50,000 | 39,750 | ||||||
|
|
|||||||
219,085 | ||||||||
|
|
|||||||
Communications Equipment-0.65% |
||||||||
Cisco Systems, Inc., 2.50%, 09/20/2026(b) |
115,000 | 110,633 | ||||||
Juniper Networks, Inc., 3.75%, 08/15/2029 |
53,000 | 48,148 | ||||||
Motorola Solutions, Inc., 4.60%, 05/23/2029 |
33,000 | 31,887 | ||||||
|
|
|||||||
190,668 | ||||||||
|
|
|||||||
Construction & Engineering-0.15% |
||||||||
Quanta Services, Inc., 2.90%, 10/01/2030 |
50,000 | 42,879 | ||||||
|
|
|||||||
Construction Materials-0.36% |
||||||||
Eagle Materials, Inc., 2.50%, 07/01/2031 |
30,000 | 23,581 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
53 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Construction Materials-(continued) |
||||||||
Martin Marietta Materials, Inc., 2.40%, 07/15/2031 |
$ | 50,000 | $ | 41,373 | ||||
Vulcan Materials Co., 3.50%, 06/01/2030 |
45,000 | 40,678 | ||||||
|
|
|||||||
105,632 | ||||||||
|
|
|||||||
Consumer Finance-1.31% |
||||||||
Ally Financial, Inc. |
||||||||
5.80%, 05/01/2025(b) |
23,000 | 23,551 | ||||||
2.20%, 11/02/2028(b) |
45,000 | 37,271 | ||||||
American Express Co. |
||||||||
2.25%, 03/04/2025(b) |
70,000 | 66,853 | ||||||
4.05%, 05/03/2029 |
50,000 | 48,638 | ||||||
Capital One Financial Corp. |
||||||||
4.20%, 10/29/2025 |
21,000 | 20,760 | ||||||
3.80%, 01/31/2028(b) |
60,000 | 56,856 | ||||||
Discover Bank |
||||||||
3.45%, 07/27/2026 |
66,000 | 62,637 | ||||||
4.65%, 09/13/2028 |
70,000 | 67,405 | ||||||
|
|
|||||||
383,971 | ||||||||
|
|
|||||||
Containers & Packaging-0.74% |
||||||||
Amcor Finance USA, Inc., 3.63%, 04/28/2026 |
30,000 | 28,626 | ||||||
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031(b) |
40,000 | 32,985 | ||||||
Avery Dennison Corp., 4.88%, 12/06/2028(b) |
41,000 | 41,519 | ||||||
Sonoco Products Co., 3.13%, 05/01/2030 |
45,000 | 39,117 | ||||||
WRKCo, Inc. |
||||||||
4.65%, 03/15/2026 |
40,000 | 40,228 | ||||||
4.90%, 03/15/2029 |
35,000 | 35,036 | ||||||
|
|
|||||||
217,511 | ||||||||
|
|
|||||||
Distributors-0.07% |
||||||||
Genuine Parts Co., 1.88%, 11/01/2030 |
25,000 | 19,828 | ||||||
|
|
|||||||
Diversified Financial Services-0.85% |
||||||||
Berkshire Hathaway, Inc., 3.13%, 03/15/2026 |
98,000 | 95,951 | ||||||
Equitable Holdings, Inc. |
||||||||
3.90%, 04/20/2023 |
52,000 | 52,079 | ||||||
4.35%, 04/20/2028 |
51,000 | 50,308 | ||||||
Jackson Financial, Inc., 3.13%, 11/23/2031(c) |
65,000 | 52,260 | ||||||
|
|
|||||||
250,598 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-1.70% |
|
|||||||
AT&T, Inc. |
||||||||
4.25%, 03/01/2027 |
150,000 | 148,945 | ||||||
4.30%, 02/15/2030 |
96,000 | 92,359 | ||||||
Verizon Communications, Inc. |
||||||||
4.13%, 03/16/2027(b) |
130,000 | 129,412 | ||||||
4.33%, 09/21/2028 |
130,000 | 128,514 | ||||||
|
|
|||||||
499,230 | ||||||||
|
|
|||||||
Electric Utilities-4.62% |
||||||||
American Electric Power Co., Inc., 3.20%, 11/13/2027 |
56,000 | 52,899 | ||||||
Avangrid, Inc. |
||||||||
3.20%, 04/15/2025 |
35,000 | 33,953 | ||||||
3.80%, 06/01/2029 |
23,000 | 21,566 | ||||||
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030 |
105,000 | 100,502 | ||||||
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031 |
80,000 | 68,639 |
Principal Amount |
Value | |||||||
Electric Utilities-(continued) |
||||||||
Duke Energy Corp. |
||||||||
2.65%, 09/01/2026 |
$ | 16,000 | $ | 14,990 | ||||
2.55%, 06/15/2031(b) |
80,000 | 67,197 | ||||||
Edison International, 4.13%, 03/15/2028 |
46,000 | 43,511 | ||||||
Entergy Corp. |
||||||||
2.95%, 09/01/2026 |
45,000 | 42,483 | ||||||
1.90%, 06/15/2028(b) |
50,000 | 43,285 | ||||||
Evergy, Inc. |
||||||||
2.45%, 09/15/2024 |
30,000 | 28,946 | ||||||
2.90%, 09/15/2029 |
20,000 | 17,627 | ||||||
Eversource Energy, 3.38%, 03/01/2032 |
50,000 | 45,113 | ||||||
Exelon Corp. |
||||||||
3.95%, 06/15/2025 |
60,000 | 59,499 | ||||||
4.05%, 04/15/2030 |
50,000 | 48,267 | ||||||
Interstate Power and Light Co. |
||||||||
3.25%, 12/01/2024 |
24,000 | 23,577 | ||||||
4.10%, 09/26/2028 |
23,000 | 22,770 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
3.55%, 05/01/2027 |
60,000 | 57,894 | ||||||
2.25%, 06/01/2030 |
61,000 | 51,624 | ||||||
Pacific Gas and Electric Co. |
||||||||
3.15%, 01/01/2026 |
40,000 | 37,160 | ||||||
4.55%, 07/01/2030 |
40,000 | 35,915 | ||||||
PPL Capital Funding, Inc., 3.10%, 05/15/2026 . |
70,000 | 66,525 | ||||||
Southern California Edison Co., Series E, 3.70%, 08/01/2025 |
30,000 | 29,604 | ||||||
Southern Co. (The) |
||||||||
3.25%, 07/01/2026 |
68,000 | 65,095 | ||||||
Series A, 3.70%, 04/30/2030(b) |
70,000 | 65,765 | ||||||
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026 |
60,000 | 54,509 | ||||||
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023 |
64,000 | 63,718 | ||||||
Xcel Energy, Inc. |
||||||||
3.30%, 06/01/2025(b) |
50,000 | 48,888 | ||||||
4.00%, 06/15/2028(b) |
45,000 | 44,197 | ||||||
|
|
|||||||
1,355,718 | ||||||||
|
|
|||||||
Electrical Equipment-0.52% |
||||||||
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030 |
35,000 | 27,880 | ||||||
Eaton Corp., 3.10%, 09/15/2027 |
34,000 | 32,386 | ||||||
Emerson Electric Co. |
||||||||
0.88%, 10/15/2026 |
55,000 | 49,172 | ||||||
2.20%, 12/21/2031 |
50,000 | 42,634 | ||||||
|
|
|||||||
152,072 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components-1.14% |
| |||||||
Amphenol Corp., 2.80%, 02/15/2030 |
60,000 | 52,901 | ||||||
Arrow Electronics, Inc. |
||||||||
3.25%, 09/08/2024 |
18,000 | 17,612 | ||||||
3.88%, 01/12/2028 |
38,000 | 35,942 | ||||||
Avnet, Inc., 4.63%, 04/15/2026 |
58,000 | 57,514 | ||||||
Flex Ltd. |
||||||||
4.75%, 06/15/2025(b) |
33,000 | 32,885 | ||||||
4.88%, 06/15/2029 |
40,000 | 38,130 | ||||||
Jabil, Inc., 3.95%, 01/12/2028(b) |
33,000 | 31,180 | ||||||
Keysight Technologies, Inc., 4.60%, 04/06/2027 |
18,000 | 18,094 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
54 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Electronic Equipment, Instruments & Components-(continued) |
||||||||
Teledyne Technologies, Inc., 2.75%, 04/01/2031 |
$ | 20,000 | $ | 16,731 | ||||
Trimble, Inc., 4.90%, 06/15/2028 |
33,000 | 32,879 | ||||||
|
|
|||||||
333,868 | ||||||||
|
|
|||||||
Energy Equipment & Services-0.60% |
||||||||
Halliburton Co., 2.92%, 03/01/2030(b) |
60,000 | 53,200 | ||||||
NOV, Inc., 3.60%, 12/01/2029 |
38,000 | 33,708 | ||||||
Schlumberger Investment S.A. |
||||||||
3.65%, 12/01/2023 |
49,000 | 49,001 | ||||||
2.65%, 06/26/2030(b) |
45,000 | 39,812 | ||||||
|
|
|||||||
175,721 | ||||||||
|
|
|||||||
Entertainment-1.07% |
||||||||
Activision Blizzard, Inc. |
||||||||
3.40%, 09/15/2026 |
28,000 | 27,391 | ||||||
1.35%, 09/15/2030 |
34,000 | 26,973 | ||||||
Electronic Arts, Inc., 1.85%, 02/15/2031 |
55,000 | 45,291 | ||||||
Magallanes, Inc., 4.28%, 03/15/2032(b)(c) |
40,000 | 34,852 | ||||||
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032 |
30,000 | 27,717 | ||||||
Walt Disney Co. (The) |
||||||||
1.75%, 08/30/2024 |
84,000 | 80,729 | ||||||
2.65%, 01/13/2031 |
80,000 | 70,776 | ||||||
|
|
|||||||
313,729 | ||||||||
|
|
|||||||
Equity REITs-5.88% |
||||||||
Alexandria Real Estate Equities, Inc. |
||||||||
3.45%, 04/30/2025(b) |
28,000 | 27,593 | ||||||
2.00%, 05/18/2032 |
30,000 | 23,772 | ||||||
American Homes 4 Rent L.P., 4.25%, 02/15/2028 |
28,000 | 26,830 | ||||||
American Tower Corp. |
||||||||
3.50%, 01/31/2023 |
49,000 | 48,988 | ||||||
3.80%, 08/15/2029 |
43,000 | 39,944 | ||||||
AvalonBay Communities, Inc. |
||||||||
3.45%, 06/01/2025 |
30,000 | 29,484 | ||||||
2.30%, 03/01/2030 |
35,000 | 30,413 | ||||||
Boston Properties L.P. |
||||||||
3.65%, 02/01/2026 |
30,000 | 29,210 | ||||||
3.25%, 01/30/2031 |
35,000 | 30,272 | ||||||
Brixmor Operating Partnership L.P. |
||||||||
3.85%, 02/01/2025 |
24,000 | 23,429 | ||||||
4.13%, 05/15/2029 |
20,000 | 18,470 | ||||||
Camden Property Trust, 2.80%, 05/15/2030 |
30,000 | 26,669 | ||||||
CBRE Services, Inc. |
||||||||
4.88%, 03/01/2026 |
30,000 | 30,257 | ||||||
2.50%, 04/01/2031 |
40,000 | 32,249 | ||||||
Corporate Office Properties L.P., 2.75%, 04/15/2031 |
25,000 | 19,747 | ||||||
Crown Castle, Inc., 3.65%, 09/01/2027 |
46,000 | 43,895 | ||||||
Digital Realty Trust L.P., 3.70%, 08/15/2027 |
13,000 | 12,463 | ||||||
Duke Realty L.P., 2.25%, 01/15/2032 |
10,000 | 8,319 | ||||||
EPR Properties, 3.75%, 08/15/2029 |
40,000 | 33,750 | ||||||
Equinix, Inc. |
||||||||
2.63%, 11/18/2024 |
40,000 | 38,547 | ||||||
3.20%, 11/18/2029(b) |
40,000 | 35,951 | ||||||
ERP Operating L.P. |
||||||||
2.85%, 11/01/2026 |
38,000 | 36,240 | ||||||
2.50%, 02/15/2030 |
40,000 | 34,874 |
Principal Amount |
Value | |||||||
Equity REITs-(continued) |
||||||||
Essex Portfolio L.P. |
||||||||
3.50%, 04/01/2025 |
$ | 10,000 | $ | 9,807 | ||||
3.00%, 01/15/2030 |
30,000 | 26,335 | ||||||
Extra Space Storage L.P., 2.35%, 03/15/2032 |
45,000 | 35,369 | ||||||
Healthcare Realty Holdings L.P. |
||||||||
3.50%, 08/01/2026 |
21,000 | 20,075 | ||||||
2.00%, 03/15/2031 |
20,000 | 15,631 | ||||||
Healthpeak Properties, Inc. |
||||||||
3.25%, 07/15/2026 |
30,000 | 28,882 | ||||||
3.50%, 07/15/2029 |
28,000 | 25,846 | ||||||
Host Hotels & Resorts L.P. |
||||||||
Series E, 4.00%, 06/15/2025 |
30,000 | 29,016 | ||||||
Series H, 3.38%, 12/15/2029 |
39,000 | 33,493 | ||||||
Hudson Pacific Properties L.P., 4.65%, 04/01/2029 |
33,000 | 31,080 | ||||||
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031 |
10,000 | 7,631 | ||||||
Kilroy Realty L.P., 3.05%, 02/15/2030 |
38,000 | 32,267 | ||||||
Kimco Realty Corp. |
||||||||
2.80%, 10/01/2026 |
20,000 | 18,794 | ||||||
2.25%, 12/01/2031(b) |
30,000 | 24,117 | ||||||
LifeStorage L.P., 3.50%, 07/01/2026 |
30,000 | 28,948 | ||||||
Mid-America Apartments L.P., 3.60%, |
||||||||
06/01/2027 |
44,000 | 42,335 | ||||||
Office Properties Income Trust, 4.50%, 02/01/2025 |
30,000 | 28,095 | ||||||
Omega Healthcare Investors, Inc. |
||||||||
5.25%, 01/15/2026 |
18,000 | 17,881 | ||||||
3.38%, 02/01/2031 |
20,000 | 16,358 | ||||||
Prologis L.P., 2.25%, 04/15/2030 |
42,000 | 36,634 | ||||||
Public Storage |
||||||||
1.50%, 11/09/2026(b) |
40,000 | 36,415 | ||||||
1.85%, 05/01/2028(b) |
40,000 | 35,623 | ||||||
Realty Income Corp., 3.25%, 01/15/2031 |
30,000 | 27,007 | ||||||
Regency Centers L.P., 3.60%, 02/01/2027 |
22,000 | 21,129 | ||||||
Simon Property Group L.P. |
||||||||
2.00%, 09/13/2024 |
36,000 | 34,734 | ||||||
2.45%, 09/13/2029 |
56,000 | 48,482 | ||||||
Spirit Realty L.P., 3.40%, 01/15/2030 |
33,000 | 28,504 | ||||||
Sun Communities Operating L.P., 2.70%, 07/15/2031 |
40,000 | 32,236 | ||||||
Ventas Realty L.P. |
||||||||
3.50%, 02/01/2025 |
40,000 | 39,084 | ||||||
4.40%, 01/15/2029 |
44,000 | 42,440 | ||||||
W.P. Carey, Inc. |
||||||||
4.60%, 04/01/2024 |
19,000 | 19,069 | ||||||
2.40%, 02/01/2031 |
30,000 | 24,483 | ||||||
Welltower, Inc. |
||||||||
4.00%, 06/01/2025 |
41,000 | 40,526 | ||||||
3.10%, 01/15/2030 |
30,000 | 26,506 | ||||||
Weyerhaeuser Co., 7.38%, 03/15/2032 |
70,000 | 81,128 | ||||||
|
|
|||||||
1,727,326 | ||||||||
|
|
|||||||
Food & Staples Retailing-2.53% |
||||||||
Costco Wholesale Corp. |
||||||||
1.38%, 06/20/2027(b) |
85,000 | 76,446 | ||||||
1.60%, 04/20/2030 |
90,000 | 76,098 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
55 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Food & Staples Retailing-(continued) |
| |||||||
Kroger Co. (The) |
||||||||
2.65%, 10/15/2026 |
$ | 77,000 | $ | 72,861 | ||||
4.50%, 01/15/2029 |
65,000 | 64,744 | ||||||
Sysco Corp. |
||||||||
3.30%, 07/15/2026 |
55,000 | 53,343 | ||||||
5.95%, 04/01/2030 |
30,000 | 32,382 | ||||||
Walgreens Boots Alliance, Inc. |
||||||||
3.45%, 06/01/2026 |
69,000 | 67,077 | ||||||
3.20%, 04/15/2030(b) |
30,000 | 26,834 | ||||||
Walmart, Inc. |
||||||||
3.40%, 06/26/2023 |
133,000 | 133,397 | ||||||
1.80%, 09/22/2031(b) |
165,000 | 139,260 | ||||||
|
|
|||||||
742,442 | ||||||||
|
|
|||||||
Food Products-3.78% |
| |||||||
Archer-Daniels-Midland Co. |
||||||||
2.50%, 08/11/2026 |
60,000 | 57,189 | ||||||
3.25%, 03/27/2030 |
55,000 | 51,932 | ||||||
Bunge Ltd. Finance Corp. |
||||||||
1.63%, 08/17/2025 |
50,000 | 46,498 | ||||||
2.75%, 05/14/2031(b) |
55,000 | 46,368 | ||||||
Campbell Soup Co. |
||||||||
3.95%, 03/15/2025 |
30,000 | 29,773 | ||||||
4.15%, 03/15/2028 |
33,000 | 32,500 | ||||||
Conagra Brands, Inc. |
||||||||
4.30%, 05/01/2024 |
30,000 | 30,017 | ||||||
4.85%, 11/01/2028 |
30,000 | 29,779 | ||||||
Flowers Foods, Inc., 2.40%, 03/15/2031(b) |
50,000 | 41,791 | ||||||
General Mills, Inc. |
||||||||
4.00%, 04/17/2025 |
50,000 | 49,889 | ||||||
4.20%, 04/17/2028(b) |
51,000 | 50,874 | ||||||
Hershey Co. (The), 2.30%, 08/15/2026(b) |
68,000 | 64,378 | ||||||
Hormel Foods Corp., 1.80%, 06/11/2030 |
70,000 | 59,498 | ||||||
Ingredion, Inc. |
||||||||
3.20%, 10/01/2026(b) |
28,000 | 26,923 | ||||||
2.90%, 06/01/2030(b) |
20,000 | 17,487 | ||||||
JM Smucker Co. (The) |
||||||||
3.50%, 03/15/2025 |
33,000 | 32,600 | ||||||
2.38%, 03/15/2030 |
40,000 | 34,136 | ||||||
Kellogg Co. |
||||||||
3.25%, 04/01/2026(b) |
41,000 | 39,865 | ||||||
Series B, 7.45%, 04/01/2031 |
30,000 | 34,783 | ||||||
Kraft Heinz Foods Co. (The) |
||||||||
3.00%, 06/01/2026(b) |
65,000 | 61,645 | ||||||
3.75%, 04/01/2030 |
60,000 | 55,806 | ||||||
McCormick & Co., Inc., 3.40%, 08/15/2027 |
23,000 | 22,240 | ||||||
Mondelez International, Inc. |
||||||||
1.50%, 05/04/2025 |
40,000 | 37,478 | ||||||
2.75%, 04/13/2030 |
60,000 | 53,200 | ||||||
Tyson Foods, Inc. |
||||||||
3.55%, 06/02/2027 |
56,000 | 53,862 | ||||||
4.35%, 03/01/2029 |
50,000 | 49,491 | ||||||
|
|
|||||||
1,110,002 | ||||||||
|
|
|||||||
Gas Utilities-0.40% |
| |||||||
Atmos Energy Corp., 3.00%, 06/15/2027 |
51,000 | 48,828 |
Principal Amount |
Value | |||||||
Gas Utilities-(continued) |
| |||||||
National Fuel Gas Co. |
||||||||
3.75%, 03/01/2023 |
$ | 15,000 | $ | 14,993 | ||||
2.95%, 03/01/2031 |
20,000 | 16,413 | ||||||
Southwest Gas Corp., 4.05%, 03/15/2032 |
40,000 | 36,236 | ||||||
|
|
|||||||
116,470 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies-2.10% |
| |||||||
Abbott Laboratories |
||||||||
3.75%, 11/30/2026 |
67,000 | 67,339 | ||||||
1.40%, 06/30/2030 |
70,000 | 58,128 | ||||||
Baxter International, Inc. |
||||||||
1.92%, 02/01/2027 |
40,000 | 36,077 | ||||||
1.73%, 04/01/2031 |
40,000 | 31,610 | ||||||
Becton, Dickinson and Co. |
||||||||
3.70%, 06/06/2027 |
40,000 | 38,934 | ||||||
1.96%, 02/11/2031 |
50,000 | 40,916 | ||||||
Boston Scientific Corp. |
||||||||
3.45%, 03/01/2024 |
20,000 | 19,866 | ||||||
2.65%, 06/01/2030 |
40,000 | 35,043 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 . |
30,000 | 24,799 | ||||||
DH Europe Finance II S.a.r.l. |
||||||||
2.20%, 11/15/2024 |
48,000 | 46,220 | ||||||
2.60%, 11/15/2029(b) |
46,000 | 41,567 | ||||||
Edwards Lifesciences Corp., 4.30%, |
||||||||
06/15/2028 |
37,000 | 36,973 | ||||||
Stryker Corp. |
||||||||
3.50%, 03/15/2026 |
44,000 | 43,314 | ||||||
1.95%, 06/15/2030 |
50,000 | 41,855 | ||||||
Zimmer Biomet Holdings, Inc. |
||||||||
3.55%, 04/01/2025 |
25,000 | 24,469 | ||||||
2.60%, 11/24/2031 |
35,000 | 29,317 | ||||||
|
|
|||||||
616,427 | ||||||||
|
|
|||||||
Health Care Providers & Services-3.47% |
| |||||||
AmerisourceBergen Corp. |
||||||||
3.25%, 03/01/2025 |
20,000 | 19,584 | ||||||
2.70%, 03/15/2031 |
70,000 | 59,852 | ||||||
Cardinal Health, Inc., 3.41%, 06/15/2027(b) |
129,000 | 124,446 | ||||||
Cigna Corp. |
||||||||
4.13%, 11/15/2025 |
50,000 | 49,725 | ||||||
4.38%, 10/15/2028 |
64,000 | 63,195 | ||||||
CVS Health Corp. |
||||||||
3.88%, 07/20/2025 |
45,000 | 44,729 | ||||||
4.30%, 03/25/2028 |
40,000 | 39,636 | ||||||
Elevance Health, Inc. |
||||||||
2.38%, 01/15/2025 |
60,000 | 57,614 | ||||||
3.65%, 12/01/2027 |
55,000 | 53,406 | ||||||
HCA, Inc. |
||||||||
5.38%, 02/01/2025 |
40,000 | 40,431 | ||||||
3.50%, 09/01/2030 |
10,000 | 8,736 | ||||||
Humana, Inc. |
||||||||
1.35%, 02/03/2027 |
50,000 | 43,825 | ||||||
2.15%, 02/03/2032(b) |
45,000 | 36,575 | ||||||
Laboratory Corp. of America Holdings |
||||||||
3.60%, 02/01/2025 |
33,000 | 32,571 | ||||||
2.95%, 12/01/2029 |
30,000 | 26,771 | ||||||
McKesson Corp., 3.80%, 03/15/2024 |
95,000 | 94,963 | ||||||
Quest Diagnostics, Inc. |
||||||||
3.50%, 03/30/2025 |
30,000 | 29,519 | ||||||
2.95%, 06/30/2030 |
35,000 | 31,047 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
56 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Health Care Providers & Services-(continued) |
| |||||||
UnitedHealth Group, Inc. |
||||||||
3.75%, 07/15/2025 |
$ | 54,000 | $ | 53,875 | ||||
2.00%, 05/15/2030 |
70,000 | 59,871 | ||||||
Universal Health Services, Inc. |
||||||||
1.65%, 09/01/2026(c) |
26,000 | 22,511 | ||||||
2.65%, 10/15/2030(c) |
35,000 | 27,704 | ||||||
|
|
|||||||
1,020,586 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure-1.42% |
| |||||||
Booking Holdings, Inc. |
||||||||
3.60%, 06/01/2026 |
40,000 | 39,486 | ||||||
4.63%, 04/13/2030 |
30,000 | 30,266 | ||||||
Darden Restaurants, Inc., 3.85%, 05/01/2027 |
54,000 | 52,279 | ||||||
Expedia Group, Inc. |
||||||||
5.00%, 02/15/2026 |
30,000 | 30,118 | ||||||
3.80%, 02/15/2028 |
28,000 | 26,118 | ||||||
Marriott International, Inc. |
||||||||
Series FF, 4.63%, 06/15/2030 |
40,000 | 38,343 | ||||||
Series R, 3.13%, 06/15/2026 |
25,000 | 23,809 | ||||||
McDonald’s Corp. |
||||||||
3.70%, 01/30/2026 |
16,000 | 15,869 | ||||||
3.80%, 04/01/2028 |
55,000 | 54,142 | ||||||
Starbucks Corp. |
||||||||
3.80%, 08/15/2025 |
56,000 | 55,824 | ||||||
2.55%, 11/15/2030(b) |
60,000 | 51,567 | ||||||
|
|
|||||||
417,821 | ||||||||
|
|
|||||||
Household Durables-1.12% |
| |||||||
D.R. Horton, Inc. |
||||||||
2.50%, 10/15/2024 |
35,000 | 33,763 | ||||||
1.40%, 10/15/2027(b) |
40,000 | 33,596 | ||||||
Leggett & Platt, Inc., 3.50%, 11/15/2027 |
40,000 | 37,446 | ||||||
Lennar Corp. |
||||||||
4.50%, 04/30/2024 |
30,000 | 30,052 | ||||||
4.75%, 11/29/2027 |
30,000 | 29,318 | ||||||
Mohawk Industries, Inc. |
||||||||
3.85%, 02/01/2023 |
36,000 | 36,009 | ||||||
3.63%, 05/15/2030(b) |
10,000 | 8,947 | ||||||
NVR, Inc., 3.00%, 05/15/2030 |
20,000 | 17,283 | ||||||
PulteGroup, Inc., 5.50%, 03/01/2026 |
50,000 | 50,730 | ||||||
Whirlpool Corp., 4.75%, 02/26/2029(b) |
54,000 | 53,325 | ||||||
|
|
|||||||
330,469 | ||||||||
|
|
|||||||
Household Products-1.15% |
| |||||||
Clorox Co. (The), 3.90%, 05/15/2028(b) |
25,000 | 24,702 | ||||||
Colgate-Palmolive Co., 3.25%, 03/15/2024 |
75,000 | 74,690 | ||||||
Kimberly-Clark Corp., 3.20%, 04/25/2029 |
77,000 | 72,702 | ||||||
Procter & Gamble Co. (The) |
||||||||
1.90%, 02/01/2027 |
90,000 | 84,457 | ||||||
3.00%, 03/25/2030 |
85,000 | 80,306 | ||||||
|
|
|||||||
336,857 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.22% |
| |||||||
AES Corp. (The), 1.38%, 01/15/2026 |
15,000 | 13,334 | ||||||
NSTAR Electric Co., 3.20%, 05/15/2027 |
53,000 | 51,245 | ||||||
|
|
|||||||
64,579 | ||||||||
|
|
|||||||
Industrial Conglomerates-1.02% |
||||||||
3M Co. |
||||||||
3.25%, 02/14/2024(b) |
19,000 | 18,888 | ||||||
2.88%, 10/15/2027(b) |
73,000 | 68,999 |
Principal Amount |
Value | |||||||
Industrial Conglomerates-(continued) |
| |||||||
General Electric Co., 6.75%, 03/15/2032 |
$ | 125,000 | $ | 141,999 | ||||
Honeywell International, Inc. |
||||||||
2.50%, 11/01/2026 |
13,000 | 12,355 | ||||||
1.75%, 09/01/2031 |
70,000 | 58,147 | ||||||
|
|
|||||||
300,388 | ||||||||
|
|
|||||||
Insurance-6.17% |
| |||||||
Aflac, Inc. |
||||||||
3.63%, 11/15/2024 |
56,000 | 55,880 | ||||||
3.60%, 04/01/2030(b) |
55,000 | 52,512 | ||||||
Alleghany Corp., 3.63%, 05/15/2030 |
45,000 | 42,317 | ||||||
Allstate Corp. (The) |
||||||||
3.28%, 12/15/2026(b) |
26,000 | 25,380 | ||||||
1.45%, 12/15/2030 |
50,000 | 39,912 | ||||||
American International Group, Inc., 3.90%, 04/01/2026 |
144,000 | 141,948 | ||||||
Aon Corp., 2.80%, 05/15/2030 |
40,000 | 35,054 | ||||||
Aon Global Ltd., 3.88%, 12/15/2025 |
40,000 | 39,637 | ||||||
Brighthouse Financial, Inc. |
||||||||
3.70%, 06/22/2027(b) |
47,000 | 44,719 | ||||||
5.63%, 05/15/2030(b) |
30,000 | 29,906 | ||||||
Brown & Brown, Inc. |
||||||||
4.20%, 09/15/2024 |
21,000 | 20,870 | ||||||
2.38%, 03/15/2031(b) |
20,000 | 15,908 | ||||||
Chubb INA Holdings, Inc. |
||||||||
3.35%, 05/03/2026 |
65,000 | 63,715 | ||||||
1.38%, 09/15/2030 |
80,000 | 64,205 | ||||||
CNA Financial Corp. |
||||||||
3.95%, 05/15/2024 |
27,000 | 26,940 | ||||||
3.90%, 05/01/2029 |
43,000 | 40,397 | ||||||
CNO Financial Group, Inc. |
||||||||
5.25%, 05/30/2025 |
20,000 | 20,120 | ||||||
5.25%, 05/30/2029 |
18,000 | 17,468 | ||||||
Fidelity National Financial, Inc., 3.40%, 06/15/2030 |
60,000 | 52,134 | ||||||
First American Financial Corp., 2.40%, 08/15/2031 |
50,000 | 38,631 | ||||||
Globe Life, Inc., 4.55%, 09/15/2028 |
46,000 | 45,433 | ||||||
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029 |
39,000 | 34,657 | ||||||
Lincoln National Corp. |
||||||||
4.00%, 09/01/2023 |
11,000 | 11,013 | ||||||
3.80%, 03/01/2028 |
56,000 | 53,720 | ||||||
Loews Corp. |
||||||||
3.75%, 04/01/2026 |
38,000 | 37,575 | ||||||
3.20%, 05/15/2030 |
40,000 | 36,018 | ||||||
Marsh & McLennan Cos., Inc. |
||||||||
3.88%, 03/15/2024 |
44,000 | 43,999 | ||||||
4.38%, 03/15/2029 |
38,000 | 37,868 | ||||||
MetLife, Inc. |
||||||||
3.60%, 04/10/2024(b) |
79,000 | 79,114 | ||||||
4.55%, 03/23/2030(b) |
70,000 | 70,848 | ||||||
Old Republic International Corp., 3.88%, 08/26/2026 |
64,000 | 62,197 | ||||||
Primerica, Inc., 2.80%, 11/19/2031 |
40,000 | 33,578 | ||||||
Principal Financial Group, Inc., 3.70%, |
||||||||
05/15/2029 |
92,000 | 86,921 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
57 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Insurance-(continued) |
||||||||
Progressive Corp. (The) |
||||||||
2.45%, 01/15/2027 |
$ | 53,000 | $ | 50,191 | ||||
4.00%, 03/01/2029 |
45,000 | 44,769 | ||||||
Prudential Financial, Inc. |
||||||||
1.50%, 03/10/2026 |
80,000 | 73,400 | ||||||
2.10%, 03/10/2030(b) |
85,000 | 72,453 | ||||||
Reinsurance Group of America, Inc., 3.90%, 05/15/2029 |
14,000 | 13,157 | ||||||
Willis North America, Inc. |
||||||||
3.60%, 05/15/2024 |
32,000 | 31,643 | ||||||
2.95%, 09/15/2029 |
30,000 | 26,026 | ||||||
|
|
|||||||
1,812,233 | ||||||||
|
|
|||||||
Interactive Media & Services-0.58% |
||||||||
Alphabet, Inc. |
||||||||
2.00%, 08/15/2026 |
67,000 | 63,223 | ||||||
1.10%, 08/15/2030 |
130,000 | 106,348 | ||||||
|
|
|||||||
169,571 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail-0.70% |
||||||||
Amazon.com, Inc. |
||||||||
3.15%, 08/22/2027 |
65,000 | 62,913 | ||||||
2.10%, 05/12/2031 |
130,000 | 112,365 | ||||||
eBay, Inc., 3.60%, 06/05/2027(b) |
30,000 | 29,046 | ||||||
|
|
|||||||
204,324 | ||||||||
|
|
|||||||
IT Services-3.43% |
||||||||
Amdocs Ltd., 2.54%, 06/15/2030 |
50,000 | 41,666 | ||||||
Automatic Data Processing, Inc. |
||||||||
3.38%, 09/15/2025 |
41,000 | 40,629 | ||||||
1.25%, 09/01/2030 |
60,000 | 49,410 | ||||||
Broadridge Financial Solutions, Inc. |
||||||||
3.40%, 06/27/2026 |
25,000 | 24,284 | ||||||
2.60%, 05/01/2031 |
30,000 | 25,212 | ||||||
DXC Technology Co. |
||||||||
1.80%, 09/15/2026 |
34,000 | 30,059 | ||||||
2.38%, 09/15/2028(b) |
33,000 | 28,144 | ||||||
Fidelity National Information Services, Inc. |
||||||||
1.15%, 03/01/2026 |
50,000 | 44,421 | ||||||
2.25%, 03/01/2031(b) |
40,000 | 32,737 | ||||||
Fiserv, Inc. |
||||||||
2.75%, 07/01/2024 |
39,000 | 38,059 | ||||||
3.50%, 07/01/2029 |
38,000 | 34,895 | ||||||
Global Payments, Inc. |
||||||||
2.65%, 02/15/2025 |
30,000 | 28,594 | ||||||
3.20%, 08/15/2029 |
23,000 | 20,156 | ||||||
International Business Machines Corp. |
||||||||
3.00%, 05/15/2024 |
102,000 | 100,847 | ||||||
3.50%, 05/15/2029(b) |
100,000 | 94,653 | ||||||
Kyndryl Holdings, Inc. |
||||||||
2.05%, 10/15/2026(c) |
30,000 | 24,928 | ||||||
3.15%, 10/15/2031(b)(c) |
40,000 | 28,043 | ||||||
Mastercard, Inc. |
||||||||
3.38%, 04/01/2024 |
53,000 | 52,876 | ||||||
3.35%, 03/26/2030 |
55,000 | 52,525 | ||||||
PayPal Holdings, Inc. |
||||||||
2.40%, 10/01/2024 |
45,000 | 43,838 | ||||||
2.85%, 10/01/2029(b) |
45,000 | 40,840 |
Principal Amount |
Value | |||||||
IT Services-(continued) |
||||||||
VeriSign, Inc. |
||||||||
5.25%, 04/01/2025 |
$ | 10,000 | $ | 10,166 | ||||
2.70%, 06/15/2031(b) |
20,000 | 16,487 | ||||||
Visa, Inc. |
||||||||
3.15%, 12/14/2025 |
61,000 | 59,696 | ||||||
2.05%, 04/15/2030 |
50,000 | 44,008 | ||||||
|
|
|||||||
1,007,173 | ||||||||
|
|
|||||||
Leisure Products-0.29% |
||||||||
Brunswick Corp., 2.40%, 08/18/2031 |
40,000 | 29,956 | ||||||
Hasbro, Inc. |
||||||||
3.55%, 11/19/2026 |
30,000 | 28,651 | ||||||
3.90%, 11/19/2029 |
28,000 | 25,733 | ||||||
|
|
|||||||
84,340 | ||||||||
|
|
|||||||
Life Sciences Tools & Services-0.56% |
||||||||
Agilent Technologies, Inc., 2.30%, 03/12/2031 |
30,000 | 24,791 | ||||||
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |
20,000 | 17,944 | ||||||
Illumina, Inc., 2.55%, 03/23/2031(b) |
50,000 | 41,207 | ||||||
PerkinElmer, Inc., 3.30%, 09/15/2029 |
33,000 | 29,469 | ||||||
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031 |
60,000 | 50,698 | ||||||
|
|
|||||||
164,109 | ||||||||
|
|
|||||||
Machinery-1.89% |
||||||||
Caterpillar Financial Services Corp., 3.40%, 05/13/2025 |
55,000 | 54,310 | ||||||
Caterpillar, Inc., 2.60%, 04/09/2030 |
45,000 | 40,905 | ||||||
Cummins, Inc. |
||||||||
3.65%, 10/01/2023 |
46,000 | 46,129 | ||||||
1.50%, 09/01/2030 |
50,000 | 40,896 | ||||||
Flowserve Corp., 3.50%, 10/01/2030 |
35,000 | 30,080 | ||||||
Fortive Corp., 3.15%, 06/15/2026 |
48,000 | 46,125 | ||||||
IDEX Corp., 3.00%, 05/01/2030 |
40,000 | 35,362 | ||||||
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b) . |
33,000 | 31,779 | ||||||
John Deere Capital Corp. |
||||||||
3.45%, 03/13/2025 |
21,000 | 20,890 | ||||||
2.80%, 07/18/2029 |
10,000 | 9,282 | ||||||
Otis Worldwide Corp. |
||||||||
2.06%, 04/05/2025 |
40,000 | 37,801 | ||||||
2.57%, 02/15/2030 |
40,000 | 34,576 | ||||||
Parker-Hannifin Corp., 3.25%, 06/14/2029 |
37,000 | 33,951 | ||||||
Stanley Black & Decker, Inc. |
||||||||
3.40%, 03/01/2026 |
15,000 | 14,728 | ||||||
2.30%, 03/15/2030 |
40,000 | 34,227 | ||||||
Xylem, Inc. |
||||||||
3.25%, 11/01/2026 |
25,000 | 23,971 | ||||||
2.25%, 01/30/2031(b) |
25,000 | 20,884 | ||||||
|
|
|||||||
555,896 | ||||||||
|
|
|||||||
Marine-0.10% |
||||||||
Kirby Corp., 4.20%, 03/01/2028 |
33,000 | 30,681 | ||||||
|
|
|||||||
Media-1.25% |
||||||||
Comcast Corp. |
||||||||
3.70%, 04/15/2024 |
74,000 | 73,888 | ||||||
4.15%, 10/15/2028 |
42,000 | 41,669 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
58 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Media-(continued) |
||||||||
Fox Corp. |
||||||||
4.03%, 01/25/2024 |
$ | 35,000 | $ | 34,937 | ||||
4.71%, 01/25/2029 |
30,000 | 29,783 | ||||||
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030 |
40,000 | 38,683 | ||||||
Omnicom Group, Inc., 2.60%, 08/01/2031 |
40,000 | 33,588 | ||||||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 |
38,000 | 37,200 | ||||||
Paramount Global |
||||||||
4.00%, 01/15/2026 |
40,000 | 39,432 | ||||||
4.95%, 01/15/2031(b) |
40,000 | 38,199 | ||||||
|
|
|||||||
367,379 | ||||||||
|
|
|||||||
Metals & Mining-0.65% |
||||||||
Newmont Corp., 2.25%, 10/01/2030 |
70,000 | 57,718 | ||||||
Nucor Corp., 3.95%, 05/01/2028(b) |
39,000 | 37,948 | ||||||
Reliance Steel & Aluminum Co. |
||||||||
4.50%, 04/15/2023 |
31,000 | 31,032 | ||||||
2.15%, 08/15/2030 |
25,000 | 20,156 | ||||||
Steel Dynamics, Inc., 3.45%, 04/15/2030 |
51,000 | 45,524 | ||||||
|
|
|||||||
192,378 | ||||||||
|
|
|||||||
Multiline Retail-0.91% |
||||||||
Dollar General Corp. |
||||||||
3.25%, 04/15/2023 |
44,000 | 43,858 | ||||||
3.50%, 04/03/2030(b) |
40,000 | 37,019 | ||||||
Dollar Tree, Inc. |
||||||||
4.00%, 05/15/2025 |
35,000 | 34,710 | ||||||
4.20%, 05/15/2028(b) |
42,000 | 41,039 | ||||||
Kohl’s Corp., 3.38%, 05/01/2031 |
60,000 | 43,138 | ||||||
Target Corp. |
||||||||
2.25%, 04/15/2025 |
55,000 | 52,929 | ||||||
3.38%, 04/15/2029 |
15,000 | 14,449 | ||||||
|
|
|||||||
267,142 | ||||||||
|
|
|||||||
Multi-Utilities-1.57% |
||||||||
Ameren Corp., 3.50%, 01/15/2031 |
10,000 | 9,180 | ||||||
Black Hills Corp., 4.25%, 11/30/2023 |
33,000 | 33,004 | ||||||
CenterPoint Energy, Inc. |
||||||||
1.45%, 06/01/2026 |
40,000 | 36,166 | ||||||
2.65%, 06/01/2031 |
40,000 | 34,294 | ||||||
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030 |
15,000 | 13,693 | ||||||
DTE Electric Co., Series C, 2.63%, 03/01/2031. |
40,000 | 35,562 | ||||||
DTE Energy Co., Series F, 1.05%, 06/01/2025 |
20,000 | 18,322 | ||||||
NiSource, Inc. |
||||||||
0.95%, 08/15/2025 |
30,000 | 27,315 | ||||||
3.60%, 05/01/2030(b) |
30,000 | 27,658 | ||||||
Public Service Enterprise Group, Inc. |
||||||||
2.88%, 06/15/2024 |
40,000 | 39,064 | ||||||
2.45%, 11/15/2031 |
45,000 | 37,710 | ||||||
Sempra Energy |
||||||||
3.30%, 04/01/2025 |
40,000 | 38,974 | ||||||
3.40%, 02/01/2028 |
31,000 | 29,367 | ||||||
WEC Energy Group, Inc. |
||||||||
0.55%, 09/15/2023 |
48,000 | 46,370 | ||||||
1.38%, 10/15/2027 |
40,000 | 34,657 | ||||||
|
|
|||||||
461,336 | ||||||||
|
|
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-5.07% |
| |||||||
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 |
$ | 25,000 | $ | 25,016 | ||||
Chevron Corp. |
||||||||
2.95%, 05/16/2026 |
62,000 | 60,163 | ||||||
2.24%, 05/11/2030 |
125,000 | 109,964 | ||||||
ConocoPhillips Co., 6.95%, 04/15/2029 |
90,000 | 103,038 | ||||||
Coterra Energy, Inc., 3.90%, 05/15/2027(c) |
13,000 | 12,429 | ||||||
Devon Energy Corp., 7.88%, 09/30/2031 |
40,000 | 46,350 | ||||||
Diamondback Energy, Inc., 3.50%, |
||||||||
12/01/2029 |
25,000 | 22,762 | ||||||
EOG Resources, Inc. |
||||||||
2.63%, 03/15/2023 |
41,000 | 40,825 | ||||||
4.38%, 04/15/2030 |
40,000 | 40,095 | ||||||
Exxon Mobil Corp. |
||||||||
3.04%, 03/01/2026(b) |
141,000 | 137,541 | ||||||
2.61%, 10/15/2030 |
160,000 | 143,481 | ||||||
Hess Corp., 4.30%, 04/01/2027 |
50,000 | 48,914 | ||||||
Kinder Morgan, Inc. |
||||||||
4.30%, 06/01/2025 |
64,000 | 63,839 | ||||||
4.30%, 03/01/2028 |
65,000 | 63,690 | ||||||
Marathon Oil Corp., 4.40%, 07/15/2027(b) |
58,000 | 56,439 | ||||||
Marathon Petroleum Corp., 4.70%, 05/01/2025 |
120,000 | 120,888 | ||||||
ONEOK, Inc. |
||||||||
5.85%, 01/15/2026 |
50,000 | 51,387 | ||||||
4.55%, 07/15/2028 |
41,000 | 39,855 | ||||||
Ovintiv, Inc., 7.38%, 11/01/2031 |
20,000 | 21,879 | ||||||
Phillips 66 |
||||||||
3.85%, 04/09/2025 |
40,000 | 39,707 | ||||||
3.90%, 03/15/2028 |
49,000 | 47,099 | ||||||
Pioneer Natural Resources Co. |
||||||||
1.13%, 01/15/2026 |
35,000 | 31,331 | ||||||
1.90%, 08/15/2030 |
30,000 | 24,544 | ||||||
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030. |
40,000 | 39,127 | ||||||
Valero Energy Corp. |
||||||||
3.40%, 09/15/2026 |
13,000 | 12,707 | ||||||
4.00%, 04/01/2029(b) |
17,000 | 16,219 | ||||||
Williams Cos., Inc. (The) |
||||||||
3.75%, 06/15/2027 |
45,000 | 43,532 | ||||||
2.60%, 03/15/2031 |
30,000 | 25,155 | ||||||
|
|
|||||||
1,487,976 | ||||||||
|
|
|||||||
Personal Products-0.26% |
||||||||
Estee Lauder Cos., Inc. (The) |
||||||||
2.00%, 12/01/2024 |
40,000 | 38,922 | ||||||
2.38%, 12/01/2029 |
43,000 | 38,284 | ||||||
|
|
|||||||
77,206 | ||||||||
|
|
|||||||
Pharmaceuticals-2.58% |
||||||||
Bristol-Myers Squibb Co. |
||||||||
2.90%, 07/26/2024 |
15,000 | 14,773 | ||||||
3.40%, 07/26/2029 |
59,000 | 56,508 | ||||||
Eli Lilly and Co. |
||||||||
2.75%, 06/01/2025 |
20,000 | 19,642 | ||||||
3.38%, 03/15/2029 |
66,000 | 64,124 | ||||||
Johnson & Johnson |
||||||||
2.45%, 03/01/2026 |
118,000 | 113,563 | ||||||
1.30%, 09/01/2030 |
130,000 | 109,414 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
59 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Pharmaceuticals-(continued) |
||||||||
Merck & Co., Inc. |
||||||||
2.75%, 02/10/2025 |
$ | 34,000 | $ | 33,269 | ||||
3.40%, 03/07/2029 |
75,000 | 72,270 | ||||||
Pfizer, Inc. |
||||||||
3.00%, 12/15/2026(b) |
93,000 | 90,668 | ||||||
3.45%, 03/15/2029 |
50,000 | 48,431 | ||||||
Royalty Pharma PLC, 2.15%, 09/02/2031(b) |
20,000 | 15,883 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 |
33,000 | 31,218 | ||||||
Viatris, Inc., 2.70%, 06/22/2030(b) |
50,000 | 39,538 | ||||||
Zoetis, Inc. |
||||||||
3.25%, 02/01/2023 |
33,000 | 32,973 | ||||||
3.00%, 09/12/2027(b) |
15,000 | 14,252 | ||||||
|
|
|||||||
756,526 | ||||||||
|
|
|||||||
Professional Services-0.25% |
||||||||
Equifax, Inc. |
||||||||
2.60%, 12/01/2024 |
18,000 | 17,416 | ||||||
2.35%, 09/15/2031 |
20,000 | 16,177 | ||||||
Verisk Analytics, Inc. |
||||||||
4.00%, 06/15/2025 |
20,000 | 19,798 | ||||||
4.13%, 03/15/2029 |
20,000 | 19,154 | ||||||
|
|
|||||||
72,545 | ||||||||
|
|
|||||||
Road & Rail-1.33% |
||||||||
CSX Corp. |
||||||||
3.25%, 06/01/2027 |
52,000 | 50,218 | ||||||
4.25%, 03/15/2029 |
40,000 | 39,681 | ||||||
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026 |
50,000 | 49,234 | ||||||
Norfolk Southern Corp. |
||||||||
2.90%, 06/15/2026 |
43,000 | 41,173 | ||||||
3.80%, 08/01/2028 |
45,000 | 43,930 | ||||||
Ryder System, Inc., 3.65%, 03/18/2024(b) |
56,000 | 55,511 | ||||||
Union Pacific Corp. |
||||||||
2.75%, 03/01/2026 |
60,000 | 57,699 | ||||||
3.95%, 09/10/2028 |
54,000 | 53,300 | ||||||
|
|
|||||||
390,746 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment-2.84% |
| |||||||
Analog Devices, Inc., 3.50%, 12/05/2026 |
30,000 | 29,559 | ||||||
Applied Materials, Inc. |
||||||||
3.30%, 04/01/2027 |
45,000 | 44,138 | ||||||
1.75%, 06/01/2030 |
50,000 | 42,109 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 |
13,000 | 12,521 | ||||||
Broadcom, Inc., 2.45%, 02/15/2031(c) |
70,000 | 56,352 | ||||||
Intel Corp. |
||||||||
3.70%, 07/29/2025(b) |
50,000 | 49,824 | ||||||
2.45%, 11/15/2029 |
102,000 | 89,865 | ||||||
KLA Corp. |
||||||||
4.65%, 11/01/2024 |
13,000 | 13,219 | ||||||
4.65%, 07/15/2032 |
50,000 | 51,022 | ||||||
Lam Research Corp. |
||||||||
3.75%, 03/15/2026(b) |
35,000 | 34,930 | ||||||
4.00%, 03/15/2029 |
33,000 | 32,475 | ||||||
Marvell Technology, Inc. |
||||||||
1.65%, 04/15/2026(b) |
20,000 | 18,029 | ||||||
2.95%, 04/15/2031 |
20,000 | 16,468 |
Principal Amount |
Value | |||||||
Semiconductors & Semiconductor Equipment-(continued) |
| |||||||
Micron Technology, Inc. |
||||||||
4.19%, 02/15/2027 |
$ | 61,000 | $ | 59,520 | ||||
4.66%, 02/15/2030 |
10,000 | 9,399 | ||||||
NVIDIA Corp. |
||||||||
3.20%, 09/16/2026 |
32,000 | 31,557 | ||||||
2.85%, 04/01/2030 |
32,000 | 28,985 | ||||||
QUALCOMM, Inc. |
||||||||
3.25%, 05/20/2027(b) |
68,000 | 66,518 | ||||||
1.65%, 05/20/2032 |
35,000 | 28,188 | ||||||
Texas Instruments, Inc. |
||||||||
1.38%, 03/12/2025 |
65,000 | 61,302 | ||||||
2.25%, 09/04/2029 |
36,000 | 32,289 | ||||||
Xilinx, Inc., 2.38%, 06/01/2030 |
30,000 | 26,261 | ||||||
|
|
|||||||
834,530 | ||||||||
|
|
|||||||
Software-2.26% |
||||||||
Adobe, Inc. |
||||||||
3.25%, 02/01/2025 |
33,000 | 32,696 | ||||||
2.30%, 02/01/2030 |
40,000 | 35,703 | ||||||
Autodesk, Inc., 3.50%, 06/15/2027 |
23,000 | 22,219 | ||||||
Citrix Systems, Inc. |
||||||||
1.25%, 03/01/2026 |
20,000 | 19,582 | ||||||
3.30%, 03/01/2030 |
20,000 | 19,804 | ||||||
Fortinet, Inc. |
||||||||
1.00%, 03/15/2026 |
16,000 | 14,155 | ||||||
2.20%, 03/15/2031 |
16,000 | 12,750 | ||||||
Intuit, Inc. |
||||||||
0.95%, 07/15/2025 |
30,000 | 27,660 | ||||||
1.65%, 07/15/2030 |
30,000 | 24,815 | ||||||
Microsoft Corp., 3.30%, 02/06/2027 |
235,000 | 231,439 | ||||||
Oracle Corp. |
||||||||
2.50%, 04/01/2025(b) |
25,000 | 23,753 | ||||||
2.88%, 03/25/2031 |
40,000 | 33,279 | ||||||
Roper Technologies, Inc. |
||||||||
1.00%, 09/15/2025 |
30,000 | 27,243 | ||||||
1.75%, 02/15/2031 |
30,000 | 23,614 | ||||||
salesforce.com, inc. |
||||||||
3.25%, 04/11/2023 |
33,000 | 32,945 | ||||||
3.70%, 04/11/2028 |
32,000 | 31,781 | ||||||
ServiceNow, Inc., 1.40%, 09/01/2030 |
25,000 | 19,680 | ||||||
VMware, Inc., 3.90%, 08/21/2027 |
33,000 | 31,547 | ||||||
|
|
|||||||
664,665 | ||||||||
|
|
|||||||
Specialty Retail-3.12% |
||||||||
AutoNation, Inc., 3.85%, 03/01/2032 |
65,000 | 55,889 | ||||||
AutoZone, Inc. |
||||||||
3.13%, 07/15/2023 |
36,000 | 35,783 | ||||||
4.00%, 04/15/2030(b) |
35,000 | 33,350 | ||||||
Best Buy Co., Inc., 1.95%, 10/01/2030 |
100,000 | 80,183 | ||||||
Dell International LLC/EMC Corp. 6.02%, 06/15/2026 |
26,000 | 27,049 | ||||||
5.30%, 10/01/2029 |
45,000 | 44,724 | ||||||
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b) |
50,000 | 39,757 | ||||||
Home Depot, Inc. (The) |
||||||||
3.00%, 04/01/2026 |
90,000 | 87,545 | ||||||
2.95%, 06/15/2029(b) |
103,000 | 96,002 | ||||||
Leidos, Inc. |
||||||||
3.63%, 05/15/2025 |
30,000 | 29,347 | ||||||
2.30%, 02/15/2031 |
30,000 | 23,650 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
60 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Specialty Retail-(continued) |
||||||||
Lowe’s Cos., Inc. |
||||||||
2.50%, 04/15/2026 |
$ | 69,000 | $ | 65,706 | ||||
2.63%, 04/01/2031 |
55,000 | 47,328 | ||||||
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 |
29,000 | 28,042 | ||||||
Ross Stores, Inc. |
||||||||
4.60%, 04/15/2025 |
37,000 | 37,355 | ||||||
1.88%, 04/15/2031(b) |
40,000 | 31,898 | ||||||
TJX Cos., Inc. (The) |
||||||||
2.25%, 09/15/2026 |
60,000 | 56,826 | ||||||
1.60%, 05/15/2031(b) |
65,000 | 52,550 | ||||||
Tractor Supply Co., 1.75%, 11/01/2030 |
55,000 | 43,633 | ||||||
|
|
|||||||
916,617 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals-1.65% |
| |||||||
Apple, Inc. |
||||||||
2.40%, 05/03/2023 |
106,000 | 105,310 | ||||||
1.65%, 02/08/2031 |
180,000 | 150,126 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025(b) |
78,000 | 79,326 | ||||||
HP, Inc. |
||||||||
3.00%, 06/17/2027 |
55,000 | 51,075 | ||||||
4.20%, 04/15/2032 |
60,000 | 53,193 | ||||||
NetApp, Inc. |
||||||||
1.88%, 06/22/2025 |
25,000 | 23,358 | ||||||
2.70%, 06/22/2030(b) |
25,000 | 21,546 | ||||||
|
|
|||||||
483,934 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.82% |
|
|||||||
NIKE, Inc. |
||||||||
2.40%, 03/27/2025 |
45,000 | 43,591 | ||||||
2.85%, 03/27/2030(b) |
50,000 | 46,122 | ||||||
Ralph Lauren Corp., 2.95%, 06/15/2030(b) |
50,000 | 44,678 | ||||||
Tapestry, Inc., 3.05%, 03/15/2032 |
55,000 | 43,963 | ||||||
VF Corp. |
||||||||
2.40%, 04/23/2025 |
35,000 | 33,462 | ||||||
2.95%, 04/23/2030(b) |
35,000 | 30,621 | ||||||
|
|
|||||||
242,437 | ||||||||
|
|
|||||||
Tobacco-0.72% |
||||||||
Altria Group, Inc. |
||||||||
4.40%, 02/14/2026(b) |
70,000 | 69,746 | ||||||
4.80%, 02/14/2029 |
25,000 | 24,275 | ||||||
Philip Morris International, Inc. |
||||||||
3.25%, 11/10/2024(b) |
86,000 | 84,944 | ||||||
3.38%, 08/15/2029 |
37,000 | 33,382 | ||||||
|
|
|||||||
212,347 | ||||||||
|
|
Investment Abbreviations:
REIT-Real Estate Investment Trust
Principal Amount |
Value | |||||||
Trading Companies & Distributors-0.20% |
| |||||||
WW Grainger, Inc., 1.85%, 02/15/2025 |
$ | 62,000 | $ | 58,934 | ||||
|
|
|||||||
Water Utilities-0.29% |
||||||||
American Water Capital Corp. |
||||||||
3.40%, 03/01/2025 |
32,000 | 31,635 | ||||||
4.45%, 06/01/2032(b) |
20,000 | 19,919 | ||||||
Essential Utilities, Inc., 2.70%, 04/15/2030 |
40,000 | 34,737 | ||||||
|
|
|||||||
86,291 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-0.29% |
| |||||||
T-Mobile USA, Inc. |
||||||||
3.75%, 04/15/2027 |
20,000 | 19,229 | ||||||
3.88%, 04/15/2030 |
70,000 | 64,997 | ||||||
|
|
|||||||
84,226 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
||||||||
(Cost $31,765,970) |
29,082,870 | |||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.00% |
| |||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
422 | 422 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
29,083,292 | ||||||
|
|
|||||||
Investments Purchased with
Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-17.52% |
| |||||||
Invesco Private Government Fund, |
1,441,129 | 1,441,129 | ||||||
Invesco Private Prime Fund, |
3,705,390 | 3,705,760 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
5,146,889 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-116.55% |
34,230,181 | |||||||
OTHER ASSETS LESS LIABILITIES-(16.55)% |
|
(4,861,109 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 29,369,072 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
61 |
|
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)
August 31, 2022
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, 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 August 31, 2022 was $259,079, 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, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 555,106 | $ | 3,429,463 | $ | (3,984,147 | ) | $ | - | $ | - | $ | 422 | $ | 310 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 1,828,768 | 8,462,192 | (8,849,831 | ) | - | - | 1,441,129 | 7,965 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 4,267,126 | 17,300,363 | (17,859,816 | ) | 295 | (2,208 | ) | 3,705,760 | 23,369 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total | $ | 6,651,000 | $ | 29,192,018 | $ | (30,693,794 | ) | $ | 295 | $ | (2,208 | ) | $ | 5,147,311 | $ | 31,644 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
62 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)
August 31, 2022
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-99.00% |
||||||||||||||||
Alabama-1.09% |
||||||||||||||||
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB |
5.25% | 07/01/2047 | $ | 3,000 | $ | 3,240,685 | ||||||||||
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB |
5.25% | 07/01/2052 | 3,000 | 3,228,043 | ||||||||||||
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB |
5.00% | 07/01/2048 | 3,000 | 3,114,508 | ||||||||||||
Birmingham (City of), AL Water Works Board, Series 2015 A, Ref. RB(a)(b) |
5.00% | 01/01/2025 | 1,000 | 1,059,256 | ||||||||||||
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(c) |
5.50% | 10/01/2053 | 5,000 | 5,232,844 | ||||||||||||
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB |
4.00% | 02/01/2046 | 5,000 | 4,558,426 | ||||||||||||
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)(b) |
5.00% | 08/01/2026 | 1,000 | 1,094,794 | ||||||||||||
|
|
|||||||||||||||
21,528,556 | ||||||||||||||||
|
|
|||||||||||||||
Arizona-2.05% |
||||||||||||||||
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB |
5.00% | 12/01/2042 | 65 | 66,955 | ||||||||||||
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB |
3.00% | 02/01/2045 | 2,000 | 1,536,853 | ||||||||||||
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB |
4.00% | 02/01/2050 | 1,000 | 913,809 | ||||||||||||
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB |
4.00% | 11/01/2050 | 2,000 | 1,806,126 | ||||||||||||
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB |
4.00% | 07/15/2047 | 1,000 | 979,472 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB |
3.00% | 01/01/2049 | 3,355 | 2,628,204 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB |
3.00% | 01/01/2049 | 2,000 | 1,566,738 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB |
3.00% | 09/01/2051 | 6,250 | 4,529,305 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB |
4.00% | 09/01/2051 | 2,625 | 2,407,230 | ||||||||||||
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB |
5.00% | 07/01/2042 | 1,000 | 1,008,483 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2015 A, RB |
5.00% | 07/01/2045 | 2,000 | 2,084,539 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2019 A, RB |
5.00% | 07/01/2045 | 5,000 | 5,290,252 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2019, RB |
5.00% | 07/01/2049 | 4,000 | 4,226,362 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2021 A, RB |
5.00% | 07/01/2045 | 1,000 | 1,094,063 | ||||||||||||
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB |
5.00% | 07/01/2044 | 5,000 | 5,428,862 | ||||||||||||
Queen Creek (Town of), AZ, Series 2020, RB |
4.00% | 08/01/2045 | 1,250 | 1,185,847 | ||||||||||||
University of Arizona (The), Series 2020, Ref. RB |
4.00% | 08/01/2044 | 4,000 | 3,810,505 | ||||||||||||
|
|
|||||||||||||||
40,563,605 | ||||||||||||||||
|
|
|||||||||||||||
Arkansas-0.38% |
||||||||||||||||
University of Arkansas, Series 2021 A, RB |
5.00% | 12/01/2045 | 5,000 | 5,474,340 | ||||||||||||
University of Arkansas (Fayetteville Campus), Series 2017, RB |
5.00% | 11/01/2047 | 2,000 | 2,140,252 | ||||||||||||
|
|
|||||||||||||||
7,614,592 | ||||||||||||||||
|
|
|||||||||||||||
California-16.61% |
||||||||||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c) |
5.00% | 10/01/2036 | 1,000 | 1,047,569 | ||||||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c) |
5.00% | 10/01/2037 | 940 | 982,648 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b) |
5.00% | 10/01/2024 | 2,500 | 2,632,795 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB |
4.00% | 04/01/2056 | 5,000 | 4,755,413 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB |
4.00% | 04/01/2042 | 2,500 | 2,483,044 | ||||||||||||
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c) |
5.00% | 09/01/2049 | 1,000 | 1,074,656 | ||||||||||||
California (State of), Series 2014, GO Bonds |
5.00% | 10/01/2039 | 5,000 | 5,234,407 | ||||||||||||
California (State of), Series 2016, GO Bonds |
5.00% | 09/01/2046 | 3,000 | 3,196,370 | ||||||||||||
California (State of), Series 2017, Ref. GO Bonds |
4.00% | 08/01/2038 | 1,000 | 1,012,732 | ||||||||||||
California (State of), Series 2019, GO Bonds |
5.00% | 04/01/2045 | 4,000 | 4,355,038 | ||||||||||||
California (State of), Series 2019, GO Bonds |
5.00% | 04/01/2049 | 1,000 | 1,085,461 | ||||||||||||
California (State of), Series 2019, Ref. GO Bonds |
5.00% | 10/01/2039 | 4,500 | 4,992,655 | ||||||||||||
California (State of), Series 2021, Ref. GO Bonds |
5.00% | 10/01/2041 | 5,500 | 6,126,410 | ||||||||||||
California (State of) (Green Bonds), Series 2014, GO Bonds |
5.00% | 10/01/2037 | 3,500 | 3,665,535 | ||||||||||||
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b) |
5.00% | 04/01/2026 | 1,000 | 1,091,841 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
63 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b) |
5.00% | 04/01/2026 | $ | 1,000 | $ | 1,091,841 | ||||||||||
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB |
5.00% | 03/15/2039 | 5,000 | 5,883,105 | ||||||||||||
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB |
5.00% | 05/01/2049 | 4,000 | 4,745,488 | ||||||||||||
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB |
4.00% | 08/15/2048 | 1,000 | 972,751 | ||||||||||||
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2021, Ref. RB |
2.13% | 11/01/2041 | 5,000 | 3,433,787 | ||||||||||||
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB |
4.00% | 02/01/2042 | 3,000 | 2,900,551 | ||||||||||||
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB |
5.00% | 02/01/2042 | 2,250 | 2,369,697 | ||||||||||||
California (State of) Health Facilities Financing Authority
(Kaiser Permanente), Subseries 2017 |
5.00% | 11/01/2047 | 3,500 | 3,983,869 | ||||||||||||
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB |
4.00% | 06/01/2050 | 3,860 | 3,531,647 | ||||||||||||
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB |
4.00% | 08/15/2050 | 7,360 | 6,907,713 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB |
5.00% | 08/01/2044 | 1,930 | 2,067,632 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB |
4.00% | 02/01/2042 | 4,000 | 3,862,266 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB |
5.00% | 02/01/2042 | 1,715 | 1,807,665 | ||||||||||||
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB |
5.00% | 02/01/2047 | 2,500 | 2,622,572 | ||||||||||||
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB |
5.25% | 11/01/2041 | 1,000 | 1,026,808 | ||||||||||||
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB |
5.00% | 06/01/2042 | 6,000 | 6,427,526 | ||||||||||||
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB(a)(b) |
5.00% | 01/01/2028 | 1,000 | 1,132,437 | ||||||||||||
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB |
5.00% | 06/01/2043 | 1,750 | 1,827,381 | ||||||||||||
California (State of) Public Works Board, Series 2014 B, RB |
5.00% | 10/01/2039 | 1,500 | 1,567,220 | ||||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB |
4.00% | 12/01/2057 | 500 | 458,202 | ||||||||||||
California State University, Series 2017 A, Ref. RB |
5.00% | 11/01/2038 | 2,500 | 2,719,230 | ||||||||||||
California State University, Series 2017 A, Ref. RB |
5.00% | 11/01/2042 | 6,080 | 6,568,935 | ||||||||||||
California State University, Series 2017 A, Ref. RB |
5.00% | 11/01/2047 | 2,310 | 2,483,266 | ||||||||||||
Chino Valley Unified School District, Series 2020 B, GO Bonds |
4.00% | 08/01/2045 | 2,500 | 2,392,682 | ||||||||||||
Chino Valley Unified School District, Series 2020 B, GO Bonds |
3.38% | 08/01/2050 | 7,500 | 6,194,311 | ||||||||||||
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB |
3.95% | 01/15/2053 | 3,000 | 2,726,641 | ||||||||||||
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c) |
5.00% | 09/01/2044 | 1,000 | 1,021,457 | ||||||||||||
Jurupa Unified School District, Series 2017 B, GO Bonds |
4.00% | 08/01/2041 | 10,000 | 9,873,259 | ||||||||||||
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds |
4.00% | 08/01/2046 | 7,000 | 6,788,367 | ||||||||||||
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds |
4.00% | 08/01/2047 | 3,000 | 2,897,224 | ||||||||||||
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds |
3.00% | 08/01/2050 | 1,270 | 977,758 | ||||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB |
5.00% | 06/01/2044 | 1,000 | 1,052,421 | ||||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB |
5.00% | 06/01/2045 | 1,500 | 1,567,628 | ||||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB |
5.25% | 06/01/2047 | 1,500 | 1,636,249 | ||||||||||||
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB |
4.00% | 06/01/2052 | 5,000 | 4,722,737 | ||||||||||||
Los Angeles (City of), CA Department of Airports, Series 2022 B, RB |
4.00% | 05/15/2048 | 5,000 | 4,887,485 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB |
5.00% | 07/01/2044 | 2,360 | 2,587,394 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB |
5.00% | 07/01/2038 | 1,000 | 1,119,969 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB |
5.00% | 07/01/2039 | 1,000 | 1,116,000 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB |
5.00% | 07/01/2046 | 4,000 | 4,397,706 | ||||||||||||
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB |
5.00% | 06/01/2037 | 18,000 | 20,446,510 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB |
5.00% | 12/01/2039 | 2,250 | 2,343,536 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB |
5.00% | 12/01/2044 | 1,000 | 1,040,245 | ||||||||||||
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB |
5.00% | 12/01/2045 | 11,400 | 11,984,828 | ||||||||||||
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB(a)(b) |
5.00% | 12/01/2028 | 1,720 | 1,968,371 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
64 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB |
5.00 | % | 12/01/2051 | $ | 2,680 | $ | 2,896,979 | |||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
4.00 | % | 07/01/2038 | 1,000 | 1,020,131 | |||||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
4.00 | % | 07/01/2039 | 1,000 | 1,012,012 | |||||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
4.00 | % | 07/01/2040 | 1,000 | 989,524 | |||||||||||
Los Angeles Unified School District, Series 2020 C, GO Bonds |
4.00 | % | 07/01/2044 | 1,000 | 964,003 | |||||||||||
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds |
5.00 | % | 07/01/2040 | 1,610 | 1,705,194 | |||||||||||
Madera Unified School District (Election of 2014), Series 2017, GO Bonds |
4.00 | % | 08/01/2046 | 5,000 | 4,819,566 | |||||||||||
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds |
4.00 | % | 09/01/2045 | 5,635 | 5,602,471 | |||||||||||
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds |
4.00 | % | 08/01/2047 | 3,000 | 2,835,279 | |||||||||||
Metropolitan Water District of Southern California, Series 2020 A, RB |
5.00 | % | 10/01/2049 | 1,000 | 1,106,360 | |||||||||||
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds |
4.00 | % | 08/01/2047 | 2,000 | 1,980,431 | |||||||||||
Napa Valley Unified School District, Series 2019 C, GO Bonds, (INS - AGM)(c) |
4.00 | % | 08/01/2044 | 3,000 | 2,945,355 | |||||||||||
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(c) |
4.00 | % | 08/01/2049 | 3,885 | 3,667,849 | |||||||||||
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB |
5.00 | % | 03/01/2042 | 1,300 | 1,367,648 | |||||||||||
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB |
5.00 | % | 03/01/2047 | 1,500 | 1,567,294 | |||||||||||
North Orange County Community College District, Series 2022 C, GO Bonds |
4.00 | % | 08/01/2047 | 2,500 | 2,444,883 | |||||||||||
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(c) |
5.00 | % | 08/01/2045 | 5,000 | 5,303,576 | |||||||||||
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(c) |
4.00 | % | 09/01/2048 | 7,500 | 7,121,241 | |||||||||||
Regents of the University of California Medical Center, Series 2022 P, RB |
5.00 | % | 05/15/2047 | 5,000 | 5,494,494 | |||||||||||
Sacramento (County of), CA, Series 2016 A, Ref. RB |
5.00 | % | 07/01/2041 | 2,400 | 2,541,631 | |||||||||||
Sacramento (County of), CA, Series 2016 B, Ref. RB |
5.00 | % | 07/01/2041 | 2,250 | 2,365,409 | |||||||||||
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB |
5.00 | % | 12/01/2050 | 2,400 | 2,631,798 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB |
5.00 | % | 04/01/2048 | 6,620 | 7,023,896 | |||||||||||
San Diego Unified School District, Series 2020 M-2, GO Bonds |
4.00 | % | 07/01/2050 | 14,300 | 13,531,005 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds |
4.00 | % | 07/01/2047 | 5,000 | 4,778,378 | |||||||||||
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds |
5.00 | % | 07/01/2047 | 4,165 | 4,476,155 | |||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB |
5.00 | % | 05/01/2044 | 2,000 | 2,051,374 | |||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds |
5.00 | % | 08/01/2047 | 2,000 | 2,142,451 | |||||||||||
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds |
3.00 | % | 08/01/2041 | 3,000 | 2,639,422 | |||||||||||
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds |
4.00 | % | 08/01/2046 | 4,000 | 3,826,650 | |||||||||||
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB |
5.00 | % | 10/01/2045 | 2,000 | 2,112,362 | |||||||||||
University of California, Series 2016 AR, Ref. RB |
5.00 | % | 05/15/2046 | 9,500 | 10,126,117 | |||||||||||
University of California, Series 2022 BK, RB |
5.00 | % | 05/15/2052 | 4,500 | 4,962,752 | |||||||||||
University of California (Limited), Series 2018 O, Ref. RB |
5.00 | % | 05/15/2043 | 1,500 | 1,625,214 | |||||||||||
|
|
|||||||||||||||
329,549,845 | ||||||||||||||||
|
|
|||||||||||||||
Colorado-3.91% |
||||||||||||||||
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB |
5.00 | % | 03/01/2047 | 2,000 | 2,110,827 | |||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB |
4.00 | % | 11/15/2043 | 1,000 | 958,829 | |||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB |
4.00 | % | 11/15/2046 | 7,500 | 7,097,470 | |||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB |
4.00 | % | 11/15/2050 | 20,000 | 18,672,576 | |||||||||||
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB |
3.00 | % | 11/15/2051 | 15,000 | 11,261,962 | |||||||||||
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB |
4.00 | % | 05/15/2052 | 2,500 | 2,361,438 | |||||||||||
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB |
4.00 | % | 09/01/2050 | 2,800 | 2,440,119 | |||||||||||
Denver (City & County of), CO, Series 2016 A, Ref. RB |
5.00 | % | 08/01/2042 | 1,000 | 1,059,840 | |||||||||||
Denver (City & County of), CO, Series 2016 A, Ref. RB |
5.00 | % | 08/01/2044 | 750 | 792,905 | |||||||||||
Denver (City & County of), CO, Series 2021 A, RB |
4.00 | % | 08/01/2051 | 1,000 | 967,653 | |||||||||||
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB |
5.00 | % | 09/15/2047 | 5,000 | 5,379,801 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
65 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Colorado-(continued) |
||||||||||||||||
Denver City & County School District No. 1, Series 2021, GO Bonds |
3.00 | % | 12/01/2043 | $ | 3,970 | $ | 3,209,898 | |||||||||
Denver City & County School District No. 1, Series 2021, GO Bonds |
4.00 | % | 12/01/2045 | 2,000 | 1,961,645 | |||||||||||
Denver City & County School District No. 1, Series 2022 A, GO Bonds |
5.00 | % | 12/01/2045 | 1,000 | 1,112,546 | |||||||||||
E-470 Public Highway Authority, Series 2020 A, Ref. RB |
5.00 | % | 09/01/2040 | 2,725 | 2,811,343 | |||||||||||
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB |
5.00 | % | 12/01/2044 | 5,000 | 5,386,430 | |||||||||||
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB |
2.00 | % | 11/01/2041 | 1,000 | 676,728 | |||||||||||
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB |
2.25 | % | 11/01/2045 | 1,000 | 655,338 | |||||||||||
Weld County School District No. 6 Greeley, Series 2021, GO Bonds |
4.00 | % | 12/01/2045 | 1,000 | 968,318 | |||||||||||
Weld County School District No. Re-2 Eaton, Series 2019, GO Bonds |
5.00 | % | 12/01/2044 | 3,550 | 3,886,596 | |||||||||||
Weld County School District No. Re-5J, Series 2021, GO Bonds |
4.00 | % | 12/01/2045 | 4,000 | 3,861,758 | |||||||||||
|
|
|||||||||||||||
77,634,020 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-0.94% |
||||||||||||||||
Connecticut (State of), Series 2018 B, RB |
5.00 | % | 10/01/2038 | 4,000 | 4,392,186 | |||||||||||
Connecticut (State of), Series 2020 A, GO Bonds |
5.00 | % | 01/15/2040 | 3,000 | 3,269,446 | |||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
3.00 | % | 01/15/2038 | 1,000 | 877,437 | |||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
3.00 | % | 01/15/2039 | 1,000 | 860,627 | |||||||||||
Connecticut (State of), Series 2021 A, RB |
4.00 | % | 05/01/2038 | 1,000 | 995,292 | |||||||||||
Connecticut (State of), Series 2021 A, RB |
4.00 | % | 05/01/2039 | 1,000 | 990,515 | |||||||||||
Connecticut (State of), Series 2021 A, RB |
4.00 | % | 05/01/2040 | 1,000 | 985,892 | |||||||||||
Connecticut (State of), Series 2021 A, RB |
5.00 | % | 05/01/2041 | 1,000 | 1,099,883 | |||||||||||
Connecticut (State of), Series 2021 D, RB |
4.00 | % | 11/01/2038 | 1,200 | 1,192,433 | |||||||||||
Connecticut (State of), Series 2021 D, RB |
4.00 | % | 11/01/2039 | 1,200 | 1,186,376 | |||||||||||
Connecticut (State of), Series 2021 D, RB |
4.00 | % | 11/01/2040 | 1,000 | 983,317 | |||||||||||
Connecticut (State of), Series 2021 D, RB |
5.00 | % | 11/01/2041 | 250 | 276,188 | |||||||||||
University of Connecticut, Series 2018 A, RB |
5.00 | % | 11/15/2043 | 1,450 | 1,568,787 | |||||||||||
|
|
|||||||||||||||
18,678,379 | ||||||||||||||||
|
|
|||||||||||||||
District of Columbia-0.54% |
||||||||||||||||
District of Columbia, Series 2017 D, GO Bonds |
5.00 | % | 06/01/2042 | 1,100 | 1,177,383 | |||||||||||
District of Columbia, Series 2020 A, RB |
2.63 | % | 03/01/2045 | 1,000 | 733,837 | |||||||||||
District of Columbia, Series 2020 C, RB |
5.00 | % | 05/01/2045 | 1,000 | 1,090,280 | |||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB |
5.00 | % | 10/01/2044 | 1,500 | 1,605,586 | |||||||||||
Washington Metropolitan Area Transit Authority, Series 2020 A, RB |
5.00 | % | 07/15/2045 | 2,500 | 2,725,595 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
4.00 | % | 07/15/2038 | 200 | 201,279 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
4.00 | % | 07/15/2039 | 125 | 125,150 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
3.00 | % | 07/15/2040 | 250 | 215,745 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
5.00 | % | 07/15/2041 | 100 | 110,350 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
3.00 | % | 07/15/2043 | 200 | 166,061 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
4.00 | % | 07/15/2043 | 200 | 195,112 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
4.00 | % | 07/15/2046 | 1,125 | 1,081,340 | |||||||||||
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB |
5.00 | % | 07/15/2046 | 1,125 | 1,239,967 | |||||||||||
|
|
|||||||||||||||
10,667,685 | ||||||||||||||||
|
|
|||||||||||||||
Florida-3.43% |
||||||||||||||||
Bay County School Board, Series 2022, COP, (INS - AGM)(c) |
4.25 | % | 07/01/2047 | 500 | 488,475 | |||||||||||
Broward (County of), FL (Convention Center Expansion), Series 2021, RB |
4.00 | % | 09/01/2047 | 1,000 | 919,629 | |||||||||||
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c) |
4.00 | % | 07/01/2037 | 500 | 509,216 | |||||||||||
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c) |
4.00 | % | 07/01/2038 | 500 | 502,906 | |||||||||||
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c) |
4.00 | % | 07/01/2039 | 500 | 500,331 | |||||||||||
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c) |
2.50 | % | 07/01/2040 | 1,500 | 1,144,125 | |||||||||||
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB |
5.00 | % | 04/01/2048 | 2,000 | 2,087,612 | |||||||||||
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(c) |
3.00 | % | 08/15/2050 | 5,000 | 3,562,141 | |||||||||||
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(c) |
4.00 | % | 02/01/2046 | 2,500 | 2,325,485 | |||||||||||
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(c) |
4.00 | % | 10/01/2052 | 2,500 | 2,343,694 | |||||||||||
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB |
5.00 | % | 10/01/2048 | 1,745 | 1,836,114 | |||||||||||
JEA Electric System, Series 2013 C, RB |
5.00 | % | 10/01/2037 | 950 | 951,659 | |||||||||||
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB |
5.00 | % | 11/15/2040 | 1,050 | 1,067,635 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
66 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Florida-(continued) |
||||||||||||||||
Miami Beach (City of), FL, Series 2015, RB |
5.00 | % | 09/01/2045 | $ | 2,000 | $ | 2,104,041 | |||||||||
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds |
4.00 | % | 05/01/2049 | 6,000 | 5,547,398 | |||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB |
4.00 | % | 11/15/2046 | 2,190 | 1,993,872 | |||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB |
3.00 | % | 11/15/2051 | 2,000 | 1,394,038 | |||||||||||
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB |
4.00 | % | 11/15/2051 | 2,000 | 1,777,982 | |||||||||||
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB,(INS -AGM) (c) |
5.00 | % | 02/01/2040 | 4,000 | 4,112,103 | |||||||||||
Miami-Dade (County of), FL, Series 2012 B, Ref. RB(a)(b) |
5.00 | % | 10/01/2022 | 2,215 | 2,219,942 | |||||||||||
Miami-Dade (County of), FL, Series 2017 A, RB |
3.38 | % | 10/01/2047 | 5,000 | 4,139,178 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2039 | 150 | 147,311 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
3.00 | % | 10/01/2040 | 175 | 150,390 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2041 | 200 | 190,840 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2042 | 200 | 187,489 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
3.00 | % | 10/01/2043 | 250 | 206,357 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2044 | 175 | 162,002 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2046 | 200 | 182,944 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2048 | 250 | 227,094 | |||||||||||
Miami-Dade (County of), FL, Series 2021, RB |
4.00 | % | 10/01/2051 | 300 | 268,991 | |||||||||||
Orlando (City of), FL, Series 2018 B, RB |
5.00 | % | 10/01/2048 | 5,685 | 6,225,566 | |||||||||||
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB |
5.00 | % | 11/01/2047 | 1,250 | 1,254,600 | |||||||||||
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB |
5.00 | % | 11/01/2052 | 1,500 | 1,499,153 | |||||||||||
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB |
5.00 | % | 05/15/2053 | 1,000 | 934,603 | |||||||||||
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB |
5.00 | % | 07/01/2048 | 2,000 | 2,121,909 | |||||||||||
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB |
5.00 | % | 07/01/2047 | 5,000 | 5,259,412 | |||||||||||
Tampa (City of), FL, Series 2016 A, RB |
5.00 | % | 11/15/2046 | 1,750 | 1,818,684 | |||||||||||
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB |
4.00 | % | 07/01/2045 | 2,500 | 2,326,461 | |||||||||||
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB |
5.00 | % | 07/01/2050 | 3,250 | 3,390,184 | |||||||||||
|
|
|||||||||||||||
68,081,566 | ||||||||||||||||
|
|
|||||||||||||||
Georgia-1.82% |
||||||||||||||||
Atlanta (City of), GA, Series 2018 B, RB |
5.00 | % | 11/01/2047 | 5,000 | 5,399,672 | |||||||||||
Burke (County of), GA Development Authority, Series 2012, Ref. RB |
2.75 | % | 01/01/2052 | 2,000 | 1,394,295 | |||||||||||
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB |
5.00 | % | 04/01/2050 | 850 | 882,910 | |||||||||||
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RB |
4.00 | % | 04/01/2052 | 1,000 | 921,226 | |||||||||||
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB |
4.00 | % | 04/01/2050 | 1,000 | 932,893 | |||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB |
5.50 | % | 02/15/2042 | 2,000 | 2,142,070 | |||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB |
2.50 | % | 02/15/2051 | 2,000 | 1,269,785 | |||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB |
3.00 | % | 02/15/2051 | 2,000 | 1,405,223 | |||||||||||
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB |
4.00 | % | 02/15/2051 | 4,000 | 3,630,800 | |||||||||||
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB |
5.00 | % | 01/01/2044 | 1,000 | 1,033,549 | |||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(c) |
5.00 | % | 01/01/2062 | 2,305 | 2,382,952 | |||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(c) |
5.00 | % | 01/01/2062 | 4,500 | 4,652,184 | |||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB |
4.50 | % | 07/01/2063 | 3,000 | 2,884,371 | |||||||||||
Georgia (State of) Ports Authority, Series 2022, RB |
4.00 | % | 07/01/2047 | 1,000 | 959,959 | |||||||||||
Georgia (State of) Ports Authority, Series 2022, RB |
4.00 | % | 07/01/2052 | 1,000 | 950,892 | |||||||||||
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC |
5.00 | % | 08/01/2047 | 3,000 | 3,018,996 | |||||||||||
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b) |
5.00 | % | 05/01/2026 | 2,000 | 2,181,814 | |||||||||||
|
|
|||||||||||||||
36,043,591 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
67 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Hawaii-0.44% |
||||||||||||||||
Honolulu (City & County of), HI, Series 2015 A, GO Bonds |
5.00 | % | 10/01/2039 | $ | 4,000 | $ | 4,223,038 | |||||||||
Honolulu (City & County of), HI, Series 2019 A, RB |
5.00 | % | 07/01/2049 | 1,500 | 1,628,682 | |||||||||||
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB |
4.13 | % | 07/01/2047 | 3,000 | 2,905,397 | |||||||||||
|
|
|||||||||||||||
8,757,117 | ||||||||||||||||
|
|
|||||||||||||||
Illinois-4.76% |
||||||||||||||||
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c) |
5.25 | % | 01/01/2042 | 2,500 | 2,674,027 | |||||||||||
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c) |
4.00 | % | 01/01/2052 | 7,000 | 6,731,799 | |||||||||||
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds |
6.00 | % | 01/01/2038 | 1,000 | 1,075,719 | |||||||||||
Chicago (City of), IL, Series 2019 A, GO Bonds |
5.00 | % | 01/01/2044 | 2,000 | 2,054,108 | |||||||||||
Chicago (City of), IL, Series 2019 A, GO Bonds |
5.50 | % | 01/01/2049 | 1,500 | 1,580,891 | |||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB |
5.00 | % | 01/01/2046 | 1,250 | 1,286,161 | |||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(c) |
4.00 | % | 01/01/2053 | 6,375 | 5,946,708 | |||||||||||
Chicago (City of), IL Board of Education, Series 2016, RB |
6.00 | % | 04/01/2046 | 2,000 | 2,139,144 | |||||||||||
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds(d) |
7.00 | % | 12/01/2042 | 5,000 | 5,663,021 | |||||||||||
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(c) |
5.00 | % | 12/01/2051 | 10,000 | 10,468,830 | |||||||||||
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB |
3.00 | % | 05/15/2047 | 5,000 | 3,871,468 | |||||||||||
Illinois (State of), Series 2020, GO Bonds |
5.50 | % | 05/01/2039 | 1,500 | 1,629,663 | |||||||||||
Illinois (State of), Series 2022 A, GO Bonds |
5.50 | % | 03/01/2047 | 1,500 | 1,631,806 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2037 | 1,550 | 1,500,963 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2038 | 1,395 | 1,330,729 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2039 | 2,250 | 2,129,176 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2040 | 1,350 | 1,296,262 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2041 | 1,350 | 1,269,597 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
3.00 | % | 08/15/2048 | 1,000 | 736,020 | |||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB |
4.00 | % | 08/15/2048 | 1,400 | 1,270,730 | |||||||||||
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB |
5.00 | % | 02/15/2047 | 1,000 | 960,444 | |||||||||||
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB |
3.00 | % | 05/15/2050 | 4,000 | 2,872,503 | |||||||||||
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB |
4.00 | % | 05/15/2050 | 4,570 | 4,129,635 | |||||||||||
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB |
5.00 | % | 11/15/2038 | 1,175 | 1,209,560 | |||||||||||
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB |
4.00 | % | 10/01/2050 | 1,500 | 1,326,270 | |||||||||||
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB |
4.00 | % | 10/01/2055 | 1,450 | 1,240,560 | |||||||||||
Illinois (State of) Toll Highway Authority, Series 2017 A, RB |
5.00 | % | 01/01/2042 | 5,000 | 5,276,357 | |||||||||||
Illinois (State of) Toll Highway Authority, Series 2020 A, RB |
5.00 | % | 01/01/2041 | 4,000 | 4,326,599 | |||||||||||
Illinois (State of) Toll Highway Authority, Series 2020 A, RB |
5.00 | % | 01/01/2045 | 2,500 | 2,670,250 | |||||||||||
Illinois (State of) Toll Highway Authority, Series 2021 A, RB |
5.00 | % | 01/01/2046 | 1,000 | 1,073,085 | |||||||||||
Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB |
5.00 | % | 06/15/2042 | 1,000 | 1,032,655 | |||||||||||
Sales Tax Securitization Corp., Series 2018 A, Ref. RB |
5.00 | % | 01/01/2040 | 5,200 | 5,513,512 | |||||||||||
Sales Tax Securitization Corp., Series 2020 A, Ref. RB |
4.00 | % | 01/01/2038 | 1,000 | 958,751 | |||||||||||
Sales Tax Securitization Corp., Series 2020 A, Ref. RB |
4.00 | % | 01/01/2039 | 500 | 476,526 | |||||||||||
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c) |
4.00 | % | 01/01/2040 | 2,000 | 1,936,430 | |||||||||||
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c) |
5.00 | % | 03/01/2040 | 3,000 | 3,127,016 | |||||||||||
|
|
|||||||||||||||
94,416,975 | ||||||||||||||||
|
|
|||||||||||||||
Indiana-0.85% |
||||||||||||||||
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB |
5.00 | % | 11/15/2046 | 3,000 | 3,112,373 | |||||||||||
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB |
5.00 | % | 02/01/2044 | 5,000 | 5,422,544 | |||||||||||
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB |
5.00 | % | 02/01/2049 | 6,500 | 7,019,698 | |||||||||||
Northern Indiana Commuter Transportation District, Series 2016, RB |
5.00 | % | 07/01/2041 | 1,250 | 1,340,520 | |||||||||||
|
|
|||||||||||||||
16,895,135 | ||||||||||||||||
|
|
|||||||||||||||
Kansas-0.35% |
||||||||||||||||
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c) |
5.00 | % | 09/01/2042 | 1,500 | 1,618,018 | |||||||||||
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c) |
5.00 | % | 09/01/2047 | 1,250 | 1,335,623 | |||||||||||
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c) |
4.00 | % | 09/01/2052 | 1,500 | 1,404,006 | |||||||||||
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB |
5.00 | % | 09/01/2040 | 1,000 | 1,037,511 | |||||||||||
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB |
5.00 | % | 09/01/2045 | 1,500 | 1,546,806 | |||||||||||
|
|
|||||||||||||||
6,941,964 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
68 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Kentucky-0.10% |
||||||||||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c) |
5.00 | % | 12/01/2045 | $ | 1,000 | $ | 1,064,435 | |||||||||
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c) |
5.00 | % | 12/01/2047 | 1,000 | 1,003,945 | |||||||||||
|
|
|||||||||||||||
2,068,380 | ||||||||||||||||
|
|
|||||||||||||||
Louisiana-1.03% |
||||||||||||||||
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c) |
5.00 | % | 11/01/2042 | 2,000 | 2,125,495 | |||||||||||
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c) |
5.00 | % | 11/01/2047 | 2,000 | 2,118,034 | |||||||||||
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(c) |
5.00 | % | 12/01/2042 | 2,750 | 2,955,265 | |||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(c) |
5.00 | % | 10/01/2048 | 3,500 | 3,715,073 | |||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB |
5.00 | % | 10/01/2041 | 3,285 | 3,443,117 | |||||||||||
Louisiana (State of) Public Facilities Authority (LA
Children’s Medical Center), Series 2020, |
3.00 | % | 06/01/2050 | 6,500 | 4,886,488 | |||||||||||
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(c) |
4.00 | % | 12/01/2049 | 1,250 | 1,167,631 | |||||||||||
|
|
|||||||||||||||
20,411,103 | ||||||||||||||||
|
|
|||||||||||||||
Maine-0.47% |
||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority, Series 2020 A, RB |
4.00 | % | 07/01/2045 | 2,000 | 1,888,493 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
5.00 | % | 07/01/2023 | 550 | 560,482 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
5.00 | % | 07/01/2024 | 350 | 364,150 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
5.00 | % | 07/01/2026 | 400 | 430,017 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
2.50 | % | 07/01/2029 | 500 | 485,718 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
5.00 | % | 07/01/2030 | 425 | 479,267 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
4.00 | % | 07/01/2037 | 375 | 370,082 | |||||||||||
Maine (State of) Health & Higher Educational
Facilities Authority, Series 2021 A, Ref. RB, |
4.00 | % | 07/01/2039 | 330 | 323,804 | |||||||||||
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB |
4.00 | % | 07/01/2050 | 4,500 | 4,169,355 | |||||||||||
Maine (State of) Turnpike Authority, Series 2020, RB |
4.00 | % | 07/01/2045 | 300 | 284,732 | |||||||||||
|
|
|||||||||||||||
9,356,100 | ||||||||||||||||
|
|
|||||||||||||||
Maryland-0.92% |
||||||||||||||||
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB |
5.00 | % | 09/01/2039 | 1,000 | 941,468 | |||||||||||
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB |
5.00 | % | 09/01/2042 | 500 | 453,989 | |||||||||||
Baltimore (City of), MD (Water), Series 2017 A, RB |
5.00 | % | 07/01/2046 | 9,510 | 10,101,406 | |||||||||||
Baltimore (City of), MD (Water), Series 2020 A, RB |
5.00 | % | 07/01/2050 | 600 | 642,740 | |||||||||||
Maryland (State of) Stadium Authority, Series 2022 A, RB |
4.00 | % | 06/01/2047 | 1,000 | 957,078 | |||||||||||
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b) |
5.00 | % | 05/01/2026 | 1,900 | 2,072,723 | |||||||||||
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB |
4.00 | % | 06/01/2046 | 1,000 | 959,778 | |||||||||||
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB |
5.00 | % | 07/01/2046 | 1,000 | 1,103,394 | |||||||||||
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB |
5.00 | % | 07/01/2051 | 1,000 | 1,100,846 | |||||||||||
|
|
|||||||||||||||
18,333,422 | ||||||||||||||||
|
|
|||||||||||||||
Massachusetts-6.17% |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds |
5.00 | % | 03/01/2041 | 7,150 | 7,342,549 | |||||||||||
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds |
5.00 | % | 03/01/2046 | 5,000 | 5,123,852 | |||||||||||
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds |
4.00 | % | 12/01/2044 | 2,900 | 2,842,761 | |||||||||||
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds |
5.00 | % | 04/01/2042 | 4,210 | 4,505,865 | |||||||||||
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB |
5.00 | % | 06/01/2043 | 5,000 | 5,352,088 | |||||||||||
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds |
5.00 | % | 11/01/2041 | 8,000 | 8,642,684 | |||||||||||
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds |
5.25 | % | 01/01/2044 | 10,675 | 11,672,365 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
69 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Massachusetts-(continued) |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds |
5.00 | % | 01/01/2049 | $ | 5,000 | $ | 5,365,764 | |||||||||
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds |
5.00 | % | 11/01/2045 | 2,500 | 2,738,376 | |||||||||||
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds |
5.00 | % | 11/01/2050 | 3,500 | 3,817,043 | |||||||||||
Massachusetts (Commonwealth of), Series 2020, GO Bonds |
5.00 | % | 07/01/2045 | 1,000 | 1,091,980 | |||||||||||
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds |
4.00 | % | 02/01/2042 | 1,000 | 983,738 | |||||||||||
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2015 A, RB |
5.00 | % | 06/01/2045 | 3,000 | 3,139,280 | |||||||||||
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB |
5.25 | % | 06/01/2043 | 5,000 | 5,438,802 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB |
5.00 | % | 12/01/2046 | 2,000 | 2,099,538 | |||||||||||
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB |
5.00 | % | 10/01/2044 | 1,500 | 1,627,770 | |||||||||||
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB |
5.00 | % | 08/15/2037 | 8,770 | 9,287,807 | |||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2015 A, RB |
5.00 | % | 07/01/2040 | 7,145 | 7,527,573 | |||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2020, Ref. RB |
5.00 | % | 07/01/2050 | 5,580 | 6,004,504 | |||||||||||
Massachusetts (State of) Development Finance Agency, Series 2021 G, Ref. RB |
5.00 | % | 07/01/2050 | 1,000 | 1,047,675 | |||||||||||
Massachusetts (State of) Development Finance Agency (Boston University), Series 2013 X, RB |
5.00 | % | 10/01/2048 | 875 | 887,248 | |||||||||||
Massachusetts (State of) Development Finance Agency (Boston University), Series 2016 BB1, RB |
5.00 | % | 10/01/2046 | 4,500 | 4,756,840 | |||||||||||
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB |
5.00 | % | 12/01/2041 | 2,665 | 2,818,712 | |||||||||||
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c) |
3.00 | % | 10/01/2045 | 3,500 | 2,743,689 | |||||||||||
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c) |
4.00 | % | 10/01/2045 | 1,500 | 1,417,950 | |||||||||||
Massachusetts (State of) School Building Authority, Series 2016 B, RB |
5.00 | % | 11/15/2046 | 3,075 | 3,275,841 | |||||||||||
Massachusetts (State of) Water Resources Authority, Series 2018 B, RB |
5.00 | % | 08/01/2043 | 5,000 | 5,448,249 | |||||||||||
University of Massachusetts Building Authority, Series 2020 1, RB |
5.00 | % | 11/01/2050 | 5,000 | 5,427,356 | |||||||||||
|
|
|||||||||||||||
122,427,899 | ||||||||||||||||
|
|
|||||||||||||||
Michigan-0.81% |
||||||||||||||||
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB |
5.00 | % | 07/01/2051 | 1,000 | 1,065,074 | |||||||||||
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB |
4.00 | % | 10/15/2052 | 1,000 | 910,391 | |||||||||||
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB |
3.00 | % | 12/01/2049 | 2,440 | 1,813,441 | |||||||||||
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB |
4.00 | % | 12/01/2047 | 1,100 | 1,024,903 | |||||||||||
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB |
5.00 | % | 11/15/2047 | 3,000 | 3,155,837 | |||||||||||
Michigan State University Board of Trustees, Series 2019 B, RB |
5.00 | % | 02/15/2044 | 1,250 | 1,348,736 | |||||||||||
University of Michigan, Series 2017 A, Ref. RB(a)(b) |
5.00 | % | 04/01/2027 | 3,100 | 3,447,351 | |||||||||||
Walled Lake Consolidated School District, Series 2020, GO Bonds |
5.00 | % | 05/01/2050 | 2,500 | 2,697,138 | |||||||||||
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB |
5.00 | % | 12/01/2040 | 500 | 525,775 | |||||||||||
|
|
|||||||||||||||
15,988,646 | ||||||||||||||||
|
|
|||||||||||||||
Minnesota-0.21% |
||||||||||||||||
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB |
5.25 | % | 06/15/2047 | 2,000 | 2,045,530 | |||||||||||
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB |
5.25 | % | 06/15/2052 | 1,000 | 1,018,059 | |||||||||||
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB |
5.00 | % | 05/01/2047 | 1,000 | 1,002,398 | |||||||||||
|
|
|||||||||||||||
4,065,987 | ||||||||||||||||
|
|
|||||||||||||||
Missouri-0.89% |
||||||||||||||||
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB |
5.00 | % | 03/01/2036 | 1,000 | 1,034,032 | |||||||||||
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB |
5.00 | % | 04/01/2040 | 2,190 | 2,253,264 | |||||||||||
Metropolitan St. Louis Sewer District, Series 2016 C, RB(a) |
5.00 | % | 05/01/2046 | 1,000 | 1,065,546 | |||||||||||
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB |
5.00 | % | 05/01/2047 | 750 | 799,564 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
70 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Missouri-(continued) |
||||||||||||||||
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB |
3.00 | % | 07/01/2051 | $ | 2,500 | $ | 1,885,456 | |||||||||
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB |
4.00 | % | 11/15/2047 | 1,500 | 1,417,257 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB |
4.00 | % | 02/15/2049 | 5,000 | 4,739,568 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB |
4.00 | % | 06/01/2052 | 5,000 | 4,539,125 | |||||||||||
|
|
|||||||||||||||
17,733,812 | ||||||||||||||||
|
|
|||||||||||||||
Montana-0.12% |
||||||||||||||||
Missoula (City of), MT, Series 2019 A, RB |
4.00 | % | 07/01/2044 | 2,400 | 2,332,993 | |||||||||||
|
|
|||||||||||||||
Nebraska-0.17% |
||||||||||||||||
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(c) |
4.00 | % | 12/15/2047 | 1,000 | 969,253 | |||||||||||
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB |
5.00 | % | 02/01/2042 | 1,000 | 1,082,129 | |||||||||||
University of Nebraska Facilities Corp., Series 2021 A, RB |
4.00 | % | 07/15/2059 | 500 | 463,384 | |||||||||||
University of Nebraska Facilities Corp., Series 2021 A, RB |
4.00 | % | 07/15/2062 | 1,000 | 921,001 | |||||||||||
|
|
|||||||||||||||
3,435,767 | ||||||||||||||||
|
|
|||||||||||||||
Nevada-0.10% |
||||||||||||||||
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB |
5.00 | % | 07/01/2040 | 1,035 | 1,095,806 | |||||||||||
Las Vegas Valley Water District, Series 2022 A, GO Bonds |
4.00 | % | 06/01/2046 | 1,000 | 949,746 | |||||||||||
|
|
|||||||||||||||
2,045,552 | ||||||||||||||||
|
|
|||||||||||||||
New Hampshire-0.17% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(c) |
3.00 | % | 08/15/2046 | 2,210 | 1,720,621 | |||||||||||
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(c) |
3.00 | % | 08/15/2051 | 2,200 | 1,648,078 | |||||||||||
|
|
|||||||||||||||
3,368,699 | ||||||||||||||||
|
|
|||||||||||||||
New Jersey-2.13% |
||||||||||||||||
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB |
4.00 | % | 06/15/2046 | 1,000 | 917,112 | |||||||||||
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB |
4.00 | % | 06/15/2050 | 1,000 | 905,017 | |||||||||||
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB |
5.00 | % | 06/15/2043 | 1,000 | 1,038,033 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB |
3.00 | % | 07/01/2050 | 1,000 | 730,877 | |||||||||||
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB |
4.00 | % | 07/01/2050 | 2,800 | 2,556,773 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB |
3.00 | % | 07/01/2046 | 750 | 569,249 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB |
3.00 | % | 07/01/2051 | 1,125 | 825,988 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB |
5.00 | % | 07/01/2039 | 1,000 | 1,047,957 | |||||||||||
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(c) |
5.00 | % | 07/01/2046 | 3,000 | 3,069,563 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
4.00 | % | 06/15/2038 | 1,000 | 966,758 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
5.00 | % | 06/15/2038 | 1,000 | 1,060,027 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
4.00 | % | 06/15/2039 | 1,000 | 962,506 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
5.00 | % | 06/15/2039 | 1,000 | 1,054,904 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
4.00 | % | 06/15/2040 | 1,000 | 958,008 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
5.00 | % | 06/15/2040 | 1,000 | 1,052,134 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
4.00 | % | 06/15/2045 | 1,000 | 920,512 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
5.00 | % | 06/15/2045 | 1,000 | 1,038,552 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
3.00 | % | 06/15/2050 | 1,000 | 723,434 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
4.00 | % | 06/15/2050 | 1,000 | 905,017 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB |
5.00 | % | 06/15/2050 | 1,000 | 1,035,738 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2038 | 1,500 | 1,450,137 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2039 | 1,000 | 962,506 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2040 | 1,000 | 958,008 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
71 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New Jersey-(continued) |
||||||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2041 | $ | 1,250 | $ | 1,179,422 | |||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2042 | 1,000 | 936,525 | |||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB |
4.00 | % | 06/15/2046 | 750 | 687,834 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB |
5.00 | % | 01/01/2040 | 1,000 | 1,069,766 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 A, RB |
4.00 | % | 01/01/2042 | 5,000 | 4,799,121 | |||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 A, RB |
4.00 | % | 01/01/2051 | 5,450 | 5,121,749 | |||||||||||
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(c) |
5.00 | % | 12/01/2038 | 2,500 | 2,643,476 | |||||||||||
|
|
|||||||||||||||
42,146,703 | ||||||||||||||||
|
|
|||||||||||||||
New York-21.61% |
||||||||||||||||
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c) |
3.00 | % | 04/01/2045 | 3,000 | 2,248,647 | |||||||||||
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c) |
3.00 | % | 04/01/2050 | 8,750 | 6,148,101 | |||||||||||
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c) |
4.00 | % | 04/01/2050 | 3,000 | 2,750,365 | |||||||||||
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB |
5.00 | % | 07/01/2041 | 1,000 | 1,015,723 | |||||||||||
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB |
5.00 | % | 07/01/2042 | 1,500 | 1,571,101 | |||||||||||
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB |
5.00 | % | 02/15/2042 | 5,000 | 5,287,159 | |||||||||||
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b) |
5.00 | % | 09/10/2022 | 2,860 | 2,861,739 | |||||||||||
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB |
5.00 | % | 09/01/2039 | 2,500 | 2,596,394 | |||||||||||
Long Island (City of), NY Power Authority, Series 2017, RB |
5.00 | % | 09/01/2042 | 1,300 | 1,400,283 | |||||||||||
Long Island (City of), NY Power Authority, Series 2017, RB |
5.00 | % | 09/01/2047 | 1,000 | 1,072,364 | |||||||||||
Metropolitan Transportation Authority, Series 2012 A-1, RB |
5.00 | % | 11/15/2040 | 6,690 | 6,733,017 | |||||||||||
Metropolitan Transportation Authority, Series 2012 E, RB, (INS - AGM)(c) |
5.00 | % | 11/15/2042 | 1,510 | 1,516,414 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB |
5.00 | % | 11/15/2052 | 3,525 | 3,593,817 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB |
4.00 | % | 11/15/2051 | 2,900 | 2,552,010 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(c) |
4.00 | % | 11/15/2050 | 5,000 | 4,737,444 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB |
4.75 | % | 11/15/2045 | 1,000 | 984,726 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB |
5.25 | % | 11/15/2055 | 6,000 | 6,243,042 | |||||||||||
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB |
5.00 | % | 11/15/2046 | 2,350 | 2,482,545 | |||||||||||
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB |
4.00 | % | 07/01/2050 | 2,000 | 1,867,911 | |||||||||||
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB |
5.00 | % | 11/15/2051 | 2,000 | 2,002,857 | |||||||||||
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(c) |
5.00 | % | 04/01/2049 | 5,000 | 5,408,031 | |||||||||||
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB |
5.00 | % | 09/01/2039 | 6,000 | 6,231,346 | |||||||||||
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB |
5.00 | % | 05/01/2045 | 3,500 | 3,654,621 | |||||||||||
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB |
4.00 | % | 07/15/2040 | 2,000 | 1,958,526 | |||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB |
5.00 | % | 09/01/2048 | 5,590 | 5,896,795 | |||||||||||
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB |
5.25 | % | 10/15/2057 | 2,400 | 2,576,218 | |||||||||||
New York (City of), NY, Series 2016 B-1, GO Bonds |
5.00 | % | 12/01/2041 | 4,955 | 5,290,442 | |||||||||||
New York (City of), NY, Series 2019 B-1, GO Bonds |
5.00 | % | 10/01/2038 | 6,500 | 7,067,674 | |||||||||||
New York (City of), NY, Series 2020 BB1, RB |
3.00 | % | 06/15/2050 | 1,000 | 773,501 | |||||||||||
New York (City of), NY, Series 2020 BB1, RB |
5.00 | % | 06/15/2050 | 1,000 | 1,070,362 | |||||||||||
New York (City of), NY, Series 2020 BB-1, RB |
4.00 | % | 06/15/2050 | 2,000 | 1,902,094 | |||||||||||
New York (City of), NY, Series 2020 BB-2, Ref. RB |
4.00 | % | 06/15/2042 | 1,000 | 972,950 | |||||||||||
New York (City of), NY, Series 2020 D-1, GO Bonds |
5.00 | % | 03/01/2038 | 6,250 | 6,777,042 | |||||||||||
New York (City of), NY, Series 2021 A-1, GO Bonds |
5.00 | % | 08/01/2047 | 3,345 | 3,587,755 | |||||||||||
New York (City of), NY, Series 2021 BB-1, Ref. RB |
5.00 | % | 06/15/2044 | 9,150 | 10,027,228 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c) |
2.00 | % | 01/01/2038 | 1,500 | 1,053,224 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c) |
3.00 | % | 01/01/2039 | 1,250 | 1,052,164 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c) |
3.00 | % | 01/01/2040 | 1,750 | 1,434,033 | |||||||||||
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c) |
3.00 | % | 01/01/2046 | 5,000 | 3,733,172 | |||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(c) |
3.00 | % | 03/01/2049 | 5,000 | 3,707,064 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
72 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2013 BB, RB |
5.00 | % | 06/15/2047 | $ | 9,640 | $ | 9,699,782 | |||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB |
5.00 | % | 06/15/2047 | 500 | 508,454 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB |
5.00 | % | 06/15/2036 | 600 | 623,380 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB |
5.00 | % | 06/15/2037 | 3,000 | 3,224,126 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB |
5.00 | % | 06/15/2044 | 5,000 | 5,396,226 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB |
5.00 | % | 06/15/2048 | 3,000 | 3,249,641 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB |
4.00 | % | 06/15/2051 | 5,000 | 4,743,173 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB |
4.00 | % | 06/15/2049 | 2,500 | 2,384,079 | |||||||||||
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB |
5.00 | % | 06/15/2049 | 6,165 | 6,591,117 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB |
5.00 | % | 08/01/2042 | 4,330 | 4,482,205 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB |
5.00 | % | 07/15/2040 | 3,000 | 3,122,829 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2019, RB |
4.00 | % | 11/01/2040 | 5,000 | 4,848,304 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB |
3.00 | % | 11/01/2037 | 9,000 | 7,777,874 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB |
4.00 | % | 11/01/2038 | 3,000 | 2,946,695 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB |
3.00 | % | 11/01/2039 | 4,000 | 3,344,652 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB |
4.00 | % | 11/01/2038 | 5,000 | 4,911,157 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2038 | 1,000 | 982,836 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2039 | 1,000 | 976,908 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2040 | 1,000 | 970,525 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2041 | 1,000 | 967,705 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2042 | 1,500 | 1,444,509 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2043 | 1,000 | 957,183 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2046 | 1,000 | 947,359 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
4.00 | % | 02/01/2049 | 2,000 | 1,877,906 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
2.25 | % | 02/01/2051 | 2,000 | 1,232,019 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
3.00 | % | 02/01/2051 | 1,125 | 853,121 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB |
4.00 | % | 11/01/2036 | 500 | 499,711 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB |
4.00 | % | 08/01/2048 | 1,500 | 1,411,541 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2038 | 3,000 | 2,948,507 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2039 | 3,000 | 2,930,723 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2040 | 3,000 | 2,911,574 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2041 | 3,000 | 2,903,114 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2042 | 3,000 | 2,889,018 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
5.00 | % | 02/01/2044 | 2,000 | 2,174,156 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00 | % | 02/01/2047 | 3,000 | 2,833,179 | |||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
5.00 | % | 02/01/2047 | 3,000 | 3,247,355 | |||||||||||
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB |
4.00 | % | 08/01/2041 | 1,850 | 1,789,192 | |||||||||||
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB |
5.00 | % | 02/15/2044 | 1,905 | 1,971,055 | |||||||||||
New York (State of) Dormitory Authority, Series 2020 A, RB |
3.00 | % | 07/01/2048 | 4,000 | 2,909,406 | |||||||||||
New York (State of) Dormitory Authority, Series 2020 A, RB |
4.00 | % | 07/01/2053 | 4,000 | 3,653,633 | |||||||||||
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB |
5.00 | % | 10/01/2046 | 500 | 536,652 | |||||||||||
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB |
5.00 | % | 10/01/2038 | 5,000 | 5,507,073 | |||||||||||
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB |
5.00 | % | 07/01/2050 | 6,500 | 7,179,613 | |||||||||||
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB |
5.00 | % | 07/01/2041 | 750 | 786,003 | |||||||||||
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB |
4.00 | % | 07/01/2050 | 2,000 | 1,813,415 | |||||||||||
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB |
5.00 | % | 02/15/2048 | 5,000 | 5,308,533 | |||||||||||
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB |
5.00 | % | 07/01/2040 | 1,000 | 1,026,973 | |||||||||||
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration) |
3.00 | % | 02/01/2050 | 2,000 | 1,540,523 | |||||||||||
New York (State of) Dormitory Authority (New School (The)), Series 2015, Ref. RB |
5.00 | % | 07/01/2045 | 1,000 | 1,015,778 | |||||||||||
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB |
5.00 | % | 07/01/2046 | 1,000 | 1,020,169 | |||||||||||
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB |
5.00 | % | 07/01/2042 | 2,500 | 2,719,261 | |||||||||||
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB |
4.00 | % | 07/01/2046 | 1,750 | 1,649,847 | |||||||||||
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB |
5.00 | % | 07/01/2051 | 5,000 | 5,433,401 | |||||||||||
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB |
4.25 | % | 05/01/2052 | 6,000 | 5,640,166 | |||||||||||
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB |
4.00 | % | 07/01/2048 | 1,750 | 1,588,645 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
73 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB |
4.00% | 07/01/2049 | $ | 1,000 | $ | 924,385 | ||||||||||
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB |
5.00% | 07/01/2057 | 2,000 | 1,976,040 | ||||||||||||
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB |
5.00% | 07/15/2042 | 2,500 | 2,564,048 | ||||||||||||
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB |
5.00% | 07/15/2050 | 3,000 | 3,041,050 | ||||||||||||
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB |
3.25% | 11/15/2060 | 3,620 | 2,613,070 | ||||||||||||
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(c) |
4.00% | 11/15/2047 | 1,500 | 1,445,109 | ||||||||||||
New York (State of) Thruway Authority, Series 2016 A, RB |
5.25% | 01/01/2056 | 4,000 | 4,140,373 | ||||||||||||
New York (State of) Thruway Authority, Series 2019 B, RB |
4.00% | 01/01/2045 | 1,000 | 945,108 | ||||||||||||
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(c) |
4.00% | 01/01/2040 | 5,000 | 4,876,021 | ||||||||||||
New York (State of) Thruway Authority, Series 2020 N, RB |
3.00% | 01/01/2049 | 3,400 | 2,551,380 | ||||||||||||
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB |
4.00% | 03/15/2058 | 3,000 | 2,763,487 | ||||||||||||
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB |
5.00% | 03/15/2046 | 1,000 | 1,079,334 | ||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB |
5.00% | 11/15/2040 | 2,000 | 2,072,918 | ||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB |
5.00% | 11/15/2045 | 3,000 | 3,086,553 | ||||||||||||
New York Liberty Development Corp., Series 2021 1, Ref. RB |
3.00% | 02/15/2042 | 2,000 | 1,651,772 | ||||||||||||
New York Liberty Development Corp., Series 2021 1, Ref. RB |
4.00% | 02/15/2043 | 2,000 | 1,891,697 | ||||||||||||
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB |
2.75% | 02/15/2044 | 1,000 | 721,549 | ||||||||||||
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB |
2.80% | 09/15/2069 | 1,500 | 1,349,061 | ||||||||||||
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB |
2.75% | 11/15/2041 | 2,000 | 1,548,110 | ||||||||||||
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB |
2.88% | 11/15/2046 | 5,000 | 3,693,678 | ||||||||||||
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB |
3.00% | 11/15/2051 | 1,000 | 712,827 | ||||||||||||
New York State Environmental Facilities Corp., Series 2020, Ref. RB |
4.00% | 06/15/2045 | 2,000 | 1,930,559 | ||||||||||||
New York State Environmental Facilities Corp., Series 2020, Ref. RB |
4.00% | 06/15/2049 | 5,500 | 5,244,973 | ||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB |
4.00% | 06/15/2047 | 5,000 | 4,792,584 | ||||||||||||
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB |
5.00% | 06/15/2051 | 5,000 | 5,567,158 | ||||||||||||
New York State Urban Development Corp., Series 2013 A-1, RB |
5.00% | 03/15/2043 | 1,000 | 1,012,787 | ||||||||||||
New York State Urban Development Corp., Series 2017 C, Ref. RB |
4.00% | 03/15/2045 | 1,055 | 999,558 | ||||||||||||
New York State Urban Development Corp., Series 2020 A, RB |
5.00% | 03/15/2041 | 1,000 | 1,081,374 | ||||||||||||
New York State Urban Development Corp., Series 2020 A, RB |
3.00% | 03/15/2050 | 2,000 | 1,551,623 | ||||||||||||
New York State Urban Development Corp., Series 2020 E, Ref. RB |
4.00% | 03/15/2046 | 1,000 | 944,401 | ||||||||||||
New York State Urban Development Corp., Series 2020, Ref. RB |
3.00% | 03/15/2040 | 1,000 | 837,557 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
5.00% | 12/01/2037 | 1,000 | 1,063,196 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
5.00% | 12/01/2038 | 1,000 | 1,060,108 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
4.00% | 12/01/2039 | 2,500 | 2,346,494 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
4.00% | 12/01/2040 | 4,550 | 4,257,398 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
4.00% | 12/01/2041 | 1,000 | 928,154 | ||||||||||||
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)(c) |
3.00% | 12/01/2044 | 1,555 | 1,211,086 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2015 A, RB |
5.00% | 11/15/2040 | 525 | 548,925 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB |
5.00% | 11/15/2041 | 4,000 | 4,257,534 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB |
5.00% | 11/15/2046 | 3,000 | 3,154,525 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB |
5.00% | 11/15/2038 | 1,500 | 1,623,648 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB |
5.00% | 05/15/2051 | 3,000 | 3,217,815 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB |
5.00% | 05/15/2051 | 3,000 | 3,228,200 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2022 C, RB |
5.00% | 05/15/2042 | 5,000 | 5,469,109 | ||||||||||||
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB |
5.00% | 05/15/2056 | 5,000 | 5,472,826 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB |
5.00% | 11/15/2042 | 9,675 | 10,463,440 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB |
4.00% | 11/15/2048 | 2,500 | 2,301,472 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB |
5.00% | 11/15/2037 | 785 | 850,621 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
74 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB |
5.00% | 11/15/2054 | $ | 1,500 | $ | 1,579,980 | ||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB |
4.00% | 11/15/2056 | 1,500 | 1,363,408 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB |
5.00% | 11/15/2056 | 1,500 | 1,589,636 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB |
5.00% | 05/15/2043 | 1,000 | 1,090,844 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB |
5.00% | 05/15/2044 | 1,000 | 1,087,573 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB |
5.00% | 05/15/2047 | 1,000 | 1,081,995 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB |
4.00% | 05/15/2057 | 10,000 | 9,136,641 | ||||||||||||
|
|
|||||||||||||||
428,736,654 | ||||||||||||||||
|
|
|||||||||||||||
North Carolina-0.72% |
||||||||||||||||
Charlotte (City of), NC, Series 2021 A, Ref. RB |
3.00% | 07/01/2046 | 750 | 586,498 | ||||||||||||
Charlotte (City of), NC, Series 2021 A, Ref. RB |
4.00% | 07/01/2051 | 750 | 721,030 | ||||||||||||
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB |
5.00% | 07/01/2047 | 2,000 | 2,085,826 | ||||||||||||
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB |
5.00% | 07/01/2049 | 1,750 | 1,850,103 | ||||||||||||
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB |
4.00% | 07/01/2052 | 3,500 | 3,362,285 | ||||||||||||
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP |
3.00% | 06/01/2048 | 1,000 | 804,232 | ||||||||||||
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b) |
5.00% | 10/01/2025 | 3,000 | 3,232,294 | ||||||||||||
North Carolina (State of) Medical Care Commission, Series 2020 A, RB |
3.00% | 07/01/2045 | 1,000 | 769,473 | ||||||||||||
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB |
4.00% | 09/01/2041 | 300 | 283,547 | ||||||||||||
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB |
4.00% | 09/01/2046 | 300 | 276,055 | ||||||||||||
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB |
4.00% | 09/01/2051 | 300 | 270,891 | ||||||||||||
|
|
|||||||||||||||
14,242,234 | ||||||||||||||||
|
|
|||||||||||||||
North Dakota-0.23% |
||||||||||||||||
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(c) |
3.00% | 12/01/2046 | 1,325 | 1,008,535 | ||||||||||||
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(c) |
3.00% | 12/01/2051 | 500 | 368,135 | ||||||||||||
University of North Dakota, Series 2021 A, COP, (INS - AGM)(c) |
3.00% | 06/01/2061 | 4,500 | 3,155,365 | ||||||||||||
|
|
|||||||||||||||
4,532,035 | ||||||||||||||||
|
|
|||||||||||||||
Ohio-3.04% |
||||||||||||||||
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB |
5.00% | 02/15/2041 | 2,000 | 2,096,010 | ||||||||||||
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB |
5.00% | 02/15/2046 | 2,000 | 2,083,449 | ||||||||||||
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB |
5.00% | 12/01/2051 | 1,000 | 1,000,349 | ||||||||||||
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB |
5.00% | 11/15/2049 | 5,900 | 6,709,989 | ||||||||||||
Licking Heights Local School District, Series 2022, GO Bonds |
5.50% | 10/01/2059 | 10,000 | 11,089,641 | ||||||||||||
Miami University, Series 2020 A, Ref. RB |
4.00% | 09/01/2045 | 3,500 | 3,367,408 | ||||||||||||
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB |
4.00% | 08/01/2046 | 600 | 557,740 | ||||||||||||
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB |
4.00% | 08/01/2051 | 1,000 | 913,761 | ||||||||||||
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB |
3.00% | 08/01/2051 | 3,770 | 2,667,903 | ||||||||||||
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB |
4.00% | 08/01/2051 | 2,280 | 2,098,606 | ||||||||||||
North Royalton City School District, Series 2017, GO Bonds |
5.00% | 12/01/2047 | 5,000 | 5,187,328 | ||||||||||||
Ohio (State of), Series 2020 A, Ref. RB |
4.00% | 01/15/2050 | 2,250 | 2,069,417 | ||||||||||||
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB |
5.00% | 02/15/2046 | 500 | 549,055 | ||||||||||||
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB |
5.00% | 02/15/2051 | 1,000 | 1,094,144 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB |
5.00% | 12/01/2044 | 10,000 | 10,914,720 | ||||||||||||
Ohio State University (The), Series 2014 A, RB |
5.00% | 12/01/2039 | 7,600 | 7,895,794 | ||||||||||||
|
|
|||||||||||||||
60,295,314 | ||||||||||||||||
|
|
|||||||||||||||
Oklahoma-0.78% |
||||||||||||||||
Grand River Dam Authority, Series 2014 A, RB |
5.00% | 06/01/2039 | 3,500 | 3,622,062 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB |
5.00% | 01/01/2047 | 1,660 | 1,748,756 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB |
5.00% | 01/01/2042 | 5,000 | 5,294,983 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB |
5.00% | 01/01/2043 | 2,000 | 2,113,928 | ||||||||||||
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(c) |
5.00% | 07/01/2046 | 2,500 | 2,699,602 | ||||||||||||
|
|
|||||||||||||||
15,479,331 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
75 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Oregon-1.70% |
||||||||||||||||
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM) (c) |
4.00% | 08/15/2045 | $ | 7,000 | $ | 6,503,322 | ||||||||||
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c) |
3.00% | 08/15/2050 | 5,000 | 3,588,598 | ||||||||||||
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds |
5.00% | 08/01/2042 | 5,000 | 5,388,378 | ||||||||||||
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds |
5.00% | 05/01/2042 | 2,500 | 2,685,286 | ||||||||||||
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB |
5.00% | 06/01/2052 | 2,500 | 2,627,163 | ||||||||||||
Oregon (State of) Facilities Authority (Reed College), Series 2017, Ref. RB(a)(b) |
5.00% | 07/01/2027 | 1,000 | 1,115,264 | ||||||||||||
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB |
4.00% | 10/01/2051 | 2,000 | 1,763,939 | ||||||||||||
University of Oregon, Series 2015 A, RB |
5.00% | 04/01/2045 | 7,515 | 7,814,620 | ||||||||||||
University of Oregon, Series 2020 A, RB |
5.00% | 04/01/2050 | 2,000 | 2,175,490 | ||||||||||||
|
|
|||||||||||||||
33,662,060 | ||||||||||||||||
|
|
|||||||||||||||
Pennsylvania-3.98% |
||||||||||||||||
Allegheny (County of), PA, Series 2020 C-78, GO Bonds |
4.00% | 11/01/2045 | 3,875 | 3,770,461 | ||||||||||||
Allegheny (County of), PA, Series 2020 C-78, GO Bonds |
4.00% | 11/01/2049 | 5,000 | 4,778,486 | ||||||||||||
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB |
3.75% | 11/01/2042 | 1,000 | 662,229 | ||||||||||||
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB |
3.00% | 08/15/2053 | 3,110 | 2,204,706 | ||||||||||||
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB |
4.00% | 09/01/2050 | 5,000 | 4,715,674 | ||||||||||||
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB |
5.00% | 07/01/2042 | 1,000 | 1,070,111 | ||||||||||||
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB |
4.00% | 02/15/2047 | 2,000 | 1,844,608 | ||||||||||||
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB |
5.00% | 04/01/2050 | 2,500 | 2,604,978 | ||||||||||||
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB |
5.00% | 11/01/2046 | 2,000 | 2,096,623 | ||||||||||||
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB |
5.00% | 11/01/2051 | 2,000 | 2,083,799 | ||||||||||||
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB |
5.00% | 08/15/2046 | 1,500 | 1,557,598 | ||||||||||||
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB |
4.00% | 07/01/2049 | 1,000 | 914,503 | ||||||||||||
Pennsylvania (Commonwealth of) (Municipal Real Estate
Funding, LLC), Series 2018 |
5.00% | 07/01/2043 | 250 | 268,748 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB |
3.00% | 10/15/2046 | 12,090 | 8,930,426 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB |
4.00% | 10/15/2051 | 10,555 | 9,634,147 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB |
4.00% | 02/15/2042 | 3,500 | 3,334,807 | ||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB |
5.00% | 08/15/2046 | 2,000 | 2,142,190 | ||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB |
5.00% | 02/15/2048 | 1,410 | 1,513,213 | ||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB |
5.00% | 08/15/2044 | 1,000 | 1,071,019 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b) |
5.00% | 12/01/2022 | 1,985 | 1,998,238 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB |
5.00% | 12/01/2044 | 1,375 | 1,411,447 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB |
5.25% | 12/01/2039 | 5,000 | 5,154,904 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB |
5.00% | 12/01/2044 | 1,200 | 1,231,808 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB |
5.25% | 12/01/2048 | 5,000 | 5,338,515 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB |
4.00% | 12/01/2043 | 100 | 96,614 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB |
4.00% | 12/01/2044 | 100 | 95,130 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB |
4.00% | 12/01/2045 | 100 | 94,276 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB |
4.00% | 12/01/2046 | 100 | 93,127 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB |
4.00% | 12/01/2050 | 100 | 91,559 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB |
5.00% | 12/01/2047 | 1,000 | 1,055,549 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB |
4.00% | 12/01/2051 | 1,000 | 940,769 | ||||||||||||
Philadelphia (City of), PA, Series 2020 A, RB |
5.00% | 11/01/2045 | 1,500 | 1,624,291 | ||||||||||||
Philadelphia (City of), PA, Series 2020 A, RB |
5.00% | 11/01/2050 | 2,400 | 2,585,838 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB |
5.00% | 09/01/2042 | 1,950 | 2,026,093 | ||||||||||||
|
|
|||||||||||||||
79,036,484 | ||||||||||||||||
|
|
|||||||||||||||
Rhode Island-0.11% |
||||||||||||||||
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB |
5.00% | 11/01/2047 | 2,000 | 2,115,002 | ||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
76 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
South Carolina-1.36% |
||||||||||||||||
Charleston (City of), SC, Series 2022, RB |
5.00% | 01/01/2047 | $ | 1,000 | $ | 1,128,015 | ||||||||||
South Carolina (State of) Public Service Authority, Series 2013 E, RB |
5.00% | 12/01/2048 | 4,660 | 4,698,172 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB |
5.00% | 12/01/2039 | 2,000 | 2,041,340 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2015 E, RB |
5.25% | 12/01/2055 | 2,500 | 2,557,153 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB |
5.00% | 12/01/2037 | 3,500 | 3,618,170 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB |
4.00% | 12/01/2040 | 500 | 468,198 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB |
3.00% | 12/01/2041 | 1,085 | 866,043 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB |
4.00% | 12/01/2042 | 500 | 462,792 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB |
5.00% | 12/01/2043 | 500 | 520,969 | ||||||||||||
South Carolina (State of) Public Service Authority, Series 2021 B, RB |
5.00% | 12/01/2051 | 1,250 | 1,295,530 | ||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB |
5.00% | 12/01/2044 | 2,000 | 2,091,535 | ||||||||||||
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB |
4.00% | 12/01/2047 | 8,000 | 7,294,102 | ||||||||||||
|
|
|||||||||||||||
27,042,019 | ||||||||||||||||
|
|
|||||||||||||||
Tennessee-0.76% |
||||||||||||||||
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB |
5.00% | 07/01/2045 | 1,500 | 1,563,404 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB |
5.00% | 05/15/2046 | 1,000 | 1,104,473 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB |
5.00% | 07/01/2046 | 2,750 | 2,864,392 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, RB |
5.00% | 07/01/2040 | 3,000 | 3,136,764 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB |
4.00% | 07/01/2047 | 1,250 | 1,133,189 | ||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB |
5.00% | 07/01/2048 | 2,000 | 2,076,909 | ||||||||||||
Tennessee (State of) School Bond Authority, Series 2017,
RB, |
5.00% | 11/01/2047 | 3,000 | 3,211,843 | ||||||||||||
|
|
|||||||||||||||
15,090,974 | ||||||||||||||||
|
|
|||||||||||||||
Texas-10.38% |
||||||||||||||||
Austin (City of), TX, Series 2016, Ref. RB |
5.00% | 11/15/2041 | 1,000 | 1,072,063 | ||||||||||||
Austin (City of), TX, Series 2016, Ref. RB |
5.00% | 11/15/2045 | 1,000 | 1,065,398 | ||||||||||||
Austin (City of), TX, Series 2017 A, RB |
5.00% | 11/15/2041 | 2,320 | 2,474,000 | ||||||||||||
Austin (City of), TX, Series 2020 A, Ref. RB |
5.00% | 11/15/2045 | 500 | 539,039 | ||||||||||||
Austin (City of), TX, Series 2020 A, Ref. RB |
5.00% | 11/15/2050 | 730 | 780,401 | ||||||||||||
Central Texas Regional Mobility Authority, Series 2020 E, RB |
5.00% | 01/01/2045 | 1,000 | 1,052,629 | ||||||||||||
Central Texas Regional Mobility Authority, Series 2020 E, RB |
4.00% | 01/01/2050 | 1,000 | 908,107 | ||||||||||||
Central Texas Regional Mobility Authority, Series 2021 B, RB |
5.00% | 01/01/2046 | 1,000 | 1,054,190 | ||||||||||||
Central Texas Regional Mobility Authority, Series 2021 B, RB |
4.00% | 01/01/2051 | 1,000 | 905,045 | ||||||||||||
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2042 | 8,500 | 8,294,586 | ||||||||||||
Conroe Independent School District, Series 2022 A, GO
Bonds, |
4.00% | 02/15/2047 | 1,500 | 1,449,355 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB |
4.00% | 11/01/2045 | 2,000 | 1,912,803 | ||||||||||||
Dallas (City of), TX, Series 2017, RB |
5.00% | 10/01/2046 | 6,000 | 6,484,777 | ||||||||||||
El Paso (City of), TX, Series 2022, RB |
5.00% | 03/01/2046 | 5,000 | 5,454,672 | ||||||||||||
Forney Independent School District, Series 2022 B, GO
Bonds, |
4.00% | 08/15/2047 | 1,000 | 974,863 | ||||||||||||
Forney Independent School District, Series 2022 B, GO
Bonds, |
4.00% | 08/15/2052 | 1,000 | 953,437 | ||||||||||||
Friendswood Independent School District, Series 2021, GO
Bonds, |
2.00% | 02/15/2051 | 1,000 | 582,428 | ||||||||||||
Grand Parkway Transportation Corp., Series 2018 A, RB |
5.00% | 10/01/2043 | 10,000 | 10,797,578 | ||||||||||||
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB |
5.00% | 11/15/2053 | 3,950 | 4,015,313 | ||||||||||||
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds |
4.00% | 10/01/2045 | 1,000 | 979,469 | ||||||||||||
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB |
4.00% | 08/15/2045 | 1,000 | 947,085 | ||||||||||||
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB |
3.00% | 08/15/2050 | 1,000 | 720,388 | ||||||||||||
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB |
4.00% | 08/15/2050 | 1,000 | 928,206 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
77 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB |
4.13% | 07/01/2052 | $ | 8,100 | $ | 7,688,708 | ||||||||||
Houston (City of), TX, Series 2020 C, Ref. RB |
4.00% | 11/15/2043 | 3,500 | 3,279,129 | ||||||||||||
Houston (City of), TX, Series 2020 C, Ref. RB |
5.00% | 11/15/2045 | 3,500 | 3,814,343 | ||||||||||||
Houston (City of), TX, Series 2020 C, Ref. RB |
4.00% | 11/15/2049 | 3,000 | 2,749,550 | ||||||||||||
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2047 | 2,565 | 2,826,183 | ||||||||||||
Humble Independent School District, Series 2022, GO Bonds, (CEP -Texas Permanent School Fund) |
4.00% | 02/15/2052 | 5,000 | 4,740,144 | ||||||||||||
Hutto (City of), TX, Series 2017, GO Bonds, (INS - AGM)(c) |
5.00% | 08/01/2057 | 5,000 | 5,335,005 | ||||||||||||
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2043 | 5,000 | 5,349,778 | ||||||||||||
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 02/15/2047 | 5,000 | 4,908,845 | ||||||||||||
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2045 | 1,000 | 956,877 | ||||||||||||
Lower Colorado River Authority, Series 2013, Ref. RB |
5.00% | 05/15/2039 | 1,000 | 1,012,618 | ||||||||||||
Lower Colorado River Authority, Series 2015, Ref. RB |
5.00% | 05/15/2040 | 500 | 518,752 | ||||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB |
5.00% | 05/15/2044 | 2,000 | 2,092,163 | ||||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB |
5.00% | 05/15/2046 | 1,250 | 1,326,062 | ||||||||||||
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB |
5.00% | 05/15/2051 | 1,250 | 1,323,342 | ||||||||||||
Lubbock (City of), TX, Series 2021, RB |
4.00% | 04/15/2046 | 1,000 | 937,094 | ||||||||||||
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 08/15/2048 | 5,000 | 5,349,329 | ||||||||||||
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2045 | 4,000 | 3,827,742 | ||||||||||||
Midland (City of), TX, Series 2022 B, Ref. GO Bonds |
5.00% | 03/01/2047 | 2,500 | 2,744,799 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(e) |
5.00% | 12/31/2049 | 1,000 | 740,000 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(e) |
5.00% | 12/31/2049 | 1,000 | 740,000 | ||||||||||||
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)(c) |
5.00% | 04/01/2046 | 1,250 | 1,276,408 | ||||||||||||
North Texas Tollway Authority, Series 2015 B, Ref. RB |
5.00% | 01/01/2040 | 2,500 | 2,515,888 | ||||||||||||
North Texas Tollway Authority, Series 2016 A, Ref. RB |
5.00% | 01/01/2039 | 1,800 | 1,895,348 | ||||||||||||
North Texas Tollway Authority, Series 2018, Ref. RB |
5.00% | 01/01/2048 | 5,000 | 5,236,942 | ||||||||||||
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2047 | 1,000 | 1,073,592 | ||||||||||||
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2049 | 2,000 | 2,166,784 | ||||||||||||
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 02/15/2042 | 2,285 | 2,411,437 | ||||||||||||
Rockwall Independent School District, Series 2016, GO Bonds(a)(b) |
5.00% | 02/15/2025 | 2,045 | 2,162,321 | ||||||||||||
San Antonio (City of), TX, Series 2017, RB |
5.00% | 02/01/2047 | 5,000 | 5,309,619 | ||||||||||||
San Antonio (City of), TX, Series 2020, RB |
5.00% | 02/01/2049 | 4,000 | 4,274,783 | ||||||||||||
San Antonio (City of), TX, Series 2021 A, RB |
5.00% | 02/01/2046 | 1,500 | 1,605,022 | ||||||||||||
San Antonio (City of), TX, Series 2021 A, RB |
5.00% | 02/01/2049 | 500 | 533,102 | ||||||||||||
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB |
5.00% | 05/15/2043 | 2,500 | 2,696,578 | ||||||||||||
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB |
5.00% | 05/15/2050 | 3,000 | 3,248,000 | ||||||||||||
San Antonio (City of), TX Water System, Series 2020 C, RB |
5.00% | 05/15/2046 | 5,000 | 5,452,637 | ||||||||||||
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB |
4.00% | 04/01/2046 | 750 | 657,083 | ||||||||||||
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB |
4.00% | 04/01/2051 | 750 | 642,342 | ||||||||||||
San Jacinto College District, Series 2019 A, GO Bonds |
5.00% | 02/15/2049 | 2,000 | 2,175,202 | ||||||||||||
San Jacinto River Authority (Groundwater Reduction Plan
Division), Series 2011, RB, |
5.00% | 10/01/2037 | 1,000 | 1,000,834 | ||||||||||||
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2044 | 4,000 | 3,837,076 | ||||||||||||
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 08/15/2042 | 2,000 | 2,152,253 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Baylor Scott & White Health), |
5.00% | 11/15/2045 | 750 | 778,965 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Christus Health), |
4.00% | 07/01/2053 | 1,500 | 1,365,472 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Methodist Hospitals of Dallas), |
4.00% | 10/01/2042 | 330 | 319,689 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp.
(Methodist Hospitals of Dallas), |
4.00% | 10/01/2047 | 275 | 259,077 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
78 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB |
4.00% | 10/01/2052 | $ | 425 | $ | 395,230 | ||||||||||
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds |
5.00% | 08/01/2039 | 2,000 | 2,112,702 | ||||||||||||
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds |
5.00% | 08/01/2040 | 2,000 | 2,110,983 | ||||||||||||
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds |
5.00% | 08/01/2041 | 2,000 | 2,112,702 | ||||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB |
5.00% | 08/15/2042 | 2,500 | 2,555,793 | ||||||||||||
Texas (State of) Water Development Board, Series 2015 A, RB |
5.00% | 10/15/2045 | 3,910 | 4,164,151 | ||||||||||||
Texas (State of) Water Development Board, Series 2016, RB |
5.00% | 10/15/2046 | 1,000 | 1,072,637 | ||||||||||||
Texas (State of) Water Development Board, Series 2017 A, RB |
5.00% | 10/15/2047 | 4,975 | 5,393,959 | ||||||||||||
Texas (State of) Water Development Board, Series 2018 B, RB |
5.00% | 04/15/2049 | 4,000 | 4,308,913 | ||||||||||||
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) |
5.00% | 08/15/2047 | 2,500 | 2,645,290 | ||||||||||||
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) |
4.25% | 08/15/2056 | 7,500 | 7,478,968 | ||||||||||||
|
|
|||||||||||||||
206,004,077 | ||||||||||||||||
|
|
|||||||||||||||
Utah-0.51% |
||||||||||||||||
Intermountain Power Agency, Series 2022 A, Ref. RB |
5.00% | 07/01/2043 | 1,000 | 1,091,807 | ||||||||||||
Intermountain Power Agency, Series 2022 A, Ref. RB |
5.00% | 07/01/2044 | 1,000 | 1,089,552 | ||||||||||||
Intermountain Power Agency, Series 2022 A, Ref. RB |
5.00% | 07/01/2045 | 875 | 958,684 | ||||||||||||
Salt Lake City (City of), UT, Series 2017 B, RB |
5.00% | 07/01/2042 | 2,000 | 2,106,501 | ||||||||||||
Salt Lake City (City of), UT, Series 2017 B, RB |
5.00% | 07/01/2047 | 500 | 521,456 | ||||||||||||
Salt Lake City (City of), UT, Series 2018 B, RB |
5.00% | 07/01/2048 | 3,000 | 3,142,910 | ||||||||||||
University of Utah (The) (Green Bonds), Series 2022 A, RB |
5.00% | 08/01/2046 | 1,000 | 1,102,638 | ||||||||||||
|
|
|||||||||||||||
10,013,548 | ||||||||||||||||
|
|
|||||||||||||||
Virginia-0.44% |
||||||||||||||||
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB |
5.00% | 07/01/2051 | 3,395 | 3,501,754 | ||||||||||||
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB |
4.00% | 05/15/2042 | 3,000 | 2,911,238 | ||||||||||||
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB |
5.00% | 01/01/2047 | 1,000 | 1,019,310 | ||||||||||||
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB |
3.00% | 07/01/2045 | 1,650 | 1,292,142 | ||||||||||||
|
|
|||||||||||||||
8,724,444 | ||||||||||||||||
|
|
|||||||||||||||
Washington-1.64% |
||||||||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB |
5.00% | 11/01/2041 | 1,500 | 1,605,175 | ||||||||||||
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB |
5.00% | 11/01/2046 | 3,000 | 3,518,011 | ||||||||||||
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty) |
5.00% | 12/01/2036 | 1,000 | 1,098,259 | ||||||||||||
Pierce County School District No 10. Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty) |
4.00% | 12/01/2041 | 1,000 | 1,002,428 | ||||||||||||
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB |
5.00% | 12/01/2040 | 1,000 | 1,058,562 | ||||||||||||
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB |
5.00% | 12/01/2051 | 1,000 | 1,103,198 | ||||||||||||
Washington (State of), Series 2017 D, GO Bonds |
5.00% | 02/01/2038 | 5,000 | 5,386,821 | ||||||||||||
Washington (State of), Series 2017 D, GO Bonds |
5.00% | 02/01/2041 | 4,855 | 5,209,877 | ||||||||||||
Washington (State of), Series 2021 C, GO Bonds |
5.00% | 02/01/2045 | 1,000 | 1,093,320 | ||||||||||||
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds |
5.00% | 08/01/2044 | 1,000 | 1,099,811 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB |
5.00% | 09/01/2055 | 3,000 | 3,076,870 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015, Ref. RB |
5.00% | 10/01/2038 | 5,000 | 5,360,640 | ||||||||||||
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB |
4.00% | 08/15/2042 | 1,000 | 900,107 | ||||||||||||
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB |
4.00% | 05/01/2050 | 1,200 | 1,082,511 | ||||||||||||
|
|
|||||||||||||||
32,595,590 | ||||||||||||||||
|
|
|||||||||||||||
Wisconsin-1.28% |
||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB |
4.00% | 08/15/2046 | 1,000 | 927,954 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
79 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Wisconsin-(continued) |
||||||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB |
3.00% | 08/15/2051 | $ | 500 | $ | 358,340 | ||||||||||
Wisconsin (State of) Health & Educational
Facilities Authority (Children’s Hospital), |
4.00% | 08/15/2047 | 3,185 | 3,019,671 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB |
4.00% | 12/01/2046 | 1,360 | 1,241,135 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB |
4.00% | 12/01/2051 | 2,500 | 2,236,299 | ||||||||||||
Wisconsin (State of) Health & Educational Facilities Authority (ProHealth Care, Inc. Obligated Group), Series 2015, Ref. RB |
5.00% | 08/15/2039 | 1,500 | 1,539,922 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB |
4.00% | 10/01/2052 | 1,000 | 914,054 | ||||||||||||
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB |
5.00% | 03/01/2041 | 5,000 | 5,258,099 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Renown
Regional Medical Center), |
4.00% | 06/01/2045 | 1,000 | 889,485 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Renown
Regional Medical Center), |
3.00% | 06/01/2045 | 5,000 | 3,771,881 | ||||||||||||
Wisconsin (State of) Public Finance Authority (UNC Health
Southeastern), |
4.00% | 02/01/2046 | 3,000 | 2,633,345 | ||||||||||||
Wisconsin (State of) Public Finance Authority (UNC Health
Southeastern), |
4.00% | 02/01/2051 | 3,000 | 2,577,938 | ||||||||||||
25,368,123 | ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(f)-99.00% |
1,964,025,982 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.00% |
19,900,177 | |||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 1,983,926,159 |
Investment Abbreviations: | ||
AGM | -Assured Guaranty Municipal Corp. | |
BAM | -Build America Mutual Assurance Co. | |
CEP | -Credit Enhancement Provider | |
COP | -Certificates of Participation | |
GO | -General Obligation | |
INS | -Insurer | |
RAC | -Revenue Anticipation Certificates | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
Wts. | -Warrants |
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) |
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, 2022 represented less than 1% of the Fund’s Net Assets. |
(e) |
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2022 was $1,480,000, which represented less than 1% of the Fund’s Net Assets. |
(f) |
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. |
Entity | Percentage | |||
Assured Guaranty Municipal Corp. |
9.43% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
80 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-97.21% |
||||||||||||||||
Guam-0.87% |
||||||||||||||||
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB(a)(b) |
5.00% | 10/01/2022 | $ | 1,000 | $ | 1,002,025 | ||||||||||
|
|
|||||||||||||||
New York-96.34% |
||||||||||||||||
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB |
4.00% | 11/01/2044 | 1,000 | 980,314 | ||||||||||||
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB |
5.00% | 11/01/2049 | 2,500 | 2,743,550 | ||||||||||||
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB |
5.00% | 07/15/2042 | 2,000 | 2,024,916 | ||||||||||||
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c) |
3.00% | 04/01/2045 | 1,000 | 749,549 | ||||||||||||
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB |
5.00% | 07/01/2041 | 1,000 | 1,015,723 | ||||||||||||
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB |
5.00% | 07/01/2046 | 500 | 507,606 | ||||||||||||
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB |
5.00% | 02/15/2042 | 450 | 475,844 | ||||||||||||
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB |
5.00% | 09/01/2044 | 2,000 | 2,070,818 | ||||||||||||
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB |
5.00% | 09/01/2041 | 2,000 | 2,146,838 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB |
5.25% | 11/15/2056 | 1,000 | 1,029,029 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(c) |
5.00% | 11/15/2044 | 800 | 850,744 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(c) |
4.00% | 11/15/2049 | 500 | 475,059 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB |
5.25% | 11/15/2055 | 1,000 | 1,040,507 | ||||||||||||
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB |
5.00% | 11/15/2046 | 1,500 | 1,584,603 | ||||||||||||
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB |
4.00% | 07/01/2050 | 500 | 466,978 | ||||||||||||
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB |
5.00% | 11/15/2051 | 1,240 | 1,241,772 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB |
5.25% | 10/15/2055 | 1,000 | 1,050,706 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB |
4.00% | 07/15/2040 | 500 | 489,632 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB |
4.00% | 07/15/2041 | 750 | 732,906 | ||||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB |
5.00% | 09/01/2048 | 1,500 | 1,582,324 | ||||||||||||
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB |
5.00% | 11/15/2047 | 1,000 | 1,062,290 | ||||||||||||
New York (City of), NY, Series 2016 B-1, GO Bonds |
4.00% | 12/01/2043 | 2,000 | 1,922,979 | ||||||||||||
New York (City of), NY, Series 2018 E-1, GO Bonds |
5.00% | 03/01/2038 | 1,000 | 1,071,238 | ||||||||||||
New York (City of), NY, Series 2019 B-1, GO Bonds |
5.00% | 10/01/2039 | 2,000 | 2,168,917 | ||||||||||||
New York (City of), NY, Series 2020 BB1, RB |
3.00% | 06/15/2050 | 1,000 | 773,501 | ||||||||||||
New York (City of), NY, Series 2020 BB-1, RB |
4.00% | 06/15/2050 | 1,000 | 951,047 | ||||||||||||
New York (City of), NY, Series 2020 C, GO Bonds |
5.00% | 08/01/2043 | 1,000 | 1,074,428 | ||||||||||||
New York (City of), NY, Series 2020 GG-1, RB |
5.00% | 06/15/2050 | 1,000 | 1,066,735 | ||||||||||||
New York (City of), NY, Subseries 2016 A-1, GO Bonds |
5.00% | 08/01/2038 | 500 | 534,274 | ||||||||||||
New York (City of), NY, Subseries 2018 D1, GO Bonds |
5.00% | 12/01/2042 | 1,000 | 1,071,731 | ||||||||||||
New York (City of), NY, Subseries 2022 D-1, GO Bonds |
5.50% | 05/01/2046 | 125 | 141,497 | ||||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(c) |
3.00% | 03/01/2049 | 2,000 | 1,482,826 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB |
5.25% | 06/15/2037 | 1,000 | 1,096,364 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB |
3.63% | 06/15/2048 | 2,000 | 1,817,612 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB |
4.00% | 06/15/2049 | 1,000 | 953,631 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB |
5.00% | 06/15/2048 | 2,000 | 2,166,427 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB |
4.00% | 06/15/2051 | 2,500 | 2,371,587 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB |
4.00% | 06/15/2051 | 1,000 | 948,635 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB |
5.00% | 06/15/2051 | 1,000 | 1,073,186 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB |
5.00% | 07/15/2043 | 1,000 | 1,044,972 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB |
5.00% | 08/01/2045 | 1,000 | 1,060,253 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB |
5.00% | 02/01/2043 | 1,500 | 1,588,879 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB |
4.00% | 07/15/2046 | 1,000 | 942,581 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB |
5.00% | 07/15/2037 | 1,000 | 1,082,309 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2020, RB |
3.00% | 05/01/2048 | 1,000 | 771,960 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB |
4.00% | 11/01/2037 | 1,000 | 992,245 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB |
5.00% | 02/01/2037 | 1,000 | 1,105,511 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB |
4.00% | 11/01/2037 | 1,500 | 1,488,367 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2022, RB |
4.00% | 02/01/2043 | 2,000 | 1,914,367 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
81 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York (State of) Dormitory Authority, Series 2017 A, RB |
5.00% | 03/15/2042 | $ | 190 | $ 202,165 | |||||||||||
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB |
5.00% | 02/15/2038 | 1,000 | 1,068,496 | ||||||||||||
New York (State of) Dormitory Authority, Series 2020 A, RB |
4.00% | 07/01/2050 | 2,000 | 1,832,978 | ||||||||||||
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB |
3.00% | 03/15/2049 | 1,000 | 774,759 | ||||||||||||
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c) |
4.25% | 10/01/2051 | 500 | 480,104 | ||||||||||||
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB |
5.00% | 03/15/2043 | 1,000 | 1,066,202 | ||||||||||||
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB |
4.00% | 02/15/2044 | 4,000 | 3,824,122 | ||||||||||||
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB |
4.00% | 07/01/2045 | 500 | 391,073 | ||||||||||||
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB |
5.00% | 07/01/2050 | 1,000 | 1,104,556 | ||||||||||||
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB |
4.00% | 07/01/2050 | 500 | 453,354 | ||||||||||||
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration) |
3.00% | 02/01/2050 | 1,110 | 854,990 | ||||||||||||
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB |
4.00% | 07/01/2047 | 2,000 | 1,902,249 | ||||||||||||
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB |
5.00% | 07/01/2046 | 500 | 510,085 | ||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(c) |
5.50% | 07/01/2040 | 500 | 602,873 | ||||||||||||
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB |
5.00% | 07/01/2050 | 500 | 536,913 | ||||||||||||
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB |
4.00% | 07/01/2049 | 1,785 | 1,650,027 | ||||||||||||
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(c) |
4.00% | 11/15/2052 | 4,000 | 3,807,290 | ||||||||||||
New York (State of) Thruway Authority, Series 2016 A, RB |
5.00% | 01/01/2046 | 1,000 | 1,043,208 | ||||||||||||
New York (State of) Thruway Authority, Series 2020 N, RB |
3.00% | 01/01/2049 | 2,000 | 1,500,812 | ||||||||||||
New York (State of) Utility Debt Securitization Authority, Series 2017, RB |
5.00% | 12/15/2038 | 2,000 | 2,193,934 | ||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB |
5.00% | 11/15/2040 | 1,885 | 1,953,725 | ||||||||||||
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB |
5.00% | 11/15/2045 | 2,000 | 2,057,702 | ||||||||||||
New York Liberty Development Corp., Series 2021 1, Ref. RB |
4.00% | 02/15/2043 | 1,000 | 945,849 | ||||||||||||
New York State Environmental Facilities Corp., Series 2016, Ref. RB |
5.00% | 06/15/2041 | 1,000 | 1,076,089 | ||||||||||||
New York State Environmental Facilities Corp. (State Clean Water & Drinking Water), Series 2021, RB |
3.00% | 06/15/2040 | 1,000 | 869,024 | ||||||||||||
New York State Urban Development Corp., Series 2020 A, RB |
5.00% | 03/15/2041 | 1,000 | 1,081,374 | ||||||||||||
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB |
4.00% | 03/15/2044 | 2,000 | 1,911,861 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
4.00% | 12/01/2039 | 500 | 469,299 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB |
4.00% | 12/01/2042 | 1,000 | 914,987 | ||||||||||||
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB |
5.00% | 12/01/2043 | 500 | 550,727 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB |
5.00% | 11/15/2046 | 1,470 | 1,545,717 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB |
5.00% | 11/15/2037 | 1,000 | 1,084,391 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB |
5.00% | 11/15/2038 | 1,000 | 1,082,432 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB |
4.00% | 05/15/2046 | 2,000 | 1,893,929 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB |
4.00% | 05/15/2046 | 3,000 | 2,840,893 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2022 C, RB |
5.25% | 05/15/2052 | 1,000 | 1,107,004 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB |
5.00% | 11/15/2037 | 500 | 541,797 | ||||||||||||
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB |
5.00% | 11/15/2051 | 2,500 | 2,656,949 | ||||||||||||
Utility Debt Securitization Authority, Series 2013, RB |
5.00% | 12/15/2041 | 1,500 | 1,542,229 | ||||||||||||
110,925,935 | ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d) -97.21% |
111,927,960 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-2.79% |
3,210,672 | |||||||||||||||
NET ASSETS-100.00% |
$115,138,632 | |||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
82 |
|
Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)
August 31, 2022
Investment Abbreviations: | ||
AGM | -Assured Guaranty Municipal Corp. | |
AMBAC | -American Municipal Bond Assurance Corp. | |
BAM | -Build America Mutual Assurance Co. | |
CEP | -Credit Enhancement Provider | |
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) |
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. |
Entity | Percentage | |||
Assured Guaranty Municipal Corp. |
6.58% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
83 |
|
August 31, 2022
Schedule of Investments(a)
Shares | Value | |||||||
Preferred Stocks-99.65% |
| |||||||
Automobiles-1.76% |
||||||||
Ford Motor Co. |
||||||||
Pfd., 6.00%(b) |
1,467,714 | $ | 34,960,948 | |||||
Pfd., 6.20% |
1,374,554 | 33,607,845 | ||||||
Pfd., 6.50%(b) |
1,100,000 | 27,005,000 | ||||||
|
|
|||||||
95,573,793 | ||||||||
|
|
|||||||
Banks-36.35% |
||||||||
Associated Banc-Corp. |
||||||||
Series F, Pfd., 5.63%(b) |
78,827 | 1,824,845 | ||||||
Series E, Pfd., 5.88%(b) |
188,323 | 4,574,366 | ||||||
Bank of America Corp. |
||||||||
Series PP, Pfd., 4.13%(b) |
1,990,146 | 36,479,376 | ||||||
Series QQ, Pfd., 4.25%(b) |
2,531,283 | 47,208,428 | ||||||
Series NN, Pfd., 4.38%(b) |
2,337,983 | 45,590,669 | ||||||
Series SS, Pfd., 4.75% |
585,219 | 11,985,285 | ||||||
Series LL, Pfd., 5.00%(b) |
2,646,112 | 58,373,231 | ||||||
Series KK, Pfd., 5.38%(b) |
2,983,575 | 70,084,177 | ||||||
Series HH, Pfd., 5.88%(b) |
1,816,106 | 45,457,133 | ||||||
Series GG, Pfd., 6.00%(b) |
2,653,906 | 66,427,267 | ||||||
Series K, Pfd., 6.45%(b)(c) |
30,693 | 794,028 | ||||||
Bank of Hawaii Corp., Series A, Pfd., 4.38%(b) |
333,778 | 6,251,662 | ||||||
Bank OZK, Series A, Pfd., 4.63%(b) |
622,243 | 11,387,047 | ||||||
Cadence Bank, Series A, Pfd., 5.50%(b) |
363,690 | 8,110,287 | ||||||
Citigroup, Inc. |
||||||||
Series K, Pfd., 6.88%(b)(c) |
3,803,414 | 96,416,545 | ||||||
Series J, Pfd., 7.13%(b)(c) |
578,492 | 14,861,459 | ||||||
Citizens Financial Group, Inc. |
||||||||
Series E, Pfd., 5.00%(b) |
817,143 | 16,710,574 | ||||||
Series D, Pfd., 6.35%(b)(c) |
555,273 | 13,798,534 | ||||||
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b) |
268,479 | 5,485,026 | ||||||
Fifth Third Bancorp |
||||||||
Series K, Pfd., 4.95% |
463,640 | 10,445,809 | ||||||
Series A, Pfd., 6.00%(b) |
211,175 | 5,230,805 | ||||||
Series I, Pfd., 6.63%(b)(c) |
946,502 | 24,258,846 | ||||||
First Citizens BancShares, Inc. |
||||||||
Series A, Pfd., 5.38%(b) |
609,777 | 13,433,387 | ||||||
Series C, Pfd., 5.63%(b) |
351,068 | 7,821,795 | ||||||
First Horizon Corp. |
||||||||
Series F, Pfd., 4.70%(b) |
272,411 | 5,775,113 | ||||||
Series D, Pfd., 6.10%(b)(c) |
180,624 | 4,459,607 | ||||||
Pfd., 6.50% |
262,591 | 6,696,071 | ||||||
First Republic Bank |
||||||||
Series M, Pfd., 4.00%(b) |
1,379,163 | 23,652,645 | ||||||
Series K, Pfd., 4.13%(b) |
949,558 | 16,797,681 | ||||||
Series L, Pfd., 4.25%(b) |
1,429,932 | 25,981,864 | ||||||
Series N, Pfd., 4.50%(b) |
1,333,949 | 25,371,710 | ||||||
Series J, Pfd., 4.70%(b) |
679,970 | 13,694,596 | ||||||
Series H, Pfd., 5.13% |
359,705 | 7,992,645 | ||||||
Series I, Pfd., 5.50%(b) |
578,828 | 13,949,755 | ||||||
Fulton Financial Corp., Series A, Pfd., 5.13%(b) |
385,278 | 8,036,899 | ||||||
Hancock Whitney Corp., Pfd., 6.25% |
332,888 | 8,245,636 | ||||||
Huntington Bancshares, Inc. |
||||||||
Series H, Pfd., 4.50%(b) |
875,700 | 16,244,235 | ||||||
Series C, Pfd., 5.70%(b) |
364,140 | 8,531,800 |
Shares | Value | |||||||
Banks-(continued) |
||||||||
JPMorgan Chase & Co. |
||||||||
Series MM, Pfd., 4.20%(b) |
3,970,219 | $ | 73,210,838 | |||||
Series JJ, Pfd., 4.55% |
3,015,777 | 59,893,331 | ||||||
Series LL, Pfd., 4.63%(b) |
3,668,695 | 73,227,152 | ||||||
Series GG, Pfd., 4.75%(b) |
1,734,310 | 37,634,527 | ||||||
Series DD, Pfd., 5.75%(b) |
3,053,800 | 75,459,398 | ||||||
Series EE, Pfd., 6.00%(b) |
2,816,697 | 71,121,599 | ||||||
KeyCorp. |
||||||||
Series G, Pfd., 5.63%(b) |
789,655 | 18,777,996 | ||||||
Series F, Pfd., 5.65%(b) |
771,041 | 18,427,880 | ||||||
Series E, Pfd., 6.13%(b)(c) |
967,147 | 24,633,234 | ||||||
Pfd., 6.20%(c) |
408,300 | 10,216,973 | ||||||
M&T Bank Corp., Series H, Pfd., 5.63%(b)(c) |
506,027 | 13,379,354 | ||||||
Old National Bancorp |
||||||||
Series A, Pfd., 7.00%(b) |
192,143 | 4,939,997 | ||||||
Series C, Pfd., 7.00%(b) |
107,321 | 2,768,882 | ||||||
PacWest Bancorp, Series A, Pfd., 7.75%(b)(c) |
628,828 | 15,940,790 | ||||||
Regions Financial Corp. |
||||||||
Series E, Pfd., 4.45%(b) |
746,943 | 14,147,100 | ||||||
Series C, Pfd., 5.70%(b)(c) |
895,810 | 20,755,918 | ||||||
Series B, Pfd., 6.38%(b)(c) |
911,997 | 22,809,045 | ||||||
Signature Bank, Series A, Pfd., 5.00%(b) |
1,321,578 | 24,634,214 | ||||||
Silvergate Capital Corp., Series A, Pfd., 5.38% |
359,807 | 6,048,356 | ||||||
SVB Financial Group, Series A, Pfd., 5.25% (b) |
713,732 | 14,945,548 | ||||||
Synovus Financial Corp. |
||||||||
Series E, Pfd., 5.88%(b)(c) |
658,294 | 15,779,307 | ||||||
Series D, Pfd., 6.30%(b)(c) |
280,035 | 6,692,837 | ||||||
Texas Capital Bancshares, Inc., Series B, |
||||||||
Pfd., 5.75%(b) |
537,663 | 11,828,586 | ||||||
Truist Financial Corp. |
||||||||
Series R, Pfd., 4.75%(b) |
1,724,881 | 34,756,352 | ||||||
Series O, Pfd., 5.25% (b) |
1,083,493 | 25,093,698 | ||||||
U.S. Bancorp |
||||||||
Series L, Pfd., 3.75%(b) |
800,560 | 13,745,615 | ||||||
Series M, Pfd., 4.00%(b) |
1,376,408 | 24,720,288 | ||||||
Series O, Pfd., 4.50%(b) |
304,916 | 6,067,828 | ||||||
Series K, Pfd., 5.50%(b) |
1,195,097 | 28,646,475 | ||||||
Valley National Bancorp, Series A, Pfd., 6.25%(b)(c) |
189,674 | 4,654,600 | ||||||
Washington Federal, Inc., Series A, Pfd., 4.88%(b) |
513,238 | 10,044,068 | ||||||
Webster Financial Corp., Series F, Pfd., 5.25%(b) |
299,845 | 6,512,633 | ||||||
Wells Fargo & Co. |
||||||||
Series DD, Pfd., 4.25%(b) |
2,385,983 | 43,329,451 | ||||||
Series CC, Pfd., 4.38%(b) |
2,013,080 | 37,000,410 | ||||||
Series AA, Pfd., 4.70%(b) |
2,164,482 | 42,315,623 | ||||||
Series Z, Pfd., 4.75%(b) |
3,740,126 | 73,867,489 | ||||||
Series Y, Pfd., 5.63%(b) |
1,191,164 | 28,182,940 | ||||||
Series Q, Pfd., 5.85%(b)(c) |
3,141,882 | 75,436,587 | ||||||
Series R, Pfd., 6.63%(b)(c) |
1,574,596 | 39,758,549 | ||||||
Western Alliance Bancorporation, |
||||||||
Series A, Pfd., 4.25%(b)(c) |
563,857 | 12,337,191 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
84 |
|
Invesco Preferred ETF (PGX)–(continued)
August 31, 2022
Shares | Value | |||||||
Banks-(continued) |
||||||||
Wintrust Financial Corp. |
||||||||
Series D, Pfd., 6.50%(b)(c) |
227,548 | $ | 5,784,270 | |||||
Series E, Pfd., 6.88%(b)(c) |
534,047 | 13,805,115 | ||||||
Zions Bancorporation N.A., Series G, Pfd., 6.30%(b)(c) |
42,638 | 1,074,478 | ||||||
|
|
|||||||
1,972,847,360 | ||||||||
|
|
|||||||
Capital Markets-10.66% |
||||||||
Affiliated Managers Group, Inc. |
||||||||
Pfd., 4.20%(b) |
377,150 | 6,513,381 | ||||||
Pfd., 4.75%(b) |
533,961 | 10,348,164 | ||||||
Pfd., 5.88%(b) |
552,232 | 12,878,050 | ||||||
Apollo Asset Management, Inc. |
||||||||
Series A, Pfd., 6.38%(b) |
512,162 | 12,419,929 | ||||||
Series B, Pfd., 6.38%(b) |
564,284 | 13,655,673 | ||||||
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)(b) |
404,517 | 7,143,770 | ||||||
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada) |
718,774 | 13,146,376 | ||||||
Charles Schwab Corp. (The) |
||||||||
Series J, Pfd., 4.45%(b) |
1,193,669 | 24,470,215 | ||||||
Series D, Pfd., 5.95% |
1,308,553 | 32,700,739 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
Series J, Pfd., 5.50%(b)(c) |
20,633 | 505,096 | ||||||
Series K, Pfd., 6.38%(b)(c) |
1,268,778 | 32,023,957 | ||||||
Morgan Stanley |
||||||||
Series O, Pfd., 4.25%(b) |
2,546,302 | 46,877,420 | ||||||
Series L, Pfd., 4.88% |
1,064,322 | 22,276,259 | ||||||
Series K, Pfd., 5.85%(b)(c) |
1,815,781 | 44,940,580 | ||||||
Series I, Pfd., 6.38%(b)(c) |
2,000,753 | 50,959,179 | ||||||
Series P, Pfd., 6.50% |
1,600,000 | 41,760,000 | ||||||
Series F, Pfd., 6.88%(b)(c) |
1,275,286 | 32,392,264 | ||||||
Series E, Pfd., 7.13%(b)(c) |
1,580,981 | 40,425,684 | ||||||
Northern Trust Corp., Series E, Pfd., 4.70%(b) |
712,506 | 15,497,006 | ||||||
Oaktree Capital Group LLC |
||||||||
Series B, Pfd., 6.55% |
459,307 | 11,110,636 | ||||||
Series A, Pfd., 6.63% |
368,733 | 8,923,339 | ||||||
Prospect Capital Corp., Series A, Pfd., 5.35%(b) |
315,890 | 5,698,656 | ||||||
State Street Corp. |
||||||||
Series G, Pfd., 5.35%(b)(c) |
907,912 | 22,488,980 | ||||||
Series D, Pfd., 5.90%(b)(c) |
1,359,816 | 33,587,455 | ||||||
Stifel Financial Corp. |
||||||||
Series D, Pfd., 4.50%(b) |
601,034 | 10,782,550 | ||||||
Pfd., 5.20%(b) |
448,727 | 9,894,430 | ||||||
Series C, Pfd., 6.13%(b) |
379,755 | 9,376,151 | ||||||
Series B, Pfd., 6.25%(b) |
223,721 | 5,570,653 | ||||||
|
|
|||||||
578,366,592 | ||||||||
|
|
|||||||
Chemicals-0.16% |
||||||||
EI du Pont de Nemours and Co., Series B, Pfd., 4.50%(b) |
87,314 | 8,731,400 | ||||||
|
|
|||||||
Commercial Services & Supplies-0.31% |
| |||||||
Pitney Bowes, Inc., Pfd., 6.70% |
843,127 | 17,005,872 | ||||||
|
|
Shares | Value | |||||||
Consumer Finance-3.36% |
| |||||||
Capital One Financial Corp. |
||||||||
Series N, Pfd., 4.25% |
754,758 | $ | 13,223,360 | |||||
Series L, Pfd., 4.38%(b) |
1,340,599 | 23,715,197 | ||||||
Series K, Pfd., 4.63%(b) |
224,877 | 4,178,215 | ||||||
Series J, Pfd., 4.80%(b) |
2,305,405 | 44,332,938 | ||||||
Series I, Pfd., 5.00%(b) |
2,719,731 | 54,938,566 | ||||||
Navient Corp., Pfd., 6.00%(b) |
632,756 | 13,920,632 | ||||||
Synchrony Financial, Series A, Pfd., 5.63%(b) |
1,392,156 | 27,773,512 | ||||||
|
|
|||||||
182,082,420 | ||||||||
|
|
|||||||
Diversified Financial Services-2.20% |
| |||||||
Brookfield BRP Holdings Canada, Inc. |
||||||||
Pfd., 4.63% (Canada) |
630,625 | 11,149,450 | ||||||
Pfd., 4.88% (Canada) |
402,161 | 7,584,756 | ||||||
Carlyle Finance LLC, Pfd., 4.63%(b) |
923,074 | 16,809,178 | ||||||
Equitable Holdings, Inc. |
||||||||
Series C, Pfd., 4.30%(b) |
597,985 | 11,122,521 | ||||||
Series A, Pfd., 5.25%(b) |
1,459,165 | 30,890,523 | ||||||
KKR Group Finance Co. IX LLC, Pfd., 4.63% |
951,963 | 18,087,297 | ||||||
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b) |
458,759 | 11,161,606 | ||||||
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c) |
523,127 | 12,377,185 | ||||||
|
|
|||||||
119,182,516 | ||||||||
|
|
|||||||
Diversified Telecommunication Services-5.04% |
| |||||||
AT&T, Inc. |
||||||||
Series C, Pfd., 4.75% |
3,300,878 | 64,004,024 | ||||||
Series A, Pfd., 5.00%(b) |
2,188,839 | 46,272,057 | ||||||
Pfd., 5.35% |
2,417,320 | 59,055,128 | ||||||
Pfd., 5.63%(b) |
1,499,232 | 37,031,030 | ||||||
Qwest Corp. |
||||||||
Pfd., 6.50%(b) |
1,818,498 | 41,425,384 | ||||||
Pfd., 6.75%(b) |
1,110,854 | 25,716,270 | ||||||
|
|
|||||||
273,503,893 | ||||||||
|
|
|||||||
Electric Utilities-6.15% |
||||||||
Alabama Power Co., Series A, Pfd., 5.00% |
452,501 | 11,176,775 | ||||||
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada) |
346,856 | 6,989,148 | ||||||
Brookfield Infrastructure Finance ULC, Pfd., 5.00% (Canada) |
407,538 | 7,669,865 | ||||||
Duke Energy Corp. Pfd., 5.63% |
978,285 | 24,212,554 | ||||||
Series A, Pfd., 5.75% |
1,700,390 | 42,900,840 | ||||||
Entergy Arkansas LLC, Pfd., 4.88% |
575,257 | 13,271,179 | ||||||
Entergy Louisiana LLC, Pfd., 4.88% |
524,594 | 12,207,302 | ||||||
Entergy Mississippi LLC, Pfd., 4.90%(b) |
519,588 | 12,075,225 | ||||||
Entergy New Orleans LLC, Pfd., |
521,159 | 12,836,146 | ||||||
Georgia Power Co., Series 2017-A, Pfd., 5.00%(b) |
522,106 | 12,885,576 | ||||||
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65% |
1,241,203 | 30,248,117 | ||||||
SCE Trust II, Pfd., 5.10%(b) |
203,038 | 4,141,975 | ||||||
SCE Trust III, Series H, Pfd., 5.75%(b)(c) |
502,883 | 10,686,264 | ||||||
SCE Trust IV, Series J, Pfd., 5.38%(b)(c) |
717,842 | 14,392,732 | ||||||
SCE Trust V, Series K, Pfd., 5.45%(b)(c) |
635,373 | 13,978,206 | ||||||
SCE Trust VI, Pfd., 5.00%(b) |
988,891 | 19,036,152 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
85 |
|
Invesco Preferred ETF (PGX)–(continued)
August 31, 2022
Shares | Value | |||||||
Electric Utilities-(continued) |
||||||||
Southern Co. (The) |
||||||||
Series C, Pfd., 4.20%(b) |
1,408,604 | $ | 26,876,164 | |||||
Series 2020, Pfd., 4.95%(b) |
1,804,522 | 39,410,761 | ||||||
Pfd., 5.25%(b) |
801,432 | 18,817,623 | ||||||
|
|
|||||||
333,812,604 | ||||||||
|
|
|||||||
Equity REITs-7.31% |
||||||||
Agree Realty Corp., Series A, Pfd., |
339,253 | 6,367,779 | ||||||
American Homes 4 Rent |
||||||||
Series G, Pfd., 5.88%(b) |
180,720 | 4,449,326 | ||||||
Series H, Pfd., 6.25%(b) |
179,525 | 4,541,983 | ||||||
Digital Realty Trust, Inc. |
||||||||
Series L, Pfd., 5.20%(b) |
625,607 | 14,682,996 | ||||||
Series J, Pfd., 5.25%(b) |
477,449 | 11,177,081 | ||||||
Series K, Pfd., 5.85% |
352,476 | 8,843,623 | ||||||
Diversified Healthcare Trust |
||||||||
Pfd., 5.63%(b) |
661,224 | 10,182,850 | ||||||
Pfd., 6.25%(b) |
452,886 | 7,237,118 | ||||||
EPR Properties, Series G, Pfd., 5.75%(b) |
356,743 | 7,869,751 | ||||||
Federal Realty Investment Trust, Series C, |
315,038 | 7,658,574 | ||||||
Global Net Lease, Inc. |
||||||||
Series B, Pfd., 6.88%(b) |
37,921 | 923,756 | ||||||
Series A, Pfd., 7.25%(b) |
253,837 | 6,127,625 | ||||||
Hudson Pacific Properties, Inc., Series C, |
776,166 | 14,832,532 | ||||||
Kimco Realty Corp. |
||||||||
Series L, Pfd., 5.13%(b) |
413,632 | 9,803,079 | ||||||
Series M, Pfd., 5.25%(b) |
469,394 | 11,298,314 | ||||||
Office Properties Income Trust, Pfd., |
295,418 | 6,519,875 | ||||||
PS Business Parks, Inc. |
||||||||
Series Z, Pfd., 4.88%(b) |
577,708 | 10,335,196 | ||||||
Series Y, Pfd., 5.20%(b) |
394,281 | 7,479,511 | ||||||
Series X, Pfd., 5.25%(b) |
480,311 | 9,082,681 | ||||||
Public Storage |
||||||||
Series N, Pfd., 3.88%(b) |
558,430 | 10,381,214 | ||||||
Series O, Pfd., 3.90%(b) |
367,516 | 6,622,638 | ||||||
Series Q, Pfd., 3.95% |
283,816 | 5,151,260 | ||||||
Series P, Pfd., 4.00% |
1,209,714 | 22,585,360 | ||||||
Series R, Pfd., 4.00%(b) |
743,031 | 13,790,655 | ||||||
Series S, Pfd., 4.10%(b) |
780,000 | 14,804,400 | ||||||
Series M, Pfd., 4.13%(b) |
440,876 | 8,627,943 | ||||||
Series L, Pfd., 4.63%(b) |
909,929 | 20,091,232 | ||||||
Series J, Pfd., 4.70%(b) |
120,598 | 2,676,070 | ||||||
Series K, Pfd., 4.75% |
333,356 | 7,243,826 | ||||||
Series I, Pfd., 4.88%(b) |
315,706 | 7,283,338 | ||||||
Series G, Pfd., 5.05%(b) |
902,303 | 21,934,986 | ||||||
Series F, Pfd., 5.15%(b) |
550,028 | 13,360,180 | ||||||
Series H, Pfd., 5.60% |
483,827 | 12,260,176 | ||||||
SITE Centers Corp., Series A, Pfd., |
259,046 | 6,494,283 | ||||||
SL Green Realty Corp., Series I,
Pfd., |
414,190 | 10,147,655 | ||||||
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%(b) |
348,062 | 8,673,705 |
Shares | Value | |||||||
Equity REITs-(continued) |
||||||||
Vornado Realty Trust |
||||||||
Series O, Pfd., 4.45% |
708,280 | $ | 12,465,728 | |||||
Series M, Pfd., 5.25% |
621,315 | 12,929,565 | ||||||
Series N, Pfd., 5.25%(b) |
507,027 | 10,576,583 | ||||||
Series L, Pfd., 5.40%(b) |
416,592 | 9,048,378 | ||||||
|
|
|||||||
396,562,825 | ||||||||
|
|
|||||||
Gas Utilities-0.33% |
||||||||
South Jersey Industries, Inc., Pfd., |
362,378 | 6,867,063 | ||||||
Spire, Inc., Series A, Pfd., 5.90% |
458,007 | 11,175,371 | ||||||
|
|
|||||||
18,042,434 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers-0.13% |
||||||||
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada) |
361,810 | 7,312,180 | ||||||
|
|
|||||||
Insurance-14.88% |
||||||||
AEGON Funding Co. LLC, Pfd.,
5.10% |
1,691,116 | 35,834,748 | ||||||
Allstate Corp. (The) |
549,638 | 11,558,887 | ||||||
Pfd., 5.10%(b)(c) |
525,895 | 12,668,811 | ||||||
Series H, Pfd., 5.10%(b) |
2,078,819 | 46,004,265 | ||||||
Series G, Pfd., 5.63%(b) |
1,106,382 | 27,150,614 | ||||||
American Equity Investment Life Holding Co. |
705,737 | 16,457,787 | ||||||
Series B, Pfd., 6.63%(b)(c) |
549,008 | 13,500,107 | ||||||
American Financial Group, Inc. |
||||||||
Pfd., 4.50%(b) |
384,888 | 7,755,493 | ||||||
Pfd., 5.13%(b) |
389,610 | 8,548,043 | ||||||
Pfd., 5.63%(b) |
262,513 | 6,155,930 | ||||||
Pfd., 5.88% |
165,886 | 4,067,525 | ||||||
American International Group, Inc., |
904,203 | 21,773,208 | ||||||
Arch Capital Group Ltd. |
925,986 | 17,371,497 | ||||||
Series F, Pfd., 5.45%(b) |
596,894 | 13,543,525 | ||||||
Argo Group International Holdings Ltd., |
240,737 | 5,060,292 | ||||||
Argo Group U.S., Inc., Pfd., 6.50%(b) |
234,374 | 5,292,165 | ||||||
Aspen Insurance Holdings Ltd. |
473,830 | 10,139,962 | ||||||
Pfd., 5.63% (Bermuda)(b) |
461,700 | 9,769,572 | ||||||
Pfd., 5.95% (Bermuda)(c) |
233,413 | 5,256,461 | ||||||
Assurant, Inc., Pfd., 5.25%(b) |
382,251 | 8,168,704 | ||||||
Athene Holding Ltd. |
1,071,080 | 20,125,593 | ||||||
Series B, Pfd., 5.63% |
602,531 | 13,225,555 | ||||||
Series A, Pfd., 6.35%(b)(c) |
1,598,242 | 39,077,017 | ||||||
Series C, Pfd., 6.38%(b)(c) |
1,119,216 | 28,719,083 | ||||||
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50% |
1,049,436 | 22,961,660 | ||||||
Brighthouse Financial, Inc. |
620,651 | 10,991,729 | ||||||
Series C, Pfd., 5.38%(b) |
1,057,858 | 21,040,796 | ||||||
Pfd., 6.25%(b) |
755,092 | 18,197,717 | ||||||
Series A, Pfd., 6.60%(b) |
765,585 | 18,940,573 | ||||||
Series B, Pfd., 6.75% |
715,386 | 17,863,188 | ||||||
CNO Financial Group, Inc., Pfd., 5.13% |
308,391 | 5,844,009 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
86 |
|
Invesco Preferred ETF (PGX)–(continued)
August 31, 2022
Shares | Value | |||||||
Insurance-(continued) |
||||||||
Enstar Group Ltd. |
777,210 | $ | 18,738,533 | |||||
Series E, Pfd., 7.00% |
184,297 | 4,530,020 | ||||||
Globe Life, Inc., Pfd., 4.25%(b) |
601,939 | 11,569,268 | ||||||
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b) |
602,320 | 15,033,907 | ||||||
Kemper Corp., Pfd., 5.88%(b)(c) |
79,044 | 1,873,343 | ||||||
MetLife, Inc. |
1,740,160 | 37,343,834 | ||||||
Series E, Pfd., 5.63%(b) |
1,560,762 | 38,301,100 | ||||||
PartnerRe Ltd., Series J, Pfd., 4.88% |
327,605 | 6,650,382 | ||||||
Prudential Financial, Inc. |
895,728 | 18,389,296 | ||||||
Pfd., 5.63%(b) |
1,086,932 | 26,379,840 | ||||||
Pfd., 5.95% |
500,000 | 12,495,000 | ||||||
Reinsurance Group of America, Inc., Pfd., |
733,231 | 18,602,070 | ||||||
RenaissanceRe Holdings Ltd. |
||||||||
Series G, Pfd., 4.20% (Bermuda)(b) |
920,659 | 15,955,020 | ||||||
Series F, Pfd., 5.75% (Bermuda) |
473,610 | 10,897,766 | ||||||
Selective Insurance Group, Inc., Series B, |
||||||||
Pfd., 4.60%(b) |
380,652 | 7,118,192 | ||||||
SiriusPoint Ltd., Series B, Pfd., 8.00% |
||||||||
(Bermuda)(b)(c) |
350,535 | 8,255,099 | ||||||
Unum Group, Pfd., 6.25%(b) |
586,800 | 14,276,844 | ||||||
W.R. Berkley Corp. |
||||||||
Pfd., 4.13%(b) |
524,040 | 9,595,172 | ||||||
Pfd., 4.25%(b) |
492,160 | 9,173,862 | ||||||
Pfd., 5.10% |
548,390 | 11,916,515 | ||||||
Pfd., 5.70%(b) |
328,619 | 7,660,109 | ||||||
|
|
|||||||
807,819,688 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail-1.06% |
||||||||
Qurate Retail, Inc., Pfd., 8.00% |
573,464 | 33,083,138 | ||||||
QVC, Inc. |
||||||||
Pfd., 6.25%(b) |
913,721 | 16,949,525 | ||||||
Pfd., 6.38%(b) |
402,133 | 7,741,060 | ||||||
|
|
|||||||
57,773,723 | ||||||||
|
|
|||||||
Leisure Products-0.45% |
||||||||
Brunswick Corp. |
||||||||
Pfd., 6.38%(b) |
406,681 | 10,175,159 | ||||||
Pfd., 6.50%(b) |
322,845 | 8,077,582 | ||||||
Pfd., 6.63%(b) |
226,432 | 5,909,875 | ||||||
|
|
|||||||
24,162,616 | ||||||||
|
|
|||||||
Multi-Utilities-3.75% |
||||||||
Algonquin Power & Utilities Corp. |
||||||||
Series 19-A, Pfd., 6.20% (Canada)(c) |
639,010 | 15,502,383 | ||||||
Pfd., 6.88% (Canada)(c) |
541,814 | 13,426,151 | ||||||
Brookfield Infrastructure Partners L.P. |
||||||||
Series 14, Pfd., 5.00% (Canada) |
433,207 | 7,828,051 | ||||||
Series 13, Pfd., 5.13% (Canada) |
383,286 | 6,948,975 | ||||||
CMS Energy Corp. |
||||||||
Series C, Pfd., 4.20%(b) |
417,400 | 7,312,848 | ||||||
Pfd., 5.63%(b) |
387,295 | 9,198,256 | ||||||
Pfd., 5.88% |
504,520 | 12,340,559 | ||||||
Pfd., 5.88%(b) |
1,198,444 | 28,762,656 |
Shares | Value | |||||||
Multi-Utilities-(continued) |
||||||||
DTE Energy Co. |
||||||||
Pfd., 4.38%(b) |
534,205 | $ | 9,914,845 | |||||
Series G, Pfd., 4.38%(b) |
350,921 | 6,671,008 | ||||||
Series E, Investment Units, 5.25%(b) |
751,651 | 17,505,952 | ||||||
Integrys Holding, Inc., Pfd., 6.00%(c) |
452,261 | 10,922,103 | ||||||
NiSource, Inc., Series B, Pfd., 6.50%(b)(c) |
926,777 | 23,447,458 | ||||||
Sempra Energy, Pfd., 5.75%(b) |
1,379,758 | 33,969,642 | ||||||
|
|
|||||||
203,750,887 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-1.08% |
||||||||
DCP Midstream L.P. |
||||||||
Series B, Pfd., 7.88%(c) |
251,336 | 6,270,833 | ||||||
Series C, Pfd., 7.95%(c) |
208,721 | 5,238,897 | ||||||
Enbridge, Inc., Series B, Pfd., 6.38% |
||||||||
(Canada)(c) |
79,993 | 1,964,628 | ||||||
Energy Transfer L.P. |
||||||||
Series C, Pfd., 7.38%(c) |
86,288 | 1,881,078 | ||||||
Series E, Pfd., 7.60%(c) |
1,428,661 | 33,502,101 | ||||||
Series D, Pfd., 7.63%(c) |
193,799 | 4,222,880 | ||||||
NuStar Energy L.P. |
||||||||
Series B, Pfd., 7.65% (3 mo. USD |
||||||||
LIBOR + 5.64%)(d) |
129,437 | 2,725,943 | ||||||
Series C, Pfd., 9.00%(c) |
115,525 | 2,807,258 | ||||||
|
|
|||||||
58,613,618 | ||||||||
|
|
|||||||
Real Estate Management & Development-0.91% |
||||||||
Brookfield Property Partners L.P. |
450,127 | 8,057,273 | ||||||
Series A-2, Pfd., 6.38% |
574,415 | 11,356,185 | ||||||
Series A-1, Pfd., 6.50% |
327,773 | 6,686,569 | ||||||
Brookfield Property Preferred L.P., Pfd., 6.25% |
1,194,614 | 23,306,919 | ||||||
|
|
|||||||
49,406,946 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods-0.05% |
||||||||
Fossil Group, Inc., Pfd., 7.00%(b) |
144,073 | 2,576,025 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance-0.43% |
||||||||
New York Community Bancorp, Inc., |
||||||||
Series A, Pfd., 6.38%(b)(c) |
942,006 | 23,069,727 | ||||||
|
|
|||||||
Trading Companies & Distributors-1.49% |
||||||||
Air Lease Corp., Series A, Pfd., 6.15%(b)(c) |
482,593 | 11,466,410 | ||||||
Fortress Transportation and |
||||||||
Infrastructure Investors LLC |
||||||||
Series B, Pfd., 8.00%(c) |
248,462 | 5,856,249 | ||||||
Series A, Pfd., 8.25%(c) |
182,336 | 4,232,018 | ||||||
Series C, Pfd., 8.25%(c) |
181,300 | 4,280,493 | ||||||
Triton International Ltd. |
337,080 | 7,220,254 | ||||||
Pfd., 6.88% (Bermuda) |
226,928 | 5,537,043 | ||||||
Pfd., 7.38% (Bermuda)(b) |
333,579 | 8,546,294 | ||||||
Pfd., 8.00% (Bermuda)(b) |
258,381 | 6,627,473 | ||||||
WESCO International, Inc., Series A, Pfd., 10.63%(c) |
981,048 | 27,292,755 | ||||||
|
|
|||||||
81,058,989 | ||||||||
|
|
|||||||
Wireless Telecommunication Services-1.79% |
|
|||||||
Telephone and Data Systems, Inc. |
||||||||
Series VV, Pfd., 6.00%(b) |
1,295,815 | 25,605,304 | ||||||
Series UU, Pfd., 6.63%(b) |
710,861 | 15,475,444 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
87 |
|
Invesco Preferred ETF (PGX)–(continued)
August 31, 2022
Shares | Value | |||||||
Wireless Telecommunication Services-(continued) |
||||||||
United States Cellular Corp. |
||||||||
Pfd., 5.50% |
943,189 | $ | 18,609,119 | |||||
Pfd., 5.50% |
937,138 | 18,311,677 | ||||||
Pfd., 6.25%(b) |
890,545 | 19,280,299 | ||||||
|
|
|||||||
97,281,843 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES (excluding investments
purchased with cash collateral from securities on loan)-99.65% |
|
5,408,537,951 | ||||||
|
|
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.36% |
| |||||||
Invesco Private Government Fund, |
52,439,543 | 52,439,543 |
Investment Abbreviations: LIBOR -London Interbank Offered Rate Pfd. -Preferred REIT -Real Estate Investment Trust USD -U.S. Dollar |
Shares | Value | |||||
Money Market Funds-(continued) |
| |||||
Invesco Private Prime Fund, 2.37%(e)(f)(g) |
130,140,061 | $ | 130,153,077 | |||
|
|
|||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
182,592,620 | |||||
|
|
|||||
TOTAL INVESTMENTS IN SECURITIES-103.01% |
5,591,130,571 | |||||
OTHER ASSETS LESS LIABILITIES-(3.01)% |
(163,513,572 | ) | ||||
|
|
|||||
NET ASSETS-100.00% |
$ | 5,427,616,999 | ||||
|
|
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, 2022. |
(c) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(d) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022. |
(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, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 80,379,198 | $ | 786,692,667 | $ | (867,071,865 | ) | $ | - | $ | - | $ | - | $ | 96,818 | ||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 49,524,522 | 234,513,203 | (231,598,182 | ) | - | - | 52,439,543 | 249,020 | * | ||||||||||||||||||||||||||
Invesco Private Prime Fund | 121,799,880 | 517,176,933 | (508,790,461 | ) | 10,065 | (43,340 | ) | 130,153,077 | 728,297 | * | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total | $ | 251,703,600 | $ | 1,538,382,803 | $ | (1,607,460,508 | ) | $ | 10,065 | $ | (43,340 | ) | $ | 182,592,620 | $ | 1,074,135 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2022. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
88 |
|
Invesco Taxable Municipal Bond ETF (BAB)
August 31, 2022
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-97.06% |
||||||||||||||||
Alabama-0.64% |
||||||||||||||||
Auburn University, Series 2020 C, RB |
2.53% | 06/01/2040 | $ | 7,500 | $ | 5,794,058 | ||||||||||
Auburn University, Series 2020 C, RB |
2.68% | 06/01/2050 | 5,000 | 3,566,362 | ||||||||||||
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB |
2.51% | 01/01/2036 | 1,000 | 814,686 | ||||||||||||
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB |
2.61% | 01/01/2037 | 1,000 | 810,449 | ||||||||||||
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB |
2.71% | 01/01/2038 | 1,000 | 806,741 | ||||||||||||
|
|
|||||||||||||||
11,792,296 | ||||||||||||||||
|
|
|||||||||||||||
Alaska-0.01% |
||||||||||||||||
Alaska (State of) Municipal Bond Bank Authority, Series 2021 2, Ref. RB |
3.03% | 12/01/2041 | 150 | 119,444 | ||||||||||||
|
|
|||||||||||||||
Arizona-1.43% |
||||||||||||||||
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2020, Ref. RB |
2.46% | 07/01/2030 | 2,560 | 2,272,281 | ||||||||||||
Flagstaff (City of), AZ, Series 2020 A, COP |
3.01% | 05/01/2040 | 5,000 | 3,979,223 | ||||||||||||
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB |
3.17% | 09/01/2051 | 3,000 | 2,185,158 | ||||||||||||
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB |
2.97% | 07/01/2044 | 905 | 677,715 | ||||||||||||
Scottsdale (City of), AZ, Series 2020, Ref. GO Bonds |
0.61% | 07/01/2025 | 1,565 | 1,430,284 | ||||||||||||
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB |
1.23% | 07/01/2028 | 5,000 | 4,312,464 | ||||||||||||
Tempe (City of), AZ, Series 2021, COP |
2.59% | 07/01/2037 | 2,950 | 2,265,479 | ||||||||||||
Tucson (City of), AZ, Series 2010, RB |
5.79% | 07/01/2026 | 1,275 | 1,345,295 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
0.46% | 07/01/2024 | 500 | 469,210 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
0.83% | 07/01/2025 | 750 | 686,350 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
1.31% | 07/01/2027 | 1,000 | 875,377 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
1.70% | 07/01/2029 | 500 | 421,067 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
1.93% | 07/01/2031 | 1,000 | 807,967 | ||||||||||||
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a) |
2.86% | 07/01/2047 | 2,000 | 1,480,938 | ||||||||||||
Yuma (City of), AZ, Series 2021, RB |
2.63% | 07/15/2038 | 4,000 | 3,088,285 | ||||||||||||
|
|
|||||||||||||||
26,297,093 | ||||||||||||||||
|
|
|||||||||||||||
Arkansas-0.01% |
||||||||||||||||
University of Arkansas, Series 2021 B, RB |
3.10% | 12/01/2041 | 150 | 116,849 | ||||||||||||
|
|
|||||||||||||||
California-24.70% |
||||||||||||||||
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a) |
5.40% | 10/01/2046 | 2,500 | 2,579,273 | ||||||||||||
Alameda (County of), CA (Social Bonds), Series 2022, GO Bonds |
4.55% | 08/01/2042 | 2,250 | 2,228,013 | ||||||||||||
Bay Area Toll Authority, Series 2010 S1, RB |
6.79% | 04/01/2030 | 1,880 | 2,056,438 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB |
7.04% | 04/01/2050 | 3,605 | 4,843,317 | ||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB |
6.91% | 10/01/2050 | 3,025 | 4,055,161 | ||||||||||||
California (State of), Series 2009, GO Bonds |
7.50% | 04/01/2034 | 16,460 | 21,045,919 | ||||||||||||
California (State of), Series 2009, GO Bonds |
7.55% | 04/01/2039 | 18,860 | 25,108,235 | ||||||||||||
California (State of), Series 2009, GO Bonds |
7.30% | 10/01/2039 | 14,160 | 18,031,723 | ||||||||||||
California (State of), Series 2009, GO Bonds |
7.35% | 11/01/2039 | 8,505 | 10,884,982 | ||||||||||||
California (State of), Series 2010, GO Bonds |
7.63% | 03/01/2040 | 4,500 | 5,969,539 | ||||||||||||
California (State of), Series 2010, GO Bonds |
7.60% | 11/01/2040 | 7,500 | 10,147,594 | ||||||||||||
California (State of), Series 2018, Ref. GO Bonds |
4.50% | 04/01/2033 | 9,850 | 10,008,567 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB |
1.77% | 12/01/2034 | 7,510 | 5,718,070 | ||||||||||||
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB |
1.79% | 12/01/2035 | 5,325 | 3,963,989 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
1.24% | 10/01/2027 | 1,000 | 870,450 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
1.47% | 10/01/2028 | 1,000 | 854,811 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
1.60% | 10/01/2029 | 1,000 | 836,444 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
1.69% | 10/01/2030 | 1,000 | 817,250 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
2.72% | 10/01/2040 | 1,000 | 744,700 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB |
2.79% | 10/01/2043 | 1,500 | 1,058,432 | ||||||||||||
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB |
6.49% | 05/15/2049 | 1,000 | 1,178,108 | ||||||||||||
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB |
2.52% | 10/01/2035 | 4,885 | 3,730,275 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
89 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
California (State of) Public Works Board (California State University), Series 2010 B-2, RB |
7.80% | 03/01/2035 | $ | 800 | $ | 981,591 | ||||||||||
California (State of) Statewide Communities Development Authority (Green Bonds), Series 2021, Ref. RB |
2.68% | 02/01/2039 | 1,850 | 1,372,874 | ||||||||||||
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB |
4.82% | 08/01/2045 | 2,000 | 1,750,023 | ||||||||||||
California State University, Series 2010 B, RB |
6.48% | 11/01/2041 | 900 | 1,052,460 | ||||||||||||
California State University, Series 2020 B, Ref. RB |
2.98% | 11/01/2051 | 5,000 | 3,832,404 | ||||||||||||
California State University, Series 2021 B, Ref. RB |
2.80% | 11/01/2041 | 10,000 | 7,557,978 | ||||||||||||
California State University, Series 2021 B, Ref. RB |
2.72% | 11/01/2052 | 5,000 | 3,726,936 | ||||||||||||
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB |
3.70% | 01/15/2044 | 3,000 | 2,458,421 | ||||||||||||
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a) |
2.81% | 06/01/2045 | 1,000 | 667,431 | ||||||||||||
Coast Community College District, Series 2022, Ref. GO Bonds |
2.98% | 08/01/2039 | 1,000 | 800,592 | ||||||||||||
Downey (City of), CA, Series 2021, RB |
2.85% | 06/01/2040 | 750 | 572,139 | ||||||||||||
Downey (City of), CA, Series 2021, RB |
3.00% | 06/01/2044 | 550 | 390,055 | ||||||||||||
East Bay Municipal Utility District Wastewater System Revenue, Series 2010, RB |
5.03% | 06/01/2032 | 3,000 | 3,232,923 | ||||||||||||
East Bay Municipal Utility District Water System Revenue, Series 2010, RB |
5.87% | 06/01/2040 | 3,000 | 3,465,148 | ||||||||||||
El Segundo (City of), CA, Series 2021, RB |
3.06% | 07/01/2040 | 1,500 | 1,136,788 | ||||||||||||
Fresno (City of), CA, Series 2010 A2, Ref. RB |
6.50% | 06/01/2030 | 2,000 | 2,217,833 | ||||||||||||
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB |
3.49% | 06/01/2036 | 1,000 | 827,240 | ||||||||||||
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB |
3.71% | 06/01/2041 | 9,480 | 7,620,815 | ||||||||||||
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB |
3.12% | 06/01/2038 | 12,500 | 10,271,784 | ||||||||||||
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a) |
2.87% | 08/01/2040 | 4,000 | 3,103,176 | ||||||||||||
Huntington Beach (City of), CA, Series 2021, Ref. RB |
0.38% | 06/15/2023 | 500 | 487,172 | ||||||||||||
Huntington Beach (City of), CA, Series 2021, Ref. RB |
0.62% | 06/15/2024 | 1,500 | 1,419,475 | ||||||||||||
Huntington Beach (City of), CA, Series 2021, Ref. RB |
1.07% | 06/15/2025 | 2,000 | 1,855,317 | ||||||||||||
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a) |
3.92% | 09/01/2050 | 6,000 | 4,896,077 | ||||||||||||
Jurupa Community Services District, Series 2010 B, COP |
6.35% | 09/01/2025 | 1,030 | 1,103,973 | ||||||||||||
Jurupa Community Services District, Series 2010 B, COP |
6.50% | 09/01/2026 | 1,070 | 1,176,650 | ||||||||||||
Jurupa Community Services District, Series 2010 B, COP |
6.60% | 09/01/2027 | 1,125 | 1,265,128 | ||||||||||||
Jurupa Community Services District, Series 2010 B, COP |
6.70% | 09/01/2028 | 1,170 | 1,343,285 | ||||||||||||
Jurupa Community Services District, Series 2010 B, COP |
7.19% | 09/01/2040 | 2,000 | 2,552,976 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB |
5.38% | 07/01/2024 | 500 | 514,448 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB |
6.01% | 07/01/2039 | 2,270 | 2,576,220 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB |
6.57% | 07/01/2045 | 6,000 | 7,655,446 | ||||||||||||
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB |
6.60% | 07/01/2050 | 1,715 | 2,233,486 | ||||||||||||
Los Angeles Community College District, Series 2010, GO Bonds |
6.60% | 08/01/2042 | 3,000 | 3,771,826 | ||||||||||||
Los Angeles Community College District, Series 2020, Ref. GO Bonds |
0.77% | 08/01/2025 | 14,500 | 13,372,979 | ||||||||||||
Los Angeles Community College District, Series 2020, Ref. GO Bonds |
1.81% | 08/01/2030 | 5,000 | 4,266,135 | ||||||||||||
Los Angeles Community College District, Series 2020, Ref. GO Bonds |
2.83% | 08/01/2039 | 3,500 | 2,866,808 | ||||||||||||
Los Angeles Unified School District, Series 2010 J-05, GO Bonds |
5.98% | 05/01/2027 | 500 | 540,236 | ||||||||||||
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a) |
4.06% | 06/01/2039 | 6,000 | 5,308,594 | ||||||||||||
Monterey Park (City of), CA, Series 2021 A, RB |
3.02% | 06/01/2043 | 2,500 | 1,905,313 | ||||||||||||
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB |
0.42% | 11/01/2023 | 1,000 | 960,530 | ||||||||||||
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB |
0.68% | 11/01/2024 | 1,000 | 933,391 | ||||||||||||
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB |
0.95% | 11/01/2025 | 1,000 | 910,614 | ||||||||||||
Napa Valley Unified School District, Series 2010 B, GO Bonds |
6.51% | 08/01/2043 | 3,000 | 3,609,978 | ||||||||||||
Northern California Power Agency, Series 2010, RB |
7.31% | 06/01/2040 | 1,000 | 1,224,665 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
0.82% | 05/01/2023 | 595 | 583,002 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
1.08% | 05/01/2024 | 515 | 491,113 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
1.18% | 05/01/2025 | 600 | 557,309 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
1.52% | 05/01/2026 | 600 | 548,164 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
1.67% | 05/01/2027 | 875 | 784,137 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
1.95% | 05/01/2028 | 700 | 621,577 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
2.05% | 05/01/2029 | 1,000 | 872,661 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
2.10% | 05/01/2030 | 500 | 427,473 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
2.20% | 05/01/2031 | 375 | 315,561 | ||||||||||||
Oakland (Port of), CA, Series 2020 R, Ref. RB |
2.30% | 05/01/2032 | 850 | 706,083 | ||||||||||||
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a) |
2.63% | 08/01/2041 | 8,040 | 6,075,413 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
90 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a) |
3.27% | 08/01/2051 | $ | 5,000 | $ | 3,739,618 | ||||||||||
Pasadena (City of), CA, Series 2020 A, Ref. RB |
3.24% | 05/01/2045 | 5,000 | 3,817,568 | ||||||||||||
Pomona (City of), CA, Series 2020 BJ, RB |
3.72% | 08/01/2040 | 3,250 | 2,849,312 | ||||||||||||
Pomona (City of), CA, Series 2020 BJ, RB |
3.82% | 08/01/2046 | 1,500 | 1,276,760 | ||||||||||||
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds |
0.96% | 09/01/2026 | 5,500 | 4,921,855 | ||||||||||||
Rancho Water District Financing Authority, Series 2021 A, Ref. RB |
2.60% | 08/01/2040 | 850 | 657,282 | ||||||||||||
Regents of the University of California Medical Center, Series 2009 F, RB |
6.46% | 05/15/2029 | 445 | 482,889 | ||||||||||||
Regents of the University of California Medical Center, Series 2009 F, RB |
6.58% | 05/15/2049 | 4,335 | 5,391,119 | ||||||||||||
Regents of the University of California Medical Center, Series 2020 N, RB |
3.71% | 05/15/2120 | 5,000 | 3,497,927 | ||||||||||||
Richmond (City of), CA, Series 2022, Ref. RB |
5.79% | 01/15/2044 | 5,000 | 5,005,139 | ||||||||||||
Riverside (City of), CA, Series 2009 B, RB |
6.35% | 10/01/2039 | 500 | 589,155 | ||||||||||||
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB |
3.86% | 06/01/2045 | 2,000 | 1,761,602 | ||||||||||||
San Bernardino Community College District, Series 2021, Ref. GO Bonds |
2.69% | 08/01/2041 | 1,000 | 748,551 | ||||||||||||
San Bernardino Community College District, Series 2021, Ref. GO Bonds |
2.79% | 08/01/2045 | 1,000 | 722,515 | ||||||||||||
San Bernardino Community College District, Series 2021, Ref. GO Bonds |
2.86% | 08/01/2049 | 1,000 | 701,454 | ||||||||||||
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB |
4.23% | 10/15/2038 | 2,000 | 1,875,752 | ||||||||||||
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB |
0.59% | 05/01/2024 | 2,000 | 1,900,939 | ||||||||||||
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB |
0.74% | 05/01/2025 | 2,000 | 1,847,240 | ||||||||||||
San Francisco (City & County of), CA, Series 2020 C, GO Bonds |
2.83% | 06/15/2050 | 1,325 | 984,392 | ||||||||||||
San Francisco (City & County of), CA, Series 2020 C, GO Bonds |
3.08% | 06/15/2060 | 1,000 | 750,355 | ||||||||||||
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP |
6.49% | 11/01/2041 | 3,000 | 3,613,023 | ||||||||||||
San Francisco (City & County of), CA (Clean & Safe Neighborhood Parks), Series 2010 D, GO Bonds |
6.26% | 06/15/2030 | 3,850 | 4,480,240 | ||||||||||||
San Francisco (City & County of), CA (San Francisco General Hospital), Series 2010 C, GO Bonds |
6.26% | 06/15/2030 | 1,500 | 1,745,548 | ||||||||||||
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB |
3.35% | 05/01/2051 | 2,000 | 1,563,340 | ||||||||||||
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB |
2.80% | 03/01/2044 | 500 | 366,193 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB |
6.00% | 11/01/2040 | 2,245 | 2,523,591 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB |
5.70% | 11/01/2027 | 3,000 | 3,234,279 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB |
6.00% | 11/01/2040 | 2,480 | 2,803,365 | ||||||||||||
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB |
6.95% | 11/01/2050 | 4,600 | 6,000,793 | ||||||||||||
San Francisco Community College District, Series 2020 A1, GO Bonds |
3.17% | 06/15/2041 | 4,000 | 3,247,520 | ||||||||||||
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB |
4.76% | 05/01/2042 | 4,000 | 3,760,128 | ||||||||||||
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB |
4.86% | 05/01/2052 | 10,000 | 9,400,029 | ||||||||||||
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB |
3.42% | 06/01/2041 | 3,850 | 3,100,514 | ||||||||||||
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB |
3.08% | 08/01/2025 | 2,000 | 1,950,308 | ||||||||||||
San Jose Unified School District, Series 2021, Ref. GO Bonds |
2.31% | 08/01/2039 | 7,000 | 5,253,440 | ||||||||||||
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a) |
3.74% | 09/01/2050 | 2,500 | 1,959,808 | ||||||||||||
Santa Ana (City of), CA, Series 2021 A, RB |
3.10% | 08/01/2044 | 1,500 | 1,111,222 | ||||||||||||
Santa Clara Valley Transportation Authority, Series 2010, RB |
5.88% | 04/01/2032 | 1,025 | 1,106,996 | ||||||||||||
Santa Clara Valley Water District, Series 2016 B, Ref. RB |
4.35% | 06/01/2046 | 3,000 | 2,793,494 | ||||||||||||
Santa Monica Community College District, Series 2020, Ref. GO Bonds |
2.70% | 08/01/2040 | 1,230 | 940,721 | ||||||||||||
Santa Monica Community College District, Series 2020, Ref. GO Bonds |
2.80% | 08/01/2044 | 1,700 | 1,243,800 | ||||||||||||
Southern California Public Power Authority, Series 2010, RB |
5.92% | 07/01/2035 | 2,000 | 2,259,049 | ||||||||||||
Tulare (County of), CA, Series 2018, RB |
4.45% | 06/01/2037 | 2,000 | 1,908,642 | ||||||||||||
University of California, Series 2015 AQ, RB |
4.77% | 05/15/2115 | 1,577 | 1,438,256 | ||||||||||||
University of California, Series 2016 AS, Ref. RB |
3.55% | 05/15/2039 | 1,500 | 1,321,430 | ||||||||||||
University of California, Series 2019 BD, RB |
3.35% | 07/01/2029 | 15,000 | 14,237,145 | ||||||||||||
University of California, Series 2020 BG, RB |
0.88% | 05/15/2025 | 10,000 | 9,273,205 | ||||||||||||
University of California, Series 2020 BG, RB |
1.32% | 05/15/2027 | 16,110 | 14,327,868 | ||||||||||||
University of California, Series 2020 BG, RB |
1.61% | 05/15/2030 | 7,500 | 6,193,991 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
0.87% | 05/15/2026 | 1,000 | 899,178 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
1.27% | 05/15/2027 | 1,000 | 886,312 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
1.37% | 05/15/2028 | 1,000 | 863,880 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
1.70% | 05/15/2029 | 1,000 | 855,930 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
1.90% | 05/15/2030 | 1,000 | 844,257 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
2.00% | 05/15/2031 | 1,000 | 831,735 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
91 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California-(continued) |
||||||||||||||||
University of California, Series 2021 BI, Ref. RB |
2.05% | 05/15/2032 | $ | 1,000 | $ | 816,144 | ||||||||||
University of California, Series 2021 BI, Ref. RB |
2.15% | 05/15/2033 | 1,000 | 807,675 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
2.25% | 05/15/2034 | 1,000 | 802,757 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
2.35% | 05/15/2035 | 1,000 | 796,124 | ||||||||||||
University of California, Series 2021 BI, Ref. RB |
2.45% | 05/15/2036 | 1,000 | 791,085 | ||||||||||||
University of California, Series 2021 BJ, RB |
3.07% | 05/15/2051 | 1,960 | 1,441,204 | ||||||||||||
University of California, Series 2022 BL, RB |
4.50% | 05/15/2052 | 12,000 | 11,889,328 | ||||||||||||
|
|
|||||||||||||||
453,708,087 | ||||||||||||||||
|
|
|||||||||||||||
Colorado-1.43% |
||||||||||||||||
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB |
2.72% | 08/01/2046 | 1,925 | 1,402,948 | ||||||||||||
Board of Governors of Colorado State University System,
Series 2010 B, RB, |
5.96% | 03/01/2033 | 1,000 | 1,095,774 | ||||||||||||
Colorado (State of) Bridge Enterprise (Central 70), Series 2021 B, RB |
0.92% | 12/31/2023 | 7,500 | 7,207,423 | ||||||||||||
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB |
3.70% | 11/01/2039 | 1,200 | 1,027,045 | ||||||||||||
Colorado Mesa University, Series 2009 B, RB, |
5.80% | 05/15/2040 | 1,215 | 1,346,037 | ||||||||||||
Denver (City & County of), CO, Series 2016 B, Ref. RB |
3.82% | 08/01/2032 | 1,000 | 954,174 | ||||||||||||
Denver (City & County of), CO, Series 2020 C, Ref. RB |
2.52% | 11/15/2032 | 2,000 | 1,676,891 | ||||||||||||
Denver (City & County of), CO, Series 2020 C, Ref. RB |
2.62% | 11/15/2033 | 1,500 | 1,247,660 | ||||||||||||
Denver City & County School District No. 1, Series 2009 C, GO Bonds |
5.66% | 12/01/2033 | 500 | 554,414 | ||||||||||||
Regional Transportation District, Series 2010 B, RB |
5.84% | 11/01/2050 | 5,025 | 5,996,270 | ||||||||||||
Regional Transportation District, Series 2010, COP |
7.67% | 06/01/2040 | 3,000 | 3,777,484 | ||||||||||||
|
|
|||||||||||||||
26,286,120 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-1.20% |
||||||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
0.31% | 06/01/2023 | 315 | 307,318 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
0.51% | 06/01/2024 | 500 | 472,875 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
0.92% | 06/01/2025 | 250 | 230,751 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
1.12% | 06/01/2026 | 400 | 360,687 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
1.50% | 06/01/2027 | 350 | 312,146 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
1.65% | 06/01/2028 | 450 | 393,306 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
1.89% | 06/01/2029 | 440 | 380,488 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
1.99% | 06/01/2030 | 650 | 552,283 | ||||||||||||
Connecticut (State of), Series 2021 A, GO Bonds |
2.09% | 06/01/2031 | 850 | 711,636 | ||||||||||||
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB |
3.54% | 07/01/2051 | 2,660 | 1,950,506 | ||||||||||||
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB |
2.56% | 04/01/2039 | 6,000 | 4,580,955 | ||||||||||||
New Britain (City of), CT, Series 2018, Ref. GO Bonds(b)(c) |
4.35% | 03/01/2028 | 20 | 20,416 | ||||||||||||
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a) |
4.35% | 03/01/2039 | 4,815 | 4,601,312 | ||||||||||||
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a) |
3.25% | 09/01/2042 | 4,000 | 3,152,368 | ||||||||||||
South Central Connecticut Regional Water Authority, Series 2010 A, RB |
6.24% | 08/01/2030 | 2,000 | 2,188,415 | ||||||||||||
South Central Connecticut Regional Water Authority, Series 2010 A, RB |
6.39% | 08/01/2040 | 1,645 | 1,912,476 | ||||||||||||
|
|
|||||||||||||||
22,127,938 | ||||||||||||||||
|
|
|||||||||||||||
Delaware-0.29% |
||||||||||||||||
University of Delaware, Series 2018, RB |
4.07% | 11/01/2050 | 5,770 | 5,298,495 | ||||||||||||
|
|
|||||||||||||||
District of Columbia-0.42% |
||||||||||||||||
District of Columbia, Series 2010 F, RB |
4.91% | 12/01/2023 | 4,500 | 4,573,381 | ||||||||||||
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, RB |
7.46% | 10/01/2046 | 2,480 | 3,200,301 | ||||||||||||
|
|
|||||||||||||||
7,773,682 | ||||||||||||||||
|
|
|||||||||||||||
Florida-3.33% |
||||||||||||||||
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a) |
2.84% | 10/01/2050 | 3,000 | 2,083,815 | ||||||||||||
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a) |
3.61% | 08/15/2040 | 5,750 | 4,790,548 | ||||||||||||
Florida Development Finance Corp. (UF Health Jacksonville),
Series 2022, Ref. RB, |
3.22% | 02/01/2032 | 1,000 | 880,683 | ||||||||||||
Fort Lauderdale (City of), FL, Series 2020, Ref. RB |
0.75% | 01/01/2024 | 22,600 | 21,716,209 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
92 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Florida-(continued) |
||||||||||||||||
Gainesville (City of), FL, Series 2020, RB |
3.05% | 10/01/2040 | $ | 6,000 | $ | 4,564,275 | ||||||||||
JEA Electric System, Series 2009 F, RB |
6.41% | 10/01/2034 | 500 | 566,038 | ||||||||||||
JEA Water & Sewer System, Series 2010 A, RB |
6.21% | 10/01/2033 | 1,250 | 1,417,139 | ||||||||||||
Lee Memorial Health System, Series 2010 A, RB |
7.28% | 04/01/2027 | 2,500 | 2,787,745 | ||||||||||||
Miami-Dade (County of), FL, Series 2019 B, Ref. RB |
3.14% | 10/01/2027 | 1,000 | 948,879 | ||||||||||||
Miami-Dade (County of), FL, Series 2019 B, Ref. RB |
3.18% | 10/01/2028 | 3,600 | 3,376,782 | ||||||||||||
Miami-Dade (County of), FL, Series 2019 B, Ref. RB |
3.28% | 10/01/2029 | 2,700 | 2,510,650 | ||||||||||||
Miami-Dade (County of), FL, Series 2020 B, RB |
0.38% | 04/01/2023 | 2,000 | 1,959,537 | ||||||||||||
Miami-Dade (County of), FL, Series 2020 B, Ref. RB |
1.23% | 10/01/2025 | 1,500 | 1,378,820 | ||||||||||||
Miami-Dade (County of), FL, Series 2020 B, Ref. RB |
3.27% | 10/01/2041 | 2,250 | 1,799,045 | ||||||||||||
Miami-Dade (County of), FL, Series 2021 B, Ref. RB |
2.29% | 10/01/2031 | 500 | 415,531 | ||||||||||||
Miami-Dade (County of), FL, Series 2021 B, Ref. RB |
2.44% | 10/01/2032 | 500 | 413,755 | ||||||||||||
Miami-Dade (County of), FL, Series 2021 B, Ref. RB |
2.54% | 10/01/2033 | 500 | 410,805 | ||||||||||||
Miami-Dade (County of), FL, Series 2021 B, Ref. RB |
2.74% | 10/01/2036 | 1,000 | 799,804 | ||||||||||||
Miami-Dade (County of), FL, Series 2021 B, Ref. RB |
2.79% | 10/01/2037 | 500 | 395,136 | ||||||||||||
Miami-Dade (County of), FL Transit System, Series 2010 B, RB |
5.53% | 07/01/2032 | 2,500 | 2,663,437 | ||||||||||||
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB |
2.60% | 07/01/2042 | 1,000 | 775,457 | ||||||||||||
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds |
2.73% | 06/01/2038 | 2,500 | 1,915,033 | ||||||||||||
St. Johns (County of), FL Industrial Development Authority
(Flagler Health), Series 2020 B, Ref. |
2.54% | 10/01/2030 | 2,000 | 1,702,484 | ||||||||||||
State Board of Administration Finance Corp., Series 2020 A, RB |
2.15% | 07/01/2030 | 1,000 | 856,284 | ||||||||||||
|
|
|||||||||||||||
61,127,891 | ||||||||||||||||
|
|
|||||||||||||||
Georgia-2.04% |
||||||||||||||||
Atlanta (City of), GA, Series 2020, Ref. RB |
2.26% | 11/01/2035 | 4,000 | 3,251,062 | ||||||||||||
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB |
3.47% | 10/01/2042 | 5,000 | 3,866,705 | ||||||||||||
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB . |
3.13% | 11/01/2049 | 8,500 | 6,357,598 | ||||||||||||
Georgia (State of), Series 2010, GO Bonds |
4.31% | 10/01/2026 | 1,000 | 1,021,063 | ||||||||||||
Georgia (State of) Municipal Electric Authority, Series 2010, RB |
7.06% | 04/01/2057 | 9,556 | 10,430,021 | ||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB |
6.66% | 04/01/2057 | 6,421 | 7,506,249 | ||||||||||||
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB |
6.47% | 07/01/2045 | 5,000 | 4,974,999 | ||||||||||||
|
|
|||||||||||||||
37,407,697 | ||||||||||||||||
|
|
|||||||||||||||
Hawaii-1.13% |
||||||||||||||||
Hawaii (State of), Series 2010, GO Bonds |
5.53% | 02/01/2030 | 1,000 | 1,097,158 | ||||||||||||
Hawaii (State of), Series 2017 A, RB |
3.89% | 07/01/2037 | 1,250 | 1,100,525 | ||||||||||||
Hawaii (State of), Series 2020 E, Ref. RB |
2.23% | 07/01/2029 | 2,200 | 1,912,255 | ||||||||||||
Hawaii (State of), Series 2020 FZ, GO Bonds |
0.89% | 08/01/2026 | 1,000 | 903,182 | ||||||||||||
Hawaii (State of), Series 2020 FZ, GO Bonds |
2.00% | 08/01/2027 | 5,000 | 4,609,317 | ||||||||||||
Hawaii (State of), Series 2020 FZ, GO Bonds |
1.70% | 08/01/2032 | 5,000 | 3,997,249 | ||||||||||||
Hawaii (State of), Series 2020 FZ, GO Bonds |
1.87% | 08/01/2033 | 1,000 | 789,633 | ||||||||||||
Hawaii (State of), Series 2020 FZ, GO Bonds |
2.29% | 08/01/2040 | 1,000 | 712,937 | ||||||||||||
Hawaii (State of), Series 2020 GB, GO Bonds |
0.85% | 10/01/2025 | 2,000 | 1,839,742 | ||||||||||||
Honolulu (City & County of), HI, Series 2020 A, Ref. RB |
0.30% | 07/01/2023 | 200 | 194,446 | ||||||||||||
Honolulu (City & County of), HI, Series 2020 A, Ref. RB |
0.55% | 07/01/2024 | 100 | 94,414 | ||||||||||||
Honolulu (City & County of), HI, Series 2020 A, Ref. RB |
1.47% | 07/01/2030 | 500 | 407,503 | ||||||||||||
Honolulu (City & County of), HI, Series 2020 A, Ref. RB |
1.62% | 07/01/2031 | 1,000 | 805,477 | ||||||||||||
Kauai (County of), HI, Series 2010 A, GO Bonds |
5.76% | 08/01/2033 | 2,000 | 2,234,136 | ||||||||||||
|
|
|||||||||||||||
20,697,974 | ||||||||||||||||
|
|
|||||||||||||||
Idaho-0.04% |
||||||||||||||||
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB |
6.35% | 07/15/2028 | 595 | 654,125 | ||||||||||||
|
|
|||||||||||||||
Illinois-6.05% |
||||||||||||||||
Chicago (City of), IL, Series 2010 B, GO Bonds |
7.52% | 01/01/2040 | 2,000 | 2,158,715 | ||||||||||||
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds |
6.21% | 01/01/2032 | 4,515 | 4,525,355 | ||||||||||||
Chicago (City of), IL, Series 2010 C, GO Bonds |
6.21% | 01/01/2036 | 8,280 | 8,127,546 | ||||||||||||
Chicago (City of), IL, Series 2010 D, GO Bonds |
6.26% | 01/01/2040 | 2,000 | 1,917,142 | ||||||||||||
Chicago (City of), IL, Series 2011 C1, GO Bonds |
7.78% | 01/01/2035 | 1,665 | 1,845,775 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
93 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Illinois-(continued) |
||||||||||||||||
Chicago (City of), IL, Series 2015 B, GO Bonds |
7.38% | 01/01/2033 | $ | 2,170 | $ | 2,330,870 | ||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB |
6.40% | 01/01/2040 | 5,750 | 6,860,311 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB |
4.47% | 01/01/2049 | 10,000 | 9,656,071 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB |
4.57% | 01/01/2054 | 9,580 | 9,362,990 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
0.96% | 01/01/2023 | 1,000 | 991,706 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
1.37% | 01/01/2025 | 5,970 | 5,626,624 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
1.70% | 01/01/2026 | 4,865 | 4,516,454 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
2.35% | 01/01/2030 | 3,000 | 2,640,882 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
2.45% | 01/01/2031 | 2,000 | 1,729,044 | ||||||||||||
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB |
2.55% | 01/01/2032 | 2,000 | 1,710,426 | ||||||||||||
Chicago (City of), IL Board of Education, Series 2009 E, GO Bonds |
6.14% | 12/01/2039 | 8,700 | 8,560,689 | ||||||||||||
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB |
3.60% | 12/01/2035 | 10,000 | 8,910,292 | ||||||||||||
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB |
3.91% | 12/01/2040 | 3,000 | 2,696,109 | ||||||||||||
Illinois (State of), Series 2003, GO Bonds |
5.10% | 06/01/2033 | 1,000 | 996,384 | ||||||||||||
Illinois (State of), Series 2010 2, GO Bonds |
6.90% | 03/01/2035 | 9,300 | 10,164,317 | ||||||||||||
Illinois (State of), Series 2010, GO Bonds |
6.75% | 03/01/2028 | 1,815 | 1,965,531 | ||||||||||||
Illinois (State of) Finance Authority (Ann & Robert
H. Lurie Children’s Hospital), Series 2018, Ref. |
3.94% | 08/15/2047 | 1,000 | 873,857 | ||||||||||||
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB |
3.51% | 05/15/2041 | 5,000 | 3,779,959 | ||||||||||||
Northern Illinois Municipal Power Agency, Series 2010, RB |
7.62% | 01/01/2030 | 190 | 211,934 | ||||||||||||
Sales Tax Securitization Corp., Series 2017 B, Ref. RB |
3.59% | 01/01/2043 | 1,000 | 896,455 | ||||||||||||
Sales Tax Securitization Corp., Series 2020 B, Ref. RB |
2.96% | 01/01/2032 | 2,500 | 2,180,798 | ||||||||||||
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a) |
3.41% | 01/01/2043 | 6,000 | 4,966,231 | ||||||||||||
Sales Tax Securitization Corp., Series 2021 B, Ref. RB |
3.24% | 01/01/2042 | 1,000 | 853,659 | ||||||||||||
|
|
|||||||||||||||
111,056,126 | ||||||||||||||||
|
|
|||||||||||||||
Indiana-0.38% |
||||||||||||||||
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana Obligated Group), Series 2022, RB |
4.31% | 03/01/2052 | 2,000 | 1,848,171 | ||||||||||||
Indiana (State of) Finance Authority (Green Bonds), Series 2021, RB |
3.05% | 01/01/2051 | 500 | 397,375 | ||||||||||||
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB |
5.85% | 01/15/2030 | 1,000 | 1,059,945 | ||||||||||||
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB |
5.97% | 01/15/2030 | 3,500 | 3,746,845 | ||||||||||||
|
|
|||||||||||||||
7,052,336 | ||||||||||||||||
|
|
|||||||||||||||
Iowa-0.07% |
||||||||||||||||
Iowa Student Loan Liquidity Corp., Series 2022 A, RB |
5.08% | 12/01/2039 | 1,300 | 1,268,544 | ||||||||||||
|
|
|||||||||||||||
Kansas-0.20% |
||||||||||||||||
Kansas (State of) Department of Transportation, Series 2010, RB |
4.60% | 09/01/2035 | 1,560 | 1,625,427 | ||||||||||||
Kansas (State of) Development Finance Authority, Series 2015 H, RB |
4.93% | 04/15/2045 | 1,000 | 1,017,721 | ||||||||||||
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a) |
2.77% | 05/01/2051 | 1,500 | 1,091,598 | ||||||||||||
|
|
|||||||||||||||
3,734,746 | ||||||||||||||||
|
|
|||||||||||||||
Kentucky-0.21% |
||||||||||||||||
Kenton (County of), KY Airport Board, Series 2019, RB |
4.69% | 01/01/2049 | 1,000 | 952,287 | ||||||||||||
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a) |
3.12% | 07/01/2049 | 2,000 | 1,385,434 | ||||||||||||
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a) |
3.22% | 07/01/2053 | 2,000 | 1,352,585 | ||||||||||||
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds |
5.45% | 11/15/2027 | 200 | 209,571 | ||||||||||||
|
|
|||||||||||||||
3,899,877 | ||||||||||||||||
|
|
|||||||||||||||
Louisiana-1.52% |
||||||||||||||||
Louisiana (State of), Series 2020 A-2, Ref. RB |
2.23% | 05/01/2036 | 2,000 | 1,565,922 | ||||||||||||
Louisiana (State of), Series 2020 A-2, Ref. RB |
2.53% | 05/01/2041 | 3,000 | 2,269,115 | ||||||||||||
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds |
1.86% | 06/01/2032 | 3,000 | 2,478,745 | ||||||||||||
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a) |
3.17% | 06/01/2040 | 1,500 | 1,156,608 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
94 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Louisiana-(continued) |
||||||||||||||||
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a) |
3.25% | 06/01/2044 | $ | 1,000 | $ | 734,801 | ||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a) |
2.59% | 02/01/2043 | 9,225 | 6,508,274 | ||||||||||||
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a) |
2.64% | 02/01/2048 | 1,000 | 671,194 | ||||||||||||
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a) |
2.28% | 06/01/2030 | 10,000 | 8,535,373 | ||||||||||||
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB |
3.08% | 08/15/2043 | 1,000 | 771,111 | ||||||||||||
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a) |
2.84% | 06/01/2041 | 1,400 | 1,006,603 | ||||||||||||
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a) |
2.89% | 12/01/2041 | 1,500 | 1,078,535 | ||||||||||||
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a) |
2.94% | 06/01/2045 | 870 | 592,833 | ||||||||||||
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a) |
2.99% | 12/01/2045 | 850 | 582,854 | ||||||||||||
|
|
|||||||||||||||
27,951,968 | ||||||||||||||||
|
|
|||||||||||||||
Maine-0.04% |
||||||||||||||||
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)(a) |
3.12% | 07/01/2043 | 1,000 | 758,491 | ||||||||||||
|
|
|||||||||||||||
Maryland-1.20% |
||||||||||||||||
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB |
0.70% | 07/01/2024 | 1,125 | 1,067,020 | ||||||||||||
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB |
0.85% | 07/01/2025 | 1,000 | 924,274 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
0.70% | 07/01/2024 | 1,000 | 948,462 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
0.85% | 07/01/2025 | 1,500 | 1,386,411 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
1.14% | 07/01/2026 | 760 | 688,918 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
1.34% | 07/01/2027 | 1,000 | 890,922 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
1.58% | 07/01/2028 | 605 | 532,602 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
2.81% | 07/01/2040 | 1,000 | 807,459 | ||||||||||||
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB |
2.86% | 07/01/2043 | 1,345 | 1,029,682 | ||||||||||||
Baltimore (County of), MD, Series 2010 C, GO Bonds |
4.45% | 11/01/2026 | 5,000 | 5,120,207 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
0.36% | 08/01/2023 | 500 | 483,352 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
0.53% | 08/01/2024 | 500 | 467,802 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
0.81% | 08/01/2025 | 500 | 454,333 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
0.91% | 08/01/2026 | 715 | 630,682 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
1.25% | 08/01/2027 | 1,000 | 870,126 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
1.30% | 08/01/2028 | 1,000 | 846,491 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
1.64% | 08/01/2029 | 1,000 | 838,777 | ||||||||||||
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB |
1.69% | 08/01/2030 | 500 | 409,108 | ||||||||||||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB |
4.67% | 07/01/2036 | 1,000 | 983,792 | ||||||||||||
Maryland (State of) Transportation Authority, Series 2010 B, RB |
5.60% | 07/01/2030 | 1,200 | 1,289,113 | ||||||||||||
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB |
4.75% | 06/01/2042 | 1,500 | 1,365,006 | ||||||||||||
|
|
|||||||||||||||
22,034,539 | ||||||||||||||||
|
|
|||||||||||||||
Massachusetts-2.46% |
||||||||||||||||
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds |
4.48% | 05/01/2024 | 4,300 | 4,359,070 | ||||||||||||
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds |
4.91% | 05/01/2029 | 7,765 | 8,211,745 | ||||||||||||
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds |
4.50% | 08/01/2031 | 2,000 | 2,072,587 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds |
0.51% | 07/01/2023 | 2,000 | 1,949,540 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
0.70% | 11/01/2025 | 2,000 | 1,820,325 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
0.99% | 11/01/2026 | 1,000 | 890,813 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
1.14% | 11/01/2027 | 3,000 | 2,618,169 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
1.37% | 11/01/2028 | 2,500 | 2,154,437 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
1.67% | 11/01/2031 | 2,000 | 1,640,347 | ||||||||||||
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds |
1.87% | 11/01/2033 | 2,000 | 1,588,060 | ||||||||||||
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds |
3.28% | 06/01/2046 | 1,500 | 1,228,161 | ||||||||||||
Massachusetts (Commonwelath of) School Building Authority, Series 2020 C, Ref. RB |
2.95% | 05/15/2043 | 1,000 | 789,634 | ||||||||||||
Massachusetts (Commonwelath of) Water Resources Authority (Green Bonds), Series 2019 F, Ref. RB |
3.10% | 08/01/2039 | 1,000 | 838,845 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
95 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Massachusetts-(continued) |
||||||||||||||||
Massachusetts (State of) Bay Transportation Authority, Series 2010, RB |
5.87% | 07/01/2040 | $ | 2,000 | $ | 2,257,651 | ||||||||||
Massachusetts (State of) Clean Water Trust (The), Series 2010, RB |
5.19% | 08/01/2040 | 1,010 | 1,048,041 | ||||||||||||
Massachusetts (State of) College Building Authority, Series 2009 C, RB |
5.83% | 05/01/2030 | 5,000 | 5,412,324 | ||||||||||||
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB |
2.72% | 07/01/2042 | 1,200 | 884,045 | ||||||||||||
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB |
2.87% | 07/01/2051 | 525 | 360,616 | ||||||||||||
Massachusetts (State of) School Building Authority, Series 2009, RB |
5.72% | 08/15/2039 | 450 | 509,624 | ||||||||||||
University of Massachusetts Building Authority, Series 2010 2, RB |
4.55% | 11/01/2025 | 1,500 | 1,532,653 | ||||||||||||
University of Massachusetts Building Authority, Series 2021 2, Ref. RB |
2.65% | 11/01/2036 | 3,805 | 3,057,983 | ||||||||||||
|
|
|||||||||||||||
45,224,670 | ||||||||||||||||
|
|
|||||||||||||||
Michigan-1.93% |
||||||||||||||||
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a) |
2.62% | 07/01/2036 | 1,800 | 1,459,485 | ||||||||||||
Macomb (County of), MI, Series 2020, Ref. GO Bonds |
1.67% | 11/01/2029 | 3,000 | 2,554,852 | ||||||||||||
Michigan (State of) Building Authority, Series 2020, Ref. RB |
2.71% | 10/15/2040 | 4,000 | 3,121,184 | ||||||||||||
Michigan (State of) Finance Authority, Series 2018 D, RB |
5.02% | 11/01/2043 | 1,824 | 1,856,248 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
0.34% | 09/01/2022 | 1,000 | 1,000,000 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
0.54% | 09/01/2023 | 1,000 | 967,142 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
0.80% | 09/01/2024 | 500 | 469,784 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
1.12% | 09/01/2025 | 250 | 229,252 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
1.27% | 09/01/2026 | 500 | 445,400 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
1.53% | 09/01/2027 | 500 | 439,885 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
1.68% | 09/01/2028 | 1,000 | 862,263 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
1.88% | 09/01/2029 | 500 | 424,731 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
2.03% | 09/01/2030 | 1,000 | 836,043 | ||||||||||||
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB |
3.23% | 09/01/2047 | 2,000 | 1,530,180 | ||||||||||||
University of Michigan, Series 2010 A, RB |
5.51% | 04/01/2030 | 250 | 271,845 | ||||||||||||
University of Michigan, Series 2020 B, RB |
1.67% | 04/01/2030 | 1,050 | 901,690 | ||||||||||||
University of Michigan, Series 2022 A, RB |
3.50% | 04/01/2052 | 5,000 | 4,331,845 | ||||||||||||
University of Michigan, Series 2022 A, RB |
4.45% | 04/01/2122 | 1,000 | 898,602 | ||||||||||||
University of Michigan, Series 2022 C, Ref. RB |
3.60% | 04/01/2047 | 10,000 | 9,135,059 | ||||||||||||
University of Michigan (Green Bonds), Series 2022 B, RB |
3.50% | 04/01/2052 | 1,233 | 1,068,233 | ||||||||||||
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a) |
2.88% | 11/15/2043 | 3,500 | 2,574,661 | ||||||||||||
|
|
|||||||||||||||
35,378,384 | ||||||||||||||||
|
|
|||||||||||||||
Minnesota-0.39% |
||||||||||||||||
University of Minnesota, Series 2022, RB |
4.05% | 04/01/2052 | 5,000 | 4,752,198 | ||||||||||||
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB |
3.23% | 01/01/2046 | 3,000 | 2,396,324 | ||||||||||||
|
|
|||||||||||||||
7,148,522 | ||||||||||||||||
|
|
|||||||||||||||
Mississippi-1.57% |
||||||||||||||||
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB |
2.92% | 06/01/2041 | 4,000 | 3,046,963 | ||||||||||||
Mississippi (State of), Series 2009 D, GO Bonds |
5.54% | 10/01/2029 | 2,899 | 3,079,960 | ||||||||||||
Mississippi (State of), Series 2010, GO Bonds |
5.25% | 11/01/2034 | 1,000 | 1,085,016 | ||||||||||||
Mississippi (State of), Series 2020 A, Ref. GO Bonds |
0.94% | 11/01/2026 | 4,500 | 3,995,611 | ||||||||||||
Mississippi (State of), Series 2020 A, Ref. GO Bonds |
1.04% | 11/01/2027 | 5,000 | 4,340,888 | ||||||||||||
Mississippi (State of), Series 2020 A, Ref. GO Bonds |
1.63% | 11/01/2031 | 7,500 | 6,114,415 | ||||||||||||
Mississippi (State of), Series 2020 A, Ref. GO Bonds |
1.73% | 11/01/2032 | 7,000 | 5,617,751 | ||||||||||||
Mississippi (State of), Series 2020 A, Ref. GO Bonds |
1.78% | 11/01/2033 | 2,000 | 1,569,425 | ||||||||||||
|
|
|||||||||||||||
28,850,029 | ||||||||||||||||
|
|
|||||||||||||||
Missouri-1.45% |
||||||||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB |
1.30% | 03/01/2024 | 2,815 | 2,709,787 | ||||||||||||
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB |
1.40% | 03/01/2025 | 3,000 | 2,812,712 | ||||||||||||
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB |
4.20% | 10/01/2049 | 5,000 | 4,503,094 | ||||||||||||
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB |
4.96% | 05/01/2023 | 2,250 | 2,266,611 | ||||||||||||
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB |
5.06% | 05/01/2024 | 6,000 | 6,113,602 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
96 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Missouri-(continued) |
||||||||||||||||
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB |
5.02% | 05/01/2025 | $ | 1,000 | $ | 1,026,622 | ||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB |
6.89% | 01/01/2042 | 5,000 | 6,062,651 | ||||||||||||
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB |
7.60% | 01/01/2032 | 1,000 | 1,150,194 | ||||||||||||
|
|
|||||||||||||||
26,645,273 | ||||||||||||||||
|
|
|||||||||||||||
Montana-0.11% |
||||||||||||||||
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB |
3.25% | 08/15/2051 | 1,500 | 1,087,425 | ||||||||||||
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB |
3.00% | 08/15/2051 | 1,500 | 1,023,527 | ||||||||||||
|
|
|||||||||||||||
2,110,952 | ||||||||||||||||
|
|
|||||||||||||||
Nebraska-0.34% |
||||||||||||||||
Omaha Public Facilities Corp., Series 2017, RB |
4.35% | 02/01/2047 | 1,785 | 1,777,830 | ||||||||||||
University of Nebraska Facilities Corp., Series 2019 A, Ref. RB |
3.04% | 10/01/2049 | 6,000 | 4,422,612 | ||||||||||||
|
|
|||||||||||||||
6,200,442 | ||||||||||||||||
|
|
|||||||||||||||
Nevada-0.40% |
||||||||||||||||
Clark (County of), NV, Series 2010 A, GO Bonds |
6.55% | 07/01/2030 | 1,500 | 1,642,511 | ||||||||||||
Clark (County of), NV, Series 2010 A, GO Bonds |
6.75% | 07/01/2038 | 1,620 | 1,935,714 | ||||||||||||
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB |
7.45% | 02/01/2040 | 3,000 | 3,739,698 | ||||||||||||
|
|
|||||||||||||||
7,317,923 | ||||||||||||||||
|
|
|||||||||||||||
New Hampshire-0.40% |
||||||||||||||||
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB |
3.78% | 01/01/2036 | 1,200 | 951,002 | ||||||||||||
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB |
3.28% | 10/01/2037 | 2,940 | 2,122,516 | ||||||||||||
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB |
3.30% | 04/01/2032 | 3,000 | 2,422,744 | ||||||||||||
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB |
3.18% | 01/01/2036 | 1,970 | 1,510,551 | ||||||||||||
New Hampshire (State of) Turnpike System, Series 2009, RB |
6.01% | 11/01/2039 | 250 | 281,397 | ||||||||||||
|
|
|||||||||||||||
7,288,210 | ||||||||||||||||
|
|
|||||||||||||||
New Jersey-2.96% |
||||||||||||||||
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB |
6.18% | 01/15/2027 | 425 | 447,761 | ||||||||||||
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB |
6.19% | 07/01/2040 | 3,000 | 2,970,376 | ||||||||||||
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)(a) |
4.43% | 07/01/2051 | 2,000 | 1,680,811 | ||||||||||||
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a) |
3.96% | 07/01/2048 | 1,400 | 1,131,077 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB |
6.56% | 12/15/2040 | 7,455 | 8,693,967 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB |
5.75% | 12/15/2028 | 1,990 | 2,056,895 | ||||||||||||
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB |
4.13% | 06/15/2042 | 1,000 | 878,729 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2010 A, RB |
7.10% | 01/01/2041 | 1,000 | 1,266,169 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
0.90% | 01/01/2025 | 500 | 467,215 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.05% | 01/01/2026 | 7,725 | 7,028,424 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.28% | 01/01/2027 | 500 | 446,076 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.48% | 01/01/2028 | 230 | 201,524 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.71% | 01/01/2029 | 250 | 215,683 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.81% | 01/01/2030 | 500 | 422,672 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
1.86% | 01/01/2031 | 500 | 413,674 | ||||||||||||
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB |
2.78% | 01/01/2040 | 1,000 | 769,975 | ||||||||||||
New Jersey Institute of Technology, Series 2020 B, Ref. RB |
3.42% | 07/01/2042 | 6,955 | 5,456,894 | ||||||||||||
Passaic (County of), NJ Improvement Authority (The), Series 2010, RB |
6.54% | 08/01/2031 | 1,000 | 1,001,855 | ||||||||||||
Passaic (County of), NJ Valley Water Commission, Series 2009, RB |
7.57% | 12/15/2029 | 500 | 581,168 | ||||||||||||
Passaic (County of), NJ Valley Water Commission, Series 2009, RB |
7.82% | 12/15/2039 | 500 | 646,828 | ||||||||||||
Rutgers The State University of New Jersey, Series 2010, RB |
5.55% | 05/01/2029 | 905 | 948,538 | ||||||||||||
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB |
3.27% | 05/01/2043 | 3,500 | 2,902,887 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
97 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New Jersey-(continued) |
||||||||||||||||
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB |
2.56% | 05/01/2040 | $ | 6,000 | $ | 4,524,135 | ||||||||||
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB |
2.68% | 05/01/2046 | 5,000 | 3,492,376 | ||||||||||||
South Jersey Port Corp., Series 2009, RB |
7.37% | 01/01/2040 | 5,000 | 5,731,733 | ||||||||||||
|
|
|||||||||||||||
54,377,442 | ||||||||||||||||
|
|
|||||||||||||||
New Mexico-0.15% |
||||||||||||||||
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, RB |
4.41% | 08/01/2046 | 3,000 | 2,791,055 | ||||||||||||
|
|
|||||||||||||||
New York-13.81% |
||||||||||||||||
Long Island (City of), NY Power Authority, Series 2021 C, Ref. RB |
0.36% | 03/01/2023 | 3,000 | 2,952,693 | ||||||||||||
Metropolitan Transportation Authority, Series 2009, RB |
5.87% | 11/15/2039 | 335 | 355,970 | ||||||||||||
Metropolitan Transportation Authority, Series 2009, RB |
7.34% | 11/15/2039 | 2,015 | 2,659,852 | ||||||||||||
Metropolitan Transportation Authority, Series 2010 A2, RB |
6.09% | 11/15/2040 | 2,500 | 2,875,415 | ||||||||||||
Metropolitan Transportation Authority, Series 2010 E, RB |
6.81% | 11/15/2040 | 6,525 | 7,564,100 | ||||||||||||
Metropolitan Transportation Authority, Series 2010, RB |
6.65% | 11/15/2039 | 1,800 | 2,035,182 | ||||||||||||
Metropolitan Transportation Authority, Series 2010, RB |
6.67% | 11/15/2039 | 7,250 | 8,344,098 | ||||||||||||
Metropolitan Transportation Authority, Series 2010, RB |
6.69% | 11/15/2040 | 3,745 | 4,250,128 | ||||||||||||
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB |
2.85% | 07/01/2050 | 3,000 | 2,062,393 | ||||||||||||
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eigh Series 2011, RB |
4.93% | 10/01/2051 | 5,485 | 5,756,552 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB |
1.09% | 07/01/2023 | 23,945 | 23,437,699 | ||||||||||||
New York & New Jersey (States of) Port Authority, Series 2021, RB |
3.14% | 02/15/2051 | 2,000 | 1,578,145 | ||||||||||||
New York (City of), NY, Series 2009 D-1, GO Bonds |
5.99% | 12/01/2036 | 1,500 | 1,675,742 | ||||||||||||
New York (City of), NY, Series 2010 F-1, GO Bonds |
6.27% | 12/01/2037 | 7,920 | 9,244,264 | ||||||||||||
New York (City of), NY, Series 2010 G-1, GO Bonds |
5.97% | 03/01/2036 | 8,495 | 9,626,007 | ||||||||||||
New York (City of), NY, Series 2010 H-1, GO Bonds |
5.65% | 06/01/2027 | 1,000 | 1,042,665 | ||||||||||||
New York (City of), NY, Series 2010 H-1, GO Bonds |
5.85% | 06/01/2040 | 5,000 | 5,592,672 | ||||||||||||
New York (City of), NY, Series 2020 D-3, GO Bonds |
2.22% | 03/01/2035 | 6,930 | 5,420,261 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
1.92% | 08/01/2031 | 2,000 | 1,638,101 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
2.02% | 08/01/2032 | 2,000 | 1,621,681 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
2.12% | 08/01/2033 | 6,875 | 5,508,702 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
2.17% | 08/01/2034 | 4,000 | 3,149,601 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
2.22% | 08/01/2035 | 3,000 | 2,327,766 | ||||||||||||
New York (City of), NY, Series 2021 D, Ref. GO Bonds |
2.42% | 08/01/2036 | 3,140 | 2,449,573 | ||||||||||||
New York (City of), NY, Subseries 2019 A-2, GO Bonds |
2.13% | 08/01/2024 | 15,000 | 14,555,905 | ||||||||||||
New York (City of), NY, Subseries 2019 A-2, GO Bonds |
2.63% | 08/01/2028 | 10,000 | 9,221,182 | ||||||||||||
New York (City of), NY Educational Construction Fund, Series 2010 A, RB |
6.00% | 04/01/2035 | 2,000 | 2,263,381 | ||||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a) |
2.68% | 03/01/2033 | 2,000 | 1,669,278 | ||||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a) |
2.73% | 03/01/2034 | 3,000 | 2,472,442 | ||||||||||||
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a) |
2.78% | 03/01/2035 | 3,000 | 2,440,389 | ||||||||||||
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB |
5.72% | 06/15/2042 | 4,460 | 5,150,526 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB |
6.83% | 07/15/2040 | 3,785 | 4,519,758 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2010, RB |
5.51% | 08/01/2037 | 1,575 | 1,709,592 | ||||||||||||
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB |
2.11% | 11/01/2024 | 5,000 | 4,840,725 | ||||||||||||
New York (State of) Dormitory Authority, Series 2009 F, RB |
5.29% | 03/15/2025 | 200 | 204,905 | ||||||||||||
New York (State of) Dormitory Authority, Series 2010 C, RB |
4.90% | 02/15/2023 | 1,400 | 1,409,553 | ||||||||||||
New York (State of) Dormitory Authority, Series 2010 D, RB |
5.00% | 03/15/2024 | 2,100 | 2,134,802 | ||||||||||||
New York (State of) Dormitory Authority, Series 2010 D, RB |
5.50% | 03/15/2030 | 2,760 | 2,901,392 | ||||||||||||
New York (State of) Dormitory Authority, Series 2010 H, RB |
5.29% | 03/15/2033 | 1,345 | 1,421,942 | ||||||||||||
New York (State of) Dormitory Authority, Series 2010 H, RB |
5.39% | 03/15/2040 | 1,800 | 1,957,094 | ||||||||||||
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB |
3.14% | 07/01/2043 | 2,000 | 1,637,655 | ||||||||||||
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB |
3.19% | 02/15/2043 | 5,000 | 4,131,396 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB |
0.58% | 03/15/2024 | 500 | 476,938 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB |
1.06% | 03/15/2025 | 500 | 467,071 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB |
1.26% | 03/15/2026 | 2,000 | 1,827,945 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
0.49% | 03/15/2024 | 1,000 | 952,560 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
98 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-(continued) |
||||||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
0.89% | 03/15/2025 | $ | 1,000 | $ | 932,247 | ||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
1.19% | 03/15/2026 | 1,000 | 911,517 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
1.54% | 03/15/2027 | 1,000 | 901,104 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
1.75% | 03/15/2028 | 1,000 | 888,027 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
1.95% | 03/15/2029 | 1,000 | 875,056 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
2.05% | 03/15/2030 | 1,000 | 860,204 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
2.15% | 03/15/2031 | 1,000 | 848,085 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
2.25% | 03/15/2032 | 1,000 | 841,089 | ||||||||||||
New York (State of) Dormitory Authority, Series 2021 C, RB |
2.20% | 03/15/2034 | 1,000 | 823,172 | ||||||||||||
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB |
5.97% | 07/01/2042 | 3,000 | 3,135,091 | ||||||||||||
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB |
3.03% | 02/15/2033 | 6,970 | 6,226,564 | ||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB |
4.85% | 07/01/2048 | 5,000 | 4,876,783 | ||||||||||||
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB |
2.77% | 07/01/2043 | 5,000 | 3,681,844 | ||||||||||||
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019, RB |
4.01% | 07/01/2049 | 3,000 | 2,470,935 | ||||||||||||
New York (State of) Thruway Authority, Series 2019 M, Ref. RB |
2.90% | 01/01/2035 | 5,000 | 4,378,703 | ||||||||||||
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB |
2.95% | 11/01/2041 | 5,000 | 3,807,593 | ||||||||||||
New York State Environmental Facilities Corp., Series 2010, RB |
5.71% | 06/15/2030 | 1,000 | 1,088,431 | ||||||||||||
New York State Urban Development Corp., Series 2010 B, RB |
5.84% | 03/15/2040 | 2,000 | 2,183,386 | ||||||||||||
New York State Urban Development Corp., Series 2020 F, Ref. RB |
1.80% | 03/15/2031 | 5,000 | 4,138,049 | ||||||||||||
New York State Urban Development Corp., Series 2020 F, Ref. RB |
1.90% | 03/15/2032 | 5,000 | 4,075,863 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.02% | 07/01/2024 | 2,000 | 1,932,237 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.12% | 01/01/2025 | 2,750 | 2,636,142 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.22% | 07/01/2025 | 2,500 | 2,378,497 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.27% | 01/01/2026 | 2,000 | 1,887,906 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.32% | 07/01/2026 | 1,000 | 937,713 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.42% | 07/01/2027 | 2,000 | 1,861,621 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.47% | 07/01/2028 | 3,000 | 2,752,885 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.57% | 07/01/2029 | 2,000 | 1,811,710 | ||||||||||||
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB |
3.67% | 07/01/2030 | 1,000 | 897,083 | ||||||||||||
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 B, Ref. RB |
1.61% | 12/01/2022 | 1,100 | 1,095,049 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2009 B, RB |
5.50% | 11/15/2039 | 2,715 | 2,980,180 | ||||||||||||
Triborough Bridge & Tunnel Authority, Series 2010, RB |
5.45% | 11/15/2032 | 2,280 | 2,459,766 | ||||||||||||
Western Nassau County Water Authority, Series 2010 B, RB |
6.70% | 04/01/2040 | 500 | 585,773 | ||||||||||||
|
|
|||||||||||||||
253,695,998 | ||||||||||||||||
|
|
|||||||||||||||
North Carolina-0.04% |
||||||||||||||||
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB |
3.33% | 12/01/2036 | 810 | 753,844 | ||||||||||||
|
|
|||||||||||||||
Ohio-2.94% |
||||||||||||||||
American Municipal Power, Inc., Series 2009 B, RB |
6.45% | 02/15/2044 | 2,000 | 2,309,828 | ||||||||||||
American Municipal Power, Inc., Series 2010, RB |
5.94% | 02/15/2047 | 1,000 | 1,118,978 | ||||||||||||
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB |
8.08% | 02/15/2050 | 9,930 | 14,023,012 | ||||||||||||
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB |
7.50% | 02/15/2050 | 3,395 | 4,365,677 | ||||||||||||
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB |
6.27% | 02/15/2050 | 2,015 | 2,278,529 | ||||||||||||
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB |
6.05% | 02/15/2043 | 8,005 | 8,991,299 | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB |
1.65% | 06/01/2023 | 7,500 | 7,367,238 | ||||||||||||
Cleveland (City of), OH Department of Public Utilities Division of Public Power, Series 2014, Ref. RB(b)(c) |
5.50% | 11/15/2024 | 1,000 | 1,038,029 | ||||||||||||
Columbus (City of), OH Regional Airport Authority, Series 2019, RB |
4.20% | 12/15/2048 | 1,000 | 860,471 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
99 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Ohio-(continued) |
||||||||||||||||
Cuyahoga (County of), OH, Series 2010, RB |
8.22% | 02/15/2040 | $ | 1,000 | $ | 1,262,800 | ||||||||||
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB |
6.39% | 12/01/2030 | 1,000 | 1,094,326 | ||||||||||||
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB |
6.54% | 12/01/2036 | 1,070 | 1,226,532 | ||||||||||||
JobsOhio Beverage System, Series 2020 A, Ref. RB |
2.83% | 01/01/2038 | 2,000 | 1,666,916 | ||||||||||||
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB |
3.70% | 01/01/2043 | 1,000 | 877,532 | ||||||||||||
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2010, RB |
4.88% | 12/01/2034 | 1,000 | 1,037,891 | ||||||||||||
Ohio State University (The), Series 2016 A, RB |
3.80% | 12/01/2046 | 1,000 | 908,422 | ||||||||||||
Ohio State University (The), Series 2020, Ref. RB |
3.02% | 12/01/2050 | 5,000 | 3,568,295 | ||||||||||||
|
|
|||||||||||||||
53,995,775 | ||||||||||||||||
|
|
|||||||||||||||
Oklahoma-1.09% |
||||||||||||||||
Oklahoma (State of) Development Finance Authority, Series 2022, RB |
4.62% | 06/01/2044 | 5,000 | 4,973,375 | ||||||||||||
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB |
4.38% | 11/01/2045 | 3,500 | 3,424,526 | ||||||||||||
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB |
4.71% | 05/01/2052 | 5,000 | 4,969,062 | ||||||||||||
Oklahoma (State of) Municipal Power Authority, Series 2021 B, Ref. RB, (INS - AGM)(a) |
2.80% | 01/01/2041 | 1,000 | 771,285 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB |
0.63% | 01/01/2023 | 1,500 | 1,486,816 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB |
0.80% | 01/01/2024 | 2,000 | 1,924,428 | ||||||||||||
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB |
0.90% | 01/01/2025 | 1,500 | 1,405,696 | ||||||||||||
Oklahoma City (City of), OK Water Utilities Trust, Series 2022, Ref. RB |
4.64% | 07/01/2042 | 1,000 | 999,578 | ||||||||||||
|
|
|||||||||||||||
19,954,766 | ||||||||||||||||
|
|
|||||||||||||||
Oregon-1.35% |
||||||||||||||||
Metro, Series 2019, GO Bonds |
3.25% | 06/01/2028 | 10,000 | 9,648,026 | ||||||||||||
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB |
2.99% | 09/01/2036 | 2,000 | 1,727,415 | ||||||||||||
Oregon (State of), Series 2003, GO Bonds |
5.89% | 06/01/2027 | 2,000 | 2,122,249 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2010, RB |
5.83% | 11/15/2034 | 1,000 | 1,136,059 | ||||||||||||
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB |
1.66% | 11/15/2031 | 4,000 | 3,240,399 | ||||||||||||
Oregon (State of) Facilities Authority (Willamette University), Series 2021 B, RB |
4.10% | 10/01/2041 | 1,000 | 822,018 | ||||||||||||
Oregon State University, Series 2019, RB |
4.05% | 04/01/2052 | 6,000 | 5,246,079 | ||||||||||||
Portland (Port of), OR (Portland International Airport), Series 2019, RB |
4.24% | 07/01/2049 | 1,000 | 843,336 | ||||||||||||
|
|
|||||||||||||||
24,785,581 | ||||||||||||||||
|
|
|||||||||||||||
Pennsylvania-3.37% |
||||||||||||||||
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds |
2.09% | 11/01/2033 | 18,000 | 14,509,611 | ||||||||||||
Commonwealth Financing Authority, Series 2010 C2, RB |
5.59% | 06/01/2030 | 2,000 | 2,125,748 | ||||||||||||
Commonwealth Financing Authority, Series 2019 A, RB |
3.81% | 06/01/2041 | 5,000 | 4,427,513 | ||||||||||||
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a) |
3.66% | 06/01/2038 | 10,000 | 9,182,637 | ||||||||||||
Commonwealth Financing Authority, Series 2020 C, Ref. RB |
3.53% | 06/01/2042 | 1,000 | 847,232 | ||||||||||||
Commonwealth Financing Authority, Series 2021 A, RB |
2.99% | 06/01/2042 | 1,000 | 777,735 | ||||||||||||
Erie (City of), PA Water Authority, Series 2020, RB, (INS - AGM)(a) |
3.46% | 06/01/2060 | 3,140 | 2,399,958 | ||||||||||||
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a) |
3.23% | 12/01/2050 | 2,700 | 1,974,783 | ||||||||||||
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a) |
3.48% | 12/01/2055 | 1,000 | 749,408 | ||||||||||||
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a) |
3.63% | 12/01/2059 | 4,500 | 3,364,341 | ||||||||||||
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds |
4.65% | 02/15/2026 | 4,060 | 4,119,652 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB |
2.85% | 06/15/2036 | 1,000 | 829,229 | ||||||||||||
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB |
3.14% | 06/15/2042 | 1,000 | 815,744 | ||||||||||||
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB |
6.14% | 04/01/2030 | 1,000 | 1,096,463 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB |
3.44% | 12/01/2043 | 3,000 | 2,397,412 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB |
6.11% | 12/01/2039 | 1,443 | 1,652,937 | ||||||||||||
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB |
3.42% | 12/01/2041 | 5,000 | 4,122,518 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB |
0.94% | 04/15/2024 | 750 | 710,945 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB |
1.43% | 04/15/2025 | 500 | 463,650 | ||||||||||||
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB |
1.63% | 04/15/2026 | 500 | 453,055 | ||||||||||||
Philadelphia School District (The), Series 2010, GO Bonds |
6.62% | 06/01/2030 | 1,000 | 1,096,579 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
100 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||
Pennsylvania-(continued) |
||||||||||||||
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB |
5.05% | 08/15/2049 | $ | 1,500 | $ | 1,516,529 | ||||||||
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB |
3.01% | 09/15/2041 | 2,750 | 2,215,591 | ||||||||||
|
|
|||||||||||||
61,849,270 | ||||||||||||||
|
|
|||||||||||||
South Carolina-1.23% |
||||||||||||||
Charleston Educational Excellence Finance Corp., Series 2020, Ref. RB |
1.42% | 12/01/2027 | 1,000 | 886,363 | ||||||||||
Columbia (City of), SC, Series 2021 B, Ref. RB |
3.01% | 02/01/2049 | 1,545 | 1,199,894 | ||||||||||
South Carolina (State of) Jobs-Economic Development
Authority (Conway Hospital, Inc.), |
2.73% | 07/01/2030 | 10,000 | 9,021,981 | ||||||||||
South Carolina (State of) Public Service Authority, Series 2010 C, RB |
6.45% | 01/01/2050 | 5,050 | 5,939,407 | ||||||||||
South Carolina (State of) Public Service Authority, Series 2016 D, RB, (INS - AGM)(a) |
2.39% | 12/01/2023 | 1,355 | 1,329,830 | ||||||||||
South Carolina Student Loan Corp., Series 2020, RB |
3.59% | 12/01/2039 | 5,000 | 4,166,179 | ||||||||||
|
|
|||||||||||||
22,543,654 | ||||||||||||||
|
|
|||||||||||||
South Dakota-0.05% |
||||||||||||||
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB |
3.69% | 07/01/2042 | 1,000 | 857,870 | ||||||||||
|
|
|||||||||||||
Tennessee-0.28% |
||||||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds |
1.39% | 07/01/2030 | 250 | 207,214 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds |
1.49% | 07/01/2031 | 100 | 81,432 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds |
1.59% | 07/01/2032 | 125 | 100,134 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds |
1.79% | 07/01/2034 | 200 | 156,535 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Vanderbilt University Medical Center), Series 2021 B, RB |
3.24% | 07/01/2052 | 2,500 | 1,812,288 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB |
3.44% | 10/01/2046 | 1,000 | 870,435 | ||||||||||
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Seris 2016 B, RB |
4.05% | 07/01/2026 | 1,000 | 1,003,265 | ||||||||||
Tennessee (State of) School Bond Authority, Series 2021 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program) |
0.17% | 11/01/2022 | 1,000 | 995,374 | ||||||||||
|
|
|||||||||||||
5,226,677 | ||||||||||||||
|
|
|||||||||||||
Texas-9.51% |
||||||||||||||
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a) |
2.86% | 11/15/2042 | 2,585 | 1,933,940 | ||||||||||
Board of Regents of the University of Texas System, Series 2010 C, RB |
4.64% | 08/15/2030 | 10,000 | 10,353,402 | ||||||||||
Board of Regents of the University of Texas System, Series 2010 C, RB |
4.79% | 08/15/2046 | 1,000 | 1,068,675 | ||||||||||
Board of Regents of the University of Texas System, Series 2010 D, RB |
5.13% | 08/15/2042 | 1,000 | 1,106,433 | ||||||||||
Channelview Independent School District, Series 2010 B, GO
Bonds, |
5.93% | 08/15/2035 | 2,000 | 2,003,978 | ||||||||||
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a) |
4.88% | 10/01/2047 | 1,000 | 975,784 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2019 A, Ref. RB |
1.94% | 11/01/2023 | 300 | 294,060 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB |
1.33% | 11/01/2025 | 3,250 | 3,011,608 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB |
1.65% | 11/01/2026 | 2,400 | 2,192,533 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB |
2.92% | 11/01/2050 | 1,000 | 779,426 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
0.63% | 11/01/2023 | 1,705 | 1,646,102 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
1.01% | 11/01/2024 | 2,000 | 1,888,946 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
101 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
1.30% | 11/01/2025 | $ | 1,000 | $ | 925,645 | ||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
1.53% | 11/01/2026 | 1,000 | 908,835 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
1.73% | 11/01/2027 | 1,000 | 893,836 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
1.93% | 11/01/2028 | 750 | 661,248 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
2.04% | 11/01/2029 | 2,000 | 1,734,272 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
2.14% | 11/01/2030 | 2,000 | 1,706,072 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
2.74% | 11/01/2035 | 5,000 | 4,118,512 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
2.87% | 11/01/2037 | 1,500 | 1,205,623 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB |
2.84% | 11/01/2046 | 2,500 | 1,928,668 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB |
4.09% | 11/01/2051 | 1,500 | 1,388,762 | ||||||||||||
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB |
4.51% | 11/01/2051 | 2,500 | 2,401,168 | ||||||||||||
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB |
2.61% | 12/01/2048 | 1,000 | 737,378 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund) |
6.45% | 02/15/2035 | 5,170 | 5,383,355 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2024 | 1,000 | 1,008,331 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2025 | 250 | 252,650 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2026 | 1,000 | 1,012,442 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2027 | 250 | 253,645 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2028 | 1,000 | 1,011,133 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
4.00% | 08/15/2029 | 500 | 503,029 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
1.94% | 08/15/2030 | 1,000 | 861,552 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
2.01% | 08/15/2031 | 1,000 | 848,222 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
2.09% | 08/15/2032 | 250 | 209,754 | ||||||||||||
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
2.19% | 08/15/2034 | 250 | 202,215 | ||||||||||||
Dallas Convention Center Hotel Development Corp., Series 2009, RB |
7.09% | 01/01/2042 | 2,780 | 3,258,153 | ||||||||||||
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund) |
2.74% | 08/01/2041 | 10,000 | 7,769,581 | ||||||||||||
El Paso (City of), TX, Series 2014, Ref. GO Bonds |
5.18% | 08/15/2034 | 1,000 | 1,013,775 | ||||||||||||
Fort Worth (City of), TX, Series 2017 B, RB |
4.09% | 03/01/2037 | 1,135 | 1,078,970 | ||||||||||||
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a) |
3.71% | 11/15/2056 | 4,000 | 3,119,056 | ||||||||||||
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a) |
3.86% | 11/15/2040 | 2,255 | 2,001,383 | ||||||||||||
Houston (City of), TX, Series 2017, GO Bonds |
3.96% | 03/01/2047 | 1,000 | 936,107 | ||||||||||||
Houston (City of), TX, Series 2020 C, Ref. RB |
1.82% | 07/01/2027 | 1,000 | 903,061 | ||||||||||||
Midland (City of), TX, Series 2022 A, Ref. GO Bonds |
4.52% | 03/01/2042 | 3,000 | 2,966,902 | ||||||||||||
Midland (City of), TX, Series 2022 A, Ref. GO Bonds |
4.67% | 03/01/2050 | 3,000 | 3,001,934 | ||||||||||||
North Texas Tollway Authority, Series 2009, RB |
6.72% | 01/01/2049 | 1,700 | 2,192,065 | ||||||||||||
North Texas Tollway Authority, Series 2020, Ref. RB |
3.08% | 01/01/2042 | 500 | 390,217 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
102 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-(continued) |
||||||||||||||||
North Texas Tollway Authority, Series 2021, Ref. RB |
3.01% | 01/01/2043 | $ | 1,000 | $ | 788,733 | ||||||||||
San Antonio (City of), TX, Series 2016, GO Bonds |
2.93% | 02/01/2046 | 1,495 | 1,172,159 | ||||||||||||
San Antonio (City of), TX, Series 2020, Ref. GO Bonds |
0.48% | 02/01/2023 | 2,500 | 2,471,368 | ||||||||||||
San Antonio (City of), TX, Series 2020, Ref. GO Bonds |
0.84% | 02/01/2025 | 10,000 | 9,357,347 | ||||||||||||
San Antonio (City of), TX, Series 2022, GO Bonds |
4.53% | 02/01/2042 | 2,000 | 1,974,685 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a) |
3.29% | 09/01/2040 | 500 | 403,172 | ||||||||||||
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a) |
3.42% | 09/01/2050 | 1,000 | 760,600 | ||||||||||||
Texas (State of), Series 2009, GO Bonds |
5.52% | 04/01/2039 | 9,680 | 10,922,909 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
0.51% | 10/01/2023 | 1,000 | 967,257 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
5.00% | 10/01/2025 | 1,000 | 1,034,123 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
5.00% | 10/01/2026 | 1,450 | 1,510,821 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
5.00% | 10/01/2027 | 3,175 | 3,327,853 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
5.00% | 10/01/2028 | 3,250 | 3,420,926 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
4.00% | 10/01/2029 | 1,790 | 1,784,519 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
1.84% | 10/01/2030 | 1,780 | 1,507,506 | ||||||||||||
Texas (State of), Series 2021 A, Ref. GO Bonds |
1.94% | 10/01/2031 | 1,595 | 1,337,431 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
0.51% | 10/01/2023 | 1,000 | 967,257 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
0.79% | 10/01/2024 | 1,000 | 943,780 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
5.00% | 10/01/2025 | 1,000 | 1,034,123 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
5.00% | 10/01/2026 | 1,570 | 1,635,253 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
5.00% | 10/01/2027 | 2,780 | 2,913,837 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
5.00% | 10/01/2028 | 1,685 | 1,774,548 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
3.00% | 10/01/2029 | 3,655 | 3,420,780 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
1.84% | 10/01/2030 | 4,200 | 3,557,036 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
1.94% | 10/01/2031 | 1,000 | 838,515 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
2.04% | 10/01/2032 | 1,570 | 1,305,321 | ||||||||||||
Texas (State of), Series 2021 B, Ref. GO Bonds |
2.14% | 10/01/2033 | 1,000 | 820,114 | ||||||||||||
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB |
3.03% | 08/15/2041 | 2,000 | 1,497,879 | ||||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB |
5.03% | 04/01/2026 | 2,000 | 2,046,011 | ||||||||||||
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB |
5.18% | 04/01/2030 | 11,715 | 12,368,520 | ||||||||||||
Texas A&M University, Series 2019 A, RB |
4.20% | 05/15/2048 | 2,500 | 2,325,711 | ||||||||||||
Texas A&M University, Series 2019 B, Ref. RB |
2.62% | 05/15/2029 | 3,000 | 2,770,544 | ||||||||||||
Texas A&M University, Series 2021 B, RB |
2.81% | 05/15/2041 | 1,000 | 786,159 | ||||||||||||
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a) |
3.46% | 09/01/2040 | 1,160 | 950,572 | ||||||||||||
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB |
2.84% | 03/01/2040 | 5,000 | 3,913,542 | ||||||||||||
|
|
|||||||||||||||
174,653,349 | ||||||||||||||||
|
|
|||||||||||||||
Utah-0.87% |
||||||||||||||||
Salt Lake (County of), UT Municipal Building Authority, Series 2009, RB |
5.82% | 12/01/2029 | 500 | 542,787 | ||||||||||||
Utah (State of), Series 2009 D, GO Bonds |
4.55% | 07/01/2024 | 265 | 267,960 | ||||||||||||
Utah (State of), Series 2010 B, GO Bonds |
3.54% | 07/01/2025 | 1,729 | 1,720,381 | ||||||||||||
Utah (State of) Transit Authority, Series 2009 B, RB |
5.94% | 06/15/2039 | 1,815 | 2,025,899 | ||||||||||||
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB |
1.72% | 12/15/2027 | 4,000 | 3,582,844 | ||||||||||||
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB |
1.82% | 12/15/2028 | 4,000 | 3,514,324 | ||||||||||||
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB |
1.94% | 12/15/2029 | 5,000 | 4,323,704 | ||||||||||||
|
|
|||||||||||||||
15,977,899 | ||||||||||||||||
|
|
|||||||||||||||
Virgin Islands-0.35% |
||||||||||||||||
Virgin Islands (Government of) Water & Power Authority, Series 2010, RB, (INS - AGM)(a) |
6.85% | 07/01/2035 | 5,795 | 6,483,229 | ||||||||||||
|
|
|||||||||||||||
Virginia-0.08% |
||||||||||||||||
Virginia (Commonwealth of) Transportation Board, Series 2010, RB |
4.70% | 05/15/2024 | 1,395 | 1,415,746 | ||||||||||||
|
|
|||||||||||||||
Washington-2.39% |
||||||||||||||||
Benton (County of), WA Public Utility District No. 1, Series 2010, RB |
6.55% | 11/01/2030 | 750 | 853,316 | ||||||||||||
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB |
5.49% | 11/01/2039 | 1,855 | 2,065,515 | ||||||||||||
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB |
6.88% | 09/01/2032 | 6,500 | 7,600,986 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
103 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Washington-(continued) |
||||||||||||||||
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB |
5.25% | 09/01/2030 | $ | 1,830 | $ | 1,897,318 | ||||||||||
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB |
5.73% | 01/01/2030 | 2,500 | 2,693,327 | ||||||||||||
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB |
5.83% | 01/01/2040 | 2,750 | 2,988,762 | ||||||||||||
King (County of), WA, Series 2020 B, Ref. RB |
1.30% | 01/01/2028 | 12,890 | 11,250,139 | ||||||||||||
King (County of), WA, Series 2020 B, Ref. RB |
1.46% | 01/01/2029 | 5,915 | 5,056,453 | ||||||||||||
Seattle (Port of), WA, Series 2017, Ref. RB |
3.76% | 05/01/2036 | 500 | 462,354 | ||||||||||||
Tacoma (City of), WA, Series 2010 B, RB |
5.37% | 12/01/2030 | 1,000 | 1,073,999 | ||||||||||||
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a) |
5.79% | 01/01/2032 | 2,570 | 2,835,131 | ||||||||||||
University of Washington, Series 2021 B, Ref. RB |
2.62% | 04/01/2042 | 2,000 | 1,492,911 | ||||||||||||
Washington (State of), Series 2010, GO Bonds |
5.09% | 08/01/2033 | 2,000 | 2,122,447 | ||||||||||||
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB |
6.42% | 07/01/2030 | 1,435 | 1,576,244 | ||||||||||||
|
|
|||||||||||||||
43,968,902 | ||||||||||||||||
|
|
|||||||||||||||
Wisconsin-1.20% |
||||||||||||||||
Wisconsin (State of), Series 2017 A, Ref. RB |
3.95% | 05/01/2036 | 3,000 | 2,880,634 | ||||||||||||
Wisconsin (State of), Series 2019 1, Ref. GO Bonds |
2.38% | 05/01/2030 | 7,500 | 6,740,162 | ||||||||||||
Wisconsin (State of), Series 2020 2, Ref. GO Bonds |
1.88% | 05/01/2025 | 2,500 | 2,393,554 | ||||||||||||
Wisconsin (State of), Series 2020 2, Ref. GO Bonds |
2.35% | 05/01/2031 | 1,000 | 881,249 | ||||||||||||
Wisconsin (State of), Series 2020 A, Ref. RB |
2.50% | 05/01/2032 | 2,000 | 1,712,382 | ||||||||||||
Wisconsin (State of), Series 2021, Ref. GO Bonds |
0.21% | 05/01/2023 | 1,000 | 978,558 | ||||||||||||
Wisconsin (State of), Series 2021, Ref. GO Bonds |
0.36% | 05/01/2024 | 1,000 | 948,770 | ||||||||||||
Wisconsin (State of), Series 2021, Ref. GO Bonds |
0.65% | 05/01/2025 | 1,500 | 1,389,845 | ||||||||||||
Wisconsin (State of), Series 2021, Ref. GO Bonds |
0.80% | 05/01/2026 | 1,000 | 904,392 | ||||||||||||
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a) |
4.17% | 12/15/2050 | 2,000 | 1,706,066 | ||||||||||||
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a) |
3.09% | 06/01/2050 | 2,000 | 1,426,384 | ||||||||||||
|
|
|||||||||||||||
21,961,996 | ||||||||||||||||
|
|
|||||||||||||||
Total Municipal Obligations |
1,782,621,776 | |||||||||||||||
|
|
|||||||||||||||
U.S. Dollar Denominated Bonds & Notes-1.87% |
||||||||||||||||
California-0.59% |
||||||||||||||||
Claremont Mckenna College, Series 2019 |
3.38% | 01/01/2050 | 7,500 | 5,907,522 | ||||||||||||
Pepperdine University, Series 2020 |
3.30% | 12/01/2059 | 5,000 | 3,545,363 | ||||||||||||
University of Southern California, Series A |
3.23% | 10/01/2120 | 2,000 | 1,297,636 | ||||||||||||
|
|
|||||||||||||||
10,750,521 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-0.17% |
||||||||||||||||
Wesleyan University, Series 2020 |
3.37% | 07/01/2050 | 4,000 | 3,114,729 | ||||||||||||
|
|
|||||||||||||||
District of Columbia-0.13% |
||||||||||||||||
Association of American Medical Colleges, Series 2020 |
3.32% | 10/01/2041 | 3,000 | 2,384,247 | ||||||||||||
|
|
|||||||||||||||
Maine-0.08% |
||||||||||||||||
President & Trustees of Colby College (The) |
3.20% | 07/01/2054 | 2,000 | 1,543,920 | ||||||||||||
|
|
|||||||||||||||
Massachusetts-0.17% |
||||||||||||||||
Whitehead Institute for Biomedical Research, Series 2020 |
3.28% | 12/01/2050 | 4,000 | 3,060,289 | ||||||||||||
|
|
|||||||||||||||
Minnesota-0.10% |
||||||||||||||||
Mayo Clinic, Series 2016 |
4.13% | 11/15/2052 | 2,000 | 1,855,874 | ||||||||||||
|
|
|||||||||||||||
New Hampshire-0.09% |
||||||||||||||||
Trustees of Dartmouth College |
3.47% | 06/01/2046 | 2,000 | 1,732,257 | ||||||||||||
|
|
|||||||||||||||
New York-0.39% |
||||||||||||||||
Montefiore Medical Center |
2.90% | 04/20/2032 | 1,000 | 962,328 | ||||||||||||
Montefiore Obligated Group |
3.79% | 09/01/2050 | 7,000 | 6,239,345 | ||||||||||||
|
|
|||||||||||||||
7,201,673 | ||||||||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
104 |
|
Invesco Taxable Municipal Bond ETF (BAB)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Texas-0.15% |
||||||||||||||||
Baylor Scott & White Holdings |
3.97% | 11/15/2046 | $ | 3,000 | $ | 2,700,785 | ||||||||||
|
|
|||||||||||||||
Total U.S. Dollar Denominated Bonds &
Notes |
34,344,295 | |||||||||||||||
|
|
|||||||||||||||
Shares | ||||||||||||||||
Money Market Funds-1.60% |
||||||||||||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(d)(e) |
29,365,372 | 29,365,372 | ||||||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(f)-100.53% |
1,846,331,443 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.53%) |
(9,665,389 | ) | ||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 1,836,666,054 | ||||||||||||||
|
|
Investment Abbreviations:
AGM |
-Assured Guaranty Municipal Corp. |
| ||||||||||||||||||||
BAM |
-Build America Mutual Assurance Co. |
| ||||||||||||||||||||
BHAC |
-Berkshire Hathaway Assurance 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) |
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) |
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, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$14,885,688 | $ | 343,313,322 | $ | (328,833,638 | ) | $- | $- | $29,365,372 | $84,061 |
(e) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2022. |
(f) |
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. |
Entity | Percentage | |||
Assured Guaranty Municipal Corp |
6.24% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
105 |
|
Invesco Treasury Collateral ETF (CLTL)
August 31, 2022
Schedule of Investments
Principal Amount |
Value | |||||||
U.S. Treasury Securities-100.28% |
| |||||||
U.S. Treasury Bills-59.72%(a) |
||||||||
1.10%–2.61%, 09/01/2022 |
$ | 3,102,000 | $ | 3,102,000 | ||||
1.74%–2.45%, 10/04/2022 |
30,008,000 | 29,944,417 | ||||||
1.74%–2.45%, 10/06/2022 |
10,720,000 | 10,697,123 | ||||||
1.87%–2.54%, 10/11/2022 |
30,008,000 | 29,928,962 | ||||||
1.85%–2.49%, 10/13/2022 |
9,928,000 | 9,901,244 | ||||||
1.91%–2.55%, 10/18/2022 |
30,008,000 | 29,910,733 | ||||||
1.93%–2.57%, 10/20/2022 |
30,008,000 | 29,906,992 | ||||||
2.02%–2.56%, 10/25/2022 |
30,008,000 | 29,891,644 | ||||||
1.97%–2.61%, 11/03/2022 |
23,508,000 | 23,400,267 | ||||||
2.59%–2.65%, 11/10/2022 |
22,024,000 | 21,913,028 | ||||||
2.50%–2.70%, 11/15/2022 |
13,276,000 | 13,202,519 | ||||||
2.64%, 11/17/2022 |
18,000,000 | 17,896,807 | ||||||
2.82%, 11/25/2022 |
20,000,000 | 19,867,471 | ||||||
2.58%–2.87%, 12/01/2022 |
27,124,000 | 26,927,471 | ||||||
2.78%, 12/08/2022 |
9,000,000 | 8,932,043 | ||||||
2.77%, 12/15/2022 |
9,000,000 | 8,927,524 | ||||||
2.42%–2.91%, 12/22/2022 |
19,977,000 | 19,791,309 | ||||||
0.72%–2.93%, 12/29/2022 |
12,805,000 | 12,679,149 | ||||||
2.74%–2.93%, 01/05/2023 |
9,220,000 | 9,124,293 | ||||||
2.76%–2.95%, 01/12/2023 |
9,219,900 | 9,118,650 | ||||||
2.82%–2.97%, 01/19/2023 |
9,219,900 | 9,112,245 | ||||||
0.76%–2.97%, 01/26/2023 |
16,642,400 | 16,438,021 | ||||||
3.13%, 02/02/2023 |
9,000,000 | 8,879,495 | ||||||
3.13%, 02/09/2023 |
8,000,000 | 7,887,711 | ||||||
3.16%, 02/16/2023 |
9,000,000 | 8,865,838 | ||||||
2.68%–3.21%, 02/23/2023 |
15,461,300 | 15,220,215 | ||||||
3.25%, 03/02/2023 |
9,000,000 | 8,852,353 | ||||||
2.71%–2.90%, 03/23/2023 |
7,461,100 | 7,340,668 | ||||||
2.77%–3.10%, 04/20/2023 |
7,461,300 | 7,315,755 | ||||||
2.79%–3.13%, 05/18/2023 |
7,459,700 | 7,293,328 | ||||||
2.80%–3.20%, 06/15/2023 |
7,461,500 | 7,271,892 | ||||||
2.91%–3.24%, 07/13/2023 |
13,734,200 | 13,340,780 | ||||||
3.31%, 08/10/2023 |
10,000,000 | 9,680,819 | ||||||
|
|
|||||||
492,562,766 | ||||||||
|
|
Principal Amount |
Value | |||||||
U.S. Treasury Notes-40.56% |
||||||||
1.88% - 2.00%, 10/31/2022 |
$ | 33,016,000 | $ | 32,977,442 | ||||
1.63%, 11/15/2022 |
11,000,000 | 10,974,960 | ||||||
0.13% - 2.00%, 11/30/2022 |
16,531,000 | 16,451,736 | ||||||
0.13% - 2.13%, 12/31/2022 |
19,000,000 | 18,876,839 | ||||||
1.50%, 01/15/2023 |
5,213,600 | 5,183,554 | ||||||
0.13% - 2.38%, 01/31/2023 |
29,509,700 | 29,274,883 | ||||||
1.38% - 2.00%, 02/15/2023 |
17,397,300 | 17,285,327 | ||||||
0.13% - 2.63%, 02/28/2023 |
20,433,900 | 20,215,557 | ||||||
0.50%, 03/15/2023 |
6,790,700 | 6,693,526 | ||||||
0.13% - 2.50%, 03/31/2023 |
21,464,200 | 21,196,222 | ||||||
0.25%, 04/15/2023 |
6,999,700 | 6,869,759 | ||||||
0.13% - 2.75%, 04/30/2023 |
20,392,400 | 20,101,982 | ||||||
0.13% - 1.75%, 05/15/2023 |
16,508,200 | 16,244,917 | ||||||
0.13% - 2.75%, 05/31/2023 |
19,653,800 | 19,333,920 | ||||||
0.25%, 06/15/2023 |
7,114,500 | 6,942,464 | ||||||
0.13% - 2.63%, 06/30/2023 |
23,170,600 | 22,706,264 | ||||||
0.13%, 07/15/2023 |
7,925,600 | 7,698,997 | ||||||
0.13% - 2.75%, 07/31/2023 |
23,033,500 | 22,526,891 | ||||||
0.13% - 2.50%, 08/15/2023 |
17,000,000 | 16,667,576 | ||||||
0.13% - 2.75%, 08/31/2023 |
16,790,000 | 16,342,347 | ||||||
|
|
|||||||
334,565,163 | ||||||||
|
|
|||||||
Total U.S. Treasury Securities |
827,127,929 | |||||||
|
|
|||||||
Shares | ||||||||
Money Market Funds-0.01% |
| |||||||
Invesco Government & Agency Portfolio, Institutional
Class, 2.22%(b)(c) |
112,449 | 112,449 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-100.29% |
|
827,240,378 | ||||||
OTHER ASSETS LESS LIABILITIES-(0.29)% |
(2,378,079 | ) | ||||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 824,862,299 | ||||||
|
|
Notes to Schedule of Investments:
(a) |
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(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, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain |
Value August 31, 2022 |
Dividend Income |
||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,660 | $23,008,307 | $(22,897,518) | $- | $- | $112,449 | $749 |
(c) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2022. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
106 |
|
Invesco Variable Rate Preferred ETF (VRP)
August 31, 2022
Schedule of Investments(a)
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-71.30% |
| |||||||
Automobiles-0.79% |
||||||||
General Motors Financial Co., Inc. |
||||||||
Series A, 5.75%(b)(c)(d) |
$ | 8,235,000 | $ | 7,277,681 | ||||
Series B, 6.50%(c)(d) |
4,165,000 | 3,847,875 | ||||||
Series C, 5.70%(c)(d) |
3,998,000 | 3,725,293 | ||||||
|
|
|||||||
14,850,849 | ||||||||
|
|
|||||||
Banks-32.83% |
||||||||
BAC Capital Trust XIV, Series G, 4.00% (3 mo. USD LIBOR + 0.40%)(d)(e) |
4,100,000 | 3,113,175 | ||||||
Bank of America Corp. |
||||||||
Series AA, 6.10%(c)(d) |
15,405,000 | 15,271,254 | ||||||
Series DD, 6.30%(b)(c)(d) |
8,170,000 | 8,364,038 | ||||||
Series FF, 5.88%(c)(d) |
19,091,000 | 17,325,082 | ||||||
Series JJ, 5.13%(c)(d) |
8,225,000 | 7,879,641 | ||||||
Series MM, 4.30%(c)(d) |
8,925,000 | 7,491,422 | ||||||
Series RR, 4.38%(c)(d) |
14,200,000 | 12,205,894 | ||||||
Series TT, 6.13%(c)(d) |
16,280,000 | 16,065,104 | ||||||
Series U, 5.20%(c)(d) |
8,191,000 | 7,835,966 | ||||||
Series X, 6.25%(c)(d) |
16,215,000 | 16,066,265 | ||||||
Bank of Montreal (Canada), 4.80%(b)(c)(d) |
4,100,000 | 3,703,232 | ||||||
Bank of Nova Scotia (The) (Canada) |
||||||||
4.65%(c)(d) |
10,150,000 | 9,033,500 | ||||||
4.90%(b)(c)(d) |
10,150,000 | 9,643,367 | ||||||
Citigroup, Inc. |
||||||||
3.88%(c)(d) |
18,730,000 | 16,248,275 | ||||||
5.90%(b)(c)(d) |
6,100,000 | 6,054,250 | ||||||
Series A, 5.95%(c)(d) |
12,210,000 | 12,118,425 | ||||||
Series D, 5.35%(b)(c)(d) |
10,208,000 | 9,745,940 | ||||||
Series M, 6.30%(c)(d) |
14,210,000 | 13,765,938 | ||||||
Series P, 5.95%(c)(d) |
16,262,000 | 15,603,560 | ||||||
Series V, 4.70%(c)(d) |
12,200,000 | 10,377,625 | ||||||
Series Y, 4.15%(c)(d) |
8,120,000 | 6,900,376 | ||||||
Citizens Financial Group, Inc., Series F, 5.65%(c)(d) |
3,330,000 | 3,342,910 | ||||||
CoBank, ACB, Series K, 6.45%(c)(d) |
3,200,000 | 3,265,632 | ||||||
Comerica, Inc., 5.63%(c)(d) |
3,357,000 | 3,373,214 | ||||||
Fifth Third Bancorp |
||||||||
Series H, 5.10%(c)(d) |
4,975,000 | 4,567,121 | ||||||
Series L, 4.50%(c)(d) |
2,890,000 | 2,751,212 | ||||||
Huntington Bancshares, Inc. |
||||||||
Series E, 5.70%(c)(d) |
4,129,000 | 3,710,939 | ||||||
Series F, 5.63%(c)(d) |
4,105,000 | 4,002,375 | ||||||
Series G, 4.45%(b)(c)(d) |
4,135,000 | 3,854,051 |
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
JPMorgan Chase & Co. |
||||||||
Series CC, 4.63%(b)(c)(d) |
$ | 10,225,000 | $ | 9,419,270 | ||||
Series FF, 5.00%(c)(d) |
18,356,000 | 16,990,772 | ||||||
Series HH, 4.60%(c)(d) |
24,450,000 | 21,552,675 | ||||||
Series II, 4.00%(b)(c)(d) |
12,217,000 | 10,473,023 | ||||||
Series KK, 3.65%(b)(c)(d) |
16,300,000 | 14,181,000 | ||||||
Series Q, 5.15%(c)(d) |
12,220,000 | 11,618,257 | ||||||
Series R, 6.00%(c)(d) |
12,215,000 | 11,977,418 | ||||||
Series S, 6.75%(c)(d) |
16,330,000 | 16,439,425 | ||||||
Series U, 6.13%(c)(d) |
8,103,000 | 7,976,991 | ||||||
Series V, 5.60% (3 mo. USD LIBOR + 3.32%)(d)(e) |
20,387,000 | 20,208,614 | ||||||
Series W, 3.91% (3 mo. USD LIBOR + 1.00%), 05/15/2047(e) |
3,794,000 | 2,987,775 | ||||||
Series X, 6.10%(c)(d) |
13,034,000 | 12,839,468 | ||||||
KeyCorp, Series D, 5.00%(c)(d) |
4,365,000 | 4,025,766 | ||||||
M&T Bank Corp. |
||||||||
3.50%(c)(d) |
4,150,000 | 3,344,296 | ||||||
Series E, 6.45%(c)(d) |
2,917,000 | 2,893,299 | ||||||
Series F, 5.13%(b)(c)(d) |
4,216,000 | 3,922,553 | ||||||
Series G, 5.00%(b)(c)(d) |
3,375,000 | 3,225,135 | ||||||
PNC Financial Services Group, Inc. (The) 6.20%(c)(d) |
9,675,000 | 9,553,095 | ||||||
Series O, 6.46% (3 mo. USD LIBOR + 3.68%)(d)(e) |
8,245,000 | 8,203,579 | ||||||
Series R, 4.85%(c)(d) |
4,145,000 | 3,841,507 | ||||||
Series S, 5.00%(c)(d) |
4,350,000 | 4,003,888 | ||||||
Series T, 3.40%(c)(d) |
12,180,000 | 9,871,890 | ||||||
Series U, 6.00%(c)(d) |
8,100,000 | 7,897,500 | ||||||
Regions Financial Corp., Series D, 5.75%(b)(c)(d) |
2,931,000 | 2,963,534 | ||||||
SVB Financial Group |
||||||||
4.10%(c)(d) |
6,250,000 | 4,722,360 | ||||||
Series C, 4.00%(c)(d) |
8,250,000 | 6,683,264 | ||||||
Series D, 4.25%(c)(d) |
8,250,000 | 6,593,509 | ||||||
Series E, 4.70%(c)(d) |
5,000,000 | 3,898,638 | ||||||
Truist Financial Corp. |
||||||||
Series A, 3.58% (3 mo. USD LIBOR + 0.67%), 05/15/2027(e) |
2,927,000 | 2,724,591 | ||||||
Series L, 4.93% (3 mo. USD LIBOR + 3.10%)(d)(e) |
6,225,000 | 5,856,278 | ||||||
Series M, 5.13%(c)(d) |
4,180,000 | 3,626,150 | ||||||
Series N, 4.80%(c)(d) |
13,900,000 | 12,947,128 | ||||||
Series P, 4.95%(c)(d) |
8,100,000 | 8,008,875 | ||||||
Series Q, 5.10%(c)(d) |
8,116,000 | 7,730,490 | ||||||
U.S. Bancorp |
||||||||
3.70%(c)(d) |
12,200,000 | 10,239,349 | ||||||
Series J, 5.30%(c)(d) |
8,280,000 | 7,389,900 | ||||||
United Overseas Bank Ltd. (Singapore), 3.88%(c)(d)(f) |
5,400,000 | 5,347,647 | ||||||
USB Capital IX, 3.53% (3 mo. USD LIBOR + 1.02%)(d)(e) |
5,630,000 | 4,301,589 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
107 |
|
Invesco Variable Rate Preferred ETF (VRP)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Banks-(continued) |
||||||||
Wells Fargo & Co. |
||||||||
Series BB, 3.90%(c)(d) |
$ | 28,585,000 | $ | 25,208,397 | ||||
Series S, 5.90%(c)(d) |
16,323,000 | 15,396,692 | ||||||
Series U, 5.88%(c)(d) |
16,246,000 | 16,204,925 | ||||||
|
|
|||||||
620,970,295 | ||||||||
|
|
|||||||
Capital Markets-6.94% |
||||||||
Bank of New York Mellon Corp. (The) |
||||||||
Series D, 4.50%(b)(c)(d) |
4,145,000 | 3,723,723 | ||||||
Series F, 4.63%(c)(d) |
8,286,000 | 7,643,338 | ||||||
Series H, 3.70%(c)(d) |
4,745,000 | 4,361,993 | ||||||
Series I, 3.75%(c)(d) |
10,600,000 | 8,956,152 | ||||||
Charles Schwab Corp. (The) |
||||||||
5.00%(c)(d) |
6,100,000 | 5,686,180 | ||||||
7.60% (3 mo. USD LIBOR + 4.82%)(b)(d)(e) |
3,255,000 | 3,256,169 | ||||||
Series E, 6.40% (3 mo. USD LIBOR + 3.32%)(b)(d)(e) |
4,910,000 | 4,860,232 | ||||||
Series F, 5.00%(c)(d) |
4,090,000 | 3,450,592 | ||||||
Series G, 5.38%(c)(d) |
20,325,000 | 20,299,594 | ||||||
Series I, 4.00%(c)(d) |
18,350,000 | 15,803,938 | ||||||
Goldman Sachs Capital II, 4.00%(3 mo. USD LIBOR + 0.77%)(b)(d)(e) |
6,184,000 | 4,869,900 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
Series O, 5.30%(b)(c)(d) |
5,305,000 | 5,132,059 | ||||||
Series Q, 5.50%(b)(c)(d) |
4,084,000 | 4,049,490 | ||||||
Series R, 4.95%(c)(d) |
4,800,000 | 4,525,313 | ||||||
Series S, 4.40%(b)(c)(d) |
2,800,000 | 2,482,200 | ||||||
Series T, 3.80%(c)(d) |
5,500,000 | 4,558,125 | ||||||
Series U, 3.65%(c)(d) |
6,100,000 | 4,959,300 | ||||||
Series V, 4.13%(c)(d) |
6,100,000 | 5,232,580 | ||||||
Mellon Capital IV, Series 1, 4.00% |
4,155,000 | 3,174,628 | ||||||
Morgan Stanley, Series M, |
3,318,000 | 3,304,673 | ||||||
Northern Trust Corp., Series D, |
4,145,000 | 3,840,683 | ||||||
State Street Corp. |
||||||||
2.83% (3 mo. USD LIBOR + 1.00%), 06/15/2047(e) |
4,223,000 | 3,248,036 | ||||||
Series H, 5.63%(b)(c)(d) |
4,140,000 | 3,860,550 | ||||||
|
|
|||||||
131,279,448 | ||||||||
|
|
|||||||
Consumer Finance-2.23% |
||||||||
Ally Financial, Inc. |
||||||||
Series B, 4.70%(c)(d) |
11,140,000 | 9,224,801 | ||||||
Series C, 4.70%(c)(d) |
8,120,000 | 6,328,175 | ||||||
American Express Co., 3.55%(c)(d) |
13,081,000 | 11,266,011 | ||||||
Capital One Financial Corp., Series M, 3.95%(b)(c)(d) |
8,292,000 | 7,062,802 | ||||||
Discover Financial Services |
||||||||
Series C, 5.50%(c)(d) |
4,780,000 | 4,137,272 | ||||||
Series D, 6.13%(c)(d) |
4,145,000 | 4,210,429 | ||||||
|
|
|||||||
42,229,490 | ||||||||
|
|
Principal Amount |
Value | |||||||
Diversified Financial Services-0.62% |
| |||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
4.75%, 04/30/2043(c) |
$ | 3,314,000 | $ | 3,082,861 | ||||
5.25%, 04/20/2046(c) |
2,878,000 | 2,680,400 | ||||||
Voya Financial, Inc., 5.65%, |
6,150,000 | 6,030,352 | ||||||
|
|
|||||||
11,793,613 | ||||||||
|
|
|||||||
Electric Utilities-4.23% |
| |||||||
American Electric Power Co., Inc., 3.88%, 02/15/2062(c) |
6,100,000 | 5,192,718 | ||||||
Duke Energy Corp. |
||||||||
3.25%, 01/15/2082(c) |
4,200,000 | 3,357,365 | ||||||
4.88%(c)(d) |
8,265,000 | 7,810,425 | ||||||
Edison International |
||||||||
Series A, 5.38%(c)(d) |
10,275,000 | 9,221,812 | ||||||
Series B, 5.00%(c)(d) |
6,200,000 | 5,334,011 | ||||||
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076(c) |
9,832,000 | 9,966,502 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
4.80%, 12/01/2077(c) |
4,545,000 | 3,782,380 | ||||||
5.65%, 05/01/2079(c) |
4,150,000 | 3,795,910 | ||||||
3.80%, 03/15/2082(c) |
4,955,000 | 4,174,785 | ||||||
PPL Capital Funding, Inc., Series A, 4.92% (3 mo. USD LIBOR + 2.67%), 03/30/2067(e) |
4,002,000 | 3,345,672 | ||||||
Southern California Edison Co., Series E, 6.98% (3 mo. USD LIBOR + 4.20%)(d)(e) . |
2,900,000 | 2,755,000 | ||||||
Southern Co. (The) |
||||||||
Series 21-A, 3.75%, 09/15/2051(c) |
8,250,000 | 7,156,875 | ||||||
Series B, 4.00%, 01/15/2051(c) |
10,294,000 | 9,557,361 | ||||||
Series B, 5.46% (3 mo. USD LIBOR + 3.63%), 03/15/2057(e) |
4,546,000 | 4,536,817 | ||||||
|
|
|||||||
79,987,633 | ||||||||
|
|
|||||||
Industrial Conglomerates-2.32% |
| |||||||
General Electric Co., Series D, 5.16% (3 mo. USD LIBOR + 3.33%)(d)(e) |
46,264,000 | 43,927,668 | ||||||
|
|
|||||||
Insurance-6.58% |
| |||||||
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(c) |
6,490,000 | 6,178,965 | ||||||
Allstate Corp. (The) |
||||||||
6.50%, 05/15/2057(c) |
4,100,000 | 4,177,215 | ||||||
Series B, 5.75%, 08/15/2053(c) |
6,619,000 | 6,081,206 | ||||||
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(c) |
6,154,000 | 5,845,887 | ||||||
Assurant, Inc., 7.00%, 03/27/2048(c) |
3,300,000 | 3,337,377 | ||||||
Lincoln National Corp. |
||||||||
5.30% (3 mo. USD LIBOR + 2.36%), 05/17/2066(e) |
4,640,000 | 3,675,808 | ||||||
4.75% (3 mo. USD LIBOR + 2.04%), 04/20/2067(e) |
3,610,000 | 2,713,002 | ||||||
Markel Corp., 6.00%(c)(d) |
5,000,000 | 4,982,634 | ||||||
MetLife, Inc., Series D, 5.88%(c)(d) |
4,190,000 | 4,111,195 | ||||||
Nationwide Financial Services, Inc., 6.75%, 05/15/2037 |
3,308,000 | 3,265,567 | ||||||
PartnerRe Finance B LLC, 4.50%, 10/01/2050(c) |
4,195,000 | 3,781,511 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
108 |
|
Invesco Variable Rate Preferred ETF (VRP)–(continued)
August 31, 2022
Principal Amount |
Value | |||||||
Insurance-(continued) |
||||||||
Principal Financial Group, Inc., 5.95% (3 mo. USD LIBOR + 3.04%), 05/15/2055(e) |
$ | 3,368,000 | $ | 3,152,465 | ||||
Progressive Corp. (The), Series B, 5.38%(c)(d) |
4,190,000 | 3,896,700 | ||||||
Prudential Financial, Inc. |
||||||||
5.88%, 09/15/2042(c) |
8,297,000 | 8,325,915 | ||||||
5.63%, 06/15/2043(c) |
12,303,000 | 12,273,227 | ||||||
5.20%, 03/15/2044(c) |
4,110,000 | 4,000,140 | ||||||
5.38%, 05/15/2045(c) |
8,197,000 | 8,066,316 | ||||||
4.50%, 09/15/2047(b)(c) |
6,225,000 | 5,859,672 | ||||||
5.70%, 09/15/2048(c) |
8,187,000 | 8,041,803 | ||||||
3.70%, 10/01/2050(c) |
6,648,000 | 5,774,087 | ||||||
5.13%, 03/01/2052(c) |
8,100,000 | 7,537,906 | ||||||
6.00%, 09/01/2052(c) |
9,400,000 | 9,321,526 | ||||||
|
|
|||||||
124,400,124 | ||||||||
|
|
|||||||
Machinery-0.30% |
||||||||
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(c) |
6,240,000 | 5,712,814 | ||||||
|
|
|||||||
Media-0.66% |
||||||||
Paramount Global |
||||||||
6.25%, 02/28/2057(c) |
5,376,000 | 4,972,800 | ||||||
6.38%, 03/30/2062(c) |
8,100,000 | 7,465,343 | ||||||
|
|
|||||||
12,438,143 | ||||||||
|
|
|||||||
Multi-Utilities-2.63% |
||||||||
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(c) |
6,218,000 | 5,393,587 | ||||||
CMS Energy Corp. |
||||||||
4.75%, 06/01/2050(c) |
4,175,000 | 3,841,000 | ||||||
3.75%, 12/01/2050(c) |
3,350,000 | 2,680,000 | ||||||
Dominion Energy, Inc. |
||||||||
Series A, 5.75%, 10/01/2054(c) |
5,651,000 | 5,434,339 | ||||||
Series B, 4.65%(c)(d) |
6,615,000 | 6,118,875 | ||||||
Series C, 4.35%(c)(d) |
6,245,000 | 5,687,891 | ||||||
NiSource, Inc., 5.65%(c)(d) |
3,300,000 | 3,085,500 | ||||||
Sempra Energy |
||||||||
4.13%, 04/01/2052(c) |
8,100,000 | 6,820,525 | ||||||
4.88%(c)(d) |
7,400,000 | 7,166,661 | ||||||
WEC Energy Group, Inc., 5.02% (3 mo. USD LIBOR + 2.11%), 05/15/2067(e) |
4,133,000 | 3,441,962 | ||||||
|
|
|||||||
49,670,340 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-9.14% |
|
|||||||
BP Capital Markets PLC (United Kingdom) |
||||||||
4.38%(c)(d) |
20,344,000 | 19,525,154 | ||||||
4.88%(c)(d) |
20,325,000 | 18,655,809 | ||||||
DCP Midstream L.P., Series A, |
4,200,000 | 4,189,500 | ||||||
Enbridge, Inc. (Canada) |
||||||||
5.50%, 07/15/2077(c) |
8,140,000 | 7,453,159 | ||||||
6.25%, 03/01/2078(c) |
6,968,000 | 6,596,145 | ||||||
Series 16-A, 6.00%, 01/15/2077(c) |
6,100,000 | 5,818,989 | ||||||
Series 20-A, Conv., 5.75%, 07/15/2080(c) |
8,162,000 | 7,685,913 |
Principal Amount |
Value | |||||||
Oil, Gas & Consumable Fuels-(continued) |
|
|||||||
Energy Transfer L.P. |
||||||||
5.80% (3 mo. USD LIBOR + 3.02%), 11/01/2066(e) |
$ | 4,436,000 | $ | 3,443,601 | ||||
Series A, 6.25%(c)(d) |
7,728,000 | 6,462,540 | ||||||
Series B, 6.63%(c)(d) |
4,500,000 | 3,649,040 | ||||||
Series F, 6.75%(c)(d) |
4,100,000 | 3,731,902 | ||||||
Series G, 7.13%(c)(d) |
8,925,000 | 8,143,627 | ||||||
Series H, 6.50%(c)(d) |
7,300,000 | 6,758,073 | ||||||
EnLink Midstream Partners L.P., Series C, 6.00%(c)(d) |
3,300,000 | 2,520,688 | ||||||
Enterprise Products Operating LLC |
||||||||
5.38%, 02/15/2078(c) |
5,801,000 | 4,775,754 | ||||||
Series D, 5.91% (3 mo. USD LIBOR + 2.99%), 08/16/2077(e) |
2,891,000 | 2,578,859 | ||||||
Series E, 5.25%, 08/16/2077(c) |
8,289,000 | 7,177,016 | ||||||
Plains All American Pipeline L.P., Series B, 6.13%(c)(d) |
6,578,000 | 5,605,459 | ||||||
TransCanada PipeLines Ltd. (Canada), 5.12% (3 mo. USD LIBOR + 2.21%), 05/15/2067(b)(e) |
8,258,000 | 6,595,830 | ||||||
Transcanada Trust (Canada) |
||||||||
5.63%, 05/20/2075(c) |
6,171,000 | 5,977,848 | ||||||
5.30%, 03/15/2077(c) |
12,205,000 | 11,320,260 | ||||||
5.50%, 09/15/2079(c) |
9,075,000 | 8,381,511 | ||||||
5.60%, 03/07/2082(c) |
6,650,000 | 6,169,633 | ||||||
Series 16-A, 5.88%, |
9,877,000 | 9,716,500 | ||||||
|
|
|||||||
172,932,810 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.30% |
|
|||||||
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(b)(c) |
6,240,000 | 5,661,061 | ||||||
|
|
|||||||
Wireless Telecommunication Services-1.73% |
|
|||||||
Vodafone Group PLC |
||||||||
7.00%, 04/04/2079(c) |
16,320,000 | 16,881,898 | ||||||
3.25%, 06/04/2081(c) |
4,150,000 | 3,596,716 | ||||||
4.13%, 06/04/2081(c) |
8,115,000 | 6,385,004 | ||||||
5.13%, 06/04/2081(c) |
7,900,000 | 5,766,416 | ||||||
|
|
|||||||
32,630,034 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
1,348,484,322 | ||||||
|
|
|||||||
Shares | ||||||||
Preferred Stocks-27.68% |
| |||||||
Banks-10.44% |
||||||||
Bank of America Corp. |
||||||||
Series 2, Pfd., 3.69% (3 mo. USD LIBOR + 0.65%)(b)(e) |
98,587 | 1,829,775 | ||||||
Series 4, Pfd., 4.00% (3 mo. USD LIBOR + 0.75%)(e) |
69,329 | 1,369,248 | ||||||
Series 5, Pfd., 4.00% (3 mo. USD LIBOR + 0.50%)(b)(e) |
139,019 | 2,766,478 | ||||||
Series E, Pfd., 4.00% (3 mo. USD LIBOR + 0.35%)(b)(e) |
104,597 | 2,050,101 | ||||||
Series K, Pfd., 6.45%(c) |
346,152 | 8,954,952 | ||||||
Series Z, Pfd., 6.50%(c) |
11,363,000 | 11,462,426 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
109 |
|
Invesco Variable Rate Preferred ETF (VRP)–(continued)
August 31, 2022
Shares | Value | |||||||
Banks-(continued) |
||||||||
Citigroup, Inc. |
||||||||
Series W, Pfd., 4.00%(c) |
12,250,000 | $ | 10,780,000 | |||||
Series U, Pfd., 5.00%(c) |
12,207,000 | 11,384,248 | ||||||
Series T, Pfd., 6.25%(c) |
12,207,000 | 12,145,355 | ||||||
Series K, Pfd., 6.88%(c) |
490,315 | 12,429,485 | ||||||
Series J, Pfd., 7.13%(c) |
313,198 | 8,046,057 | ||||||
Citizens Financial Group, Inc., Series D, Pfd., 6.35%(c) |
98,380 | 2,444,743 | ||||||
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%(b)(c) |
38,794 | 841,054 | ||||||
F.N.B. Corp., Pfd., 7.25%(b)(c) |
36,362 | 948,685 | ||||||
Fifth Third Bancorp, Series I, Pfd., |
147,578 | 3,782,424 | ||||||
First Horizon Corp., Series D, Pfd., |
33,515 | 827,485 | ||||||
JPMorgan Chase & Co., Series I, Pfd., 6.28% (3 mo. USD LIBOR + 3.47%)(e) |
23,941,000 | 23,826,160 | ||||||
KeyCorp |
||||||||
Series E, Pfd., 6.13%(c) |
164,831 | 4,198,246 | ||||||
Pfd., 6.20%(c) |
190,000 | 4,754,408 | ||||||
M&T Bank Corp., Series H, Pfd., 5.63%(c) |
81,981 | 2,167,578 | ||||||
PacWest Bancorp, Series A, Pfd., |
167,207 | 4,238,697 | ||||||
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.85% (3 mo. USD LIBOR + 4.07%)(e) |
491,955 | 12,407,105 | ||||||
Regions Financial Corp. |
||||||||
Series C, Pfd., 5.70%(c) |
164,831 | 3,819,134 | ||||||
Series B, Pfd., 6.38%(c) |
164,831 | 4,122,423 | ||||||
Synovus Financial Corp. |
||||||||
Series E, Pfd., 5.88%(c) |
114,780 | 2,751,277 | ||||||
Series D, Pfd., 6.30%(c) |
66,592 | 1,591,549 | ||||||
Truist Financial Corp., Series I, Pfd., 4.00% (3 mo. USD LIBOR + 0.53%)(b)(e) |
57,436 | 1,108,515 | ||||||
U.S. Bancorp |
||||||||
Series B, Pfd., 3.50% (3 mo. USD LIBOR + 0.60%)(b)(e) |
329,665 | 6,481,214 | ||||||
Series A, Pfd., 3.53% (3 mo. USD LIBOR + 1.02%)(e) |
4,730 | 3,522,005 | ||||||
Valley National Bancorp |
||||||||
Series B, Pfd., 5.50%(c) |
34,218 | 809,598 | ||||||
Series A, Pfd., 6.25%(c) |
38,850 | 953,379 | ||||||
Wells Fargo & Co. |
||||||||
Series Q, Pfd., 5.85%(c) |
565,753 | 13,583,730 | ||||||
Series R, Pfd., 6.63%(c) |
276,926 | 6,992,381 | ||||||
WesBanco, Inc., Series A, Pfd., |
50,194 | 1,314,581 | ||||||
Western Alliance Bancorporation, |
98,381 | 2,152,576 | ||||||
Wintrust Financial Corp. |
||||||||
Series D, Pfd., 6.50%(c) |
40,994 | 1,042,067 | ||||||
Series E, Pfd., 6.88%(c) |
94,281 | 2,437,164 | ||||||
Zions Bancorporation N.A., Series G, Pfd., 6.30%(c) |
45,604 | 1,149,221 | ||||||
|
|
|||||||
197,485,524 | ||||||||
|
|
|||||||
Capital Markets-5.94% |
||||||||
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(c) |
8,115,000 | 7,997,657 | ||||||
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(c) |
20,395,000 | 16,621,925 |
Shares | Value | |||||||
Capital Markets-(continued) |
||||||||
Goldman Sachs Group, Inc. (The) |
||||||||
Series A, Pfd., 3.75% (3 mo. USD LIBOR + 0.75%)(b)(e) |
245,956 | $ | 4,579,701 | |||||
Series C, Pfd., 4.00% (3 mo. USD LIBOR + 0.75%)(b)(e) |
67,701 | 1,303,921 | ||||||
Series D, Pfd., 4.00% (3 mo. USD LIBOR + 0.67%)(b)(e) |
445,046 | 8,535,982 | ||||||
Series P, Pfd., 5.00%(b)(c) |
12,135,000 | 11,393,832 | ||||||
Series J, Pfd., 5.50%(c) |
329,665 | 8,070,199 | ||||||
Series K, Pfd., 6.38%(c) |
229,576 | 5,794,498 | ||||||
Morgan Stanley |
||||||||
Series A, Pfd., 4.00% (3 mo. USD LIBOR + 0.70%)(b)(e) |
360,769 | 6,937,588 | ||||||
Series K, Pfd., 5.85%(b)(c) |
329,665 | 8,159,209 | ||||||
Series I, Pfd., 6.38%(c) |
329,665 | 8,396,567 | ||||||
Series F, Pfd., 6.88%(c) |
280,224 | 7,117,690 | ||||||
Series E, Pfd., 7.13%(c) |
284,345 | 7,270,702 | ||||||
State Street Corp. |
||||||||
Series G, Pfd., 5.35%(c) |
164,831 | 4,082,864 | ||||||
Series D, Pfd., 5.90%(c) |
247,250 | 6,107,075 | ||||||
|
|
|||||||
112,369,410 | ||||||||
|
|
|||||||
Diversified Financial Services-1.40% |
||||||||
Citigroup Capital XIII, Pfd., 9.18% (3 mo. USD LIBOR + 6.37%)(e) |
737,218 | 20,177,657 | ||||||
Equitable Holdings, Inc., Series B, Pfd., 4.95%(b)(c) |
4,150,000 | 4,047,508 | ||||||
Voya Financial, Inc., Series B, Pfd., |
98,380 | 2,327,671 | ||||||
|
|
|||||||
26,552,836 | ||||||||
|
|
|||||||
Electric Utilities-0.33% |
||||||||
SCE Trust III, Series H, Pfd., 5.75%(c) |
90,182 | 1,916,367 | ||||||
SCE Trust IV, Series J, Pfd., 5.38%(c) |
106,581 | 2,136,949 | ||||||
SCE Trust V, Series K, Pfd., 5.45%(c) |
98,381 | 2,164,382 | ||||||
|
|
|||||||
6,217,698 | ||||||||
|
|
|||||||
Food Products-0.41% |
||||||||
CHS, Inc. |
||||||||
Series 3, Pfd., 6.75%(b)(c) |
162,358 | 4,177,471 | ||||||
Series 2, Pfd., 7.10%(b)(c) |
137,737 | 3,563,256 | ||||||
|
|
|||||||
7,740,727 | ||||||||
|
|
|||||||
Insurance-2.58% |
||||||||
Allstate Corp. (The), Pfd., 5.10%(c) |
163,976 | 3,950,182 | ||||||
American Equity Investment Life Holding Co. |
||||||||
Series A, Pfd., 5.95%(c) |
131,179 | 3,059,094 | ||||||
Series B, Pfd., 6.63%(c) |
98,381 | 2,419,189 | ||||||
Argo Group International Holdings Ltd., Pfd., 7.00%(c) |
49,461 | 1,039,670 | ||||||
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)(c) |
90,182 | 2,030,899 | ||||||
Athene Holding Ltd. |
||||||||
Series A, Pfd., 6.35%(c) |
284,345 | 6,952,235 | ||||||
Series C, Pfd., 6.38%(c) |
197,808 | 5,075,753 | ||||||
Enstar Group Ltd., Series D, Pfd., |
131,178 | 3,162,702 | ||||||
Kemper Corp., Pfd., 5.88%(c) |
50,698 | 1,201,543 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
110 |
|
Invesco Variable Rate Preferred ETF (VRP)–(continued)
August 31, 2022
Shares | Value | |||||||
Insurance-(continued) |
||||||||
MetLife, Inc. |
||||||||
Series G, Pfd., 3.85%(c) |
8,120,000 | $ | 7,562,985 | |||||
Series A, Pfd., 4.17% (3 mo. USD LIBOR + 1.00%)(b)(e) |
197,808 | 4,070,889 | ||||||
Reinsurance Group of America, Inc. |
||||||||
Pfd., 5.75%(c) |
131,178 | 3,327,986 | ||||||
Pfd., 6.20%(c) |
131,178 | 3,283,385 | ||||||
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)(c) |
67,324 | 1,585,480 | ||||||
|
|
|||||||
48,721,992 | ||||||||
|
|
|||||||
Mortgage REITs-3.01% |
||||||||
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%(b)(c) |
39,355 | 877,223 | ||||||
AGNC Investment Corp. |
||||||||
Series F, Pfd., 6.13%(b)(c) |
189,564 | 4,068,043 | ||||||
Series E, Pfd., 6.50%(b)(c) |
132,681 | 2,949,499 | ||||||
Series D, Pfd., 6.88%(b)(c) |
77,489 | 1,677,637 | ||||||
Series C, Pfd., 7.00%(b)(c) |
107,131 | 2,612,925 | ||||||
Annaly Capital Management, Inc. |
||||||||
Series G, Pfd., 6.50%(b)(c) |
139,378 | 3,127,642 | ||||||
Series I, Pfd., 6.75%(b)(c) |
145,117 | 3,384,128 | ||||||
Series F, Pfd., 6.95%(b)(c) |
236,135 | 5,693,215 | ||||||
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%(b)(c) |
93,248 | 1,962,870 | ||||||
Chimera Investment Corp. |
||||||||
Series C, Pfd., 7.75%(b)(c) |
87,387 | 1,787,938 | ||||||
Series B, Pfd., 8.00%(b)(c) |
106,580 | 2,362,879 | ||||||
Series D, Pfd., 8.00%(b)(c) |
66,592 | 1,430,396 | ||||||
Dynex Capital, Inc., Series C, Pfd., 6.90%(c) |
36,556 | 830,918 | ||||||
Ellington Financial, Inc., Pfd., 6.75%(c) |
37,714 | 814,622 | ||||||
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%(b)(c) |
65,365 | 1,421,035 | ||||||
MFA Financial, Inc., Series C, Pfd., |
92,361 | 1,800,116 | ||||||
New York Mortgage Trust, Inc. |
||||||||
Series F, Pfd., 6.88%(b)(c) |
42,234 | 908,031 | ||||||
Series E, Pfd., 7.88%(b)(c) |
61,825 | 1,364,478 | ||||||
Series D, Pfd., 8.00%(b)(c) |
52,032 | 1,097,875 | ||||||
PennyMac Mortgage Investment Trust |
||||||||
Series B, Pfd., 8.00%(b)(c) |
64,931 | 1,568,733 | ||||||
Series A, Pfd., 8.13%(b)(c) |
37,714 | 896,839 | ||||||
Rithm Capital Corp. |
||||||||
Series C, Pfd., 6.38%(b)(c) |
131,998 | 2,577,921 | ||||||
Series D, Pfd., 7.00%(b)(c) |
152,499 | 3,321,428 | ||||||
Series B, Pfd., 7.13%(c) |
93,896 | 2,024,398 | ||||||
Series A, Pfd., 7.50%(c) |
50,915 | 1,108,929 | ||||||
Two Harbors Investment Corp. |
||||||||
Series C, Pfd., 7.25%(b)(c) |
98,051 | 2,073,779 | ||||||
Series B, Pfd., 7.63%(b)(c) |
95,559 | 2,051,652 | ||||||
Series A, Pfd., 8.13%(c) |
47,389 | 1,085,208 | ||||||
|
|
|||||||
56,880,357 | ||||||||
|
|
|||||||
Multi-Utilities-0.82% |
||||||||
Algonquin Power & Utilities Corp. |
||||||||
Series 19-A, Pfd., 6.20% (Canada)(c) |
115,370 | 2,798,876 | ||||||
Pfd., 6.88% (Canada)(c) |
95,559 | 2,367,952 |
Shares | Value | |||||||
Multi-Utilities-(continued) |
||||||||
CenterPoint Energy, Inc., Series A, Pfd., 6.13%(c) |
6,592,000 | $ | 6,137,231 | |||||
NiSource, Inc., Series B, Pfd., 6.50%(c) |
163,976 | 4,148,593 | ||||||
|
|
|||||||
15,452,652 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels-1.85% |
||||||||
Altera Infrastructure L.P., Series E, Pfd., 0.00% (United Kingdom)(g)(h) |
43,809 | 14,895 | ||||||
DCP Midstream L.P. |
||||||||
Series B, Pfd., 7.88%(c) |
53,160 | 1,326,342 | ||||||
Series C, Pfd., 7.95%(c) |
36,074 | 905,457 | ||||||
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c) |
197,808 | 4,858,165 | ||||||
Energy Transfer L.P. |
||||||||
Series C, Pfd., 7.38%(c) |
147,579 | 3,217,222 | ||||||
Series E, Pfd., 7.60%(c) |
263,737 | 6,184,633 | ||||||
Series D, Pfd., 7.63%(c) |
145,937 | 3,179,967 | ||||||
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)(c) |
47,904 | 1,225,092 | ||||||
NGL Energy Partners L.P., Series B, Pfd., 9.73% (3 mo. USD LIBOR + 7.21%)(e) |
103,735 | 1,198,139 | ||||||
NuStar Energy L.P. |
||||||||
Series B, Pfd., 7.65% (3 mo. USD LIBOR + 5.64%)(e) |
126,259 | 2,659,015 | ||||||
Series A, Pfd., 8.77% (3 mo. USD LIBOR + 6.77%)(e) |
74,678 | 1,730,289 | ||||||
Series C, Pfd., 9.00%(c) |
56,880 | 1,382,184 | ||||||
NuStar Logistics L.P., Pfd., 9.25% (3 mo. USD LIBOR + 6.73%)(e) |
131,999 | 3,280,175 | ||||||
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)(c) |
55,755 | 1,377,149 | ||||||
Tsakos Energy Navigation Ltd. |
||||||||
Series E, Pfd., 9.25% (Greece)(c) |
40,807 | 983,857 | ||||||
Series F, Pfd., 9.50% (Greece)(c) |
56,324 | 1,385,007 | ||||||
|
|
|||||||
34,907,588 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance-0.27% |
||||||||
Merchants Bancorp, Series B, Pfd., |
40,993 | 994,900 | ||||||
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c) |
169,777 | 4,157,839 | ||||||
|
|
|||||||
5,152,739 | ||||||||
|
|
|||||||
Trading Companies & Distributors-0.57% |
|
|||||||
Air Lease Corp., Series A, Pfd., 6.15%(c) |
81,982 | 1,947,892 | ||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
Series B, Pfd., 8.00%(c) |
41,358 | 974,808 | ||||||
Series A, Pfd., 8.25%(c) |
34,274 | 795,499 | ||||||
Series C, Pfd., 8.25%(c) |
35,607 | 840,681 | ||||||
Textainer Group Holdings Ltd., Pfd., 7.00% (China)(b)(c) |
49,194 | 1,232,802 | ||||||
WESCO International, Inc., Series A, Pfd., 10.63%(c) |
178,119 | 4,955,271 | ||||||
|
|
|||||||
10,746,953 | ||||||||
|
|
|||||||
Transportation Infrastructure-0.06% |
||||||||
Atlas Corp., Series I, Pfd., 8.00% |
49,461 | 1,142,549 | ||||||
|
|
|||||||
Total Preferred Stocks |
523,371,025 | |||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
111 |
|
Invesco Variable Rate Preferred ETF (VRP)–(continued)
August 31, 2022
Shares | Value | |||||||
Money Market Funds-0.04% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 2.22%(i)(j) |
874,550 | $ | 874,550 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,872,729,897 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
|
|||||||
Money Market Funds-4.65% |
|
|||||||
Invesco Private Government Fund, 2.29%(i)(j)(k) |
24,555,096 | 24,555,096 |
Investment Abbreviations: |
Conv. -Convertible |
LIBOR-London Interbank Offered Rate |
Pfd. -Preferred |
REIT -Real Estate Investment Trust |
USD -U.S. Dollar |
Shares | Value | |||||||
Money Market Funds-(continued) |
| |||||||
Invesco Private Prime Fund, |
63,387,852 | $ | 63,394,192 | |||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
87,949,288 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.67% |
|
1,960,679,185 | ||||||
OTHER ASSETS LESS LIABILITIES-(3.67)% |
|
(69,470,039 | ) | |||||
|
|
|||||||
NET ASSETS-100.00% |
$ | 1,891,209,146 | ||||||
|
|
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, 2022. |
(c) |
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(d) |
Perpetual bond with no specified maturity date. |
(e) |
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022. |
(f) |
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, 2022 represented less than 1% of the Fund’s Net Assets. |
(g) |
Security valued using significant unobservable inputs (Level 3). See Note 5. |
(h) |
Restructured security not accruing interest income. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets. |
(i) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022. |
Value August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value August 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class |
$ - | $213,492,273 | $(212,617,723 | ) | $ - | $ - | $ 874,550 | $ 19,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund |
26,043,680 | 188,668,815 | (190,157,399 | ) | - | - | 24,555,096 | 163,790 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund |
61,032,838 | 315,374,851 | (312,982,002 | ) | 3,039 | (34,534 | ) | 63,394,192 | 468,150 | * | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total |
$87,076,518 | $717,535,939 | $(715,757,124 | ) | $3,039 | $(34,534 | ) | $88,823,838 | $651,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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. |
(j) |
The rate shown is the 7-day SEC standardized yield as of August 31, 2022. |
(k) |
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
112 |
|
Invesco VRDO Tax-Free ETF (PVI)
August 31, 2022
Schedule of Investments
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
Municipal Obligations-98.76% |
||||||||||||||||
California-20.17% |
||||||||||||||||
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b) |
1.20 | % | 04/01/2053 | $ | 1,500 | $ | 1,500,000 | |||||||||
California (State of) Health Facilities Financing Authority (Dignity Health), Series 2011 B, VRD RB, (LOC - Bank of Montreal)(a)(b) |
1.35 | % | 03/01/2047 | 2,400 | 2,400,000 | |||||||||||
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-7, Ref. VRD RB(a) |
1.20 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)(a)(b) |
1.40 | % | 09/01/2033 | 1,000 | 1,000,000 | |||||||||||
Riverside (City of), CA, Series 2008 A, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b) |
1.20 | % | 10/01/2029 | 1,300 | 1,300,000 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2008 B, VRD RB(a) |
1.29 | % | 04/01/2038 | 1,300 | 1,300,000 | |||||||||||
San Diego (County of), CA Regional Transportation Commission, Series 2008 C, VRD RB(a) |
1.25 | % | 04/01/2038 | 1,500 | 1,500,000 | |||||||||||
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b) |
1.30 | % | 04/01/2039 | 1,800 | 1,800,000 | |||||||||||
|
|
|||||||||||||||
12,800,000 | ||||||||||||||||
|
|
|||||||||||||||
Connecticut-1.89% |
||||||||||||||||
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a) |
1.44 | % | 11/15/2050 | 1,200 | 1,200,000 | |||||||||||
|
|
|||||||||||||||
District of Columbia-3.78% |
||||||||||||||||
District of Columbia, Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b) |
1.47 | % | 08/15/2038 | 1,100 | 1,100,000 | |||||||||||
District of Columbia (Georgetown University), Series 2007 B-2, Ref. VRD RB, (LOC - Bank of America, N.A.)(a)(b) |
1.49 | % | 04/01/2041 | 1,300 | 1,300,000 | |||||||||||
|
|
|||||||||||||||
2,400,000 | ||||||||||||||||
|
|
|||||||||||||||
Florida-4.73% |
||||||||||||||||
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b) |
1.47 | % | 09/01/2035 | 1,500 | 1,500,000 | |||||||||||
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c) |
1.50 | % | 10/01/2038 | 1,500 | 1,500,000 | |||||||||||
|
|
|||||||||||||||
3,000,000 | ||||||||||||||||
|
|
|||||||||||||||
Illinois-3.78% |
||||||||||||||||
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 C, VRD RB, (LOC - Barclays Bank PLC)(a)(b) |
1.47 | % | 08/15/2052 | 2,400 | 2,400,000 | |||||||||||
|
|
|||||||||||||||
Indiana-3.78% |
||||||||||||||||
Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing), Series 2008, VRD RB, (CEP - FNMA)(a)(b) |
1.62 | % | 05/15/2038 | 2,400 | 2,400,000 | |||||||||||
|
|
|||||||||||||||
Louisiana-3.62% |
||||||||||||||||
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b) |
1.63 | % | 09/01/2033 | 2,000 | 2,000,000 | |||||||||||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B2, Ref. VRD RB, (LOC - Bank of New York Mellon)(a)(b) |
1.43 | % | 07/01/2047 | 300 | 300,000 | |||||||||||
|
|
|||||||||||||||
2,300,000 | ||||||||||||||||
|
|
|||||||||||||||
Maryland-3.31% |
||||||||||||||||
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB(a) |
1.47 | % | 06/01/2023 | 2,100 | 2,100,000 | |||||||||||
|
|
|||||||||||||||
Minnesota-2.36% |
||||||||||||||||
Rochester (City of), MN (Mayo Clinic), Series 2008 B, VRD RB(a) |
1.50 | % | 11/15/2038 | 1,500 | 1,500,000 | |||||||||||
|
|
|||||||||||||||
Missouri-4.10% |
||||||||||||||||
Kansas City (City of), MO (H Roe Bartle), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b) |
1.49 | % | 04/15/2025 | 300 | 300,000 | |||||||||||
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB(a) |
1.46 | % | 05/15/2038 | 2,300 | 2,300,000 | |||||||||||
|
|
|||||||||||||||
2,600,000 | ||||||||||||||||
|
|
|||||||||||||||
Nevada-1.65% |
||||||||||||||||
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC - Bank of America, N.A.)(a)(b) |
1.50 | % | 07/01/2029 | 1,050 | 1,050,000 | |||||||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
113 |
|
Invesco VRDO Tax-Free ETF (PVI)–(continued)
August 31, 2022
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
New York-19.70% |
||||||||||||||||
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a) |
1.46 | % | 11/01/2038 | $ | 1,800 | $ | 1,800,000 | |||||||||
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b) |
1.48 | % | 04/01/2045 | 2,300 | 2,300,000 | |||||||||||
Geneva (City of), NY Industrial Development Agency, Series 2008, VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b) |
1.52 | % | 12/01/2037 | 2,400 | 2,400,000 | |||||||||||
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b) |
1.48 | % | 11/01/2026 | 2,000 | 2,000,000 | |||||||||||
New York (City of), NY, Series 2009 CC, VRD RB(a) |
1.48 | % | 06/15/2041 | 2,000 | 2,000,000 | |||||||||||
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a) |
0.80 | % | 08/01/2044 | 1,000 | 1,000,000 | |||||||||||
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)(a)(b) |
1.52 | % | 11/01/2044 | 1,000 | 1,000,000 | |||||||||||
|
|
|||||||||||||||
12,500,000 | ||||||||||||||||
|
|
|||||||||||||||
North Carolina-3.94% |
||||||||||||||||
Charlotte (City of), NC, Series 2006 B, VRD RB(a) |
1.48 | % | 07/01/2036 | 100 | 100,000 | |||||||||||
North Carolina (State of) Medical Care Commission (Novant
Health Obligated Group), |
1.55 | % | 11/01/2034 | 2,400 | 2,400,000 | |||||||||||
|
|
|||||||||||||||
2,500,000 | ||||||||||||||||
|
|
|||||||||||||||
Ohio-1.97% |
||||||||||||||||
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB(a) |
1.47 | % | 11/15/2041 | 1,250 | 1,250,000 | |||||||||||
|
|
|||||||||||||||
Pennsylvania-3.78% |
||||||||||||||||
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c) |
1.66 | % | 12/01/2028 | 2,400 | 2,400,000 | |||||||||||
|
|
|||||||||||||||
Tennessee-1.02% |
||||||||||||||||
Sevier (County of), TN Public Building Authority (The), Series 2010 D-1, VRD RB, (LOC - Bank of America, N.A.)(a)(b) |
1.52 | % | 06/01/2026 | 645 | 645,000 | |||||||||||
|
|
|||||||||||||||
Texas-11.71% |
||||||||||||||||
Austin (City of), TX, Series 2008, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b) |
1.54 | % | 05/15/2031 | 1,630 | 1,630,000 | |||||||||||
Board of Regents of the University of Texas System, Series 2008 B, VRD RB(a) |
1.50 | % | 08/01/2025 | 300 | 300,000 | |||||||||||
Houston (City of), TX, Series 2012 A, Ref. VRD RB(a) |
1.50 | % | 05/15/2034 | 2,000 | 2,000,000 | |||||||||||
Pasadena Independent School District, Series 2005 B, VRD GO Bonds, (INS - AGM)(a)(c) |
1.50 | % | 02/01/2035 | 2,000 | 2,000,000 | |||||||||||
Texas (State of), Series 2015 B, VRD GO Bonds(a) |
1.57 | % | 06/01/2046 | 1,505 | 1,505,000 | |||||||||||
|
|
|||||||||||||||
7,435,000 | ||||||||||||||||
|
|
|||||||||||||||
Washington-3.15% |
||||||||||||||||
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(a) |
1.50 | % | 07/01/2032 | 2,000 | 2,000,000 | |||||||||||
|
|
|||||||||||||||
Wisconsin-0.32% |
||||||||||||||||
Wisconsin (State of) Health & Educational
Facilities Authority (Aspirus Wausau Hospital), |
1.50 | % | 08/15/2034 | 200 | 200,000 | |||||||||||
|
|
|||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(d) -98.76% |
62,680,000 | |||||||||||||||
OTHER ASSETS LESS LIABILITIES-1.24% |
789,183 | |||||||||||||||
|
|
|||||||||||||||
NET ASSETS-100.00% |
$ | 63,469,183 | ||||||||||||||
|
|
Investment Abbreviations:
AGC -Assured Guaranty Corp.
AGM -Assured Guaranty Municipal Corp.
CEP -Credit Enhancement Provider
FNMA -Federal National Mortgage Association
GO -General Obligation
INS -Insurer
LOC -Letter of Credit
RB -Revenue Bonds
Ref. -Refunding
VRD -Variable Rate Demand
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
114 |
|
Invesco VRDO Tax-Free ETF (PVI)–(continued)
August 31, 2022
Notes to Schedule of Investments:
(a) |
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2022. |
(b) |
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(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 | |||
TD Bank, N.A. |
9.25% | |||
Barclays Bank PLC |
8.50% | |||
JPMorgan Chase Bank N.A. |
7.34% | |||
Assured Guaranty Municipal Corp. |
7.02% |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
115 |
|
Statements of Assets and Liabilities
August 31, 2022
Invesco 1-30 Laddered Treasury ETF (PLW) |
Invesco California AMT-Free Municipal Bond ETF (PWZ) |
Invesco CEF Income Composite ETF (PCEF) |
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | |||||||||||||||||||||
Assets: |
|||||||||||||||||||||||||
Unaffiliated investments in securities, at value(a) |
$ | 524,175,342 | $ | 558,873,001 | $ | 717,408,591 | $ | 731,599,320 | $ | 29,082,870 | |||||||||||||||
Affiliated investments in securities, at value |
5,427,151 | - | 37,930,119 | 208,867,607 | 5,147,311 | ||||||||||||||||||||
Cash |
1,543 | 2,636,891 | - | - | - | ||||||||||||||||||||
Deposits with brokers: |
|||||||||||||||||||||||||
Cash segregated as collateral |
311,797 | - | - | - | - | ||||||||||||||||||||
Receivable for: |
|||||||||||||||||||||||||
Dividends and interest |
872,567 | 5,407,462 | 1,470,874 | 10,772,866 | 293,851 | ||||||||||||||||||||
Securities lending |
2,697 | - | 436,737 | 121,078 | 777 | ||||||||||||||||||||
Investments sold |
- | 3,528,111 | - | 7,006,698 | 450,203 | ||||||||||||||||||||
Fund shares sold |
57,019 | - | - | - | - | ||||||||||||||||||||
Foreign tax reclaims |
- | - | - | - | - | ||||||||||||||||||||
Other assets |
- | - | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total assets |
530,848,116 | 570,445,465 | 757,246,321 | 958,367,569 | 34,975,012 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Liabilities: |
|||||||||||||||||||||||||
Due to custodian |
- | - | 1,315,292 | 151,577 | 45 | ||||||||||||||||||||
Payable for: |
|||||||||||||||||||||||||
Investments purchased |
57,018 | - | - | 1,392,669 | 453,734 | ||||||||||||||||||||
Collateral upon return of securities loaned |
5,380,587 | - | 27,751,132 | 208,856,683 | 5,146,594 | ||||||||||||||||||||
Collateral upon receipt of securities in-kind |
311,797 | - | - | - | - | ||||||||||||||||||||
Fund shares repurchased |
- | 3,648,003 | - | 5,150,737 | - | ||||||||||||||||||||
Accrued unitary management fees |
112,145 | 140,949 | 320,871 | 334,639 | 5,567 | ||||||||||||||||||||
Accrued expenses |
- | - | - | 643 | - | ||||||||||||||||||||
Accrued tax expenses |
- | - | - | 137 | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total liabilities |
5,861,547 | 3,788,952 | 29,387,295 | 215,887,085 | 5,605,940 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Assets |
$ | 524,986,569 | $ | 566,656,513 | $ | 727,859,026 | $ | 742,480,484 | $ | 29,369,072 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net assets consist of: |
|||||||||||||||||||||||||
Shares of beneficial interest |
$ | 596,263,544 | $ | 609,816,071 | $ | 844,699,005 | $ | 868,129,005 | $ | 32,210,361 | |||||||||||||||
Distributable earnings (loss) |
(71,276,975 | ) | (43,159,558 | ) | (116,839,979 | ) | (125,648,521 | ) | (2,841,289 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Assets |
$ | 524,986,569 | $ | 566,656,513 | $ | 727,859,026 | $ | 742,480,484 | $ | 29,369,072 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Shares outstanding (unlimited amount authorized, $0.01 par value) |
17,070,000 | 23,300,000 | 37,060,000 | 43,300,000 | 1,250,000 | ||||||||||||||||||||
Net asset value |
$ | 30.75 | $ | 24.32 | $ | 19.64 | $ | 17.15 | $ | 23.50 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market price |
$ | 30.65 | $ | 24.23 | $ | 19.63 | $ | 17.07 | $ | 23.43 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Unaffiliated investments in securities, at cost |
$ | 593,587,821 | $ | 601,727,339 | $ | 782,976,789 | $ | 813,525,851 | $ | 31,765,970 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Affiliated investments in securities, at cost |
$ | 5,427,066 | $ | - | $ | 37,962,238 | $ | 208,856,683 | $ | 5,147,016 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(a) Includes securities on loan with an aggregate value of: |
$ | 5,255,204 | $ | - | $ | 26,962,018 | $ | 200,076,969 | $ | 4,888,070 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
116 |
|
Invesco National AMT-Free Municipal Bond ETF (PZA) |
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
Invesco Preferred ETF (PGX) |
Invesco Taxable Municipal Bond ETF (BAB) |
Invesco Treasury Collateral ETF (CLTL) |
Invesco Variable Rate Preferred ETF (VRP) |
Invesco VRDO Tax- Free ETF (PVI) | |||||||||||||||||||||||||||
$ | 1,964,025,982 | $ | 111,927,960 | $ | 5,408,537,951 | $ | 1,816,966,071 | $ | 827,127,929 | $ | 1,871,855,347 | $ | 62,680,000 | ||||||||||||||||||||
- | - | 182,592,620 | 29,365,372 | 112,449 | 88,823,838 | - | |||||||||||||||||||||||||||
12,085,514 | 1,947,060 | - | - | - | 19,634 | 716,144 | |||||||||||||||||||||||||||
- | - | 6,639 | - | - | 97,906 | - | |||||||||||||||||||||||||||
21,373,451 | 1,290,900 | 37,444,758 | 18,963,992 | 776,547 | 22,554,254 | 86,430 | |||||||||||||||||||||||||||
- | - | 745,701 | - | - | 142,723 | - | |||||||||||||||||||||||||||
11,649,806 | - | 84,930,999 | 3,919,799 | 195,613,081 | 18,574,233 | - | |||||||||||||||||||||||||||
- | - | 1,236,878 | - | - | 93,257 | - | |||||||||||||||||||||||||||
- | - | 5,103 | - | - | - | - | |||||||||||||||||||||||||||
- | - | 375 | - | - | - | 84 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
2,009,134,753 | 115,165,920 | 5,715,501,024 | 1,869,215,234 | 1,023,630,006 | 2,002,161,192 | 63,482,658 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
- | - | 15,134,826 | - | - | - | - | |||||||||||||||||||||||||||
15,271,850 | - | 72,871,222 | 28,000,000 | 198,709,242 | 22,084,490 | - | |||||||||||||||||||||||||||
- | - | 182,582,554 | - | - | 87,946,248 | - | |||||||||||||||||||||||||||
- | - | 6,639 | - | - | 97,906 | - | |||||||||||||||||||||||||||
9,447,740 | - | 14,860,258 | 4,110,756 | - | - | - | |||||||||||||||||||||||||||
489,004 | 27,288 | 2,428,526 | 438,424 | 58,465 | 818,683 | 13,475 | |||||||||||||||||||||||||||
- | - | - | - | - | 4,139 | - | |||||||||||||||||||||||||||
- | - | - | - | - | 580 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
25,208,594 | 27,288 | 287,884,025 | 32,549,180 | 198,767,707 | 110,952,046 | 13,475 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 1,983,926,159 | $ | 115,138,632 | $ | 5,427,616,999 | $ | 1,836,666,054 | $ | 824,862,299 | $ | 1,891,209,146 | $ | 63,469,183 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 2,195,616,008 | $ | 125,848,923 | $ | 6,699,715,920 | $ | 2,057,953,542 | $ | 825,915,945 | $ | 2,136,721,273 | $ | 63,436,377 | ||||||||||||||||||||
(211,689,849 | ) | (10,710,291 | ) | (1,272,098,921 | ) | (221,287,488 | ) | (1,053,646 | ) | (245,512,127 | ) | 32,806 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 1,983,926,159 | $ | 115,138,632 | $ | 5,427,616,999 | $ | 1,836,666,054 | $ | 824,862,299 | $ | 1,891,209,146 | $ | 63,469,183 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
85,150,000 | 5,150,000 | 438,800,000 | 67,350,000 | 7,820,001 | 82,600,000 | 2,550,000 | |||||||||||||||||||||||||||
$ | 23.30 | $ | 22.36 | $ | 12.37 | $ | 27.27 | $ | 105.48 | $ | 22.90 | $ | 24.89 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 23.26 | $ | 22.36 | $ | 12.37 | $ | 27.24 | $ | 105.51 | $ | 22.86 | $ | 24.89 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | 2,166,548,201 | $ | 122,535,614 | $ | 6,430,571,937 | $ | 2,031,144,564 | $ | 828,338,090 | $ | 2,067,906,029 | $ | 62,680,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | - | $ | - | $ | 182,582,554 | $ | 29,365,372 | $ | 112,449 | $ | 88,820,798 | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | - | $ | - | $ | 175,469,521 | $ | - | $ | - | $ | 84,784,999 | $ | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117 |
|
For the year ended August 31, 2022
Invesco 1-30 Laddered Treasury ETF (PLW) |
Invesco California AMT-Free Municipal Bond ETF (PWZ) |
Invesco CEF Income Composite ETF (PCEF) |
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | |||||||||||||||||||||
Investment income: |
|||||||||||||||||||||||||
Unaffiliated interest income |
$ | 8,021,001 | $ | 14,811,340 | $ | - | $ | 31,753,027 | $ | 988,453 | |||||||||||||||
Unaffiliated dividend income |
- | - | 43,085,512 | - | - | ||||||||||||||||||||
Affiliated dividend income |
1,653 | - | 822,880 | 20,293 | 310 | ||||||||||||||||||||
Securities lending income, net |
36,886 | - | 2,986,769 | 848,263 | 7,589 | ||||||||||||||||||||
Foreign withholding tax |
- | - | - | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total investment income |
8,059,540 | 14,811,340 | 46,895,161 | 32,621,583 | 996,352 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Expenses: |
|||||||||||||||||||||||||
Unitary management fees |
1,106,980 | 1,637,753 | 4,241,535 | 4,309,043 | 89,327 | ||||||||||||||||||||
Tax expenses |
71 | 69 | - | 647 | 132 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total expenses |
1,107,051 | 1,637,822 | 4,241,535 | 4,309,690 | 89,459 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Less: Waivers |
(128 | ) | - | (160 | ) | (1,444 | ) | (32 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net expenses |
1,106,923 | 1,637,822 | 4,241,375 | 4,308,246 | 89,427 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income |
6,952,617 | 13,173,518 | 42,653,786 | 28,313,337 | 906,925 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Realized and unrealized gain (loss) from: |
|||||||||||||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||||||||
Unaffiliated investment securities |
(2,660,974 | ) | 11,305 | 1,929,564 | (4,830,051 | ) | (119,067 | ) | |||||||||||||||||
Affiliated investment securities |
(18,111 | ) | - | 49,832 | (79,751 | ) | (2,208 | ) | |||||||||||||||||
Unaffiliated in-kind redemptions |
(1,327,698 | ) | (7,223,722 | ) | 17,623,999 | (1,124,893 | ) | (287,863 | ) | ||||||||||||||||
Affiliated in-kind redemptions |
- | - | 118,508 | - | - | ||||||||||||||||||||
Distributions of underlying fund shares |
- | - | 2,254,498 | - | - | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net realized gain (loss) |
(4,006,783 | ) | (7,212,417 | ) | 21,976,401 | (6,034,695 | ) | (409,138 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Change in net unrealized appreciation (depreciation) of: |
|||||||||||||||||||||||||
Unaffiliated investment securities |
(76,527,457 | ) | (77,560,004 | ) | (196,992,012 | ) | (110,404,737 | ) | (4,828,132 | ) | |||||||||||||||
Affiliated investment securities |
85 | - | (1,748,535 | ) | 10,922 | 295 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Change in net unrealized appreciation (depreciation) |
(76,527,372 | ) | (77,560,004 | ) | (198,740,547 | ) | (110,393,815 | ) | (4,827,837 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net realized and unrealized gain (loss) |
(80,534,155 | ) | (84,772,421 | ) | (176,764,146 | ) | (116,428,510 | ) | (5,236,975 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (73,581,538 | ) | $ | (71,598,903 | ) | $ | (134,110,360 | ) | $ | (88,115,173 | ) | $ | (4,330,050 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
118 |
|
Invesco National AMT-Free |
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
Invesco Preferred ETF (PGX) |
Invesco Taxable Municipal Bond ETF (BAB) |
Invesco Treasury Collateral ETF (CLTL) |
Invesco Variable Rate Preferred ETF (VRP) |
Invesco VRDO Tax- Free ETF (PVI) | |||||||||||||||||||||||||||
$ | 62,239,281 | $ | 2,997,112 | $ | - | $ | 65,417,625 | $ | 3,930,860 | $ | 66,262,330 | $ | 252,524 | ||||||||||||||||||||
- | - | 358,117,194 | - | - | 24,899,606 | - | |||||||||||||||||||||||||||
- | - | 96,818 | 84,061 | 749 | 19,289 | - | |||||||||||||||||||||||||||
- | - | 5,949,663 | - | - | 1,881,007 | - | |||||||||||||||||||||||||||
- | - | (104,818 | ) | - | - | - | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
62,239,281 | 2,997,112 | 364,058,857 | 65,501,686 | 3,931,609 | 93,062,232 | 252,524 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
6,460,156 | 316,675 | 33,041,418 | 6,002,972 | 565,124 | 9,876,152 | 134,505 | |||||||||||||||||||||||||||
108 | - | 75 | - | - | 714 | 85 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
6,460,264 | 316,675 | 33,041,493 | 6,002,972 | 565,124 | 9,876,866 | 134,590 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
- | - | (7,244 | ) | (5,640 | ) | (36 | ) | (1,704 | ) | - | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
6,460,264 | 316,675 | 33,034,249 | 5,997,332 | 565,088 | 9,875,162 | 134,590 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
55,779,017 | 2,680,437 | 331,024,608 | 59,504,354 | 3,366,521 | 83,187,070 | 117,934 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(183,780 | ) | (114,631 | ) | (28,909,053 | ) | (2,056,482 | ) | (538,374 | ) | (7,917,311 | ) | - | |||||||||||||||||||||
- | - | (43,340 | ) | - | - | (34,534 | ) | - | |||||||||||||||||||||||||
(5,384,744 | ) | 383,644 | (58,622,535 | ) | (35,979,749 | ) | (26,943 | ) | (5,904,120 | ) | - | ||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
- | - | - | - | - | - | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(5,568,524 | ) | 269,013 | (87,574,928 | ) | (38,036,231 | ) | (565,317 | ) | (13,855,965 | ) | - | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(348,902,790 | ) | (17,648,223 | ) | (1,250,676,704 | ) | (401,150,677 | ) | (1,220,760 | ) | (255,371,125 | ) | - | |||||||||||||||||||||
- | - | 10,065 | - | - | 3,039 | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(348,902,790 | ) | (17,648,223 | ) | (1,250,666,639 | ) | (401,150,677 | ) | (1,220,760 | ) | (255,368,086 | ) | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(354,471,314 | ) | (17,379,210 | ) | (1,338,241,567 | ) | (439,186,908 | ) | (1,786,077 | ) | (269,224,051 | ) | - | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
$ | (298,692,297 | ) | $ | (14,698,773 | ) | $ | (1,007,216,959 | ) | $ | (379,682,554 | ) | $ | 1,580,444 | $ | (186,036,981 | ) | $ | 117,934 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119 |
|
Statements of Changes in Net Assets
For the years ended August 31, 2022 and 2021
Invesco 1-30 Laddered Treasury ETF (PLW) |
Invesco California
AMT-Free Municipal Bond ETF (PWZ) |
|||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: |
||||||||||||||||||||
Net investment income |
$ | 6,952,617 | $ | 2,790,614 | $ | 13,173,518 | $ | 11,100,900 | ||||||||||||
Net realized gain (loss) |
(4,006,783 | ) | (1,694,506 | ) | (7,212,417 | ) | 1,527,065 | |||||||||||||
Change in net unrealized appreciation (depreciation) |
(76,527,372 | ) | 7,884,570 | (77,560,004 | ) | 5,397,337 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(73,581,538 | ) | 8,980,678 | (71,598,903 | ) | 18,025,302 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Distributions to Shareholders from: |
||||||||||||||||||||
Distributable earnings |
(6,811,810 | ) | (2,682,466 | ) | (13,116,870 | ) | (11,220,195 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shareholder Transactions: |
||||||||||||||||||||
Proceeds from shares sold |
292,247,963 | 353,892,212 | 316,170,686 | 72,527,679 | ||||||||||||||||
Value of shares repurchased |
(101,702,826 | ) | (149,258,739 | ) | (184,993,863 | ) | (11,222,042 | ) | ||||||||||||
Transaction fees |
- | - | 167,164 | - | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from share transactions |
190,545,137 | 204,633,473 | 131,343,987 | 61,305,637 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets |
110,151,789 | 210,931,685 | 46,628,214 | 68,110,744 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net assets: |
||||||||||||||||||||
Beginning of year |
414,834,780 | 203,903,095 | 520,028,299 | 451,917,555 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 524,986,569 | $ | 414,834,780 | $ | 566,656,513 | $ | 520,028,299 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Changes in Shares Outstanding: |
||||||||||||||||||||
Shares sold |
8,920,000 | 9,960,000 | 12,100,000 | 2,600,000 | ||||||||||||||||
Shares repurchased |
(3,050,000 | ) | (3,960,000 | ) | (7,350,000 | ) | (400,000 | ) | ||||||||||||
Shares outstanding, beginning of year |
11,200,000 | 5,200,000 | 18,550,000 | 16,350,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Shares outstanding, end of year |
17,070,000 | 11,200,000 | 23,300,000 | 18,550,000 | ||||||||||||||||
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
120 |
|
Invesco CEF Income Composite ETF (PCEF) |
Invesco Fundamental High Yield® Corporate Bond (PHB) |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) |
Invesco National
AMT-Free Municipal Bond ETF (PZA) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 42,653,786 | $ | 35,658,328 | $ | 28,313,337 | $ | 28,236,350 | $ | 906,925 | $ | 1,205,417 | $ | 55,779,017 | $ | 54,382,367 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
21,976,401 | 1,722,711 | (6,034,695 | ) | 23,039,225 | (409,138 | ) | 1,357,944 | (5,568,524 | ) | 13,679,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(198,740,547 | ) | 154,563,311 | (110,393,815 | ) | 8,186,363 | (4,827,837 | ) | (1,886,306 | ) | (348,902,790 | ) | 17,827,087 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
(134,110,360 | ) | 191,944,350 | (88,115,173 | ) | 59,461,938 | (4,330,050 | ) | 677,055 | (298,692,297 | ) | 85,888,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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(61,183,888 | ) | (59,175,022 | ) | (27,650,176 | ) | (28,762,385 | ) | (1,402,413 | ) | (1,429,402 | ) | (55,215,531 | ) | (55,254,764 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||
111,602,774 | 121,889,954 | 437,180,445 | 433,207,647 | - | 2,726,112 | 292,331,443 | 398,255,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(144,003,993 | ) | (55,211,235 | ) | (413,569,379 | ) | (387,083,174 | ) | (17,604,857 | ) | (12,297,046 | ) | (424,957,734 | ) | (635,680,642 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
- | - | - | - | - | - | 91,939 | 6,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(32,401,219 | ) | 66,678,719 | 23,611,066 | 46,124,473 | (17,604,857 | ) | (9,570,934 | ) | (132,534,352 | ) | (237,418,796 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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(227,695,467 | ) | 199,448,047 | (92,154,283 | ) | 76,824,026 | (23,337,320 | ) | (10,323,281 | ) | (486,442,180 | ) | (206,784,935 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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955,554,493 | 756,106,446 | 834,634,767 | 757,810,741 | 52,706,392 | 63,029,673 | 2,470,368,339 | 2,677,153,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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$ | 727,859,026 | $ | 955,554,493 | $ | 742,480,484 | $ | 834,634,767 | $ | 29,369,072 | $ | 52,706,392 | $ | 1,983,926,159 | $ | 2,470,368,339 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||||||||||||||
4,940,000 | 5,160,000 | 23,200,000 | 22,600,000 | - | 100,000 | 11,400,000 | 14,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6,710,000 | ) | (2,480,000 | ) | (22,500,000 | ) | (20,100,000 | ) | (700,000 | ) | (450,000 | ) | (17,100,000 | ) | (23,950,000 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
38,830,000 | 36,150,000 | 42,600,000 | 40,100,000 | 1,950,000 | 2,300,000 | 90,850,000 | 100,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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37,060,000 | 38,830,000 | 43,300,000 | 42,600,000 | 1,250,000 | 1,950,000 | 85,150,000 | 90,850,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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121 |
|
Statements of Changes in Net Assets–(continued)
For the years ended August 31, 2022 and 2021
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
Invesco Preferred ETF (PGX) |
|||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Operations: |
||||||||||||||||||||
Net investment income (loss) |
$ | 2,680,437 | $ | 2,610,885 | $ | 331,024,608 | $ | 336,208,810 | ||||||||||||
Net realized gain (loss) |
269,013 | 1,060,070 | (87,574,928 | ) | (34,724,575 | ) | ||||||||||||||
Change in net unrealized appreciation (depreciation) |
(17,648,223 | ) | 1,685,253 | (1,250,666,639 | ) | 136,273,005 | ||||||||||||||
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Net increase (decrease) in net assets resulting from operations |
(14,698,773 | ) | 5,356,208 | (1,007,216,959 | ) | 437,757,240 | ||||||||||||||
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Distributions to Shareholders from: |
||||||||||||||||||||
Distributable earnings |
(3,228,725 | ) | (2,676,754 | ) | (329,297,652 | ) | (339,184,665 | ) | ||||||||||||
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Shareholder Transactions: |
||||||||||||||||||||
Proceeds from shares sold |
19,745,147 | 19,506,459 | 563,220,718 | 1,574,794,822 | ||||||||||||||||
Value of shares repurchased |
(7,693,691 | ) | - | (1,258,333,969 | ) | (475,078,866 | ) | |||||||||||||
Transaction fees |
- | - | - | - | ||||||||||||||||
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Net increase (decrease) in net assets resulting from share transactions |
12,051,456 | 19,506,459 | (695,113,251 | ) | 1,099,715,956 | |||||||||||||||
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|||||||||||||
Net increase (decrease) in net assets |
(5,876,042 | ) | 22,185,913 | (2,031,627,862 | ) | 1,198,288,531 | ||||||||||||||
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Net assets: |
||||||||||||||||||||
Beginning of year |
121,014,674 | 98,828,761 | 7,459,244,861 | 6,260,956,330 | ||||||||||||||||
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End of year |
$ | 115,138,632 | $ | 121,014,674 | $ | 5,427,616,999 | $ | 7,459,244,861 | ||||||||||||
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Changes in Shares Outstanding: |
||||||||||||||||||||
Shares sold |
850,000 | 750,000 | 39,950,000 | 104,500,000 | ||||||||||||||||
Shares repurchased |
(300,000 | ) | - | (94,850,000 | ) | (32,100,000 | ) | |||||||||||||
Shares outstanding, beginning of year |
4,600,000 | 3,850,000 | 493,700,000 | 421,300,000 | ||||||||||||||||
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Shares outstanding, end of year |
5,150,000 | 4,600,000 | 438,800,000 | 493,700,000 | ||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
122 |
|
Invesco Taxable Municipal
Bond ETF (BAB) |
Invesco Treasury
Collateral ETF (CLTL) |
Invesco Variable Rate
Preferred ETF (VRP) |
Invesco VRDO Tax-Free ETF ETF (PVI) |
|||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
$ | 59,504,354 | $ | 58,649,008 | $ | 3,366,521 | $ | 704,212 | $ | 83,187,070 | $ | 66,080,195 | $ | 117,934 | $ | (91,178 | ) | ||||||||||||||
(38,036,231 | ) | (640,194 | ) | (565,317 | ) | 190,885 | (13,855,965 | ) | 882,622 | - | 1 | |||||||||||||||||||
(401,150,677 | ) | 11,250,834 | (1,220,760 | ) | (639,820 | ) | (255,368,086 | ) | 81,713,866 | - | - | |||||||||||||||||||
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|||||||||||||||
(379,682,554 | ) | 69,259,648 | 1,580,444 | 255,277 | (186,036,981 | ) | 148,676,683 | 117,934 | (91,177 | ) | ||||||||||||||||||||
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(59,550,150 | ) | (59,063,700 | ) | (2,779,153 | ) | (1,087,282 | ) | (94,506,497 | ) | (68,866,675 | ) | (85,128 | ) | (215 | ) | |||||||||||||||
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335,942,885 | 448,831,007 | 412,742,381 | 140,601,442 | 371,674,908 | 454,090,463 | 27,351,001 | 2,491,033 | |||||||||||||||||||||||
(426,510,826 | ) | (99,412,075 | ) | (254,486,811 | ) | (410,133,506 | ) | (130,346,472 | ) | (76,283,727 | ) | (12,432,229 | ) | (3,737,464 | ) | |||||||||||||||
991,060 | - | - | - | - | - | - | - | |||||||||||||||||||||||
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|||||||||||||||
(89,576,881 | ) | 349,418,932 | 158,255,570 | (269,532,064 | ) | 241,328,436 | 377,806,736 | 14,918,772 | (1,246,431 | ) | ||||||||||||||||||||
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(528,809,585 | ) | 359,614,880 | 157,056,861 | (270,364,069 | ) | (39,215,042 | ) | 457,616,744 | 14,951,578 | (1,337,823 | ) | |||||||||||||||||||
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|||||||||||||||
2,365,475,639 | 2,005,860,759 | 667,805,438 | 938,169,507 | 1,930,424,188 | 1,472,807,444 | 48,517,605 | 49,855,428 | |||||||||||||||||||||||
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$ | 1,836,666,054 | $ | 2,365,475,639 | $ | 824,862,299 | $ | 667,805,438 | $ | 1,891,209,146 | $ | 1,930,424,188 | $ | 63,469,183 | $ | 48,517,605 | |||||||||||||||
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10,900,000 | 13,500,000 | 3,910,000 | 1,330,000 | 14,800,000 | 17,400,000 | 1,100,000 | 100,000 | |||||||||||||||||||||||
(14,050,000 | ) | (3,050,000 | ) | (2,410,000 | ) | (3,880,000 | ) | (5,600,000 | ) | (3,000,000 | ) | (500,000 | ) | (150,000 | ) | |||||||||||||||
70,500,000 | 60,050,000 | 6,320,001 | 8,870,001 | 73,400,000 | 59,000,000 | 1,950,000 | 2,000,000 | |||||||||||||||||||||||
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|||||||||||||||
67,350,000 | 70,500,000 | 7,820,001 | 6,320,001 | 82,600,000 | 73,400,000 | 2,550,000 | 1,950,000 | |||||||||||||||||||||||
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123 |
|
Invesco 1-30 Laddered Treasury ETF (PLW)
Years Ended August 31, |
Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 37.04 | $ | 39.21 | $ | 36.19 | $ | 31.68 | $ | 32.59 | $ | 33.81 | ||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net investment income(a) |
0.53 | 0.41 | 0.47 | 0.69 | 0.57 | 0.66 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(6.31 | ) | (2.21 | ) | 3.04 | 4.51 | (0.91 | ) | (1.22 | ) | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Total from investment operations |
(5.78 | ) | (1.80 | ) | 3.51 | 5.20 | (0.34 | ) | (0.56 | ) | ||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.51 | ) | (0.37 | ) | (0.49 | ) | (0.69 | ) | (0.57 | ) | (0.66 | ) | ||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 30.75 | $ | 37.04 | $ | 39.21 | $ | 36.19 | $ | 31.68 | $ | 32.59 | ||||||||||||||||||||||||||||
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Market price at end of period(b) |
$ | 30.65 | $ | 37.04 | $ | 39.14 | $ | 36.23 | $ | 31.64 | $ | 32.59 | ||||||||||||||||||||||||||||
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Net Asset Value Total Return(c) |
(15.71 | )% | (4.60 | )% | 9.82 | % | 16.71 | % | (1.04 | )% | (1.63 | )% | ||||||||||||||||||||||||||||
Market Price Total Return(c) |
(15.99 | )% | (4.43 | )% | 9.50 | % | 16.98 | % | (1.17 | )% | (1.72 | )% | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 524,987 | $ | 414,835 | $ | 203,903 | $ | 179,124 | $ | 153,634 | $ | 187,393 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.25 | % | 0.25 | % | 0.25 | % | 0.26 | %(d) | 0.25 | %(e) | 0.25 | % | ||||||||||||||||||||||||||||
Net investment income |
1.57 | % | 1.12 | % | 1.25 | % | 2.13 | %(d) | 2.13 | %(e) | 2.02 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
5 | % | 3 | % | 9 | % | 5 | % | 5 | % | 5 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
124 |
|
Financial Highlights–(continued)
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 28.03 | $ | 27.64 | $ | 27.62 | $ | 25.86 | $ | 26.09 | $ | 26.15 | ||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net investment income(a) |
0.59 | 0.64 | 0.67 | 0.67 | 0.54 | 0.65 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.72 | ) | 0.40 | 0.02 | 1.76 | (0.23 | ) | (0.07 | ) | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Total from investment operations |
(3.13 | ) | 1.04 | 0.69 | 2.43 | 0.31 | 0.58 | |||||||||||||||||||||||||||||||||
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Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.59 | ) | (0.65 | ) | (0.67 | ) | (0.67 | ) | (0.53 | ) | (0.65 | ) | ||||||||||||||||||||||||||||
Return of capital |
- | - | - | - | (0.01 | ) | (0.01 | ) | ||||||||||||||||||||||||||||||||
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Total distributions |
(0.59 | ) | (0.65 | ) | (0.67 | ) | (0.67 | ) | (0.54 | ) | (0.66 | ) | ||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Transaction fees(a) |
0.01 | - | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.02 | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 24.32 | $ | 28.03 | $ | 27.64 | $ | 27.62 | $ | 25.86 | $ | 26.09 | ||||||||||||||||||||||||||||
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Market price at end of period(c) |
$ | 24.23 | $ | 28.05 | $ | 27.58 | $ | 27.62 | $ | 25.83 | $ | 26.08 | ||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Net Asset Value Total Return(d) |
(11.28 | )% | 3.80 | % | 2.56 | % | 9.58 | % | 1.22 | % | 2.36 | % | ||||||||||||||||||||||||||||
Market Price Total Return(d) |
(11.66 | )% | 4.10 | % | 2.34 | % | 9.70 | % | 1.15 | % | 2.08 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 566,657 | $ | 520,028 | $ | 451,918 | $ | 346,602 | $ | 250,796 | $ | 237,413 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %(e) | 0.28 | % | ||||||||||||||||||||||||||||
Net investment income |
2.25 | % | 2.31 | % | 2.46 | % | 2.55 | % | 2.49 | %(e) | 2.52 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
3 | % | 7 | % | 12 | % | 13 | % | 6 | % | 24 | % |
(a) |
Based on average shares outstanding. |
(b) |
Amount represents less than $0.005. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
125 |
|
Financial Highlights–(continued)
Invesco CEF Income Composite ETF (PCEF)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 24.61 | $ | 20.92 | $ | 22.35 | $ | 22.99 | $ | 23.96 | $ | 22.23 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a)(b) |
1.11 | 0.98 | 1.35 | 1.18 | 1.26 | 1.13 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(4.48 | ) | 4.33 | (1.05 | ) | (0.19 | ) | (0.84 | ) | 2.28 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(3.37 | ) | 5.31 | 0.30 | 0.99 | 0.42 | 3.41 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(1.60 | ) | (1.62 | ) | (1.73 | ) | (1.63 | ) | (1.39 | ) | (1.13 | ) | ||||||||||||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.55 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(1.60 | ) | (1.62 | ) | (1.73 | ) | (1.63 | ) | (1.39 | ) | (1.68 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 19.64 | $ | 24.61 | $ | 20.92 | $ | 22.35 | $ | 22.99 | $ | 23.96 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(c) |
$ | 19.63 | $ | 24.64 | $ | 20.91 | $ | 22.35 | $ | 23.01 | $ | 23.96 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(d) |
(14.04 | )% | 26.36 | % | 1.84 | % | 4.72 | % | 1.85 | % | 15.86 | % | ||||||||||||||||||||||||||||
Market Price Total Return(d) |
(14.18 | )% | 26.58 | % | 1.80 | % | 4.62 | % | 1.94 | % | 15.86 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 727,859 | $ | 955,554 | $ | 756,106 | $ | 760,959 | $ | 723,177 | $ | 703,177 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses(e) |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(f) | 0.50 | % | ||||||||||||||||||||||||||||
Net investment income(b) |
5.03 | % | 4.30 | % | 6.36 | % | 5.35 | % | 6.53 | %(f) | 4.85 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(g) |
21 | % | 25 | % | 21 | % | 20 | % | 12 | % | 15 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return. |
(f) |
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.
|
126 |
|
Financial Highlights–(continued)
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 19.59 | $ | 18.90 | $ | 19.06 | $ | 18.56 | $ | 19.08 | $ | 18.79 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.61 | 0.68 | 0.76 | 0.77 | 0.64 | 0.80 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(2.45 | ) | 0.71 | (0.15 | ) | 0.51 | (0.52 | ) | 0.29 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(1.84 | ) | 1.39 | 0.61 | 1.28 | 0.12 | 1.09 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.60 | ) | (0.70 | ) | (0.77 | ) | (0.78 | ) | (0.64 | ) | (0.80 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 17.15 | $ | 19.59 | $ | 18.90 | $ | 19.06 | $ | 18.56 | $ | 19.08 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(b) |
$ | 17.07 | $ | 19.61 | $ | 18.89 | $ | 19.07 | $ | 18.55 | $ | 19.07 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
(9.55 | )% | 7.49 | % | 3.38 | % | 7.12 | % | 0.70 | % | 5.96 | % | ||||||||||||||||||||||||||||
Market Price Total Return(c) |
(10.06 | )% | 7.66 | % | 3.28 | % | 7.25 | % | 0.70 | % | 6.42 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 742,480 | $ | 834,635 | $ | 757,811 | $ | 760,546 | $ | 948,530 | $ | 1,197,922 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(d) | 0.50 | % | ||||||||||||||||||||||||||||
Net investment income |
3.29 | % | 3.55 | % | 4.09 | % | 4.18 | % | 4.12 | %(d) | 4.23 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(e) |
44 | % | 32 | % | 35 | % | 17 | % | 12 | % | 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) |
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.
|
127 |
|
Financial Highlights–(continued)
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 27.03 | $ | 27.40 | $ | 26.33 | $ | 24.80 | $ | 25.63 | $ | 25.85 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.57 | 0.60 | 0.71 | 0.76 | 0.57 | 0.65 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.25 | ) | (0.26 | ) | 1.07 | 1.53 | (0.83 | ) | (0.22 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(2.68 | ) | 0.34 | 1.78 | 2.29 | (0.26 | ) | 0.43 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.56 | ) | (0.61 | ) | (0.71 | ) | (0.76 | ) | (0.57 | ) | (0.65 | ) | ||||||||||||||||||||||||||||
Net realized gains |
(0.29 | ) | (0.10 | ) | - | - | - | - | ||||||||||||||||||||||||||||||||
Return of capital |
- | - | - | - | (0.00 | )(b) | - | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(0.85 | ) | (0.71 | ) | (0.71 | ) | (0.76 | ) | (0.57 | ) | (0.65 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 23.50 | $ | 27.03 | $ | 27.40 | $ | 26.33 | $ | 24.80 | $ | 25.63 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(c) |
$ | 23.43 | $ | 27.04 | $ | 27.39 | $ | 26.31 | $ | 24.80 | $ | 25.62 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(d) |
(10.10 | )% | 1.25 | % | 6.91 | % | 9.45 | % | (1.01 | )% | 1.73 | % | ||||||||||||||||||||||||||||
Market Price Total Return(d) |
(10.39 | )% | 1.34 | % | 6.95 | % | 9.36 | % | (0.98 | )% | 1.61 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 29,369 | $ | 52,706 | $ | 63,030 | $ | 92,171 | $ | 106,620 | $ | 49,970 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.22 | % | 0.22 | % | 0.22 | % | 0.23 | %(e) | 0.22 | %(f) | 0.22 | % | ||||||||||||||||||||||||||||
Net investment income |
2.23 | % | 2.21 | % | 2.68 | % | 3.03 | %(e) | 2.77 | %(f) | 2.53 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(g) |
30 | % | 34 | % | 36 | % | 28 | % | 24 | % | 42 | % |
(a) |
Based on average shares outstanding. |
(b) |
Amount represents less than $0.005. |
(c) |
The mean between the last bid and ask prices. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(e) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(f) |
Annualized. |
(g) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
128 |
|
Financial Highlights–(continued)
Invesco National AMT-Free Municipal Bond ETF (PZA)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 27.19 | $ | 26.74 | $ | 26.76 | $ | 25.11 | $ | 25.58 | $ | 25.69 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.62 | 0.63 | 0.68 | 0.76 | 0.65 | 0.77 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.90 | ) | 0.46 | (0.02 | ) | 1.65 | (0.46 | ) | (0.11 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(3.28 | ) | 1.09 | 0.66 | 2.41 | 0.19 | 0.66 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.61 | ) | (0.64 | ) | (0.69 | ) | (0.76 | ) | (0.66 | ) | (0.78 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Transaction fees(a) |
0.00 | (b) | 0.00 | (b) | 0.01 | 0.00 | (b) | 0.00 | (b) | 0.01 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 23.30 | $ | 27.19 | $ | 26.74 | $ | 26.76 | $ | 25.11 | $ | 25.58 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(c) |
$ | 23.26 | $ | 27.21 | $ | 26.73 | $ | 26.80 | $ | 25.12 | $ | 25.55 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(d) |
(12.21 | )% | 4.11 | % | 2.60 | % | 9.83 | % | 0.77 | % | 2.70 | % | ||||||||||||||||||||||||||||
Market Price Total Return(d) |
(12.42 | )% | 4.23 | % | 2.42 | % | 9.96 | % | 0.93 | % | 2.25 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 1,983,926 | $ | 2,470,368 | $ | 2,677,153 | $ | 2,005,998 | $ | 1,659,981 | $ | 1,611,258 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.28 | % | 0.28 | % | 0.28 | % | 0.28 | % | 0.28 | %(e) | 0.28 | % | ||||||||||||||||||||||||||||
Net investment income |
2.42 | % | 2.32 | % | 2.59 | % | 2.99 | % | 3.10 | %(e) | 3.06 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
4 | % | 10 | % | 15 | % | 11 | % | 8 | % | 23 | % |
(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.
|
129 |
|
Financial Highlights–(continued)
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 26.31 | $ | 25.67 | $ | 25.68 | $ | 23.99 | $ | 24.47 | $ | 24.64 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.58 | 0.61 | 0.67 | 0.69 | 0.58 | 0.73 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.83 | ) | 0.66 | (0.01 | ) | 1.70 | (0.47 | ) | (0.17 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total from investment operations |
(3.25 | ) | 1.27 | 0.66 | 2.39 | 0.11 | 0.56 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.58 | ) | (0.63 | ) | (0.67 | ) | (0.70 | ) | (0.59 | ) | (0.73 | ) | ||||||||||||||||||||||||||||||||
Net realized gains |
(0.12 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total distributions |
(0.70 | ) | (0.63 | ) | (0.67 | ) | (0.70 | ) | (0.59 | ) | (0.73 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 22.36 | $ | 26.31 | $ | 25.67 | $ | 25.68 | $ | 23.99 | $ | 24.47 | ||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Market price at end of period(b) |
$ | 22.36 | $ | 26.29 | $ | 25.73 | $ | 25.70 | $ | 23.92 | $ | 24.53 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
(12.55 | )% | 5.00 | % | 2.66 | % | 10.17 | % | 0.46 | % | 2.37 | % | ||||||||||||||||||||||||||||||||
Market Price Total Return(c) |
(12.49 | )% | 4.66 | % | 2.83 | % | 10.58 | % | (0.08 | )% | 2.49 | % | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 115,139 | $ | 121,015 | $ | 98,829 | $ | 79,601 | $ | 63,577 | $ | 66,061 | ||||||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||||||
Expenses |
0.28 | % | 0.28 | % | 0.28 | % | 0.29 | %(d) | 0.28 | %(e) | 0.28 | % | ||||||||||||||||||||||||||||||||
Net investment income |
2.37 | % | 2.35 | % | 2.64 | % | 2.84 | %(d) | 2.89 | %(e) | 3.01 | % | ||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
6 | % | 15 | % | 12 | % | 11 | % | 7 | % | 22 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(e) |
Annualized. |
(f) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
130 |
|
Financial Highlights–(continued)
Invesco Preferred ETF (PGX)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 15.11 | $ | 14.86 | $ | 14.93 | $ | 14.60 | $ | 14.97 | $ | 14.96 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.69 | 0.73 | 0.75 | 0.78 | 0.71 | 0.84 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(2.74 | ) | 0.26 | (0.06 | ) | 0.36 | (0.40 | ) | 0.02 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(2.05 | ) | 0.99 | 0.69 | 1.14 | 0.31 | 0.86 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.69 | ) | (0.74 | ) | (0.76 | ) | (0.81 | ) | (0.68 | ) | (0.85 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 12.37 | $ | 15.11 | $ | 14.86 | $ | 14.93 | $ | 14.60 | $ | 14.97 | ||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(b) |
$ | 12.37 | $ | 15.12 | $ | 14.91 | $ | 14.97 | $ | 14.62 | $ | 14.96 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
(13.85 | )% | 6.81 | % | 4.98 | % | 8.23 | % | 2.18 | % | 5.97 | % | ||||||||||||||||||||||||||||
Market Price Total Return(c) |
(13.91 | )% | 6.52 | % | 5.04 | % | 8.37 | % | 2.39 | % | 5.60 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 5,427,617 | $ | 7,459,245 | $ | 6,260,956 | $ | 5,352,615 | $ | 5,378,011 | $ | 5,333,535 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.50 | %(d) | 0.50 | %(d) | 0.50 | %(d) | 0.50 | %(d) | 0.50 | %(d)(e) | 0.50 | % | ||||||||||||||||||||||||||||
Net investment income |
5.01 | %(d) | 4.89 | %(d) | 5.20 | %(d) | 5.45 | %(d) | 5.83 | %(d)(e) | 5.66 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
11 | % | 25 | % | 18 | % | 15 | % | 16 | % | 10 | % |
(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.
|
131 |
|
Financial Highlights–(continued)
Invesco Taxable Municipal Bond ETF (BAB)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 33.55 | $ | 33.40 | $ | 32.83 | $ | 29.66 | $ | 30.38 | $ | 30.68 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.85 | 0.85 | 1.07 | 1.23 | 1.01 | 1.21 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(6.28 | ) | 0.16 | 0.58 | 3.14 | (0.72 | ) | (0.32 | ) | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total from investment operations |
(5.43 | ) | 1.01 | 1.65 | 4.37 | 0.29 | 0.89 | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.86 | ) | (0.86 | ) | (1.10 | ) | (1.23 | ) | (1.02 | ) | (1.21 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Transaction fees(a) |
0.01 | - | 0.02 | 0.03 | 0.01 | 0.02 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 27.27 | $ | 33.55 | $ | 33.40 | $ | 32.83 | $ | 29.66 | $ | 30.38 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Market price at end of period(b) |
$ | 27.24 | $ | 33.46 | $ | 33.41 | $ | 32.97 | $ | 29.51 | $ | 30.45 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
(16.38 | )% | 3.08 | % | 5.28 | % | 15.31 | % | 1.02 | % | 3.14 | % | ||||||||||||||||||||||||||||||||
Market Price Total Return(c) |
(16.23 | )% | 2.78 | % | 4.88 | % | 16.39 | % | 0.29 | % | 3.19 | % | ||||||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 1,836,666 | $ | 2,365,476 | $ | 2,005,861 | $ | 1,308,223 | $ | 938,871 | $ | 972,235 | ||||||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||||||
Expenses, after Waivers |
0.28 | % | 0.28 | %(d) | 0.27 | % | 0.28 | % | 0.28 | %(e) | 0.28 | %(d) | ||||||||||||||||||||||||||||||||
Expenses, prior to Waivers |
0.28 | % | 0.28 | %(d) | 0.28 | % | 0.28 | % | 0.28 | %(e) | 0.28 | %(d) | ||||||||||||||||||||||||||||||||
Net investment income |
2.78 | % | 2.58 | %(d) | 3.32 | % | 4.06 | % | 4.06 | %(e) | 4.05 | %(d) | ||||||||||||||||||||||||||||||||
Portfolio turnover rate(f) |
3 | % | 5 | % | 18 | % | 7 | % | 4 | % | 6 | % |
(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. For the year ended October 31, 2017, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
132 |
|
Financial Highlights–(continued)
Invesco Treasury Collateral ETF (CLTL)
Years Ended August 31, |
Ten Months Ended August 31, |
For the Period October 31, | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 | |||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 105.67 | $ | 105.77 | $ | 105.60 | $ | 105.48 | $ | 105.93 | $ | 105.35 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(b) |
0.50 | 0.09 | 1.27 | 2.39 | 1.28 | 0.66 | ||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.33 | ) | (0.06 | ) | 0.37 | 0.16 | 0.00 | (c) | (0.08 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total from investment operations |
0.17 | 0.03 | 1.64 | 2.55 | 1.28 | 0.58 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.34 | ) | (0.09 | ) | (1.45 | ) | (2.43 | ) | (1.73 | ) | - | |||||||||||||||||||||||||||
Net realized gains |
(0.02 | ) | (0.04 | ) | (0.02 | ) | - | - | - | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total distributions |
(0.36 | ) | (0.13 | ) | (1.47 | ) | (2.43 | ) | (1.73 | ) | - | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value at end of period |
$ | 105.48 | $ | 105.67 | $ | 105.77 | $ | 105.60 | $ | 105.48 | $ | 105.93 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Market price at end of period(d) |
$ | 105.51 | $ | 105.68 | $ | 105.78 | $ | 105.62 | $ | 105.54 | $ | 105.94 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net Asset Value Total Return(e) |
0.15 | % | 0.03 | % | 1.56 | % | 2.44 | % | 1.22 | % | 0.55 | %(f) | ||||||||||||||||||||||||||
Market Price Total Return(e) |
0.18 | % | 0.04 | % | 1.55 | % | 2.41 | % | 1.27 | % | 0.56 | %(f) | ||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 824,862 | $ | 667,805 | $ | 938,170 | $ | 547,018 | $ | 468,323 | $ | 454,429 | ||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||
Expenses |
0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | %(g) | 0.08 | %(g) | ||||||||||||||||||||||||||
Net investment income |
0.48 | % | 0.09 | % | 1.20 | % | 2.27 | % | 1.45 | %(g) | 0.77 | %(g) |
(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 (January 12, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%. |
(g) |
Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
133 |
|
Financial Highlights–(continued)
Invesco Variable Rate Preferred ETF (VRP)
Years Ended August 31, |
Ten Months Ended |
Year Ended October 31, |
||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
|||||||||||||||||||||||||||||||||||
Per Share Operating Performance: |
||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period |
$ | 26.30 | $ | 24.96 | $ | 25.28 | $ | 25.14 | $ | 25.87 | $ | 25.33 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
1.03 | 1.07 | 1.13 | 1.14 | 0.91 | 1.21 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(3.26 | ) | 1.38 | (0.31 | ) | 0.33 | (0.66 | ) | 0.56 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total from investment operations |
(2.23 | ) | 2.45 | 0.82 | 1.47 | 0.25 | 1.77 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions to shareholders from: |
||||||||||||||||||||||||||||||||||||||||
Net investment income |
(1.17 | ) | (1.11 | ) | (1.14 | ) | (1.33 | ) | (0.98 | ) | (1.23 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value at end of period |
$ | 22.90 | $ | 26.30 | $ | 24.96 | $ | 25.28 | $ | 25.14 | $ | 25.87 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Market price at end of period(b) |
$ | 22.86 | $ | 26.38 | $ | 25.01 | $ | 25.33 | $ | 25.11 | $ | 25.94 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net Asset Value Total Return(c) |
(8.63 | )% | 10.00 | % | 3.48 | % | 6.17 | % | 1.01 | % | 7.18 | % | ||||||||||||||||||||||||||||
Market Price Total Return(c) |
(9.06 | )% | 10.11 | % | 3.51 | % | 6.52 | % | 0.62 | % | 7.08 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
||||||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s omitted) |
$ | 1,891,209 | $ | 1,930,424 | $ | 1,472,807 | $ | 1,529,601 | $ | 2,192,114 | $ | 1,890,954 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
||||||||||||||||||||||||||||||||||||||||
Expenses |
0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | %(d) | 0.50 | % | ||||||||||||||||||||||||||||
Net investment income |
4.21 | % | 4.14 | % | 4.61 | % | 4.63 | % | 4.31 | %(d) | 4.72 | % | ||||||||||||||||||||||||||||
Portfolio turnover rate(e) |
9 | % | 15 | % | 22 | % | 13 | % | 7 | % | 4 | % |
(a) |
Based on average shares outstanding. |
(b) |
The mean between the last bid and ask prices. |
(c) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(d) |
Annualized. |
(e) |
Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Financial Highlights–(continued)
Invesco VRDO Tax-Free ETF (PVI)
Years Ended August 31, | Ten Months Ended August 31, |
Year Ended |
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2022 | 2021 | 2020 | 2019 |
2018 |
2017 |
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Per Share Operating Performance: |
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Net asset value at beginning of period |
$ | 24.88 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.93 | ||||||||||||||||||||||||||||
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Net investment income (loss)(a) |
0.05 | (0.05 | ) | 0.17 | 0.31 | 0.20 | 0.13 | |||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments |
(0.01 | )(b) | 0.00 | (c) | (0.00 | )(c) | - | - | (0.00 | )(c) | ||||||||||||||||||||||||||||||
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Total from investment operations |
0.04 | (0.05 | ) | 0.17 | 0.31 | 0.20 | 0.13 | |||||||||||||||||||||||||||||||||
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Distributions to shareholders from: |
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Net investment income |
(0.03 | ) | (0.00 | )(c) | (0.17 | ) | (0.31 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||||||||||||||||
Return of capital |
- | - | - | - | - | (0.00 | )(c) | |||||||||||||||||||||||||||||||||
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Total distributions |
(0.03 | ) | (0.00 | )(c) | (0.17 | ) | (0.31 | ) | (0.20 | ) | (0.13 | ) | ||||||||||||||||||||||||||||
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Net asset value at end of period |
$ | 24.89 | $ | 24.88 | $ | 24.93 | $ | 24.93 | $ | 24.93 | $ | 24.93 | ||||||||||||||||||||||||||||
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Market price at end of period(d) |
$ | 24.89 | $ | 24.88 | $ | 24.93 | $ | 24.96 | $ | 24.93 | $ | 24.93 | ||||||||||||||||||||||||||||
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Net Asset Value Total Return(e) |
0.17 | % | (0.20 | )% | 0.69 | % | 1.26 | % | 0.82 | % | 0.51 | % | ||||||||||||||||||||||||||||
Market Price Total Return(e) |
0.17 | % | (0.20 | )% | 0.58 | % | 1.38 | % | 0.82 | % | 0.59 | % | ||||||||||||||||||||||||||||
Ratios/Supplemental Data: |
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Net assets at end of period (000’s omitted) |
$ | 63,469 | $ | 48,518 | $ | 49,855 | $ | 57,338 | $ | 62,327 | $ | 83,512 | ||||||||||||||||||||||||||||
Ratio to average net assets of: |
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Expenses |
0.25 | % | 0.25 | % | 0.25 | % | 0.26 | %(f) | 0.25 | %(g) | 0.25 | % | ||||||||||||||||||||||||||||
Net investment income (loss) |
0.22 | % | (0.19 | )% | 0.70 | % | 1.25 | %(f) | 0.98 | %(g) | 0.51 | % |
(a) |
Based on average shares outstanding. |
(b) |
Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments. |
(c) |
Amount represents less than $0.005. |
(d) |
The mean between the last bid and ask prices. |
(e) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. |
(f) |
Ratios include non-recurring costs associated with a proxy statement of 0.01%. |
(g) |
Annualized. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
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Invesco Exchange-Traded Fund Trust II
August 31, 2022
NOTE 1–Organization
Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust 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 1-30 Laddered Treasury ETF (PLW) |
“1-30 Laddered Treasury ETF” | |
Invesco California AMT-Free Municipal Bond ETF (PWZ) |
“California AMT-Free Municipal Bond ETF” | |
Invesco CEF Income Composite ETF (PCEF) |
“CEF Income Composite ETF” | |
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) |
“Fundamental High Yield® Corporate Bond ETF” | |
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) |
“Fundamental Investment Grade Corporate Bond ETF” | |
Invesco National AMT-Free Municipal Bond ETF (PZA) |
“National AMT-Free Municipal Bond ETF” | |
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
“New York AMT-Free Municipal Bond ETF” | |
Invesco Preferred ETF (PGX) |
“Preferred ETF” | |
Invesco Taxable Municipal Bond ETF (BAB) |
“Taxable Municipal Bond ETF” | |
Invesco Treasury Collateral ETF (CLTL) |
“Treasury Collateral ETF” | |
Invesco Variable Rate Preferred ETF (VRP) |
“Variable Rate Preferred ETF” | |
Invesco VRDO Tax-Free ETF (PVI) |
“VRDO Tax-Free ETF” |
Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of 1-30 Laddered Treasury ETF, which 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 of 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free ETF 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.
To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. ET and 4:00 p.m. ET. The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.
CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.
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 | |
1-30 Laddered Treasury ETF |
Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index | |
California AMT-Free Municipal Bond ETF |
ICE BofA California Long-Term Core Plus Municipal Securities Index | |
CEF Income Composite ETF |
S-Network Composite Closed-End Fund IndexSM | |
Fundamental High Yield® Corporate Bond ETF |
RAFI® Bonds U.S. High Yield 1-10 Index | |
Fundamental Investment Grade Corporate Bond ETF |
RAFI® Bonds U.S. Investment Grade 1-10 Index | |
National AMT-Free Municipal Bond ETF |
ICE BofA National Long-Term Core Plus Municipal Securities Index | |
New York AMT-Free Municipal Bond ETF |
ICE BofA New York Long-Term Core Plus Municipal Securities Index | |
Preferred ETF |
ICE BofA Core Plus Fixed Rate Preferred Securities Index | |
Taxable Municipal Bond ETF |
ICE BofA US Taxable Municipal Securities Plus Index | |
Treasury Collateral ETF |
ICE U.S. Treasury Short Bond Index | |
Variable Rate Preferred ETF |
ICE Variable Rate Preferred & Hybrid Securities Index | |
VRDO Tax-Free ETF |
ICE US Municipal AMT-Free VRDO Constrained Index |
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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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). 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 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.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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.
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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, significant governmental actions 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.
The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued 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. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B. |
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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.
C. |
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. |
D. |
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. |
E. |
Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s |
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taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments 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.
F. |
Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). |
Expenses of the Trust that are excluded from a Fund’s unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund’s unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.
To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.
G. |
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. |
H. |
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. The risk of material loss as a result of such indemnification claims is considered remote. |
I. |
Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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 |
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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. |
On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:
Amount | ||||
CEF Income Composite ETF |
$ | 196,768 | ||
Preferred ETF |
325,462 | |||
Variable Rate Preferred ETF |
69,602 |
J. |
Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates. |
Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.
K. |
Other Risks |
ADR Risk. Certain Funds may invest in American depositary receipts (“ADRs”). 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. ADRs 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 may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.
Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for 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 or could experience extended market closures or trading halts, 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.
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Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. 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 historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain 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, before implementing several rounds of rate increases in 2022. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks 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 or foreign central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase a Fund’s portfolio turnover rate and 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 occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, 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.
Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise its Underlying Index. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, while continuing to pay its own unitary management fee.
Index Risk. Unlike many investment companies, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule.
Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect
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supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.
LIBOR Transition Risk. Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.
There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.
Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.
Market Risk. Securities in the Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in the Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.
Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.
Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.
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 the ability of an issuer of municipal securities 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 certain Funds issue and redeem Creation Units principally for cash, such Funds 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
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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 California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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.
Not a Money Market Fund. Treasury Collateral ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.
Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.
Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.
Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.
Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.
U.S. Government Obligations Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U. S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U. S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.
Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair
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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 fluctuations 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.
COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
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, and for Treasury Collateral ETF, the oversight of the Sub-Adviser.
Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:
Unitary Management Fees (as a % of average daily net assets) | ||
1-30 Laddered Treasury ETF |
0.25% | |
California AMT-Free Municipal Bond ETF |
0.28% | |
CEF Income Composite ETF |
0.50% | |
Fundamental High Yield® Corporate Bond ETF |
0.50% | |
Fundamental Investment Grade Corporate Bond ETF |
0.22% | |
National AMT-Free Municipal Bond ETF |
0.28% | |
New York AMT-Free Municipal Bond ETF |
0.28% | |
Preferred ETF |
0.50% | |
Taxable Municipal Bond ETF |
0.28% | |
Treasury Collateral ETF |
0.08% | |
Variable Rate Preferred ETF |
0.50% | |
VRDO Tax-Free ETF |
0.25% |
Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees for each Fund in the following amounts:
1-30 Laddered Treasury ETF |
$ | 128 | ||
California AMT-Free Municipal Bond ETF |
- | |||
CEF Income Composite ETF |
160 | |||
Fundamental High Yield® Corporate Bond ETF |
1,444 | |||
Fundamental Investment Grade Corporate Bond ETF |
32 | |||
National AMT-Free Municipal Bond ETF |
- | |||
New York AMT-Free Municipal Bond ETF |
- |
|
144 |
|
Preferred ETF |
$ | 7,244 | ||
Taxable Municipal Bond ETF |
5,640 | |||
Treasury Collateral ETF |
36 | |||
Variable Rate Preferred ETF |
1,704 | |||
VRDO Tax-Free ETF |
- |
For Treasury Collateral ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.
The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.
The Adviser has entered into a licensing agreement for each Fund with the following entities (each, a “Licensor”):
Fund |
Licensor | |
1-30 Laddered Treasury ETF |
Nasdaq, Inc. | |
California AMT-Free Municipal Bond ETF |
ICE Data Indices, LLC | |
CEF Income Composite ETF |
S-Network Global Indexes, LLC | |
Fundamental High Yield® Corporate Bond ETF |
Research Affiliates® | |
Fundamental Investment Grade Corporate Bond ETF |
Research Affiliates® | |
National AMT-Free Municipal Bond ETF |
ICE Data Indices, LLC | |
New York AMT-Free Municipal Bond ETF |
ICE Data Indices, LLC | |
Preferred ETF |
ICE Data Indices, LLC | |
Taxable Municipal Bond ETF |
ICE Data Indices, LLC | |
Treasury Collateral ETF |
ICE Data Indices, LLC | |
Variable Rate Preferred ETF |
ICE Data Indices, LLC | |
VRDO Tax-Free ETF |
ICE Data Indices, LLC |
Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.
The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.
For the fiscal year ended August 31, 2022, the following Fund 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:
CEF Income Composite ETF |
$ | 10,820 |
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 from or sell securities 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 Invesco ETF 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 is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s current price, as provided for in these procedures.
For the fiscal year ended August 31, 2022, the following Funds engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | ||||
Fundamental High Yield® Corporate Bond ETF |
$ 2,088,400 | $- | $- | |||
Preferred ETF |
30,270,506 | - | - |
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
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market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – |
Prices are determined using quoted prices in an active market for identical assets. | |
Level 2 – |
Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. | |
Level 3 – |
Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s 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, 2022, for each Fund (except for California AMT-Free Municipal Bond ETF, Fundamental High Yield® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF). As of August 31, 2022, all of the securities in California AMT-Free Municipal Bond ETF, Fundamental High Yield® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
1-30 Laddered Treasury ETF |
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Investments in Securities |
||||||||||||||||||||
U.S. Treasury Securities |
$ | - | $ | 524,175,342 | $ | - | $ | 524,175,342 | ||||||||||||
Money Market Funds |
46,479 | 5,380,672 | - | 5,427,151 | ||||||||||||||||
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|
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Total Investments |
$ | 46,479 | $ | 529,556,014 | $ | - | $ | 529,602,493 | ||||||||||||
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CEF Income Composite ETF |
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Investments in Securities |
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Closed-End Funds |
$ | 727,585,698 | $ | - | $ | - | $ | 727,585,698 | ||||||||||||
Money Market Funds |
- | 27,753,012 | - | 27,753,012 | ||||||||||||||||
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|
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|
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|
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Total Investments |
$ | 727,585,698 | $ | 27,753,012 | $ | - | $ | 755,338,710 | ||||||||||||
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Fundamental Investment Grade Corporate Bond ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 29,082,870 | $ | - | $ | 29,082,870 | ||||||||||||
Money Market Funds |
422 | 5,146,889 | - | 5,147,311 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 422 | $ | 34,229,759 | $ | - | $ | 34,230,181 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Preferred ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Preferred Stocks |
$ | 5,397,615,848 | $ | 10,922,103 | $ | - | $ | 5,408,537,951 | ||||||||||||
Money Market Funds |
- | 182,592,620 | - | 182,592,620 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 5,397,615,848 | $ | 193,514,723 | $ | - | $ | 5,591,130,571 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Taxable Municipal Bond ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
Municipal Obligations |
$ | - | $ | 1,782,621,776 | $ | - | $ | 1,782,621,776 | ||||||||||||
U.S. Dollar Denominated Bonds & Notes |
- | 34,344,295 | - | 34,344,295 | ||||||||||||||||
Money Market Funds |
29,365,372 | - | - | 29,365,372 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 29,365,372 | $ | 1,816,966,071 | $ | - | $ | 1,846,331,443 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Treasury Collateral ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
U.S. Treasury Securities |
$ | - | $ | 827,127,929 | $ | - | $ | 827,127,929 | ||||||||||||
Money Market Funds |
112,449 | - | - | 112,449 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 112,449 | $ | 827,127,929 | $ | - | $ | 827,240,378 | ||||||||||||
|
|
|
|
|
|
|
|
|
146 |
|
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Variable Rate Preferred ETF |
||||||||||||||||||||
Investments in Securities |
||||||||||||||||||||
U.S. Dollar Denominated Bonds & Notes |
$ | - | $ | 1,348,484,322 | $ | - | $ | 1,348,484,322 | ||||||||||||
Preferred Stocks |
399,996,803 | 123,359,327 | 14,895 | 523,371,025 | ||||||||||||||||
Money Market Funds |
874,550 | 87,949,288 | - | 88,823,838 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total Investments |
$ | 400,871,353 | $ | 1,559,792,937 | $ | 14,895 | $ | 1,960,679,185 | ||||||||||||
|
|
|
|
|
|
|
|
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, 2022 and 2021:
2022 | 2021 | |||||||||||||||||||||||||||||
Ordinary | Ordinary | |||||||||||||||||||||||||||||
Ordinary | Income-Tax- | Long-Term | Ordinary | Income-Tax- | Long-Term | |||||||||||||||||||||||||
Income* | Exempt | Capital Gains |
Income* |
Exempt |
Capital Gains | |||||||||||||||||||||||||
1-30 Laddered Treasury ETF |
$ | 6,811,810 | $ | - | $ | - | $ | 2,682,466 | $ | - | $ | - | ||||||||||||||||||
California AMT-Free Municipal Bond ETF |
3,650 | 13,113,220 | - | 119,295 | 11,100,900 | - | ||||||||||||||||||||||||
CEF Income Composite ETF |
61,183,888 | - | - | 59,175,022 | - | - | ||||||||||||||||||||||||
Fundamental High Yield® Corporate Bond ETF |
27,650,176 | - | - | 28,762,385 | - | - | ||||||||||||||||||||||||
Fundamental Investment Grade Corporate Bond ETF |
961,214 | - | 441,199 | 1,218,394 | - | 211,008 | ||||||||||||||||||||||||
National AMT-Free Municipal Bond ETF |
4,334 | 55,211,197 | - | 872,397 | 54,382,367 | - | ||||||||||||||||||||||||
New York AMT-Free Municipal Bond ETF |
668 | 2,667,776 | 560,281 | - | 2,610,885 | 65,869 | ||||||||||||||||||||||||
Preferred ETF |
329,297,652 | - | - | 339,184,665 | - | - | ||||||||||||||||||||||||
Taxable Municipal Bond ETF |
59,550,150 | - | - | 59,063,700 | - | - | ||||||||||||||||||||||||
Treasury Collateral ETF |
2,779,153 | - | - | 1,087,282 | - | - | ||||||||||||||||||||||||
Variable Rate Preferred ETF |
94,506,497 | - | - | 68,866,675 | - | - | ||||||||||||||||||||||||
VRDO Tax-Free ETF |
- | 85,128 | - | 215 | - | - |
* |
Includes short-term capital gain distributions, if any. |
Tax Components of Net Assets at Fiscal Year-End:
Undistributed Ordinary Income |
Undistributed Tax-Exempt Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Capital
Loss Carryforwards |
Post-October Capital Losses Deferrals |
Shares
of Beneficial Interest |
Total Net Assets | |||||||||||||||||||||||||||||||||
1-30 Laddered Treasury ETF |
$ | 248,955 | $ | - | $ | - | $ | (70,664,895 | ) | $ | (861,035 | ) | $ | - | $ | 596,263,544 | $ | 524,986,569 | ||||||||||||||||||||||
California AMT-Free Municipal Bond ETF |
- | 56,648 | - | (42,938,105 | ) | (278,101 | ) | - | 609,816,071 | 566,656,513 | ||||||||||||||||||||||||||||||
CEF Income Composite ETF |
- | - | - | (82,009,622 | ) | (34,830,357 | ) | - | 844,699,005 | 727,859,026 | ||||||||||||||||||||||||||||||
Fundamental High Yield® Corporate Bond ETF |
663,161 | - | - | (82,987,269 | ) | (43,324,413 | ) | - | 868,129,005 | 742,480,484 | ||||||||||||||||||||||||||||||
Fundamental Investment Grade Corporate Bond ETF |
- | - | - | (2,684,864 | ) | - | (156,425 | ) | 32,210,361 | 29,369,072 | ||||||||||||||||||||||||||||||
National AMT-Free Municipal Bond ETF |
- | 624,597 | - | (202,583,331 | ) | (9,731,115 | ) | - | 2,195,616,008 | 1,983,926,159 | ||||||||||||||||||||||||||||||
New York AMT-Free Municipal Bond ETF |
- | 11,993 | - | (10,607,654 | ) | (114,630 | ) | - | 125,848,923 | 115,138,632 | ||||||||||||||||||||||||||||||
Preferred ETF |
9,627,459 | - | (10,211,279 | ) | (1,031,497,654 | ) | (240,017,447 | ) | - | 6,699,715,920 | 5,427,616,999 | |||||||||||||||||||||||||||||
Taxable Municipal Bond ETF |
- | - | - | (214,178,493 | ) | (7,108,995 | ) | - | 2,057,953,542 | 1,836,666,054 | ||||||||||||||||||||||||||||||
Treasury Collateral ETF |
692,499 | - | - | (1,210,473 | ) | (535,672 | ) | - | 825,915,945 | 824,862,299 |
|
147 |
|
Undistributed Ordinary Income |
Undistributed Tax-Exempt Income |
Temporary Book/Tax Differences |
Net Unrealized Appreciation (Depreciation)- Investments |
Capital
Loss Carryforwards |
Post-October Capital Losses Deferrals |
Shares
of Beneficial Interest |
Total Net Assets | |||||||||||||||||||||||||||||||||
Variable Rate Preferred ETF |
$ | 7,989,158 | $ | - | $ | (2,759,951 | ) | $ | (213,599,664 | ) | $ | (37,141,670 | ) | $ | - | $ | 2,136,721,273 | $ | 1,891,209,146 | |||||||||||||||||||||
VRDO Tax-Free ETF |
- | 32,806 | - | - | - | - | 63,436,377 | 63,469,183 |
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 have capital loss carryforwards as of August 31, 2022, as follows:
No expiration | ||||||||||||
Short-Term | Long-Term | Total* | ||||||||||
1-30 Laddered Treasury ETF |
$ | 299,079 | $ | 561,956 | $ | 861,035 | ||||||
California AMT-Free Municipal Bond ETF |
255,013 | 23,088 | 278,101 | |||||||||
CEF Income Composite ETF |
13,045,822 | 21,784,535 | 34,830,357 | |||||||||
Fundamental High Yield® Corporate Bond ETF |
20,119,834 | 23,204,579 | 43,324,413 | |||||||||
Fundamental Investment Grade Corporate Bond ETF |
- | - | - | |||||||||
National AMT-Free Municipal Bond ETF |
9,483,052 | 248,063 | 9,731,115 | |||||||||
New York AMT-Free Municipal Bond ETF |
107,109 | 7,521 | 114,630 | |||||||||
Preferred ETF |
38,016,412 | 202,001,035 | 240,017,447 | |||||||||
Taxable Municipal Bond ETF |
3,786,445 | 3,322,550 | 7,108,995 | |||||||||
Treasury Collateral ETF |
535,672 | - | 535,672 | |||||||||
Variable Rate Preferred ETF |
8,222,544 | 28,919,126 | 37,141,670 | |||||||||
VRDO Tax-Free 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:
Purchases | Sales | |||||||
1-30 Laddered Treasury ETF |
$ | - | $ | - | ||||
California AMT-Free Municipal Bond ETF |
295,026,461 | 15,591,306 | ||||||
CEF Income Composite ETF |
185,058,152 | 176,849,530 | ||||||
Fundamental High Yield® Corporate Bond ETF |
371,673,137 | 372,890,416 | ||||||
Fundamental Investment Grade Corporate Bond ETF |
12,021,436 | 12,172,773 | ||||||
National AMT-Free Municipal Bond ETF |
387,251,551 | 100,774,019 | ||||||
New York AMT-Free Municipal Bond ETF |
23,080,725 | 6,743,521 | ||||||
Preferred ETF |
755,434,432 | 763,894,280 | ||||||
Taxable Municipal Bond ETF |
346,012,980 | 65,492,954 | ||||||
Treasury Collateral ETF |
- | - | ||||||
Variable Rate Preferred ETF |
244,072,868 | 172,488,093 | ||||||
VRDO Tax-Free ETF |
- | - |
For the fiscal year ended August 31, 2022, the cost of securities purchased and proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:
Purchases | Sales | |||||||
1-30 Laddered Treasury ETF |
$ | 43,013,677 | $ | 23,351,788 | ||||
Treasury Collateral ETF |
- | - |
|
148 |
|
For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:
In-kind | In-kind | |||||||
Purchases | Sales | |||||||
1-30 Laddered Treasury ETF |
$ | 279,387,970 | $ | 97,784,257 | ||||
California AMT-Free Municipal Bond ETF |
28,593,586 | 168,408,149 | ||||||
CEF Income Composite ETF |
108,431,808 | 140,644,334 | ||||||
Fundamental High Yield® Corporate Bond ETF |
416,948,365 | 374,767,819 | ||||||
Fundamental Investment Grade Corporate Bond ETF |
- | 17,398,683 | ||||||
National AMT-Free Municipal Bond ETF |
48,285,419 | 405,700,186 | ||||||
New York AMT-Free Municipal Bond ETF |
946,078 | 5,614,812 | ||||||
Preferred ETF |
538,864,210 | 1,222,547,066 | ||||||
Taxable Municipal Bond ETF |
43,551,827 | 400,097,266 | ||||||
Treasury Collateral ETF |
- | - | ||||||
Variable Rate Preferred ETF |
255,819,134 | 88,583,927 | ||||||
VRDO Tax-Free ETF |
- | - |
Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.
As of August 31, 2022, 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 | |||||||||||||||||||||||||||||
1-30 Laddered Treasury ETF |
$ 85 | $ | (70,664,980 | ) | $ | (70,664,895 | ) | $ | 600,267,388 | |||||||||||||||||||||||
California AMT-Free Municipal Bond ETF |
1,253,793 | (44,191,898 | ) | (42,938,105 | ) | 601,811,106 | ||||||||||||||||||||||||||
CEF Income Composite ETF |
34,182,032 | (116,191,654 | ) | (82,009,622 | ) | 837,348,332 | ||||||||||||||||||||||||||
Fundamental High Yield® Corporate Bond ETF |
86,009 | (83,073,278 | ) | (82,987,269 | ) | 1,023,454,196 | ||||||||||||||||||||||||||
Fundamental Investment Grade Corporate Bond ETF |
3,129 | (2,687,993 | ) | (2,684,864 | ) | 36,915,045 | ||||||||||||||||||||||||||
National AMT-Free Municipal Bond ETF |
5,933,932 | (208,517,263 | ) | (202,583,331 | ) | 2,166,609,313 | ||||||||||||||||||||||||||
New York AMT-Free Municipal Bond ETF |
157,624 | (10,765,278 | ) | (10,607,654 | ) | 122,535,614 | ||||||||||||||||||||||||||
Preferred ETF |
1,117,394 | (1,032,615,048 | ) | (1,031,497,654 | ) | 6,622,628,225 | ||||||||||||||||||||||||||
Taxable Municipal Bond ETF |
18,942,250 | (233,120,743 | ) | (214,178,493 | ) | 2,060,509,936 | ||||||||||||||||||||||||||
Treasury Collateral ETF |
1,592 | (1,212,065 | ) | (1,210,473 | ) | 828,450,851 | ||||||||||||||||||||||||||
Variable Rate Preferred ETF |
786,953 | (214,386,617 | ) | (213,599,664 | ) | 2,174,278,849 | ||||||||||||||||||||||||||
VRDO Tax-Free ETF |
- | - | - | 62,680,000 |
NOTE 8–Reclassification of Permanent Differences
Primarily as a result of differing book/tax treatment of in-kind transactions, registered investment company adjustments, taxable overdistributions, partnerships and hybrid securities, 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, 2022, the reclassifications were as follows:
Undistributed Net Investment Income (Loss) |
Undistributed Net Realized Gain (Loss) |
Shares
of Beneficial Interest | |||||||||||||||||||||||
1-30 Laddered Treasury ETF |
$ | - | $ | 2,496,807 | $ | (2,496,807 | ) | ||||||||||||||||||
California AMT-Free Municipal Bond ETF |
- | 7,223,722 | (7,223,722 | ) | |||||||||||||||||||||
CEF Income Composite ETF |
18,530,102 | (13,265,630 | ) | (5,264,472 | ) | ||||||||||||||||||||
Fundamental High Yield® Corporate Bond ETF |
- | 1,563,972 | (1,563,972 | ) | |||||||||||||||||||||
Fundamental Investment Grade Corporate Bond ETF |
(8,512 | ) | 296,870 | (288,358 | ) | ||||||||||||||||||||
National AMT-Free Municipal Bond ETF |
- | 5,384,744 | (5,384,744 | ) | |||||||||||||||||||||
New York AMT-Free Municipal Bond ETF |
(1,724 | ) | (381,919 | ) | 383,643 | ||||||||||||||||||||
Preferred ETF |
7,575,806 | 54,423,297 | (61,999,103 | ) | |||||||||||||||||||||
Taxable Municipal Bond ETF |
45,796 | 35,959,797 | (36,005,593 | ) | |||||||||||||||||||||
Treasury Collateral ETF |
(896 | ) | 30,228 | (29,332 | ) | ||||||||||||||||||||
Variable Rate Preferred ETF |
333,876 | 7,208,176 | (7,542,052 | ) | |||||||||||||||||||||
VRDO Tax-Free ETF |
- | - | - |
|
149 |
|
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 each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. For California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free ETF, such transactions are principally in exchange for the deposit or delivery of cash.
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.
|
150 |
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 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 27, 2022
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.
|
151 |
|
Calculating your ongoing Fund expenses
Example
As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2022 through August 31, 2022.
In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.
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 the 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 Fund 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, 2022 | August 31, 2022 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco 1-30 Laddered Treasury ETF (PLW) |
||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 880.00 | 0.25 | % | $ | 1.18 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.95 | 0.25 | 1.28 | ||||||||||||||||
Invesco California AMT-Free Municipal Bond ETF (PWZ) |
||||||||||||||||||||
Actual |
1,000.00 | 916.40 | 0.28 | 1.35 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.79 | 0.28 | 1.43 |
|
152 |
|
Calculating your ongoing Fund expenses–(continued)
Annualized | ||||||||||||||||||||
Beginning | Ending | Expense Ratio | Expenses Paid | |||||||||||||||||
Account Value | Account Value | Based on the | During the | |||||||||||||||||
March 1, 2022 | August 31, 2022 | Six-Month Period | Six-Month Period(1) | |||||||||||||||||
Invesco CEF Income Composite ETF (PCEF) |
||||||||||||||||||||
Actual |
$ | 1,000.00 | $ | 932.50 | 0.50 | % | $ | 2.44 | ||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||||||||||||||
Invesco Fundamental High Yield® Corporate Bond ETF (PHB) |
||||||||||||||||||||
Actual |
1,000.00 | 936.20 | 0.50 | 2.44 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||||||||||||||
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) |
||||||||||||||||||||
Actual |
1,000.00 | 938.30 | 0.22 | 1.07 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,024.10 | 0.22 | 1.12 | ||||||||||||||||
Invesco National AMT-Free Municipal Bond ETF (PZA) |
||||||||||||||||||||
Actual |
1,000.00 | 908.30 | 0.28 | 1.35 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.79 | 0.28 | 1.43 | ||||||||||||||||
Invesco New York AMT-Free Municipal Bond ETF (PZT) |
||||||||||||||||||||
Actual |
1,000.00 | 906.50 | 0.28 | 1.35 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.79 | 0.28 | 1.43 | ||||||||||||||||
Invesco Preferred ETF (PGX) |
||||||||||||||||||||
Actual |
1,000.00 | 930.10 | 0.50 | 2.43 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||||||||||||||
Invesco Taxable Municipal Bond ETF (BAB) |
||||||||||||||||||||
Actual |
1,000.00 | 873.90 | 0.28 | 1.32 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.79 | 0.28 | 1.43 | ||||||||||||||||
Invesco Treasury Collateral ETF (CLTL) |
||||||||||||||||||||
Actual |
1,000.00 | 1,002.50 | 0.08 | 0.40 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,024.80 | 0.08 | 0.41 | ||||||||||||||||
Invesco Variable Rate Preferred ETF (VRP) |
||||||||||||||||||||
Actual |
1,000.00 | 956.20 | 0.50 | 2.47 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||||||||||||||
Invesco VRDO Tax-Free ETF (PVI) |
||||||||||||||||||||
Actual |
1,000.00 | 1,002.50 | 0.25 | 1.26 | ||||||||||||||||
Hypothetical (5% return before expenses) |
1,000.00 | 1,023.95 | 0.25 | 1.28 |
(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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights. |
|
153 |
|
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.
The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2022:
Qualified Business Income* |
Qualified Dividend Income* |
Corporate 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 1-30 Laddered Treasury ETF |
0 | % | 0 | % | 0 | % | 100 | % | 100 | % | 100 | % | 0 | % | $ | - | $ | - | |||||||||||||||||||||||||||
Invesco California AMT-Free Municipal Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco CEF Income Composite ETF |
0 | % | 5 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco Fundamental High Yield® Corporate Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 98 | % | 95 | % | 0 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco Fundamental Investment Grade Corporate Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 99 | % | 97 | % | 0 | % | 441,199 | $ | 54,289 | ||||||||||||||||||||||||||||
Invesco National AMT-Free Municipal Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 0 | % | 100 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco New York AMT-Free Municipal Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 560,281 | $ | - | ||||||||||||||||||||||||||||
Invesco Preferred ETF |
0 | % | 66 | % | 64 | % | 0 | % | 22 | % | 22 | % | 0 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco Taxable Municipal Bond ETF |
0 | % | 0 | % | 0 | % | 0 | % | 100 | % | 100 | % | 0 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco Treasury Collateral ETF |
0 | % | 0 | % | 0 | % | 100 | % | 100 | % | 100 | % | 0 | % | - | $ | 105,131 | ||||||||||||||||||||||||||||
Invesco Variable Rate Preferred ETF |
0 | % | 68 | % | 63 | % | 0 | % | 19 | % | 14 | % | 0 | % | - | $ | - | ||||||||||||||||||||||||||||
Invesco VRDO Tax-Free ETF |
0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | - | $ | - |
* |
The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year. |
|
154 |
|
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, 2022
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee |
Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007 |
Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider). | 230 |
Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present). | |||||
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2010 | Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank. | 230 | 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. |
|
155 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005). | 230 |
Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016). |
* |
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. |
|
156 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
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). |
230 | Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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. |
|
157 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Chair of the Audit Committee and Trustee | Chair of the Audit Committee since 2008; Trustee since 2007 | Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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). | 230 | Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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 |
Chair of the Investment Oversight Committee and Trustee | Chair of the Investment Oversight Committee since 2014; Trustee since 2013 | Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007). | 230 | Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020). |
* |
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. |
|
158 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2019 | Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley. | 230 | Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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. |
|
159 |
|
Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Independent Trustees |
Other Directorships Held by Independent Trustees During | |||||
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Trustee | Since 2013 | Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP. | 230 | 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 |
Chair of the Board and Trustee | Chair since 2012; Trustee since 2007 | Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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). | 230 | Director, Penfield Children’s Center (2004-Present); Board Chair, 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. |
|
160 |
|
Trustees and Officers–(continued)
The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:
Name, Address and Year of Birth of Interested Trustee |
Position(s) with Trust |
Term of Office and Length of Time Served* |
Principal Occupation(s) During the Past 5 Years |
Number of Portfolios in Fund Complex** Overseen by Interested Trustee |
Other Directorships Held by Interested Trustee During | |||||
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 |
Trustee, President and Principal Executive Officer | Trustee since 2022, President and Principal Executive Officer since 2020 | President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; 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). | 230 | 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. |
|
161 |
|
Trustees and Officers–(continued)
Position(s) | Length of | Principal | ||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | |||
of Executive Officers | with Trust | Served* | the Past 5 Years | |||
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2020 | 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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020). | |||
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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018). | |||
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Secretary | Since 2020 | Head of Legal and Secretary, Invesco Capital Management LLC and 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); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020). |
* |
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. |
|
162 |
|
Trustees and Officers–(continued)
Position(s) | Length of | Principal | ||||
Name, Address and Year of Birth | Held | Time | Occupation(s) During | |||
of Executive Officers | with Trust | Served* | the Past 5 Years | |||
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2009 | Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005). | |||
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046 |
Vice President | Since 2012 | Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020). | |||
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 |
Vice President | Since 2013 | Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present). |
* |
This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Executive Officers |
Position(s) with Trust |
Length of Time Served* |
Principal Occupation(s) During the Past 5 Years | |||
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 |
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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164 |
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Approval of Investment Advisory and Sub-Advisory Contracts
At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):
Invesco 1-30 Laddered Treasury ETF |
Invesco Russell 1000 Low Beta Equal Weight ETF | |
Invesco California AMT-Free Municipal Bond ETF |
Invesco S&P 500® Enhanced Value ETF | |
Invesco CEF Income Composite ETF |
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF | |
Invesco China Technology ETF |
Invesco S&P 500® High Beta ETF | |
Invesco DWA Developed Markets Momentum ETF |
Invesco S&P 500® High Dividend Low Volatility ETF | |
Invesco DWA Emerging Markets Momentum ETF |
Invesco S&P 500® Low Volatility ETF | |
Invesco DWA SmallCap Momentum ETF |
Invesco S&P 500 Minimum Variance ETF | |
Invesco Emerging Markets Sovereign Debt ETF |
Invesco S&P 500® Momentum ETF | |
Invesco FTSE International Low Beta Equal Weight ETF |
Invesco S&P 500 Revenue ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
Invesco S&P Emerging Markets Low Volatility ETF | |
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF |
Invesco S&P Emerging Markets Momentum ETF | |
Invesco FTSE RAFI Emerging Markets ETF |
Invesco S&P International Developed High Dividend Low | |
Invesco Fundamental High Yield® Corporate Bond ETF |
Volatility ETF | |
Invesco Fundamental Investment Grade Corporate Bond ETF |
Invesco S&P International Developed Low Volatility ETF | |
Invesco Global Clean Energy ETF |
Invesco S&P International Developed Momentum ETF | |
Invesco Global Short Term High Yield Bond ETF |
Invesco S&P International Developed Quality ETF | |
Invesco Global Water ETF |
Invesco S&P MidCap 400 Revenue ETF | |
Invesco International BuyBack Achievers™ ETF |
Invesco S&P MidCap Low Volatility ETF | |
Invesco International Corporate Bond ETF |
Invesco S&P SmallCap 600 Revenue ETF | |
Invesco KBW Bank ETF |
Invesco S&P SmallCap Consumer Discretionary ETF | |
Invesco KBW High Dividend Yield Financial ETF |
Invesco S&P SmallCap Consumer Staples ETF | |
Invesco KBW Premium Yield Equity REIT ETF |
Invesco S&P SmallCap Energy ETF | |
Invesco KBW Property & Casualty Insurance ETF |
Invesco S&P SmallCap Financials ETF | |
Invesco KBW Regional Banking ETF |
Invesco S&P SmallCap Health Care ETF | |
Invesco MSCI Green Building ETF |
Invesco S&P SmallCap High Dividend Low Volatility ETF | |
Invesco NASDAQ 100 ETF |
Invesco S&P SmallCap Industrials ETF | |
Invesco NASDAQ Next Gen 100 ETF |
Invesco S&P SmallCap Information Technology ETF | |
Invesco National AMT-Free Municipal Bond ETF |
Invesco S&P SmallCap Low Volatility ETF | |
Invesco New York AMT-Free Municipal Bond ETF |
Invesco S&P SmallCap Materials ETF | |
Invesco Preferred ETF |
Invesco S&P SmallCap Quality ETF | |
Invesco PureBetaSM 0-5 Yr US TIPS ETF |
Invesco S&P SmallCap Utilities & Communication Services | |
Invesco PureBetaSM FTSE Developed ex-North America ETF |
ETF | |
Invesco PureBetaSM FTSE Emerging Markets ETF |
Invesco S&P Ultra Dividend Revenue ETF | |
Invesco PureBetaSM MSCI USA ETF |
Invesco Senior Loan ETF | |
Invesco PureBetaSM MSCI USA Small Cap ETF |
Invesco Taxable Municipal Bond ETF | |
Invesco PureBetaSM US Aggregate Bond ETF |
Invesco Treasury Collateral ETF | |
Invesco Russell 1000 Enhanced Equal Weight ETF |
Invesco Variable Rate Preferred ETF | |
Invesco Russell 1000 Equal Weight ETF |
Invesco VRDO Tax-Free ETF |
Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).
Investment Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) 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 for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.
The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:
· |
0.04% of the Fund’s average daily net assets for Invesco PureBetaSM MSCI USA ETF; |
· |
0.05% of the Fund’s average daily net assets for Invesco PureBetaSM US Aggregate Bond ETF; |
· |
0.06% of the Fund’s average daily net assets for Invesco PureBetaSM MSCI USA Small Cap ETF; |
· |
0.07% of the Fund’s average daily net assets for Invesco PureBetaSM 0-5 Yr US TIPS ETF and Invesco PureBetaSM FTSE Developed ex-North America ETF; |
· |
0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF; |
· |
0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF; |
· |
0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF; |
|
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|
Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
· |
0.14% of the Fund’s average daily net assets for Invesco PureBetaSM FTSE Emerging Markets ETF; |
· |
0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF; |
· |
0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF; |
· |
0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF; |
· |
0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF; |
· |
0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF; |
· |
0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF; |
· |
0.30% of the Fund’s average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF; |
· |
0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF; |
· |
0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF; |
· |
0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF; |
· |
0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF; |
· |
0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF; |
· |
0.55% of the Fund’s daily net assets for Invesco International BuyBack AchieversTM ETF; |
· |
0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF; |
· |
0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF; |
· |
0.70% of the Fund’s daily net assets for Invesco China Technology ETF; |
· |
0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF; |
· |
0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and |
· |
0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF. |
The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable 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 applicable, 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
|
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.
Invesco Fund | Equal to/Lower than ETF Peer Median |
Equal to/Lower than Open-End Index Fund Peer Median* |
Lower than Open-End Active Fund Peer Median | ||||||||||||
Invesco 1-30 Laddered Treasury ETF |
X | ||||||||||||||
Invesco California AMT-Free Municipal Bond ETF |
N/A | X | |||||||||||||
Invesco CEF Income Composite ETF |
X | N/A | X | ||||||||||||
Invesco China Technology ETF |
N/A | X | |||||||||||||
Invesco DWA Developed Markets Momentum ETF |
X | ||||||||||||||
Invesco DWA Emerging Markets Momentum ETF |
X | ||||||||||||||
Invesco DWA SmallCap Momentum ETF |
X | ||||||||||||||
Invesco Emerging Markets Sovereign Debt ETF |
X | ||||||||||||||
Invesco FTSE International Low Beta Equal Weight ETF |
X | X | X | ||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. ETF |
X | ||||||||||||||
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF |
X | X | |||||||||||||
Invesco FTSE RAFI Emerging Markets ETF |
X | X | |||||||||||||
Invesco Fundamental High Yield® Corporate Bond ETF |
X | X | |||||||||||||
Invesco Fundamental Investment Grade Corporate Bond ETF |
X | ||||||||||||||
Invesco Global Clean Energy ETF |
X | X | |||||||||||||
Invesco Global Short Term High Yield Bond ETF |
X | N/A | X | ||||||||||||
Invesco Global Water ETF |
X | X | |||||||||||||
Invesco International BuyBack AchieversTM ETF |
X | ||||||||||||||
Invesco International Corporate Bond ETF |
X | ||||||||||||||
Invesco KBW Bank ETF |
X | X | |||||||||||||
Invesco KBW High Dividend Yield Financial ETF |
X | X | |||||||||||||
Invesco KBW Premium Yield Equity REIT ETF |
X | X | |||||||||||||
Invesco KBW Property & Casualty Insurance ETF |
X | X | |||||||||||||
Invesco KBW Regional Banking ETF |
X | X | |||||||||||||
Invesco MSCI Green Building ETF |
X | X | |||||||||||||
Invesco NASDAQ 100 ETF |
X | X | |||||||||||||
Invesco NASDAQ Next Gen 100 ETF |
X | X | |||||||||||||
Invesco National AMT-Free Municipal Bond ETF |
X | ||||||||||||||
Invesco New York AMT-Free Municipal Bond ETF |
N/A | X | |||||||||||||
Invesco Preferred ETF |
N/A | X | |||||||||||||
Invesco PureBetaSM 0-5 Yr US TIPS ETF |
X | X | |||||||||||||
Invesco PureBetaSM FTSE Developed ex-North America ETF |
X | X | X | ||||||||||||
Invesco PureBetaSM FTSE Emerging Markets ETF |
X | X | X | ||||||||||||
Invesco PureBetaSM MSCI USA ETF |
X | X | X | ||||||||||||
Invesco PureBetaSM MSCI USA Small Cap ETF |
X | X | X | ||||||||||||
Invesco PureBetaSM US Aggregate Bond ETF |
X | X | X | ||||||||||||
Invesco Russell 1000 Enhanced Equal Weight ETF |
X | ||||||||||||||
Invesco Russell 1000 Equal Weight ETF |
X | X | |||||||||||||
Invesco Russell 1000 Low Beta Equal Weight ETF |
X | ||||||||||||||
Invesco S&P 500 Enhanced Value ETF |
X | X | X | ||||||||||||
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF |
X | X | |||||||||||||
Invesco S&P 500® High Beta ETF |
X | X | |||||||||||||
Invesco S&P 500® High Dividend Low Volatility ETF |
X | X | X |
|
168 |
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Approval of Investment Advisory and Sub-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 S&P 500® Low Volatility ETF |
X | X | ||||
Invesco S&P 500 Minimum Variance ETF |
X | X | X | |||
Invesco S&P 500 Momentum ETF |
X | X | X | |||
Invesco S&P 500 Revenue ETF |
X | |||||
Invesco S&P Emerging Markets Low Volatility ETF |
X | X | ||||
Invesco S&P Emerging Markets Momentum ETF |
X | X | ||||
Invesco S&P International Developed High Dividend Low Volatility ETF |
X | X | X | |||
Invesco S&P International Developed Low Volatility ETF |
X | X | ||||
Invesco S&P International Developed Momentum ETF |
X | N/A | X | |||
Invesco S&P International Developed Quality ETF |
X | N/A | X | |||
Invesco S&P MidCap 400 Revenue ETF |
X | |||||
Invesco S&P MidCap Low Volatility ETF |
X | X | X | |||
Invesco S&P SmallCap 600 Revenue ETF |
X | X | ||||
Invesco S&P SmallCap Consumer Discretionary ETF |
X | X | ||||
Invesco S&P SmallCap Consumer Staples ETF |
X | X | ||||
Invesco S&P SmallCap Energy ETF |
X | X | ||||
Invesco S&P SmallCap Financials ETF |
X | X | ||||
Invesco S&P SmallCap Health Care ETF |
X | X | ||||
Invesco S&P SmallCap High Dividend Low Volatility ETF |
X | X | X | |||
Invesco S&P SmallCap Industrials ETF |
X | X | ||||
Invesco S&P SmallCap Information Technology ETF |
X | X | ||||
Invesco S&P SmallCap Low Volatility ETF |
X | X | X | |||
Invesco S&P SmallCap Materials ETF |
X | X | ||||
Invesco S&P SmallCap Quality ETF |
X | X | X | |||
Invesco S&P SmallCap Utilities & Communication Services ETF |
X | X | X | |||
Invesco S&P Ultra Dividend Revenue ETF |
X | X | ||||
Invesco Senior Loan ETF |
X | N/A | X | |||
Invesco Taxable Municipal Bond ETF |
N/A | X | ||||
Invesco Treasury Collateral ETF |
X | X | ||||
Invesco Variable Rate Preferred ETF |
X | X | ||||
Invesco VRDO Tax-Free ETF |
N/A | X |
* |
The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available. |
In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.
The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.
|
169 |
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.
In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.
Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.
Investment Sub-Advisory Agreement
As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.
Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.
Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.
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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)
The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rates were reasonable and appropriate.
Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.
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Proxy Voting Policies and Procedures
A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.
Quarterly Portfolios
The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.
Frequency Distribution of Discounts and Premiums
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.
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Downers Grove, IL 60515 | P-TRST2-FINC-AR-1 | invesco.com/ETFs |