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.

Global Equity

At the beginning of the fiscal year ended August 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first quarter 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued their decline as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, reduction of gas supplies from Russia due to the war in Ukraine drove prices higher and led to mounting fears of gas shortages and rationing. Emerging market equities also declined, but China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns.

After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control. At the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

As an index fund, the Invesco International Developed Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex US Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE” or the “Index Provider”) compiles and maintains the Index, which is an index of foreign equity securities designed to reflect a dynamic combination of “factor investing” strategies that, in the view of the Index Provider, have historically outperformed other factors during various parts of the economic cycle. The Index’s universe of investable stocks are taken from the FTSE Developed ex US Index (the “Benchmark Index”), which comprises large- capitalization (85%) and mid-capitalization (15%) stocks of companies located in 24 developed market countries around the world, excluding the United States.

The Index emphasizes investments that exhibit the following factors: low volatility, momentum, quality, size and value. At any given time, depending on the current stage of the economic cycle of the overall market, the Index will target different subsets (that is, two or three) of those five factors (referred to as “factor configurations”). The Index is designed to utilize factor configurations that, in the view of the Index Provider, have historically outperformed other factors in certain stages of the economic cycle. The specific factor configurations used by the Index will change depending on which of the following four stages of the economic cycle currently is prevalent: recovery, expansion, slowdown and contraction. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (23.63)%. On a net asset value (“NAV”) basis, the Fund returned (22.54)%. During the same time period, the Index returned (22.13)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (19.40)%. The Benchmark Index is an unmanaged index weighted by market capitalization. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas

the Benchmark Index selects and weights stocks based on market capitalization.

For the fiscal period ended August 31, 2022, no sector contributed significantly to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included BHP Group Ltd., a materials company (portfolio average weight of 1.12%) and AstraZeneca PLC, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.97%) and Segro PLC, a real estate company (portfolio average weight of 0.55%).

 

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care			17.31
Consumer Staples			15.95
Industrials			11.26
Financials			9.36
Information Technology			8.79
Materials			8.52
Consumer Discretionary			7.92
Communication Services			6.47
Utilities			5.51
Real Estate			4.87
Energy			3.47
Money Market Funds Plus Other Assets Less Liabilities			0.57
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Novo Nordisk A/S, Class B			5.95
Nestle S.A.			4.93
Roche Holding AG			4.49
Samsung Electronics Co. Ltd.			2.90
BHP Group Ltd.			2.36
L’Oreal S.A.			2.00
Diageo PLC			1.91
KDDI Corp.			1.81
Investor AB, Class B			1.72
ASML Holding N.V.			1.67
Total			29.74

 

*	Excluding money market fund holdings

Fund Inception: February 24, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.34% 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, Index and Benchmark Index are based on the inception date of the Fund.

 

-	Net returns reflect reinvested dividends net of withholding taxes.

As an index fund, the Invesco Russell 1000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 1000^® Index (the “Benchmark Index”), which measures the performance of the 1,000 largest capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.37)%. On a net asset value (“NAV”) basis, the Fund returned (11.48)%. During the same time period, the Index returned (11.27)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. large-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials and materials sectors and most underweight in the information technology and communication services sectors 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 in the information technology and financials sectors.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The communication services sector detracted most significantly from the Fund’s return, followed by the materials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Berkshire Hathaway, Inc., Class B, a financials company (portfolio average weight of 2.07%) and Apple, Inc., an information technology company (portfolio average weight of 2.98%). Positions that detracted most significantly from the Fund’s return during the period included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.09%) and Pfizer, Inc., a health care company (portfolio average weight of 1.05%).

 

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care			24.06
Information Technology			20.74
Consumer Staples			12.96
Energy			9.89
Financials			8.38
Industrials			5.91
Consumer Discretionary			5.40
Communication Services			5.30
Sector Types Each Less Than 3%			7.06
Money Market Funds Plus Other Assets Less Liabilities			0.30
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.			5.52
Microsoft Corp.			5.02
Exxon Mobil Corp.			4.74
Berkshire Hathaway, Inc., Class B			4.72
Pfizer, Inc.			4.39
Johnson & Johnson			3.96
Chevron Corp.			3.66
UnitedHealth Group, Inc.			3.13
Costco Wholesale Corp.			3.01
Procter & Gamble Co. (The)			2.68
Total			40.83

 

*	Excluding money market fund holdings

Oppenheimer Russell 1000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

As an index fund, the Invesco Russell 2000^® Dynamic Multifactor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 2000^® Invesco Dynamic Multifactor Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“FTSE Russell” or the “Index Provider”) compiles and maintains the Index. The Index is designed to reflect a dynamic combination of factor exposures drawn from constituent stocks of the Russell 2000 Index (the “Benchmark Index”), which measures the performance of 2,000 small-capitalization companies in the United States. The Index consists of one of four pre-determined factor configurations that emphasize a subset of the following five investment style factors: value, momentum, quality, low volatility, and size. The factor configuration that comprises the Index will vary with different economic cycles and overall market conditions, as reflected in one of the following four categories: expansion, slowdown, contraction and recovery. The current economic cycle/market condition category, which determines which factor configuration is applied, is derived from a rules-based methodology that relies on certain leading economic and market sentiment indicators. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.41)%. On a net asset value (“NAV”) basis, the Fund returned (13.48)%. During the same time period, the Index returned (13.11)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (17.88)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials and industrials sectors and most underweight in the health care and information technology sectors 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 underweight allocation to and security selection in the health care sector along with its security selection in the information technology sector.

For the fiscal year ended August 31, 2022, the utilities sector was the only sector to contribute significantly to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included RR Donnelley & Sons Co., an industrials company (no longer held at fiscal year-end) and LHC Group, Inc., a health care company (portfolio average weight of 0.24%). Positions that detracted most significantly from the Fund’s return during the period included Community Health Systems, Inc., a health care company (no longer held at fiscal year-end) and Neogen Corp., a health care company (portfolio average weight of 0.29%).

 

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials			26.31
Industrials			18.76
Information Technology			12.40
Real Estate			9.49
Health Care			7.58
Utilities			6.54
Consumer Discretionary			5.75
Materials			4.60
Consumer Staples			3.87
Energy			3.22
Communication Services			1.30
Money Market Funds Plus Other Assets Less Liabilities			0.18
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Murphy USA, Inc.			1.73
Kinsale Capital Group, Inc.			1.17
ExlService Holdings, Inc.			1.00
Mueller Industries, Inc.			0.95
Halozyme Therapeutics, Inc.			0.94
Houlihan Lokey, Inc.			0.94
UFP Industries, Inc.			0.93
RLI Corp.			0.89
Encore Wire Corp.			0.84
Qualys, Inc.			0.80
Total			10.19

 

*	Excluding money market fund holdings

Oppenheimer Russell 2000^® Dynamic Multifactor ETF (the “Predecessor Fund”) Inception: November 8, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-	Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

		Shares				Value
Common Stocks & Other Equity Interests-99.43%
Australia-12.21%
Alumina Ltd.			49,906			$	51,833
Ampol Ltd.			5,763				136,620
Aristocrat Leisure Ltd.			5,074				124,182
ASX Ltd.			3,495				187,966
Australia & New Zealand Banking Group Ltd.			3,909				61,180
BHP Group Ltd.			88,072				2,451,338
Brambles Ltd.			11,907				101,056
carsales.com Ltd.(a)			2,016				31,235
Charter Hall Group			8,240				76,317
Cochlear Ltd.			182				26,738
Coles Group Ltd.			7,945				95,644
Commonwealth Bank of Australia			9,882				660,321
Computershare Ltd.			21,857				370,106
CSL Ltd.			3,968				798,506
Dexus			32,971				197,327
EBOS Group Ltd.			3,495				82,797
Fortescue Metals Group Ltd.			1,914				24,170
Glencore PLC(b)			80,990				446,038
Goodman Group			125,280				1,689,372
GPT Group (The)			48,596				140,256
Iluka Resources Ltd.			7,751				56,006
Lottery Corp. Ltd. (The)(b)			9,427				28,565
Macquarie Group Ltd.			3,478				422,649
Medibank Pvt. Ltd.			135,398				344,370
Mirvac Group			42,047				60,533
National Australia Bank Ltd.			14,830				311,000
Newcrest Mining Ltd.			3,739				45,447
Orora Ltd.			27,331				62,206
QBE Insurance Group Ltd.			7,455				61,687
Rio Tinto Ltd.			8,773				568,354
Rio Tinto PLC			19,448				1,079,663
Shopping Centres Australasia Property Group			52,079				97,469
Sierra Rutile Holdings Ltd.(b)			7,751				1,594
Sonic Healthcare Ltd.			9,491				221,223
South32 Ltd.			90,511				257,507
Suncorp Group Ltd.			7,472				55,834
Tabcorp Holdings Ltd.			9,427				6,204
Telstra Corp. Ltd.			62,783				170,872
Transurban Group			4,494				43,009
Wesfarmers Ltd.			9,052				291,725
Westpac Banking Corp.			3,081				45,644
Woodside Energy Group Ltd.			24,079				565,377
Woolworths Group Ltd.			4,721				116,805
							12,666,745
Austria-0.20%
Mondi PLC			4,366				74,477
Verbund AG			1,425				136,628
							211,105
Belgium-0.34%
Elia Group S.A./N.V.			606				88,297
Sofina S.A.(a)			661				133,067
UCB S.A.			338				23,825
Warehouses De Pauw C.V.A.			3,421				104,507
							349,696

		Shares				Value
Brazil-0.04%
Yara International ASA			848			$	36,008
Canada-2.33%
Alimentation Couche-Tard, Inc.			979				42,192
Bank of Montreal			423				39,164
Bank of Nova Scotia (The)			652				36,155
BCE, Inc.			2,324				112,473
Canadian Imperial Bank of Commerce			870				41,261
Canadian National Railway Co.			2,418				288,384
Constellation Software, Inc.			69				104,165
Enbridge, Inc.			3,756				155,334
Fortis, Inc.(a)			960				42,473
Franco-Nevada Corp.			765				92,237
George Weston Ltd.			725				83,124
Intact Financial Corp.			1,074				156,023
Loblaw Cos. Ltd.			2,877				254,989
Metro, Inc.			1,614				85,137
Nutrien Ltd.			390				35,906
Royal Bank of Canada			1,526				142,311
TC Energy Corp.			1,780				86,023
TELUS Corp.			2,161				48,810
Thomson Reuters Corp.			3,934				434,434
Toronto-Dominion Bank (The)			2,121				136,838
							2,417,433
China-0.38%
BOC Hong Kong Holdings Ltd.			29,500				101,855
Chow Tai Fook Jewellery Group Ltd.			29,800				60,216
SITC International Holdings Co. Ltd.			12,000				30,578
Tingyi Cayman Islands Holding Corp.			26,000				46,244
Want Want China Holdings Ltd.			187,000				131,991
Wharf Holdings Ltd. (The)(a)			7,000				26,399
							397,283
Denmark-6.81%
AP Moller - Maersk A/S, Class A			80				187,770
AP Moller - Maersk A/S, Class B			76				182,440
Carlsberg A/S, Class B			947				123,658
Coloplast A/S, Class B(a)			1,401				160,665
DSV A/S			220				32,615
Genmab A/S(b)			102				36,407
Novo Nordisk A/S, Class B			57,556				6,167,020
Novozymes A/S, Class B			1,201				69,108
Royal Unibrew A/S			656				49,367
Tryg A/S			2,290				51,907
							7,060,957
Finland-0.55%
Elisa OYJ			1,320				70,694
Kesko OYJ, Class B			2,222				46,876
Kojamo OYJ(a)			9,866				165,776
Orion OYJ, Class B			1,220				55,413
Sampo OYJ, Class A			4,399				199,496
UPM-Kymmene OYJ			1,009				34,385
							572,640
France-8.91%
Air Liquide S.A.			2,708				340,923
Arkema S.A.			339				28,764
Capgemini SE			411				71,498

		Shares				Value
France-(continued)
Carrefour S.A.			4,038			$	67,565
Cie de Saint-Gobain			2,698				109,468
Cie Generale des Etablissements Michelin S.C.A.			2,253				55,063
Danone S.A.			763				40,287
Dassault Systemes SE			4,338				168,267
ENGIE S.A.			6,121				73,047
EssilorLuxottica S.A.			2,587				388,253
Euroapi S.A.(b)			284				4,442
Hermes International			1,324				1,707,454
Kering S.A.			314				158,819
Legrand S.A.			1,841				133,806
L’Oreal S.A.			6,001				2,071,276
LVMH Moet Hennessy Louis Vuitton SE			2,637				1,716,934
Orange S.A.			14,096				143,131
Pernod Ricard S.A.			2,039				376,336
Publicis Groupe S.A.(b)			920				45,099
Sanofi			6,528				539,449
Schneider Electric SE			2,298				274,471
Teleperformance			194				55,460
TotalEnergies SE(a)			7,544				384,528
Veolia Environnement S.A.			5,776				129,404
Vinci S.A.			1,663				154,263
							9,238,007
Germany-4.70%
BASF SE			4,519				191,169
Bayer AG			1,139				60,244
Bayerische Motoren Werke AG			1,313				97,002
Bayerische Motoren Werke AG, Preference Shares			360				25,068
Beiersdorf AG			2,030				205,351
Brenntag SE			2,247				147,815
Carl Zeiss Meditec AG, BR			233				29,099
Covestro AG(c)			644				19,505
Deutsche Post AG			14,510				531,022
Deutsche Telekom AG			18,342				346,522
E.ON SE			128,955				1,103,498
Fresenius Medical Care AG & Co. KGaA			756				25,991
GEA Group AG			2,723				94,985
LEG Immobilien SE			1,414				107,094
Mercedes-Benz Group AG			1,359				76,690
Merck KGaA			2,649				456,559
RWE AG			20,342				778,923
SAP SE			2,291				195,678
Siemens AG			1,027				104,385
Siemens Healthineers AG(c)			3,311				162,241
Telefonica Deutschland Holding AG			14,121				36,705
Uniper SE(a)			2,690				14,566
Vonovia SE			2,294				62,282
							4,872,394
Hong Kong-2.82%
AIA Group Ltd.			56,000				541,888
CK Asset Holdings Ltd.			24,013				162,456
CK Hutchison Holdings Ltd.			19,500				126,085
CK Infrastructure Holdings Ltd.			12,696				77,319
CLP Holdings Ltd.			31,189				269,020
Hang Seng Bank Ltd.			6,500				101,862
Henderson Land Development Co. Ltd.			12,064				40,424
Hong Kong & China Gas Co. Ltd. (The)(a)			172,181				170,013

		Shares				Value
Hong Kong-(continued)
Hong Kong Exchanges & Clearing Ltd.			12,466			$	504,748
Jardine Matheson Holdings Ltd.			1,379				73,225
Link REIT			4,300				33,337
MTR Corp. Ltd.			5,500				28,205
Power Assets Holdings Ltd.			86,683				519,070
Sino Land Co. Ltd.			68,000				99,632
Sun Hung Kai Properties Ltd.			6,975				82,024
Techtronic Industries Co. Ltd.			8,000				94,995
							2,924,303
Ireland-0.18%
CRH PLC			1,740				64,293
Kerry Group PLC, Class A			326				33,715
Kingspan Group PLC			447				25,459
Smurfit Kappa Group PLC			1,927				64,891
							188,358
Israel-0.44%
Bank Leumi Le-Israel BM			13,672				145,333
Gav-Yam Lands Corp. Ltd.			3,041				31,146
ICL Group Ltd.			17,573				169,050
Israel Discount Bank Ltd., Class A			4,799				29,503
Mivne Real Estate KD Ltd.			13,303				49,110
Mizrahi Tefahot Bank Ltd.			748				30,581
							454,723
Italy-0.75%
Davide Campari-Milano N.V.			2,797				27,585
Eni S.p.A.			26,180				310,849
Ferrari N.V.			1,394				270,816
Moncler S.p.A.			711				31,915
Snam S.p.A.			5,208				24,802
Terna Rete Elettrica Nazionale S.p.A.(a)			15,149				108,155
							774,122
Japan-16.46%
AGC, Inc.			3,000				102,795
Ajinomoto Co., Inc.			2,600				72,416
Astellas Pharma, Inc.			28,092				402,154
Azbil Corp.			750				21,587
Bandai Namco Holdings, Inc.			1,298				98,175
Bridgestone Corp.			5,986				231,149
Canon, Inc.			20,300				488,372
Chugai Pharmaceutical Co. Ltd.			4,175				108,693
Dai Nippon Printing Co. Ltd.			1,900				40,255
Daikin Industries Ltd.			1,300				229,616
Daito Trust Construction Co. Ltd.			1,556				154,225
Daiwa House Industry Co. Ltd.			2,200				49,769
Daiwa House REIT Investment Corp.(b)			14				32,519
Denso Corp.			1,300				71,750
Dentsu Group, Inc.			700				22,799
Disco Corp.			100				24,671
Ebara Corp.			500				19,188
FANUC Corp.			300				48,768
FUJIFILM Holdings Corp.			2,700				138,501
Fujitsu Ltd.			800				95,596
Hamamatsu Photonics K.K.			1,275				54,725
Hirose Electric Co. Ltd.			300				42,958
Hitachi Ltd.			5,000				252,335
Hitachi Transport System Ltd.			700				44,335
Honda Motor Co. Ltd.			2,700				72,532

		Shares				Value
Japan-(continued)
Hoya Corp.			7,422			$	762,947
Inpex Corp.			3,700				42,812
ITOCHU Corp.			13,300				368,706
Japan Real Estate Investment Corp.			6				27,917
Japan Tobacco, Inc.			27,536				468,782
JSR Corp.			1,500				33,868
Kajima Corp.			3,400				36,030
Kamigumi Co. Ltd.			2,758				54,255
Kansai Electric Power Co., Inc. (The)			4,100				39,810
KDDI Corp.			60,974				1,881,232
Kewpie Corp.			1,400				23,137
Keyence Corp.			2,350				895,755
Kikkoman Corp.			700				43,225
Kobayashi Pharmaceutical Co. Ltd.			300				17,161
Kurita Water Industries Ltd.			1,092				43,010
Kyocera Corp.			1,100				61,719
Kyowa Kirin Co. Ltd.			1,239				28,020
Lintec Corp.			1,632				27,407
Marubeni Corp.			4,800				50,277
Maruichi Steel Tube Ltd.			1,799				38,660
MEIJI Holdings Co. Ltd.			1,248				59,688
MISUMI Group, Inc.			2,700				67,196
Mitsubishi Chemical Group Corp.			4,800				25,381
Mitsubishi Corp.			7,700				253,510
Mitsubishi Electric Corp.			8,022				82,086
Mitsubishi UFJ Financial Group, Inc.			12,300				63,982
Mitsui & Co. Ltd.			23,500				553,659
MS&AD Insurance Group Holdings, Inc.			1,200				36,019
Murata Manufacturing Co. Ltd.			900				49,043
Nintendo Co. Ltd.			1,200				493,331
Nippon Building Fund, Inc.			10				50,063
Nippon Kayaku Co. Ltd.			2,895				25,374
Nippon Prologis REIT, Inc.(b)			14				35,398
Nippon Telegraph & Telephone Corp.			52,441				1,425,790
Nissan Chemical Corp.			1,300				66,301
Nissin Foods Holdings Co. Ltd.			1,505				108,132
Nitto Denko Corp.			689				42,843
Obic Co. Ltd.			385				57,684
Ono Pharmaceutical Co. Ltd.			2,100				50,415
ORIX Corp.			4,500				74,532
Osaka Gas Co. Ltd.			6,035				102,045
Otsuka Holdings Co. Ltd.			900				29,612
Recruit Holdings Co. Ltd.			2,200				71,146
Rohto Pharmaceutical Co. Ltd.			1,000				30,334
Sankyo Co. Ltd.			1,100				32,454
Secom Co. Ltd.			3,692				237,620
Sekisui House Ltd.			8,010				137,174
Seven & i Holdings Co. Ltd.			9,000				359,221
SG Holdings Co. Ltd.			3,400				56,877
Shimadzu Corp.			3,568				105,270
Shimano, Inc.			1,357				242,963
Shin-Etsu Chemical Co. Ltd.			3,869				455,349
Shionogi & Co. Ltd.			4,013				196,966
Shiseido Co. Ltd.			500				19,098
SHO-BOND Holdings Co. Ltd.			1,251				54,417
SMC Corp.			500				240,216
SoftBank Corp.			22,300				246,044
Sompo Holdings, Inc.			700				30,161
Sony Group Corp.			12,344				991,527
Sumitomo Corp.			5,400				76,545