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Invesco Annual Report to Shareholders

 

August 31, 2022

    

DEF  Invesco Defensive Equity ETF

 

ISDX  Invesco RAFITM Strategic Developed ex-US ETF

 

ISEM  Invesco RAFITM Strategic Emerging Markets ETF

 

IUS  Invesco RAFITM Strategic US ETF

 

IUSS  Invesco RAFITM Strategic US Small Company ETF


 

Table of Contents

 

The Market Environment      3  
Management’s Discussion of Fund Performance      4  
Liquidity Risk Management Program      19  
Schedules of Investments   

Invesco Defensive Equity ETF (DEF)

     20  

Invesco RAFITM  Strategic Developed ex-US ETF (ISDX)

     22  

Invesco RAFITM  Strategic Emerging Markets ETF (ISEM)

     31  

Invesco RAFITM  Strategic US ETF (IUS)

     37  

Invesco RAFITM  Strategic US Small Company ETF (IUSS)

     43  
Statements of Assets and Liabilities      55  
Statements of Operations      56  
Statements of Changes in Net Assets      57  
Financial Highlights      59  
Notes to Financial Statements      64  
Report of Independent Registered Public Accounting Firm      75  
Fund Expenses      76  
Tax Information      78  
Trustees and Officers      79  
Approval of Investment Advisory Contracts      89  

 

 

  2  

 


 

The Market Environment

 

 

 

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.

 

 

  3  

 


 

 

DEF    Management’s Discussion of Fund Performance
   Invesco Defensive Equity ETF (DEF)

 

As an index fund, the Invesco Defensive Equity ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Defensive Equity Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is comprised of a subset of securities from the S&P 500® Index (the “S&P 500”). Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

Instead of the traditional approach to defensive equity portfolios that focuses solely on low beta stocks, the Index, using a rules-based quantitative approach, is designed to measure the performance of approximately 100 equal-weighted securities selected from the S&P 500 based on each security’s (i) probability of delivering the required revenue growth to support the current stock price, (ii) beta (a measure of a given security’s volatility in relation to the volatility of a specific market) and (iii) down market volatility (a measurement that represents a security’s volatility during adverse market conditions). For each security in the S&P 500, the probability of delivering the required revenue growth to support the current stock price is calculated. The securities in the top 80% based on their probability scores are eligible for inclusion in the Index. Of those securities, the 75% with the lowest beta are further evaluated and those that rank in the bottom 50% on down market volatility are eligible for inclusion in the Index. Of those securities, the 100 securities with a higher probability of delivering the required revenue growth to support their current stock prices while minimizing any differences in industry exposure relative to the S&P 500 are included in the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (4.40)%. On a net asset value (“NAV”) basis, the Fund returned (4.54)%. During the same time period, the Index returned (4.01)%. 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 incurred by the Fund during the period.

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 and based on the average performance of approximately 500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the health care, industrials and consumer staples sectors and most underweight in the information technology, communication services and energy 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 communication services sector, the Fund’s security selection in the consumer discretionary sector, and the Fund’s overweight allocation to the consumer staples sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included McKesson Corp., a health care company (portfolio average weight of 1.11%), and Cardinal Health, Inc., a health care company (portfolio average weight of 0.81%). Positions that detracted most significantly from the Fund’s return during the period included Agilent Technologies, Inc., a health care company (no longer held at fiscal year-end), and PPG Industries, Inc., a materials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Health Care      21.78  
Industrials      15.89  
Information Technology      12.06  
Financials      11.31  
Consumer Staples      11.24  
Consumer Discretionary      6.25  
Utilities      6.00  
Real Estate      5.88  
Materials      5.74  
Sector Types Each Less Than 3%      3.74  
Money Market Funds Plus Other Assets Less Liabilities      0.11  

 

 

  4  

 


 

Invesco Defensive Equity ETF (DEF) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
Cardinal Health, Inc.      1.35  
Broadridge Financial Solutions, Inc.      1.20  
McKesson Corp.      1.19  
Nasdaq, Inc.      1.18  
Arthur J. Gallagher & Co.      1.15  
Genuine Parts Co.      1.14  
O’Reilly Automotive, Inc.      1.14  
General Mills, Inc.      1.14  
Hormel Foods Corp.      1.12  
Verisk Analytics, Inc.      1.12  
Total      11.73  

 

*

Excluding money market fund holdings

Growth of a $10,000 Investment

 

LOGO

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—Invesco Defensive Equity Index     (4.01 )%      9.11     29.89     10.79     66.93     11.19     188.85       9.02     288.23
S&P 500® Index     (11.23     12.39       41.98       11.82       74.86       13.08       241.73         8.89       280.99  
Fund                    
NAV Return     (4.54     8.49       27.71       10.16       62.23       10.56       172.80         8.33       251.58  
Market Price Return     (4.40     8.51       27.76       10.18       62.36       10.55       172.64         8.34       251.74  

 

 

  5  

 


 

Invesco Defensive Equity ETF (DEF) (continued)

 

Guggenheim Defensive Equity ETF (the “Predecessor Fund”) Inception: December 15, 2006

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.55%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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:

 

-

Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

 

-

The Blended-Invesco Defensive Equity Index performance is comprised of the performance of the Sabrient Defensive Equity Index, the Fund’s previous underlying index, prior to the conversion date, October 24, 2016, followed by the performance of the Index, starting from the conversion date through August 31, 2022.

 

 

  6  

 


 

 

ISDX    Management’s Discussion of Fund Performance
   Invesco RAFITM Strategic Developed ex-US ETF (ISDX)

 

As an index fund, the Invesco RAFITM Strategic Developed ex-US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Developed ex-US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities in countries designated as developed market countries (excluding the U.S.) that tend to have smaller, yet higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as developed market countries (excluding the U.S.). Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.22)%. On a net asset value (“NAV”) basis, the Fund returned (10.84)%. During the same time period, the Index returned (10.93)%. 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 revenue from the securities lending program in which the Fund participates, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE® Index (the “Benchmark Index”) returned (19.80)%. The Benchmark Index is

an unmanaged index weighted by market capitalization and based on the average performance of approximately 900 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equities markets in developed countries around the world, excluding the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy and materials sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 2022.

The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the energy sector, as well as its security selection within the industrials sector.

For the fiscal year ended August 31, 2022, the energy sector was the only sector that contributed significantly to the Fund’s return. The consumer discretionary 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 Shell PLC, an energy company (portfolio average weight of 3.11%), and Suncor Energy, Inc., an energy company (portfolio average weight of 0.91%). 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 1.72%), and Saipem S.p.A., an energy company (portfolio average weight of 0.32%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Industrials      16.77  
Consumer Discretionary      14.50  
Materials      12.89  
Energy      12.81  
Consumer Staples      10.85  
Information Technology      7.36  
Health Care      7.05  
Communication Services      6.25  
Financials      5.44  
Utilities      5.09  
Real Estate      0.76  
Money Market Funds Plus Other Assets Less Liabilities      0.23  

 

 

  7  

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
Shell PLC      2.49  
Samsung Electronics Co. Ltd.      1.85  
BP PLC      1.49  
TotalEnergies SE      1.43  
Nestle S.A.      1.33  
Volkswagen AG, Preference Shares      1.28  
Enbridge, Inc.      1.27  
Toyota Motor Corp.      1.25  
Brookfield Asset Management, Inc., Class A      1.18  
Roche Holding AG      1.04  
Total      14.61  

 

*

Excluding money market fund holdings

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Invesco Strategic Developed ex-US Index (Net)     (10.93 )%      6.48     20.73       4.28     18.09
MSCI EAFE® Index (Net)     (19.80     2.39       7.35         1.47       5.96  
Fund            
NAV Return     (10.84     6.52       20.85         4.33       18.31  
Market Price Return     (11.22     6.41       20.49         4.22       17.81  

 

 

  8  

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX) (continued)

 

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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.

 

 

  9  

 


 

 

ISEM    Management’s Discussion of Fund Performance
   Invesco RAFITM Strategic Emerging Markets ETF (ISEM)

 

As an index fund, the Invesco RAFITM Strategic Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic Emerging Markets Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index and American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on securities in the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of emerging market companies that tend to have larger, higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of foreign equity securities with at least one year of trading history, issued by companies located in countries designated as emerging market countries. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities in the top 90% by Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (17.32)%. On a net asset value (“NAV”) basis, the Fund returned (17.14)%. During the same time period, the Index returned (16.72)%. 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 MSCI Emerging Markets Index (the “Benchmark Index”) returned (21.80)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400

securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy and industrials sectors and most underweight in the information technology and consumer discretionary sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to and security selection in the energy and information technology sectors.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Petroleo Brasileiro S.A., Preference Shares., an energy company (portfolio average weight of 2.52%), and China Shenhua Energy Co. Ltd., H Shares, an energy company (portfolio average weight of 2.09%). Positions that detracted most significantly from the Fund’s return during the period included Gazprom PJSC, an energy company (portfolio average weight of 1.47%) and Lukoil PJSC, an energy company (portfolio average weight of 0.82%).

As an emerging markets fund, the Fund had exposure to Russian securities with a weight of about 4.51% upon Russia’s invasion of Ukraine (as of February 24, 2022). United States federal sanctions implemented as a response to the invasion have prohibited the buying and selling of all Russian securities. Russian securities held in the Fund’s portfolio are currently valued at zero.

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Energy      19.51  
Financials      15.81  
Information Technology      13.67  
Consumer Discretionary      13.35  
Materials      9.73  
Industrials      7.88  
Communication Services      5.63  
Consumer Staples      5.10  
Utilities      3.71  
Real Estate      3.71  
Health Care      1.18  
Money Market Funds Plus Other Assets Less Liabilities      0.72  

 

 

  10  

 


 

Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
PetroChina Co. Ltd., H Shares      7.20  
China Petroleum & Chemical Corp., H Shares      5.59  
Ping An Insurance (Group) Co. of China Ltd., H Shares      4.64  
Taiwan Semiconductor Manufacturing Co. Ltd.      2.90  
Alibaba Group Holding Ltd.      2.71  
Petroleo Brasileiro S.A., Preference Shares      2.24  
Hon Hai Precision Industry Co. Ltd.      2.00  
Pinduoduo, Inc., ADR      1.73  
China Pacific Insurance (Group) Co. Ltd., H Shares      1.73  
JD.com, Inc., A Shares      1.66  
Total      32.40  

 

*

Excluding money market fund holdings

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Invesco Strategic Emerging Markets Index (Net)     (16.72 )%      2.67     8.22       1.71     6.96
MSCI Emerging Markets Index (Net)     (21.80     2.74       8.43         2.17       8.90  
Fund            
NAV Return     (17.14     2.31       7.11         1.24       5.02  
Market Price Return     (17.32     2.24       6.88         1.13       4.54  

 

 

  11  

 


 

Invesco RAFITM Strategic Emerging Markets ETF (ISEM) (continued)

 

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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.

 

 

  12  

 


 

 

IUS    Management’s Discussion of Fund Performance
   Invesco RAFITM Strategic US ETF (IUS)

 

As an index fund, the Invesco RAFITM Strategic US ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of U.S. companies that tend to have larger, higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities within the top 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (2.78)%. On a net asset value (“NAV”) basis, the Fund returned (2.84)%. During the same time period, the Index returned (2.68)%. 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 Russell 1000® Index (the “Benchmark Index”) returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the

marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy and consumer staples sectors and most underweight in the information technology and financials 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 overweight allocation to the energy sector as well as the security selection in the health care, 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 health care and utilities sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 2.11%), and Chevron Corp., an energy company (portfolio average weight of 1.55%). 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 1.25%), and Alphabet, Inc., Class A, a communication services company (portfolio average weight of 3.42%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Information Technology      20.81  
Health Care      15.28  
Consumer Discretionary      12.15  
Communication Services      11.69  
Industrials      9.65  
Consumer Staples      9.01  
Financials      7.88  
Energy      7.26  
Materials      3.94  
Sector Types Each Less Than 3%      2.10  
Money Market Funds Plus Other Assets Less Liabilities      0.23  

 

 

  13  

 


 

Invesco RAFITM Strategic US ETF (IUS) (continued)

 

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2022

 
Security   
Apple, Inc.      5.55  
Alphabet, Inc., Class A      3.59  
Berkshire Hathaway, Inc., Class B      3.09  
Microsoft Corp.      3.01  
Amazon.com, Inc.      2.01  
Exxon Mobil Corp.      1.92  
Meta Platforms, Inc., Class A      1.79  
AT&T, Inc.      1.53  
UnitedHealth Group, Inc.      1.41  
Walmart, Inc.      1.21  
Total      25.11  

 

*

Excluding money market fund holdings

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Invesco Strategic US Index     (2.68 )%      16.19     56.88       12.32     58.53
Russell 1000® Index     (12.96     12.14       41.01         9.84       45.11  
Fund            
NAV Return     (2.84     15.99       56.06         12.13       57.50  
Market Price Return     (2.78     16.03       56.19         12.17       57.71  

 

 

  14  

 


 

Invesco RAFITM Strategic US ETF (IUS) (continued)

 

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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.

 

 

  15  

 


 

 

IUSS    Management’s Discussion of Fund Performance
   Invesco RAFITM Strategic US Small Company ETF (IUSS)

 

As an index fund, the Invesco RAFITM Strategic US Small Company ETF (“the Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Invesco Strategic US Small Company Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (“Invesco Indexing” or the “Index Provider”) compiles and maintains the Index, which is designed to measure the performance of equity securities of U.S. companies that tend to have smaller, yet higher quality businesses. Invesco Indexing is affiliated with Invesco Capital Management LLC, the Fund’s investment adviser, and Invesco Distributors, Inc., the Fund’s distributor.

The Index Provider selects components for inclusion in the Index from an investment universe of domestic equity securities with at least one year of trading history. Each eligible equity security is assigned a business-size score (“Business-Size Score”) based on the equally-weighted average of the following four factors of company size over the prior five years (or, if shorter, the life of the security): sales, operating cash flow, total return of capital (dividends and share repurchases) and book value. For real estate securities (real estate investment trusts (“REITs”) and common stocks of companies in the real estate sector), operating cash flow is replaced by funds from operations and book value is replaced by total assets. Each eligible security is then assigned a quality score (“Quality Score”) based on the equally-weighted average of the following two quality factors of its company’s business: efficiency (calculated as the ratio of sales-to-assets in the prior year) and growth (calculated as the percentage change in the ratio of sales-to-assets over the prior five years (or, if shorter, the life of the security)). Each eligible security is ranked in descending order by its Business-Size Score. Those securities ranked greater than 90% in cumulative Business-Size Score are eligible for inclusion in the Index and, of those, the 80% with the highest Quality Scores are included in the Index. Securities in the Index are weighted proportionally to their float-adjusted Business-Size Scores. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.58)%. On a net asset value (“NAV”) basis, the Fund returned (12.70)%. During the same time period, the Index returned (12.53)%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell 2000® Index (the “Benchmark Index”) returned (17.88)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,000 securities.

The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small cap stock market.

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

Relative to the Benchmark Index, the Fund was most overweight in the industrials and consumer discretionary sectors and most underweight in the financials and health care sectors during the fiscal year ended August 31, 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 as well as its overweight allocation to and security selection in the energy sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included SM Energy Co., an energy company (portfolio average weight of 0.22%), and CVR Energy, Inc., an energy company (portfolio average weight of 0.36%). Positions that detracted most significantly from the Fund’s return during the period included Moderna, Inc., a health care company (no longer held at fiscal year-end), and MercadoLibre, Inc., a consumer discretionary company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of August 31, 2022
 
Industrials      22.37  
Consumer Discretionary      17.07  
Information Technology      15.13  
Health Care      10.47  
Materials      6.30  
Financials      6.06  
Energy      5.18  
Consumer Staples      4.74  
Real Estate      4.45  
Communication Services      4.42  
Utilities      3.76  
Money Market Funds Plus Other Assets Less Liabilities      0.05  

 

 

  16  

 


 

Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of August 31, 2022
 
Security   
First Solar, Inc.      0.44  
Atlas Air Worldwide Holdings, Inc.      0.38  
CommScope Holding Co., Inc.      0.34  
Crocs, Inc.      0.34  
Etsy, Inc.      0.32  
Academy Sports & Outdoors, Inc.      0.31  
Sanmina Corp.      0.29  
Regal Rexnord Corp.      0.28  
Extra Space Storage, Inc.      0.28  
Jack Henry & Associates, Inc.      0.27  
Total      3.25  

 

*

Excluding money market fund holdings

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of August 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
Invesco Strategic US Small Company Index     (12.53 )%      15.87     55.55       9.09     41.21
Russell 2000® Index     (17.88     8.59       28.05         3.16       13.14  
Fund            
NAV Return     (12.70     15.66       54.73         8.91       40.27  
Market Price Return     (12.58     15.69       54.83         8.93       40.41  

 

 

  17  

 


 

Invesco RAFITM Strategic US Small Company ETF (IUSS) (continued)

 

Fund Inception: September 12, 2018

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.23% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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.

 

 

  18  

 


 

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.

 

    19    

 

 

 

 


 

Invesco Defensive Equity ETF (DEF)

August 31, 2022

Schedule of Investments(a)

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.89%

 

Communication Services-1.88%

     

Comcast Corp., Class A

     62,835      $ 2,273,999  

Fox Corp., Class A

     79,019        2,700,869  
     

 

 

 
        4,974,868  
     

 

 

 

Consumer Discretionary-6.25%

     

Genuine Parts Co.

     19,378        3,023,162  

Hasbro, Inc.

     30,469        2,401,566  

McDonald’s Corp.

     10,958        2,764,484  

O’Reilly Automotive, Inc.(b)

     4,325        3,015,044  

Starbucks Corp.

     34,439        2,895,287  

Yum! Brands, Inc.

     22,333        2,484,323  
     

 

 

 
        16,583,866  
     

 

 

 

Consumer Staples-11.24%

     

Altria Group, Inc.

     54,383        2,453,761  

Church & Dwight Co., Inc.

     30,769        2,575,673  

General Mills, Inc.

     39,225        3,012,480  

Hershey Co. (The)

     12,838        2,884,313  

Hormel Foods Corp.

     59,166        2,974,866  

Kimberly-Clark Corp.

     20,575        2,623,724  

Mondelez International, Inc., Class A

     42,979        2,658,681  

Monster Beverage Corp.(b)

     29,825        2,649,355  

PepsiCo, Inc.

     16,239        2,797,493  

Procter & Gamble Co. (The)

     18,547        2,558,373  

Sysco Corp.

     31,603        2,598,399  
     

 

 

 
        29,787,118  
     

 

 

 

Energy-1.86%

     

Kinder Morgan, Inc.

     135,516        2,482,653  

Williams Cos., Inc. (The)

     71,790        2,443,014  
     

 

 

 
        4,925,667  
     

 

 

 

Financials-11.31%

     

Allstate Corp. (The)

     20,536        2,474,588  

Arthur J. Gallagher & Co.

     16,763        3,043,658  

BlackRock, Inc.

     4,063        2,707,542  

Cboe Global Markets, Inc.

     23,715        2,797,658  

Citigroup, Inc.

     52,352        2,555,301  

Everest Re Group Ltd.

     9,552        2,569,966  

Goldman Sachs Group, Inc. (The)

     8,587        2,856,637  

Intercontinental Exchange, Inc.

     26,662        2,688,863  

Moody’s Corp.

     9,480        2,697,250  

Nasdaq, Inc.

     52,654        3,134,493  

Travelers Cos., Inc. (The)

     15,295        2,472,284  
     

 

 

 
        29,998,240  
     

 

 

 

Health Care-21.78%

     

Abbott Laboratories

     23,466        2,408,785  

AbbVie, Inc.

     18,033        2,424,717  

AmerisourceBergen Corp.

     18,396        2,696,118  

Amgen, Inc.

     10,963        2,634,409  

Becton, Dickinson and Co.

     10,560        2,665,555  

Bristol-Myers Squibb Co.

     35,328        2,381,460  

Cardinal Health, Inc.

     50,440        3,567,117  

CVS Health Corp.

     28,785        2,825,248  

Elevance Health, Inc.

     5,400        2,619,594  

Gilead Sciences, Inc.

     43,145        2,738,413  

Henry Schein, Inc.(b)

     32,236        2,366,445  

Hologic, Inc.(b)

     35,576        2,403,514  
     Shares      Value  

Health Care-(continued)

     

Incyte Corp.(b)

     35,890      $ 2,527,733  

IQVIA Holdings, Inc.(b)

     12,194        2,593,176  

Johnson & Johnson

     15,182        2,449,464  

Laboratory Corp. of America Holdings

     11,339        2,554,336  

McKesson Corp.

     8,577        3,147,759  

Merck & Co., Inc.

     30,077        2,567,373  

Quest Diagnostics, Inc.

     19,855        2,488,030  

UnitedHealth Group, Inc.

     5,468        2,839,696  

Waters Corp.(b)

     7,946        2,372,676  

Zoetis, Inc.

     15,713        2,459,556  
     

 

 

 
        57,731,174  
     

 

 

 

Industrials-15.89%

     

3M Co.

     18,508        2,301,470  

A.O. Smith Corp.

     44,056        2,486,961  

AMETEK, Inc.

     22,106        2,656,257  

Expeditors International of Washington, Inc.

     26,105        2,685,943  

IDEX Corp.

     13,842        2,785,149  

J.B. Hunt Transport Services, Inc.

     16,010        2,786,060  

Leidos Holdings, Inc.

     25,901        2,461,890  

Nordson Corp.

     12,280        2,789,648  

Otis Worldwide Corp.

     35,254        2,546,044  

Parker-Hannifin Corp.

     9,551        2,531,015  

Pentair PLC

     53,968        2,401,576  

Raytheon Technologies Corp.

     27,122        2,434,200  

Snap-on, Inc.

     12,165        2,650,267  

Union Pacific Corp.

     12,141        2,725,776  

United Parcel Service, Inc., Class B

     15,059        2,929,126  

Verisk Analytics, Inc.

     15,859        2,968,170  
     

 

 

 
        42,139,552  
     

 

 

 

Information Technology-12.06%

     

Akamai Technologies, Inc.(b)

     26,710        2,411,379  

Amphenol Corp., Class A

     38,323        2,817,890  

Broadridge Financial Solutions, Inc.

     18,568        3,178,285  

Citrix Systems, Inc.

     27,256        2,801,099  

Jack Henry & Associates, Inc.

     14,506        2,788,053  

NortonLifeLock, Inc.

     109,627        2,476,474  

Paychex, Inc.

     21,428        2,642,930  

Roper Technologies, Inc.

     6,438        2,591,810  

TE Connectivity Ltd. (Switzerland)

     20,576        2,596,897  

Teledyne Technologies, Inc.(b)

     6,693        2,465,433  

Texas Instruments, Inc.

     16,274        2,688,628  

Visa, Inc., Class A

     12,606        2,504,938  
     

 

 

 
        31,963,816  
     

 

 

 

Materials-5.74%

     

Air Products and Chemicals, Inc.

     10,663        2,691,874  

Avery Dennison Corp.

     15,053        2,764,032  

Corteva, Inc.

     43,408        2,666,554  

FMC Corp.

     22,842        2,468,763  

Linde PLC (United Kingdom)

     8,190        2,316,623  

Packaging Corp. of America

     16,862        2,308,745  
     

 

 

 
        15,216,591  
     

 

 

 

Real Estate-5.88%

     

American Tower Corp.

     10,176        2,585,213  

Essex Property Trust, Inc.

     9,745        2,583,010  

Prologis, Inc.

     21,570        2,685,681  

 

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

 

    20    

 

 

 

 


 

Invesco Defensive Equity ETF (DEF)–(continued)

August 31, 2022

    

 

     Shares      Value  

Real Estate-(continued)

     

Public Storage

     8,502      $ 2,812,716  

Regency Centers Corp.

     41,470        2,523,035  

Weyerhaeuser Co.

     70,143        2,396,085  
     

 

 

 
        15,585,740  
     

 

 

 

Utilities-6.00%

     

Atmos Energy Corp.

     23,359        2,648,443  

Edison International

     38,931        2,638,354  

Eversource Energy

     29,817        2,674,287  

Exelon Corp.

     55,872        2,453,339  

Pinnacle West Capital Corp.

     36,091        2,719,457  

Sempra Energy

     16,880        2,784,694  
     

 

 

 
        15,918,574  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $260,366,830)

 

     264,825,206  
     

 

 

 
     Shares      Value  

Money Market Funds-0.02%

     

Invesco Government & Agency Portfolio, Institutional Class, 2.22%(c)(d)
(Cost $52,209)

     52,209      $ 52,209  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.91%
(Cost $260,419,039)

 

     264,877,415  

OTHER ASSETS LESS LIABILITIES-0.09%

 

     236,258  
     

 

 

 

NET ASSETS-100.00%

 

   $ 265,113,673  
     

 

 

 

 

Notes to Schedule of Investments:

(a) 

Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

(b) 

Non-income producing security.

(c) 

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      $ 242,808      $ 6,225,098      $ (6,415,697 )     $ -      $ -     $ 52,209      $ 371
Investments Purchased with Cash Collateral from Securities on Loan:                                 
Invesco Private Government Fund        -        4,415,278        (4,415,278 )       -        -       -        8 *
Invesco Private Prime Fund        -        10,301,030        (10,300,637 )       -        (393 )       -        83 *
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 
Total      $ 242,808      $ 20,941,406      $ (21,131,612 )     $ -      $ (393 )     $ 52,209      $ 462
    

 

 

      

 

 

      

 

 

     

 

 

      

 

 

     

 

 

      

 

 

 

 

*

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

 

(d)

The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

 

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

 

    21    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)

August 31, 2022

Schedule of Investments

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.77%

 

Australia-5.34%

     

AGL Energy Ltd.

     55,809      $ 293,836  

Ampol Ltd.

     9,876        234,124  

APA Group

     19,563        148,733  

Aristocrat Leisure Ltd.

     4,690        114,784  

Aurizon Holdings Ltd.

     71,125        181,874  

BHP Group Ltd.

     107,765        2,999,459  

BlueScope Steel Ltd.

     18,922        216,891  

Brambles Ltd.

     34,795        295,309  

Coles Group Ltd.

     36,963        444,970  

Computershare Ltd.

     5,245        88,814  

CSL Ltd.

     2,278        458,416  

Downer EDI Ltd.

     36,181        125,260  

Evolution Mining Ltd.

     33,448        54,803  

Fortescue Metals Group Ltd.

     37,682        475,842  

Glencore PLC(a)

     367,322        2,022,960  

Incitec Pivot Ltd.

     46,201        124,159  

JB Hi-Fi Ltd.

     3,217        89,738  

Lendlease Corp. Ltd.(b)

     21,716        152,894  

Metcash Ltd.

     43,904        124,005  

Newcrest Mining Ltd.

     15,566        189,202  

OceanaGold Corp.(a)

     48,427        71,738  

Orica Ltd.

     9,174        97,295  

Origin Energy Ltd.

     56,424        244,080  

Orora Ltd.

     31,732        72,223  

Qantas Airways Ltd.(a)(b)

     38,186        139,269  

Ramsay Health Care Ltd.

     3,394        166,852  

Rio Tinto Ltd.

     49,880        3,231,450  

Rio Tinto PLC

     47,157        2,617,939  

Santos Ltd.

     48,753        263,705  

Sonic Healthcare Ltd.

     7,054        164,420  

South32 Ltd.

     117,881        335,375  

Tabcorp Holdings Ltd.(b)

     38,605        25,407  

Telstra Corp. Ltd.

     354,902        965,913  

Treasury Wine Estates Ltd.

     13,497        122,045  

Wesfarmers Ltd.

     26,560        855,968  

Woodside Energy Group Ltd.

     53,716        1,261,257  

Woolworths Group Ltd.

     31,930        789,996  
     

 

 

 
        20,261,005  
     

 

 

 

Austria-0.35%

     

ams-OSRAM AG(a)

     9,083        66,804  

ANDRITZ AG

     2,350        108,653  

Mondi PLC(b)

     16,706        284,977  

OMV AG

     7,286        295,109  

UNIQA Insurance Group AG(b)

     18,067        119,904  

Verbund AG

     1,649        158,105  

voestalpine AG(b)

     9,734        196,935  

Wienerberger AG

     4,278        100,403  
     

 

 

 
        1,330,890  
     

 

 

 

Belgium-0.92%

     

Anheuser-Busch InBev S.A./N.V.(b)

     51,583        2,507,621  

Bekaert S.A.(b)

     2,712        83,611  

Etablissements Franz Colruyt N.V.(b)

     2,616        72,813  

Groupe Bruxelles Lambert S.A.

     2,275        172,716  

Proximus SADP(b)

     7,786        99,274  

Solvay S.A., Class A(b)

     2,907        235,721  
     Shares      Value  

Belgium-(continued)

     

UCB S.A.

     2,050      $ 144,503  

Umicore S.A.(b)

     5,709        182,267  
     

 

 

 
        3,498,526  
     

 

 

 

Brazil-0.06%

     

Yara International ASA

     5,606        238,042  
     

 

 

 

Canada-16.76%

     

Aecon Group, Inc.

     10,107        83,968  

Agnico Eagle Mines Ltd.

     11,554        477,829  

Alamos Gold, Inc., Class A

     25,117        181,626  

Alimentation Couche-Tard, Inc.

     46,483        2,003,284  

AltaGas Ltd.

     22,588        488,464  

ARC Resources Ltd.(b)

     31,320        433,592  

Atco Ltd., Class I

     9,304        330,357  

ATS Automation Tooling Systems, Inc.(a)

     3,100        94,969  

AutoCanada, Inc.(a)

     4,363        99,180  

B2Gold Corp.

     69,380        213,501  

Barrick Gold Corp.

     105,250        1,567,177  

Baytex Energy Corp.(a)

     24,705        128,467  

BCE, Inc.

     24,163        1,169,404  

Birchcliff Energy Ltd.

     14,072        124,323  

Boyd Group Services, Inc.

     870        120,243  

Brookfield Asset Management, Inc., Class A

     92,943        4,483,918  

BRP, Inc.

     4,907        341,309  

CAE, Inc.(a)

     8,084        148,026  

Cameco Corp.

     4,734        138,376  

Canaccord Genuity Group, Inc.

     21,967        131,674  

Canadian National Railway Co.

     17,896        2,134,374  

Canadian Natural Resources Ltd.

     55,059        3,027,068  

Canadian Pacific Railway Ltd.

     16,917        1,270,067  

Canadian Solar, Inc.(a)(b)

     3,866        174,627  

Canadian Tire Corp. Ltd., Class A

     5,661        667,727  

Canadian Utilities Ltd., Class A

     11,084        340,070  

Canfor Corp.(a)

     11,654        229,325  

Capital Power Corp.

     7,446        289,687  

Cascades, Inc.

     16,319        111,526  

CCL Industries, Inc., Class B(b)

     6,383        313,984  

Celestica, Inc.(a)

     21,961        227,223  

Cenovus Energy, Inc.

     62,636        1,178,490  

Centerra Gold, Inc.

     18,400        83,598  

CGI, Inc., Class A(a)

     11,565        918,418  

CI Financial Corp.

     21,267        233,846  

Cogeco Communications, Inc.

     1,740        106,837  

Cogeco, Inc.

     1,691        81,567  

Constellation Software, Inc.

     228        344,197  

Crescent Point Energy Corp.

     41,293        314,679  

Dollarama, Inc.

     6,059        370,036  

Dundee Precious Metals, Inc.

     15,000        68,494  

ECN Capital Corp.

     66,773        272,272  

Emera, Inc.

     12,462        578,280  

Empire Co. Ltd., Class A

     30,070        858,979  

Enbridge, Inc.

     116,488        4,817,494  

Enerflex Ltd.

     14,380        72,361  

Enerplus Corp.

     10,709        165,509  

Equinox Gold Corp.(a)

     21,128        74,374  

Fairfax Financial Holdings Ltd.

     3,428        1,713,843  

Finning International, Inc.

     12,395        267,852  

Franco-Nevada Corp.

     3,003        362,075  

 

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

 

    22    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2022

    

 

     Shares      Value  

Canada-(continued)

     

George Weston Ltd.

     7,825      $ 897,162  

GFL Environmental, Inc.

     6,678        188,673  

Gibson Energy, Inc.

     11,253        213,013  

Gildan Activewear, Inc.

     9,277        275,136  

Hudbay Minerals, Inc.

     21,898        96,983  

Hydro One Ltd.(c)

     16,847        457,452  

IAMGOLD Corp.(a)

     71,651        85,898  

IGM Financial, Inc.

     5,358        146,265  

Imperial Oil Ltd.

     12,716        625,896  

Intact Financial Corp.

     8,069        1,172,211  

Interfor Corp.(a)

     11,986        295,714  

Keyera Corp.

     12,477        308,305  

Kinross Gold Corp.

     133,914        440,722  

Linamar Corp.

     8,942        423,953  

Loblaw Cos. Ltd.

     12,244        1,085,187  

Magna International, Inc.

     32,886        1,905,208  

Maple Leaf Foods, Inc.

     5,478        96,919  

Martinrea International, Inc.

     16,487        130,300  

MEG Energy Corp.(a)

     13,457        188,661  

Methanex Corp.

     5,678        205,814  

Metro, Inc.

     16,364        863,183  

Mullen Group Ltd.

     9,152        98,257  

New Gold, Inc.(a)

     66,914        43,431  

NFI Group, Inc.

     10,165        102,457  

North West Co., Inc. (The)

     3,986        103,637  

Northland Power, Inc.

     10,001        343,345  

Nutrien Ltd.

     25,248        2,324,489  

Nuvei Corp.(a)(c)

     2,196        67,392  

Open Text Corp.

     11,807        372,981  

Pan American Silver Corp.

     9,403        140,298  

Parkland Corp.

     18,403        453,049  

Pembina Pipeline Corp.

     31,112        1,101,844  

Peyto Exploration & Development Corp.

     9,304        87,030  

Premium Brands Holdings Corp.

     2,079        154,925  

Quebecor, Inc., Class B

     8,074        174,908  

Restaurant Brands International, Inc.

     12,584        744,989  

Ritchie Bros. Auctioneers, Inc.

     2,500        173,679  

Rogers Communications, Inc., Class B

     11,794        509,278  

Russel Metals, Inc.

     6,617        143,496  

Saputo, Inc.

     16,797        427,749  

Secure Energy Services, Inc.

     18,016        78,552  

Shaw Communications, Inc., Class B

     12,425        319,543  

Shopify, Inc., Class A(a)

     13,736        436,120  

SNC-Lavalin Group, Inc.

     11,642        225,888  

Spin Master Corp.(a)(c)

     3,660        128,838  

Stantec, Inc.

     4,817        229,264  

Stelco Holdings, Inc.

     5,154        139,909  

Stella-Jones, Inc.

     5,504        168,070  

Suncor Energy, Inc.

     90,876        2,948,474  

Superior Plus Corp.

     11,965        100,683  

Teck Resources Ltd., Class B

     32,536        1,105,071  

TELUS Corp.

     28,371        640,817  

TELUS International CDA, Inc.(a)

     4,989        142,897  

TFI International, Inc.

     4,482        448,440  

Thomson Reuters Corp.

     4,452        491,637  

Torex Gold Resources, Inc.(a)

     10,878        80,987  

Toromont Industries Ltd.

     2,362        183,354  

Tourmaline Oil Corp.

     11,603        687,976  

TransAlta Corp.

     18,506        174,236  

Transcontinental, Inc., Class A

     12,884        162,919  
     Shares      Value  

Canada-(continued)

     

Vermilion Energy, Inc.

     8,161      $ 218,607  

West Fraser Timber Co. Ltd.

     10,611        952,041  

Western Forest Products, Inc.

     59,390        69,839  

Wheaton Precious Metals Corp.

     10,194        312,063  

Whitecap Resources, Inc.

     30,863        225,534  

WSP Global, Inc.

     4,159        497,041  

Yamana Gold, Inc.

     64,148        284,101  
     

 

 

 
        63,551,356  
     

 

 

 

Chile-0.10%

     

Antofagasta PLC(b)

     7,339        94,021  

Lundin Mining Corp.

     55,188        287,824  
     

 

 

 
        381,845  
     

 

 

 

China-0.54%

     

NXP Semiconductors N.V.

     10,882        1,790,960  

Wilmar International Ltd.

     83,867        242,866  
     

 

 

 
        2,033,826  
     

 

 

 

Colombia-0.10%

     

Frontera Energy Corp.(a)

     8,920        75,536  

Millicom International Cellular S.A., SDR(a)

     10,173        146,234  

Parex Resources, Inc.

     10,374        166,431  
     

 

 

 
        388,201  
     

 

 

 

Denmark-1.18%

     

AP Moller - Maersk A/S, Class B

     321        770,568  

Carlsberg A/S, Class B

     3,386        442,140  

Coloplast A/S, Class B

     1,183        135,665  

Demant A/S(a)

     2,240        69,202  

DSV A/S

     1,287        190,798  

H Lundbeck A/S, Class A(a)

     5,234        20,055  

ISS A/S(a)(b)

     9,626        169,515  

Novo Nordisk A/S, Class B

     14,595        1,563,828  

Novozymes A/S, Class B

     2,409        138,619  

Orsted A/S(c)

     1,927        189,383  

Pandora A/S

     2,981        180,199  

ROCKWOOL A/S, Class B(b)

     381        78,840  

Tryg A/S

     4,308        97,648  

Vestas Wind Systems A/S

     16,238        409,271  
     

 

 

 
        4,455,731  
     

 

 

 

Finland-0.97%

     

Elisa OYJ

     2,004        107,325  

Fortum OYJ

     24,382        251,180  

Huhtamaki OYJ

     2,682        94,175  

Kesko OYJ, Class B

     10,110        213,285  

Kone OYJ, Class B

     6,595        264,734  

Neste OYJ

     6,045        299,369  

Nokia OYJ

     140,805        709,631  

Nokian Renkaat OYJ

     7,044        73,452  

Outokumpu OYJ

     23,749        95,834  

Sampo OYJ, Class A

     12,653        573,817  

Stora Enso OYJ, Class R

     19,275        288,307  

UPM-Kymmene OYJ

     14,116        481,046  

Valmet OYJ(b)

     3,457        87,948  

Wartsila OYJ Abp

     17,404        144,100  
     

 

 

 
        3,684,203  
     

 

 

 

France-7.99%

     

Air France-KLM(a)

     44,276        65,158  

Air Liquide S.A.

     7,346        924,824  

 

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

 

    23    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2022

    

 

     Shares      Value  

France-(continued)

     

Airbus SE

     7,023      $ 691,297  

Alstom S.A.(b)

     9,483        196,053  

Amundi S.A.(c)

     1,606        81,876  

Arkema S.A.

     1,829        155,188  

Atos SE(b)

     10,673        108,557  

Bollore SE

     34,988        168,030  

Bouygues S.A.

     19,695        580,266  

Bureau Veritas S.A.

     3,657        91,087  

Capgemini SE

     2,878        500,657  

Carrefour S.A.(b)

     49,798        833,238  

Casino Guichard Perrachon S.A.(a)(b)

     10,750        139,661  

Cie de Saint-Gobain

     20,853        846,089  

Cie Generale des Etablissements Michelin S.C.A.

     24,931        609,311  

Criteo S.A., ADR(a)

     5,176        139,855  

Danone S.A.

     15,354        810,713  

Dassault Systemes SE

     3,351        129,982  

Eiffage S.A.

     5,409        477,872  

Elis S.A.

     9,165        117,687  

ENGIE S.A.

     116,956        1,395,738  

EssilorLuxottica S.A.

     4,063        609,768  

Eurazeo SE

     1,209        72,517  

Faurecia SE(a)

     14,723        212,966  

Hermes International

     108        139,279  

Kering S.A.

     958        484,548  

Korian S.A.

     6,062        77,598  

Legrand S.A.

     3,527        256,346  

L’Oreal S.A.

     2,849        983,347  

LVMH Moet Hennessy Louis Vuitton SE

     2,261        1,472,123  

Nexity S.A.(b)

     3,583        80,561  

Orange S.A.

     115,890        1,176,752  

Orpea S.A.(a)

     4,860        106,243  

Pernod Ricard S.A.

     2,504        462,160  

Publicis Groupe S.A.(a)

     6,804        333,536  

Renault S.A.(a)

     37,613        1,082,080  

Rexel S.A.

     13,901        226,446  

Rubis S.C.A.

     4,818        114,191  

Safran S.A.

     6,597        675,965  

Sanofi

     23,908        1,975,664  

Schneider Electric SE

     8,933        1,066,951  

SCOR SE

     14,727        244,492  

SEB S.A.(b)

     821        61,091  

Sodexo S.A.

     3,311        254,498  

SPIE S.A.

     5,675        124,173  

Teleperformance

     545        155,803  

Thales S.A.

     1,904        230,035  

TotalEnergies SE

     106,068        5,406,428  

Ubisoft Entertainment S.A.(a)

     2,126        98,360  

Valeo

     19,729        379,709  

Veolia Environnement S.A.

     23,624        529,264  

Vinci S.A.

     15,542        1,441,707  

Vivendi SE

     47,369        431,259  

Wendel SE

     1,532        120,929  

Worldline S.A.(a)(c)

     3,022        130,029  
     

 

 

 
        30,279,957  
     

 

 

 

Germany-8.12%

     

adidas AG

     3,423        510,380  

Aurubis AG

     1,636        99,396  

BASF SE

     46,240        1,956,114  
     Shares      Value  

Germany-(continued)

     

Bayer AG

     28,840      $ 1,525,403  

Bayerische Motoren Werke AG

     20,175        1,490,484  

Beiersdorf AG

     1,097        110,971  

Brenntag SE

     3,765        247,673  

CECONOMY AG

     44,991        65,373  

Continental AG

     8,348        482,506  

Covestro AG(c)

     11,822        358,055  

Deutsche Lufthansa AG(a)

     36,116        215,538  

Deutsche Post AG

     21,822        798,620  

Deutsche Telekom AG

     126,100        2,382,316  

E.ON SE

     88,056        753,516  

Evonik Industries AG

     18,928        353,920  

Freenet AG

     3,512        76,633  

Fresenius Medical Care AG & Co. KGaA

     7,827        269,090  

Fresenius SE & Co. KGaA

     25,608        634,998  

GEA Group AG

     4,143        144,518  

Hannover Rueck SE

     2,436        359,835  

HeidelbergCement AG

     8,889        403,119  

Henkel AG & Co. KGaA, Preference Shares

     12,732        822,443  

HOCHTIEF AG

     1,760        87,196  

Infineon Technologies AG

     14,228        347,659  

Jungheinrich AG, Preference Shares

     3,982        97,540  

K+S AG

     4,452        101,621  

KION Group AG

     2,523        101,049  

Knorr-Bremse AG

     1,506        73,219  

LANXESS AG

     4,973        168,270  

Mercedes-Benz Group AG

     46,043        2,598,274  

Merck KGaA

     3,970        684,235  

METRO AG(a)

     19,780        157,925  

MTU Aero Engines AG

     752        133,049  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

     7,451        1,784,679  

ProSiebenSat.1 Media SE

     15,614        120,926  

Rheinmetall AG

     754        120,096  

RWE AG

     15,730        602,323  

SAP SE

     13,765        1,175,688  

Schaeffler AG, Preference Shares(b)

     45,689        238,672  

Siemens AG

     19,781        2,010,561  

Siemens Energy AG

     23,055        340,210  

Siemens Healthineers AG(c)

     2,764        135,437  

Symrise AG

     1,168        122,557  

Telefonica Deutschland Holding AG

     49,091        127,605  

thyssenkrupp AG(a)

     41,271        231,155  

TUI AG(a)

     58,311        89,623  

Uniper SE(b)

     11,266        61,004  

United Internet AG

     3,267        74,080  

Volkswagen AG, Preference Shares

     34,012        4,861,298  

Zalando SE(a)(c)

     3,440        79,940  
     

 

 

 
        30,786,792  
     

 

 

 

Ghana-0.02%

     

Tullow Oil PLC(a)

     125,776        71,128  
     

 

 

 

Hong Kong-0.88%

     

CK Hutchison Holdings Ltd.

     137,333        887,983  

CLP Holdings Ltd.

     47,892        413,091  

HKT Trust & HKT Ltd.

     95,937        128,831  

Hong Kong & China Gas Co. Ltd. (The)

     190,368        187,970  

Jardine Matheson Holdings Ltd.

     6,877        365,169  

Melco Resorts & Entertainment Ltd., ADR(a)(b)

     32,410        186,682  

 

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

 

    24    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2022

    

 

     Shares      Value  

Hong Kong-(continued)

     

PCCW Ltd.

     183,214      $ 91,737  

Swire Pacific Ltd., Class A

     66,857        462,957  

Techtronic Industries Co. Ltd.

     12,408        147,337  

WH Group Ltd.

     493,442        336,973  

Yue Yuen Industrial Holdings Ltd.

     84,518        126,203  
     

 

 

 
        3,334,933  
     

 

 

 

Indonesia-0.03%

     

First Pacific Co. Ltd.

     293,476        113,295  
     

 

 

 

Ireland-0.51%

     

CRH PLC

     24,415        903,336  

Flutter Entertainment PLC(a)

     2,135        267,434  

Kerry Group PLC, Class A

     1,942        200,843  

Kingspan Group PLC

     1,445        82,299  

Ryanair Holdings PLC, ADR(a)(b)

     3,137        228,091  

Smurfit Kappa Group PLC

     7,201        242,934  
     

 

 

 
        1,924,937  
     

 

 

 

Israel-0.45%

     

Check Point Software Technologies Ltd.(a)

     4,739        569,818  

Clal Insurance Enterprises Holdings Ltd.(a)

     5,106        110,656  

ICL Group Ltd.

     7,834        75,362  

Teva Pharmaceutical Industries Ltd., ADR(a)

     103,783        938,198  
     

 

 

 
        1,694,034  
     

 

 

 

Italy-1.62%

     

A2A S.p.A.(b)

     66,604        74,977  

Assicurazioni Generali S.p.A.

     99,757        1,468,548  

Coca-Cola HBC AG

     6,611        151,544  

Enel S.p.A.

     336,223        1,587,497  

Eni S.p.A.

     126,578        1,502,929  

Ferrari N.V.

     698        135,602  

Hera S.p.A.

     32,014        80,479  

Leonardo S.p.A.

     18,864        154,898  

Prysmian S.p.A.

     6,931        213,335  

Saipem S.p.A.(a)(b)

     51,840        36,521  

Telecom Italia S.p.A.(a)(b)

     2,126,950        440,584  

Unipol Gruppo S.p.A.

     34,316        144,375  

UnipolSai Assicurazioni S.p.A.

     68,954        153,650  
     

 

 

 
        6,144,939  
     

 

 

 

Japan-23.15%

     

Advantest Corp.

     1,786        103,069  

Aeon Co. Ltd.(b)

     53,006        1,041,001  

AGC, Inc.

     10,684        366,088  

Air Water, Inc.

     9,454        119,347  

Aisin Corp.(b)

     12,758        382,395  

Ajinomoto Co., Inc.

     10,007        278,716  

Alfresa Holdings Corp.(b)

     18,306        220,398  

Alps Alpine Co. Ltd.(b)

     13,533        122,322  

Amada Co. Ltd.(b)

     15,309        121,147  

ANA Holdings, Inc.(a)

     5,846        113,335  

Asahi Group Holdings Ltd.

     15,077        508,240  

Asahi Kasei Corp.

     59,676        440,386  

Astellas Pharma, Inc.

     41,517        594,341  

Bandai Namco Holdings, Inc.

     2,394        181,072  

Bridgestone Corp.

     24,572        948,847  

Brother Industries Ltd.

     8,971        173,175  

Canon, Inc.(b)

     33,510        806,174  

Chubu Electric Power Co., Inc.(b)

     57,144        582,879  

Chugai Pharmaceutical Co. Ltd.

     4,916        127,984  
     Shares      Value  

Japan-(continued)

     

Chugoku Electric Power Co., Inc. (The)(b)

     29,780      $ 179,163  

Coca-Cola Bottlers Japan Holdings, Inc.

     10,931        112,681  

COMSYS Holdings Corp.(b)

     4,865        91,036  

Cosmo Energy Holdings Co. Ltd.(b)

     9,689        289,709  

Dai Nippon Printing Co. Ltd.(b)

     10,727        227,269  

Daicel Corp.(b)

     17,669        111,909  

Daiichi Sankyo Co. Ltd.

     14,547        440,424  

Daikin Industries Ltd.

     3,387        598,238  

Daito Trust Construction Co. Ltd.

     3,352        332,238  

Daiwa House Industry Co. Ltd.(b)

     28,027        634,032  

Daiwabo Holdings Co. Ltd.

     6,274        89,160  

Denka Co. Ltd.(b)

     3,531        85,202  

Denso Corp.

     12,237        675,385  

Dentsu Group, Inc.

     7,181        233,884  

DIC Corp.

     5,923        107,031  

Dowa Holdings Co. Ltd.

     2,436        92,608  

East Japan Railway Co.

     13,606        710,506  

Ebara Corp.

     2,953        113,327  

Eisai Co. Ltd.

     5,077        208,647  

Electric Power Development Co. Ltd.(b)

     13,143        203,272  

ENEOS Holdings, Inc.(b)

     366,573        1,384,582  

FANUC Corp.

     2,759        448,505  

Fast Retailing Co. Ltd.

     571        337,554  

Fuji Electric Co. Ltd.

     2,997        131,230  

FUJIFILM Holdings Corp.

     9,045        463,978  

Fujikura Ltd.

     14,546        104,301  

Fujitsu Ltd.

     4,237        506,300  

Furukawa Electric Co. Ltd.

     7,266        128,364  

Hakuhodo DY Holdings, Inc.(b)

     14,328        129,301  

Hankyu Hanshin Holdings, Inc.

     7,798        235,417  

Hanwa Co. Ltd.

     6,074        151,384  

Haseko Corp.(b)

     11,859        136,876  

Hino Motors Ltd.

     23,336        107,400  

Hitachi Construction Machinery Co. Ltd.

     3,960        82,242  

Hitachi Ltd.

     32,773        1,653,958  

Hitachi Metals Ltd.(a)

     5,477        82,693  

Hokkaido Electric Power Co., Inc.(b)

     36,196        133,426  

Hokuriku Electric Power Co.(b)

     25,297        93,067  

Honda Motor Co. Ltd.(b)

     104,612        2,810,280  

Hoya Corp.

     3,270        336,141  

Idemitsu Kosan Co. Ltd.(b)

     18,569        488,922  

IHI Corp.

     6,548        176,424  

Iida Group Holdings Co. Ltd.

     6,998        107,172  

Inpex Corp.

     44,952        520,130  

Isetan Mitsukoshi Holdings Ltd.(b)

     18,253        145,102  

Isuzu Motors Ltd.(b)

     28,669        357,988  

ITOCHU Corp.(b)

     50,123        1,389,523  

Iwatani Corp.

     2,053        84,416  

J. Front Retailing Co. Ltd.

     14,713        117,386  

Japan Airlines Co. Ltd.(a)

     5,656        105,021  

Japan Tobacco, Inc.

     38,054        647,844  

JFE Holdings, Inc.(b)

     48,443        524,180  

JGC Holdings Corp.

     7,055        95,882  

JSR Corp.

     3,517        79,410  

JTEKT Corp.(b)

     18,306        130,073  

Kajima Corp.(b)

     27,584        292,306  

Kaneka Corp.

     3,462        93,652  

Kanematsu Corp.

     8,273        90,175  

Kansai Electric Power Co., Inc. (The)(b)

     60,056        583,123  

Kao Corp.

     12,057        526,638  

 

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

 

    25    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2022

    

 

     Shares      Value  

Japan-(continued)

     

Kawasaki Heavy Industries Ltd.(b)

     10,825      $ 211,854  

Kawasaki Kisen Kaisha Ltd.

     1,702        109,026  

KDDI Corp.

     22,237        686,079  

Keyence Corp.

     862        328,570  

Kinden Corp.

     7,598        80,680  

Kintetsu Group Holdings Co. Ltd.

     5,209        178,111  

Kirin Holdings Co. Ltd.

     30,450        504,004  

Kobe Steel Ltd.(b)

     54,602        250,509  

Koito Manufacturing Co. Ltd.

     3,178        109,697  

Komatsu Ltd.

     25,444        537,788  

Konami Group Corp.

     1,268        64,761  

Konica Minolta, Inc.(b)

     51,405        179,106  

K’s Holdings Corp.(b)

     9,854        91,343  

Kubota Corp.

     21,780        341,803  

Kuraray Co. Ltd.

     19,120        146,340  

Kyocera Corp.

     9,995        560,801  

Kyowa Kirin Co. Ltd.

     3,938        89,058  

Kyushu Electric Power Co., Inc.(b)

     57,620        347,487  

Kyushu Railway Co.

     5,026        106,375  

Lawson, Inc.(b)

     2,901        96,473  

Lixil Corp.(b)

     14,087        247,850  

Makita Corp.

     4,413        105,084  

Marubeni Corp.(b)

     90,046        943,169  

MatsukiyoCocokara & Co.

     2,770        110,700  

Mazda Motor Corp.

     53,854        478,227  

Medipal Holdings Corp.

     22,327        307,142  

MEIJI Holdings Co. Ltd.(b)

     4,202        200,968  

MINEBEA MITSUMI, Inc.(b)

     9,592        167,311  

Mitsubishi Chemical Group Corp.(b)

     105,437        557,514  

Mitsubishi Corp.(b)

     69,725        2,295,581  

Mitsubishi Electric Corp.

     80,115        819,788  

Mitsubishi Estate Co. Ltd.

     24,708        335,084  

Mitsubishi Gas Chemical Co., Inc.(b)

     7,881        118,307  

Mitsubishi HC Capital, Inc.(b)

     21,992        107,243  

Mitsubishi Heavy Industries Ltd.

     17,624        683,220  

Mitsubishi Materials Corp.(b)

     15,055        226,001  

Mitsubishi Motors Corp.(a)

     48,403        195,183  

Mitsubishi Shokuhin Co. Ltd.

     3,721        91,666  

Mitsui & Co. Ltd.(b)

     67,309        1,585,798  

Mitsui Chemicals, Inc.(b)

     10,508        238,396  

Mitsui Fudosan Co. Ltd.

     23,025        468,971  

Mitsui Mining & Smelting Co. Ltd.

     3,918        93,269  

Mitsui OSK Lines Ltd.(b)

     9,540        251,533  

MS&AD Insurance Group Holdings, Inc.(b)

     24,986        749,986  

Murata Manufacturing Co. Ltd.

     7,851        427,819  

Nagase & Co. Ltd.

     6,553        94,826  

Nagoya Railroad Co. Ltd.

     6,909        107,554  

NEC Corp.

     11,706        430,663  

Nexon Co. Ltd.

     3,822        76,895  

NGK Insulators Ltd.

     8,637        124,547  

NGK Spark Plug Co. Ltd.

     5,930        122,600  

NH Foods Ltd.

     5,006        144,086  

NHK Spring Co. Ltd.

     13,432        91,565  

Nidec Corp.

     4,774        321,102  

Nikon Corp.(b)

     12,015        138,070  

Nintendo Co. Ltd.

     1,366        561,575  

Nippon Electric Glass Co. Ltd.

     4,673        88,724  

Nippon Paper Industries Co. Ltd.(b)

     20,632        135,289  

Nippon Sanso Holdings Corp.

     4,672        85,739  

Nippon Steel Corp.

     60,634        965,989  
     Shares      Value  

Japan-(continued)

     

Nippon Steel Trading Corp.

     2,294      $ 88,864  

Nippon Suisan Kaisha Ltd.

     20,599        84,848  

Nippon Telegraph & Telephone Corp.(b)

     50,034        1,360,347  

Nippon Yusen K.K.

     4,391        338,610  

Nissan Motor Co. Ltd.

     299,442        1,187,832  

Nisshin Seifun Group, Inc.(b)

     7,423        84,069  

Nisshinbo Holdings, Inc.

     10,629        82,962  

Nissin Foods Holdings Co. Ltd.

     1,336        95,990  

Nitori Holdings Co. Ltd.

     1,352        130,592  

Nitto Denko Corp.

     3,888        241,764  

Nomura Real Estate Holdings, Inc.

     3,909        96,579  

Nomura Research Institute Ltd.

     6,418        175,468  

NSK Ltd.(b)

     26,885        147,007  

NTT Data Corp.

     15,064        214,509  

Obayashi Corp.(b)

     43,952        306,277  

Odakyu Electric Railway Co. Ltd.

     7,286        100,440  

Oji Holdings Corp.(b)

     59,427        238,780  

Olympus Corp.

     10,410        226,035  

Omron Corp.

     3,436        183,171  

Ono Pharmaceutical Co. Ltd.

     5,180        124,357  

Oriental Land Co. Ltd.

     751        112,955  

Osaka Gas Co. Ltd.

     16,217        274,212  

Otsuka Corp.

     2,996        97,904  

Otsuka Holdings Co. Ltd.

     11,050        363,564  

Pan Pacific International Holdings Corp.

     9,137        165,109  

Panasonic Holdings Corp.

     121,152        990,191  

Persol Holdings Co. Ltd.

     5,277        107,348  

Recruit Holdings Co. Ltd.

     13,723        443,789  

Renesas Electronics Corp.(a)

     15,120        144,410  

Rengo Co. Ltd.

     15,518        92,017  

Ricoh Co. Ltd.(b)

     41,536        328,692  

Rohm Co. Ltd.

     2,398        181,980  

Ryohin Keikaku Co. Ltd.(b)

     8,393        78,708  

Sankyu, Inc.

     2,870        88,921  

Santen Pharmaceutical Co. Ltd.

     11,148        80,901  

Secom Co. Ltd.

     4,982        320,645  

Seibu Holdings, Inc.(b)

     8,520        86,967  

Seiko Epson Corp.(b)

     10,643        168,599  

Sekisui Chemical Co. Ltd.

     16,105        221,433  

Sekisui House Ltd.

     29,215        500,317  

Seven & i Holdings Co. Ltd.(b)

     26,265        1,048,326  

Sharp Corp.(b)

     15,542        112,452  

Shikoku Electric Power Co., Inc.(b)

     18,109        106,074  

Shimadzu Corp.

     2,336        68,921  

Shimano, Inc.

     771        138,043  

Shimizu Corp.

     44,733        247,181  

Shin-Etsu Chemical Co. Ltd.

     5,178        609,407  

Shionogi & Co. Ltd.

     4,570        224,305  

Shiseido Co. Ltd.

     5,483        209,432  

Showa Denko K.K.

     10,749        167,099  

SMC Corp.

     562        270,003  

SoftBank Corp.

     61,571        679,335  

Sojitz Corp.(b)

     17,821        302,105  

Sompo Holdings, Inc.(b)

     18,500        797,118  

Sony Group Corp.

     25,271        2,029,883  

Stanley Electric Co. Ltd.(b)

     5,345        99,748  

Subaru Corp.

     33,732        616,970  

SUMCO Corp.

     8,168        112,540  

Sumitomo Chemical Co. Ltd.(b)

     105,477        418,484  

Sumitomo Corp.(b)

     67,230        952,981  

 

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

 

    26    

 

 

 

 


 

Invesco RAFITM Strategic Developed ex-US ETF (ISDX)–(continued)

August 31, 2022

    

 

     Shares      Value  

Japan-(continued)

     

Sumitomo Electric Industries Ltd.(b)

     49,147      $ 568,138  

Sumitomo Forestry Co. Ltd.

     9,120        155,986  

Sumitomo Heavy Industries Ltd.(b)

     6,940        147,136  

Sumitomo Metal Mining Co. Ltd.(b)

     6,122        194,535  

Sumitomo Rubber Industries Ltd.

     14,849        128,540  

Suntory Beverage & Food Ltd.

     3,293        121,149  

Suzuken Co. Ltd.

     6,437        154,859  

Suzuki Motor Corp.

     17,902        630,073  

Sysmex Corp.

     1,489        92,407  

Taiheiyo Cement Corp.

     12,122        182,672  

Taisei Corp.(b)

     10,908        333,240  

Taisho Pharmaceutical Holdings Co. Ltd.

     2,531        94,758  

Takashimaya Co. Ltd.(b)

     12,927        143,887  

Takeda Pharmaceutical Co. Ltd.(b)

     49,335        1,370,170  

TDK Corp.

     10,299        365,155  

Teijin Ltd.(b)

     17,180        182,799  

Terumo Corp.

     6,569        213,525  

TIS, Inc.

     3,410        98,149  

Tobu Railway Co. Ltd.

     6,321        150,245  

Toho Holdings Co. Ltd.

     6,653        88,691  

Tohoku Electric Power Co., Inc.(b)

     71,684        357,838  

Tokio Marine Holdings, Inc.(b)

     27,961        1,571,665  

Tokyo Electric Power Co. Holdings, Inc.(a)

     239,852        941,241  

Tokyo Electron Ltd.

     1,231        392,144  

Tokyo Gas Co. Ltd.

     21,261        400,604  

Tokyo Tatemono Co. Ltd.

     6,057        91,538  

Tokyu Corp.

     16,706        199,930  

Tokyu Fudosan Holdings Corp.

     29,303        158,749  

Toppan, Inc.(b)

     13,196        208,566  

Toray Industries, Inc.

     76,086        438,486  

Toshiba Corp.(b)

     16,130        601,217  

Tosoh Corp.(b)

     11,345        147,884  

TOTO Ltd.

     3,179        110,878  

Toyo Seikan Group Holdings Ltd.(b)

     14,326        171,240  

Toyo Suisan Kaisha Ltd.

     2,432        100,175  

Toyota Boshoku Corp.(b)

     5,601        82,262  

Toyota Industries Corp.

     5,280        297,851  

Toyota Motor Corp.

     311,804        4,726,825  

Toyota Tsusho Corp.

     14,380        508,811  

Trend Micro, Inc.

     1,727        107,389  

Tsuruha Holdings, Inc.

     1,803        100,799  

UBE Corp.(b)

     7,972        118,178  

Unicharm Corp.

     3,958        138,505  

West Japan Railway Co.

     8,678        340,046  

Yakult Honsha Co. Ltd.

     1,910        113,394  

Yamada Holdings Co. Ltd.

     55,238        192,063  

Yamaha Corp.

     2,610        102,800  

Yamaha Motor Co. Ltd.

     14,402        301,182  

Yamato Holdings Co. Ltd.

     5,484        86,241  

Yamazaki Baking Co. Ltd.

     7,699        90,972  

Yaskawa Electric Corp.(b)

     2,858        94,425  

Yokogawa Electric Corp.

     5,110        90,128  

Yokohama Rubber Co. Ltd. (The)

     8,199        135,383  

Z Holdings Corp.

     57,365        171,733  
     

 

 

 
        87,768,728  
     

 

 

 

Luxembourg-0.26%

     

Aperam S.A.

     2,310        62,693  
     Shares      Value  

Luxembourg-(continued)

     

ArcelorMittal S.A.

     35,625      $ 850,969  

Eurofins Scientific SE

     1,129        78,447  
     

 

 

 
        992,109  
     

 

 

 

Macau-0.08%

     

Galaxy Entertainment Group Ltd.

     30,070        168,953  

Sands China Ltd.(a)

     65,470        147,642  
     

 

 

 
        316,595  
     

 

 

 

Netherlands-4.16%

     

Aalberts N.V.

     1,840        67,644  

Adyen N.V.(a)(b)(c)

     69        107,197  

Akzo Nobel N.V.

     7,772        492,666  

ASM International N.V.(b)

     394        107,406  

ASML Holding N.V.(b)

     2,535        1,235,407  

Heineken Holding N.V.

     3,730        265,550  

Heineken N.V.(b)

     4,229        381,617  

Koninklijke Ahold Delhaize N.V.

     64,496        1,776,998  

Koninklijke BAM Groep N.V.(a)

     39,824        106,520  

Koninklijke DSM N.V.(b)

     2,859        366,114  

Koninklijke KPN N.V.

     80,516        256,652  

Koninklijke Philips N.V.

     34,370        575,367  

Randstad N.V.(b)

     6,174        288,622  

Shell PLC

     354,342        9,441,957  

Wolters Kluwer N.V.

     3,075        301,291  
     

 

 

 
        15,771,008  
     

 

 

 

New Zealand-0.09%

     

Contact Energy Ltd.

     17,213        83,160  

Fletcher Building Ltd.

     33,263        114,204  

Spark New Zealand Ltd.

     40,320        133,983  
     

 

 

 
        331,347  
     

 

 

 

Norway-0.60%

     

Aker BP ASA

     2,511        87,975  

Equinor ASA

     25,353        977,675  

Gjensidige Forsikring ASA

     8,592        174,885  

Mowi ASA

     6,721        138,360  

Norsk Hydro ASA

     36,988        255,304  

Orkla ASA

     22,439        188,617  

Storebrand ASA

     15,078        121,272  

Telenor ASA

     28,634        314,496  
     

 

 

 
        2,258,584  
     

 

 

 

Portugal-0.16%

     

Galp Energia SGPS S.A.(b)

     24,120        261,820  

Jeronimo Martins SGPS S.A.

     7,662        170,270  

Sonae SGPS S.A.

     156,598        157,940