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Invesco Annual Report to Shareholders

 

October 31, 2023

 

  PBTP   Invesco 0-5 Yr US TIPS ETF (formerly, Invesco PureBetaSM 0-5 Yr US TIPS ETF)
  PCY   Invesco Emerging Markets Sovereign Debt ETF
  PGHY   Invesco Global ex-US High Yield Corporate Bond ETF (formerly, Invesco Global Short Term High Yield Bond ETF)
  PICB   Invesco International Corporate Bond ETF


 

 

Table of Contents

 

The Market Environment

     3  

Management’s Discussion of Fund Performance

     4  

Schedules of Investments

  

Invesco 0-5 Yr US TIPS ETF (PBTP)

     14  

Invesco Emerging Markets Sovereign Debt ETF (PCY)

     15  

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

     18  

Invesco International Corporate Bond ETF (PICB)

     28  

Statements of Assets and Liabilities

     36  

Statements of Operations

     37  

Statements of Changes in Net Assets

     38  

Financial Highlights

     40  

Notes to Financial Statements

     43  

Report of Independent Registered Public Accounting Firm

     54  

Fund Expenses

     55  

Tax Information

     56  

Trustees and Officers

     57  

 

    2    

 

 

 

 


 

 

The Market Environment

 

Fixed Income

The beginning of the fiscal year was headlined by the US Federal Reserve (the Fed) continuing its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates, while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its federal funds rate at the beginning of the fiscal year: a 0.75% hike in November 2022, its largest hike since 1994, a 0.50% hike in December and a 0.25% hike in January, to a target federal funds rate of 4.50% to 4.75%.1

A January 2023 rally gave way to a February selloff as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the Fed’s monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, significant volatility plagued fixed income markets as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread pushed overall corporate spread premiums wider over the fiscal year. However, issues did not seem to be systemic, as policymakers responded swiftly which calmed markets. The Fed, aiming to further stabilize markets, continued course with its hawkish policy and announced two 0.25% hikes in March and May, resulting in a target federal funds rate of 5.00% to 5.25%.1 Markets stabilized due to milder inflation data and better-than-expected corporate earnings.

Through the second quarter of 2023, global economic growth remained resilient but bifurcated as emerging markets and Asian economies showed robust growth while developed western economies had sluggish yet positive growth. US labor markets maintained momentum with unemployment still at historic lows despite a slight uptick at the end of May. Inflation generally eased in developed economies, largely driven by moderation in the goods component of inflation. However, core inflation remained more stubborn and led developed country central banks to continue tightening, showcased by another 0.25% hike by the Fed in July, increasing the target rate from 5.25% to 5.50%, its highest level since June 2006.1 While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 3.45% to 4.85% during the fiscal year, while 10-year Treasury rates increased from 3.53% to 4.48%.2 At the end of the fiscal year, the yield curve remained inverted. Additionally, in August, US debt was downgraded by the Fitch credit rating agency from AAA to AA on the premise of expected fiscal deterioration over the next three years.3 Despite the higher-than-expected Gross Domestic Product for the third quarter, the Fed held interest rates steady at its September and October 2023 meetings, but left open the possibility of another rate hike

before the end of the calendar year.1 As of the end of the fiscal year, we believe markets have priced in that the Fed is near the end or has finished its interest rate hiking cycle, with the expectation that the US is likely to avoid a substantial broad-based recession. We anticipate economic activity will remain relatively resilient. In the US, we believe rate hikes are ending and inflation will continue to fall significantly, albeit imperfectly. As we enter 2024, we expect a more positive growth outlook to unfold as the US economy recovers.

 

1 

Source: Federal Reserve of Economic Data

2 

Source: US Department of the Treasury

3 

Source: Fitch Ratings

A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on S&P Global Ratings’ rating methodology, please visit spglobal.com and select ‘Understanding Credit Ratings’ under ‘AboutRatings’ on the homepage. For more information on Moody’s rating methodology, please visit ratings.moodys.com and select ‘RatingMethodologies’ on the homepage.

 

    3    

 

 

 

 


 

 

PBTP    Management’s Discussion of Fund Performance
   Invesco 0-5 Yr US TIPS ETF (PBTP)

 

Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco PureBetaSM 0-5 Yr US TIPS ETF to Invesco 0-5 Yr US TIPS ETF (the “Fund”).

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked”, meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

To qualify for inclusion in the Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; (iii) a minimum amount outstanding of $1 billion; and (iv) meet certain additional inclusion criteria detailed below. Original issue zero coupon bonds may be included in the Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Index constituents are market capitalization weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 2.62%. On a net asset value (“NAV”) basis, the Fund returned 2.66%. During the same time period, the Index returned 2.67%. 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.

For the fiscal year ended October 31, 2023, bonds with maturities of less than 1 year contributed most significantly to the Fund’s return, followed by bonds with maturities of 1 year. Bonds with maturities of 3 & 4 years detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included U.S. Treasury Inflation-Indexed Note, 0.63% coupon, due 01/15/2024 (portfolio average weight of 5.25%) and U.S. Treasury Inflation-

Indexed Note, 0.13% coupon, due 07/15/2024 (portfolio average weight of 5.08%). Positions that detracted from the Fund’s return included U.S. Treasury Inflation-Indexed Note, 3.63% coupon, due 04/15/2028 (portfolio average weight of 3.30%) and U.S. Treasury Inflation-Indexed Note, 1.25% coupon, due 04/15/2028 (portfolio average weight of 3.80%).

 

Duration Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Maturing in 0-5 Years      99.84  
Money Market Funds Plus Other Assets Less Liabilities      0.16  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
U.S. Treasury Inflation — Indexed Notes, 0.63%, 01/15/2024      5.26  
U.S. Treasury Inflation — Indexed Notes, 0.63%, 01/15/2026      5.13  
U.S. Treasury Inflation — Indexed Notes, 0.13%, 07/15/2024      5.09  
U.S. Treasury Inflation — Indexed Notes, 0.25%, 01/15/2025      5.03  
U.S. Treasury Inflation — Indexed Notes, 0.38%, 07/15/2025      5.00  
U.S. Treasury Inflation — Indexed Notes, 0.38%, 01/15/2027      4.47  
U.S. Treasury Inflation — Indexed Bonds, 2.38%, 01/15/2025      4.43  
U.S. Treasury Inflation — Indexed Notes, 0.50%, 01/15/2028      4.34  
U.S. Treasury Inflation — Indexed Notes, 0.13%, 07/15/2026      4.34  
U.S. Treasury Inflation — Indexed Notes, 0.13%, 04/15/2026      4.29  
Total      47.38  

 

*

Excluding money market fund holdings.

 

 

  4  

 


 

Invesco 0-5 Yr US TIPS ETF (PBTP) (continued)

 

Growth of a $10,000 Investment Since Inception

 

 

 

LOGO

Fund Performance History as of October 31, 2023

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

          Fund Inception  

Index

  1 Year           Average
Annualized
    Cumulative  
ICE BofA 0-5 Year US Inflation-Linked Treasury Index     2.67     2.11     6.48     2.98     15.83       2.52     16.42
Fund                
NAV Return     2.66       2.04       6.25       2.88       15.27         2.43       15.79  
Market Price Return     2.62       2.04       6.25       2.89       15.31         2.44       15.83  

 

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% 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 index 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 index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund.

 

 

  5  

 


 

 

PCY    Management’s Discussion of Fund Performance
   Invesco Emerging Markets Sovereign Debt ETF (PCY)

 

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Markets USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 13.12%. On a net asset value (“NAV”) basis, the Fund returned 11.89%. During the same time period, the Index returned 12.04%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, which was partially offset by positive impacts from sampling.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 6.94%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in El Salvador bonds and most underweight in China bonds during the fiscal year ended October 31, 2023. 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 El Salvador bonds and Pakistan bonds, respectively.

For the fiscal year ended October 31, 2023, El Salvador bonds contributed most significantly to the Fund’s return followed by Pakistan bonds and Nigeria bonds, respectively. China bonds detracted most significantly from the Fund’s return, followed by Qatar bonds and Saudi Arabia bonds, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included El Salvador Government International Bond, 8.63% coupon, due 02/28/2029 (portfolio average weight of 1.81%) and El Salvador Government International Bond, 6.38% coupon, due 01/18/2027 (portfolio average weight of 1.69%). Positions that detracted most significantly from the Fund’s return during this period included Indonesia Government International Bond, 3.35% coupon, due 03/12/2071 (portfolio average weight of 0.92%) and Saudi Arabia Government International Bond, 3.45% coupon, due 02/02/2061 (portfolio average weight of 0.95%).

 

 

  6  

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

 

Country Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
El Salvador      5.03  
Pakistan      3.62  
Nigeria      3.28  
Turkey      3.26  
Colombia      3.14  
Mongolia      3.11  
Morocco      3.08  
Brazil      3.07  
Costa Rica      3.07  
Dominican Republic      3.05  
Oman      3.03  
Kenya      3.02  
Paraguay      2.99  
Kazakhstan      2.98  
Panama      2.96  
United Arab Emirates      2.94  
Romania      2.91  
Guatemala      2.90  
Hungary      2.89  
Jordan      2.89  
Chile      2.88  
Peru      2.88  
Bahrain      2.87  
South Africa      2.87  
Indonesia      2.85  
Philippines      2.84  
Mexico      2.81  
Qatar      2.81  
Saudi Arabia      2.79  
China      2.73  
Angola      2.70  
Egypt      2.62  
Kuwait      1.57  
Money Market Funds Plus Other Assets Less Liabilities      1.56  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
El Salvador Government International Bond, 8.63%, 02/28/2029      1.77  
El Salvador Government International Bond, 6.38%, 01/18/2027      1.66  
El Salvador Government International Bond, 8.25%, 04/10/2032      1.61  
Kuwait International Government Bond, 3.50%, 03/20/2027      1.57  
Republic of Kenya Government International Bond, 7.25%, 02/28/2028      1.53  
Kazakhstan Government International Bond, 6.50%, 07/21/2045      1.52  
Republic of Kenya Government International Bond, 8.25%, 02/28/2048      1.49  
Kazakhstan Government International Bond, 4.88%, 10/14/2044      1.46  
Pakistan Government International Bond, 6.88%, 12/05/2027      1.26  
Pakistan Government International Bond, 8.88%, 04/08/2051      1.19  
Total      15.06  

 

*

Excluding money market fund holdings.

 

 

  7  

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of October 31, 2023

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index   1 Year           Average
Annualized
    Cumulative  

DBIQ Emerging Markets USD Liquid Balanced Index

    12.04     (8.26 )%      (22.80 )%      (2.34 )%      (11.15 )%      0.93     9.68       3.84     83.02

JP Morgan Emerging Market Bond Global Index

    6.94       (4.69     (13.43     0.07       0.36       1.82       19.81         4.09       90.39  
Fund                    

NAV Return

    11.89       (7.44     (20.71     (2.12     (10.15     0.74       7.67         3.23       66.53  

Market Price Return

    13.12       (7.44     (20.69     (2.11     (10.13     0.72       7.46         3.17       64.97  

 

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

 

  8  

 


 

 

PGHY    Management’s Discussion of Fund Performance
   Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

 

Effective after the close of markets on August 25, 2023, the Invesco Global Short Term High Yield Bond ETF changed its name to Invesco Global ex-US High Yield Corporate Bond ETF (the “Fund”) and underlying index changed from the DB Global Short Maturity High Yield Bond Index (the “Previous Index”) to the ICE USD Global High Yield Excluding US Issuers Constrained Index (the “Index”). At that time, the Fund also changed its investment objective and investment policies.

As an index fund, the Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Index, and through August 25, 2023, the Previous Index. The Fund generally will invest at least 80% of its total assets in components that comprise the Index, and through August 25, 2023, the Previous Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar denominated below investment grade corporate debt (commonly referred to as “high yield securities” or “junk bonds”) publicly issued in the U.S. domestic and eurobond markets by non-U.S. issuers. To be eligible for inclusion in the Index, a security must: (i) have a country of risk associated with a country other than the United States, including both developed and emerging markets countries; (ii) have a composite rating (based on an average of the ratings of Moody’s Investor Services (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings Inc. (“Fitch”)) no greater than BB1 and no lower than CCC3; (iii) have at least one day until final maturity; (iv) have at least 18 months to final maturity at the time of issuance; (v) have a fixed coupon schedule; and (vi) have a minimum amount outstanding of $500 million. Eurodollar bonds (USD bonds not issued in the U.S. domestic market) and Rule 144A securities (both with and without registration rights) qualify for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 5.40%. On a net asset value (“NAV”) basis, the Fund returned 5.28%. During the same time period, the Blended-Invesco Global ex-US High Yield Corporate Bond Benchmark (a composite of the returns of the Previous Index through August 25, 2023, and the Index for the remainder of the fiscal year, referred to herein as the “Blended Index”) returned 6.88%. The Fund’s performance, on a NAV basis, differed from the return of the Blended Index primarily due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, ICE BofA 0-5 Year US High Yield Constrained Index (the “Benchmark Index”) returned 6.41%. The

Benchmark Index is an unmanaged index comprised of US dollar-denominated, below investment-grade corporate debt securities publicly issued in the US domestic market with remaining maturities of less than five years. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the consumer discretionary sector.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Pakistan Government International Bond, 8.25% coupon, due 04/15/2024, (no longer held at fiscal year-end) and El Salvador Government International Bond, 5.88% coupon, due 01/30/2025, (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Sino-Ocean Land Treasure IV Ltd., 2.70% coupon, due 01/13/2025, (no longer held at fiscal year-end) and New Metro Global Ltd., 4.63% coupon, due 10/15/2025, (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Financials      18.64  
Communication Services      16.24  
Energy      16.05  
Materials      14.47  
Industrials      10.83  
Consumer Discretionary      9.43  
Utilities      6.41  
Sector Types Each Less Than 3%      6.50  
Money Market Funds Plus Other Assets Less Liabilities      1.43  

 

 

  9  

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) (continued)

 

Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Industrial and Commercial Bank of China Ltd., 3.20%      1.61  
Bank of Communications Co. Ltd., 3.80%      0.77  
1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030      0.70  
Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/01/2026      0.64  
Vodafone Group PLC, 7.00%, 04/04/2079      0.57  
Bombardier, Inc., 7.88%, 04/15/2027      0.54  
Telecom Italia S.p.A., 5.30%, 05/30/2024      0.51  
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026      0.50  
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 6.50%, 09/15/2024      0.50  
Altice France S.A., 8.13%, 02/01/2027      0.49  
Total      6.83  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of October 31, 2023

 

    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 Global ex-US High Yield Corporate Bond Benchmark

    6.88     0.92     2.77     1.24     6.33     3.29     38.23       3.49     42.70

ICE USD Global High Yield Excluding US Issuers Constrained Index

    N/A       N/A       N/A       N/A       N/A       N/A       N/A         N/A       N/A  

DB Global Short Maturity High Yield Bond Index

    8.58       1.45       4.41       1.56       8.03       3.47       40.71         3.67       45.26  

ICE BofA 0-5 Year US High Yield Constrained Index

    6.41       3.68       11.46       3.24       17.27       3.79       45.00         4.09       51.46  
Fund                    

NAV Return

    5.28       0.87       2.64       1.30       6.66       2.54       28.46         2.72       32.08  

Market Price Return

    5.40       0.78       2.36       1.36       6.97       2.42       27.05         2.73       32.15  

 

 

  10  

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) (continued)

 

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% 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 for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

The Blended-Invesco Global ex-US High Yield Corporate Bond Benchmark is comprised of the performance of the Previous Index from Fund inception until the conversion date, August 25, 2023, followed by the performance of the Index thereafter through October 31, 2023.

 

-

Performance information is not available for periods prior to the Index’s commencement date of July 11, 2023.

 

 

  11  

 


 

 

PICB    Management’s Discussion of Fund Performance
   Invesco International Corporate Bond ETF (PICB)

 

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index® (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) constructs the Index, which is composed of investment grade corporate bonds issued by foreign issuers and denominated in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 7.58%. On a net asset value (“NAV”) basis, the Fund returned 7.38%. During the same time period, the Index returned 7.13%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of sampling, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned 6.10%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2023. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s overweight allocation to the financials sector.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return. No sector detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Enel Finance International N.V., 5.75% coupon, due 09/14/2040, (portfolio average weight of 0.45%), and Cooperative Rabobank U.A., 4.63% coupon, due 05/23/2029, (portfolio average weight of 0.39%). Positions that detracted most significantly from the Fund’s return included Vodafone Group PLC, 5.13% coupon, due 12/02/2052, (portfolio average weight of 0.19%), and Engie

S.A., 5.63% coupon, due 04/03/2053, (portfolio average weight of 0.30%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Financials      55.98  
Utilities      13.12  
Communication Services      7.04  
Industrials      4.98  
Consumer Discretionary      4.36  
Energy      4.30  
Sector Types Each Less Than 3%      8.86  
Money Market Funds Plus Other Assets Less Liabilities      1.36  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Toronto-Dominion Bank (The), 2.67%, 09/09/2025      0.65  
Royal Bank of Canada, 3.37%, 09/29/2025      0.60  
Toronto-Dominion Bank (The), 4.21%, 06/01/2027      0.59  
NTT Finance Corp., Series 16, 0.18%, 12/19/2025      0.57  
NTT Finance Corp., Series 18, 0.38%, 09/20/2030      0.55  
Royal Bank of Canada, 4.63%, 05/01/2028      0.51  
Electricite de France S.A., 6.13%, 06/02/2034      0.50  
Bank of Montreal, 4.71%, 12/07/2027      0.48  
Bank of Montreal, 4.31%, 06/01/2027      0.47  
Bank of Nova Scotia (The), 1.85%, 11/02/2026      0.47  
Total      5.39  

 

*

Excluding money market fund holdings.

 

 

  12  

 


 

Invesco International Corporate Bond ETF (PICB) (continued)

 

Growth of a $10,000 Investment

 

 

LOGO

Fund Performance History as of October 31, 2023

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  

S&P International Corporate Bond Index® (Net)

    7.13     (8.11 )%      (22.42 )%      (2.43 )%      (11.56 )%      (1.78 )%      (16.42 )%        0.79     11.20

Bloomberg Pan-European Aggregate Index

    6.10       (9.89     (26.84     (3.56     (16.57     (2.10     (19.10       0.44       6.04  
Fund                    

NAV Return

    7.38       (8.13     (22.47     (2.41     (11.50     (1.71     (15.86       0.85       12.06  

Market Price Return

    7.58       (8.12     (22.43     (2.34     (11.18     (1.70     (15.79       0.82       11.53  

 

Fund Inception: June 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

 

-

Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  13  

 


 

Invesco 0-5 Yr US TIPS ETF (PBTP)

October 31, 2023

Schedule of Investments

 

     Principal
    Amount    
  Value  

U.S. Treasury Securities-99.84%

 

U.S. Treasury Inflation – Indexed Bonds-17.50%(a)

 

2.38%, 01/15/2025

   $ 3,097,345      $ 3,058,463  

2.00%, 01/15/2026

     2,101,477       2,059,669  

2.38%, 01/15/2027

     1,702,263       1,685,307  

1.75%, 01/15/2028

     1,574,576       1,522,476  

3.63%, 04/15/2028

     2,170,027       2,265,501  

2.38%, 10/15/2028

     1,503,585       1,499,426  
    

 

 

 
       12,090,842  
    

 

 

 

U.S. Treasury Inflation – Indexed Notes-82.34%(a)

 

0.63%, 01/15/2024

     3,665,799       3,632,937  

0.50%, 04/15/2024

     2,664,901       2,620,099  

0.13%, 07/15/2024

     3,603,185       3,520,058  

0.13%, 10/15/2024

     2,864,493       2,779,490  

0.25%, 01/15/2025

     3,611,797       3,477,754  

0.13%, 04/15/2025

     2,861,413       2,732,332  

0.38%, 07/15/2025

     3,607,108       3,455,653  

0.13%, 10/15/2025

     2,759,172       2,618,269  

0.63%, 01/15/2026

     3,725,627       3,544,769  

0.13%, 04/15/2026

     3,171,652       2,966,676  

0.13%, 07/15/2026

     3,206,914       2,999,609  

0.13%, 10/15/2026

     2,924,005       2,719,392  
     Principal
    Amount    
  Value  

U.S. Treasury Inflation – Indexed Notes-(continued)

 

0.38%, 01/15/2027

   $ 3,320,413      $ 3,086,133  

0.13%, 04/15/2027

     2,912,410       2,668,408  

0.38%, 07/15/2027

     3,149,849       2,914,024  

1.63%, 10/15/2027

     2,816,760       2,723,526  

0.50%, 01/15/2028

     3,268,084       3,000,243  

1.25%, 04/15/2028

     2,763,284       2,613,314  

0.75%, 07/15/2028

     3,046,817       2,819,803  
    

 

 

 
       56,892,489  
    

 

 

 

Total U.S. Treasury Securities
(Cost $73,646,777)

       68,983,331  
    

 

 

 
     Shares      

Money Market Funds-0.14%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(b)(c)
(Cost $96,987)

     96,987       96,987  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-99.98%
(Cost $73,743,764)

 

    69,080,318  

OTHER ASSETS LESS LIABILITIES-0.02%

 

    13,286  
    

 

 

 

NET ASSETS-100.00%

 

  $ 69,093,604  
    

 

 

 

Notes to Schedule of Investments:

(a) 

Principal amount of security and interest payments are adjusted for inflation. See Note 2J.

(b) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

 

     Value
October 31, 2022
         Purchases
at Cost
         Proceeds
from Sales
         Change in
Unrealized
Appreciation
         Realized
Gain
         Value
October 31, 2023
         Dividend
Income
 
Investments in Affiliated Money Market Funds:                                             
Invesco Government & Agency Portfolio, Institutional Class      $59,418              $4,134,891          $(4,097,322)          $-              $-              $96,987              $2,861  

 

(c) 

The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

 

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

 

    14    

 

 

 

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2023

Schedule of Investments

 

     Principal
    Amount    
  Value  

U.S. Dollar Denominated Bonds & Notes-98.44%

 

Angola-2.70%

    

Angolan Government International Bond

    

8.75%, 04/14/2032(a)

   $ 15,123,000      $      11,810,730  

9.38%, 05/08/2048(a)

     16,022,000       11,448,120  

9.13%, 11/26/2049(a)

     16,138,000       11,357,117  
    

 

 

 
       34,615,967  
    

 

 

 

Bahrain-2.87%

 

Bahrain Government International Bond

    

6.00%, 09/19/2044(a)

     16,816,000       12,215,983  

7.50%, 09/20/2047(a)

     14,653,000       12,294,014  

6.25%, 01/25/2051(a)

     17,200,000       12,361,124  
    

 

 

 
       36,871,121  
    

 

 

 

Brazil-3.07%

 

Brazilian Government International Bond

    

5.63%, 01/07/2041

     16,243,000       13,276,152  

5.63%, 02/21/2047

     17,128,000       13,182,631  

4.75%, 01/14/2050(b)

     19,361,000       12,995,988  
    

 

 

 
       39,454,771  
    

 

 

 

Chile-2.88%

 

Chile Government International Bond

    

4.34%, 03/07/2042(b)

     15,980,000       12,417,043  

4.00%, 01/31/2052(b)

     17,843,000       12,343,498  

5.33%, 01/05/2054

     14,400,000       12,248,014  
    

 

 

 
       37,008,555  
    

 

 

 

China-2.73%

 

China Government International Bond

    

4.00%, 10/19/2048(a)(b)

     15,040,000       12,047,421  

2.25%, 10/21/2050(a)

     21,103,000       11,514,446  

2.50%, 10/26/2051(a)

     20,123,000       11,517,904  
    

 

 

 
       35,079,771  
    

 

 

 

Colombia-3.14%

 

Colombia Government International Bond

    

7.38%, 09/18/2037

     14,306,000       12,948,427  

6.13%, 01/18/2041

     17,867,000       13,721,256  

5.63%, 02/26/2044

     19,485,000       13,702,036  
    

 

 

 
       40,371,719  
    

 

 

 

Costa Rica-3.07%

 

Costa Rica Government International Bond

    

5.63%, 04/30/2043(a)

     16,651,000       13,315,337  

7.00%, 04/04/2044(a)(b)

     14,068,000       12,944,717  

7.16%, 03/12/2045(a)(b)

     14,052,000       13,166,411  
    

 

 

 
       39,426,465  
    

 

 

 

Dominican Republic-3.05%

 

Dominican Republic International Bond

    

7.45%, 04/30/2044(a)

     14,097,000       12,753,193  

6.85%, 01/27/2045(a)

     15,672,000       13,119,362  

6.50%, 02/15/2048(a)(b)

     16,557,000       13,242,518  
    

 

 

 
       39,115,073  
    

 

 

 

Egypt-2.62%

 

Egypt Government International Bond

    

7.50%, 01/31/2027(a)

     16,019,000       11,173,253  
     Principal
    Amount    
  Value  

Egypt-(continued)

    

6.59%, 02/21/2028(a)

   $ 17,500,000      $ 11,232,200  

7.60%, 03/01/2029(a)

     17,940,000       11,221,129  
    

 

 

 
            33,626,582  
    

 

 

 

El Salvador-5.03%

 

El Salvador Government International Bond

    

6.38%, 01/18/2027(a)

     25,866,000       21,264,829  

8.63%, 02/28/2029(a)

     27,745,000       22,762,108  

8.25%, 04/10/2032(a)

     26,094,000       20,615,629  
    

 

 

 
       64,642,566  
    

 

 

 

Guatemala-2.90%

 

Guatemala Government Bond

    

5.25%, 08/10/2029(a)

     14,415,000       13,079,340  

3.70%, 10/07/2033(a)(b)

     16,845,000       12,472,423  

4.65%, 10/07/2041(a)

     16,803,000       11,682,109  
    

 

 

 
       37,233,872  
    

 

 

 

Hungary-2.89%

 

Hungary Government International Bond

    

7.63%, 03/29/2041

     12,227,000       12,562,142  

3.13%, 09/21/2051(a)

     22,677,000       12,180,270  

6.75%, 09/25/2052(a)

     13,390,000       12,415,275  
    

 

 

 
       37,157,687  
    

 

 

 

Indonesia-2.85%

 

Indonesia Government International Bond

    

6.75%, 01/15/2044(a)

     12,355,000       12,989,295  

4.45%, 04/15/2070

     16,361,000       12,008,754  

3.35%, 03/12/2071

     19,902,000       11,588,618  
    

 

 

 
       36,586,667  
    

 

 

 

Jordan-2.89%

 

Jordan Government International Bond

    

7.50%, 01/13/2029(a)

     13,186,000       12,308,960  

5.85%, 07/07/2030(a)

     15,298,000       12,985,707  

7.38%, 10/10/2047(a)

     15,614,000       11,853,212  
    

 

 

 
       37,147,879  
    

 

 

 

Kazakhstan-2.98%

 

Kazakhstan Government International Bond

    

4.88%, 10/14/2044(a)

     22,713,000       18,780,358  

6.50%, 07/21/2045(a)

     19,839,000       19,538,201  
    

 

 

 
       38,318,559  
    

 

 

 

Kenya-3.02%

 

Republic of Kenya Government International Bond

    

7.25%, 02/28/2028(a)

     24,176,000       19,692,561  

8.25%, 02/28/2048(a)

     27,072,000       19,072,765  
    

 

 

 
       38,765,326  
    

 

 

 

Kuwait-1.57%

 

Kuwait International Government Bond, 3.50%, 03/20/2027(a)

     21,322,000       20,212,744  
    

 

 

 

Mexico-2.81%

 

Mexico Government International Bond

    

4.60%, 01/23/2046

     17,518,750       12,525,798  

 

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

 

    15    

 

 

 

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Mexico-(continued)

    

3.75%, 04/19/2071

   $ 20,995,000      $ 11,675,702  

5.75%, 10/12/2110

     15,439,000       11,905,537  
    

 

 

 
       36,107,037  
    

 

 

 

Mongolia-3.11%

 

Mongolia Government International Bond

    

3.50%, 07/07/2027(a)

     16,569,000       13,916,815  

8.65%, 01/19/2028(a)

     13,000,000       12,943,767  

4.45%, 07/07/2031(a)

     17,307,000       13,137,921  
    

 

 

 
       39,998,503  
    

 

 

 

Morocco-3.08%

 

Morocco Government International Bond

    

6.50%, 09/08/2033(a)

     14,186,000       13,639,697  

5.50%, 12/11/2042(a)

     16,747,000       13,129,246  

4.00%, 12/15/2050(a)

     21,508,000       12,825,156  
    

 

 

 
       39,594,099  
    

 

 

 

Nigeria-3.28%

 

Nigeria Government International Bond

    

7.70%, 02/23/2038(a)

     19,983,000       14,299,735  

7.63%, 11/28/2047(a)

     20,297,000       13,755,906  

9.25%, 01/21/2049(a)

     17,990,000       14,031,840  
    

 

 

 
            42,087,481  
    

 

 

 

Oman-3.03%

 

Oman Government International Bond

    

6.50%, 03/08/2047(a)

     14,723,000       12,899,409  

6.75%, 01/17/2048(a)

     14,673,000       13,185,158  

7.00%, 01/25/2051(a)

     13,930,000       12,849,589  
    

 

 

 
       38,934,156  
    

 

 

 

Pakistan-3.62%

 

Pakistan Government International Bond

    

6.88%, 12/05/2027(a)

     30,183,000       16,114,704  

7.38%, 04/08/2031(a)

     30,390,000       15,084,988  

8.88%, 04/08/2051(a)

     31,133,000       15,220,145  
    

 

 

 
       46,419,837  
    

 

 

 

Panama-2.96%

 

Panama Government International Bond

    

2.25%, 09/29/2032

     18,540,000       12,699,751  

3.30%, 01/19/2033(b)

     17,361,000       12,898,690  

6.40%, 02/14/2035

     13,485,000       12,411,657  
    

 

 

 
       38,010,098  
    

 

 

 

Paraguay-2.99%

 

Paraguay Government International Bond

    

4.70%, 03/27/2027(a)(b)

     14,376,000       13,738,954  

6.10%, 08/11/2044(a)

     14,623,000       12,302,766  

5.60%, 03/13/2048(a)(b)

     15,945,000       12,365,039  
    

 

 

 
       38,406,759  
    

 

 

 

Peru-2.88%

 

Peruvian Government International Bond

    

5.63%, 11/18/2050

     14,205,000       12,584,493  

3.55%, 03/10/2051(b)

     19,219,000       12,161,532  

3.60%, 01/15/2072

     21,411,000       12,231,958  
    

 

 

 
       36,977,983  
    

 

 

 
     Principal
    Amount    
  Value  

Philippines-2.84%

 

Philippine Government International Bond

    

3.20%, 07/06/2046

   $ 19,255,000      $ 12,126,977  

4.20%, 03/29/2047

     16,095,000       11,991,310  

5.95%, 10/13/2047(b)

     12,939,000       12,361,791  
    

 

 

 
            36,480,078  
    

 

 

 

Qatar-2.81%

 

Qatar Government International Bond

    

4.63%, 06/02/2046(a)

     14,695,000       12,020,187  

5.10%, 04/23/2048(a)

     14,055,000       12,064,924  

4.82%, 03/14/2049(a)

     14,564,000       11,949,616  
    

 

 

 
       36,034,727  
    

 

 

 

Romania-2.91%

 

Romanian Government International Bond

    

5.13%, 06/15/2048(a)

     16,578,000       12,315,547  

4.00%, 02/14/2051(a)

     19,982,000       12,323,779  

7.63%, 01/17/2053(a)

     12,884,000       12,708,726  
    

 

 

 
       37,348,052  
    

 

 

 

Saudi Arabia-2.79%

 

Saudi Government International Bond

    

4.63%, 10/04/2047(a)

     15,508,000       11,755,684  

5.00%, 04/17/2049(a)

     15,066,000       12,033,018  

3.45%, 02/02/2061(a)

     20,600,000       12,010,542  
    

 

 

 
       35,799,244  
    

 

 

 

South Africa-2.87%

 

Republic of South Africa Government International Bond

    

6.30%, 06/22/2048

     17,403,000       12,279,122  

5.75%, 09/30/2049

     18,573,000       12,129,748  

7.30%, 04/20/2052

     15,860,000       12,391,973  
    

 

 

 
       36,800,843  
    

 

 

 

Turkey-3.26%

 

Turkey Government International Bond

    

9.38%, 03/14/2029

     14,040,000       14,343,545  

6.88%, 03/17/2036

     16,835,000       13,966,417  

6.63%, 02/17/2045

     18,200,000       13,497,466  
    

 

 

 
       41,807,428  
    

 

 

 

United Arab Emirates-2.94%

 

Finance Department Government of Sharjah

    

3.63%, 03/10/2033(a)

     17,173,000       13,290,391  

4.00%, 07/28/2050(a)

     21,607,000       12,312,749  

4.38%, 03/10/2051(a)

     19,984,000       12,176,451  
    

 

 

 
       37,779,591  
    

 

 

 

Total U.S. Dollar Denominated Bonds & Notes
(Cost $1,650,451,389)

 

    1,264,221,240  
    

 

 

 
     Shares      

Money Market Funds-0.30%

 

Invesco Government & Agency Portfolio, Institutional Class, 5.27%(c)(d)
(Cost $3,890,597)

     3,890,597       3,890,597  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.74%
(Cost $1,654,341,986)

 

    1,268,111,837  
    

 

 

 

 

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

 

    16    

 

 

 

 


 

Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)

October 31, 2023

    

 

         Shares           Value      

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.34%

    

Invesco Private Government Fund,
5.32%(c)(d)(e)

     15,584,874      $ 15,584,874  

Invesco Private Prime Fund, 5.53%(c)(d)(e)

     40,080,262       40,084,270  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $55,668,321)

 

    55,669,144  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.08%
(Cost $1,710,010,307)

 

    1,323,780,981  

OTHER ASSETS LESS LIABILITIES-(3.08)%

 

    (39,549,431
    

 

 

 

NET ASSETS-100.00%

     $ 1,284,231,550  
    

 

 

 

    

Notes to Schedule of Investments:

(a) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $885,043,214, which represented 68.92% of the Fund’s Net Assets.

(b) 

All or a portion of this security was out on loan at October 31, 2023.

(c) 

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2023.

 

    Value
October 31, 2022
     Purchases
at Cost
     Proceeds
from Sales
    Change in
Unrealized
Appreciation
    Realized
Gain
    Value
October 31, 2023
     Dividend
Income
 
Investments in Affiliated Money Market Funds:                                                                                             
Invesco Government & Agency Portfolio, Institutional Class      $ 7,905,005        $ 108,582,163      $ (112,596,571      $ -          $ -          $ 3,890,597        $ 213,267  
Investments Purchased with Cash Collateral from Securities on Loan:                                     
Invesco Private Government Fund        15,375,146          132,123,462        (131,913,734        -            -            15,584,874          550,764
Invesco Private Prime Fund        39,527,745          210,093,439        (209,547,538        2,558            8,066            40,084,270          1,468,011
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

 
Total      $ 62,807,896        $ 450,799,064      $ (454,057,843      $ 2,558          $ 8,066          $ 59,559,741        $ 2,232,042  
    

 

 

      

 

 

    

 

 

      

 

 

        

 

 

        

 

 

      

 

 

 

 

*

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 October 31, 2023.

(e) 

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

 

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

 

    17    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

October 31, 2023

Schedule of Investments

 

     Principal
    Amount    
  Value  

U.S. Dollar Denominated Bonds & Notes-98.19%

 

Argentina-1.42%

    

MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025(a)

   $ 120,000      $ 83,340  

Pampa Energia S.A., 7.50%, 01/24/2027(a)

     140,000       130,341  

Provincia de Cordoba, 6.88%,
12/10/2025(a)(b)

     184       154  

YPF S.A.

    

8.75%, 04/04/2024(a)

     284,400       270,904  

8.50%, 07/28/2025(a)

     433,000       399,320  

9.00%, 02/12/2026(a)

     273,701       267,134  

6.95%, 07/21/2027(a)

     260,000       196,793  

9.00%, 06/30/2029(a)

     285,942       252,587  

7.00%, 09/30/2033(a)

     160,000       120,675  

7.00%, 12/15/2047(a)

     205,000       130,916  
    

 

 

 
           1,852,164  
    

 

 

 

Australia-1.42%

    

FMG Resources (August 2006) Pty. Ltd.

    

4.50%, 09/15/2027(a)

     232,000       209,167  

5.88%, 04/15/2030(a)

     269,000       241,755  

4.38%, 04/01/2031(a)

     552,000       445,703  

6.13%, 04/15/2032(a)

     309,000       273,657  

Mineral Resources Ltd.

    

8.13%, 05/01/2027(a)

     210,000       203,645  

8.00%, 11/01/2027(a)

     243,000       235,084  

8.50%, 05/01/2030(a)

     250,000       240,690  
    

 

 

 
       1,849,701  
    

 

 

 

Austria-0.17%

    

Benteler International AG, 10.50%, 05/15/2028(a)

     220,000       221,826  
    

 

 

 

Azerbaijan-0.26%

    

State Oil Co. of the Azerbaijan Republic (The), 6.95%, 03/18/2030(a)

     340,000       332,425  
    

 

 

 

Bahrain-0.33%

    

BBK BSC, 5.50%, 07/09/2024(a)

     220,000       216,968  

GFH Sukuk Ltd., 7.50%, 01/28/2025(a)

     220,000       218,075  
    

 

 

 
       435,043  
    

 

 

 

Belgium-0.27%

    

Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028(a)

     400,000       357,572  
    

 

 

 

Brazil-11.46%

    

Acu Petroleo Luxembourg S.a.r.l., 7.50%, 01/13/2032(a)

     265,037       239,426  

Adecoagro S.A., 6.00%, 09/21/2027(a)

     70,000       64,957  

Aegea Finance S.a.r.l., 6.75%, 05/20/2029(a)

     220,000       201,525  

Amaggi Luxembourg International S.a.r.l., 5.25%, 01/28/2028(a)

     340,000       310,864  

Azul Secured Finance LLP

    

11.93%, 08/28/2028(a)

     200,000       194,575  

10.88%, 05/28/2030(a)

     85,000       65,076  

B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, 09/20/2031(a)

     290,000       236,592  

Banco Bradesco S.A.

    

3.20%, 01/27/2025(a)

     160,000       153,602  

4.38%, 03/18/2027(a)

     220,000       207,952  
     Principal
    Amount    
  Value  

Brazil-(continued)

    

Banco BTG Pactual S.A.

    

4.50%, 01/10/2025(a)

   $ 250,000     $        243,071  

2.75%, 01/11/2026(a)

     220,000        202,786  

Banco do Brasil S.A.

    

4.75%, 03/20/2024(a)

     340,000       337,291  

4.63%, 01/15/2025(a)

     250,000       244,106  

3.25%, 09/30/2026(a)

     340,000       310,560  

4.88%, 01/11/2029(a)

     220,000       203,135  

6.25%, 04/18/2030(a)

     340,000       326,095  

Banco Votorantim S.A., 4.38%, 07/29/2025(a)

     240,000       229,348  

Braskem Netherlands Finance B.V., 8.50%, 01/23/2081(a)(c)

     270,000       263,841  

BRF S.A.

    

4.88%, 01/24/2030(a)

     260,000       211,522  

5.75%, 09/21/2050(a)

     300,000       195,713  

Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a)

     300,000       299,477  

Centrais Eletricas Brasileiras S.A.

    

3.63%, 02/04/2025(a)

     220,000       210,325  

4.63%, 02/04/2030(a)

     340,000       287,092  

Cosan Luxembourg S.A.

    

5.50%, 09/20/2029(a)

     340,000       303,287  

7.50%, 06/27/2030(a)

     250,000       244,116  

CSN Inova Ventures, 6.75%, 01/28/2028(a)

     380,000       346,497  

CSN Resources S.A.

    

4.63%, 06/10/2031(a)

     180,000       134,317  

5.88%, 04/08/2032(a)

     220,000       174,215  

Embraer Netherlands Finance B.V.

    

5.40%, 02/01/2027(d)

     178,000       172,123  

7.00%, 07/28/2030(a)

     200,000       195,430  

Globo Comunicacao e Participacoes S.A., 4.88%, 01/22/2030(a)

     235,000       185,785  

Itau Unibanco Holding S.A.

    

3.25%, 01/24/2025(a)

     100,000       96,472  

4.50%, 11/21/2029(a)(c)

     340,000       329,680  

3.88%, 04/15/2031(a)(c)

     220,000       203,689  

Klabin Austria GmbH

    

5.75%, 04/03/2029(a)

     330,000       312,840  

3.20%, 01/12/2031(a)

     220,000       168,716  

7.00%, 04/03/2049(a)(d)

     310,000       282,368  

MARB BondCo PLC, 3.95%, 01/29/2031(a)

     360,000       264,511  

MC Brazil Downstream Trading S.a.r.l., 7.25%, 06/30/2031(a)

     618,401       441,774  

MercadoLibre, Inc., 3.13%, 01/14/2031

     290,000       219,827  

Minerva Luxembourg S.A., 4.38%, 03/18/2031(a)

     370,000       287,440  

MV24 Capital B.V., 6.75%, 06/01/2034(a)

     243,771       211,994  

NBM US Holdings, Inc., 7.00%, 05/14/2026(a)

     200,000       198,299  

Nexa Resources S.A.

    

5.38%, 05/04/2027(a)

     310,000       283,245  

6.50%, 01/18/2028(a)

     220,000       206,751  

Petrobras Global Finance B.V.

    

6.25%, 03/17/2024

     79,000       78,683  

5.30%, 01/27/2025

     97,000       95,541  

7.38%, 01/17/2027(d)

     185,000       189,763  

 

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

 

    18    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Brazil-(continued)

    

6.00%, 01/27/2028

   $ 298,000      $ 294,211  

5.09%, 01/15/2030

     150,000       137,722  

5.60%, 01/03/2031

     277,000       259,706  

6.50%, 07/03/2033(d)

     300,000       279,799  

6.88%, 01/20/2040

     183,000       171,436  

6.75%, 01/27/2041

     133,000       121,948  

7.25%, 03/17/2044

     196,000       189,225  

6.90%, 03/19/2049

     203,000       183,616  

5.50%, 06/10/2051

     181,000       135,475  

6.85%, 06/05/2115

     400,000       337,873  

Petrorio Luxembourg Trading S.a.r.l., 6.13%, 06/09/2026(a)

     270,000       257,047  

Rede D’or Finance S.a.r.l.

    

4.95%, 01/17/2028(a)

     220,000       196,393  

4.50%, 01/22/2030(a)

     340,000       276,421  

Rumo Luxembourg S.a.r.l.

    

5.25%, 01/10/2028(a)

     220,000       201,143  

4.20%, 01/18/2032(a)

     220,000       169,381  

Simpar Europe S.A., 5.20%, 01/26/2031(a)

     280,000       218,628  

StoneCo Ltd., 3.95%, 06/16/2028(a)

     220,000       172,764  

Usiminas International S.a.r.l., 5.88%, 07/18/2026(a)

     340,000       320,183  

XP, Inc., 3.25%, 07/01/2026(a)

     140,000       126,916  
    

 

 

 
         14,916,181  
    

 

 

 

Burkina Faso-0.15%

    

Endeavour Mining PLC, 5.00%,

    

10/14/2026(a)

     220,000       194,599  
    

 

 

 

Canada-11.62%

    

1011778 BC ULC/New Red Finance, Inc.

    

5.75%, 04/15/2025(a)

     195,000       193,590  

3.88%, 01/15/2028(a)

     598,000       534,407  

4.38%, 01/15/2028(a)

     287,000       257,965  

3.50%, 02/15/2029(a)

     287,000       245,685  

4.00%, 10/15/2030(a)

     1,112,000       911,838  

Air Canada, 3.88%, 08/15/2026(a)

     463,000       422,121  

Algonquin Power & Utilities Corp., 4.75%, 01/18/2082(c)

     292,000       230,827  

Baffinland Iron Mines Corp./Baffinland Iron Mines L.P., 8.75%, 07/15/2026(a)

     220,000       212,041  

Bombardier, Inc.

    

7.13%, 06/15/2026(a)

     463,000       446,163  

7.88%, 04/15/2027(a)

     724,000       697,580  

6.00%, 02/15/2028(a)

     292,000       258,689  

7.50%, 02/01/2029(a)

     287,000       265,962  

7.45%, 05/01/2034(a)

     130,000       145,596  

Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC

    

6.25%, 09/15/2027(a)

     240,000       210,370  

4.88%, 02/15/2030(a)

     190,000       144,668  

Emera, Inc., Series 16-A, 6.75%, 06/15/2076(c)

     420,000       396,559  

Enerflex Ltd., 9.00%, 10/15/2027(a)

     240,000       218,644  

Garda World Security Corp.

    

4.63%, 02/15/2027(a)

     218,000       194,664  

9.50%, 11/01/2027(a)

     234,000       212,859  

6.00%, 06/01/2029(a)

     196,000       149,630  

GFL Environmental, Inc.

    

4.25%, 06/01/2025(a)

     195,000       187,662  
     Principal
    Amount    
  Value  

Canada-(continued)

    

3.75%, 08/01/2025(a)

   $ 292,000      $        276,501  

5.13%, 12/15/2026(a)

     195,000       185,257  

4.00%, 08/01/2028(a)

     287,000       247,248  

3.50%, 09/01/2028(a)

     287,000       246,049  

4.75%, 06/15/2029(a)

     286,000       250,714  

4.38%, 08/15/2029(a)

     210,000       179,335  

goeasy Ltd., 5.38%, 12/01/2024(a)

     210,000       206,046  

Hudbay Minerals, Inc.

    

4.50%, 04/01/2026(a)

     182,000       169,578  

6.13%, 04/01/2029(a)

     182,000       163,072  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/2028(a)

     268,000       220,307  

Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030(a)

     276,000       271,429  

Kronos Acquisition Holdings, Inc/KIK Custom Products, Inc., 7.00%, 12/31/2027(a)

     199,000       169,384  

Mattamy Group Corp.

    

5.25%, 12/15/2027(a)

     190,000       170,977  

4.63%, 03/01/2030(a)

     230,000       188,059  

MEG Energy Corp., 5.88%, 02/01/2029(a)

     232,000       216,992  

Methanex Corp.

    

5.13%, 10/15/2027(d)

     229,000       209,783  

5.25%, 12/15/2029

     265,000       234,611  

Northriver Midstream Finance L.P., 5.63%, 02/15/2026(a)

     200,000       189,316  

NOVA Chemicals Corp.

    

4.88%, 06/01/2024(a)

     357,000       351,225  

5.00%, 05/01/2025(a)

     198,000       187,197  

5.25%, 06/01/2027(a)

     407,000       344,447  

4.25%, 05/15/2029(a)

     220,000       162,879  

Open Text Corp.

    

3.88%, 02/15/2028(a)

     342,000       297,629  

3.88%, 12/01/2029(a)

     331,000       271,127  

Open Text Holdings, Inc.

    

4.13%, 02/15/2030(a)

     342,000       283,712  

4.13%, 12/01/2031(a)

     253,000       199,021  

Parkland Corp.

    

5.88%, 07/15/2027(a)

     190,000       182,109  

4.50%, 10/01/2029(a)

     309,000       266,074  

4.63%, 05/01/2030(a)

     309,000       263,089  

Ritchie Bros. Holdings, Inc.

    

6.75%, 03/15/2028(a)

     210,000       206,058  

7.75%, 03/15/2031(a)

     308,000       309,155  

Rogers Communications, Inc., 5.25%, 03/15/2082(a)(c)

     252,000       222,077  

Strathcona Resources Ltd., 6.88%, 08/01/2026(a)

     195,000       180,080  

Superior Plus L.P./Superior General Partner, Inc., 4.50%, 03/15/2029(a)

     230,000       196,412  

Telesat Canada/Telesat LLC, 5.63%, 12/06/2026(a)

     190,000       121,438  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/2026(a)

     250,000       232,762  

Videotron Ltd.

    

5.38%, 06/15/2024(a)

     182,000       180,691  

 

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

 

    19    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Canada-(continued)

    

5.13%, 04/15/2027(a)

   $ 182,000      $ 169,561  

3.63%, 06/15/2029(a)

     195,000       164,560  
    

 

 

 
         15,123,481  
    

 

 

 

Cayman Islands-0.50%

    

Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 09/15/2024(a)(e)

     723,000       651,629  
    

 

 

 

Chile-0.40%

    

AES Andes S.A., 7.13%, 03/26/2079(a)(c)

     230,000       216,885  

Agrosuper S.A., 4.60%, 01/20/2032(a)

     70,000       56,043  

LATAM Airlines Group S.A., 13.38%, 10/15/2029(a)

     230,000       248,134  
    

 

 

 
       521,062  
    

 

 

 

China-3.98%

    

Bank of Communications Co. Ltd.,
3.80%(a)(c)(f)

     1,050,000       998,897  

China Hongqiao Group Ltd., 6.25%, 06/08/2024(a)

     220,000       215,259  

ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026(a)

     120,000       110,011  

Fortune Star (BVI) Ltd.

    

6.85%, 07/02/2024(a)

     270,000       245,025  

5.95%, 10/19/2025(a)

     310,000       231,827  

5.00%, 05/18/2026(a)

     220,000       146,357  

5.05%, 01/27/2027(a)

     220,000       134,305  

Franshion Brilliant Ltd., 6.00%(a)(c)(f)

     220,000       189,222  

Industrial and Commercial Bank of China Ltd., 3.20%(a)(c)(f)

     2,282,000       2,099,296  

Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/2024(a)

     225,000       20,531  

RKPF Overseas 2020 (A) Ltd., 5.13%, 07/26/2026(a)

     225,000       65,873  

West China Cement Ltd., 4.95%, 07/08/2026(a)

     270,000       188,604  

Yancoal International Resources Development Co. Ltd., 3.50%, 11/04/2023(a)

     220,000       218,216  

Yankuang Group (Cayman) Ltd., 2.90%, 11/30/2024(a)

     220,000       211,134  

Yanlord Land (HK) Co. Ltd., 5.13%, 05/20/2026(a)

     220,000       112,488  
    

 

 

 
       5,187,045  
    

 

 

 

Colombia-4.40%

    

ABRA Global Finance, 5.50% PIK Rate, 6.00% Cash Rate, 03/02/2028(a)(e)

     340,000       262,117  

AI Candelaria (Spain) S.A., 5.75%, 06/15/2033(a)

     270,000       184,622  

Avianca Midco 2 PLC, 9.00%, 12/01/2028(a)

     400,000       329,150  

Banco de Bogota S.A., 6.25%, 05/12/2026(a)

     490,000       462,587  

Bancolombia S.A., 4.63%, 12/18/2029(c)

     250,000       219,003  

Canacol Energy Ltd., 5.75%, 11/24/2028(a)

     220,000       158,909  

Colombia Telecomunicaciones S.A. E.S.P., 4.95%, 07/17/2030(a)

     220,000       145,268  

Ecopetrol S.A.

    

4.13%, 01/16/2025

     281,000       271,579  

5.38%, 06/26/2026

     355,000       340,187  

8.63%, 01/19/2029

     289,000       288,581  

6.88%, 04/29/2030

     370,000       333,444  

4.63%, 11/02/2031

     310,000       232,797  
     Principal
    Amount    
  Value  

Colombia-(continued)

    

8.88%, 01/13/2033

   $ 560,000      $        538,175  

7.38%, 09/18/2043

     208,000       165,683  

5.88%, 05/28/2045

     470,000       306,785  

5.88%, 11/02/2051

     180,000       112,985  

Empresas Publicas de Medellin E.S.P.

    

4.25%, 07/18/2029(a)

     250,000       195,684  

4.38%, 02/15/2031(a)

     260,000       192,769  

EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.38%, 12/30/2030(a)

     320,000       213,267  

GeoPark Ltd., 5.50%, 01/17/2027(a)

     220,000       184,976  

Grupo Aval Ltd., 4.38%, 02/04/2030(a)(d)

     250,000       186,083  

Grupo de Inversiones Suramericana S.A., 5.50%, 04/29/2026(a)

     200,000       188,026  

SierraCol Energy Andina LLC, 6.00%, 06/15/2028(a)

     270,000       209,414  
    

 

 

 
       5,722,091  
    

 

 

 

Costa Rica-0.13%

    

Instituto Costarricense de Electricidad, 6.38%, 05/15/2043(a)

     220,000       171,809  
    

 

 

 

Czech Republic-0.24%

    

Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029(a)

     310,000       307,198  
    

 

 

 

France-2.93%

    

Altice France S.A.

    

8.13%, 02/01/2027(a)

     760,000       641,540  

5.50%, 01/15/2028(a)

     480,000       357,105  

5.13%, 07/15/2029(a)

     900,000       616,847  

5.50%, 10/15/2029(a)

     670,000       460,744  

Calderys Financing LLC, 11.25%, 06/01/2028(a)

     210,000       212,100  

CGG S.A., 8.75%, 04/01/2027(a)

     220,000       194,374  

Electricite de France S.A.

    

5.63%, (a)(c)(f)

     170,000       168,156  

9.13%, (a)(c)(f)

     470,000       483,569  

Iliad Holding S.A.S.U.

    

6.50%, 10/15/2026(a)

     340,000       318,048  

7.00%, 10/15/2028(a)

     400,000       362,364  
    

 

 

 
       3,814,847  
    

 

 

 

Georgia-0.15%

    

Georgian Railway JSC, 4.00%, 06/17/2028(a) .

     220,000       189,222  
    

 

 

 

Germany-1.59%

    

Cerdia Finanz GmbH, 10.50%,
12/03/2023(a)(g)

     273,000       269,061  

Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/2028(a)

     220,000       195,303  

Mercer International, Inc., 5.13%, 02/01/2029(d)

     330,000       259,150  

Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024(a)

     200,000       196,500  

TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027(a)

     680,000       619,694  

ZF North America Capital, Inc.

    

4.75%, 04/29/2025(a)

     306,000       295,391  

 

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

 

    20    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Germany-(continued)

    

6.88%, 04/14/2028(a)

   $ 120,000      $ 116,418  

7.13%, 04/14/2030(a)

     120,000       116,309  
    

 

 

 
           2,067,826  
    

 

 

 

Ghana-0.72%

    

Kosmos Energy Ltd., 7.13%, 04/04/2026(a)(d)

     290,000       266,711  

Tullow Oil PLC

    

7.00%, 03/01/2025(a)

     280,000       221,284  

10.25%, 05/15/2026(a)

     520,000       447,060  
    

 

 

 
       935,055  
    

 

 

 

Guatemala-0.94%

    

Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.25%, 04/27/2029(a)

     279,000       245,927  

CT Trust, 5.13%, 02/03/2032(a)

     400,000       307,271  

Investment Energy Resources Ltd., 6.25%, 04/26/2029(a)

     310,000       271,552  

Millicom International Cellular S.A.

    

6.25%, 03/25/2029(a)

     144,000       125,144  

4.50%, 04/27/2031(a)

     360,000       271,800  
    

 

 

 
       1,221,694  
    

 

 

 

Hong Kong-2.68%

    

Bank of Communications (Hong Kong) Ltd., 3.73%(a)(c)(f)

     250,000       241,487  

Bank of East Asia Ltd. (The)

    

5.83%, (a)(c)(f)

     290,000       229,100  

5.88%, (a)(c)(f)

     290,000       250,819  

CAS Capital No. 1 Ltd., 4.00%(a)(c)(f)

     340,000       269,457  

China CITIC Bank International Ltd.

    

3.25%, (a)(c)(f)

     270,000       249,061  

4.80%, (a)(c)(f)

     270,000       256,454  

7.10%, (a)(c)(f)

     220,000       220,000  

FWD Group Holdings Ltd., 5.75%, 07/09/2024(a)

     200,000       196,651  

Melco Resorts Finance Ltd.

    

4.88%, 06/06/2025(a)

     250,000       235,065  

5.25%, 04/26/2026(a)

     220,000       201,452  

5.63%, 07/17/2027(a)

     270,000       235,056  

5.75%, 07/21/2028(a)

     180,000       152,933  

5.38%, 12/04/2029(a)

     320,000       254,798  

Nanyang Commercial Bank Ltd., 6.50%(a)(c)(f)

     290,000       279,002  

Seaspan Corp., 5.50%, 08/01/2029(a)

     287,000       220,468  
    

 

 

 
       3,491,803  
    

 

 

 

Hungary-0.22%

    

OTP Bank Nyrt., 8.75%, 05/15/2033(a)(c)

     290,000       287,382  
    

 

 

 

India-3.78%

    

Adani Green Energy Ltd., 4.38%, 09/08/2024(a)

     340,000       316,309  

Adani Green Energy UP Ltd./Prayatna

    

Developers Pvt. Ltd./Parampujya Solar

    

Energy Pvt. Ltd., 6.25%, 12/10/2024(a)

     220,000       210,927  

CA Magnum Holdings, 5.38%, 10/31/2026(a)

     250,000       219,183  

Delhi International Airport Ltd.

    

6.13%, 10/31/2026(a)

     230,000       218,776  

6.45%, 06/04/2029(a)

     220,000       200,283  

Greenko Dutch B.V., 3.85%, 03/29/2026(a)

     203,500       182,005  
     Principal
    Amount    
  Value  

India-(continued)

    

Greenko Power II Ltd., 4.30%, 12/13/2028(a)

   $ 231,875      $        195,193  

Greenko Solar Mauritius Ltd.

    

5.55%, 01/29/2025(a)

     220,000       211,475  

5.95%, 07/29/2026(a)

     240,000       221,700  

Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025(a)

     150,000       143,179  

JSW Hydro Energy Ltd., 4.13%, 05/18/2031(a)

     268,800       212,130  

JSW Steel Ltd.

    

5.95%, 04/18/2024(a)

     220,000       218,735  

3.95%, 04/05/2027(a)

     220,000       190,067  

5.05%, 04/05/2032(a)

     220,000       170,060  

Network i2i Ltd., 5.65%(a)(c)(f)

     250,000       243,169  

Periama Holdings LLC, 5.95%, 04/19/2026(a)

     340,000       320,590  

ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/2028(a)

     260,000       212,886  

Shriram Finance Ltd., 4.40%, 03/13/2024(a)

     328,000       324,040  

Vedanta Resources Finance II PLC

    

13.88%, 01/21/2024(a)

     250,000       222,815  

8.95%, 03/11/2025(a)

     340,000       247,576  

9.25%, 04/23/2026(a)

     270,000       158,665  

Vedanta Resources Ltd., 6.13%, 08/09/2024(a)

     430,000       276,778  
    

 

 

 
       4,916,541  
    

 

 

 

Indonesia-0.83%

    

Indika Energy Capital IV Pte. Ltd., 8.25%, 10/22/2025(a)

     250,000       247,505  

Medco Bell Pte. Ltd., 6.38%, 01/30/2027(a)

     60,000       56,268  

Medco Oak Tree Pte. Ltd., 7.38%, 05/14/2026(a)

     240,000       237,577  

PT Adaro Indonesia, 4.25%, 10/31/2024(a)

     340,000       327,515  

PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026(a)

     230,000       217,966  
    

 

 

 
       1,086,831  
    

 

 

 

Ireland-0.30%

    

AerCap Global Aviation Trust, 6.50%, 06/15/2045(a)(c)

     220,000       216,052  

AerCap Holdings N.V., 5.88%, 10/10/2079(c)(d)

     190,000       178,523  
    

 

 

 
       394,575  
    

 

 

 

Israel-3.00%

    

Energian Israel Finance Ltd.

    

4.88%, 03/30/2026(a)

     220,000       194,425  

5.38%, 03/30/2028(a)

     220,000       180,774  

5.88%, 03/30/2031(a)

     220,000       176,484  

8.50%, 09/30/2033(a)

     280,000       245,350  

Leviathan Bond Ltd.

    

6.13%, 06/30/2025(a)

     210,000       195,489  

6.50%, 06/30/2027(a)

     210,000       185,238  

6.75%, 06/30/2030(a)

     200,000       170,111  

Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/2036(d)

     220,000       185,077  

Teva Pharmaceutical Finance Netherlands III B.V.

    

6.00%, 04/15/2024(d)

     250,000       248,467  

3.15%, 10/01/2026(d)

     945,000       832,885  

 

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

 

    21    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Israel-(continued)

    

4.75%, 05/09/2027(d)

   $ 320,000      $ 290,940  

6.75%, 03/01/2028

     200,000       191,436  

5.13%, 05/09/2029(d)

     320,000       279,613  

7.88%, 09/15/2029

     200,000       197,470  

4.10%, 10/01/2046

     561,000       336,235  
    

 

 

 
           3,909,994  
    

 

 

 

Italy-3.28%

    

F-Brasile S.p.A./F-Brasile U.S. LLC, 7.38%, 08/15/2026(a)

     100,000       93,002  

Intesa Sanpaolo S.p.A.

    

5.71%, 01/15/2026(a)

     670,000       635,805  

4.20%, 06/01/2032(a)(c)

     340,000       241,899  

4.95%, 06/01/2042(a)(c)

     340,000       199,666  

Kedrion S.p.A., 6.50%, 09/01/2029(a)

     200,000       167,500  

Telecom Italia Capital S.A.

    

6.38%, 11/15/2033(d)

     386,000       329,519  

6.00%, 09/30/2034

     386,000       318,089  

7.20%, 07/18/2036

     386,000       334,132  

7.72%, 06/04/2038

     386,000       341,178  

Telecom Italia S.p.A., 5.30%, 05/30/2024(a)

     670,000       657,535  

UniCredit S.p.A.

    

5.86%, 06/19/2032(a)(c)

     450,000       405,186  

5.46%, 06/30/2035(a)(c)

     670,000       549,946  
    

 

 

 
       4,273,457  
    

 

 

 

Jamaica-0.33%

    

Digicel International Finance Ltd./Digicel international Holdings Ltd.

    

8.75%, 05/25/2024(a)

     270,000       248,003  

8.75%, 05/25/2024(a)

     194,000       178,195  
    

 

 

 
       426,198  
    

 

 

 

Japan-2.78%

    

Rakuten Group, Inc.

    

5.13%, (a)(c)(f)

     340,000       247,505  

6.25%, (a)(c)(f)

     280,000       176,857  

3.55%, 11/27/2024(a)

     360,000       340,200  

10.25%, 11/30/2024(a)

     100,000       101,251  

SoftBank Group Corp.

    

6.88%, (a)(c)(f)

     590,000       539,909  

4.75%, 09/19/2024(a)

     150,000       146,704  

6.00%, 07/30/2025(a)

     200,000       193,772  

4.00%, 07/06/2026(a)

     300,000       271,112  

5.13%, 09/19/2027(a)

     550,000       495,000  

4.63%, 07/06/2028(a)

     360,000       308,856  

5.25%, 07/06/2031(a)

     610,000       504,404  

Universal Entertainment Corp., 8.75%, 12/11/2024(a)

     289,000       299,377  
    

 

 

 
       3,624,947  
    

 

 

 

Jersey-0.39%

    

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/2025(a)

     510,000       504,940  
    

 

 

 

Kuwait-0.28%

    

Kuwait Projects Co. S.P.C Ltd.

    

4.23%, 10/29/2026(a)

     220,000       189,956  

4.50%, 02/23/2027(a)

     200,000       170,130  
    

 

 

 
       360,086  
    

 

 

 
     Principal
    Amount    
  Value  

Luxembourg-1.55%

    

Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc., 6.13%, 10/15/2026(a)

   $ 250,000      $ 231,539  

Altice Financing S.A.

    

5.00%, 01/15/2028(a)

     540,000              439,676  

5.75%, 08/15/2029(a)

     720,000       557,550  

Altice France Holding S.A.

    

10.50%, 05/15/2027(a)

     600,000       326,922  

6.00%, 02/15/2028(a)

     516,000       226,780  

ARD Finance S.A., 7.25% PIK Rate, 6.50% Cash Rate, 06/30/2027(a)(e)

     400,000       233,642  
    

 

 

 
       2,016,109  
    

 

 

 

Macau-2.32%

    

Champion Path Holdings Ltd.

    

4.50%, 01/27/2026(a)

     220,000       191,264  

4.85%, 01/27/2028(a)

     220,000       172,653  

MGM China Holdings Ltd.

    

5.38%, 05/15/2024(a)

     340,000       334,544  

5.88%, 05/15/2026(a)

     340,000       317,342  

4.75%, 02/01/2027(a)

     140,000       123,222  

Studio City Finance Ltd.

    

6.50%, 01/15/2028(a)

     220,000       179,773  

5.00%, 01/15/2029(a)

     290,000       208,438  

Wynn Macau Ltd.

    

4.88%, 10/01/2024(a)

     270,000       262,570  

5.50%, 01/15/2026(a)

     250,000       232,457  

5.50%, 10/01/2027(a)

     340,000       296,151  

5.63%, 08/26/2028(a)

     410,000       344,373  

5.13%, 12/15/2029(a)

     450,000       353,729  
    

 

 

 
       3,016,516  
    

 

 

 

Mexico-4.09%

    

Alsea S.A.B. de C.V., 7.75%, 12/14/2026(a)

     220,000       219,085  

Braskem Idesa S.A.P.I.

    

7.45%, 11/15/2029(a)

     200,000       126,405  

6.99%, 02/20/2032(a)

     340,000       200,777  

CEMEX S.A.B. de C.V.

    

5.13%, (a)(c)(f)

     450,000       416,633  

9.13%, (a)(c)(f)

     250,000       256,596  

5.45%, 11/19/2029(a)

     340,000       314,599  

5.20%, 09/17/2030(a)

     320,000       287,816  

3.88%, 07/11/2031(a)

     300,000       243,723  

Grupo Aeromexico S.A.B. de C.V., 8.50%, 03/17/2027(a)

     340,000       315,623  

Nemak S.A.B. de C.V., 3.63%, 06/28/2031(a)

     220,000       163,155  

Petroleos Mexicanos

    

4.88%, 01/18/2024

     11,000       10,941  

6.88%, 10/16/2025

     60,000       57,650  

4.50%, 01/23/2026

     70,000       62,965  

6.88%, 08/04/2026

     134,000       123,811  

6.49%, 01/23/2027

     100,000       88,625  

6.50%, 03/13/2027

     270,000       238,401  

5.35%, 02/12/2028

     100,000       80,781  

6.50%, 01/23/2029

     80,000       64,468  

8.75%, 06/02/2029

     90,000       79,657  

6.84%, 01/23/2030

     160,000       124,700  

5.95%, 01/28/2031

     225,000       161,134  

6.70%, 02/16/2032

     450,000       332,087  

10.00%, 02/07/2033(a)

     110,000       97,776  

6.63%, 06/15/2035

     186,000       122,798  

 

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

 

    22    

 

 

 

 


 

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

October 31, 2023

    

 

     Principal
    Amount    
  Value  

Mexico-(continued)

    

6.50%, 06/02/2041

   $ 70,000      $ 41,457  

5.50%, 06/27/2044

     50,000       26,848  

6.38%, 01/23/2045

     40,000       22,646  

5.63%, 01/23/2046

     50,000       26,539  

6.75%, 09/21/2047

     370,000       209,906  

6.35%, 02/12/2048

     70,000       38,647  

7.69%, 01/23/2050

     540,000       333,833  

6.95%, 01/28/2060

     230,000       130,420  

Total Play Telecomunicaciones S.A. de C.V.

    

7.50%, 11/12/2025(a)

     240,000       174,453  

6.38%, 09/20/2028(a)

     282,000       135,278  
    

 

 

 
           5,330,233  
    

 

 

 

Moldova-0.12%

    

Aragvi Finance International DAC, 8.45%, 04/29/2026(a)

     220,000       151,525  
    

 

 

 

Morocco-0.55%

    

OCP S.A.

    

3.75%, 06/23/2031(a)

     340,000       268,643  

6.88%, 04/25/2044(a)

     270,000       222,147  

5.13%, 06/23/2051(a)

     340,000       219,084  
    

 

 

 
       709,874  
    

 

 

 

Netherlands-1.49%

    

Trivium Packaging Finance B.V.

    

5.50%, 08/15/2026(a)

     270,000       245,178  

8.50%, 08/15/2027(a)

     310,000       259,099  

UPC Broadband Finco B.V., 4.88%, 07/15/2031(a)

     360,000       286,171  

VZ Secured Financing B.V., 5.00%, 01/15/2032(a)

     680,000       516,412  

Ziggo B.V., 4.88%, 01/15/2030