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.

Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco PureBeta^SM 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.

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.

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%).

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.

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.

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

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.

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.

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.

		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

		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

		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