LOGO               

 

Invesco Annual Report to Shareholders

 

October 31, 2023

 

  CQQQ   Invesco China Technology ETF
  PIZ   Invesco Dorsey Wright Developed Markets Momentum ETF (formerly, Invesco DWA Developed Markets Momentum ETF)
  PIE   Invesco Dorsey Wright Emerging Markets Momentum ETF (formerly, Invesco DWA Emerging Markets Momentum ETF)
  PXF   Invesco FTSE RAFI Developed Markets ex-U.S. ETF
  PDN   Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
  PXH   Invesco FTSE RAFI Emerging Markets ETF
  PBD   Invesco Global Clean Energy ETF
  PIO   Invesco Global Water ETF
  IPKW   Invesco International BuyBack AchieversTM ETF
  CUT   Invesco MSCI Global Timber ETF
  GBLD   Invesco MSCI Green Building ETF
  CGW   Invesco S&P Global Water Index ETF
  IDHQ   Invesco S&P International Developed Quality ETF


 

Table of Contents

 

The Market Environment      3     
Management’s Discussion of Fund Performance      5     
Schedules of Investments      

Invesco China Technology ETF (CQQQ)

     38     

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

     42     

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

     45     

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

     48     

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

     59     

Invesco FTSE RAFI Emerging Markets ETF (PXH)

     74     

Invesco Global Clean Energy ETF (PBD)

     80     

Invesco Global Water ETF (PIO)

     83     

Invesco International BuyBack AchieversTM ETF (IPKW)

     85     

Invesco MSCI Global Timber ETF (CUT)

     88     

Invesco MSCI Green Building ETF (GBLD)

     90     

Invesco S&P Global Water Index ETF (CGW)

     93     

Invesco S&P International Developed Quality ETF (IDHQ)

     95     
Statements of Assets and Liabilities      100     
Statements of Operations      104     
Statements of Changes in Net Assets      106     
Financial Highlights      111     
Notes to Financial Statements      123     
Report of Independent Registered Public Accounting Firm      139     
Fund Expenses      140     
Tax Information      142     
Trustees and Officers      143     

 

    2    

 

 

 

 


 

The Market Environment

 

Domestic Equity

At the start of the fiscal year, US equity markets rebounded, despite mixed data on the economy and corporate earnings. However, the US Federal Reserve’s (the Fed’s) message that rate hikes would continue until data showed inflation meaningfully declining, sent markets lower in December 2022. As energy prices declined, the rate of inflation slowed modestly in the fourth quarter of 2022. Corporate earnings generally met expectations, though companies provided cautious future guidance. With inflation still at multi-decade highs and little evidence of a slowing economy, the Fed raised its target rate by 0.75% in November and by 0.50% in December.1

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January 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, 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 sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.1 The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway, with many companies surprising consensus earnings and revenue estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,1 but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.2 Due to the persistence of inflation, the Fed raised the federal funds rate in July by 0.25% again. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment

near historic lows. At the same time, wages rose and consumers continued to spend, pushing the third quarter year-over-year Gross Domestic Product (GDP) to 4.9%, far above expectations.2 Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.1

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 10.69%, as measured by the S&P 500 Index.3

 

1 

Source: US Federal Reserve

2 

Source: US Bureau of Labor Statistics

3 

Source: Lipper Inc.

Global Equity

Global equity markets posted gains in November 2022, after better inflation data sparked a rally. However, investor sentiment worsened in December after central banks signaled continued interest rate hikes into 2023, as inflation remained above target levels. International stocks outperformed US stocks in the fourth quarter of 2022, led by results in the UK and the rest of Europe. Emerging market equities also posted gains for the fourth quarter of 2022, driven by China, which eased its zero-COVID-19 policy and started to reopen.

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, but within the region, China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

 

    3    

 

 

 

 


 

The Market Environment–(continued)

 

 

Global equity markets continued their decline in October 2023, but growth stocks managed to outperform value stocks. Despite higher rates and increased market volatility, both developed market equities and emerging market equities finished the fiscal year ended October 31, 2023, in positive territory.

 

    4    

 

 

 

 


 

 

CQQQ    Management’s Discussion of Fund Performance
   Invesco China Technology ETF (CQQQ)

 

As an index fund, Invesco China Technology ETF’s (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE China Incl A 25% Technology Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index or FTSE China A Stock Connect CNH Index. The Index may include China A-Shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program (“Stock Connect Programs”)), B Shares, H Shares, N Shares, Red Chips, P Chips and S Chips. Index constituents are modified market capitalization weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 8.56%. On a net asset value (“NAV”) basis, the Fund returned 7.95%. During the same time period, the Index returned 8.75%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 21.12%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 765 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 Chinese stocks.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks across multiple sectors based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight the banks industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the semiconductors & semiconductor equipment industry as well as the Fund’s overweight allocation to and security selection within the software and electronic equipment instruments & components industries, respectively.

For the fiscal year ended October 31, 2023, the interactive media & services industry contributed most significantly to the Fund’s return, followed by the broadline retail industry. The software industry detracted most significantly from the Fund’s return, followed by the electronic equipment instruments & components industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included PDD Holdings Inc., ADR, a broadline retail company (portfolio average weight of 7.47%), and Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 10.41%). Positions that detracted most significantly from the Fund’s return during the period included MOG Digitech Holdings Ltd., an electronic equipment, instruments & components company (portfolio average weight of 0.11%), and SenseTime Group, Inc., Class B, a software company (portfolio average weight of 1.77%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Interactive Media & Services      23.33  
Semiconductors & Semiconductor Equipment      21.39  
Electronic Equipment, Instruments & Components      13.50  
Software      11.55  
Hotels, Restaurants & Leisure      9.72  
Broadline Retail      9.30  
Entertainment      4.29  
Industry Types Each Less Than 3%      7.02  
Money Market Funds Plus Other Assets Less Liabilities      (0.10)  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Tencent Holdings Ltd.      9.85  
PDD Holdings, Inc., ADR      9.30  
Meituan, B Shares      8.72  
Baidu, Inc., A Shares      5.74  
Kuaishou Technology      5.14  
Sunny Optical Technology Group Co. Ltd.      3.72  
Kingdee International Software Group Co. Ltd.      2.32  
Bilibili, Inc., Z Shares      2.18  
Kingsoft Corp. Ltd.      2.04  
Sanan Optoelectronics Co. Ltd., A Shares      1.94  
Total      50.95  

 

*

Excluding money market fund holdings.

 

 

  5  

 


 

Invesco China Technology ETF (CQQQ) (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  

Blended—FTSE China Incl A 25% Technology Capped Index (Net)

    8.75     (21.62 )%      (51.85 )%      (2.23 )%      (10.65 )%      1.36     14.50       3.61     63.60

MSCI China Index (Net)

    21.12       (16.95     (42.71     (2.65     (12.56     0.98       10.21         1.09       16.23  

Fund

                   

NAV Return

    7.95       (22.17     (52.85     (2.88     (13.59     1.13       11.93         3.31       57.19  

Market Price Return

    8.56       (22.31     (53.10     (3.01     (14.19     1.20       12.62         3.30       57.09  

 

Guggenheim China Technology ETF (the “Predecessor Fund”) Fund Inception: December 08, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.70% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

 

-

Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

-

The Blended-FTSE China Incl A 25% Technology Capped Index (Net) is comprised of the performance of the AlphaShares China Technology Index, the Fund’s previous underlying index, prior to June 22, 2019, followed by the performance of the Index thereafter through October 31, 2023.

 

 

  6  

 


 

 

PIZ    Management’s Discussion of Fund Performance
   Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

 

Effective after the close of markets on August 25, 2023, Invesco DWA Developed Markets Momentum ETF changed its name to Invesco Dorsey Wright Developed Markets Momentum 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 Dorsey Wright® Developed Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics.

“Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index is comprised of equity securities of large capitalization companies based in countries classified as developed markets, excluding the United States. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States Index (except for U.S.-listed American depositary receipts (“ADRs”) or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 8.18%. On a net asset value (“NAV”) basis, the Fund returned 7.40%. During the same time period, the Index returned 7.90%. 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, which were partially offset by dividend tax withholding differences between the Fund and the Index as well as income from the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the health care sector during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and security selection within the energy sector as well as the Fund’s security selection within the materials sector.

For the fiscal year ended October 31, 2023, the information technology sector contributed most significantly to the Fund’s return, followed by the financials sector. The energy sector detracted most significantly from the Fund’s return, followed by the consumer staples sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Ecopro BM Co., Ltd., an industrials company (no longer held at fiscal year-end), and Novo Nordisk A/S, Class B, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included L & F Co., Ltd., an information technology company (no longer held at fiscal year-end), and Interpump Group S.p.A., an industrials company (portfolio average weight of 0.78%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Industrials      38.14  
Financials      14.28  
Information Technology      11.20  
Energy      8.37  
Consumer Discretionary      7.59  
Consumer Staples      7.02  
Materials      5.17  
Utilities      4.21  
Sector Types Each Less Than 3%      3.79  
Money Market Funds Plus Other Assets Less Liabilities      0.23  

 

 

  7  

 


 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Constellation Software, Inc.      3.12  
ASM International N.V.      2.99  
InterContinental Hotels Group PLC      2.83  
ASML Holding N.V.      2.77  
Kuehne + Nagel International AG, Class R      2.60  
Flughafen Zureich AG      2.57  
Belimo Holding AG      2.22  
Singapore Exchange Ltd.      2.13  
Diploma PLC      2.12  
Chocoladefabriken Lindt & Spruengli AG      2.10  
Total      25.45  

 

*

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  

Dorsey Wright® Developed Markets Technical Leaders Index (Net)

    7.90     (0.55 )%      (1.64 )%      4.47     24.44     3.21     37.19       3.09     61.83

MSCI EAFE® Index (Net)

    14.40       5.73       18.20       4.10       22.24       3.05       35.11         1.88       34.37  

Fund

                   

NAV Return

    7.40       (1.16     (3.43     3.75       20.18       2.41       26.83         2.22       41.50  

Market Price Return

    8.18       (0.90     (2.68     3.92       21.21       2.43       27.19         2.22       41.51  

 

 

  8  

 


 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) (continued)

 

Fund Inception: December 28, 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 0.80% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  9  

 


 

 

PIE    Management’s Discussion of Fund Performance
   Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

 

Effective after the close of markets on August 25, 2023, Invesco DWA Emerging Markets Momentum ETF changed its name to Invesco Dorsey Wright Emerging Markets Momentum ETF (the “Fund”).

The Fund seeks to track the investment results (before fees and expenses) of the Dorsey Wright® Emerging Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics.

“Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index.

The Index is comprised of equity securities of large capitalization companies based in countries classified as emerging markets.

Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Emerging Markets Index (except for U.S.-listed American Depositary Receipts (“ADRs”) or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 13.16%. On a net asset value (“NAV”) basis, the Fund returned 12.98%. During the same time period, the Index returned 14.95%. 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, as well as trading and foreign currency costs associated with rebalancing activity.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful

measure for investors as a broad representation of emerging market equities.

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

Relative to the Benchmark Index, the Fund was most overweight in the electronic components sub-industry and most underweight in the interactive media & services sub-industry 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 and security selection within the technology hardware, storage & peripherals sub-industry, followed by security selection in the electronic components sub-industry.

For the fiscal year ended October 31, 2023, the technology hardware, storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the electronic components and apparel, accessories & luxury goods sub-industries, respectively. The coal & consumable fuels sub-industry detracted most significantly from the Fund’s return, followed by the agricultural & farm machinery and electric utilities sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Asia Vital Components Co., Ltd., a technology hardware, storage & peripherals company (no longer held at fiscal year-end), and Wiwynn Corp., a technology hardware, storage & peripherals company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Thungela Resources Ltd., a coal & consumable fuels company (no longer held at fiscal year-end), and Turk Traktor ve Ziraat Makineleri A.S., an agricultural & farm machinery company (portfolio average weight of 0.21%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Information Technology      26.57  
Financials      15.94  
Consumer Staples      13.96  
Industrials      13.61  
Materials      9.55  
Consumer Discretionary      7.27  
Energy      6.57  
Sector Types Each Less Than 3%      6.55  
Money Market Funds Plus Other Assets Less Liabilities      (0.02)  

 

 

  10  

 


 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Yulon Finance Corp.      3.13  
Frontken Corp. Bhd.      3.03  
Gold Circuit Electronics Ltd.      2.71  
Topco Scientific Co. Ltd.      2.62  
PRIO S.A.      2.47  
Micro-Star International Co. Ltd.      2.47  
WT Microelectronics Co. Ltd.      2.46  
Jinan Acetate Chemical Co. Ltd.      2.28  
Taiwan Semiconductor Manufacturing Co. Ltd.      2.26  
Clicks Group Ltd.      2.18  
Total      25.61  

 

*

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  

Dorsey Wright® Emerging Markets Technical Leaders Index (Net)

    14.95     0.69     2.08     5.74     32.17     2.64     29.72       1.66     29.82

MSCI Emerging Markets Index (Net)

    10.80       (3.67     (10.62     1.59       8.23       1.19       12.53         0.47       7.67  

Fund

                   

NAV Return

    12.98       (1.22     (3.63     4.06       22.01       1.13       11.88         (0.87     (12.91

Market Price Return

    13.16       (1.34     (3.97     4.08       22.14       1.13       11.86         (0.92     (13.63

 

 

  11  

 


 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) (continued)

 

Fund Inception: December 28, 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 0.90% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  12  

 


 

 

PXF    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

 

As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA” together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of companies located in countries that are classified as “developed” within the country classification definition of FTSE, excluding the United States.

The Index is designed to track the performance of non-U.S.-listed companies domiciled in developed markets countries with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 15.68%. On a net asset value (“NAV”) basis, the Fund returned 15.00%. During the same time period, the Index returned 15.16%. 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, which were significantly offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care 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 to the Fund’s underweight exposure to the health care sector, as well as the Fund’s overweight exposure to, and security selection within, the financials sector.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Mitsubishi UFJ Financial Group, Inc., a financials company (portfolio average weight of 0.76%), and Shell PLC, an energy company (portfolio average weight of 2.57%). Positions that detracted most significantly from the Fund’s return included Roche Holding Ltd., a health care company (portfolio average weight of 0.81%), and Credit Suisse Group AG, a financials company (no longer held at fiscal year-end).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Financials      25.76  
Industrials      13.22  
Consumer Discretionary      10.17  
Energy      9.61  
Materials      9.31  
Consumer Staples      7.64  
Health Care      6.45  
Information Technology      5.83  
Communication Services      4.76  
Utilities      4.70  
Real Estate      2.33  
Money Market Funds Plus Other Assets Less Liabilities      0.22  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Shell PLC      2.65  
TotalEnergies SE      1.54  
Samsung Electronics Co. Ltd.      1.41  
BP PLC      1.27  
HSBC Holdings PLC      1.11  
Nestle S.A.      1.04  
Toyota Motor Corp.      0.97  
Mitsubishi UFJ Financial Group, Inc.      0.93  
Allianz SE      0.91  
Novartis AG      0.83  
Total      12.66  

 

*

Excluding money market fund holdings.

 

 

  13  

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (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

 

FTSE RAFI Developed ex U.S. 1000 Index (Net)

    15.16     11.13     37.26     4.65     25.52     3.28     38.11       2.29     44.80

MSCI EAFE® Index (Net)

    14.40       5.73       18.20       4.10       22.24       3.05       35.11         1.89       35.86  

Fund

                   

NAV Return

    15.00       10.89       36.35       4.49       24.55       3.10       35.76         1.93       36.76  

Market Price Return

    15.68       11.10       37.12       4.69       25.78       3.13       36.04         1.97       37.67  

 

Fund Inception: June 25, 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 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  14  

 


 

 

PDN    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

 

As an index fund, the Invesco FTSE RAFI Developed Markets ex- U.S. Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Developed ex US Mid Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA” together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of small- and mid-capitalization companies that are classified as “developed” within the country classification definition of FTSE, excluding the United States.

The Index is designed to track the performance of the small-and mid-capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index, as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 9.58%. On a net asset value (“NAV”) basis, the Fund returned 8.88%. During the same time period, the Index returned 9.25%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE® Small Cap Index (Net) (the “Benchmark Index”) returned 6.47%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of small capitalization companies located in markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the materials 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 to the Fund’s security selection in the industrials sector, as well as its security selection in the materials sector.

For the fiscal year ended October 31, 2023, the industrials sector contributed most significantly to the Fund’s return, followed by the financials and consumer discretionary sectors, respectively. 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 Yamazaki Baking Co., Ltd., a consumer staples company (portfolio average weight of 0.15%), and Asics Corp., a consumer discretionary company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included Synthomer PLC, a materials company (portfolio average weight of 0.11%), and Tower Semiconductor Ltd., an information technology company (portfolio average weight of 0.14%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Industrials      21.67  
Consumer Discretionary      12.98  
Materials      11.49  
Financials      10.96  
Real Estate      10.17  
Consumer Staples      8.03  
Information Technology      7.15  
Health Care      5.51  
Energy      4.88  
Communication Services      4.50  
Utilities      2.50  
Money Market Funds Plus Other Assets Less Liabilities      0.16  

 

 

  15  

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Yamazaki Baking Co. Ltd.      0.25  
BE Semiconductor Industries N.V.      0.24  
Zensho Holdings Co. Ltd.      0.24  
KDX Realty Investment Corp.      0.23  
Skylark Holdings Co. Ltd.      0.22  
Hachijuni Bank Ltd. (The)      0.22  
HOCHTIEF AG      0.21  
Eldorado Gold Corp.      0.21  
Kyushu Financial Group, Inc.      0.21  
Sapporo Holdings Ltd.      0.21  
Total      2.24  

 

*

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

 

FTSE RAFI Developed ex U.S. Mid-Small 1500 Index (Net)

    9.25     2.21     6.76     2.04     10.65     3.09     35.52       3.53     74.84

MSCI EAFE® Small Cap Index (Net)

    6.47       0.26       0.78       1.58       8.17       3.36       39.14         2.94       59.40  

Fund

                   

NAV Return

    8.88       1.87       5.72       1.74       9.03       2.75       31.18         3.06       62.46  

Market Price Return

    9.58       2.09       6.41       1.89       9.80       2.64       29.82         3.02       61.45  

 

 

  16  

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

 

Fund Inception: September 27, 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 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  17  

 


 

 

PXH    Management’s Discussion of Fund Performance
   Invesco FTSE RAFI Emerging Markets ETF (PXH)

 

As an index fund, the Invesco FTSE RAFI Emerging Markets ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFITM Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA” together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies located in countries that are classified as emerging markets within the country classification definition of FTSE. The Index includes securities of companies selected from the constituents of the FTSE Emerging Total Cap Index. The Index selects and weights its component securities based on their cumulative score (“Fundamental Value”), which is derived from the following four fundamental measures of firm size: book value, cash flows, sales and dividends. In such circumstances, the Fund will utilize 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 14.09%. On a net asset value (“NAV”) basis, the Fund returned 14.21%. During the same time period, the Index returned 14.98%. 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, as well as Indian capital gains taxes that the Fund incurred during the period.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned 10.80%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials 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 to the Fund’s security selection in the financials and energy sectors.

For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the energy sector and the information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the health care sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Taiwan Semiconductor Manufacturing Co., an information technology company (portfolio average weight of 4.50%), and Petroleo Brasileiro SA, Pfd., an energy company (portfolio average weight of 2.11%). Positions that detracted most significantly from the Fund’s return included Banco Bradesco SA, Pfd., a financials company (portfolio average weight of 1.05%), and Country Garden Holdings Co. Ltd., a real estate company (portfolio average weight of 0.30%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Financials      30.46  
Energy      14.05  
Information Technology      13.70  
Materials      10.46  
Consumer Discretionary      9.16  
Communication Services      7.04  
Consumer Staples      4.83  
Industrials      4.02  
Utilities      3.20  
Sector Types Each Less Than 3%      2.94  
Money Market Funds Plus Other Assets Less Liabilities      0.14  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Taiwan Semiconductor Manufacturing Co. Ltd.      4.84  
Petroleo Brasileiro S.A., Preference Shares      3.02  
Alibaba Group Holding Ltd.      3.00  
Petroleo Brasileiro S.A.      2.19  
Vale S.A.      2.18  
Industrial & Commercial Bank of China Ltd., H Shares      2.15  
Tencent Holdings Ltd.      2.08  
China Construction Bank Corp., H Shares      2.00  
Ping An Insurance (Group) Co. of China Ltd., H Shares      1.79  
Reliance Industries Ltd.      1.54  
Total      24.79  

 

*

Excluding money market fund holdings.    

 

 

  18  

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH) (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

 

FTSE RAFI Emerging Index (Net)

    14.98     5.09     16.06     1.93     10.03     1.92     20.99       1.45     26.08

MSCI Emerging Markets Index (Net)

    10.80       (3.67     (10.62     1.59       8.23       1.19       12.53         0.70       11.90  

Fund

                   

NAV Return

    14.21       4.37       13.69       1.28       6.58       1.38       14.73         0.48       8.07  

Market Price Return

    14.09       4.35       13.63       1.26       6.46       1.47       15.75         0.34       5.66  

 

Fund Inception: September 27, 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 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  19  

 


 

 

PBD    Management’s Discussion of Fund Performance
   Invesco Global Clean Energy ETF (PBD)

 

As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderHill New Energy Finance LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of securities of companies that are located in developed and emerging markets throughout the world and that are engaged in the business of the advancement of cleaner energy and conservation.

The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, pollution control, emerging hydrogen and fuel cells. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (26.86)%. On a net asset value (“NAV”) basis, the Fund returned (27.24)%. During the same time period, the Index returned (27.47)%. 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 income from the securities lending program in which the Fund participates, which was partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the electrical components & equipment sub-industry and most underweight in the diversified banks sub-industry 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 security selection in the electrical components & equipment sub-industry and overweight allocation to the renewable electricity sub-industry.

For the fiscal year ended October 31, 2023, the electronic equipment & instruments sub-industry contributed most significantly to the Fund’s return, followed by the motorcycle manufacturers sub-industry. The electrical components & equipment sub-industry detracted most significantly from the Fund’s return, followed by the renewable electricity sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Abalance Corp., a heavy electrical equipment company (no longer held at fiscal year-end), and Teco Electric & Machinery Co., Ltd., an electrical components & equipment company (portfolio average weight of 1.06%). Positions that detracted most significantly from the Fund’s return included ChargePoint Holdings, Inc., Class A, an electrical components & equipment company (portfolio average weight of 0.77%), and SunPower Corp., an electrical components & equipment company (portfolio average weight of 0.79%).

 

Sub-Industry Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Electrical Components & Equipment      23.17  
Renewable Electricity      18.30  
Heavy Electrical Equipment      8.69  
Semiconductors      7.83  
Electric Utilities      6.55  
Semiconductor Materials & Equipment      6.25  
Automobile Manufacturers      4.76  
Specialty Chemicals      3.08  
Automotive Parts & Equipment      3.01  
Construction & Engineering      2.82  
Sub-Industry Types Each Less than 3%      15.45  
Money Market Funds Plus Other Assets Less Liabilities      0.09  

 

 

  20  

 


 

Invesco Global Clean Energy ETF (PBD) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
West Holdings Corp.      1.59  
NFI Group, Inc.      1.31  
Sino-American Silicon Products, Inc.      1.31  
Verbund AG      1.31  
Solaria Energia y Medio Ambiente S.A.      1.29  
Subsea 7 S.A.      1.25  
Novozymes A/S, Class B      1.22  
Landis+Gyr Group AG      1.20  
Terna S.p.A.      1.20  
JinkoSolar Holding Co. Ltd., ADR      1.19  
Total      12.9  

 

*

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  

WilderHill New Energy Global Innovation Index

    (27.47 )%      (15.02 )%      (38.64 )%      5.83     32.74     2.92     33.38       (2.01 )%      (28.33 )% 
MSCI EAFE® Index (Net)     14.40       5.73       18.20       4.10       22.24       3.05       35.11         2.00       38.32  
Fund                    

NAV Return

    (27.24     (14.99     (38.57     5.91       33.26       2.69       30.34         (2.55     (34.45
Market Price Return     (26.86     (15.00     (38.59     5.97       33.65       2.71       30.61         (2.59     (34.90

 

 

  21  

 


 

Invesco Global Clean Energy ETF (PBD) (continued)

 

Fund Inception: June 13, 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 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  22  

 


 

 

PIO    Management’s Discussion of Fund Performance
   Invesco Global Water ETF (PIO)

 

As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ OMX Global Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of securities of global exchange-listed companies located in the United States, as well as developed and emerging markets throughout the world, that create products designed to conserve and purify water for homes, businesses and industries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 4.37%. On a net asset value (“NAV”) basis, the Fund returned 4.57%. During the same time period, the Index returned 4.92%. 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, which were partially offset by the benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the industrial machinery & supplies & components sub-industry and most underweight in the diversified banks sub-industry 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 overweight allocation to the life sciences tools & services sub-industry, followed by security selection in the water utilities sub-industry.

For the fiscal year ended October 31, 2023, the trading companies & distributors sub-industry contributed most significantly to the

Fund’s return, followed by the application software sub-industry. The life sciences tools & services sub-industry detracted most significantly from the Fund’s return, followed by the electric utilities sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Ferguson PLC, a trading companies & distributors company (portfolio average weight of 6.81%), and Pentair PLC, an industrial machinery & supplies & components company (portfolio average weight of 7.78%). Positions that detracted most significantly from the Fund’s return included Danaher Corp., a life sciences tools & services company (portfolio average weight of 7.66%) and Spirax-Sarco Engineering PLC, an industrial machinery & supplies & components company (portfolio average weight of 3.00%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Industrials      52.70  
Utilities      19.37  
Information Technology      12.58  
Health Care      10.27  
Materials      4.12  
Consumer Discretionary      0.90  
Money Market Funds Plus Other Assets Less Liabilities      0.06  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Roper Technologies, Inc.      8.85  
Pentair PLC      7.48  
Danaher Corp.      6.55  
Geberit AG      5.84  
Veolia Environnement S.A.      5.27  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP      4.47  
Ferguson PLC      4.16  
Ecolab, Inc.      4.12  
Xylem, Inc.      4.08  
Halma PLC      3.73  
Total      54.55  

 

*

Excluding money market fund holdings.

 

 

  23  

 


 

Invesco Global Water ETF (PIO) (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  

Blended—Nasdaq OMX Global Water IndexSM

    4.92     2.14     6.55     7.61     44.33     5.37     68.68       3.25     68.80
MSCI EAFE® Index (Net)     14.40       5.73       18.20       4.10       22.24       3.05       35.11         2.00       38.32  
Fund                    

NAV Return

    4.57       1.90       5.81       7.35       42.58       5.19       65.82         2.92       60.15  
Market Price Return     4.37       1.91       5.84       7.40       42.91       5.17       65.54         2.79       57.05  

 

Fund Inception: June 13, 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 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

The Blended-Nasdaq OMX Global Water IndexSM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index until the conversion date, March 1, 2012, followed by the performance of the Index on a total return basis, starting from the conversion date until December 23, 2013, followed by the performance of the Index on a net basis thereafter through October 31, 2023.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  24  

 


 

 

IPKW    Management’s Discussion of Fund Performance
   Invesco International BuyBack AchieversTM ETF (IPKW)

 

As an index fund, the Invesco International BuyBack AchieversTM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ International BuyBack AchieversTM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack AchieversTM” pursuant to the Index Provider’s proprietary selection methodology.

To qualify as an “International BuyBack AchieverTM” a company must have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year. Additionally, to be eligible for inclusion in the Index, a security must: (i) be included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; and (iii) have a minimum three-month average daily dollar trading volume of $1 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 12.85%. On a net asset value (“NAV”) basis, the Fund returned 12.38%. During the same time period, the Index returned 13.06%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI ACWI ex USA® Index (Net) (the “Benchmark Index”) returned 12.07%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the developed and emerging equity markets outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the industrials 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 to the Fund’s security selection in the financials sector and overweight allocation to the energy sector. For the fiscal year ended October 31, 2023, the financials sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The health care sector detracted most significantly from Fund’s return followed by the industrials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Dai-ichi Life Holdings, Inc., a financials company (no longer held at fiscal year-end) and Fairfax Financial Holdings Ltd., a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Naspers Ltd., Class N, a consumer discretionary company (portfolio average weight of 1.18%) and Renesas Electronics Corp., an information technology company (portfolio average weight of 0.54%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Financials      32.40  
Energy      25.96  
Consumer Discretionary      9.73  
Industrials      9.55  
Materials      7.96  
Health Care      5.43  
Communication Services      5.37  
Sector Types Each Less Than 3%      3.56  
Money Market Funds Plus Other Assets Less Liabilities      0.04  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Shell PLC      5.36  
BP PLC      5.00  
UBS Group AG      5.00  
Novartis AG      4.81  
Canadian Natural Resources Ltd.      4.01  
Lloyds Banking Group PLC      3.78  
Banco Bilbao Vizcaya Argentaria S.A.      3.27  
Barclays PLC      2.77  
UniCredit S.p.A.      2.76  
Vale S.A.      2.69  
Total      39.45  

 

*

Excluding money market fund holdings.    

 

 

  25  

 


 

Invesco International Buyback AchieversTM ETF (IPKW) (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  

Nasdaq International BuyBack Achievers Index (Net)

    13.06     7.42     23.95     6.02     33.92       6.62     85.78
MSCI ACWI ex USA® Index (Net)     12.07       3.03       9.38       3.46       18.53         2.55       27.61  
Fund                

NAV Return

    12.38       6.84       21.95       5.41       30.17         5.96       75.10  
Market Price Return     12.85       6.89       22.11       5.52       30.83         5.94       74.70  

 

Fund Inception: February 27, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.55% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  26  

 


 

 

CUT    Management’s Discussion of Fund Performance
   Invesco MSCI Global Timber ETF (CUT)

 

As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies in both developed and emerging markets throughout the world that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material.

The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard (“GICS”) to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 0.85%. On a net asset value (“NAV”) basis, the Fund returned 0.40%. During the same time period, the Index returned 0.40%. During the fiscal year, the Fund’s performance, on a NAV basis, matched the return of the Index. The fees and expenses that the Fund incurred during the period were primarily offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 10.48%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in economically developed countries.

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

Relative to the Benchmark Index, the Fund was most overweight in the paper packaging sub-industry and most underweight in the pharmaceuticals sub-industry 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 overweight allocation to the paper & plastic packaging products & materials and paper products sub-industries.

For the fiscal year ended October 31, 2023, the forest products sub-industry contributed most significantly to the Fund’s return, followed by the paper products sub-industry. The timber REITs sub-industry detracted most significantly from the Fund’s return during the period, followed by the paper & plastic packaging products & materials sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Packaging Corp. of America, a paper & plastic packaging products & materials company (portfolio average weight of 5.15%) and Stella-Jones Inc., a forest products company (portfolio average weight of 1.11%). Positions that detracted most significantly from the Fund’s return included Sealed Air Corp., a paper & plastic packaging products & materials company (portfolio average weight of 3.03%) and Amcor PLC, a paper & plastic packaging products & materials company (portfolio average weight of 4.90%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Materials      91.12  
Real Estate      8.04  
Exchange-Traded Fund      0.66  
Money Market Funds Plus Other Assets Less Liabilities      0.18  
Top Ten Fund Holdings*
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
UPM-Kymmene OYJ      5.38  
Packaging Corp. of America      5.37  
International Paper Co.      5.06  
Avery Dennison Corp.      5.00  
Amcor PLC      4.78  
WestRock Co.      4.75  
Weyerhaeuser Co.      4.48  
Svenska Cellulosa AB S.C.A., Class B      4.29  
Smurfit Kappa Group PLC      4.28  
Suzano S.A.      4.19  
Total      47.58  

 

*

Excluding money market fund holdings.

 

 

  27  

 


 

Invesco MSCI Global Timber ETF (CUT) (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  
Blended—MSCI ACWI IMI Timber Select Capped Index (Net)     0.40     3.43     10.64     3.13     16.64     3.80     45.18       3.67     77.76
MSCI World Index (Net)     10.48       8.14       26.47       8.27       48.75       7.53       106.74         5.54       136.53  
Fund                    
NAV Return     0.40       3.36       10.42       3.13       16.66       3.60       42.46         2.97       59.56  
Market Price Return     0.85       3.44       10.68       3.21       17.11       3.62       42.77         2.98       59.87  

 

Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”) Fund Inception: November 9, 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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2025. According to the Fund’s current prospectus, the total gross annual operating expense ratio is indicated as 0.69% and the net annual operating expense ratio is indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index until the conversion date, May 20, 2016, followed by the performance of the Index thereafter through October 31, 2023.

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  28  

 


 

 

GBLD    Management’s Discussion of Fund Performance
   Invesco MSCI Green Building ETF (GBLD)

 

As an index fund, the Invesco MSCI Green Building ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Green Building Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of companies that the index methodology has determined provide exposure to the environmental impact theme of “green building”. The index methodology defines “green building” to include the design, construction, redevelopment, retrofitting, or acquisition of green-certified properties to promote mechanisms for raising capacity for effective climate change mitigation and adaptation.

The Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,100 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Securities eligible for inclusion in the Index include American depositary receipts (“ADRs”), global depositary receipts (“GDRs”), and real estate investment trusts (“REITs”). Companies that derive 50% or more of their revenue from green building are eligible for inclusion in the Index. Such companies are evaluated for their level of involvement in, and strategic commitment to green building, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Index, securities will remain constituents as long as they continue to meet the eligibility criteria and the revenue they derive from green building does not fall below 40%. The Index weights its constituents by their free-float adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned (5.28)%. On a net asset value (“NAV”) basis, the Fund returned (5.79)%. During the same time period, the Index returned (5.99)%. 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 benefits to the Fund related to dividend tax treatment relative to the Index, which were partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI All Country World IMI Index (Net) (the “Benchmark Index”) returned 9.43%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 9,204 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the office REITs sub-industry and most underweight in the diversified banks sub-industry 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 overweight allocation to the office REITs and retail REITs sub-industries.

For the fiscal year ended October 31, 2023, the diversified real estate activities sub-industry contributed most significantly to the Fund’s return, followed by the homebuilding and broadline retail sub-industries, respectively. The office REITs sub-industry detracted most significantly from the Fund’s return, followed by the industrial REITs and retail REITs sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Sun Hung Kai Properties Ltd., a diversified real estate activities company (no longer held at fiscal year-end), and Meritage Homes Corp., a homebuilding company (portfolio average weight of 1.70%). Positions that detracted most significantly from the Fund’s return included Alexandria Real Estate Equities, Inc., an office REITs company (portfolio average weight of 8.31%), and Boston Properties, Inc., an office REITs company (portfolio average weight of 3.75%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Real Estate      90.84  
Consumer Discretionary      7.87  
Exchange-Traded Fund      0.97  
Money Market Funds Plus Other Assets Less Liabilities      0.32  

 

 

  29  

 


 

Invesco MSCI Green Building ETF (GBLD) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Daiwa House Industry Co. Ltd.      7.14  
Alexandria Real Estate Equities, Inc.      6.86  
Boston Properties, Inc.      3.58  
CapitaLand Ascendas REIT      3.18  
CapitaLand Integrated Commercial Trust      3.07  
Nippon Building Fund, Inc.      2.77  
Unibail—Rodamco-Westfield SE      2.61  
Klepierre S.A.      2.33  
Berkeley Group Holdings PLC (The)      2.29  
Land Securities Group PLC      2.19  
Total      36.02  

 

*

Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

 

LOGO

Fund Performance History as of October 31, 2023

 

    1 Year           Fund Inception  
Index   Average
Annualized
    Cumulative  
MSCI Global Green Building Index (Net)     (5.99 )%        (15.37 )%      (34.36 )% 
MSCI All Country World IMI Index (Net)     9.43         (2.61     (6.46
Fund        
NAV Return     (5.79       (15.22     (34.07
Market Price Return     (5.28       (14.97     (33.58

 

 

  30  

 


 

Invesco MSCI Green Building ETF (GBLD) (continued)

 

Fund Inception: April 22, 2021

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

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  31  

 


 

 

CGW    Management’s Discussion of Fund Performance
   Invesco S&P Global Water Index ETF (CGW)

 

As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of the largest global companies in water-related businesses, with a target constituent count of 100. To be eligible for inclusion in the Index, companies must either derive at least 25% in aggregate revenue from water-related businesses as defined by FactSet’s Revere Business Industry Classification System (“RBICS”) or belong to the water utilities sub-industry classification under the Global Industry Classification Standard (“GICS”). Index constituents must have a minimum float-adjusted capitalization of $100 million and total market capitalization of at least $300 million.

The Index excludes from the eligible universe securities of companies based on their specific business activities and noncompliance with United Nations Global Compact (“UNGC”) Principles, using information provided by Sustainalytics, a globally recognized independent provider of environmental, social and governance (“ESG”) research, ratings, and data. Companies without Sustainalytics coverage are ineligible for inclusion until receiving such coverage. The UNGC is an arrangement by which companies voluntarily and publicly commit to a set of principles drawn from key UN Conventions and Declarations. The principles of the UNGC represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, the environment, and anti-corruption. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 0.81%. On a net asset value (“NAV”) basis, the Fund returned 0.81%. During the same time period, the Index returned 0.80%. 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 positive impacts from dividend tax withholding and sampling in newly added markets, partially offset by the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the water utilities industry and most underweight in the banks industry during the fiscal year ended October 31, 2023. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s overweight allocation to the water utilities industry, followed by security selection within the machinery industry and an overweight allocation to the building products industry.

For the fiscal year ended October 31, 2023, the multi-utilities industry contributed most significantly to the Fund’s return, followed by the machinery and chemicals industries, respectively. The water utilities industry detracted most significantly from the Fund’s return during the period, followed by the building products and construction and engineering industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included United Utilities Group PLC, a utilities company (portfolio average weight of 6.42%), and Severn Trent PLC, a utilities company (portfolio average weight of 6.21%). Positions that detracted most significantly from the Fund’s return included American Water Works Co., Inc., a utilities company (portfolio average weight of 7.78%), and Essential Utilities, a utilities company (portfolio average weight of 5.58%).

 

Industry Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Water Utilities      40.25  
Machinery      26.31  
Building Products      11.23  
Construction & Engineering      6.46  
Commercial Services & Supplies      4.52  
Chemicals      4.32  
Industry Types Each Less Than 3%      6.82  
Money Market Funds Plus Other Assets Less Liabilities      0.09  

 

 

  32  

 


 

Invesco S&P Global Water Index ETF (CGW) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Xylem, Inc.      8.84  
American Water Works Co., Inc.      8.60  
Severn Trent PLC      7.03  
United Utilities Group PLC      6.89  
Stantec, Inc.      4.55  
Essential Utilities, Inc.      4.36  
Ecolab, Inc.      4.32  
Geberit AG      4.17  
Tetra Tech, Inc.      4.02  
Pentair PLC      3.99  
Total      56.77  

 

*

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  
S&P Global Water Index (Net)     0.80     4.88     15.36     9.06     54.26     7.51     106.20       6.22     169.94
MSCI EAFE® Index (Net)     14.40       5.73       18.20       4.10       22.24       3.05       35.11         1.92       36.70  
Fund                    
NAV Return     0.81       4.64       14.57       8.79       52.36       7.23       101.01         5.81       153.50  
Market Price Return     0.81       4.55       14.28       8.82       52.63       7.23       101.04         5.81       153.50  

 

 

  33  

 


 

Invesco S&P Global Water Index ETF (CGW) (continued)

 

Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”) Fund Inception: May 14, 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 total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  34  

 


 

 

IDHQ    Management’s Discussion of Fund Performance
   Invesco S&P International Developed Quality ETF (IDHQ)

 

As an index fund, Invesco S&P International Developed Quality ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap (the “Parent Index”) that the Index Provider identifies as being of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances.

The Parent Index is designed to measure the top 85% of float-adjusted market cap in each developed country, excluding the United States.

In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three equally-weighted factors: (i) return-on-equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average total assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. Eligible securities also must have a minimum three-month average daily trading volume of $3 million.

The Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally invests all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2023, on a market price basis, the Fund returned 17.00%. On a net asset value (“NAV”) basis, the Fund returned 16.13%. During the same time period, the Index returned 16.29%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE® Index (Net) (the “Benchmark Index”) returned 14.40%. The Benchmark Index is an unmanaged index weighted by market capitalization 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 markets of economically developed countries outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a quality metric weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the financials 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 to the Fund’s security selection in the health care sector and overweight allocation to the energy sector.

For the fiscal year ended October 31, 2023, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and industrials sectors, respectively. No sector detracted from the Fund’s performance during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2023, included Novo Nordisk A/S, Class B, a health care company (portfolio average weight of 5.57%) and ASML Holding N.V., an information technology company (portfolio average weight of 5.00%). Positions that detracted most significantly from the Fund’s return included Roche Holding AG, a health care company (portfolio average weight of 4.74%), and LVMH Moet Hennessy Louis Vuitton SE, a consumer discretionary company (portfolio average weight of 1.40%).

 

Sector Breakdown
(% of the Fund’s Net Assets)
as of October 31, 2023
 
Health Care      20.04  
Energy      15.41  
Consumer Staples      14.04  
Industrials      11.13  
Materials      10.93  
Consumer Discretionary      9.59  
Information Technology      8.20  
Financials      6.37  
Communication Services      3.37  
Sector Types Each Less Than 3%      0.77  
Money Market Funds Plus Other Assets Less Liabilities      0.15  

 

 

  35  

 


 

Invesco S&P International Developed Quality ETF (IDHQ) (continued)

 

Top Ten Fund Holdings* (% of the Fund’s Net Assets)
as of October 31, 2023
 
Security   
Novo Nordisk A/S, Class B      6.50  
Nestle S.A.      4.83  
BHP Group Ltd.      4.54  
ASML Holding N.V.      4.45  
Roche Holding AG      4.31  
Novartis AG      4.02  
Shell PLC      3.66  
LVMH Moet Hennessy Louis Vuitton SE      3.38  
TotalEnergies SE      2.94  
Unilever PLC      2.77  
Total      41.40  

 

*

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—S&P Quality Developed ex-U.S. LargeMidCap Index (Net)     16.29     3.16     9.79     6.21     35.14     5.08     64.06       2.91     60.10
MSCI EAFE® Index (Net)     14.40       5.73       18.20       4.10       22.24       3.05       35.11         2.00       38.32  
Fund                    
NAV Return     16.13       2.97       9.18       6.03       34.00       4.88       61.07         2.26       44.21  
Market Price Return     17.00       3.22       9.99       6.22       35.25       4.95       62.08         2.21       43.03  

 

 

  36  

 


 

Invesco S&P International Developed Quality ETF (IDHQ) (continued)

 

Fund Inception: June 13, 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 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

 

-

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

 

-

The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception until March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index (Net), the Fund’s underlying index for the period March 1, 2012 until March 18, 2016, followed by the performance of the Index thereafter through October 31, 2023.

 

-

Net returns reflect reinvested dividends net of withholding taxes.

 

 

  37  

 


 

Invesco China Technology ETF (CQQQ)

October 31, 2023

Schedule of Investments(a)

 

          Shares         Value  

Common Stocks & Other Equity Interests-100.10%

 

Broadline Retail-9.30%

   

PDD Holdings, Inc., ADR (China)(b)(c)

    628,097      $ 63,701,598  
   

 

 

 

Capital Markets-0.49%

   

Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)

    175,800       3,377,341  
   

 

 

 

Chemicals-0.07%

   

Jiangsu Cnano Technology Co. Ltd., A Shares (China)

    113,633       453,408  
   

 

 

 

Consumer Staples Distribution & Retail-0.18%

 

 

Dada Nexus Ltd., ADR (China)(b)(c)

    325,956       1,251,671  
   

 

 

 

Electrical Equipment-1.71%

   

China XD Electric Co. Ltd., A Shares (China)

    6,693,801       4,225,873  

East Group Co. Ltd., A Shares (China)

    685,500       600,437  

Hongfa Technology Co. Ltd., A Shares (China)

    221,149       876,364  

Qingdao TGOOD Electric Co. Ltd., A Shares (China)

    348,218       857,923  

Sieyuan Electric Co. Ltd., A Shares (China)

    249,320       1,679,259  

Suzhou Maxwell Technologies Co. Ltd., A Shares (China)

    91,812       1,515,542  

YunengTechnology Co. Ltd. (China)

    118,514       1,980,443  
   

 

 

 
        11,735,841  
   

 

 

 

Electronic Equipment, Instruments & Components-13.50%

 

Avary Holding Shenzhen Co. Ltd., A Shares (China)

    273,456       800,403  

Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)

    68,486       515,650  

BOE Technology Group Co. Ltd., A Shares (China)

    12,245,674       6,559,495  

BOE Technology Group Co. Ltd., B Shares (China)

    3,265,460       1,076,718  

Chaozhou Three-Circle Group Co. Ltd., A Shares (China)

    624,590       2,633,860  

China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)

    168,959       1,544,806  

Everdisplay Optronics (Shanghai) Co. Ltd. (China)(b)

    14,951,800       5,352,990  

Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)

    82,360       472,568  

Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)

    536,600       1,066,879  

Holitech Technology Co. Ltd., A Shares (China)(b)

    954,700       429,205  

Huagong Tech Co. Ltd., A Shares (China)

    331,700       1,275,926  

IRICO Display Devices Co. Ltd.
(China)(b)

    4,696,100       3,888,764  

Lens Technology Co. Ltd., A Shares (China)

    1,621,500       2,893,755  

Leyard Optoelectronic Co. Ltd., A Shares (China)

    834,500       699,018  

Lingyi iTech Guangdong Co., A Shares (China)

    2,282,100       1,892,888  

Maxscend Microelectronics Co. Ltd., A Shares (China)

    155,346       3,199,006  

MOG Digitech Holdings Ltd. (China)(b)

    2,561,469       720,194  

Raytron Technology Co. Ltd., A Shares (China)

    147,571       949,580  
          Shares         Value  

Electronic Equipment, Instruments & Components-(continued)

 

Shanghai BOCHU Electronic Technology Corp. Ltd., A Shares (China)

    44,090      $ 1,443,599  

Shengyi Technology Co. Ltd., A Shares (China)

    771,319       1,853,965  

Shennan Circuits Co. Ltd., A Shares (China)

    61,064       580,426  

Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)(b)

    396,280       628,689  

Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)

    320,475       502,295  

Shenzhen Kaifa Technology Co. Ltd., A Shares (China)

    514,917       1,208,821  

Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)

    117,420       354,277  

Sunny Optical Technology Group Co. Ltd. (China)

    3,044,318       25,503,546  

TCL Technology Group Corp., A Shares (China)(b)

    6,137,310       3,295,887  

Tianma Microelectronics Co. Ltd., A Shares (China)(b)

    761,352       1,018,521  

Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)(b)

    1,775,700       528,966  

Unisplendour Corp. Ltd., A Shares
(China)(b)

    438,058       1,173,845  

Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)

    274,600       545,215  

Wuhan Guide Infrared Co. Ltd., A Shares (China)

    1,408,901       1,524,780  

WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)

    628,410       1,677,913  

Xiamen Faratronic Co. Ltd., A Shares (China)

    74,100       1,010,634  

Zhejiang Crystal-Optech Co. Ltd., A Shares (China)

    458,770       865,119  

Zhejiang Dahua Technology Co. Ltd., A Shares (China)

    4,365,200       12,168,470  

Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)

    131,500       587,950  
   

 

 

 
        92,444,623  
   

 

 

 

Entertainment-4.29%

   

Bilibili, Inc., Z Shares (China)(b)(c)

    1,103,384       14,933,462  

Hangzhou Shunwang Technology Co. Ltd., A Shares (China)

    229,000       463,126  

Kingsoft Corp. Ltd. (China)

    4,012,119       13,998,268  
   

 

 

 
      29,394,856  
   

 

 

 

Hotels, Restaurants & Leisure-9.72%

   

Meituan, B Shares (China)(b)(d)

    4,224,984       59,719,760  

TravelSky Technology Ltd., H Shares (China)

    4,359,937       6,875,958  
   

 

 

 
      66,595,718  
   

 

 

 

Interactive Media & Services-23.33%

   

Autohome, Inc., ADR (China)

    280,574       7,505,354  

Baidu, Inc., A Shares (China)(b)

    2,998,516       39,356,337  

JOYY, Inc., ADR (China)(c)

    154,378       6,008,392  

Kuaishou Technology (China)(b)(d)

    5,476,310       35,239,144  

Tencent Holdings Ltd. (China)

    1,824,851       67,447,142  

Visual China Group Co. Ltd., A Shares (China)

    180,900       350,029  

Weibo Corp., ADR (China)

    331,607       3,922,911  
   

 

 

 
      159,829,309  
   

 

 

 

 

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

 

    38    

 

 

 

 


 

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023

 

 

           Shares         Value  

IT Services-1.82%

    

Beijing Sinnet Technology Co. Ltd., A Shares (China)(b)

     593,000      $ 822,474  

China TransInfo Technology Co. Ltd., A Shares (China)(b)

     335,171       528,077  

DHC Software Co. Ltd., A Shares (China)

     1,057,400       910,294  

Digital China Information Service Co. Ltd., A Shares (China)

     197,000       328,418  

GDS Holdings Ltd., A Shares (China)(b)(c)

     4,374,555       5,411,867  

Kingsoft Cloud Holdings Ltd., H shares (China)(b)

     7,311,499       2,317,373  

Taiji Computer Corp. Ltd., A Shares (China)

     204,573       800,614  

Wangsu Science & Technology Co. Ltd., A Shares (China)

     804,045       770,194  

Wonders Information Co. Ltd., A Shares (China)(b)

     476,100       586,822  
    

 

 

 
         12,476,133  
    

 

 

 

Machinery-0.13%

    

Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)

     309,800       908,474  
    

 

 

 

Media-1.20%

    

China Literature Ltd. (China)(b)(d)

     1,857,576       6,255,544  

NanJi E-Commerce Co. Ltd., A Shares (China)(b)

     809,868       377,373  

People.cn Co. Ltd., A Shares (China)

     358,400       1,586,772  
    

 

 

 
       8,219,689  
    

 

 

 

Semiconductors & Semiconductor Equipment-21.39%

 

3Peak, Inc., A Shares (China)

     31,915       702,574  

ACM Research (Shanghai), Inc. (China)

     307,600       5,064,949  

Advanced Micro-Fabrication Equipment, Inc., A Shares (China)

     201,649       4,716,009  

All Winner Technology Co. Ltd., A Shares (China)

     178,353       609,531  

Amlogic Shanghai Co. Ltd., A Shares (China)(b)

     137,015       1,126,548  

ASR Microelectronics Co. Ltd. (China)(b)

     546,800       4,873,910  

Bestechnic (Shanghai) Co. Ltd. (China)(b)

     156,400       2,663,551  

Cambricon Technologies Corp. Ltd.
(China)(b)

     543,200       7,959,352  

China Resources Microelectronics Ltd., A Shares (China)

     314,273       2,282,506  

GalaxyCore, Inc., A Shares (China)

     3,265,000       8,213,696  

GigaDevice Semiconductor, Inc., A Shares (China)

     217,664       3,182,527  

Goke Microelectronics Co. Ltd., A Shares (China)

     71,600       651,220  

Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)

     202,802       1,131,220  

Hangzhou Lion Electronics Co. Ltd., A Shares (China)

     223,312       980,753  

Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)

     467,000       1,548,137  

Hoyuan Green Energy Co. Ltd., A Shares (China)

     169,735       865,827  

Hua Hong Semiconductor Ltd.
(China)(b)(c)(d)

     1,928,797       4,732,881  

Hwatsing Technology Co. Ltd. (China)

     166,579       4,845,020  

Ingenic Semiconductor Co. Ltd., A Shares (China)

     128,300       1,293,852  

JCET Group Co. Ltd., A Shares (China)

     579,400       2,438,546  

Loongson Technology Corp. Ltd.
(China)(b)

     523,641       5,786,590  
           Shares         Value  

Semiconductors & Semiconductor Equipment-(continued)

 

Montage Technology Co. Ltd., A Shares (China)

     370,289      $ 2,784,466  

National Silicon Industry Group Co. Ltd., A Shares (China)(b)

     3,580,600       8,870,646  

NAURA Technology Group Co. Ltd., A Shares (China)

     173,057       6,053,838  

Piotech, Inc., A Shares (China)

     190,632       6,566,529  

Rockchip Electronics Co. Ltd., A Shares (China)

     50,108       445,885  

Sanan Optoelectronics Co. Ltd., A Shares (China)

     6,542,900       13,303,774  

SG Micro Corp., A Shares (China)

     150,620       1,843,722  

Shanghai Awinic Technology Co. Ltd. (China)(b)

     303,200       3,446,274  

Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)

     94,617       625,772  

Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)(c)

     1,321,381       2,492,598  

Shenzhen Goodix Technology Co. Ltd., A Shares (China)(b)

     599,300       6,055,976  

Shenzhen SC New Energy Technology Corp., A Shares (China)

     102,618       1,023,642  

SICC Co. Ltd., A Shares (China)(b)

     563,000       4,669,805  

StarPower Semiconductor Ltd., A Shares (China)

     50,300       1,181,945  

Suzhou Novosense Microelectronics Co. Ltd. (China)

     148,400       2,909,152  

Tianshui Huatian Technology Co. Ltd., A Shares (China)

     1,057,100       1,289,939  

TongFu Microelectronics Co. Ltd., A Shares (China)

     499,200       1,394,985  

Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)(b)

     277,759       2,858,017  

Verisilicon Microelectronics (Shanghai) Co. Ltd. (China)(b)

     652,400       4,756,090  

Will Semiconductor Co. Ltd., A Shares (China)

     270,549       4,078,143  

Wuxi Autowell Technology Co. Ltd., A Shares (China)

     39,067       729,974  

Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)

     178,645       926,656  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)

     427,100       2,538,170  
    

 

 

 
       146,515,197  
    

 

 

 

Software-11.55%

    

360 Security Technology, Inc., A Shares (China)(b)

     2,334,300       2,864,407  

Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)(b)

     219,600       870,226  

Beijing Kingsoft Office Software, Inc., A Shares (China)

     150,636       5,909,675  

Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)(b)

     380,200       540,835  

Beijing Shiji Information Technology Co. Ltd., A Shares (China)(b)

     900,225       1,294,102  

China National Software & Service Co. Ltd., A Shares (China)

     283,930       1,332,722  

Empyrean Technology Co. Ltd. (China)

     342,985       4,836,782  

 

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

 

    39    

 

 

 

 


 

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023

 

 

           Shares         Value  

Software-(continued)

    

Hundsun Technologies, Inc., A Shares (China)

     619,825      $ 2,635,787  

Iflytek Co. Ltd., A Shares (China)

     759,450       4,728,077  

Kingdee International Software Group Co. Ltd. (China)(b)

     11,993,186       15,909,985  

Longshine Technology Group Co. Ltd., A Shares (China)

     361,967       923,948  

Ming Yuan Cloud Group Holdings Ltd. (China)(b)(c)

     2,571,920       1,074,838  

Neusoft Corp., A Shares (China)(b)

     403,600       526,140  

Newland Digital Technology Co. Ltd., A Shares (China)

     340,500       796,102  

NSFOCUS Technologies Group Co. Ltd., A Shares (China)

     244,800       306,079  

Qi An Xin Technology Group, Inc. (China)(b)

     897,800       5,651,965  

Sangfor Technologies, Inc., A Shares (China)(b)

     48,814       559,639  

SenseTime Group, Inc., B Shares
(China)(b)(c)(d)

     71,907,317         12,865,865  

Shanghai Baosight Software Co. Ltd., A Shares (China)

     359,217       2,094,504  

Shanghai Baosight Software Co. Ltd., B Shares (China)

     2,820,691       5,799,341  

Shanghai Hyron Software Co. Ltd., A Shares (China)

     1,096,600       419,573  

Shenzhen Infogem Technologies Co. Ltd., A Shares (China)(b)

     233,000       383,340  

Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)

     310,300       495,252  

Sinosoft Co. Ltd., A Shares (China)

     69,820       292,042  

Thunder Software Technology Co. Ltd., A Shares (China)

     134,787       1,292,781  

Topsec Technologies Group, Inc., A Shares (China)(b)

     390,800       501,443  

Tuya, Inc., ADR (China)(b)

     1,009,824       1,726,799  

Yonyou Network Technology Co. Ltd., A Shares (China)

     1,119,104       2,503,346  
    

 

 

 
       79,135,595  
    

 

 

 
           Shares         Value  

Technology Hardware, Storage & Peripherals-1.24%

 

China Greatwall Technology Group Co. Ltd., A Shares (China)

     1,064,146      $ 1,596,633  

Inspur Electronic Information Industry Co. Ltd., A Shares (China)

     476,458       1,913,489  

Legend Holdings Corp., H Shares
(China)(d)

     2,425,533       2,160,617  

Ninestar Corp., A Shares (China)

     458,250       1,537,916  

Tsinghua Tongfang Co. Ltd., A Shares (China)(b)

     1,105,200       1,253,489  
    

 

 

 
       8,462,144  
    

 

 

 

Trading Companies & Distributors-0.18%

 

Beijing United Information Technology Co. Ltd., A Shares (China)

     238,579       1,226,458  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.10%
(Cost $817,075,029)

 

    685,728,055  
    

 

 

 

Investments Purchased with Cash Collateral

from Securities on Loan

 

 

Money Market Funds-3.77%

 

Invesco Private Government Fund,
5.32%(e)(f)(g)

     7,228,670       7,228,670  

Invesco Private Prime Fund, 5.53%(e)(f)(g)

     18,591,720       18,593,579  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $25,822,311)

 

    25,822,249  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.87%
(Cost $842,897,340)

 

    711,550,304  

OTHER ASSETS LESS LIABILITIES-(3.87)%

 

    (26,499,260
    

 

 

 

NET ASSETS-100.00%

 

  $ 685,051,044  
    

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

 

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

 

    40    

 

 

 

 


 

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $120,973,811, which represented 17.66% of the Fund’s Net Assets.

(e) 

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

(Depreciation)
  Realized
  Gain  
   Value
October 31,  2023
   Dividend
Income

Investments in Affiliated

Money Market Funds:

                                     

Invesco Government & Agency Portfolio, Institutional Class

     $ 276,917           $ 154,170,712      $ (154,447,629 )     $ -     $ -      $ -      $ 84,424

Investments Purchased

with Cash Collateral from

Securities on Loan:

                                     

Invesco Private Government Fund

       13,979,864             200,970,626        (207,721,820 )       -       -        7,228,670        461,596 *

Invesco Private Prime Fund

       35,951,651             477,423,670        (494,793,634 )       (487 )       12,379        18,593,579        1,231,909 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

Total

     $ 50,208,432           $ 832,565,008      $ (856,963,083 )     $ (487 )     $ 12,379      $ 25,822,249      $ 1,777,929
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

      

 

 

      

 

 

 

 

*

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

 

(f) 

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

(g) 

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

This Fund has holdings greater than 10% of net assets in the following country:

 

China

     100.10

 

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

 

    41    

 

 

 

 


 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

October 31, 2023

Schedule of Investments

 

         Shares             Value        

Common Stocks & Other Equity Interests-99.77%

 

Australia-1.11%

    

BHP Group Ltd.

     23,094      $ 650,678  

REA Group Ltd.(a)

     6,090       554,129  
    

 

 

 
       1,204,807  
    

 

 

 

Canada-21.05%

    

ATS Corp.(b)

     19,892       669,156  

Cameco Corp.

     23,230       949,280  

Canadian Pacific Kansas City Ltd.

     15,498       1,099,177  

CGI, Inc., Class A(b)

     17,585       1,695,862  

Constellation Software, Inc.

     1,693       3,390,281  

Element Fleet Management Corp.

     69,221       935,412  

Enerplus Corp.

     112,026       1,892,317  

Fairfax Financial Holdings Ltd.

     719       597,693  

Finning International, Inc.

     19,644       525,821  

Ivanhoe Mines Ltd., Class A(a)(b)

     89,635       659,874  

Premium Brands Holdings Corp.

     26,637       1,713,057  

Quebecor, Inc., Class B

     31,262       644,269  

Stantec, Inc.

     9,372       572,818  

TFI International, Inc.

     11,304       1,249,160  

Thomson Reuters Corp.

     5,628       673,414  

TMX Group Ltd.

     33,256       691,830  

Tourmaline Oil Corp.

     32,924       1,739,108  

Whitecap Resources, Inc.

     271,116       2,091,592  

WSP Global, Inc.

     8,084       1,056,845  
    

 

 

 
       22,846,966  
    

 

 

 

France-7.70%

    

Alten S.A.

     6,977       820,803  

Eiffage S.A.

     6,716       608,368  

Hermes International S.C.A.

     885       1,646,010  

Legrand S.A.

     7,075       609,330  

L’Oreal S.A.

     2,091       875,566  

Rexel S.A.

     25,961       527,823  

Technip Energies N.V.

     24,534       535,505  

Veolia Environnement S.A.

     20,027       546,784  

Vinci S.A.(a)

     19,838       2,190,817  
    

 

 

 
       8,361,006  
    

 

 

 

Germany-4.29%

    

Allianz SE

     2,451       572,287  

Deutsche Post AG

     14,834       576,380  

Hannover Rueck SE

     6,323       1,392,155  

Mercedes-Benz Group AG

     8,817       516,584  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

     2,015       806,150  

Rheinmetall AG

     2,771       791,988  
    

 

 

 
       4,655,544  
    

 

 

 

Greece-0.91%

    

Mytilineos S.A.

     26,687       986,722  
    

 

 

 

Ireland-0.71%

    

AIB Group PLC

     177,166       766,661  
    

 

 

 

Israel-0.54%

    

Mizrahi Tefahot Bank Ltd.

     18,809       581,163  
    

 

 

 

Italy-5.36%

    

Banco BPM S.p.A.

     149,724       763,280  

Davide Campari-Milano N.V.(a)

     152,708       1,683,531  
         Shares             Value        

Italy-(continued)

    

Infrastrutture Wireless Italiane S.p.A.(a)(c)

     49,168      $ 536,337  

Interpump Group S.p.A.(a)

     34,469       1,435,490  

Terna S.p.A.

     94,842       724,392  

UniCredit S.p.A.

     27,241       680,252  
    

 

 

 
       5,823,282  
    

 

 

 

Japan-9.38%

    

ASICS Corp.

     19,648       613,526  

Haseko Corp.

     51,502       629,301  

Inpex Corp.

     42,718       615,616  

ITOCHU Corp.(a)

     30,483       1,081,483  

Kobe Steel Ltd.

     58,198       677,110  

Marubeni Corp.

     42,462       610,665  

Mitsubishi Corp.

     12,065       554,076  

Mitsubishi Heavy Industries Ltd.

     10,734       545,188  

Mitsui & Co. Ltd.

     16,359       585,141  

Mitsui OSK Lines Ltd.(a)

     43,196       1,107,531  

Nippon Steel Corp.

     25,374       541,509  

NOF Corp.

     17,975       704,187  

Sanrio Co. Ltd.

     15,270       645,304  

Sumitomo Forestry Co. Ltd.

     21,032       490,786  

Toyota Tsusho Corp.

     14,892       777,418  
    

 

 

 
       10,178,841  
    

 

 

 

Netherlands-8.34%

    

Arcadis N.V.

     14,260       601,707  

ASM International N.V.(a)

     7,911       3,248,610  

ASML Holding N.V.(a)

     5,023       3,001,354  

Koninklijke Ahold Delhaize N.V.

     35,974       1,064,687  

Wolters Kluwer N.V.

     8,873       1,135,768  
    

 

 

 
       9,052,126  
    

 

 

 

Norway-1.18%

    

Equinor ASA

     18,360       615,386  

Kongsberg Gruppen ASA

     16,381       668,630  
    

 

 

 
       1,284,016  
    

 

 

 

Singapore-5.04%

    

Keppel Corp. Ltd.

     122,074       553,323  

Keppel REIT

     24,414       14,167  

Oversea-Chinese Banking Corp. Ltd.

     134,510       1,244,908  

Sembcorp Industries Ltd.

     401,824       1,346,208  

Singapore Exchange Ltd.

     333,731       2,306,801  
    

 

 

 
       5,465,407  
    

 

 

 

South Korea-0.40%

    

POSCO Holdings, Inc.

     1,424       433,880  
    

 

 

 

Spain-0.69%

    

Banco de Sabadell S.A.

     608,760       753,491  
    

 

 

 

Sweden-1.26%

    

Atlas Copco AB, Class A(a)

     105,897       1,366,761  
    

 

 

 

Switzerland-19.32%

    

ABB Ltd.

     28,255       945,093  

Belimo Holding AG

     5,749       2,406,867  

BKW AG

     6,970       1,168,751  

Chocoladefabriken Lindt & Spruengli AG

     21       2,284,490  

Flughafen Zureich AG

     15,010       2,790,717  

Kuehne + Nagel International AG, Class R

     10,501       2,821,268  

Novartis AG

     6,872       638,381  

 

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

 

    42    

 

 

 

 


 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

October 31, 2023

    

 

         Shares       Value  

Switzerland-(continued)

 

Sandoz Group AG(b)

     1,375      $ 35,733  

Schindler Holding AG, PC

     10,010       2,015,089  

Siegfried Holding AG(b)

     1,142       902,883  

Sika AG

     8,150       1,942,459  

Swiss Life Holding AG

     2,117       1,353,410  

VAT Group AG(a)(c)

     3,002       1,057,900  

Zurich Insurance Group AG(a)

     1,291       610,851  
    

 

 

 
       20,973,892  
    

 

 

 

United Kingdom-10.62%

    

3i Group PLC

     61,302       1,439,016  

Ashtead Group PLC

     9,604       548,203  

AstraZeneca PLC

     6,363       791,422  

BAE Systems PLC

     46,617       624,505  

Centrica PLC

     411,168       784,820  

Diploma PLC

     66,574       2,295,889  

InterContinental Hotels Group PLC

     43,540       3,069,635  

RELX PLC

     20,084       698,959  

Rentokil Initial PLC

     127,927       647,012  

Rolls-Royce Holdings PLC(b)

     238,820       624,221  
    

 

 

 
       11,523,682  
    

 

 

 

United States-1.87%

    

Ferrovial SE(a)

     25,264       759,463  

Samsonite International S.A.(b)(c)

     201,300       622,583  

Tenaris S.A.

     41,057       644,015  
    

 

 

 
       2,026,061  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.77%
(Cost $109,015,217)

       108,284,308  
    

 

 

 
         Shares       Value  

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-11.12%

    

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

     3,378,573      $ 3,378,573  

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

     8,689,105       8,689,974  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,068,541)

       12,068,547  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-110.89%
(Cost $121,083,758)

 

    120,352,855  

OTHER ASSETS LESS LIABILITIES-(10.89)%

 

    (11,819,595
    

 

 

 

NET ASSETS-100.00%

     $ 108,533,260  
    

 

 

 

Investment Abbreviations:

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $2,216,820, which represented 2.04% of the Fund’s Net Assets.

(d) 

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
(Depreciation)
   Realized
  Gain  
   Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                      

Invesco Government & Agency Portfolio, Institutional Class

       $                    -             $    8,127,950        $  (8,127,950       $      -        $        -        $               -        $    1,691  

 

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

 

    43    

 

 

 

 


 

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

October 31, 2023

    

 

     Value
October 31, 2022
   Purchases
     at Cost     
   Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
  Gain  
   Value
October 31, 2023
   Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                                          

Invesco Private Government Fund

     $ 1,900,398           $ 30,992,983      $ (29,514,808 )     $ -     $ -      $ 3,378,573           $ 116,139 *

Invesco Private Prime Fund

       4,885,456             63,248,844        (59,445,673 )       (124 )       1,471        8,689,974             310,019 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

      

 

 

           

 

 

 

Total

     $ 6,785,854           $ 102,369,777      $ (97,088,431 )     $ (124 )     $ 1,471      $ 12,068,547           $ 427,849
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

      

 

 

           

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    44    

 

 

 

 


 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

October 31, 2023

Schedule of Investments

 

         Shares             Value        

Common Stocks & Other Equity Interests-100.02%

 

Brazil-7.19%

    

Banco do Brasil S.A.

     77,500      $ 743,035  

Cia Energetica de Minas Gerais

     288,900       882,225  

Cia Energetica de Minas Gerais, Preference Shares

     251,300       585,021  

Cury Construtora e Incorporadora S.A.

     341,100       996,989  

Marcopolo S.A., Preference Shares

     561,500       583,434  

PRIO S.A.(a)

     308,300       2,916,103  

Santos Brasil Participacoes S.A.

     396,400       581,670  

SLC Agricola S.A.

     81,900       596,995  

TOTVS S.A.

     119,900       601,759  
    

 

 

 
       8,487,231  
    

 

 

 

China-10.50%

    

Akeso, Inc.(a)(b)

     154,000       864,019  

China Nonferrous Mining Corp. Ltd.

     998,000       605,846  

China Shenhua Energy Co. Ltd., H Shares

     396,099       1,214,934  

Hisense Home Appliances Group Co. Ltd., H Shares

     304,000       835,314  

Jinan Acetate Chemical Co. Ltd.

     90,281       2,694,374  

Lenovo Group Ltd.

     676,000       786,187  

PetroChina Co. Ltd., H Shares

     1,514,417       987,083  

Sany Heavy Equipment International Holdings Co. Ltd.

     1,607,148       2,111,479  

Shougang Fushan Resources Group Ltd.

     2,482,000       815,216  

Zijin Mining Group Co. Ltd., H Shares

     952,000       1,479,477  
    

 

 

 
       12,393,929  
    

 

 

 

Indonesia-2.20%

    

PT Bank Mandiri (Persero) Tbk

     1,752,821       626,205  

PT Indah Kiat Pulp & Paper Tbk

     937,371       566,494  

PT Mitra Adiperkasa Tbk

     7,272,006       794,267  

PT United Tractors Tbk

     388,958       615,207  
    

 

 

 
       2,602,173  
    

 

 

 

Malaysia-5.90%

    

Frontken Corp. Bhd.

     5,358,400       3,576,390  

QL Resources Bhd.

     1,421,000       1,649,309  

YTL Corp. Bhd.

     2,327,900       713,345  

YTL Power International Bhd.

     2,307,000       1,021,675  
    

 

 

 
       6,960,719  
    

 

 

 

Mexico-12.88%

    

Alsea S.A.B. de C.V.(a)

     365,339       1,208,960  

Arca Continental S.A.B. de C.V.

     74,811       669,955  

CEMEX S.A.B. de C.V., Series CPO(a)(c)

     1,004,551       602,630  

Corp. Inmobiliaria Vesta SAB de C.V.(c)

     275,941       864,064  

Fibra Uno Administracion S.A. de C.V.(c)

     412,937       626,050  

Gentera S.A.B. de C.V.(c)

     1,514,955       1,604,495  

Grupo Aeroportuario del Centro Norte S.A.B.de C.V.

     76,158       580,603  

Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B

     44,442       517,731  

Grupo Bimbo S.A.B. de C.V., Series A

     199,162       809,533  

Grupo Carso S.A.B. de C.V., Series A1(c)

     151,627       965,548  

Grupo Comercial Chedraui S.A. de C.V.

     241,142       1,398,124  

Grupo Elektra S.A.B. de C.V.(c)

     9,699       619,832  

Grupo Financiero Banorte S.A.B. de C.V., Class O

     101,900       825,902  
         Shares             Value        

Mexico-(continued)

    

Grupo Financiero Inbursa S.A.B. de C.V.,
Class O(a)

     341,800      $        703,934  

Grupo Mexico S.A.B. de C.V., Class B

     136,459       555,799  

Qualitas Controladora S.A.B. de C.V.

     192,684       1,589,352  

Regional S.A.B. de C.V.

     139,000       1,055,994  
    

 

 

 
       15,198,506  
    

 

 

 

South Africa-3.34%

    

Clicks Group Ltd.

     175,357       2,568,960  

OUTsurance Group Ltd.

     319,518       687,205  

Truworths International Ltd.(c)

     170,633       687,196  
    

 

 

 
       3,943,361  
    

 

 

 

Taiwan-40.68%

    

Alchip Technologies Ltd.

     13,443       1,087,957  

China Motor Corp.

     661,710       1,768,776  

Delta Electronics, Inc.

     84,939       760,745  

First Financial Holding Co. Ltd.

     818,057       653,235  

Gold Circuit Electronics Ltd.

     589,588       3,199,244  

Goldsun Building Materials Co. Ltd.

     1,128,974       877,143  

Great Wall Enterprise Co. Ltd.

     616,738       965,941  

Jentech Precision Industrial Co. Ltd.

     44,780       793,849  

King Slide Works Co. Ltd.

     33,459       724,163  

King Yuan Electronics Co. Ltd.

     265,268       624,016  

Kings Town Bank Co. Ltd.

     1,203,033       1,377,915  

Lien Hwa Industrial Holdings Corp.

     1,314,311       2,508,274  

Micro-Star International Co. Ltd.

     573,024       2,915,029  

Powertech Technology, Inc.

     220,139       712,644  

Quanta Computer, Inc.

     209,586       1,221,266  

Sercomm Corp.

     161,954       561,733  

Sigurd Microelectronics Corp.

     998,603       1,825,718  

SinoPac Financial Holdings Co. Ltd.

     1,419,026       780,935  

Supreme Electronics Co. Ltd.

     1,275,293       2,186,104  

Ta Ya Electric Wire & Cable Co. Ltd.

     897,496       885,459  

Taichung Commercial Bank Co. Ltd.

     1,454,133       659,034  

Taishin Financial Holding Co. Ltd.

     1,402,165       745,717  

Taiwan Cooperative Financial Holding Co. Ltd.

     805,866       624,866  

Taiwan Semiconductor Manufacturing Co. Ltd.

     163,267       2,662,810  

Tong Yang Industry Co. Ltd.

     281,569       636,319  

Topco Scientific Co. Ltd.

     592,626       3,087,831  

Tripod Technology Corp.

     229,946       1,169,758  

TXC Corp.

     286,507       847,110  

Unimicron Technology Corp.

     483,653       2,132,338  

Uni-President Enterprises Corp.

     887,673       1,858,270  

Wistron NeWeb Corp.

     141,586       556,566  

WT Microelectronics Co. Ltd.

     796,230       2,908,995  

Yulon Finance Corp.

     669,906       3,697,030  
    

 

 

 
       48,016,790  
    

 

 

 

Thailand-2.49%

    

AP (Thailand) PCL, NVDR

     1,992,842       598,809  

Bangchak Corp. PCL, NVDR

     656,543       753,493  

Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2024(a)

     35,668       238  

Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2026(a)

     35,668       1,985  

 

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

 

    45    

 

 

 

 


 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

October 31, 2023

    

 

         Shares       Value  

Thailand-(continued)

    

Sansiri PCL, NVDR

     18,399,438      $   783,227  

Thonburi Healthcare Group PCL, NVDR

     460,858       798,175  
    

 

 

 
       2,935,927  
    

 

 

 

Turkey-14.27%

    

AG Anadolu Grubu Holding A.S.

     143,654       1,042,901  

Akbank T.A.S.

     757,538       788,791  

Anadolu Efes Biracilik ve Malt Sanayii A.S.

     181,911       641,995  

BIM Birlesik Magazalar A.S.

     71,806       690,326  

Coca-Cola Icecek A.S.

     48,543       631,049  

Ford Otomotiv Sanayi A.S.

     39,100       1,086,651  

KOC Holding A.S.

     154,221       745,683  

Koza Altin Isletmeleri A.S.

     760,480       590,262  

Migros Ticaret A.S.

     124,146       1,481,797  

Oyak Cimento Fabrikalari A.S.(a)

     716,796       1,807,650  

Tofas Turk Otomobil Fabrikasi A.S.

     66,310       564,131  

Turk Hava Yollari AO(a)

     260,450       2,000,364  

Turk Traktor ve Ziraat Makineleri A.S.

     96,647       2,475,890  

Turkiye Petrol Rafinerileri A.S.

     251,963       1,263,700  

Yapi ve Kredi Bankasi A.S.

     1,683,984       1,026,125  
    

 

 

 
       16,837,315  
    

 

 

 

United States-0.57%

    

GCC S.A.B. de C.V.

     76,219       677,751  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-100.02%
(Cost $115,879,288)

       118,053,702  
    

 

 

 
         Shares       Value  

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-3.67%

    

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

     1,213,235      $ 1,213,235  

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

     3,120,363       3,120,675  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $4,333,836)

 

    4,333,910  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.69%
(Cost $120,213,124)

 

    122,387,612  

OTHER ASSETS LESS LIABILITIES-(3.69)%

 

    (4,357,518
    

 

 

 

NET ASSETS-100.00%.

     $ 118,030,094  
    

 

 

 

Investment Abbreviations:

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

(c) 

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

(d) 

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
  (Loss)  
  Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                          

Invesco Government & Agency Portfolio, Institutional Class

     $                -           $ 24,093,307      $ (24,093,307 )     $    -      $     -     $               -           $     7,439

Investments Purchased with Cash Collateral from Securities on Loan:

                                          

Invesco Private Government Fund

       386,986             14,730,218        (13,903,969 )       -        -       1,213,235             34,954 *

Invesco Private Prime Fund

       1,036,003             30,263,904        (28,179,201 )       63        (94 )       3,120,675             91,820 *
    

 

 

           

 

 

      

 

 

     

 

 

      

 

 

     

 

 

           

 

 

 

Total

     $ 1,422,989           $ 69,087,429      $ (66,176,477 )     $ 63      $ (94 )     $ 4,333,910           $ 134,213
    

 

 

           

 

 

      

 

 

     

 

 

      

 

 

     

 

 

           

 

 

 

 

*

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.

 

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

 

    46    

 

 

 

 


 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

October 31, 2023

    

 

(e) 

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

(f) 

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

 

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

 

    47    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

October 31, 2023

Schedule of Investments

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.78%

 

Australia-5.84%

    

AGL Energy Ltd.(a)

     83,928      $ 571,245  

AMP Ltd.

     491,742       325,357  

Ampol Ltd.

     27,738       559,536  

ANZ Group Holdings Ltd.

     229,062       3,583,708  

APA Group

     65,339       340,884  

Aristocrat Leisure Ltd.

     22,617       551,748  

ASX Ltd.

     8,234       292,626  

Aurizon Holdings Ltd.

     274,189       593,722  

Bank of Queensland Ltd.(a)

     77,844       251,363  

Bendigo & Adelaide Bank Ltd.

     59,155       325,850  

BHP Group Ltd.

     414,465            11,677,628  

BlueScope Steel Ltd.

     65,414       778,638  

Brambles Ltd.

     105,213       873,331  

Coles Group Ltd.

     89,355       863,902  

Commonwealth Bank of Australia

     86,499       5,288,288  

Computershare Ltd.

     25,108       394,090  

CSL Ltd.

     10,088       1,484,070  

Dexus

     110,821       454,678  

Endeavour Group Ltd.

     109,526       342,571  

Evolution Mining Ltd.(a)

     166,313       375,925  

Fortescue Metals Group Ltd.

     181,796       2,566,823  

Glencore PLC

     1,862,471       9,834,464  

Goodman Group

     62,759       824,122  

GPT Group (The)

     183,847       421,378  

Incitec Pivot Ltd.

     180,141       312,514  

Insurance Australia Group Ltd.

     249,510       895,731  

James Hardie Industries PLC, CDI(b)

     19,969       494,230  

JB Hi-Fi Ltd.(a)

     13,927       398,304  

Lendlease Corp. Ltd.

     89,770       352,963  

Macquarie Group Ltd.

     23,599       2,405,317  

Medibank Pvt. Ltd.

     275,611       598,546  

Metcash Ltd.

     122,397       285,184  

Mineral Resources Ltd.(a)

     6,918       252,997  

Mirvac Group

     425,687       490,533  

National Australia Bank Ltd.

     192,177       3,413,037  

Northern Star Resources Ltd.

     55,597       411,503  

Orica Ltd.

     31,843       295,566  

Origin Energy Ltd.

     171,761       992,892  

Qantas Airways Ltd.(b)

     76,806       238,772  

QBE Insurance Group Ltd.

     123,797       1,222,761  

Ramsay Health Care Ltd.

     13,184       406,354  

Rio Tinto Ltd.

     48,754       3,629,531  

Rio Tinto PLC

     135,618       8,647,932  

Santos Ltd.

     245,204       1,190,775  

Scentre Group

     473,474       728,466  

Sonic Healthcare Ltd.

     35,435       645,026  

South32 Ltd.

     406,317       854,102  

Star Entertainment Group Ltd. (The)(a)(b)

     424,157       142,334  

Stockland

     265,692       595,509  

Suncorp Group Ltd.

     123,033       1,042,280  

Telstra Group Ltd.

     516,621       1,246,246  

Transurban Group

     144,765       1,083,397  

Treasury Wine Estates Ltd.

     43,677       331,175  

Treasury Wine Estates Ltd., Rts., expiring 11/16/2023(b)

     4,621       3,440  

Vicinity Ltd.

     389,777       419,539  

Wesfarmers Ltd.

     55,919       1,788,667  
         Shares       Value  

Australia-(continued)

    

Westpac Banking Corp.

     245,679      $ 3,204,365  

Woodside Energy Group Ltd.

     88,480       1,919,284  

Woolworths Group Ltd.

     63,375       1,413,234  

Worley Ltd.

     35,129       364,545  
    

 

 

 
       86,292,998  
    

 

 

 

Austria-0.40%

    

ams-OSRAM AG(a)(b)

     43,847       155,576  

ANDRITZ AG

     6,762       310,199  

BAWAG Group AG(b)(c)

     9,935       440,424  

Erste Group Bank AG

     44,794       1,597,970  

Mondi PLC(a)

     79,231       1,277,740  

OMV AG

     21,549       942,069  

Raiffeisen Bank International AG(b)

     27,373       395,518  

voestalpine AG

     17,850       444,517  

Wienerberger AG

     13,679       331,683  
    

 

 

 
       5,895,696  
    

 

 

 

Belgium-0.82%

    

Ageas S.A./N.V.

     28,361       1,086,987  

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

     85,741       4,860,394  

Cofinimmo S.A.(a)

     3,126       193,956  

Colruyt Group N.V.

     11,564       477,559  

Elia Group S.A./N.V.

     2,062       195,395  

Groupe Bruxelles Lambert N.V.(a)

     8,224       599,801  

KBC Group N.V.(a)

     31,953       1,752,888  

Proximus SADP

     55,736       460,817  

Sofina S.A.(a)

     1,282       242,558  

Solvay S.A., Class A

     9,117       961,162  

UCB S.A.

     8,911       650,471  

Umicore S.A.(a)

     27,711       657,573  
    

 

 

 
            12,139,561  
    

 

 

 

Brazil-0.05%

    

Yara International ASA

     22,364       730,673  
    

 

 

 

Burkina Faso-0.02%

    

Endeavour Mining PLC(a)

     13,174       271,762  
    

 

 

 

Canada-8.64%

    

Agnico Eagle Mines Ltd.

     19,147       897,044  

Air Canada(a)(b)

     21,030       253,436  

Algonquin Power & Utilities Corp.(a)

     89,429       449,641  

Alimentation Couche-Tard, Inc.

     53,573       2,913,183  

Allied Properties REIT

     16,988       193,956  

AltaGas Ltd.

     38,003       705,174  

ARC Resources Ltd.

     44,571       716,282  

ATCO Ltd., Class I

     9,462       242,301  

B2Gold Corp.

     101,445       324,449  

Bank of Montreal(a)

     58,474       4,413,823  

Bank of Nova Scotia (The)

     159,501       6,451,274  

Barrick Gold Corp.

     156,413       2,495,622  

BCE, Inc.

     35,019       1,298,598  

Bombardier, Inc., Class B(a)(b)

     12,005       384,731  

Brookfield Corp.

     133,526       3,885,792  

CAE, Inc.(b)

     14,252       297,308  

Cameco Corp.

     9,764       399,000  

Canadian Apartment Properties REIT

     15,515       456,202  

Canadian Imperial Bank of Commerce

     106,353       3,746,966  

Canadian National Railway Co.

     24,478       2,587,183  

 

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

 

    48    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Canada-(continued)

    

Canadian Natural Resources Ltd.

     80,727      $ 5,120,706  

Canadian Pacific Kansas City Ltd.

     27,924       1,980,477  

Canadian Tire Corp. Ltd., Class A(a)

     7,236       697,200  

Canadian Utilities Ltd., Class A

     14,258       301,336  

Canadian Western Bank

     13,191       261,112  

Capital Power Corp.

     11,054       282,591  

CCL Industries, Inc.(a)

     9,061       353,890  

Celestica, Inc.(b)

     22,025       513,560  

Cenovus Energy, Inc.

     64,868       1,234,513  

CGI, Inc., Class A(b)

     10,627              1,024,846  

CI Financial Corp.

     30,029       271,900  

Constellation Software, Inc.

     205       410,518  

Crescent Point Energy Corp.

     64,964       520,367  

Dollarama, Inc.

     4,838       330,026  

Element Fleet Management Corp.

     20,605       278,444  

Emera, Inc.(a)

     29,126       952,928  

Enbridge, Inc.(a)

     218,602       6,997,783  

Fairfax Financial Holdings Ltd.

     2,547       2,117,280  

Finning International, Inc.

     16,998       454,994  

First Capital REIT

     25,526       239,769  

Fortis, Inc.

     48,865       1,938,056  

Franco-Nevada Corp.

     4,141       503,214  

George Weston Ltd.

     7,738       838,430  

Gibson Energy, Inc.

     22,288       338,273  

Gildan Activewear, Inc.

     11,203       317,872  

Great-West Lifeco, Inc.

     41,350       1,144,367  

Hydro One Ltd.(c)

     25,209       652,992  

iA Financial Corp., Inc.

     9,554       555,312  

IGM Financial, Inc.

     9,108       204,827  

Imperial Oil Ltd.

     14,843       844,979  

Intact Financial Corp.

     9,081       1,274,513  

Keyera Corp.

     25,244       586,435  

Kinross Gold Corp.

     239,955       1,251,413  

Linamar Corp.

     5,048       218,029  

Loblaw Cos. Ltd.

     13,773       1,125,254  

Magna International, Inc.

     48,242       2,315,755  

Manulife Financial Corp.

     291,197       5,063,566  

MEG Energy Corp.(b)

     23,639       466,565  

Methanex Corp.

     6,773       279,360  

Metro, Inc.

     18,074       917,077  

National Bank of Canada

     26,930       1,672,541  

Northland Power, Inc.(a)

     17,072       239,678  

Nutrien Ltd.

     42,084       2,257,818  

Onex Corp.

     7,700       431,078  

Open Text Corp.

     17,530       584,649  

Parkland Corp.

     28,778       870,025  

Pembina Pipeline Corp.(a)

     51,050       1,569,468  

Power Corp. of Canada

     100,604       2,421,163  

Restaurant Brands International, Inc.

     11,318       759,425  

RioCan REIT

     35,973       436,625  

Royal Bank of Canada

     116,231       9,273,363  

Saputo, Inc.(a)

     20,551       414,499  

Shopify, Inc., Class A(b)

     15,639       737,762  

SNC-Lavalin Group, Inc.

     17,159       476,114  

SSR Mining, Inc.

     21,813       301,525  

Sun Life Financial, Inc.

     61,768       2,818,214  

Suncor Energy, Inc.

     157,305       5,088,829  

TC Energy Corp.

     104,370       3,590,644  

Teck Resources Ltd., Class B

     35,955       1,269,076  

TELUS Corp.

     44,715       720,207  
         Shares       Value  

Canada-(continued)

    

TFI International, Inc.

     3,036      $ 335,496  

Thomson Reuters Corp.

     5,261       629,501  

TMX Group Ltd.

     15,098       314,086  

Toromont Industries Ltd.

     3,430       257,945  

Toronto-Dominion Bank (The)

     160,332       8,946,023  

Tourmaline Oil Corp.

     13,541       715,261  

Vermilion Energy, Inc.

     29,583       426,404  

West Fraser Timber Co. Ltd.

     10,080       679,551  

Wheaton Precious Metals Corp.

     13,252       559,099  

WSP Global, Inc.

     4,816       629,610  
    

 

 

 
          127,718,173  
    

 

 

 

Chile-0.06%

    

Antofagasta PLC(a)

     28,006       457,084  

Lundin Mining Corp.

     78,095       487,162  
    

 

 

 
       944,246  
    

 

 

 

China-0.26%

    

AAC Technologies Holdings, Inc.

     126,144       226,990  

BOC Hong Kong (Holdings) Ltd.

     344,646       911,762  

Lenovo Group Ltd.

     1,134,792       1,319,762  

Prosus N.V.(b)

     26,745       747,162  

Wilmar International Ltd.

     171,595       445,880  

Xinyi Glass Holdings Ltd.

     197,615       227,048  
    

 

 

 
       3,878,604  
    

 

 

 

Denmark-1.09%

    

AP Moller - Maersk A/S, Class A(a)

     500       814,292  

AP Moller - Maersk A/S, Class B

     834       1,384,813  

Carlsberg A/S, Class B

     6,309       750,502  

Chr. Hansen Holding A/S(a)

     4,429       301,378  

Coloplast A/S, Class B(a)

     4,690       488,171  

Danske Bank A/S

     89,422       2,092,657  

DSV A/S(a)

     6,617       985,801  

Genmab A/S(b)

     848       238,980  

ISS A/S

     27,342       394,951  

Jyske Bank A/S(b)

     4,355       306,025  

Novo Nordisk A/S, Class B(a)

     57,572       5,519,659  

Novozymes A/S, Class B(a)

     7,454       334,205  

Orsted A/S(a)(c)

     10,280       494,685  

Pandora A/S

     5,757       650,759  

Tryg A/S

     21,668       422,384  

Vestas Wind Systems A/S(a)(b)

     42,136       908,555  
    

 

 

 
       16,087,817  
    

 

 

 

Finland-1.21%

    

Elisa OYJ

     9,607       406,996  

Fortum OYJ(a)

     88,698       1,050,043  

Huhtamaki OYJ(a)

     10,057       344,527  

Kesko OYJ, Class B

     30,785       519,497  

Kone OYJ, Class B

     23,017       994,812  

Konecranes OYJ

     8,880       290,126  

Mandatum OYJ(b)

     55,979       216,088  

Neste OYJ

     22,622       758,232  

Nokia OYJ(a)

     554,169       1,839,276  

Nokian Renkaat OYJ(a)

     36,736       276,780  

Nordea Bank Abp

     448,417       4,710,857  

Orion OYJ, Class B

     5,788       229,667  

Outokumpu OYJ(a)

     70,635       289,163  

Sampo OYJ

     56,299       2,208,344  

Stora Enso OYJ, Class R(a)

     77,600       928,913  

 

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

 

    49    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Finland-(continued)

    

UPM-Kymmene OYJ

     58,641      $ 1,969,218  

Valmet OYJ(a)

     11,228       251,127  

Wartsila OYJ Abp(a)

     55,500       659,378  
    

 

 

 
            17,943,044  
    

 

 

 

France-8.95%

    

Accor S.A.

     10,568       335,893  

Air France-KLM(b)

     37,459       421,836  

Air Liquide S.A.

     27,127       4,635,891  

Airbus SE

     25,092       3,349,230  

Alstom S.A.(a)

     34,664       467,158  

Amundi S.A.(a)(c)

     7,086       368,653  

Arkema S.A.

     9,881       923,060  

Atos SE(a)(b)

     47,822       333,009  

AXA S.A.

     260,534       7,698,374  

BNP Paribas S.A.

     173,997       9,984,739  

Bollore SE(a)

     50,238       273,473  

Bouygues S.A.

     54,465       1,911,884  

Bureau Veritas S.A.

     14,700       333,910  

Capgemini SE

     8,730       1,536,398  

Carrefour S.A.

     116,982       2,050,117  

Cie de Saint-Gobain S.A.

     68,292       3,710,292  

Cie Generale des Etablissements Michelin S.C.A.

     93,023       2,755,076  

Clariane SE(a)

     28,831       108,550  

Covivio S.A.

     6,619       282,650  

Credit Agricole S.A.

     268,014       3,223,284  

Danone S.A.

     66,000       3,917,137  

Dassault Systemes SE

     10,966       449,907  

Edenred SE

     7,591       403,110  

Eiffage S.A.

     10,330       935,742  

Elis S.A.

     26,498       433,290  

ENGIE S.A.

     343,622       5,449,581  

EssilorLuxottica S.A.

     13,907       2,508,357  

Eurazeo SE

     5,229       293,763  

Forvia SE(b)

     49,105       822,159  

Gecina S.A.

     5,818       569,456  

Hermes International S.C.A

     372       691,882  

Kering S.A.

     3,282       1,329,350  

Klepierre S.A.

     28,001       677,773  

Legrand S.A.

     13,276       1,143,387  

L’Oreal S.A.

     7,218       3,022,398  

LVMH Moet Hennessy Louis Vuitton SE

     6,355       4,530,776  

Nexans S.A.

     2,908       205,020  

Orange S.A.(a)

     409,765       4,811,983  

Orpea S.A.(a)(b)

     125,421       127,002  

Pernod Ricard S.A.

     9,391       1,662,654  

Publicis Groupe S.A.

     21,241       1,610,239  

Renault S.A.

     72,996       2,550,032  

Rexel S.A.

     33,203       675,064  

Rubis S.C.A

     10,616       230,482  

Safran S.A.

     15,372       2,388,812  

Schneider Electric SE

     27,305       4,184,325  

SCOR SE

     28,276       841,340  

SEB S.A.(a)

     3,687       363,020  

Societe Generale S.A.

     197,373       4,411,340  

Sodexo S.A.

     9,941       1,049,503  

SPIE S.A.

     14,693       385,778  

Technip Energies N.V.

     22,644       494,252  

Teleperformance SE(a)

     2,673       305,563  
         Shares       Value  

France-(continued)

    

Thales S.A.

     6,166      $ 906,905  

TotalEnergies SE

     341,499       22,812,960  

Ubisoft Entertainment S.A.(b)

     15,351       436,155  

Unibail-Rodamco-Westfield SE(a)(b)

     12,619       622,364  

Valeo SE(a)

     62,720       824,711  

Veolia Environnement S.A.

     86,965       2,374,346  

Vinci S.A.(a)

     44,444       4,908,191  

Vivendi SE(a)

     89,403       799,084  

Wendel SE

     2,631       196,336  

Worldline S.A.(b)(c)

     16,408       207,772  
    

 

 

 
          132,266,778  
    

 

 

 

Germany-9.15%

    

adidas AG

     15,059       2,661,384  

Allianz SE

     57,833       13,503,507  

Aroundtown S.A.(a)(b)

     195,571       439,690  

Aurubis AG

     6,484       532,250  

BASF SE

     169,520       7,800,719  

Bayer AG

     108,942       4,682,069  

Bayerische Motoren Werke AG(a)

     63,150       5,849,265  

Bayerische Motoren Werke AG, Preference Shares

     11,909       1,008,914  

Beiersdorf AG

     3,458       453,416  

Brenntag SE

     13,990       1,036,895  

Commerzbank AG

     152,358       1,634,581  

Continental AG

     25,544       1,658,881  

Covestro AG(b)(c)

     39,371       1,985,043  

Daimler Truck Holding AG

     64,337       2,014,285  

Deutsche Bank AG

     418,285       4,578,671  

Deutsche Boerse AG

     7,538       1,236,582  

Deutsche Lufthansa AG(b)

     97,261       678,924  

Deutsche Post AG

     128,506       4,993,143  

Deutsche Telekom AG

     451,630       9,774,213  

E.ON SE

     294,191       3,488,971  

Evonik Industries AG

     37,868       694,860  

Freenet AG

     18,514       468,489  

Fresenius Medical Care AG& Co. KGaA

     42,440       1,404,987  

Fresenius SE & Co. KGaA

     83,191       2,131,494  

FUCHS SE

     2,773       92,915  

FUCHS SE, Preference Shares

     5,788       234,439  

GEA Group AG

     11,330       385,980  

Hannover Rueck SE

     6,356       1,399,421  

Heidelberg Materials AG

     28,461       2,060,103  

Henkel AG& Co. KGaA

     11,127       701,676  

Henkel AG& Co. KGaA, Preference Shares(a)

     18,884       1,358,904  

HUGO BOSS AG

     4,204       244,844  

Infineon Technologies AG

     46,571       1,352,472  

K+S AG(a)

     26,884       450,968  

KION Group AG

     15,244       464,696  

Knorr-Bremse AG

     6,400       355,423  

LANXESS AG

     14,704       335,710  

LEG Immobilien SE(b)

     9,431       586,551  

Mercedes-Benz Group AG(a)

     143,234       8,392,012  

Merck KGaA

     5,033       757,285  

MTU Aero Engines AG

     2,209       413,280  

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R

     17,061       6,825,673  

ProSiebenSat.1 Media SE(a)

     47,159       263,093  

Puma SE

     5,180       291,831  

 

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

 

    50    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Germany-(continued)

    

Rheinmetall AG

     2,372      $ 677,948  

RWE AG

     59,600       2,276,090  

Salzgitter AG

     6,925       172,160  

SAP SE

     54,111       7,248,938  

Siemens AG

     55,902       7,383,690  

Siemens Energy AG, class A(a)(b)

     83,983       743,005  

Siemens Healthineers AG(c)

     12,591       616,459  

Symrise AG

     5,182       526,924  

TAG Immobilien AG(b)

     36,811       400,182  

Talanx AG

     7,508       471,793  

Telefonica Deutschland Holding AG

     177,276       300,465  

thyssenkrupp AG

     201,037       1,393,550  

TUI AG(b)

     66,493       334,363  

United Internet AG

     19,392       402,773  

Volkswagen AG(a)

     9,413       1,082,510  

Volkswagen AG, Preference Shares

     65,519       6,913,587  

Vonovia SE

     102,447       2,349,817  

Zalando SE(b)(c)

     12,151       282,431  
    

 

 

 
          135,255,194  
    

 

 

 

Hong Kong-1.33%

    

AIA Group Ltd.

     708,582       6,144,377  

CK Asset Holdings Ltd.

     130,387       651,552  

CK Hutchison Holdings Ltd.

     165,092       834,469  

CLP Holdings Ltd.

     98,397       719,938  

Hang Lung Properties Ltd.

     158,904       209,581  

Hang Seng Bank Ltd.

     41,503       475,519  

Henderson Land Development Co. Ltd.

     105,266       274,445  

Hong Kong & China Gas Co. Ltd. (The)

     563,703       392,631  

Hong Kong Exchanges & Clearing Ltd.

     25,853       908,618  

Hongkong Land Holdings Ltd.

     74,396       235,835  

Jardine Matheson Holdings Ltd.

     10,760       435,242  

Link REIT

     218,211       1,001,173  

MTR Corp. Ltd.

     102,426       382,890  

New World Development Co. Ltd.(a)

     267,861       490,904  

Orient Overseas International Ltd.

     24,640       310,653  

Power Assets Holdings Ltd.

     61,795       295,368  

Prudential PLC

     259,223       2,698,247  

Sun Hung Kai Properties Ltd.

     125,402       1,287,740  

Swire Pacific Ltd., Class A

     63,360       405,687  

Swire Pacific Ltd., Class B

     135,772       139,336  

Techtronic Industries Co. Ltd.

     52,247       476,090  

WH Group Ltd.

     741,646       442,641  

Wharf Real Estate Investment Co. Ltd.

     131,453       459,479  
    

 

 

 
       19,672,415  
    

 

 

 

Ireland-0.28%

    

AIB Group PLC

     123,691       535,255  

Bank of Ireland Group PLC

     93,567       835,708  

Flutter Entertainment PLC(a)(b)

     5,320       833,090  

Kerry Group PLC, Class A

     7,728       595,320  

Kingspan Group PLC

     6,534       438,421  

Smurfit Kappa Group PLC

     29,801       970,590  
    

 

 

 
       4,208,384  
    

 

 

 

Israel-0.25%

    

Bank Hapoalim B.M.

     93,631       668,173  

Bank Leumi le-Israel B.M.

     105,489       677,698  

Bezeq The Israeli Telecommunication Corp. Ltd.

     204,249       251,124  

ICL Group Ltd.

     73,897       358,018  
         Shares       Value  

Israel-(continued)

    

Israel Discount Bank Ltd., Class A

     110,591      $ 485,222  

Mizrahi Tefahot Bank Ltd.

     13,410       414,344  

Teva Pharmaceutical Industries Ltd.(a)(b)

     100,793       852,326  
    

 

 

 
       3,706,905  
    

 

 

 

Italy-3.34%

    

A2A S.p.A.

     332,654       622,711  

Assicurazioni Generali S.p.A.

     171,883       3,405,599  

Azimut Holding S.p.A.

     12,040       252,999  

Banco BPM S.p.A.

     274,838       1,401,100  

BPER Banca

     179,800       583,259  

Coca-Cola HBC AG(b)

     18,938       489,941  

Enel S.p.A.

     1,534,863       9,714,636  

Eni S.p.A.

     440,852       7,189,150  

Ferrari N.V.

     1,885       568,843  

FinecoBank Banca Fineco S.p.A.(a)

     20,330       238,848  

Hera S.p.A.

     152,236       427,064  

Intesa Sanpaolo S.p.A.

     2,874,876       7,464,677  

Italgas S.p.A.(a)

     61,916       314,006  

Iveco Group N.V.(b)

     70,480       592,552  

Leonardo S.p.A.

     75,790       1,140,367  

Mediobanca Banca di Credito Finanziario S.p.A.

     90,830       1,082,003  

Moncler S.p.A.

     5,082       262,890  

Nexi S.p.A.(b)(c)

     48,240       279,220  

Pirelli & C. S.p.A.(c)

     70,886       314,766  

Poste Italiane S.p.A.(a)(c)

     70,741       698,382  

Prysmian S.p.A.

     21,066       785,794  

Saras S.p.A.(a)

     173,526       251,740  

Snam S.p.A.

     220,870       1,010,880  

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

     3,823,592       986,539  

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

     2,139,033       555,744  

Terna S.p.A.(a)

     102,381       781,974  

UniCredit S.p.A.

     307,660       7,682,773  

Unipol Gruppo S.p.A.

     59,875       323,528  
    

 

 

 
            49,421,985  
    

 

 

 

Japan-21.44%

    

Advantest Corp.

     25,672       646,695  

AEON Co. Ltd.

     56,247       1,176,231  

AGC, Inc.

     33,502       1,130,633  

Aisin Corp.

     21,045       722,877  

Ajinomoto Co., Inc.

     29,071       1,051,927  

Alps Alpine Co. Ltd.

     49,650       402,918  

Amada Co. Ltd.

     33,987       325,406  

ANA Holdings, Inc.(b)

     16,191       315,599  

Aozora Bank Ltd.(a)

     23,346       472,639  

Asahi Group Holdings Ltd.

     42,510       1,525,863  

Asahi Kasei Corp.

     142,672       869,909  

Astellas Pharma, Inc.

     148,187       1,859,126  

Bandai Namco Holdings, Inc.

     37,953       777,630  

Bridgestone Corp.

     53,362       1,996,781  

Brother Industries Ltd.

     23,815       367,812  

Canon, Inc.

     126,636       2,969,292  

Casio Computer Co. Ltd.(a)

     28,026       222,439  

Central Japan Railway Co.

     107,692       2,414,884  

Chiba Bank Ltd. (The)

     69,587       514,396  

Chubu Electric Power Co., Inc.

     72,613       873,830  

Chugai Pharmaceutical Co. Ltd.

     26,449       778,913  

Chugoku Electric Power Co., Inc. (The)

     66,010       410,282  

Concordia Financial Group Ltd.

     175,209       805,791  

 

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

 

    51    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

Cosmo Energy Holdings Co. Ltd.

     13,135      $ 477,021  

CyberAgent, Inc.

     30,660       159,875  

Dai Nippon Printing Co. Ltd.

     17,588       453,970  

Daifuku Co. Ltd.

     18,076       294,394  

Dai-ichi Life Holdings, Inc.

     139,804              2,931,873  

Daiichi Sankyo Co. Ltd.

     44,044       1,122,003  

Daikin Industries Ltd.

     13,163       1,879,994  

Daito Trust Construction Co. Ltd.

     7,266       774,842  

Daiwa House Industry Co. Ltd.

     52,103       1,419,849  

Daiwa House REIT Investment Corp.

     164       289,784  

Daiwa Securities Group, Inc.

     147,250       840,067  

Denka Co. Ltd.

     14,200       254,427  

Denso Corp.

     187,068       2,716,868  

Dentsu Group, Inc.

     23,967       688,411  

Disco Corp.

     3,397       586,672  

Dowa Holdings Co. Ltd.

     8,532       257,912  

East Japan Railway Co.

     47,510       2,469,535  

EBARA Corp.

     10,677       465,306  

Eisai Co. Ltd.

     16,776       881,863  

Electric Power Development Co. Ltd.

     22,924       349,586  

ENEOS Holdings, Inc.

     508,634       1,873,057  

FANUC Corp.

     55,875       1,347,759  

Fast Retailing Co. Ltd.

     4,967       1,082,970  

Fuji Electric Co. Ltd.

     15,703       588,739  

FUJIFILM Holdings Corp.

     35,462       1,920,795  

Fujikura Ltd.

     50,580       357,695  

Fujitsu Ltd.

     18,557       2,378,977  

Fukuoka Financial Group, Inc.

     24,725       646,022  

GLP J-Reit

     259       231,731  

Hakuhodo DY Holdings, Inc.

     30,195       241,947  

Hankyu Hanshin Holdings, Inc.

     15,351       479,145  

Haseko Corp.

     26,205       320,198  

Hikari Tsushin, Inc.

     1,995       284,802  

Hino Motors Ltd.(a)(b)

     89,610       257,271  

Hirose Electric Co. Ltd.

     2,303       257,756  

Hitachi Construction Machinery Co. Ltd.

     18,425       468,639  

Hitachi Ltd.

     77,086       4,823,824  

Honda Motor Co. Ltd.

     504,566       5,019,173  

Hoya Corp.

     10,643       1,007,411  

Hulic Co. Ltd.

     47,237       429,498  

IBIDEN Co. Ltd.

     8,650       362,175  

Idemitsu Kosan Co. Ltd.

     31,042       700,800  

IHI Corp.

     25,945       490,650  

Inpex Corp.

     175,624       2,530,948  

Isetan Mitsukoshi Holdings Ltd.

     49,545       554,190  

Isuzu Motors Ltd.

     80,000       877,150  

ITOCHU Corp.(a)

     95,641       3,393,173  

J. Front Retailing Co. Ltd.

     42,765       403,944  

Japan Airlines Co. Ltd.(a)

     16,772       306,103  

Japan Exchange Group, Inc.

     39,486       772,929  

Japan Metropolitan Fund Investment Corp.

     602       387,566  

Japan Post Bank Co. Ltd.

     78,573       726,091  

Japan Post Holdings Co. Ltd.

     260,353       2,293,314  

Japan Post Insurance Co. Ltd.

     30,961       592,153  

Japan Real Estate Investment Corp.

     112       414,883  

Japan Tobacco, Inc.

     153,906       3,578,217  

JFE Holdings, Inc.(a)

     144,003       1,982,068  

JGC Holdings Corp.

     25,055       304,740  

JSR Corp.(a)

     17,457       463,268  

Kajima Corp.

     46,301       757,900  
         Shares       Value  

Japan-(continued)

    

Kansai Electric Power Co., Inc. (The)

     83,632      $ 1,063,865  

Kao Corp.

     46,860       1,699,949  

Kawasaki Heavy Industries Ltd.

     33,941       737,784  

Kawasaki Kisen Kaisha Ltd.(a)

     24,409       828,918  

KDDI Corp.

     145,130              4,299,900  

Keio Corp.

     8,678       256,137  

Keyence Corp.

     3,318       1,274,005  

Kikkoman Corp.

     8,570       482,188  

Kintetsu Group Holdings Co. Ltd.

     16,714       467,831  

Kirin Holdings Co. Ltd.

     79,030       1,106,039  

Kobe Steel Ltd.

     94,968       1,104,913  

Koito Manufacturing Co. Ltd.

     24,573       363,374  

Komatsu Ltd.

     97,281       2,224,465  

Konami Group Corp.

     5,920       303,105  

Konica Minolta, Inc.(b)

     98,407       272,651  

Kubota Corp.

     90,420       1,202,456  

Kuraray Co. Ltd.

     34,387       390,542  

Kurita Water Industries Ltd.

     6,894       206,576  

Kyocera Corp.

     36,321       1,768,504  

Kyoto Financial Group, Inc.

     7,515       422,283  

Kyowa Kirin Co. Ltd.

     14,284       222,402  

Kyushu Electric Power Co., Inc.(b)

     69,053       439,455  

Kyushu Railway Co.

     21,709       441,648  

Lawson, Inc.

     6,931       334,182  

Lion Corp.

     26,057       249,739  

Lixil Corp.

     38,254       417,032  

LY Corp.

     254,481       642,399  

Makita Corp.

     25,819       658,240  

Marubeni Corp.

     179,459       2,580,882  

Marui Group Co. Ltd.

     19,413       303,735  

MatsukiyoCocokara & Co.

     25,446       443,240  

Mazda Motor Corp.

     135,613       1,275,136  

Mebuki Financial Group, Inc.

     186,586       560,577  

MEIJI Holdings Co. Ltd.

     31,383       770,458  

MINEBEA MITSUMI, Inc.

     44,270       680,953  

MISUMI Group, Inc.

     13,840       206,487  

Mitsubishi Chemical Group Corp.

     147,688       827,061  

Mitsubishi Corp.

     117,340       5,388,753  

Mitsubishi Electric Corp.

     140,064       1,551,437  

Mitsubishi Estate Co. Ltd.

     146,469       1,851,112  

Mitsubishi Gas Chemical Co., Inc.

     23,719       317,543  

Mitsubishi HC Capital, Inc.

     77,964       509,086  

Mitsubishi Heavy Industries Ltd.

     58,169       2,954,445  

Mitsubishi Materials Corp.(a)

     19,209       305,299  

Mitsubishi Motors Corp.

     121,532       387,278  

Mitsubishi UFJ Financial Group, Inc.

     1,665,206       13,821,281  

Mitsui & Co. Ltd.

     130,488       4,667,394  

Mitsui Chemicals, Inc.

     22,094       548,976  

Mitsui Fudosan Co. Ltd.

     102,080       2,188,608  

Mitsui Mining & Smelting Co. Ltd.

     13,507       347,742  

Mitsui OSK Lines Ltd.(a)

     47,975       1,230,063  

Mizuho Financial Group, Inc.

     400,601       6,733,335  

MS&AD Insurance Group Holdings, Inc.

     40,135       1,455,720  

Murata Manufacturing Co. Ltd.

     121,448       1,986,777  

Nabtesco Corp.

     11,665       204,115  

NEC Corp.

     32,339       1,538,529  

NGK Insulators Ltd.

     33,677       407,384  

NH Foods Ltd.

     14,035       419,813  

Nichirei Corp.

     15,229       328,623  

Nidec Corp.

     24,609       880,883  

 

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

 

    52    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

 

Nikon Corp.

     53,005      $           495,593  

Nintendo Co. Ltd.

     67,652       2,778,983  

Nippon Building Fund, Inc.

     133       533,071  

Nippon Electric Glass Co. Ltd.

     18,327       363,890  

Nippon Express Holdings, Inc.

     8,945       455,918  

Nippon Paint Holdings Co. Ltd.

     41,635       276,843  

Nippon Sanso Holdings Corp.

     15,630       389,189  

Nippon Steel Corp.(a)

     161,969       3,456,594  

Nippon Telegraph & Telephone Corp.

     4,044,465       4,721,591  

Nippon Yusen K.K.(a)

     79,661       1,934,125  

Nishi-Nippon Financial Holdings, Inc.

     32,490       383,157  

Nissan Chemical Corp.

     7,276       292,827  

Nissan Motor Co. Ltd.

     502,947       1,884,329  

Nisshin Seifun Group, Inc.

     37,045       556,978  

Nissin Foods Holdings Co. Ltd.

     3,942       342,285  

Niterra Co. Ltd.

     27,914       617,464  

Nitori Holdings Co. Ltd.

     4,472       484,569  

Nitto Denko Corp.

     16,765       1,071,911  

Nomura Holdings, Inc.

     316,691       1,212,646  

Nomura Real Estate Holdings, Inc.

     20,455       473,405  

Nomura Real Estate Master Fund, Inc.

     399       439,718  

Nomura Research Institute Ltd.

     22,500       585,955  

NSK Ltd.

     65,919       350,520  

NTT DATA Group Corp.

     62,126       756,243  

Obayashi Corp.

     72,873       619,766  

Odakyu Electric Railway Co. Ltd.

     30,684       433,784  

Olympus Corp.

     45,557       601,330  

Omron Corp.

     13,310       469,930  

Ono Pharmaceutical Co. Ltd.

     26,644       457,687  

Oriental Land Co. Ltd.

     10,560       338,670  

ORIX Corp.

     120,340       2,157,371  

ORIX JREIT, Inc.

     214       245,589  

Osaka Gas Co. Ltd.

     32,524       610,342  

Otsuka Corp.

     9,963       396,231  

Otsuka Holdings Co. Ltd.

     31,429       1,048,014  

Pan Pacific International Holdings Corp.

     25,270       484,976  

Panasonic Holdings Corp.

     221,061       1,910,719  

Persol Holdings Co. Ltd.

     178,770       264,770  

Rakuten Group, Inc.(a)

     96,293       354,029  

Recruit Holdings Co. Ltd.

     61,655       1,764,014  

Renesas Electronics Corp.(b)

     66,587       859,790  

Resona Holdings, Inc.

     304,348       1,614,736  

Resonac Holdings Corp.

     45,431       726,710  

Ricoh Co. Ltd.

     53,191       425,858  

Rohm Co. Ltd.

     31,072       489,536  

Ryohin Keikaku Co. Ltd.

     30,893       432,761  

Santen Pharmaceutical Co. Ltd.

     44,204       381,635  

SBI Holdings, Inc.

     39,081       832,741  

SECOM Co. Ltd.

     18,128       1,250,867  

Seibu Holdings, Inc.

     26,998       261,967  

Seiko Epson Corp.

     45,770       627,564  

Sekisui Chemical Co. Ltd.

     29,999       406,867  

Sekisui House Ltd.

     73,251       1,421,537  

Seven & i Holdings Co. Ltd.

     58,628       2,126,472  

SG Holdings Co. Ltd.

     35,378       498,042  

Sharp Corp.(b)

     56,199       348,709  

Shimadzu Corp.

     14,127       330,683  

Shimano, Inc.(a)

     3,660       520,924  

Shimizu Corp.

     53,754       380,142  

Shin-Etsu Chemical Co. Ltd.

     117,004       3,451,906  
         Shares     Value  

Japan-(continued)

 

Shionogi & Co. Ltd.

     18,760      $           865,503  

Shiseido Co. Ltd.

     19,037       598,595  

Shizuoka Financial Group, Inc.

     54,646       460,600  

SMC Corp.

     2,377       1,077,965  

SoftBank Corp.

     241,380       2,717,507  

SoftBank Group Corp.

     146,732       5,933,420  

Sojitz Corp.

     32,088       658,096  

Sompo Holdings, Inc.

     31,650       1,359,877  

Sony Group Corp.

     95,685       7,850,283  

Stanley Electric Co. Ltd.

     13,396       211,362  

Subaru Corp.

     98,105       1,658,026  

SUMCO Corp.

     36,390       464,952  

Sumitomo Chemical Co. Ltd.

     228,598       576,608  

Sumitomo Corp.

     104,534       2,028,282  

Sumitomo Electric Industries Ltd.

     64,764       670,968  

Sumitomo Forestry Co. Ltd.

     26,802       625,430  

Sumitomo Heavy Industries Ltd.

     13,335       301,401  

Sumitomo Metal Mining Co. Ltd.

     29,602       824,075  

Sumitomo Mitsui Financial Group, Inc.

     212,294       10,120,920  

Sumitomo Mitsui Trust Holdings, Inc.

     44,800       1,659,533  

Sumitomo Realty & Development Co. Ltd.

     40,322       999,497  

Suntory Beverage & Food Ltd.

     14,010       414,255  

Suzuki Motor Corp.

     60,265       2,301,646  

Sysmex Corp.

     7,120       336,289  

T&D Holdings, Inc.

     83,157       1,467,444  

Taisei Corp.

     20,144       678,228  

Taiyo Yuden Co. Ltd.

     11,126       245,081  

Takashimaya Co. Ltd.(a)

     25,755       347,436  

Takeda Pharmaceutical Co. Ltd.

     186,405       5,000,915  

TDK Corp.

     42,786       1,570,237  

Terumo Corp.

     31,597       853,742  

THK Co. Ltd.

     13,854       244,248  

TIS, Inc.

     14,693       310,945  

Tobu Railway Co. Ltd.

     15,954       381,771  

Tohoku Electric Power Co., Inc.

     71,255       442,318  

Tokio Marine Holdings, Inc.

     175,048       3,864,013  

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

     672,483       2,828,563  

Tokyo Electron Ltd.

     23,645       3,084,334  

Tokyo Gas Co. Ltd.

     39,435       879,863  

Tokyo Tatemono Co. Ltd.

     30,095       395,252  

Tokyu Corp.

     42,650       478,755  

Tokyu Fudosan Holdings Corp.

     110,512       636,167  

TOPPAN Holdings, Inc.

     20,096       458,063  

Toray Industries, Inc.

     156,662       749,768  

Toshiba Corp.(b)

     10,111       307,045  

Tosoh Corp.

     34,517       418,799  

TOTO Ltd.

     14,124       337,887  

Toyo Suisan Kaisha Ltd.

     7,528       345,966  

Toyota Industries Corp.

     12,789       933,556  

Toyota Motor Corp.

     835,755       14,293,014  

Toyota Tsusho Corp.

     20,505       1,070,438  

Trend Micro, Inc.

     7,546       281,122  

Tsuruha Holdings, Inc.(a)

     5,215       380,506  

Unicharm Corp.

     13,612       460,280  

West Japan Railway Co.

     32,204       1,221,857  

Yakult Honsha Co. Ltd.

     10,262       241,024  

Yamada Holdings Co. Ltd.

     137,870       434,972  

Yamaha Corp.

     10,418       273,718  

Yamaha Motor Co. Ltd.

     47,947       1,151,463  

Yamato Holdings Co. Ltd.

     36,344       600,914  

 

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

 

    53    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

 

Yaskawa Electric Corp.

     11,378      $           366,407  

Yokogawa Electric Corp.

     23,619       423,035  
    

 

 

 
       316,987,812  
    

 

 

 

Jordan-0.02%

 

Hikma Pharmaceuticals PLC

     13,435       309,996  
    

 

 

 

Luxembourg-0.22%

 

Aperam S.A.

     8,379       231,600  

ArcelorMittal S.A.

     110,952       2,448,729  

Eurofins Scientific SE(a)

     5,534       279,779  

SES S.A., FDR

     40,853       237,715  
    

 

 

 
       3,197,823  
    

 

 

 

Macau-0.05%

 

Galaxy Entertainment Group Ltd.

     79,164       443,645  

Sands China Ltd.(b)

     130,644       350,628  
    

 

 

 
       794,273  
    

 

 

 

Netherlands-4.91%

 

Aalberts N.V.

     7,269       226,044  

ABN AMRO Bank N.V., CVA(c)

     80,718       1,082,271  

Adyen N.V.(b)(c)

     259       173,538  

Aegon Ltd.(a)

     456,384       2,211,313  

Akzo Nobel N.V.

     21,493       1,437,147  

ASM International N.V.(a)

     868       356,440  

ASML Holding N.V.

     5,372       3,209,890  

ASR Nederland N.V.

     26,635       990,993  

Euronext N.V.(c)

     4,147       288,426  

EXOR N.V.

     6,979       597,079  

Heineken Holding N.V.

     6,869       521,306  

Heineken N.V.

     14,607       1,308,352  

IMCD N.V.(a)

     1,809       217,025  

ING Groep N.V.

     569,067       7,234,890  

Koninklijke Ahold Delhaize N.V.

     144,337       4,271,799  

Koninklijke KPN N.V.(a)

     351,396       1,179,277  

Koninklijke Philips N.V.(a)(b)

     168,229       3,182,588  

NN Group N.V.(a)

     63,440       2,029,118  

Randstad N.V.(a)

     20,332       1,049,617  

SBM Offshore N.V.(a)

     20,683       256,878  

Shell PLC

     1,221,259       39,219,483  

Universal Music Group N.V.

     18,685       456,226  

Wolters Kluwer N.V.

     8,668       1,109,528  
    

 

 

 
       72,609,228  
    

 

 

 

New Zealand-0.04%

 

Auckland International Airport Ltd.

     54,803       233,971  

Spark New Zealand Ltd.

     102,736       296,989  
    

 

 

 
       530,960  
    

 

 

 

Norway-0.65%

 

Aker BP ASA

     18,572       533,801  

DNB Bank ASA

     81,490       1,468,347  

Equinor ASA

     108,071       3,622,294  

Mowi ASA

     47,372       768,777  

Norsk Hydro ASA

     149,333       851,216  

Orkla ASA

     86,097       592,954  

Schibsted ASA, Class A

     5,904       117,956  

Schibsted ASA, Class B

     7,637       141,506  

Storebrand ASA

     57,480       479,219  

Telenor ASA

     98,203       1,003,417  
    

 

 

 
       9,579,487  
    

 

 

 
         Shares       Value  

Poland-0.25%

 

Bank Polska Kasa Opieki S.A.

     24,306      $ 736,563  

KGHM Polska Miedz S.A.

     17,031       453,662  

ORLEN S.A.(a)

     59,175       933,825  

Powszechna Kasa Oszczednosci Bank Polski S.A.(b)

     95,676       988,092  

Powszechny Zaklad Ubezpieczen S.A.

     51,479       581,612  
    

 

 

 
       3,693,754  
    

 

 

 

Portugal-0.27%

 

Banco Comercial Portugues S.A.,
Class R(a)(b)

     1,295,187       396,466  

EDP - Energias de Portugal S.A.

     374,443       1,571,272  

Galp Energia SGPS S.A.

     87,523       1,314,593  

Jeronimo Martins SGPS S.A.

     28,774       662,420  
    

 

 

 
       3,944,751  
    

 

 

 

Russia-0.00%

 

Evraz PLC(b)(d)

     48,360       0  

Raspadskaya OJSC(b)(d)

     546       0  
    

 

 

 
       0  
    

 

 

 

Singapore-0.83%

 

CapitaLand Ascendas REIT

     234,729       445,455  

CapitaLand Integrated Commercial Trust

     354,001       454,758  

CapitaLand Investment Ltd.

     146,412       314,187  

DBS Group Holdings Ltd.

     118,469       2,840,558  

Genting Singapore Ltd.

     407,339       255,693  

Jardine Cycle & Carriage Ltd.

     19,255       396,329  

Keppel Corp. Ltd.

     97,535       442,095  

Keppel REIT

     19,507       11,319  

Oversea-Chinese Banking Corp. Ltd.

     157,388       1,456,647  

Singapore Airlines Ltd.(a)

     126,076       562,260  

Singapore Technologies Engineering Ltd.

     132,114       362,577  

Singapore Telecommunications Ltd.

     919,650       1,597,582  

STMicroelectronics N.V.

     19,901       756,852  

United Overseas Bank Ltd.

     112,159       2,211,990  

Venture Corp. Ltd.

     24,700       210,934  
    

 

 

 
            12,319,236  
    

 

 

 

South Africa-0.24%

 

Anglo American PLC

     139,695       3,553,840  
    

 

 

 

South Korea-4.46%

 

CJ CheilJedang Corp.

     1,578       330,077  

CJ CheilJedang Corp., Preference Shares

     241       22,127  

Delivery Hero SE(b)(c)

     7,792       197,420  

Doosan Enerbility Co. Ltd.(b)

     57,929       575,623  

E-MART, Inc.

     3,360       180,869  

GS Engineering & Construction Corp.

     28,546       278,157  

Hana Financial Group, Inc.

     45,364       1,316,700  

Hanwha Galleria Corp.(b)

     12,755       9,520  

Hanwha Solutions Corp.(b)

     12,558       266,400  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)

     4,808       321,471  

HMM Co. Ltd.

     32,434       349,904  

Hyosung TNC Corp.

     817       215,963  

Hyundai Engineering & Construction Co. Ltd.

     21,592       533,984  

Hyundai Glovis Co. Ltd.

     2,370       300,253  

Hyundai Marine & Fire Insurance Co. Ltd.

     13,051       304,399  

Hyundai Mobis Co. Ltd.

     6,130       946,359  

Hyundai Motor Co.

     18,218       2,289,137  

 

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

 

    54    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

South Korea-(continued)

 

Hyundai Motor Co., First Pfd.

     2,885      $           212,762  

Hyundai Motor Co., Second Pfd.

     4,492       332,938  

Hyundai Steel Co.

     13,191       319,874  

Industrial Bank of Korea

     38,595       319,208  

JB Financial Group Co. Ltd.

     38,424       287,351  

Kakao Corp.(a)

     7,559       211,566  

KB Financial Group, Inc.

     60,567       2,309,578  

Kia Corp.

     38,886       2,214,160  

Korea Electric Power Corp.(b)

     54,719       685,532  

Korea Gas Corp.(b)

     15,952       269,892  

Korea Investment Holdings Co. Ltd.

     6,805       253,446  

Korea Zinc Co. Ltd.

     958       332,681  

Korean Air Lines Co. Ltd.

     27,028       410,258  

KT&G Corp.

     12,322       778,251  

Kumho Petrochemical Co. Ltd.

     2,341       219,618  

LG Chem Ltd.

     3,624       1,180,674  

LG Chem Ltd., Preference Shares

     563       116,931  

LG Corp.

     5,778       330,281  

LG Display Co. Ltd.(b)

     44,823       404,570  

LG Electronics, Inc.

     17,281       1,275,714  

LG Electronics, Inc., Preference Shares

     2,868       95,667  

LG H&H Co. Ltd.

     789       184,317  

LG H&H Co. Ltd., Preference Shares

     174       18,243  

LG Innotek Co. Ltd.

     1,569       259,070  

LOTTE Chemical Corp.

     4,813       521,731  

Meritz Financial Group, Inc.(b)

     11,304       420,170  

NAVER Corp.

     6,505       902,623  

NCSoft Corp.

     821       141,337  

POSCO Holdings, Inc.(a)

     13,010       3,964,026  

Posco International Corp.

     16,871       625,847  

Samsung C&T Corp.

     7,909       624,849  

Samsung Electro-Mechanics Co. Ltd.

     5,387       495,801  

Samsung Electronics Co. Ltd.

     421,383       20,873,365  

Samsung Electronics Co. Ltd., Preference Shares

     75,861       3,010,736  

Samsung Engineering Co. Ltd.(b)

     15,512       272,785  

Samsung Fire & Marine Insurance Co. Ltd.

     2,552       488,462  

Samsung Fire & Marine Insurance Co. Ltd., Preference Shares

     188       25,739  

Samsung Heavy Industries Co. Ltd.(b)

     73,015       368,711  

Samsung Life Insurance Co. Ltd.

     7,818       418,527  

Samsung SDI Co. Ltd.

     1,633       514,488  

Samsung SDI Co. Ltd., Preference Shares

     43       6,941  

Shinhan Financial Group Co. Ltd.

     55,422       1,426,022  

Shinsegae, Inc.

     1,902       237,724  

SK hynix, Inc.(a)

     69,991       6,027,139  

SK Innovation Co. Ltd.(b)

     12,365       1,118,806  

SK Square Co. Ltd.(b)

     9,716       306,109  

SK, Inc.

     4,044       425,196  

S-Oil Corp.

     7,482       367,854  

Woori Financial Group, Inc.

     100,690       887,202  
    

 

 

 
       65,933,135  
    

 

 

 

Spain-3.03%

    

Acciona S.A.(a)

     1,993       250,686  

Acerinox S.A.

     38,406       373,394  

ACS Actividades de Construccion y Servicios S.A.

     36,174       1,306,522  

Aena SME S.A.(c)

     3,677       531,491  

Amadeus IT Group S.A.(a)

     14,486       824,076  
         Shares       Value  

Spain-(continued)

 

Banco Bilbao Vizcaya Argentaria S.A.(a)

     1,013,393      $        7,950,125  

Banco de Sabadell S.A.

     1,187,747       1,470,131  

Banco Santander S.A.(a)

     2,551,790       9,348,644  

Bankinter S.A.(a)

     62,528       394,041  

CaixaBank S.A.

     366,576       1,485,951  

Cellnex Telecom S.A.(a)(c)

     17,545       514,069  

Cia de Distribucion Integral Logista Holdings S.A.

     10,612       260,007  

Enagas S.A.(a)

     33,542       559,994  

Endesa S.A.(a)

     53,387       1,002,480  

Grifols S.A.(a)(b)

     33,905       379,341  

Grifols S.A., Class B, Preference Shares(b)

     26,743       213,419  

Iberdrola S.A.

     628,420       6,974,522  

Industria de Diseno Textil S.A.(a)

     62,167       2,138,878  

Inmobiliaria Colonial SOCIMI S.A.(a)

     38,233       213,781  

Mapfre S.A.(a)

     189,983       393,993  

Merlin Properties SOCIMI S.A.

     48,554       403,388  

Naturgy Energy Group S.A.(a)

     17,024       480,450  

Redeia Corp. S.A.

     43,541       676,766  

Repsol S.A.

     249,662       3,648,318  

Telefonica S.A.(a)

     795,498       3,065,709  
    

 

 

 
       44,860,176  
    

 

 

 

Sweden-2.20%

 

Alfa Laval AB

     15,776       509,174  

Assa Abloy AB, Class B(a)

     46,584       990,248  

Atlas Copco AB, Class A(a)

     101,564       1,310,837  

Atlas Copco AB, Class B

     61,616       689,638  

Billerud AB

     25,135       232,843  

Boliden AB(b)

     23,396       598,372  

Castellum AB(a)

     49,814       475,060  

Dometic Group AB(a)(c)

     42,154       259,203  

Electrolux AB, Class B(a)(b)

     56,448       472,899  

Epiroc AB, Class A(a)

     22,047       362,101  

Epiroc AB, Class B

     13,348       184,821  

Essity AB, Class B

     55,793       1,269,901  

Fastighets AB Balder, Class B(a)(b)

     61,870       261,321  

Getinge AB, Class B

     13,863       248,656  

H & M Hennes & Mauritz AB, Class B(a)

     97,298       1,300,192  

Hexagon AB, Class B

     69,556       564,658  

Holmen AB, Class B(a)

     7,849       295,550  

Husqvarna AB, Class B(a)

     42,634       275,128  

Industrivarden AB, Class A

     12,211       314,984  

Industrivarden AB, Class C(a)

     14,459       371,678  

Investor AB, Class A(a)

     35,370       641,701  

Investor AB, Class B

     124,521       2,278,071  

Kinnevik AB, Class B(b)

     29,689       252,390  

Sandvik AB

     66,815       1,133,851  

Securitas AB, Class B(a)

     77,315       617,681  

Skandinaviska Enskilda Banken AB, Class A

     166,969       1,857,594  

Skandinaviska Enskilda Banken AB, Class C

     2,320       26,621  

Skanska AB, Class B

     37,232       557,681  

SKF AB, Class B

     46,257       745,650  

SSAB AB, Class A

     32,855       196,554  

SSAB AB, Class B(a)

     91,727       531,349  

Svenska Cellulosa AB S.C.A., Class B(a)

     46,688       639,144  

Svenska Handelsbanken AB, Class A

     195,090       1,658,832  

Svenska Handelsbanken AB, Class B(a)

     4,608       47,430  

Swedbank AB, Class A

     126,391       2,067,366  

Tele2 AB, Class B(a)

     94,360       668,387  

 

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

 

    55    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

Sweden-(continued)

 

Telefonaktiebolaget LM Ericsson, Class A

     4,369      $           20,412  

Telefonaktiebolaget LM Ericsson, Class B(a)

     351,380       1,572,815  

Telia Co. AB(a)

     587,785       1,242,105  

Trelleborg AB, Class B

     16,633       419,225  

Volvo AB, Class A

     24,164       483,165  

Volvo AB, Class B

     175,630       3,472,468  

Volvo Car AB, Class B(a)(b)

     97,379       333,904  
    

 

 

 
            32,451,660  
    

 

 

 

Switzerland-4.73%

 

ABB Ltd.

     91,166       3,049,385  

Adecco Group AG(a)

     25,257       950,277  

Alcon, Inc.

     17,188       1,224,247  

Avolta AG(a)(b)

     8,319       289,869  

Baloise Holding AG(a)

     3,984       569,987  

Barry Callebaut AG(a)

     223       336,932  

Chocoladefabriken Lindt & Spruengli AG

     3       326,356  

Chocoladefabriken Lindt & Spruengli AG, PC

     37       408,604  

Cie Financiere Richemont S.A.

     19,382       2,276,727  

Clariant AG(b)

     20,543       290,521  

DKSH Holding AG

     3,385       207,180  

DSM-Firmenich AG

     11,771       1,064,907  

Galenica AG(c)

     3,742       281,868  

Geberit AG(a)

     1,426       660,938  

Georg Fischer AG

     5,402       278,514  

Givaudan S.A

     366       1,214,571  

Helvetia Holding AG

     2,990       400,178  

Julius Baer Group Ltd.

     15,922       937,772  

Kuehne + Nagel International AG, Class R

     3,328       894,122  

Logitech International S.A., Class R

     6,789       530,856  

Lonza Group AG

     1,798       625,907  

Nestle S.A.

     142,266       15,329,492  

Novartis AG

     131,287       12,196,036  

Partners Group Holding AG(a)

     830       872,638  

PSP Swiss Property AG

     2,983       366,135  

Sandoz Group AG(b)

     26,255       682,304  

Schindler Holding AG

     1,127       218,576  

Schindler Holding AG, PC

     2,354       473,878  

SGS S.A.

     10,127       823,247  

SIG Group AG(a)(b)

     15,268       335,374  

Sika AG

     3,450       822,268  

Sonova Holding AG

     1,910       450,190  

Swatch Group AG (The)

     3,354       161,794  

Swatch Group AG (The), BR

     2,191       559,035  

Swiss Life Holding AG

     4,215       2,694,673  

Swiss Prime Site AG(a)

     5,664       525,292  

Swisscom AG(a)

     2,337       1,396,987  

UBS Group AG(b)

     349,360       8,146,167  

Zurich Insurance Group AG(a)

     15,043       7,117,758  
    

 

 

 
       69,991,562  
    

 

 

 

United Kingdom-10.89%

 

3i Group PLC

     70,584       1,656,903  

abrdn PLC(a)

     441,266       838,790  

Admiral Group PLC(a)

     28,069       832,094  

Ashtead Group PLC

     18,059       1,030,821  

Associated British Foods PLC

     37,690       926,590  

AstraZeneca PLC

     53,303       6,629,759  

Aviva PLC

     306,585       1,479,175  

B&M European Value Retail S.A.

     106,866       685,730  
         Shares       Value  

United Kingdom-(continued)

 

BAE Systems PLC

     274,107      $   3,672,074  

Balfour Beatty PLC

     85,288       320,000  

Barclays PLC

     2,672,940       4,268,421  

Barratt Developments PLC

     199,681       1,002,892  

Beazley PLC

     33,569       209,578  

Bellway PLC

     15,182       384,664  

Berkeley Group Holdings PLC (The)

     11,476       562,036  

BP PLC

     3,087,872            18,832,326  

British American Tobacco PLC

     291,807       8,689,453  

British Land Co. PLC (The)

     115,846       418,206  

BT Group PLC(a)

     889,348       1,216,776  

Bunzl PLC

     24,573       874,268  

Burberry Group PLC

     19,518       400,736  

Centrica PLC

     1,185,431       2,262,701  

CNH Industrial N.V.

     83,974       928,879  

Compass Group PLC

     120,492       3,030,957  

Croda International PLC

     5,558       295,268  

DCC PLC

     14,585       807,922  

Derwent London PLC

     11,873       262,645  

Diageo PLC

     95,093       3,585,188  

Direct Line Insurance Group PLC(b)

     308,283       565,993  

Dowlais Group PLC

     172,139       208,882  

Drax Group PLC

     47,831       245,279  

DS Smith PLC

     203,828       705,400  

easyJet PLC(b)

     46,726       207,521  

Entain PLC

     33,003       372,602  

Grafton Group PLC

     25,598       239,518  

Haleon PLC

     582,399       2,328,618  

Halma PLC

     11,012       246,539  

Harbour Energy PLC

     82,936       255,421  

Hiscox Ltd.

     22,964       261,380  

Howden Joinery Group PLC

     35,677       276,032  

HSBC Holdings PLC

     2,277,356       16,367,971  

IG Group Holdings PLC

     42,898       332,108  

IMI PLC

     16,925       300,877  

Imperial Brands PLC

     123,753       2,629,445  

Inchcape PLC

     24,869       200,981  

Informa PLC

     86,653       748,241  

InterContinental Hotels Group PLC

     7,282       513,392  

Intermediate Capital Group PLC

     22,684       359,076  

International Consolidated Airlines Group S.A.(a)(b)

     172,030       300,913  

International Distributions Services PLC(b)

     138,441       424,346  

Intertek Group PLC

     10,006       464,181  

Investec PLC

     70,544       390,429  

ITV PLC(a)

     473,871       367,207  

J Sainsbury PLC

     355,834       1,110,988  

JD Sports Fashion PLC

     127,464       197,206  

Johnson Matthey PLC(a)

     28,776       521,679  

Just Eat Takeaway.com N.V.(a)(b)(c)

     32,493       393,458  

Kingfisher PLC

     374,955       954,568  

Land Securities Group PLC

     88,791       613,061  

Legal & General Group PLC(a)

     633,702       1,625,595  

Lloyds Banking Group PLC

     8,620,259       4,177,828  

London Stock Exchange Group PLC

     15,732       1,580,653  

M&G PLC(a)

     294,980       709,444  

Man Group PLC

     112,278       299,055  

Marks & Spencer Group PLC(b)

     353,771       930,687  

 

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

 

    56    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

         Shares       Value  

United Kingdom-(continued)

 

Melrose Industries PLC, (Acquired 03/19/2021 - 10/23/2023;
Cost $794,937)(e)

     172,139      $        975,480  

National Grid PLC

     384,471       4,565,528  

NatWest Group PLC

     830,055       1,794,886  

Next PLC

     8,192       684,310  

OSB Group PLC

     44,183       160,734  

Pearson PLC

     72,235       834,112  

Pennon Group PLC

     37,537       330,916  

Persimmon PLC

     66,313       817,550  

Phoenix Group Holdings PLC

     89,583       493,301  

Reckitt Benckiser Group PLC

     43,822       2,925,735  

RELX PLC

     79,379       2,762,530  

Rentokil Initial PLC

     71,241       360,313  

Rolls-Royce Holdings PLC(b)

     616,361       1,611,028  

RS GROUP PLC

     24,552       201,756  

Sage Group PLC (The)(a)

     54,178       638,095  

Schroders PLC

     77,491       347,258  

Segro PLC

     95,370       824,901  

Severn Trent PLC(a)

     20,187       650,612  

Smith & Nephew PLC

     67,912       758,812  

Smiths Group PLC

     27,868       545,628  

Spectris PLC

     7,622       286,717  

Spirax-Sarco Engineering PLC

     2,039       202,689  

SSE PLC

     136,657       2,707,948  

St. James’s Place PLC

     62,004       481,227  

Standard Chartered PLC

     288,502       2,205,523  

Subsea 7 S.A

     29,321       384,238  

Tate & Lyle PLC

     46,450       355,380  

Taylor Wimpey PLC

     677,277       910,601  

Tesco PLC

     1,029,211       3,368,275  

Travis Perkins PLC

     37,815       339,378  

Tritax Big Box REIT PLC

     168,828       280,255  

Unilever PLC

     189,870       8,960,175  

United Utilities Group PLC

     66,611       859,214  

Virgin Money UK PLC

     189,062       341,717  

Vistry Group PLC

     32,974       282,887  

Vodafone Group PLC

     6,605,126       6,067,352  

Weir Group PLC (The)

     15,307       317,063  

Whitbread PLC

     14,273       576,396  

WPP PLC

     145,991       1,251,762  
    

 

 

 
          160,993,708  
    

 

 

 
         Shares       Value  

United States-3.83%

 

Amcor PLC, CDI(a)

     135,360      $ 1,186,133  

Bausch Health Cos., Inc.(b)

     81,789       556,159  

CRH PLC

     70,251       3,768,732  

Experian PLC

     30,675       927,215  

Ferguson PLC

     13,537       2,025,386  

Ferrovial SE(a)

     25,337       761,658  

GSK PLC

     434,534       7,684,661  

Holcim AG(b)

     62,960       3,879,783  

QIAGEN N.V.(b)

     7,600       282,126  

Roche Holding AG

     42,712       10,975,442  

Roche Holding AG, BR(a)

     1,817       493,558  

Sanofi

     107,038       9,696,030  

Signify N.V.

     20,567       531,744  

Stellantis N.V.

     458,958       8,538,090  

Swiss Re AG

     36,941       4,023,506  

Tenaris S.A.

     28,154       441,620  

Waste Connections, Inc.

     6,788       877,978  
    

 

 

 
       56,649,821  
    

 

 

 

Zambia-0.03%

 

First Quantum Minerals Ltd.

     38,853       449,752  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.78%
(Cost $1,456,305,195)

 

    1,475,285,209  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-8.11%

 

 

Invesco Private Government Fund,
5.32%(f)(g)(h)

     33,489,437       33,489,437  

Invesco Private Prime Fund, 5.53%(f)(g)(h)

     86,328,790       86,337,423  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $119,824,604)

 

    119,826,860  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-107.89%
(Cost $1,576,129,799)

 

    1,595,112,069  

OTHER ASSETS LESS LIABILITIES-(7.89)%

 

    (116,635,544
    

 

 

 

NET ASSETS-100.00%

     $ 1,478,476,525  
    

 

 

 

 

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

 

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

 

    57    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)–(continued)

October 31, 2023

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $10,062,571, which represented less than 1% of the Fund’s Net Assets.

(d) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(e) 

Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

(f) 

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
(Loss)
 

Value
October 31, 2023

   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                             

Invesco Government & Agency Portfolio, Institutional Class

               $ -                $ 52,307,606      $ (52,307,606 )          $ -          $ -               $ -                $ 18,413

Investments Purchased with Cash Collateral from Securities on Loan:

                                                             

Invesco Private Government Fund

            23,289,157             264,752,769        (254,552,489 )            -                -            33,489,437             1,644,105 *

Invesco Private Prime Fund

            59,722,272             494,594,762        (467,971,774 )            3,274            (11,111 )            86,337,423             4,383,874 *
         

 

 

           

 

 

      

 

 

          

 

 

          

 

 

          

 

 

           

 

 

 

Total

          $ 83,011,429           $ 811,655,137      $ (774,831,869 )          $ 3,274          $ (11,111 )          $ 119,826,860           $ 6,046,392
         

 

 

           

 

 

      

 

 

          

 

 

          

 

 

          

 

 

           

 

 

 

 

*

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.

 

(g) 

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

(h) 

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 2J.

 

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

 

    58    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

October 31, 2023

Schedule of Investments

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.84%

 

Australia-6.34%

    

29Metals Ltd.(a)

     110,925      $ 43,544  

Abacus Group

     114,135       69,374  

Abacus Storage King/Abacus SK Pty. Ltd.(a)

     113,453       71,474  

Adbri Ltd.(a)(b)

     176,299       219,899  

ALS Ltd.

     72,777       494,425  

Altium Ltd.

     5,825       145,606  

Alumina Ltd.(a)

     227,684       112,443  

Ansell Ltd.

     34,932       469,327  

ARB Corp. Ltd.(b)

     8,480       156,617  

Atlas Arteria Ltd.

     89,292       300,202  

AUB Group Ltd.

     7,628       130,063  

Bapcor Ltd.

     86,950              293,980  

Beach Energy Ltd.

     645,169       631,115  

Bega Cheese Ltd.(b)

     87,494       154,003  

Boral Ltd.(a)(b)

     143,109       407,743  

Breville Group Ltd.(b)

     17,287       232,040  

Brickworks Ltd.

     11,705       181,644  

BWP Trust

     94,408       194,267  

CAR Group Ltd.

     26,815       469,100  

Centuria Capital Group(b)

     143,099       103,741  

Centuria Industrial REIT(b)

     108,519       195,133  

Challenger Ltd.

     121,086       448,494  

Champion Iron Ltd.(b)

     82,124       370,217  

Charter Hall Group

     62,040       340,563  

Charter Hall Long Wale REIT

     111,638       213,465  

Charter Hall Retail REIT

     125,612       242,570  

Charter Hall Social Infrastructure REIT

     74,256       111,896  

Cleanaway Waste Management Ltd.

     395,106       560,362  

Cochlear Ltd.

     4,691       715,321  

Collins Foods Ltd.

     33,150       190,789  

Coronado Global Resources, Inc., CDI(c)

     285,690       312,026  

Corporate Travel Management Ltd.

     11,380       119,175  

Costa Group Holdings Ltd.

     127,028       249,326  

Credit Corp. Group Ltd.(b)

     11,703       89,436  

Cromwell Property Group(b)

     309,603       62,728  

CSR Ltd.

     194,305       690,166  

Domino’s Pizza Enterprises Ltd.(b)

     7,165       230,455  

Downer EDI Ltd.

     292,412       697,981  

Eagers Automotive Ltd.(b)

     32,846       267,650  

EBOS Group Ltd.(b)

     26,882       547,101  

Elders Ltd.(b)

     51,569       193,620  

EVT Ltd.

     15,875       104,433  

Flight Centre Travel Group Ltd.(b)

     26,809       316,228  

G8 Education Ltd.(b)

     189,109       113,748  

GrainCorp Ltd., Class A

     93,663       411,561  

Growthpoint Properties Australia Ltd.

     66,108       82,457  

GUD Holdings Ltd.

     29,436       198,302  

Harvey Norman Holdings Ltd.(b)

     286,882       666,617  

Healius Ltd.(a)

     221,517       253,859  

Helia Group Ltd.

     107,903       247,314  

IGO Ltd.

     51,766       311,697  

Iluka Resources Ltd.

     55,767       255,636  

Ingenia Communities Group

     54,756       135,208  

Inghams Group Ltd.

     110,590       257,674  

Insignia Financial Ltd.(b)

     185,402       241,818  

InvoCare Ltd.

     24,066       192,905  

IPH Ltd.

     25,258       109,066  
         Shares       Value  

Australia-(continued)

    

IRESS Ltd.

     44,793      $ 141,520  

Link Administration Holdings Ltd.

     167,614       126,289  

Lottery Corp. Ltd. (The)

     207,292       594,549  

Lynas Rare Earths Ltd.(a)

     39,738       177,379  

Magellan Financial Group Ltd.(b)

     69,149       284,143  

McMillan Shakespeare Ltd.

     19,350       205,334  

Monadelphous Group Ltd.

     28,311       251,848  

Myer Holdings Ltd.(b)

     224,543       71,085  

National Storage REIT

     214,837       272,048  

NEXTDC Ltd.(a)

     40,993       304,968  

nib holdings Ltd.

     114,045       522,783  

Nine Entertainment Co. Holdings Ltd.(b)

     380,790       444,825  

NRW Holdings Ltd.

     125,834       199,180  

Nufarm Ltd.

     119,746       328,289  

OceanaGold Corp.

     240,506       401,926  

Orora Ltd.

     222,098       345,929  

Perenti Ltd.(a)

     203,788       137,415  

Perpetual Ltd.(b)

     23,435       284,145  

Perseus Mining Ltd.

     194,787       210,277  

Platinum Asset Management Ltd.

     103,415       73,662  

Premier Investments Ltd.

     14,560       209,356  

Qube Holdings Ltd.

     364,298       613,543  

Ramelius Resources Ltd.

     294,389       308,480  

REA Group Ltd.(b)

     2,798       254,590  

Reece Ltd.

     29,604       327,266  

Region RE Ltd.

     275,130       342,300  

Regis Resources Ltd.(a)

     344,189       377,007  

Sandfire Resources Ltd.(a)

     80,416       303,965  

SEEK Ltd.

     42,056       548,798  

Seven Group Holdings Ltd.

     28,830       506,358  

Silver Lake Resources Ltd.(a)(b)

     287,215       190,943  

SmartGroup Corp. Ltd.

     38,126       207,117  

St Barbara Ltd.(a)

     764,834       84,745  

Steadfast Group Ltd.

     92,884       317,571  

Super Retail Group Ltd.(b)

     57,074       476,278  

Tabcorp Holdings Ltd.

     435,204       213,551  

TPG Telecom Ltd.(b)

     129,809       425,737  

United Malt Grp Ltd.(a)

     82,186       260,180  

Ventia Services Group Pty. Ltd.

     80,086       139,443  

Viva Energy Group Ltd.(c)

     299,812       537,208  

Washington H Soul Pattinson & Co. Ltd.

     34,550       731,074  

Waypoint REIT Ltd.

     186,322       250,096  

Webjet Ltd.(a)(b)

     37,252       143,639  

West African Resources Ltd.(a)

     228,427       107,025  

Westgold Resources Ltd.(a)

     233,962       309,598  

Whitehaven Coal Ltd.

     160,329       751,191  

Yancoal Australia Ltd.(b)

     60,743       185,759  
    

 

 

 
         30,128,016  
    

 

 

 

Austria-0.70%

    

AT&S Austria Technologie & Systemtechnik AG

     9,095       227,646  

CA Immobilien Anlagen AG

     12,099       407,958  

Eurotelesites AG(a)

     5,072       17,048  

EVN AG(b)

     13,821       374,716  

Immofinanz AG(a)

     14,634       293,895  

Kontron AG

     11,151       223,945  

Lenzing AG(a)

     7,029       273,040  

 

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

 

    59    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Austria-(continued)

    

Mayr Melnhof Karton AG

     1,049      $ 123,076  

Oesterreichische Post AG(b)

     6,834       217,790  

Schoeller-Bleckmann Oilfield Equipment AG

     1,869       94,233  

Telekom Austria AG(a)

     20,288       141,533  

UNIQA Insurance Group AG

     31,757       255,782  

Verbund AG

     6,049       524,291  

Vienna Insurance Group AG Wiener Versicherung Gruppe

     6,670       178,722  
    

 

 

 
       3,353,675  
    

 

 

 

Belgium-1.02%

    

Ackermans & van Haaren N.V.

     3,636       539,208  

Aedifica S.A.(b)

     7,407       402,812  

Barco N.V.

     10,171       155,778  

Bekaert S.A.

     10,042       405,470  

bpost S.A.

     37,917       205,201  

Deme Group N.V.

     1,153       106,638  

D’Ieteren Group

     2,621       388,133  

Euronav N.V.

     27,009       482,185  

Fagron

     10,707       187,641  

Galapagos N.V.(a)(b)

     10,441       344,659  

KBC Ancora

     6,054       228,447  

Lotus Bakeries N.V.(b)

     26       192,374  

Melexis N.V.

     2,439       178,786  

Montea N.V.

     2,040       143,824  

Recticel S.A.(b)

     10,999       98,704  

Shurgard Self Storage Ltd.(b)

     3,399       126,860  

Warehouses De Pauw C.V.A.(b)

     20,742       511,275  

Xior Student Housing N.V.(c)

     5,281       151,552  
    

 

 

 
           4,849,547  
    

 

 

 

Brazil-0.03%

    

ERO Copper Corp.(a)

     11,313       153,366  
    

 

 

 

Cambodia-0.02%

    

NagaCorp Ltd.(a)

     173,014       74,295  
    

 

 

 

Canada-8.42%

    

ADENTRA, Inc.

     7,027       128,569  

Advantage Energy Ltd.(a)

     50,900       369,215  

Aecon Group, Inc.(b)

     60,009       440,909  

Africa Oil Corp.

     74,175       136,782  

Ag Growth International, Inc.

     5,185       181,778  

Alamos Gold, Inc., Class A(b)

     58,404       722,346  

Algoma Steel Group, Inc.

     99,069       692,216  

Altus Group Ltd.

     4,126       139,985  

Aritzia, Inc.(a)

     6,864       106,650  

Artis REIT(b)

     41,314       183,320  

Athabasca Oil Corp.(a)

     93,437       277,299  

ATS Corp.(a)

     7,654       257,477  

Aurora Cannabis, Inc.(a)(b)

     277,841       122,084  

AutoCanada, Inc.(a)

     8,721       150,580  

Badger Infrastructure Solutions Ltd.

     6,916       182,982  

Ballard Power Systems, Inc.(a)

     31,405       104,740  

Baytex Energy Corp.

     163,244       705,539  

Birchcliff Energy Ltd.

     68,026       375,350  

BlackBerry Ltd.(a)

     80,166       288,153  

Boardwalk REIT, Class E

     9,964       464,807  

Boralex, Inc., Class A

     11,375       211,481  

Boyd Group Services, Inc.

     2,338       398,180  

Brookfield Business Corp., Class A

     8,464       119,621  

Brookfield Infrastructure Corp., Class A

     12,674       326,014  
         Shares       Value  

Canada-(continued)

    

Brookfield Reinsurance Ltd., Class A(a)

     7,678      $ 224,989  

BRP, Inc.

     4,532       305,985  

Canaccord Genuity Group, Inc.

     38,897       200,894  

Canfor Corp.(a)

     34,575              353,159  

Canopy Growth Corp.(a)(b)

     124,732       70,082  

Cardinal Energy Ltd.(b)

     26,983       144,220  

Cascades, Inc.

     29,629       239,892  

Centerra Gold, Inc.

     111,782       567,667  

CES Energy Solutions Corp.

     89,631       234,367  

Chartwell Retirement Residences

     76,241       557,975  

Chemtrade Logistics Income Fund

     60,417       354,690  

Choice Properties REIT

     47,769       414,290  

Chorus Aviation, Inc.(a)(b)

     77,730       116,462  

Cineplex, Inc.(a)

     45,927       275,909  

Cogeco Communications, Inc.(b)

     4,582       180,276  

Cogeco, Inc.

     3,862       131,140  

Colliers International Group, Inc.

     3,267       295,836  

Converge Technology Solutions Corp.

     52,591       104,557  

Crew Energy, Inc.(a)

     57,826       257,838  

Crombie REIT(b)

     24,379       213,892  

CT REIT

     15,882       144,720  

Definity Financial Corp.

     14,668       405,094  

dentalcorp Holdings Ltd.(a)

     23,658       93,729  

Descartes Systems Group, Inc. (The)(a)

     3,901       281,648  

Doman Building Materials Group Ltd.

     34,548       167,732  

Dream Industrial REIT(b)

     44,092       371,920  

Dream Office REIT(b)

     15,437       84,510  

Dundee Precious Metals, Inc.

     45,476       297,768  

Enerflex Ltd.

     58,599       233,003  

Enerplus Corp.

     27,440       463,510  

Enghouse Systems Ltd.

     5,764       135,189  

Ensign Energy Services, Inc.(a)

     60,140       110,035  

EQB, Inc.

     5,348       265,117  

Equinox Gold Corp.(a)

     137,632       601,784  

Exchange Income Corp.

     5,765       177,113  

Fiera Capital Corp.

     29,796       100,018  

First Majestic Silver Corp.

     27,975       143,880  

FirstService Corp.

     3,314       468,436  

Fortuna Silver Mines, Inc.(a)

     108,452       303,892  

Freehold Royalties Ltd.(b)

     13,652       140,429  

GFL Environmental, Inc.(b)

     17,907       515,314  

goeasy Ltd.

     2,017       159,820  

Granite REIT

     12,500       568,612  

H&R REIT

     85,540       525,594  

Hudbay Minerals, Inc.

     132,363       576,839  

IAMGOLD Corp.(a)

     311,995       797,826  

Innergex Renewable Energy, Inc.

     32,253       198,408  

Interfor Corp.(a)

     43,910       541,185  

International Petroleum Corp.(a)

     28,400       296,428  

InterRent REIT

     29,616       250,880  

Ivanhoe Mines Ltd., Class A(a)(b)

     20,199       148,701  

Kelt Exploration Ltd.(a)

     54,335       308,417  

Killam Apartment REIT(b)

     30,880       348,561  

Laurentian Bank of Canada

     22,771       416,628  

Lightspeed Commerce, Inc.(a)

     31,836       396,961  

Lundin Gold, Inc.

     13,681       164,773  

Maple Leaf Foods, Inc.

     25,590       508,943  

Martinrea International, Inc.

     35,666       293,652  

Mullen Group Ltd.

     33,513       317,688  

New Gold, Inc.(a)

     250,253       304,648  

 

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

 

    60    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Canada-(continued)

    

NFI Group, Inc.

     35,151      $ 328,152  

North West Co., Inc. (The)

     13,365       340,419  

NorthWest Healthcare Properties REIT(b)

     70,313       203,101  

Nuvei Corp.(c)

     6,227       86,615  

NuVista Energy Ltd.(a)

     47,349       458,739  

Obsidian Energy Ltd.(a)

     38,292       325,203  

Osisko Gold Royalties Ltd.

     19,466       237,672  

Pan American Silver Corp.

     48,390       706,199  

Paramount Resources Ltd., Class A

     9,856       236,629  

Pason Systems, Inc.

     16,437       157,355  

Peyto Exploration & Development Corp.(b)

     63,401       666,778  

PrairieSky Royalty Ltd.

     29,400       515,678  

Precision Drilling Corp.(a)

     8,322       481,846  

Premium Brands Holdings Corp.

     8,768       563,880  

Primaris REIT

     21,551       192,962  

Quebecor, Inc., Class B

     14,642       301,752  

RB Global, Inc.

     11,132       727,700  

Richelieu Hardware Ltd.

     7,338       219,255  

Russel Metals, Inc.

     27,959       695,828  

Secure Energy Services, Inc.

     55,862       309,841  

ShawCor Ltd.(a)

     23,959       250,592  

Sienna Senior Living, Inc.

     28,350       204,827  

Silvercorp Metals, Inc.

     45,723       101,442  

Slate Grocery REIT, Class U

     13,065       92,700  

Sleep Country Canada Holdings, Inc.(c)

     11,560       182,112  

SmartCentres REIT

     37,957       587,571  

Spartan Delta Corp.

     15,308       49,180  

Stantec, Inc.

     15,636       955,674  

Stelco Holdings, Inc.

     14,601       411,026  

Stella-Jones, Inc.

     15,780       825,686  

Superior Plus Corp.

     80,503       540,456  

Tamarack Valley Energy Ltd.(b)

     77,217       233,055  

Taseko Mines Ltd.(a)

     90,083       96,037  

Topaz Energy Corp.

     11,957       182,596  

Torex Gold Resources, Inc.(a)

     42,652       410,774  

TransAlta Corp.(b)

     81,823       598,238  

Transcontinental, Inc., Class A

     23,121       170,045  

Trican Well Service Ltd.

     60,697       205,056  

Tricon Residential, Inc.

     65,012       430,369  

Westshore Terminals Investment Corp.

     9,962       167,845  

Whitecap Resources, Inc.

     62,917       485,389  

Winpak Ltd.

     5,492       149,381  
    

 

 

 
         40,045,257  
    

 

 

 

China-0.96%

    

BOC Aviation Ltd.(c)

     61,472       377,885  

Budweiser Brewing Co. APAC Ltd.(c)

     180,051       342,402  

CapitaLand China Trust

     328,031       189,150  

China Travel International Investment Hong Kong Ltd.

     671,367       119,265  

Chow Tai Fook Jewellery Group Ltd.

     344,507       486,077  

ESR Group Ltd.(b)(c)

     196,899       252,647  

Huabao International Holdings Ltd.(b)

     287,586       96,663  

MMG Ltd.(a)

     2,031,269       599,677  

Nexteer Automotive Group Ltd.

     488,507       235,369  

Powerlong Real Estate Holdings Ltd.(a)(b)

     1,599,996       159,497  

Shangri-La Asia Ltd.(a)

     149,205       95,153  

SITC International Holdings Co. Ltd.

     397,002       610,882  
         Shares       Value  

China-(continued)

    

Want Want China Holdings Ltd.

     611,544      $ 379,841  

Wharf (Holdings) Ltd. (The)

     238,420       604,536  
    

 

 

 
       4,549,044  
    

 

 

 

Colombia-0.18%

    

Aris Mining Corp.(a)(b)

     51,781       128,683  

Parex Resources, Inc.

     37,076       709,872  
    

 

 

 
       838,555  
    

 

 

 

Denmark-1.45%

    

Alm Brand A/S(b)

     208,029       300,494  

Ambu A/S, Class B(a)(b)

     9,164       90,169  

Bavarian Nordic A/S(a)(b)

     6,357       120,859  

D/S Norden A/S

     6,222       352,983  

Demant A/S(a)

     13,169       501,110  

Dfds A/S

     9,506       274,087  

FLSmidth & Co. A/S(b)

     17,579       657,717  

GN Store Nord A/S(a)(b)

     26,225       435,638  

H Lundbeck A/S, Class A

     20,476       92,559  

H. Lundbeck A/S

     80,046       417,384  

NKT A/S(a)(b)

     8,799       441,112  

Per Aarsleff Holding A/S

     4,134       180,608  

Ringkjoebing Landbobank A/S

     2,514       341,960  

ROCKWOOL A/S, Class B(b)

     1,484       329,528  

Royal Unibrew A/S(b)

     8,719       629,475  

Scandinavian Tobacco Group A/S(c)

     13,796       204,556  

Schouw & Co. A/S

     1,881       115,875  

Spar Nord Bank A/S

     12,737       192,642  

Sydbank A/S

     14,658       635,197  

Topdanmark A/S(b)

     13,398       599,569  
    

 

 

 
           6,913,522  
    

 

 

 

Egypt-0.13%

    

Centamin PLC

     628,793       629,101  
    

 

 

 

Faroe Islands-0.07%

    

Bakkafrost P/F

     7,592       342,166  
    

 

 

 

Finland-0.84%

    

Cargotec OYJ, Class B

     15,857       623,839  

Caverion OYJ(b)

     24,742       223,079  

Citycon OYJ(a)(b)

     29,171       153,984  

Kemira OYJ

     13,039       210,592  

Kojamo OYJ(b)

     57,897       493,249  

Metsa Board OYJ(b)

     49,361       372,527  

Metso OYJ

     72,952       640,478  

TietoEVRY OYJ(b)

     26,447       552,940  

Tokmanni Group Corp.(b)

     19,304       260,155  

Uponor OYJ

     12,483       376,836  

YIT OYJ(b)

     51,831       92,149  
    

 

 

 
       3,999,828  
    

 

 

 

France-3.26%

    

Adevinta ASA, Class B(a)

     62,384       547,522  

Aeroports de Paris S.A.(b)

     5,547       620,324  

ALD S.A.(b)(c)

     46,341       310,304  

Alten S.A.

     3,941       463,635  

Beneteau S.A.

     8,359       100,548  

bioMerieux

     5,106       488,432  

Carmila S.A.(a)(b)

     9,792       136,829  

Casino Guichard Perrachon S.A., (Acquired 03/18/2022 - 11/17/2022;
Cost $686,740)(a)(b)(d)

     40,188       38,231  

 

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

 

    61    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

France-(continued)

    

CGG S.A.(a)(b)

     890,084      $ 626,585  

Cie Plastic Omnium SE

     22,105       247,669  

Coface S.A.

     32,441       390,222  

Dassault Aviation S.A.

     4,010       794,732  

Derichebourg S.A.

     59,236       255,584  

Elior Group S.A.(a)(b)(c)

     173,688       328,256  

Eramet S.A.(b)

     3,261       224,909  

Esso S.A. Francaise

     2,468       150,912  

Euroapi S.A.(a)

     11,300       59,064  

Eutelsat Communications S.A.(b)

     101,276       431,406  

Fnac Darty S.A.(b)

     5,278       123,739  

Gaztransport Et Technigaz S.A.

     3,667       467,836  

Getlink SE

     39,261       632,236  

ICADE

     12,660       412,154  

Imerys S.A.(b)

     15,571       411,793  

Ipsen S.A.

     5,249       618,624  

Ipsos S.A.

     10,655       516,491  

JCDecaux SE(a)

     22,428       349,906  

La Francaise des Jeux SAEM(c)

     13,341       428,966  

Mercialys S.A.(b)

     44,737       380,188  

Metropole Television S.A.

     33,995       425,084  

Neoen S.A.(c)

     4,654       122,392  

Nexity S.A.(b)

     22,974       320,057  

Remy Cointreau S.A.(b)

     2,141       242,484  

Sartorius Stedim Biotech

     734       136,974  

Societe BIC S.A.

     10,123       633,976  

SOITEC(a)

     1,950       289,592  

Solutions 30 SE(a)(b)

     60,850       103,810  

Sopra Steria Group SACA

     4,446       795,612  

Television Francaise 1(b)

     32,660       229,914  

Trigano S.A.

     2,212       289,455  

Vallourec S.A.(a)

     49,343       590,662  

Verallia S.A.(c)

     18,187       590,935  

Virbac S.A.

     556       159,265  
    

 

 

 
         15,487,309  
    

 

 

 

Georgia-0.13%

    

Bank of Georgia Group PLC

     8,437       340,922  

TBC Bank Group PLC

     8,062       262,669  
    

 

 

 
       603,591  
    

 

 

 

Germany-3.86%

    

1&1 AG

     15,636       268,072  

AIXTRON SE

     6,421       179,584  

Auto1 Group SE(a)(b)(c)

     36,820       215,610  

Bechtle AG

     17,131       761,962  

Bilfinger SE

     9,887       361,798  

Branicks Group AG(b)

     16,898       69,659  

CANCOM SE

     10,772       267,799  

Carl Zeiss Meditec AG, BR

     2,240       193,534  

CECONOMY AG(a)

     87,395       165,354  

CompuGroup Medical SE & Co. KGaA

     3,482       127,124  

CTS Eventim AG& Co. KGaA

     4,114       248,082  

Deutsche Pfandbriefbank AG(b)(c)

     77,331       514,955  

Deutsche Wohnen SE

     16,997       364,706  

Deutz AG

     54,847       221,342  

Duerr AG

     17,821       364,869  

DWS Group GmbH & Co. KGaA(c)

     14,385       420,569  

Encavis AG(a)

     12,180       158,418  

Evotec SE(a)

     18,095       311,187  

Fielmann Group AG

     7,015       301,191  
         Shares       Value  

Germany-(continued)

    

flatexDEGIRO AG(a)

     15,663      $ 158,141  

Fraport AG Frankfurt Airport Services Worldwide(a)

     11,696       577,708  

Gerresheimer AG

     7,899       733,899  

Grand City Properties S.A.(a)(b)

     35,105       312,989  

GRENKE AG

     8,855       189,067  

Heidelberger Druckmaschinen AG(a)(b)

     98,657       117,837  

Hella GmbH & Co. KGaA

     2,102       159,748  

HelloFresh SE(a)

     30,819       669,756  

Hensoldt AG

     7,149       210,826  

HOCHTIEF AG

     9,893       1,020,594  

Hornbach Holding AG& Co. KGaA

     2,162       128,659  

Jenoptik AG

     8,903       210,418  

Kloeckner & Co. SE

     43,052       266,665  

Krones AG

     3,563       345,727  

METRO AG(a)

     29,644       188,002  

Nemetschek SE

     2,950       219,518  

Nordex SE(a)(b)

     33,782       354,433  

Norma Group SE

     7,578       133,125  

PATRIZIA SE

     12,528       101,037  

Rational AG

     398       226,119  

SAF-Holland SE

     14,549       193,767  

Sartorius AG

     77       15,773  

Sartorius AG, Preference Shares(b)

     761       189,994  

Scout24 SE(c)

     11,727       719,184  

Siltronic AG

     8,213       702,305  

Sirius Real Estate Ltd.

     325,748       315,433  

Sixt SE

     3,243       278,684  

Sixt SE, Preference Shares

     4,309       247,316  

Softwareone Holding AG(a)

     17,058       334,019  

Stabilus SE

     5,705       361,208  

Stroeer SE & Co. KGaA

     7,080       323,589  

Suedzucker AG

     36,247       547,877  

Synlab AG

     25,380       265,986  

TeamViewer SE(a)(c)

     11,210       171,751  

Traton SE

     25,720       505,389  

Vitesco Technologies Group AG(a)

     8,792       855,899  

Wacker Chemie AG(b)

     4,179       510,187  
    

 

 

 
         18,378,444  
    

 

 

 

Ghana-0.06%

    

Tullow Oil PLC(a)(b)

     712,047       286,686  
    

 

 

 

Hong Kong-1.44%

    

ASMPT Ltd.

     83,543       704,680  

Cathay Pacific Airways Ltd.(a)

     427,803       429,739  

CK Infrastructure Holdings Ltd.

     129,360       599,302  

Cowell e Holdings, Inc.(a)(b)

     133,460       319,979  

DFI Retail Group Holdings Ltd.

     50,751       108,100  

Fortune REIT

     182,657       102,246  

HKBN Ltd.

     338,081       117,092  

Hysan Development Co. Ltd.

     134,787       248,055  

Kerry Properties Ltd.

     141,723       238,360  

Luk Fook Holdings International Ltd.

     94,698       234,548  

Man Wah Holdings Ltd.

     312,822       194,299  

Melco International Development Ltd.(a)(b)

     382,921       266,713  

NWS Holdings Ltd.

     177,788       210,403  

Pacific Basin Shipping Ltd.

     2,415,139       697,571  

PCCW Ltd.

     663,053       324,552  

Renze Harvest International Ltd.(a)(b)

     2,838,593       54,417  

Sino Land Co. Ltd.

     372,641       371,946  

 

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

 

    62    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Hong Kong-(continued)

    

Swire Properties Ltd.

     306,274      $ 592,617  

United Energy Group Ltd.

     2,429,179       388,068  

United Laboratories International Holdings Ltd. (The)

     218,020       222,629  

Vitasoy International Holdings Ltd.(b)

     101,872       125,508  

VTech Holdings Ltd.

     28,948       168,517  

Yue Yuen Industrial Holdings Ltd.

     90,370       105,793  
    

 

 

 
           6,825,134  
    

 

 

 

Indonesia-0.04%

    

First Resources Ltd.

     162,610       179,221  
    

 

 

 

Iraq-0.03%

    

Gulf Keystone Petroleum Ltd.(b)

     90,215       132,460  
    

 

 

 

Ireland-0.35%

    

C&C Group PLC(b)

     103,296       174,480  

Dalata Hotel Group PLC

     48,603       206,007  

Glanbia PLC

     56,886       894,712  

Greencore Group PLC(a)(b)

     250,116       272,698  

Irish Residential Properties REIT PLC

     127,404       122,546  
    

 

 

 
       1,670,443  
    

 

 

 

Israel-1.54%

    

Airport City Ltd.(a)

     11,328       148,714  

Alony Hetz Properties & Investments Ltd.

     36,930       179,559  

Amot Investments Ltd.

     36,726       153,602  

Ashdod Refinery Ltd.(a)

     1,483       29,095  

Azrieli Group Ltd.(b)

     7,770       333,613  

Big Shopping Centers Ltd.(a)

     2,697       188,664  

Clal Insurance Enterprises Holdings Ltd.(a)

     12,341       153,990  

Delek Group Ltd.(b)

     3,857       420,446  

Elbit Systems Ltd.

     4,143       768,373  

Electra Ltd.(b)

     383       121,142  

Fattal Holdings 1998 Ltd.(a)

     1,545       127,670  

First International Bank of Israel Ltd. (The)

     16,147       548,804  

Fox Wizel Ltd.

     1,915       108,636  

G City Ltd.(b)

     55,942       135,031  

Harel Insurance Investments & Financial Services Ltd.(b)

     30,244       193,924  

Isracard Ltd.

     41,698       129,870  

Israel Corp. Ltd.(b)

     1,295       278,875  

Melisron Ltd.(b)

     3,924       212,323  

Mivne Real Estate KD Ltd.(b)

     104,801       225,920  

Nice Ltd.(a)

     3,483       537,747  

Nova Ltd.(a)

     1,917       182,386  

Oil Refineries Ltd.

     797,666       218,466  

Paz Oil Co. Ltd.(a)

     1,483       105,317  

Phoenix Holdings Ltd. (The)(b)

     37,000       313,977  

Plus500 Ltd.

     33,308       570,293  

Shikun & Binui Ltd.(a)

     71,936       162,523  

Shufersal Ltd.(a)

     39,063       164,438  

Strauss Group Ltd.(a)(b)

     9,848       182,230  

Tower Semiconductor Ltd.(a)

     18,672       431,959  
    

 

 

 
       7,327,587  
    

 

 

 

Italy-2.65%

    

ACEA S.p.A.(b)

     15,404       185,127  

Amplifon S.p.A.(b)

     12,559       353,642  

Anima Holding S.p.A.(c)

     95,627       389,756  

Banca Generali S.p.A.(b)

     17,020       550,858  

Banca IFIS S.p.A.

     15,072       256,969  
         Shares       Value  

Italy-(continued)

    

Banca Mediolanum S.p.A.

     79,170      $ 644,859  

Banca Monte dei Paschi di Siena S.p.A.(a)(b)

     271,472       731,999  

Banca Popolare di Sondrio S.p.A.(b)

     86,080       468,581  

BFF Bank S.p.A.(b)(c)

     45,879       440,084  

Brembo S.p.A.

     34,909       374,523  

Buzzi S.p.A.

     32,221       851,440  

Credito Emiliano S.p.A.

     22,661       183,238  

Danieli & C. Officine Meccaniche S.p.A.

     3,536       93,439  

Danieli & C. Officine Meccaniche S.p.A., RSP

     12,077       243,308  

Davide Campari-Milano N.V.(b)

     42,691       470,648  

De’ Longhi S.p.A.

     17,905       399,709  

DiaSorin S.p.A.(b)

     2,277       203,374  

Enav S.p.A.(c)

     41,530       138,013  

ERG S.p.A.(b)

     13,666       335,123  

Illimity Bank S.p.A.(b)

     20,615       104,897  

Infrastrutture Wireless Italiane S.p.A.(b)(c)

     47,540       518,578  

Interpump Group S.p.A.(b)

     8,627       359,278  

Iren S.p.A.

     261,905       522,939  

Maire Tecnimont S.p.A.

     82,326       382,012  

MFE-MediaForEurope N.V., Class A(b)

     78,404       142,078  

MFE-MediaForEurope N.V., Class B(b)

     33,527       88,772  

OVS S.p.A.(b)(c)

     114,023       201,393  

Piaggio & C S.p.A.

     54,470       146,125  

PRADA S.p.A.

     59,108       355,044  

Recordati Industria Chimica e Farmaceutica S.p.A.

     15,693       723,215  

Reply S.p.A.

     2,107       197,878  

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

     357,658       543,061  

Salvatore Ferragamo S.p.A.(b)

     12,674       154,595  

Sesa S.p.A.(b)

     1,174       118,197  

Technogym S.p.A.(c)

     21,395       160,676  

UnipolSai Assicurazioni S.p.A.(b)

     108,618       256,943  

Webuild S.p.A.(b)

     167,289       300,955  

Webuild S.p.A., Wts., expiring 08/31/2030(a)

     6,553       0  
    

 

 

 
         12,591,326  
    

 

 

 

Japan-33.56%

    

77 Bank Ltd. (The)

     30,355       668,453  

ABC-MART, Inc.

     20,826       320,479  

ACOM Co. Ltd.

     165,276       385,129  

Activia Properties, Inc.

     191       515,194  

Adastria Co. Ltd.

     12,381       257,520  

ADEKA Corp.

     23,283       384,194  

Advance Residence Investment Corp.

     247       535,769  

Aeon Delight Co. Ltd.

     6,748       147,931  

AEON Financial Service Co. Ltd.

     43,209       353,216  

AEON Mall Co. Ltd.

     59,232       669,975  

AEON REIT Investment Corp.

     486       462,108  

Aica Kogyo Co. Ltd.

     8,691       198,445  

Aichi Financial Group, Inc.

     10,367       161,346  

Aiful Corp.

     96,536       241,587  

Ain Holdings, Inc.(b)

     9,666       270,746  

Air Water, Inc.

     44,536       557,711  

Alfresa Holdings Corp.

     55,372       873,111  

Alpen Co. Ltd.(b)

     9,691       125,101  

Amano Corp.

     12,107       245,506  

Anritsu Corp.

     44,512       329,773  

Aoyama Trading Co. Ltd.

     28,934       286,579  

Arclands Corp.(b)

     15,198       161,870  

Arcs Co. Ltd.

     8,928       169,605  

 

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

 

    63    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

ARE Holdings, Inc.(b)

     26,833      $        338,413  

Ariake Japan Co. Ltd.

     4,448       139,803  

As One Corp.

     3,783       119,376  

Asahi Intecc Co. Ltd.

     12,614       209,185  

Asanuma Corp.(b)

     6,636       155,553  

ASICS Corp.

     29,558       922,974  

ASKUL Corp.

     17,335       224,006  

Autobacs Seven Co. Ltd.(b)

     16,867       172,741  

Avex, Inc.

     15,174       137,768  

Azbil Corp.

     26,851       782,596  

Bank of Iwate Ltd. (The)

     13,335       239,941  

BayCurrent Consulting, Inc.

     3,968       98,489  

Bell System24 Holdings, Inc.

     13,007       132,694  

Benesse Holdings, Inc.

     27,547       324,591  

Bic Camera, Inc.(b)

     56,153       423,803  

BIPROGY, Inc.

     21,920       542,771  

BML, Inc.

     5,895       110,742  

Calbee, Inc.

     19,922       382,141  

Canon Marketing Japan, Inc.

     11,826       281,038  

Capcom Co. Ltd.

     10,992       351,219  

Central Glass Co. Ltd.

     11,357       213,124  

Chiba Kogyo Bank Ltd. (The)

     41,561       267,843  

Chiyoda Corp.(a)(b)

     66,042       153,936  

Chugin Financial Group, Inc.

     53,966       427,074  

Citizen Watch Co. Ltd.

     107,190       617,893  

CKD Corp.

     20,353       253,060  

Coca-Cola Bottlers Japan Holdings, Inc.

     51,154       681,963  

Colowide Co. Ltd.

     19,284       298,342  

Comforia Residential REIT, Inc.

     136       288,263  

COMSYS Holdings Corp.

     42,687       872,089  

Cosmos Pharmaceutical Corp.(b)

     5,132       531,855  

Create SD Holdings Co. Ltd.(b)

     6,680       142,250  

Credit Saison Co. Ltd.

     60,456       896,391  

Daicel Corp.

     80,629       678,541  

Daido Steel Co. Ltd.

     12,122       468,888  

Daihen Corp.

     6,505       202,738  

Daiichikosho Co. Ltd.

     13,854       202,900  

Daiki Aluminium Industry Co. Ltd.(b)

     19,229       157,824  

Daio Paper Corp.

     37,084       302,657  

Daiseki Co. Ltd.

     7,715       210,648  

Daishi Hokuetsu Financial Group, Inc.

     9,723       251,349  

Daiwa Office Investment Corp.

     73       318,617  

Daiwa Securities Living Investments Corp.

     429       316,697  

Daiwabo Holdings Co. Ltd.

     18,326       344,085  

DCM Holdings Co. Ltd.

     45,235       351,856  

DeNA Co. Ltd.

     27,928       270,622  

Descente Ltd.(b)

     4,719       129,781  

Dexerials Corp.(b)

     10,271       229,978  

DIC Corp.

     26,556       415,143  

Digital Garage, Inc.

     4,942       97,897  

DMG Mori Co. Ltd.

     46,800       763,132  

Doutor Nichires Holdings Co. Ltd.

     12,179       175,071  

DTS Corp.

     9,064       184,039  

Duskin Co. Ltd.

     7,290       158,224  

DyDo Group Holdings, Inc.

     3,786       145,995  

Earth Corp.

     5,357       175,448  

EDION Corp.(b)

     28,399       282,405  

Elecom Co. Ltd.

     14,916       167,632  

eRex Co. Ltd.(b)

     9,723       47,509  

Exedy Corp.

     10,066       166,365  
         Shares       Value  

Japan-(continued)

    

EXEO Group, Inc.(b)

     37,622      $        776,562  

Ezaki Glico Co. Ltd.

     14,647       424,192  

Fancl Corp.

     10,031       149,327  

Ferrotec Holdings Corp.(b)

     14,319       247,246  

Food & Life Cos. Ltd.

     14,651       244,756  

FP Corp.

     11,210       213,993  

Frontier Real Estate Investment Corp.

     103       307,752  

Fuji Co. Ltd.(b)

     12,532       157,721  

Fuji Corp.

     28,322       421,992  

Fuji Media Holdings, Inc.(b)

     42,067       414,295  

Fuji Oil Co. Ltd.

     80,580       168,135  

Fuji Oil Holdings, Inc.

     14,240       224,773  

Fuji Seal International, Inc.

     11,210       123,836  

Fuji Soft, Inc.

     10,430       371,897  

Fujimi, Inc.

     10,032       197,202  

Fujitec Co. Ltd.(b)

     13,309       285,874  

Fujitsu General Ltd.

     10,681       189,013  

Fukuoka REIT Corp.

     165       177,371  

Fukuyama Transporting Co. Ltd.

     9,154       247,822  

Furukawa Electric Co. Ltd.(b)

     32,491       481,213  

Fuyo General Lease Co. Ltd.

     3,862       310,602  

Geo Holdings Corp.

     23,344       361,154  

Global One Real Estate Investment Corp.

     285       216,039  

GLOBERIDE, Inc.

     7,442       94,988  

Glory Ltd.

     11,209       206,979  

GMO Internet Group, Inc.

     14,984       215,937  

Godo Steel Ltd.

     6,580       188,130  

GOLDWIN, Inc.

     2,786       173,917  

GS Yuasa Corp.

     25,565       406,234  

GungHo Online Entertainment, Inc.

     9,064       135,411  

Gunma Bank Ltd. (The)

     150,721       722,529  

Gunze Ltd.

     4,332       129,149  

H.I.S. Co. Ltd.(a)(b)

     18,577       208,285  

H.U. Group Holdings, Inc.

     23,195       387,872  

H2O Retailing Corp.

     55,816       593,376  

Hachijuni Bank Ltd. (The)

     184,633       1,040,416  

Hamamatsu Photonics K.K.

     12,107       444,244  

Hankyu Hanshin REIT, Inc.

     150       140,645  

Hanwa Co. Ltd.

     9,978       297,143  

Harmonic Drive Systems, Inc.

     4,232       90,539  

Hazama Ando Corp.

     34,049       261,474  

Heiwa Corp.(b)

     18,556       261,226  

Heiwa Real Estate Co. Ltd.

     7,406       188,029  

Heiwa Real Estate REIT, Inc.(b)

     203       189,401  

Heiwado Co. Ltd.

     8,300       134,931  

Hirata Corp.

     3,034       136,229  

Hirogin Holdings, Inc.

     84,135       530,049  

Hisamitsu Pharmaceutical Co., Inc.

     16,890       534,431  

Hitachi Zosen Corp.

     65,357       337,045  

Hokkaido Electric Power Co., Inc.

     72,903       304,523  

Hokkoku Financial Holdings, Inc.

     11,541       378,362  

Hokuhoku Financial Group, Inc.

     37,271       430,310  

Hokuriku Electric Power Co.(a)

     64,192       316,499  

Horiba Ltd.

     11,606       579,131  

Hoshino Resorts REIT, Inc.(b)

     47       184,344  

Hoshizaki Corp.

     20,636       660,592  

Hosiden Corp.

     21,977       255,548  

House Foods Group, Inc.

     20,544       431,784  

Hulic Reit, Inc.

     314       319,712  

Hyakugo Bank Ltd. (The)

     60,476       226,418  

 

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

 

    64    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

Ichigo Office REIT Investment Corp.(b)

     338      $        189,483  

Idec Corp.

     6,291       111,410  

IDOM, Inc.

     35,573       212,811  

Iida Group Holdings Co. Ltd.

     40,153       617,494  

Iino Kaiun Kaisha Ltd.

     32,598       230,744  

Inaba Denki Sangyo Co. Ltd.

     7,041       145,520  

Inabata & Co. Ltd.

     14,692       303,648  

Industrial & Infrastructure Fund Investment Corp.

     423       379,023  

INFRONEER Holdings, Inc.

     63,803       668,384  

Internet Initiative Japan, Inc.

     16,034       256,690  

Invincible Investment Corp.

     957       367,141  

IRISO Electronics Co. Ltd.(b)

     4,444       103,731  

Ishihara Sangyo Kaisha Ltd.

     17,049       157,381  

ITO EN Ltd.(b)

     15,731       508,665  

Itochu Techno-Solutions Corp.

     10,496       299,608  

Itoham Yonekyu Holdings, Inc.

     7,435       204,475  

Iwatani Corp.

     12,836       609,232  

Iyogin Holdings, Inc.

     61,927       441,825  

Izumi Co. Ltd.

     12,276       308,268  

J Trust Co. Ltd.(b)

     39,206       122,709  

Jaccs Co. Ltd.

     7,231       245,896  

JAFCO Group Co. Ltd.(b)

     26,107       279,093  

Japan Airport Terminal Co. Ltd.

     5,193       227,341  

Japan Aviation Electronics Industry Ltd.

     18,480       344,109  

Japan Display, Inc.(a)(b)

     975,642       238,362  

Japan Excellent, Inc.(b)

     410       358,982  

Japan Hotel REIT Investment Corp.

     774       351,110  

Japan Logistics Fund, Inc.

     169       312,345  

Japan Petroleum Exploration Co. Ltd.

     12,501       425,106  

Japan Prime Realty Investment Corp.

     196       458,147  

Japan Securities Finance Co. Ltd.

     22,609       222,589  

Japan Steel Works Ltd. (The)

     24,304       388,845  

Jeol Ltd.

     7,873       218,861  

Joyful Honda Co. Ltd.

     10,327       120,560  

JTEKT Corp.

     91,140       738,111  

Juroku Financial Group, Inc.

     10,284       275,019  

JVCKenwood Corp.

     174,065       740,189  

Kadokawa Corp.

     16,350       311,411  

Kaga Electronics Co. Ltd.

     9,920       391,049  

Kagome Co. Ltd.

     17,142       354,849  

Kakaku.com, Inc.

     19,491       186,487  

Kaken Pharmaceutical Co. Ltd.

     6,123       134,755  

Kamigumi Co. Ltd.

     29,590       595,923  

Kanamoto Co. Ltd.(b)

     10,699       172,023  

Kandenko Co. Ltd.

     22,088       203,604  

Kaneka Corp.

     21,461       519,927  

Kanematsu Corp.

     17,879       239,182  

Kansai Paint Co. Ltd.

     55,941       812,270  

Kanto Denka Kogyo Co. Ltd.(b)

     19,875       103,676  

Katitas Co. Ltd.(b)

     7,041       93,310  

KDX Realty Investment Corp.(b)

     1,064       1,107,368  

Keihan Holdings Co. Ltd.

     29,133       706,179  

Keikyu Corp.

     76,262       643,553  

Keisei Electric Railway Co. Ltd.

     25,906       967,680  

Keiyo Bank Ltd. (The)

     40,469       181,976  

Kewpie Corp.

     36,542       633,263  

KH Neochem Co. Ltd.

     12,492       186,994  

Kinden Corp.

     20,366       306,475  

Kiyo Bank Ltd. (The)(b)

     11,440       116,934  
         Shares       Value  

Japan-(continued)

    

Kobayashi Pharmaceutical Co. Ltd.

     8,346      $        342,779  

Kobe Bussan Co. Ltd.(b)

     10,548       260,696  

Koei Tecmo Holdings Co. Ltd.

     14,227       184,501  

Kohnan Shoji Co. Ltd.

     6,493       167,636  

Kokuyo Co. Ltd.

     19,896       305,840  

Komeri Co. Ltd.(b)

     9,096       187,992  

KOSE Corp.

     4,109       268,796  

KPP Group Holdings Co. Ltd.

     55,152       235,255  

K’s Holdings Corp.

     73,668       683,440  

Kumagai Gumi Co. Ltd.

     15,219       378,855  

Kumiai Chemical Industry Co. Ltd.(b)

     31,544       227,449  

Kureha Corp.

     6,515       383,299  

Kusuri no Aoki Holdings Co. Ltd.

     4,415       286,890  

KYB Corp.

     7,222       210,539  

Kyoritsu Maintenance Co. Ltd.(b)

     4,903       186,285  

Kyudenko Corp.

     11,533       341,546  

Kyushu Financial Group, Inc.(b)

     162,175       1,010,990  

LaSalle Logiport REIT

     347       339,565  

Lasertec Corp.

     1,245       207,205  

Leopalace21 Corp.(a)(b)

     138,582       295,566  

Life Corp.

     11,440       267,408  

Lintec Corp.

     11,025       180,686  

M3, Inc.

     22,300       340,732  

Mabuchi Motor Co. Ltd.

     18,783       532,564  

Macnica Holdings, Inc.

     20,462       814,048  

Makino Milling Machine Co. Ltd.

     8,306       342,233  

Mandom Corp.

     12,665       115,574  

Maruha Nichiro Corp., Class C

     17,261       294,170  

Maruichi Steel Tube Ltd.

     11,728       288,312  

Maruwa Co. Ltd.

     1,092       188,988  

Matsui Securities Co. Ltd.(b)

     28,401       140,650  

Maxell Ltd.

     17,027       180,788  

McDonald’s Holdings Co. (Japan) Ltd.(b)

     13,204       513,530  

Medipal Holdings Corp.

     51,459       859,660  

Megachips Corp.

     6,889       175,585  

Megmilk Snow Brand Co. Ltd.

     19,571       314,154  

Meidensha Corp.

     9,879       153,099  

Meiko Electronics Co. Ltd.(b)

     10,071       204,818  

MEITEC Group Holdings, Inc.

     17,872       311,428  

Menicon Co. Ltd.

     7,322       83,907  

Mirai Corp.(b)

     496       149,509  

MIRAIT ONE Corp.

     22,225       292,625  

Mitsubishi Estate Logistics REIT Investment Corp.

     69       173,360  

Mitsubishi Logistics Corp.

     26,570       687,913  

Mitsubishi Shokuhin Co. Ltd.

     5,488       143,320  

Mitsuboshi Belting Ltd.(b)

     5,588       159,768  

Mitsui E&S Co. Ltd.(b)

     55,041       149,373  

Mitsui Fudosan Logistics Park, Inc.

     92       277,315  

Mitsui High-Tec, Inc.

     2,612       108,675  

Mitsui Matsushima Holdings Co. Ltd.(b)

     4,994       91,079  

Mitsui-Soko Holdings Co. Ltd.

     8,564       242,028  

Miura Co. Ltd.

     16,145       309,532  

Mixi, Inc.(b)

     15,947       239,871  

Mizuho Leasing Co. Ltd.

     6,316       198,932  

Modec, Inc.(a)

     11,904       129,380  

Monex Group, Inc.

     58,096       252,033  

MonotaRO Co. Ltd.(b)

     13,050       103,447  

Mori Hills REIT Investment Corp.

     330       308,330  

Mori Trust REIT, Inc.

     619       301,233  

 

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

 

    65    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

Morinaga & Co. Ltd.

     14,806      $        532,623  

Morinaga Milk Industry Co. Ltd.

     21,209       826,121  

Musashi Seimitsu Industry Co. Ltd.

     17,324       164,152  

Musashino Bank Ltd. (The)(b)

     13,621       254,261  

Nachi-Fujikoshi Corp.

     5,165       127,552  

Nagase & Co. Ltd.

     13,262       199,090  

Nagoya Railroad Co. Ltd.(b)

     47,283       657,988  

Nakanishi, Inc.

     8,928       194,247  

Nankai Electric Railway Co. Ltd.

     23,670       450,909  

Nanto Bank Ltd. (The)

     9,292       165,660  

NEC Networks & System Integration Corp.

     24,001       321,873  

NET One Systems Co. Ltd.

     17,711       268,510  

Nexon Co. Ltd.

     36,270       657,528  

NEXTAGE Co. Ltd.

     5,763       78,961  

NHK Spring Co. Ltd.

     44,300       309,189  

Nichias Corp.

     10,738       211,009  

Nichicon Corp.

     23,524       193,852  

Nifco, Inc.

     18,451       426,537  

Nihon Kohden Corp.

     20,475       481,033  

Nihon M&A Center Holdings, Inc.

     24,252       109,774  

Nikkiso Co. Ltd.

     22,377       141,403  

Nikkon Holdings Co. Ltd.

     8,664       182,382  

Nippon Accommodations Fund, Inc.(b)

     87       349,850  

Nippon Carbon Co. Ltd.

     4,470       130,312  

Nippon Chemi-Con Corp.(a)(b)

     13,679       113,807  

Nippon Denko Co. Ltd.

     52,356       99,910  

Nippon Gas Co. Ltd.

     27,022       403,336  

Nippon Kayaku Co. Ltd.

     25,247       214,886  

Nippon Light Metal Holdings Co. Ltd.(b)

     28,276       308,068  

Nippon Paper Industries Co. Ltd.(a)(b)

     50,667       437,601  

Nippon Prologis REIT, Inc.

     384       681,562  

NIPPON REIT Investment Corp.

     121       278,840  

Nippon Sheet Glass Co. Ltd.(a)

     82,269       355,814  

Nippon Shinyaku Co. Ltd.

     9,922       399,252  

Nippon Shokubai Co. Ltd.

     6,719       247,784  

Nippon Soda Co. Ltd.

     6,844       243,129  

Nippon Thompson Co. Ltd.

     30,819       108,669  

Nippon Yakin Kogyo Co. Ltd.(b)

     7,583       199,783  

Nipro Corp.

     31,979       242,094  

Nishimatsu Construction Co. Ltd.

     14,289       342,777  

Nishimatsuya Chain Co. Ltd.

     16,091       206,125  

Nishi-Nippon Railroad Co. Ltd.

     14,246       228,489  

Nissha Co. Ltd.

     14,245       146,170  

Nisshinbo Holdings, Inc.

     45,898       328,525  

Nissui Corp.

     132,037       637,495  

Nitto Boseki Co. Ltd.

     13,084       290,285  

Nitto Kogyo Corp.

     9,656       218,694  

NOF Corp.

     14,241       557,905  

Nojima Corp.

     17,020       150,595  

NOK Corp.(b)

     22,864       266,768  

Noritsu Koki Co. Ltd.

     9,656       202,435  

North Pacific Bank Ltd.

     117,262       298,101  

NS Solutions Corp.

     8,403       242,472  

NS United Kaiun Kaisha Ltd.

     6,451       181,886  

NSD Co. Ltd.

     11,385       196,359  

NTN Corp.

     330,742       578,954  

NTT UD REIT Investment Corp.(b)

     339       279,133  

OBIC Co. Ltd.

     4,405       647,028  

Ogaki Kyoritsu Bank Ltd. (The)

     10,715       148,366  

Oji Holdings Corp.

     202,385       859,814  
         Shares       Value  

Japan-(continued)

    

Okamura Corp.

     15,737      $        221,853  

Oki Electric Industry Co. Ltd.

     28,642       171,158  

Okinawa Cellular Telephone Co.

     6,316       133,247  

Okinawa Electric Power Co., Inc. (The)

     19,376       140,863  

OKUMA Corp.(b)

     12,671       514,387  

Okumura Corp.

     9,334       283,512  

One REIT, Inc.

     87       150,395  

Onward Holdings Co. Ltd.(b)

     74,004       232,110  

Open House Group Co. Ltd.

     22,313       726,062  

Organo Corp.

     5,552       180,185  

Orient Corp.

     22,999       170,543  

Osaka Soda Co. Ltd.(b)

     7,472       433,188  

OSG Corp.(b)

     20,222       228,331  

Outsourcing, Inc.

     51,709       377,971  

PALTAC Corp.

     5,771       185,196  

Park24 Co. Ltd.(a)

     33,786       377,247  

Pasona Group, Inc.(b)

     10,395       91,976  

Penta-Ocean Construction Co. Ltd.

     73,420       428,318  

PHC Holdings Corp.

     14,680       138,032  

Pigeon Corp.

     27,065       286,028  

Pilot Corp.

     6,708       225,542  

Piolax, Inc.

     10,548       153,994  

Pola Orbis Holdings, Inc.

     25,769       257,613  

Prima Meat Packers Ltd.

     9,420       142,626  

Raito Kogyo Co. Ltd.

     9,675       124,575  

Relo Group, Inc.

     20,005       196,424  

Rengo Co. Ltd.

     69,567       458,069  

Resorttrust, Inc.

     19,210       274,492  

Rinnai Corp.

     31,903       582,152  

Rohto Pharmaceutical Co. Ltd.

     26,942       621,225  

Round One Corp.

     51,420       184,364  

Royal Holdings Co. Ltd.(b)

     7,147       121,142  

Saizeriya Co. Ltd.

     6,539       264,246  

Sakata Seed Corp.(b)

     6,126       163,622  

SAMTY Co. Ltd.

     12,791       209,122  

San-A Co. Ltd.

     4,696       144,652  

Sangetsu Corp.

     20,368       379,668  

San-In Godo Bank Ltd. (The)

     58,229       397,562  

Sanken Electric Co. Ltd.

     4,584       221,504  

Sankyo Co. Ltd.

     10,733       442,516  

Sankyu, Inc.

     11,547       344,401  

Sanwa Holdings Corp.

     45,798       610,408  

Sanyo Denki Co. Ltd.

     3,281       120,022  

Sapporo Holdings Ltd.

     28,394       994,432  

Sawai Group Holdings Co. Ltd.

     10,986       348,633  

SCREEN Holdings Co. Ltd.

     19,652       899,779  

SCSK Corp.

     35,330       599,195  

Sega Sammy Holdings, Inc.

     39,609       613,574  

Seiko Group Corp.

     13,138       202,824  

Seino Holdings Co. Ltd.(b)

     22,921       331,378  

Seiren Co. Ltd.

     10,732       157,531  

Sekisui House REIT, Inc.(b)

     1,050       551,884  

Senko Group Holdings Co. Ltd.

     24,548       167,765  

Senshu Ikeda Holdings, Inc.

     198,566       462,833  

Seria Co. Ltd.

     15,953       221,000  

Seven Bank Ltd.(b)

     286,329       563,980  

Shibaura Machine Co. Ltd.(b)

     10,804       263,242  

Shiga Bank Ltd. (The)

     16,250       425,980  

Shikoku Electric Power Co., Inc.

     64,770       439,869  

SHIMAMURA Co. Ltd.

     8,664       852,126  

 

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

 

    66    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

Shinko Electric Industries Co. Ltd.

     12,530      $        394,735  

Ship Healthcare Holdings, Inc.

     20,039       307,641  

SHO-BOND Holdings Co. Ltd.

     6,816       266,438  

Shochiku Co. Ltd.(b)

     1,812       114,431  

SKY Perfect JSAT Holdings, Inc.

     37,509       171,886  

Skylark Holdings Co. Ltd.(a)(b)

     71,040       1,043,940  

Sohgo Security Services Co. Ltd.

     114,515       666,621  

Sotetsu Holdings, Inc.

     18,962       332,362  

Square Enix Holdings Co. Ltd.

     14,818       489,220  

Star Asia Investment Corp.

     375       141,140  

Star Micronics Co. Ltd.

     11,621       138,198  

Sugi Holdings Co. Ltd.

     14,556       585,239  

Sumida Corp.(b)

     12,001       101,590  

Sumitomo Bakelite Co. Ltd.

     9,348       410,042  

Sumitomo Osaka Cement Co. Ltd.

     13,251       305,627  

Sumitomo Pharma Co. Ltd.

     96,428       292,891  

Sumitomo Rubber Industries Ltd.

     72,173       721,754  

Sumitomo Seika Chemicals Co. Ltd.(b)

     5,488       167,236  

Sumitomo Warehouse Co. Ltd. (The)

     24,263       385,786  

Sundrug Co. Ltd.

     25,381       686,122  

Suruga Bank Ltd.

     98,249       416,493  

Suzuken Co. Ltd.

     21,325       649,698  

SWCC Corp.

     10,683       146,654  

Tadano Ltd.

     20,927       155,109  

Taiheiyo Cement Corp.

     44,077       747,544  

Taikisha Ltd.

     6,480       186,983  

Taisho Pharmaceutical Holdings Co. Ltd.

     13,169       518,343  

Taiyo Holdings Co. Ltd.

     10,027       161,550  

Takara Holdings, Inc.(b)

     44,945       371,265  

Takeuchi Manufacturing Co. Ltd.

     11,696       328,225  

Tama Home Co. Ltd.(b)

     6,218       139,597  

Tamura Corp.(b)

     29,183       94,036  

TBS Holdings, Inc.

     24,886       402,264  

TechnoPro Holdings, Inc.

     15,679       304,376  

Teijin Ltd.

     63,068       565,528  

Toagosei Co. Ltd.

     15,229       138,317  

Toda Corp.

     56,184       309,996  

Toei Co. Ltd.

     1,587       185,060  

Toho Bank Ltd. (The)

     77,868       149,623  

Toho Co. Ltd.

     19,286       653,415  

Toho Gas Co. Ltd.

     26,417       452,305  

Toho Holdings Co. Ltd.(b)

     15,472       347,352  

Toho Zinc Co. Ltd.(b)

     13,633       143,581  

Tokai Carbon Co. Ltd.

     82,199       622,551  

Tokai Rika Co. Ltd.

     13,183       204,041  

Tokai Tokyo Financial Holdings, Inc.

     65,687       221,205  

Tokuyama Corp.

     24,632       369,370  

Tokyo Century Corp.

     12,176       462,615  

Tokyo Kiraboshi Financial Group, Inc.

     16,597       482,748  

Tokyo Ohka Kogyo Co. Ltd.

     8,254       469,750  

Tokyo Seimitsu Co. Ltd.

     12,365       570,140  

Tokyo Steel Manufacturing Co. Ltd.(b)

     21,959       251,134  

Tokyu REIT, Inc.

     217       258,489  

Tomy Co. Ltd.

     24,423       334,063  

Topcon Corp.(b)

     30,070       270,331  

TORIDOLL Holdings Corp.(b)

     7,208       173,436  

Toshiba TEC Corp.

     6,316       135,749  

Toyo Ink SC Holdings Co. Ltd.

     11,010       185,748  

Toyo Seikan Group Holdings Ltd.

     47,538       792,588  

Toyo Tire Corp.

     67,610       989,295  
         Shares       Value  

Japan-(continued)

    

Toyobo Co. Ltd.

     33,951      $        226,198  

Toyoda Gosei Co. Ltd.

     28,960       566,981  

Toyota Boshoku Corp.

     31,214       535,262  

Transcosmos, Inc.

     8,304       167,511  

Trusco Nakayama Corp.

     9,537       142,383  

TS Tech Co. Ltd.

     21,585       239,232  

Tsubaki Nakashima Co. Ltd.(b)

     24,341       117,811  

Tsugami Corp.

     16,335       115,411  

Tsumura & Co.

     15,718       279,913  

TV Asahi Holdings Corp.

     14,037       150,060  

UACJ Corp.

     26,330       530,268  

UBE Corp.

     39,274       600,086  

Ulvac, Inc.

     16,766       568,037  

United Arrows Ltd.

     15,835       200,650  

United Urban Investment Corp.

     735       739,635  

Universal Entertainment Corp.

     9,556       135,095  

Ushio, Inc.

     42,976       519,305  

USS Co. Ltd.

     43,586       755,909  

Valor Holdings Co. Ltd., Class C

     10,365       161,109  

Wacoal Holdings Corp.

     17,928       406,160  

Wacom Co. Ltd.(b)

     42,267       144,290  

Welcia Holdings Co. Ltd.

     31,129       513,764  

Workman Co. Ltd.(b)

     5,124       131,615  

Yamaguchi Financial Group, Inc.

     74,732       678,014  

Yamato Kogyo Co. Ltd.

     10,309       488,613  

Yamazaki Baking Co. Ltd.

     56,075       1,186,704  

Yaoko Co. Ltd.

     4,625       236,709  

Yokogawa Bridge Holdings Corp.

     9,920       162,642  

Yokohama Rubber Co. Ltd. (The)

     41,162       749,203  

Yoshinoya Holdings Co. Ltd.(b)

     16,168       377,070  

Zenkoku Hosho Co. Ltd.

     10,032       318,955  

Zensho Holdings Co. Ltd.

     21,791       1,140,306  

Zeon Corp.

     62,223       508,442  

Zojirushi Corp.

     12,268       124,912  

ZOZO, Inc.(b)

     10,772       203,178  
    

 

 

 
       159,586,085  
    

 

 

 

Luxembourg-0.09%

 

L’Occitane International S.A.

     54,522       140,058  

RTL Group S.A.

     8,438       293,969  
    

 

 

 
       434,027  
    

 

 

 

Macau-0.13%

 

SJM Holdings Ltd.(a)(b)

     668,179       231,420  

Wynn Macau Ltd.(a)(b)

     425,245       375,539  
    

 

 

 
       606,959  
    

 

 

 

Mexico-0.07%

 

Fresnillo PLC

     48,449       325,582  
    

 

 

 

Netherlands-1.60%

 

AMG Critical Materials N.V.(b)

     5,433       141,155  

Arcadis N.V.

     16,806       709,137  

argenx SE(a)(b)

     1,203       564,705  

Basic-Fit N.V.(a)(b)(c)

     6,470       164,952  

BE Semiconductor Industries N.V.

     11,148       1,146,529  

Corbion N.V.

     9,013       155,572  

CTP N.V.(c)

     13,042       189,687  

Eurocommercial Properties N.V.

     10,194       218,087  

Fugro N.V.(a)

     35,892       591,451  

JDE Peet’s N.V.(b)

     19,969       553,854  

Koninklijke BAM Groep N.V.(b)

     112,640       232,406  

 

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

 

    67    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

Netherlands-(continued)

    

Koninklijke Vopak N.V.(b)

     24,544      $        825,247  

OCI N.V.(b)

     23,937       556,884  

PostNL N.V.(b)

     386,779       718,920  

TKH Group N.V., CVA

     10,209       372,071  

Van Lanschot Kempen N.V., CVA

     12,805       343,109  

Wereldhave N.V.(b)

     9,381       141,101  
    

 

 

 
       7,624,867  
    

 

 

 

New Zealand-0.66%

 

a2 Milk Co. Ltd. (The)(a)

     85,328       207,458  

Chorus Ltd.

     70,844       295,656  

Contact Energy Ltd.

     55,934       253,440  

Fisher & Paykel Healthcare Corp. Ltd.

     48,929       592,243  

Fletcher Building Ltd.

     150,843       379,027  

Infratil Ltd.

     41,837       238,965  

Mainfreight Ltd.(b)

     4,439       147,790  

Mercury NZ Ltd.

     43,157       148,103  

Meridian Energy Ltd.

     112,108       314,953  

Ryman Healthcare Ltd.

     89,843       296,821  

Xero Ltd.(a)

     4,025       271,892  
    

 

 

 
       3,146,348  
    

 

 

 

Nigeria-0.13%

 

Airtel Africa PLC(c)

     445,185       612,058  
    

 

 

 

Norway-1.54%

 

Aker ASA, Class A

     5,063       303,643  

Aker Solutions ASA, Class A

     65,977       262,923  

Austevoll Seafood ASA

     39,744       271,442  

BlueNord ASA(a)

     4,222       224,106  

Borregaard ASA

     7,895       106,994  

Crayon Group Holding ASA(a)(b)(c)

     20,956       120,802  

DNO ASA

     362,714       369,152  

Elkem ASA(a)(c)

     97,869       151,381  

Entra ASA(c)

     21,760       169,749  

Europris ASA(c)

     44,516       252,033  

Gjensidige Forsikring ASA

     45,685       684,148  

Grieg Seafood ASA

     19,969       132,540  

Kongsberg Gruppen ASA

     10,698       436,665  

Leroy Seafood Group ASA

     90,690       358,808  

MPC Container Ships ASA

     99,271       140,176  

Nordic Semiconductor ASA(a)(b)

     9,660       77,960  

Norske Skog ASA(a)(b)(c)

     21,870       79,754  

Norwegian Air Shuttle ASA(a)

     123,225       88,395  

PGS ASA(a)

     327,206       295,524  

SalMar ASA

     14,692       695,430  

Solstad Offshore ASA(a)(b)

     39,205       83,171  

SpareBank 1 SMN

     23,954       290,320  

SpareBank 1 SR-Bank ASA, Class B

     24,829       269,366  

Stolt-Nielsen Ltd.

     7,886       259,415  

TGS ASA

     31,768       432,798  

TOMRA Systems ASA

     20,246       160,022  

Var Energi ASA

     101,988       343,530  

Wallenius Wilhelmsen ASA

     32,798       275,232  
    

 

 

 
       7,335,479  
    

 

 

 

Peru-0.06%

 

Hochschild Mining PLC(a)(b)

     246,310       279,607  
    

 

 

 

Poland-1.19%

 

Alior Bank S.A.(a)

     23,606       370,727  

Allegro.eu S.A.(a)(b)(c)

     44,487       318,292  
         Shares       Value  

Poland-(continued)

    

CCC S.A.(a)(b)

     25,173      $        237,752  

CD Projekt S.A.(b)

     4,447       110,806  

Cyfrowy Polsat S.A.(a)(b)

     46,325       144,175  

Dino Polska S.A.(a)(b)(c)

     3,391       320,672  

Grupa Kety S.A.(b)

     2,314       389,877  

Jastrzebska Spolka Weglowa S.A.(a)(b)

     29,501       349,615  

KRUK S.A.

     2,472       273,011  

LPP S.A.(b)

     200       643,569  

mBank S.A.(a)(b)

     4,468       551,131  

Orange Polska S.A.(b)

     241,010       446,332  

PGE Polska Grupa Energetyczna S.A.(a)

     310,790       538,240  

Santander Bank Polska S.A.(a)

     5,843       632,830  

Tauron Polska Energia S.A.(a)

     372,174       326,690  
    

 

 

 
       5,653,719  
    

 

 

 

Portugal-0.34%

 

CTT-Correios de Portugal S.A.

     55,118       210,026  

Navigator Co. S.A. (The)

     132,180       525,326  

NOS, SGPS S.A.

     52,790       192,730  

REN - Redes Energeticas Nacionais SGPS S.A.

     127,841       332,415  

Sonae SGPS S.A.

     357,420       350,970  
    

 

 

 
       1,611,467  
    

 

 

 

Singapore-2.05%

 

BW LPG Ltd.(c)

     38,624       546,255  

CapitaLand Ascott Trust

     563,600       370,235  

CapitaLand India Trust

     215,849       151,246  

CDL Hospitality Trusts

     178,466       126,355  

City Developments Ltd.

     138,012       636,645  

ComfortDelGro Corp. Ltd.

     938,555       904,268  

ESR-LOGOS REIT

     1,099,857       220,766  

Frasers Centrepoint Trust

     217,063       327,959  

Frasers Logistics & Commercial Trust(c)

     575,397       436,782  

Hafnia Ltd.

     22,926       150,423  

Keppel DC REIT

     201,438       248,480  

Keppel Infrastructure Trust

     337,927       108,527  

Keppel REIT

     509,022       295,371  

Lendlease Global Commercial REIT

     266,612       99,246  

Mapletree Industrial Trust

     365,361       573,356  

Mapletree Logistics Trust

     616,111       661,058  

Mapletree Pan Asia Commercial Trust

     328,593       318,987  

NetLink NBN Trust(c)

     521,731       316,074  

Olam Group Ltd.

     117,950       85,231  

Parkway Life REIT

     47,677       116,926  

SATS Ltd.(a)

     166,987       299,834  

Seatrium Ltd.(a)

     3,326,823       271,964  

Sembcorp Industries Ltd.

     233,826       783,374  

Singapore Exchange Ltd.

     120,037       829,715  

Suntec REIT

     638,578       512,708  

UOL Group Ltd.

     85,637       368,788  
    

 

 

 
       9,760,573  
    

 

 

 

South Africa-0.03%

 

Scatec ASA(c)

     30,073       151,553  
    

 

 

 

South Korea-8.22%

 

Amorepacific Corp.

     6,024       563,795  

Amorepacific Corp., Preference Shares

     2,255       60,944  

AMOREPACIFIC Group

     14,279       302,380  

Asiana Airlines, Inc.(a)

     37,010       305,551  

BGF retail Co. Ltd.

     2,516       257,459  

 

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

 

    68    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

South Korea-(continued)

    

BNK Financial Group, Inc.

     152,945      $        767,811  

Celltrion Healthcare Co. Ltd.

     6,195       305,037  

Celltrion, Inc.

     6,040       668,602  

Cheil Worldwide, Inc.

     28,864       424,449  

CJ Corp.

     5,143       320,259  

CJ ENM Co. Ltd.(a)

     6,798       262,246  

CJ Logistics Corp.

     7,098       398,903  

Com2uSCorp.(b)

     3,731       115,890  

Cosmax, Inc.(a)

     2,460       246,993  

Coway Co. Ltd.

     15,378       491,896  

Daeduck Electronics Co. Ltd.

     9,156       135,386  

Daesang Corp.

     9,540       140,428  

Daewoo Engineering & Construction Co.
Ltd.(a)

     129,577       377,059  

Daou Technology, Inc.

     8,291       100,065  

DB HiTek Co. Ltd.

     8,498       304,545  

DB Insurance Co. Ltd.

     15,022       977,701  

DGB Financial Group, Inc.

     60,554       352,415  

DL E&C Co. Ltd.

     21,004       532,662  

DL Holdings Co. Ltd.

     5,997       188,718  

Dongkuk CM Co. Ltd.(a)

     10,357       52,838  

Dongkuk Holdings Co. Ltd.

     5,511       35,134  

Dongkuk Steel Mill Co. Ltd.(a)

     17,179       133,687  

Doosan Bobcat, Inc.

     10,798       309,816  

Doosan Co. Ltd.

     11,864       653,572  

Ecopro Co. Ltd.(b)

     878       403,065  

Fila Holdings Corp.

     20,900       553,238  

Green Cross Corp.

     1,713       121,764  

GS Holdings Corp.

     14,409       420,358  

GS Retail Co. Ltd.

     14,060       252,977  

Hankook Tire & Technology Co. Ltd.

     21,868       618,531  

Hanmi Pharm Co. Ltd.

     774       161,614  

Hanon Systems

     60,863       310,050  

Hansol Chemical Co. Ltd.

     1,135       126,228  

Hanwha Aerospace Co. Ltd.

     10,144       758,612  

Hanwha Corp.

     14,770       242,786  

Hanwha Corp., Third Pfd.

     7,833       76,906  

Hanwha Investment & Securities Co. Ltd.(a)

     69,469       118,049  

Hanwha Life Insurance Co. Ltd.(a)

     226,462       464,477  

Hanwha Ocean Co. Ltd.(a)(b)

     36,951       645,695  

Hanwha Ocean Co. Ltd., Rts., expiring 12/29/2023(a)

     10,984       14,233  

Hanwha Systems Co. Ltd.

     14,766       138,853  

HD Hyundai Co. Ltd.

     15,984       679,339  

HD Hyundai Construction Equipment Co. Ltd.

     7,276       239,741  

HD Hyundai Electric Co. Ltd.

     6,156       341,861  

HD Hyundai Heavy Industries Co. Ltd.(a)

     3,399       256,960  

HD Hyundai Infracore Co. Ltd.(b)

     72,439       358,829  

HDC Hyundai Development Co-Engineering & Construction, Class E

     20,187       173,836  

Hite Jinro Co. Ltd.

     12,816       201,651  

HK inno.N Corp.

     5,808       185,780  

HL Mando Co. Ltd.

     19,630       476,015  

Hotel Shilla Co. Ltd.

     7,220       333,054  

HYBE Co. Ltd.(a)

     1,700       276,295  

Hyosung Advanced Materials Corp.

     1,118       295,528  

Hyosung Chemical Corp.(a)

     1,617       104,045  

Hyosung Corp.

     4,713       205,892  

Hyosung Heavy Industries Corp.(a)

     7,864       993,954  

Hyundai Department Store Co. Ltd.

     6,813       269,382  
         Shares       Value  

South Korea-(continued)

    

Hyundai Elevator Co. Ltd.(b)

     10,123      $ 323,804  

Hyundai Mipo Dockyard Co. Ltd.(a)

     4,597       235,883  

Hyundai Rotem Co. Ltd.(a)

     16,453              283,242  

Hyundai Wia Corp.

     13,358       553,884  

IS Dongseo Co. Ltd.(a)

     6,025       112,198  

Kakao Games Corp.(a)

     3,921       67,646  

KakaoBank Corp.

     15,811       212,601  

Kangwon Land, Inc.

     26,734       290,391  

KCC Corp.

     2,525       444,032  

KEPCO Plant Service & Engineering Co. Ltd.

     9,201       222,097  

KG Chemical Corp.

     38,520       171,986  

KIWOOM Securities Co. Ltd.

     5,799       345,651  

Kolmar Korea Co. Ltd.

     5,441       215,940  

Kolon Industries, Inc.

     9,565       307,726  

Korea Aerospace Industries Ltd.

     10,404       340,496  

Korea Line Corp.(a)

     79,369       98,142  

Korea Petrochemical Ind Co. Ltd.

     2,143       252,454  

Korean Reinsurance Co.

     25,906       170,143  

Krafton, Inc.(a)

     5,109       619,640  

LG Energy Solution Ltd.(a)(b)

     1,807       515,789  

LG Uplus Corp.

     81,509       610,163  

LIG Nex1 Co. Ltd.

     2,656       171,291  

LOTTE Chilsung Beverage Co. Ltd.

     1,345       144,902  

LOTTE Corp.

     15,488       298,166  

LOTTE Fine Chemical Co. Ltd.

     6,085       252,312  

LOTTE Shopping Co. Ltd.

     6,059       323,464  

LS Corp.(b)

     10,989       637,102  

LS Electric Co. Ltd.

     7,948       376,641  

LX International Corp.

     27,020       497,166  

LX Semicon Co. Ltd.

     3,011       159,629  

Mirae Asset Securities Co. Ltd.

     61,623       301,145  

Mirae Asset Securities Co. Ltd., Second Pfd.

     34,100       88,371  

Netmarble Corp.(a)(c)

     4,632       132,387  

NH Investment & Securities Co. Ltd.

     48,443       347,213  

NongShim Co. Ltd.

     1,153       379,481  

OCI Co. Ltd.(a)

     2,815       217,188  

OCI Holdings Co. Ltd.

     6,224       448,406  

Orion Corp.

     4,246       376,640  

Pan Ocean Co. Ltd.

     70,197       223,499  

Partron Co. Ltd.

     25,072       160,952  

Poongsan Corp.

     15,165       403,674  

POSCO Future M Co. Ltd.

     1,075       188,247  

S-1 Corp.

     5,712       230,925  

Samchully Co. Ltd.

     822       56,299  

Samsung Biologics Co. Ltd.(a)(c)

     428       224,688  

Samsung Card Co. Ltd.

     7,645       177,462  

Samsung SDS Co. Ltd.

     8,317       851,068  

Samsung Securities Co. Ltd.

     31,370       819,933  

SD Biosensor, Inc.

     8,901       63,534  

Seah Besteel Holdings Corp.

     14,038       226,076  

SeAH Steel Holdings Corp.

     1,200       177,705  

Sebang Global Battery Co. Ltd.

     4,149       151,607  

Seegene, Inc.

     9,144       129,183  

SFA Engineering Corp.

     7,794       160,722  

SK Chemicals Co. Ltd.

     4,845       202,331  

SK IE Technology Co. Ltd.(a)(c)

     3,166       139,013  

SKC Co. Ltd.

     5,034       293,344  

SL Corp.

     7,800       171,530  

Soulbrain Co. Ltd.

     891       153,058  

SSANGYONG C&E Co. Ltd.(b)

     43,664       180,081  

 

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

 

    69    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares       Value  

South Korea-(continued)

    

Sungwoo Hitech Co. Ltd.

     56,577      $ 330,108  

TKG Huchems Co. Ltd.

     9,358       151,399  

UNID Co. Ltd.

     2,155       121,588  

WONIK IPS Co. Ltd.

     7,389       164,133  

Young Poong Corp.

     334       116,110  

Youngone Corp.

     8,022       322,531  

Yuhan Corp.

     7,759       329,767  
    

 

 

 
         39,071,818  
    

 

 

 

Spain-1.43%

    

Almirall S.A.

     18,315       166,293  

Applus Services S.A.

     57,753       607,397  

Atresmedia Corp. de Medios de Comunicacion S.A.

     44,778       167,455  

Befesa S.A.(b)(c)

     6,838       199,053  

CIE Automotive S.A.(b)

     12,580       319,927  

Construcciones y Auxiliar de Ferrocarriles S.A.(b)

     8,293       247,193  

Corp ACCIONA Energias Renovables S.A.(b)

     7,875       212,925  

Ebro Foods S.A.(b)

     8,903       151,320  

EDP Renovaveis S.A.(b)

     27,967       449,034  

Ence Energia y Celulosa S.A.(b)

     41,459       123,666  

Faes Farma S.A.

     46,116       144,528  

Fluidra S.A.(b)

     19,629       344,829  

Gestamp Automocion S.A.(c)

     64,383       236,279  

Indra Sistemas S.A.

     50,644       709,282  

Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(b)

     185,899       159,947  

Melia Hotels International S.A.(a)(b)

     30,766       170,566  

Obrascon Huarte Lain S.A.(a)

     338,991       139,026  

Prosegur Cia de Seguridad S.A.

     58,213       86,882  

Sacyr S.A.(b)

     224,133       645,813  

Tecnicas Reunidas S.A.(a)(b)

     29,333       257,806  

Unicaja Banco S.A.(b)(c)

     543,197       563,825  

Vidrala S.A.(b)

     2,963       219,546  

Vidrala S.A., Rts., expiring 11/30/2023(a)

     2,963       10,915  

Viscofan S.A.

     7,724       445,769  
    

 

 

 
           6,779,276  
    

 

 

 

Sweden-3.91%

    

AAK AB

     33,908       643,401  

AddLife AB, Class B

     13,990       91,032  

AddTech AB, Class B

     14,210       207,821  

AFRY AB

     23,862       249,883  

Ambea AB(c)

     55,178       204,757  

Arjo AB, Class B

     73,860       246,318  

Atrium Ljungberg AB, Class B(b)

     12,030       184,553  

Avanza Bank Holding AB(b)

     10,134       170,523  

Axfood AB(b)

     29,669       654,847  

Beijer Ref AB(b)

     17,125       162,013  

Betsson AB, Class B(a)

     35,371       355,209  

BHG Group AB(a)(b)

     101,229       89,245  

Bonava AB, Class B(a)(b)

     73,688       115,024  

Bravida Holding AB(c)

     34,473       215,058  

Bure Equity AB(b)

     8,820       175,727  

Catena AB(b)

     4,246       140,233  

Cibus Nordic Real Estate AB

     13,211       123,624  

Cint Group AB(a)(b)

     96,379       62,325  

Clas Ohlson AB, Class B(b)

     32,238       337,596  

Cloetta AB, Class B

     78,353       125,461  

Coor Service Management Holding AB(c)

     23,295       80,231  
         Shares       Value  

Sweden-(continued)

    

Corem Property Group AB, Class B(b)

     249,386      $ 160,489  

Corem Property Group AB, Preference Shares

     5,040       77,319  

Dios Fastigheter AB(b)

     31,089       167,930  

Electrolux Professional AB, Class B(b)

     29,500       118,975  

Elekta AB, Class B(b)

     91,905       624,345  

EQT AB(b)

     17,893       324,944  

Evolution AB(c)

     6,462       573,692  

Fabege AB(b)

     87,263       648,733  

Granges AB

     19,909       191,202  

Hexpol AB

     59,776       528,066  

Hufvudstaden AB, Class A

     24,514       260,660  

Indutrade AB(b)

     26,854       473,860  

Instalco AB(b)(c)

     33,718       94,098  

Intrum AB(b)

     62,259       318,744  

Investment AB Latour, Class B(b)

     12,675       218,668  

Inwido AB

     18,712       190,760  

JM AB(b)

     29,712       315,931  

L E Lundbergforetagen AB, Class B(b)

     14,643       595,935  

Lagercrantz Group AB, Class B(b)

     13,550       123,340  

Lifco AB, Class B

     15,699       286,365  

Lindab International AB

     20,564       316,025  

Loomis AB

     20,844       539,913  

Modern Times Group MTG AB, Class B(a)

     22,747       181,912  

Mycronic AB

     8,968       195,853  

NCC AB, Class B(b)

     40,178       410,675  

New Wave Group AB, Class B

     18,080       117,662  

NIBE Industrier AB, Class B(b)

     68,500       393,490  

Nolato AB, Class B(b)

     43,533       192,092  

Nordnet AB publ(b)

     11,684       164,708  

Nyfosa AB(b)

     41,558       200,116  

Pandox AB

     23,939       234,834  

Peab AB, Class B

     66,764       247,871  

Ratos AB, Class B(b)

     63,354       175,898  

Saab AB, Class B

     16,177       828,205  

Sagax AB, Class B

     13,505       243,564  

Sagax AB, Class D

     9,382       21,077  

Samhallsbyggnadsbolaget i Norden AB, Class B(b)

     419,490       121,481  

Samhallsbyggnadsbolaget i Norden AB, Class D

     22,919       7,155  

Scandic Hotels Group AB(a)(c)

     72,036       242,105  

Stillfront Group AB(a)

     123,909       127,928  

Storskogen Group AB, Class B(b)

     507,170       298,964  

Sweco AB, Class B(b)

     29,953       274,794  

Swedish Orphan Biovitrum AB(a)

     29,116       597,818  

Thule Group AB(c)

     27,814       630,583  

Viaplay Group AB, Class B(a)(b)

     18,160       38,717  

Vitrolife AB(b)

     6,240       81,039  

VNV Global AB(a)(b)

     59,371       75,511  

Wallenstam AB, Class B(b)

     77,552       261,268  

Wihlborgs Fastigheter AB

     68,077       439,623  
    

 

 

 
         18,589,818  
    

 

 

 

Switzerland-3.00%

    

Accelleron Industries AG

     9,964       244,597  

Allreal Holding AG

     3,737       598,708  

ALSO Holding AG

     1,720       436,591  

Aryzta AG(a)

     283,838       518,678  

Bachem Holding AG(b)

     1,666       120,092  

 

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

 

    70    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

 

         Shares             Value        

Switzerland-(continued)

    

Banque Cantonale Vaudoise(b)

     6,948      $ 783,325  

Belimo Holding AG(b)

     677       283,432  

BKW AG

     3,758       630,153  

Bucher Industries AG

     1,411       501,420  

Burckhardt Compression Holding AG

     336       169,837  

Bystronic AG(b)

     224       106,825  

Cembra Money Bank AG(b)

     8,284       568,470  

Daetwyler Holding AG, BR(b)

     1,038       182,267  

DocMorris AG(a)(b)

     3,018       124,560  

dormakaba Holding AG(a)

     1,046       475,846  

EFG International AG(a)

     23,164       276,935  

Emmi AG

     355       334,696  

EMS-Chemie Holding AG(b)

     899       612,472  

Flughafen Zureich AG

     3,124       580,826  

Forbo Holding AG(b)

     229       251,635  

Huber + Suhner AG(b)

     2,321       158,380  

Implenia AG(b)

     6,123       190,408  

Inficon Holding AG

     220       238,119  

Interroll Holding AG, Class R

     51       133,658  

IWG PLC(a)

     185,689       297,428  

Komax Holding AG, Class R(b)

     472       93,254  

Landis+Gyr Group AG(a)

     5,032       371,573  

Leonteq AG(a)

     2,659       113,805  

Mobilezone Holding AG(b)

     11,704       177,480  

Mobimo Holding AG

     1,006       277,464  

OC Oerlikon Corp. AG

     66,906       265,551  

Schweiter Technologies AG

     191       106,618  

SFS Group AG

     3,072       305,158  

Siegfried Holding AG(a)

     349       275,925  

Stadler Rail AG(b)

     11,755       396,806  

Straumann Holding AG

     4,321       507,808  

Sulzer AG

     5,383       441,855  

Swissquote Group Holding S.A.

     772       147,520  

Tecan Group AG, Class R(a)

     941       269,256  

Temenos AG

     5,957       426,393  

Valiant Holding AG

     2,050       223,010  

VAT Group AG(b)(c)

     1,937       682,595  

Vontobel Holding AG, Class R(b)

     4,639       270,169  

Zehnder Group AG

     2,200       113,620  
    

 

 

 
       14,285,218  
    

 

 

 

Taiwan-0.02%

    

FIT Hon Teng Ltd.(a)(c)

     560,443       75,207  
    

 

 

 

Turkey-0.21%

    

Eldorado Gold Corp.(a)

     93,605       1,011,399  
    

 

 

 

Ukraine-0.02%

    

Ferrexpo PLC(a)

     122,079       112,214  
    

 

 

 

United Arab Emirates-0.08%

    

Network International Holdings PLC(a)(c)

     54,729       257,542  

Shelf Drilling Ltd.(a)(c)

     46,231       123,733  
    

 

 

 
       381,275  
    

 

 

 

United Kingdom-7.01%

    

4imprint Group PLC

     2,557       155,760  

888 Holdings PLC(a)(b)

     192,536       190,644  

Allfunds Group PLC

     53,325       271,564  

Ascential PLC(a)(b)

     73,297       232,851  

Ashmore Group PLC(b)

     129,462       266,277  

ASOS PLC(a)(b)

     61,489       295,023  

Assura PLC

     744,825       370,019  
         Shares             Value        

United Kingdom-(continued)

    

Aston Martin Lagonda Global Holdings PLC(a)(c)

     74,502      $ 197,805  

Auto Trader Group PLC(c)

     66,599       502,020  

Babcock International Group PLC(a)

     130,648       619,554  

Balanced Commercial Property Trust Ltd.

     135,831       104,169  

Big Yellow Group PLC

     35,961       416,732  

Bodycote PLC

     30,766       214,292  

Britvic PLC

     72,685       739,113  

Capricorn Energy PLC

     38,280       72,463  

Chemring Group PLC

     57,087       193,616  

Clarkson PLC

     4,833       155,119  

Close Brothers Group PLC

     30,271       292,757  

Coats Group PLC

     263,027       215,759  

Computacenter PLC

     23,920       744,801  

ConvaTec Group PLC(c)

     286,753       710,536  

Cranswick PLC

     9,247       392,054  

Crest Nicholson Holdings PLC

     73,909       143,496  

Currys PLC(b)

     294,105       159,740  

Dechra Pharmaceuticals PLC

     8,736       403,675  

Deliveroo PLC(a)(b)(c)

     257,286       405,865  

Diploma PLC

     10,696       368,865  

DiscoverIE Group PLC

     15,765       118,032  

Domino’s Pizza Group PLC

     72,629       302,292  

Dr. Martens PLC

     87,115       123,046  

Dunelm Group PLC

     24,515       290,189  

Elementis PLC(a)

     135,439       194,589  

EnQuest PLC(a)(b)

     1,273,627       249,750  

Essentra PLC

     53,903       97,197  

FDM Group Holdings PLC

     14,285       75,664  

Firstgroup PLC

     203,008       388,971  

Forterra PLC(c)

     76,478       124,912  

Frasers Group PLC(a)

     38,730       377,385  

Future PLC

     12,233       131,296  

Games Workshop Group PLC

     3,624       434,258  

Genuit Group PLC

     58,412       188,187  

Genus PLC(b)

     7,714       200,129  

Grainger PLC

     177,885       490,854  

Great Portland Estates PLC

     70,056       331,537  

Greggs PLC

     16,024       460,831  

Halfords Group PLC

     86,569       210,725  

Hammerson PLC

     1,320,414       353,138  

Hargreaves Lansdown PLC

     73,415       629,478  

Hays PLC

     462,673       539,535  

Hill & Smith PLC

     9,117       182,319  

Hilton Food Group PLC

     21,898       173,516  

Hunting PLC

     47,032       165,221  

Ibstock PLC(b)(c)

     129,979       193,211  

Indivior PLC(a)

     11,940       228,195  

J D Wetherspoon PLC(a)

     38,857       297,995  

John Wood Group PLC(a)

     255,427       439,816  

Jupiter Fund Management PLC

     162,659       154,942  

Just Group PLC

     144,943       132,966  

Lancashire Holdings Ltd.

     48,951       337,390  

Liontrust Asset Management PLC

     11,090       75,226  

LondonMetric Property PLC

     256,777       515,364  

LXI REIT PLC(c)

     173,128       180,146  

Marshalls PLC(b)

     60,492       151,066  

Mitchells & Butlers PLC(a)

     70,821       178,235  

Mitie Group PLC

     244,425       292,149  

Mobico Group PLC

     272,268       206,490  

 

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

 

    71    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

 

         Shares             Value        

United Kingdom-(continued)

    

Molten Ventures PLC(a)

     51,878      $ 148,188  

Moneysupermarket.com Group PLC

     133,042       418,129  

Morgan Advanced Materials PLC

     45,783       125,000  

Ninety One PLC(b)

     80,603       154,634  

Ocado Group PLC(a)(b)

     76,832       433,808  

Oxford Instruments PLC

     5,336       116,679  

PageGroup PLC

     80,507       366,928  

Paragon Banking Group PLC

     84,453       454,599  

Pepco Group N.V.(a)(c)

     25,809       104,424  

Petershill Partners PLC(b)(c)

     119,738       214,457  

Petrofac Ltd.(a)(b)

     369,439       210,699  

Pets at Home Group PLC

     131,519       448,134  

Playtech PLC(a)

     51,340       244,584  

Premier Foods PLC

     110,724       157,468  

Primary Health Properties PLC

     327,931       357,140  

QinetiQ Group PLC

     127,236       511,046  

Quilter PLC(b)(c)

     586,282       568,428  

Rathbones Group PLC

     8,098       147,201  

Redde Northgate PLC

     62,797       256,036  

Redrow PLC

     134,066       791,613  

Renewi PLC(a)

     26,030       185,411  

Renishaw PLC

     4,107       153,696  

Restaurant Group PLC (The)(a)(b)

     358,673       295,523  

Rightmove PLC

     48,254       276,960  

Rotork PLC

     139,867       496,945  

S4 Capital PLC(a)(b)

     92,133       70,936  

Safestore Holdings PLC

     35,040       290,619  

Saga PLC(a)

     77,239       103,286  

Savills PLC

     35,869       342,761  

Serco Group PLC

     436,797       757,945  

Shaftesbury Capital PLC

     200,855       253,477  

Softcat PLC

     17,547       269,349  

Spirent Communications PLC

     95,872       113,137  

SSP Group PLC(a)

     187,490       409,518  

Supermarket Income REIT PLC

     162,334       143,011  

Synthomer PLC(a)(b)

     31,879       73,305  

Telecom Plus PLC

     13,553       253,925  

THG PLC(a)(b)

     648,222       549,981  

TP ICAP Group PLC

     144,364       275,206  

Tritax EuroBox PLC(c)

     207,948       113,551  

Tyman PLC

     50,340       148,437  

UK Commercial Property REIT Ltd.

     203,980       130,443  

UNITE Group PLC (The)

     61,046       643,353  

Urban Logistics REIT PLC

     98,912       125,066  

Vesuvius PLC

     36,487       178,429  
         Shares             Value        

United Kingdom-(continued)

    

Victrex PLC

     23,719      $ 396,326  

Warehouse REIT PLC(c)

     121,144       106,577  

Watches of Switzerland Group PLC(a)(b)(c)

     31,769       193,136  

WH Smith PLC

     18,513       260,590  

Wise PLC, Class A(a)

     20,408       164,830  

Workspace Group PLC

     35,050       205,087  

XP Power Ltd.(b)

     4,392       58,411  
    

 

 

 
       33,319,233  
    

 

 

 

United States-0.97%

    

Argonaut Gold, Inc.(a)

     486,045       175,057  

Brookfield Renewable Corp., Class A

     22,998       522,663  

Carnival PLC(a)

     48,021       487,962  

Diversified Energy Co. PLC(b)(c)

     209,818       170,203  

Galaxy Digital Holdings Ltd.(a)(b)

     46,005       208,775  

JS Global Lifestyle Co. Ltd.(b)(c)

     240,483       37,803  

Oracle Corp.

     6,860       483,319  

Primo Water Corp.

     38,523       501,985  

Reliance Worldwide Corp. Ltd.

     180,374       398,571  

RHI Magnesita N.V.

     6,145       191,338  

Samsonite International S.A.(a)(c)

     217,708       673,329  

Sims Ltd.

     63,624       502,739  

Sinch AB(a)(b)(c)

     151,147       238,152  
    

 

 

 
       4,591,896  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.84%
(Cost $529,538,014)

 

    474,704,251  
    

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-15.35%

    

Invesco Private Government Fund,
5.32%(e)(f)(g)

     20,432,049       20,432,049  

Invesco Private Prime Fund, 5.53%(e)(f)(g)

     52,547,733       52,552,988  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $72,982,192)

 

    72,985,037  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-115.19%
(Cost $602,520,206)

 

    547,689,288  

OTHER ASSETS LESS LIABILITIES-(15.19)%

 

    (72,223,041
    

 

 

 

NET ASSETS-100.00%

 

  $ 475,466,247  
    

 

 

 

 

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Wts.-Warrants

 

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

 

    72    

 

 

 

 


 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)–(continued)

October 31, 2023

    

 

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

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

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $21,357,870, which represented 4.49% of the Fund’s Net Assets.

(d) 

Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

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
(Loss)
 

Value
October 31, 2023

   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                                        

Invesco Government & Agency Portfolio, Institutional Class

         $ 599,917          $ 17,730,330      $ (18,330,247 )          $ -          $ -          $ -          $ 10,602

Investments Purchased with Cash Collateral from Securities on Loan:

                                                          

Invesco Private Government Fund

           22,006,479            98,460,273        (100,034,703 )            -            -            20,432,049            1,098,466 *

Invesco Private Prime Fund

           55,915,444            205,657,129        (209,018,644 )            4,872            (5,813 )            52,552,988            2,939,071 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 78,521,840          $ 321,847,732      $ (327,383,594 )          $ 4,872          $ (5,813 )          $ 72,985,037          $ 4,048,139
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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

 

(f) 

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

(g) 

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

 

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

 

    73    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)

October 31, 2023

Schedule of Investments

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.86%

 

Brazil-16.30%

 

Ambev S.A.

     1,464,177      $ 3,733,753  

B3 S.A. - Brasil, Bolsa, Balcao

     1,347,782       2,966,564  

Banco Bradesco S.A.

     1,171,016       2,853,815  

Banco Bradesco S.A., Preference Shares

     3,924,506            10,887,138  

Banco do Brasil S.A.

     708,648       6,794,196  

Banco Santander Brasil S.A., Series CPO

     303,700       1,621,179  

Braskem S.A., Class A, Preference Shares(a)

     313,309       998,389  

BRF S.A.(a)

     1,413,100       2,989,843  

CCR S.A.

     592,600       1,407,763  

Centrais Eletricas Brasileiras S.A.

     485,362       3,353,165  

Centrais Eletricas Brasileiras S.A., Class B, Preference Shares

     101,300       772,355  

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

     134,792       1,560,145  

Cia Energetica de Minas Gerais

     175,405       535,641  

Cia Energetica de Minas Gerais, Preference Shares

     694,568       1,616,940  

Cia Paranaense de Energia

     234,700       365,802  

Cia Paranaense de Energia, Class B, Preference Shares

     969,480       1,612,916  

Cia Siderurgica Nacional S.A.

     426,982       995,699  

Cielo S.A.

     1,138,022       794,336  

Cogna Educacao S.A.(a)

     2,324,000       1,106,008  

Cosan S.A.

     433,965       1,355,334  

Embraer S.A.(a)

     348,567       1,215,803  

Energisa S.A.

     143,600       1,327,225  

Equatorial Energia S.A.

     284,800       1,784,589  

Gerdau S.A., Preference Shares

     617,862       2,667,233  

Grupo Casas Bahia S.A.(a)

     2,640,100       235,583  

IRB Brasil Resseguros S.A.(a)

     260,100       2,098,645  

Itau Unibanco Holding S.A.

     250,200       1,127,215  

Itau Unibanco Holding S.A., Preference Shares

     2,712,005       14,423,156  

Itausa S.A., Preference Shares

     1,225,553       2,099,698  

Klabin S.A.

     301,100       1,277,720  

Lojas Renner S.A.

     287,010       697,748  

Marfrig Global Foods S.A.

     936,200       1,199,257  

Metalurgica Gerdau S.A., Preference Shares

     975,500       1,998,198  

Natura & Co. Holding S.A.(a)

     466,200       1,178,673  

Petroleo Brasileiro S.A.

     3,188,719       23,926,458  

Petroleo Brasileiro S.A., Preference Shares

     4,792,045       33,011,232  

Sendas Distribuidora S.A.

     272,500       591,146  

Suzano S.A.

     189,468       1,937,510  

Telefonica Brasil S.A.

     289,443       2,596,550  

TIM S.A.

     430,966       1,296,402  

Ultrapar Participacoes S.A.

     920,492       3,732,711  

Usinas Siderurgicas de Minas Gerais S.A. Usiminas

     224,400       295,462  

Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares

     588,500       771,363  
         Shares       Value  

Brazil-(continued)

 

Vale S.A.

     1,742,461      $ 23,840,930  

Vibra Energia S.A.

     1,201,298       4,714,195  
    

 

 

 
          178,365,683  
    

 

 

 

Canada-0.05%

 

Canadian Solar, Inc.(a)(b)

     27,689       553,226  
    

 

 

 

Chile-0.44%

 

Banco de Chile

     15,730,130       1,610,854  

Banco Santander Chile

     32,123,439       1,395,987  

Falabella S.A.

     500,753       1,016,396  

Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares

     16,131       777,895  
    

 

 

 
       4,801,132  
    

 

 

 

China-36.20%

 

Agile Group Holdings Ltd.(a)(b)

     4,107,705       393,730  

Agricultural Bank of China Ltd., A Shares

     6,430,611       3,154,629  

Agricultural Bank of China Ltd., H Shares

     30,138,327       11,131,529  

Alibaba Group Holding Ltd.(a)

     3,207,904       32,818,638  

Aluminum Corp. of China Ltd., A Shares

     470,000       398,191  

Aluminum Corp. of China Ltd., H Shares

     2,047,501       1,096,418  

Anhui Conch Cement Co. Ltd., A Shares

     195,300       645,565  

Anhui Conch Cement Co. Ltd., H Shares

     851,458       2,124,129  

ANTA Sports Products Ltd.

     104,957       1,185,102  

Baidu, Inc., A Shares(a)

     534,863       7,020,222  

Bank of Beijing Co. Ltd., A Shares

     1,626,200       1,013,306  

Bank of China Ltd., A Shares

     1,552,200       827,207  

Bank of China Ltd., H Shares

     38,084,733       13,336,422  

Bank of Communications Co. Ltd., A Shares

     2,861,493       2,201,419  

Bank of Communications Co. Ltd., H Shares

     7,652,492       4,528,160  

Baoshan Iron & Steel Co. Ltd., A Shares

     1,235,200       1,056,606  

BYD Co. Ltd., A Shares

     8,200       267,286  

BYD Co. Ltd., H Shares

     53,810       1,632,607  

CGN Power Co. Ltd., A Shares

     254,200       103,165  

CGN Power Co. Ltd., H Shares(c)

     5,250,850       1,261,611  

China CITIC Bank Corp. Ltd., A Shares

     461,401       339,205  

China CITIC Bank Corp. Ltd., H Shares

     6,137,584       2,737,542  

China Coal Energy Co. Ltd., A Shares

     209,800       246,550  

China Coal Energy Co. Ltd., H Shares

     1,237,693       971,223  

China Conch Venture Holdings Ltd.

     494,076       408,541  

China Construction Bank Corp., A Shares

     274,900       235,529  

China Construction Bank Corp., H Shares

     38,655,826       21,934,906  

China Energy Engineering Corp. Ltd., A Shares

     1,633,500       486,606  

China Energy Engineering Corp. Ltd., H Shares

     3,532,746       383,768  

China Everbright Bank Co. Ltd., A Shares

     3,871,300       1,571,140  

 

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

 

    74    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

October 31, 2023

 

 

         Shares       Value  

China-(continued)

 

China Everbright Bank Co. Ltd., H Shares

     3,717,916      $        1,059,601  

China Feihe Ltd.(c)

     1,372,304       852,363  

China Gas Holdings Ltd.

     1,131,422       1,016,524  

China Hongqiao Group Ltd.(b)

     1,635,632       1,530,152  

China Life Insurance Co. Ltd., H Shares

     2,332,442       3,159,763  

China Longyuan Power Group Corp. Ltd., H Shares

     673,477       570,656  

China Mengniu Dairy Co. Ltd.(a)

     547,180       1,786,730  

China Merchants Bank Co. Ltd., A Shares

     583,949       2,454,499  

China Merchants Bank Co. Ltd., H Shares

     1,577,098       6,006,380  

China Minsheng Banking Corp. Ltd., A Shares

     2,672,245       1,358,379  

China Minsheng Banking Corp. Ltd., H Shares

     6,879,786       2,286,052  

China National Building Material Co. Ltd., H Shares

     2,357,633       1,120,875  

China Overseas Land & Investment Ltd.

     2,471,002       4,667,511  

China Pacific Insurance (Group) Co. Ltd., A Shares

     273,600       1,037,482  

China Pacific Insurance (Group) Co. Ltd., H Shares

     1,508,323       3,716,544  

China Petroleum & Chemical Corp., A Shares

     2,304,200       1,719,153  

China Petroleum & Chemical Corp., H Shares

     24,926,591       12,742,679  

China Power International Development Ltd.(b)

     2,686,529       1,043,766  

China Railway Group Ltd., A Shares

     1,907,900       1,577,294  

China Railway Group Ltd., H Shares

     5,497,115       2,592,382  

China Resources Beer Holdings Co. Ltd.

     133,141       704,450  

China Resources Gas Group Ltd.

     300,848       890,094  

China Resources Land Ltd.

     1,394,415       5,221,527  

China Resources Pharmaceutical Group Ltd.(c)

     1,269,691       788,628  

China Resources Power Holdings Co. Ltd.

     1,090,269       2,112,374  

China Shenhua Energy Co. Ltd., A Shares

     258,300       1,070,176  

China Shenhua Energy Co. Ltd., H Shares

     1,715,955       5,263,262  

China State Construction Engineering Corp. Ltd., A Shares

     4,059,622       2,873,538  

China State Construction International Holdings Ltd.

     784,243       839,910  

China Taiping Insurance Holdings Co. Ltd.

     865,191       798,338  

China Tower Corp. Ltd., H Shares(c)

     15,506,958       1,446,729  

China United Network Communications Ltd., A Shares

     1,507,500       918,743  

China Vanke Co. Ltd., A Shares

     659,000       1,020,274  

China Vanke Co. Ltd., H Shares

     1,872,345       1,751,599  

China Yangtze Power Co. Ltd., A Shares

     373,000       1,150,382  

Chongqing Rural Commercial Bank Co. Ltd., A Shares

     403,100       234,101  

Chongqing Rural Commercial Bank Co. Ltd., H Shares

     2,789,240       1,055,153  
         Shares       Value  

China-(continued)

 

CITIC Ltd.

     1,229,486      $        1,044,920  

CITIC Securities Co. Ltd., A Shares

     216,700       642,866  

CITIC Securities Co. Ltd., H Shares

     573,815       1,116,155  

COSCO SHIPPING Holdings Co. Ltd., A Shares

     465,380       621,304  

COSCO SHIPPING Holdings Co. Ltd., H Shares

     1,653,403       1,679,901  

Country Garden Holdings Co. Ltd.(a)(b)

     25,515,488       2,282,652  

Country Garden Services Holdings Co.
Ltd.(b)

     483,654       422,794  

CRRC Corp. Ltd., A Shares

     950,900       693,869  

CRRC Corp. Ltd., H Shares

     2,253,470       938,874  

CSPC Pharmaceutical Group Ltd.

     1,422,497       1,241,681  

ENN Energy Holdings Ltd.

     176,002       1,343,982  

GCL Technology Holdings Ltd.

     6,440,008       946,503  

Geely Automobile Holdings Ltd.

     2,085,982       2,364,678  

Greentown China Holdings Ltd.

     810,728       786,420  

Guangdong Investment Ltd.

     998,784       681,633  

Haier Smart Home Co. Ltd., A Shares

     103,300       313,651  

Haier Smart Home Co. Ltd., H Shares

     553,532       1,584,633  

Haitong Securities Co. Ltd., A Shares

     342,200       456,853  

Haitong Securities Co. Ltd., H Shares

     1,739,098       997,949  

Hengan International Group Co. Ltd.

     285,285       955,252  

Huaneng Power International, Inc., A Shares(a)

     315,100       327,669  

Huaneng Power International, Inc., H Shares(a)

     2,687,344       1,257,020  

Huatai Securities Co. Ltd., A Shares

     226,700       496,577  

Huatai Securities Co. Ltd., H Shares(c)

     746,874       977,429  

Huaxia Bank Co. Ltd., A Shares

     1,460,892       1,117,912  

Industrial & Commercial Bank of China Ltd., A Shares

     3,276,912       2,118,008  

Industrial & Commercial Bank of China Ltd., H Shares

     49,039,297       23,565,135  

Industrial Bank Co. Ltd., A Shares

     1,153,526       2,377,007  

JD.com, Inc., A Shares

     642,621       8,196,403  

Jiangxi Copper Co. Ltd., A Shares

     134,500       337,256  

Jiangxi Copper Co. Ltd., H Shares

     1,111,963       1,574,592  

JinkoSolar Holding Co. Ltd., ADR(a)(b)

     21,768       709,419  

KE Holdings, Inc., ADR(b)

     89,112       1,310,837  

Kuaishou Technology(a)(c)

     138,273       889,764  

Kweichow Moutai Co. Ltd., A Shares

     5,600       1,289,084  

Li Ning Co. Ltd.

     123,009       377,299  

Longfor Group Holdings Ltd.(c)

     1,300,646       1,891,643  

Lufax Holding Ltd., ADR

     818,567       781,568  

Meituan, B Shares(a)(c)

     273,955       3,872,329  

Metallurgical Corp. of China Ltd., A Shares

     1,134,800       513,274  

Metallurgical Corp. of China Ltd., H Shares

     3,164,046       626,776  

NetEase, Inc.

     270,230       5,812,400  

New China Life Insurance Co. Ltd., A Shares

     107,000       488,351  

New China Life Insurance Co. Ltd., H Shares

     705,393       1,545,183  

New Oriental Education & Technology Group, Inc.(a)

     264,674       1,731,885  

Nine Dragons Paper Holdings Ltd

     1,518,828       863,787  

NIO, Inc., A shares(a)

     95,557       707,097  

PDD Holdings, Inc., ADR(a)

     10,338       1,048,480  

 

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

 

    75    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

October 31, 2023

 

 

         Shares       Value  

China-(continued)

 

People’s Insurance Co. (Group) of China Ltd. (The), A Shares

     502,600      $ 366,746  

People’s Insurance Co. (Group) of China Ltd. (The), H Shares

     5,527,333       1,822,524  

PetroChina Co. Ltd., A Shares

     1,574,100       1,531,489  

PetroChina Co. Ltd., H Shares

     18,728,270       12,206,909  

PICC Property & Casualty Co. Ltd., H Shares

     3,573,767       4,083,209  

Ping An Bank Co. Ltd., A Shares

     761,900       1,089,009  

Ping An Insurance (Group) Co. of China Ltd., A Shares

     480,144       2,982,652  

Ping An Insurance (Group) Co. of China Ltd., H Shares

     3,823,549       19,595,163  

Poly Developments and Holdings Group Co. Ltd., A Shares

     514,800       775,214  

Postal Savings Bank of China Co. Ltd., A Shares

     1,017,200       635,220  

Postal Savings Bank of China Co. Ltd., H Shares(c)

     6,531,638              2,980,082  

Qifu Technology, Inc., ADR(b)

     51,580       762,868  

SAIC Motor Corp. Ltd., A Shares

     809,556       1,606,257  

Seazen Group Ltd.(a)

     4,342,510       704,827  

Shanghai Pharmaceuticals Holding Co. Ltd., A Shares

     120,500       296,882  

Shanghai Pharmaceuticals Holding Co. Ltd., H Shares

     525,888       764,845  

Shanghai Pudong Development Bank Co. Ltd., A Shares

     2,585,505       2,409,525  

Shenzhou International Group Holdings Ltd.

     121,072       1,187,572  

Sino Biopharmaceutical Ltd.

     2,232,941       867,538  

Sinopharm Group Co. Ltd., H Shares

     525,415       1,255,689  

Sinotruk Hong Kong Ltd.

     519,623       977,539  

Sunny Optical Technology Group Co. Ltd.

     100,401       841,102  

TAL Education Group, ADR(a)

     130,851       1,147,563  

Tencent Holdings Ltd.

     616,333       22,779,887  

Tencent Music Entertainment Group,
ADR(a)(b)

     117,539       853,333  

Tingyi Cayman Islands Holding Corp.

     832,182       1,103,960  

Trip.com Group Ltd.(a)

     98,013       3,367,060  

Vipshop Holdings Ltd., ADR(a)

     182,768       2,606,272  

Weichai Power Co. Ltd., A Shares

     247,000       468,477  

Weichai Power Co. Ltd., H Shares

     1,075,824       1,608,663  

Wuxi Biologics Cayman, Inc.(a)(c)

     153,970       956,335  

Xiaomi Corp., B Shares(a)(c)

     4,178,101       7,486,258  

Xinyi Solar Holdings Ltd.

     769,435       452,343  

Yankuang Energy Group Co. Ltd., A Shares

     56,900       151,773  

Yankuang Energy Group Co. Ltd., H Shares

     1,214,841       2,111,525  

Yuexiu Property Co. Ltd.

     824,484       857,718  

Yum China Holdings, Inc.

     57,042       2,984,561  

Zhongsheng Group Holdings Ltd.

     242,145       558,277  

Zijin Mining Group Co. Ltd., A Shares

     254,500       432,623  

Zijin Mining Group Co. Ltd., H Shares

     1,025,196       1,593,229  

ZTO Express (Cayman), Inc.

     49,183       1,150,910  
    

 

 

 
       396,283,397  
    

 

 

 
         Shares       Value  

India-12.13%

 

Axis Bank Ltd.

     404,519      $ 4,770,393  

Bajaj Finance Ltd.

     12,814       1,153,162  

Bank of Baroda

     511,766       1,205,981  

Bharat Petroleum Corp. Ltd.

     368,705       1,546,627  

Bharti Airtel Ltd.

     306,671       3,368,054  

Bharti Airtel Ltd.

     24,182       156,056  

Coal India Ltd.

     865,004       3,264,852  

GAIL (India) Ltd.

     1,458,689       2,093,634  

Grasim Industries Ltd.

     67,118       1,520,940  

HCL Technologies Ltd.

     107,023       1,640,204  

Hero MotoCorp Ltd.

     47,927       1,777,775  

Hindalco Industries Ltd.

     699,378       3,859,825  

Hindustan Petroleum Corp. Ltd.(a)

     411,659       1,224,711  

Hindustan Unilever Ltd.

     77,139       2,301,419  

ICICI Bank Ltd.

     201,449       2,214,738  

Indiabulls Housing Finance Ltd.

     764,303       1,486,218  

Indian Oil Corp. Ltd.

     1,540,693       1,659,888  

Infosys Ltd.

     468,239       7,695,747  

ITC Ltd.

     448,854       2,309,536  

Jindal Steel & Power Ltd.

     126,488       962,879  

Jio Financial Services Ltd.(a)

     606,740       1,595,941  

JSW Steel Ltd.

     263,650       2,331,751  

Larsen & Toubro Ltd.

     133,259       4,688,063  

Mahindra & Mahindra Ltd.

     192,859       3,378,674  

Maruti Suzuki India Ltd.

     17,592       2,195,821  

NTPC Ltd.

     1,246,332       3,529,780  

Oil & Natural Gas Corp. Ltd.

     1,482,983       3,315,655  

Power Finance Corp. Ltd.

     1,164,042       3,447,719  

Power Grid Corp. of India Ltd.

     1,484,903       3,605,304  

REC Ltd.

     1,136,831       3,926,946  

Reliance Industries Ltd.

     611,431       16,801,753  

Shriram Finance Ltd.

     65,975       1,489,610  

State Bank of India

     594,141       4,035,809  

Steel Authority of India Ltd.

     1,302,771       1,312,022  

Sun Pharmaceutical Industries Ltd.

     107,445       1,404,833  

Tata Consultancy Services Ltd.

     119,461       4,833,537  

Tata Motors Ltd.

     890,338       6,722,549  

Tata Motors Ltd., Class A

     568,779       2,869,897  

Tata Power Co. Ltd. (The)

     401,735       1,154,897  

Tata Steel Ltd.

     4,702,332       6,706,826  

Tech Mahindra Ltd.

     137,296       1,868,596  

UltraTech Cement Ltd.

     12,784       1,293,198  

UPL Ltd.

     147,832       959,697  

Vedanta Ltd.

     830,391       2,160,286  

Wipro Ltd.

     195,248       895,350  
    

 

 

 
          132,737,153  
    

 

 

 

Indonesia-1.92%

 

PT Adaro Energy Indonesia Tbk

     6,162,034       993,063  

PT Astra International Tbk

     5,275,036       1,917,742  

PT Bank Central Asia Tbk

     5,945,651       3,275,067  

PT Bank Mandiri (Persero) Tbk

     9,364,824       3,345,633  

PT Bank Negara Indonesia (Persero) Tbk

     4,965,436       1,497,289  

PT Bank Rakyat Indonesia (Persero) Tbk

     16,638,191       5,195,180  

PT GoTo Gojek Tokopedia Tbk(a)

     167,029,382       630,895  

PT Telkom Indonesia (Persero) Tbk

     14,512,534       3,188,464  

PT United Tractors Tbk

     618,866       978,848  
    

 

 

 
       21,022,181  
    

 

 

 

 

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

 

    76    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

October 31, 2023

 

 

         Shares       Value  

Malaysia-0.76%

 

CIMB Group Holdings Bhd.

     2,078,000     $        2,490,373  

Malayan Banking Bhd.

     995,600        1,884,838  

Petronas Chemicals Group Bhd.

     705,500       1,086,865  

Public Bank Bhd.

     2,289,700       1,999,192  

Top Glove Corp. Bhd.(a)

     5,358,300       815,357  
    

 

 

 
       8,276,625  
    

 

 

 

Mexico-3.39%

 

America Movil S.A.B. de C.V., Class B(a)

     9,630,884       7,943,492  

Arca Continental S.A.B. de C.V.

     118,816       1,064,033  

CEMEX S.A.B. de C.V.,
Series CPO(a)(b)(d)

     8,600,200       5,159,262  

Coca-Cola FEMSA S.A.B. de C.V., Series L

     160,743       1,217,971  

Fomento Economico Mexicano S.A.B. de C.V., Series CPO(e)

     567,894       6,419,124  

Grupo Bimbo S.A.B. de C.V., Series A

     239,958       975,357  

Grupo Financiero Banorte S.A.B. de C.V., Class O

     753,330       6,105,758  

Grupo Mexico S.A.B. de C.V., Class B

     863,643       3,517,624  

Grupo Televisa S.A.B., Series CPO(b)(f)

     1,924,833       881,758  

Wal-Mart de Mexico S.A.B. de C.V., Series V

     1,063,633       3,801,930  
    

 

 

 
       37,086,309  
    

 

 

 

Russia-0.00%

 

Aeroflot PJSC(a)(g)

     1,684,800       0  

Alrosa PJSC(a)(g)

     1,976,600       0  

Gazprom PJSC(a)(g)

     9,643,940       0  

Inter RAO UES PJSC(a)(g)

     29,081,146       0  

Lukoil PJSC(a)(g)

     261,775       0  

Magnit PJSC(a)(g)

     55,179       0  

MMC Norilsk Nickel PJSC(a)(g)

     20,152       0  

Mobile TeleSystems PJSC(a)(g)

     921,186       0  

Moscow Exchange MICEX-RTS
PJSC(a)(g)

     550,555       0  

Novatek PJSC(a)(g)

     298,686       0  

Novolipetsk Steel PJSC(a)(g)

     795,328       0  

Rosneft Oil Co. PJSC(a)(g)

     1,054,960       0  

Sberbank of Russia PJSC(a)(g)

     7,562,894       0  

Severstal PAO(a)(g)

     147,196       0  

Sistema PJSFC(a)(g)

     3,408,447       0  

Surgutneftegas PJSC(a)(g)

     3,493,738       0  

Surgutneftegas PJSC, Preference Shares(a)(g)

     3,804,484       0  

Tatneft PJSC(a)(g)

     753,855       0  

Tatneft PJSC, Preference Shares(a)(g)

     74,068       0  

VTB Bank PJSC(a)(g)

     3,563,458,267       0  
    

 

 

 
       0  
    

 

 

 

Saudi Arabia-2.57%

 

Al Rajhi Bank

     264,141       4,724,347  

Alinma Bank

     175,344       1,537,695  

Riyad Bank

     131,649       931,677  

SABIC Agri-Nutrients Co.

     34,791       1,240,814  

Saudi Arabian Mining Co.(a)

     128,243       1,230,608  

Saudi Arabian Oil Co.(c)

     585,178       5,194,164  

Saudi Basic Industries Corp.

     219,689       4,509,024  

Saudi National Bank (The)

     558,388       4,993,581  

Saudi Telecom Co.

     369,663       3,783,735  
    

 

 

 
       28,145,645  
    

 

 

 
         Shares       Value  

South Africa-3.99%

 

Absa Group Ltd.

     306,312      $ 2,776,381  

Anglo American Platinum Ltd.(b)

     24,382       811,567  

Bid Corp. Ltd.

     97,508       2,056,537  

Bidvest Group Ltd. (The)

     87,106       1,225,773  

Capitec Bank Holdings Ltd.(b)

     12,994       1,147,051  

Discovery Ltd.

     155,662       1,067,644  

Exxaro Resources Ltd.

     104,623       1,043,389  

FirstRand Ltd.(b)

     1,285,950       4,214,498  

Foschini Group Ltd. (The)(b)

     169,149       908,683  

Gold Fields Ltd.

     224,918       2,981,046  

Impala Platinum Holdings Ltd.(b)

     231,665       959,931  

Kumba Iron Ore Ltd.

     38,601       1,016,805  

MTN Group Ltd.

     541,156       2,626,268  

Naspers Ltd.

     14,790       2,295,259  

Nedbank Group Ltd.

     147,888       1,582,230  

Old Mutual Ltd.(b)

     1,412,268       892,701  

Sanlam Ltd.

     514,549       1,794,220  

Sasol Ltd.(b)

     259,527       3,269,612  

Shoprite Holdings Ltd.(b)

     161,505       2,057,526  

Sibanye Stillwater Ltd.(b)

     1,807,020       2,303,729  

SPAR Group Ltd. (The)(b)

     157,557       945,498  

Standard Bank Group Ltd.

     366,763       3,578,047  

Vodacom Group Ltd.

     169,721       918,546  

Woolworths Holdings Ltd.

     329,957       1,221,307  
    

 

 

 
            43,694,248  
    

 

 

 

Taiwan-15.92%

 

ASE Technology Holding Co. Ltd.

     1,674,884       5,860,932  

Asustek Computer, Inc.

     267,706       2,789,722  

AUO Corp.(a)

     4,473,244       2,151,460  

Catcher Technology Co. Ltd.

     298,000       1,667,551  

Cathay Financial Holding Co. Ltd.(a)

     2,905,919       3,933,092  

Chailease Holding Co. Ltd.

     255,141       1,380,523  

China Airlines Ltd.

     1,328,000       792,255  

China Development Financial Holding
Corp.(a)

     3,449,000       1,201,594  

China Steel Corp.

     3,192,632       2,377,125  

Chunghwa Telecom Co. Ltd.

     1,162,039       4,155,897  

Compal Electronics, Inc.

     1,291,000       1,116,465  

CTBC Financial Holding Co. Ltd.

     4,031,663       3,026,699  

Delta Electronics, Inc.

     381,791       3,419,463  

E.Sun Financial Holding Co. Ltd.

     2,752,903       2,024,256  

Eva Airways Corp.

     932,000       787,322  

Evergreen Marine Corp. Taiwan Ltd.

     744,381       2,467,118  

Far Eastern New Century Corp.

     1,136,000       1,033,205  

Far EasTone Telecommunications Co. Ltd.

     500,000       1,170,032  

First Financial Holding Co. Ltd.

     1,738,139       1,387,939  

Formosa Plastics Corp.

     818,280       1,942,579  

Fubon Financial Holding Co. Ltd.

     1,670,496       3,095,323  

Globalwafers Co. Ltd.

     55,457       811,295  

Hon Hai Precision Industry Co. Ltd.

     3,806,635       11,325,429  

Innolux Corp.

     4,306,369       1,613,146  

Largan Precision Co. Ltd.

     30,000       1,914,598  

Lite-On Technology Corp.

     807,313       2,489,018  

MediaTek, Inc.

     284,049       7,373,802  

Mega Financial Holding Co. Ltd.

     1,976,287       2,236,156  

Micro-Star International Co. Ltd.

     310,000       1,577,000  

Nan Ya Plastics Corp.

     896,940       1,711,749  

Novatek Microelectronics Corp.

     178,000       2,494,250  

 

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

 

    77    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

October 31, 2023

 

 

         Shares       Value  

Taiwan-(continued)

 

Pegatron Corp.

     486,260      $ 1,130,384  

Pou Chen Corp.

     1,013,000       901,034  

President Chain Store Corp.

     149,000       1,182,904  

Quanta Computer, Inc.

     751,000       4,376,106  

Realtek Semiconductor Corp.

     116,000       1,435,918  

Shanghai Commercial & Savings Bank Ltd. (The)

     559,000       739,359  

Shin Kong Financial Holding Co. Ltd.(a)

     3,254,998       872,081  

Sino-American Silicon Products, Inc.

     203,000       1,023,293  

SinoPac Financial Holdings Co. Ltd.

     2,642,024       1,453,989  

Synnex Technology International Corp.

     467,000       989,145  

Taishin Financial Holding Co. Ltd.

     1,867,992       993,460  

Taiwan Cement Corp.

     2,664,136       2,648,941  

Taiwan Cooperative Financial Holding Co. Ltd.

     1,322,097       1,025,150  

Taiwan Mobile Co. Ltd.

     374,000       1,104,646  

Taiwan Semiconductor Manufacturing Co. Ltd.

     3,250,807       53,019,174  

Unimicron Technology Corp.

     235,000       1,036,072  

Uni-President Enterprises Corp.

     881,941       1,846,271  

United Microelectronics Corp.

     3,307,925       4,711,766  

Walsin Lihwa Corp.

     886,000       938,311  

Wan Hai Lines Ltd.

     391,000       556,935  

Winbond Electronics Corp.

     1,301,000       1,000,769  

Winbond Electronics Corp., Rts., expiring 11/30/2023(a)

     53,306       4,848  

Wistron Corp.

     1,396,875       3,850,181  

Yageo Corp.

     111,786       1,812,839  

Yang Ming Marine Transport Corp.

     1,308,136       1,697,935  

Yuanta Financial Holding Co. Ltd.

     2,061,750       1,544,644  

Zhen Ding Technology Holding Ltd.

     345,000       1,037,074  
    

 

 

 
          174,260,224  
    

 

 

 

Thailand-3.84%

 

Advanced Info Service PCL, NVDR

     326,042       1,995,666  

Bangchak Corp. PCL, NVDR

     927,432       1,064,383  

Bangkok Bank PCL, NVDR

     419,281       1,837,289  

Bangkok Dusit Medical Services PCL, NVDR

     1,184,517       873,331  

Banpu PCL, NVDR

     4,329,177       915,399  

Charoen Pokphand Foods PCL, NVDR

     3,544,554       1,844,144  

CP ALL PCL, NVDR

     1,556,592       2,392,758  

Indorama Ventures PCL, NVDR

     969,196       639,075  

IRPC PCL, NVDR

     10,737,739       573,596  

Kasikornbank PCL, NVDR

     954,534       3,492,278  

Krung Thai Bank PCL, NVDR

     4,081,997       2,135,120  

Land & Houses PCL, NVDR

     3,598,925       755,982  

PTT Exploration & Production PCL, NVDR

     486,107       2,218,030  

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

     Shares   Value  

Thailand-(continued)

 

PTT Global Chemical PCL, NVDR

     1,735,417      $ 1,665,768  

PTT PCL, NVDR

     10,708,506       9,906,318  

SCB X PCL, NVDR

     1,193,782       3,271,546  

Siam Cement PCL (The), NVDR

     433,777       3,475,768  

Thai Oil PCL, NVDR

     842,615       1,101,841  

TMBThanachart Bank PCL, NVDR

     24,658,711       1,145,720  

True Corp. PCL, NVDR

     4,641,810       781,330  
    

 

 

 
       42,085,342  
    

 

 

 

Turkey-1.78%

 

Akbank T.A.S.

     2,718,890       2,831,061  

BIM Birlesik Magazalar A.S.

     215,266       2,069,518  

Eregli Demir ve Celik Fabrikalari T.A.S.(a)

     756,634       1,012,491  

Haci Omer Sabanci Holding A.S.

     756,301       1,430,123  

KOC Holding A.S.

     577,525       2,792,426  

Turk Hava Yollari AO(a)

     286,573       2,200,999  

Turkcell Iletisim Hizmetleri A.S.(a)

     844,402       1,432,568  

Turkiye Is Bankasi A.S., Class C

     2,517,440       1,866,764  

Turkiye Petrol Rafinerileri A.S.

     391,322       1,962,644  

Yapi ve Kredi Bankasi A.S.

     3,069,598       1,870,439  
    

 

 

 
       19,469,033  
    

 

 

 

United Kingdom-0.20%

 

AngloGold Ashanti PLC

     121,955       2,241,090  
    

 

 

 

United States-0.37%

 

JBS S.A.

     1,020,522       4,053,352  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.86%
(Cost $1,166,159,771)

 

    1,093,074,640  
    

 

 

 

Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-1.57%

 

Invesco Private Government Fund,
5.32%(h)(i)(j)

     4,807,946       4,807,946  

Invesco Private Prime Fund, 5.53%(h)(i)(j)

     12,365,256       12,366,493  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $17,174,354)

 

    17,174,439  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-101.43%
(Cost $1,183,334,125)

 

    1,110,249,079  

OTHER ASSETS LESS LIABILITIES-(1.43)%

 

    (15,680,080
    

 

 

 

NET ASSETS-100.00%

     $ 1,094,568,999  
    

 

 

 

 

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

 

    78    

 

 

 

 


 

Invesco FTSE RAFI Emerging Markets ETF (PXH)–(continued)

October 31, 2023

 

 

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

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

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $28,597,335, which represented 2.61% of the Fund’s Net Assets.

(d) 

Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

(e) 

Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

(f) 

Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

(g) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(h) 

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

          $ 8,531,729           $ 113,818,316      $ (122,350,045 )     $ -      $ -           $ -           $ 173,533

Investments Purchased with Cash Collateral from Securities on Loan:

                                                     

Invesco Private Government Fund

            3,383,737             54,597,884        (53,173,675 )       -        -             4,807,946             315,463 *

Invesco Private Prime Fund

            8,698,849             113,334,867        (109,669,148 )       317        1,608             12,366,493             838,654 *
         

 

 

           

 

 

      

 

 

     

 

 

      

 

 

           

 

 

           

 

 

 

Total

          $ 20,614,315           $ 281,751,067      $ (285,192,868 )     $ 317      $ 1,608           $ 17,174,439           $ 1,327,650
         

 

 

           

 

 

      

 

 

     

 

 

      

 

 

           

 

 

           

 

 

 

 

*

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.

 

(i) 

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

(j) 

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 2J.

 

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

 

    79    

 

 

 

 


 

Invesco Global Clean Energy ETF (PBD)

October 31, 2023

Schedule of Investments

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.91%

 

Austria-1.31%

 

Verbund AG

     19,923        $    1,726,807  
     

 

 

 

Belgium-1.07%

 

Elia Group S.A./N.V.

     14,941        1,415,810  
     

 

 

 

Canada-5.19%

 

Ballard Power Systems, Inc.(a)

     379,158        1,264,543  

Boralex, Inc., Class A

     67,359        1,252,322  

Canadian Solar, Inc.(a)(b)

     51,728        1,033,525  

Innergex Renewable Energy, Inc.

     171,813        1,056,930  

Li-Cycle Holdings Corp.(a)(b)

     368,744        494,117  

NFI Group, Inc.

     185,303        1,729,895  
     

 

 

 
        6,831,332  
     

 

 

 

Chile-0.93%

 

Sociedad Quimica y Minera de Chile S.A., ADR(b)

     25,367        1,227,763  
     

 

 

 

China-9.69%

     

China Datang Corp. Renewable Power Co. Ltd., H Shares(b)

     5,180,817        1,171,951  

Flat Glass Group Co. Ltd., H Shares(b)

     635,716        1,139,066  

Ganfeng Lithium Group Co. Ltd., H Shares(c)

     301,231        1,079,867  

JinkoSolar Holding Co. Ltd., ADR(a)(b)

     48,276        1,573,315  

NIO, Inc., ADR(a)(b)

     143,940        1,050,762  

Tianneng Power International Ltd.(b)

     1,589,958        1,434,592  

Xinyi Energy Holdings Ltd.(b)

     7,301,060        1,278,334  

Xinyi Solar Holdings Ltd.

     1,850,803        1,088,068  

XPeng, Inc., ADR(a)(b)

     105,319        1,525,019  

Yadea Group Holdings Ltd.(c)

     777,517        1,420,966  
     

 

 

 
        12,761,940  
     

 

 

 

Denmark-4.23%

     

NKT A/S(a)(b)

     29,896        1,498,748  

Novozymes A/S, Class B(b)

     35,955        1,612,064  

Orsted A/S(c)

     20,576        990,140  

Vestas Wind Systems A/S(a)

     68,123        1,468,899  
     

 

 

 
        5,569,851  
     

 

 

 

France-3.29%

     

Neoen S.A.(c)

     55,107        1,449,213  

Nexans S.A.

     20,123        1,418,710  

SPIE S.A.

     55,639        1,460,852  
     

 

 

 
        4,328,775  
     

 

 

 

Germany-4.98%

     

Encavis AG(a)(b)

     109,019        1,417,943  

Nordex SE(a)(b)

     133,375        1,399,342  

SMA Solar Technology AG(a)

     19,862        1,212,412  

VERBIO Vereinigte BioEnergie AG(b)

     34,455        1,160,672  

Wacker Chemie AG

     11,233        1,371,364  
     

 

 

 
        6,561,733  
     

 

 

 

Ireland-1.02%

     

Kingspan Group PLC

     19,967        1,339,753  
     

 

 

 

Israel-1.97%

     

Energix-Renewable Energies Ltd.

     513,010        1,245,640  

Enlight Renewable Energy Ltd.(a)(b)

     99,986        1,344,746  
     

 

 

 
        2,590,386  
     

 

 

 
     Shares      Value  

Italy-2.40%

 

Prysmian S.p.A.

     42,176      $     1,573,230  

Terna S.p.A.(b)

     207,169        1,582,333  
     

 

 

 
        3,155,563  
     

 

 

 

Japan-5.76%

 

GS Yuasa Corp.

     90,590        1,439,498  

RENOVA, Inc.(a)(b)

     174,384        1,242,434  

Takaoka Toko Co. Ltd.(b)

     108,565        1,468,131  

Toyo Tanso Co. Ltd.

     40,310        1,341,493  

West Holdings Corp.(b)

     95,755        2,092,833  
     

 

 

 
        7,584,389  
     

 

 

 

Netherlands-1.74%

 

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

     24,393        764,993  

Fugro N.V.(a)

     92,356        1,521,901  
     

 

 

 
        2,286,894  
     

 

 

 

New Zealand-1.09%

 

Mercury NZ Ltd.

     419,301        1,438,930  
     

 

 

 

Norway-0.72%

 

NEL ASA(a)(b)

     1,457,361        954,902  
     

 

 

 

South Africa-0.84%

 

Scatec ASA(c)

     220,224        1,109,823  
     

 

 

 

South Korea-6.81%

 

CS Wind Corp.

     33,544        1,135,064  

DaeMyoung Energy Co. Ltd.(a)

     82,320        1,022,181  

Doosan Fuel Cell Co. Ltd.(a)

     89,545        1,089,352  

Ecopro B.M. Co. Ltd.(b)

     7,227        1,049,896  

Iljin Hysolus Co. Ltd.(a)(b)

     91,407        1,299,481  

Lotte Energy Materials Corp.

     41,709        1,188,995  

LS Electric Co. Ltd.

     21,808        1,033,440  

Samsung SDI Co. Ltd.

     3,647        1,149,012  
     

 

 

 
        8,967,421  
     

 

 

 

Spain-4.70%

 

Acciona S.A.

     11,777        1,481,347  

Corp ACCIONA Energias Renovables S.A.(b)

     57,464        1,553,716  

EDP Renovaveis S.A.

     90,003        1,445,073  

Solaria Energia y Medio Ambiente S.A.(a)(b)

     113,887        1,703,357  
     

 

 

 
        6,183,493  
     

 

 

 

Sweden-2.58%

 

NIBE Industrier AB, Class B(b)

     211,237        1,213,426  

OX2 AB(a)(b)

     315,359        1,271,863  

PowerCell Sweden AB(a)(b)

     226,919        911,726  
     

 

 

 
        3,397,015  
     

 

 

 

Switzerland-1.86%

 

Landis+Gyr Group AG(a)

     21,432        1,582,584  

Meyer Burger Technology AG(a)(b)

     3,238,148        866,068  
     

 

 

 
        2,448,652  
     

 

 

 

Taiwan-7.79%

 

Chung-Hsin Electric and Machinery Manufacturing Corp.

     473,000        1,359,137  

Motech Industries, Inc.

     1,867,684        1,571,999  

Phihong Technology Co. Ltd.(a)

     887,124        1,435,918  

Shihlin Electric & Engineering Corp.

     414,000        1,208,750  

Sino-American Silicon Products, Inc.

     343,000        1,729,012  

 

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

 

    80    

 

 

 

 


 

Invesco Global Clean Energy ETF (PBD)–(continued)

October 31, 2023

    

 

     Shares      Value  

Taiwan-(continued)

 

Teco Electric and Machinery Co. Ltd.

     1,030,000      $     1,463,943  

United Renewable Energy Co. Ltd.

     3,249,141        1,492,591  
     

 

 

 
        10,261,350  
     

 

 

 

United Kingdom-2.87%

 

Ceres Power Holdings PLC(a)(b)

     405,908        975,248  

ITM Power PLC(a)(b)

     1,476,964        1,158,135  

Subsea 7 S.A.

     126,061        1,651,971  
     

 

 

 
        3,785,354  
     

 

 

 

United States-27.07%

 

Ameresco, Inc., Class A(a)(b)

     34,644        905,941  

Archer Aviation, Inc., Class A(a)(b)

     276,248        1,312,178  

Array Technologies, Inc.(a)(b)

     79,347        1,375,083  

Bloom Energy Corp., Class A(a)(b)

     112,314        1,168,066  

Brookfield Renewable Corp., Class A(b)

     58,457        1,330,481  

ChargePoint Holdings, Inc.(a)

     225,089        571,726  

Enphase Energy, Inc.(a)

     12,349        982,733  

EVgo, Inc.(a)(b)

     395,399        816,499  

First Solar, Inc.(a)

     8,548        1,217,663  

Fisker, Inc.(a)(b)

     302,752        1,362,384  

FuelCell Energy, Inc.(a)(b)

     965,237        1,052,108  

Gevo, Inc.(a)(b)

     1,139,516        1,219,282  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)

     70,729        1,212,295  

Hubbell, Inc.

     5,355        1,446,385  

Itron, Inc.(a)

     24,399        1,397,575  

Lucid Group, Inc.(a)(b)

     258,821        1,066,342  

Ormat Technologies, Inc.(b)

     21,665        1,333,264  

Plug Power, Inc.(a)(b)

     191,249        1,126,457  

QuantumScape Corp.(a)(b)

     235,762        1,230,678  

REC Silicon ASA(a)

     1,009,953        1,311,293  

Rivian Automotive, Inc., Class A(a)(b)

     77,990        1,264,998  
     Shares      Value  

United States-(continued)

 

Shoals Technologies Group, Inc., Class A(a)(b)

     81,031      $ 1,244,636  

Signify N.V.

     57,617        1,489,643  

SolarEdge Technologies, Inc.(a)

     10,111        767,930  

Stem, Inc.(a)(b)

     297,268        1,004,766  

Sunnova Energy International, Inc.(a)(b)

     115,071        1,050,598  

SunPower Corp.(a)(b)

     219,958        939,221  

Sunrun, Inc.(a)(b)

     110,275        1,064,154  

TPI Composites, Inc.(a)(b)

     358,277        827,620  

Universal Display Corp.

     10,866        1,512,330  

Wolfspeed, Inc.(a)(b)

     30,863        1,044,404  
     

 

 

 
        35,648,733  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $210,195,400)

 

     131,576,669  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-31.71%

 

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

     11,689,928        11,689,928  

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

     30,064,643        30,067,649  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $41,756,693)

 

     41,757,577  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-131.62%
(Cost $251,952,093)

 

     173,334,246  

OTHER ASSETS LESS LIABILITIES-(31.62)%

 

     (41,640,861
     

 

 

 

NET ASSETS-100.00%

      $ 131,693,385  
     

 

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

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

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $6,815,002, which represented 5.17% of the Fund’s Net Assets.

(d) 

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          $                 -          $     6,441,658      $     (6,441,658)            $         -          $             -          $                 -          $         2,114

 

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

 

    81    

 

 

 

 


 

Invesco Global Clean Energy ETF (PBD)–(continued)

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 Purchased with Cash Collateral from Securities on Loan:

                                                                                   
  Invesco Private Government Fund          $ 19,922,611          $ 82,462,482      $ (90,695,165 )          $ -            $ -          $ 11,689,928          $ 780,820 *
  Invesco Private Prime Fund            51,352,081            152,877,609        (174,167,572 )            1,799            3,732            30,067,649            2,113,655 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 
  Total          $ 71,274,692          $ 241,781,749      $ (271,304,395 )          $ 1,799          $ 3,732          $ 41,757,577          $ 2,896,589
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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

 

(e) 

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

(f) 

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

 

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

 

    82    

 

 

 

 


 

Invesco Global Water ETF (PIO)

October 31, 2023

Schedule of Investments

 

     Shares      Value  

Common Stocks & Other Equity Interests-99.94%

 

Brazil-4.47%

 

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

     906,541      $   10,492,722  
     

 

 

 

Canada-3.27%

 

Stantec, Inc.

     125,337        7,660,612  
     

 

 

 

Cayman Islands-0.64%

 

Consolidated Water Co. Ltd.

     51,023        1,506,199  
     

 

 

 

Chile-0.30%

 

Aguas Andinas S.A., Class A

     2,388,681        694,338  
     

 

 

 

China-0.94%

 

China Lesso Group Holdings Ltd.

     3,636,984        1,952,219  

China Water Affairs Group Ltd.

     398,941        252,378  
     

 

 

 
        2,204,597  
     

 

 

 

France-5.27%

 

Veolia Environnement S.A.

     452,705        12,359,896  
     

 

 

 

Japan-10.14%

 

EBARA Corp.

     153,817        6,703,372  

Kurita Water Industries Ltd.

     129,986        3,894,988  

METAWATER Co. Ltd.

     33,748        421,390  

Miura Co. Ltd.

     100,495        1,926,688  

Nomura Micro Science Co. Ltd.(a)

     41,496        2,085,144  

Organo Corp.

     68,145        2,211,580  

TOTO Ltd.

     273,796        6,549,988  
     

 

 

 
        23,793,150  
     

 

 

 

Mexico-0.04%

 

Grupo Rotoplas, S.A.B. de C.V.(a)(b)

     76,377        102,552  
     

 

 

 

Netherlands-1.59%

 

Aalberts N.V.

     61,639        1,916,785  

Arcadis N.V.

     43,116        1,819,299  
     

 

 

 
        3,736,084  
     

 

 

 

South Korea-0.90%

 

Coway Co. Ltd.

     65,945        2,109,381  
     

 

 

 

Spain-1.66%

 

Acciona S.A.(a)

     30,937        3,891,350  
     

 

 

 

Switzerland-8.09%

 

Belimo Holding AG(a)

     5,049        2,113,806  

Geberit AG

     29,578        13,709,137  

Georg Fischer AG

     61,343        3,162,698  
     

 

 

 
        18,985,641  
     

 

 

 
     Shares      Value  

United Kingdom-11.03%

 

Genuit Group PLC

     162,503      $ 523,538  

Halma PLC

     390,370        8,739,669  

Severn Trent PLC

     262,293        8,453,508  

Spirax-Sarco Engineering PLC

     81,997        8,150,985  
     

 

 

 
        25,867,700  
     

 

 

 

United States-51.60%

 

A.O. Smith Corp.

     63,657        4,440,712  

Advanced Drainage Systems, Inc.(a)

     40,972        4,377,039  

AECOM

     55,839        4,274,475  

American Water Works Co., Inc.

     66,357        7,806,901  

Danaher Corp.

     80,041        15,369,473  

Ecolab, Inc.

     57,698        9,678,263  

Ferguson PLC

     65,158        9,748,842  

IDEX Corp.

     36,132        6,916,026  

Pentair PLC

     301,892        17,545,963  

Roper Technologies, Inc.

     42,502        20,765,202  

Veralto Corp.(a)(b)

     26,680        1,840,920  

Waters Corp.(a)(b)

     36,571        8,723,281  

Xylem, Inc.(a)

     102,428        9,581,115  
     

 

 

 
        121,068,212  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.94%
(Cost $223,819,456)

 

     234,472,434  
  

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-2.29%

 

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

     1,640,696        1,640,696  

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

     3,720,681        3,721,053  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,361,762)

 

     5,361,749  
  

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.23%
(Cost $229,181,218)

 

     239,834,183  

OTHER ASSETS LESS LIABILITIES-(2.23)%

 

     (5,229,227
  

 

 

 

NET ASSETS-100.00%

 

   $ 234,604,956  
  

 

 

 

 

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

 

    83    

 

 

 

 


 

Invesco Global Water ETF (PIO)–(continued)

October 31, 2023

    

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(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

(Depreciation)

   Realized
Gain
(Loss)
 

Value
October 31, 2023

   Dividend
Income

Investments in Affiliated Money Market Funds:

                                                                                        

Invesco Government & Agency Portfolio, Institutional Class

         $ -          $ 10,705,889      $ (10,705,889 )            $     -            $ -          $ -          $ 3,484

Investments Purchased with Cash Collateral from Securities on Loan:

                                                          

Invesco Private Government Fund

           875,923            51,126,494        (50,361,721 )            -            -            1,640,696            127,018 *

Invesco Private Prime Fund

           2,251,823            109,356,645        (107,882,828 )            (18 )            (4,569 )            3,721,053            336,344 *
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

Total

         $ 3,127,746            $171,189,028      $ (168,950,438 )                 $(18          $ (4,569 )          $ 5,361,749          $ 466,846
        

 

 

          

 

 

      

 

 

          

 

 

          

 

 

          

 

 

          

 

 

 

 

*

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 2J.

 

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

 

    84    

 

 

 

 


 

Invesco International BuyBack AchieversTM ETF (IPKW)

October 31, 2023

Schedule of Investments

 

         Shares        Value  

Common Stocks & Other Equity Interests-99.96%

 

Australia-1.20%

 

AMP Ltd.(a)

     173,649       $      114,894  

BlueScope Steel Ltd.

     28,478        338,980  

Helia Group Ltd.

     17,048        39,074  

Qube Holdings Ltd.

     86,456        145,607  

Waypoint REIT Ltd.

     42,150        56,577  

Whitehaven Coal Ltd.

     52,488        245,923  
     

 

 

 
          941,055  
     

 

 

 

Austria-0.50%

 

BAWAG Group AG(b)(c)

     5,176        229,455  

Wienerberger AG

     6,589        159,767  
     

 

 

 
        389,222  
     

 

 

 

Belgium-0.32%

 

Groupe Bruxelles Lambert N.V.

     3,406        248,410  
     

 

 

 

Brazil-2.69%

 

Vale S.A.

     154,140        2,108,995  
     

 

 

 

Canada-13.58%

     

Advantage Energy Ltd.(c)

     10,517        76,288  

ARC Resources Ltd.

     38,135        612,852  

Artis REIT(a)

     4,732        20,997  

Canadian Natural Resources Ltd.

     49,482        3,138,761  

Centerra Gold, Inc.

     12,886        65,439  

CI Financial Corp.

     9,350        84,660  

Enerplus Corp.

     13,187        222,752  

Gildan Activewear, Inc.

     9,535        270,545  

H&R REIT

     17,223        105,826  

Imperial Oil Ltd.

     10,479        596,546  

Interfor Corp.(c)

     3,227        39,772  

Linamar Corp.

     2,123        91,695  

MEG Energy Corp.(c)

     17,903        353,353  

Methanex Corp.

     2,621        108,106  

Nutrien Ltd.

     31,027        1,664,607  

Onex Corp.

     4,327        242,243  

Sleep Country Canada Holdings, Inc.(b)

     1,943        30,609  

Stelco Holdings, Inc.

     2,110        59,398  

Stella-Jones, Inc.

     3,143        164,457  

Suncor Energy, Inc.

     60,249        1,949,060  

TFI International, Inc.

     3,879        428,653  

Trican Well Service Ltd.

     13,265        44,814  

West Fraser Timber Co. Ltd.

     4,028        271,551  
     

 

 

 
        10,642,984  
     

 

 

 

China-0.23%

 

Great Wall Motor Co. Ltd., H Shares(a)

     127,034        177,288  
     

 

 

 

Colombia-0.15%

 

Parex Resources, Inc.

     5,950        113,921  
     

 

 

 

Denmark-4.26%

 

AP Moller - Maersk A/S, Class B

     468        777,089  

D/S Norden A/S

     1,450        82,260  

DSV A/S

     11,115        1,655,913  

Jyske Bank A/S(c)

     2,904        204,064  

Pandora A/S

     5,081        574,345  

Scandinavian Tobacco Group A/S(b)

     3,220        47,744  
     

 

 

 
        3,341,415  
     

 

 

 
         Shares        Value  

Finland-3.91%

 

Nordea Bank Abp

     188,264       $      1,976,556  

Sampo OYJ

     27,694        1,086,305  
     

 

 

 
        3,062,861  
     

 

 

 

Germany-2.86%

 

adidas AG

     9,825        1,736,377  

Bilfinger SE

     2,360        86,360  

CANCOM SE

     1,707        42,437  

Scout24 SE(a)(b)

     4,094        251,073  

TeamViewer SE(b)(c)

     8,357        128,040  
     

 

 

 
        2,244,287  
     

 

 

 

Hong Kong-0.11%

 

Bank of East Asia Ltd. (The)

     71,616        84,937  
     

 

 

 

Ireland-0.28%

 

Glanbia PLC

     11,974        188,329  

Glenveagh Properties PLC(b)(c)

     30,453        29,356  
     

 

 

 
        217,685  
     

 

 

 

Israel-0.11%

 

Plus500 Ltd.

     5,063        86,688  
     

 

 

 

Italy-5.52%

     

Anima Holding S.p.A.(b)

     16,316        66,501  

Eni S.p.A.

     128,869        2,101,519  

UniCredit S.p.A.

     86,494        2,159,896  
     

 

 

 
        4,327,916  
     

 

 

 

Japan-13.07%

 

Central Glass Co. Ltd.

     1,596        29,950  

Citizen Watch Co. Ltd.

     14,519        83,694  

DCM Holdings Co. Ltd.

     8,612        66,988  

DeNA Co. Ltd.

     5,441        52,723  

en Japan, Inc.(a)

     2,638        38,844  

ENEOS Holdings, Inc.

     190,307        700,810  

Geo Holdings Corp.

     1,596        24,692  

Glory Ltd.

     3,458        63,854  

Gree, Inc.

     4,256        15,794  

H2O Retailing Corp.

     6,341        67,411  

Hazama Ando Corp.

     11,389        87,460  

Hokkoku Financial Holdings, Inc.

     1,596        52,324  

Inpex Corp.

     69,658        1,003,853  

JAFCO Group Co. Ltd.

     3,151        33,685  

Japan Post Holdings Co. Ltd.

     138,977        1,224,176  

Kansai Paint Co. Ltd.

     12,703        184,449  

Kawasaki Kisen Kaisha Ltd.

     8,825        299,693  

Marui Group Co. Ltd.

     13,076        204,586  

Maxell Ltd.

     3,170        33,658  

Morinaga & Co. Ltd.

     2,771        99,682  

Nikkiso Co. Ltd.

     4,367        27,596  

Nikon Corp.

     20,977        196,134  

Nippon Ceramic Co. Ltd.

     1,463        25,194  

Nisshinbo Holdings, Inc.

     9,399        67,275  

Nitto Boseki Co. Ltd.

     2,250        49,919  

Pan Pacific International Holdings Corp.

     35,848        687,987  

Renesas Electronics Corp.(c)

     101,929        1,316,136  

Santen Pharmaceutical Co. Ltd.

     22,204        191,698  

SoftBank Group Corp.

     48,972        1,980,287  

Suzuken Co. Ltd.

     5,254        160,071  

Taisei Corp.

     11,904        400,796  

 

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

 

    85    

 

 

 

 


 

Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)

October 31, 2023

 

 

         Shares        Value  

Japan-(continued)

 

Takashimaya Co. Ltd.

     10,499       $ 141,632  

Toho Holdings Co. Ltd.

     4,891        109,805  

Toyo Ink SC Holdings Co. Ltd.

     3,037        51,237  

Transcosmos, Inc.

     2,250        45,388  

TSI Holdings Co. Ltd.

     5,220        27,574  

Wacoal Holdings Corp.

     3,691        83,620  

Yamada Holdings Co. Ltd.

     56,463        178,137  

Yamaguchi Financial Group, Inc.

     14,711        133,467  
     

 

 

 
        10,242,279  
     

 

 

 

Luxembourg-1.03%

 

Aperam S.A.

     3,036        83,917  

ArcelorMittal S.A.

     32,638        720,326  
     

 

 

 
        804,243  
     

 

 

 

Mexico-0.24%

 

Grupo Elektra S.A.B. de C.V.

     2,920        186,608  
     

 

 

 

Netherlands-6.02%

 

NN Group N.V.(a)

     14,840        474,655  

PostNL N.V.

     19,844        36,885  

Shell PLC

     130,883        4,203,173  
     

 

 

 
        4,714,713  
     

 

 

 

Singapore-0.05%

     

Yangzijiang Financial Holding Ltd.

     154,846        36,167  
     

 

 

 

South Africa-2.47%

     

Barloworld Ltd.

     7,614        31,838  

Motus Holdings Ltd.(a)

     7,271        35,884  

Naspers Ltd.

     10,821        1,679,310  

Resilient REIT Ltd.

     15,810        31,330  

Tiger Brands Ltd.(a)

     8,145        74,899  

Truworths International Ltd.(a)

     20,503        82,572  
     

 

 

 
        1,935,833  
     

 

 

 

South Korea-0.19%

 

Douzone Bizon Co. Ltd.

     1,220        24,661  

Genexine, Inc.(c)

     2,083        12,138  

Hanssem Co. Ltd.

     900        32,687  

Humasis Co. Ltd.(c)

     7,468        11,114  

SKC Co. Ltd.

     1,236        72,025  
     

 

 

 
        152,625  
     

 

 

 

Spain-6.67%

     

Acerinox S.A.

     11,732        114,062  

ACS Actividades de Construccion y Servicios S.A.

     13,089        472,745  

Applus Services S.A.

     7,612        80,056  

Banco Bilbao Vizcaya Argentaria S.A.(a)

     326,255        2,559,489  

CaixaBank S.A.

     235,339        953,969  

Repsol S.A.

     71,328        1,042,318  
     

 

 

 
        5,222,639  
     

 

 

 

Sweden-0.53%

 

JM AB(a)

     3,036        32,282  

NCC AB, Class B

     4,850        49,574  

Trelleborg AB, Class B

     13,365        336,857  
     

 

 

 
        418,713  
     

 

 

 

Switzerland-9.81%

 

Novartis AG

     40,570        3,768,791  

UBS Group AG(c)

     167,843        3,913,662  
     

 

 

 
        7,682,453  
     

 

 

 
         Shares        Value  

Taiwan-0.06%

 

FLEXium Interconnect, Inc.

     19,000       $      48,913  
     

 

 

 

Turkey-0.13%

 

Arcelik A.S.

     17,382        83,430  

Aygaz A.S.

     3,999        19,421  
     

 

 

 
        102,851  
     

 

 

 

United Kingdom-23.97%

 

abrdn PLC(a)

     159,164        302,550  

Balanced Commercial Property Trust Ltd.

     63,390        48,614  

Balfour Beatty PLC

     50,088        187,930  

Barclays PLC

     1,361,470        2,174,133  

BP PLC

     641,853        3,914,536  

Capricorn Energy PLC(a)

     10,435        19,753  

Domino’s Pizza Group PLC

     19,259        80,159  

Firstgroup PLC

     52,304        100,217  

Forterra PLC(b)

     16,569        27,062  

Frasers Group PLC(c)

     9,624        93,776  

Grafton Group PLC(a)

     17,285        161,734  

Howden Joinery Group PLC

     52,741        408,055  

Informa PLC

     126,606        1,093,232  

Kingfisher PLC(a)

     154,985        394,564  

Lloyds Banking Group PLC

     6,108,359        2,960,430  

M&G PLC

     197,466        474,918  

Man Group PLC

     115,336        307,200  

Melrose Industries PLC, (Acquired 07/31/2023 - 10/31/2023;
Cost $625,733)(d)

     97,433        552,135  

NatWest Group PLC

     520,720        1,125,989  

Paragon Banking Group PLC

     18,704        100,681  

Pearson PLC

     68,728        793,616  

Smiths Group PLC

     31,076        608,438  

Spectris PLC

     8,602        323,581  

Standard Chartered PLC

     201,843        1,543,037  

Travis Perkins PLC

     19,202        172,332  

WPP PLC

     95,053        815,008  
     

 

 

 
        18,783,680  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.96%
(Cost $84,033,863)

 

     78,319,381  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-4.38%

 

Invesco Private Government Fund,
5.32%(e)(f)(g)

     854,461        854,461  

Invesco Private Prime Fund, 5.53%(e)(f)(g)

     2,576,113        2,576,371  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $3,430,832)

 

     3,430,832  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-104.34%
(Cost $87,464,695)

 

     81,750,213  

OTHER ASSETS LESS LIABILITIES-(4.34)%

 

     (3,402,809
     

 

 

 

NET ASSETS-100.00%

 

   $ 78,347,404  
     

 

 

 

 

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

 

    86    

 

 

 

 


 

Invesco International BuyBack AchieversTM ETF (IPKW)–(continued)

October 31, 2023

    

 

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

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 $809,840, which represented 1.03% of the Fund’s Net Assets.

(c) 

Non-income producing security.

(d) 

Restricted security. The value of this security at October 31, 2023 represented less than 1% of the Fund’s Net Assets.

(e) 

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
(Depreciation)
  Realized
Gain
(Loss)
  Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                         

Invesco Government & Agency Portfolio, Institutional Class

     $ -           $ 6,289,862      $ (6,289,862 )     $ -     $ -     $ -           $ 1,023

Investments Purchased with Cash Collateral from Securities on Loan:

                                         

Invesco Private Government Fund

       1,081,717             28,186,779        (28,414,035 )       -       -       854,461             59,957 *

Invesco Private Prime Fund

       2,768,002             51,170,222        (51,360,087 )       (38 )       (1,728 )       2,576,371             162,147 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

Total

     $ 3,849,719           $ 85,646,863      $ (86,063,984 )     $ (38 )     $ (1,728 )     $ 3,430,832           $ 223,127
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

           

 

 

 

 

*

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

 

(f) 

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

(g) 

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

 

 

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

 

    87    

 

 

 

 


 

Invesco MSCI Global Timber ETF (CUT)

October 31, 2023

Schedule of Investments

 

         Shares        Value  

Common Stocks & Other Equity Interests-99.16%

 

Austria-4.06%

 

Mondi PLC(a)

     131,297       $      2,117,395  
     

 

 

 

Brazil-6.12%

 

Dexco S.A.

     112,395        152,891  

Klabin S.A.

     201,034        853,089  

Suzano S.A.

     213,453        2,182,782  
     

 

 

 
        3,188,762  
     

 

 

 

Canada-4.36%

 

Canfor Corp.(b)

     16,675        170,324  

Cascades, Inc.

     18,795        152,174  

Interfor Corp.(b)

     14,210        175,136  

Stella-Jones, Inc.

     14,147        740,240  

West Fraser Timber Co. Ltd.

     15,344        1,034,428  
     

 

 

 
        2,272,302  
     

 

 

 

Chile-1.04%

 

Empresas CMPC S.A.

     304,646        542,860  
     

 

 

 

China-1.00%

 

Lee & Man Paper Manufacturing Ltd.

     365,042        104,036  

Nine Dragons Paper Holdings Ltd.

     451,716        256,900  

Shandong Chenming Paper Holdings Ltd., B Shares(b)

     164,500        33,217  

Shandong Sun Paper Industry JSC Ltd., A Shares

     47,300        80,340  

ShenZhen YUTO Packaging Technology Co. Ltd., A Shares

     13,000        46,649  
     

 

 

 
        521,142  
     

 

 

 

Finland-11.31%

 

Huhtamaki OYJ(a)

     25,790        883,498  

Metsa Board OYJ(a)

     43,077        325,101  

Stora Enso OYJ, Class R(a)

     157,176        1,881,480  

UPM-Kymmene OYJ(a)

     83,588        2,806,960  
     

 

 

 
        5,897,039  
     

 

 

 

Germany-0.18%

 

Mercer International, Inc.(a)

     11,792        93,629  
     

 

 

 

Indonesia-1.22%

 

PT Indah Kiat Pulp & Paper Tbk

     741,188        447,932  

PT Pabrik Kertas Tjiwi Kimia Tbk

     387,676        186,700  
     

 

 

 
        634,632  
     

 

 

 

Ireland-4.28%

 

Smurfit Kappa Group PLC

     68,644        2,230,394  
     

 

 

 

Japan-3.90%

 

Daio Paper Corp.(a)

     23,298        190,144  

Hokuetsu Corp.(a)

     30,841        234,599  

Nippon Paper Industries Co. Ltd.(a)(b)

     26,912        232,434  

Oji Holdings Corp.

     232,152        986,276  

Rengo Co. Ltd.

     48,303        318,054  

Tokushu Tokai Paper Co. Ltd.

     2,981        70,763  
     

 

 

 
        2,032,270  
     

 

 

 

Norway-0.14%

 

Norske Skog ASA(a)(b)(c)

     20,232        73,780  
     

 

 

 

Portugal-0.74%

 

Altri SGPS S.A.

     19,899        96,080  
         Shares        Value  

Portugal-(continued)

 

Navigator Co. S.A. (The)

     57,253       $      227,542  

Semapa-Sociedade de Investimento e Gestao

     4,593        64,860  
     

 

 

 
        388,482  
     

 

 

 

Russia-0.00%

 

Segezha Group PJSC(b)(c)(d)

     1,310,077        0  
     

 

 

 

Saudi Arabia-0.14%

 

Middle East Paper Co.

     9,822        71,736  
     

 

 

 

South Africa-0.61%

 

Sappi Ltd.

     152,717        319,415  
     

 

 

 

South Korea-0.19%

 

Dongwha Enterprise Co. Ltd.(b)

     1,575        71,721  

YoungPoong Paper Mfg Co. Ltd.

     4,448        26,907  
     

 

 

 
        98,628  
     

 

 

 

Spain-0.22%

 

Ence Energia y Celulosa S.A.(a)

     38,708        115,460  
     

 

 

 

Sweden-7.19%

 

Billerud AB

     60,043        556,220  

Holmen AB, Class B

     25,373        955,406  

Svenska Cellulosa AB S.C.A., Class B(a)

     163,241        2,234,717  
     

 

 

 
        3,746,343  
     

 

 

 

Switzerland-3.45%

 

SIG Group AG(a)(b)

     81,886        1,798,694  
     

 

 

 

Taiwan-1.34%

 

Cheng Loong Corp.

     204,000        177,993  

Chung Hwa Pulp Corp.

     110,000        70,541  

Longchen Paper & Packaging Co. Ltd.

     221,000        94,369  

Shihlin Paper Corp.(b)

     41,000        64,720  

YFY, Inc.

     318,000        292,166  
     

 

 

 
        699,789  
     

 

 

 

Thailand-0.67%

 

SCG Packaging PCL, NVDR

     350,181        350,741  
     

 

 

 

United Kingdom-2.44%

 

DS Smith PLC

     367,866        1,273,097  
     

 

 

 

United States-44.56%

 

Amcor PLC

     280,352        2,492,329  

Avery Dennison Corp.

     14,968        2,605,480  

Clearwater Paper Corp.(b)

     4,770        161,274  

Graphic Packaging Holding Co.(a)

     82,538        1,775,392  

International Paper Co.

     78,170        2,636,674  

Louisiana-Pacific Corp.

     17,576        901,297  

Packaging Corp. of America

     18,299        2,800,662  

Pactiv Evergreen, Inc.(a)

     12,472        107,509  

PotlatchDeltic Corp.(a)

     21,228        909,620  

Ranpak Holdings Corp.(a)(b)

     12,516        39,551  

Rayonier, Inc.(a)

     37,414        944,329  

Resolute Forest Products, Inc.(b)(d)

     13,637        19,364  

Sealed Air Corp.

     38,878        1,197,054  

Sonoco Products Co.(a)

     26,327        1,364,002  

Sylvamo Corp.(a)

     10,449        462,891  

 

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

 

    88    

 

 

 

 


 

Invesco MSCI Global Timber ETF (CUT)–(continued)

October 31, 2023

 

 

         Shares        Value  

United States-(continued)

     

WestRock Co.

     68,997       $       2,479,062  

Weyerhaeuser Co.

     81,450        2,336,800  
     

 

 

 
        23,233,290  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $53,041,719)

 

     51,699,880  
     

 

 

 

Exchange-Traded Funds-0.66%

 

India-0.66%

 

Invesco India ETF(e)
(Cost $381,271)

     14,953        341,676  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.82%
(Cost $53,422,990)

 

     52,041,556  
     

 

 

 
         Shares        Value  
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-24.87%

 

Invesco Private Government Fund,
5.32%(e)(f)(g)

     3,727,307       $ 3,727,307  

Invesco Private Prime Fund, 5.53%(e)(f)(g)

     9,240,983        9,241,907  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $12,969,118)

 

     12,969,214  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-124.69%
(Cost $66,392,108)

 

     65,010,770  

OTHER ASSETS LESS LIABILITIES-(24.69)%

 

     (12,873,526
     

 

 

 

NET ASSETS-100.00%

 

   $ 52,137,244  
     

 

 

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $73,780, which represented less than 1% of the Fund’s Net Assets.

(d) 

Security valued using significant unobservable inputs (Level 3). See Note 4.

(e) 

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

(Depreciation)
   Realized
Gain

(Loss)
  Value
October 31, 2023
   Dividend
Income

Invesco India ETF

     $ 384,979           $ 51,605      $ (71,439 )     $ (21,078 )          $ 45,120     $ 341,676           $ 1,569

Investments in Affiliated Money Market Funds:

                                              

Invesco Government & Agency Portfolio, Institutional Class

       67,536             2,655,706        (2,723,242 )       -            -       -             1,067

Investments Purchased with Cash Collateral from Securities on Loan:

                                              

Invesco Private Government Fund

       1,110,750             29,663,927        (27,047,370 )       -            -       3,727,307             130,402 *

Invesco Private Prime Fund

       2,855,522             67,845,180        (61,457,385 )       84            (1,494 )       9,241,907             348,501 *
    

 

 

           

 

 

      

 

 

     

 

 

          

 

 

     

 

 

           

 

 

 

Total

     $ 4,418,787           $ 100,216,418      $ (91,299,436 )     $ (20,994 )          $ 43,626 **     $ 13,310,890           $ 481,539
    

 

 

           

 

 

      

 

 

     

 

 

          

 

 

     

 

 

           

 

 

 

 

*

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

**

Includes capital gains distributions from affiliated underlying funds as follows:

 

  Fund Name   

Capital Gain

  Invesco India ETF

     $ 47,511

 

(f) 

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

(g)

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

 

 

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

 

    89    

 

 

 

 


 

Invesco MSCI Green Building ETF (GBLD)

October 31, 2023

Schedule of Investments

 

         Shares          Value  

Common Stocks & Other Equity Interests-98.71%

 

Australia-2.31%

     

Centuria Office REIT

     12,641      $           8,764  

Cromwell Property Group(a)

     42,039        8,518  

Growthpoint Properties Australia Ltd.

     7,360        9,180  

Vicinity Ltd.

     102,888        110,744  
     

 

 

 
        137,206  
     

 

 

 

Austria-0.61%

     

CA Immobilien Anlagen AG

     1,076        36,281  
     

 

 

 

Canada-1.28%

     

First Capital REIT

     2,884        27,090  

RioCan REIT

     4,039        49,023  
     

 

 

 
        76,113  
     

 

 

 

China-0.18%

     

Guangzhou R&F Properties Co. Ltd., H Shares(b)

     41,410        5,821  

SOHO China Ltd.(a)(b)

     49,747        5,150  
     

 

 

 
        10,971  
     

 

 

 

Finland-0.19%

     

Citycon OYJ(b)

     2,095        11,059  
     

 

 

 

France-8.69%

     

Carmila S.A.(b)

     1,726        24,118  

Covivio S.A.

     1,333        56,923  

Gecina S.A.

     1,224        119,803  

Klepierre S.A.

     5,714        138,309  

Mercialys S.A.

     2,579        21,917  

Unibail-Rodamco-Westfield SE(a)(b)

     3,139        154,815  
     

 

 

 
        515,885  
     

 

 

 

Germany-0.11%

     

Deutsche EuroShop AG

     347        6,287  
     

 

 

 

Hong Kong-3.71%

     

Champion REIT

     65,962        20,822  

Fortune REIT

     43,851        24,547  

Henderson Land Development Co. Ltd.

     37,858        98,702  

Sunlight REIT

     31,554        8,711  

Swire Properties Ltd.

     29,976        58,001  

Yuexiu REIT(a)

     65,283        9,344  
     

 

 

 
        220,127  
     

 

 

 

Israel-0.35%

     

Alony Hetz Properties & Investments Ltd.

     3,917        19,045  

Property & Building Corp. Ltd.(b)

     55        1,683  
     

 

 

 
        20,728  
     

 

 

 

Japan-34.99%

     

Activia Properties, Inc.

     19        51,250  

Advance Logistics Investment Corp.

     18        14,631  

AEON REIT Investment Corp.

     47        44,689  

CRE Logistics REIT, Inc.

     16        16,798  

Daiwa House Industry Co. Ltd.

     15,548        423,696  

Daiwa House REIT Investment Corp.

     59        104,252  

Daiwa Office Investment Corp.

     8        34,917  

Frontier Real Estate Investment Corp.

     13        38,842  

Fukuoka REIT Corp.

     19        20,425  

Global One Real Estate Investment Corp.

     30        22,741  

GLP J-Reit

     125        111,839  

Hulic Reit, Inc.

     36        36,655  
         Shares          Value  

Japan-(continued)

     

Isetan Mitsukoshi Holdings Ltd.

     8,732      $ 97,672  

Japan Excellent, Inc.

     33        28,894  

Japan Logistics Fund, Inc.

     24        44,357  

Japan Metropolitan Fund Investment Corp.

     187        120,390  

Japan Prime Realty Investment Corp.

     23        53,762  

Japan Real Estate Investment Corp.

     34        125,947  

LaSalle Logiport REIT

     50        48,929  

Mitsubishi Estate Logistics REIT Investment Corp.

     13        32,662  

Mori Hills REIT Investment Corp.

     42        39,242  

Nippon Building Fund, Inc.

     41        164,330  

Nippon Prologis REIT, Inc.

     60        106,494  

Nomura Real Estate Master Fund, Inc.

     114        125,634  

One REIT, Inc.

     7        12,101  

ORIX JREIT, Inc.

     71        81,480  

Sekisui House REIT, Inc.

     112        58,867  

SOSiLA Logistics REIT, Inc.

     20        15,821  
     

 

 

 
        2,077,317  
     

 

 

 

Netherlands-0.64%

     

Eurocommercial Properties N.V.

     1,154        24,688  

Wereldhave N.V.

     868        13,056  
     

 

 

 
        37,744  
     

 

 

 

Singapore-11.45%

     

CapitaLand Ascendas REIT

     99,618        189,049  

CapitaLand India Trust

     33,194        23,259  

CapitaLand Integrated Commercial Trust

     142,001        182,418  

City Developments Ltd.

     12,655        58,377  

Digital Core REIT Management Pte. Ltd.

     20,562        10,384  

Frasers Centrepoint Trust

     28,640        43,272  

Frasers Logistics & Commercial Trust(c)

     79,564        60,397  

Keppel REIT

     57,273        33,234  

Lendlease Global Commercial REIT

     49,117        18,284  

Mapletree Pan Asia Commercial Trust

     63,231        61,382  
     

 

 

 
        680,056  
     

 

 

 

South Africa-0.55%

     

Redefine Properties Ltd.

     176,239        32,903  
     

 

 

 

Spain-2.09%

     

Inmobiliaria Colonial SOCIMI S.A.

     7,053        39,437  

Lar Espana Real Estate SOCIMI S.A.

     1,362        7,889  

Merlin Properties SOCIMI S.A.

     8,720        72,446  

Neinor Homes S.A.(b)(c)

     446        4,592  
     

 

 

 
        124,364  
     

 

 

 

Sweden-1.21%

     

Atrium Ljungberg AB, Class B

     1,311        20,112  

Fabege AB(a)

     5,986        44,501  

Platzer Fastigheter Holding AB, Class B(a)

     1,363        7,137  
     

 

 

 
        71,750  
     

 

 

 

United Kingdom-6.06%

     

Berkeley Group Holdings PLC (The)

     2,776        135,954  

Crest Nicholson Holdings PLC

     5,518        10,713  

Land Securities Group PLC

     18,845        130,116  

Tritax Big Box REIT PLC

     50,107        83,178  
     

 

 

 
        359,961  
     

 

 

 

 

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

 

    90    

 

 

 

 


 

Invesco MSCI Green Building ETF (GBLD)–(continued)

October 31, 2023

 

 

         Shares          Value  

United States-24.29%

     

Alexandria Real Estate Equities, Inc.(a)

     4,376      $           407,537  

American Assets Trust, Inc.

     1,394        24,743  

Beazer Homes USA, Inc.(a)(b)

     688        16,643  

Boston Properties, Inc.(a)

     3,963        212,298  

Brandywine Realty Trust, (Acquired 04/20/2021 - 09/01/2023;
Cost $44,360)(a)(d)

     4,435        16,587  

Cousins Properties, Inc.

     4,025        71,927  

Douglas Emmett, Inc.(a)

     4,478        50,198  

Empire State Realty Trust, Inc., Class A(a)

     3,556        28,768  

Equity Commonwealth(a)

     3,150        59,661  

Highwoods Properties, Inc.(a)

     2,803        50,146  

Hudson Pacific Properties, Inc.(a)

     3,222        14,370  

JBG SMITH Properties, (Acquired 04/20/2021 -10/04/2023;
Cost $71,632)(a)(d)

     2,810        36,165  

KB Home

     2,090        92,378  

Kilroy Realty Corp.(a)

     2,945        84,168  

Meritage Homes Corp.

     960        109,459  

Paramount Group, Inc.

     4,272        18,284  

Piedmont Office Realty Trust, Inc., Class A

     3,231        16,833  

SL Green Realty Corp.

     1,685        49,354  

Vornado Realty Trust(a)

     4,303        82,618  
     

 

 

 
        1,442,137  
     

 

 

 

Total Common Stocks & Other Equity Interests
(Cost $8,023,606)

 

     5,860,889  
     

 

 

 
        Shares          Value  

Exchange-Traded Funds-0.97%

    

India-0.97%

    

Invesco India ETF(e)
(Cost $58,777)

    2,509      $ 57,331  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.68%
(Cost $8,082,383)

 

     5,918,220  
    

 

 

 

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-21.69%

 

  
Invesco Private Government Fund, 5.32%(e)(f)(g)     360,532        360,532  

Invesco Private Prime Fund,
5.53%(e)(f)(g)

    927,235        927,328  
    

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $1,287,840)

 

     1,287,860  
    

 

 

 

TOTAL INVESTMENTS IN SECURITIES-121.37%
(Cost $9,370,223)

 

     7,206,080  

OTHER ASSETS LESS LIABILITIES-(21.37)%

 

     (1,268,741
    

 

 

 

NET ASSETS-100.00%

     $ 5,937,339  
    

 

 

 

 

Investment Abbreviations:

ETF-Exchange-Traded Fund

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $64,989, which represented 1.09% of the Fund’s Net Assets.

(d) 

Restricted security. The aggregate value of these securities at October 31, 2023 was $52,752, which represented less than 1% of the Fund’s Net Assets.

(e) 

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
(Depreciation)
        Realized
Gain
   Value
October 31, 2023
        Dividend
Income

Invesco India ETF

     $     -      $     71,934      $     (11,964       $(1,446)               $ 3,485      $     57,331               $    263  

Investments in Affiliated Money Market Funds:

                                           

Invesco Government & Agency Portfolio, Institutional Class

       32,365        399,324        (431,689 )       -               -        -               210  

 

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

 

    91    

 

 

 

 


 

Invesco MSCI Green Building ETF (GBLD)–(continued)

October 31, 2023

 

     Value
October 31, 2022
        Purchases
at Cost
   Proceeds
from Sales
  Change in
Unrealized
Appreciation

(Depreciation)
   Realized
Gain
  Value
October 31, 2023
   Dividend
Income

Investments Purchased with Cash Collateral from Securities on Loan:

                                                        

Invesco Private Government Fund

     $ 32,360           $ 4,060,513      $ (3,732,341 )     $ -          $ -          $ 360,532           $ 8,748 *

Invesco Private Prime Fund

       83,181             8,985,525        (8,141,460 )       17            65            927,328             23,742 *
    

 

 

           

 

 

      

 

 

     

 

 

          

 

 

          

 

 

           

 

 

 

Total

     $ 147,906           $ 13,517,296      $ (12,317,454 )     $ (1,429 )          $ 3,550 **          $ 1,345,191           $ 32,963
    

 

 

           

 

 

      

 

 

     

 

 

          

 

 

          

 

 

           

 

 

 

 

*

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

**

Includes capital gains distributions from affiliated underlying funds as follows:

 

  Fund Name   

Capital Gain

Invesco India ETF

     $ 4,678

 

(f) 

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

(g) 

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

 

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

 

    92    

 

 

 

 


 

Invesco S&P Global Water Index ETF (CGW)

October 31, 2023

Schedule of Investments

 

         Shares        Value  

Common Stocks & Other Equity Interests-99.91%

 

Austria-1.03%

     

Wienerberger AG

     357,896      $ 8,678,114  
     

 

 

 

Brazil-3.97%

     

Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR(a)

     2,892,396        33,378,250  
     

 

 

 

Canada-4.55%

     

Stantec, Inc.

     625,452        38,227,698  
     

 

 

 

China-1.07%

     

Beijing Enterprises Water Group Ltd.

     32,346,451        6,821,006  

China Lesso Group Holdings Ltd.

     4,019,759        2,157,681  
     

 

 

 
        8,978,687  
     

 

 

 

Italy-1.77%

     

Interpump Group S.p.A.(a)

     357,568        14,891,210  
     

 

 

 

Japan-2.12%

     

Kurita Water Industries Ltd.

     433,380        12,986,090  

Organo Corp.

     147,891        4,799,659  
     

 

 

 
        17,785,749  
     

 

 

 

Netherlands-1.36%

     

Aalberts N.V.

     366,735        11,404,340  
     

 

 

 

South Korea-0.92%

     

Coway Co. Ltd.

     240,332        7,687,492  
     

 

 

 

Switzerland-8.86%

     

Belimo Holding AG

     37,899        15,866,731  

Geberit AG

     75,537        35,010,721  

Georg Fischer AG

     326,669        16,842,272  

Sulzer AG

     82,080        6,737,406  
     

 

 

 
        74,457,130  
     

 

 

 

Thailand-0.53%

     

Amata Corp. PCL, NVDR

     6,655,400        4,406,998  
     

 

 

 

United Kingdom-15.68%

     

Pennon Group PLC

     1,679,517        14,806,152  

Severn Trent PLC(a)

     1,831,300        59,021,434  

United Utilities Group PLC(a)

     4,487,736        57,887,229  
     

 

 

 
        131,714,815  
     

 

 

 

United States-58.05%

     

Advanced Drainage Systems, Inc.(a)

     258,950        27,663,629  

American States Water Co.(a)

     247,910        19,349,376  

American Water Works Co., Inc.

     614,051        72,243,100  

Investment Abbreviations:

ADR-American Depositary Receipt

NVDR-Non-Voting Depositary Receipt

         Shares        Value  

United States-(continued)

     

Badger Meter, Inc.

     116,576      $ 16,151,605  

California Water Service Group

     378,446        18,422,751  

Core & Main, Inc., Class A(a)(b)

     402,030        12,093,062  

Ecolab, Inc.

     216,334        36,287,865  

Energy Recovery, Inc.(a)(b)

     215,482        3,275,326  

Essential Utilities, Inc.

     1,093,960        36,603,902  

Franklin Electric Co., Inc.

     146,986        12,746,626  

Lindsay Corp.

     39,792        4,970,817  

Middlesex Water Co.

     120,964        7,684,843  

Montrose Environmental Group, Inc.(a)(b)

     182,328        4,215,423  

Mueller Water Products, Inc., Class A

     580,079        7,175,577  

Pentair PLC

     576,630        33,513,736  

Select Water Solutions, Inc., Class A

     552,004        4,106,910  

SJW Group

     191,782        11,982,539  

Tetra Tech, Inc.

     223,732        33,763,396  

TETRA Technologies, Inc.(b)

     869,818        4,122,937  

Valmont Industries, Inc.

     81,335        16,015,675  

Watts Water Technologies, Inc., Class A

     100,844        17,447,020  

Xylem, Inc.(a)

     793,931        74,264,306  

Zurn Elkay Water Solutions Corp.(a)

     514,184        13,605,309  
     

 

 

 
        487,705,730  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.91%
(Cost $786,745,381)

 

     839,316,213  
     

 

 

 

Investments Purchased with Cash Collateral from

Securities on Loan

 

 

Money Market Funds-3.31%

 

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

     7,786,794        7,786,794  

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

     20,026,603        20,028,606  
     

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $27,814,423)

 

     27,815,400  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-103.22%
(Cost $814,559,804)

 

     867,131,613  

OTHER ASSETS LESS LIABILITIES-(3.22)%

 

     (27,048,651
     

 

 

 

NET ASSETS-100.00%

      $ 840,082,962  
     

 

 

 

 

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

 

    93    

 

 

 

 


 

Invesco S&P Global Water Index ETF (CGW)–(continued)

October 31, 2023

 

 

Notes to Schedule of Investments:

(a) 

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

(b) 

Non-income producing security.

(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
(Depreciation)
  Realized
Gain
(Loss)
  Value
October 31, 2023
   Dividend
Income

Investments in Affiliated Money Market Funds:

                                    

Invesco Government & Agency Portfolio, Institutional Class

     $ -           $ 20,753,102      $ (20,753,102 )     $ -     $ -     $ -      $ 7,029

Investments Purchased with Cash Collateral from Securities on Loan:

                                    

Invesco Private Government Fund

       26,467,571             235,635,838       
(254,316,615
)
      -       -       7,786,794        810,273 *

Invesco Private Prime Fund

       67,629,085             425,498,542        (473,090,711 )       (617 )       (7,693 )       20,028,606        2,099,803 *
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

Total

     $ 94,096,656           $ 681,887,482      $ (748,160,428 )     $ (617 )     $ (7,693 )     $ 27,815,400      $ 2,917,105
    

 

 

           

 

 

      

 

 

     

 

 

     

 

 

     

 

 

      

 

 

 

 

*

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 2J.

 

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

 

    94    

 

 

 

 


 

Invesco S&P International Developed Quality ETF (IDHQ)

October 31, 2023

Schedule of Investments

 

         Shares       Value  

Common Stocks & Other Equity Interests-99.85%

 

Australia-10.12%

    

BHP Group Ltd.

     283,627     $ 7,991,243  

Charter Hall Group

     15,030        82,506  

Cochlear Ltd.

     2,266       345,538  

Coles Group Ltd.

     39,773       384,534  

Fortescue Metals Group Ltd.

     50,360       711,045  

Glencore PLC

     412,444       2,177,841  

Goodman Group

     47,443       622,999  

James Hardie Industries PLC, CDI(a)

     13,907       344,196  

JB Hi-Fi Ltd.(b)

     4,980       142,425  

Lynas Rare Earths Ltd.(a)

     29,291       130,747  

Medibank Pvt. Ltd.

     100,026       217,227  

Pilbara Minerals Ltd.(b)

     87,154       202,516  

Pro Medicus Ltd.

     2,506       118,271  

Qantas Airways Ltd.(a)

     27,775       86,346  

Qube Holdings Ltd.

     56,186       94,627  

REA Group Ltd.(b)

     1,824       165,966  

Rio Tinto PLC

     33,384       2,128,792  

SEEK Ltd.

     14,361       187,400  

Washington H Soul Pattinson & Co. Ltd.

     7,272       153,875  

Wesfarmers Ltd.

     31,704       1,014,108  

Whitehaven Coal Ltd.

     48,753       228,423  

WiseTech Global Ltd.

     5,293       194,910  

Yancoal Australia Ltd.(b)

     30,962       94,685  
    

 

 

 
       17,820,220  
    

 

 

 

Austria-0.36%

    

ANDRITZ AG

     2,495       114,455  

Mondi PLC

     14,767       238,144  

OMV AG

     4,772       208,620  

Wienerberger AG

     3,152       76,429  
    

 

 

 
       637,648  
    

 

 

 

Belgium-0.05%

    

Ackermans & van Haaren N.V.

     603       89,423  
    

 

 

 

Cameroon-0.06%

    

Golar LNG Ltd.

     4,500       100,935  
    

 

 

 

Canada-8.20%

    

Alimentation Couche-Tard, Inc.

     23,854       1,297,128  

ARC Resources Ltd.

     29,157       468,570  

Brookfield Asset Management Ltd., Class A

     12,660       362,496  

Canadian National Railway Co.

     19,330       2,043,069  

Canadian Natural Resources Ltd.

     43,339       2,749,096  

Cenovus Energy, Inc.

     45,304       862,188  

CGI, Inc., Class A(a)

     6,156       593,672  

Imperial Oil Ltd.

     7,653       435,668  

Intact Financial Corp.

     5,201       729,957  

Manulife Financial Corp.

     66,903       1,163,363  

Nutrien Ltd.

     14,831       795,687  

Pembina Pipeline Corp.(b)

     14,957       459,834  

Suncor Energy, Inc.

     43,606       1,410,658  

TFI International, Inc.

     3,100       342,569  

Toromont Industries Ltd.

     2,237       168,228  

Tourmaline Oil Corp.

     10,507       555,000  
    

 

 

 
         14,437,183  
    

 

 

 
         Shares       Value  

China-0.15%

    

Budweiser Brewing Co. APAC Ltd.(c)

     49,565      $ 94,257  

ENN Energy Holdings Ltd.

     21,712       165,797  
    

 

 

 
       260,054  
    

 

 

 

Denmark-7.36%

    

AP Moller - Maersk A/S, Class B

     152       252,388  

DSV A/S

     6,558       977,011  

Novo Nordisk A/S, Class B

     119,440       11,451,193  

Novozymes A/S, Class B(b)

     6,459       289,593  
    

 

 

 
         12,970,185  
    

 

 

 

Finland-1.22%

    

Elisa OYJ

     5,225       221,355  

Fortum OYJ

     13,451       159,238  

Kesko OYJ, Class B

     8,088       136,485  

Kone OYJ, Class B

     19,880       859,228  

Orion OYJ, Class B

     4,797       190,344  

Sampo OYJ

     14,841       582,143  
    

 

 

 
       2,148,793  
    

 

 

 

France-11.29%

    

Airbus SE

     20,977       2,799,968  

Bollore SE

     34,938       190,187  

Hermes International S.C.A.

     1,333       2,479,244  

L’Oreal S.A.

     7,869       3,294,992  

LVMH Moet Hennessy Louis Vuitton SE

     8,346       5,950,253  

TotalEnergies SE

     77,481       5,175,918  
    

 

 

 
       19,890,562  
    

 

 

 

Germany-1.44%

    

BioNTech SE, ADR(a)(b)

     5,649       528,408  

Dr. Ing. h.c. F. Porsche AG, Preference Shares(b)(c)

     2,644       230,675  

Hapag-Lloyd AG(b)(c)

     470       67,613  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R

     4,286       1,714,720  
    

 

 

 
       2,541,416  
    

 

 

 

Hong Kong-0.82%

    

Hong Kong Exchanges & Clearing Ltd.

     41,296       1,451,371  
    

 

 

 

Ireland-0.14%

    

Ryanair Holdings PLC, ADR(a)(b)

     2,918       255,909  
    

 

 

 

Israel-0.57%

    

Check Point Software Technologies Ltd.(a)

     4,644       623,457  

ICL Group Ltd.

     25,764       124,822  

Israel Corp. Ltd.(b)

     378       81,401  

Plus500 Ltd.

     6,666       114,134  

ZIM Integrated Shipping Services Ltd.(b)

     6,759       52,315  
    

 

 

 
       996,129  
    

 

 

 

Italy-1.66%

    

Eni S.p.A.

     75,083       1,224,409  

Ferrari N.V.

     4,564       1,377,295  

FinecoBank Banca Fineco S.p.A.

     19,705       231,505  

PRADA S.p.A.

     14,710       88,358  
    

 

 

 
       2,921,567  
    

 

 

 

Japan-9.69%

    

Advantest Corp.

     26,488       667,250  

Bandai Namco Holdings, Inc.

     23,202       475,392  

 

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

 

    95    

 

 

 

 


 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

October 31, 2023

 

 

         Shares       Value  

Japan-(continued)

    

BayCurrent Consulting, Inc.

     6,735      $ 167,169  

Calbee, Inc.

     4,663       89,445  

Capcom Co. Ltd.

     6,458       206,347  

Daifuku Co. Ltd.

     11,835       192,750  

Daiichi Sankyo Co. Ltd.

     62,074       1,581,310  

Daito Trust Construction Co. Ltd.

     1,930       205,814  

Disco Corp.

     3,048       526,399  

GMO Payment Gateway, Inc.

     1,810       71,542  

GOLDWIN, Inc.

     1,367       85,335  

Hamamatsu Photonics K.K.

     4,663       171,100  

Hoya Corp.

     12,147       1,149,772  

Internet Initiative Japan, Inc.

     4,151       66,454  

Japan Exchange Group, Inc.

     15,864       310,534  

JGC Holdings Corp.

     8,138       98,981  

Kakaku.com, Inc.

     6,359       60,842  

Kobayashi Pharmaceutical Co. Ltd.

     1,750       71,874  

Konami Group Corp.

     2,964       151,757  

Lasertec Corp.

     2,387       397,269  

Mitsubishi Motors Corp.

     27,136       86,473  

Mitsui OSK Lines Ltd.

     11,700       299,984  

Nexon Co. Ltd.

     13,953       252,950  

Nintendo Co. Ltd.(b)

     37,232       1,529,402  

Nippon Yusen K.K.(b)

     14,532       352,829  

Nissan Chemical Corp.

     4,884       196,560  

Niterra Co. Ltd.

     4,885       108,057  

NOF Corp.

     2,588       101,387  

Olympus Corp.

     39,596       522,648  

Ono Pharmaceutical Co. Ltd.

     14,877       255,555  

Persol Holdings Co. Ltd.

     62,760       92,952  

Recruit Holdings Co. Ltd.

     59,907       1,714,002  

SCREEN Holdings Co. Ltd.

     3,782       173,161  

SCSK Corp.

     6,090       103,286  

Sega Sammy Holdings, Inc.

     4,563       70,684  

Seibu Holdings, Inc.

     8,191       79,479  

Sekisui Chemical Co. Ltd.

     13,601       184,466  

SG Holdings Co. Ltd.

     15,321       215,685  

Shimadzu Corp.

     8,337       195,151  

SHIMAMURA Co. Ltd.

     973       95,697  

Shimano, Inc.(b)

     2,310       328,780  

Shinko Electric Industries Co. Ltd.

     2,221       69,969  

SHO-BOND Holdings Co. Ltd.

     2,072       80,995  

Square Enix Holdings Co. Ltd.

     2,470       81,548  

TIS, Inc.

     9,083       192,222  

Toei Animation Co. Ltd.(b)

     843       75,202  

Tokyo Electron Ltd.

     17,382       2,267,367  

Trend Micro, Inc.

     3,808       141,865  

USS Co. Ltd.

     7,003       121,452  

Workman Co. Ltd.(b)

     2,332       59,899  

Yamaha Corp.

     5,633       147,999  

ZOZO, Inc.

     6,548       123,506  
    

 

 

 
         17,068,548  
    

 

 

 

Netherlands-9.76%

    

Adyen N.V.(a)(c)

     1,195       800,689  

ASML Holding N.V.

     13,111       7,834,115  

Shell PLC

     200,563       6,440,875  

Universal Music Group N.V.

     29,081       710,062  

Wolters Kluwer N.V.

     10,929       1,398,942  
    

 

 

 
       17,184,683  
    

 

 

 
         Shares        Value  

New Zealand-0.33%

     

Fisher & Paykel Healthcare Corp. Ltd.

     15,905      $ 192,516  

Meridian Energy Ltd.

     40,120        112,712  

Spark New Zealand Ltd.

     93,827        271,235  
     

 

 

 
        576,463  
     

 

 

 

Norway-1.24%

     

Equinor ASA

     43,169        1,446,927  

Gjensidige Forsikring ASA

     7,344        109,979  

Norsk Hydro ASA

     40,237        229,356  

Telenor ASA

     25,806        263,680  

Var Energi ASA

     37,861        127,528  
     

 

 

 
        2,177,470  
     

 

 

 

Portugal-0.27%

     

Galp Energia SGPS S.A.

     18,403        276,413  

Jeronimo Martins SGPS S.A.

     8,456        194,669  
     

 

 

 
        471,082  
     

 

 

 

Singapore-0.15%

     

Singapore Exchange Ltd.

     37,816        261,390  
     

 

 

 

South Korea-0.85%

     

BGF retail Co. Ltd.

     583        59,658  

Celltrion Healthcare Co. Ltd.

     3,397        167,266  

Celltrion Pharm, Inc.(a)

     1,419        66,508  

Cheil Worldwide, Inc.

     6,540        96,172  

DB Insurance Co. Ltd.

     1,547        100,686  

F&F Co. Ltd.

     991        68,535  

Hanjin Kal Corp.

     2,505        79,107  

Hansol Chemical Co. Ltd.

     459        51,047  

Hyundai Autoever Corp.

     959        92,311  

JYP Entertainment Corp.

     1,126        85,541  

Korea Aerospace Industries Ltd.

     2,253        73,735  

KT&G Corp.

     3,500        221,058  

NCSoft Corp.

     495        85,215  

Orion Corp.

     953        84,535  

Samsung Engineering Co. Ltd.(a)

     4,602        80,928  

S-Oil Corp.

     1,613        79,303  
     

 

 

 
            1,491,605  
     

 

 

 

Spain-0.66%

     

Industria de Diseno Textil S.A.(b)

     33,864        1,165,103  
     

 

 

 

Sweden-0.49%

     

Axfood AB

     4,238        93,540  

Evolution AB(c)

     6,316        560,730  

Fortnox AB

     19,620        77,513  

Tele2 AB, Class B

     19,072        135,094  
     

 

 

 
        866,877  
     

 

 

 

Switzerland-13.26%

     

ABB Ltd.

     58,489        1,956,382  

Chocoladefabriken Lindt & Spruengli AG, PC

     39        430,690  

DSM-Firmenich AG

     5,632        509,519  

EMS-Chemie Holding AG

     319        217,329  

Geberit AG

     1,766        818,525  

Kuehne + Nagel International AG, Class R

     3,378        907,556  

Nestle S.A.

     78,900        8,501,658  

Novartis AG

     76,178        7,076,631  

Partners Group Holding AG

     1,262        1,326,830  

Sandoz Group AG(a)

     1        26  

 

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

 

    96    

 

 

 

 


 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

October 31, 2023

 

 

         Shares       Value  

Switzerland-(continued)

    

Sika AG

     5,071      $ 1,208,615  

Sonova Holding AG

     1,687       397,628  
    

 

 

 
       23,351,389  
    

 

 

 

United Kingdom-11.90%

    

3i Group PLC

     39,706       932,067  

Admiral Group PLC

     13,007       385,587  

Auto Trader Group PLC(c)

     55,741       420,173  

BP PLC

     788,015       4,805,949  

Burberry Group PLC

     13,309       273,255  

Coca-Cola Europacific Partners PLC

     6,798       397,751  

Croda International PLC

     5,298       281,456  

Diageo PLC

     78,865       2,973,362  

Informa PLC

     48,021       414,657  

Next PLC

     5,155       430,618  

Reckitt Benckiser Group PLC

     22,890       1,528,229  

RELX PLC

     74,384       2,588,695  

Rightmove PLC

     45,090       258,800  

Smiths Group PLC

     9,957       194,948  

St. James’s Place PLC

     24,790       192,401  

Unilever PLC

     103,379       4,878,569  
    

 

 

 
         20,956,517  
    

 

 

 

United States-7.81%

    

GSK PLC

     206,459       3,651,193  

Holcim AG(a)

     18,955       1,168,064  
        Shares       Value  

United States-(continued)

   

Oracle Corp.

    1,845      $ 129,989  

Roche Holding AG

    29,561       7,596,110  

Stellantis N.V.

    65,395       1,216,556  
   

 

 

 
      13,761,912  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.85%
(Cost $177,537,094)

      175,854,434  
   

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.02%

   

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

    1,488,540       1,488,540  

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

    3,828,198       3,828,581  
   

 

 

 

Total Investments Purchased with Cash Collateral from Securities on Loan
(Cost $5,317,064)

 

    5,317,121  
   

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.87%
(Cost $182,854,158)

 

    181,171,555  

OTHER ASSETS LESS LIABILITIES-(2.87)%

 

    (5,052,643
   

 

 

 

NET ASSETS-100.00%

 

  $ 176,118,912  
   

 

 

 

Investment Abbreviations:

ADR-American Depositary Receipt

CDI-CREST Depository Interest

PC-Participation Certificate

Notes to Schedule of Investments:

(a) 

Non-income producing security.

(b) 

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

(c) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2023 was $2,174,137, which represented 1.23% of the Fund’s Net Assets.

(d) 

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

     $ -        $ 3,452,442      $ (3,452,442      $ -        $ -        $ -        $ 1,251  

Investments Purchased with Cash Collateral from Securities on Loan:

                                

Invesco Private Government Fund

       1,950,330          26,114,685        (26,576,475        -          -          1,488,540          91,045

Invesco Private Prime Fund

       5,013,788          50,864,477        (52,050,805        35          1,086          3,828,581          244,034
    

 

 

      

 

 

    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total

     $ 6,964,118        $ 80,431,604      $ (82,079,722      $ 35        $ 1,086        $ 5,317,121        $ 336,330  
    

 

 

      

 

 

    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

*

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.

 

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

 

    97    

 

 

 

 


 

Invesco S&P International Developed Quality ETF (IDHQ)–(continued)

October 31, 2023

 

 

(e) 

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

(f) 

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

 

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

 

    98    

 

 

 

 


 

 

(This Page Intentionally Left Blank)

 

 

 

    99    

 

 

 

 


 

Statements of Assets and Liabilities

October 31, 2023

 

     Invesco China
Technology
ETF (CQQQ)
    Invesco Dorsey Wright
Developed Markets
Momentum
ETF (PIZ)
  

Invesco Dorsey Wright
Emerging Markets
Momentum
ETF (PIE)

     Invesco FTSE
RAFI Developed
Markets ex-U.S.
ETF (PXF)
 

Assets:

                                        

Unaffiliated investments in securities, at value(a)

     $ 685,728,055          $ 108,284,308             $ 118,053,702          $1,475,285,209  

Affiliated investments in securities, at value

     25,822,249          12,068,547             4,333,910          119,826,860  

Foreign currencies, at value

     456          169,541             2,175,093          206,866  

Deposits with brokers:

                    

Cash segregated as collateral

     -          80,761             -          -  

Receivable for:

                    

Dividends

     3,634          172,544             90,261          4,663,769  

Securities lending

     26,072          2,886             6,277          48,666  

Investments sold

     -          3             -          453  

Fund shares sold

     -          75,514             -          -  

Foreign tax reclaims

     -          445,734             -          2,090,340  

Other assets

     -          -             -          -  
  

 

 

      

 

 

         

 

 

      

 

 

 

Total assets

     711,580,466          121,299,838             124,659,243          1,602,122,163  
  

 

 

      

 

 

         

 

 

      

 

 

 

Liabilities:

                    

Due to custodian

     283,480          468,636             2,199,844          3,245,965  

Payable for:

                    

Investments purchased

     -          75,515             1          -  

Collateral upon return of securities loaned

     25,822,311          12,068,541             4,333,836          119,824,604  

Collateral upon receipt of securities in-kind

     -          80,761             -          -  

Fund shares repurchased

     -          -             -          -  

Expenses recaptured

     -          -             -          -  

Accrued unitary management fees

     423,631          73,125             95,468          575,069  

Accrued advisory fees

     -          -             -          -  

Accrued trustees’ and officer’s fees

     -          -             -          -  

Accrued expenses

     -          -             -          -  

Accrued tax expenses

     -          -             -          -  

Other payables

     -          -             -          -  
  

 

 

      

 

 

         

 

 

      

 

 

 

Total liabilities

     26,529,422          12,766,578             6,629,149          123,645,638  
  

 

 

      

 

 

         

 

 

      

 

 

 

Net Assets

   $ 685,051,044        $ 108,533,260           $ 118,030,094        $ 1,478,476,525  
  

 

 

      

 

 

         

 

 

      

 

 

 

Net assets consist of:

                    

Shares of beneficial interest

   $ 1,594,487,642        $ 276,736,165           $ 268,837,754        $ 1,645,085,389  

Distributable earnings (loss)

     (909,436,598        (168,202,905           (150,807,660        (166,608,864
  

 

 

      

 

 

         

 

 

      

 

 

 

Net Assets

   $ 685,051,044        $ 108,533,260           $ 118,030,094        $ 1,478,476,525  
  

 

 

      

 

 

         

 

 

      

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

     19,750,000          3,950,000             6,750,000          35,350,000  

Net asset value

   $ 34.69        $ 27.48           $ 17.49        $ 41.82  
  

 

 

      

 

 

         

 

 

      

 

 

 

Market price

   $ 34.67        $ 27.65           $ 17.46        $ 42.17  
  

 

 

      

 

 

         

 

 

      

 

 

 

Unaffiliated investments in securities, at cost

   $ 817,075,029        $ 109,015,217           $ 115,879,288        $ 1,456,305,195  
  

 

 

      

 

 

         

 

 

      

 

 

 

Affiliated investments in securities, at cost

   $ 25,822,311        $ 12,068,541           $ 4,333,836        $ 119,824,604  
  

 

 

      

 

 

         

 

 

      

 

 

 

Foreign currencies, at cost

   $ 456        $ 170,748           $ 2,179,833        $ 211,740  
  

 

 

      

 

 

         

 

 

      

 

 

 

(a) Includes securities on loan with an aggregate value of:

   $ 23,358,235        $ 11,570,944           $ 4,099,555        $ 104,866,942  
  

 

 

      

 

 

         

 

 

      

 

 

 

 

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

 

    100    

 

 

 

 


 

 

Invesco FTSE
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)

  Invesco FTSE
RAFI Emerging
Markets

ETF (PXH)
  Invesco
Global  Clean
Energy
ETF (PBD)
  Invesco
Global Water
ETF  (PIO)
  Invesco
International
BuyBack  AchieversTM
ETF (IPKW)
  Invesco MSCI
Global Timber
ETF (CUT)
  Invesco MSCI
Green Building
ETF (GBLD)
                                                              
    $ 474,704,251                    $1,093,074,640                    $ 131,576,669                    $234,472,434         $78,319,381                    $51,699,880                               $ 5,860,889             
    72,985,037           17,174,439           41,757,577           5,361,749       3,430,832           13,310,890               1,345,191    
    385,313           11,394,255           265,094           8,510       320,548           20,037               67    
                                                     
    -           -           -           -       5,336,577           -               -    
                                                     
    1,636,654           8,882,143           51,277           353,640       123,847           109,512               25,406    
    43,610           45,439           103,779           318       1,706           2,660               251    
    175           348           -           -       7,324,560           -               14,845    
    -                   -           -       55           -               -    
    416,052           4,503           71,647           200,365       155,906           168,300               -    
    -           -           -           -       -           8,282               -    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
    550,171,092           1,130,575,767           173,826,043           240,397,016       95,013,412           65,319,561               7,246,649    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
                                                            
    1,516,515           5,709,495           285,757           276,784       505,119           91,184               19,511    
                                                     
    -           3,824,285           -           -       5,422,616           -               -    
    72,982,192           17,174,354           41,756,693           5,361,762       3,430,832           12,969,118               1,287,840    
    -           -           -           -       5,336,577           -               -    
    -           -           -           -       1,931,128           -               -    
    -           -           -           -       -           5,202               -    
    201,681           470,260           90,208           153,514       39,736           -               1,959    
    -           -           -           -       -           22,834               -    
    -           -           -           -       -           7,909               -    
    -           -           -           -       -           86,070               -    
    -           3,671,495           -           -       -           -               -    
    4,457           5,156,879           -           -       -           -               -    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
    74,704,845           36,006,768           42,132,658           5,792,060       16,666,008           13,182,317               1,309,310    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 475,466,247         $ 1,094,568,999         $ 131,693,385         $ 234,604,956     $ 78,347,404         $ 52,137,244             $ 5,937,339    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
                                                            
  $ 618,033,463         $ 1,498,615,047         $ 427,105,482         $ 301,279,149     $ 147,742,735         $ 73,550,167             $ 8,773,816    
    (142,567,216 )           (404,046,048 )           (295,412,097 )           (66,674,193 )       (69,395,331 )           (21,412,923 )               (2,836,477 )    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 475,466,247         $ 1,094,568,999         $ 131,693,385         $ 234,604,956     $ 78,347,404         $ 52,137,244             $ 5,937,339    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
                                                     
    16,850,000           63,400,000           9,825,000           7,350,000       2,350,000           1,800,000               400,001    
  $ 28.22         $ 17.26         $ 13.40         $ 31.92     $ 33.34         $ 28.97             $ 14.84    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 28.42         $ 17.25         $ 13.41         $ 31.94     $ 33.48         $ 29.03             $ 14.93    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 529,538,014         $ 1,166,159,771         $ 210,195,400         $ 223,819,456     $ 84,033,863         $ 53,041,719             $ 8,023,606    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 72,982,192         $ 17,174,354         $ 41,756,693         $ 5,361,762     $ 3,430,832         $ 13,350,389             $ 1,346,617    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 389,927         $ 11,464,979         $ 267,435         $ 8,581     $ 320,732         $ 25,448             $ 67    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     
  $ 65,520,455         $ 15,272,634         $ 40,498,931         $ 5,177,972     $ 3,230,287         $ 12,372,746             $ 1,253,491    
 

 

 

         

 

 

         

 

 

         

 

 

     

 

 

         

 

 

             

 

 

     

 

    101    

 

 

 

 


 

Statements of Assets and Liabilities–(continued)

October 31, 2023

 

     Invesco S&P
Global Water Index
ETF (CGW)
       Invesco S&P
International
Developed Quality
ETF (IDHQ)

Assets:

                  

Unaffiliated investments in securities, at value(a)

     $ 839,316,213          $ 175,854,434

Affiliated investments in securities, at value

       27,815,400            5,317,121

Foreign currencies, at value

       113,725            18,876

Deposits with brokers:

             

Cash segregated as collateral

       -            36,311

Receivable for:

             

Dividends

       277,515            132,262

Securities lending

       3,961            2,801

Investments sold

       -            20

Fund shares sold

       -            34,582

Foreign tax reclaims

       1,398,471            448,951

Other assets

       307            -
    

 

 

          

 

 

 

Total assets

       868,925,592            181,845,358
    

 

 

          

 

 

 

Liabilities:

             

Due to custodian

       285,714            294,779

Payable for:

             

Investments purchased

       -            34,582

Collateral upon return of securities loaned

       27,814,423            5,317,064

Collateral upon receipt of securities in-kind

       -            36,311

Fund shares repurchased

       -            -

Expenses recaptured

       -            -

Accrued unitary management fees

       -            43,710

Accrued advisory fees

       363,367            -

Accrued trustees’ and officer’s fees

       16,353            -

Accrued expenses

       362,773            -

Accrued tax expenses

       -            -

Other payables

       -            -
    

 

 

          

 

 

 

Total liabilities

       28,842,630            5,726,446
    

 

 

          

 

 

 

Net Assets

     $ 840,082,962          $ 176,118,912
    

 

 

          

 

 

 

Net assets consist of:

             

Shares of beneficial interest

     $ 839,907,072          $ 205,495,317

Distributable earnings (loss)

       175,890            (29,376,405 )
    

 

 

          

 

 

 

Net Assets

     $ 840,082,962          $ 176,118,912
    

 

 

          

 

 

 

Shares outstanding (unlimited amount authorized, $0.01 par value)

       18,520,000            7,000,000

Net asset value

     $ 45.36          $ 25.16
    

 

 

          

 

 

 

Market price

     $ 45.37          $ 25.35
    

 

 

          

 

 

 

Unaffiliated investments in securities, at cost

     $ 786,745,381          $ 177,537,094
    

 

 

          

 

 

 

Affiliated investments in securities, at cost

     $ 27,814,423          $ 5,317,064
    

 

 

          

 

 

 

Foreign currencies, at cost

     $ 120,401          $ 18,897
    

 

 

          

 

 

 

(a) Includes securities on loan with an aggregate value of:

     $ 27,229,917          $ 4,776,503
    

 

 

          

 

 

 

 

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

 

    102    

 

 

 

 


 

 

 

 

(This Page Intentionally Left Blank)

 

 

 

 

 

    103    

 

 

 

 


 

Statements of Operations

For the year ended October 31, 2023

 

     Invesco China
Technology
ETF (CQQQ)
  Invesco Dorsey Wright
Developed Markets
Momentum

ETF (PIZ)
   Invesco Dorsey Wright
Emerging Markets
Momentum

ETF (PIE)
   Invesco FTSE
RAFI Developed
Markets ex-U.S.
ETF (PXF)
  Invesco FTSE
RAFI Developed
Markets ex-U.S.
Small-Mid ETF (PDN)

Investment income:

                                                 

Unaffiliated dividend income

     $      3,941,295          $ 3,465,608               $   6,305,811          $   63,763,811          $  17,989,121    

Affiliated dividend income

       84,424            1,691                 7,439            18,413                   10,602    

Securities lending income, net

       436,710            30,424                 27,704            903,585            735,575    

Foreign withholding tax

       (194,864 )            (212,124 )                 (962,962 )            (6,371,319 )            (1,905,498 )    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Total investment income

       4,267,565            3,285,599                 5,377,992            58,314,490            16,829,800    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Expenses:

                                                 

Unitary management fees

       6,119,691            1,001,229                 1,323,184            6,609,690            2,684,906    

Advisory fees

       -            -                 -            -            -    

Sub-licensing fees

       -            -                 -            -            -    

Accounting & administration fees

       -            -                 -            -            -    

Professional fees

       -            -                 -            -            -    

Custodian & transfer agent fees

       -            -                 -            -            -    

Trustees’ and officer’s fees

       -            -                 -            -            -    

Recapture (Note 3)

       -            -                 -            -            -    

Tax expenses

       -            -                 -            -            -    

Other expenses

       -            -                 -            -            -    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Total expenses

       6,119,691            1,001,229                 1,323,184            6,609,690            2,684,906    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Less: Waivers

       (1,380 )            (40 )                 (123 )            (567 )            (266 )    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Net expenses

       6,118,311            1,001,189                 1,323,061            6,609,123            2,684,640    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Net investment income (loss)

       (1,850,746 )            2,284,410                 4,054,931            51,705,367            14,145,160    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     
Realized and unrealized gain (loss) from:                                                  

Net realized gain (loss) from:

                                                 

Unaffiliated investment securities

       (196,039,606 )            1,933,472                 4,499,967            (25,750,935 )            (17,638,881 )    

Affiliated investment securities

       12,379            1,471                 (94 )            (11,111 )            (5,813 )    

Unaffiliated in-kind redemptions

       6,178,131            4,130,089                 1,753,584            6,466,538            12,019,893    

Affiliated in-kind redemptions

       -            -                 -            -            -    

Foreign currencies

       (161,861 )            49,760                 (444,128 )            (181,781 )            (175,932 )    

Distributions of underlying fund shares

       -            -                 -            -            -    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Net realized gain (loss)

       (190,010,957 )            6,114,792                 5,809,329            (19,477,289 )            (5,800,733 )    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Change in net unrealized appreciation (depreciation) of:

                                                 

Unaffiliated investment securities

       250,493,516            1,481,861                 8,279,082            143,770,346            41,470,020    

Affiliated investment securities

       (487 )            (124 )                 63            3,274            4,872    

Foreign currencies

       (2 )            37,568                 (3,374 )            158,234            21,303    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Change in net unrealized appreciation (depreciation)

       250,493,027            1,519,305                 8,275,771            143,931,854            41,496,195    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Net realized and unrealized gain (loss)

       60,482,070            7,634,097                 14,085,100            124,454,565            35,695,462    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

Net increase (decrease) in net assets resulting from operations

     $ 58,631,324          $ 9,918,507               $ 18,140,031          $ 176,159,932          $ 49,840,622    
    

 

 

          

 

 

               

 

 

          

 

 

          

 

 

     

 

(a) 

Net of foreign taxes of $2,909,309.

(b) 

Net of foreign taxes of $634,684.

 

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

 

    104    

 

 

 

 


 

    

    

 

Invesco FTSE
RAFI Emerging
Markets

ETF (PXH)
  Invesco
Global  Clean
Energy

ETF (PBD)
  Invesco
Global Water
ETF (PIO)
  Invesco
International
BuyBack  AchieversTM
ETF (IPKW)
   Invesco MSCI
Global  Timber
ETF (CUT)
  Invesco MSCI
Green Building
ETF (GBLD)
  Invesco S&P
Global Water Index
ETF (CGW)
   Invesco S&P
International
Developed Quality
ETF (IDHQ)
                                                                 
  $   70,378,197     $    2,448,366     $   4,681,991          $ 2,929,943          $  1,921,965     $  290,422          $  20,672,419               $   4,715,225    
    173,533         2,114       3,484            1,023              2,636       473            7,029                 1,251    
    295,687       2,426,160       29,829            71,424            25,698       1,873            135,409                 45,667    
    (6,400,506 )       (297,633 )       (263,108 )            (255,109 )            (111,988 )       (19,045 )            (698,920 )                 (452,800 )    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    64,446,911       4,579,007       4,452,196            2,747,281            1,838,311       273,723            20,115,937                 4,309,343    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
                                                                 
    6,242,932       1,486,998       2,035,009            444,907            -       23,587            -                 427,065    
    -       -       -            -            291,890       -            4,820,351                 -    
    -       -       -            -            74,436       -            303,561                 -    
    -       -       -            -            17,939       -            74,847                 -    
    -       -       -            -            44,161       -            47,415                 -    
    -       -       -            -            15,669       -            23,631                 -    
    -       -       -            -            10,016       -            17,028                 -    
    -       -       -            -            5,862       -            -                 -    
    -       -       1,108            -            -       -            -                 -    
    -       -       -            -            20,663       -            111,309                 -    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    6,242,932       1,486,998       2,036,117            444,907            480,636       23,587            5,398,142                 427,065    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    (3,702 )       (71 )       (72 )            (20 )            (87,963 )       (372 )            (214 )                 (31 )    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    6,239,230       1,486,927       2,036,045            444,887            392,673       23,215            5,397,928                 427,034    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    58,207,681       3,092,080       2,416,151            2,302,394            1,445,638       250,508            14,718,009                 3,882,309    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
 

 

    

                                                        
                                                          
    (45,279,495 )(a)       (40,919,872 )       (9,149,716 )            423,661            (1,034,277 )       (453,571 )            (13,248,525 )                 (2,971,415 )    
    1,608       3,732       (4,569 )            (1,728 )            (5,992 )       (1,128 )            (7,693 )                 1,086    
    12,311,372       2,748,151       11,299,523            1,617,732            1,528,625       -            85,575,910                 1,615    
    -       -       -            -            2,107       -            -                 -    
    210,473       101,043       136,439            (48,753 )            (3,253 )       (464 )            102,309                 (11,428 )    
 

 

-

      -       -            -            47,511       4,678            -                 -    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
    (32,756,042 )       (38,066,946 )       2,281,677            1,990,912            534,721       (450,485 )            72,422,001                 (2,980,142 )    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
   

    

    


                                                        
    149,515,467 (b)         (14,637,251 )       10,065,125            5,183,207            (1,376,216 )       (266,194 )            (70,719,103 )                 12,075,946    
    317       1,799       (18 )            (38 )            (20,994 )       (1,429 )            (617 )                 35    
    (346,433 )       6,203       23,667            10,598            10,469       (633 )            94,470                 29,829    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
   

    

149,169,351


      (14,629,249 )       10,088,774            5,193,767            (1,386,741 )       (268,256 )            (70,625,250 )                 12,105,810    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
   

    

116,413,309


      (52,696,195 )       12,370,451            7,184,679            (852,020 )       (718,741 )            1,796,751                 9,125,668    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     
   

$

    

  174,620,990


    $ (49,604,115 )     $ 14,786,602          $ 9,487,073          $ 593,618     $ (468,233 )          $ 16,514,760               $ 13,007,977    
 

 

 

     

 

 

     

 

 

          

 

 

          

 

 

     

 

 

          

 

 

               

 

 

     

 

    105    

 

 

 

 


 

Statements of Changes in Net Assets

For the years ended October 31, 2023 and 2022

 

     Invesco China
Technology ETF (CQQQ)
          Invesco Dorsey Wright
Developed Markets
Momentum ETF (PIZ)
 
     2023           2022           2023           2022  

Operations:

              

Net investment income (loss)

   $ (1,850,746            $ (1,562,073            $ 2,284,410              $ 2,077,956  

Net realized gain (loss)

     (190,010,957       (462,966,564       6,114,792         (43,311,246

Change in net unrealized appreciation (depreciation)

     250,493,027         (376,605,766       1,519,305         (33,274,660
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     58,631,324         (841,134,403       9,918,507         (74,507,950
  

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

              

Distributable earnings

     (670,073       -         (2,199,157       (3,925,843
  

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

              

Proceeds from shares sold

     103,484,499         172,945,075         32,883,352         28,274,301  

Value of shares repurchased

     (179,557,792       (149,431,932       (33,583,440       (100,277,950

Transaction fees

     553,435         892,716         -         -  
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

     (75,519,858       24,405,859         (700,088       (72,003,649
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

     (17,558,607       (816,728,544       7,019,262         (150,437,442
  

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

              

Beginning of year

     702,609,651         1,519,338,195         101,513,998         251,951,440  
  

 

 

     

 

 

     

 

 

     

 

 

 

End of year

   $ 685,051,044       $ 702,609,651       $ 108,533,260       $ 101,513,998  
  

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

              

Shares sold

     2,200,000         3,000,000         1,150,000         750,000  

Shares repurchased

     (4,300,000       (3,200,000       (1,100,000       (3,150,000

Shares outstanding, beginning of year

     21,850,000         22,050,000         3,900,000         6,300,000  
  

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

     19,750,000         21,850,000         3,950,000         3,900,000  
  

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

    106    

 

 

 

 


 

 

Invesco Dorsey  Wright
Emerging Markets
Momentum ETF (PIE)
    Invesco FTSE RAFI Developed Markets
ex-U.S. ETF (PXF)
    Invesco FTSE RAFI Developed  Markets
ex-U.S. Small-Mid ETF (PDN)
    Invesco FTSE RAFI Emerging Markets
ETF (PXH)
 
2023     2022     2023     2022     2023     2022     2023     2022  
                                              
$ 4,054,931     $ 5,078,232              $ 51,705,367                       $ 36,489,887                       $ 14,145,160                       $ 12,372,281                       $ 58,207,681                       $ 72,967,685    
  5,809,329       (44,728,050       (19,477,289         11,475,160           (5,800,733         1,553,534           (32,756,042         (77,230,538  
  8,275,771       (34,871,479       143,931,854           (265,604,524         41,496,195           (164,637,804         149,169,351           (368,884,411  

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  18,140,031       (74,521,297       176,159,932           (217,639,477         49,840,622           (150,711,989         174,620,990           (373,147,264  

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                     
  (3,777,465     (6,385,828       (50,508,745         (56,137,305         (15,381,159         (16,160,202         (59,342,500         (87,622,863  

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                              
  22,859,588       33,108,779         246,714,932           343,704,424           14,192,205           305,752,400           10,977,479           520,451,725    
  (44,907,905     (41,730,730       (24,507,745         (139,666,614         (62,362,283         (84,459,440         (238,230,978         (214,644,247  
  122,808       178,579         80,392           88,225           14,683           81,683           303,421           700,528    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  (21,925,509     (8,443,372       222,287,579           204,126,035           (48,155,395         221,374,643           (226,950,078         306,508,006    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  (7,562,943     (89,350,497       347,938,766           (69,650,747         (13,695,932         54,502,452           (111,671,588         (154,262,121  

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
                                              
  125,593,037       214,943,534         1,130,537,759           1,200,188,506           489,162,179           434,659,727           1,206,240,587           1,360,502,708    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
$ 118,030,094     $ 125,593,037       $ 1,478,476,525         $ 1,130,537,759         $ 475,466,247         $ 489,162,179         $ 1,094,568,999         $ 1,206,240,587    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

 

 
                                              
  1,250,000       1,450,000         5,850,000           8,300,000           500,000           9,500,000           600,000           27,050,000    
  (2,400,000     (2,150,000       (550,000         (3,150,000         (2,000,000         (2,550,000         (13,350,000         (11,550,000  
  7,900,000       8,600,000         30,050,000           24,900,000           18,350,000           11,400,000           76,150,000           60,650,000    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   
  6,750,000       7,900,000         35,350,000           30,050,000           16,850,000           18,350,000           63,400,000           76,150,000    

 

 

   

 

 

     

 

 

       

 

 

       

 

 

       

 

 

       

 

 

       

 

 

   

 

 

 

 

    107    

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2023 and 2022

 

 

     Invesco Global
Clean Energy ETF (PBD)
          Invesco Global
Water ETF (PIO)
 
     2023           2022           2023           2022  

Operations:

              

Net investment income

   $ 3,092,080       $ 2,971,425       $ 2,416,151       $ 2,658,850  

Net realized gain (loss)

     (38,066,946       (76,665,090       2,281,677         (16,125,579

Change in net unrealized appreciation (depreciation)

     (14,629,249       (71,102,510       10,088,774         (72,826,253
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

     (49,604,115       (144,796,175       14,786,602         (86,292,982
  

 

 

     

 

 

     

 

 

     

 

 

 

Distributions to Shareholders from:

              

Distributable earnings

     (6,009,522       (3,615,255       (2,520,644       (3,609,219

Return of capital

     -         -         -         -  
  

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions to shareholders

     (6,009,522       (3,615,255       (2,520,644       (3,609,219
  

 

 

     

 

 

     

 

 

     

 

 

 

Shareholder Transactions:

              

Proceeds from shares sold

     -         7,715,450         -         31,091,667  

Value of shares repurchased

     (29,435,232       (42,210,220       (34,948,695       (6,934,994

Transaction fees

     14,283         14,718         2,356         2,911  
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from share transactions

     (29,420,949       (34,480,052       (34,946,339       24,159,584  
  

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets

     (85,034,586       (182,891,482       (22,680,381       (65,742,617
  

 

 

     

 

 

     

 

 

     

 

 

 

Net assets:

              

Beginning of year

     216,727,971         399,619,453         257,285,337         323,027,954  
  

 

 

     

 

 

     

 

 

     

 

 

 

End of year

   $ 131,693,385       $ 216,727,971       $ 234,604,956       $ 257,285,337  
  

 

 

     

 

 

     

 

 

     

 

 

 

Changes in Shares Outstanding:

              

Shares sold

     -         350,000         -         800,000  

Shares repurchased

     (1,600,000       (1,700,000       (1,000,000       (200,000

Shares outstanding, beginning of year

     11,425,000         12,775,000         8,350,000         7,750,000  
  

 

 

     

 

 

     

 

 

     

 

 

 

Shares outstanding, end of year

     9,825,000         11,425,000         7,350,000         8,350,000  
  

 

 

     

 

 

     

 

 

     

 

 

 

 

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

 

    108    

 

 

 

 


 

 

 

Invesco International  BuyBack
AchieversTM ETF (IPKW)
    Invesco MSCI Global
Timber ETF (CUT)
    Invesco MSCI Green
Building ETF (GBLD)
    Invesco S&P Global
Water Index ETF (CGW)
 
2023     2022     2023     2022     2023     2022     2023     2022  
             
$ 2,302,394     $ 3,127,706     $ 1,445,638     $ 1,606,588     $ 250,508     $ 166,520     $ 14,718,009     $ 12,544,693  
  1,990,912       (26,410,957     534,721       6,256,984       (450,485     (234,786     72,422,001       (16,826,341
  5,193,767       (4,107,446     (1,386,741     (22,097,502     (268,256     (1,651,648     (70,625,250     (254,546,079

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  9,487,073       (27,390,697     593,618       (14,233,930     (468,233     (1,719,914     16,514,760       (258,827,727

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  (2,221,342     (9,566,307     (1,560,660     (1,454,000     (253,373     (174,785     (13,784,941     (20,088,093
  -       -       -       -       -       (26,115     -       -  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  (2,221,342     (9,566,307     (1,560,660     (1,454,000     (253,373     (200,900     (13,784,941     (20,088,093

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  29,985,637       14,961,759       -       5,213,349       1,730,816       2,085,059       101,723,809       55,189,956  
  (39,692,142     (21,886,121     (7,552,564     (20,907,491     -       -       (197,367,725     (42,623,484
  2,838       6,640       395       3,660       -       -       3,321       1,588  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  (9,703,667     (6,917,722     (7,552,169     (15,690,482     1,730,816       2,085,059       (95,640,595     12,568,060  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  (2,437,936     (43,874,726     (8,519,211     (31,378,412     1,009,210       164,245       (92,910,776     (266,347,760

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  80,785,340       124,660,066       60,656,455       92,034,867       4,928,129       4,763,884       932,993,738       1,199,341,498  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
$ 78,347,404     $ 80,785,340     $ 52,137,244     $ 60,656,455     $ 5,937,339     $ 4,928,129     $ 840,082,962     $ 932,993,738  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
  850,000       400,000       -       150,000       100,000       100,000       2,000,000       960,000  
  (1,150,000     (600,000     (250,000     (650,000     -       -       (3,920,000     (880,000
  2,650,000       2,850,000       2,050,000       2,550,000       300,001       200,001       20,440,000       20,360,000  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  2,350,000       2,650,000       1,800,000       2,050,000       400,001       300,001       18,520,000       20,440,000  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

    109    

 

 

 

 


 

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2023 and 2022

 

     Invesco S&P  International
  Developed Quality ETF (IDHQ)  
 
     2023     2022  

Operations:

    

Net investment income

   $ 3,882,309     $ 3,303,241  

Net realized gain (loss)

     (2,980,142     (14,247,548

Change in net unrealized appreciation (depreciation)

     12,105,810       (26,334,918
  

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

     13,007,977       (37,279,225
  

 

 

   

 

 

 

Distributions to Shareholders from:

    

Distributable earnings

     (3,884,122     (3,802,505
  

 

 

   

 

 

 

Shareholder Transactions:

    

Proceeds from shares sold

     74,725,773       49,580,715  

Value of shares repurchased

     -       (30,759,251

Transaction fees

     3,623       3,973  
  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     74,729,396       18,825,437  
  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,853,251       (22,256,293
  

 

 

   

 

 

 

Net assets:

    

Beginning of year

     92,265,661       114,521,954  
  

 

 

   

 

 

 

End of year

   $ 176,118,912     $ 92,265,661  
  

 

 

   

 

 

 

Changes in Shares Outstanding:

    

Shares sold

     2,850,000       1,650,000  

Shares repurchased

     -       (1,150,000

Shares outstanding, beginning of year

     4,150,000       3,650,000  
  

 

 

   

 

 

 

Shares outstanding, end of year

     7,000,000       4,150,000  
  

 

 

   

 

 

 

 

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

 

    110    

 

 

 

 


 

Financial Highlights

 

Invesco China Technology ETF (CQQQ)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 32.16     $ 68.90     $ 73.98     $ 47.88     $ 40.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income (loss)(a)

     (0.09     (0.07     (0.15     (0.06     0.04  

Net realized and unrealized gain (loss) on investments

     2.62       (36.71     (4.54     26.17       7.46  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     2.53       (36.78     (4.69     26.11       7.50  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.03     -       (0.39     (0.01     (0.17
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.03       0.04       -       -       -  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 34.69     $ 32.16     $ 68.90     $ 73.98     $ 47.88  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(b)

   $ 34.67     $ 31.96     $ 68.25     $ 74.34     $ 47.67  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(c)

     7.95     (53.32 )%      (6.41 )%      54.53     18.59

Market Price Total Return(c)

     8.56     (53.17 )%      (7.75 )%      55.97     17.32

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 685,051     $ 702,610     $ 1,519,338     $ 1,043,162     $ 509,964  

Ratio to average net assets of:

          

Expenses

     0.70     0.70     0.70     0.70     0.70

Net investment income (loss)

     (0.21 )%      (0.14 )%      (0.19 )%      (0.09 )%      0.09

Portfolio turnover rate(d)

     58     58     54     38     80

 

(a) 

Based on average shares outstanding.

(b) 

The mean between the last bid and ask prices.

(c) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(d) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 26.03     $ 39.99     $ 29.82     $ 27.18     $ 24.53  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.54       0.40       0.22 (b)       0.13       0.30  

Net realized and unrealized gain (loss) on investments

     1.42       (13.59     10.12       2.77       2.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.96       (13.19     10.34       2.90       3.00  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.51     (0.77     (0.17     (0.26     (0.35
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 27.48     $ 26.03     $ 39.99     $ 29.82     $ 27.18  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 27.65     $ 26.00     $ 40.09     $ 29.77     $ 27.10  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     7.40     (33.25 )%      34.70     10.82     12.31

Market Price Total Return(d)

     8.18     (33.49 )%      35.26     10.96     12.25

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 108,533     $ 101,514     $ 251,951     $ 155,043     $ 175,327  

Ratio to average net assets of:

          

Expenses

     0.80     0.80     0.80     0.80     0.81

Net investment income

     1.83     1.22     0.59 %(b)       0.47     1.18

Portfolio turnover rate(e)

     144     152     161     115     106

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, respectively.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 15.90     $ 24.99     $ 19.56     $ 18.59     $ 16.12  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.51       0.57 (b)       0.19       0.23       0.36 (c)  

Net realized and unrealized gain (loss) on investments

     1.56       (8.97     5.52       1.07       2.51  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     2.07       (8.40     5.71       1.30       2.87  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.50     (0.71     (0.30     (0.34     (0.41
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.02       0.02       0.02       0.01       0.01  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 17.49     $ 15.90     $ 24.99     $ 19.56     $ 18.59  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(d)

   $ 17.46     $ 15.85     $ 24.81     $ 19.60     $ 18.51  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

     12.98     (34.05 )%      29.35     7.08     18.23

Market Price Total Return(e)

     13.16     (33.79 )%      28.17     7.77     18.03

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 118,030     $ 125,593     $ 214,944     $ 155,489     $ 168,210  

Ratio to average net assets of:

          

Expenses

     0.90     0.90     0.90     0.90     0.91 %(f)  

Net investment income

     2.76     2.66 %(b)       0.79     1.25     2.13 %(c)(f) 

Portfolio turnover rate(g)

     150     169     198     155     158

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.48 and 2.24%, respectively.

(c) 

Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 37.62     $ 48.20     $ 34.17     $ 40.99     $ 40.04  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     1.54       1.40       1.42       0.94       1.45  

Net realized and unrealized gain (loss) on investments

     4.15       (9.83     13.72       (6.85     1.10  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     5.69       (8.43     15.14       (5.91     2.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (1.49     (2.15     (1.11     (0.92     (1.60
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (b)       0.00 (b)       0.00 (b)       0.01       0.00 (b)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 41.82     $ 37.62     $ 48.20     $ 34.17     $ 40.99  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 42.17     $ 37.71     $ 48.22     $ 34.25     $ 40.86  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     15.00     (17.95 )%      44.49     (14.26 )%      6.58

Market Price Total Return(d)

     15.68     (17.81 )%      44.22     (13.80 )%      6.41

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 1,478,477     $ 1,130,538     $ 1,200,189     $ 871,403     $ 1,246,076  

Ratio to average net assets of:

          

Expenses

     0.45     0.45     0.45     0.45     0.45

Net investment income

     3.52     3.24     3.09     2.57     3.64

Portfolio turnover rate(e)

     12     16     17     11     15

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 26.66     $ 38.13     $ 28.93     $ 30.67     $ 29.48  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.79       0.81       0.65       0.60       0.70  

Net realized and unrealized gain (loss) on investments

     1.63       (11.23     9.25       (1.70     1.24  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     2.42       (10.42     9.90       (1.10     1.94  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.86     (1.06     (0.70     (0.64     (0.75
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (b)       0.01       0.00 (b)       0.00 (b)       0.00 (b)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 28.22     $ 26.66     $ 38.13     $ 28.93     $ 30.67  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 28.42     $ 26.68     $ 38.41     $ 28.94     $ 30.42  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     8.88     (27.72 )%      34.34     (3.36 )%      6.72

Market Price Total Return(d)

     9.58     (28.21 )%      35.26     (2.53 )%      5.85

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 475,466     $ 489,162     $ 434,660     $ 308,106     $ 328,155  

Ratio to average net assets of:

          

Expenses

     0.49     0.49     0.49     0.49     0.49

Net investment income

     2.58     2.55     1.77     2.09     2.36

Portfolio turnover rate(e)

     31     32     31     26     27

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco FTSE RAFI Emerging Markets ETF (PXH)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 15.84     $ 22.43     $ 17.51     $ 20.95     $ 20.02  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.84       1.06 (b)       0.92       0.59       0.72  

Net realized and unrealized gain (loss) on investments

     1.45       (6.37     4.63       (3.40     0.92  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     2.29       (5.31     5.55       (2.81     1.64  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.87     (1.29     (0.64     (0.63     (0.71
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (c)       0.01       0.01       0.00 (c)       0.00 (c)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 17.26     $ 15.84     $ 22.43     $ 17.51     $ 20.95  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(d)

   $ 17.25     $ 15.85     $ 22.34     $ 17.51     $ 20.93  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

     14.21     (24.47 )%      31.79     (13.44 )%      8.31

Market Price Total Return(e)

     14.09     (24.14 )%      31.28     (13.36 )%      8.14

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 1,094,569     $ 1,206,241     $ 1,360,503     $ 969,844     $ 1,277,150  

Ratio to average net assets of:

          

Expenses

     0.49     0.49     0.49 %(f)       0.49 %(f)       0.49 %(f)  

Net investment income

     4.57     5.39 %(b)       4.11     3.14     3.48

Portfolio turnover rate(g)

     21     36     34     22     29

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 3.19%, respectively.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco Global Clean Energy ETF (PBD)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 18.97     $ 31.28     $ 22.89     $ 12.66     $ 10.97  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.29       0.25       0.16       0.19       0.21  

Net realized and unrealized gain (loss) on investments

     (5.30     (12.25     8.37       10.30       1.72  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     (5.01     (12.00     8.53       10.49       1.93  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.56     (0.31     (0.14     (0.26     (0.24
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (b)       0.00 (b)       0.00 (b)       0.00 (b)       0.00 (b)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 13.40     $ 18.97     $ 31.28     $ 22.89     $ 12.66  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 13.41     $ 18.89     $ 31.31     $ 22.92     $ 12.56  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     (27.24 )%      (38.52 )%      37.31     84.06     17.86

Market Price Total Return(d)

     (26.86 )%      (38.83 )%      37.26     85.77     17.16

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 131,693     $ 216,728     $ 399,619     $ 124,178     $ 49,675  

Ratio to average net assets of:

          

Expenses

     0.75     0.75     0.75     0.75     0.77 %(e) 

Net investment income

     1.56     1.09     0.52     1.20     1.74 %(e) 

Portfolio turnover rate(f)

     64     67     74     56     59

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco Global Water ETF (PIO)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 30.81     $ 41.68     $ 31.17     $ 28.94     $ 23.73  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.31       0.32       0.58 (b)       0.25       0.38  

Net realized and unrealized gain (loss) on investments

     1.12       (10.75     10.35       2.27       5.25  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     1.43       (10.43     10.93       2.52       5.63  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.32     (0.44     (0.42     (0.29     (0.42
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (c)       0.00 (c)       0.00 (c)       0.00 (c)       0.00 (c)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 31.92     $ 30.81     $ 41.68     $ 31.17     $ 28.94  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(d)

   $ 31.94     $ 30.89     $ 41.72     $ 31.18     $ 28.84  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

     4.57     (25.14 )%      35.17     8.76     23.90

Market Price Total Return(e)

     4.37     (25.02 )%      35.26     9.16     23.68

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 234,605     $ 257,285     $ 323,028     $ 207,262     $ 195,314  

Ratio to average net assets of:

          

Expenses

     0.75     0.75     0.75     0.75     0.76 %(f)  

Net investment income

     0.89     0.91     1.52 %(b)       0.86     1.45 %(f)  

Portfolio turnover rate(g)

     40     35     31     30     32

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.35 and 0.92%, respectively.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco International BuyBack AchieversTM ETF (IPKW)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 30.49     $ 43.74     $ 31.35     $ 32.20     $ 31.00  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.98       1.12       2.55 (b)       0.57       0.76  

Net realized and unrealized gain (loss) on investments

     2.79       (10.90     10.57       (0.82     1.38  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     3.77       (9.78     13.12       (0.25     2.14  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.92     (3.47     (0.73     (0.61     (0.94
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (c)       0.00 (c)       0.00 (c)       0.01       0.00 (c)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 33.34     $ 30.49     $ 43.74     $ 31.35     $ 32.20  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(d)

   $ 33.48     $ 30.48     $ 43.78     $ 31.42     $ 32.05  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(e)

     12.35     (23.55 )%      41.90     (0.30 )%      7.10

Market Price Total Return(e)

     12.85     (23.65 )%      41.72     0.37     6.74

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 78,347     $ 80,785     $ 124,660     $ 92,470     $ 141,692  

Ratio to average net assets of:

          

Expenses

     0.55     0.55     0.55     0.55     0.55

Net investment income

     2.85     3.08     5.98 %(b)       1.86     2.44

Portfolio turnover rate(f)

     97     101     113     88     99

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 1.47%, respectively.

(c) 

Amount represents less than $0.005.

(d) 

The mean between the last bid and ask prices.

(e) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco MSCI Global Timber ETF (CUT)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 29.59     $ 36.09     $ 27.82     $ 27.65     $ 27.98  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.75       0.68       0.55       0.53       0.72  

Net realized and unrealized gain (loss) on investments

     (0.59     (6.60     8.27       0.40       (0.23
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.16       (5.92     8.82       0.93       0.49  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.78     (0.58     (0.55     (0.77     (0.82
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (b)       0.00 (b)       0.00 (b)       0.01       0.00 (b)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 28.97     $ 29.59     $ 36.09     $ 27.82     $ 27.65  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 29.03     $ 29.53     $ 36.09     $ 27.81     $ 27.56  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     0.44     (16.65 )%      31.90     3.29     2.32

Market Price Total Return(d)

     0.85     (16.82 )%      31.95     3.60     2.14

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 52,137     $ 60,656     $ 92,035     $ 75,101     $ 134,093  

Ratio to average net assets of:

          

Expenses, after Waivers

     0.67     0.61     0.60     0.55     0.56 %(e)  

Expenses, prior to Waivers

     0.82     0.69     0.68     0.72     0.68 %(e)  

Net investment income

     2.48     1.99     1.51     2.00     2.70 %(e)  

Portfolio turnover rate(f)

     10     15     14     10     18

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.01%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco MSCI Green Building ETF (GBLD)

 

     Years Ended October 31,  

For the Period
April 20, 2021(a)
Through
October 31,

     2023   2022   2021

Per Share Operating Performance:

                        

Net asset value at beginning of period

     $ 16.43     $ 23.82          $ 25.00  
    

 

 

     

 

 

          

 

 

   

Net investment income(b)

       0.70       0.69            0.44  

Net realized and unrealized gain (loss) on investments

       (1.59 )       (7.21 )            (1.21 )  
    

 

 

     

 

 

          

 

 

   

Total from investment operations

       (0.89 )       (6.52 )            (0.77 )  
    

 

 

     

 

 

          

 

 

   

Distributions to shareholders from:

                   

Net investment income

       (0.70 )       (0.76 )            (0.41 )  

Return of capital

       -       (0.11 )            -  
    

 

 

     

 

 

          

 

 

   

Total distributions

       (0.70 )       (0.87 )            (0.41 )  
    

 

 

     

 

 

          

 

 

   

Net asset value at end of period

     $ 14.84     $ 16.43          $ 23.82  
    

 

 

     

 

 

          

 

 

   

Market price at end of period(c)

     $ 14.93     $ 16.44          $ 23.89  
    

 

 

     

 

 

          

 

 

   

Net Asset Value Total Return(d)

       (5.79 )%       (28.05 )%            (3.13 )%(e)  

Market Price Total Return(d)

       (5.28 )%       (28.22 )%            (2.84 )%(e)  

Ratios/Supplemental Data:

                   

Net assets at end of period (000’s omitted)

     $ 5,937     $ 4,928          $ 4,764  

Ratio to average net assets of:

                   

Expenses, after Waivers

       0.38 %       0.39 %            0.39 %  

Expenses, prior to Waivers

       0.39 %       0.39 %            0.39 %  

Net investment income

       4.14 %       3.40 %            3.34 %(f)  

Portfolio turnover rate(g)

       23 %       17 %            25 %  

 

(a) 

Commencement of investment operations.

(b) 

Based on average shares outstanding.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

(f) 

Annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco S&P Global Water Index ETF (CGW)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 45.65     $ 58.91     $ 41.43     $ 39.55     $ 32.32  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.75       0.61       1.08 (b)       0.63       0.64  

Net realized and unrealized gain (loss) on investments

     (0.36 )(c)       (12.91     17.06       1.86       7.26  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations.

     0.39       (12.30     18.14       2.49       7.90  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.68     (0.96     (0.66     (0.61     (0.67
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (d)       0.00 (d)       0.00 (d)       0.00 (d)       0.00 (d)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 45.36     $ 45.65     $ 58.91     $ 41.43     $ 39.55  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(e)

   $ 45.37     $ 45.66     $ 59.04     $ 41.54     $ 39.54  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(f)

     0.81     (21.21 )%      44.25     6.31     25.10

Market Price Total Return(f)

     0.81     (21.37 )%      44.18     6.62     25.27

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 840,083     $ 932,994     $ 1,199,341     $ 710,871     $ 741,918  

Ratio to average net assets of:

          

Expenses

     0.56     0.57     0.57     0.57     0.59

Net investment income

     1.53     1.20     2.08 %(b)       1.61     1.82

Portfolio turnover rate(g)

     36     35     15     15     13

 

(a) 

Based on average shares outstanding.

(b) 

Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.62 and 1.18%, respectively.

(c) 

Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

(d) 

Amount represents less than $0.005.

(e) 

The mean between the last bid and ask prices.

(f) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(g) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Financial Highlights–(continued)

 

Invesco S&P International Developed Quality ETF (IDHQ)

 

     Years Ended October 31,  
     2023     2022     2021     2020     2019  

Per Share Operating Performance:

          

Net asset value at beginning of year

   $ 22.23     $ 31.38     $ 25.01     $ 24.47     $ 21.36  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

     0.69       0.76       0.63       0.46       0.54  

Net realized and unrealized gain (loss) on investments

     2.91       (9.05     6.39       0.55       3.16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     3.60       (8.29     7.02       1.01       3.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions to shareholders from:

          

Net investment income

     (0.67     (0.86     (0.65     (0.47     (0.59
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transaction fees(a)

     0.00 (b)       0.00 (b)       0.00 (b)       0.00 (b)       0.00 (b)  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value at end of year

   $ 25.16     $ 22.23     $ 31.38     $ 25.01     $ 24.47  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Market price at end of year(c)

   $ 25.35     $ 22.23     $ 31.53     $ 25.00     $ 24.53  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Asset Value Total Return(d)

     16.13     (26.69 )%      28.19     4.42     17.58

Market Price Total Return(d)

     17.00     (27.04 )%      28.85     4.09     18.14

Ratios/Supplemental Data:

          

Net assets at end of year (000’s omitted)

   $ 176,119     $ 92,266     $ 114,522     $ 100,021     $ 47,726  

Ratio to average net assets of:

          

Expenses

     0.29     0.29     0.29     0.29     0.31 %(e) 

Net investment income

     2.64     2.85     2.09     1.83     2.38 %(e) 

Portfolio turnover rate(f)

     50     62     61     42     54

 

(a) 

Based on average shares outstanding.

(b) 

Amount represents less than $0.005.

(c) 

The mean between the last bid and ask prices.

(d) 

Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

(e) 

Ratios include non-recurring costs associated with a proxy statement of 0.02%.

(f) 

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

 

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

 

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2023

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

 

  Full Name   

Short Name

  Invesco China Technology ETF (CQQQ)    “China Technology ETF”
  Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)*    “Dorsey Wright Developed Markets Momentum ETF”
  Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)**    “Dorsey Wright Emerging Markets Momentum ETF”
  Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)    “FTSE RAFI Developed Markets ex-U.S. ETF”
  Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)    “FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”
  Invesco FTSE RAFI Emerging Markets ETF (PXH)    “FTSE RAFI Emerging Markets ETF”
  Invesco Global Clean Energy ETF (PBD)    “Global Clean Energy ETF”
  Invesco Global Water ETF (PIO)    “Global Water ETF”
  Invesco International BuyBack AchieversTM ETF (IPKW)    “International BuyBack AchieversTM ETF”
  Invesco MSCI Global Timber ETF (CUT)    “MSCI Global Timber ETF”
  Invesco MSCI Green Building ETF (GBLD)    “MSCI Green Building ETF”
  Invesco S&P Global Water Index ETF (CGW)    “S&P Global Water Index ETF”
  Invesco S&P International Developed Quality ETF (IDHQ)    “S&P International Developed Quality ETF”

 

*

Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Developed Markets Momentum ETF to Invesco Dorsey Wright Developed Markets Momentum ETF.

**

Effective after the close of markets on August 25, 2023, the Fund’s name changed from Invesco DWA Emerging Markets Momentum ETF to Invesco Dorsey Wright Emerging Markets Momentum ETF.

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:

 

  Fund   

Exchange

  China Technology ETF    NYSE Arca, Inc.
  Dorsey Wright Developed Markets Momentum ETF    The Nasdaq Stock Market LLC
  Dorsey Wright Emerging Markets Momentum ETF    The Nasdaq Stock Market LLC
  FTSE RAFI Developed Markets ex-U.S. ETF    NYSE Arca, Inc.
  FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    NYSE Arca, Inc.
  FTSE RAFI Emerging Markets ETF    NYSE Arca, Inc.
  Global Clean Energy ETF    NYSE Arca, Inc.
  Global Water ETF    The Nasdaq Stock Market LLC
  International BuyBack AchieversTM ETF    The Nasdaq Stock Market LLC
  MSCI Global Timber ETF    NYSE Arca, Inc.
  MSCI Green Building ETF    NYSE Arca, Inc.
  S&P Global Water Index ETF    NYSE Arca, Inc.
  S&P International Developed Quality ETF    NYSE Arca, Inc.

The market price of each Share may differ to some degree from a Fund’s net asset value (“NAV”). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a “Creation Unit.” Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

 

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The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an “Underlying Index”):

 

 Fund   

Underlying Index

 China Technology ETF    FTSE China Incl A 25% Technology Capped Index
 Dorsey Wright Developed Markets Momentum ETF    Dorsey Wright® Developed Markets Technical Leaders Index
 Dorsey Wright Emerging Markets Momentum ETF    Dorsey Wright® Emerging Markets Technical Leaders Index
 FTSE RAFI Developed Markets ex-U.S. ETF    FTSE RAFITM Developed ex U.S. 1000 Index
 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index
 FTSE RAFI Emerging Markets ETF    FTSE RAFITM Emerging Index
 Global Clean Energy ETF    WilderHill New Energy Global Innovation Index
 Global Water ETF    Nasdaq OMX Global Water IndexSM
 International BuyBack AchieversTM ETF    Nasdaq International BuyBack AchieversTM Index
 MSCI Global Timber ETF    MSCI ACWI IMI Timber Select Capped Index
 MSCI Green Building ETF    MSCI Global Green Building Index
 S&P Global Water Index ETF    S&P Global Water Index
 S&P International Developed Quality ETF    S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A.

Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the

 

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closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B.

Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

 

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C.

Country Determination - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Dividends and Distributions to Shareholders - Each Fund (except for China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. China Technology ETF, MSCI Global Timber ETF and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E.

Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F.

Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2023, the Funds did not enter into any closing agreements.

G.

Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust or the Adviser (an “Interested Trustee”), or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board

 

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members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies’ expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

H.

Accounting Estimates - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I.

Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J.

Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2023, each Fund (except for Dorsey Wright Developed Markets Momentum ETF, Dorsey Wright Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack AchieversTM ETF) had affiliated securities lending transactions with Invesco.

 

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Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

 

    

Amount

 
 China Technology ETF      $2,273  
 FTSE RAFI Emerging Markets ETF      525  
 Global Clean Energy ETF      95,485  
 Global Water ETF      338  
 MSCI Global Timber ETF      604  
 MSCI Green Building ETF      99  
 S&P Global Water Index ETF      3,977  
 S&P International Developed Quality ETF      198  

 

K.

Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

L.

Other Risks

ADR and GDR Risk. Certain Funds may invest in American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates

 

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that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as disease outbreaks and pandemics, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

Equity Risk. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes

 

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imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to each Fund’s rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund’s NAV.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent

 

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to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

Sampling Risk. Certain Funds’ use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

NOTE 3–Investment Advisory Agreements and Other Agreements

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

 

     Unitary Management Fees
(as a % of average daily net  assets)
 China Technology ETF    0.70%
 Dorsey Wright Developed Markets Momentum ETF    0.80%
 Dorsey Wright Emerging Markets Momentum ETF    0.90%
 FTSE RAFI Developed Markets ex-U.S. ETF    0.45%
 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    0.49%
 FTSE RAFI Emerging Markets ETF    0.49%
 Global Clean Energy ETF    0.75%
 Global Water ETF    0.75%
 International BuyBack AchieversTM ETF    0.55%
 MSCI Green Building ETF    0.39%
 S&P International Developed Quality ETF    0.29%

 

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Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:

 

     Management Fees
(as a % of average daily net assets)
 MSCI Global Timber ETF    0.50%
 S&P Global Water Index ETF    0.50%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2025. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2025. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.

 

     Expense Cap
 MSCI Global Timber ETF    0.55%
 S&P Global Water Index ETF    0.63%

Further, through at least August 31, 2025, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended October 31, 2023, the Adviser waived fees for each Fund in the following amounts:

 

 China Technology ETF    $ 1,380  
 Dorsey Wright Developed Markets Momentum ETF      40  
 Dorsey Wright Emerging Markets Momentum ETF      123  
 FTSE RAFI Developed Markets ex-U.S. ETF      567  
 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF      266  
 FTSE RAFI Emerging Markets ETF      3,702  
 Global Clean Energy ETF      71  
 Global Water ETF      72  
 International BuyBack AchieversTM ETF      20  
 MSCI Global Timber ETF      87,963  
 MSCI Green Building ETF      372  
 S&P Global Water Index ETF      214  
 S&P International Developed Quality ETF      31  

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of October 31, 2023 are as follows:

 

     Total                 
     Potential                 
     Recapture   

Potential Recapture Amounts Expiring

 
     Amounts   

10/31/24

  

10/31/25

  

10/31/26

 

 MSCI Global Timber ETF

   $223,469    $81,775    $62,435      $79,259  

 

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the “Distributor”), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a “Licensor”):

 

Fund

  

Licensor

 China Technology ETF    FTSE International Ltd.
 Dorsey Wright Developed Markets Momentum ETF    Dorsey Wright & Associates, LLC
 Dorsey Wright Emerging Markets Momentum ETF    Dorsey Wright & Associates, LLC
 FTSE RAFI Developed Markets ex-U.S. ETF    FTSE International Ltd.
 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF    FTSE International Ltd.
 FTSE RAFI Emerging Markets ETF    FTSE International Ltd.
 Global Clean Energy ETF    WilderHill New Energy Finance, LLC
 Global Water ETF    Nasdaq, Inc.
 International BuyBack AchieversTM ETF    Nasdaq, Inc.
 MSCI Global Timber ETF    MSCI, Inc.
 MSCI Green Building ETF    MSCI, Inc.
 S&P Global Water Index ETF    S&P Dow Jones Indices LLC
 S&P International Developed Quality ETF    S&P Dow Jones Indices LLC

    Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

    The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

    For the fiscal year ended October 31, 2023, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

 

 China Technology ETF

   $ 8,484  

 Dorsey Wright Developed Markets Momentum ETF

     17,222  

 Dorsey Wright Emerging Markets Momentum ETF

     5,196  

 FTSE RAFI Developed Markets ex-U.S. ETF

     18,115  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     15,114  

 FTSE RAFI Emerging Markets ETF

     10,788  

 Global Clean Energy ETF

     47,996  

 Global Water ETF

     9,861  

 International BuyBack AchieversTM ETF

     11,807  

 MSCI Global Timber ETF

     1,374  

 MSCI Green Building ETF

     134  

 S&P Global Water Index ETF

     15,847  

 S&P International Developed Quality ETF

     6,022  

    Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –   Prices are determined using quoted prices in an active market for identical assets.
Level 2 –   Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

 

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Level 3 –   Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

 

             Level 1                       Level 2                 Level 3                Total           

 China Technology ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 685,728,055      $ -      $     -      $ 685,728,055  

Money Market Funds

     -        25,822,249        -        25,822,249  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 685,728,055      $ 25,822,249      $ -      $ 711,550,304  
  

 

 

    

 

 

    

 

 

    

 

 

 

 Dorsey Wright Developed Markets Momentum ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 108,284,308      $ -      $ -      $ 108,284,308  

Money Market Funds

     -        12,068,547        -        12,068,547  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 108,284,308      $ 12,068,547      $ -      $ 120,352,855  
  

 

 

    

 

 

    

 

 

    

 

 

 

 Dorsey Wright Emerging Markets Momentum ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 118,053,702      $ -      $ -      $ 118,053,702  

Money Market Funds

     -        4,333,910        -        4,333,910  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 118,053,702      $ 4,333,910      $ -      $ 122,387,612  
  

 

 

    

 

 

    

 

 

    

 

 

 

 FTSE RAFI Developed Markets ex-U.S. ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,474,950,594      $ 334,615      $ 0      $ 1,475,285,209  

Money Market Funds

     -        119,826,860        -        119,826,860  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 1,474,950,594      $ 120,161,475      $ 0      $ 1,595,112,069  
  

 

 

    

 

 

    

 

 

    

 

 

 

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 474,429,838      $ 274,413      $ -      $ 474,704,251  

Money Market Funds

     -        72,985,037        -        72,985,037  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 474,429,838      $ 73,259,450      $ -      $ 547,689,288  
  

 

 

    

 

 

    

 

 

    

 

 

 

 FTSE RAFI Emerging Markets ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 1,093,069,792      $ 4,848      $ 0      $ 1,093,074,640  

Money Market Funds

     -        17,174,439        -        17,174,439  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 1,093,069,792      $ 17,179,287      $ 0      $ 1,110,249,079  
  

 

 

    

 

 

    

 

 

    

 

 

 

 Global Clean Energy ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 131,576,669      $ -      $ -      $ 131,576,669  

Money Market Funds

     -        41,757,577        -        41,757,577  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 131,576,669      $ 41,757,577      $ -      $ 173,334,246  
  

 

 

    

 

 

    

 

 

    

 

 

 

 Global Water ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 234,472,434      $ -      $ -      $ 234,472,434  

Money Market Funds

     -        5,361,749        -        5,361,749  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 234,472,434      $ 5,361,749      $ -      $ 239,834,183  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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             Level 1                       Level 2                 Level 3                Total           

 International BuyBack AchieversTM ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 78,319,381      $ -      $ -      $ 78,319,381  

Money Market Funds

     -        3,430,832        -        3,430,832  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 78,319,381      $ 3,430,832      $ -      $ 81,750,213  
  

 

 

    

 

 

    

 

 

    

 

 

 

 MSCI Global Timber ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 51,680,516      $ -      $ 19,364      $ 51,699,880  

Exchange-Traded Funds

     341,676        -        -        341,676  

Money Market Funds

     -        12,969,214        -        12,969,214  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 52,022,192      $ 12,969,214      $ 19,364      $ 65,010,770  
  

 

 

    

 

 

    

 

 

    

 

 

 

 MSCI Green Building ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 5,860,889      $ -      $ -      $ 5,860,889  

Exchange-Traded Funds

     57,331        -        -        57,331  

Money Market Funds

     -        1,287,860        -        1,287,860  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 5,918,220      $ 1,287,860      $ -      $ 7,206,080  
  

 

 

    

 

 

    

 

 

    

 

 

 

 S&P Global Water Index ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 839,316,213      $ -      $ -      $ 839,316,213  

Money Market Funds

     -        27,815,400        -        27,815,400  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 839,316,213      $ 27,815,400      $ -      $ 867,131,613  
  

 

 

    

 

 

    

 

 

    

 

 

 

 S&P International Developed Quality ETF

           

 Investments in Securities

           

Common Stocks & Other Equity Interests

   $ 175,854,434      $ -      $ -      $ 175,854,434  

Money Market Funds

     -        5,317,121        -        5,317,121  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments

   $ 175,854,434      $ 5,317,121      $ -      $ 181,171,555  
  

 

 

    

 

 

    

 

 

    

 

 

 

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2023 and 2022:

 

     2023      2022  
               
     Ordinary      Ordinary      Return of  
     Income*      Income*      Capital  

 China Technology ETF

   $ 670,073      $ -      $ -  

 Dorsey Wright Developed Markets Momentum ETF

     2,199,157        3,925,843        -  

 Dorsey Wright Emerging Markets Momentum ETF

     3,777,465        6,385,828        -  

 FTSE RAFI Developed Markets ex-U.S. ETF

     50,508,745        56,137,305        -  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     15,381,159        16,160,202        -  

 FTSE RAFI Emerging Markets ETF

     59,342,500        87,622,863        -  

 Global Clean Energy ETF

     6,009,522        3,615,255        -  

 Global Water ETF

     2,520,644        3,609,219        -  

 International BuyBack AchieversTM ETF

     2,221,342        9,566,307        -  

 MSCI Global Timber ETF

     1,560,660        1,454,000        -  

 MSCI Green Building ETF

     253,373        174,785        26,115  

 S&P Global Water Index ETF

     13,784,941        20,088,093        -  

 S&P International Developed Quality ETF

     3,884,122        3,802,505        -  

 

*

Includes short-term capital gain distributions, if any.

 

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Tax Components of Net Assets at Fiscal Year-End:

 

    Undistributed
Ordinary
Income
    Temporary
Book/Tax
Differences
    Net
Unrealized
Appreciation
(Depreciation)-
Investments
    Net
Unrealized
Appreciation
(Depreciation)-
Foreign

Currencies
and Foreign
Taxes
    Capital Loss
Carryforwards
    Shares of
Beneficial
Interest
    Total
Net Assets
 
 China Technology ETF     $  3,630,897       $          -       $(198,799,742     $               -       $(714,267,753     $1,594,487,642       $   685,051,044  

 Dorsey Wright Developed Markets

 Momentum ETF

    432,253       -       (1,006,548     (13,043     (167,615,567     276,736,165       108,533,260  

 Dorsey Wright Emerging Markets

 Momentum ETF

    282,220       -       1,959,105       (3,701     (153,045,284     268,837,754       118,030,094  

 FTSE RAFI Developed Markets

 ex-U.S. ETF

    5,838,492       -       (41,783,499     (81,854     (130,582,003     1,645,085,389       1,478,476,525  

 FTSE RAFI Developed Markets

 ex-U.S. Small-Mid ETF

    2,102,063       (34,367     (72,797,718     (32,339     (71,804,855     618,033,463       475,466,247  

 FTSE RAFI Emerging Markets

 ETF

    3,977,304       -       (155,388,155     (4,017,791     (248,617,406     1,498,615,047       1,094,568,999  
 Global Clean Energy ETF     1,442,086       -       (88,306,287     (8,365     (208,539,531     427,105,482       131,693,385  
 Global Water ETF     398,132       -       7,965,080       1,994       (75,039,399     301,279,149       234,604,956  

 International BuyBack

 AchieversTM ETF

    39,698       -       (6,237,108     (9,105     (63,188,816     147,742,735       78,347,404  
 MSCI Global Timber ETF     1,329,152       (6,944     (2,445,189     (18,127     (20,271,815     73,550,167       52,137,244  
 MSCI Green Building ETF     172,537       (225     (2,285,091     (682     (723,016     8,773,816       5,937,339  
 S&P Global Water Index ETF     11,619,860       (13,269     43,534,644       22,308       (54,987,653     839,907,072       840,082,962  

 S&P International Developed

 Quality ETF

    260,391       -       (3,190,151     (1,664     (26,444,981     205,495,317       176,118,912  

    Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Funds have capital loss carryforwards as of October 31, 2023, as follows:

 

     No expiration         
     Short-Term      Long-Term      Total*  

 China Technology ETF

   $ 250,255,375      $ 464,012,378      $ 714,267,753  

 Dorsey Wright Developed Markets Momentum ETF

     167,615,567        -        167,615,567  

 Dorsey Wright Emerging Markets Momentum ETF

     153,045,284        -        153,045,284  

 FTSE RAFI Developed Markets ex-U.S. ETF

     495,642        130,086,361        130,582,003  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     11,810,449        59,994,406        71,804,855  

 FTSE RAFI Emerging Markets ETF

     23,179,953        225,437,453        248,617,406  

 Global Clean Energy ETF

     73,925,130        134,614,401        208,539,531  

 Global Water ETF

     49,266,573        25,772,826        75,039,399  

 International BuyBack AchieversTM ETF

     55,841,579        7,347,237        63,188,816  

 MSCI Global Timber ETF

     12,088,511        8,183,304        20,271,815  

 MSCI Green Building ETF

     168,590        554,426        723,016  

 S&P Global Water Index ETF

     38,094,072        16,893,581        54,987,653  

 S&P International Developed Quality ETF

     18,797,270        7,647,711        26,444,981  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

 

    136    

 

 

 

 


 

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2023, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

 

     Purchases      Sales  

 China Technology ETF

     $497,167,154        $548,375,042  

 Dorsey Wright Developed Markets Momentum ETF

     176,002,974        177,152,716  

 Dorsey Wright Emerging Markets Momentum ETF

     212,264,576        227,253,111  

 FTSE RAFI Developed Markets ex-U.S. ETF

     191,455,987        177,348,644  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     166,934,449        170,361,706  

 FTSE RAFI Emerging Markets ETF

     258,189,832        402,445,887  

 Global Clean Energy ETF

     125,602,503        133,706,875  

 Global Water ETF

     106,974,813        108,630,250  

 International BuyBack AchieversTM ETF

     77,641,257        78,740,541  

 MSCI Global Timber ETF

     6,034,794        6,392,919  

 MSCI Green Building ETF

     1,557,062        1,398,455  

 S&P Global Water Index ETF

     346,453,104        343,226,504  

 S&P International Developed Quality ETF

     75,660,096        73,339,938  

    For the fiscal year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

     In-kind      In-kind  
     Purchases      Sales  

 China Technology ETF

     $  22,581,803        $  43,470,476  

 Dorsey Wright Developed Markets Momentum ETF

     32,281,957        31,792,472  

 Dorsey Wright Emerging Markets Momentum ETF

     9,085,380        15,781,625  

 FTSE RAFI Developed Markets ex-U.S. ETF

     232,735,182        22,885,342  

  FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     12,542,795        55,775,203  

 FTSE RAFI Emerging Markets ETF

     1,011,868        82,525,193  

 Global Clean Energy ETF

     -        24,608,266  

 Global Water ETF

     -        32,874,420  

 International BuyBack AchieversTM ETF

     28,751,787        36,946,168  

 MSCI Global Timber ETF

     -        6,880,326  

 MSCI Green Building ETF

     1,588,416        -  

 S&P Global Water Index ETF

     100,523,936        199,005,926  

 S&P International Developed Quality ETF

     72,383,545        -  

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

    As of October 31, 2023, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

 

                  Net        
     Gross      Gross     Unrealized        
     Unrealized      Unrealized     Appreciation        
         Appreciation              (Depreciation)             (Depreciation)                     Cost               

 China Technology ETF

     $  55,578,184        $(254,377,926     $(198,799,742     $   910,350,046  

 Dorsey Wright Developed Markets Momentum ETF

     6,073,502        (7,080,050     (1,006,548     121,359,403  

 Dorsey Wright Emerging Markets Momentum ETF

     8,634,712        (6,675,607     1,959,105       120,428,507  

 FTSE RAFI Developed Markets ex-U.S. ETF

     164,986,454        (206,769,953     (41,783,499     1,636,895,568  

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     39,286,745        (112,084,463     (72,797,718     620,487,006  

 FTSE RAFI Emerging Markets ETF

     201,410,648        (356,798,803     (155,388,155     1,265,637,234  

 Global Clean Energy ETF

     6,062,578        (94,368,865     (88,306,287     261,640,533  

 Global Water ETF

     27,356,252        (19,391,172     7,965,080       231,869,103  

 International BuyBack AchieversTM ETF

     1,255,020        (7,492,128     (6,237,108     87,987,321  

 MSCI Global Timber ETF

     7,329,939        (9,775,128     (2,445,189     67,455,959  

 MSCI Green Building ETF    

     77,652        (2,362,743     (2,285,091     9,491,171  

 

    137    

 

 

 

 


 

                  Net        
     Gross      Gross     Unrealized        
     Unrealized      Unrealized     Appreciation        
         Appreciation              (Depreciation)             (Depreciation)                     Cost               

 S&P Global Water Index ETF

   $ 87,734,736      $ (44,200,092   $ 43,534,644     $    823,596,969  

 S&P International Developed Quality ETF

     14,255,808        (17,445,959     (3,190,151     184,361,706  

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies, foreign currency transactions, foreign capital gains taxes, return of capital, taxable spinoff and partnerships, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2023, the reclassifications were as follows:

 

     Undistributed Net      Undistributed Net      Shares of  
     Investment Income (Loss)      Realized Gain (Loss)      Beneficial Interest  

 China Technology ETF

     $5,445,934                     $  (5,284,348)              $   (161,586)       

 Dorsey Wright Developed Markets Momentum ETF

     200,135                     (4,290,097)              4,089,962        

 Dorsey Wright Emerging Markets Momentum ETF

     270,723                     (1,954,087)              1,683,364        

 FTSE RAFI Developed Markets ex-U.S. ETF

     291,950                     (5,905,626)              5,613,676        

 FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     2,709,838                     (13,372,262)              10,662,424        

 FTSE RAFI Emerging Markets ETF

     3,108,859                     (3,942,130)              833,271        

 Global Clean Energy ETF

     2,268,411                     (3,123,694)              855,283        

 Global Water ETF

     137,547                     (11,109,434)              10,971,887        

 International BuyBack AchieversTM ETF

     (16,427)                    (974,152)              990,579        

 MSCI Global Timber ETF

     31,688                     (1,421,435)              1,389,747        

 MSCI Green Building ETF

     175,260                     (159,291)              (15,969)       

 S&P Global Water Index ETF

     102,393                     (84,891,884)              84,789,491        

 S&P International Developed Quality ETF

     12,996                     (14,611)              1,615        

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. The Interested Trustee does not receive any Trustees’ fees.

    The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

 

    138    

 

 

 

 


 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack AchieversTM ETF, Invesco MSCI Global Timber ETF, Invesco MSCI Green Building ETF, Invesco S&P Global Water Index ETF and Invesco S&P International Developed Quality ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack AchieversTM ETF, Invesco MSCI Global Timber ETF, Invesco MSCI Green Building ETF, Invesco S&P Global Water Index ETF and Invesco S&P International Developed Quality ETF (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

December 21, 2023

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

 

    139    

 

 

 

 


 

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco Dorsey Wright Developed Markets Momentum ETF, Invesco Dorsey Wright Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack AchieversTM ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transaction costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

     Beginning
Account Value
May 1, 2023
     Ending
Account Value
October 31, 2023
     Annualized
Expense Ratio
Based on the
Six-Month Period
    Expenses Paid
During the
Six-Month Period(1)
 

 Invesco China Technology ETF (CQQQ)

          

Actual

     $1,000.00        $   827.70           0.70%       $3.22      

Hypothetical (5% return before expenses)

       1,000.00          1,021.68        0.70         3.57      

 Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

          

Actual

       1,000.00             909.40        0.80         3.85      

Hypothetical (5% return before expenses)

       1,000.00          1,021.17        0.80         4.08      

 Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

          

Actual

       1,000.00             972.90        0.90         4.48      

Hypothetical (5% return before expenses)

       1,000.00          1,020.67        0.90         4.58      

 Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

          

Actual

       1,000.00             944.90        0.45         2.21      

Hypothetical (5% return before expenses)

       1,000.00          1,022.94        0.45         2.29      

 

    140    

 

 

 

 


 

Calculating your ongoing Fund expenses–(continued)

    

    

    

    

 

 

     Beginning
Account Value
May 1, 2023
     Ending
Account Value
October 31, 2023
     Annualized
Expense Ratio
Based on the
Six-Month Period
    Expenses Paid
During the
Six-Month Period(1)
 

 Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

          

Actual

     $1,000.00        $   910.20           0.49%       $2.36      

Hypothetical (5% return before expenses)

       1,000.00          1,022.74        0.49         2.50      

 Invesco FTSE RAFI Emerging Markets ETF (PXH)

          

Actual

       1,000.00             969.50        0.49         2.43      

Hypothetical (5% return before expenses)

       1,000.00          1,022.74        0.49         2.50      

 Invesco Global Clean Energy ETF (PBD)

          

Actual

       1,000.00             725.00        0.75         3.26      

Hypothetical (5% return before expenses)

       1,000.00          1,021.42        0.75         3.82      

 Invesco Global Water ETF (PIO)

          

Actual

       1,000.00             914.10        0.75         3.62      

Hypothetical (5% return before expenses)

       1,000.00          1,021.42        0.75         3.82      

 Invesco International BuyBack AchieversTM ETF (IPKW)

          

Actual

       1,000.00             977.80        0.55    

 

  2.74    

 

Hypothetical (5% return before expenses)

       1,000.00          1,022.43        0.55         2.80      

 Invesco MSCI Global Timber ETF (CUT)

          

Actual

       1,000.00             976.10        0.75         3.74      

Hypothetical (5% return before expenses)

       1,000.00          1,021.42        0.75         3.82      

 Invesco MSCI Green Building ETF (GBLD)

          

Actual

       1,000.00             889.30        0.38         1.81      

Hypothetical (5% return before expenses)

       1,000.00          1,023.29        0.38         1.94      

 Invesco S&P Global Water Index ETF (CGW)

          

Actual

       1,000.00             912.70        0.55         2.65      

Hypothetical (5% return before expenses)

       1,000.00          1,022.43        0.55         2.80      

 Invesco S&P International Developed Quality ETF (IDHQ)

          

Actual

       1,000.00             945.70        0.29         1.42      

Hypothetical (5% return before expenses)

       1,000.00          1,023.74        0.29         1.48      

 

(1) 

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2023. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

 

    141    

 

 

 

 


 

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2023:

 

     Qualified
Business
Income*
        Qualified
Dividend
Income*
        Corporate
Dividends
Received
Deduction*
        U.S.
Treasury
Obligations*
        Business
Interest
Income*

 Invesco China Technology ETF

       0 %          99 %          0 %          0 %          0 %

 Invesco Dorsey Wright Developed Markets Momentum ETF

       0 %          100 %          0 %          0 %          0 %

 Invesco Dorsey Wright Emerging Markets Momentum ETF

       0 %          48 %          0 %          0 %          0 %

 Invesco FTSE RAFI Developed Markets ex-U.S. ETF

       0 %          90 %          0 %          0 %          0 %

 Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

       0 %          80 %          0 %          0 %          0 %

 Invesco FTSE RAFI Emerging Markets ETF

       0 %          52 %          0 %          0 %          0 %

 Invesco Global Clean Energy ETF

       0 %          31 %          1 %          0 %          0 %

 Invesco Global Water ETF

       0 %          100 %          36 %          0 %          0 %

 Invesco International BuyBack AchieversTM ETF

       0 %          83 %          0 %          0 %          0 %

 Invesco MSCI Global Timber ETF

       0 %          84 %          38 %          0 %          0 %

 Invesco MSCI Green Building ETF

       14 %          17 %          0 %          0 %          0 %

 Invesco S&P Global Water Index ETF

       0 %          100 %          49 %          0 %          0 %

 Invesco S&P International Developed Quality ETF

       0 %          92 %          0 %          0 %          0 %

 

*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

 

     Foreign Taxes
Per Share
        Foreign Source
Income Per Share

 Invesco Dorsey Wright Developed Markets Momentum ETF

   $0.0337      $0.8714

 Invesco Dorsey Wright Emerging Markets Momentum ETF

     0.1366        0.9246

 Invesco FTSE RAFI Developed Markets ex-U.S. ETF

     0.1641        1.7580

 Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

     0.1010        1.1477

 Invesco FTSE RAFI Emerging Markets ETF

     0.1000        1.1645

 Invesco Global Water ETF

     0.0357        0.5015

 Invesco International BuyBack AchieversTM ETF

     0.0301        1.1749

 Invesco MSCI Global Timber ETF

     0.0593        0.7361

 Invesco MSCI Green Building ETF

     0.0318        0.5628

 Invesco S&P International Developed Quality ETF

     0.0613        0.6735

 

    142    

 

 

 

 


 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

As of November 28, 2023

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

  Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees
 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Ronn R. Bagge–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee   Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007   Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).   213   Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).

Todd J. Barre–1957

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2010   Formerly, Assistant Professor of Business, Trinity Christian College (2010-2016); Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.   213   None.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    143    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of

Office

and

Length of

Time

Served*

 

Principal

Occupation(s) During

the Past 5 Years

  Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees
 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Edmund P. Giambastiani,

Jr.–1948

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2019   President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).   213   Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    144    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of

Office

and

Length of

Time

Served*

 

Principal

Occupation(s) During

the Past 5 Years

  Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees
 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Victoria J. Herget–1951

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2019   Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).   213   Trustee Emerita (2017-Present), Trustee (2000-2017) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); Member (2002- Present), Rockefeller Trust Committee; formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    145    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of

Office

and

Length of

Time

Served*

 

Principal

Occupation(s) During

the Past 5 Years

 

Number of

Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees

 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Marc M. Kole–1960

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Chair of the Audit Committee and Trustee   Chair of the Audit Committee since 2008; Trustee since 2007   Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).   213   Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.

Yung Bong Lim–1964

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Chair of the Investment Oversight Committee and Trustee   Chair of the Investment Oversight Committee since 2014; Trustee since 2013   Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).   213   Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    146    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of
Office

and

Length of
Time
Served*

 

Principal

Occupation(s) During

the Past 5 Years

  Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees
 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Joanne Pace–1958

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2019   Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.   213   Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    147    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of

Birth of Independent Trustees

 

Position(s)

Held

with Trust

 

Term of

Office

and

Length of

Time

Served*

 

Principal

Occupation(s) During

the Past 5 Years

  Number of
Portfolios
in Fund
Complex**
Overseen by
Independent
Trustees
 

Other

Directorships

Held by

Independent

Trustees During

the Past 5 Years

Gary R. Wicker–1961

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Trustee   Since 2013   Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.   213   Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010-Present).

Donald H. Wilson–1959

c/o Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Chair of the Board and Trustee   Chair since 2012; Trustee since 2007   Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).   213   Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

 

*

This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

**

Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 

    148    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

The executive officers of the Trust, their term of office and length of time served, and their principal business occupations during at least the past five years are shown below:

 

Name, Address and Year of Birth
of Executive Officers
 

Position(s)

Held

with Trust

  Length of
Time
Served*
 

Principal

Occupation(s) During

the Past 5 Years

Brian Hartigan–1978

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  President and Principal Executive Officer   Since 2023   President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2023-Present); Managing Director and Global Head of ETFs, Indexed Strategies, SMAs and Model Portfolios, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2023-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2023-Present); Director, Co-Chief Executive Officer and Co-President, Invesco Capital Markets, Inc. (2020-Present); Manager and President, Invesco Investment Advisers LLC (2020-Present); formerly, Global Head of ETF Investments and Indexed Strategy (2020-2023); Global Head of ETF Investments (2017-2020); Head of Investments-PowerShares (2015-2017) and Executive Director, Product Development, Invesco Capital Markets, Inc. (2010-2015).

Adrien Deberghes–1967

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

  Vice President   Since 2020   Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer (2020-Present) and Senior Vice President (2023-Present), The Invesco Funds; formerly, Vice President, The Invesco Funds (2020-2023); Senior Vice President and Treasurer, Fidelity Investments (2008-2020).

Kelli Gallegos–1970

Invesco Capital

Management LLC

11 Greenway Plaza

Houston, TX 77046

  Vice President and Treasurer   Since 2018   Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

    149    

 

 

 

 


 

Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers
 

Position(s)

Held

with Trust

  Length of
Time
Served*
 

Principal

Occupation(s) During

the Past 5 Years

Adam Henkel–1980

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Secretary   Since 2020   Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager (2020-Present) and Secretary (2022-Present), Invesco Indexing LLC; Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

Peter Hubbard–1981

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Vice President   Since 2009   Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).

Rudolf E. Reitmann–1971

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Vice President   Since 2013   Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 

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Trustees and Officers–(continued)

    

    

    

    

 

Name, Address and Year of Birth
of Executive Officers
 

Position(s)

Held

with Trust

  Length of
Time
Served*
 

Principal

Occupation(s) During

the Past 5 Years

Melanie Zimdars–1976

Invesco Capital

Management LLC

3500 Lacey Road

Suite 700

Downers Grove, IL 60515

  Chief Compliance Officer   Since 2017   Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

 

*

This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available, without charge and upon request, by calling (800) 983-0903. This information is also available on the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov.

Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is available, without charge and upon request, by (i) calling (800) 983-0903; or (ii) accessing the Trust’s Form N-PX on the Commission’s website at www.sec.gov.

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available on the Commission’s website at www.sec.gov.

Frequency Distribution of Discounts and Premiums

A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value, and the number of days it was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the calendar quarters since that year end (or the life of the Fund, if shorter) may be found at the Fund’s website at www.invesco.com/ETFs.


 

 

 

©2023 Invesco Capital Management LLC              
3500 Lacey Road, Suite 700      
Downers Grove, IL 60515    P-PS-AR-8                                 invesco.com/ETFs