Invesco Annual Report to Shareholders
October 31, 2023
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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 |
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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.
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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.
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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 |
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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 |
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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. |
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Invesco China Technology ETF (CQQQ) (continued)
Growth of a $10,000 Investment
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 |
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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:
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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. |
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Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
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Net returns reflect reinvested dividends net of withholding taxes. |
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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. |
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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 |
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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 |
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Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net
Assets) as of October 31, 2023 |
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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
Fund Performance History as of October 31, 2023
1 Year |
3 Years |
3 Years |
5 Years |
5 Years |
10 Years |
10 Years |
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 |
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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 |
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8 |
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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:
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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. |
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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 |
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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) |
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10 |
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Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) (continued)
Top Ten Fund Holdings* (% of the Fund’s Net
Assets) as of October 31, 2023 |
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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
Fund Performance History as of October 31, 2023
1 Year |
3 Years |
3 Years |
5 Years |
5 Years |
10 Years |
10 Years |
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 |
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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 | ) |
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11 |
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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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception |
|||||||||||||||||||||||||||||||||
Index |
Average |
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception |
|||||||||||||||||||||||||||||||||
Index |
Average |
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
10 Years Cumulative |
Fund Inception |
|||||||||||||||||||||||||||||||||
Index |
Average |
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of October 31, 2023
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of October 31, 2023
3 Years Average |
3 Years Cumulative |
5 Years Average |
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
Fund Performance History as of October 31, 2023
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
10 Years Average |
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
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. |
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 |
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. |
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. |
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. |
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 |
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 |
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 |
|
685,728,055 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.77% |
| |||||||
Invesco Private Government Fund, |
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 |
|
25,822,249 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN
SECURITIES-103.87% |
|
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 |
108,284,308 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-11.12% |
||||||||
Invesco Private Government Fund, |
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 |
12,068,547 | |||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-110.89% |
|
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., |
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 |
118,053,702 | |||||||
|
|
Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.67% |
||||||||
Invesco Private Government Fund, |
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 |
|
4,333,910 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.69% |
|
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., |
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; |
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 |
|
1,475,285,209 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-8.11% |
|
|||||||
Invesco Private Government Fund, |
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 |
|
119,826,860 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-107.89% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation |
Realized Gain (Loss) |
Value |
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; |
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. |
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 |
|
474,704,251 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-15.35% |
||||||||
Invesco Private Government Fund, |
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 |
|
72,985,037 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-115.19% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in |
Realized Gain (Loss) |
Value |
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. |
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, |
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., |
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 |
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 |
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 |
|
1,093,074,640 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-1.57% |
| |||||||
Invesco Private Government Fund, |
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 |
|
17,174,439 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-101.43% |
|
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 |
|
131,576,669 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-31.71% |
| |||||||
Invesco Private Government Fund, |
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 |
|
41,757,577 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN
SECURITIES-131.62% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change in |
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in |
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 |
|
234,472,434 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-2.29% |
| |||||||
Invesco Private Government Fund, |
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 |
|
5,361,749 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN
SECURITIES-102.23% |
|
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 |
Purchases at Cost |
Proceeds from Sales |
Change
in (Depreciation) |
Realized Gain (Loss) |
Value |
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; |
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 |
|
78,319,381 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-4.38% |
| |||||||
Invesco Private Government Fund, |
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 |
|
3,430,832 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-104.34% |
|
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: |
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Invesco Government & Agency Portfolio, Institutional Class |
$ | - | $ | 6,289,862 | $ | (6,289,862 | ) | $ | - | $ | - | $ | - | $ | 1,023 | ||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: |
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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 | * | ||||||||||||||||||||||||||||||||||
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Total |
$ | 3,849,719 | $ | 85,646,863 | $ | (86,063,984 | ) | $ | (38 | ) | $ | (1,728 | ) | $ | 3,430,832 | $ | 223,127 | ||||||||||||||||||||||||||||
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* |
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 | ||||
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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 | |||||
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Brazil-6.12% |
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Dexco S.A. |
112,395 | 152,891 | ||||||
Klabin S.A. |
201,034 | 853,089 | ||||||
Suzano S.A. |
213,453 | 2,182,782 | ||||||
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3,188,762 | ||||||||
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Canada-4.36% |
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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 | ||||||
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2,272,302 | ||||||||
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Chile-1.04% |
| |||||||
Empresas CMPC S.A. |
304,646 | 542,860 | ||||||
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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 | ||||||
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|||||||
521,142 | ||||||||
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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 | ||||||
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5,897,039 | ||||||||
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Germany-0.18% |
| |||||||
Mercer International, Inc.(a) |
11,792 | 93,629 | ||||||
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Indonesia-1.22% |
| |||||||
PT Indah Kiat Pulp & Paper Tbk |
741,188 | 447,932 | ||||||
PT Pabrik Kertas Tjiwi Kimia Tbk |
387,676 | 186,700 | ||||||
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634,632 | ||||||||
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Ireland-4.28% |
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Smurfit Kappa Group PLC |
68,644 | 2,230,394 | ||||||
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Japan-3.90% |
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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 | ||||||
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2,032,270 | ||||||||
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Norway-0.14% |
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Norske Skog ASA(a)(b)(c) |
20,232 | 73,780 | ||||||
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Portugal-0.74% |
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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 | ||||||
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388,482 | ||||||||
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Russia-0.00% |
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Segezha Group PJSC(b)(c)(d) |
1,310,077 | 0 | ||||||
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Saudi Arabia-0.14% |
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Middle East Paper Co. |
9,822 | 71,736 | ||||||
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South Africa-0.61% |
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Sappi Ltd. |
152,717 | 319,415 | ||||||
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South Korea-0.19% |
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Dongwha Enterprise Co. Ltd.(b) |
1,575 | 71,721 | ||||||
YoungPoong Paper Mfg Co. Ltd. |
4,448 | 26,907 | ||||||
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98,628 | ||||||||
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Spain-0.22% |
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Ence Energia y Celulosa S.A.(a) |
38,708 | 115,460 | ||||||
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Sweden-7.19% |
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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 | ||||||
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3,746,343 | ||||||||
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Switzerland-3.45% |
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SIG Group AG(a)(b) |
81,886 | 1,798,694 | ||||||
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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 | ||||||
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699,789 | ||||||||
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Thailand-0.67% |
| |||||||
SCG Packaging PCL, NVDR |
350,181 | 350,741 | ||||||
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United Kingdom-2.44% |
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DS Smith PLC |
367,866 | 1,273,097 | ||||||
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United States-44.56% |
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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 | ||||
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Invesco MSCI Global Timber ETF (CUT)–(continued)
October 31, 2023
Shares | Value | |||||||
United States-(continued) |
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WestRock Co. |
68,997 | $ | 2,479,062 | |||||
Weyerhaeuser Co. |
81,450 | 2,336,800 | ||||||
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23,233,290 | ||||||||
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Total Common Stocks & Other Equity
Interests |
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51,699,880 | ||||||
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Exchange-Traded Funds-0.66% |
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India-0.66% |
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Invesco India ETF(e) |
14,953 | 341,676 | ||||||
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TOTAL INVESTMENTS IN SECURITIES |
|
52,041,556 | ||||||
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Shares | Value | |||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-24.87% |
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Invesco Private Government Fund, |
3,727,307 | $ | 3,727,307 | |||||
Invesco Private Prime Fund, 5.53%(e)(f)(g) |
9,240,983 | 9,241,907 | ||||||
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Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
12,969,214 | ||||||
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TOTAL INVESTMENTS IN SECURITIES-124.69% |
|
65,010,770 | ||||||
OTHER ASSETS LESS LIABILITIES-(24.69)% |
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(12,873,526 | ) | |||||
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NET ASSETS-100.00% |
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$ | 52,137,244 | |||||
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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: |
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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: |
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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 | * | ||||||||||||||||||||||||||||||||||||||||
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Total |
$ | 4,418,787 | $ | 100,216,418 | $ | (91,299,436 | ) | $ | (20,994 | ) | $ | 43,626 | ** | $ | 13,310,890 | $ | 481,539 | |||||||||||||||||||||||||||||||||
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* |
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 | ||||
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Invesco MSCI Green Building ETF (GBLD)
October 31, 2023
Schedule of Investments
Shares | Value | |||||||
Common Stocks & Other Equity Interests-98.71% |
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Australia-2.31% |
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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 | ||||||
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137,206 | ||||||||
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Austria-0.61% |
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CA Immobilien Anlagen AG |
1,076 | 36,281 | ||||||
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Canada-1.28% |
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First Capital REIT |
2,884 | 27,090 | ||||||
RioCan REIT |
4,039 | 49,023 | ||||||
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76,113 | ||||||||
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China-0.18% |
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Guangzhou R&F Properties Co. Ltd., H Shares(b) |
41,410 | 5,821 | ||||||
SOHO China Ltd.(a)(b) |
49,747 | 5,150 | ||||||
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10,971 | ||||||||
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Finland-0.19% |
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Citycon OYJ(b) |
2,095 | 11,059 | ||||||
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France-8.69% |
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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 | ||||||
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515,885 | ||||||||
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Germany-0.11% |
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Deutsche EuroShop AG |
347 | 6,287 | ||||||
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Hong Kong-3.71% |
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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 | ||||||
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220,127 | ||||||||
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Israel-0.35% |
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Alony Hetz Properties & Investments Ltd. |
3,917 | 19,045 | ||||||
Property & Building Corp. Ltd.(b) |
55 | 1,683 | ||||||
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20,728 | ||||||||
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Japan-34.99% |
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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) |
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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 | ||||||
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2,077,317 | ||||||||
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Netherlands-0.64% |
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Eurocommercial Properties N.V. |
1,154 | 24,688 | ||||||
Wereldhave N.V. |
868 | 13,056 | ||||||
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37,744 | ||||||||
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Singapore-11.45% |
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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 | ||||||
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680,056 | ||||||||
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South Africa-0.55% |
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Redefine Properties Ltd. |
176,239 | 32,903 | ||||||
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Spain-2.09% |
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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 | ||||||
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124,364 | ||||||||
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Sweden-1.21% |
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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 | ||||||
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71,750 | ||||||||
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United Kingdom-6.06% |
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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 | ||||||
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359,961 | ||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
90 | ||||
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| |||
Invesco MSCI Green Building ETF (GBLD)–(continued)
October 31, 2023
Shares | Value | |||||||
United States-24.29% |
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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; |
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; |
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 |
|
5,860,889 | ||||||
|
|
Shares | Value | |||||||
Exchange-Traded Funds-0.97% |
||||||||
India-0.97% |
||||||||
Invesco India ETF(e) |
2,509 | $ | 57,331 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
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, |
927,235 | 927,328 | ||||||
|
|
|||||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
|
1,287,860 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-121.37% |
|
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 |
|
839,316,213 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.31% |
| |||||||
Invesco Private Government Fund, |
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 |
|
27,815,400 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-103.22% |
|
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 |
175,854,434 | |||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.02% |
||||||||
Invesco Private Government Fund, |
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 |
|
5,317,121 | ||||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES-102.87% |
|
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 |
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 |
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 | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
74,704,845 | 36,006,768 | 42,132,658 | 5,792,060 | 16,666,008 | 13,182,317 | 1,309,310 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 475,466,247 | $ | 1,094,568,999 | $ | 131,693,385 | $ | 234,604,956 | $ | 78,347,404 | $ | 52,137,244 | $ | 5,937,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 475,466,247 | $ | 1,094,568,999 | $ | 131,693,385 | $ | 234,604,956 | $ | 78,347,404 | $ | 52,137,244 | $ | 5,937,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 28.42 | $ | 17.25 | $ | 13.41 | $ | 31.94 | $ | 33.48 | $ | 29.03 | $ | 14.93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 529,538,014 | $ | 1,166,159,771 | $ | 210,195,400 | $ | 223,819,456 | $ | 84,033,863 | $ | 53,041,719 | $ | 8,023,606 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 72,982,192 | $ | 17,174,354 | $ | 41,756,693 | $ | 5,361,762 | $ | 3,430,832 | $ | 13,350,389 | $ | 1,346,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 389,927 | $ | 11,464,979 | $ | 267,435 | $ | 8,581 | $ | 320,732 | $ | 25,448 | $ | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 65,520,455 | $ | 15,272,634 | $ | 40,498,931 | $ | 5,177,972 | $ | 3,230,287 | $ | 12,372,746 | $ | 1,253,491 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 | ||||
|
| |||
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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
64,446,911 | 4,579,007 | 4,452,196 | 2,747,281 | 1,838,311 | 273,723 | 20,115,937 | 4,309,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
6,242,932 | 1,486,998 | 2,036,117 | 444,907 | 480,636 | 23,587 | 5,398,142 | 427,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
(3,702 | ) | (71 | ) | (72 | ) | (20 | ) | (87,963 | ) | (372 | ) | (214 | ) | (31 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
6,239,230 | 1,486,927 | 2,036,045 | 444,887 | 392,673 | 23,215 | 5,397,928 | 427,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
58,207,681 | 3,092,080 | 2,416,151 | 2,302,394 | 1,445,638 | 250,508 | 14,718,009 | 3,882,309 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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|
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|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
(32,756,042 | ) | (38,066,946 | ) | 2,281,677 | 1,990,912 | 534,721 | (450,485 | ) | 72,422,001 | (2,980,142 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
149,169,351 |
(14,629,249 | ) | 10,088,774 | 5,193,767 | (1,386,741 | ) | (268,256 | ) | (70,625,250 | ) | 12,105,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
116,413,309 |
(52,696,195 | ) | 12,370,451 | 7,184,679 | (852,020 | ) | (718,741 | ) | 1,796,751 | 9,125,668 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||||||||||
$ |
174,620,990 |
$ | (49,604,115 | ) | $ | 14,786,602 | $ | 9,487,073 | $ | 593,618 | $ | (468,233 | ) | $ | 16,514,760 | $ | 13,007,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18,140,031 | (74,521,297 | ) | 176,159,932 | (217,639,477 | ) | 49,840,622 | (150,711,989 | ) | 174,620,990 | (373,147,264 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3,777,465 | ) | (6,385,828 | ) | (50,508,745 | ) | (56,137,305 | ) | (15,381,159 | ) | (16,160,202 | ) | (59,342,500 | ) | (87,622,863 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(21,925,509 | ) | (8,443,372 | ) | 222,287,579 | 204,126,035 | (48,155,395 | ) | 221,374,643 | (226,950,078 | ) | 306,508,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(7,562,943 | ) | (89,350,497 | ) | 347,938,766 | (69,650,747 | ) | (13,695,932 | ) | 54,502,452 | (111,671,588 | ) | (154,262,121 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6,750,000 | 7,900,000 | 35,350,000 | 30,050,000 | 16,850,000 | 18,350,000 | 63,400,000 | 76,150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
|
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 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|||||||||||||||
(2,221,342 | ) | (9,566,307 | ) | (1,560,660 | ) | (1,454,000 | ) | (253,373 | ) | (174,785 | ) | (13,784,941 | ) | (20,088,093 | ) | |||||||||||||||
- | - | - | - | - | (26,115 | ) | - | - | ||||||||||||||||||||||
|
|
|
|
|
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|
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|
|
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|
|
|
|
|||||||||||||||
(2,221,342 | ) | (9,566,307 | ) | (1,560,660 | ) | (1,454,000 | ) | (253,373 | ) | (200,900 | ) | (13,784,941 | ) | (20,088,093 | ) | |||||||||||||||
|
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|
|||||||||||||||
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 | ||||
|
| |||
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.
111 | ||||
|
| |||
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.
112 | ||||
|
| |||
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.
113 | ||||
|
| |||
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.
114 | ||||
|
| |||
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.
115 | ||||
|
| |||
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.
116 | ||||
|
| |||
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.
117 | ||||
|
| |||
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.
118 | ||||
|
| |||
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.
119 | ||||
|
| |||
Financial Highlights–(continued)
Invesco MSCI Green Building ETF (GBLD)
Years Ended October 31, |
For the Period | ||||||||||||||||||||||||
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.
120 | ||||
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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.
121 | ||||
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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.
122 | ||||
|
| |||
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.
123 | ||||
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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
124 | ||||
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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 |
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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 |
132 | ||||
|
| |||
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. |
133 | ||||
|
| |||
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 | ||||||||
|
|
|
|
|
|
|
|
134 | ||||
|
| |||
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. |
135 | ||||
|
| |||
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 | ||||
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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.
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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 | ||||
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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 |
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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. |
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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 | ||||
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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 and Length of |
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 | ||||
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| |||
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 | ||||
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| |||
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 |
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. |
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Trustees and Officers–(continued)
Name, Address and Year of Birth of Independent Trustees |
Position(s) Held with Trust |
Term of and Length of |
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. |
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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. |
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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 | ||||
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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 | |||
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. |
150 | ||||
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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 |