Invesco Annual Report to Shareholders
October 31, 2022
| ||||
PCY | Invesco Emerging Markets Sovereign Debt ETF | |||
PGHY | Invesco Global Short Term High Yield Bond ETF | |||
PICB | Invesco International Corporate Bond ETF |
|
2 |
|
Domestic Equity
The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,1 causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.2 To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.
Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.1 Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.3
As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the 12 months ended May 2022.2 Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.1 To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.3 US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.3
After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data
reported in October came in higher than expected; however, the
labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.2 The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.
In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.4
1 |
Source: Bloomberg LP |
2 |
Source: US Bureau of Labor Statistics |
3 |
Source: US Federal Reserve |
4 |
Source: Lipper Inc. |
Fixed Income
In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,1 its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.2 The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.
At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.2
In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).3 Credit spreads increased across all major credit-sensitive sectors, reflecting
|
3 |
|
The Market Environment (continued)
anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.4 At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.2 At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.
1 |
Source: US Bureau of Labor Statistics |
2 |
Source: US Department of the Treasury |
3 |
Source: Bloomberg |
4 |
Source: Federal Reserve of Economic Data |
|
4 |
|
PCY | Management’s Discussion of Fund Performance | |
Invesco Emerging Markets Sovereign Debt ETF (PCY) |
As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (32.83)%. On a net asset value (“NAV”) basis, the Fund returned (31.97)%. During the same time period, the Index returned (34.28)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.
During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (22.21)%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.
Relative to the Benchmark Index, the Fund was most overweight in Jordan bonds and most underweight in China bonds during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to Pakistan bonds, followed by Romania bonds.
For the fiscal year ended October 31, 2022, United States bonds contributed most significantly to the Fund’s return. Ukraine bonds detracted most significantly from the Fund’s return, followed by Russia bonds and Belarus bonds, respectively.
The position that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, was Turkey Government International Bond, 5.95% coupon, due 01/15/2031 (portfolio average weight of 1.20%). Positions that detracted most significantly from the Fund’s return during this period included Pakistan Government International Bond, 6.88% coupon, due 12/05/2027 (portfolio average weight of 0.50%) and Republic of Kenya Government International Bond, 8.25% coupon, due 02/28/2048 (portfolio average weight of 1.50%).
|
5 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Country
Breakdown |
||||
Jordan | 3.38 | |||
Costa Rica | 3.35 | |||
Turkey | 3.35 | |||
Oman | 3.35 | |||
Guatemala | 3.29 | |||
Paraguay | 3.22 | |||
Bahrain | 3.21 | |||
Brazil | 3.16 | |||
Panama | 3.15 | |||
Angola | 3.15 | |||
Kazakhstan | 3.08 | |||
Dominican Republic | 3.06 | |||
Morocco | 3.03 | |||
Philippines | 3.01 | |||
Kenya | 3.00 | |||
South Africa | 2.99 | |||
Mexico | 2.99 | |||
Indonesia | 2.95 | |||
Egypt | 2.91 | |||
Chile | 2.89 | |||
Mongolia | 2.87 | |||
Qatar | 2.86 | |||
Colombia | 2.85 | |||
Saudi Arabia | 2.82 | |||
El Salvador | 2.81 | |||
United Arab Emirates | 2.80 | |||
Peru | 2.78 | |||
China | 2.71 | |||
Nigeria | 2.70 | |||
Romania | 2.70 | |||
Hungary | 2.69 | |||
Poland | 1.76 | |||
Kuwait | 1.73 | |||
Pakistan | 1.32 | |||
Money Market Funds Plus Other Assets Less Liabilities | 2.08 |
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022 |
||||
Security | ||||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 | 1.76 | |||
Kuwait International Government Bond, 3.50%, 03/20/2027 | 1.73 | |||
Republic of Kenya Government International Bond, 7.25%, 02/28/2028 | 1.55 | |||
Kazakhstan Government International Bond, 6.50%, 07/21/2045 | 1.54 | |||
Kazakhstan Government International Bond, 4.88%, 10/14/2044 | 1.54 | |||
Republic of Kenya Government International Bond, 8.25%, 02/28/2048 | 1.44 | |||
Jordan Government International Bond, 5.75%, 01/31/2027 | 1.19 | |||
Guatemala Government Bond, 4.88%, 02/13/2028 | 1.19 | |||
Paraguay Government International Bond, 4.70%, 03/27/2027 | 1.17 | |||
Turkey Government International Bond, 8.00%, 02/14/2034 | 1.15 | |||
Total | 14.26 |
* |
Excluding money market fund holdings. |
|
6 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2022
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 | |||||||||||||||||||||||||||||||||||||
DBIQ Emerging Market USD Liquid Balanced Index | (34.28 | )% | (12.31 | )% | (32.56 | )% | (5.89 | )% | (26.16 | )% | (0.71 | )% | (6.86 | )% | 3.31 | % | 63.36 | % | ||||||||||||||||||||||
JP Morgan Emerging Market Bond Global Index | (22.21 | ) | (6.20 | ) | (17.46 | ) | (2.33 | ) | (11.11 | ) | 0.88 | 9.14 | 3.91 | 78.03 | ||||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (31.97 | ) | (11.77 | ) | (31.31 | ) | (5.76 | ) | (25.66 | ) | (0.98 | ) | (9.40 | ) | 2.68 | 48.82 | ||||||||||||||||||||||||
Market Price Return | (32.83 | ) | (12.18 | ) | (32.27 | ) | (6.01 | ) | (26.64 | ) | (1.15 | ) | (10.90 | ) | 2.54 | 45.84 |
Fund Inception: October 11, 2007
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
|
7 |
|
PGHY | Management’s Discussion of Fund Performance | |
Invesco Global Short Term High Yield Bond ETF (PGHY) |
As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.
Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. dollar denominated, publicly issued, institutionally traded short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of between “C” and “BB+” (both inclusive)); (iii) have not been marked as defaulted by any rating agency; (iv) have generally three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.
Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (7.87)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Index returned (9.74)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.
During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned (5.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the financial sector and most underweight in the communication services sector during the fiscal year ended October 31, 2022. 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 materials sector.
For the fiscal year ended October 31, 2022, the utilities sector contributed most significantly to the Fund’s return. The financial 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, 2022, included Codere Finance 2 (Luxembourg) S.A., 13.63% coupon, due 11/30/2027, (portfolio average weight of 0.10%) and Mountain Province Diamonds, Inc., 8.00% coupon, due 12/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Global Ports Finance PLC, 6.50% coupon, due 09/22/2023, (no longer held at fiscal year-end) and Celtic Resources Holdings DAC, 4.13% coupon, due 10/09/2024, (portfolio average weight of 0.00%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022 |
||||
Financials | 20.01 | |||
Consumer Discretionary | 12.52 | |||
Energy | 11.93 | |||
Sovereign Debt | 10.32 | |||
Industrials | 9.92 | |||
Materials | 8.81 | |||
Communication Services | 7.20 | |||
Utilities | 4.86 | |||
Real Estate | 3.88 | |||
Sector Types Each Less Than 3% | 5.84 | |||
Money Market Funds Plus Other Assets Less Liabilities | 4.71 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022 |
||||
Security | ||||
SoftBank Group Corp., 4.75%, 09/19/2024 | 0.45 | |||
Rakuten Group, Inc., 3.55%, 11/27/2024 | 0.44 | |||
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023 | 0.39 | |||
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022 | 0.38 | |||
Costa Rica Government International Bond, 4.25%, 01/26/2023 | 0.37 | |||
Avient Corp., 5.25%, 03/15/2023 | 0.37 | |||
KOC Holding A.S., 5.25%, 03/15/2023 | 0.37 | |||
Oman Government International Bond, 4.13%, 01/17/2023 | 0.37 | |||
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023 | 0.37 | |||
Arcelik A.S., 5.00%, 04/03/2023 | 0.37 | |||
Total | 3.88 |
* |
Excluding money market fund holdings. |
|
8 |
|
Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)
Growth of a $10,000 Investment Since Inception
Fund Performance History as of October 31, 2022
1 Year |
3 Years Average |
3 Years Cumulative |
5 Years Average |
5 Years Cumulative |
Fund Inception | |||||||||||||||||||||||||||
Index |
Average Annualized |
Cumulative | ||||||||||||||||||||||||||||||
DB Global Short Maturity High Yield Bond Index | (9.74 | )% | (1.67 | )% | (4.92 | )% | 0.15 | % | 0.76 | % | 3.16 | % | 33.78 | % | ||||||||||||||||||
ICE BofA 0-5 Year U.S. High Yield Constrained Index | (5.94 | ) | 1.63 | 4.97 | 2.56 | 13.45 | 3.84 | 42.34 | ||||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||
NAV Return | (7.45 | ) | (0.84 | ) | (2.50 | ) | 0.47 | 2.36 | 2.45 | 25.45 | ||||||||||||||||||||||
Market Price Return | (7.87 | ) | (0.92 | ) | (2.74 | ) | 0.37 | 1.87 | 2.45 | 25.39 |
Fund Inception: June 20, 2013
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
|
9 |
|
PICB | Management’s Discussion of Fund Performance | |
Invesco International Corporate Bond ETF (PICB) |
As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index® (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.
S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) constructs the Index, which is composed of investment grade corporate bonds issued by non-U.S. investment grade issuers, denominated in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (SFR). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.
For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (29.09)%. On a net asset value (“NAV”) basis, the Fund returned (29.02)%. During the same time period, the Index returned (28.88)%. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effects of the Fund’s sampling methodology.
During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (29.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.
Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s security selection in the information technology sector.
For the fiscal year ended October 31, 2022, no sector contributed to the Fund’s return. The financials 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, 2022, included Orsted A/S, 5.38% coupon, due 09/13/2042, (portfolio average weight of 0.40 %), and BG Energy Capital PLC, 5.13% coupon, due 12/01/2025, (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return included Enel Finance International N.V., 5.75% coupon, due 09/14/2040,
(portfolio average weight of 0.50%), and ENGIE S.A., 5.00% coupon, due 10/01/2060, (portfolio average weight of 0.30%).
Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022 |
||||
Financials | 51.68 | |||
Utilities | 13.79 | |||
Communication Services | 8.78 | |||
Industrials | 5.11 | |||
Energy | 4.97 | |||
Consumer Discretionary | 4.71 | |||
Sector Types Each Less Than 3% | 9.48 | |||
Money Market Funds Plus Other Assets Less Liabilities | 1.48 | |||
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022 |
||||
Security | ||||
Toronto-Dominion Bank (The), 2.67%, 09/09/2025 | 0.77 | |||
Royal Bank of Canada, 3.37%, 09/29/2025 | 0.72 | |||
NTT Finance Corp., Series 16, 0.18%, 12/19/2025 | 0.69 | |||
NTT Finance Corp., Series 18, 0.38%, 09/20/2030 | 0.68 | |||
Toronto-Dominion Bank (The), 4.21%, 06/01/2027 | 0.65 | |||
Electricite de France S.A., 6.13%, 06/02/2034 | 0.59 | |||
Bank of Montreal, 4.31%, 06/01/2027 | 0.58 | |||
Bank of Nova Scotia (The), 1.95%, 01/10/2025 | 0.49 | |||
Enel Finance International N.V., 5.75%, 09/14/2040 | 0.48 | |||
Bank of Nova Scotia (The), 2.95%, 03/08/2027 | 0.48 | |||
Total | 6.13 |
* |
Excluding money market fund holdings. |
|
10 |
|
Invesco International Corporate Bond ETF (PICB) (continued)
Growth of a $10,000 Investment
Fund Performance History as of October 31, 2022
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 International Corporate Bond Index® (Net) | (28.88 | )% | (8.52 | )% | (23.43 | )% | (4.63 | )% | (21.12 | )% | (1.99 | )% | (18.21 | )% | 0.30 | % | 3.80 | % | ||||||||||||||||||||||
Bloomberg Pan-European Aggregate Index | (29.59 | ) | (9.86 | ) | (26.76 | ) | (5.38 | ) | (24.15 | ) | (1.98 | ) | (18.15 | ) | 0.00 | (0.06 | ) | |||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||||||||||||||
NAV Return | (29.02 | ) | (8.65 | ) | (23.77 | ) | (4.64 | ) | (21.14 | ) | (1.94 | ) | (17.80 | ) | 0.34 | 4.36 | ||||||||||||||||||||||||
Market Price Return | (29.09 | ) | (8.50 | ) | (23.40 | ) | (4.63 | ) | (21.12 | ) | (1.98 | ) | (18.14 | ) | 0.29 | 3.68 |
Fund Inception: June 3, 2010
Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.
Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.
Notes Regarding Indexes and Fund Performance History:
- |
Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund. |
- |
Net returns reflect reinvested dividends net of withholding taxes. |
|
11 |
|
Invesco Emerging Markets Sovereign Debt ETF (PCY)
October 31, 2022
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-97.92% |
| |||||||
Angola-3.15% |
| |||||||
Angolan Government International Bond |
||||||||
8.25%, 05/09/2028(a) |
$ | 18,311,000 | $ | 15,486,528 | ||||
9.38%, 05/08/2048(a) |
19,286,000 | 14,731,611 | ||||||
9.13%, 11/26/2049(a) |
19,515,000 | 14,790,419 | ||||||
|
|
|||||||
45,008,558 | ||||||||
|
|
|||||||
Bahrain-3.21% |
| |||||||
Bahrain Government International Bond |
||||||||
6.00%, 09/19/2044(a) |
21,408,000 | 15,099,812 | ||||||
7.50%, 09/20/2047(a) |
19,132,000 | 15,366,746 | ||||||
6.25%, 01/25/2051(a) |
21,680,000 | 15,347,315 | ||||||
|
|
|||||||
45,813,873 | ||||||||
|
|
|||||||
Brazil-3.16% |
| |||||||
Brazilian Government International Bond |
||||||||
5.63%, 01/07/2041 |
18,931,000 | 15,272,627 | ||||||
5.63%, 02/21/2047(b) |
19,673,000 | 15,004,536 | ||||||
4.75%, 01/14/2050 |
22,068,000 | 14,835,788 | ||||||
|
|
|||||||
45,112,951 | ||||||||
|
|
|||||||
Chile-2.89% |
| |||||||
Chile Government International Bond |
||||||||
4.34%, 03/07/2042 |
18,508,000 | 14,320,325 | ||||||
3.86%, 06/21/2047 |
18,864,000 | 13,582,365 | ||||||
4.00%, 01/31/2052 |
18,878,000 | 13,404,134 | ||||||
|
|
|||||||
41,306,824 | ||||||||
|
|
|||||||
China-2.71% |
| |||||||
China Government International Bond |
||||||||
4.00%, 10/19/2048(a)(b) |
15,200,000 | 13,454,722 | ||||||
2.25%, 10/21/2050(a) |
20,840,000 | 12,557,670 | ||||||
2.50%, 10/26/2051(a) |
19,980,000 | 12,684,561 | ||||||
|
|
|||||||
38,696,953 | ||||||||
|
|
|||||||
Colombia-2.85% |
| |||||||
Colombia Government International Bond |
||||||||
7.38%, 09/18/2037 |
16,227,000 | 13,729,804 | ||||||
6.13%, 01/18/2041 |
18,994,000 | 13,595,627 | ||||||
5.63%, 02/26/2044 |
20,609,000 | 13,455,829 | ||||||
|
|
|||||||
40,781,260 | ||||||||
|
|
|||||||
Costa Rica-3.35% |
| |||||||
Costa Rica Government International Bond |
|
|||||||
5.63%, 04/30/2043(a) |
21,536,000 | 15,814,235 | ||||||
7.00%, 04/04/2044(a)(b) |
18,773,000 | 16,021,198 | ||||||
7.16%, 03/12/2045(a)(b) |
18,531,000 | 16,081,562 | ||||||
|
|
|||||||
47,916,995 | ||||||||
|
|
|||||||
Dominican Republic-3.06% |
| |||||||
Dominican Republic International Bond |
||||||||
7.45%, 04/30/2044(a) |
17,295,000 | 14,570,506 | ||||||
6.85%, 01/27/2045(a) |
18,806,000 | 14,634,575 | ||||||
6.50%, 02/15/2048(a) |
19,712,000 | 14,520,729 | ||||||
|
|
|||||||
43,725,810 | ||||||||
|
|
|||||||
Egypt-2.91% |
| |||||||
Egypt Government International Bond |
||||||||
8.50%, 01/31/2047(a) |
23,652,000 | 14,028,096 |
Principal Amount |
Value | |||||||
Egypt-(continued) |
||||||||
7.90%, 02/21/2048(a) |
$ | 25,045,000 | $ | 14,199,513 | ||||
8.70%, 03/01/2049(a) |
22,452,000 | 13,431,729 | ||||||
|
|
|||||||
41,659,338 | ||||||||
|
|
|||||||
El Salvador-2.81% |
| |||||||
El Salvador Government International Bond |
||||||||
6.38%, 01/18/2027(a) |
33,182,000 | 13,229,652 | ||||||
8.63%, 02/28/2029(a) |
33,856,000 | 13,882,811 | ||||||
9.50%, 07/15/2052(a) |
33,840,000 | 12,995,870 | ||||||
|
|
|||||||
40,108,333 | ||||||||
|
|
|||||||
Guatemala-3.29% |
| |||||||
Guatemala Government Bond |
||||||||
4.88%, 02/13/2028(a) |
18,370,000 | 16,973,240 | ||||||
3.70%, 10/07/2033(a)(b) |
20,152,000 | 15,339,897 | ||||||
4.65%, 10/07/2041(a) |
19,890,000 | 14,719,239 | ||||||
|
|
|||||||
47,032,376 | ||||||||
|
|
|||||||
Hungary-2.69% |
| |||||||
Hungary Government International Bond |
||||||||
5.50%, 06/16/2034(a) |
15,897,000 | 13,734,786 | ||||||
7.63%, 03/29/2041 |
12,445,000 | 12,502,645 | ||||||
3.13%, 09/21/2051(a) |
22,150,000 | 12,243,922 | ||||||
|
|
|||||||
38,481,353 | ||||||||
|
|
|||||||
Indonesia-2.95% |
| |||||||
Indonesia Government International Bond |
||||||||
7.75%, 01/17/2038(a) |
13,293,000 | 14,788,462 | ||||||
6.75%, 01/15/2044(a) |
13,744,000 | 14,220,211 | ||||||
4.45%, 04/15/2070 |
17,554,000 | 13,207,249 | ||||||
|
|
|||||||
42,215,922 | ||||||||
|
|
|||||||
Jordan-3.38% |
| |||||||
Jordan Government International Bond |
||||||||
5.75%, 01/31/2027(a) |
18,455,000 | 16,990,503 | ||||||
5.85%, 07/07/2030(a) |
19,563,000 | 16,262,135 | ||||||
7.38%, 10/10/2047(a) |
19,901,000 | 14,992,100 | ||||||
|
|
|||||||
48,244,738 | ||||||||
|
|
|||||||
Kazakhstan-3.08% |
| |||||||
Kazakhstan Government International Bond |
|
|||||||
4.88%, 10/14/2044(a) |
28,574,000 | 21,966,005 | ||||||
6.50%, 07/21/2045(a) |
24,758,000 | 22,029,867 | ||||||
|
|
|||||||
43,995,872 | ||||||||
|
|
|||||||
Kenya-3.00% |
| |||||||
Republic of Kenya Government International Bond |
||||||||
7.25%, 02/28/2028(a) |
29,163,000 | 22,175,079 | ||||||
8.25%, 02/28/2048(a) |
32,081,000 | 20,631,291 | ||||||
|
|
|||||||
42,806,370 | ||||||||
|
|
|||||||
Kuwait-1.73% |
| |||||||
Kuwait International Government Bond, |
||||||||
3.50%, 03/20/2027(a) |
25,937,000 | 24,784,826 | ||||||
|
|
|||||||
Mexico-2.99% |
| |||||||
Mexico Government International Bond |
||||||||
4.60%, 01/23/2046 |
19,206,750 | 14,146,130 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
Mexico-(continued) |
| |||||||
5.75%, 10/12/2110 |
$ | 17,760,000 | $ | 13,699,562 | ||||
Series A, 6.05%, 01/11/2040 |
16,127,000 | 14,918,199 | ||||||
|
|
|||||||
42,763,891 | ||||||||
|
|
|||||||
Mongolia-2.87% |
| |||||||
Mongolia Government International Bond |
||||||||
5.13%, 04/07/2026(a) |
18,265,000 | 14,156,446 | ||||||
3.50%, 07/07/2027(a) |
20,054,000 | 13,838,320 | ||||||
4.45%, 07/07/2031(a)(b) |
20,293,000 | 13,079,867 | ||||||
|
|
|||||||
41,074,633 | ||||||||
|
|
|||||||
Morocco-3.03% |
| |||||||
Morocco Government International Bond |
||||||||
3.00%, 12/15/2032(a) |
21,274,000 | 15,417,055 | ||||||
5.50%, 12/11/2042(a) |
18,483,000 | 13,973,333 | ||||||
4.00%, 12/15/2050(a) |
23,330,000 | 13,880,930 | ||||||
|
|
|||||||
43,271,318 | ||||||||
|
|
|||||||
Nigeria-2.70% |
| |||||||
Nigeria Government International Bond |
||||||||
7.70%, 02/23/2038(a) |
21,956,000 | 12,954,040 | ||||||
7.63%, 11/28/2047(a) |
22,359,000 | 12,775,485 | ||||||
9.25%, 01/21/2049(a)(b) |
19,720,000 | 12,855,567 | ||||||
|
|
|||||||
38,585,092 | ||||||||
|
|
|||||||
Oman-3.35% |
| |||||||
Oman Government International Bond |
||||||||
6.50%, 03/08/2047(a) |
19,075,000 | 15,776,398 | ||||||
6.75%, 01/17/2048(a) |
19,157,000 | 16,150,328 | ||||||
7.00%, 01/25/2051(a) |
18,624,000 | 15,960,098 | ||||||
|
|
|||||||
47,886,824 | ||||||||
|
|
|||||||
Pakistan-1.32% |
| |||||||
Pakistan Government International Bond |
||||||||
8.25%, 09/30/2025(a) |
17,830,000 | 6,418,800 | ||||||
6.00%, 04/08/2026(a) |
18,530,000 | 6,161,225 | ||||||
6.88%, 12/05/2027(a) |
19,608,000 | 6,286,325 | ||||||
|
|
|||||||
18,866,350 | ||||||||
|
|
|||||||
Panama-3.15% |
| |||||||
Panama Government International Bond |
||||||||
3.16%, 01/23/2030 |
18,770,000 | 15,453,573 | ||||||
2.25%, 09/29/2032 |
20,806,000 | 14,635,118 | ||||||
3.30%, 01/19/2033(b) |
19,370,000 | 14,960,317 | ||||||
|
|
|||||||
45,049,008 | ||||||||
|
|
|||||||
Paraguay-3.22% |
| |||||||
Paraguay Government International Bond |
||||||||
4.70%, 03/27/2027(a) |
17,510,000 | 16,778,957 | ||||||
6.10%, 08/11/2044(a) |
17,252,000 | 15,010,130 | ||||||
5.60%, 03/13/2048(a) |
18,108,000 | 14,260,050 | ||||||
|
|
|||||||
46,049,137 | ||||||||
|
|
|||||||
Peru-2.78% |
| |||||||
Peruvian Government International Bond |
||||||||
5.63%, 11/18/2050 |
14,658,000 | 13,546,953 | ||||||
3.55%, 03/10/2051(b) |
20,045,000 | 13,282,745 | ||||||
3.60%, 01/15/2072(b) |
21,892,000 | 12,922,957 | ||||||
|
|
|||||||
39,752,655 | ||||||||
|
|
Principal Amount |
Value | |||||||
Philippines-3.01% |
| |||||||
Philippine Government International Bond |
||||||||
3.70%, 03/01/2041 |
$ | 19,192,000 | $ | 14,489,960 | ||||
3.20%, 07/06/2046 |
21,543,000 | 14,296,353 | ||||||
4.20%, 03/29/2047 |
18,234,000 | 14,208,433 | ||||||
|
|
|||||||
42,994,746 | ||||||||
|
|
|||||||
Poland-1.76% |
| |||||||
Republic of Poland Government International Bond, 3.25%, 04/06/2026 |
26,731,000 | 25,154,940 | ||||||
|
|
|||||||
Qatar-2.86% |
| |||||||
Qatar Government International Bond |
||||||||
4.63%, 06/02/2046(a) |
15,740,000 | 13,920,299 | ||||||
5.10%, 04/23/2048(a) |
14,579,000 | 13,606,216 | ||||||
4.82%, 03/14/2049(a) |
15,009,000 | 13,407,149 | ||||||
|
|
|||||||
40,933,664 | ||||||||
|
|
|||||||
Romania-2.70% |
| |||||||
Romanian Government International Bond |
||||||||
6.13%, 01/22/2044(a) |
16,170,000 | 13,006,194 | ||||||
5.13%, 06/15/2048(a) |
18,082,000 | 12,682,245 | ||||||
4.00%, 02/14/2051(a) |
21,798,000 | 12,849,354 | ||||||
|
|
|||||||
38,537,793 | ||||||||
|
|
|||||||
Saudi Arabia-2.82% |
| |||||||
Saudi Government International Bond |
||||||||
4.50%, 10/26/2046(a) |
16,904,000 | 13,502,306 | ||||||
4.63%, 10/04/2047(a) |
16,587,000 | 13,385,228 | ||||||
5.00%, 04/17/2049(a) |
15,750,000 | 13,439,932 | ||||||
|
|
|||||||
40,327,466 | ||||||||
|
|
|||||||
South Africa-2.99% |
| |||||||
Republic of South Africa Government International Bond |
||||||||
6.30%, 06/22/2048 |
19,719,000 | 14,378,602 | ||||||
5.75%, 09/30/2049 |
20,987,000 | 14,017,805 | ||||||
7.30%, 04/20/2052 |
18,280,000 | 14,386,360 | ||||||
|
|
|||||||
42,782,767 | ||||||||
|
|
|||||||
Turkey-3.35% |
| |||||||
Turkey Government International Bond |
||||||||
5.95%, 01/15/2031 |
20,900,000 | 16,064,367 | ||||||
8.00%, 02/14/2034 |
18,547,000 | 16,405,823 | ||||||
6.88%, 03/17/2036 |
20,439,000 | 15,440,683 | ||||||
|
|
|||||||
47,910,873 | ||||||||
|
|
|||||||
United Arab Emirates-2.80% |
| |||||||
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a) |
17,311,000 | 14,568,245 | ||||||
Finance Department Government of Sharjah |
||||||||
4.00%, 07/28/2050(a) |
22,411,000 | 13,017,430 | ||||||
4.38%, 03/10/2051(a) |
20,678,000 | 12,370,696 | ||||||
|
|
|||||||
39,956,371 | ||||||||
|
|
|||||||
Total U.S. Dollar Denominated Bonds &
Notes |
|
1,399,589,880 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | ||||
|
| |||
Invesco Emerging Markets Sovereign Debt ETF (PCY)–(continued)
October 31, 2022
Shares | Value | |||||||
Money Market Funds-0.55% |
|
|||||||
Invesco Government & Agency Portfolio,
Institutional Class, 3.07%(c)(d) |
7,905,005 | $ | 7,905,005 | |||||
|
|
|||||||
TOTAL INVESTMENTS IN SECURITIES |
|
1,407,494,885 | ||||||
|
|
|||||||
Investments Purchased with Cash Collateral from Securities on Loan |
| |||||||
Money Market Funds-3.84% |
|
|||||||
Invesco Private Government Fund, |
15,375,146 | 15,375,146 |
Shares | Value | |||||
Money Market Funds-(continued) |
| |||||
Invesco Private Prime Fund, 3.28%(c)(d)(e) |
39,527,745 | $ | 39,527,745 | |||
|
|
|||||
Total Investments Purchased with Cash Collateral from
Securities on Loan |
54,902,891 | |||||
|
|
|||||
TOTAL INVESTMENTS IN SECURITIES-102.31% |
1,462,397,776 | |||||
OTHER ASSETS LESS LIABILITIES-(2.31)% |
(33,017,905 | ) | ||||
|
|
|||||
NET ASSETS-100.00% |
$ | 1,429,379,871 | ||||
|
|
Notes to Schedule of Investments:
(a) |
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $960,270,071, which represented 67.18% of the Fund’s Net Assets. |
(b) |
All or a portion of this security was out on loan at October 31, 2022. |
(c) |
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2022. |
Value October 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Change
in Unrealized Appreciation (Depreciation) |
Realized Gain (Loss) |
Value October 31, 2022 |
Dividend Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Affiliated Money Market Funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Government & Agency Portfolio, Institutional Class | $ | 1,814,291 | $ | 257,091,527 | $ | (251,000,813 | ) | $ | - | $ | - | $ | 7,905,005 | $ | 46,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Government Fund | 18,930,470 | 246,671,541 | (250,226,865 | ) | - | - | 15,375,146 | 240,581 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Invesco Private Prime Fund | 44,171,098 | 422,644,909 | (427,279,476 | ) | (1,736 | ) | (7,050 | ) | 39,527,745 | 650,630 | * | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 64,915,859 | $ | 926,407,977 | $ | (928,507,154 | ) | $ | (1,736 | ) | $ | (7,050 | ) | $ | 62,807,896 | $ | 937,307 | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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, 2022. |
(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 2I. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)
October 31, 2022
Schedule of Investments
Principal Amount |
Value | |||||||
U.S. Dollar Denominated Bonds & Notes-94.92% |
| |||||||
Argentina-1.71% |
| |||||||
AES Argentina Generacion S.A., 7.75%, 02/02/2024(a) |
$ 850,000 | $ | 661,912 | |||||
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023(a) |
850,000 | 498,351 | ||||||
Arcor S.A.I.C., 6.00%, 07/06/2023(a) |
543,000 | 532,794 | ||||||
Capex S.A., 6.88%, 05/15/2024(a) |
500,000 | 485,220 | ||||||
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025(a) |
600,000 | 382,317 | ||||||
Provincia de Cordoba, 6.88%, 12/10/2025(a)(b) |
221 | 169 | ||||||
Tecpetrol S.A., 4.88%, 12/12/2022(a) |
553,000 | 553,000 | ||||||
YPF S.A., 8.50%, 07/28/2025(a) |
100,000 | 72,223 | ||||||
|
|
|||||||
3,185,986 | ||||||||
|
|
|||||||
Armenia-0.32% |
| |||||||
Republic of Armenia International Bond, 7.15%, 03/26/2025(a) |
600,000 | 589,714 | ||||||
|
|
|||||||
Australia-0.88% |
| |||||||
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024(a) |
600,000 | 586,518 | ||||||
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024(a) |
400,000 | 372,084 | ||||||
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022(a) |
700,000 | 688,423 | ||||||
|
|
|||||||
1,647,025 | ||||||||
|
|
|||||||
Azerbaijan-0.81% |
| |||||||
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024(a) |
600,000 | 576,000 | ||||||
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024(a) |
400,000 | 392,130 | ||||||
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023(a) |
550,000 | 545,477 | ||||||
|
|
|||||||
1,513,607 | ||||||||
|
|
|||||||
Bahrain-0.72% |
| |||||||
Bahrain Government International Bond, 6.13%, 08/01/2023(a) |
400,000 | 401,399 | ||||||
BBK BSC, 5.50%, 07/09/2024(a) |
450,000 | 438,500 | ||||||
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024(a) |
500,000 | 496,955 | ||||||
|
|
|||||||
1,336,854 | ||||||||
|
|
|||||||
Belgium-0.32% |
| |||||||
Barry Callebaut Services N.V., 5.50%, 06/15/2023(a) |
600,000 | 594,837 | ||||||
|
|
|||||||
Bolivia-0.20% |
| |||||||
Bolivian Government International Bond, 5.95%, 08/22/2023(a) |
400,000 | 383,000 | ||||||
|
|
|||||||
Brazil-5.99% |
| |||||||
Azul Investments L.L.P., 5.88%, 10/26/2024(a)(c) |
500,000 | 378,711 | ||||||
Banco Daycoval S.A., 4.25%, 12/13/2024(a) |
500,000 | 480,042 |
Principal Amount |
Value | |||||||
Brazil-(continued) |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social |
||||||||
5.75%, 09/26/2023(a) |
$ 595,000 | $ | 597,100 | |||||
4.75%, 05/09/2024(a) |
580,000 | 574,212 | ||||||
Banco Safra S.A., 4.13%, 02/08/2023(a) |
600,000 | 593,575 | ||||||
Banco Votorantim S.A., 4.50%, 09/24/2024(a) |
500,000 | 485,196 | ||||||
Brazilian Government International Bond |
||||||||
2.63%, 01/05/2023 |
500,000 | 498,480 | ||||||
8.88%, 04/15/2024 |
500,000 | 529,500 | ||||||
4.25%, 01/07/2025 |
600,000 | 585,147 | ||||||
8.75%, 02/04/2025 |
500,000 | 535,052 | ||||||
2.88%, 06/06/2025 |
200,000 | 187,594 | ||||||
BRF S.A., 4.75%, 05/22/2024(a) |
400,000 | 388,054 | ||||||
Caixa Economica Federal, 3.50%, 11/07/2022(a) |
610,000 | 609,695 | ||||||
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a) |
500,000 | 514,037 | ||||||
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025(a) |
500,000 | 471,377 | ||||||
Cielo USA, Inc., 3.75%, 11/16/2022(a) |
512,000 | 511,514 | ||||||
Embraer Netherlands Finance B.V., 5.05%, 06/15/2025 |
100,000 | 94,349 | ||||||
Gol Finance S.A., 7.00%, 01/31/2025(a) |
500,000 | 216,098 | ||||||
InterCement Financial Operations B.V., 5.75%, 07/17/2024(a) |
400,000 | 278,440 | ||||||
Itau Unibanco Holding S.A. |
||||||||
2.90%, 01/24/2023(a) |
620,000 | 617,749 | ||||||
5.13%, 05/13/2023(a) |
600,000 | 596,676 | ||||||
3.25%, 01/24/2025(a) |
500,000 | 481,515 | ||||||
Petrobras Global Finance B.V. |
||||||||
6.25%, 03/17/2024 |
468,000 | 470,204 | ||||||
5.30%, 01/27/2025 |
497,000 | 491,429 | ||||||
|
|
|||||||
11,185,746 | ||||||||
|
|
|||||||
Canada-2.68% |
| |||||||
Bombardier, Inc. |
||||||||
7.50%, 12/01/2024(a) |
500,000 | 498,172 | ||||||
7.50%, 03/15/2025(a) |
100,000 | 99,401 | ||||||
Ensign Drilling, Inc., 9.25%, 04/15/2024(a) |
400,000 | 362,482 | ||||||
goeasy Ltd., 5.38%, 12/01/2024(a) |
500,000 | 467,318 | ||||||
Methanex Corp., 4.25%, 12/01/2024(c) |
600,000 | 580,878 | ||||||
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a)(c) |
725,000 | 708,764 | ||||||
NOVA Chemicals Corp., 4.88%, 06/01/2024(a) |
603,000 | 587,777 | ||||||
Quebecor Media, Inc., 5.75%, 01/15/2023(c) |
500,000 | 500,835 | ||||||
TransAlta Corp., 4.50%, 11/15/2022 |
600,000 | 599,430 | ||||||
Videotron Ltd., 5.38%, 06/15/2024(a) |
600,000 | 597,435 | ||||||
|
|
|||||||
5,002,492 | ||||||||
|
|
|||||||
Cayman Islands-0.22% |
| |||||||
Industrial Senior Trust, 5.50%, 11/01/2022(a) |
415,000 | 415,000 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
Chile-0.24% |
| |||||||
Kenbourne Invest S.A., 6.88%, 11/26/2024(a) |
$ 500,000 | $ | 445,857 | |||||
|
|
|||||||
China-1.45% |
| |||||||
Greenland Global Investment Ltd., 5.88%, 07/03/2024(a) |
200,000 | 45,000 | ||||||
Huachen Energy Co. Ltd., 2.35% PIK Rate, 2.30% Cash Rate, 12/29/2026(a)(d) |
405,180 | 184,357 | ||||||
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022(a) |
400,000 | 380,000 | ||||||
Yanlord Land HK Co. Ltd. |
||||||||
6.75%, 04/23/2023(a)(c) |
500,000 | 456,250 | ||||||
6.80%, 02/27/2024(a) |
300,000 | 178,500 | ||||||
Yinchuan Tonglian Capital Investment Operation Co. Ltd., 4.45%, 06/10/2023(a) |
200,000 | 175,993 | ||||||
Zhangzhou Transportation Development Group Co. Ltd., 4.98%, 06/01/2025(a) |
200,000 | 193,868 | ||||||
Zhongyuan Asset Management Co. Ltd., 4.20%, 11/29/2022(a) |
500,000 | 493,730 | ||||||
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a) |
607,000 | 607,704 | ||||||
|
|
|||||||
2,715,402 | ||||||||
|
|
|||||||
Colombia-1.33% |
| |||||||
Banco de Bogota S.A., 5.38%, 02/19/2023(a) |
407,000 | 406,380 | ||||||
Bancolombia S.A., 3.00%, 01/29/2025 |
500,000 | 449,390 | ||||||
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025(a) |
500,000 | 196,243 | ||||||
Ecopetrol S.A. |
||||||||
5.88%, 09/18/2023 |
575,000 | 566,461 | ||||||
4.13%, 01/16/2025(c) |
500,000 | 461,559 | ||||||
Gilex Holding S.a.r.l., 8.50%, 05/02/2023(a) |
410,000 | 404,625 | ||||||
|
|
|||||||
2,484,658 | ||||||||
|
|
|||||||
Costa Rica-0.37% |
| |||||||
Costa Rica Government International Bond, 4.25%, 01/26/2023(a) |
700,000 | 700,327 | ||||||
|
|
|||||||
Denmark-0.31% |
| |||||||
DKT Finance ApS, 9.38%, 06/17/2023(a) |
600,000 | 579,750 | ||||||
|
|
|||||||
Dominican Republic-0.58% |
| |||||||
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a) |
550,000 | 551,438 | ||||||
Dominican Republic International Bond, 5.50%, 01/27/2025(a) |
550,000 | 539,772 | ||||||
|
|
|||||||
1,091,210 | ||||||||
|
|
|||||||
Egypt-1.39% |
| |||||||
Egypt Government International Bond |
||||||||
5.58%, 02/21/2023(a) |
600,000 | 597,600 | ||||||
4.55%, 11/20/2023(a) |
684,000 | 664,607 | ||||||
6.20%, 03/01/2024(a) |
550,000 | 528,599 | ||||||
5.75%, 05/29/2024(a) |
600,000 | 568,227 | ||||||
6.75%, 11/10/2024(a) |
250,000 | 229,563 | ||||||
|
|
|||||||
2,588,596 | ||||||||
|
|
Principal
Amount |
Value | |||||||
El Salvador-0.24% |
| |||||||
El Salvador Government International Bond, 5.88%, 01/30/2025(a) |
$ 800,000 | $ | 452,000 | |||||
|
|
|||||||
Ethiopia-0.06% |
| |||||||
Ethiopia International Bond, 6.63%, 12/11/2024(a) |
200,000 | 104,142 | ||||||
|
|
|||||||
Georgia-0.25% |
| |||||||
Georgia Capital JSC, 6.13%, 03/09/2024(a) |
500,000 | 469,181 | ||||||
|
|
|||||||
Germany-0.67% |
| |||||||
Commerzbank AG, 8.13%, 09/19/2023(a) |
509,000 | 507,311 | ||||||
Deutsche Bank AG, 4.50%, 04/01/2025(c) |
200,000 | 186,074 | ||||||
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024(a) |
400,000 | 371,968 | ||||||
ZF North America Capital, Inc., 4.75%, 04/29/2025(a) |
200,000 | 187,417 | ||||||
|
|
|||||||
1,252,770 | ||||||||
|
|
|||||||
Ghana-0.16% |
| |||||||
Ghana Government International Bond, 7.88%, 08/07/2023(a) |
230,000 | 173,096 | ||||||
Tullow Oil PLC, 7.00%, 03/01/2025(a) |
200,000 | 130,446 | ||||||
|
|
|||||||
303,542 | ||||||||
|
|
|||||||
India-4.28% |
| |||||||
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024(a) |
500,000 | 491,092 | ||||||
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024(a) |
300,000 | 272,895 | ||||||
Azure Power Solar Energy Pvt. Ltd., 5.65%, 12/24/2024(a) |
500,000 | 406,125 | ||||||
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a) |
500,000 | 481,275 | ||||||
Greenko Investment Co., 4.88%, 08/16/2023(a) |
600,000 | 575,040 | ||||||
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025(a) |
500,000 | 438,125 | ||||||
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025(a) |
350,000 | 299,721 | ||||||
IIFL Finance Ltd., 5.88%, 04/20/2023(a) |
612,000 | 599,791 | ||||||
India Green Energy Holdings, 5.38%, 04/29/2024(a) |
500,000 | 466,973 | ||||||
India Toll Roads, 5.50%, 08/19/2024(a) |
500,000 | 465,476 | ||||||
JSW Steel Ltd. |
||||||||
5.95%, 04/18/2024(a) |
500,000 | 468,250 | ||||||
5.38%, 04/04/2025(a) |
200,000 | 173,750 | ||||||
Manappuram Finance Ltd., 5.90%, 01/13/2023(a) |
500,000 | 496,425 | ||||||
Muthoot Finance Ltd., 4.40%, 09/02/2023(a) |
400,000 | 388,600 | ||||||
Shriram Transport Finance Co. Ltd. |
||||||||
5.10%, 07/16/2023(a) |
400,000 | 390,906 | ||||||
4.40%, 03/13/2024(a) |
478,000 | 446,113 | ||||||
4.15%, 07/18/2025(a) |
200,000 | 173,102 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
India-(continued) |
||||||||
Tata Motors Ltd., 5.75%, 10/30/2024(a) |
$ 500,000 | $ | 482,623 | |||||
TML Holdings Pte. Ltd., 5.50%, 06/03/2024(a) |
500,000 | 473,775 | ||||||
|
|
|||||||
7,990,057 | ||||||||
|
|
|||||||
Indonesia-1.70% |
||||||||
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/2024(a) |
600,000 | 252,000 | ||||||
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024(a) |
600,000 | 581,333 | ||||||
Jababeka International B.V., 6.50%, 10/05/2023(a) |
700,000 | 388,500 | ||||||
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024(a) |
400,000 | 250,000 | ||||||
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025(a) |
500,000 | 479,825 | ||||||
Nickel Industries Ltd., 6.50%, 04/01/2024(a) |
500,000 | 455,000 | ||||||
PT Saka Energi Indonesia, 4.45%, 05/05/2024(a) |
450,000 | 419,786 | ||||||
Theta Capital Pte. Ltd., 8.13%, 01/22/2025(a) |
500,000 | 343,000 | ||||||
|
|
|||||||
3,169,444 | ||||||||
|
|
|||||||
Israel-1.75% |
||||||||
Energean Israel Finance Ltd., 4.50%, 03/30/2024(a)(c) |
450,000 | 431,025 | ||||||
Leviathan Bond Ltd. |
||||||||
5.75%, 06/30/2023(a) |
507,202 | 504,365 | ||||||
6.13%, 06/30/2025(a) |
200,000 | 190,873 | ||||||
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022 |
550,000 | 545,749 | ||||||
Teva Pharmaceutical Finance Netherlands III B.V. |
||||||||
2.80%, 07/21/2023 |
574,000 | 558,855 | ||||||
6.00%, 04/15/2024 |
450,000 | 446,137 | ||||||
7.13%, 01/31/2025 |
600,000 | 595,386 | ||||||
|
|
|||||||
3,272,390 | ||||||||
|
|
|||||||
Jamaica-0.23% |
||||||||
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024(a) |
500,000 | 427,822 | ||||||
|
|
|||||||
Japan-1.24% |
||||||||
Rakuten Group, Inc., 3.55%, 11/27/2024(a) |
900,000 | 823,707 | ||||||
SoftBank Group Corp. |
||||||||
4.75%, 09/19/2024(a) |
900,000 | 848,250 | ||||||
3.13%, 01/06/2025(a) |
500,000 | 451,875 | ||||||
6.00%, 07/30/2025(a) |
200,000 | 188,128 | ||||||
|
|
|||||||
2,311,960 | ||||||||
|
|
|||||||
Kenya-0.23% |
||||||||
Republic of Kenya Government International Bond, 6.88%, 06/24/2024(a) |
500,000 | 438,265 | ||||||
|
|
|||||||
Kuwait-0.36% |
||||||||
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023(a) |
700,000 | 676,843 | ||||||
|
|
Principal
Amount |
Value | |||||||
Mexico-1.63% |
||||||||
Axtel S.A.B. de C.V., 6.38%, 11/14/2024(a) |
$ 426,000 | $ | 285,795 | |||||
Credito Real S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $297,011)(a)(c)(e) |
300,000 | 6,375 | ||||||
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025(a) |
500,000 | 210,103 | ||||||
Petroleos Mexicanos |
||||||||
3.50%, 01/30/2023 |
584,000 | 579,827 | ||||||
4.63%, 09/21/2023 |
585,000 | 572,569 | ||||||
4.88%, 01/18/2024(c) |
611,000 | 595,484 | ||||||
4.25%, 01/15/2025(c) |
600,000 | 559,626 | ||||||
SixSigma Networks Mexico S.A. de C.V., 7.50%, 05/02/2025(a) |
200,000 | 166,031 | ||||||
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a) |
700,000 | 71,750 | ||||||
|
|
|||||||
3,047,560 | ||||||||
|
|
|||||||
Mongolia-0.85% |
||||||||
Development Bank of Mongolia LLC, 7.25%, 10/23/2023(a) |
400,000 | 352,600 | ||||||
Mongolia Government International Bond |
||||||||
5.63%, 05/01/2023(a) |
600,000 | 571,500 | ||||||
8.75%, 03/09/2024(a) |
200,000 | 187,998 | ||||||
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024(a) |
750,000 | 472,500 | ||||||
|
|
|||||||
1,584,598 | ||||||||
|
|
|||||||
Morocco-0.64% |
||||||||
Morocco Government International Bond, 4.25%, 12/11/2022(a) |
600,000 | 599,011 | ||||||
OCP S.A., 5.63%, 04/25/2024(a) |
600,000 | 595,814 | ||||||
|
|
|||||||
1,194,825 | ||||||||
|
|
|||||||
Netherlands-0.13% |
||||||||
InterGen N.V., 7.00%, 06/30/2023(a) |
250,000 | 245,010 | ||||||
|
|
|||||||
Nigeria-0.31% |
||||||||
Nigeria Government International Bond, 6.38%, 07/12/2023(a) |
600,000 | 583,770 | ||||||
|
|
|||||||
Oman-1.29% |
||||||||
Bank Muscat SAOG, 4.88%, 03/14/2023(a) |
600,000 | 597,214 | ||||||
Lamar Funding Ltd., 3.96%, 05/07/2025(a) |
200,000 | 184,857 | ||||||
Oman Government International Bond |
||||||||
4.13%, 01/17/2023(a) |
700,000 | 697,486 | ||||||
4.88%, 02/01/2025(a) |
530,000 | 516,379 | ||||||
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023(a) |
408,000 | 406,002 | ||||||
|
|
|||||||
2,401,938 | ||||||||
|
|
|||||||
Pakistan-0.43% |
||||||||
Pakistan Government International Bond, 8.25%, 04/15/2024(a) |
400,000 | 171,360 | ||||||
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022(a) |
700,000 | 639,072 | ||||||
|
|
|||||||
810,432 | ||||||||
|
|
|||||||
Panama-0.33% |
||||||||
Multibank, Inc., 4.38%, 11/09/2022(a) |
625,000 | 624,403 | ||||||
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
Puerto Rico-0.22% |
||||||||
Popular, Inc., 6.13%, 09/14/2023 |
$ 400,000 | $ | 402,220 | |||||
|
|
|||||||
Russia-0.15% |
||||||||
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024(a)(f) |
300,000 | 82,500 | ||||||
O1 Properties Finance PLC, 0.50%, 12/31/2049(a) |
500,000 | 32,435 | ||||||
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a) |
300,000 | 162,000 | ||||||
|
|
|||||||
276,935 | ||||||||
|
|
|||||||
Singapore-0.25% |
||||||||
Puma International Financing S.A., 5.13%, 10/06/2024(a) |
500,000 | 469,720 | ||||||
|
|
|||||||
South Africa-1.58% |
||||||||
Eskom Holdings SOC Ltd. |
||||||||
6.75%, 08/06/2023(a) |
420,000 | 412,224 | ||||||
7.13%, 02/11/2025(a) |
613,000 | 575,178 | ||||||
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024(a) |
300,000 | 288,698 | ||||||
Republic of South Africa Government International Bond, 4.67%, 01/17/2024 |
600,000 | 591,420 | ||||||
Sasol Financing International Ltd., 4.50%, 11/14/2022 |
637,000 | 636,087 | ||||||
Sasol Financing USA LLC, 5.88%, 03/27/2024 |
450,000 | 440,446 | ||||||
|
|
|||||||
2,944,053 | ||||||||
|
|
|||||||
South Korea-0.21% |
||||||||
SK Innovation Co. Ltd., 4.13%, 07/13/2023(a) |
400,000 | 393,266 | ||||||
|
|
|||||||
Spain-0.09% |
||||||||
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027, (Acquired 03/01/2019 - 04/30/2022; Cost $186,746)(a)(d)(e) |
198,128 | 165,833 | ||||||
|
|
|||||||
Sweden-0.79% |
||||||||
Stena AB, 7.00%, 02/01/2024(a) |
600,000 | 568,944 | ||||||
Stena International S.A. |
||||||||
5.75%, 03/01/2024(a) |
575,000 | 540,825 | ||||||
6.13%, 02/01/2025(a) |
400,000 | 375,794 | ||||||
|
|
|||||||
1,485,563 | ||||||||
|
|
|||||||
Trinidad and Tobago-0.32% |
||||||||
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024(a) |
600,000 | 591,464 | ||||||
|
|
|||||||
Turkey-10.00% |
||||||||
Arcelik A.S., 5.00%, 04/03/2023(a) |
700,000 | 696,319 | ||||||
Fibabanka A. S., 6.00%, 01/25/2023(a) |
600,000 | 596,569 | ||||||
Hazine Mustesarligi Varlik Kiralama A.S. |
||||||||
5.00%, 04/06/2023(a) |
700,000 | 697,235 | ||||||
4.49%, 11/25/2024(a) |
500,000 | 463,974 | ||||||
KOC Holding A.S. |
||||||||
5.25%, 03/15/2023(a) |
700,000 | 699,783 | ||||||
6.50%, 03/11/2025(a) |
200,000 | 190,162 | ||||||
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024(a) |
500,000 | 462,467 |
Principal Amount |
Value | |||||||
Turkey-(continued) |
||||||||
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a) |
$ 620,000 | $ | 620,028 | |||||
QNB Finansbank A.S., 6.88%, 09/07/2024(a) |
500,000 | 501,545 | ||||||
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023(a) |
750,000 | 736,745 | ||||||
T.C. Ziraat Bankasi A.S., 5.13%, 09/29/2023(a) |
420,000 | 413,635 | ||||||
Turk Telekomunikasyon A.S. |
||||||||
4.88%, 06/19/2024(a) |
600,000 | 530,220 | ||||||
6.88%, 02/28/2025(a) |
613,000 | 536,363 | ||||||
Turkey Government International Bond |
||||||||
3.25%, 03/23/2023 |
600,000 | 598,362 | ||||||
7.25%, 12/23/2023 |
600,000 | 607,446 | ||||||
5.75%, 03/22/2024 |
600,000 | 592,350 | ||||||
6.35%, 08/10/2024 |
500,000 | 490,515 | ||||||
5.60%, 11/14/2024 |
500,000 | 479,365 | ||||||
7.38%, 02/05/2025 |
500,000 | 492,858 | ||||||
4.25%, 03/13/2025 |
200,000 | 181,727 | ||||||
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a) |
500,000 | 501,372 | ||||||
Turkiye Ihracat Kredi Bankasi A.S. |
||||||||
5.38%, 10/24/2023(a) |
420,000 | 410,869 | ||||||
8.25%, 01/24/2024(a) |
600,000 | 591,884 | ||||||
6.13%, 05/03/2024(a) |
400,000 | 375,937 | ||||||
Turkiye Is Bankasi A.S. |
||||||||
7.85%, 12/10/2023(a) |
600,000 | 603,211 | ||||||
6.13%, 04/25/2024(a) |
500,000 | 486,400 | ||||||
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024(a) |
550,000 | 510,141 | ||||||
Turkiye Sinai Kalkinma Bankasi A.S. |
||||||||
5.50%, 01/16/2023(a) |
500,000 | 500,193 | ||||||
6.00%, 01/23/2025(a) |
500,000 | 452,207 | ||||||
Turkiye Vakiflar Bankasi T.A.O. |
||||||||
6.00%, 11/01/2022(a) |
400,000 | 400,000 | ||||||
5.75%, 01/30/2023(a) |
420,000 | 420,109 | ||||||
8.13%, 03/28/2024(a) |
400,000 | 394,540 | ||||||
5.25%, 02/05/2025(a) |
500,000 | 445,000 | ||||||
Yapi ve Kredi Bankasi A.S. |
||||||||
5.50%, 12/06/2022(a) |
420,000 | 420,009 | ||||||
6.10%, 03/16/2023(a) |
600,000 | 600,943 | ||||||
5.85%, 06/21/2024(a) |
516,000 | 493,496 | ||||||
8.25%, 10/15/2024(a) |
500,000 | 492,825 | ||||||
|
|
|||||||
18,686,804 | ||||||||
|
|
|||||||
Ukraine-0.11% |
||||||||
MHP SE, 7.75%, 05/10/2024(a) |
350,000 | 168,595 | ||||||
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024(a)(f) |
200,000 | 38,000 | ||||||
|
|
|||||||
206,595 | ||||||||
|
|
|||||||
United Arab Emirates-0.24% |
||||||||
Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a) |
454,000 | 451,812 | ||||||
|
|
|||||||
United Kingdom-0.52% |
||||||||
Celtic Resources Holdings DAC, 4.13%, 10/09/2024(a)(g) |
300,000 | 0 | ||||||
Clear Channel International B.V., 6.63%, 08/01/2025(a) |
200,000 | 190,721 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
United Kingdom-(continued) |
||||||||
eG Global Finance PLC, 6.75%, 02/07/2025(a) |
$ 50,000 | $ | 45,114 | |||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a) |
550,000 | 539,807 | ||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/2025(a) |
200,000 | 194,681 | ||||||
|
|
|||||||
970,323 | ||||||||
|
|
|||||||
United States-43.05% |
||||||||
ADT Security Corp. (The), 4.13%, 06/15/2023 |
510,000 | 506,135 | ||||||
Ahern Rentals, Inc., 7.38%, 05/15/2023(a) |
500,000 | 352,240 | ||||||
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(a) |
500,000 | 497,402 | ||||||
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(a) |
200,000 | 196,481 | ||||||
Ally Financial, Inc., 5.13%, 09/30/2024(c) |
500,000 | 492,676 | ||||||
AMC Networks, Inc. |
||||||||
5.00%, 04/01/2024 |
500,000 | 486,092 | ||||||
4.75%, 08/01/2025(c) |
100,000 | 91,633 | ||||||
American Airlines, Inc., 11.75%, 07/15/2025(a) |
200,000 | 219,002 | ||||||
AmeriGas Partners L.P./AmeriGas Finance Corp. |
||||||||
5.63%, 05/20/2024 |
500,000 | 489,700 | ||||||
5.50%, 05/20/2025 |
200,000 | 192,007 | ||||||
Aramark Services, Inc. |
||||||||
5.00%, 04/01/2025(a) |
200,000 | 193,084 | ||||||
6.38%, 05/01/2025(a) |
200,000 | 198,378 | ||||||
Arconic Corp., 6.00%, 05/15/2025(a) |
100,000 | 99,269 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(a) |
50,000 | 47,261 | ||||||
Arrow Bidco LLC, 9.50%, 03/15/2024(a) |
500,000 | 503,080 | ||||||
Avient Corp. |
||||||||
5.25%, 03/15/2023 |
700,000 | 700,319 | ||||||
5.75%, 05/15/2025(a) |
100,000 | 97,797 | ||||||
B&G Foods, Inc., 5.25%, 04/01/2025 |
200,000 | 182,261 | ||||||
Ball Corp. |
||||||||
4.00%, 11/15/2023 |
600,000 | 589,425 | ||||||
5.25%, 07/01/2025 |
200,000 | 197,852 | ||||||
Brand Industrial Services, Inc., 8.50%, 07/15/2025(a) |
100,000 | 72,120 | ||||||
Brinker International, Inc. |
||||||||
3.88%, 05/15/2023 |
600,000 | 593,476 | ||||||
5.00%, 10/01/2024(a) |
500,000 | 485,704 | ||||||
Caesars Entertainment, Inc., 6.25%, 07/01/2025(a) |
200,000 | 194,431 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(a) |
200,000 | 195,625 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023(a) |
500,000 | 496,855 | ||||||
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024 |
500,000 | 496,267 |
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(a) |
$ 100,000 | $ | 99,375 | |||||
Cengage Learning, Inc., 9.50%, 06/15/2024(a) |
500,000 | 473,905 | ||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
7.00%, 06/30/2024 |
500,000 | 506,163 | ||||||
5.88%, 03/31/2025 |
100,000 | 100,088 | ||||||
Citgo Holding, Inc., 9.25%, 08/01/2024(a) |
500,000 | 501,100 | ||||||
CITGO Petroleum Corp., 7.00%, 06/15/2025(a) |
100,000 | 98,867 | ||||||
Clearwater Paper Corp., 5.38%, 02/01/2025(a) |
500,000 | 486,011 | ||||||
CNG Holdings, Inc., 12.50%, 06/15/2024(a) |
500,000 | 426,920 | ||||||
Commercial Metals Co., 4.88%, 05/15/2023(c) |
574,000 | 573,320 | ||||||
CommScope Technologies LLC, 6.00%, 06/15/2025(a) |
200,000 | 186,972 | ||||||
Compass Minerals International, Inc., 4.88%, 07/15/2024(a) |
500,000 | 474,382 | ||||||
Continental Resources, Inc. |
||||||||
4.50%, 04/15/2023 |
500,000 | 498,457 | ||||||
3.80%, 06/01/2024(c) |
500,000 | 482,780 | ||||||
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024(a) |
500,000 | 512,761 | ||||||
Cornerstone Chemical Co., 6.75%, 08/15/2024(a) |
500,000 | 376,698 | ||||||
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025 |
200,000 | 195,120 | ||||||
CSC Holdings LLC, 5.25%, 06/01/2024(c) |
500,000 | 485,528 | ||||||
CVR Energy, Inc., 5.25%, 02/15/2025(a) |
500,000 | 482,138 | ||||||
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(a) |
200,000 | 194,714 | ||||||
Delta Air Lines, Inc. |
||||||||
3.80%, 04/19/2023 |
600,000 | 594,447 | ||||||
2.90%, 10/28/2024 |
500,000 | 473,335 | ||||||
Diebold Nixdorf, Inc. |
||||||||
8.50%, 04/15/2024 |
430,000 | 216,373 | ||||||
9.38%, 07/15/2025(a) |
100,000 | 74,596 | ||||||
DISH DBS Corp. |
||||||||
5.00%, 03/15/2023 |
601,000 | 594,368 | ||||||
5.88%, 11/15/2024 |
500,000 | 462,500 | ||||||
Diversified Healthcare Trust, 4.75%, 05/01/2024 |
659,000 | 565,570 | ||||||
DPL, Inc., 4.13%, 07/01/2025 |
200,000 | 189,152 | ||||||
Enact Holdings, Inc., 6.50%, 08/15/2025(a) |
100,000 | 98,741 | ||||||
EnerSys, 5.00%, 04/30/2023(a) |
600,000 | 594,534 | ||||||
EnLink Midstream Partners L.P., 4.40%, 04/01/2024 |
600,000 | 577,305 | ||||||
Enova International, Inc., 8.50%, 09/01/2024(a) |
500,000 | 469,861 | ||||||
EQM Midstream Partners L.P., 4.00%, 08/01/2024 |
600,000 | 573,786 | ||||||
FirstEnergy Corp., 2.05%, 03/01/2025 |
200,000 | 184,194 | ||||||
Ford Motor Credit Co. LLC 3.35%, 11/01/2022 |
500,000 | 500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
3.09%, 01/09/2023 |
$ 450,000 | $ | 448,395 | |||||
4.14%, 02/15/2023 |
450,000 | 448,965 | ||||||
3.37%, 11/17/2023 |
528,000 | 510,878 | ||||||
5.58%, 03/18/2024 |
600,000 | 593,469 | ||||||
4.06%, 11/01/2024(c) |
500,000 | 479,217 | ||||||
2.30%, 02/10/2025(c) |
500,000 | 456,500 | ||||||
4.69%, 06/09/2025 |
200,000 | 190,506 | ||||||
5.13%, 06/16/2025 |
200,000 | 193,838 | ||||||
Freedom Mortgage Corp. |
||||||||
8.13%, 11/15/2024(a) |
500,000 | 440,565 | ||||||
8.25%, 04/15/2025(a) |
200,000 | 171,467 | ||||||
Freeport-McMoRan, Inc. |
||||||||
3.88%, 03/15/2023 |
530,000 | 526,905 | ||||||
4.55%, 11/14/2024 |
500,000 | 490,718 | ||||||
FS Energy and Power Fund, 7.50%, 08/15/2023(a) |
409,000 | 410,718 | ||||||
FXI Holdings, Inc., 7.88%, 11/01/2024(a) |
500,000 | 429,638 | ||||||
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024 |
600,000 | 587,226 | ||||||
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025 |
200,000 | 208,223 | ||||||
Graphic Packaging International LLC |
||||||||
4.88%, 11/15/2022 |
624,000 | 622,590 | ||||||
4.13%, 08/15/2024 |
500,000 | 487,862 | ||||||
Hanesbrands, Inc., 4.63%, 05/15/2024(a) |
500,000 | 487,475 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025(a) |
200,000 | 190,940 | ||||||
HCA, Inc. |
||||||||
5.38%, 02/01/2025 |
500,000 | 493,804 | ||||||
5.25%, 04/15/2025 |
200,000 | 196,613 | ||||||
7.69%, 06/15/2025 |
200,000 | 206,342 | ||||||
Hillenbrand, Inc., 5.75%, 06/15/2025 |
200,000 | 198,758 | ||||||
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(a) |
200,000 | 197,500 | ||||||
Howmet Aerospace, Inc. |
||||||||
5.13%, 10/01/2024(c) |
500,000 | 495,387 | ||||||
6.88%, 05/01/2025(c) |
200,000 | 203,910 | ||||||
Hyatt Hotels Corp. |
||||||||
1.30%, 10/01/2023(c) |
500,000 | 480,398 | ||||||
1.80%, 10/01/2024(c) |
500,000 | 466,453 | ||||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024 |
500,000 | 487,255 | ||||||
International Game Technology PLC, 6.50%, 02/15/2025(a) |
400,000 | 400,432 | ||||||
iStar, Inc., 4.75%, 10/01/2024 |
500,000 | 494,722 | ||||||
KB Home, 7.63%, 05/15/2023 |
500,000 | 500,952 | ||||||
Koppers, Inc., 6.00%, 02/15/2025(a) |
500,000 | 448,150 | ||||||
Laredo Petroleum, Inc., 9.50%, 01/15/2025 |
600,000 | 601,125 | ||||||
Las Vegas Sands Corp. |
||||||||
3.20%, 08/08/2024 |
600,000 | 569,464 | ||||||
2.90%, 06/25/2025 |
200,000 | 181,317 | ||||||
Legacy LifePoint Health LLC, 6.75%, 04/15/2025(a) |
200,000 | 177,400 | ||||||
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(a) |
500,000 | 486,695 | ||||||
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 10.00%, 04/15/2025(a) |
200,000 | 136,000 |
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
Mattel, Inc., 3.15%, 03/15/2023 |
$ 485,000 | $ | 479,772 | |||||
Mauser Packaging Solutions Holding Co. |
||||||||
5.50%, 04/15/2024(a) |
500,000 | 490,922 | ||||||
7.25%, 04/15/2025(a) |
200,000 | 180,316 | ||||||
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(a) |
596,000 | 574,464 | ||||||
MGM Resorts International |
||||||||
6.00%, 03/15/2023 |
536,000 | 536,329 | ||||||
6.75%, 05/01/2025(c) |
200,000 | 198,233 | ||||||
5.75%, 06/15/2025(c) |
200,000 | 195,079 | ||||||
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024(a) |
500,000 | 504,420 | ||||||
Murphy Oil Corp., 5.75%, 08/15/2025 |
200,000 | 197,493 | ||||||
Navient Corp. |
||||||||
5.50%, 01/25/2023 |
410,000 | 409,853 | ||||||
7.25%, 09/25/2023 |
538,000 | 540,012 | ||||||
6.13%, 03/25/2024 |
400,000 | 393,362 | ||||||
5.88%, 10/25/2024(c) |
500,000 | 486,915 | ||||||
6.75%, 06/25/2025 |
200,000 | 191,709 | ||||||
Netflix, Inc. |
||||||||
5.75%, 03/01/2024(c) |
431,000 | 431,534 | ||||||
5.88%, 02/15/2025 |
500,000 | 503,605 | ||||||
Newmark Group, Inc., 6.13%, 11/15/2023 |
596,000 | 593,857 | ||||||
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(a) |
500,000 | 485,873 | ||||||
NGL Energy Partners L.P./NGL Energy Finance Corp. |
||||||||
7.50%, 11/01/2023 |
526,000 | 513,623 | ||||||
6.13%, 03/01/2025 |
200,000 | 156,309 | ||||||
Nordstrom, Inc., 2.30%, 04/08/2024 |
500,000 | 469,885 | ||||||
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 12/31/2049(a)(f) |
500,000 | 30 | ||||||
NortonLifeLock, Inc., 5.00%, 04/15/2025(a) |
200,000 | 194,536 | ||||||
Occidental Petroleum Corp. |
||||||||
6.95%, 07/01/2024 |
525,000 | 537,041 | ||||||
2.90%, 08/15/2024 |
600,000 | 578,658 | ||||||
8.00%, 07/15/2025(c) |
200,000 | 211,378 | ||||||
Oceaneering International, Inc., 4.65%, 11/15/2024 |
500,000 | 477,204 | ||||||
OneMain Finance Corp. |
||||||||
5.63%, 03/15/2023 |
500,000 | 500,607 | ||||||
8.25%, 10/01/2023 |
575,000 | 584,812 | ||||||
6.13%, 03/15/2024(c) |
550,000 | 538,164 | ||||||
6.88%, 03/15/2025(c) |
200,000 | 194,623 | ||||||
Owens-Brockway Glass Container, Inc. |
||||||||
5.88%, 08/15/2023(a) |
532,000 | 529,968 | ||||||
5.38%, 01/15/2025(a) |
500,000 | 473,120 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025(c) |
200,000 | 198,363 | ||||||
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023 |
600,000 | 601,011 | ||||||
Performance Food Group, Inc., 6.88%, 05/01/2025(a) |
200,000 | 199,806 | ||||||
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 |
500,000 | 479,143 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024(a) |
$ | 500,000 | $ | 498,505 | ||||
PTC, Inc., 3.63%, 02/15/2025(a) |
500,000 | 474,736 | ||||||
Pyxus Holdings, Inc., 10.00%, 08/24/2024 |
510,625 | 401,693 | ||||||
QVC, Inc. |
||||||||
4.85%, 04/01/2024 |
500,000 | 483,214 | ||||||
4.45%, 02/15/2025 |
500,000 | 438,080 | ||||||
Radian Group, Inc. |
||||||||
4.50%, 10/01/2024 |
500,000 | 473,254 | ||||||
6.63%, 03/15/2025 |
200,000 | 197,102 | ||||||
Range Resources Corp. |
||||||||
5.00%, 03/15/2023 |
600,000 | 598,407 | ||||||
4.88%, 05/15/2025 |
200,000 | 193,364 | ||||||
Rayonier AM Products, Inc., 5.50%, 06/01/2024(a) |
500,000 | 492,500 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023(a) |
500,000 | 499,625 | ||||||
Sabre GLBL, Inc., 9.25%, 04/15/2025(a) |
100,000 | 97,014 | ||||||
Scientific Games International, Inc., 8.63%, 07/01/2025(a) |
200,000 | 205,847 | ||||||
Sealed Air Corp., 5.13%, 12/01/2024(a) |
500,000 | 493,155 | ||||||
Sensata Technologies B.V., 5.63%, 11/01/2024(a) |
600,000 | 596,118 | ||||||
Service Properties Trust |
||||||||
4.50%, 06/15/2023 |
635,000 | 627,180 | ||||||
4.65%, 03/15/2024 |
550,000 | 518,705 | ||||||
4.35%, 10/01/2024 |
500,000 | 459,410 | ||||||
4.50%, 03/15/2025 |
200,000 | 177,259 | ||||||
Six Flags Entertainment Corp., 4.88%, 07/31/2024(a) |
500,000 | 485,273 | ||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a) |
200,000 | 202,240 | ||||||
SM Energy Co., 5.63%, 06/01/2025 |
200,000 | 193,762 | ||||||
Southeast Supply Header LLC, 4.25%, 06/15/2024(a) |
500,000 | 452,385 | ||||||
Spectrum Brands, Inc., 5.75%, 07/15/2025 |
200,000 | 197,640 | ||||||
Spirit AeroSystems, Inc. |
||||||||
3.95%, 06/15/2023 |
421,000 | 410,147 | ||||||
5.50%, 01/15/2025(a) |
500,000 | 483,188 | ||||||
7.50%, 04/15/2025(a) |
200,000 | 194,779 | ||||||
Sprint Communications LLC, 6.00%, 11/15/2022 |
500,000 | 500,700 | ||||||
Sprint Corp. |
||||||||
7.88%, 09/15/2023 |
460,000 | 468,284 | ||||||
7.13%, 06/15/2024 |
500,000 | 505,833 | ||||||
7.63%, 02/15/2025 |
500,000 | 514,425 | ||||||
Starwood Property Trust, Inc. |
||||||||
5.50%, 11/01/2023(a) |
500,000 | 494,317 | ||||||
3.75%, 12/31/2024(a) |
500,000 | 468,083 | ||||||
4.75%, 03/15/2025 |
200,000 | 188,137 | ||||||
Stellantis N.V., 5.25%, 04/15/2023 |
615,000 | 613,549 | ||||||
Stericycle, Inc., 5.38%, 07/15/2024(a) |
500,000 | 493,607 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025 |
200,000 | 167,759 |
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(a) |
$ | 500,000 | $ | 490,661 | ||||
Team Health Holdings, Inc., 6.38%, 02/01/2025(a) |
500,000 | 378,595 | ||||||
Tenet Healthcare Corp. |
||||||||
4.63%, 07/15/2024 |
500,000 | 485,443 | ||||||
4.63%, 09/01/2024(a) |
500,000 | 483,833 | ||||||
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023(a) |
500,000 | 482,245 | ||||||
Toll Brothers Finance Corp., 4.38%, 04/15/2023 |
499,000 | 495,673 | ||||||
TPro Acquisition Corp., 11.00%, 10/15/2024(a) |
500,000 | 492,112 | ||||||
Travel + Leisure Co., 3.90%, 03/01/2023 |
620,000 | 614,527 | ||||||
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024 |
561,000 | 551,647 | ||||||
Trinity Industries, Inc., 4.55%, 10/01/2024 |
500,000 | 473,180 | ||||||
Triumph Group, Inc. |
||||||||
8.88%, 06/01/2024(a) |
484,000 | 489,813 | ||||||
6.25%, 09/15/2024(a) |
500,000 | 462,995 | ||||||
7.75%, 08/15/2025 |
200,000 | 151,773 | ||||||
Uber Technologies, Inc., 7.50%, 05/15/2025(a) |
100,000 | 100,179 | ||||||
United Airlines Holdings, Inc. |
||||||||
5.00%, 02/01/2024(c) |
526,000 | 513,531 | ||||||
4.88%, 01/15/2025(c) |
500,000 | 478,033 | ||||||
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(a) |
500,000 | 496,772 | ||||||
Univision Communications, Inc., 5.13%, 02/15/2025(a) |
500,000 | 483,955 | ||||||
US Foods, Inc., 6.25%, 04/15/2025(a) |
100,000 | 99,657 | ||||||
USI, Inc., 6.88%, 05/01/2025(a) |
200,000 | 194,417 | ||||||
Vail Resorts, Inc., 6.25%, 05/15/2025(a) |
200,000 | 199,470 | ||||||
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025(a) |
200,000 | 66,478 | ||||||
VeriSign, Inc., 5.25%, 04/01/2025 |
200,000 | 198,138 | ||||||
W&T Offshore, Inc., 9.75%, 11/01/2023(a) |
500,000 | 496,383 | ||||||
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025(a) |
200,000 | 169,792 | ||||||
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024(a) |
300,000 | 157,500 | ||||||
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025(a) |
200,000 | 100,259 | ||||||
WeWork Cos., Inc., 7.88%, 05/01/2025(a) |
100,000 | 54,750 | ||||||
WR Grace Holdings LLC, 5.63%, 10/01/2024(a) |
500,000 | 490,835 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
||||||||
4.25%, 05/30/2023(a) |
570,000 | 562,125 | ||||||
5.50%, 03/01/2025(a) |
200,000 | 189,603 | ||||||
Xerox Corp., 3.80%, 05/15/2024 |
600,000 | 572,559 | ||||||
Xerox Holdings Corp., 5.00%, 08/15/2025(a) |
200,000 | 181,033 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | ||||
|
| |||
Invesco Global Short Term High Yield Bond ETF (PGHY)–(continued)
October 31, 2022
Principal Amount |
Value | |||||||
United States-(continued) |
||||||||
XPO Logistics, Inc., 6.25%, 05/01/2025(a) |
$ 200,000 | $ | 202,302 | |||||
Yum! Brands, Inc., 3.88%, 11/01/2023 |
581,000 | 571,605 | ||||||
|
|
|||||||
80,412,583 | ||||||||
|
|
|||||||
Uzbekistan-0.54% |
||||||||
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024(a) |
600,000 | 572,925 | ||||||
Uzbek Industrial and Construction Bank ATB, 5.75%, 12/02/2024(a) |
500,000 | 444,757 | ||||||
|
|
|||||||
1,017,682 | ||||||||
|
|
|||||||
Vietnam-0.26% |
||||||||
Vietnam Government International Bond, 4.80%, 11/19/2024(a) |
500,000 | 483,750 | ||||||
|
|
|||||||
Zambia-0.29% |
||||||||
First Quantum Minerals Ltd., 6.50%, 03/01/2024(a) |
546,000 | 535,1 |