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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


 

Table of Contents

 

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

Invesco Emerging Markets Sovereign Debt ETF (PCY)

     12  

Invesco Global Short Term High Yield Bond ETF (PGHY)

     15  

Invesco International Corporate Bond ETF (PICB)

     24  
Statements of Assets and Liabilities      32  
Statements of Operations      33  
Statements of Changes in Net Assets      34  
Financial Highlights      36  
Notes to Financial Statements      38  
Report of Independent Registered Public Accounting Firm      48  
Fund Expenses      49  
Tax Information      50  
Trustees and Officers      51  

 

 

  2  

 


 

The Market Environment

 

 

 

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
(% of the Fund’s Net Assets)
as of October 31, 2022

 
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

 

 

LOGO

Fund Performance History as of October 31, 2022

 

         

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  

Index

  1 Year           Average
Annualized
    Cumulative  
DBIQ Emerging 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

 

 

LOGO

Fund Performance History as of October 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

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

 

LOGO

Fund Performance History as of October 31, 2022

 

    1 Year    

3 Years

Average
Annualized

   

3 Years

Cumulative

   

5 Years

Average
Annualized

   

5 Years

Cumulative

   

10 Years

Average
Annualized

   

10 Years

Cumulative

          Fund Inception  
Index         Average
Annualized
    Cumulative  
S&P International Corporate Bond Index® (Net)     (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

Schedule of Investments

 

     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
(Cost $2,007,579,585)

 

     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)
(Cost $7,905,005)

     7,905,005      $ 7,905,005  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-98.47%
(Cost $2,015,484,590)

 

     1,407,494,885  
     

 

 

 
Investments Purchased with Cash Collateral from Securities on Loan

 

Money Market Funds-3.84%

 

  

Invesco Private Government Fund,
3.18%(c)(d)(e)

     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
(Cost $54,904,626)

     54,902,891  
     

 

 

 

TOTAL INVESTMENTS IN SECURITIES-102.31%
(Cost $2,070,389,216)

     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